TCREUR_Public/070612.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, June 12, 2007, Vol. 8, No. 115

                            Headlines


A U S T R I A
BASSAN & CO: Vienna Court Orders Business Shutdown
E-TEAM ELEKTROUNTERNEHMEN: Claims Registration Ends June 27
JETT TAXI: Claims Registration Period Ends June 26
KA RA FOT: Claims Registration Period Ends June 29
ROX BAU: Claims Registration Period Ends June 29
SAUBER LLC: Vienna Court Orders Business Shutdown
VARIETAL DISTRIBUTION: Moody's Puts Corp. Family Rating at B3
VJ LLC: Claims Registration Period Ends June 29
VWR INT’L: Pending Madison Deal Cues S&P to Affirm B Rating
B E L G I U M
CHIQUITA BRANDS: Faces Lawsuit by Murder Victims' Families
F R A N C E
AMC ENTERTAINMENT: Moody's Rates Proposed Sr. Unsec. Debt at B3
AMC ENTERTAINMENT: Fitch to Rate New $400-Million Loan at CCC
RHODIA S.A.: Reverse Share Split Takes Effect Today
G E R M A N Y
AL HAUSTECHNIK: Creditors' Meeting Slated for July 9
ARNIC CONSULTING: Claims Registration Period Ends July 6
BARTELS & BUSCH: Claims Registration Period ends June 29
CONCRET VERMITTLUNGS: Claims Registration Period Ends July 11
DAIMLERCHRYSLER: Warrant Holder Wants to Exercise Right to Trust
DAIMLERCHRYSLER AG: Reports 4% Boost in U.S. Sales for May 2007
DAIMLERCHRYSLER AG: Chrysler Group May 2007 U.S. Sales Rise 4%
DELPHI CORP: Court Approves $10.5 Million Umicore Settlement
DELPHI CORP: Wants to Further Employ Ernst & Young as Auditors
FRANZ UND WILLI: Claims Registration Period Ends June 28
GAMPIA GMBH: Claims Registration Period Ends July 5
GEWERBEHOF ALSFELD: Claims Registration Period Ends June 29
HANSE LLOYD: Claims Registration Period Ends July 4
HEIZUNGSBAU CHRISTIAN: Claims Registration Period Ends July 5
K & P BRANDSCHUTZTECHNIK: Creditors Meeting Slated for Aug. 24
K.W.R. LOGISTIK: Claims Registration Ends July 6
LITHO BREMEN: Creditors' Meeting Slated for Aug. 28
MEDI-TEAM AMBULANTER: Claims Registration Ends July 6
ML-METALOG: Claims Registration Ends July 12
MONESTRA GESELLSCHAFT: Creditors' Meeting Slated for July 9
MUELLER & STEVENS: Creditors Must Register Claims by July 9
NR. 1 GMBH: Creditors Must Register Claims by July 2
O + S BESCHICHTUNGSTECHNIK: Creditors' Claims Due June 29
OBERLAND HAUSBAU: Claims Registration Ends July 10
OBJEKTGESELLSCHAFT KANTSTRASSE: Claims Registration Ends July 5
OEM-PLUS-TUNING GMBH: Claims Registration Period Ends June 29
OSWALD HOTELBETRIEBSGESELLSCHAFT: Creditors' Claims Due June 20
P UND F: Claims Registration Ends July 13
PANDATEL AG: Substantial Losses Cue Proposed Liquidation
PERMED GESUNDHEITSPRODUKTE: Claims Registration Ends July 17
PLAUER FLIESENFACHBETRIEB: Claims Registration Ends July 9
PRAVENTAS II: Claims Registration Period Ends July 12
PROJEKTGESELLSCHAFT PADIATRIE: Claims Registration Ends June 22
RENE METZGER: Claims Registration Period Ends July 20
RUNTE GMBH: Claims Registration Period Ends June 27
SAINBACH GMBH: Creditors' Meeting Slated for July 18
SAT SATELLITE: Claims Registration Period Ends June 27
SICHERHEITS-UND: Claims Registration Period Ends June 21
I R E L A N D
W.R. GRACE: Wants to Contribute US$71.8 Mln to Retirement Plans
W.R. GRACE: Inks Settlement Pact with Trumbull Memorial
I T A L Y
ANDREW CORP: Seeks New Buyer After Failed Kimball-Hill Agreement
K Y R G Y Z S T A N
KYRGYZ-SWISS LLC: Creditors Must File Claims by July 11
L U X E M B O U R G
AK BARS: Fitch Rates Upcoming US$1.5-Billion Debt Issue at BB-
EVRAZ GROUP: Fitch Says Yuzhkuzbassugol Buy Won't Affect Ratings
IIB LUXEMBOURG: Fitch Rates Upcoming Eurobonds at Long-Term B
N E T H E R L A N D S
MOSCOW STARS: Moody's Rates US$16.6 Mln Class B Notes at (P)Ba2
P O L A N D
AMERICAN AXLE: S&P Rates Proposed $250 Million Term Loan at BB
R U S S I A
AK BARS: Moody's Assigns Ba2 Rating to Loan Participation Notes
BONDARSKIY CHEESE: Creditors Must File Claims by June 19
CHEKHOVSKIY OJSC:  Creditors Must File Claims by July 19
ETHANOL CJSC: Court Names V. Vederov as Insolvency Manager
EVRAZ GROUP: Fitch Says Yuzhkuzbassugol Buy Won't Affect Ratings
IIB LUXEMBOURG: Fitch Rates Upcoming Eurobonds at Long-Term B
KAMBARSKIY ENGINEERING: Court Names A. Galushko to Manage Assets
KOZULSKIY AGRO-SNAB: Creditors Must File Claims by July 19
KRASNOBORSKAYA LLC: Court Starts Bankruptcy Supervision Process
KRASNOGVARDEYSKIY BUTTER: Asset Sale Slated for June 20
KULIKOVSKOYE OJSC: Bankruptcy Hearing Slated for Aug. 27
MERIDIAN-OIL LLC: Creditors Must File Claims by July 19
MOSCOW STARS: Moody's Rates US$16.6 Mln Class B Notes at (P)Ba2
NOYABRSK-OIL-GAS-STROY: Creditors Must File Claims by June 19
POKROVSKOYE CJSC: Creditors Must File Claims by July 19
SIBERIAN FUEL-ENERGY: Creditors Must File Claims by July 19
SPORT-INVEST LLC: Creditors Must File Claims by July 19
TVERSKOJ HOUSE: Court Names A. Porokhov as Insolvency Manager
ZALESOVSKOYE LLC: Orenburg Bankruptcy Hearing Slated for Aug. 28
S P A I N
TOWER AUTOMOTIVE: Inks Asset Purchase Pact with TA Acquisition
TOWER AUTOMOTIVE: Lexington Wants Adequate Assurance on Lease
S W I T Z E R L A N D
BANQUE DE COMMERCE: Fitch Affirms BB+ Issuer Default Rating
HITAG JSC: Creditors' Liquidation Claims Due July 12
SYMBIONIK LLC: Creditors' Liquidation Claims Due June 20
TOP DATE: Zug Court Starts Bankruptcy Proceedings
TREAMED LLC: Creditors' Liquidation Claims Due July 16
WTN GROUP: Zug Court Starts Bankruptcy Proceedings
T U R K E Y
ALBARAKA TURK: Fitch Lifts Foreign & Local Currency IDR to BB-
DENIZ LEASING: Fitch Affirms BB Foreign Currency IDR
DENIZBANK: Fitch Holds BB Foreign Currency Issuer Default Rating
U K R A I N E
COTTAGE LLC: Claims Filing Deadline Set June 13
KARAT LLC: Claims Filing Deadline Set June 15
KOLOS-2000 LLC: Creditors Must File Claims by June 13
PERETVORIUVACH OJSC: Creditors Must File Claims by June 13
ROSIYA LLC: Claims Filing Deadline Set June 16
TCHETCHELNIK PROVISIONS: Claims Filing Deadline Set June 16
TEPLOMEREZHA: Claims Filing Deadline Set June 13
TRANSMETPROM: Creditors Must File Claims by June 13
UKRPROMBANK: Moody's Rates Local/Foreign Currency Rating at B2
U N I T E D   K I N G D O M
ADVANCED MICRO: Shares Rise as Lehman Ups Target Price
ALL AMERICAN: Completes Sale to Rock River for $15.2 Million
BRITISH AIRWAYS: Increasing Longhaul Fuel Surcharge on June 13
CENTRAL GARDEN: Expects Lower Results for Quarter Ending June 30
CENTRAL GARDEN: James Heim to Continue as Pet Products President
CENTRAL GARDEN: Likely Low Results Prompt S&P’s Negative Watch
DAVIS & CROMBIE: Court to Hear Winding-Up Petition on July 5
DEBT ADVISOR: Taps Insolvency Practitioner; Halts Share Trading
FIRST INSTALL: High Court Orders Business Shutdown
FOCUS DIY: Gets Consent to Waive Interest Payment on Notes
GREAT HALL: Fitch Rates GBP14.25-Million Mortgage Notes at BB
HEXION SPECIALTY: S&P Revises Recovery Ratings on 2nd-Lien Notes
HILTON HOTELS: Selling Embassy Suites Hotel to 1022 Shady
IBOND SECURITIES: Moody's Lifts Ba1 Rating on EUR500 Mln Notes
KRONOS INC: Shareholders Okay Hellman & Friedman Merger Deal
MUTUAL SECURITISATION: Moody's Cuts Rating on Two Bond Classes
OSI RESTAURANT: Moody's Cuts Rating to B1 on Three Bank Loans
PEMBERTON SLATER: Court to Hear Winding-Up Petition on July 5
VIRGIN MEDIA: Expects TV Subscriber Growth in 2nd Quarter 2007


                            *********

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A U S T R I A
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BASSAN & CO: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered May 16 an order shutting down the
business of LLC Bassan & Co (FN 65916k).

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

The estate administrator can be reached at:

         Dr. Stephan Riel
         c/o  Dr. Johannes Jaksch
         Landstrasser Hauptstrasse ½
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 3
(Bankr. Case No 2 S 65/07g).  Johannes Jaksch represents Dr. Riel in the
bankruptcy proceedings.


E-TEAM ELEKTROUNTERNEHMEN: Claims Registration Ends June 27
-----------------------------------------------------------
Creditors owed money by LLC E-Team Elektrounternehmen (FN 50887i) have
until June 27 to file written proofs of claim to court-appointed estate
administrator Katharina Pitzal at:

         Mag. Katharina Pitzal
         c/o Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:10 a.m. on July 11 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 14
(Bankr. Case No. 2 S 67/07a).   Hannelore Pitzal represents Mag. Pitzal
in the bankruptcy proceedings.


JETT TAXI: Claims Registration Period Ends June 26
--------------------------------------------------
Creditors owed money by LLC Jett Taxi (FN 240178d) have until June 26 to
file written proofs of claim to court-appointed estate administrator Ilse
Korenjak at:

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

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16
(Bankr. Case No. 38 S 26/07m).


KA RA FOT: Claims Registration Period Ends June 29
--------------------------------------------------
Creditors owed money by LLC Ka Ra Fot Ilse Breinhoelder (FN 96505w) have
until June 29 to file written proofs of claim to court-appointed estate
administrator Daniel Lampersberger at:

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

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on July 13 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16
(Bankr. Case No. 28 S 54/07f).


ROX BAU: Claims Registration Period Ends June 29
------------------------------------------------
Creditors owed money by LLC Rox Bau (FN 282023s) have until
June 29  to file written proofs of claim to court-appointed estate
administrator Matthias Klissenbauer at:

         Dr. Matthias Klissenbauer
         Gonzagagasse 15/5
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@klissenbauer.com

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:15 a.m. on July 13 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16
(Bankr. Case No. 28 S 55/07b).


SAUBER LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered May 16 an order shutting down the
business of LLC Sauber (FN 218094b).

Court-appointed estate administrator Michael Neuhauser 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. Michael Neuhauser
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 7
(Bankr. Case No 6 S 52/07z).


VARIETAL DISTRIBUTION: Moody's Puts Corp. Family Rating at B3
-------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating to
Varietal Distribution Merger Sub, Inc. (formerly VWR International, Inc.).
Moody's will be withdrawing ratings assigned to VWR International, Inc.,
CDRV Investors, Inc. and
CDRV Investment Holdings Corporation.  The ratings outlook is stable.

This rating action follows a May 2, 2007 announcement that the parent
company of VWR International, Inc., CDRV Investors, Inc. entered into an
agreement and plan of merger among Varietal Distribution Holdings, LLC and
its wholly-owned subsidiary, Varietal.

Under the proposed merger agreement, Varietal will merge with and into
CDRV.  As a result, CDRV will continue as a wholly-owned subsidiary of
Holdings, and Varietal will cease to exist. Thus, the ratings being
assigned to Varietal will become ratings of CDRV once the merger is
completed.

Holdings is an affiliate of Madison Dearborn Partners, LLC, (the
sponsor) which is acquiring Varietal for approximately $3.8 billion,
including the assumption of $2.6 billion of total outstanding debt of: VWR
International, Inc., CDRV Investors, Inc. and CDRV Investment Holdings
Corporation.  Moody's expects that the transaction will be financed with
$2.6 billion of new debt and $1.4 billion of preferred equity.  The total
transaction consideration represents approximately 14.8 times pro-forma
EBITDA of $270 million for the twelve month period ended March 31, 2007.

The B3 Corporate Family Rating reflects the significant level of
outstanding debt relative to the limited cash flow of the new
company.  Although Varietal benefits from the size, stability and
diversity of its distribution business, the company's cash flow is
constrained by low operating margins and high interest expense.  Moody's
also expects minimal debt reduction, and thus very little improvement in
the company's key credit metrics, including cash flow coverage of adjusted
debt and debt/EBITDA, over the next few years.  Moody's also notes that it
is treating 50% of total preferred stock (approximately $700 million) as
debt instead of equity, which further constrains the credit metrics of the
company.

Ratings to be assigned to Varietal Distribution Merger Sub, Inc.:

   -- $250 Multi-Currency Revolving Credit Facility, rated B1,
      LGD-2, 26%;

   -- $715 Million USD Senior Secured Term Loan B, rated B1,
      LGD-2, 26%;

   -- $700 Million Euro Senior Secured Term Loan B, rated B1,
      LGD-2, 26%;

   -- $675 Million Senior Unsecured Notes, rated Caa1, LGD-5,
      73%;

   -- Corporate Family Rating, B3;

   -- Probability of Default Rating, B3;

   -- Speculative Grade Liquidity Rating, SGL-3.

These ratings assigned to VWR International, Inc. will be
withdrawn once the financing is completed:

   -- $175 Million Senior Secured EURO Term Loan, Ba2, LGD2,
      12%;

   -- $415 Million Senior Secured Guaranteed US Dollar Term
      Loan, due 2009, Ba2, LGD2, 12%;

   -- $150 Million Senior Secured Guaranteed Revolver, due 2009,
      Ba2, LGD2, 12%;

   -- $200 Million 6.875% Senior Unsecured Guaranteed Notes, due
      2012, B1, LGD3, 40%;

   -- $320 Million Senior Subordinated Unsecured Notes, due
      2014, B3, LGD4, 62%;

   -- Speculative Grade Liquidity Rating, SGL-2.

These ratings assigned to CDRV Investors, Inc. will be
withdrawn once the acquisition is completed:

   -- $350 Million Senior Floating Rate Notes, Caa1, LGD6, 92%.

These ratings assigned to CDRV Investment Holdings Corporation
will be withdrawn once the acquisition is completed:

   -- $481 Million (face value) Senior Discount Notes, due 2015,
      rated Caa1, LGD5, 79%.

These ratings are subject to Moody's review of the final documentation
associated with this transaction.

Varietal Distribution Merger Sub, Inc. (to be merged with and into CDRV),
headquartered in West Chester, Pennsylvania, is a global leader in the
distribution of scientific supplies, with worldwide sales of $3.26 billion
in 2006.  The company's business is highly diversified across a spectrum
of products and services, customer groups and geography.

Headquartered in West Chester, Pennsylvania, VWR International,
-- http://www.vwr.com-- is engaged in the distribution of
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America, Austria, Mexico and China.


VJ LLC: Claims Registration Period Ends June 29
-----------------------------------------------
Creditors owed money by LLC VJ (FN 279069x) have until June 29 to file
written proofs of claim to court-appointed estate administrator Clemens
Richter at:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:45 a.m. on July 13 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 15
(Bankr. Case No. 28 S 52/07m).


VWR INT’L: Pending Madison Deal Cues S&P to Affirm B Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate credit
rating on VWR International Inc. and removed it from CreditWatch, where it
had been placed with negative implications on May 3, 2007.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'B+' bank loan rating to
Varietal Distribution Merger Sub Inc.'s $250 million senior secured
revolving credit facility maturing 2013 and $1.415 billion senior secured
term loan due 2014.  Standard & Poor's also assigned a recovery rating for
both loans of '2', indicating that lenders can expect substantial
(70%-90%) recovery in the event of a payment default or bankruptcy.  S&P
also assigned a 'CCC+' rating to Varietal's $675 million senior unsecured
notes due 2015, to be privately placed by the company in reliance on Rule
144A.  The senior notes are rated two notches below the 'B' corporate
credit rating as, in bankruptcy, recovery would be materially reduced by
the large amount of secured debt.

"These actions reflect the pending acquisition of VWR by a unit of private
equity sponsor Madison Dearborn Partners LLC from previous owner Clayton,
Dubilier & Rice," explained Standard & Poor's credit analyst David Lugg.
"Although this largely debt-financed transaction will markedly increase
adjusted leverage, the medium term cash requirements are well within VWR's
internal cash generating capacity."

When S&P treat MDP's preferred stock investment as an intermediate equity
content hybrid with 50/50 debt to equity, S&P estimate adjusted debt to
EBITDA will be more than 11x at year-end 2007.  However, the preferred
dividend is pay-in-kind, not cash, and loan amortization is not required
until 24 months after closing.  Moreover, interest payment on the senior
notes can be all cash, 50% cash and 50% pay-in-kind, or 100% pay-in-kind
at the issuer's discretion.  Given VWR's well-established role as one of
two leading distributors of laboratory supplies--a slowly growing but
stable market--Standard & Poor's believes that the company has adequate
capacity to meet cash needs.

The speculative-grade ratings on VWR, a distributor of research laboratory
products, reflect its heavy debt burden and VWR's well-established
position in the stable and attractive laboratory supply market.

Headquartered in West Chester, Pennsylvania, VWR International,
-- http://www.vwr.com/-- is engaged in the distribution of
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America, Austria, Mexico and China.


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B E L G I U M
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CHIQUITA BRANDS: Faces Lawsuit by Murder Victims' Families
----------------------------------------------------------
Families of the 173 people that Colombian terrorist groups allegedly
murdered have filed a lawsuit against Chiquita Brands International Inc.
before the U.S. District Court, District of Columbia, Cary O'Reilly at
Bloomberg News reports.

