TCREUR_Public/070614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 14, 2007, Vol. 8, No. 117

                            Headlines


A U S T R I A

AUTOCENTER KANIK: Claims Registration Period Ends June 29
GHK BAU: Claims Registration Period Ends July 3
H.P.H. LLC: Claims Registration Period Ends June 29
IMMOBILITAS LLC: Claims Registration Period Ends July 4
KERNCO LLC: Claims Registration Period Ends July 15

MD ALPHA: Claims Registration Period Ends July 15
PAM LLC: Claims Registration Period Ends June 20
SOLAR-TECHNIK LLC: Linz Court Orders Business Shutdown


B E L G I U M

PETROL AD: Fitch Puts Low-B Ratings on Negative Watch


D E N M A R K

TDC A/S: Fitch Says Sale of Talkline Won’t Affect Low-B Ratings


F I N L A N D

SANMINA-SCI: Fitch Rates Proposed US$600MM Senior Notes at BB+


F R A N C E

CLEAR CHANNEL: Eyes 50% Increase in Outdoor Advertising Market
ROTHSCHILD & CIE BANQUE: Fitch Affirms Individual Rating at B
SEMPER FINANCE: S&P Rates EUR11.4 Million Class G Notes at B
UTSTARCOM INC: Defers 10-Q and 10-K Filing with SEC
UTSTARCOM INC: Ends Strategic Alternatives Process; EVP Resigns


G E R M A N Y

A+P SERVICE: Claims Registration Period Ends June 19
ABZ AACHENER: Claims Registration Period Ends July 16
AKKERMANN ELEKTROTECHNIK: Claims Registration Ends July 4
ALMA SPORTS: Claims Registration Period Ends July 3
AMTEC GMBHC: Claims Registration Period Ends July 12

AST AUTO: Claims Registration Ends July 10
AUTOHAUS MUEMLINGTAL: Claims Registration Ends June 20
AUTOHAUS WEBER: Claims Registration Ends July 11
B & B VOICE: Claims Registration Period Ends July 10
GASTRONOMIE EINRICHTUNGS: Claims Registration Ends June 28

GOETTINGER GRUPPE: Files for Insolvency in Charlottenburg
HEROS GROUP: Investigators Ready EUR18 Mln Reward for Info
INSELMALER-GMBH: Claims Registration Ends July 10
KONERT MALERWERKSTATTEN: Claims Registration Ends July 16
KTF MULDE-BAU: Claims Registration Ends July 23

LEAR CORP: European Commission Clears US$5.3 Billion Icahn Deal
PAUL ALT: Creditors Must Register Claims by July 4
POHCA-SNACK GMBH: Creditors Meeting Slated for July 6
PRIMUS-HAUS GMBH: Creditors Must Register Claims by July 14
PROBAT GRUNDSTUECKSGESELLSCHAFT: Creditors' Claims Due July 17

RIAMOS FILM: Creditors Meeting Slated for July 6
ROAD-RUNNER GMBH: Creditors Must Register Claims by July 20
RS LACKIERZENZTRUM: Creditors Must Register Claims by July 9
TV-LOONLAND AG: Bankers Will Not Waive Covenant Breaches


H U N G A R Y

BAA PLC: HOCHTIEF AirPort Consortium Takes Over Budapest Airport


I T A L Y

ALITALIA SPA: Reaches Agreement with Flight Attendant Unions


I R E L A N D

DEKANIA EUROPE: Fitch Rates EUR4 Million Class F Notes at BB-


K A Z A K H S T A N

ADLER & K LLP: Proof of Claim Deadline Slated for July 13
ANAY LLP: Creditors Must File Claims July 13
BETS LLP: Claims Filing Period Ends July 13
DIZART LLP: Claims Registration Ends July 17
ER-NUR LLP: Creditors' Claims Due July 13

KAZKOMMERTS FINANCE: Fitch Rates Upcoming Notes Issue at BB
KAZTEPLOMONTAGE OJSC: Proof of Claim Deadline Slated for July 20
MENSHIKOV & K LLP: Creditors Must File Claims July 13
SAGAT LLP: Claims Filing Period Ends July 13
SHUBARSAY LLP: Claims Registration Ends July 13


K Y R G Y Z S T A N

ARTUJ CJSC: Proof of Claim Deadline Slated for July 25
INTORG SINTHESIS: Creditors' Meeting Slated for June 15


L U X E M B O U R G

EVRAZ GROUP: Completes Yuzhkuzbassugol Mine Acquisition
HELLAS TELECOMMUNICATIONS: Fitch Lifts Senior Debt Ratings to B+
TEKSID ALUMINUM: Noteholders Agree to Bond Indenture Amendments
WIND HELLAS: Fitch Holds Issuer Default Rating at B


N E T H E R L A N D S

CITADEL 2007-I: Fitch Rates EUR21.7 Million Notes at BB+
HEXION SPECIALTY: S&P Revises Ratings on Second-Lien Notes


N O R W A Y

CLEAR CHANNEL: Eyes 50% Increase in Outdoor Advertising Market


R O M A N I A

TRACTORUL UTB: Liquidator Schedules Asset Sale in July


R U S S I A

ADAMANT LLC: Rostov Bankruptcy Hearing Slated for Sept. 24
ARTYK-TRANS LLC: Creditors Must File Claims by June 19
AZOV-SEL-KHOZ-ENERGO: Creditors Must File Claims by July 19
BIRSKAYA GARMENT: Creditors Must File Claims by July 19
EVRAZ GROUP: Completes Yuzhkuzbassugol Mine Acquisition

KALUGA-GRADO-STROITEL: Court Names A. Borunov to Manage Assets
LUCH OJSC: Creditors Must File Claims by June 19
MONOLITH-STROY: Creditors Must File Claims by July 19
POLYMER CJSC: Creditors Must File Claims by June 19
RASPADSKAYA OJSC: Fitch Holds Issuer Default Rating at B+

RENAISSANCE CAPITAL: Fitch Holds BB- Issuer Default Rating
RENAISSANCE CONSUMER: Fitch Rates Upcoming Note Issue at B-
SABIT CJSC: Creditors Must File Claims by July 19
SORTAVALSKIY FISHING: Bankruptcy Hearing Slated for Sept. 27
SOFIA CJSC: Creditors Must File Claims by July 19

STAVROPOLYE CJSC: Court Names V. Goncharov as Insolvency Manager
TUNAYCHA-M-FISHING-FACTORY: Asset Sale Slated for June 19
UZHURSKIY MEAT-PACKING: Creditors Must File Claims by July 19
VILGA WOOD: Kareliya Court Names M. Chukin as Insolvency Manager


S P A I N

SANTANDER CONSUMER: Fitch Rates EUR40 Million Notes at CC
SANTANDER EMPRESAS 3: Fitch Junks EUR45.5 Million Series F Notes


S W I T Z E R L A N D

ANGEL-ONE FASHION: Claims Registration Period Ends June 25
AUTOCENTER HOHBERG: Court Closes Bankruptcy Proceedings
BURLINGTON JSC: Zug Court Closes Bankruptcy Proceedings
CIRCUS MEDRANO: Aargau Court Closes Bankruptcy Proceedings
CULINVEST JSC: Zug Court Closes Bankruptcy Proceedings

GAN LLC: Creditors' Liquidation Claims Due June 25
LA CUCINA: Graubunden Court Closes Bankruptcy Proceedings
MILLENIUM-TRANSPORTE LLC: Court Closes Bankruptcy Proceedings
MK FASSADENBAU: Claims Registration Period Ends June 25
SARINA LLC: Creditors' Liquidation Claims Due June 25


T U R K E Y

BANKPOZITIF KREDI: Fitch Rates Upcoming Notes at BB


U K R A I N E

BANK KHRESCHATYK: Fitch Affirms Issuer Default Rating at B-


U N I T E D   K I N G D O M

AES CORP: Dominican Unit Receives 135,000 Cubic Meters of NatGas
AMERICAN AXLE: S&P Rates Proposed US$250 Million Term Loan at BB
AMERICAN AXLE: Fitch to Rate Senior Unsecured Term Loan at BB
BAA PLC: HOCHTIEF AirPort Consortium Takes Over Budapest Airport
BRACKENHILL HOMES: Joint Liquidators Take Over Operations

CENTRAL GARDEN: Expected Low Results Cues S&P’s Negative Watch
FORD MOTOR: Hires Banks to Explore Jaguar & Land Rover Sale
GREAT HALL: Fitch Places BB Rating on GBP14.25-Million Notes
HAMMOND WHITEOAK: T. Papanicola Leads Liquidation Procedure
INDEPENDENT NEWS: Fitch Holds BB- Issuer Default Rating

JARVIS PLC: April 2 Balance Sheet Upside-Down by GBP14.3 Million
LORRY LOADERS: Chris Williams Leads Liquidation Procedure
NORTHWAY COMPUTER: Appoints A. J. Clark as Liquidator
PRIMUS TELECOM: Swaps 6 Million Shares for US$5Million Notes
PROVIDE HOME: Fitch Revises Outlook on 2002-1 Class E Notes

SEA CONTAINERS: Court Sets July 16 as Claims Filing Deadline
SERVICEMASTER CO: S&P Junks Existing Senior Unsecured Debt
TOTAL MOTORSPORT: Taps Liquidators from Jacksons Jolliffe Cork
VWR INT’L: Pending Acquisition Cues S&P to Affirm B Ratings

* Tenon Acquires LWC Accountants for an Undisclosed Amount

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AUTOCENTER KANIK: Claims Registration Period Ends June 29
---------------------------------------------------------
Creditors owed money by LLC Autocenter Kanik (FN 234963i) have until June
29 to file written proofs of claim to court-appointed estate administrator
Stefan Kohlfuerst at:

         Mag. Stefan Kohlfuerst
         OEG Hofstatter & Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:20 a.m. on July 5 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on May 23
(Bankr. Case No. 26 S 36/07z).


GHK BAU: Claims Registration Period Ends July 3
-----------------------------------------------
Creditors owed money by LLC GHK Bau & Immobilien (FN 269353h) have until
July 3 to file written proofs of claim to court-appointed estate
administrator Nikolaus Vogt at:

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

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:45 a.m. on July 17 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16
(Bankr. Case No. 4 S 56/07y).  Eva Riess represents Mag. Vogt in the
bankruptcy proceedings.


H.P.H. LLC: Claims Registration Period Ends June 29
---------------------------------------------------
Creditors owed money by LLC H.P.H. (FN 233696x) have until
June 29 to file written proofs of claim to court-appointed estate
administrator Norbert Scherbaum at:

         Dr. Norbert Scherbaum
         LLC Scherbaum/Seebacher Rechtsanwalte
         Einspinnergasse 3/II
         8010 Graz
         Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:40 a.m. on July 5 for the examination of claims.

The meeting of creditors will be held at:

        The Land Court of Graz
        Room 222
        Second Floor
        Graz
         Austria

Headquartered in Unterpremstatten, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 26 S 38/07v).


IMMOBILITAS LLC: Claims Registration Period Ends July 4
-------------------------------------------------------
Creditors owed money by LLC Immobilitas (FN 180989k)have until July 4 to
file written proofs of claim to court-appointed estate administrator Eva
Riess at:

         Dr. Eva Riess
         c/o Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01-0
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on July 18 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 16
(Bankr. Case No. 2 S 70/07t).  Nikolaus Vogt represents Dr. Riess in the
bankruptcy proceedings.


KERNCO LLC: Claims Registration Period Ends July 15
---------------------------------------------------
Creditors owed money by LLC Kernco (FN 195641h) have until
July 15 to file written proofs of claim to court-appointed estate
administrator Herbert Hochegger at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61-9
         E-mail: office@hoch.co.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on Aug. 1 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16
(Bankr. Case No. 3 S 70/07z).  Bernhard Eder represents Dr. Hochegger in
the bankruptcy proceedings.


MD ALPHA: Claims Registration Period Ends July 15
-------------------------------------------------
Creditors owed money by LLC MD ALPHA (FN 276363t) have until July 15 to
file written proofs of claim to court-appointed estate administrator Horst
Winkelmayr at:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77-50
         E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on Aug. 1 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 26
(Bankr. Case No. 3 S 72/07v).


