TCREUR_Public/070611.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

             Monday, June 11, 2007, Vol. 8, No. 114

                            Headlines


A U S T R I A

ANDREAS NOESSLBOECK: Linz Court Orders Business Shutdown
MUAREMI KEG: Claims Registration Period Ends June 25
NOESSLBOECK LLC: Linz Court Orders Business Shutdown
WERBEPARTNER MARKETING: Claims Registration Period Ends June 25
WILHELM STIX: Wels Court Orders Branch Closure


B E L G I U M

KRATON POLYMERS: Weak Profitability Cues S&P to Lower Ratings


F I N L A N D

SANMINA-SCI: Intends to Offer US$600 Million of Senior Notes
SANMINA-SCI: Fitch Rates Proposed US$600 Million Notes at BB+
SANMINA-SCI: S&P Rates US$600 Million Floating-Rate Notes at B+


F R A N C E

ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel
EUROTUNNEL GROUP: CEO Plans on Raising GBP680 Mln Fresh Capital
EUROTUNNEL GROUP: Names Two New Non-Executive Directors
SOLECTRON CORP: Flextronics Merger Pact Cues Fitch's Pos. Watch
SR TELECOM: Posts CDN$12.2 Mil. Net Loss in Qtr. Ended March 31

TCL MULTIMEDIA: Posts HK$2.5 Billion Net Loss for FY 2006


G E R M A N Y

AESCULUS HEILPRAKTIKERSCHULE: Claims Registration Ends July 4
AMERICAN AXLE: Fitch Expects to Rate Senior Term Loan at BB
ATAK HANDELS: Claims Registration Period Ends July 6
AUTO-GALERIE SCHUBERT: Claims Registration Period Ends July 12
BENQ CORP: Option NV Buys Mobile Unit's Laboratories & Manpower

BENQ CORP: Former BenQ Mobile Managers to Hand Back Bonuses
BENQ CORP: Enters Into NFC Contract with Sirit
BIOMARKEN HANDELS: Claims Registration Period Ends June 30
CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
CINE RELATION: Claims Registration Ends July 15

DAIMLERCHRYSLER: Recalls 1,443 Faulty Chinese-Made Chrysler Cars
DOMUS-FLIESENLEGER: Claims Registration Ends July 13
GEORG DAUTERMANN: Claims Registration Ends July 30
GOERG GMBH: Claims Registration Period Ends July 10
GUELKAR KEBAP: Claims Registration Ends June 25

H & F SCHLACHT: Claims Registration Period Ends July 24
HARLEY-KORSO MOTORRAD: Claims Registration Period Ends July 27
HAYES LEMMERZ: Unit Completes Tender Offer for 10-1/2% Sr. Notes
HEINRICH & MUELLER: Creditors' Meeting Slated for June 13
HENKE ENERGIESPARHAUS: Creditors' Meeting Slated for July 6

HOLZ GROSSHANDEL: Creditors Must Register Claims by Sept. 4
HOTEL MONDO: Creditors Must Register Claims by July 25
HOTEL STADT: Creditors Must Register Claims by July 17
LEMMA TECHNOLOGIES: Creditors Must Register Claims by June 30
LWG LANDSCHAFTSPFLEGE: Claims Registration Ends June 26

MANFRED FINKEN: Creditors Must Register Claims by July 2
NOVELIS CORP: Moody's Rates US$860 Million Senior Notes at Ba2
PRUDENTIAL EQUITY: Equity Research Operations Discontinued
SPECTRUM BRANDS: A. Genito Promoted to Chief Financial Officer
WALLOCH BUEROTECHNIK: Claims Registration Period Ends July 24

WOHNLAND GMBH: Claims Registration Period Ends July 13
ZINN GMBH: Claims Registration Period Ends July 12


H U N G A R Y

FERENCVAROSI TORNA: May Enter Into Liquidation Procedure
GUESS?: Morgan Keegan Reaffirms Outperform Rating on Firm'
GUESS? INC: Earns US$35.5 Million in First Quarter Ended May 5


I T A L Y

ACTUANT CORP: Prices US$250MM Senior Notes Private Placement
ALGOMA ACQUISITION: Moody's Junks US$450 Million Notes
ALITALIA SPA: Air One and Aeroflot Explore Possible Tie-Up
DANA CORP: Court OKs Sale of Fluid Products Businesses to Orhan
TK ALUMINUM: Units Begin Consent Solicitation for Senior Notes


K A Z A K H S T A N

ALTYN AI: Proof of Claim Deadline Slated for July 13
ARAY-KAA LLP: Creditors Must File Claims July 6
ATAKENT-TARAZ LLP: Claims Filing Period Ends July 6
SAHAT LLP: Claims Registration Ends July 6
SULAR LLP: Creditors' Claims Due July 6

TALANT 2000: Proof of Claim Deadline Slated for July 13
TORE LLP: Creditors Must File Claims July 6
TURAN LLP: Claims Filing Period Ends July 6
VEKTOR 2000: Claims Registration Ends July 6


K Y R G Y Z S T A N

BESLER TEKSIL: Creditors Must File Claims by July 11


L U X E M B O U R G

DELPHI CORP: Inks US$55.6 Mln Sale Deal for Catalyst Business
TEKSID ALUMINUM: Begins Consent Solicitation for Senior Notes


R U S S I A
AKAR OJSC: Creditors Must File Claims by June 19
AURORA CJSC: Creditors Must File Claims by July 19
FENIKS CJSC: Creditors Must File Claims by June 19
FRUNZE OJSC: Creditors Must File Claims by July 19
GAZPROM NEFT: Mulls Joint Venture with Statoil ASA

GUBKINO CJSC: Creditors Must File Claims by June 19
KIREEV-SEL-KHOZ-TEKHINKA: Creditors Must File Claims by June 19
MEZENSKIY SAW: Creditors Must File Claims by June 19
NOVOLIPETSK STEEL: Shareholders Okay Annual Results & Dividend
OGK-5 JSC: Enel SpA Acquires 25% Stake for RUR39.2 Billion

PURE WATER: Creditors Must File Claims by July 19
RASSVET LLC: Creditors Must File Claims by June 19
STROY-DETAIL OJSC: Creditors Must File Claims by June 19
TRITIKUM CJSC: Creditors Must File Claims by June 19
URAL-ENERGO CJSC: Creditors Must File Claims by July 19

VIKULOVSKIY TECHNOLOGY: Asset Sale Slated for June 20
VIMPEL-COMMUNICATIONS: Supreme Court Upholds URS Acquisition
VYSHNEVOLOTSKIY TEXTILE: Creditors Must File Claims by July 19
WEST-MD OJSC: Creditors Must File Claims by July 19


S P A I N

TOWER AUTOMOTIVE: Judge Gropper Approves Disclosure Statement
TOWER AUTOMOTIVE: Plan Confirmation Hearing Scheduled on July 11


S W I T Z E R L A N D

AMADONUM LLC: Creditors' Liquidation Claims Due July 1
ASG GASTRO: St. Gallen Court Starts Bankruptcy Proceedings
ASI INSURANCE: Creditors' Liquidation Claims Due June 22
BEAT ERISMANN: Creditors' Liquidation Claims Due July 18
BUBEWO LLC: Claims Registration Period Ends June 23

NIGHTHAWK RADIOLOGY: Moody's Assigns Ba3 Corporate Family Rating
NIGHTHAWK RADIOLOGY: S&P Puts Corporate Credit Rating at B+
NOVELIS CORP: Moody's Rates US$860 Million Senior Notes at Ba2
SWISSAIR: Zurich Court Acquits Defendants in Mismanagement Trial


U K R A I N E

AGRO-SULA LLC: Creditors Must File Claims by June 13
ALPHA-S LLC: Creditors Must File Claims by June 13
AUGUST LLC: Creditors Must File Claims by June 13
KHRISTINOVKA MIXED: Creditors Must File Claims by June 13
LVOV AGRICULTURAL: Claims Filing Deadline Set June 13

OUR HOUSE: Creditors Must File Claims by June 13
PLUS LLC: Claims Filing Deadline Set June 13
ZOLOTAYA BALKA: Claims Filing Deadline Set June 13


U N I T E D   K I N G D O M

ALL AMERICAN: Court OKs Asset Sale to Rock River Consortium
CELESTICA INC: May Be Next Acquisition Target, Analysts Say
DYNCORP INT'L: Earns US$18.9 Million in Fourth Quarter 2007
DYNCORP INT'L: Will Repurchase US$10 Mil. of Shares of Stock
EUROTUNNEL GROUP: CEO Plans on Raising GBP680 Mln Fresh Capital

EUROTUNNEL GROUP: Names Two New Non-Executive Directors
FORD MOTOR: Navistar Files Lawsuit for Breach of Contract
ISLE OF CAPRI: Has Until July 25 to Comply with Nasdaq Rules
OSI RESTAURANT: Stockholders Approve Amended Merger Agreement
OSI RESTAURANT: S&P Affirms Ratings and Removes Developing Watch

PORTRAIT CORP: Court Sets July 11 Plan Confirmation Hearing
REPRO-MED SYSTEMS: Myler & Company Raises Going Concern Doubt
TOREX RETAIL: Terminates Suspended CEO Neil Mitchell
TRIPOS INC: Completes Sale of R&D Biz to Commonwealth Biotech
WARNER MUSIC: Strikes Deal with Lala to Drive Music Sales

                            *********

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


ANDREAS NOESSLBOECK: Linz Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Linz entered May 15 an order shutting down the business
of LLC Andreas Noesslboeck & Co. KG (FN 54989t).

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

The estate administrator can be reached at:

         Mag. Thomas Kurz
         Roseggerstr. 58
         4020 Linz
         Austria
         Tel: 0732/784331-0
         Fax: 0732/784331-57
         E-mail: manuela.winkelmayr@haslinger-nagele.com

Headquartered in Rohrbach, Austria, the Debtor declared bankruptcy on May
10 (Bankr. Case No 12 S 46/07p).


MUAREMI KEG: Claims Registration Period Ends June 25
----------------------------------------------------
Creditors owed money by KEG Muaremi (FN 220348t) have until
June 25 to file written proofs of claim to court-appointed estate
administrator Aldo Frischenschlager at:

         Dr. Aldo Frischenschlager
         Landstrasse 15
         4020 Linz
         Austria
         Tel: 0732/777238
         Fax: 0732/77723811
         E-mail: rae@frischenschlager-gallistl.at

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

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on May 14
(Bankr. Case No. 12 S 50/07a).


NOESSLBOECK LLC: Linz Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Linz entered May 15 an order shutting down the business
of LLC Noesslboeck (FN 190346x).

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

The estate administrator can be reached at:

         Mag. Thomas Kurz
         Roseggerstr. 58
         4020 Linz
         Austria
         Tel: 0732/784331-0
         Fax: 0732/784331-57
         E-mail: manuela.winkelmayr@haslinger-nagele.com

Headquartered in Rohrbach, Austria, the Debtor declared bankruptcy on May
10 (Bankr. Case No 12 S 47/07k).


WERBEPARTNER MARKETING: Claims Registration Period Ends June 25
---------------------------------------------------------------
Creditors owed money by LLC Werbepartner Marketing (FN 139762h) have until
June 25 to file written proofs of claim to court-appointed estate
administrator Roland Zimmerhansl at:

         Mag. Roland Zimmerhansl
         Harrachstrasse 6
         4020 Linz
         Austria
         Tel: 65 70 70
         Fax: 65 70 70 65
         E-mail: zimmerhansl@anwaelte-sds.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:00 a.m. on July 6 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on May 11
(Bankr. Case No. 12 S 49/07d).


WILHELM STIX: Wels Court Orders Branch Closure
----------------------------------------------
TheLand Court of Wels  entered May 16 an order closing the Wels branch of
LLC Wilhelm Stix & Co. KG (FN 25979f).

Court-appointed estate administrator Martin Stossier recommended the
closure after determining that the continuing operations would reduce the
value of the estate.

The estate administrator can be reached at:

         Dr. Martin Stossier
         Ringstrasse 4
         Plobergerstrasse 7
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-Mail: stossier@ra-stossier.at

Headquartered in Wels, Austria, the Debtor declared bankruptcy on May 10
(Bankr. Case No 20 S 64/07y).


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


KRATON POLYMERS: Weak Profitability Cues S&P to Lower Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Kraton Polymers
LLC, including the corporate credit and senior secured debt ratings to 'B'
from 'B+'.  The outlook is negative.

The downgrade follows weakened profitability primarily because of higher
than expected raw material cost inflation that has resulted in the
deterioration of key measures of credit quality.

"While we expect management to raise prices in order to offset some of the
raw material pressure, Kraton's cash flow generation is likely to remain
weaker than initially expected during the next few quarters, limiting the
company's ability to improve its highly leveraged financial profile back
toward the level appropriate for the previous ratings," said Standard &
Poor's credit analyst David Bird.

The ratings on Kraton reflect its weak business risk profile derived from
its narrow focus on the styrenic block copolymers market and a highly
leveraged financial profile.

Houston, Texas-based Kraton is a leading producer of SBCs with about US$1
billion in annual sales and approximately US$631 million of debt
outstanding, including a modest amount of capitalized operating leases and
unfunded postretirement obligations.  The company produces unhydrogenated
SBCs, hydrogenated SBCs,polyisoprene rubber, polyisoprene latex, and
SBC-based compounded materials.  SBCs offer flexibility, resilience,
strength, and durability to a wide range of products in a number of
end-use markets, including (1) adhesive, sealants, and coatings, (2)
paving and roofing, (3) compounding channels, (4) packaging and films, and
(5) personal care.

The SBC market is part of the larger thermoplastic elastomers industry,
with a market size of approximately US$3 billion and an expected future
growth rate of about 6% per year.  Between the two product types, faster
growth is expected in HSBCs, which are used in a variety of applications
such as personal hygiene and soft-grip handles.  USBC growth is typically
slower and is focused on mature end markets such as asphalt modification
and adhesives.

The company has development centers in Belgium, Brazil and Japan.


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


SANMINA-SCI: Intends to Offer US$600 Million of Senior Notes
------------------------------------------------------------
Sanmina-SCI Corporation intends to offer, subject to market and other
conditions, US$600 million aggregate principal amount of Senior Floating
Rate Notes, which will be issued in a:

    * US$300 million tranche due in 2010 and
    * US$300,000,000 tranche due in 2014,

through an offering in the United States to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended, and
outside the United States to non-U.S. persons pursuant to Regulation S
under the Securities Act.

The notes will be fully and unconditionally guaranteed on a senior,
unsecured basis by substantially all of Sanmina-SCI's domestic restricted
subsidiaries.  The interest rate and other terms for each series of the
notes are to be determined by negotiations between Sanmina-SCI and the
initial purchasers
of the notes.

Sanmina-SCI intends to use the net proceeds from the sale of notes in the
offering, together with cash on hand, to repay its existing term loan
under the Credit and Guaranty Agreement, dated as of Oct. 13, 2006, among
Sanmina-SCI, its subsidiaries party thereto as guarantors, the lenders
party thereto and Bank of America, as administrative agent, and to pay
fees and expenses incurred in connection with the offering of the notes.

The securities will not be registered under the Securities Act, or any
state securities laws, and unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable state laws.

                     About Sanmina-SCI Corp.

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 has locations in Brazil, China, Finland, Malaysia, Mexico and
Singapore, among others.


SANMINA-SCI: Fitch Rates Proposed US$600 Million Notes at BB+
-----------------------------------------------------------
Fitch has assigned a 'BB+/RR1' rating to Sanmina-SCI Corporation's
(Nasdaq: SANM) proposed US$600 million offering of senior unsecured
floating rate notes.

The two-tranche debt offering consists of US$300 million of notes due 2010
and US$300 million due 2014.  Proceeds from the offering and cash on hand
will be utilized to repay an existing US$600 million senior unsecured term
loan and to fund related fees and expenses.  The Rating Outlook is
Negative.

Fitch currently rates Sanmina as:

    -- Issuer Default Rating (IDR) at 'B+';
    -- Senior secured credit facility at 'BB+/RR1'.
    -- Senior unsecured notes at 'BB+/RR1';
    -- Senior subordinated debt at 'B/RR5'.

The ratings and Negative Outlook reflect Sanmina's:

    -- Weak operating trends, including a nearly 3% decline in
       revenue for the latest 12 months ended March 31, 2007
       relative to the year-ago period;

    -- Pressured operating EBIT margin of only 1.7% for the LTM
       ended March 31, 2007;

    -- Cash conversion cycle of 45 days in the quarter ended
       March 31, 2007, among the highest of Fitch-rated
       electronic manufacturing services companies; and

    -- Significantly leveraged balance sheet relative to its
       tier 1 competitors, resulting in the highest leverage
       ratio (total adjusted debt to operating EBITDA) of the
       group at 6.6 times (x).

Fitch expects a difficult competitive environment within the EMS industry
in 2007 driven by continued pricing pressure from Asian EMS and original
design manufacturing vendors as well as a continued trend by original
equipment manufacturers to consolidate EMS vendors, both of which could
hamper efforts to improve the operating performance at Sanmina.  The
company is currently evaluating its strategy and position within the
market and recently announced a shift in its ODM business to a joint
design manufacturing model.

In addition, Sanmina is considering various strategic alternatives for its
low margin personal computing, low-end server and storage businesses.
Actions that could potentially stabilize Sanmina's ratings include a
divestiture of lower margin businesses to improve overall operating
performance and/or the use of proceeds from asset divestitures to pay down
debt.

The Recovery Ratings and notching reflect Fitch's recovery expectations
under a distressed scenario, as well as Fitch's expectation that the
enterprise value of Sanmina, and hence recovery rates for its creditors,
will be maximized in liquidation rather than in a going concern enterprise
value scenario.

In estimating Sanmina's liquidation value under a distressed scenario,
Fitch applied advanced rates of 80%, 20%, and 10% to Sanmina's current
balance of accounts receivable, inventory, and property, plant and
equipment, respectively.  That leads to a distressed enterprise value
estimate of approximately
$1.3 billion, providing the basis for a waterfall analysis to determine
recovery ratings.  The current 'RR1' recovery rating for Sanmina's secured
credit facility and unsecured notes reflects Fitch's belief that 100%
recovery is realistic.  As is standard with Fitch's recovery analysis, the
revolver is fully drawn and cash balances fully depleted to reflect a
stress event.  The current 'RR5' Recovery Rating for the senior
subordinated debt reflects Fitch's estimate that a recovery of only
10%-30% would be achievable.

As of March 31, 2007, Fitch believes liquidity was adequate and supported
by US$664 million in cash and equivalents; US$500 million senior secured
revolving credit facility due Dec. 2008, of which approximately US$400
million remains available; and various receivables sales facilities
totaling approximately US$400 million, of which approximately US$80
million remains available.

While Fitch estimates Sanmina's free cash flow for the LTM ended March 31,
2007 was negative US$406 million, largely due to increases in working
capital driven by higher cash conversion cycle days.

Fitch expects working capital trends to moderate, which should enable
Sanmina to produce positive free cash flow in fiscal 2007.

Pro forma for the debt offering and repayment of the US$600 million term
loan, Fitch estimates total debt was US$1.7 billion, consisting of US$100
million drawn against a US$500 million senior secured revolving credit
agreement; US$300 million of senior unsecured FRN due 2010; US$300 million
of senior unsecured FRN due 2014; US$400 million of 6.75% senior
subordinated notes due 2013; and US$600 million of 8.125% senior
subordinated notes due 2016.