Bloomberg News' Ms. O'Reilly says that families claimed Chiquita Brands
paid millions of dollars and tried to send machine guns to the
paramilitary group United Self Defense Forces of Colombia.

According to Bloomberg News' Ms. O'Reilly, the relatives are seeking for
unspecified compensation, punitive damages and the names of Chiquita
Brands executives who allowed the payments.

El Tiempo notes that the lawyers claimed damages for an amount of around
US$1 billion.

Terry Collingsworth, the attorney representing the claimants and who is
associated with the International Rights Advocates, told Bloomberg News'
Ms. O'Reilly, "We want to know who made the decisions.  The company is
facing a very small fine, a slap on the risk, for its actions."

The report says that Chiquita Brands pleaded guilty in March 2007 to
charges of funding US$1.7 million to terrorist groups in Colombia from
1997 to 2004.  The company said it made the payment to protect banana
operations and workers.

The paramilitary group is involved in drug trafficking, assassinations,
kidnappings and the murder of civilians in Colombia, where Chiquita Brands
had operations, Bloomberg News' Ms. O'Reilly notes, citing prosecutors in
March 2007.  Chiquita Brands also paid other terrorist groups like the
Revolutionary Armed Forced of Columbia.

Chiquita Brands executives weren't charged.  The firm agreed to be fined
US$25 million to be levied at a sentencing hearing in June.  It also
agreed to cooperate in a Justice Department probe of the payments,
according to Bloomberg News' Ms. O'Reilly.

Chiquita Brands spokesperson said in a statement, "Chiquita Brands
International categorically denies the allegations [in the lawsuit file by
the family of the victims].  We reiterate that Chiquita and its employees
were victims, and that the actions taken by the company were always
motivated to protect the lives of our employees and their families."

The U.S. Department of Justice said in its report, "Castano [a
paramilitary group leader] sent an unspoken but clear message that failure
to make the payments could result in physical harm to Banadex [Chiquita's
Colombian subsidiary] personnel and property."

El Tiempo relates that Chiquita Brands and 10 of its directors would be
considered liable for the murder of 174 persons in Uraba and Magdalena by
the paramilitaries and the Farc during the period when the firm made the
payments.

El Tiempo Washington correspondent Sergio Gomez Maseri, "who claimed to
have received exclusivity" from the attorneys says, "This case concerns
the systematic murder and intimidation of individuals in the banana
growing region at the Gulf of Urabá and in the city of Santa Marta.  The
accused (Chiquita and its employees) contracted, armed and/or directed the
terrorist groups who used extreme violence, murder, torture, detention and
silencing against any individual who was suspected of interfering with the
operations in Colombia of the accused."

Human rights lawyer Paul Wolf and Bob Childs, the chief of a prestigious
Alabaman firm, also represented the families Fresh Plaza states.

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%).


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F R A N C E
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AMC ENTERTAINMENT: Moody's Rates Proposed Sr. Unsec. Debt at B3
---------------------------------------------------------------
Moody's Investors Service changed the outlook for Marquee Holdings Inc.
(parent of AMC Entertainment Inc.) to negative from stable.

Moody's also assigned a B3 rating to its proposed debt at AMC
Entertainment Holdings, Inc., a newly created entity that will
become the parent of Marquee.  The company intends to use proceeds to fund
a dividend to Marquee's current stockholders.

The negative outlook reflects concerns over the increase in leverage to
7.2 times debt-to-EBITDA from 6.7 times (based on estimated results for
the year ended March 31, 2007, and as per Moody's standard adjustments,
which include operating leases). Furthermore, the transaction creates no
value for creditors and represents a reversal from the commitment to
improving Marquee's credit profile that management demonstrated by
repaying debt with proceeds from the National CineMedia transactions.  If
Marquee's debt-to-EBITDA remains in excess of 7 times over the next year,
or if the company does not generate positive free cash flow, Moody's would
likely downgrade the corporate family rating to B2.  Conversely, Moody's
would consider stabilizing the outlook with:

   (1) leverage below 7 times and on track to fall to the low to
       mid 6 times; and

   (2) positive free cash flow.

The B3 rating on the proposed debt incorporates its junior-most
position in the capital structure, and the LGD6 93% reflects its low
recovery prospects as a result of the material amount of claims ranking
senior to it that would have to be repaid first in a default scenario.
This new debt does not benefit from any subsidiary guarantees, nor does it
have a security interest in any assets of the company.  It is structurally
subordinated to all other debt in the capital structure, which, inclusive
of capitalized operating leases, comprises approximately US$5.5 billion.
The introduction of this junior-ranking claim of size to the company's
consolidated capitalization, however, results in an upgrade of the rating
for the higher-ranking (via structural seniority) senior subordinated
notes to B2, from B3, as the LGD estimate is reduced.  All other ratings
were affirmed.  A summary of rating actions follows, including
updated LGD assessments and point estimates to reflect the new capital
structure.

   * Marquee Holdings Inc.

     -- Outlook changed to negative from stable;
     -- Affirmed B1 corporate family rating;
     -- Affirmed B1 probability of default rating.

   * AMC Entertainment Holdings, Inc. (newly created entity)

     -- Assigned B3, LGD6, 93% to proposed Senior Unsecured Bank
        Credit Facility.

   * AMC Entertainment, Inc.

     -- Senior Subordinated Bonds, Upgraded to B2 from B3, LGD5,
        73%;

     -- Affirmed Ba1 on Senior Secured Bank Credit Facility,
        LGD2, 12%;

     -- Affirmed Ba3 on Senior Unsecured Bonds, LGD3, 34%.

   * Marquee Holdings, Inc.

     -- Affirmed B3 on Senior Unsecured Bonds, LGD5, 87%.

The B1 corporate family rating for Marquee continues to reflect high
leverage, sensitivity to product from movie studios, and a weak industry
growth profile, offset by good liquidity and the advantages of scale and
geographic diversity.

                   About Marquee Holdings

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.  Its annual revenue is approximately
US$2.5 billion.

                   About AMC Entertainment

Headquartered in Kansas City, Mo., AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a theatrical exhibition company with
interests in about 382 theatres with 5,340 screens as of Dec. 28, 2006.
About 87 percent of the company's theatres are located in the U.S. and
Canada, and 13 percent in Mexico,
Argentina, Brazil, Chile, Uruguay, Hong Kong, France, and the U.K.


AMC ENTERTAINMENT: Fitch to Rate New $400-Million Loan at CCC
-------------------------------------------------------------
Fitch has affirmed the Issuer Default Ratings of Marquee Holdings Inc. and
its principal operating subsidiary, AMC Entertainment, Inc., at 'B'
following the company's recent announcement.

Fitch expects to rate the new $400 million senior unsecured term facility
'CCC/RR6' and would also expect to rate the potential $275 million senior
unsecured term loan facility 'CCC/RR6' based on their deep structural
subordination in the
capital structure.  The Rating Outlook is Stable.

Marquee Holdings has announced an intention to enter into a five-year $400
million senior unsecured term loan facility at an additional holding
company level, named AMC Entertainment Holdings, Inc., to fund a dividend
payout to Marquee's current shareholders. Neither Marquee or its operating
subsidiary AMC Entertainment or its subsidiaries will be a party to the
transaction.  Simultaneously, Marquee announced a consent
solicitation to amend the indenture of its existing discount notes due
2014 to accommodate a dividend payment of up to $275 million prior to the
next accretion date on Aug. 15, 2007.  If the amendment is approved,
Marquee intends to use cash on hand at AMC Entertainment but also has an
option to fund the dividend by entering into an additional $275 million
senior unsecured term loan facility.  The note holders are offered a 1.44%
consent fee at maturity. Regardless of the results of the
solicitation, entering into the proposed $400 million facility would
trigger a cash interest payout on the discount notes estimated at
approximately $29 million per year beginning on Feb. 15, 2008.  This
announcement follows the suspension of Marquee's IPO on May 3, 2007.

Fitch believes that AMC/Marquee has sufficient financial flexibility at
its current rating to fund the additional debt service payments due to the
recent debt reduction, solid operating performance and expectations for a
continued strong box office performance for the remainder of the summer
season.  In March 2007, the company allocated all proceeds from the
National CineMedia IPO and $109 million in cash toward debt
repayment and fully redeemed approximately $600 million of its higher
coupon operating company senior and subordinated notes.  Therefore, while
the proposed transaction will result in higher consolidated debt levels,
potentially reaching the level prior to the debt reduction, Fitch notes
that the new debt does not affect the default probability and recovery
expectations of the operating company debt ranked higher in the capital
structure.

Liquidity profile may be weakened if the company chooses to fund the $275
million additional dividend with cash on hand at AMC, pending the results
of the consent solicitation.  The company reported a proforma cash balance
of $362 million and $177 of availability under its revolving facility as
of Dec. 28, 2006.

Following the suspension of the AMC IPO in early May 2007, Fitch's ratings
incorporated the potential for another equity offering and a dividend,
albeit a lower one, to the shareholders.  Therefore, Fitch believes that
the announced plan to return capital to the current shareholders is within
the existing and expected financial policies reflected by the
'B' rating.

Fitch affirms these ratings:

  AMC

    -- Issuer Default Rating 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior unsecured notes 'B/RR4';
    -- Senior subordinated notes 'CCC+/RR6'.

  Marquee

    -- Issuer Default Rating 'B';
    -- Senior discount notes 'CCC/RR6'.

The Rating Outlook is Stable.

                 About Marquee Holdings

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.

                  About AMC Entertainment

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the
theatrical exhibition industry.  The company serves more than 250 million
guests annually through interests in 415 theatres and 5,672 screens in 12
countries including the United States, Hong Kong, Brazil and the United
Kingdom.


RHODIA S.A.: Reverse Share Split Takes Effect Today
---------------------------------------------------
Rhodia S.A.'s reverse share split by attributing one new share for 12
existing shares will be effective today, Tuesday,
June 12, 2007.

As of June 12, 2007, Rhodia's registered capital will be of
EUR1,204,231,992, composed of 100,352,666 consolidated shares with a
nominal value of EUR12.

Rhodia's consolidated shares will be traded on Eurolist by Euronext Paris
under « RHA », with ISIN code FR0010479956, as of June 12, 2007,

There will also be a reverse split of the American Depository Receipts on
June 12, 2007.

             Main Terms of the Reverse Share Split

Shares forming a multiple of 12 will be automatically exchanged for
consolidated shares.

Shareholders who do not possess a number of shares exactly divisible by 12
are responsible for taking the necessary action to purchase or sell the
balance of shares.  Rhodia will pay transaction costs incurred up to an
amount of EUR7 (taxes included) per file for shareholders holding shares
in bearer or registered form until July 27, 2007.  Transaction costs
incurred by shareholders holding registered shares as at May 25, 2007,
will be totally covered.

Unconsolidated Rhodia shares will continue to be traded on Eurolist by
Euronext Paris under « RHANR », with ISIN code FR0000120131 for a period
of six months from the start of the reverse stock split or until Dec. 12,
2007.

At the expiry of this period, existing shares forming fractional shares
may be traded in private transactions through financial intermediaries
holding shareholders' accounts up to and including June 11, 2009.

After the expiry of a two-year period following the start of the reverse
share split and the publication of a notice in a financial newspaper, or
by June 12, 2009, consolidated shares not reclaimed by their holders will
be sold in the market and the net proceeds of the sale will be held on
behalf of such holders for 10 years in a blocked bank account at BNP
Paribas Securities Services.  At the expiry of 10 years, the outstanding
sums due to such holders will be transferred to the Caisse des Depots et
Consignations and will remain at the holders' disposal subject to the
thirty year statute of limitations period, after which the sums revert to
the Republic of France.

                           About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable. Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
InvestorsService upgraded Rhodia S.A. corporate family rating to
Ba3 and assigned Probability-of-Default rating for the group at
Ba3; Moody's also upgraded senior secured notes at Rhodia S.A.
to B1 and assigned LGD assessment at LGD4 (69%).  The proposed
convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


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


AL HAUSTECHNIK: Creditors' Meeting Slated for July 9
----------------------------------------------------
The court-appointed insolvency manager for AL Haustechnik Allard & Loch
GmbH, Thomas Heimes will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on July 9.

The meeting of creditors and other interested parties 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 at 8:45 a.m. on Aug. 20 at the same venue.

Creditors have until July 23 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Heimes
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany
         Tel: (0681) 41010
         Fax: (0681) 4101 279

The District Court of Saarbruecken opened bankruptcy proceedings against
AL Haustechnik Allard & Loch GmbH on May 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AL Haustechnik Allard & Loch GmbH
         Attn: Joachim Allard and Ludwig Loch, Managers
         Lothringer Str. 22
         66787 Wadgassen
         Germany


ARNIC CONSULTING: Claims Registration Period Ends July 6
--------------------------------------------------------
Creditors of ARNIC Consulting GmbH have until July 6 to register their
claims with court-appointed insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend the
meeting at 8:25 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

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

The Debtor can be reached at:

         ARNIC Consulting GmbH
         Attn:  Przemyslaw Gorecki, Manager
         Podbielskistr. 122
         30177 Hannover
         Germany


BARTELS & BUSCH: Claims Registration Period ends June 29
--------------------------------------------------------
Creditors of Bartels & Busch Hanseatische Moebelspedition GmbH Stralsund
have until June 29 to register their claims with court-appointed
insolvency manager Nils Eggers.

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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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:

         Nils Eggers
         Lange Strasse 50
         18311 Ribnitz-Damgarten
         Germany

The District Court of Stralsund opened bankruptcy proceedings against
Bartels & Busch Hanseatische Moebelspedition GmbH Stralsund on May 29.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bartels & Busch Hanseatische
         Moebelspedition GmbH Stralsund
         Lindenstrasse 142
         18435 Stralsund
         Germany


CONCRET VERMITTLUNGS: Claims Registration Period Ends July 11
-------------------------------------------------------------
Creditors of ConCret Vermittlungs- und Verwaltungsgesellschaft fuer
Geschaftsimmobilien mbH have until July 11 to register their claims with
court-appointed insolvency manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 22, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt(Main)
         Germany
         Tel: 069/9623340
         Fax: 069/96233422
         Web site: http://www.brinkmann-partner.de/

The District Court of Frankfurt (Main) opened bankruptcy proceedings
against ConCret Vermittlungs- und Verwaltungsgesellschaft fuer
Geschaftsimmobilien mbH on May 29.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ConCret Vermittlungs- und Verwaltungsgesellschaft fuer
         Geschaftsimmobilien mbH
         Attn: Walter Mueller, Manager
         Fahrbruecke 1
         18439 Stralsund
         Germany


DAIMLERCHRYSLER: Warrant Holder Wants to Exercise Right to Trust
----------------------------------------------------------------
DaimlerChrysler AG disclosed that the U.S. Bank Trust National
Association, Trustee, has received notice that the call warrant holder has
exercised its right to purchase the assets of the Trust on June 12, 2007.

The notice was in connection to the Standard Terms for Trust Agreements
dated as of Jan. 16, 2001, as supplemented by the Series Supplement,
DaimlerChrysler Debenture-Backed Series
2004-3 Trust, dated as of Feb. 11, 2004 in respect of the Corporate Backed
Trust Certificates, DaimlerChrysler Debenture-Backed Series 2004-3 with
Lehman ABS Corporation, as depositor.

If the Trustee receives the call price by 10:00 a.m. on the Redemption
Date, then the certificates issued by the Trust will be redeemed in full
on the Redemption Date at a price of $25 principal plus $0.36579306
accrued interest to the Redemption Date per Trust Certificate.

No interest will accrue on the Certificates after the Redemption Date.  If
the Trustee does not receive the Call Price, then (i) the Certificates
issued by the Trust will continue to accrue interest as if no exercise
notice had been given and (ii) the call warrant holder may elect to
deliver a conditional notice of exercise in the future.

For more information about this conditional redemption, please contact
David J. Kolibachuk of U.S. Bank Trust National Association at
212-361-2459.

                      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.


DAIMLERCHRYSLER AG: Reports 4% Boost in U.S. Sales for May 2007
---------------------------------------------------------------
DaimlerChrysler AG reported total group sales of 221,164 passenger
vehicles in the U.S. for May 2007, a 4 percent increase compared to May
2006.

Chrysler Group, consisting of the Chrysler, Jeep and Dodge brands, posted
sales of 199,393 vehicles in the U.S., an increase of 4 percent.  In May,
total Dodge brand sales were up 3 percent and total Jeep brand sales
increased 20 percent.  Vehicles with significant impact for the month
include the all-new compact SUV Jeep Patriot increasing sales 55 percent
month-over-month, and the continually successful Jeep Wrangler rising 114
percent year-over-year.  Following its most aggressive product launch in
company history of 10 all-new vehicles in 2006, Chrysler Group continues
its product offensive with the launch of eight all-new vehicles in 2007.

Mercedes-Benz USA recorded its highest May on record with sales of 21,771
units, an increase of 1 percent over the 21,621 vehicles sold in May 2006.
May sales bring the brand's year-to-date sales to 98,651, a 5 percent
increase over sales over the same period in 2006, demonstrating the best
year-to-date for Mercedes-Benz.

                      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.


DAIMLERCHRYSLER AG: Chrysler Group May 2007 U.S. Sales Rise 4%
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group reported sales for May 2007 of 199,393
units, up 4 percent compared to May 2006 with 191,261.

"Chrysler Group increased overall sales in May based on a strong retail
performance and while fleet sales were down," said Darryl Jackson, Vice
President for U.S. Sales.  "Especially our new offerings in the car
segment continued to gain momentum, supported by the fuel economy message
of our ‘Maximize Your Miles’ program.  Driven by models like the Chrysler
Sebring, Dodge Avenger and Dodge Caliber, the company’s car sales
increased 15 percent over the previous year."

Chrysler brand car sales in May were up 22 percent year-over-year, while
Dodge brand car sales increased 11 percent.  Chrysler Group’s offerings in
the car segment include the Chrysler Sebring Sedan and Sebring
Convertible, Chrysler 300, Dodge Avenger, Dodge Caliber and Dodge Charger.

Jeep brand sales continued to increase in May after an already strong
April and posted a gain of 20 percent over the previous year.  This result
was driven by the continuously strong Jeep Wrangler and the Jeep Patriot.
Jeep Wrangler and Wrangler Unlimited posted sales of 12,332 units, an
all-time record for the month of May and up 114 percent compared to May
2006 with 5,754 units.  The Jeep Patriot also continued its momentum and
finished May with sales of 4,504 units, up 55 percent from April 2007.
The vehicle is one of Chrysler Group’s recently introduced models that
achieve 30 miles per gallon or better in highway driving.

The Chrysler Sebring Convertible posted sales of 3,082 units in the second
month of availability of the 2008 model, an increase of 113 percent over
April 2007.  The redesigned model offers what no other convertible has
offered before — three automatically latching convertible top options:
vinyl, cloth and a body-color painted steel retractable hard top, all of
which can be retracted with a push of a button on the key fob.