PAM LLC: Claims Registration Period Ends June 20
------------------------------------------------
Creditors owed money by LLC PAM (FN 257552d)have until June 20 to file
written proofs of claim to court-appointed estate administrator Gerhard
Roth at:

         Dr. Gerhard Roth
         Schillerplatz 8
         8850 Murau
         Austria
         Tel: 03532-2418
         Fax: 03532-2418-6
         E-mail: dr.roth@murau.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:35 a.m. on July 4 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

Headquartered in Zeltweg, Austria, the Debtor declared bankruptcy on May
18 (Bankr. Case No. 17 S 43/07b).


SOLAR-TECHNIK LLC: Linz Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Linz  entered May 23 an order closing the business of
LLC Solar-Technik (FN 81016t).

Court-appointed estate administrator Herbert Veit recommended the business
closure after determining that the continuing operations would reduce the
value of the estate.

The estate administrator can be reached at:

         Dr. Herbert Veit
         Coulinstrasse 20
         4020 Linz
         Austria
         Tel: 65 05 24
         Fax: 65 69 76
         E-mail: dr.veit@utanet.at

Headquartered in Linz, Austria, the Debtor declared bankruptcy on May 10
(Bankr. Case No 12 S 45/07s).


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


PETROL AD: Fitch Puts Low-B Ratings on Negative Watch
-----------------------------------------------------
Fitch Ratings placed Bulgaria-based fuel distributor Petrol AD's 'B-'
Issuer Default rating and 'B-' senior unsecured rating for its EUR100
million notes due in 2011 on Rating Watch Negative.

The Recovery Rating is affirmed at 'RR4'.

The rating action reflects a covenant breach related to its EUR100 million
bond issue, the company's deteriorated liquidity position and higher-than-
expected leverage.

Petrol AD has breached a bond covenant regarding the limitation on
incurrence of indebtedness.  In first quarter of 2007, the company
increased borrowings under its working capital facilities despite
breaching the 5% covenant limit, defined in the documentation as a ratio
of working capital bank debt-to- consolidated sales for the four most
recent quarters.  At end-March 2007, this ratio stood at 6.7%.

Fitch understands that additional borrowings under working capital
facilities were chiefly driven by management's decision to accumulate
higher fuel inventories in light of the intensified dispute related to its
retail fuel supply agreement with its main supplier Lukoil Bulgaria EOOD
(a subsidiary of OAO Lukoil, rated 'BBB-').  It remains to be seen if the
trustee and the bondholders will treat this breach as an event of default,
which would trigger immediate early repayment of the bonds that are the
company's main funding source.  This may result in a liquidity crunch,
resulting in a downgrade of the ratings.

Last week, Petrol AD announced that it has reduced its working capital
debt to below BGN60 million from BGN83 million at end-March 2007 and is in
compliance with the 5% covenant limit.

Petrol AD's liquidity position has deteriorated since end-2006.  At end
first quarter of 2007, balance sheet cash decreased to BGN15.7 million
from BGN63 million at year ending 2006 due to negative free cash flow
generation.  The company has no committed bank facilities.  Uncommitted
available bank lines at end-March stood at some BGN15 million.  This
exposes the company to high refinancing risk given its short-term debt of
BGN97.7 million.  It should be noted that some additional liquidity is
available from inventory sales as Petrol AD's inventory levels remain
roughly two times higher than the usual levels seen in 2006.

The rating action also reflects a weakening of Petrol AD's financial
profile, with weaker-than- expected EBITDA and funds-from-operations and
higher net debt in 2006. At end-2006, adjusted net debt-to-EBITDAR was at
a high 5.5x, up from 3.3x at end-2005, while FFO-adjusted leverage rose to
6x from 3x.  In addition, the Bulgarian fuel market saw narrowing
wholesale and retail margins on the back of intensifying competition and
hikes in fuel excise taxes.  This trend is expected to continue in the
medium term.

The ratings continue to reflect the group's below-average business profile
due to its small size and exposure to a single country, lack of vertical
integration and complex agreements of Petrol AD and Petrol Holding AD with
Lukoil Bulgaria.  The ratings also reflect weak corporate governance.
Petrol AD's controlling shareholder Petrol Holding AD is privately owned
and both companies engage in sizeable related-party transactions,
including inter-company loans, debt guarantees and pledged assets in favor
of Petrol Holding AD's creditors.  Petrol AD has a weak financial profile
and aggressive financial policies, below-average accounting quality and
sizeable capital expenditure plans for its under-invested fuel retail and
wholesale assets.

Petrol AD has had disagreements with Lukoil Bulgaria dating back to 2001
concerning execution of the retail fuel supply agreement and calculation
of the retail margin and approval of some expenses.  In March 2007, Lukoil
Bulgaria started litigation against Petrol AD over BGN89.6 million
disputed amounts that are outstanding from Petrol AD.  The latter is also
claiming a payment from Lukoil Bulgaria of unpaid operating expenses and
remuneration dating back to 2001 of about BGN118 million. Despite the
ongoing litigation there have been no major interruptions of fuel supplies
from Lukoil Bulgaria.  The court case may take at least two to three years
to resolve.


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D E N M A R K
=============


TDC A/S: Fitch Says Sale of Talkline Won’t Affect Low-B Ratings
---------------------------------------------------------------
Fitch Ratings says it does not expect the intended sale by TDC A/S of its
German mobile subsidiary Talkline to debitel AG to have any rating impact.

TDC is rated Issuer Default 'BB-' and Short-term 'B'.

All ratings remain on Rating Watch Negative.

This view is based on the fact that Talkline represents a relatively small
part of TDC's total business portfolio (EBITDA was DKK538 million or 4% of
group EBITDA at YE06), and therefore the sale will not have a significant
impact on TDC's operating results.  The sale is also in line with the
company's strategy to focus on the Nordic region, following on from the
sale of the Lithuanian and Latvian mobile subsidiary Bite earlier this
year.

Reported cash proceeds of EUR560 million (DKK4.2 billion) from the sale
are expected to be received during third quarter of 2007 and could either
be reinvested in the business or used to repay debt during the next 12
months.  The effect of the Talkline disposal on TDC's business portfolio
and pro-forma financial condition is considered neutral at this stage; the
eventual use of proceeds to prepay debt could further support the rating
at the current level but would not be expected to result in an upgrade.
Fitch-adjusted leverage (pro-forma for the disposal of Bite and the
subsequent prepayment of senior debt, and excluding the ring-fenced
Hungarian subsidiary HTCC) was approximately 5.2x at Q107 (5.2x net).
Assuming the Talkline disposal proceeds remain on balance sheet as cash,
Fitch estimates pro-forma gross leverage could increase to 5.5x, with net
leverage reducing slightly to 5x.

TDC's debt instruments:

  * Senior secured bank facilities: rated 'BB+' on RWN

  * EMTN bonds:

      -- DEM 5% notes due 2008;
      -- JPY 1.28% notes due 2008;
      -- EUR 5.625% notes due 2009;
      -- EUR 6.5% notes due 2012: rated 'BB-' on RWN

  * NTC Holding's senior notes:

      -- EUR800 million 8.25% senior notes due 2016;
      -- US$600 million 8.875% senior notes due 2016;
      -- EUR750 million floating-rate notes due 2016: rated 'B+'
         on RWN

The sale of Talkline is subject to regulatory approval.


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


SANMINA-SCI: Fitch Rates Proposed US$600MM Senior Notes at BB+
--------------------------------------------------------------
Fitch has assigned a 'BB+/RR1' rating to Sanmina-SCI Corporation's
(Nasdaq: SANM) proposed US$600 million offering of senior unsecured
floating rate notes.  The two-tranche debt offering consists of US$300
million of notes due 2010 and US$300 million due 2014. Proceeds from the
offering and cash on hand will be utilized to repay an existing US$600
million senior unsecured term loan and to fund related fees and expenses.
The Rating Outlook is Negative.

Fitch currently rates Sanmina as:

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

The ratings and Negative Outlook reflect Sanmina's:

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

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

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

    -- manufacturing services companies; and

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

Fitch expects a difficult competitive environment within the EMS industry
in 2007 driven by continued pricing pressure from Asian EMS and original
design manufacturing vendors as well as a continued trend by original
equipment manufacturers to consolidate EMS vendors, both of which could
hamper efforts to improve the operating performance at Sanmina.  The
company is currently evaluating its strategy and position within the
market and recently announced a shift in its ODM business to a joint
design manufacturing model.  In addition, Sanmina is considering various
strategic alternatives for its low margin personal computing, low-end
server and storage businesses.  Actions that could potentially stabilize
Sanmina's ratings include a divestiture of lower margin businesses to
improve overall operating performance and/or the use of proceeds from
asset divestitures to pay down debt.

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

As of March 31, 2007, Fitch believes liquidity was adequate and supported
by US$664 million in cash and equivalents; US$500 million senior secured
revolving credit facility due Dec. 2008, of which approximately US$400
million remains available; and various receivables sales facilities
totaling approximately US$400 million, of which approximately US$80
million remains available.  While Fitch estimates Sanmina's free cash flow
for the LTM ended March 31, 2007 was negative US$406 million, largely due
to increases in working capital driven by higher cash conversion cycle
days.  Fitch expects working capital trends to moderate, which should
enable Sanmina to produce positive free cash flow in fiscal 2007.  Pro
forma for the debt offering and repayment of the US$600 million term loan,
Fitch estimates total debt was US$1.7 billion, consisting of US$100
million drawn against a US$500 million senior secured revolving credit
agreement; US$300 million of senior unsecured FRN due 2010; US$300 million
of senior unsecured FRN due 2014; US$400 million of 6.75% senior
subordinated notes due 2013; and US$600 million of 8.125% senior
subordinated notes due 2016.

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


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


CLEAR CHANNEL: Eyes 50% Increase in Outdoor Advertising Market
--------------------------------------------------------------
Clear Channel Outdoor aims to increase its outdoor advertising market
shares in France, where it competes with JCDecaux, Reuters reports citing
Les Echos as its source.

"We have to reach a 50-50 situation and this target is reachable within
five years," Hubert Janvier, head of Clear Channel France said in an
interview with Les Echos.

According to the report, the company wants to lift its current 32% share
of the French street furniture market to 50% within five years by
advertising on street props such as bus shelters or public toilets.

Domestic leader JCDecaux holds a 57% market share.

The company has a 28% share of the French outdoor advertising market
compared with the 32% for JCDecaux.  It generates
revenue of EUR350 million in France where it has 1,600 employees, Reuters
relates.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                            *   *   *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


ROTHSCHILD & CIE BANQUE: Fitch Affirms Individual Rating at B
-------------------------------------------------------------
Fitch Ratings affirmed Rothschild & Cie Banque's ratings at Issuer Default
'A', Short-term 'F1', Individual 'B' and Support '5'.  The Outlook for the
IDR is Stable.

RCB's ratings reflect its excellent advisory franchise in France and the
unique franchise of the Rothschild family name, the very low risk nature
of its balance sheet and activities, steady new business development and
continued outstanding profitability achievements.  They also reflect a
modest size and the threat of increased competition from global investment
banks.

RCB is an integral part of the Rothschild family's banking group. A global
committee, meeting monthly, reviews group strategy, conflicts of interest,
new business lines, etc.  Senior management has access to group-wide
advisory mandates.  "Chinese walls are in place to avoid information
leaks, as are tough rules regarding employees' personal investment
activities.  Controls appear adequate," says Janine Dow, Senior Director
in Fitch's Financial Institutions group.

Any tarnishing of the Rothschild reputation worldwide, arising from
franchise loss, confidentiality or governance breaches, etc., would put
pressure on the bank's ratings, as would a significant exodus of qualified
personnel, a risk common to all advisory banks. Downside risk to the
ratings could also arise from a material change in risk appetite.  Given
the Rothschild family's track record in prudent management, the potential
for a significant change in risk appetite is considered low. Upside
potential for RCB's ratings is limited due to the bank's size.


SEMPER FINANCE: S&P Rates EUR11.4 Million Class G Notes at B
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit ratings
to the EUR994.2 million floating-rate credit-linked notes to be issued by
Semper Finance 2007-1 GmbH, a special purpose entity incorporated in the
Federal Republic of Germany.

This transaction is structured as a synthetic, fully funded CMBS
transaction.  Its purpose is to transfer the credit risk associated with a
pool of 492 small mortgage loans secured predominately on commercial
properties in Germany.  All loans in the reference pool have been
originated by Eurohypo AG or its predecessors.

The reference pool has a principal balance outstanding at cut-off of
EUR1,001.9 million and is secured by one or more first-ranking or
subordinated mortgages.  In total, there are
EUR144.2 million of claims of third parties ranking senior or pari passu
to the claims under the reference pool.