The company has locations in Brazil, China, Finland, Malaysia, Mexico and
Singapore, among others.


SANMINA-SCI: S&P Rates US$600 Million Floating-Rate Notes at B+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior unsecured debt
rating to San Jose, California-based
Sanmina-SCI Corp.'s US$600 million in floating-rate notes,
$300 million of which mature in 2010 and US$300 million of which mature in
2014.

Proceeds will be used to refinance the company's US$600 million term loan
due January 2008.

Sanmina's 'B+' corporate credit and 'B-' subordinated ratings are
affirmed.  The outlook is stable.

"The ratings reflect continued erosion of profit measures, diminished
liquidity, and high leverage," said Standard & Poor's credit analyst Lucy
Patricola.  These concerns are partly offset by the company's top-tier
business position in low volume, complex electronic manufacturing services
end markets and stable operating performance in that division.

The company has locations in Brazil, China, Finland, Malaysia, Mexico and
Singapore, among others.


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


ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel
---------------------------------------------------
Mexican daily El Financiero reports that Alcatel-Lucent has signed a
two-year accord with Haitian operator Comcel to offer wireless broadband
in rural areas.

Business News Americas relates that the pact will allow coffee
cooperatives to trace the movement of their products using "RFID
transmitted over WiMax broadband technology."  These products are "sold
under the fair trade label."  Producers must make sure that the coffee is
distributed through a minimum number of intermediaries.

The agreement also includes the setting up of telecenters for services
related to health, education, ecotourism and e-government, BNamericas
states.

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to deliver voice,
data and video communication services to end users.  Alcatel-Lucent
maintains operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica,
Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia,
Brunei and Cambodia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their
merger transaction, and began operations as a communication solutions
provider under the name Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on April 13, Fitch Ratings affirmed Alcatel-Lucent's ratings
at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and
Short-term 'F2' and simultaneously withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services puts a Ba2 rating on
Alcatel's Corporate Family and Senior Debt rating.  Lucent carried Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carried Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stood at B.


EUROTUNNEL GROUP: CEO Plans on Raising GBP680 Mln Fresh Capital
---------------------------------------------------------------
Eurotunnel Group CEO Jacques Gounon aims to raise about GBP680 million of
fresh capital in order to repay part of the convertible bond, which could
see an increase in shareholders' stake in the restructuring company from
an initial 13% to around 40%, Alistaire Osborne writes for The Telegraph.

The restructuring will slash Eurotunnel's GBP6.2 billion debts to GBP2.84
million, with senior creditors repaid in full.

Shareholders will be diluted to 13%, holding 2.55 billion shares in the
new company, Groupe Eurotunnel, while junior creditors will share a
GBP1.275 billion convertible bond.

According to the report, the bond or notes redeemable for shares is in two
parts.  Some GBP488 million is non-redeemable by the company, giving
creditors a guaranteed 33% of equity, or 6.52 billion shares.

The second GBP787 million tranche is redeemable by the company over the
next three years before it converts into another 10.52 billion shares, but
only at a 40% premium, the Telegraph relates.

Mr. Gounon plans to pay off a large portion of this in the next 13 months.

"My goal is for shareholders to hold at least 40% [of the equity]," Mr.
Gounon was quoted by the Telegraph as saying. "We have to raise money.  I
have made an assumption that with a EUR1 billion capital increase we can
reach 40% for shareholders."

Eurotunnel may raise fresh capital through a rights issue, the Telegraph
said.

"If Gounon is smart, which he is, the quicker he can have a rights issue
with what is a technically overvalued share, the greater proportion of the
company will end up being owned by shareholders, even if they have to pay
for it," Mark McVicar, an analyst at Dresdner Kleinwort Wasserstein, told
the Telegraph.

The Telegraph added that Mr. Gounon believed that noteholders had no power
to stop the company from buying back some of the redeemable notes.
"That's clearly stated in the safeguard plan," Mr. Gounon said.

Mr. Gounon also asked the remaining 90,000 U.K. shareholders who still did
not tender their stock for new shares in Groupe Eurotunnel, to do so by
June 14, 2007 deadline.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


EUROTUNNEL GROUP: Names Two New Non-Executive Directors
-------------------------------------------------------
Eurotunnel Group's joint board appointed, Tim Yeo, MP as a non-executive
director of Eurotunnel PLC and Pierre Bilger as non-executive director of
Eurotunnel S.A. effective immediately, following the resignation of
Jean-Louis Raymond as a director of the company.

Tim Yeo is Member of Parliament for Suffolk South and chairman of the
House of Commons Environmental Audit Select Committee.  He was Minister of
State for the Countryside and Environment and was a member of the Shadow
Cabinet where he served, inter alia, as Shadow Secretary of State for
Trade and Industry and Shadow Secretary of State for Environment and
Transport.   Tim Yeo is a director of ITI Energy Limited and is Chairman
of Univent Plc and AFC Energy Plc.  He was also founding Chairman of the
Children’s Trust, a charity which took over Tadworth Court Children’s
Hospital.

An inspecteur des finances, Pierre Bilger devoted his 15-year career in
the French public service (1967-1982) to dealing principally with
budgetary issues.  His career in industry, spanning 21 years, started in
1982 at Compagnie Generale d’Electricite (now Alcatel Lucent) of which he
led the privatization as CFO and deputy Chief Executive.

It continued at Alsthom from 1987, then Gec Alsthom of which he became
Chief Executive Officer in March 1991 before becoming Chairman and Chief
Executive of its successor Alstom, from its IPO in 1998 until 2003.  Mr.
Bilger currently chairs the Dutch-law foundation Stichting Preference
Shares Renault-Nissan and is one of the advisors to the Management
Consulting Group plc.

"I am delighted that Tim Yeo, an MP and ex-minister of Her Majesty's
government as well as Pierre Bilger who chaired the Franco-British group
Gec Alsthom, now Alstom, have joined the Board," Eurotunnel CEO Jacques
Gounon disclosed.

"This demonstrates our clear intention to recreate within the Board a
binational culture and it should convince British shareholders, who
tendered less than 60% of their total Units, to take advantage of the
reopening to tender their Units to the Offer before June 14, 2007,” Mr.
Gounon added.

The joint board has also resolved to convene the annual general meetings
of Eurotunnel SA and Eurotunnel PLC in Coquelles (France) at 4:00 p.m.
(French time) on July 27, 2007.

It must be noted that, on that date, Eurotunnel SA and Eurotunnel PLC will
have become subsidiaries of Groupe Eurotunnel SA (GET SA) which will
therefore control them.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


SOLECTRON CORP: Flextronics Merger Pact Cues Fitch's Pos. Watch
---------------------------------------------------------------
Following Solectron Corporation's (NYSE: SLR) announced agreement to be
acquired by Flextronics International Ltd. (Nasdaq: FLEX) (Issuer Default
Rating of 'BB+', on Rating Watch Negative by Fitch) for US$3.6 billion in
a combination of cash and stock, Fitch has placed these ratings for SLR on
Rating Watch Positive:

    -- Issuer Default Rating at 'BB-';
    -- Senior unsecured debt at 'BB-';
    -- Subordinated debt at 'B+'.

Additionally, Fitch has affirmed Solectron's senior secured bank facility
at 'BB+'.  Fitch's actions affect approximately
$600 million in debt securities.

Resolution of the Rating Watch Positive will be determined by the ultimate
outcome of Flextronics's IDR and the final capital structure of the
combined company as well as any potential guarantee of Solectron debt by
Flextronics.  However, Fitch believes that Solectron's senior unsecured
and subordinated bondholders have an option to force redemption of the
existing bonds under a change of control provision.  Consequently, Fitch
believes it is likely that Solectron's debt would be retired at or soon
after closing whereby Fitch would anticipate upgrading the various notes
and IDR by one notch, respectively, and withdrawing the ratings at that
time.

Flextronics proposed acquisition of Solectron is still subject to
customary closing conditions including regulatory and shareholder approval
but is anticipated to close before the end of calendar 2007.  Solectron
shareholders have an option to receive either cash or stock in lieu of
their shares, however total cash consideration is limited to a minimum of
30% and a maximum of 50% of total consideration.

As of March 2, 2007, Solectron's liquidity was sufficient and supported by
approximately US$1.1 billion of unrestricted cash and cash equivalents and
an undrawn US$350 million senior secured revolving credit facility
expiring August 2009.

Total debt as of March 2, 2007, was approximately US$641 million and
consisted primarily of:

    -- US$450 million 0.5% convertible senior notes due 2034;
    -- US$150 million 8% senior subordinated notes due 2016.

Headquartered in Milpitas, California, Solectron Corporation
(NYSE: SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to the
world's premier high-tech electronics companies.  Solectron's offerings
include new-product design and introduction services, materials
management, product manufacturing, and product warranty and end-of-life
support.  The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.  It had
sales from continuing operations of US$10.6 billion in fiscal 2006.


SR TELECOM: Posts CDN$12.2 Mil. Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
SR Telecom Inc. reported a net loss of CDN$12.2 million for the first
quarter ended March 31, 2007, compared with a net loss of CDN$13.6 million
for the same period ended March 31, 2006.

SR Telecom’s consolidated first quarter revenue grew 19% to CDN$22.9
million from CDN$19.2 million in the same period in 2006. This increase
reflects the ongoing implementation of major contracts in Mexico and
Argentina as well as shipments for a new wireless deployment in Algeria.
Q1 2007 revenues were, however, offset by outsourcing issues that delayed
wireless product shipments and resulted in CDN$1.2 million in
late-delivery penalties.

Operating loss from continuing operations was CDN$8.8 million in the first
quarter of 2007, a CDN$2.7 million improvement over the CDN$11.5 million
operating loss recorded in the same period one year ago.  The improvement
in net loss and operating loss from continuing operations are a result of
the increase in sales volume, higher margins on equipment sales due to a
beneficial shift in product mix, and a CDN$2.4 million decline in
restructuring charges, however offset by a CDN$1.5 million increase in
selling, general and administrative (SG&A) expenses and a CDN$900,000 rise
in research and development expenses.

The rise in SG&A expenses for Q1 2007 is mainly attributable to higher
costs related to the stock-based compensation plan implemented in Q2 2006
as well as expenses incurred to resolve the ongoing outsourcing issues.
The R&D increase is a reflection of the additional resources the company
has devoted to the development, delivery and deployment of WiMAX
solutions.

The company’s consolidated cash, including restricted cash, was US$11.0
million, down from US$27.1 million at Dec. 31, 2006, and reflecting the
company’s use of cash to fund current capital requirements.

"The improved financial performance we achieved in the first quarter is an
encouraging indication that, despite the impact of ongoing restructuring
efforts, our global customers remain confident in the quality of our
wireless solutions and our ability to deliver and deploy them," said Serge
Fortin, president and chief executive officer of SR Telecom.  "Over the
last several months, we have taken decisive action to position ourselves
to grow in the global WiMAX market.  It is clear, however, that our
capital issues must be resolved before SR Telecom can regain sustainable
positive momentum."

At March 31, 2007, the company's balance sheet showed
CDN$102.9 million in total assets, and CDN$102.6 million in total
liabilities, resulting in a CDN$321,000 total stockholders' equity.

Full-Text copies of the company's consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?20ad

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use of the
going concern assumption because of the uncertainty concerning the outcome
of the company’s financing initiatives and because of the company’s losses
for the current and prior years, negative cash flows, reduced availability
of supplier credit and lack of operating credit facilities.

For the quarter ended March 31, 2007, the company realized a net loss of
CDN$12.2 million (CDN$115.6 million for the year ended Dec. 31, 2006) and
used cash of CDN$12.4 million (CDN$45.2 million for the year ended Dec.
31, 2006) in its continuing operating activities.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and Thailand.

                          *     *     *

SR Telecom's long-term credit rating carries Standard & Poor's
Ratings Services' D rating.


TCL MULTIMEDIA: Posts HK$2.5 Billion Net Loss for FY 2006
---------------------------------------------------------
TCL Multimedia Technology Holdings Ltd recorded a net loss of HK$2.5
billion on HK$29.18 billion of turnover for the full year ended Dec. 31,
2006, compared with a net loss of HK$703.28 million on HK$32.50 billion of
turnover in 2005.

According to the company, the decline in turnover and gross profit was
mainly due to the winding down of the Group’s legacy Europe business
implemented since October 2006.  "Although the Group managed to achieve
satisfactory performance in other key markets, the profits could not
compensate for the substantial operating loss and the costs and impairment
provisions for restructuring incurred by the Europe business, resulting in
a net loss attributable to equity holders of the parent of HK$2,497
million for the year under review."

As of Dec. 31, 2006, the company's unaidited balance sheet showed strained
liquidity with current assets of HK$9.65 billion available to pay current
liabilities of HK$10.66 billion.  In addition, the company's balance sheet
as of Dec. 31 showed total assets of HK$12.4 billion and total liabilities
of
HK$10.71 billion, resulting to a shareholders' equity of
HK$1.69 billion.

Headquartered in New Territories, Hong Kong, TCL Multimedia Technology
Holdings Limited -- http://www.tclhk.com/-- designs, manufactures and
sells electronic products like colored TV, DVD players, VCD players, home
cinema hi-fi systems, mobile handsets, Internet-related information
technology products,refrigerators and washing machines.  Its other
activity includes trading electronic parts and components used in the
production of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific reported
that TCL Multimedia Technology Holdings Limited's European operations
posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million. Moreover, the
TCR-AP on Oct. 24, 2006, said that TCL is expecting to post a loss for the
full-year because first-half
losses had been so large.  In the first half of 2006, TCL reported a net
loss of CNY737.56 million, after a loss of CNY320.24 million in 2005.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of French
electronics firm Thomson, which uses the Thomson brand in Europe and RCA
in North America.  TCL grouped all its TV businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of insolvency on
May 24, 2007 in France after it failed to settle a number of outstanding
liabilities.


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


AESCULUS HEILPRAKTIKERSCHULE: Claims Registration Ends July 4
-------------------------------------------------------------
Creditors of Aesculus Heilpraktikerschule und Akademie GmbH have until
July 4 to register their claims with court-appointed insolvency manager
Volker Viniol.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 25, 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 Stuttgart
         Room 181
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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. Volker Viniol
         Danneckerstr. 52
         70178 Stuttgart
         Germany
         Tel: 0711/238890

The District Court of Stuttgart opened bankruptcy proceedings against
Aesculus Heilpraktikerschule und Akademie GmbH on
May 23.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aesculus Heilpraktikerschule und Akademie GmbH
         Koenigstr. 60
         70173 Stuttgart
         Germany


AMERICAN AXLE: Fitch Expects to Rate Senior Term Loan at BB
-----------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BB' to the senior unsecured
term loan announced by American Axle & Manufacturing Holdings, Inc.,
subject to review of final documentation.

The company's current ratings are :

  * American Axle & Manufacturing Holdings, Inc.

    -- Issuer Default Rating 'BB';

  * American Axle & Manufacturing, Inc.

    -- Issuer Default Rating 'BB';
    -- Senior unsecured revolving credit facility 'BB';
    -- Senior unsecured term loan 'BB';
    -- Senior unsecured notes 'BB'.

The Rating Outlook is Negative. Including the available portion of AXL's
revolving credit facility, Fitch's ratings affect approximately US$1.5
billion of indebtedness.

Fitch expects the proceeds from the new US$250 million term loan to be
used to refinance the existing term loan due 2010.  The new term loan
should reduce cost of capital and extend the maturity into 2012. Annual
cash interest savings should be around $4 million.  The new term loan
covenants are more flexible in that they will not include the limitations
on restricted payments contained in the existing term loan agreement.

Additionally, the leverage ratio debt incurrence test will increase to
3.75 from 3.50 and the allowable asset dispositions amount will increase
from US$50 million from US$10 million.  The amount of baskets for
permitted liens and indebtedness are approximately the same in the
aggregate with some slight modifications to the descriptions.  The
change-in-control covenant remains unchanged.

Fitch's affirmation reflects the risks associated with AXL's dependence on
General Motors Corp. (GM; Fitch IDR 'B'; Rating Watch Negative) for
roughly 75% of its total revenue and in particular, GM's passenger trucks,
which compete in segments that will remain under pressure in 2007.

Partially offsetting these risks are AXL's margin performance, solid
liquidity and competitive position; the financial benefits of recent
headcount reduction; and an expected improvement in free cash flow in
2007.  Free cash flow over the next several years will benefit from recent
restructuring activities and reduced capital expenditure levels following
an extended period of higher costs associated with the launch of GM's
GMT900 trucks and international growth initiatives.  In addition, the new
business backlog with customers other than GM continues to grow.

The Negative Rating Outlook reflects the credit condition of AXL's largest
customer, critical labor negotiations later this year between GM and the
United Auto Workers union, a financially stressed base of suppliers other
than AXL, and the uncertain sustainability of large pickup truck
production volume in light of a slump in new home construction.  In
addition, there is the uncertainty regarding demand for large sport
utility vehicle (SUV) relative to consumers' reaction to higher fuel
prices.  Fitch could revise the Rating Outlook to Stable if GM's
production outlook stabilizes or AXL's free cash flow materially improves
in 2007, providing increased cushion against the uncertainty of the
factors listed above.

AXL has maintained its financial discipline through a period of heavy
investment and in the midst of difficult industry conditions.  While many
suppliers have chosen to take advantage of attractive secured financing
arrangements, AXL's funding has remained unsecured.  AXL's credit metrics
are healthy for the current rating, but AXL's credit profile is currently
constrained by the company's dependence on GM, exposure to light trucks,
and negative free cash flow over the past two years.  For 2006 AXL's total
debt to operating EBITDA was 2.6 times (x), total adjusted debt to
operating EBITDAR (adjusted for rent) was 2.9x, and funds from operations
(FFO) adjusted leverage was 3.4x.

Headquartered in Detroit, MI, American Axle & Manufacturing --
http://www.aam.com/-- manufactures, engineers, designs and validates
driveline and drivetrain systems and related components and modules,
chassis  systems and metal-formed products for light trucks, sport utility
vehicles and passenger cars.  In addition to locations in the United
States, AAM also has offices or facilities in Brazil, China, England,
Germany, India, Japan, Mexico, Poland, Scotland and South Korea.


ATAK HANDELS: Claims Registration Period Ends July 6
----------------------------------------------------
Creditors of ATAK Handels GmbH have until July 6 to register their claims
with court-appointed insolvency manager Gerd Honsdorf.

Creditors and other interested parties are encouraged to attend the
meeting at 10:45 a.m. on July 27, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 216
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Gerd Honsdorf
         Detmolder Strasse 57-59
         33100 Paderborn
         Germany
         Tel: 05251-25107
         Fax: 05251-23699

The District Court of Paderborn opened bankruptcy proceedings against ATAK
Handels GmbH on May 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ATAK Handels GmbH
         Nikolaus-Otto-Str. 34
         33178 Borchen
         Germany

         Attn: Ahmet Engin Caliskan, Manager
         Fuellersheide 16
         33100 Paderborn
         Germany


AUTO-GALERIE SCHUBERT: Claims Registration Period Ends July 12
--------------------------------------------------------------
Creditors of Auto-Galerie Schubert GmbH have until July 12 to register
their claims with court-appointed insolvency manager Hans-Peter Rechel.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Hans-Peter Rechel
         c/o Zeuner & Rechel Insolvenz GbR
         Lehmweg 17
         20251 Hamburg
         Germany
         Tel: 040/480 639-0
         Fax: 040/480 639-99
         E-mail: Hans-Peter.Rechel@wzr-legal.com

The District Court of Lueneburg opened bankruptcy proceedings against
Auto-Galerie Schubert GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Auto-Galerie Schubert GmbH
         August-Horch-Strasse 19
         21337 Lueneburg
         Germany


BENQ CORP: Option NV Buys Mobile Unit's Laboratories & Manpower
---------------------------------------------------------------
Option NV has acquired the laboratory facilities of BenQ Mobile GmbH and
Co., the insolvent German mobile unit of Taiwan-based BenQ Corp., for EUR4
million.