Sales of the Dodge brand increased in May by 3 percent, fueled by strong
demand for the Dodge Ram pick up truck.  The model finished May with sales
of 31,327 units, up 6 percent year-over-year in a highly competitive
segment and on the heels of four already very successful months in 2007.

"As our strong car sales in May demonstrate, the recently launched
‘Maximize Your Miles’ program resonates well with customers and will be
continued in June," said Michael Keegan, Vice President for Volume
Planning and Sales Operations.  "Facing continued pressure on gas prices,
the program communicates Chrysler Group’s fuel economy message across all
three of our brands and offers customers a great value package based on
low-rate financing plus additional bonus cash."

Chrysler Group finished the month with 479,501 units of inventory, or a
63-day supply.  Inventory is down by 19 percent compared to May 2006 when
it was at 592,486 units.

                      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.


DELPHI CORP: Court Approves $10.5 Million Umicore Settlement
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York gave its
stamp of approval to the settlement agreement entered into by Delphi Corp.
and its debtor-affiliates with Umicore Autocat Canada Corp.

As reported in the Troubled Company Reporter on May 25, 2007, in October
2005, Umicore submitted a demand to the Debtors
asserting a reclamation claim for $2,742,819.

In July 2006, Umicore filed Claim No. 12924 against Delphi
Automotive Systems, LLC, asserting a $10,671,101 unsecured non-
priority claim and an unliquidated unsecured priority claim for
goods and services delivered to DAS.

Upon review of their books and records and the supporting
documentation provided by Umicore, the Debtors have determined
that they only owe Umicore $10,558,893.

After arm's-length bargaining, the Parties arrived at a
settlement agreement that provides for the full resolution of
Umicore's Claims.

Under the Settlement Agreement, the Debtors agree to allow Claim
No. 12924 as a prepetition general unsecured non-priority claim
for $10,558,893, without further defense, set-off or reduction.
For its part, Umicore agrees to withdraw its Reclamation Demand
with prejudice.

The Settlement Agreement will avoid costly litigation of
Umicore's Claims, John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, tells the Court.

The Debtors aver that the Settlement Agreement is in the best
interest of their estates and their creditors.

                     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, France, and Germany.

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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The Debtors'
exclusive plan-filing period expires on July 31, 2007.  (Delphi
Corporation Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Wants to Further Employ Ernst & Young as Auditors
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the United States Bankruptcy
Court for the Southern District of New York for authority to employ Ernst
& Young LLP as their independent auditors and accounting advisors nunc pro
tunc to March 1, 2007, to:

  (a) perform an audit of their consolidated financial
      statements and internal control over financial reporting
      for the year ending December 31, 2007; and

  (b) provide them with accounting and auditing advisory and
      research services in connection with various accounting
      matters.

                 Previous Request to Employ

As previously reported, the Debtors obtained the Court's
permission to hire Ernst & Young LLP as their independent
auditors, accountants, and tax advisors effective nunc pro tunc
to January 1, 2006.

Since that time, Ernst & Young has performed an audit of the
Debtors' financial statements and internal control over financial
reporting for the year ending December 31, 2006, John D. Sheehan, Delphi
Corp.'s vice president and chief restructuring officer, informs the Court.

                            Fees

All services to be provided by Ernst & Young will be screened by
Delphi's audit committee to ensure that Ernst & Young complies
with the independence standards of applicable rules and
regulations, Mr. Sheehan relates.

The Debtors will pay Ernst & Young an estimated $7.2 million domestic fee,
plus expenses, for audit services.  For additional
accounting advisory services, the Debtors will pay Ernst & Young
in accordance with the firm's hourly rates:

        Professional              Hourly Rate
        ------------              -----------
        Partner                   $550 - $800
        Senior Manager            $425 - $675
        Manager                   $330 - $515
        Senior                    $250 - $415
        Staff                     $135 - $220
        Client Service Associate   $75 - $140

In accordance its engagement letter with the Debtors, Ernst &
Young may subcontract a portion of its responsibilities to its
affiliates without the Debtors' prior written approval.  E&Y
will, however, remain fully and solely responsible for all of its
liabilities and obligations under the Engagement Letter,
regardless of who performs the duties.

Ernst & Young is well-qualified and well-experienced to serve as
the Debtors' independent auditors and accountants, Mr. Sheehan
tells the Court.  E&Y, he points out, is very familiar with the
Debtors' accounting, financial control and reporting, and other
financial processes.

The Debtors aver that Ernst & Young's fees are fair and
reasonable in light of industry practice, market rates both
inside and outside of Chapter 11 cases, E&Y's experience in
reorganizations, and the firm's importance to the bankruptcy
cases.

Kevin F. Asher, a partner at Ernst & Young LLP, assures the Court that
Ernst & Young is "disinterested" as that term is defined in Section
101(14) of the Bankruptcy Code, and is eligible to be retained under
Section 327(a) of the Bankruptcy Code.

                     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, France, and Germany.

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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The Debtors'
exclusive plan-filing period expires on July 31, 2007.  (Delphi
Corporation Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FRANZ UND WILLI: Claims Registration Period Ends June 28
--------------------------------------------------------
Creditors of Franz und Willi Lammert GmbH have until June 28 to register
their claims with court-appointed insolvency manager Dirk Andres.

Creditors and other interested parties are encouraged to attend the
meeting at 10:05 a.m. on July 19, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Andres
         Grabenstr. 28
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings against Franz
und Willi Lammert GmbH on May 29.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Franz und Willi Lammert GmbH
         Attn: Timo Schmiedel, Manager
         Barbarossastr. 15
         58636 Iserlohn
         Germany


GAMPIA GMBH: Claims Registration Period Ends July 5
---------------------------------------------------
Creditors of Gampia GmbH have until July 5 to register their claims with
court-appointed insolvency manager Stephan Schlegel.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 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 Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/93940
         Fax: 06173/939420

The District Court of Frankfurt (Main) opened bankruptcy proceedings
against Gampia GmbH on May 25.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Gampia GmbH
         Attn: Hong-Young Lee, Manager
         Mergenthalerallee 77
         65760 Eschborn
         Germany


GEWERBEHOF ALSFELD: Claims Registration Period Ends June 29
-----------------------------------------------------------
Creditors of Gewerbehof Alsfeld GmbH have until June 29 to register their
claims with court-appointed insolvency manager Dirk Pfeil.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on July 26, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 405
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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:

         Dirk Pfeil
         Eschersheimer Landstr. 60-62
         D 60322 Frankfurt
         Germany
         Tel: 069/153096-0
         Fax: 069/15309666

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

The Debtor can be reached at:

         Gewerbehof Alsfeld GmbH
         Einsteinplatz 5
         36304 Alsfeld
         Germany


HANSE LLOYD: Claims Registration Period Ends July 4
---------------------------------------------------
Creditors of Hanse Lloyd GmbH have until July 4 to register their claims
with court-appointed insolvency manager Reiner Linck.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Aug. 15, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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:

         Reiner Linck
         Paulstrasse 44
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Hanse Lloyd GmbH
         Attn: Gerd Breitsprecher, Manager
         Godeke-Michels-Str. 3
         18147 Rostock
         Germany


HEIZUNGSBAU CHRISTIAN: Claims Registration Period Ends July 5
-------------------------------------------------------------
Creditors of Heizungsbau Christian Nies GmbH have until July 5 to register
their claims with court-appointed insolvency manager Ralf Sinz.

Creditors and other interested parties are encouraged to attend the
meeting at 1:30 p.m. on July 26, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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. Ralf Sinz
          Zeughausstrasse 28-38
          50667 Cologne
          Germany
          Tel: 0221/9212223
          Fax: 0221/9212221

The District Court of Siegen opened bankruptcy proceedings against
Heizungsbau Christian Nies GmbH on May 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Heizungsbau Christian Nies GmbH
         Friedrichstr. 21
         57462 Olpe
         Germany

         Attn: Thomas Werner, Manager
         Stauffenbergring 4
         57462 Olpe
         Germany


K & P BRANDSCHUTZTECHNIK: Creditors Meeting Slated for Aug. 24
--------------------------------------------------------------
The court-appointed insolvency manager for K & P Brandschutztechnik GmbH,
Carl Wiegand, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:02 a.m. on Aug. 24.

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

         The District Court of Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 10:01 a.m. on Oct. 12 at the same venue.

Creditors have until Aug. 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Carl Wiegand
         Kempener Strasse 27
         47839 Krefeld
         Germany
         Tel: 02151-74810
         Fax: +4902151748120

The District Court of Krefeld opened bankruptcy proceedings against K & P
Brandschutztechnik GmbH on May 24.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         K & P Brandschutztechnik GmbH
         Sterkenhofweg 12
         47807 Krefeld
         Germany


K.W.R. LOGISTIK: Claims Registration Ends July 6
------------------------------------------------
Creditors of K.W.R. Logistik GmbH have until July 6 to register their
claims with court-appointed insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend the
meeting at 9:10 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         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. Biner Bahr
         Bundeskanzlerplatz 2-10
         53113 Bonn
         Germany
         Tel: 0228-9727121 oder 0211-540680-192
         Fax: 02289727122 oder 0211-540680199

The District Court of Bonn opened bankruptcy proceedings against K.W.R.
Logistik GmbH on May 23.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          K.W.R. Logistik GmbH
          Emmy Beckmann Weg 22b
          22455 Hamburg
          Germany


LITHO BREMEN: Creditors' Meeting Slated for Aug. 28
---------------------------------------------------
The court-appointed insolvency manager for litho bremen nord GmbH, Kai
Norden will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:15 a.m. on Aug. 28.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 10:15 a.m. on Oct. 25 at the same venue.

Creditors have until Sept. 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Kai Norden
         Am Sedanplatz 2
         28757 Bremen
         Germany
         Tel: 0421/66006-0
         Fax: 0421/66006-40
         E-Mail: inso@lohsin-partner.de
         Web: www.lohsin-partner.de

The District Court of Bremen opened bankruptcy proceedings against litho
bremen nord GmbH on May 29.  Consequently, all pending proceedings against
the company have been automatically stayed.


The Debtor can be reached at:

         litho bremen nord GmbH
         Am Heidbergstift 43-45
         28717 Bremen
         Germany


MEDI-TEAM AMBULANTER: Claims Registration Ends July 6
-----------------------------------------------------
Creditors of Medi-Team Ambulanter Pflegedienst GmbH have until July 6 to
register their claims with court-appointed insolvency manager Karsten
Toetter.

Creditors and other interested parties are encouraged to attend the
meeting at 12:40 p.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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings against
Medi-Team Ambulanter Pflegedienst GmbH on May 29.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Medi-Team Ambulanter Pflegedienst GmbH
          Bramfelder Chaussee 355
          22175 Hamburg
          Germany


ML-METALOG: Claims Registration Ends July 12
--------------------------------------------
Creditors of ML-metalog GmbH have until July 12 to register their claims
with court-appointed insolvency manager Dr. Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 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 Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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. Wolfgang Koehler
          Marktstrasse 22
          59555 Lippstadt
          Germany

The District Court of Arnsberg opened bankruptcy proceedings against
ML-metalog GmbH on May 24.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          ML-metalog GmbH
          Wiebusch 14
          59581 Warstein
          Germany


MONESTRA GESELLSCHAFT: Creditors' Meeting Slated for July 9
-----------------------------------------------------------
The court-appointed insolvency manager for Monestra Gesellschaft fuer die
Verwaltung und Betreuung von Grundbesitz mbH & Co. Giesendorfer Strasse
KG, Dr. Juergen Spliedt will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:25 a.m. on July 9.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 10:00 a.m. on Oct. 1 at the same venue.

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy proceedings against
Monestra Gesellschaft fuer die Verwaltung und Betreuung von Grundbesitz
mbH & Co. Giesendorfer Strasse KG on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.


The Debtor can be reached at:

         Monestra Gesellschaft fuer die Verwaltung und Betreuung
         von Grundbesitz
         mbH & Co. Giesendorfer Strasse KG
         Einemstrasse 16
         10785 Berlin
         Germany


MUELLER & STEVENS: Creditors Must Register Claims by July 9
-----------------------------------------------------------
Creditors of Mueller & Stevens A GmbH have until July 9 to register their
claims with court-appointed insolvency manager Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Aug. 20, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Martin Dreschers
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

The District Court of Aachen opened bankruptcy proceedings against Mueller
& Stevens A GmbH on May 21.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Mueller & Stevens A GmbH
         Willy-Brandt-Ring 6
         52146 Wuerselen

         Maritta Mueller
         Willy-Brandt-Ring 6
         52146 Wuerselen
         Germany


NR. 1 GMBH: Creditors Must Register Claims by July 2
----------------------------------------------------
Creditors of Nr. 1 GmbH have until July 2 to register their claims with
court-appointed insolvency manager
Christian Schuetze.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on Aug. 8, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Christian Schuetze
         Hohenzollernstrasse 124 – 126
         Germany
         41061 Moenchengladbach
         Tel: 02161 / 4060280
         Fax: 02161 / 40602820

The District Court of Moenchengladbach opened bankruptcy proceedings
against Nr. 1 GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Nr. 1 GmbH
         Juelicher Strasse 10 – 12
         41812 Erkelenz
         Germany

         Attn: Ian Paul Grimble
         Wassenberger Strasse 154
         52525 Heinsberg
         Germany


O + S BESCHICHTUNGSTECHNIK: Creditors' Claims Due June 29
---------------------------------------------------------
Creditors of O + S Beschichtungstechnik GmbH have until June 29 to
register their claims with court-appointed insolvency manager Axel Kulas.

Creditors and other interested parties are encouraged to attend the
meeting at 1:00 a.m. on July 12, 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
         Hall 13
         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:

         Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany

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

The Debtor can be reached at:

         O + S Beschichtungstechnik GmbH
         Wachtelhau 10
         72488 Sigmaringen
         Germany


OBERLAND HAUSBAU: Claims Registration Ends July 10
--------------------------------------------------
Creditors of Oberland Hausbau GmbH have until July 10 to register their
claims with court-appointed insolvency manager Birgitt Breiter.

Creditors and other interested parties are encouraged to attend the
meeting at 8:30 a.m. on Aug. 16, at which time the insolvency manager will
present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Halll 3/I
         Bahnhofstrasse 18
         Wolfratshausen
         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:

         Birgitt Breiter
         Marktplatz 18
         83607 Holzkirchen
         Germany
         Tel: 08024/3058-0
         Fax: 08024/305820

The District Court of Wolfratshausen opened bankruptcy proceedings against
Oberland Hausbau GmbH on May 30.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Oberland Hausbau GmbH
         Badstr. 39
         83714 Miesbach
         Germany


OBJEKTGESELLSCHAFT KANTSTRASSE: Claims Registration Ends July 5
---------------------------------------------------------------
Creditors of Objektgesellschaft Kantstrasse mbH have until
July 5 to register their claims with court-appointed insolvency manager
Martin Schoebe.

Creditors and other interested parties are encouraged to attend the
meeting at 8:15 a.m. on Aug. 30, 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 Rosenheim
         Hall 108
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany
         Tel: 089/189377-0
         Fax: 089/189377-50

The District Court of Rosenheim opened bankruptcy proceedings against
Objektgesellschaft Kantstrasse mbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Objektgesellschaft Kantstrasse mbH
         Heilig-Geist-Str. 44
         83022 Rosenheim
         Germany


OEM-PLUS-TUNING GMBH: Claims Registration Period Ends June 29
-------------------------------------------------------------
Creditors of OEM-plus-tuning GmbH have until June 29 to register their
claims with court-appointed insolvency manager Sandra Bitter.

Creditors and other interested parties are encouraged to attend the
meeting at 9:50 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 230a
         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:

         Sandra Bitter
         Liboriberg 21
         33098 Paderborn
         Germany
         Tel: 05251/ 180660
         Fax: 05251 / 1806666

The District Court of Paderborn opened bankruptcy proceedings against
OEM-plus-tuning GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         OEM-plus-tuning GmbH
         Attn: Alexander Mueller, Manager
         Emmerkertor Str. 17
         34434 Borgentreich
         Germany


OSWALD HOTELBETRIEBSGESELLSCHAFT: Creditors' Claims Due June 20
---------------------------------------------------------------
Creditors of Oswald Hotelbetriebsgesellschaft mbH have until June 20 to
register their claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend the
meeting at 11:30 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency manager's
report 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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Oswald Hotelbetriebsgesellschaft mbH on
May 21.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oswald Hotelbetriebsgesellschaft mbH
         Mahlsdorfer Str. 61 a
         15366 Hoppegarten OT Hoenow
         Germany


P UND F: Claims Registration Ends July 13
-----------------------------------------
Creditors of P und F Dachdecker - Zimmerer - und Hochbau GmbH have until
July 13 to register their claims with court-appointed insolvency manager
Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 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 Cottbus
         Hall 210
         Gerichtsplatz 2
         03046 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. Bruno M. Kuebler
         Nieritzstr. 14
         01097 Dresden
         Germany
         Web site: http://www.Kuebler-gbr.de/

The District Court of Cottbus opened bankruptcy proceedings against P und
F Dachdecker - Zimmerer - und Hochbau GmbH on
May 30.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         P und F Dachdecker - Zimmerer - und Hochbau GmbH
         Peter Doell, Manager
         Heinrich-Werner-Strasse 1 a
         03149 Forst
         Germany


PANDATEL AG: Substantial Losses Cue Proposed Liquidation
--------------------------------------------------------
Dowslake Venture Ltd., the majority shareholder of Pandatel AG, requests
to include these items into the agenda of its annual general meeting:

   -- the company will be dissolved.  Liquidation year is the
      calendar year; the first liquidation year is a shortened
      fiscal year and ends Dec. 31, 2007.

   -- Dr. Ebner, Dr. Stolz & Partner
      Wirtschaftspruefungsgesellschaft, Stuttgart, Hanover
      subsidiary, are appointed auditors and group auditors for
      the shortened fiscal year until liquidation, for the
      liquidation opening balance and for the shortened
      liquidation year ending at Dec. 31, 2007.

The company has booked substantial losses during the past years.  Despite
the restructuring implemented, it can no longer expect that the company
will operate profitably given its obsolescent product portfolio.

Therefore, the liquidation is necessary in order to pay out to the
shareholders at least the remaining authorized capital or the available
liquidity respectively.

The company will consider the application without delay and decide on its
further actions.

Dowslake Venture has bought majority shareholding of Pandatel  at the end
of 2005 for the strategic reason that, if the merger of the two companies
could occur, the merged entity could become a strong market leader in
providing compact networking gears from the core to the access networks.

However, the unfriendly business environment and Pandatel being a publicly
traded company made the merger fall apart.  Dowslake Venture does not see
opportunities for substantial return on the investment while millions are
spent for legal and professional cost.  The management has also been
constantly distracted from leading the business and serving customers.  As
consequence, while Pandatel still has good liquidity thanks to the drastic
cut in the past year, Dowslake Venture called for the liquidation in order
to avoid further losses.