The class A1 notes will be secured against a cash deposit and the class
A1+ to G notes will be secured against lettres de gage.  The ratings on
the class A1+ to G notes will be directly linked to Standard & Poor's
'AAA' rating on the lettres de gage.  Thus, the rating on these notes will
be capped at the rating on the lettres de gage, and if the lettres de gage
are downgraded, the rating on these notes will also be downgraded.

The transaction structure is similar to Semper Finance 2006-1 Ltd.

                          Ratings List

                    Semper Finance 2007-1 GmbH
        EUR994.2 Million Floating-Rate Credit-Linked Notes

                              Prelim.        Prelim. Amount
                Class         rating        (EUR in Million)
                -----          -------        ----------
                A1             AAA               790.7
                A1+            AAA                  .500
                A              AAA                10
                B              AA                 51.8
                C              A                  51.7
                D              BBB                49.1
                E              BB+                20.3
                F              BB-                 8.7
                G              B                  11.4


UTSTARCOM INC: Defers 10-Q and 10-K Filing with SEC
---------------------------------------------------
UTStarcom Inc. received on May 31, 2007, a notice of default from U.S.
Bank National Association, as indenture trustee, pursuant to which the
Trustee asserted that the Company was in default of certain obligations
under the Indenture, dated as of March 12, 2003, by and between the
Company, as issuer, and the Trustee, as trustee, as amended by the First
Supplemental Indenture, by and between the Company and the Trustee, dated
Jan. 9, 2007 with respect to the Company’s 7/8% Convertible Subordinated
Notes due 2008.

The specific purported defaults referred to in the Notice of Default are:

   (i) the Company’s failure to file with the U.S. Securities
       and Exchange Commission and file with the Trustee
       its Quarterly Report on Form 10-Q for the fiscal
       quarter ending Sept. 30, 2006, its Annual Report on
       Form 10-K for the fiscal year ended Dec. 31, 2006
       and its Quarterly Report on Form 10-Q for the
       fiscal quarter ending March 31, 2007 , as required by
       the Indenture and the Trust Indenture Act and

  (ii) the Company’s failure to deliver to the Trustee
       the officer’s certificate of compliance of the
       Company required by the Indenture.

As previously disclosed in the Company’s Current Report on Form 8-K filed
Jan. 10, 2007, pursuant to the Supplemental Indenture, any failure by the
Company to comply with covenants in the Original Indenture relating to the
filing of reports required to be filed with the SEC under the Securities
Exchange Act of 1934, as amended and the furnishing of copies of SEC
Reports and the officer’s certificate of compliance of the Company
required by the Original Indenture to the Trustee before 5:30 p.m., New
York City time, on May 31, 2007 would not constitute a default under the
Indenture.  The Notice of Default states that the Covenant Reversion Date
provided for by the First Supplemental Indenture had passed and that the
Company’s failure to cure the purported defaults within 60 consecutive
days after the date of the Notice of Default, would constitute an “Event
of Default” under the Indenture.

The Company previously reported in its Notifications of Late Filing on
Form 12b-25 filed on Nov. 11, 2006, March 2, 2007 and May 10, 2007, that
the filing of the Q3 2006 10-Q, the 2006 Form 10-K and the Q1 2007 10-Q
had been delayed for the reasons stated therein.

The Company does not believe it is currently in default under the
Indenture.  However, if the Company’s interpretation of the Indenture is
incorrect and a default has occurred under the Indenture and if such
default is not cured by the Demand Date, an “Event of Default” will have
occurred under the Indenture.  The occurrence of an “Event of Default”
under the Indenture would afford the Trustee or holders of not less than
25% in aggregate principal amount of outstanding Notes the right to
declare the full principal amount of all outstanding Notes to be
immediately due and payable.  The Company cannot be certain that it will
be able to file all required reports with the SEC by the Demand Date.
Furthermore, the Company cannot be certain that consents from holders of
the Notes necessary for an additional waiver of its obligations to comply
with the Indenture covenants within the required period can be obtained on
reasonable terms.

The Company does not currently have sufficient cash reserves outside of
China to pay the principal amount of the Notes, which obligations may
become immediately due if an Event of Default were to occur and the
trustee or holders of not less than 25% in aggregate principal amount of
outstanding Notes were to declare the full principal amount of all
outstanding Notes to be immediately due and payable.  Because the Company
is limited by the Chinese government’s imposition of currency exchange
controls on transfer of funds outside of China, it may be time-consuming,
difficult and/or expensive for the Company to transfer funds from China to
repay the Notes.

As a result, if an Event of Default on the Notes were to occur, the
Company may not have sufficient cash resources to repay the Notes and to
continue operations without seeking new financing arrangements.  The
Company cannot be certain that additional financing for these purposes
would be available on acceptable terms or at all, and if such financing is
not available, the Company’s business could be seriously harmed.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.


UTSTARCOM INC: Ends Strategic Alternatives Process; EVP Resigns
---------------------------------------------------------------
The special committee of UTStarcom Inc.'s board of directors has concluded
its assessment of strategic alternatives.

"After careful consideration of a number of short- and long-term
alternatives, we have determined that our best course of action is to move
forward with the company as it exists today,"  Thomas Toy, chairman of
UTStarcom's board of directors, said.  "Our stated goal when we commenced
the strategic alternatives process in October 2006 was to explore
potential options to maximize the company's value for UTStarcom's
shareholders.  In exploring those alternatives, we concluded that the
optimal means of enhancing shareholder value is to focus our efforts on
returning the company to profitability by building on the opportunities we
have developed in key markets around the world."

In addition, Ying Wu’s employment relationship with UTStarcom and its
subsidiaries terminated.  Prior to such termination,
Mr. Wu served as the company’s Executive Vice President, Vice Chairman of
the Board of Directors and the Chairman and Chief Executive Officer of one
of the company’s subsidiaries, UTStarcom China Co. Ltd.

Pursuant to the terms of the Amended and Restated Change of
Control/Involuntary Termination Severance Agreement dated November 14,
2006 between the company and Mr. Wu,

   (i) Mr. Wu will receive 12 months of base salary as in
       effect as of the date of the termination, payable in
       a lump sum within 30 days of termination, and 100% of
       the bonus for the year in which termination occurs,

  (ii) all equity awards, including without limitation
       option grants, restricted stock and stock
       purchase rights, granted to Mr. Wu will become
       fully vested and/or exercisable to the extent such
       equity  awards are outstanding and/or unexercisable
       at the time of the termination,

(iii) Mr. Wu will be permitted to exercise such vested
       equity awards for the shorter period of

         (a) 12 months from the date of termination and

         (b) the remaining term of the respective equity
             awards, and

  (iv) the company will continue to provide Mr. Wu the
       same level of health coverage as in effect on the
       day immediately preceding the termination date until
       the earlier of the date he is no longer eligible
       to receive continuation coverage pursuant to
       the Consolidated Omnibus Budget Reconciliation Act
       of 1985, as amended, or 12 months from the
       termination date.

"In the course of analyzing our strategic alternatives over the last
several months, it has become apparent that there are differing opinions
regarding the company's strategy to enhance shareholder value," Hong Lu,
chief executive officer of UTStarcom, said.  "We recognize Ying's service
to UTStarcom during his tenure with the company and wish him well in
future endeavors."

With Mr. Wu's departure, UTStarcom Chief Executive Officer Hong Lu will
serve as head of the company's China operations on an interim basis and
will continue in his current role as chief executive officer and president
of UTStarcom Inc.

"The Chinese market was the foundation on which UTStarcom was built and
will continue to be an integral part of the company's success today and in
the future," Mr. Lu said.  "Over the coming months, I intend to spend a
significant amount of time in China to focus on our China operations and
our long- established relationships with our carrier customers."

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on Jan. 18, 2007,
noteholders of UTStarcom Inc.'s 7/8% convertible subordinated notes due
2008 agreed to the proposed amendments of certain provisions of the
indenture pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to certain
default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


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


A+P SERVICE: Claims Registration Period Ends June 19
----------------------------------------------------
Creditors of A+P Service GmbH & Co. KG have until June 19 to register
their claims with court-appointed insolvency manager Ulrich Graf.

Creditors and other interested parties are encouraged to attend the
meeting at 8:30 a.m. on July 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 Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         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. Ulrich Graf
         Rathenaustrasse 7
         95444 Bayreuth
         Germany
         Tel: 0921/75933-0
         Fax: 0921/75933-50

The District Court of Bayreuth opened bankruptcy proceedings against A+P
Service GmbH & Co. KG on June 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         A+P Service GmbH & Co. KG
         Nuernberger Str. 8-16
         91257 Pegnitz
         Germany


ABZ AACHENER: Claims Registration Period Ends July 16
-----------------------------------------------------
Creditors of ABZ Aachener Blutspendezentrum GmbH have until
July 16 to register their claims with court-appointed insolvency manager
Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on July 31, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 at 10:07 a.m. on Aug. 20, at the same venue.

The insolvency manager can be reached at:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen
         Germany
         Tel: 0241/9491932
         Fax: 0241/9491919

The District Court of Aachen opened bankruptcy proceedings against ABZ
Aachener Blutspendezentrum GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ABZ Aachener Blutspendezentrum GmbH
         Attn: Dr. Rainer Bormann, Manager
         Alter Posthof 1
         52062 Aachen
         Germany


AKKERMANN ELEKTROTECHNIK: Claims Registration Ends July 4
---------------------------------------------------------
Creditors of Akkermann Elektrotechnik GmbH have until July 4 to register
their claims with court-appointed insolvency manager Reinhard Goeltz.

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

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

The insolvency manager can be reached at:

         Reinhard Goeltz
         Talstrasse 108
         70188 Stuttgart
         Germany
         Tel: 0711/16867-0

The District Court of Ludwigsburg opened bankruptcy proceedings against
Akkermann Elektrotechnik GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Akkermann Elektrotechnik GmbH
         Attn: Hennig Glenn, Manager
         Marstallstr. 4
         71634 Ludwigsburg
         Germany


ALMA SPORTS: Claims Registration Period Ends July 3
---------------------------------------------------
Creditors of ALMA Sports Breitscheid GmbH & Co. KG have until July 3 to
register their claims with court-appointed insolvency manager Georg
Kreplin.

Creditors and other interested parties are encouraged to attend the
meeting at 8:40 a.m. on July 24, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
ALMA Sports Breitscheid GmbH & Co. KG on June 1.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ALMA Sports Breitscheid GmbH & Co. KG
         Attn: Bernd Voswinkel, Manager
         Poent 45
         40885 Ratingen
         Germany


AMTEC GMBHC: Claims Registration Period Ends July 12
----------------------------------------------------
Creditors of Amtec GmbH have until July 12 to register their claims with
court-appointed insolvency manager Marcus Egner.

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 his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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. Marcus Egner
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609962

The District Court of Heilbronn opened bankruptcy proceedings against
Amtec GmbH on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Amtec GmbH
         Attn: Konrad Schnautz, Manager
         Seemuehle 3-5
         71665 Vaihingen
         Germany


AST AUTO: Claims Registration Ends July 10
------------------------------------------
Creditors of AST Auto Service Teile GmbH have until July 10 to register
their claims with court-appointed insolvency manager Michael Pluta.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50
         E-Mail: ulm@pluta.net

The District Court of Aalen opened bankruptcy proceedings against AST Auto
Service Teile GmbH on June 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         AST Auto Service Teile GmbH
         Buchstrasse 103
         73525 Schwabisch Gmuend
         Germany

         Attn: Gerhard Behrend, Manager
         Graf von Rechberg Strasse 23
         73529 Schwabisch Gmuend
         Germany


AUTOHAUS MUEMLINGTAL: Claims Registration Ends June 20
------------------------------------------------------
Creditors of Autohaus Muemlingtal Dingeldein & Heilmann GmbH have until
June 20 to register their claims with court-appointed insolvency manager
Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Aug. 1, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings against
Autohaus Muemlingtal Dingeldein & Heilmann GmbH on
June 1.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Muemlingtal Dingeldein & Heilmann GmbH
         Attn: Karlheinz Heilmann, Manager
         Erbacher Strasse 60
         64720 Michelstadt
         Germany


AUTOHAUS WEBER: Claims Registration Ends July 11
------------------------------------------------
Creditors of Autohaus Weber GmbH have until July 11 to register their
claims with court-appointed insolvency manager Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on Aug. 1, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings against
Autohaus Weber GmbH on May 30.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Weber GmbH
         Attn: Horst Knauf, Manager
         Niedertorstr. 32
         32312 Luebbecke
         Germany


B & B VOICE: Claims Registration Period Ends July 10
----------------------------------------------------
Creditors of B & B voice solutions GmbH have until July 10 to register
their claims with court-appointed insolvency manager Manfred Dobler.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 31, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         Hauffstr. 5
         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:

         Manfred Dobler
         Gansheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711/16 43 30
         Fax: 0711/16 43 350

The District Court of Stuttgart opened bankruptcy proceedings against B &
B voice solutions GmbH on June 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         B & B voice solutions GmbH
         Ulmerstr 269
         70327 Stuttgart
         Germany


GASTRONOMIE EINRICHTUNGS: Claims Registration Ends June 28
----------------------------------------------------------
Creditors of Gastronomie Einrichtungs GmbH have until June 28 to register
their claims with court-appointed insolvency manager Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 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 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:

         Dr. Oliver Liersch
         Karl-Wiechert-Allee 1c
         30625 Hannover
         Germany
         Tel: 0511-554706-0
         Fax: 0511-554706-99

The District Court of Hameln opened bankruptcy proceedings against
Gastronomie Einrichtungs GmbH on May 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gastronomie Einrichtungs GmbH
         Chemnitzer Strasse 16
         30952 Ronnenberg
         Germany


GOETTINGER GRUPPE: Files for Insolvency in Charlottenburg
---------------------------------------------------------
Goettinger Gruppe Beteiligungs GmbH filed for insolvency at the District
Court of Charlottenburg on June 8, 2007, after a shareholder called for
the petition, Financial Times Deutschland reports.