The facilities include fully equipped laboratories, an advanced
Electro-Magnetic Compatibility test chamber and office space.  The
acquisition also saw a team of BenQ Mobile engineers migrating to Option's
750 man-years of wireless experience.

“With skilled engineers in short supply, this opportunity to acquire an
established, highly skilled engineering team and fully-equipped facility
was too good to miss,” said Jan Callewaert, Option’s CEO.  “Our new team
in Germany is ready to make an immediate impact on our drive into mobile
internet devices and other new product lines for 2008.”

                         About Option

Option, the wireless technology company -- http://www.option.com/-- is a
leading innovator in the design, development and manufacture of 3G WCDMA
(HSPA and UMTS), EDGE, GPRS, GSM and WLAN technology products for wireless
connectivity solutions. Option has built up an enviable reputation for
creating exciting products that enhance the performance and functionality
of wireless communications. Option’s headquarters are in Leuven, Belgium.
The company has Research & Development in Leuven and Düsseldorf (Germany),
a Software and Applications development centre in Adelsried (Germany), a
Wireless Router development centre in Stockholm (Sweden) and an ISO 9002
production engineering and logistics facility in Cork (Ireland). Option
also has sales & support operations in the US, Japan, Hong Kong and
Taiwan.

                         About BenQ

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.


BENQ CORP: Former BenQ Mobile Managers to Hand Back Bonuses
-----------------------------------------------------------
About 170 former managers and sales staff of BenQ Mobile GmbH and Co., the
insolvent German mobile unit of Taiwan-based BenQ Corp., may need to repay
up to EUR5.2 million in bonuses
and special benefits obtained shortly before the company filed for
insolvency in September 2006, Financial Times Deutschland reports citing
insolvency administrator Martin Prager.

Mr. Prager notes a law prohibiting any creditor privilege as basis for the
premiums to be repaid, FT Deutschland relates.

                         About Option

Option, the wireless technology company -- http://www.option.com/-- is a
leading innovator in the design, development and manufacture of 3G WCDMA
(HSPA and UMTS), EDGE, GPRS, GSM and WLAN technology products for wireless
connectivity solutions. Option has built up an enviable reputation for
creating exciting products that enhance the performance and functionality
of wireless communications. Option’s headquarters are in Leuven, Belgium.
The company has Research & Development in Leuven and Düsseldorf (Germany),
a Software and Applications development centre in Adelsried (Germany), a
Wireless Router development centre in Stockholm (Sweden) and an ISO 9002
production engineering and logistics facility in Cork (Ireland). Option
also has sales & support operations in the US, Japan, Hong Kong and
Taiwan.

                         About BenQ

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.


BENQ CORP: Enters Into NFC Contract with Sirit
----------------------------------------------
BenQ Corporation has secured a Near Field Communications
contract with Sirit Inc.

The contract calls for Sirit to serve as BenQ's supplier of embedded NFC
software and technology engineering services for BenQ's forthcoming NFC
mobile smartphones and handsets.  This design win further validates the
value proposition and expertise of Sirit's NFC team in helping OEMs
shorten their development cycles and time to market for NFC-enabled
devices.

"Given the significant and immediate opportunity for NFC handsets in the
Asia Pacific region and globally, time to market is critical to our
success," said Dr. SS Chen, the Associated Vice President of Mobile
Communication Business Group of BenQ Corporation.  "We chose Sirit's NFC
team to help us in our development of NFC handsets based on their early
involvement in the NFC market.  Leveraging their demonstrated expertise
with
embedded NFC software and successes working with OEMs, we are confident in
the Sirit's NFC team's ability to help accelerate our time to market."

"BenQ is a multi-billion dollar Taiwan-based technology innovation leader,
supplying mass-market consumer devices including smartphones, displays,
and digital home peripherals," commented Chris Leong, Vice President, NFC
and Contactless at Sirit Inc.  "We are honoured that BenQ has chosen
Sirit's NFC team as its supplier of embedded NFC software and services. We
look forward to helping BenQ capitalize on the NFC opportunity in the Asia
Pacific region and beyond."

                         About Sirit Inc.

Sirit Inc. (TSX: SI) is a provider of Radio Frequency
Identification solutions worldwide.  Harnessing the power of Sirit's
enabling-RFID technology, customers are able to more rapidly bring high
quality RFID solutions to the market with reduced initial engineering
costs.  Sirit's products are built on more than 13 years of RF domain
expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols
and are compliant with global standards.  Sirit's broad portfolio of
products and capabilities are easily customized to address new and
traditional contactless market applications including Near Field
Communication, Supply Chain & Logistics, Cashless Payment (including
Electronic Tolling), Access Control, Automatic Vehicle Identification,
Inventory Control & Management, Asset Tracking and Product Authentication.

                          About BenQ Corp.

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
handsets, 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 the company failed to secure a
buyer 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.


BIOMARKEN HANDELS: Claims Registration Period Ends June 30
----------------------------------------------------------
Creditors of BioMarken Handels und Service GmbH have until
June 30 to register their claims with court-appointed insolvency manager
Jochen Wagner.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 6, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Jochen Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany
         Tel: 0841/14 28 99-0
         Fax: 0841/14 28 99-10

The District Court of Ingolstadt opened bankruptcy proceedings against
BioMarken Handels und Service GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BioMarken Handels und Service GmbH
         Attn: Uwe Davids, Manager
         Plan 30
         15831 Grossbeeren
         Germany


CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
---------------------------------------------------------
Colsiba, the coordination board for unions of Latin American banana
plantation employees, has accused Chiquita Brands of planning to break a
covenant with the group, Fresh Plaza reports.

Fresh Plaza relates that Colsiba alleged that the most basic standards
that have been set were breached and the accords made in discussions with
Colsiba are not being respected.

Colsiba told Fresh Plaza that the situation in Nicaragua causes the most
concern.  Collective labor accords have not been renegotiated over the
past 10 years.  The salaries on the plantations are at 1,5 dollar a day
and labor conditions are harsh.  Workers often don't get tools or
protective gear.

Fresh Plaza notes that in Guatemala, talks on a new collective labor
accord have been going on for nine months, while discussions on the matter
has taken 10 months in Honduras.

Chiquita Brands doesn't want to increase salaries and improve social
conditions while output goals have been set at record levels, Colsiba told
Fresh Plaza.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%).


CINE RELATION: Claims Registration Ends July 15
-----------------------------------------------
Creditors of Cine Relation Alfred Noell GmbH have until July 15 to
register their claims with court-appointed insolvency manager Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 on Aug. 22, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany


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

The insolvency manager can be reached at:

          Dr. Bruno Kuebler
          Aachener Str. 222
          50931 Cologne
          Germany
          Tel: 400 770
          Fax: +492214007720
          Web site: http://www.kuebler-gbr.de/

The District Court of Cologne opened bankruptcy proceedings against Cine
Relation Alfred Noell GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Cine Relation Alfred Noell GmbH
          Feldstr. 96
          51469 Bergisch Gladbach
          Germany


DAIMLERCHRYSLER: Recalls 1,443 Faulty Chinese-Made Chrysler Cars
----------------------------------------------------------------
DaimlerChrysler AG is recalling 1,443 Chinese-made Chrysler 300C sedans
produced between March 21 and May 29 to fix defective transmission cooling
systems, Reuters reports, quoting a statement posted by China's General
Administration of Quality Supervision, Inspection and Quarantine on its
Web site.

According to the statement, imported Chrysler 300C cars were not affected.
It did not say, however, whether any accidents or personal injuries had
been linked to the defect, Reuters notes.  DaimlerChrysler's Chinese joint
venture in Beijing began limited production of the 300C in 2005.

                      About DaimlerChrysler

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

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

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

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

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


DOMUS-FLIESENLEGER: Claims Registration Ends July 13
----------------------------------------------------
Creditors of DOMUS-Fliesenleger Verwaltungsgesellschaft mbH have until
July 13 to register their claims with court-appointed insolvency manager
Andreas Franz.

Creditors and other interested parties are encouraged to attend the
meeting at 10:45 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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:

         Andreas Franz
         Steinstrasse 26
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings against
DOMUS-Fliesenleger Verwaltungsgesellschaft mbH on
May 25.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DOMUS-Fliesenleger Verwaltungsgesellschaft mbH
         Attn: Dr. Rainer Lange
         Rothentor 1-3
         23966 Wismar
         Germany


GEORG DAUTERMANN: Claims Registration Ends July 30
--------------------------------------------------
Creditors of Georg Dautermann GmbH & Co. KG-Bauunternehmung have until
July 30 to register their claims with court-appointed insolvency manager
Claus-Peter Langer.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.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 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:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 236858-0
         Fax: 2603440

The District Court of Munich opened bankruptcy proceedings against Georg
Dautermann GmbH & Co. KG-Bauunternehmung on May 28.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Georg Dautermann GmbH & Co. KG-Bauunternehmung
         Behringstr. 11a
         82152 Planegg
         Germany


GOERG GMBH: Claims Registration Period Ends July 10
---------------------------------------------------
Creditors of Goerg GmbH have until July 10 to register their claims with
court-appointed insolvency manager Andrea Kornisch.

Creditors and other interested parties are encouraged to attend the
meeting at 8:55 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 Saarbruecken
         Meeting Hall 24
         Second 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 Kornisch
         Mathias-Iven-Strasse 10
         66117 Saarbruecken
         Germany
         Tel: 0681/ 954 120
         Fax: 0681/ 954 1222

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

The Debtor can be reached at:

         Goerg GmbH
         Attn: Maria Goerg, Manager
         Ellbachstr. 27
         66740 Saarlouis
         Germany


GUELKAR KEBAP: Claims Registration Ends June 25
-----------------------------------------------
Creditors of Guelkar Kebap Line GmbH have until June 25 to register their
claims with court-appointed insolvency manager Thomas Joswig.

Creditors and other interested parties are encouraged to attend the
meeting at 10:45 a.m. on Aug. 6, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         First Floor
         Westfluegel
         Schloss
         68159 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:

         Thomas Joswig
         Besselstrasse 2-4
         68219 Mannheim
         Germany
         Tel: 0621/845578-0
         Web site: http://www.kuebler-gbr.de/

The District Court of Mannheim opened bankruptcy proceedings against
Guelkar Kebap Line GmbH on May 24.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Guelkar Kebap Line GmbH
         Brauereistr. 9
         68723 Plankstadt
         Germany

         Attn: Seyfettin Guel, Manager
         Friedrich-Ebert-Str. 15
         68723 Schwetzingen
         Germany


H & F SCHLACHT: Claims Registration Period Ends July 24
-------------------------------------------------------
Creditors of H & F Schlacht- und Service GmbH have until July 24 to
register their claims with court-appointed insolvency manager Hartmut
Mitze.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 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 Marburg/Lahn
         Hall 159
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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:

         Hartmut Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451/7191922
         Fax: 06451/7191921

The District Court of Marburg/Lahn opened bankruptcy proceedings against H
& F Schlacht- und Service GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          H & F Schlacht- und Service GmbH
          Pfauenweg 1
          35114 Haina
          Germany


HARLEY-KORSO MOTORRAD: Claims Registration Period Ends July 27
--------------------------------------------------------------
The court-appointed insolvency manager for Harley-Korso
Motorrad-Handelsgesellschaft mbH i.L., Juergen Spliedt will present his
first report on the Company's insolvency proceedings at a creditors'
meeting at 10:40 a.m. on July 27.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 10:30 a.m. on Oct. 19 at the same venue.

Creditors have until Aug. 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Harley-Korso Motorrad-Handelsgesellschaft mbH i.L. on May 22.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Harley-Korso Motorrad-Handelsgesellschaft mbH i.L.
         Heinrich-Herz-Str. 1 d
         14532 Kleinmachnow
         Germany


HAYES LEMMERZ: Unit Completes Tender Offer for 10-1/2% Sr. Notes
----------------------------------------------------------------
Hayes Lemmerz International Inc. disclosed the expiration of the cash
tender offer and consent solicitation of its indirect subsidiary, HLI
Operating Company Inc. for any and all of the outstanding 10-1/2% Senior
Notes Due 2010 (CUSIP No. 404216AB9) of HLI.

The tender offer and consent solicitation for the Notes expired at 11:59
p.m., New York City time, on June 5, 2007.

As of the Expiration Date, HLI had received tenders with respect to
US$154,238,000 in aggregate principal amount of the Notes pursuant to
HLI's Offer to Purchase and Consent Solicitation Statement, dated May 8,
2007, and the related Letter of Transmittal and Consent for Tender Offer.
HLI accepted for payment and paid for US$154,178,000 in aggregate
principal amount of such Notes on May 30, 2007.

HLI expects to accept for payment and pay for the remaining Notes validly
tendered prior to the Expiration Date on or about June 7, 2007.  HLI
intends to redeem the remaining US$3,262,000 in aggregate principal amount
of outstanding Notes that were not tendered by the Expiration Date prior
to their maturity.

The tender offer and consent solicitation were made solely by means of the
Offer to Purchase and the related Letter of
Transmittal and Consent for Tender Offer.

                About Hayes Lemmerz International

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

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

                         *    *    *

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


HEINRICH & MUELLER: Creditors' Meeting Slated for June 13
---------------------------------------------------------
The court-appointed insolvency manager for Heinrich & Mueller GmbH,
Bettina Schmudde will present her first report on the Company's insolvency
proceedings at a creditors' meeting at 11:00 a.m. on June 13.

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

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 11:00 a.m. on Aug. 2 at the same venue.

Creditors have until June 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings against
Heinrich & Mueller GmbH on May 25.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Heinrich & Mueller GmbH
         Attn: Gerd Heinrich and Sven Mueller-Roeske, Managers
         Neubuehlauer Strasse 10
         01324 Dresden
         Germany


HENKE ENERGIESPARHAUS: Creditors' Meeting Slated for July 6
-----------------------------------------------------------
The court-appointed insolvency manager for Henke Energiesparhaus GmbH,
Christian Willmer will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:10 a.m. on July 6.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 9:00 a.m. on Aug. 31, at the same venue.

Creditors have until July 24 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy proceedings against
Henke Energiesparhaus GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Henke Energiesparhaus GmbH
         Grasdorfer Str. 12
         28870 Ottersberg
         Germany

         Attn: Rolf Henke, Manager
         Paschkebergstr. 12
         27299 Langwedel
         Germany


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

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Sept. 18, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

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

The Debtor can be reached at:

         Holz Grosshandel- und Verarbeitung Faulstich & Co. GmbH
         Attn: Peter Faul-stich, Manager
         Levinestrasse 9
         99334 Ichtershausen
         Germany


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

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 15, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Johannes Klefisch
         Rotter Bruch 6
         52068 Aachen
         Germany

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

The Debtor can be reached at:

         Hotel Mondo GmbH
         Attn: Rosemie Kempener-Possegga, Manager
         Ostring 49
         50129 Bergheim
         Germany


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Peter Rechel
         Lehmweg 17
         20251 Hamburg
         Germany

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

The Debtor can be reached at:

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


LEMMA TECHNOLOGIES: Creditors Must Register Claims by June 30
-------------------------------------------------------------
Creditors of Lemma Technologies GmbH have until June 30 to register their
claims with court-appointed insolvency manager Michael Bremen.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 11, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Lemma Technologies GmbH
         Steinstr. 28
         40210 Duesseldorf
         Germany


LWG LANDSCHAFTSPFLEGE: Claims Registration Ends June 26
-------------------------------------------------------
Creditors of LWG Landschaftspflege und Wasserbau GmbH have until June 26
to register their claims with court-appointed insolvency manager Dr.
Martin Dietrich.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on Aug. 7, 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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. Martin Dietrich
         Brauhaus 5
         01099 Dresden
         Germany
         Web site: http://www.henningsmeier.de/

The District Court of Dresden opened bankruptcy proceedings against LWG
Landschaftspflege und Wasserbau GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         LWG Landschaftspflege und Wasserbau GmbH
         Sebastian-Kneipp-Str. 10
         01819 Berggiesshuebel
         Germany

         Attn: Katja Pietzsch, Manager
         Gersdorf 33
         01819 Bahretal
         Germany


MANFRED FINKEN: Creditors Must Register Claims by July 2
--------------------------------------------------------
Creditors of Manfred Finken GmbH have until July 2 to register their
claims with court-appointed insolvency manager
Johannes Klefisch.

Creditors and other interested parties are encouraged to attend the
meeting at 06.08.2007, 9:05 a.m. on Aug. 6, at which time the insolvency
manager will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Johannes Klefisch
         Rotter Bruch 6
         52068 Aachen
         Germany

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

The Debtor can be reached at:

         Manfred Finken GmbH
         Prager Ring 106
         52070 Aachen
         Germany


NOVELIS CORP: Moody's Rates US$860 Million Senior 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 Limited, 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, we note 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

Headquartered in Atlanta, Georgia, Novelis is the world's largest producer
of aluminum rolled products.  In 2006, the company had total shipments of
approximately 3.1 million tons and generated approximately US$9.8 billion
in revenues.

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

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

Novelis also has operations in Germany, Switzerland and Korea.


PRUDENTIAL EQUITY: Equity Research Operations Discontinued
----------------------------------------------------------
Prudential Financial Inc. said it will discontinue the institutional
equity research, sales and trading business known as Prudential Equity
Group.

The decision affects the equity research operations throughout the United
States, including its offices and trading operations in New York City and
Washington, D.C., San Francisco, Kansas City, Chicago, Philadelphia,
Cleveland, Atlanta and Boston, and outside the United States in London,
Zurich, Paris and Tokyo.

Effective immediately, Prudential Equity Group is dropping coverage of the
sectors and companies it covers.

For the year ended Dec. 31, 2006, the operations had revenues of
approximately US$260 million and income from continuing operations before
income taxes of approximately US$34 million. At Dec. 31, 2006, the
operations had total assets of approximately US$137 million.  The company
anticipates that the operations will be substantially wound down during
the quarter ending June 30, 2007. General notification of the decision to
affected employees occurred on June 6, 2007.

The company currently estimates that it will ultimately incur aggregate
costs of approximately US$110 million ($72 million after-tax) in
connection with the decision, including approximately US$75 million in
employee severance, retention and other employee related costs, US$18
million in lease related costs and US$17 million of other costs.

The company currently estimates that the majority of the costs will be
reflected in the company’s consolidated financial statements for the
quarter ending June 30, 2007.

As a result of the decision, the PEG operations, which have been
historically included in the company’s Financial Advisory segment, will be
excluded from the Financial Advisory segment and included, together with
the costs of exiting the operations, in either Corporate and Other
operations as a divested business or in Discontinued Operations depending
on when the PEG operations cease to do business, with prior period results
being adjusted to reflect the reclassification.

Divested businesses reflected in corporate and other operations consist of
businesses that have been or will be sold or exited that do not qualify
for “discontinued operations” accounting treatment under generally
accepted accounting principles.

The results of Discontinued Operations are included in net income
determined in accordance with GAAP but are excluded from income from
continuing operations determined in accordance with GAAP.