Dowslake Microsystems and Pandatel have a joint sales and marketing
agreement in place providing Dowslake Microsystems full right to continue
to serve its full customer base.

Headquartered in Hanover, Germany, Pandatel AG – http://www.pandatel.com/
-- specializes in Ethernet technologies.


PERMED GESUNDHEITSPRODUKTE: Claims Registration Ends July 17
------------------------------------------------------------
Creditors of PERmed Gesundheitsprodukte GmbH have until July 17 to
register their claims with court-appointed insolvency manager Dr. jur.
Rainer Eckert.

Creditors and other interested parties are encouraged to attend the
meeting at 8:15 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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

The Debtor can be reached at:

         PERmed Gesundheitsprodukte GmbH
         Mailander Str. 2
         30539 Hannover
         Germany

         Attn: Hilfried Thomas Stephan Pieper, Manager
         Muehlenstr. 14
         24975 Huerup
         Germany


PLAUER FLIESENFACHBETRIEB: Claims Registration Ends July 9
----------------------------------------------------------
Creditors of Plauer Fliesenfachbetrieb- Verwaltungs GmbH have until July 9
to register their claims with court-appointed insolvency manager Bettina
Schmudde.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 6, at which time the insolvency manager will
present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings against
Plauer Fliesenfachbetrieb- Verwaltungs GmbH on May 16.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Plauer Fliesenfachbetrieb- Verwaltungs GmbH
         Attn: Frank Blume, Manager
         Schulstrasse 49
         19395 Plau am See
         Germany


PRAVENTAS II: Claims Registration Period Ends July 12
-----------------------------------------------------
Creditors of PRAVENTAS II priv. Institut fuer Gesundheitssport GmbH have
until July 12 to register their claims with court-appointed insolvency
manager Ingo Thurm.

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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Ingo Thurm
         Aegidientorplatz 2 B
         30159 Hannover
         Germany
         Tel: 0511/475577-47
         Fax: 0511/475577-99

The District Court of Hameln opened bankruptcy proceedings against
PRAVENTAS II priv. Institut fuer Gesundheitssport GmbH on May 23.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         PRAVENTAS II priv. Institut fuer Gesundheitssport GmbH
         Attn: Jacek Laskowski, Manager
         Ronnenberger Strasse 24
         30952 Ronnenberg
         Germany


PROJEKTGESELLSCHAFT PADIATRIE: Claims Registration Ends June 22
---------------------------------------------------------------
Creditors of Projektgesellschaft Padiatrie und Frauenklinik Winterberg
GmbH have until June 22 to register their claims with court-appointed
insolvency manager Klaus Hassdenteufel.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Klaus Hassdenteufel
         Kardinal-Wendel-Strasse 12
         66440 Blieskastel
         Germany
         Tel: (06842) 4021
         Telefax: (06842) 3962

The District Court of Saarbruecken opened bankruptcy proceedings against
Projektgesellschaft Padiatrie und Frauenklinik Winterberg GmbH on May 24.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Projektgesellschaft Padiatrie und Frauenklinik
         Winterberg GmbH
         Halbergstr. 23
         66121 Saarbruecken
         Germany

         Attn: Ursula Krauser, Manager
         Mozartstr. 1
         66271 Kleinblittersdorf
         Germany


RENE METZGER: Claims Registration Period Ends July 20
-----------------------------------------------------
Creditors of Rene Metzger Heizungs-Sanitar GmbH have until
July 20 to register their claims with court-appointed insolvency manager
Thomas Kehe.

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

The meeting of creditors will be held at:

         The District Court of Goslar
         House II
         Kaiserbleek 8
         38640 Goslar
         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 Kehe
         Braunschweiger Str. 15a
         D 38723 Seesen
         Germany
         Tel: 05381/93 56-0
         Fax: 05381/93 56 44

The District Court of Goslar opened bankruptcy proceedings against Rene
Metzger Heizungs-Sanitar GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Rene Metzger Heizungs-Sanitar GmbH
         Attn: Rene Metzger, Manager
         Im Toelletal 24
         38685 Langelsheim
         Germany

         Attn: Rene Metzger, Manager
         Breite Str. 36
         38667 Bad Harzburg
         Germany


RUNTE GMBH: Claims Registration Period Ends June 27
---------------------------------------------------
Creditors of Runte GmbH have until June 27 to register their claims with
court-appointed insolvency manager Winfrid Andres.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 8, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Runte GmbH
         Attn: Ruediger Runte, Manager
         Hunnenboke 9
         44357 Dortmund
         Germany


SAINBACH GMBH: Creditors' Meeting Slated for July 18
----------------------------------------------------
The court-appointed insolvency manager for Sainbach GmbH & Co. KG, Dr.
Wolfgang Pieper, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:15 a.m. on July 18.

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

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 10:00 a.m. on Aug. 29 at the same venue.

Creditors have until July 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Pieper
         Jahnstr. 74
         63743 Aschaffenburg
         Germany
         Tel: 06028/997718
         Fax: 06028-997719

The District Court of Aschaffenburg opened bankruptcy proceedings against
Sainbach GmbH & Co. KG on May 22.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Sainbach GmbH & Co. KG
         Stengerstr. 9
         63741 Aschaffenburg
         Germany

SAT SATELLITE: Claims Registration Period Ends June 27
------------------------------------------------------
Creditors of SaT Satellite and Transfer GmbH have until June 27 to
register their claims with court-appointed insolvency manager Andre
Loeffler.

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

The meeting of creditors will be held at:

         Magdeburg Justice Center
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         SaT Satellite and Transfer GmbH
         Halberstadter Strasse 128
         39112 Magdeburg
         Germany

         Attn: Klaus Steyer, Manager
         Bachgasse 49
         64625 Bensheim-Auerbach
         Germany


SICHERHEITS-UND: Claims Registration Period Ends June 21
--------------------------------------------------------
Creditors of Sicherheits- und Bewachungsunternehmen GmbH have until June
21 to register their claims with court-appointed insolvency manager
Michael Schoor.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on July 19, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Telefax: 0341/4903699
         E-mail: leipzig@pluta.net

The District Court of Leipzig opened bankruptcy proceedings against
Sicherheits- und Bewachungsunternehmen GmbH on May 16.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sicherheits- und Bewachungsunternehmen GmbH
         Attn: Sonja Hackenberg, Manager
         Fritz-Siemon-Strasse 15
         04347 Leipzig
         Germany


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


W.R. GRACE: Wants to Contribute US$71.8 Mln to Retirement Plans
--------------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates asks the United States
Bankruptcy Court for the District of Delaware for permission to make
contributions to defined benefit retirement plans covering their employees
in the United States required under federal law for the period from July
15, 2007, to
April 15, 2008.

The total of the legally required minimum contributions for the
2007-2008 Funding Period is approximately $72,000,000, James E.
O'Neill, Esq., at Pachulski Stang Ziehl Young Jones & Weintraub,
LLP, in Wilmington, Delaware, tells the Court.

The funded status of the Grace Retirement Plans has improved;
however, the Plans are still underfunded by most accepted
measures, according to Mr. O'Neill.

The funding approach for the 2007-2008 Funding Period is to make
only those contributions to the Grace Retirement Plans that are
necessary to satisfy the minimums that are legally required by
applicable law.  Each contribution will be made no sooner than
one month before the deadline imposed by federal law.

For the 2007-2008 Contribution, the Debtors will follow this
schedule:

  Payment Due Date      Contributions      Plan Year
  ----------------      -------------      ---------
  July 15, 2007            $8,982,359         2007
  September 15, 2007       15,343,157         2006
  October 15, 2007         14,830,385         2007
  January 15, 2007         14,830,385         2007
  April 15, 2007           17,873,596         2008
                        -------------
  Total Contribution      $71,859,882
                        =============

No changes are anticipated in applicable federal law that could
affect the amount of the minimum contributions required to be
made to the Grace Retirement Plans during the 2007-2008 Funding
Period, except with respect to the first quarterly contribution
for the 2008 plan year due April 15, 2008, to the extent that any
regulations issued under the Pension Protection Act affect the
calculation of contributions for that plan year, Mr. O'Neill
maintains.

The Debtors believe that continuing to make at least the legally
required minimum contributions to each of the Grace Retirement
Plans is essential in maintaining the morale of their workforce
and confidence in their management.  The employees are vital to
maintaining and enhancing the value of the Debtors' estate and to the
Debtors' successful reorganization, Mr. O'Neill avers.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina, Australia
and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis Jones,
Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors hired
Blackstone Group, L.P., for financial advice.  PricewaterhouseCoopers LLP
is the Debtors' accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee of
Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP and
Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  Lexecon, LLP,
provided asbestos claims consulting services to the Official Committee of
Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov.
13, 2004.  On Jan. 13, 2005, they filed an Amended Plan and Disclosure
Statement.  The hearing to consider the adequacy of the Debtors'
Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter 11 plan
expires on July 23, 2007.  The PI Estimation Trials will begin on Sept.
17, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of $3,620,400,000 and total debts of $4,189,100,000.  (W.R. Grace
Bankruptcy News, Issue No. 131; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


W.R. GRACE: Inks Settlement Pact with Trumbull Memorial
-------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates entered into a
settlement agreement with Trumbull Memorial Hospital, which provides a
certain amount that will be deemed as the final liquidation of Claim No.
7028.  The Settlement Amount however was not disclosed in the parties'
filing with the United States Bankruptcy Court for the District of
Delaware.

In September 2005, the Debtors objected to thousands of asbestos-related
property damage claims, including Claim No. 7028 filed by Trumbull
Memorial, on various grounds.

Trumbull Memorial responded to the Debtors' objection and
thereafter, the parties engaged in extensive negotiations to
resolve the Trumbull Claim.

For voting purposes with respect to a plan of reorganization,
Trumbull Memorial will be entitled to one vote and the amount of
the Trumbull Claim for voting purposes will be equal to the
Settlement Amount.

In the event that (i) a reorganization plan ultimately confirmed
by the Court does not provide Trumbull Memorial distribution on
its claim equal to 100% of the Settlement Amount, or (ii) the
Debtors' bankruptcy case is converted to a case under Chapter 7
of the Bankruptcy Code, Trumbull Memorial may void the Settlement
Agreement and re-assert its Claim as presently filed.

The Debtors also seek the Court's permission to maintain the
confidentiality of the Settlement Amount.  Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl Young Jones & Weintraub, P.C., in
Wilmington, Delaware, asserts that given the current state of the PD
Claims and the ongoing general public, disclosing the
Settlement Amount would not be in the Debtors' best interest.

Mr. Cairns relates that the Debtors will disclose the Settlement
Amount to the Court in camera if requested.  The Debtors will
also disclose the Settlement Amount to the Official Committees
appointed in the Debtors' cases and the Future Claims
Representative.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina, Australia
and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis Jones,
Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors hired
Blackstone Group, L.P., for financial advice.  PricewaterhouseCoopers LLP
is the Debtors' accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee of
Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP and
Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  Lexecon, LLP,
provided asbestos claims consulting services to the Official Committee of
Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov.
13, 2004.  On Jan. 13, 2005, they filed an Amended Plan and Disclosure
Statement.  The hearing to consider the adequacy of the Debtors'
Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter 11 plan
expires on July 23, 2007.  The PI Estimation Trials will begin on Sept.
17, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of $3,620,400,000 and total debts of $4,189,100,000.  (W.R. Grace
Bankruptcy News, Issue No. 131; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


ANDREW CORP: Seeks New Buyer After Failed Kimball-Hill Agreement
----------------------------------------------------------------
Andrew Corporation seeks a new residential, commercial or industrial buyer
for the remaining portion of its former Orland Park, Illinois,
manufacturing and headquarters location after Kimball-Hill Homes failed to
close on the purchase of the 73-acre property.

As previously disclosed, Andrew and Kimball-Hill signed a contract in
August 2005 for the purchase of Andrew’s 103-acre Orland Park property in
two phases, the first of which involved 30 acres and closed in 2006 for
net proceeds of approximately $9 million.  The second phase, involving 73
acres that include the former cable manufacturing and corporate
headquarters buildings, was contracted to sell for $16.5 million and did
not close as required by May 31, 2007.

As a result, Kimball-Hill has forfeited to Andrew $2.5 million in earnest
money and refunded approximately $1.1 million of unused funds from a $1.7
million escrow account established by Andrew for any required
environmental remediation.

"The buyer’s decision to not proceed with closing on the second phase of
our agreement delays the process, but doesn’t change our focus on selling
our remaining 73 acres of highly desirable property in Orland Park," said
Marty Kittrell, chief financial officer, Andrew Corporation.  "We have
restarted the sales process with The Staubach Company and are beginning
discussions with interested residential, commercial and industrial parties
immediately."

The company previously reported in its May 3, 2007 earnings release that
it expected a $0.06 per share gain in the fiscal third quarter from the
second phase of the sale of the Orland Park property.  As a result of
Kimball-Hill’s failure to close, the company now expects to record a gain
of $0.02 per share in its fiscal third quarter related to the earnest
money, instead of the previously expected $0.06 per share gain.  The
foregoing change in estimate has no impact on the company’s previous
non-GAAP fiscal 2007 earnings guidance.  The company intends to update
annual guidance when it reports fiscal third quarter results.

The Orland Park property status has no effect on Andrew’s office and
manufacturing relocations to Westchester and Joliet.  The company’s
corporate headquarters relocated to west suburban Westchester in early
2006, while the move to a newly constructed North American cable
manufacturing and office facility in Joliet was completed this spring.

                    About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and
delivers equipment and solutions for the global communications
infrastructure market.  The company serves operators and original
equipment manufacturers from facilities in 35 countries, that includes,
among others, China, India, Italy, Czech
Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and
Brazil.

                          *     *     *

Standard & Poor's Ratings Services, in March 2007, affirmed its 'BB'
corporate credit and other ratings on Andrew Corp.


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


KYRGYZ-SWISS LLC: Creditors Must File Claims by July 11
-------------------------------------------------------
LLC Kyrgyz-Swiss has declared insolvency.  Creditors have until July 11 to
submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-34-01.


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


AK BARS: Fitch Rates Upcoming US$1.5-Billion Debt Issue at BB-
--------------------------------------------------------------
Fitch Ratings has assigned AK BARS Luxembourg S.A.'s upcoming US$1.5
billion debt issuance program expected ratings of Long-term 'BB-' for
notes with maturities in excess of one year and Short-term 'B' for notes
with maturities of less than one year.  The notes are to be used solely
for financing a loan to Russia's AK BARS Bank (Issuer Default 'BB-') with
a Stable Outlook, Short-term 'B', Individual 'D', Support '3' and National
Long-term 'A+(rus)' with a Stable Outlook).

At the same time, Fitch has assigned an expected 'BB-' rating to the
program's upcoming Series 1 issue.  The issue is expected to be a senior
bond of approximately US$300 million, maturing in three to five years.

The final ratings of the programme and the issue are contingent upon the
receipt of final documentation conforming materially to information
already received.

AK BARS Luxembourg S.A., a Luxembourg-domiciled special purpose vehicle
will only pay noteholders principal and interest (if any) received from AK
BARS. Issues under the programme will be rated separately.  The programme
does not allow for the issuance of subordinated notes.

The SPV's claims under the loan agreement will rank at least equally with
the claims of other senior unsecured creditors of AK BARS, save those
whose claims are preferred by any bankruptcy, insolvency, liquidation or
similar laws of general application.  Under Russian law, the claims of
retail depositors rank above those of other senior unsecured creditors. At
end-2006, retail deposits accounted for 23% of AK BARS's total
liabilities, according to the bank's IFRS accounts.

The agreement contains covenants prohibiting mergers and transactions of
10% and more of AK BARS' gross assets during a 12-month period on other
than market terms.  It also restricts dividend payments and voluntary
redemptions of capital and subordinated debt to 50% of annual net income,
and obliges the bank to maintain a capital adequacy ratio of at
least 12% as calculated in accordance with Russian accounts.
Additionally, the noteholders will have a put option if the Republic of
Tatarstan ceases to control (directly or indirectly) a majority of voting
shares of AK BARS.

The terms and condition of the notes also contain a cross default clause
and a negative pledge clause; the latter allows for a degree of
securitization by AK BARS.  Should any securitization be undertaken, Fitch
comments that the nature and extent of any overcollaterilization would be
assessed by the agency for any potential impact on unsecured creditors.

AK BARS was founded by the government of the Republic of Tatarstan in
1993.  It is the largest bank in the republic and one of the 20 largest
Russian banks.  At end-2006, the Republic's government through ministries,
government agencies and related companies ultimately controlled 96%
of the bank's capital (end-2005: 93%).


EVRAZ GROUP: Fitch Says Yuzhkuzbassugol Buy Won't Affect Ratings
----------------------------------------------------------------
Fitch Ratings has said no rating impact is expected on Luxembourg-based
Evraz Group S.A.'s Issuer Default and senior unsecured 'BB' ratings and
Short-term 'B' rating following the company's announced plans to acquire
the remaining 50% stake in Yuzhkuzbassugol.

Fitch also expects no impact on core subsidiary Mastercroft Limited's IDR
'BB' and Short-term 'B' rating and on Evraz Securities SA's senior
unsecured 'BB' rating.  The Outlooks on all the IDRs are Stable.

Although the price of the acquisition is not publicly disclosed, Fitch
does not view the acquisition as negatively impacting credit metrics of
Evraz given its scale of operations compared to Yuzhkuzbassugol and strong
financial profile (US$842 million cash at FYE06).  Yuzhkuzbassugol is the
largest producer of coking coal in Russia with a total output of 16.1
million tonnes in 2006 (including 10.7 million tonnes of coking coal).
Its FY06 revenues totalled USD595 million.

Fitch notes that this acquisition is a strategic step by Evraz -- which
had acquired the other 50% in Yuzhkuzbassugol in December 2005 for US$675
million -- to further enhance the company's vertical integration.

Fitch expects to have more details on the deal in the upcoming meeting
with Evraz's management.

Evraz is Russia's largest vertically integrated steel producer by output.
In 2006 it produced 16.1 million tonnes of crude steel and its revenues
totaled US$8.3 billion.


IIB LUXEMBOURG: Fitch Rates Upcoming Eurobonds at Long-Term B
-------------------------------------------------------------
Fitch Ratings has assigned IIB Luxembourg S.A.'s upcoming issue of
EUR-denominated limited recourse notes expected ratings of Long-term 'B'
and Recovery 'RR4'.  The final ratings are contingent on the receipt of
final documentation conforming materially to information already received.

The notes are to be used solely for financing a loan to Russia's
International Industrial Bank, which is rated Issuer Default 'B' with a
Stable Outlook, Short-term 'B', Individual 'D', Support '5' and National
Long-term 'BBB(rus)' with a Stable Outlook.  It has a Support Rating Floor
of 'No Floor'.