According to the report, more than 100,000 customers with investments of
around EUR1 billion are affected by the filing.

In a report by Borsen Zeitung, court-appointed insolvency administrator,
Rolf Rattunde, refused to comment on the figures as he could not provide
any information on the location of the funds, at present.

Volker Pietsch, board member at the German investor protection body DIAS,
told Financial Times Deutschland that it is unlikely the investors will be
compensated.

Over 170 warrants of arrest were issued, including those against board
members Jurgen Rinnewitz and Mariana Gotz, for payments not having been
made to investors, FT relates.

Investors have been advised to await the start of insolvency proceedings.

Headquartered in Berlin, Germany, Goettinger Gruppe Beteiligungs GmbH –-
http://www.goettinger-gruppe.de/-- is an investment company, offering
savings plans of old age provisions. The company has been trading since
1980.


HEROS GROUP: Investigators Ready EUR18 Mln Reward for Info
----------------------------------------------------------
Investigators for Heros Group, the insolvent German money transfer
company, is offering an EUR18 million reward for those who can lead to the
location of a missing EUR90 million fund allegedly embezzled by the firm,
the Financial Times reports citing Die Welt as its source.

Manuel Sack, the insolvency administrator for Heros, believes the funds
have mainly been embezzled as cash, Die Welt says, while investigators
suspect that there are many small sums involved and that the funds are
abroad, FT relates.

In a TCR-Europe report on May 29, 2007, the Hon. Ulrich Schmidt of the
Hildesheim State Court convicted Heros Group founder Karl-Heinz Weis,
along with a procurement manager and two branch managers, of embezzling up
to EUR240 million (US$324 million) from the company's clients.

In the Associated Press report carried by the International Herald Tribune
last month, the court found that the four former managers intentionally
delayed cash transfers to their customers, comprised mostly of retailers
and banks, in order to cover up losses.

Prison sentences for the four executives ranged from 6-1/2 to 10 years.

Headquartered in Hanover, Germany, Heros Group --
http://www.heros-unternehmensgruppe.de/-- previously controlled
around half of Germany's money-transport business transporting around
EUR600 million a day.

Heros Group and 23 of its subsidiaries filed for insolvency proceedings on
Feb. 21, 2006, following the arrest of four executives from its Nordcash
Geldbearbeitung unit.  The court in Hanover formally opened the insolvency
proceedings against the company on April 28, 2006, effecting a takeover
deal by U.S. investor MatlinPatterson.  Since then, Heros traded under the
SecurLog name.

Financial losses caused by the bankruptcy were placed at
EUR469 million (US$632 million).


INSELMALER-GMBH: Claims Registration Ends July 10
-------------------------------------------------
Creditors of Inselmaler-GmbH have until July 10 to register their claims
with court-appointed insolvency manager Uwe Degen-Gellenbeck.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Aug. 1, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Uwe Degen-Gellenbeck
         J.-S.-Bach-Str. 21
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings against
Inselmaler-GmbH on May 30.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Inselmaler-GmbH
         Meinholdstr. 13
         17459 Koserow
         Germany


KONERT MALERWERKSTATTEN: Claims Registration Ends July 16
---------------------------------------------------------
Creditors of Konert Malerwerkstatten GmbH have until July 16 to register
their claims with court-appointed insolvency manager Dr. Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend the
meeting at 11:23 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Delhaes
         Im Media Park 6 A
         50670 Cologne
         Germany

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

The Debtor can be reached at:

         Konert Malerwerkstatten GmbH
         Rubenstr. 15
         50676 Cologne
         Germany


KTF MULDE-BAU: Claims Registration Ends July 23
-----------------------------------------------
Creditors of KTF Mulde-Bau GmbH have until July 23 to register their
claims with court-appointed insolvency manager Christian Heintze LL.M..

Creditors and other interested parties are encouraged to attend the
meeting at 11:10 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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 Heintze LL.M.
         Ferdinand-von-Schill-Strasse 7
         06844 Dessau
         Germany
         Tel: 0340/8507697
         Fax: 0340/8507698
         E-Mail: dessau@brockdorff.net

The District Court of Dessau opened bankruptcy proceedings against KTF
Mulde-Bau GmbH on May 29.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          KTF Mulde-Bau GmbH
          Friedensstrasse 48
          06766 Bobbau
          Germany


LEAR CORP: European Commission Clears US$5.3 Billion Icahn Deal
---------------------------------------------------------------
European Union regulators approved the purchase of Lear
Corporation by American Real Estate Partners, L.P., an
affiliate of Carl C. Icahn, for approximately US$2.8 billion,
the Associated Press relates.

According to the report, the European Commission did not identify any
antitrust problems that will result from the merger
nor received any complaints from rivals within the stated
deadline.

Under terms of the agreement, Lear shareholders would receive
US$36.00 per share in cash.  The agreement also sees AREP
assuming about US$2.5 billion in debt.  Closing is expected to
occur by the end of the second quarter of 2007.

Mr. Icahn holds a 16 percent stake in the company, which makes
him Lear's largest shareholder.

J.P. Morgan Securities Inc. served as a financial advisor to the
deal and Winston & Strawn, LLP served as legal counsel to a Special
Committee of Lear's Board of Directors.  Bank of America
provided AREP with debt financing commitments for this
transaction.

The agreement is subject to the affirmative vote of the holders
of a majority of the outstanding shares of Lear common stock,
regulatory filings and approvals and other customary closing
conditions.  Upon the closing of the transaction, shares of Lear
common stock will no longer be listed on the New York Stock
Exchange or publicly-traded.

                  About American Real Estate

Headquartered in New York City, American Real Estate Partners,
LP (NYSE:ACP) -- http://www.arep.com/-- a master limited
partnership, is a diversified holding company engaged in a
variety of businesses.  The company's businesses currently
include gaming, oil and gas exploration and production, real
estate and home fashion.  The company is in the process of
divesting its Oil and Gas operating unit and their Atlantic City
gaming property.

The company owns a 99% limited partnership interest in American
Real Estate Holdings Limited Partnership.  Substantially all of
the assets and liabilities are owned by AREH and substantially
all of the company's operations are conducted through AREH and
its subsidiaries.  American Property Investors, Inc., or API,
owns a 1% general partnership interest in both the company and
AREH, representing an aggregate 1.99% general partnership
interest in the company and AREH.  API is owned and controlled
by Mr. Carl C. Icahn.

                         About Lear Corp.

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *   *   *

In May 2007, Moody's Investors Service has assigned a B2
corporate family rating to AREP Car Acquisition Corp., the
corporate entity that will be established to affect the
consummation of the proposed acquisition and subsequent merger
of Lear Corporation into a subsidiary of American Real Estate
Partners, L.P.

At the same time, the rating agency confirmed Lear's existing
ratings consisting of:

   -- a B2 corporate family rating,
   -- B3 senior unsecured notes, and
   -- B2 secured bank term loan.

The rating outlooks for, and revised Lear and Lear Newco's
outlook to, are stable from ratings under review for possible
downgrade.

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.


PAUL ALT: Creditors Must Register Claims by July 4
--------------------------------------------------
Creditors of Paul Alt GmbH have until July 4 to register their claims with
court-appointed insolvency
manager J. Blersch.

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 Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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:

         J. Blersch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611 / 180 89-100
         Fax: 0611 / 180 89-189
         E-mail: mail@bgp-insol.de

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

The Debtor can be reached at:

         Paul Alt GmbH
         Kiedricher Strasse 12
         65197 Wiesbaden
         Germany


POHCA-SNACK GMBH: Creditors Meeting Slated for July 6
-----------------------------------------------------
The court-appointed insolvency manager for Pohca-Snack GmbH, Michael C.
Frege, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:40 a.m. on July 6.

The meeting of creditors and other interested parties 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 at 9:35 a.m. on Oct. 26 at the same venue.

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

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Pohca-Snack GmbHon May 25.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Pohca-Snack GmbH
         Buckower Chaussee 69 - 70
         12277 Berlin
         Germany


PRIMUS-HAUS GMBH: Creditors Must Register Claims by July 14
-----------------------------------------------------------
Creditors of Primus-Haus GmbH & Co. KG have until July 14 to register
their claims with court-appointed insolvency
manager Wolfgang Maus.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on Aug. 6, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Maus
         Mannheimer Str. 254a
         D 55543 Bad Kreuznach
         Germany
         Tel: 0671-79496-13
         Fax: 0671-79496-10

The District Court of Bad Kreuznach opened bankruptcy proceedings against
Primus-Haus GmbH & Co. KG on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Primus-Haus GmbH & Co. KG
         Riegelgrube 10
         55543 Bad Kreuznach
         Germany


PROBAT GRUNDSTUECKSGESELLSCHAFT: Creditors' Claims Due July 17
--------------------------------------------------------------
Creditors of Probat Grundstuecksgesellschaft mbH have until
July 17 to register their claims with court-appointed insolvency
manager Gideon Boehm.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 24, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Gideon Boehm
         Bachstr. 85 a
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings against Probat
Grundstuecksgesellschaft mbH on May 25.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Probat Grundstuecksgesellschaft mbH
         Attn: Olaf Dietzsch, Manager
         Hauptstr. 92 a
         23619 Zarpen
         Germany


RIAMOS FILM: Creditors Meeting Slated for July 6
------------------------------------------------
The court-appointed insolvency manager for Riamos Film GmbH & Co. KG, Rolf
Nacke, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at
9:35 a.m. on July 6.

The meeting of creditors and other interested parties 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 at 9:30 a.m. on Oct. 26 at the same venue.

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Riamos Film GmbH & Co. KG on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Riamos Film GmbH & Co. KG
         Flemmingstrasse 14
         12163 Berlin
         Germany


ROAD-RUNNER GMBH: Creditors Must Register Claims by July 20
-----------------------------------------------------------
Creditors of Road-Runner GmbH Spedition und Kuehltransport have until July
20 to register their claims with court-appointed insolvency manager Josef
Nachmann.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich
         Germany
         Tel: 089/24217737
         Fax: 089/24217738

The District Court of Munich opened bankruptcy proceedings against
Road-Runner GmbH Spedition und Kühltransport on May 23.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Road-Runner GmbH Spedition und Kuehltransport
         Fichtenstr. 19
         85649 Hofolding
         Germany


RS LACKIERZENZTRUM: Creditors Must Register Claims by July 9
------------------------------------------------------------
Creditors of RS Lackierzenztrum GmbH have until July 9 to register their
claims with court-appointed insolvency manager Petra Hilgers.

Creditors and other interested parties are encouraged to attend the
meeting at 11:40 a.m. on Aug. 9, at which time the insolvency manager will
present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

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

The Debtor can be reached at:

         RS Lackierzenztrum GmbH
         Wittestr. 26 C
         13509 Berlin
         Germany


TV-LOONLAND AG: Bankers Will Not Waive Covenant Breaches
--------------------------------------------------------
TV-Loonland AG's bankers confirmed June 12, 2007, that they will not waive
the company's covenant breaches.  They also said that, at present, they
have no intention to take any action in respect of those breaches.