Results of both divested businesses and Discontinued Operations are
excluded from adjusted operating income, which differs from net income and
income from continuing operations determined in accordance with GAAP but
is the financial measure that the company uses to analyze the operations
of each segment in managing its Financial Services Businesses.

Prudential Financial Inc. (NYSE: PRU) -- http://www.prudential.com/-- is
a financial services leader with approximately US$630 billion of assets
under management as of March 31, 2007. The company has operations in the
United States, China, Singapore, Germany,  and Brazil.  Prudential’s
businesses offer a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds,
investment management, and real estate services.


SPECTRUM BRANDS: A. Genito Promoted to Chief Financial Officer
--------------------------------------------------------------
Spectrum Brands, Inc. promoted Anthony L. Genito, 50, to the position of
senior vice president and chief financial officer.

As CFO, Mr. Genito reports to Kent Hussey, Spectrum Brands' chief
executive officer, and is responsible for the company's financial
functions including accounting, treasury, tax and financial planning.  Mr.
Genito succeeds Randall J. Steward, 52, formerly executive vice president
and chief financial officer, who has resigned to pursue other professional
and personal interests.

"Randy Steward has been a key leader in Spectrum Brands' growth and
transformation during the past nine years," Mr. Hussey said.  "We thank
him for his many valuable contributions to the company and wish him well.
I am confident that the people, processes and organization he has put in
place will result in a smooth transition for Tony into his new role."

"Tony has a strong financial background, and in his three years with
Spectrum Brands he has developed a deep understanding of our business and
earned a solid reputation throughout the company," Mr. Hussey continued.
"He is ideally suited to take on the critical role of chief financial
officer at this point in the evolution of the company and I look forward
to working in partnership with him to move forward on our strategy to
build value for shareholders."

Mr. Genito, who has over 27 years of management, finance and operational
experience, most recently served as the company's senior vice president
finance and chief accounting officer.  Prior to joining Spectrum, Mr.
Genito was vice president of global supply chain/global quality operations
with Schering-Plough Corporation, culminating twelve years with that
company in various financial positions of increasing responsibility.  He
began his career with Deloitte & Touche.  Mr. Genito holds a B.S. in
Accounting from Mercy College and an M.B.A. from Pace University and is a
certified public accountant.

                     About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25 retailers and are
available in more than one million stores in 120 countries around the
world.  The company has manufacturing and distribution facilities in
China, Australia and New Zealand, and sales offices in Melbourne,
Shanghai, and Singapore.

The company's European headquarters is located at Sulzbach, Germany.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands, Inc., including its
CCC issuer default rating, its CCC- rating of the company’s US$700 million
7-3/8% senior subordinated note due 2015 and its CCC- rating of the
company’s US$350 million 11.25% Variable Rate Toggle Interest pay-in-kind
Senior Subordinated Note due 2013.  The Outlook remains Negative.


WALLOCH BUEROTECHNIK: Claims Registration Period Ends July 24
-------------------------------------------------------------
Creditors of Walloch Buerotechnik GmbH have until July 24 to register
their claims with court-appointed insolvency manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend the
meeting at 11:15 a.m. on Aug. 21, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Halle-Saalkreis opened bankruptcy proceedings
against Walloch Buerotechnik GmbH on May 24. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Walloch Buerotechnik GmbH
         Attn: Detlef Walloch, Manager
         Maybachstr. 1
         06112 Halle
         Germany


WOHNLAND GMBH: Claims Registration Period Ends July 13
------------------------------------------------------
Creditors of WohnLand GmbH have until July 13 to register their claims
with court-appointed insolvency manager Dr. Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend the
meeting at 2:30 p.m. on Aug. 21, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         platz 2
         Cottbus
         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. Rolf-Dieter Moenning
         Lieberoser Strasse 07
         03046 Cottbus
         Germany

The District Court of Cottbus opened bankruptcy proceedings against
WohnLand GmbH on May 29. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WohnLand GmbH
         Attn: Herrn Karl Walther, Manager
         Schraube 32
         03238 Finsterwalde
         Germany


ZINN GMBH: Claims Registration Period Ends July 12
--------------------------------------------------
Creditors of Zinn GmbH have until July 12 to register their claims with
court-appointed insolvency manager Dr. Sebastian Henneke.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

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

The Debtor can be reached at:

         Zinn GmbH
         Kulturstrasse 9-15
         47055 Duisburg
         Germany


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


FERENCVAROSI TORNA: May Enter Into Liquidation Procedure
--------------------------------------------------------
Ferencvarosi Torna Club (aka FTC or Fradi)  may go into liquidation after
the company failed to pay off its debts to Sportsmarketing Kft. within the
May 20, 2007 deadline, All Hungary News reports.

According to the report, the courts can wind Fradi up at any time
following the default.

FTC Labdarugo Zrt. President Csaba Hermany, however, said the football
club would appeal to the court should a winding up order be issued, All
Hungary News relates.

Mr. Hermany is hopeful that the financial situation of Fradi can improve
if new investors come in.  Last summer, the club was relegated to the
Hungarian division after it fell short of the
financial criteria.

Zolta Damosy, former president of FTC Labdarugo Zrt., revealed the club is
in talks with potential investors and negotiations are currently underway,
All Hungary News says citing sports newspaper Nemzeti Sport.

Founded in 1899, Ferencvarosi Torna Club – http://www.ftc.hu/-- is one of
the most popular Hungarian sports clubs, Their stadium is situated in
Ferencvaros, the ninth District of Budapest.


GUESS?: Morgan Keegan Reaffirms Outperform Rating on Firm'
----------------------------------------------------------
Morgan Keegan analysts have reaffirmed their "outperform" rating on Guess?
Inc's shares, Newratings.com reports.

The analysts said in a research note that Guess?'s first quarter 2007
earnings per share were ahead of estimates and consensus due to
better-than-anticipated revenue growth and gross margin expansion.

According to Newratings.com, the earnings per share estimate for Guess?'s
shares in 2007 was increased to US$1.88 from US$1.80, while estimate for
the firm's shares in 2008 was raised to US$2.35 from US$2.15.

Newratings.com relates that Brean Murray analyst Eric M. Beder has
reaffirmed his "buy" rating on Guess?'s shares.

The report says that the target price for Guess?'s shares was increased to
US$57.

Mr. Beder said in a research note that Guess?'s first quarter 2007
earnings per share was ahead of the estimates and the consensus.  The firm
also reported record results at several levels.

Mr. Beder told Newratings.com that despite weak consumer trends, Guess?’s
concentration on global operations continues to show significant expansion
opportunities and drive superior returns.

His earnings per share estimate for Guess?'s shares for 2007 was raised to
US$1.81 from US$1.70, while the estimate for 2008 was increased to US$2.18
from US$2.04, to indicate the first quarter 2007 "upside and marginally
higher growth rates for the wholesale and European sectors,"
Newratings.com states.

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world, including the
Philippines, Hungary and the Dominican Republic.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 8, 2006, Standard & Poor's Ratings Services raised its
ratings on Los Angeles-based specialty apparel retailer Guess?
Inc. to 'BB' from 'BB-'.  S&P said the outlook is positive.


GUESS? INC: Earns US$35.5 Million in First Quarter Ended May 5
--------------------------------------------------------------
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. W e 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.

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.


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


ACTUANT CORP: Prices US$250MM Senior Notes Private Placement
----------------------------------------------------------
Actuant Corporation has priced its private placement of US$250 million
aggregate principal amount of 6.875% Senior Notes due 2017.  The Senior
Notes will be issued at a price of 99.607%, to yield 6.93%.  The sale of
the senior notes is expected to close on or about June 12, 2007.

The company will use the net proceeds from the offering to refinance a
portion of its term loans under its senior credit facility and to pay
certain transaction costs and expenses.

The senior notes have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons except pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.  Accordingly, the notes are being
offered and sold only to:

   (a) "qualified institutional buyers", as defined in Rule 144A
        under the Securities Act, and

   (b) outside the United States, to non-U.S. persons in
       compliance with Regulation S under the Securities Act.

                       About Actuant Corp.

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


                         *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes due 2017.
The proceeds from the notes will be principally used to repay a portion of
borrowings under the company's senior credit facility due 2009.


ALGOMA ACQUISITION: Moody's Junks US$450 Million Notes
------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating to Algoma
Acquisition Corp., a newly-created holding company that has been set up to
facilitate the acquisition of Algoma
Steel Inc.

Moody's also assigned a B3 rating to the company's US$450 million secured
term loan due 2013 and a Caa1 rating to its
$450 million senior unsecured notes due 2015.  The rating outlook is stable.

This is the first time Moody's has rated the debt of Algoma since it
emerged from bankruptcy in 2002.  The new financing is being done in
connection with the purchase of the company by Essar Steel Holdings
Limited for CDN$1.8 billion, including approximately CDN$1.2 billion of
debt, CDN$0.5 billion of equity, and cash.

These ratings were assigned:

   -- Corporate family rating – B3;

   -- Probability of default rating -- B3;

   -- US$450 million secured term loan due 2013 -- B3
      (LGD3, 47%);

   -- US$450 million senior unsecured notes due 2015 -- Caa1
      (LGD5, 76%);

   -- Speculative grade liquidity rating -- SGL-3.

Algoma's ratings reflect its very high leverage, single-site location,
modest scale, and lack of control over raw material prices.  It is
dependent predominantly on commodity grades of sheet steel, where it
competes with much larger and better-capitalized companies having
relatively lower retiree liabilities.  Moody's believes that the company
has a high
degree of operating leverage.  This has contributed to strong results in
the current upmarket but makes it vulnerable to soft demand and price
declines.  Over the last several years, hot rolled sheet products have
exhibited more volatility than most steel products, experiencing quarterly
price drops of US$50-90 per ton (9-14% declines) during the mid-2005 and
year-end 2006 periods.  As the prices that Algoma pays for its iron ore
and coal are determined by long-term contracts, its margins in the
short term are highly correlated with steel selling prices.

Over the next several years, Moody's expects new owner ESH to promote
Algoma's investment in a number of capital projects designed to increase
its capacity, productivity and proportion of non-commodity products.  The
projects could consume all of Algoma's operating cash flow.  Some of these
projects can be delayed if market conditions do not justify the
expenditures, but several are needed to better match steelmaking and
rolling capacity and, in Moody's opinion, ensure that Algoma's value-added
product capabilities do not fall behind those of its competitors.  In
2007, Algoma expects to spend CDN$146 million in capex, nearly three times
its 2004-2006 average levels, We believe this capex will continue at the
higher level for several years, which, when combined with Algoma's high
interest expense, could significantly delay debt reduction throughout the
current upcycle for the steel industry.

The ratings positively reflect Algoma's relatively low cost hot rolled
steel making capabilities, using its Direct Strip Production Complex, and
favorable steel industry fundamentals.

Algoma's pro forma debt will be CDN$1.22 billion and
CDN$1.4 billion using Moody's standard adjustments for underfunded
pensions (CDN$164 million) and leases
(CDN$14 million).

On the basis of adjusted debt per tons shipped, Algoma's CDN$578 per ton
is the highest of any steel company Moody's rates. Adjusted debt to LTM
March 31, 2007 revenues is also high at 73%.

The SGL-3 speculative grade liquidity rating considers Algoma's modest,
and possibly negative, free cash flow over the next 12 months and its high
reliance on its US$425 million asset-based revolving credit facility,
which will be 50% utilized upon closing of the acquisition.

Algoma Steel Inc., headquartered in Sault Ste. Marie, Ontario, is the
third largest integrated steel producer in Canada, accounting for
approximately 15% of Canadian raw steel production.  About 80% of Algoma's
sales are sheet products, with plate products accounting for the balance.
Of 2006 revenues of CDN$1.9 billion, 65% and 35% were from sales in Canada
and the U.S., respectively.  Algoma's principal end markets are steel
service centers, the automotive industry, steel fabricators and
manufacturers.  The company has facilities in Italy.

Essar Steel Holdings Limited is the second-largest private sector steel
producer in India.  ESH is a wholly-owned, Mauritius-based subsidiary of
Indian conglomerate, Essar Global Limited.  Essar recently announced the
acquisition of Minnesota Steel LLC, a greenfield mine-to-steel project
located near Nashwauk, Minnesota.


ALITALIA SPA: Air One and Aeroflot Explore Possible Tie-Up
----------------------------------------------------------
OAO Aeroflot is holding talks with Air One chief executive and owner Carlo
Toto over a possible alliance to acquire the Italian government's 39.9%
stake in Alitalia S.p.A., The Financial Times reports.

Sources privy to the matter told the FT that Mr. Toto decided to take a
personal lead in holding talks with possible partner and has excluded the
carrier's advisors from negotiations.  The sources added that though no
formal deal has been signed, the two current rivals for Alitalia may fuse
their bids.

As reported in the TCR-Europe on June 4, 2007, the Italian government
wants OAO Aeroflot-Unicredit Italiano S.p.A. and
AirOne S.p.A.-Intesa-San Paolo S.p.A. consortia to unify their bids to
acquire the state's stake in Alitalia.

                        July 2 Deadline

The sources further told FT that neither Air One or Aeroflot  give much
credence to the government's declaration that it will proceed with its
planned auction process culminating on July 2.  The sources, however,
expects Alitalia to be sold via amicable negotiation between the bidders
to avoid a possible collapse of the national carrier.

                        Results Approval

The sources told FT that it remains unclear what will happen to Alitalia
if auditors Deloitte & Touche refuses to certify its 2006 results or if
the current auction process is declared void.

TCR-Europe reported om June 5, that Deloitte & Touche may not approve
Alitalia's accounts for 2006 pending assurance of the carrier's future.
Italian infrastructure minister Antonio Di Pietro earlier said Alitalia
may succumb to bankruptcy if
bidders do not submit adequate offers to relaunch the ailing carrier.

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

                      Parmalat-Type Rescue?

The sources further stated that it is unclear whether Italian Industry
Minister Pierluigi Bersani will invoke the Marzano Bankruptcy Law to
rescue Alitalia from possible collapse.

The Marzano Law was passed in 2003 following Parmalat's multi-billion euro
collapse in December of the same year.  The law allows companies to
recover payment made in the year before its insolvency.

Bruno Tabacci, a representative of Italy’s UDC party, believe that the
government will not be able to use the Marzano law as it may be seen as
further state aid by the European Union, FT relates.

FT cites a Treasury source as saying that unlike Parmalat, Alitalia’s
financial problems are more structural in nature and do not involve fraud
or false corporate accounting.

                         About Alitalia

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

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


DANA CORP: Court OKs Sale of Fluid Products Businesses to Orhan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York approved
the sale of Dana Corporation's two businesses that compose the Fluid
Products business that the company announced for sale in late 2005.

Dana's fluid products hose and tubing business will be sold to Orhan
Holding, A.S., a Turkish industrial firm and joint-venture partner of
Dana, for a purchase price of US$85 million, and the company's coupled
products business will be sold to Coupled Products Acquisition LLC, a
wholly owned subsidiary of Wanxiang (USA) Holdings Corporation, for a
nominal price.

Competitive bidding procedures for the sale of these businesses concluded
on June 4.  The company expects to close the sale of both businesses by
the end of July 2007.

              Fluid Products Transaction Overview

Orhan and certain of its affiliates will acquire certain assets of Dana's
fluid products hose and tubing business and the stock of certain Dana
affiliates engaged in the business.  The assets to be sold are located in
three plants in the United States and one each in Mexico and the United
Kingdom.  Dana will also sell its stock in three companies in France,
Slovakia, and Spain and interests in three joint ventures with Orhan
Holdings, which include one operation in France and two in Turkey.  The
operations being sold reported consolidated revenues of US$266 million in
2006.  The aggregate purchase price will be US$85 million, subject to
usual closing adjustments, and the buyers will assume certain liabilities
of the business at closing.

The fluid products hose and tubing plants and/or assets proposed to be
sold to Orhan are located in Vitry, France, San Luis Potosi, Mexico, Dolny
Kubin, Slovakia, Barcelona, Spain, Birmingham, U.K., Archbold, Ohio,
Paris, Tennessee, and Rochester Hills, Michigan.  Collectively, the
operations manufacture fuel lines, power-assisted steering products,
heating, ventilation, and air conditioning under body products, engine and
transmission cooling lines, exhaust gas recirculation tubes, and airbag
fill tubes. These operations employ approximately 1,750 people in seven
countries.

             Coupled Products Transaction Overview

The coupled products plants and/or assets proposed to be sold to Coupled
Products Acquisition LLC, are located in, San Luis Potosi, Mexico, and
Columbia City, Indiana, Pensacola, Florida, Rochester Hills, Michigan, and
Upper Sandusky and Wharton, Ohio.  The coupled products assets to be sold
in San Luis Potosi and Rochester Hills are different from the assets in
these same locations that are part of the Fluid Products Hose and Tubing
transaction.

Collectively, the operations manufacture power-assisted steering products,
heating, ventilation, and air conditioning under-engine products, and
brake products.  The operations employ approximately 2,130 people and
reported consolidated revenues of approximately US$200 million in 2006.
The business is being sold for a nominal purchase price and the buyer will
assume certain liabilities of the business at closing.

                         About Dana Corp.

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

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

The company and its affiliates filed for chapter 11 protection on Mar. 3,
2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of Sept. 30, 2005, the
Debtors listed US$7,900,000,000 in total assets and $6,800,000,000 in
total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

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

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.


TK ALUMINUM: Units Begin Consent Solicitation for Senior Notes
--------------------------------------------------------------
Teksid Aluminum Luxembourg S.a.r.l., S.C.A., a subsidiary of TK
Aluminum Ltd., has commenced a solicitation of consents from each holder
of its outstanding 11-3/8% Senior Notes due 2011 pursuant to a consent
solicitation statement dated June 1, 2007, to implement proposed
amendments to the indenture governing the Senior Notes  and to the
immediate effectiveness of a waiver in respect of the deferral of the
Company's obligations to tender for Senior Notes with the net proceeds of
the sale of Teksid Aluminum Poland S.p. z.o.o.

The consent solicitation will expire at 10:00 a.m., New York City time
(3:00 p.m., London time), on June 8, 2007, unless extended or earlier
terminated.  Adoption of the proposed amendments, the effectiveness of the
waiver and execution of a supplemental indenture giving effect to the
proposed amendments requires the receipt of consents of at least a
majority of the then aggregate outstanding principal amount of Senior
Notes on or prior to the Expiration Date.  Once the Company receives the
Requisite Consents, it will execute the Supplemental Indenture.

Noteholders who consent at or prior to the execution of the Supplemental
Indenture may revoke their consents at any time prior to the execution of
the Supplemental Indenture, but not thereafter.

By delivering their consents, Noteholders are consenting to

   (i) the immediate effectiveness of a waiver of any Default
       or Event of Default arising from and any claims
       relating to the Company's failure to comply with
       the sixth paragraph of Section 11.15(b)(i) of
       the Indenture, and

  (ii) the proposed indenture amendments that will amend
       the Indenture to:

         (a) allow the sale of the Company's equity interest
             in Cevher Dokum Sanayi A.S. to the majority
             owner, Cevher Jant Sanayi A.S.,

         (b) extend the time by which an offer to
             purchase Senior Notes after the sale of
             Teksid Aluminum Poland S.p. z.o.o. is to be made
             to no later than June 19, 2007, and
         (c) to fix a technical error in the Indenture.

Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader, Wichersham
& Taft LLP, advisors to the ad hoc committee of bondholders, have advised
the Company that holders indicating ownership of a majority of the
outstanding Senior Notes have expressed agreement in principle to:

   (i) the proposed Turkish Interest Sale and

  (ii) the waiver in respect of the deferral of the
       Company's obligations to tender for Senior Notes with
       the net proceeds of the Teksid Poland Sale.
Assuming these holders do consent as they have indicated, the Requisite
Consents will be obtained. As soon as the Requisite Consents are obtained,
the Company intends to execute the Supplemental Indenture.

There will not be any consent fee offered to holders of Senior Notes in
conjunction with the consent solicitation.

The completion of the consent solicitation is subject to, among other
things, these conditions:

   -- the valid receipt, prior to the Expiration Date, of
      the Requisite Consents, and the due execution of
      the Supplemental Indenture; and

   -- certain other general conditions described in
      the Statement.

These conditions are for the Company's sole benefit and the Company may
waive them in whole or in part at any or at various times prior to the
expiration of the consent solicitation in its sole discretion.  In
addition, subject to the terms set forth in the Statement, the Company
expressly reserves the right, but will not be obligated, at any time or
from time to time, on or prior to the Expiration Date, to extend or amend
the consent
solicitation in any respect, subject to applicable law.

                      About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR SpA and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
now owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                            *   *   *

As reported in the TCR-Europe on May 9, 2007, Moody's Investors Service
confirmed the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid Aluminum
Luxembourg Sarl SCA with a stable outlook.

In January 2007, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Bermuda-incorporated TK Aluminum Ltd., a
manufacturer of aluminum auto parts, to 'SD' from 'CCC-'.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.

At the same time, the ratings were removed from CreditWatch,
where they had been placed with developing implications on
Nov. 6, 2006, following TKA's announcement that it had entered
into a definitive agreement to sell some of its assets to
Tenedora Nemak S.A., de C.V.


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


ALTYN AI: Proof of Claim Deadline Slated for July 13
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has declared
LLP Altyn Ai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 701 537 15-59


ARAY-KAA LLP: Creditors Must File Claims July 6
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Aray-Kaa insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Valihanov Str. 46-38
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-45-80
              8 (3272) 56-98-06
              8 701 516 69-72


ATAKENT-TARAZ LLP: Claims Filing Period Ends July 6
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Atakent-Taraz insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 43-76-49


SAHAT LLP: Claims Registration Ends July 6
------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Sahat 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


SULAR LLP: Creditors' Claims Due July 6
---------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has declared
LLP Sular insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Rail Road Station
         Room 7
         Second  Floor
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-15-89


TALANT 2000: Proof of Claim Deadline Slated for July 13
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Talant 2000 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


TORE LLP: Creditors Must File Claims July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan has
declared LLP Tore 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
         Kazakhstan
         Tel: 8 (3112) 51-77-10


TURAN LLP: Claims Filing Period Ends July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has declared
LLP International Trade House Turan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan


VEKTOR 2000: Claims Registration Ends July 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Vektor 2000 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



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


BESLER TEKSIL: Creditors Must File Claims by July 11
----------------------------------------------------
Foreign Turkish LLC Besler Tekstil Ltd. has declared insolvency. Creditors
have until July 11 to submit written proofs of claim to:

         Foreign Turkish LLC Besler Tekstil Ltd.
         Kievskaya Str. 95a
         Bishkek
         Kyrgyzstan


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


DELPHI CORP: Inks US$55.6 Mln Sale Deal for Catalyst Business
---------------------------------------------------------------
Delphi Corporation and certain of its affiliates entered into a sale and
purchase agreement with Umicore for the sale of its global OE and
aftermarket catalyst business.  Subject to the terms and conditions of the
agreement, the aggregate purchase price for the assets related to the
catalyst business is US$55.6 million, subject to adjustments.

As part of Delphi's transformation plan, which was reported on March 31,
2006, Delphi identified the catalyst business as a
non-core business line that would be better positioned within another firm.

As required under the U.S. Bankruptcy Code, Delphi filed a motion with the
U.S. Bankruptcy Court for the Southern District of New York requesting a
hearing on June 26, 2007, to approve bidding procedures, and a hearing on
Aug. 16, 2007, to approve the sale of assets.

Following the completion of the bidding procedures process, including a
potential competitive auction, the sale is subject to court approval and
other closing conditions, such as certain competition approvals,
completion of consultation procedures with certain unions and works
councils, and completion of the closing documents.  Delphi anticipates the
sale closing during the third quarter of 2007.

As outlined in the motion filed with the U.S. Bankruptcy Court, under the
sale and purchase agreement between Delphi and Umicore, Umicore will
acquire substantially all of these assets:

   -- machinery and working capital;

   -- related technology and intellectual property;

   -- manufacturing facilities in Tulsa, Oklahoma; Florange,
      France; Port Elizabeth, South Africa; and certain
      licensing agreements (with Varroc Ltd.) for the Indian
      for two- and three-wheeled vehicles;

   -- in connection with the sale, Umicore will also hire
      certain employees of the catalyst business it acquires
      from Delphi;

   -- in addition, Delphi and Umicore will enter into component
      supply agreements, and transitional toll manufacturing
      and/or service arrangements for operations in Shanghai,
      China; Clayton, Australia; San Luis Potosi, Mexico; the
      Flint Technical Center in Flint, Michigan; and the
      Luxembourg Technical Center in Bascharage, Luxembourg.

Delphi will carefully manage the transition of the business and the sale
will be completed in coordination with Delphi's customers, employees,
unions and other stakeholders.

The catalyst, which includes a ceramic substrate coated with precious
metals, is located inside a catalytic converter.  The catalytic converter
facilitates the chemical reactions that change engine exhaust emissions
(primarily hydrocarbons, carbon monoxide and oxides of nitrogen),
collected in the exhaust   manifold, into water vapor, carbon dioxide and
nitrogen.  Catalytic converters make vehicles more environmentally
friendly and help meet tailpipe emissions requirements.

Although the company is selling its catalyst business, it will continue to
provide full engine management systems, including air and fuel management,
combustion and valvetrain technology, and exhaust systems technology
through its gas EMS product business unit.

                         About Umicore

Based in Brussels, Belgium, Umicore NV SA is a materials technology group.
Its activities are centered on four business areas: Advanced Materials,
Precious Metals Products and Catalysts, Precious Metals Services and Zinc
Specialties.  Each business area is divided into market-focused business
units.

The Umicore Group has industrial operations on all continents and serves a
global customer base and currently employs some 17,000 people.

                     About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier of vehicle
electronics, transportation components, integrated systems and modules,
and other electronic technology.  The company's technology and products
are present in more than 75 million vehicles on the road worldwide.
Delphi has regional headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11.44 billion in total
assets and US$23.85 billion in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.


TEKSID ALUMINUM: Begins Consent Solicitation for Senior Notes
-------------------------------------------------------------
Teksid Aluminum Luxembourg S.a.r.l., S.C.A., a subsidiary of TK
Aluminum Ltd., has commenced a solicitation of consents from each holder
of its outstanding 11 3/8% Senior Notes due 2011 pursuant to a consent
solicitation statement dated June 1, 2007, to implement proposed
amendments to the indenture governing the Senior Notes  and to the
immediate effectiveness of a waiver in respect of the deferral of the
Company's obligations to tender for Senior Notes with the net proceeds of
the sale of Teksid Aluminum Poland S.p. z.o.o.

The consent solicitation will expire at 10:00 a.m., New York City time
(3:00 p.m., London time), on June 8, 2007, unless extended or earlier
terminated.  Adoption of the proposed amendments, the effectiveness of the
waiver and execution of a supplemental indenture giving effect to the
proposed amendments requires the receipt of consents of at least a
majority of the then aggregate outstanding principal amount of Senior
Notes on or prior to the Expiration Date.  Once the Company receives the
Requisite Consents, it will execute the Supplemental Indenture.

Noteholders who consent at or prior to the execution of the Supplemental
Indenture may revoke their consents at any time prior to the execution of
the Supplemental Indenture, but not thereafter.

By delivering their consents, Noteholders are consenting to

   (i) the immediate effectiveness of a waiver of any Default
       or Event of Default arising from and any claims
       relating to the Company's failure to comply with
       the sixth paragraph of Section 11.15(b)(i) of
       the Indenture, and

  (ii) the proposed indenture amendments that will amend
       the Indenture to:

         (a) allow the sale of the Company's equity interest
             in Cevher Dokum Sanayi A.S. to the majority
             owner, Cevher Jant Sanayi A.S.,

         (b) extend the time by which an offer to
             purchase Senior Notes after the sale of
             Teksid Aluminum Poland S.p. z.o.o. is to be made
             to no later than June 19, 2007, and
         (c) to fix a technical error in the Indenture.

Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader, Wichersham
& Taft LLP, advisors to the ad hoc committee of bondholders, have advised
the Company that holders indicating ownership of a majority of the
outstanding Senior Notes have expressed agreement in principle to:

   (i) the proposed Turkish Interest Sale and

  (ii) the waiver in respect of the deferral of the
       Company's obligations to tender for Senior Notes with
       the net proceeds of the Teksid Poland Sale.
Assuming these holders do consent as they have indicated, the Requisite
Consents will be obtained. As soon as the Requisite Consents are obtained,
the Company intends to execute the Supplemental Indenture.

There will not be any consent fee offered to holders of Senior Notes in
conjunction with the consent solicitation.

The completion of the consent solicitation is subject to, among other
things, these conditions:

   -- the valid receipt, prior to the Expiration Date, of
      the Requisite Consents, and the due execution of
      the Supplemental Indenture; and

   -- certain other general conditions described in
      the Statement.

These conditions are for the Company's sole benefit and the Company may
waive them in whole or in part at any or at various times prior to the
expiration of the consent solicitation in its sole discretion.  In
addition, subject to the terms set forth in the Statement, the Company
expressly reserves the right, but will not be obligated, at any time or
from time to time, on or prior to the Expiration Date, to extend or amend
the consent
solicitation in any respect, subject to applicable law.

                      About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR SpA and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
now owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                            *   *   *

As reported in the TCR-Europe on May 9, 2007, Moody's Investors Service
confirmed the Caa3 Corporate Family Rating of Teksid Aluminum Ltd. as well
as the Ca rating of the company's senior notes at Teksid Aluminum
Luxembourg Sarl SCA with a stable outlook.

In January 2007, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Bermuda-incorporated TK Aluminum Ltd., a
manufacturer of aluminum auto parts, to 'SD' from 'CCC-'.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.

At the same time, the ratings were removed from CreditWatch,
where they had been placed with developing implications on
Nov. 6, 2006, following TKA's announcement that it had entered
into a definitive agreement to sell some of its assets to
Tenedora Nemak S.A., de C.V.


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


AKAR OJSC: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of OJSC Akar have until June 19 to submit proofs of claim to:

         T. Strelnikova
         Insolvency Manager
         Office 16
         K.Marksa Pr. 34 A
         644042 Omsk
         Russia

The Arbitration Court of Tyumen will convene on June 28 to hear the
company's bankruptcy supervision procedure.  The case is docketed under
Case No. A-70-636/3-07.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         OJSC Akar
         Building 4
         Gileevskaya Rosha
         625000 Tyumen
         Russia


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

         G. Andreeva
         Insolvency Manager
         Post User Box 6492
         50 Let Oktyabrya Str. 44
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A-70-6738/3-06.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         CJSC Aurora
         Moskovskiy Trakt 14
         Tyumen
         Russia


FENIKS CJSC: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of CJSC Feniks (TIN 4010001314) have until June 19 to submit
proofs of claim to:

         F. Amarov
         insolvency manager
         Sovetskaya Str. 106
         248032 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A23-4458/05B-17-75.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         CJSC Feniks
         Kuzminichi
         Kuybyshevskiy
         Kaluga
         Russia


FRUNZE OJSC: Creditors Must File Claims by July 19
--------------------------------------------------
Creditors of OJSC Factory Named After Frunze (TIN 5835020969) have until
July 19 to submit proofs of claim to:

         V. Platonov
         Insolvency Manager
         Lenina Str. 3
         440039 Penza
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A55-1398/2006.

The Debtor can be reached at:

         OJSC Factory Named After Frunze
         Promzona-1
         Otradny
         Kinel-Cherkasskiy
         446300 Samara
         Russia


GAZPROM NEFT: Mulls Joint Venture with Statoil ASA
--------------------------------------------------
OAO Gazprom Neft and Statoil ASA will review possible joint projects in
Russia and abroad, Kommersant reports citing a joint statement by both
firms.

“With Gazprom Neft and Statoil bringing together complementary
technologies and operational experience, we aim to build on this
[agreement] to realize tangible business opportunities in Russia and
abroad,” Kristoffer Maroe, president of Statoil Russia, said.

Under the deal, Statoil will contribute its offshore technology,
especially in exploration, Arctic developments and in the execution of
projects, Kommersant says.

Mr. Maroe told Kommersant that the companies will cooperate in the
northern part of the Russian Arctic and the shelf of Sakhalin.

Russian analysts, Kommersant relates, said Statoil will also provide
financing for the early stages of the projects.

Headquartered in Stavanger, Norway, -- http://www.statoil.com/-- Statoil
ASA explores, develops and produces oil and natural gas from the Norwegian
Continental Shelf.  It operates through four segments: Exploration and
Production Norway, International Exploration and Production, Natural Gas,
and Manufacturing and
Marketing.

                      About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines, markets,
produces and sells petroleum products.  The Company holds oilfield
exploration and development licenses in the Yamal-Nenets and
Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk
regions, and in Chukotka.  The Company's main oil processing center is the
Omsk Refinery.

                          *   *   *

As of May 28, 2007, Gazprom Neft carries a Ba1 Corporate Family and Ba2
Senior Unsecured Debt ratings from Moody's.  Outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit and Local
Issuer Credit ratings from Standard & Poor's.  Outlook is positive.


GUBKINO CJSC: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of CJSC Gubkino have until June 19 to submit proofs of claim to:

         V. Sakhno
         Temporary Insolvency Manager
         Post User Box 90
         123290 Moscow
         Russia

The Arbitration Court of Orel will convene at 10:00 a.m. on
Aug. 1 to hear the bankruptcy supervision procedure on CJSC Gubkino.  The
case is docketed under Case No. A48-669/07-20b.


The Court is located at:

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

The Debtor can be reached at:

         CJSC Gubkino
         Gubkino
         Maloarkhangelskiy
         Orel
         Russia


KIREEV-SEL-KHOZ-TEKHINKA: Creditors Must File Claims by June 19
---------------------------------------------------------------
Creditors of LLC Kireev-Sel-Khoz-Tekhinka (OGRN 1027101679153) have until
June 19 to submit proofs of claim to:

         A. Klepikov
         Insolvency Manager
         Arsenalnaya Str. 1-D
         300002 Orel
         Russia

The Arbitration Court of Tula will convene at 10:00 a.m. on
Aug. 21 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A68-1359/07-53/B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kireev-Sel-Khoz-Tekhinka
         Tesakova Str., 9
         Kireevsk
         301260 Tula
         Russia


MEZENSKIY SAW: Creditors Must File Claims by June 19
----------------------------------------------------
Creditors of LLC Mezenskiy Saw and Wood Working Combine have until June 19
to submit proofs of claim to:

         A. Grishko
         Insolvency Manager
         Shelgunova Str. 2
         Kamenka
         Mezenskiy
         164762 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A05-3400/05-27.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         LLC Mezenskiy Saw and Wood Working Combine
         Shelgunova Str. 2
         Kamenka
         Mezenskiy
         164762 Arkhangelsk
         Russia


NOVOLIPETSK STEEL: Shareholders Okay Annual Results & Dividend
--------------------------------------------------------------
OJSC Novolipetsk Steel reveals the results of voting at the Annual General
Meeting held on June 5, 2007.

Shareholders approved the Company's 2006 annual report, annual financial
statements, statement of income, and allocation of profit including
dividend payment for the financial year 2006.

Shareholders elected members of the Board of Directors, President of the
Company (Chairman of the Management Board), the Company's Internal Audit
Commission and approved amendments to the Company's Charter, Regulations
on the Board of Directors and the Dividend Policy of NLMK.

NLMK's shareholders approved the final dividend for 2006 of
RUR3.0 per ordinary share.  Including the interim dividend of RUR1.5 per
ordinary share already paid for the first six months of 2006, the AGM
approved the payment of an additional RUR1.5 per ordinary share.  Payment
of the dividend on ordinary shares will be made before Sept. 3, 2007.

NLMK transfers funds for dividend payments on Global Depositary Shares to
the depositary bank on July 25, 2007.  Depositary bank sets payment date
no later than 5 days after receipt of funds.  Dividends on GDSs will be
paid, by default, in U.S. dollars based on US$/RUR spot F/X rate on the
day of currency conversion by the depositary bank.

NLMK shareholders have elected nine members to the Board of Directors:

   -- Vladimir Lisin (Chairman),
   -- Oleg Bagrin,
   -- Bruno Bolfo (independent director),
   -- Igor Fyodorov,
   -- Nikolai Gagarin,
   -- Dmitry Gindin (independent director),
   -- Karl Doering (independent director),
   -- Randolph Reynolds (independent director), and
   -- Vladimir Skorokhodov.

NLMK currently has four independent directors.

Alexey Lapshin was elected President of the Company and Chairman of the
Management Board.

CJSC PricewaterhouseCoopers Audit was approved as the Auditor for 2007.

NLMK's shareholders also approved amendments to the Charter, Regulations
on the Board of Directors and Dividend Policy.

In accordance with current Russian Federation Law, the Annual General
Meeting of shareholders approved a transaction (loan agreement) between
OJSC Novolipetsk Steel (borrower) and OJSC Stoilensky GOK (lender) for a
loan amount of up to
RUR10,900,000,000 (interest rate of up to 8.5 percent per annum, repayment
date on or prior to Dec. 1, 2009).

NLMK's shareholders approved the remuneration of members of NLMK's Board
of Directors for 2006.  The remuneration was determined in accordance with
the “Regulations on the Board of Directors members' remuneration.”  The
total remuneration of Board Members for 2006 amounted to US$1,450,250
including
annual bonus of US$1,365,000.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                           *   *   *

In April 2007, Moody's Investors Service's confirmed its Ba1 Corporate
Family Rating for Novolipetsk Steel OJSC.  Moody's also assigned a Ba1
Probability-of-Default rating to the
company.

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B
rating and a National Long-term AA rating.  Fitch said The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

At the same time, Standard & Poor's Ratings Services said that
its ratings and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are
unchanged by the announcement of NLMK's acquisition of a 50%
share in a joint venture with Duferco Group for US$850 million.


OGK-5 JSC: Enel SpA Acquires 25% Stake for RUR39.2 Billion
----------------------------------------------------------
Enel S.p.A. has won an auction to acquire a 25.03% stake in JSC OGK-5 for
RUR39.2 billion, RIA Novosti reports.

The TCR-Europe reported on April 27 that Enel would participate
in the June 6 auction of RAO UES' 25.03% stake in OGK-5.
Gazprom and KES Holding were also interested in the OGK-5
auction.  RAO will keep a controlling stake in OGK-5 with its
50% holding.

Enel outbid rivals E.ON Russia Power, RUSAL and OAO Novatek, RIA NOvosti
reports.  The bidding price for the stake started at RUR24.6 billion.

                        About Enel S.p.A.