IIB Luxemburg will only pay noteholders amounts (principal and
interest) received from IIB under the loan agreement.  IIB Luxemburg will
grant security over the loan to a trustee, the Bank of New York, for the
benefit of noteholders.  The claims under the loan agreement will rank at
least equally with the claims of other senior unsecured creditors of IIB,
save those preferred by relevant laws.  Under Russian law, the claims
of retail depositors rank above those of other senior unsecured
creditors. At end-2006, retail deposits accounted for approximately 7% of
IIB's total liabilities, according to the bank's IFRS audited accounts.
Of these, the majority were still on the balance sheet of IIB as opposed
to that of Mezhprombank Plus, its retail banking subsidiary.

The loan agreement contains a negative pledge clause, which allows 10% of
consolidated total assets to be securitized by IIB and its subsidiaries.
The loan agreement also limits mergers and disposals and stipulates that
operations with affiliates should be conducted on market terms.  Other
covenants limit loans to related parties (net of impairment reserve) to
50% of IIB's IFRS equity and capital distributions (payment of dividends,
redemption or repurchase of share capital or repayment of
subordinated debt, etc.) to 50% of IFRS's net income.  The covenants also
oblige the bank to maintain a Total Basel I capital adequacy ratio of no
less than 20% (end-2006: 39%).

IIB ranked among the top 20 Russian banks by IFRS total assets at
end-2006.  It is managed by a trust, beneficially owned by the family of
Sergei Pugachev (72%) and the bank's senior managers (with the largest
individual stake at 6%).  Mr. Pugachev also has significant industrial
interests in a broad range of sectors, which are consolidated under the
management company United Industrial Corporation.  Since 2001, Mr.
Pugachev has been a member of the upper house of the Russian parliament
(Federation Council) from the Tyva Republic.


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


MOSCOW STARS: Moody's Rates US$16.6 Mln Class B Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit ratings to
the Notes to be issued by Moscow Stars B.V.:

   -- (P)Baa2 to the US$163,200,000 Class A Mortgage-Backed
       Floating Rate Notes Due [December 2034]; and

   -- (P)Ba2 to the US$16,600,000 Class B Mortgage-Backed
       Floating Rate Notes Due [December 2034].

Moody's has not assigned ratings to the Class C Notes.

This transaction is the eighth public RMBS transaction in Russia.  Moscow
Stars B.V., a special purpose vehicle incorporated under the laws of The
Netherlands, will issue three classes of U.S. dollar-denominated notes to
fund the purchase of receivables arising from Russian mortgage loans
originated by Moskommertsbank.  The transfer of the receivables and the
related collateral is governed by Russian law, while the remaining
transaction documents are governed by English law.

The ratings of the notes are inter alia based on:

   (i) favorable pool characteristics such as the moderate
       weighted average LTV of [67.58]%;

  (ii) the sound legal structure including the notification to
       borrowers at closing; and

(iii) the credit enhancement provided by excess spread,
       Reserve Fund and notes subordination.

The pool consists of fixed rate loans, denominated in U.S. Dollars and
secured by mortgages on properties in Moscow and Moscow region.  The
servicing will be done by Moskommertsbank, while ZAO Raiffeisenbank
Austria is the designated back-up servicer for the transaction.  The SPV
will enter into two interest rate swaps agreement with Barclays Bank PLC
and
Raiffeisen Zentralbank Österreich AG in order to hedge its exposure due to
the mismatch of the fixed rate interest received under the mortgage pool
and the floating rate interest payments due under the notes.

The notes are supported by a Reserve Fund of US$9.04 million (4.9% of the
initial note balance).  Subject to certain conditions being met, the
reserve fund may amortise down to a floor of 1.50% of the original note
balance.  This transaction features a Principal Deficiency Ledger
mechanism which is debited once the loans are in arrears for more than 90
days, which allows for stronger and earlier excess spread trapping
mechanism than once it is debited on the occurrence of losses. The notes
will be amortizing sequentially.

The provisional ratings address the expected loss posed to investors by
the legal final maturity of the Notes.  In Moody's opinion, the structure
allows for timely payment of interest and ultimate payment of principal at
par on or before the final legal maturity date.  Moody's issues
provisional ratings in advance of the final sale of securities, but these
ratings represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated documentation, Moody's
will endeavor to assign definitive ratings to the Notes.  A definitive
rating may differ from a provisional rating.


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


AMERICAN AXLE: S&P Rates Proposed $250 Million Term Loan at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to American
Axle & Manufacturing Inc.'s proposed $250 million senior unsecured term
loan due 2012.  The parent company, American Axle & Manufacturing Holdings
Inc., is the guarantor.  Proceeds are expected to be used to repay
existing debt.

In addition, the 'BB' corporate credit ratings on the Detroit-based auto
supplier and its parent company were affirmed.  The rating outlook is
negative.

"The ratings on American Axle reflect the risks associated with the
company's heavy dependence on General Motors Corp.  (GM; B/Negative/B-3)
SUVs and pickup trucks, current relatively narrow product range, and
exposure to cyclical and competitive markets," said Standard & Poor's
credit analyst Robert Schulz.

The ratings could be lowered if free cash flow generation remains negative
during 2007, reducing the company's cash balances.  Potential causes for
negative cash flow would include substantially weaker demand for GM's
light trucks.  S&P could also lower the rating if GM's credit profile were
to substantially weaken.  On the other hand, the outlook could be revised
to stable if the company improves its customer and product diversity
through acquisitions or investments that do not cause credit measures to
weaken, or if demand for light trucks stabilizes or strengthens.

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.


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


AK BARS: Moody's Assigns Ba2 Rating to Loan Participation Notes
---------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba2 with stable outlook to
the Loan Participation Notes to be issued on a limited recourse basis by
AK Bars Luxembourg S.A., a Luxembourg-based special purpose entity, for
the sole purpose of financing a loan to AK Bars Bank, a bank established
under the laws of the Russian Federation.

The notes will be denominated in U.S. Dollars and the loan represents a
senior unsecured claim on the bank.  The first drawdown of the US$1.5
billion program is expected to be approximately US$300 million.

Moody's understands that the notes are secured by a first fixed charge in
favour of the Trustee, Deutsche Trustee Company Ltd., for the benefit of
itself and the noteholders, including certain of the issuer's rights under
the loan agreement and other related rights.  Along with early redemption
clauses for tax reasons, increased costs and for legal reasons preventing
the issuer or ABB from abiding by their obligations, there is an optional
redemption ("put option") by the noteholders upon a
change of control.

Under the terms of the bond issue, ABB must comply with certain
covenants, such as negative pledge, limitation on payment of dividends,
limitation on mergers and sale of assets and maintenance of a minimum BIS
Capital Adequacy Ratio of 12%.

The Ba2 rating is based on ABB's fundamental credit quality, as well as
the high probability of support from the Republic of Tatarstan government
(rated Ba1 by Moody's) in case of need, reflecting the bank's high
importance to the republic's economy, its direct and indirect ownership by
the local authorities, its role as "banker of the Republic's Treasury" and
the public's perception of ABB as a quasi-government entity.  Although
support from the Russian government in case of need cannot be
ruled out, it may be of a limited nature, and its volume and timeliness
are somewhat uncertain.

ABB is headquartered in Kazan, Republic of Tatarstan, Russian
Federation, and reported total assets of US$3.86 billion, total capital of
US$886 million and net income of US$61.1 million under IFRS at Dec. 31,
2006.


BONDARSKIY CHEESE: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of OJSC Bondarskiy Cheese Making Plant have until
June 19 to submit proofs of claim to:

         A. Baklykov
         Temporary Insolvency Manager
         Office 610
         Derzhavinskaya Str., 16-a
         392000  Tambov
         Russia

The Arbitration Court of Tambov will convene on Oct. 4 to hear the
company's bankruptcy supervision procedure.  The case is docketed under
Case No. A64-1755/07-18.

The Debtor can be reached at:

         OJSC Bondarskiy Cheese Making Plant
         Pervomayskaya Str. 8
         Bondari
         Tambov
         Russia


CHEKHOVSKIY OJSC:  Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of OJSC Food Combine Chekhovskiy (TIN 6509001174) have until
July 19 to submit proofs of claim to:

         Y. Sednev
         Insolvency Manager
         Apartment 33
         Pobedy Str. 2
         Kholmsk
         694620  Sakhalin
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A59-6096/05-S16.

The Debtor can be reached at:

         OJSC Food Combine Chekhovskiy
         Lenina Str. 19
         Chekhov
         694670 Sakhalin
         Russia


ETHANOL CJSC: Court Names V. Vederov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Irkutsk appointed V. Vederov as Insolvency
Manager for CJSC Ethanol (TIN 3816000949).  He can be reached at:

         V. Vederov
         Post User Box 142
         664081 Irkutsk
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A19-4623/07-37.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ethanol
         Gidroliznaya Str.
         Tulun
         665265 Irkutsk
         Russia


EVRAZ GROUP: Fitch Says Yuzhkuzbassugol Buy Won't Affect Ratings
----------------------------------------------------------------
Fitch Ratings has said no rating impact is expected on Luxembourg-based
Evraz Group S.A.'s Issuer Default and senior unsecured 'BB' ratings and
Short-term 'B' rating following the company's announced plans to acquire
the remaining 50% stake in Yuzhkuzbassugol.  Fitch also expects no impact
on core subsidiary Mastercroft Limited's IDR 'BB' and Short-term
'B' rating and on Evraz Securities SA's senior unsecured 'BB' rating.  The
Outlooks on all the IDRs are Stable.

Although the price of the acquisition is not publicly disclosed, Fitch
does not view the acquisition as negatively impacting credit metrics of
Evraz given its scale of operations compared to Yuzhkuzbassugol and strong
financial profile (US$842 million cash at FYE06).  Yuzhkuzbassugol is the
largest producer of coking coal in Russia with a total output of 16.1
million tonnes in 2006 (including 10.7 million tonnes of coking coal).
Its FY06 revenues totalled USD595 million.

Fitch notes that this acquisition is a strategic step by Evraz -- which
had acquired the other 50% in Yuzhkuzbassugol in December 2005 for US$675
million -- to further enhance the company's vertical integration.

Fitch expects to have more details on the deal in the upcoming meeting
with Evraz's management.

Evraz is Russia's largest vertically integrated steel producer by output.
In 2006 it produced 16.1 million tonnes of crude steel and its revenues
totaled US$8.3 billion.


IIB LUXEMBOURG: Fitch Rates Upcoming Eurobonds at Long-Term B
-------------------------------------------------------------
Fitch Ratings has assigned IIB Luxembourg S.A.'s upcoming issue of
EUR-denominated limited recourse notes expected ratings of Long-term 'B'
and Recovery 'RR4'.  The final ratings are contingent on the receipt of
final documentation conforming materially to information already received.

The notes are to be used solely for financing a loan to Russia's
International Industrial Bank, which is rated Issuer Default 'B' with a
Stable Outlook, Short-term 'B', Individual 'D', Support '5' and National
Long-term 'BBB(rus)' with a Stable Outlook.  It has a Support Rating Floor
of 'No Floor'.

IIB Luxemburg will only pay noteholders amounts (principal and
interest) received from IIB under the loan agreement.  IIB Luxemburg will
grant security over the loan to a trustee, the Bank of New York, for the
benefit of noteholders.  The claims under the loan agreement will rank at
least equally with the claims of other senior unsecured creditors of IIB,
save those preferred by relevant laws.  Under Russian law, the claims
of retail depositors rank above those of other senior unsecured
creditors. At end-2006, retail deposits accounted for approximately 7% of
IIB's total liabilities, according to the bank's IFRS audited accounts.
Of these, the majority were still on the balance sheet of IIB as opposed
to that of Mezhprombank Plus, its retail banking subsidiary.

The loan agreement contains a negative pledge clause, which allows 10% of
consolidated total assets to be securitized by IIB and its subsidiaries.
The loan agreement also limits mergers and disposals and stipulates that
operations with affiliates should be conducted on market terms.  Other
covenants limit loans to related parties (net of impairment reserve) to
50% of IIB's IFRS equity and capital distributions (payment of dividends,
redemption or repurchase of share capital or repayment of
subordinated debt, etc.) to 50% of IFRS's net income.  The covenants also
oblige the bank to maintain a Total Basel I capital adequacy ratio of no
less than 20% (end-2006: 39%).

IIB ranked among the top 20 Russian banks by IFRS total assets at
end-2006.  It is managed by a trust, beneficially owned by the family of
Sergei Pugachev (72%) and the bank's senior managers (with the largest
individual stake at 6%).  Mr. Pugachev also has significant industrial
interests in a broad range of sectors, which are consolidated under the
management company United Industrial Corporation.  Since 2001, Mr.
Pugachev has been a member of the upper house of the Russian parliament
(Federation Council) from the Tyva Republic.


KAMBARSKIY ENGINEERING: Court Names A. Galushko to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Udmurtiya appointed A. Galushko as Insolvency
Manager for OJSC Kambarskiy Engineering Plant.  He can be reached at:

         A. Galushko
         50 Let Oktyabrya Str. 2
         Izhevsk
         426034 Udmurtiya
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A71-91/2003-G21.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         A. Galushko
         50 Let Oktyabrya Str. 2
         Izhevsk
         426034 Udmurtiya
         Russia


KOZULSKIY AGRO-SNAB: Creditors Must File Claims by July 19
----------------------------------------------------------
Creditors of OJSC Kozulskiy Agro-Snab 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 Krasnoyarsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A33-4007/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kozulskiy Agro-Snab
         40 Let Pobedy Str., 69a
         Kozulka
         Krasnoyarsk
         Russia


KRASNOBORSKAYA LLC: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy supervision
procedure on LLC Cheese Making Company Krasnoborskaya.  The case is
docketed under Case No. A62-628/
2007 (1306-N).

The Insolvency Manager is:

         V. Druzhchenko
         Tel: 8-915-325-96-78


KRASNOGVARDEYSKIY BUTTER: Asset Sale Slated for June 20
-------------------------------------------------------
LLC Anti-Crisis Management Company, the bidding organizer for
OJSC Krasnogvardeyskiy Butter and Cheese Making Plant, will open a public
auction for the company's properties at 3:00 p.m. on June 20 at:

         LLC Anti-Crisis Management Company
         Gaya Str. 23a
         Orenburg
         Russia

Interested participants have to deposit an amount equivalent to 10% of the
starting price to:

LLC Anti-Crisis Management Company
         Settlement Account 40702810100005083481
         Correspondent Account 30101810700000000860.
         BIK 045354860
         ACB Forshtadt (CJSC)
         Orenburg
         Russia

Bidding documents must be submitted to:

         LLC Anti-Crisis Management Company
         Gaya Str. 23a
         Orenburg
         Russia

The Debtor can be reached at:

         OJSC Krasnogvardeyskiy Butter and Cheese Making Plant
         Lugovsk
         Krasnogvardejskiy
         Orenburg
         Russia


KULIKOVSKOYE OJSC: Bankruptcy Hearing Slated for Aug. 27
--------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 10:00 a.m. on Aug. 27
to hear the bankruptcy supervision procedure on OJSC Kulikovskoye.  The
case is docketed under Case No. A45-2526/
07-54/22.

The Insolvency Manager is:

         R. Rumyantsev
         Aviastroitelej Str. 4-2
         Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Kulikovskoye
         Kulikovskoye
         Chulymskiy
         Novosibirsk
         Russia


MERIDIAN-OIL LLC: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of LLC Meridian-Oil (TIN 3821012516) have until
July 19 to submit proofs of claim to:

         N. Vlasenko
         Insolvency Manager
         Post User Box 161
         664025 Irkutsk-25
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A19-16250/06-49-60.

The Court is located at:

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

The Debtor can be reached at:

         LLC Meridian-Oil
         Komsomolskaya Str. 14
         Bolshoj Lug
         Shelekhovskiy
         Irkutsk
         Russia


MOSCOW STARS: Moody's Rates US$16.6 Mln Class B Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit ratings to
the Notes to be issued by Moscow Stars B.V.:

   -- (P)Baa2 to the US$163,200,000 Class A Mortgage-Backed
       Floating Rate Notes Due [December 2034]; and

   -- (P)Ba2 to the US$16,600,000 Class B Mortgage-Backed
       Floating Rate Notes Due [December 2034].

Moody's has not assigned ratings to the Class C Notes.

This transaction is the eighth public RMBS transaction in Russia.  Moscow
Stars B.V., a special purpose vehicle incorporated under the laws of The
Netherlands, will issue three classes of U.S. dollar-denominated notes to
fund the purchase of receivables arising from Russian mortgage loans
originated by Moskommertsbank.  The transfer of the receivables and the
related collateral is governed by Russian law, while the remaining
transaction documents are governed by English law.

The ratings of the notes are inter alia based on:

   (i) favorable pool characteristics such as the moderate
       weighted average LTV of [67.58]%;

  (ii) the sound legal structure including the notification to
       borrowers at closing; and

(iii) the credit enhancement provided by excess spread,
       Reserve Fund and notes subordination.

The pool consists of fixed rate loans, denominated in U.S. Dollars and
secured by mortgages on properties in Moscow and Moscow region.  The
servicing will be done by Moskommertsbank, while ZAO Raiffeisenbank
Austria is the designated back-up servicer for the transaction.  The SPV
will enter into two interest rate swaps agreement with Barclays Bank PLC
and
Raiffeisen Zentralbank Österreich AG in order to hedge its exposure due to
the mismatch of the fixed rate interest received under the mortgage pool
and the floating rate interest payments due under the notes.

The notes are supported by a Reserve Fund of US$9.04 million (4.9% of the
initial note balance).  Subject to certain conditions being met, the
reserve fund may amortise down to a floor of 1.50% of the original note
balance.  This transaction features a Principal Deficiency Ledger
mechanism which is debited once the loans are in arrears for more than 90
days, which allows for stronger and earlier excess spread trapping
mechanism than once it is debited on the occurrence of losses. The notes
will be amortizing sequentially.

The provisional ratings address the expected loss posed to investors by
the legal final maturity of the Notes.  In Moody's opinion, the structure
allows for timely payment of interest and ultimate payment of principal at
par on or before the final legal maturity date.  Moody's issues
provisional ratings in advance of the final sale of securities, but these
ratings represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated documentation, Moody's
will endeavor to assign definitive ratings to the Notes.  A definitive
rating may differ from a provisional rating.


NOYABRSK-OIL-GAS-STROY: Creditors Must File Claims by June 19
-------------------------------------------------------------
Creditors of OJSC Noyabrsk-Oil-Gas-Stroy have until June 19 to submit
proofs of claim to:

         M. Bitenbaev
         Insolvency Manager
         Post User Box 3073
         644080 Omsk
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene on July 2 to hear
the company's bankruptcy supervision procedure.  The case is docketed
under Case No. A81-5501/2006.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Noyabrsk-Oil-Gas-Stroy
         Panel #5
         Promzona
         Muravlenko
         629600 Yamalo-Nenetskiy
         Russia


POKROVSKOYE CJSC: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of CJSC Subsidiary Agricultural Enterprise Pokrovskoye have
until July 19 to submit proofs of claim to:

         R. Bolshakov
         Insolvency Manager
         Oktyabrskaya Str. 84
         630099 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A03-1527/07-B.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Subsidiary Agricultural Enterprise Pokrovskoye
         Pokrokva
         Mamontovskiy
         Altay
         Russia


SIBERIAN FUEL-ENERGY: Creditors Must File Claims by July 19
-----------------------------------------------------------
Creditors of OJSC Siberian Fuel-Energy Company (TIN 5528013046) have until
July 19 to submit proofs of claim to:

         A. Shipitsyn
         Insolvency Manager
         Post User Box 5222
         644032 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A46-10321/2006.