According to Stefan Kroneck of Borsen Zeitung, in mid-May, the banks
indicated willingness to waive demands for interest payments of EUR1
million.

At the company's extraordinary general meeting on May 29, 2007,
TV-Loonland stated that there were ongoing discussions between the
company, its bankers and auditors in respect of certain breaches of
covenants in its banking arrangements.

Consequently, the company is still unable to publish its year-end accounts
for 2006 and its first quarter accounts for 2007, as the auditors are
currently not able to render an audit opinion on those accounts.

The company said that it is urgently pursuing various restructuring
options with potentially interested parties, including the potential sale
of its shareholding in Metrodome Group PLC, the U.K. Listed AIM subsidiary
to which TV-Loonland holds a 61% interest.

According to Borsen Zeitung, Simon Flamank, the sole member of the
management board at present, is planning restructuring measures in order
to avert insolvency for the loss-making company.

The report said that following capital increase and the interest waiver,
the company's situation remains at risk.

The loan liabilities of the company is around EUR20 million, Borsen
Zeitung relates, citing company sources.

According to the report, for the first nine months of 2006, the company's
turnover was at EUR9.9 million while its loss was reduced from EUR2.3
million to EUR1.8 million.  Liquid funds amounted to EUR3.1 million.

The company was burdened by a power struggle last year, and is also
operating on an unfavorable market, the newspaper relates.

Headquartered in Munich, Germany, TV-Loonland AG --
http://www.loonland.com/-- is an independent media-company recognized for
developing, producing and distributing animated cartoons.  It has
operations in London, Paris and Miami.


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


BAA PLC: HOCHTIEF AirPort Consortium Takes Over Budapest Airport
----------------------------------------------------------------
A consortium led by HOCHTIEF AirPort GmbH has acquired all the shares of
Budapest Airport Zrt. previously held by BAA plc.  A purchase contract to
this effect was signed on May 9, 2007. Following the financial close of
the transaction, operational responsibility for the airport was
transferred to the new owners.

At the same time, a change in the top management took place.  For the time
being, the airport company will be headed by Dr. Reinhard Kalenda, CEO of
HOCHTIEF AirPort.  Dimitrios Gatsonis, up to now Director Aviation at HTA,
has been appointed Deputy CEO.

In addition to HOCHTIEF AirPort (49.666 percent), the consortium comprises
these financial investors:

   -- Caisse de depot et placement du Quebec,
   -- Montreal (23.167 percent),
   -- GIC Special Investments, Singapore (23.167 percent), and
   -- KfW IPEX-Bank, Frankfurt (4.0 percent)

The consortium will focus on further expanding and modernizing the
airport.  The goal is to strengthen its position as one of the leading
airports in Central and Eastern Europe, with attractive terminals, maximum
safety and security, and outstanding service.  Extensive investment, which
in the next five years alone will amount to EUR261 million, is a
constituent element of the concession agreement concluded with the
Hungarian state.  The Hungarian state will retain the remaining 25 percent
of the airport’s stock.  The concession agreement lasts until 2080.

                        About Hochtief AG

Headquartered in Essen, Germany, Hochtief Aktiengesellschaft --
http://www.hochtief-airport.com/-- is the country's largest construction
company.  Hochtief AirPort is an airport management business that has
consolidated Hochtief's interests in the privatization and operation of
airports since 1997.  It holds stakes in Athens International Airport,
Duesseldorf International Airport, Hamburg Airport, Kingsford Smith
International Airport (Sydney) and a new concession agreement covering
Rinas Mother Teresa Airport (Tirana).

                          About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Healthrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.  Its airports in the U.K.
handled over 117 million international passenger during the 12
months up to October 2005.  International passengers make up 81%
of its total U.K. airport traffic.  BAA had total assets of
GBP15.2 billion and pre-tax profits of GBP757 million for the
year ended March 31, 2006.

                            *   *   *

As of Feb. 6, 2007, BAA Plc carries these ratings from Moody's:

   -- Issuer Rating: Ba1
   -- GBP425-million convertible bonds due August 2009: Ba1
   -- GBP424-million convertible bonds due April 2008: Ba1
   -- GBP200-million 7.875% bonds due February 2007: Ba1


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


ALITALIA SPA: Reaches Agreement with Flight Attendant Unions
------------------------------------------------------------
Alitalia S.p.A. has inked a deal with a trade unions representing the
carrier's flight attendants,  Thomson Financial reports.

Alitalia, Thomson Financial relates, said the agreement was brokered with
the support of the Italian Transport Ministry.  The carrier, however, did
not reveal the details of the agreement.

The flight attendants launched in May an industrial action that forced
Alitalia to ground 30 flights a day, Thomson Financial relates.  Alitalia
officials, however, said fewer flights were being canceled recently.

Government ministers, however, hit the industrial action, saying that it
is not helping the ongoing privatization of the carrier.

The Italian government is selling at least 39.9% of its stake in Alitalia
S.p.A.  Remaining bidders are partners OAO Aeroflot and Unicredit Italiano
S.p.A.; and the consortium of AirOne S.p.A. and Intesa-San Paolo S.p.A..

Italy gave the bidders until 5:00 p.m. on July 2 to present their binding
offers.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.com/
-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9% of Alitalia.

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


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


DEKANIA EUROPE: Fitch Rates EUR4 Million Class F Notes at BB-
-------------------------------------------------------------
Fitch has assigned final ratings to Dekania Europe CDO III P.L.C.'s
upcoming issue of EUR275.5 million notes due 2038.

The transaction is a cash flow securitisation of predominantly
subordinated debt instruments issued by European insurance companies,
banks and real estate companies.

The collateral manager is Cohen & Company Financial Limited, a wholly
owned subsidiary of Cohen Brothers, LLC.

    * EUR180,000,000 Class A1 Floating Rate Notes due 2038
      'AAA', XS0298464214

    * EUR16,000,000 Class A2-A Floating Rate Notes due 2038
      AAA', XS0298465534

    * EUR12,000,000 Class A2-B Fixed/Floating Rate Notes due
      2038 AAA', ISIN XS0300774311

    * EUR24,000,000 Class B Floating Rate Notes due 2038 'AA-',
      ISIN XS0298467159

    * EUR19,000,000 Class C Floating Rate Notes due 2038 'A',
      ISIN XS0298467407

    * EUR12,500,000 Class D Floating Rate Notes due 2038 'BBB',
      ISIN XS0298468637

    * EUR8,000,000 Class E Floating Rate Notes due 2038 'BBB-',
      ISIN XS0298469361

    * EUR4,000,000 Class F Floating Rate Notes due 2038 'BB-',
      ISIN XS0298469874

The final ratings on the Class A (A1, A2-A and A2-B) notes address the
timely payment of interest and the ultimate repayment of principal
according to the terms and conditions of the notes.  For Classes B, C, D,
E and F, the final ratings address the ultimate repayment of cumulative
interest and principal in accordance with the terms and conditions of the
notes.

The final ratings are based on the credit quality of the collateral,
available credit enhancement achieved through over-collateralization,
performance tests, the application of excess spread, the collateral
manager's administrative capabilities and the sound financial and legal
structure of the transaction.  To estimate the cumulative gross default
rate of the collateral, Fitch's insurance and financial institutions
groups conducted a credit assessment of all the obligors, for which no
public credit rating is available.

The issuer is a company with limited liability, incorporated under the
laws of Ireland.  The proceeds from the note issuance have been used to
purchase a portfolio of trust preferred securities issued by primarily
banks and insurance companies.


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


ADLER & K LLP: Proof of Claim Deadline Slated for July 13
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Adler & K (RNN 090900212094).

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

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


ANAY LLP: Creditors Must File Claims July 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Anay (RNN 531400043540).

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

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


BETS LLP: Claims Filing Period Ends July 13
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has declared
LLP Bets insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakshtan


DIZART LLP: Claims Registration Ends July 17
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Dizart insolvent.

Creditors have until July 17 to submit written proofs of claims to:

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


ER-NUR LLP: Creditors' Claims Due July 13
-----------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has declared LLP
Er-Nur insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third  Floor
         Abai Str. 10a
         Atyrau
         Kazakshtan
         Tel: 8 (31222) 32-90-02


KAZKOMMERTS FINANCE: Fitch Rates Upcoming Notes Issue at BB
-----------------------------------------------------------
Fitch Ratings has assigned Kazkommerts Finance 2 B.V.'s upcoming 10-year
US$ issue of limited recourse loan participation notes, with an interest
rate step-up, an expected Long-term rating of 'BB'.  The notes are to be
used solely for financing a subordinated loan to Kazakhstan's
Kazkommertsbank under a subordinated loan agreement.  The issuer will only
pay noteholders amounts, if any, received from KKB under the subordinated
loan agreement.

The final rating is contingent on the receipt of final documentation
conforming materially to information already received.

KKB has a foreign currency Issuer Default rating of 'BB+' with a Positive
Outlook, and the 'BB' rating of the subordinated notes is in line with
Fitch's standard notching practice for subordinated instruments of issuers
with IDRs of 'BB-' or higher.

Its other ratings are Short-term foreign currency 'B', local currency IDR
'BBB-' with a Stable Outlook, Short-term local currency 'F3', Individual
'C/D' and Support '3'.

The issuer's claims on the repayment of the subordinated loan will be
junior to those of all senior claims and will rank at least equally with
the claims of other subordinated creditors of KKB.  KKB will have the
right to prepay the subordinated loan five years after placement.

KKB was the largest commercial bank in Kazakhstan by IFRS assets at
end-2006 and has top three positions in all major market segments.


KAZTEPLOMONTAGE OJSC: Proof of Claim Deadline Slated for July 20
----------------------------------------------------------------
OJSC Kazteplomontage has declared insolvency.  Creditors have until July
20 to submit written proofs of claims to:

         OJSC Kazteplomontage
         Mahambet batyr Str. 14
         Taraz
         Jambyl
         Kazakhstan
         CONTACT: Jambyl region,


MENSHIKOV & K LLP: Creditors Must File Claims July 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Menshikov & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Serikbaev Str. 29-7
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 25-15-33


SAGAT LLP: Claims Filing Period Ends July 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Sagat insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Serikbaev Str. 29-7
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 25-15-33


SHUBARSAY LLP: Claims Registration Ends July 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has declared
LLP Shubarsay insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakshtan


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


ARTUJ CJSC: Proof of Claim Deadline Slated for July 25
------------------------------------------------------
CJSC Artuj has declared insolvency.  Creditors have until
July 25 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 54-68-69.


INTORG SINTHESIS: Creditors' Meeting Slated for June 15
-------------------------------------------------------
The temporary insolvency manager of LLC Intorg Sinthesis will discuss his
final report at a creditors' meeting at 3:00 p.m. on June 15 at:

         Room 108
         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan

Proxies must have authorization to vote.

Inquiries can be addressed to (0-503) 49-44-21.


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


EVRAZ GROUP: Completes Yuzhkuzbassugol Mine Acquisition
-------------------------------------------------------
Evraz Group S.A. has gained full ownership of Siberian coal producer
Yuzhkuzbassugol, RIA Novsoti reports citing
Konstantin Pulikovsky, chief of Federal Environmental, Engineering and
Nuclear Supervision Agency (Rostekhnadzor).

Mr. Pulikovsky, RIA Novosti relates, said he received notice from Evraz
Chief Executive Alexander Frolov that the company has completed the
transfer of ownership.

As reported in the TCR-Europe on May 29, 2007, Evraz reached an agreement
to acquire an outstanding 50% interest in Yuzhkuzbassugol from existing
shareholders who represent the
management of the coal company.

Yuzhkuzbassugol is the owner of a Kemerovo Region mine in Russia, where an
explosion claimed 38 lives in the morning of May 24, 2007, as 217 miners
were working underground.  The accident comes on the heels of another
powerful methane blast at a neighboring mine, owned by the same company,
on March 19, 2007, in which 110 miners died, RIA Novosti reports.

Mr. Pulikovsky told RIA Novosti that Evraz was willing to rectify the mine
safety violations, adding that Yuzhkuzbassugol's mining license is
unlikely to be revoked.

"I believe we should take the issue to the court, which could offer a plan
to rectify violations," Mr. Pulikovsky was quoted by RIA Novosti as
saying.