Enel S.p.A. is Italy's largest power company, and Europe's third
largest listed utility by market capitalization.  Listed on the
Milan and New York stock exchanges since 1999, Enel has the
largest number of shareholders of any European company, at
some 2.3 million.  It has a market capitalization of about
EUR50 billion at current prices.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                            *   *   *

In connection with Moody's Investors Service's 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, the rating
agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5.

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


PURE WATER: Creditors Must File Claims by July 19
-------------------------------------------------
Creditors of LLC Pure Water have until July 19 to submit proofs of claim to:

         A. Biryukov
         Insolvency Manager
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A67-7620/06.

The Debtor can be reached at:

         LLC Pure Water
         Kazakhstan Location
         Aleksandrovskoye
         Tomsk
         Russia


RASSVET LLC: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLC Agro Company Rassvet have until June 19 to submit proofs
of claim to:

         D. Anisimov
         Temporary Insolvency Manager
         N. Binaradka
         Stavropolskiy
         Smolensk
         Russia

The Arbitration Court of Smolensk will convene at 1:00 p.m. on July 10 to
hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A55-17647/2006.

The Debtor can be reached at:

         LLC Agro Company Rassvet
         N. Binaradka
         Stavropolskiy
         Smolensk
         Russia


STROY-DETAIL OJSC: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of OJSC Stroy-Detail (TIN 532200808, KPP 532201001) have until
June 19 to submit proofs of claim to:

         Y. Romanov
         Insolvency Manager
         Office 21
         Khutynskaya Str. 5
         173020 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. A44-466/01-S-4-k.

The Debtor can be reached at:

         OJSC Stroy-Detail
         Stroitelej Str. 8
         Staraya Russa
         175200 Novgorod
         Russia


TRITIKUM CJSC: Creditors Must File Claims by June 19
----------------------------------------------------
Creditors of CJSC Tritikum (TIN 7208001207) have until June 19 to submit
proofs of claim to:

         N. Grigoryev
         Insolvency Manager
         Ishimskaya Str. 5
         Kazanskoye
         627420 Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. A-70-1375/3-2007.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         CJSC Tritikum
         Gagarina Str. 2
         Partizan
         Abatskiy
         627563 Tyumen
         Russia


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

         V. Kuzyaev
         Insolvency Manager
         Post User Box 1515
         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. A47-1498/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ural-Energo
         Gubina Str. 1A
         Novotroitsk
         462356 Orenburg
         Russia


VIKULOVSKIY TECHNOLOGY: Asset Sale Slated for June 20
-----------------------------------------------------
V. Kravchenko, the insolvency manager and bidding organizer  for
CJSC Vikulovskiy Technology Centre, will open a public auction for the
company's properties at 3:00 p.m. on June 20 at:

         V. Kravchenko
         Office 242
         Melnikajte Str. 106
         Tyumen
         Russia

The company has set a RUR32,990,922 starting price for the auctioned assets.

Interested participants have until June 14 to deposit an amount fo
RUR50,000 to:

         CJSC Vikulovskiy Technology Centre
         Settlement Account 40702810867440170003
         Correspondent Account 30101810800000000651
         BIK 047102651
         Zapadno-Sibirskiy Bank of Sberbank of RF

Bidding documents must be submitted to:

         V. Kravchenko
         Office 242
         Melnikajte Str. 106
         Tyumen
         Russia

The Debtor can be reached at:

         CJSC Vikulovskiy Technology Centre
         Vikulovo
         Vikulovskiy
         Tyumen
         Russia


VIMPEL-COMMUNICATIONS: Supreme Court Upholds URS Acquisition
------------------------------------------------------------
The Supreme Arbitration Court of Russia has ruled in favor of OJSC
Vimpel-Communications in one of the lawsuits filed by Telenor East Invest
AS.

The company is pleased with the court's decision which upheld the validity
of the September 2005 shareholder vote that approved the acquisition of
CJSC Ukrainian Radio Systems as an interested party transaction.

The ruling is final and may not be appealed.

With the ruling, VimpelCom has conclusively won two of the three lawsuits
brought by Telenor East Invest AS in connection with the acquisition of
URS.  The remaining lawsuit brought by Telenor East Invest AS to declare
invalid and unwind the URS transaction was won by VimpelCom in the lower
court and has been appealed by Telenor.

The appeal is scheduled to be heard by the Court of Appeals on June 25,
2007.  VimpelCom will continue to vigorously defend its position in this
lawsuit.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                            *   *   *

In a TCR-Europe report on April 16, 2007, Moody's Investors
Service confirmed its Ba2 Corporate Family Rating for OJSC
Vimpel-Communication and assigned a Ba2 Probability-of-Default
rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

   8.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                Ba2      Ba2      LGD4     52%

   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     52%

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba2      Ba2      LGD4     52%

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VYSHNEVOLOTSKIY TEXTILE: Creditors Must File Claims by July 19
--------------------------------------------------------------
Creditors of CJSC Vyshnevolotskiy Textile have until July 19 to submit
proofs of claim to:

         A. Popova
         Insolvency Manager
         Office 9
         Rumyantseva Str. 9
         Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A66-9288/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         CJSC Vyshnevolotskiy Textile
         Krasnaya Str. 1
         V. Volochek
         171158 Tver
         Russia


WEST-MD OJSC: Creditors Must File Claims by July 19
---------------------------------------------------
Creditors of OJSC West-MD have until July 19 to submit proofs of claim to:

         A. Chernov
         Insolvency Manager
         Post User Box 1927
         400087 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A12-15174/06-S48.

The Debtor can be reached at:

         OJSC West-MD
         Krasnopolyanskaya Str. 15
         Volgograd
         Russia


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


TOWER AUTOMOTIVE: Judge Gropper Approves Disclosure Statement
-------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York approved a first amended disclosure
statement explaining Tower Automotive, Inc., and its debtor subsidiaries'
First Amended Joint Plan of Reorganization, at a hearing held June 5,
2007.

Judge Gropper held that the First Amended Disclosure Statement
contains adequate information that would enable creditors to make an
informed decision on whether to accept or reject the Plan.

The Debtors filed the First Amended Disclosure Statement and Plan on June
4, 2007, to include, among others, revisions to the
classification and treatment of claims and interests, and an
analysis of the estimated recoveries for the Debtors' various
unsecured creditor constituencies.

Parties have until July 6 to file objections to the Plan.

        Revised Classification of Claims and Interests

Under the First Amended Plan, the description for Class 4 claims
was changed to International Holding Company Debtor Claims from
R.J. Bondholder Claims.  The estimated recovery for Class 3
Second Lien Claims was also raised to US$154,225,000 from
$41,000,000.

According to the Plan, the US$154,225,000 is subject to upward
adjustment for fees and expenses allowable and payable under the
Prepetition Credit Agreement and the Final DIP Order, and subject to
downward adjustment for amounts returned to the Second Lien Agent from the
Second Lien Collateral Account.  As of June 4, 2007, the balance of the
Second Lien Collateral Account is estimated to be approximately
US$113,000,000.

The Amended Plan provides that the Second Lien Claim will be an
Allowed Secured Claim in the amount of the Second Lien Base Claim without
defense, offset, recoupment, counterclaim or reduction, other than as set
forth in the Plan.  On the Plan Effective Date, the Second Lien Collateral
Account Final Balance will be returned to the Second Lien Agent for the
Pro Rata benefit of the Second Lien Lenders, and the Second Lien Adjusted
Base Claim will be paid in full in Cash.  In addition, (i) each undrawn
Prepetition Letter of Credit will be returned to the issuer undrawn and
marked canceled, and (ii) the Second Lien Agent's Fees incurred prior to
the Effective Date, but not paid prior to or on the Effective Date, will
be paid within 10 business days after submission of invoices to the
Debtors and the purchaser -- TA Acquisition Company, LLC -- it being
understood that nothing will limit the Debtors' or the Official Committee
of Unsecured Creditors' right to review and determine that the fees are
reasonable, or the Purchaser's right to review and object to claims set
forth in the Purchase Agreement.

                      Recovery Analysis

The Amended Plan relates that the Debtors, the Creditors
Committee and their advisors worked together to develop a
framework to determine estimated recoveries for the Debtors'
various unsecured creditor constituencies and are in agreement
over the methodology that underlies the analysis.

The substantive assumptions that underlie the recovery analysis
include (i) the determination of which legal entities should be
substantively consolidated, (ii) the attribution of distributable value to
the entities and (iii) the allocation of claims by legal entity.  The
Debtors' advisors, in consultation with the Committee's advisors, applied
this methodology to determine the recoveries under the Plan for the
various unsecured creditor constituents in Classes 4 through 8.

The analysis aggregates Tower's legal entities -- both domestic
and international -- into seven entities or groups of entities.
The entities are:

      1. Tower Inc., the Debtors' top-tier holding company;

      2. R.J. Tower, the Debtors' intermediate holding company;

      3. the Substantively Consolidated Debtors, which include
         the Debtors various domestic subsidiaries below R.J.
         Tower;

      4. the International Holding Company Debtors, which are
         domestic holding companies for the Debtors' interests
         in certain international operations, notably including
         the European and Korean operations; and

  5 - 7. three first-tier international subsidiaries of R.J.
         Tower, Changchun Tower Golden Ring Automotive Products
         Company, Tower Automotive Mexico S. De R.L. de C.V.,
         the holding company for the Debtors' 40% joint venture
         interest in Metalsa S de R.L. de C.V., and Tower
         Automotive Canada.

With the seven legal entities identified, the recovery analysis
assumes an allocation of distributable value implied by the
purchase price as provided in the Purchase Agreement to each
entity based principally on EBITDA contribution with adjustments
made to take into consideration the relative performance of
businesses in different geographic regions and other regional or
legal entity specific considerations.

Intercompany claims that are included in the recovery analysis
are (i) a note payable from Tower Automotive Deutscheland GmbH &
Co. to R.J. Tower for US$25,100,000, (ii) a note payable from Tower
Automotive Europe B.V. to R.J. Tower for US$16,700,000 and (iii) two notes
payable from Tower Automotive International B.V. to Tower Automotive
International Holdings, Inc. totaling
$320,100,000.  All amounts are estimated as of March 31, 2007,
and assume an exchange rate of US$1.3355 per Euro.

Taken together, the recovery analysis assumes that the DIP
Revolver recovers value initially from the Debtors' domestic
operations and then, because the value of the Debtors' domestic
operations is not sufficient to fully satisfy the DIP Revolver,
from the DIP Lenders' claims against the Debtors' international
subsidiaries and the Debtors' interests in the international
subsidiaries on a pro-rata basis.

The DIP Term Loan is assumed to recover from the Debtors' foreign
subsidiaries pro-rata based on the remaining distributable value after
satisfying the DIP Revolver.  The Second Lien Claims are assumed to
recover value similar to the methodology employed by the DIP Term Loan.
The recovery analysis assumes the DIP Lenders and Second Lien Lenders may
recover pro-rata based on distributable value on account of their
super-priority administrative expense claims.

Because the value ascribed to the Debtors' domestic operations is fully
offset to satisfy senior claims and debt -- including
Administrative Claims, Other Priority Claims, Other Secured
Claims and a portion of the DIP Revolver -- the residual balance
of the DIP Revolver, the DIP Term Loan and the Second Lien Claims recover
value exclusively from the Debtors' international
subsidiaries and the Debtors' interests in the international
subsidiaries, whether on account of their secured claims or their
super-priority administrative claims.

     Special Provisions on Subordinated Securities Claims

The Amended Plan provides that nothing will impact in any way the right or
ability of the lead plaintiffs in the Securities
Litigation to pursue and recover on any Claims against the
Debtors solely to the extent of any coverage provided by any
insurance policy, including any Directors' and officers'
insurance policy.

Nothing will also release, enjoin, preclude, or otherwise affect
in any way the prosecution of the claims asserted, or which may
be asserted, against any non-Debtor in the Securities Litigation
or the right of the lead plaintiffs in the litigation to (a)
pursue further litigation, including without limitation appeals,
against any non-Debtor defendants, or (b) to enter into or
enforce any settlement or enforce any judgment obtained in
connection with or relating to the litigation or appeals,
provided that the terms and conditions of the stipulation and
order between the Debtors and the Securities Plaintiffs resolving the
Debtors' request to reclassify Securities Plaintiffs' Claims will remain
in full force and effect.

                       Rejection Claims

All proofs of claim arising from the rejection of Executory
Contracts or Unexpired Leases must be filed with the Voting Agent within
30 days after the earlier of: (a) the date of entry of a Court order
approving the rejection; and (b) the Plan Effective Date.  Any Claims
arising from the rejection of an Executory Contract or Unexpired Lease for
which proofs of Claims were not timely filed within that time period will
be forever barred from assertion against the Debtors or their Estates and
property, or the Trusts, unless otherwise ordered by the Court or as
otherwise provided in the Plan.  All Rejection Claims will, as of the
Effective Date, be subject to the permanent injunction set forth in the
Plan.

                       Other Provisions

Other provisions added to the Plan include the condition that
the proposed Confirmation Order, any modifications of the Plan,
and any material modification to the Sale Order, will be in a
form and substance reasonably acceptable to the Second Lien
Agent.  The Debtors, the Purchaser or the Creditors Committee may seek an
expedited hearing before the Bankruptcy Court to address any objection by
the Second Lien Agent.

In addition, nothing in the Plan, any amendment to the Plan, or
in the Confirmation Order, will enjoin any claims, to the extent
available under applicable non-bankruptcy law, of the United
Furniture Workers Pension Fund A against the Purchaser or any
non-Debtor affiliates, subsidiaries, or other third parties,
including, but not limited to, any claims based on control group
liability or successor liability arising from or related to the
Debtors' withdrawal from the United Furniture Workers Pension
Fund A, provided that the Purchaser and all the non-Debtor
affiliates or subsidiaries and third parties reserve all defenses to the
claims.

A blacklined copy of Tower's First Amended Plan is available for
free at:

           http://ResearchArchives.com/t/s?20b2

A blacklined copy of Tower's First Amended Disclosure Statement
is available for free at:

           http://ResearchArchives.com/t/s?20b3

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and US$1,306,949,000 in total debts.

The Debtors' filed their Chapter 11 Plan of Reorganization and
Disclosure Statement explaining that plan on May 1, 2007.  The
Debtors' exclusive period to file a chapter 11 plan expired on
June 6, 2007.  (Tower Automotive Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


TOWER AUTOMOTIVE: Plan Confirmation Hearing Scheduled on July 11
----------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court
for the Southern District of New York set a hearing for the confirmation
of Tower Automotive, Inc., and its debtor-affiliates First Amended Joint
Plan of Reorganization on
July 11, 2007.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and US$1,306,949,000 in total debts.

The Debtors' filed their Chapter 11 Plan of Reorganization and
Disclosure Statement explaining that plan on May 1, 2007.


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


AMADONUM LLC: Creditors' Liquidation Claims Due July 1
------------------------------------------------------
Creditors of LLC amadonum have until July 1 to submit their claims to:

         Tim Dellmann
         Liquidator
         Durrenburgstrasse 10
         6318 Walchwiluntil
         Switzerland

The Debtor can be reached at:

         LLC amadonum
         Walchwil ZG
         Switzerland


ASG GASTRO: St. Gallen Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings
against LLC ASG Gastro on May 16.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Christoph Schenk
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC ASG Gastro
         Augustinergasse 23
         9000 St.Gallen
         Switzerland


ASI INSURANCE: Creditors' Liquidation Claims Due June 22
--------------------------------------------------------
Creditors of JSC ASI Insurance have until June 22 to submit their claims to:

         JSC GHP Arbitrium
         Liquidator
         Freigutstrasse 27
         8007 Zurich
         Switzerland

The Debtor can be reached at:

         JSC ASI Insurance
         Stansstad NW
         Switzerland


BEAT ERISMANN: Creditors' Liquidation Claims Due July 18
--------------------------------------------------------
Creditors of LLC Beat Erismann have until July 18 to submit their claims to:

         Beat Erismann
         Liquidator
         Tusiweg 3
         5742 Kolliken
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Beat Erismann
         Kolliken
         Zofingen AG
         Switzerland


BUBEWO LLC: Claims Registration Period Ends June 23
---------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy proceedings
against LLC Bubewo on April 19.

Creditors have until June 23 to file their written proofs of claim.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC Bubewo
         Bumplizstrasse 142
         3018 Bern
         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 twelve 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.


NIGHTHAWK RADIOLOGY: S&P Puts Corporate Credit Rating at B+
-----------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B+' corporate credit
rating to Coeur d'Alene, Idaho-based NightHawk Radiology Services Inc.
The outlook is positive.

At the same time, Standard & Poor's assigned its recovery ratings to
NightHawks's US$100 million senior secured first-lien credit facilities,
consisting of a US$75 million term loan B due 2013 and a US$25 million
delayed draw term loan due 2013.  The recovery rating of '2' indicates the
expectation for substantial (70% to 90%) recovery of principal in the
event of a payment default.

Proceeds from the financings will be used to finance the recent
acquisition of Radlinx, a privately held teleradiology services provider,
for US$53 million.  The remaining proceeds and the delayed draw will
likely be used for future acquisitions.

"The positive outlook reflects the potential for an upgrade if the company
continues to grow its market share organically and through acquisitions,
while maintaining an aggressive financial risk profile," explained
Standard & Poor's credit analyst Rivka Gertzulin, "as well as a stable
operating environment."


NOVELIS CORP: Moody's Rates US$860 Million Senior 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 Limited, 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, we note 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

Headquartered in Atlanta, Georgia, Novelis is the world's largest producer
of aluminum rolled products.  In 2006, the company had total shipments of
approximately 3.1 million tons and generated approximately US$9.8 billion
in revenues.

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

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

Novelis also has operations in Germany, Switzerland and Korea.


SWISSAIR: Zurich Court Acquits Defendants in Mismanagement Trial
----------------------------------------------------------------
The District Court of Buelach near Zurich has acquitted former Swissair
CEO Mario Corti and several other former managers and board members of all
charges in connection with the 2001 collapse of Swissair Group, published
reports say.

“There is no evidence that the defendants knowingly acted to damage the
company,” said Chief Judge Andreas Fischer, The Financial Times notes.

The rulings came partly as a surprise as several legal observers had
expected that some managers could receive conditional prison sentences or
monetary fines as plaintiff lawyers asked for prison terms of up to 28
months for some key staff, the Wall Street Journal observes.  However, in
an unexpected twist, some managers also received monetary compensations in
addition to the acquittal.  According to the district court's ruling, Mr.
Corti will receive a compensation worth CHF488,000 (US$401,000).  The
court ordered that the defendants’ legal costs, estimated at about CHF3
million (US$2.5 million, EUR1.83 million), be reimbursed, FT reveals.

The TCR-Europe reported on Jan. 18, 2007, that 19 of the company's top
executives, board members, and advisers faced charges on criminal
mismanagement and false accounting.  The executives on trial denied any
wrongdoing and instead blamed the collapse in air travel following the
Sept. 11, 2001, terrorist attacks.

The company had a cash balance of more than EUR2.3 billion in the early
1990s.  However, under the leadership of former CEO Philippe Bruggisser,
who is also a defendant, the group folded under the burden of stakes in
loss-making counterparts.

Swissair was abruptly grounded on Oct. 2, 2001, after failing to supply
enough cash to pay fuel and landing fees to oil companies and airports
that had refused to extend credit.  Tens of thousands of passengers were
stranded worldwide, and thousands of employees and shareholders suffered
from the company's ruin as well as hundreds of jobs were lost and big
banks had to invest billions of U.S. dollars into the successor, Swiss
International Air Lines.