The Debtor can be reached at:

         OJSC Siberian Fuel-Energy Company
         Omsk
         Russia


SPORT-INVEST LLC: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of LLC Sport-Invest have until July 19 to submit proofs of claim
to:

         Y. Mishenko
         Insolvency Manager
         Post User Box 38
         Gulkevichi
         352192 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent. The Court will convene at
12:10 p.m. on Aug. 6 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A-32-811/2007-60/50-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sport-Invest
         Engelsa Str., 127
         Armavir
         Krasnodar
         Russia


TVERSKOJ HOUSE: Court Names A. Porokhov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tver appointed A. Porokhov as Insolvency Manager
for OJSC Tverskoj House Building Combine.  He can be reached at:

         A. Porokhov
         Sankt-Peterburgskoye Shosse 95
         Tver
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A66-3402-04.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tverskoj House Building Combine
         Sankt-Peterburgskoye Shosse 95
         Tver
         Russia

ZALESOVSKOYE LLC: Orenburg Bankruptcy Hearing Slated for Aug. 28
----------------------------------------------------------------
The Arbitration Court of Orenburg will convene on Aug. 28 to    hear the
bankruptcy supervision procedure on LLC Zalesovskoye.
The case is docketed under Case No. A47-966/2007-14GK.

the temporary insolvency manager is:

         A. Fazlyev
         Post User Box 220
         Ufa
         Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Zalesovskoye
         Zalesovo
         Orenburg
         Russia


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


TOWER AUTOMOTIVE: Inks Asset Purchase Pact with TA Acquisition
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates told the United
States Bankruptcy Court for the Southern District of New York that after
prolonged arm's-length negotiations, it executed an asset purchase
agreement on May 1, 2007, with TA Acquisition Company, LLC, an affiliate
of Cerberus Capital Management L.P., subject to higher and better offers
at the June 25, 2007 auction.

As previously reported, the Debtors agreed in principle to sell
substantially all of their assets to Cerberus Capital for roughly $1
billion subject to higher and better offers, Anup Sathy, Esq., at Kirkland
& Ellis LLP, in Chicago, Illinois, relates.

The salient terms of the APA are:

  Seller:     Tower Automotive, Inc. and it debtor-affiliate
              signatories

  Purchaser:  TA Acquisition Company, LLC

  Acquired
  Assets:     (a) all property and assets of the Seller
                  including, but not limited to all property;
                  all assets; all cash and cash equivalents; all
                  accounts and intercompany receivables; and all
                  claims against Foreign Entities;

              (b) to the extent they relate to any Acquired
                  Asset, Assumed Contract, Assumed Liability or
                  any claim or allegation that TA Acquisition is
                  liable or responsible for a Liability of the
                  Debtors, whether or not TA Acquisition has
                  assumed the Liability -- claims, credits,
                  security or other deposits, including
                  recoverable deposits, prepayments, prepaid
                  assets, prepaid expenses, prepaid rent,
                  deferred charges, refunds or claims for
                  refunds, causes of action, defenses, counter-
                  claims, cross- claims, third party claims,
                  rights of recovery, rights of set-off and
                  rights of recoupment, insurance proceeds and
                  all rights under historical or current
                  insurance policies of any member of the Tower
                  Group, and, in each case, security interests,
                  as applicable, as of the Closing Date;

              (c) all the assets reflected on the Debtors'
                  Balance Sheet provided the assets have not
                  been disposed of by the Tower Group in the
                  ordinary course of business or pursuant to a
                  Court ruling after the Balance Sheet Date; and

              (d) all trusts, insurance contracts, accounts and
                  funding arrangements relating to any Assumed
                  Plans.

  Excluded Assets:

              (a) All rights of any seller pursuant to the APA
                  and the Ancillary Agreements;

              (b) The Chapter 5 Claims set forth in the APA, and
                  claims in respect of Excluded Assets and
                  claims directly related to Excluded
                  Liabilities which are not Liabilities to
                  customers, suppliers or other business
                  relations with whom TA Acquisition does
                  business after the Closing and which are
                  identified to TA Acquisition in advance of any
                  action being taken to collect on the claims
                  and as to which TA Acquisition does not object
                  to the claim being asserted in its reasonable
                  discretion;

              (c) Any asset or contract which TA Acquisition
                  identifies in writing to the Debtors before
                  June 22, 2007, provided that the exclusion of
                  any asset or contract will not reduce or
                  otherwise affect the amount of the Purchase
                  Price;

              (d) Any non-material asset or contract which TA
                  Acquisition identifies in writing to the
                  Debtors from June 23, 2007, until at least 10
                  business days before the Closing.  For
                  avoidance of doubt, the exclusion of any asset
                  or contract will not reduce or otherwise
                  affect the amount of the Purchase Price;

              (e) Any equity interests in any of the Debtors;

              (f) Any Foreign Entity identified on the APA or as
                  determined by TA Acquisition;

              (g) The assets identified on the APA; and

              (h) All beneficial tax attributes to the extent
                  not transferable by applicable law and the
                  Debtors' U.S. federal net operating loss
                  carry-forwards.

  Assumed
  Contracts:  The Debtors' Collective Bargaining Agreements
              identified on the APA, the Change in Control
              Agreements, the KERP Agreements and any other
              contract set forth in the APA.

  Assumed
  Liabilities:

              * All Working Capital Obligations;

              * All benefit obligations pursuant to the
                Consolidated Pension Plan and the other Assumed
                Plans;

              * All contingent Liabilities payable pursuant to
                the terms of the Change in Control Agreements;

              * The KERP Liability;

              * All Liabilities pursuant to Assumed Contracts
                arising after the Closing.  For avoidance of
                doubt, the obligations will not include any
                amounts necessary to satisfy the Cure Amounts
                pursuant to Section 365 of the Bankruptcy Code
                in connection with the assignment and assumption
                of the Assumed Contracts;

              * All statutory environmental Liabilities which
                (1) arise under Environmental Laws, (2) are
                associated with real property acquired by TA
                Acquisition or its affiliates, (3) are enforced
                by a Governmental Entity, and (4) are not
                "claims" as defined in Section 101(5) of the
                Bankruptcy Code;

              * The current balance due with respect to the
                Marsh Financing, provided all benefits of the
                insurance policies are received by or are
                available to TAC Acquisition, as contemplated in
                the definition of Acquired Assets;

              * If no amount is paid by TA Acquisition for the
                IRB Payment pursuant to the APA, all the
                Debtors' Liabilities pursuant to the Industrial
                Revenue Bonds; and

              * The Retiree Benefit Settlements, prepetition and
                postpetition worker compensation claims, and the
                Assumed Liabilities will not include any amounts
                included in the categories constituting Capped
                Payments.

  Purchase
  Price:      The sum of the DIP Payment, Second Lien Payment,
              the IRB Payment, the Unsecureds Claim Payment,
              Unsecureds Funds Payment, the Allowed Secured
              Claims Payment, the Allowed Administrative Claims
              Payment, the Allowed Priority Claims Payment, the
              Cure Amounts Payment, the Indemnification Payment,
              the Tail Payment and the Escrow Fee Payment.

  Deposit:    TA Acquisition deposited with the Escrow Agent,
              pursuant to the terms of the Escrow Agreement,
              $25,000,000 by wire transfer of immediately
              available funds, which deposit will be held and
              released in accordance with the provisions of the
              Escrow Agreement and the other provisions
              contained in the APA.  Provided that the
              transactions contemplated in the APA are
              consummated, the Deposit will be paid to the DIP
              Lenders at the Closing as more fully set forth in
              the APA.

  Closing:    The consummation of the transactions contemplated
              by the APA will take place at the Closing to be
              held at the offices of Kirkland & Ellis LLP, 153
              East 53rd Street, in New York, at 9:00 a.m.,
              E.S.T., on July 31, 2007, or if mutually agreed
              upon in writing by the Debtors and TA Acquisition
              the second business day after, but not including,
              the date on which the last of the conditions set
              forth in the APA are satisfied or waived, other
              than those conditions that by their nature are to
              be satisfied at the Closing.

Mr. Sathy further notes that the APA contains items, which may be
considered Extraordinary Provisions under the Guidelines for the Conduct
of Asset Sales:

  -- The proposed form of the Court ruling contains certain
     findings with respect to the Acquired Assets being free of
     successor liability.  TAC Acquisition has requested the
     findings as part of its offer for the Acquired Assets;

  -- The proposed form of the Court ruling requests a waiver
     from any stamp taxes and other applicable transfer taxes in
     connection with the sale and transfer of the Acquired
     Assets; and

  -- The proposed form of the Court ruling contains a waiver of
     the stays imposed by Rules 6004(g) and 6006(d) of the
     Federal Rules of Bankruptcy Procedure.

Against this backdrop, the Debtors ask the Court to:

  (a) approve the APA between the Debtors and TA Acquisition,
      or other forms of purchase agreements between the Debtors
      and the Successful Bidder, as defined in the Marketing
      Protocol Order;

  (b) authorize the closing of the sale of the Acquired Assets
      to TA Acquisition, or the Successful Bidder, free and
      clear of all claims and interests, other than permitted
      encumbrances and assumed liabilities; and

  (c) authorize their assumption of the Assumed Contracts, and
      the assignment of the Assumed Contracts to TA Acquisition
      or the Successful Bidder.

According to Mr. Sathy, contemporaneously with the filing of the
request, the Debtors have sought approval of cure and notice
procedures for the assumption and assignment of executory
contracts and unexpired leases.  The Cure Procedures Motion
proposes a process by which the Debtors can establish the cure
amounts for the Assumed Contracts, and otherwise comply with the
requirements of Section 365 of the Bankruptcy Code.

A preliminary list of the Assumed Contracts with projected cure
amounts is available for free at:

            http://bankrupt.com/misc/Tower63Assumed

The list remains subject to further review by the Debtors and TA
Acquisition, and may be amended to add or remove certain Assumed
Contracts, Mr. Sathy tells the Court.

The sale and transfer of the Acquired Assets and Assumed
Contracts is necessary to the confirmation and the consummation
of the Debtors' Chapter 11 Plan, Mr. Sathy asserts.  The value to be
realized from the sale of the Acquired Assets is the
centerpiece of the Debtors' strategy to emerge from Chapter 11.

Unless objections to the request are received no later than 4:00
p.m. (EDT) on July 6, 2007, the Court may grant the request
without hearing.

A full-text copy of the executed version of the APA between the
Debtors and TA Acquisition is available for free at:

  http://bankrupt.com/misc/Tower63AssetPurchaseAgreement.pdf

                   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 $1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of reorganization
and Disclosure Statement explaining that plan.  On June 4, 2007, the
Debtors submitted an Amended Plan and Disclosure Statement.  The Court
approved the adequacy if the Amended Disclosure Statement on June 5, 2007.
The hearing to consider confirmation of the Debtors' Amended Plan is set
for July 11, 2007.  (Tower Automotive Bankruptcy News, Issue No. 63;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TOWER AUTOMOTIVE: Lexington Wants Adequate Assurance on Lease
-------------------------------------------------------------
Lexington Lion Plymouth LP tells the U.S. Bankruptcy Court for the
Southern District of New York that it leases to Tower Automotive, Inc. the
premises located at 43955 Plymouth Oaks Boulevard in Plymouth, Michigan,
one of the assets to be transferred to TA Acquisitions Company, LLC.

Harvey A. Strickson, Esq., at Paul, Hastings, Janofsky, & Walker
LLP, in New York, contends that before the Court may approve the
assignment of the lease, TAPC must assume it and "provide
adequate assurance of future performance by the assignee to
Lexington."  To date, Lexington has not been provided with any
financial statement despite having made a request to the Debtors' counsel,
Mr. Strickson says.

                   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 $1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of reorganization
and Disclosure Statement explaining that plan.  On June 4, 2007, the
Debtors submitted an Amended Plan and Disclosure Statement.  The Court
approved the adequacy if the Amended Disclosure Statement on June 5, 2007.
The hearing to consider confirmation of the Debtors' Amended Plan is set
for July 11, 2007.  (Tower Automotive Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


BANQUE DE COMMERCE: Fitch Affirms BB+ Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Switzerland-based Banque de Commerce et de
Placements' ratings at Issuer Default 'BB+', Short-term 'B', Individual
'C' and Support '4'.  The Outlook on BCP's Issuer Default rating is
Stable.

The ratings reflect the bank's sound profitability, growing capital base
and good capitalization, as well as excellent asset quality.  In addition,
they take into account the management's expertise in BCP's niche markets
such as trade finance and correspondent banking.  However, the ratings
also reflect BCP's exposure to emerging markets (30% of risk assets at
end-2006) as well as some concentration on both sides of its balance
sheet.

The bank's operating profitability improved in 2006 largely on the back of
strong trade finance volumes (CHF8.2 billion) and increasing contributions
from correspondent banking, which together generated around three quarters
of BCP's operating profit.  BCP's private banking and treasury operations
also contributed positively to its results while impairment charges were
negligible.

As a trade finance and correspondent bank, BCP is mainly exposed to
counterparty credit risk in its loan and inter-bank books (end-2006: 34%
and 54% of total assets respectively).  Risks and some concentration are,
however, mitigated by a fair share of collateral (often in the form of
pledged deposits) in the case of emerging market banks' exposure and by
the short-term and collateralized nature of BCP's loan book.  BCP reported
no new impaired loans in the last two years and asset quality at
end-2006 was strong, after write-offs in 2005 and 2006.

Market risk is moderate with assets closely matching liabilities in terms
of currency and maturity.  BCP's balance sheet is liquid, underpinned by
CHF423 million of inter-bank placements and a sizeable government bond
portfolio.  BCP's capital base increased significantly at end-2006 after
the bank reclassified CHF20 million general provisions as reserves for
general banking risks and allocated a further CHF15 million out of 2006
profits to the same reserves.  The bank's Tier 1 ratio at end-2006 was
sound at 13.26%.

BCP's primary focus is short-term trade finance with emerging markets but
the bank is also active in correspondent banking, private banking and
treasury operations.  Since 1996, the bank has been 69% owned by Turkish
Cukurova Group and 31% by Yapi ve Kredi Bankasi (rated 'BB'), the latter
since 2005 majority-owned by a Koc Group / UniCredito Italiano (rated
'A+'/'Positive Outlook') joint venture.  BCP has branches in Luxembourg
and Dubai (since late 2006) as well as a representative office in
Istanbul.  At end-2006 it had assets of CHF1.57 billion and employed 106
staff, most of them in Geneva.


HITAG JSC: Creditors' Liquidation Claims Due July 12
----------------------------------------------------
Creditors of JSC HITAG have until July 12 to submit their claims to:

         Willi Hirt
         Liquidator
         Neustrasse 2
         8590 Romanshorn
         Arbon TG
         Switzerland

The Debtor can be reached at:

         JSC HITAG
         Horn
         Arbon TG
         Switzerland


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

         Guber Hans Rudolf
         Liquidator
         Riedwiesstrasse 18
         5412 Gebenstorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Symbionik
         Gebenstorf
         Baden AG
         Switzerland


TOP DATE: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC
Top Date on May 7.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Top Date
         Bosch 73
         6331 Hunenberg ZG
         Switzerland


TREAMED LLC: Creditors' Liquidation Claims Due July 16
------------------------------------------------------
Creditors of LLC TreaMED have until July 16 to submit their claims to:

         RDW Treuhand
         Liquidator
         Dufourstrasse 5
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC TreaMED
         Basel BS
         Switzerland


WTN GROUP: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
WTN Holding on April 17.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC WTN Holding
         Baarerstrasse 79
         6301 Zug
         Switzerland


===========
T U R K E Y
===========


ALBARAKA TURK: Fitch Lifts Foreign & Local Currency IDR to BB-
--------------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Albaraka Turk Katilim Bankasi
A.S.'s ratings to foreign and local currency Issuer Default 'BB-' from
'B', National Long-term 'A+(tur)' from 'BBB+(tur)' and Support '3' from
'5'.  The Outlooks on foreign and local currency IDRs and the National
rating remain Stable.  The bank's other ratings are affirmed at Short-term
foreign and local currency 'B' and Individual 'D'.

The upgrade reflects Fitch's revised view over the probability support
from Albaraka Turk's majority shareholder, Albaraka Banking Group in case
of need.  Fitch views ABG would have a high propensity to support, but its
ability to do so is considered moderate.  The Individual rating reflects
above-average profitability and improved asset quality.  These
are offset by weaker funding and liquidity, as well as the bank's small
size in the Turkish financial system.

Albaraka's operating profits improved 81% in 2006 due to better revenue
generation and better cost management.  The margins were almost unchanged
despite the volatility in financial markets in H106.  Net income was aided
by lower tax provisions associated with leasing activity.  Asset quality
improved and impaired loans equalled 1.75% of gross loans at end-2006
(2005: 2.1%) with reserve coverage improving to 128% from 107%. The bank
has limited liquid assets and a sizeable liability gap in the
one-month time horizon.  Funding has proven to be stable but the bank's
small size and liquidity gap make it vulnerable to potential market
volatility in future.  Shareholders have plans to launch an initial public
offering in June 2007 to fortify its equity ahead of growth plans.

Albaraka is a member of the Bahrain-registered ABG, a leading banking
group that offers commercial, investment, retail banking and treasury
services in accordance with the principles of interest-free banking mainly
in Bahrain, Egypt, Jordan, Pakistan and Turkey.  Albaraka is the
fourth-largest participation bank in Turkey providing interest-free
banking services.  The bank provides SME banking, trade finance, consumer
finance, project finance and financial leasing.  It had 63 branches at
end-2006.


DENIZ LEASING: Fitch Affirms BB Foreign Currency IDR
----------------------------------------------------
Fitch Ratings has affirmed Deniz Finansal Kiralama A.S.'s ratings at
foreign currency Issuer Default 'BB', local currency IDR 'BB+', National
Long-term 'AA+(tur)', Short-term foreign and local currency 'B' and
Support '3'.  The Outlooks on the IDRs and National ratings remain Stable.

Deniz Leasing's IDR, Short-term and Support ratings are driven by the
potential support from its majority shareholder, Denizbank A.S.
('BB'/Outlook Stable) in case of need.  Denizbank has a high propensity to
support Deniz Leasing, but its ability to do so is moderate as reflected
in its IDR.  Deniz Leasing is highly integrated with the parent bank and
is expanding its customer base through the retail distribution
capabilities of the branch network of its parent.  The company's market
share
over leasing volumes grew to 5.9% at end-2006 (end-2005: 4.5%),
reflecting its strategy to expand by acquiring new customers. Deniz
Leasing shares the same credit approval and risk management policies with
Denizbank.