Meanwhile, Mr. Pulikovsky said the conclusions of the blast investigation
would be approved and submitted to the government and the Prosecutor
General's Office even without the signature of regional governor Aman
Tuleyev, RIA Novsoti relates.

Mr. Pulikovsky added he would accept Rostekhnadzor's regional head, who
said he will quit over disagreements with agency policy.

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


HELLAS TELECOMMUNICATIONS: Fitch Lifts Senior Debt Ratings to B+
----------------------------------------------------------------
Fitch Ratings upgraded Hellas Telecommunications (Luxembourg) III's EUR355
million senior unsecured notes due 2013 to 'B+'/'RR3' from 'B' /'RR4'
following a review of the Recovery Ratings calculations for this issuer.

WIND Hellas Telecommunications S.A.'s (formerly TIM Hellas
Telecommunications S.A.) Issuer Default Rating is affirmed at 'B' with a
Stable Outlook.  Its Short-term rating is also affirmed at 'B'.

Other debt issue ratings of WIND Hellas affiliates are affirmed as:

    * Hellas Telecommunications (Luxembourg) V senior revolving
      credit facility: 'B+'/'RR3'

    * Hellas Telecommunications (Luxembourg) V senior secured
      floating-rate notes due 2012: 'B+'/'RR3'

    * Hellas Telecommunications (Luxembourg) II subordinated
      floating-rate notes due 2015: 'CCC+'/'RR6'

The review of the Recovery Ratings analysis follows the company's
announcement of the cancellation of EUR50 million of their senior secured
RCF (permanently reduced to EUR150 million).  All other assumptions
regarding the Recovery Ratings analysis remain consistent with those
published on 15 January 2007.  The reduction in the RCF increases the
expected recoveries for the senior unsecured notes by approximately
EUR50m, resulting in an upgrade of the Recovery Rating to 'RR3',
corresponding to a 'B+' instrument rating.

WIND Hellas/Q Telecom is the third-largest mobile operator in Greece with
4.2 million customers at Q107 and revenues and adjusted EBITDA of EUR1,132
million and EUR391 million respectively for the 12 months ended March 2007
(pro-forma financial figures on a stand-alone basis, excluding intra-group
transactions).


TEKSID ALUMINUM: Noteholders Agree to Bond Indenture Amendments
---------------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A., a subsidiary of TK
Aluminum Ltd., disclosed that, as of 12:00 p.m., New York City time (5:00
p.m., London time), on Thursday, June 7, 2007, consents representing
approximately 70% of the EUR205,598,000 aggregate principal amount of its
outstanding 11-3/8% Senior Notes due 2011 have been validly delivered
pursuant to its previously announced solicitation of consents to implement
certain proposed amendments to the indenture governing the Senior Notes
and to give effect to an immediate effectiveness of a waiver of any
Default or Event of Default arising from and any claims relating to the
Company's failure to comply with the sixth paragraph of Section
11.15(b)(i) of the Indenture.

Consequently, the Company, the note guarantors and the trustee executed a
supplemental indenture on Thursday, June 7, 2007. Accordingly, the
proposed amendments have become operative in accordance with their terms
and the Waiver has become effective.

The consent solicitation expired on Friday, June 8, 2007 at 10:00 a.m.,
New York City time (3:00 p.m, London time).

The indenture amendments:

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

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

   (c) fix a technical error in the Indenture.


                   About Teksid Aluminum

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

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

                          *     *     *

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


WIND HELLAS: Fitch Holds Issuer Default Rating at B
---------------------------------------------------
Fitch Ratings upgraded Hellas Telecommunications (Luxembourg) III's EUR355
million senior unsecured notes due 2013 to 'B+'/'RR3' from 'B' /'RR4'
following a review of the Recovery Ratings calculations for this issuer.

WIND Hellas Telecommunications S.A.'s (formerly TIM Hellas
Telecommunications S.A.) Issuer Default Rating is affirmed at 'B' with a
Stable Outlook.  Its Short-term rating is also affirmed at 'B'.

Other debt issue ratings of WIND Hellas affiliates are affirmed as:

    * Hellas Telecommunications (Luxembourg) V senior revolving
      credit facility: 'B+'/'RR3'

    * Hellas Telecommunications (Luxembourg) V senior secured
      floating-rate notes due 2012: 'B+'/'RR3'

    * Hellas Telecommunications (Luxembourg) II subordinated
      floating-rate notes due 2015: 'CCC+'/'RR6'

The review of the Recovery Ratings analysis follows the company's
announcement of the cancellation of EUR50 million of their senior secured
RCF (permanently reduced to EUR150 million).  All other assumptions
regarding the Recovery Ratings analysis remain consistent with those
published on 15 January 2007.  The reduction in the RCF increases the
expected recoveries for the senior unsecured notes by approximately
EUR50m, resulting in an upgrade of the Recovery Rating to 'RR3',
corresponding to a 'B+' instrument rating.

WIND Hellas/Q Telecom is the third-largest mobile operator in Greece with
4.2 million customers at first quarter of 2007 and revenues and adjusted
EBITDA of EUR1,132 million and EUR391 million respectively for the 12
months ended March 2007 (pro-forma financial figures on a stand-alone
basis, excluding intra-group transactions).


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


CITADEL 2007-I: Fitch Rates EUR21.7 Million Notes at BB+
--------------------------------------------------------
Fitch Ratings has assigned ratings to Citadel 2007-I B.V.'s EUR1,466.2
million mortgage-backed notes due 2049 as:

  * EUR1,300 million floating-rate senior Class A : 'AAA';
  * EUR108.35 million floating-rate mezzanine Class B: 'A';
  * EUR36.15 million floating-rate junior Class C: 'BBB-';
  * EUR21.7 million floating-rate subordinated Class D: 'BB+'.

Citadel is a securitization of Dutch residential mortgages originated by
F. Van Lanschot Bankiers N.V. (rated 'A'/Outlook Stable/'F1').  The
portfolio consists of first-ranking fixed- and floating-rate mortgages
secured over residential properties located in the Netherlands.  Most of
the loans are to "private banking" customers and employees of Van
Lanschot.  The loans are serviced by Van Lanschot.

The ratings are based on the quality of the collateral, available credit
enhancement and excess spread, a sound legal structure, the underwriting
and servicing of Van Lanschot, and the interest rate swap provided by Van
Lanschot.  At closing, credit enhancement for the Class A notes is 11.5%,
4% for the Class B notes and 1.5% for the Class C notes. Credit
enhancement is provided by subordination and by the reserve fund, funded
at closing at 1.5% of the mortgage balance with the proceeds from the
issuance of the Class D notes.  The swap pays the interests on the notes
and an excess spread of 30 bps per annum of the outstanding mortgage
balance against interests received on the mortgages.


HEXION SPECIALTY: S&P Revises Ratings on Second-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 US$2.5 billion senior secured first-lien
bank facilities (including proposed add-ons to its term loan and synthetic
letter of credit of US$200 million and US$10 million, respectively, that
are expected to be funded in mid-June 2007) and US$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

Based in Columbus, Ohio, Hexion Specialty Chemicals --
http://www.hexion.com/-- manufactures thermoset resins.  Hexion serves
the global wood and industrial markets through a broad range of thermoset
technologies, specialty products and technical support for customers in a
diverse range of applications and industries.  The company also has
administrative offices in China, Australia, Netherlands, and Brazil.


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


CLEAR CHANNEL: Eyes 50% Increase in Outdoor Advertising Market
--------------------------------------------------------------
Clear Channel Outdoor aims to increase its outdoor advertising market
shares in France, where it competes with JCDecaux, Reuters reports citing
Les Echos as its source.

"We have to reach a 50-50 situation and this target is reachable within
five years," Hubert Janvier, head of Clear Channel France said in an
interview with Les Echos.

According to the report, the company wants to lift its current 32% share
of the French street furniture market to 50% within five years by
advertising on street props such as bus shelters or public toilets.

Domestic leader JCDecaux holds a 57% market share.

The company has a 28% share of the French outdoor advertising market
compared with the 32% for JCDecaux.  It generates
revenue of EUR350 million in France where it has 1,600 employees, Reuters
relates.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                            *   *   *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


=============
R O M A N I A
=============


TRACTORUL UTB: Liquidator Schedules Asset Sale in July
------------------------------------------------------
The State Assets Recovery Authority has approved the strategy created by
Tractorul UTB S.A.'s liquidator, Casa de Insolventa Transilvania, for the
asset recovery of the tractor manufacturer, which is currently in
liquidation, Bursa reports.

The liquidator will launch an advertising campaign next week to promote
the tender, which is slated for early July.

According to the report, a number of potential investors have already
expressed interest in Tractorul's assets, with two or three groups showing
up each day to check out the condition of the assets that are up for sale.
The company's UTB brand, also for sale, is presently under evaluation and
its price will be determined before the tender.  All the patents
registered by the company in its lifetime will also be part of the assets
that will be sold in July.

                        About Tractorul

Based in Brasov, Romania, Tractorul UTB SA -- http://www.utb.ro/--
manufactures industrial and farming tractors, spare parts, engines, and
components.


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


ADAMANT LLC: Rostov Bankruptcy Hearing Slated for Sept. 24
----------------------------------------------------------
The Arbitration Court of Rostov will convene at 2:40 p.m. on Sept. 24 to
hear the bankruptcy supervision procedure on LLC Adamant (TIN 6165033425).
The case is docketed under Case No. A53-1654/2007-S1-8.

The Insolvency Manager is:

         V. Gaydunkov
         Office 504
         Oborony Str. 24
         344082 Rostov-na-Donu
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Adamant
         Budennovskiy Pr. 106
         344011 Rostov-na-Donu
         Russia


ARTYK-TRANS LLC: Creditors Must File Claims by June 19
------------------------------------------------------
Creditors of LLC Artyk-Trans (TIN 1420004176, OGRN 1021500792973) have
until June 19 to submit proofs of claim to:

         D. Veshkurov
         Temporary Insolvency Manager
         Post User Box 52
         Yakutsk-15
         677015 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha–Yakutiya will convene at 10:00 a.m. on Nov.
6 to hear the company's bankruptcy supervision.
The case is docketed under Case No. A58-1687/2007.

The Court is located at:

         Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         LLC Artyk-Trans
         Nerskaya Str. 1
         Artyk
         Oymyakonskiy ulus
         678735 Sakha-Yakutiya
         Russia


AZOV-SEL-KHOZ-ENERGO: Creditors Must File Claims by July 19
-----------------------------------------------------------
Creditors of CJSC Azov-Sel-Khoz-Energo have until July 19 to submit proofs
of claim to:

         O. Alekseenko
         Insolvency Manager
         Office 90
         Lermontovskaya Str. 83
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A53-14967/06-S2-51.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Azov-Sel-Khoz-Energo
         Novoaleksandrovka
         Azovskiy
         346748 Rostov
         Russia


BIRSKAYA GARMENT: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of OJSC Birskaya Garment Factory (TIN 0257003596) have until
July 19 to submit proofs of claim to:

         F. Yunusov
         Insolvency Manager
         Bratyev Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A07-20613/06-G-GRA.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Birskaya Garment Factory
         Internatsionalnaya Str. 22
         Birsk
         452450 Bashkortostan
         Russia


EVRAZ GROUP: Completes Yuzhkuzbassugol Mine Acquisition
-------------------------------------------------------
Evraz Group S.A. has gained full ownership of Siberian coal producer
Yuzhkuzbassugol, RIA Novsoti reports citing
Konstantin Pulikovsky, chief of Federal Environmental, Engineering and
Nuclear Supervision Agency (Rostekhnadzor).

Mr. Pulikovsky, RIA Novosti relates, said he received notice from Evraz
Chief Executive Alexander Frolov that the company has completed the
transfer of ownership.

As reported in the TCR-Europe on May 29, 2007, Evraz reached an agreement
to acquire an outstanding 50% interest in Yuzhkuzbassugol from existing
shareholders who represent the
management of the coal company.

Yuzhkuzbassugol is the owner of a Kemerovo Region mine in Russia, where an
explosion claimed 38 lives in the morning of May 24, 2007, as 217 miners
were working underground.  The accident comes on the heels of another
powerful methane blast at a neighboring mine, owned by the same company,
on March 19, 2007, in which 110 miners died, RIA Novosti reports.

Mr. Pulikovsky told RIA Novosti that Evraz was willing to rectify the mine
safety violations, adding that Yuzhkuzbassugol's mining license is
unlikely to be revoked.