Executives cleared of all charges include:

    * Mario Corti, the company's final chairman and CEO;

    * Board members Lukas Muhlemann and Thomas Schmidheiny; and

    * Eric Honegger, who briefly served as CEO, chairman, and
      member of the board.

Other defendants, including Jan Litwinski, former CEO of the Polish
airline LOT, Jacqualyn Fouse, Swissair's last chief financial officer, and
other former chief financial officers, top bankers, politicians, and
corporate leaders had also been absolved of the charges filed against
them.

Many declined to testify, for fear of incriminating themselves in possible
civil cases yet to be heard, FT relates.  Civil actions are being pursued
in Switzerland by liquidators of the former flag carrier.  Separately, in
Belgium, the liquidator of Sabena, the national airline in which Swissair
took a controlling stake, is also pressing for damages.

                         About Swissair

Swissair collapsed in October 2001 after accumulating CHF17 billion in
debt in relation to significant investments in a number of European
airlines including Sabena, Air Liberte of France, and Turkish Airlines.
It defaulted on the debt during the slump that followed the Sept. 11, 2001
terrorist attacks in the U.S.

The entire Swissair fleet was grounded on Oct. 2, 2001, and Swissair
ceased to exist after Crossair took over most of its assets on March 31,
2002.  Kurt Hoss Liquidators in Zurich liquidated the assets that Crossair
did not take over.  Crossair was later renamed Swiss International Air
Lines Ltd.

The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium petitions on Oct.
5, 2001, for:

   -- SAirGroup, Zurich (holding company)
   -- SAirLines, Zurich
   -- Flightlease AG, Zurich
   -- Swissair Schweizerische Luftverkehr AG, Kloten

On Oct. 7, 2001, the Courts granted a provisional debt-restructuring
moratorium to:

   -- Cargologic AG, Zurich
   -- Swisscargo AG, Zurich

The Court appointed Karl Wuethrich at Wenger Plattner as the Debtors'
provisional administrator.

Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at
CHF513,813,182 over total liabilities of CHF84,684,932.


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


AGRO-SULA LLC: Creditors Must File Claims by June 13
----------------------------------------------------
Creditors of LLC Agro-Sula (code EDRPOU 31952170) have until June 13 to
submit their proofs of claim to:

         Alexander Lisovenko
         Temporary Insolvency Manager
         Internationalists Str. 5
         40035 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision procedure on
the company on April 20.  The case is docketed under Case No. 6/55-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Sula
         Brodok
         Nedrygailovsky District
         42108 Sumy
         Ukraine


ALPHA-S LLC: Creditors Must File Claims by June 13
--------------------------------------------------
Creditors of LLC Alpha-S (code EDRPOU 30595407) have until
June 13 to submit their proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy supervision procedure
on the company on April 20.  The case is docketed under Case No. 9/69b.

The Debtor can be reached at:

         LLC Alpha-S
         Schors Str. 54
         14017 Chernigov
         Ukraine


AUGUST LLC: Creditors Must File Claims by June 13
-------------------------------------------------
Creditors of LLC Company August have until June 13 to submit their proofs
of claim to:

         Viacheslav Mironenko
         Temporary Insolvency Manager
         Apartment 61
         Heros of Stalingrad Str. 15
         Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision procedure on
the company.  The case is docketed under Case No. 11/37.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company August
         Apartment 402
         Kirov Str. 54/6
         25006 Kirovograd
         Ukraine


KHRISTINOVKA MIXED: Creditors Must File Claims by June 13
---------------------------------------------------------
Creditors of Agricultural OJSC Khristinovka Mixed Food and Grains Plant
(code EDRPOU 31718314) have until June 13 to submit their proofs of claim
to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy renewed bankruptcy supervision procedure
on the company.  The case is docketed under Case No. 14-01-08/103.

The Debtor can be reached at:

         Agricultural OJSC Khristinovka
         Mixed Food and Grains Plant
         Gogol Str. 19
         Khristinovka
         Cherkassy
         Ukraine


LVOV AGRICULTURAL: Claims Filing Deadline Set June 13
-----------------------------------------------------
Creditors of Lvov Agricultural LLC (code EDRPOU 30841936) have until June
13 to submit their proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
5/72-B-06.

The Debtor can be reached at:

         Lvov Agricultural LLC
         Berislav District
         Herson
         Ukraine


OUR HOUSE: Creditors Must File Claims by June 13
------------------------------------------------
Creditors of LLC Our House State Enterprise Dwelling Center (code EDRPOU
32392496) have until June 13 to submit their proofs of claim to:

         Liliya Kravchenko
         Temporary Insolvency Manager
         Voenny Passage 6
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision procedure on
the company on March 22.  case is docketed under Case No. 5/33-B-07.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC Our House State Enterprise Dwelling Center
         Voenny Passage 6
         73000 Herson
         Ukraine


PLUS LLC: Claims Filing Deadline Set June 13
--------------------------------------------
Creditors of LLC Energy Building Service Plus (code EDRPOU 31818520) have
until June 13 to submit their proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
6/89-B-07.

The Debtor can be reached at:

         LLC Energy Building Service Plus
         Fabrichnaya Str. 6
         Novaya Kakhovka
         Herson
         Ukraine


ZOLOTAYA BALKA: Claims Filing Deadline Set June 13
--------------------------------------------------
Creditors of OJSC Zolotaya Balka Breadreceiving Enterprise have until June
13 to submit their proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine
The Economic Court of Herson commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
5/142-B-05.

The Debtor can be reached at:

         OJSC Zolotaya Balka Breadreceiving Enterpris
         Zolotaya Balka
         Novovorontsovsky District
         Herson
         Ukraine


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


ALL AMERICAN: Court OKs Asset Sale to Rock River Consortium
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida gave
authority to All American Semiconductor, Inc. to proceed with the sale of
substantially all of its assets to a two-party consortium of Rock River
Capital LLC and its senior secured lenders, for which Harris N.A. acts as
agent.

The aggregate purchase price from the auction is US$15.2 million and will
be paid to Harris N.A. as agent for the senior secured lenders in the form
of a reduction in the senior secured lenders' secured claim.

As reported in the Troubled Company Reporter on June 6, 2007, Rock River
Capital was the successful bidder for substantially all of the company's
operating assets and is expected to continue to operate the acquired
assets as a going concern business.

Rock River did not purchase the company's commercial tort claims,
avoidance actions, accounts receivable and certain other miscellaneous
assets.  The company's senior secured lenders were the successful bidders
for its accounts receivable.  None of the company's commercial tort claims
or avoidance actions was sold.

                 About All American Semiconductor

Based in Miami, Florida, All American Semiconductor
Inc. (Pink Sheets: SEMI.PK) -- http://www.allamerican.com/--
is a distributor of electronic components manufactured by
others.  The company distributes a full range of semiconductors
including transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power supplies, cable,
switches, connectors, filters and sockets.  The company also offers
complete solutions for flat panel display products.  In total, the company
offers approximately 40,000 products produced by approximately 60
manufacturers.  The company has 36 strategic locations throughout North
America and Mexico, as well as operations in China and Western Europe.

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


CELESTICA INC: May Be Next Acquisition Target, Analysts Say
-----------------------------------------------------------
Celestica Inc. is a likely acquisition target after Flextronics
International Ltd.'s move to acquire Solectron Corp., Bloomberg
reports.  Flextronics' bid has sparked speculation that there is
likely more consolidation in the industry.

Bloomberg relates, citing Scotia Capital analyst Gus Papageorgiou, that
Celestica is a possible merger target since it has "the highest potential
of being taken out."

Bloomberg further reports that a purchase could assist the company in a
possible return from the red as it has been reporting 15 losses for the
past 16 quarters.

According to UBS AG analyst Long Jiang, Bloomberg says that
consolidation in Celestica's industry is long overdue.

Celestica Inc. -- http://www.celestica.com/-- (NYSE:CLS) provides
innovative electronics manufacturing services.  Through its global
manufacturing and supply chain network, the company delivers competitive
advantage to companies in the computing, communications, consumer,
industrial, and aerospace and defense end markets.  Celestica operates a
highly sophisticated global manufacturing network with operations in
Brazil, China, Ireland, Italy, Japan, Malaysia, Philippines, Puerto Rico,
and the United Kingdom, among others.

                           *   *   *

As reported in the Troubled Company Reporter on May 4, 2007, Moody's
Investors Service downgraded Celestica Inc.'s corporate family rating to
B1 from Ba3 and the senior subordinated note ratings to B3 from B2.
Moody's also lowered the company's speculative grade liquidity rating to
SGL-2 from SGL-1.


DYNCORP INT'L: Earns US$18.9 Million in Fourth Quarter 2007
-----------------------------------------------------------
DynCorp International Inc. disclosed its fiscal 2007 fourth quarter and
fiscal 2007 full year financial results.

                Fiscal 2007 Fourth Quarter Results

Revenue for the 2007 fourth quarter ended March 30, 2007 was US$552.3
million, up 0.6% from revenue for the fiscal 2006 fourth quarter. Revenue
from the Government Services segment for the fourth quarter decreased 2.9%
over the comparable period in 2006.  The lower GS revenue was attributable
to reduced construction activity on the U.S. Department of State Civilian
Police program.  Revenue from the Maintenance and Technical Support
Services -- MTSS -- segment increased 7.9% over the 2006 fourth quarter.
The higher MTSS revenue was attributable to the C-21 program and an
increased level of effort at Columbus AFB.

Operating income for the fiscal 2007 fourth quarter increased 13.2% to
US$42.9 million from the fiscal 2006 fourth quarter.  Operating margin for
the fiscal 2007 fourth quarter was 7.8%, compared to operating margin of
6.9% in the fiscal 2006 fourth quarter.  Operating margin increased by
0.9% of revenue primarily due to strong contract performance and the
effect of claims on two aviation contracts.

Net income for the fiscal 2007 fourth quarter was US$18.9 million compared
to net income of US$5.8 million for the comparable period in fiscal 2006.
The increase in 2007 fourth quarter net income was due to improved
operating margins and lower interest expense resulting from redemption of
the company’s preferred stock and reductions of outstanding debt during
the first quarter of fiscal 2007.

Adjusted earnings before interest, taxes, depreciation, and amortization
for the 2007 fourth quarter increased to US$56.7 million, or 10.3% of
revenue, from US$55.6 million, or 10.1% of revenue, for the comparable
period in fiscal 2006.  Earnings per share for the 2007 fourth quarter
improved 83.3% to US$0.33 per share from the comparable period in fiscal
2006.

                   Fiscal 2007 Full Year Results

Revenues for the fiscal year ended March 30, 2007, increased by US$115.3
million, or 5.9%, to US$2.08 billion, as compared to the company’s fiscal
year ended March 31, 2006.  Of the US$115.3 million increase, US$95.5
million was attributable to the GS segment and US$19.8 million was
attributable to the MTSS segment.

Revenues from the GS segment increased 7.5% over fiscal year 2006 to
US$1.36 billion.  The GS revenue growth was primarily driven by increased
aviation support services of drug eradication activities under the U.S.
Department of State’s Air Wing program in South America and Afghanistan,
additional contingency and logistics services provided to the Africa
Peacekeeping contract, foreign government construction increases and a
foreign government contingency contract.  The GS revenue increase was
partially offset by the conclusion of four task orders under the World
Wide Personal Protective Services program and contingency and logistics
services provided after Hurricane Katrina.

Revenues from the MTSS segment increased 2.9% over fiscal year 2006 to
US$722.7 million.  MTSS revenue growth was primarily driven by increases
in personnel and level of effort under the Contract Field Team (CFT)
program, increased domestic aviation support services provided to the U.S.
Air Force under the C-21 Contractor Logistics Support program and revenue
recorded in connection with wage pass-through claims.  The MTSS revenue
increase was partially offset by reduced U.S. government funding for the
Army Propositioned Stock Afloat program and decreased services provided
under the CFT contract for the V-22 program.

Operating income increased 12.1% over fiscal year 2006 to US$113.5
million.  Operating margin increased 30 basis points to 5.5%.  The
increased operating income and operating margin reflect strong performance
from fixed price contracts including the Civilian Police and International
Narcotics and Law Enforcement Air Wing contracts, increased level of
effort on CFT, a contract modification for construction in Afghanistan,
wage pass-through claims, and reduced bad debt expense.  Operating
expenses include US$6.5 million of costs related to severance expenses for
certain former executives and bonus compensation associated with the
company’s IPO.

Net income was US$27.0 million in fiscal 2007, compared to US$7.2 million
in fiscal 2006.  The same factors positively affecting fiscal 2007
operating income resulted in improved year-over-year net income.  Adjusted
EBITDA increased 10.3% to US$172.2 million, or 8.3% of revenues, compared
to adjusted EBITDA of US$156.1 million, or 7.9% of revenues, in fiscal
2006.  Earnings per share for fiscal 2007 increased 113% to US$0.49 per
share from US$0.23 during fiscal 2006.

Operating cash flow increased 58% to US$86.8 million as compared to fiscal
2006.  The increase was driven by higher net income, accounts payable and
accrued liability activities related to the timing of payroll processing,
interest payments timing and accelerated customer payments.

Days sales outstanding (DSO) was at 67 days as of the end of fiscal 2007,
compared to 72 days as of the end of fiscal 2006.

Net debt, which is total debt less cash and cash equivalents, was US$528.5
million on March 30, 2007, a reduction of US$112.4 million year-over-year.

Backlog increased 132.2% to US$6.1 billion during fiscal 2007. Included in
this total is US$3.3 billion related to the award of the Intelligence and
Security Command (INSCOM) contract by the U.S. Army to Global Linguist
Solutions LLC, a joint venture of DynCorp International and McNeil
Technologies. The incumbent contractor’s protest of the award to GLS was
sustained by the Government Accountability Office (GAO). The Army
subsequently filed a Request for Reconsideration with the GAO which is
pending decision.

                       Fiscal 2008 Guidance

The company is issuing the following guidance for the fiscal year ending
March 28, 2008, based on its current backlog and management's estimate of
future contract awards.  This guidance excludes the previously discussed
INSCOM contract award due to the uncertain timing of when contract
performance may commence.

                    About Dyncorp International

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Korea, and Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


DYNCORP INT'L: Will Repurchase US$10 Mil. of Shares of Stock
------------------------------------------------------------
DynCorp International Inc.'s Board of Directors has authorized the company
to repurchase up to US$10 million of its outstanding common stock.

“We believe that a stock repurchase program is an effective way to enhance
shareholder value and demonstrate our confidence in the long-term value of
DynCorp International Inc.,” said Hebert J. Lanese, the company’s chief
executive officer.

The shares may be repurchased from time to time in open market conditions
or through privately negotiated transactions at the company's discretion,
subject to market conditions, and in accordance with applicable federal
and state securities laws and regulations.  Shares of stock repurchased
under this plan will be held as treasury shares.

The program does not obligate the company to acquire any particular amount
of common stock and the program may be modified or suspended at any time
at the company's discretion.  The purchases will be funded from available
working capital.  As of March 30, 2007, the company had 57 million shares
outstanding.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Korea and Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


EUROTUNNEL GROUP: CEO Plans on Raising GBP680 Mln Fresh Capital
---------------------------------------------------------------
Eurotunnel Group CEO Jacques Gounon aims to raise about GBP680 million of
fresh capital in order to repay part of the convertible bond, which could
see an increase in shareholders' stake in the restructuring company from
an initial 13% to around 40%, Alistaire Osborne writes for The Telegraph.

The restructuring will slash Eurotunnel's GBP6.2 billion debts to GBP2.84
million, with senior creditors repaid in full.

Shareholders will be diluted to 13%, holding 2.55 billion shares in the
new company, Groupe Eurotunnel, while junior creditors will share a
GBP1.275 billion convertible bond.

According to the report, the bond or notes redeemable for shares is in two
parts.  Some GBP488 million is non-redeemable by the company, giving
creditors a guaranteed 33% of equity, or 6.52 billion shares.

The second GBP787 million tranche is redeemable by the company over the
next three years before it converts into another 10.52 billion shares, but
only at a 40% premium, the Telegraph relates.

Mr. Gounon plans to pay off a large portion of this in the next 13 months.

"My goal is for shareholders to hold at least 40% [of the equity]," Mr.
Gounon was quoted by the Telegraph as saying. "We have to raise money.  I
have made an assumption that with a EUR1 billion capital increase we can
reach 40% for shareholders."

Eurotunnel may raise fresh capital through a rights issue, the Telegraph
said.

"If Gounon is smart, which he is, the quicker he can have a rights issue
with what is a technically overvalued share, the greater proportion of the
company will end up being owned by shareholders, even if they have to pay
for it," Mark McVicar, an analyst at Dresdner Kleinwort Wasserstein, told
the Telegraph.

The Telegraph added that Mr. Gounon believed that noteholders had no power
to stop the company from buying back some of the redeemable notes.
"That's clearly stated in the safeguard plan," Mr. Gounon said.

Mr. Gounon also asked the remaining 90,000 U.K. shareholders who still did
not tender their stock for new shares in Groupe Eurotunnel, to do so by
June 14, 2007 deadline.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


EUROTUNNEL GROUP: Names Two New Non-Executive Directors
-------------------------------------------------------
Eurotunnel Group's joint board appointed, Tim Yeo, MP as a non-executive
director of Eurotunnel PLC and Pierre Bilger as non-executive director of
Eurotunnel S.A. effective immediately, following the resignation of
Jean-Louis Raymond as a director of the company.

Tim Yeo is Member of Parliament for Suffolk South and chairman of the
House of Commons Environmental Audit Select Committee.  He was Minister of
State for the Countryside and Environment and was a member of the Shadow
Cabinet where he served, inter alia, as Shadow Secretary of State for
Trade and Industry and Shadow Secretary of State for Environment and
Transport.   Tim Yeo is a director of ITI Energy Limited and is Chairman
of Univent Plc and AFC Energy Plc.  He was also founding Chairman of the
Children’s Trust, a charity which took over Tadworth Court Children’s
Hospital.

An inspecteur des finances, Pierre Bilger devoted his 15-year career in
the French public service (1967-1982) to dealing principally with
budgetary issues.  His career in industry, spanning 21 years, started in
1982 at Compagnie Generale d’Electricite (now Alcatel Lucent) of which he
led the privatization as CFO and deputy Chief Executive.

It continued at Alsthom from 1987, then Gec Alsthom of which he became
Chief Executive Officer in March 1991 before becoming Chairman and Chief
Executive of its successor Alstom, from its IPO in 1998 until 2003.  Mr.
Bilger currently chairs the Dutch-law foundation Stichting Preference
Shares Renault-Nissan and is one of the advisors to the Management
Consulting Group plc.

"I am delighted that Tim Yeo, an MP and ex-minister of Her Majesty's
government as well as Pierre Bilger who chaired the Franco-British group
Gec Alsthom, now Alstom, have joined the Board," Eurotunnel CEO Jacques
Gounon disclosed.

"This demonstrates our clear intention to recreate within the Board a
binational culture and it should convince British shareholders, who
tendered less than 60% of their total Units, to take advantage of the
reopening to tender their Units to the Offer before June 14, 2007,” Mr.
Gounon added.

The joint board has also resolved to convene the annual general meetings
of Eurotunnel SA and Eurotunnel PLC in Coquelles (France) at 4:00 p.m.
(French time) on July 27, 2007.