Deniz Leasing started its operations in December 1998, initially
focusing on the leasing of machinery, equipment, motor vehicles and other
fixed assets under the Denizbank Financial Services Group umbrella.  The
company performed well in 2006 with operating results underpinned by the
sound domestic economy and increased demand for machinery and equipment
leasing.  Denizbank is Turkey's 10th-largest bank.  It is fully-owned by
Belgium's Dexia Bank (IDR 'AA+'/Outlook Stable).


DENIZBANK: Fitch Holds BB Foreign Currency Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Denizbank A.S.'s Individual rating
to 'C' from 'C/D'.  Its other ratings are affirmed at foreign currency
Issuer Default 'BB', local currency IDR 'BB+', Short-term foreign and
local currency 'B', National Long-term 'AA+(tur)' and Support '3'.   The
Outlooks on the IDRs and National Long-term rating are Stable.

The upgrade reflects sustained improvements in Denizbank's asset
quality, profitability and franchise.  It also reflects the bank's
consistent growth strategy in niche areas, enhanced diversification,
continued solid liquidity, adequate capitalisation and well-established
risk management culture.  These are balanced by the bank's rapid loan
growth, which could lead to asset quality problems, and a volatile
operating
environment.

Improvement in profitability was mainly achieved through growth in lending
activity and stronger non-interest income despite narrower margins and
higher operating expenses.  Asset quality continued to improve, aided by
loan growth of 42% in 2006 and 3% in Q107, mainly in higher-yielding
retail and SME loans.  Asset quality in credit cards also markedly
improved with non-performing loans in this segment down at 2% at end-Q107
from 5% at end-2006 and 11% in 2005.

Although the total capital ratio diminished to 13.85% at end-Q107 (2006:
13.84%; 2005: 14.69%), due to growth in risk-weighted assets, free capital
continued to improve both from higher equity and fewer non-interest
earning assets.  Free capital equalled 8.31% of total assets at end-Q107
(2006: 8.42%; 2005: 6.99%).  The bank sold its Zorlu Enerji shares to
Zorlu Holding, following Denizbank's acquisition by Dexia, at a net
gain of TRY59 million in 2006.

In October 2006, Belgium-based Dexia (rated 'AA+'/Outlook Stable/'F1+')
became the main shareholder of the bank, after acquiring the shares from
Zorlu Holding and in December 2006, following the finalization of the
tender offer for the minority shares, Dexia's ownership in the bank
reached 99.74%.  In Fitch's view, there is a high propensity of support
from Dexia in case of need.  However, its ability to do so is constrained
by Turkey's 'BB' Country Ceiling.

Denizbank was the 10th-largest commercial bank in Turkey at end-2006 in
terms of total unconsolidated assets and had 262 domestic branches at
end-Q107 (2006: 236; 2005: 199).  The bank provides banking services in
retail, SME, agricultural, commercial and corporate banking and has an
increased focus on public and project finance after the acquisition by
Dexia.


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


COTTAGE LLC: Claims Filing Deadline Set June 13
-----------------------------------------------
Creditors of LLC Cottage (code EDRPOU 31541685) have until
June 13 to submit their proofs of claim to:

The Economic Court of Rivne commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
19/337.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         LLC Cottage
         Kiev Str. 92
         33003 Rivne
         Ukraine


KARAT LLC: Claims Filing Deadline Set June 15
---------------------------------------------
Creditors of LLC Karat (code EDRPOU 13401249) have until June 15 to submit
their proofs of claim to:

         O. Melnichuk
         Liquidator
         Alchevsk
         Sarmatskaya Str. 30
         Apartment 16
         94214 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
20/32b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Karat
         Mikhaylovsky Lane 1
         Perevalsk
         94301 Lugansk
         Ukraine


KOLOS-2000 LLC: Creditors Must File Claims by June 13
-----------------------------------------------------
Creditors of LLC Kolos-2000 (code EDRPOU 30733153) have until June 13 to
submit their proofs of claim to:

         Radion Kravchenko
         Temporary Insolvency Manager
         P.O. Box 442
         Apartment 17
         Skifskaya Str. 18
         Energodar
         71504 Zaporozhje
         Ukraine

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

The Court is located at:

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

The Debtor can be reached at:

         LLC Kolos-2000
         Genichesk District
         Popovka
         75570 Herson
         Ukraine


PERETVORIUVACH OJSC: Creditors Must File Claims by June 13
----------------------------------------------------------
Creditors of OJSC Ukrainian Science-Research Institute of Power
Electronics Peretvoriuvach (code EDRPOU 00216964) have until June 13 to
submit their proofs of claim to:

         S. Persiuk
         Temporary Insolvency Manager
         Mayakovsky Str. 11
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy supervision
procedure on the company on April 10.  The case is docketed under Case No.
19/92/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ukrainian Science-Research Institute of
         Power Electronics Peretvoriuvach
         Kremlevskaya Str. 63-a
         Zaporozhje
         Ukraine


ROSIYA LLC: Claims Filing Deadline Set June 16
----------------------------------------------
Creditors of Agricultural LLC Rosiya have until June 16 to submit their
proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
5/124-07.

The Debtor can be reached at:

         Agricultural LLC Rosiya
         Tchetchelnik District
         Zhabokrichka
         24813 Vinnica
         Ukraine


TCHETCHELNIK PROVISIONS: Claims Filing Deadline Set June 16
-----------------------------------------------------------
Creditors of Rent Enterprise Tchetchelnik Provisions Plant (code EDRPOU
05581823) have until June 16 to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
5/111-07.

The Debtor can be reached at:

         Rent Enterprise Tchetchelnik Provisions Plant
         Tchetchelnik
         24800 Vinnica
         Ukraine


TEPLOMEREZHA: Claims Filing Deadline Set June 13
------------------------------------------------
Creditors of Zaporozhje Common Enterprise Company Teplomerezha (code
EDRPOU 13607608) have until June 13 to submit their proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 25/95/07.

The Debtor can be reached at:

         Zaporozhje Common Enterprise Company Teplomerezha
         Iliych Str. 45
         69002 Zaporozhje
         Ukraine


TRANSMETPROM: Creditors Must File Claims by June 13
---------------------------------------------------
Creditors of Belaya Tserkov State Enterprise Transmetprom (code EDRPOU
01391066) have until June 13 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision procedure
on the company.  The case is docketed under Case No. 329/11b-06.

The Debtor can be reached at:

         Belaya Tserkov State Enterprise Transmetprom
         Glinianaya Str. 15
         Belaya Tserkov
         09100 Kiev
         Ukraine


UKRPROMBANK: Moody's Rates Local/Foreign Currency Rating at B2
--------------------------------------------------------------
Moody's Investors Service, Inc assigned these global scale ratings with a
stable outlook to Ukrprombank:

   -- B2 long-term and Not Prime (NP) short-term local currency
      deposit ratings;

   -- B2 long-term and Not Prime (NP) short-term foreign
      currency deposit ratings; and

   -- an E+ financial strength rating.

At the same time, Moody's has assigned an A3.ua long-term national scale
credit rating to the bank.

According to Moody's, the B2/NP/E+ global scale ratings reflect global
default and loss expectation, while the A3.ua NSR reflects the standing of
the bank's credit quality relative to its domestic peers.

Moody's notes that Ukrprombank is unlikely to receive support from its
owners or from the Ukrainian authorities in case of distress.  Hence, the
B2 long-term foreign currency deposit rating assigned to the bank does not
incorporate the possibility of external support.

The ratings assigned derives from the bank's dynamic growth, its
visible retail deposit taking franchise and good geographical coverage,
allowing it to compete with the leading market players, as well as
satisfactory financial fundamentals, adds Moody's.

At the same time, the ratings are constrained by:

   (i) the bank's ownership structure and corporate governance
       practices, which limit the independence of the bank's
       risk management function;

  (ii) significant credit risk concentration -- both industry
       and single-name -- in the bank's balance sheet;

(iii) the bank's weak profitability - the result of relatively
       low net interest margins due to expensive funding base,
       as well as high administrative costs due to rapid
       expansion.

Moody's notes that at the current level the upside potential of the bank's
ratings is limited.  However, substantial reduction in the loan book
concentration, successful development of the bank's retail franchise and
material improvements in the bank's profitability indicators may lead to
positive rating changes.  At the same time, increase in the loan book
concentration, material erosion of the bank's deposit franchise,
deterioration of asset quality indicators or material weakening of capital
adequacy ratios may lead to negative rating changes.

Both the deposit rating and the BFSR are constrained by the unstable and
volatile operating environment in Ukraine.

Ukrprombank is headquartered in Kiev, Ukraine and as of Dec. 31, 2006
reported total assets of UAH6.5 billion (US$1.2 billion) and net profit of
UAH50 million (US$9.9 million).


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


ADVANCED MICRO: Shares Rise as Lehman Ups Target Price
------------------------------------------------------
Advanced Micro Devices Inc.'s shares last Friday went up by as much as
3.4% after Lehman Brothers upped its price target from $13 to $15, Reuters
reports.

In making the determination, Lehman cited the company's near-term
second-quarter outlook, the report further discloses.

Advanced Micro Devices -- http://www.amd.com/-- (NYSE: AMD)
designs and manufactures microprocessors and other semiconductor products.

The company has a facility in Singapore. It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on May 2, 2007, Moody's
Investors Service affirmed AMD's B1 corporate family rating while revising
to Ba2 from Ba3 the ratings on both the currently secured $390 million
notes due 2012 (2012 Note) and the $1.7 billion remainder of the original
$2.5 billion term loan due 2013.  The rating outlook remains negative.


ALL AMERICAN: Completes Sale to Rock River for $15.2 Million
------------------------------------------------------------
All American Semiconductor, Inc., on Friday, completed the sale of
substantially all of its assets to Rock River Capital LLC and the
Company's senior secured lenders for which Harris N.A. acts as agent.  The
aggregate purchase price was $15.2 million, which will be paid to the
senior secured lenders in the form of a reduction in their secured claim.

As previously stated, 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
utilizing All American's 42 years of experience and service to the
industry.  The company's senior secured lenders were the successful
bidders for the company's accounts receivable.

None of the company's commercial tort claims or avoidance actions was sold.

                 About All American Semiconductor

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

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

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


BRITISH AIRWAYS: Increasing Longhaul Fuel Surcharge on June 13
--------------------------------------------------------------
British Airways plc is to increase its longhaul fuel surcharge with effect
from Wednesday, June 13, 2007, as a result of further rises in the price
of oil.

The fuel surcharge on longhaul flights of less than nine hours will rise
from GBP33 per sector (GBP66 return) to GBP38 (GBP76 return) and from
GBP38 per sector to GBP43 (GBP86 return) on flights longer than nine
hours.

The shorthaul fuel surcharge remains unchanged at GBP8 per sector (GBP16
return).

"The cost of fuel has again risen significantly in recent weeks.
Unfortunately, we have little choice but to pass on some of this extra
cost to our customers,” Robert Boyle, British Airways' commercial
director, said.  "Fuel continues to be our second largest cost and we
expect our fuel bill this year to be more than GBP2 billion.”

"The price of oil continues to be extremely volatile.  Therefore, we
believe the fuel surcharge continues to be the most transparent way for
our customers to understand what they are paying and allows us to adjust
the direct cost to our customers appropriately, whether that is increasing
or reducing the fuel surcharge as we did on some of our longhaul flights
in January," Mr. Boyle added.

British Airways will also increase its fuel surcharges by similar levels
in markets outside the U.K.

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

                            *   *   *

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

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

* Issuer: British Airways Plc

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

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

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


CENTRAL GARDEN: Expects Lower Results for Quarter Ending June 30
----------------------------------------------------------------
Central Garden & Pet Company expects results for its fiscal third quarter
ending June 30, 2007, and for the full fiscal year, to be lower than the
current range of analyst estimates as reported on First Call.

"Based on preliminary end-of-the-month reporting from our operations and
retail customers, it is clear that the softness in lawn and garden and pet
sales that we experienced in April, and communicated publicly in early
May, has continued through May, reflecting the challenging environment
overall for retailers as well as unfavorable weather conditions in many
parts of the United States," said Glenn Novotny, President and Chief
Executive Officer of Central Garden & Pet.  "The weather conditions in
particular, including the severe drought in the Southeast, have adversely
impacted our lawn and garden business.  On our third quarter earnings
conference call in early August, we will address the financial impact of
lower-than-anticipated May sales, including in some of our higher margin
categories, and our outlook for the balance of fiscal 2007."

                      About Central Garden

Headquartered in Walnut Creek, California, Central Garden & Pet
Company (NASDAQ: CENT) -- http://www.central.com/-- markets and
produces branded products for the lawn & garden and pet supplies
markets.  Products are sold to specialty independent and mass
retailers.  The company also provides a host of other regional and
application-specific garden and pet brands and supplies.  The company has
approximately 5,000 employees, primarily in North America and Europe.  The
company has a presence in the United Kingdom.


CENTRAL GARDEN: James Heim to Continue as Pet Products President
----------------------------------------------------------------
Central Garden & Pet Company, on May 31, 2007, entered into an Employment
Agreement with James V. Heim.

The Employment Agreement, which is effective as of July 9, 2007, the date
of termination of Mr. Heim’s current employment agreement with the
company.

The Employment Agreement has an indefinite term and provides that Mr. Heim
will serve as President of the company’s Pet Products Group at an annual
minimum salary of $415,000.  He is also eligible for certain other
compensation, including an annual bonus targeted at 50% of his base
compensation with a maximum payout of 100%, subject to his and the
company’s performance.  In addition, Mr. Heim is eligible for
discretionary grants of non-qualified stock options to purchase shares of
the Company’s Common Stock.

The Employment Agreement requires the company to provide Mr. Heim with
life insurance, benefits under the company’s 401(k) plan, an automobile
allowance of $1,000 per month and with fringe benefits generally available
to senior executives of the company.  If the company terminates Mr. Heim
without "cause," as defined in the Employment Agreement, Mr. Heim will
receive severance pay consisting of the continuation of his base salary
for a one-year period.

In connection with the execution of the Employment Agreement, the company
and Mr. Heim entered into a Post Employment Consulting Agreement and an
Agreement to Protect Confidential Information, Intellectual Property and
Business Relationships.

                      About Central Garden

Headquartered in Walnut Creek, California, Central Garden & Pet
Company (NASDAQ: CENT) -- http://www.central.com/-- markets and
produces branded products for the lawn & garden and pet supplies
markets.  Products are sold to specialty independent and mass
retailers.  The company also provides a host of other regional and
application-specific garden and pet brands and supplies.  The company has
approximately 5,000 employees, primarily in North America and Europe.  The
company has a presence in the United Kingdom.


CENTRAL GARDEN: Likely Low Results Prompt S&P’s Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed all of Central Garden & Pet
Co.'s ratings on CreditWatch with negative implications, including its
'BB-'corporate credit rating.  This means that ratings could either be
lowered or affirmed upon completion of S&P’s review.

"The CreditWatch action follows the company's announcement that it expects
results for the third quarter and full fiscal year ending September 2007
to be below expected levels," said Standard & Poor's credit analyst
Patrick Jeffrey.  Unfavorable weather and a challenging retailer
environment have impacted the company's lawn & garden and pet businesses
in the April and May periods of its key third quarter.  Earlier in fiscal
2007, the company had revised its outlook for the first quarter because of
a shift in seasonal purchases by lawn & garden retailers, lower sales and
mix shift within pet bird and small animal products, and
higher-than-expected grain costs.  In March 2007, Central Garden received
an amendment under its bank facility to provide near-term covenant relief
as it worked through this challenging operating environment.

Continuing challenges may pressure the company's revised bank covenants
and may require a further bank amendment.  "We will meet with management
after third-quarter results are announced in early August, to discuss the
company's operating trends and liquidity in order to resolve the
CreditWatch listing," said Mr. Jeffrey, adding that it is unlikely the
ratings would be lowered more than one notch as a result of this review.


DAVIS & CROMBIE: Court to Hear Winding-Up Petition on July 5
------------------------------------------------------------
The Secretary of State for Trade and Industry has presented petitions in
the High Court to wind-up Davis & Crombie Ltd. and Pemberton Slater Ltd.
in the public interest.

The companies sold advertising space in wall-planners and various other
publications to businesses who were contacted by way of cold-calling.  The
petitions to wind up the companies were presented following an
investigation carried out by Companies Investigation Branch under Section
447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator of Davis &
Crombie and Pemberton Slater on June 1, 2007.  The cases are now subject
to High Court action and no further information will be available until
the petitions are heard on July 5, 2007.

Davis & Crombie Ltd. was incorporated in January 2006 and commenced
trading in February 2006.

The registered office of Davis & Crombie Ltd. is at:

         Suite 7
         Peel House
         30 The Downs
         Altrincham
         Cheshire
         WA14 2PX
         England

The company used trading addresses at:

         Office 34
         Great Northern House
         275 Deansgate
         Manchester
         M3 4EL
         England

             -- and --

         77 Lever Street
         Manchester
         M1 1FL
         England


DEBT ADVISOR: Taps Insolvency Practitioner; Halts Share Trading
---------------------------------------------------------------
The Debt Advisor Group plc (formerly Compass Finance Group plc) has
engaged the services of an insolvency practitioner to establish the
financial position of the Company and to examine its options following the
termination of preliminary discussions with a potential acquirer.

As a consequence, the Company has requested the suspension of trading of
its ordinary shares on AIM pending clarification of its financial
position.

According to Myvesta U.K., earnings of IVA providers such as Debt Advisor
have fallen after banks tightened up the criteria by which they allow
people to go into administration.

In December 2006 full-year losses of the group soared to GBP6.6 million
from GBP552,000, Myvesta U.K. relates.

Headquartered in Bury, England, The Debt Advisor Group plc --
http://www.thedebtadvisorgroupplc.co.uk/-- provides  a complete range of
in-house tailored financial solutions through the provision of individual
voluntary arrangements (IVA's), debt management plans, mortgages,
remortgages as well as secured and unsecured loans.


FIRST INSTALL: High Court Orders Business Shutdown
--------------------------------------------------
The High Court gave an order to wind up  Chanaz Ltd. (fka First For
Fragrance Ltd.), First Install South Ltd, Fragrance International Supplies
Ltd following an investigation by the Companies Investigation Branch of
the Insolvency Services.

Vendible Solutions Ltd and Franchise Consultant Services Ltd, were
associated with the other companies but had not traded and had been
abandoned.