"I believe we should take the issue to the court, which could offer a plan
to rectify violations," Mr. Pulikovsky was quoted by RIA Novosti as
saying.

Meanwhile, Mr. Pulikovsky said the conclusions of the blast investigation
would be approved and submitted to the government and the Prosecutor
General's Office even without the signature of regional governor Aman
Tuleyev, RIA Novsoti relates.

Mr. Pulikovsky added he would accept Rostekhnadzor's regional head, who
said he will quit over disagreements with agency policy.

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


KALUGA-GRADO-STROITEL: Court Names A. Borunov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Kaluga appointed A. Borunov as Insolvency Manager
for CJSC Kaluga-Grado-Stroitel (TIN 4027004730).  He can be reached at:

         A. Borunov
         Building 1
         Mira Pr. 68
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A23-3629/06B-17-196.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kaluga-Grado-Stroitel
         Room 309
         Tulskaya Str. 102
         248023 Kaluga
         Russia


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

         E. Dulnev
         Insolvency Manager
         Office 209
         Demokraticheskata Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. A55-4249/2007.

The Debtor can be reached at:

         OJSC Luch
         Saratovskoye Shosse 2
         Syzran
         446025 Samara
         Russia


MONOLITH-STROY: Creditors Must File Claims by July 19
-----------------------------------------------------
Creditors of CJSC Monolith-Stroy have until July 19 to submit proofs of
claim to:

         N. Patrov
         Insolvency Manager
         Post User Box 315
         163000 Arkhangelsk
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A52-2437/2006.

The Debtor can be reached at:

         N. Patrov
         Insolvency Manager
         Post User Box 315
         163000 Arkhangelsk
         Russia


POLYMER CJSC: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of CJSC Polymer (TIN 0561042373) have until June 19 to submit
proofs of claim to:

         The Insolvency Manager
         Engelsa Str. 49g
         Makhachkala
         367000 Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A15-1492/2006.

The Debtor can be reached at:

         CJSC Polymer
         Akushinskogo Pr. 109
         Makhachkala
         Dagestan
         Russia


RASPADSKAYA OJSC: Fitch Holds Issuer Default Rating at B+
---------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC Raspadskaya a National
Long-term rating of 'A(rus)' with a Stable Outlook.

Fitch has also affirmed the group's other ratings at Issuer Default 'B+'
with a Stable Outlook, Short-term 'B', senior unsecured 'B+' and Recovery
'RR4'.

Raspadskaya is the second-largest coking coal producer in Russia.  It is
indirectly 40%-owned by management and 40% by Evraz Group, with the rest
being free float.


RENAISSANCE CAPITAL: Fitch Holds BB- Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Renaissance Capital Holdings Limited's ratings
at Issuer Default and senior unsecured debt 'BB-' (BB minus) with Stable
Outlook, Short-term 'B', Individual 'C/D' and Support '5'.  The Support
Rating Floor remains at 'No Floor'.

The affirmation follows the announcement that Renaissance Capital intends
to transfer its asset management business, known as Renaissance Investment
Management, to its shareholder Renaissance Holding Management Limited.
The sale is part of a wider restructuring of the Renaissance group of
companies designed to rationalize and optimize the group structure.  RHML
will purchase RIM from Renaissance Capital for cash at its net asset
value.

The sale would have only a small impact on Renaissance Capital's operating
cash flow (for example, asset management accounted for just 2% of the
group's pre-provision profits in 2006) and would not materially alter its
risk profile.

The Renaissance Capital group was founded in 1995 and is now a leading
Russian and Ukrainian investment bank with the ultimate holding company -
RHML - located in Bermuda.  Renaissance Capital reported net income of
US$300 million in the year to end-December 2006, at which date it had
equity of US$545 million and assets of US$3.4 billion. RHML also owns a
consumer finance bank, CB Renaissance Capital (rated 'B-' (B
minus)/Outlook Stable), and certain merchant banking assets under the
umbrella of Renaissance Partners.


RENAISSANCE CONSUMER: Fitch Rates Upcoming Note Issue at B-
-----------------------------------------------------------
Fitch Ratings has assigned Renaissance Consumer Funding Limited's upcoming
issue of three-year fixed-rate limited recourse loan participation notes
expected ratings of Long-term 'B-' and Recovery 'RR4'.

The notes are to be denominated in USD and used solely for financing a
loan to CB Renaissance Capital, a bank incorporated under the laws of
Russia. CBRC is rated Issuer Default 'B-', Short-term 'B', Support '5',
Individual 'D/E' and National Long-term 'BB(rus)' and has a Support Rating
Floor of 'No Floor'.  The Outlooks on the Issuer Default and National
Long-term ratings are Stable.  The final ratings are contingent upon the
receipt of final documentation conforming materially to information
already received.

The notes will be issued under CBRC's US$1.5 billion loan participation
notes program, rated Long-term 'B-' and Short-term 'B', which allows for
multi-currency borrowings and for various tenors.  Renaissance Consumer
Funding Limited, an Irish company, will only pay noteholders principal and
interest received from CBRC.  The issuer will charge certain of its rights
and interests under the loan agreement to Citibank N.A., London Branch for
the benefit of noteholders under a trust deed. The issuer's claims under
the loan agreement will rank at least equally with all other unsecured and
unsubordinated creditors of CBRC, save those claims preferred by any
bankruptcy, employment, 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-Q107, account
balances from individuals represented 5.6% of CBRC's total liabilities,
according to the bank's reviewed interim financial statements drafted as
per IFRS.

The loan agreement contains covenants restricting any reorganizations by
CBRC.  The latter is obliged to the full compliance with prudential
supervision ratios.  In addition to this, it also commits to maintaining a
minimum ratio of capital-to-risk weighted assets at 12%, as defined in
accordance with the Basel I Guidelines, and a maximum ratio of funded
exposure-to-any single borrower at 10% of net asset value.  Noteholders
will receive a put option upon a change of control event, which is deemed
to have occurred if Renaissance Holdings Management Limited (i) ceases to
own or control 50% plus one share of the issued and outstanding voting
share capital of CBRC or (ii) no longer has the right to indirectly
control the appointment or removal of a majority of the Board of Directors
of the latter.

CBRC is a specialist consumer finance bank, which has been fully
operational since 2004.  The bank was the 106th-largest bank in Russia by
total assets at end-2006 and within the top 25 consumer lenders at
end-2006, with a network of 49 representative offices, 11 branch offices
in Moscow and the Moscow region, nine loan and cash offices and over 3,000
active points-of-sale.  CBRC is indirectly controlled by RHML; Stephen
Jennings, the CEO of Renaissance Group, is one of the largest individual
stakeholders in RHML.


SABIT CJSC: Creditors Must File Claims by July 19
-------------------------------------------------
Creditors of CJSC Sabit (TIN 5192700901) have until July 19 to submit
proofs of claim to:

         P. Volkov
         Insolvency Manager
         Starostina Str. 19
         183071 Murmansk
         Russia
         Tel: 8-8152-277-236

The Arbitration Court of Murmansk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A42-1125/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC Sabit
         Vorovskogo Str. 13
         183038 Murmansk
         Russia


SORTAVALSKIY FISHING: Bankruptcy Hearing Slated for Sept. 27
------------------------------------------------------------
The Arbitration Court of Kareliya will convene on Sept. 27 to hear the
bankruptcy supervision procedure on CJSC Krutoyarskoye.
The case is docketed under Case No. A26-1681/2007.

The Temporary Insolvency Manager is:

         B. Remnev
         Shpalernaya Str. 60
         191015 St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Krutoyarskoye
         Promyshlennaya Str. 8
         Sortalova
         186790 Kareliya
         Russia


SOFIA CJSC: Creditors Must File Claims by July 19
------------------------------------------------
Creditors of CJSC Tsarskoselskiy Factory–Sofia have until
July 19 to submit proofs of claim to:

         N. Plaksin
         Insolvency Manager
         Uritskogo Pav. 1
         Pushkin
         196605 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The case is
docketed under Case No. A56-7719/2004.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tsarskoselskiy Factory–Sofia
         Uritskogo Pav. 1
         Pushkin
         196605 St. Petersburg
         Russia


STAVROPOLYE CJSC: Court Names V. Goncharov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Stavropol appointed V. Goncharov as Insolvency
Manager for CJSC Agricultural Company Stavropolye (TIN 2635034165).  He
can be reached at:

         V. Goncharov
         Kholzunova Str., 19-9
         400123 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A40
2309/07-36-6B.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Stavropolye
         Vasilyeva Str. 33
         Stavropol
         Russia


TUNAYCHA-M-FISHING-FACTORY: Asset Sale Slated for June 19
---------------------------------------------------------
The insolvency manager and bidding organizer for CJSC
Tunaycha-M-Fishing-Factory, will open a public auction for the company's
properties at 11:00 a.m. on June 19 at:

         CJSC Tunaycha-M-Fishing-Factory
         Lyvovo
         Voronovo
         Podolskiy
         142093 Moscow
         Russia

Interested participants have until June 18 to deposit an amount equivalent
to 10% of the starting price to:

         CJSC Tunaycha-M-Fishing-Factory
         Settlement Account 40702810500140005806
         Correspondent Account 30101810400000000490
         BIK 044583490
         CJSC Rus-stroy-bank
         Moscow

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Room 4
         Building 1
         Teplyj Stan 11
         Russia

The Debtor can be reached at:

         CJSC Tunaycha-M-Fishing-Factory
         Lyvovo
         Voronovo
         Podolskiy
         142093 Moscow
         Russia


UZHURSKIY MEAT-PACKING: Creditors Must File Claims by July 19
-------------------------------------------------------------
Creditors of LLC Uzhurskiy Meat-Packing Combine have until
July 19 to submit proofs of claim to:

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

The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A33-3944/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Uzhurskiy Meat-Packing Combine
         Pobedy Sotsializma Str. 1
         Uzhur
         Krasnoyarsk
         Russia


VILGA WOOD: Kareliya Court Names M. Chukin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kareliya appointed M. Chukin as Insolvency
Manager for LLC Vilga Wood.  He can be reached at:

         M. Chukin
         Apt. 18
         Shotmana Str. 8
         Petrozavodsk
         185003 Kareliya
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A26-1238/2007.

The Debtor can be reached at:

         M. Chukin
         Apt. 18
         Shotmana Str. 8
         Petrozavodsk
         185003 Kareliya
         Russia


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


SANTANDER CONSUMER: Fitch Rates EUR40 Million Notes at CC
---------------------------------------------------------
Fitch Ratings has assigned final ratings to FTA Santander Consumer Spain
Auto 07-1's auto loans-backed notes totaling EUR2.04 billion due in
September 2022 as:

    * EUR1.9 billion Class A: 'AAA'
    * EUR78 million Class B: 'A'
    * EUR20 million Class C: 'BBB'
    * EUR40 million Class D: 'CC'

The ratings address the payment of interest on the notes as well as the
repayment of principal by the legal final maturity date, according to the
terms and conditions of the documentation.  The Class D notes are issued
to finance the creation of the reserve fund at closing.  The good
performance of the Class D notes is subject to highly favorable conditions
for the collateral backing the Class A to C notes, and therefore its
rating is supported by the recovery rate that noteholders are likely to
receive during the life of the transaction.

The transaction is a true-sale securitization of auto loans originated in
Spain by Santander Consumer, E.F.C., S.A, a wholly owned and fully
integrated subsidiary of Santander Consumer Finance ("SCF", rated
'AA'/Outlook XX/'F1+').  This is the third auto loan securitization
transaction to be brought to the market by SCF.  The previous transaction
closed in October 2006.

In line with the preceding deal, this transaction has a revolving period
after which the transaction will amortize initially on a sequential basis;
the collateral includes both new and used cars.


SANTANDER EMPRESAS 3: Fitch Junks EUR45.5 Million Series F Notes
----------------------------------------------------------------
Fitch assigned Fondo de Titulizacion de Activos Santander Empresas 3's CDO
notes totaling EUR3.5 billion due in October 2049, final ratings as:

     * EUR800 million Series A1: 'AAA'
     * EUR1,800 million Series A2: 'AAA'
     * EUR627.5 million Series A3: 'AAA'
     * EUR39.7 million Series B: 'AA'
     * EUR117.3 million Series C: 'A+'
     * EUR70 million Series D: 'BBB+'
     * EUR45.5 million Series E: 'BB+'
     * EUR45.5 million Series F: 'CCC'

The ratings on the Series A to F notes address the payment of interest on
the notes according to the terms and conditions of the documentation,
subject to a deferral trigger on the Series B, C, D and E notes, as well
as the repayment of principal by legal final maturity for each note.