It must be noted that, on that date, Eurotunnel SA and Eurotunnel PLC will
have become subsidiaries of Groupe Eurotunnel SA (GET SA) which will
therefore control them.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


FORD MOTOR: Navistar Files Lawsuit for Breach of Contract
---------------------------------------------------------
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.


ISLE OF CAPRI: Has Until July 25 to Comply with Nasdaq Rules
------------------------------------------------------------
Isle of Capri Casinos Inc. has received a favorable ruling from the NASDAQ
Listing Qualifications Panel relating to the company's inability to file
its previous Quarterly Report on Form 10-Q by the March 9 due date.

During a hearing before the Panel on April 26, 2007, the company requested
an exception to the applicable NASDAQ rules, allowing the company until
July 25, 2007, to cure the filing deficiency and asking NASDAQ to continue
listing the company's common stock on the NASDAQ Global Select Market
during the interim period.  The Panel has granted the company's request.

The company's failure to timely file its Form 10-Q for its third fiscal
quarter ended Jan. 28, 2007, by the March 9 due date resulted from the
company's restatement of its financial statements for the fiscal years
ended April 25, 2004; April 24, 2005 and April 30, 2006, and the quarterly
results for fiscal 2005 and 2006 included therein, and for the first two
quarters of fiscal 2007.  The failure to make a timely quarterly filing
meant that Isle of Capri was not in compliance with the filing
requirements for continued listing of its common stock on the NASDAQ
Global Select Market as set forth in Marketplace Rule 4310(c)(14).

The company subsequently filed its Form 10-Q for the quarter on April 18,
2007, but due to the ongoing restatement process the filing had not been
reviewed by the company's independent auditors.  The company expects to
file an amended Quarterly Report on Form 10-Q, reviewed as required by the
company's independent auditors, prior to the July 25, 2007, date set forth
in the Panel's decision.

Based in Biloxi, Missippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport and Marquette,
Iowa; Kansas City and Boonville, Missouri and a casino and harness track
in Pompano Beach, Florida.  The company also operates and has a 57 percent
ownership interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it operates
in Freeport, Grand Bahama and a two-thirds ownership interest in casinos
in Dudley and Wolverhampton, England.

                         *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family Rating on Isle
of Capri Casinos in connection with its implementation of the new
Probability-of-Default and Loss-Given-Default rating methodology for the
Gaming, Lodging & Leisure sector.  Moody's assigned LGD ratings to four of
the company's debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event of a
default.


OSI RESTAURANT: Stockholders Approve Amended Merger Agreement
-------------------------------------------------------------
OSI Restaurant Partners Inc.’s stockholders adopted an agreement
and plan of merger dated Nov. 5, 2006, among the company, Kangaroo
Holdings Inc. and Kangaroo Acquisition Inc., as amended on May 21, 2007.

Kangaroo Holdings Inc. is controlled by an investor group
comprised of investment funds associated with Bain Capital
Partners LLC and investment funds affiliated with Catterton
Management Company LLC.  OSI’s founders, certain holders associated with
one of its founders and certain members of its management are expected to
exchange shares of OSI’s common stock for shares of Kangaroo Holdings Inc.
in connection with the merger.

The amended merger agreement was adopted by the holders of a majority of
OSI’s outstanding common stock, as required by Delaware law.  In addition,
the holders of a majority of the number of shares of OSI’s common stock
held by holders that are not participating holders voted for the adoption
of the amended merger agreement and the merger, as required by a condition
to closing under the amended merger agreement.

OSI expects that the transactions contemplated by the amended merger
agreement will be consummated on or prior to June 19, 2007, subject to
satisfaction of the conditions to closing under the amended merger
agreement.

Under the terms of the amended merger agreement, each outstanding share of
OSI’s common stock (other than shares held in OSI’s treasury, shares owned
by OSI’s subsidiaries, Kangaroo Holdings Inc. or Kangaroo Acquisition Inc.
and shares held by stockholders who perfect appraisal rights in accordance
with Delaware law) will be converted into the right to receive US$41.15 in
cash.

OSI’s founders, Messrs. Sullivan, Basham and Gannon, have agreed
with Kangaroo Holdings Inc. that they will receive only US$40.00 per share
in cash for their shares (other than shares they will be contributing to
Kangaroo Holdings Inc. in exchange for its stock, which will be exchanged
at a per share valuation of US$40.00 per share) in a sale transaction with
a member of the investor group consummated immediately prior to, but
expressly conditioned upon, the consummation of the merger.

                   About Bain Capital Partners

Bain Capital Partners LLC -- http://www.baincapital.com/-- is a
global private investment firm that manages several pools of
capital including private equity, venture capital, public equity
and leveraged debt assets with approximately US$40 billion in assets under
management.  Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies around
the world.  Headquartered in Boston, Bain Capital has offices in New York,
London, Munich, Tokyo, Hong Kong and Shanghai.

                        About Catterton

Catterton -- http://www.cpequity.com/-- is a private equity firm in the
U.S. focused exclusively on the consumer industry.  Since its founding in
1990, Catterton has leveraged its investment capital, strategic and
operating skills, and network of industry contacts to establish one of the
strongest investment track records in the consumer industry.

                  About OSI Restaurant Partners

OSI Restaurant Partners, Inc.’s portfolio of brands consists of Outback
Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime
Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood &
Spirits and Cheeseburger in Paradise restaurants.  It has operations in 50
states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.


OSI RESTAURANT: S&P Affirms Ratings and Removes Developing Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Tampa,
Florida-based OSI Restaurant Partners Inc., including its 'B+' corporate
credit rating, and removed them from CreditWatch, where they were placed
on May 9, 2007, with developing implications.

The outlook is negative.

The CreditWatch listing reflected S&P’s concern that a higher priced bid
would be financed with additional debt.  The removal from CreditWatch
follows the company's announcement that its stockholders adopted an
amended merger agreement whereby shares will be converted into US$41.15 in
cash, rather than the originally expected US$40 per share.  The increased
purchase price will be funded with equity from the investor group,
comprised of Bain Capital Partners, Catterton Partners, and company
founders and management, that is purchasing OSI.  S&P expect the
transaction to close by June 19, 2007.

"The negative outlook reflects leverage that is currently high for the
'B+' rating," said Standard & Poor's credit analyst Jackie E. Oberoi.
Should OSI reduce leverage to less than 6.5x by the end of 2007 through
measures that include improvement in same-store sales for OSI's core
Outback Steakhouse concept and continued success with recent expense
reduction measures, a stable outlook could result.

OSI Restaurant Partners, Inc.’s portfolio of brands consists of Outback
Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime
Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood &
Spirits and Cheeseburger in Paradise restaurants.  It has operations in 50
states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.


PORTRAIT CORP: Court Sets July 11 Plan Confirmation Hearing
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York will
convene a hearing on July 11, 2007, to consider confirmation of Portrait
Corporation of America Inc. at its debtor-affiliates' Amended Chapter 11
Plan of Reorganization, Bill Rochelle of Bloomberg News reports.

Bloomberg relates that in line with the upcoming confirmation hearing, the
Court approved the sale of the Debtors' business for US$100 million to CPI
Corp., a photo studio operator in Sears stores operated by Sears Holding
Corp.

             Treatment of Claims Under the Plan

The Plan, as published in the Troubled Company Reporter on Feb. 8, 2007,
provides that holders of Allowed Administrative Expense Claims will be
paid in full and in cash. On the Plan's effective date, the DIP
obligations will be deemed allowed and paid indefeasibly in full in
accordance with the terms of the DIP Agreement and DIP Order.

Upon full payment of all DIP Obligations, all liens and security interests
granted to secure those obligations will be terminated. Provided, however,
that the particular provisions of the DIP Agreement that are specified to
survive will survive.  Existing letters of credit issued pursuant to the
DIP Agreement will be cancelled and replaced with new letters of credit to
be issued pursuant to the Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the later of
the plan effective date or the date the claim became allowed, or equal
annual cash payments together with interest to be determined by the
Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be paid in
full in cash.

At the sole option of the Debtors, holders of Class B Allowed Other
Secured Claims will: (a) receive payment in full in cash plus
post-commencement date interest; (b) have a reinstated claim; (c) receive
the collateral securing their claim; or (d) receive a treatment that
renders the claim unimpaired pursuant to Section 1124 of the Bankruptcy
Code.

Holders of Class C Allowed Second Lien Notes Claims will receive, in full
satisfaction of their claim, their pro rata share of 100% of Reorganized
Portrait Corp of America common stock.

Holders of Class D Allowed Senior Notes and Other Unsecured Claims will
receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive 1% of
their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed Old
Preferred Equity Interests, Class H Allowed Old Common Equity Interests,
and Class I Allowed Old Common Subsidiary Equity Interests will not
receive anything under the plan.

Goldman Note Claims refer to: -- the 13.75% Senior Subordinated Notes due
2010, issued to GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
Offshore L.P.  These notes were guaranteed by Portrait Corporation of
America Inc., American Studios Inc., PCA National LLC, PCA National of
Texas LP, PCA Photo Corporation of Canada Inc., Photo Corporation of
America Inc., and PCA Finance Corp; and -- the 16.5% Senior Subordinated
Notes due 2010, issued to GS Mezzanine Partners II L.P. and GS Mezzanine
Partners II Offshore L.P.

                        About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/-- provides
professional portrait photography products and services in North America.
The Company operates portrait studios within Wal-Mart stores and
Supercenters in the United States, Canada, Mexico, Germany, and the United
Kingdom.  The company also operates a modular traveling business providing
portrait photography services in additional retail locations and to church
congregations and other institutions.  Portrait Corporation and its
debtor-affiliates filed for Chapter 11 protection on Aug. 31, 2006 (Bankr
S.D. N.Y. Case No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham
& Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor and
Investment Banker. Kristopher M. Hansen, Esq., at Stroock & Stroock &
Lavan LLP represents the Official Committee of Unsecured Creditors.  Peter
J. Solomon Company serves as financial advisor for the Committee.  At June
30, 2006, the Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


REPRO-MED SYSTEMS: Myler & Company Raises Going Concern Doubt
-------------------------------------------------------------
Meyler & Company LLC, in Middletown, New Jersey, expressed substantial
doubt about Repro-Med Systems Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial statements for
the years ended Feb. 28, 2007, and 2006.  The auditing firm pointed to the
company's
accumulated deficit of US$3,427,011 and existing uncertain conditions the
company faces relative to its ability to obtain capital and operate
successfully.

Total sales were essentially flat overall declining by 1.8% for the year
ended Feb. 28, 2007 to US$1,727,518 from US$1,759,566 in 2006.

Repro-Med Systems Inc. reported a net loss of US$254,721 on net sales of
US$1,734,579 for the year ended Feb. 28, 2007, compared with a net loss of
US$217,815 on net sales of US$1,745,806 for the year ended Feb. 28, 2006.
The net loss for the year ended
Feb. 28, 2007, includes US$174,710 in stock-based compensation, as
compared to the previous year's loss which included stock-based
compensation of US$88,550.

Sales of the company's Freedom60 increased 56.6% to US$772,252 from
US$429,349 due to increased sales for use with immune globulin and
antibiotics, and a price increase, which was put into effect during the
year.

RES-Q-VAC(R) sales decreased domestically by 31.2% from US$550,274 to
US$378,421 due almost entirely to a one-time large order for the relief
effort relating to Hurricane Katrina in the previous year which did not
repeat.  The international market declined by 29% from US$561,794 to
US$398,805 due to foreign competition.  Overall RES-Q-VAC(R) sales
declined 30.1% from US$1,112,068 to US$777,226.

Sales of non-core product lines declined by 14.5% due to increased efforts
going to the FREEDOM60(R) and RES-Q-VAC(R) product lines.  Sales from OEM
manufacturing (production for other manufacturers) increased by 72% and
accounted for 9.90% of the company's revenue in 2007.

Interest expense decreased by US$11,183 to US$61,336 in 2007 from
US$77,519 in 2006 as the result of the company paying off high interest on
demand bank notes and capital leases.

At Feb. 28, 2007, the company's balance sheet showed US$1,138,429 in total
assets and US$1,784,259 in total liabilities, resulting in a US$645,830
total stockholders' deficit.

Full-text copies of the company's consolidated financial statements for
the year ended Feb. 28, 2007, are available for free at
http://researcharchives.com/t/s?20a7

                     About Repro-Med Systems

Hreadquartered in Chester, New York, Repro-Med Systems Inc.
(OTC BB: REPR.OB) -- http://www.rmsmedicalproducts.com/--  engages in the
design and manufacture of medical devices for medical respiratory products
and infusion therapy worldwide.  It offers FREEDOM60 Syringe Infusion Pump
for ambulatory medication infusions.  In addition, Repro-Med Systems
offers RES-Q-VAC, an emergency airway suction system, hand-operated
suction device that removes fluids from a patient's airway by attaching
the RES-Q-VAC pump to various proprietary sterile and nonsterile
single-use catheters sized for adult and pediatric suctioning.  Repro-Med
Systems was co-founded by Andrew I. Sealfon in 1980.

The company has offices in the Unite Kingdom.


TOREX RETAIL: Terminates Suspended CEO Neil Mitchell
----------------------------------------------------
Torex Retail PLC terminated Neil Mitchell's employment as CEO of the
company following his suspension from the role in
January 2007.

Mr. Mitchell also resigned as director of the company effective June 1, 2007.

As reported in the TCR-Europe on April 5, 2007, the Serious Fraud Office
has escalated its investigation of the
troubled software group while the AIM has also suspended Torex
from trading due to alleged accounting irregularities in the
wake of the investigation and raids.

Mr. Mitchell told newspapers that he had led a "whistleblower" group of
executives which had reported Torex to authorities and alerted the
company's bankers to an alleged accounting hole before the shares'
suspension, the Retail Bulletin relates.

In a report by the Irish Examiner, Mr. Mitchell’s departure comes two
months after chairman Christopher Moore formally resigned from the board
after stepping down on Jan. 31, 2007.

Keith Taylor will succeed Mr. Mitchell as Torex chief executive officer.

According to the Retail Bulletin, the fraud office has not made any
arrests in its investigation, but has searched a number of residential and
business addresses across Oxfordshire, where the company is headquartered,
as well as Gloucestershire and Warwickshire.

The company appointed Jefferies International Ltd. to act
as adviser as it considers the possibility of selling the
business altogether after various buyers expressed interest in
the company.

Any bid would have to consider the group’s debt, which is expected to
total more than GBP200 million, Retail Bulletin relates.

The Irish Examiner said that Torex secured a GBP15 million short-term
funding boost in February 2007 to help keep it running and was negotiating
with its bankers on a bid to secure medium and long-term financing.

                     About Torex Retail Plc

Headquartered in Banbury, Oxfordshire, in the United Kingdom,
Torex Retail Plc -- http://www.torexretail.com/-- is a leading
global retail systems solutions provider.  The company's
solution set spans all facets of the retail systems business,
from leading edge electronic point of sale software; to back
office software; to sophisticated performance and productivity
systems; to loss prevention and basket analysis solutions.

The company is currently being investigated by the Serious Fraud
Office for alleged accounting irregularities and has also been
suspended from trading by the AIM for the same reason.

Torex said in its profits warning that delayed contracts had impacted
revenues and increased borrowings by some GBP23 million more than the
GBP180 million expected.


TRIPOS INC: Completes Sale of R&D Biz to Commonwealth Biotech
-------------------------------------------------------------
Tripos, Inc. has completed the sale-leaseback of its facility in Bude,
England, to Southwest England Regional Development Authority and the sale
of the capital stock of its Tripos Discovery Research Products and
Services Business to Commonwealth Biotechnologies, Inc., based in
Richmond, Virginia.

On May 11, 2007, Tripos and CBI entered into a Share Purchase and Sale
Agreement, which has been amended.

At the time of signing, CBI paid Tripos US$350,000.  Tripos has netted
approximately US$1.1 million attributable to repayment of prior
outstanding advances made by Tripos to the Discovery Research business, is
due to receive an additional 100,000 pounds sterling by June 30, 2007, and
will receive approximately US$800,000 in additional repayments upon the
collection of outstanding customer receivables and work in process.
Additional information about payment in connection with this sale will be
contained in a Current Report on Form 8-K to be filed within four business
days.

As a result of the stock sale and sale-leaseback transactions, Tripos has
been relieved of obligations to repay up to 2.84 million pounds sterling
of grants to English authorities, of which 1.54 million pounds sterling
has been accrued in Tripos' most recent consolidated balance sheet.  The
releases were part of a transaction in which TDR sold its facility for 2.6
million pounds sterling, entered into a long-term lease of the facility,
and repaid at a substantial discount its repayment obligations to the
English Department of Trade and Industry.  These transactions were a
necessary predicate to effecting the sale of this business.

Commenting on the transaction, Dr. John P. McAlister, president and CEO of
Tripos, said, "We are pleased to have completed this transaction.  It
places the TDR business and the interests of our customers, employees and
other stakeholders in the hands of an owner with the commitment and
resources to continue operation of this business.  At the same time, it is
an important step in the completion of the dissolution and liquidation of
Tripos and the distribution of the remaining proceeds to our stockholders
later this year.  We will file articles of dissolution and commence the
formal dissolution immediately."

Following the sale of its Discovery Research business, the company has
become a "shell company" and will request that The Nasdaq Global Market
delist its common stock.  Upon delisting, Tripos contemplates that it will
seek to list its stock on the OTC Bulletin Board(R).  If this listing is
not available to the company, it will close its stock transfer books, at
which time there will be no active public trading market for the company's
common stock.

                         About Tripos Inc.

Based in St. Louis, Tripos Inc. (Nasdaq Global Select Market:
TRPS) -- http://www.tripos.com/-- combines leading-edge
technology and innovative science to deliver consistently superior
chemistry-research products and services for the biotechnology,
pharmaceutical and other life science industries.

Tripos has sells its products in the United Kingdom, Brazil and Australia,
among others.

The company's Discovery Informatics business provides software
products and consulting services to develop, manage, analyze and
share critical drug discovery information.  Within its Discovery
Research business, Tripos' medicinal chemists and research
scientists partner directly with clients in their research
initiatives, leveraging state-of-the-art information technologies and
research facilities.

As reported in the Troubled Company Reporter on March 20, 2007,
shareholders of Tripos Inc. approved the company's plan of
dissolution and liquidation.


WARNER MUSIC: Strikes Deal with Lala to Drive Music Sales
---------------------------------------------------------
Warner Music Group Corp.'s music tracks can be previewed for free through
an internet start-up, Lala.com, in a move to drive music sales, Rhys
Blakely writes for Times Online.

According to Robert Levine of the International Herald Tribune, the vast
majority of Warner Music catalog will be made available at Lala.com's site
as audio streams, which can be heard online but not downloaded.

Although listening to those streams will be free for consumers, Lala.com
will pay Warner a royalty each time a user listens to a song, IHT relates.

IHT said that Warner Music believed the deal with Lala.com has limited
risk because the label will make money from streaming royalties.  The
company's priority is increasing sales of music.

"The evidence we've seen is that a lot of people want to own music," Alex
Zubillaga, Warner's executive vice president for digital strategy and
business development was quoted by IHT as saying.  "And their mandate is
to sell music."

Mr. Zubillaga told IHT that Lala.com was giving Warner Music a good deal
of flexibility in determining how to price and bundle music.

Lala.com is a site where music fans can trade used CDs for free.  It aimed
to make money by selling music that will send to iPods without using
Apple's iTunes software.

                    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).


                           *********

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
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Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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