CIB's investigation revealed:

   -- that the companies had given false references to
       prospective franchisees to induce them to purchase the
       business opportunity;

   -- that the companies stated potential earnings figures to
      prospective franchisees that were not commercially or
      realistically achievable by franchisees;

   -- that contrary to the British Franchise Association code of
      ethics and to good business practice, the potential
      earnings figures stated to prospective franchisees were
      not based on the performance of any actual franchisee or
      pilot business;

   -- that the companies persisted in making these false and
      misleading statements as to potential earnings when they
      knew or ought to have known that franchisees were not
      performing at that level; and

   -- that in many cases the companies failed to supply and /or
      site the machines franchisees had paid for.

Headquartered in Warrington and Leigh, England,  Chanaz Ltd. (fka First
For Fragrance Ltd.), First Install South Ltd, Fragrance International
Supplies Ltd sold franchises to members of the public, for vending
machines that dispensed miniature containers of perfume.  The machines
were to be installed by the companies in public places such as pubs and
restaurants.

The CIB presented the petitions to wind up the companies on
March 8,2007. The companies' official receiver was appointed provisional
liquidator on March 16, 2007.


FOCUS DIY: Gets Consent to Waive Interest Payment on Notes
----------------------------------------------------------
Focus DIY (Finance) PLC confirmed that it has successfully obtained the
consent of the requisite majority of the holders of the 9.375% Mezzanine
notes due 2015 to waive their obligations to pay any interest on the notes
which would otherwise have been due for payment on June 4, 2007.

The waiver has now become effective.

The negotiations relating to the proposed sale of the Focus Group are
continuing to progress and a further announcement will be made as and when
appropriate.

As previously reported in the TCR-Europe on May 10, 2007, Hilco Consumer
Capital led the race to acquire Focus DIY (Finance) PLC, and was said to
be in advanced talks with owners Apax Partners and Duke Street, Reuters
reports, citing The Times
as its source.

It is still not certain if Hilco would take control of the
entire Focus operation, Reuters relates.  A source told Reuters
that Apax and Duke Street could retain a stake in Focus due to
its recently improved performance.

In January 2007, Focus's board instructed NM Rothschild to sell
the retailer after it is evident that sales could not service
company's debts of GBP280 million.

In January 2006, Focus agreed to a new business plan, set to run
until July 2007, in order to renegotiate its senior debt
covenants for that period.  At that time it was envisaged that
the financing structure of the Group would need to be reviewed
in the first half of 2007.

Focus DIY -- http://www.focusdiy.co.uk/-- is third-largest DIY
retailer in the United Kingdom by market share and offer an
extensive range of DIY and gardening products, primarily to
consumers seeking to undertake light home improvement and
maintenance projects.  The company operates over 250 stores with
a total of approximately 8.2 million square feet of net selling
space (including 1.9 million square feet of outdoor selling
space) and, on average, approximately 32,000 square feet of net
selling space per store.

                           *     *     *

As reported in the TCR-Europe on April 11, 2007, Moody's
confirmed Caa3 Corporate Family Rating for Focus DIY
(Investments) Limited, and assigned Loss-Given-Default Rating
of:

* Issuer: Focus DIY (Investments) Limited
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Caa2     Caa2     LGD3    33%


* Issuer: Focus (Finance) Plc

   Senior Subordinated
   Regular Bond/Debenture
   Due 2015                 Ca       Ca       LGD5    87%

On March 5, 2007, Fitch Ratings placed certain ratings of UK-
based Focus DIY on Rating Watch Negative, following the
company's agreement with its mezzanine noteholders to defer the
issue of its audited accounts for the financial year ended
October 2006, which were due on Feb. 28.

Focus DIY (Investments) Ltd.

   -- Issuer Default rating 'CCC'
   -- Senior secured credit facility 'B-'/'RR2'
   -- Short-term rating 'C'

Focus DIY (Finance) plc

   -- IDR 'CCC'
   -- Mezzanine notes 'CC'/'RR6'

And as reported by the TCR-Europe on Jan. 16, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
ratings on Focus DIY (Finance) PLC and Focus DIY (Investments)
Ltd., the parent companies of U.K.-based home-improvement
retailer Focus, to 'CCC-' from 'B-', and placed the ratings on
CreditWatch with negative implications.


GREAT HALL: Fitch Rates GBP14.25-Million Mortgage Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Great Hall Mortgages 2007-2
No 1 PLC's multi-currency (GBP750 million-equivalent) mortgage-backed
floating-rate notes due 2039:

    -- GBP601.875 million-equivalent Class A: 'AAA'; Outlook
       Stable

    -- GBP75.375 million-equivalent Class B: 'AA-'; Outlook
       Stable

    -- GBP37.5 million-equivalent Class C: 'A-'; Outlook Stable

    -- GBP21 million-equivalent Class D: 'BBB-'; Outlook Stable

    -- GBP14.25 million-equivalent Class E: 'BB'; Outlook Stable

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

The ratings are based on the collateral quality, available credit
enhancement and the underwriting of Platform Funding Limited.  They also
consider the servicing capabilities of Western Mortgage Services Limited
as instructed by PFL, and the sound legal structure of the transaction.
Credit enhancement for the Class A notes totalling 21% is provided by the
subordination of the Class B (10.55%) notes, the Class C (5%) notes, the
Class D (2.8%) notes and Class E (1.9%) notes, as well as a fully funded
reserve fund (1.25%).

To determine appropriate credit enhancement levels, Fitch analyzed the
collateral using its UK Residential Mortgage Default Model, dated Feb. 5,
2007.  The agency also modelled cash flows using the results of the
default model, with structural stresses including various prepayment and
interest rate scenarios.  The cash flow tests showed that each class of
notes could withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest shortfall
and can retire principal by legal final maturity.


HEXION SPECIALTY: S&P Revises Recovery Ratings on 2nd-Lien Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised certain issue and recovery
ratings for Hexion Specialty Chemicals Inc.'s senior secured debt to
reflect the recently announced changes to Standard & Poor's recovery
scale, and some changes to Hexion's senior secured debt.  The financing
consists of about $2.5 billion senior secured first-lien bank facilities
(including proposed add-ons to its term loan and synthetic letter of
credit of $200 million and $10 million, respectively, that are expected to
be funded in mid-June 2007) and $825 million senior secured second-lien
notes.

S&P raised the issue ratings on the first-lien facilities to 'B+' from
'B', with unchanged recovery ratings of '2', indicating its expectation of
a substantial recovery (70%-90%) in the event of a payment default.  The
issue ratings on the second-lien notes were raised to 'B' from 'B-' and
the recovery rating was revised to '4' from '3', indicating expectations
for an average recovery (30%-50%) in the event of a default.

The change in the recovery rating for the second-lien notes is primarily
the result of the inclusion of pre-petition interest in our recovery
calculation and the increase in the size of the first-lien facilities.

The likelihood of default for these issues has not changed and is
reflected in Hexion's corporate credit rating of B/Stable/--.  However,
with the introduction of our new issue rating and notching framework, the
secured issue ratings on the first-lien bank credit facilities and the
second-lien notes have been raised by one notch.

"The ratings on Hexion reflect a highly leveraged financial profile, a
very aggressive financial policy, and a weak business risk profile as a
global manufacturer and marketer of thermoset resins," said Standard &
Poor's credit analyst Paul Kurias.

Ratings List

Hexion Specialty Chemicals Inc.

Corporate credit rating                          B/Stable/--
Senior secured first-lien bank credit facilities B+
  Recovery rating                                 2
Second-lien notes due 2014                       B
  Recovery rating                                 4

The company has its Asian headquarters in Singapore, with offices in
Australia, China, Korea, Malaysia, New Zealand, Taiwan, and Thailand.


HILTON HOTELS: Selling Embassy Suites Hotel to 1022 Shady
---------------------------------------------------------
Hilton Hotels Corporation has sold the 220-suite Embassy Suites Hotel in
Memphis, Tennessee to 1022 Shady Grove LLC, an affiliate of Haberhill LLC.

The purchase price was not disclosed and it is estimated that the new
ownership group will spend US$3.5 million in additional capital to upgrade
the property over and above the approximately US$2 million that Hilton
Hotels Corporation has spent within the past year.

The hotel will continue to be operated as an Embassy Suites Hotel by
Hilton Hotels Corporation under the terms of long-term franchise and
management agreements.

Additionally, the popular restaurant Frank Grisanti’s will remain an
important part of the property as the new owners have extended its lease
through 2014, with an additional 5 year extension option.

In a separate transaction, Hilton also announced that the 140-suite
Homewood Suites by Hilton hotel on Poplar Avenue in Memphis has been sold
to Apple REIT Companies for US$11.1 million.  The property will also be
operated as a Homewood Suites by Hilton hotel by Hilton Hotels Corporation
under the terms of long term franchise and management agreements.  The
transaction was completed May 15, 2007.

                        About Haberhill LLC

Haberhill LLC -- http://www.haberhill.com/-- is a hotel investment and
advisory firm that has ownership interests in numerous full service hotels
including properties in Minneapolis, Washington, D.C. and Hawaii. Since
its founding in 2000, Haberhill, with its founder Douglas Greene, has
advised and invested in hotel transactions with an aggregate value of over
$1 billion.

                        About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services said its
rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


IBOND SECURITIES: Moody's Lifts Ba1 Rating on EUR500 Mln Notes
--------------------------------------------------------------
Moody's Investors Service upgrades to Baa3 from Ba1 the EUR500 million
Floating Rate iBoxx Diversified Series 2C Credit-Linked Notes issued by
iBond Securities plc.


KRONOS INC: Shareholders Okay Hellman & Friedman Merger Deal
------------------------------------------------------------
Kronos(R) Incorporated disclosed Friday that shareholders voted to approve
the merger agreement providing for the acquisition of Kronos by entities
affiliated with Hellman & Friedman Capital Partners VI, L.P., a private
equity investment firm.

Investing alongside Hellman & Friedman is JMI Equity, a private equity
firm focused on the software and business services industries.

The vote was conducted at a special meeting of Kronos shareholders held
last June 8, 2007 at the offices of Wilmer Cutler Pickering Hale and Dorr
LLP in Boston, Massachusetts.

Based on the preliminary tally of shares voted, the number of shares that
voted to approve the merger agreement represents approximately 79% of the
total number of shares of Kronos common stock outstanding and entitled to
vote as of the close of business on April 30, 2007, the record date for
the special meeting.

The proposed merger, disclosed on March 23, 2007, and is expected to close
today, June 11, 2007, subject to the satisfaction or waiver of the
conditions set forth in the merger agreement.

Under terms of the merger agreement, shareholders will receive $55.00 per
share in cash for each share of Kronos common stock held or a total
transaction value of approximately $1.8 billion.

Kronos Incorporated -- http://www.kronos.com-- (Nasdaq: KRON) pProvides
software and services that enable organizations to reduce costs, increase
productivity, improve employee satisfaction, and ultimately enhance the
level of service they provide.  Kronos serves customers in more than 50
countries through its network of offices, subsidiaries, and distributors.
The company offers its products primarily in the United States, Canada,
Mexico, the United Kingdom, Australia, and New Zealand.

                       *     *     *

As reported in the Troubled Company Reporter on May 21, 2007, Moody's
Investors Service assigned Kronos, Inc. a first time B2
corporate family rating and a stable rating outlook.  Moody's also
assigned a first time Ba3 rating to the company's first lien credit
facilities ($665 million term loan, due 2014, and $60 million revolving
credit facility, expires 2013); and a Caa1 rating to its $390 million
second lien term loan, due 2015.


MUTUAL SECURITISATION: Moody's Cuts Rating on Two Bond Classes
--------------------------------------------------------------
Moody's downgraded to Ba3 from Ba1 the rating of the GBP140 million Class
A1 Limited Recourse Bonds due 2012 and
to B3 from Ba3 the rating of the GBP120 million Class A2 Limited
Recourse Bonds due 2022 issued by Mutual Securitisation plc.

These downgrades conclude the rating review of the Securitised Bonds which
was triggered by the rating review of the Borrower.

This transaction represents the securitisation of emerging surpluses
arising from a defined block of various types of insurance policies
underwritten by National Provident Institution.  NPI was demutualized and
became National Provident Life Limited, whose rating was withdrawn for
business reasons in July 2006.

The current ratings are based on:

   (i) the future emerging surpluses;
  (ii) the credit worthiness of NPL;
(iii) the fully cash-collateralised reserve account; and
  (iv) the structural features of the transaction such as the
       pro-rata amortization of the 2 classes of Bonds in case
       of acceleration.

The ratings reflect the significant deterioration of the emerging
surpluses in the recent years, combined with the decreased credit
worthiness of NPL, factors which are only partially off-set by the balance
of the reserve account.  The split ratings reflect the current expected
loss differential between the Class A1 Bonds and the Class A2 Bonds, given
that under many scenarios the reserve account will benefit the Class A1
Bonds in priority over the Class A2 Bonds.  Moody's believes that there is
a material likelihood that cash-flows will not be sufficient to fully
redeem the Class A2 Bonds.


OSI RESTAURANT: Moody's Cuts Rating to B1 on Three Bank Loans
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of OSI
Restaurant Partners, Inc. in addition to other rating actions as:

Ratings affirmed are:

   -- B2 corporate family rating;

   -- B2 probability of default rating;

   -- US$550 million senior unsecured notes maturing in 2015
      rated Caa1 (LGD5, 85%);

   -- SGL-2 Speculative Grade Liquidity rating.

Ratings lowered are:

   -- US$150 million working capital revolver maturing in 2013,
      lowered to B1 (LGD-3, 33%) from Ba3 (LGD3, 28%)

   -- US$100 million pre-funded revolver maturing in 2013,
      lowered to B1 (LGD-3, 33%) from Ba3 (LGD3, 28%)

   -- US$1.310 billion term loan B maturing in 2014, lowered to
      B1 (LGD-3, 33%) from Ba3 (LGD3, 28%)

   -- The outlook is stable

The B2 corporate family rating reflects OSI's high financial leverage,
modest coverage, and marginal free cash flow generation, as well as the
highly competitive environment within the casual dining segment of the
restaurant industry which will likely persist over the intermediate term.
Moody's believes the operating environment in the casual dining space will
remain challenging as consumers continue to focus on greater value in
regards to food prepared away from home.  However, the ratings
also incorporate OSI's significant scale and scope, the benefits of a
diversified revenue stream stemming from the various concepts and good
liquidity.

The lowering of the senior secured bank loan ratings was prompted by the
change in OSI's liability structure as a result of an increase in total
secured debt of approximately US$230 million, due to the re-allocation of
approximately US$150 million of unsecured debt to secured debt, in
addition to US$80 million of additional secured debt required to fund the
transaction.

The stable outlook anticipates that while the operating environment will
remain challenging, OSI's strategic initiatives and targeted cost savings
should help to improve debt protection metrics and overall financial
flexibility over time.  The stable outlook also indicates good liquidity
and reflects Moody's expectation that OSI's internally generated cash flow
and cash balances will be sufficient in funding capital expenditures,
mandatory term loan B amortization, working capital fluctuations
and other internal investments over the next twelve months.

Proceeds from the proposed transaction together with a commercial mortgage
backed transaction and contributed equity will fund the acquisition of OSI
by two private equity sponsors, Bain Capital Partners and Catterton
Partners, along with other sponsors that include OSI's founders and
members of the current management team.

As is customary, all of Moody's assigned ratings are subject to review of
final documentation.

OSI Restaurant Partners, Inc.’s portfolio of brands consists of
OutbackSteakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s
PrimeSteakhouse & 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.  Revenues for fiscal 2006 totaled
US$3.9 billion.


PEMBERTON SLATER: Court to Hear Winding-Up Petition on July 5
------------------------------------------------------------
The Secretary of State for Trade and Industry has presented petitions in
the High Court to wind-up Davis & Crombie Ltd. and Pemberton Slater Ltd.
in the public interest.

The companies sold advertising space in wall-planners and various other
publications to businesses who were contacted by way of cold-calling.  The
petitions to wind up the companies were presented following an
investigation carried out by Companies Investigation Branch under Section
447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator of Davis &
Crombie and Pemberton Slater on June 1, 2007.  The cases are now subject
to High Court action and no further information will be available until
the petitions are heard on July 5, 2007.

Pemberton Slater Ltd. was incorporated in September 2006 and commenced
trading in October 2006.

The registered office of Pemberton Slater Ltd. is at:

         9 Perseverance Works
         Kingsland Road
         London
         E2 8DD
         England

The company used trading addresses at:

         Suite 1
         City Park
         34 Brindley Road
         Old Trafford
         Manchester
         M16 9HQ
         England

              - and -

         77 Lever Street
         Manchester
         M1 1FL
         England


VIRGIN MEDIA: Expects TV Subscriber Growth in 2nd Quarter 2007
--------------------------------------------------------------
Virgin Media Inc. (fka NTL Inc.) expects TV net additions to be roughly
flat in the second quarter of 2007 following a better-than-expected TV
subscriber performance during April and May. This revises the guidance
provided in its first quarter results announcement on May 9, 2007, when
the company forecast negative TV subscriber growth due to the withdrawal
of Sky's basic channels from its TV platform.

According to Virgin Media, this is due in significant part to the wide
ranging mitigating actions it has taken.  The company has also benefited
from reinvigorated communications and marketing, growing customer
recognition of the value of its video-on-demand content and the inherent
appeal of the new Virgin Media brand.

Virgin Media expects that a series of new and highly competitive consumer
propositions exploiting its unique quad-play capability will help to drive
new fixed line telephony and overall subscriber additions.  As a result,
while it continues to anticipate negative telephony and overall net
additions in the second quarter, the company expects a return to
subscriber growth in the second half of the year.

As previously reported in the TCR-Europe on May 11, 2007, Virgin Media's
gross customer additions in the first quarter were 184,300, down from
213,500 in the fourth quarter, due to the loss of BskyB's basic channels
from its platform and to increased competitor activity.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

Virgin Media posted GBP120.3 million in net losses against GBP1
million in revenues for the first quarter ended March 31, 2007,
compared with GBP119.9 million in net losses against GBP611.4
million in revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, also showed
strained liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's Investors
Service confirmed its Ba3 Corporate Family Rating for Virgin Media Inc.

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

As reported in the TCR-Europe on March 23, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' senior secured debt
rating and '1' recovery rating on Virgin Media Investment
Holdings Ltd.'s GBP4.98 billion senior secured facilities.

                           *********

Monday's edition of the TCR delivers a list of indicative prices for bond
issues that reportedly trade well below par.  Prices are obtained by TCR
editors from a variety of outside sources during the prior week we think
are reliable.  Those sources may not, however, be complete or accurate.
The Monday Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual trades.
Prices for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities. Nothing
in the TCR constitutes an offer or solicitation to buy or sell any
security of any kind.  It is likely that some entity affiliated with a TCR
editor holds some position in the issuers' public debt and equity
securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per share in
public markets.  At first glance, this list may look like the definitive
compilation of stocks that are ideal to sell short.  Don't be fooled.
Assets, for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are available at
your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog,
Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius
Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of
the publishers.

Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year, delivered via
e-mail.  Additional e-mail subscriptions for members of the same firm for
the term of the initial subscription or balance thereof are US$25 each.
For subscription information, contact Christopher Beard at 240/629-3300.


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