This transaction is a cash-flow securitization of a EUR3.5 billion static
pool of secured and unsecured loans granted by Banco Santander Central
Hispano (rated 'AA'/Outlook stable/'F1+') to small- and medium-sized
enterprises, self-employed borrowers and larger companies in Spain.  The
are based on the quality of the collateral, available credit enhancement,
the financial structure of the deal, the underwriting and servicing of the
collateral and Sociedad Gestora's (Santander de Titulizacion SGFT, SA)
administrative capabilities.  Additionally, the first layer of protection
is provided by SAN under an interest rate swap agreement that guarantees
an excess spread of 65 basis points.

SAN continues to be an active player in the Spanish securitisation arena.
This is the third transaction under the Santander Empresas program, which
shares identical structural features and collateral characteristics to its
predecessors "Fondo de Titulizacion de Activos Santander Empresas 1" and
"Fondo de Titulizacion de Activos Santander Empresas 2" rated in November
2005 and December 2006 respectively.


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


ANGEL-ONE FASHION: Claims Registration Period Ends June 25
----------------------------------------------------------
The Bankruptcy Court of Hofe commenced bankruptcy proceedings against JSC
Angel-one fashion on May 7.

Creditors have until June 25 to file their written proofs of claim.

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC Angel-one fashion
         Roosstrasse 53
         8832 Wollerau
         Hofe SZ
         Switzerland


AUTOCENTER HOHBERG: Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Schaffhausen entered May 15 an order closing the
bankruptcy proceedings of LLC Autocenter Hohberg.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         LLC Autocenter Hohberg
         Schweizersbildstrasse 40
         8207 Schaffhausen
         Switzerland


BURLINGTON JSC: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug entered May 16 an order closing the
bankruptcy proceedings of JSC Burlington.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Burlington
         6300 Zug
         Switzerland


CIRCUS MEDRANO: Aargau Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau entered May 16 an order closing the
bankruptcy proceedings of JSC Circus Medrano.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Circus Medrano
         Remigerstrasse 9
         5234 Villigen
         Brugg AG
         Switzerland


CULINVEST JSC: Zug Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug entered May 11 an order closing the
bankruptcy proceedings of JSC Culinvest.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Culinvest
         Baarerstrasse 43
         6304 Zug
         Switzerland


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

         Gruter Andreas
         Liquidator
         Muhlegasse 18
         6340 Baar
         Switzerland

The Debtor can be reached at:

         LLC GAN
         Kussnacht SZ
         Switzerland


LA CUCINA: Graubunden Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Imboden in Graubunden entered May 16 an order
closing the bankruptcy proceedings of LLC La cucina Iozzo.

The Bankruptcy Service of Imboden can be reached at:

         Bankruptcy Service of Imboden
         7013 Domat/Ems
         Imboden GR
         Switzerland

The Debtor can be reached at:

         LLC La cucina Iozzo
         via Fravi 12
         7013 Domat/Ems
         Imboden GR
         Switzerland


MILLENIUM-TRANSPORTE LLC: Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered May 14 an order closing the
bankruptcy proceedings of LLC Millenium-Transporte.

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

         Bankruptcy Service of St. Gallen
         Branch Oberuzwil
         Urs Ghirlanda
         9242 Oberuzwil
         Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         LLC Millenium-Transporte
         Henauerstrasse 62
         9244 Niederuzwil
         Switzerland


MK FASSADENBAU: Claims Registration Period Ends June 25
-------------------------------------------------------
The Bankruptcy Court of Dietikon in Zurich commenced bankruptcy
proceedings against LLC MK Fassadenbau on March 28.

Creditors have until June 25 to file their written proofs of claim.

The Bankruptcy Service of Dietikon can be reached at:

         Bankruptcy Service of Dietikon
         8953 Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC MK Fassadenbau
         Zurichstr. 38
         8306 Bruttisellen
         Switzerland


SARINA LLC: Creditors' Liquidation Claims Due June 25
-----------------------------------------------------
Creditors of LLC Sarina have until June 25 to submit their claims to:

         Carmelo Scaramozzino
         Liquidator
         Lindenstrasse 65
         9000 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Sarina
         St. Gallen
         Switzerland


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


BANKPOZITIF KREDI: Fitch Rates Upcoming Notes at BB
---------------------------------------------------
Fitch Ratings has today assigned Deutsche Bank's Luxembourg S.A.'s
upcoming issue of limited recourse loan participation notes an expected
foreign currency Long-term rating of 'BB'.  The notes are to be used
solely to finance a loan to Turkey's Bankpozitif Kredi ve Kalkinma Bankasi
A.S.

The issuer will only pay noteholders amounts (principal and interest), if
any, received from Bankpozitif under the loan agreement.  The final rating
is contingent on the receipt of final documents conforming materially to
information already received.

Bankpozitif has a foreign currency Issuer Default rating of 'BB' and a
local currency IDR of 'BB+', both with Stable Outlook.  The expected 'BB'
rating of the notes reflects Fitch's standard rating practice for senior
unsecured debt instruments of issuers with IDRs of 'BB-' or higher.

Bankpozitif is currently 57.55%-owned by Bank Hapoalim with the remainder
of the shares held by one of the C Group companies, C Faktoring A.S.


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


BANK KHRESCHATYK: Fitch Affirms Issuer Default Rating at B-
-----------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Bank Khreschatyk's ratings at
foreign and local currency Issuer Default 'B-' , Short-term 'B',
Individual 'D/E' and Support '5'.  The Outlooks on the Issuer Default
ratings remain Stable.

The bank's Support Rating Floor of 'No Floor' remains unchanged.

The Issuer Default, Short-term and Individual ratings reflect
Khreschatyk's small size, modest profitability, concentrated balance
sheet, and risks associated with a rapid growth strategy, as well as
certain weaknesses in the operating environment.  However, the ratings
also consider the bank's satisfactory asset quality and adequate
capitalization, following an equity issue in fourth quarter of 2006.

Following a new share issue, Ukrfinkom became the largest shareholder in
Khreschatyk with a 44% stake.  The City of Kiev's stake fell to 24% from
51% as a result of non-participation in the issue.  Despite the loss of
the controlling stake and thanks to Khreschatyk's deep presence in the
Kiev region and existing business ties, the bank is likely to remain an
important financial partner for the city.

Founded in 1993, Khreschatyk was Ukraine's 22nd-largest bank by assets at
end of first quarter of 2007 according to the National Bank of Ukraine.
Khreschatyk has strong geographical coverage in Kiev.  At end-2006 the
bank had a network of 16 branches and 67 outlets, mainly in Kiev,
Ukraine's capital, or the Kiev region. At end-2006, 75% of its loans were
to borrowers from Kiev however, concentration on the capital city is set
to decrease as the bank is planning to continue its rapid network
expansion.  Corporate and municipal clients have traditionally represented
the bulk of business, although since 2006 Khreschatyk's strategic focus
has moved towards retail.


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


AES CORP: Dominican Unit Receives 135,000 Cubic Meters of NatGas
----------------------------------------------------------------
AES Andres, The AES Corporation's unit in the Dominican Republic, has
received 135,000 cubic meters of natural gas from Nigeria, DR1 Newsletter
reports.

According to DR1, the natural gas was carried by the Blue Sky ship from
Nigeria.  The supply ensures the Dominican Republic's energy supply for
the next 60 days.

Blue Sky is the largest ship that has ever been into the AES Andres docks
and the fifth ship to make a stop at the terminal and the 22nd since AES
Andres launched operations at Boca Chica, DR1 states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

The company has Asian presence in China, India and Sri Lanka.


                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AMERICAN AXLE: S&P Rates Proposed US$250 Million Term Loan at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to American
Axle & Manufacturing Inc.'s proposed US$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.

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL)
-– http://www.aam.com/--  and its wholly-owned subsidiary, American Axle
& Manufacturing, Inc. manufactures, engineers, designs and validates
driveline and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks, sport utility
vehicles and passenger cars.  In addition to locations in the United
States (in Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico,
Poland, South Korea and the United Kingdom.


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

The company's current ratings are:

American Axle & Manufacturing Holdings, Inc.

    -- Issuer Default Rating 'BB';

American Axle & Manufacturing, Inc.

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

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

Fitch expects the proceeds from the new US$250 million term loan to be
used to refinance the existing term loan due 2010.  The new term loan
should reduce cost of capital and extend the maturity into 2012.

Annual cash interest savings should be around US$4 million.  The new term
loan covenants are more flexible in that they will not include the
limitations on restricted payments contained in the existing term loan
agreement.  Additionally, the leverage ratio debt incurrence test will
increase to 3.75 from 3.50 and the allowable asset dispositions amount
will increase from US$50 million from US$10 million.  The amount of
baskets for permitted liens and indebtedness are approximately the same in
the aggregate with some slight modifications to the descriptions.  The
change-in-control covenant remains unchanged.

Fitch's affirmation reflects the risks associated with AXL's dependence on
General Motors Corp. (GM; Fitch IDR 'B'; Rating Watch Negative) for
roughly 75% of its total revenue and in particular, GM's passenger trucks,
which compete in segments that will remain under pressure in 2007.
Partially offsetting these risks are AXL's margin performance, solid
liquidity and competitive position; the financial benefits of recent
headcount reduction; and an expected improvement in free cash flow in
2007. Free cash flow over the next several years will benefit from recent
restructuring activities and reduced capital expenditure levels following
an extended period of higher costs associated with the launch of GM's
GMT900 trucks and international growth initiatives.  In addition, the new
business backlog with customers other than GM continues to grow.

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

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

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL)
-– http://www.aam.com/--  and its wholly-owned subsidiary, American Axle
& Manufacturing, Inc. manufactures, engineers, designs and validates
driveline and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks, sport utility
vehicles and passenger cars.  In addition to locations in the United
States (in Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico,
Poland, South Korea and the United Kingdom.


BAA PLC: HOCHTIEF AirPort Consortium Takes Over Budapest Airport
----------------------------------------------------------------
A consortium led by HOCHTIEF AirPort GmbH has acquired all the shares of
Budapest Airport Zrt. previously held by BAA Ltd.  A purchase contract to
this effect was signed on May 9, 2007. Following the financial close of
the transaction, operational responsibility for the airport was
transferred to the new owners.

At the same time, a change in the top management took place.  For the time
being, the airport company will be headed by Dr. Reinhard Kalenda, CEO of
HOCHTIEF AirPort.  Dimitrios Gatsonis, up to now Director Aviation at HTA,
has been appointed Deputy CEO.

In addition to HOCHTIEF AirPort (49.666 percent), the consortium comprises
the financial investors:

   -- Caisse de depot et placement du Quebec,
   -- Montreal (23.167 percent),
   -- GIC Special Investments, Singapore (23.167 percent), and
   -- KfW IPEX-Bank, Frankfurt (4.0 percent)

The consortium will focus on further expanding and modernizing the
airport.  The goal is to strengthen its position as one of the leading
airports in Central and Eastern Europe, with attractive terminals, maximum
safety and security, and outstanding service.  Extensive investment, which
in the next five years alone will amount to EUR261 million, is a
constituent element of the concession agreement concluded with the
Hungarian state.  The Hungarian state will retain the remaining 25 percent
of the airport’s stock.  The concession agreement lasts until 2080.

                        About Hochtief AG

Headquartered in Essen, Germany, Hochtief Aktiengesellschaft --
http://www.hochtief-airport.com/-- is the country's largest construction
company.  Hochtief AirPort is an airport management business that has
consolidated Hochtief's interests in the privatization and operation of
airports since 1997.  It holds stakes in Athens International Airport,
Duesseldorf International Airport, Hamburg Airport, Kingsford Smith
International Airport (Sydney) and a new concession agreement covering
Rinas Mother Teresa Airport (Tirana).

                          About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd (fka BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Healthrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.  Its airports in the U.K.
handled over 117 million international passenger during the 12
months up to October 2005.  International passengers make up 81%
of its total U.K. airport traffic.  BAA had total assets of
GBP15.2 billion and pre-tax profits of GBP757 million for the
year ended March 31, 2006.

                            *   *   *

As of Feb. 6, 2007, BAA Plc carries these ratings from Moody's:

   -- Issuer Rating: Ba1
   -- GBP425-million convertible bonds due August 2009: Ba1
   -- GBP424-million convertible bonds due April 2008: Ba1
   -- GBP200-million 7.875% bonds due February 2007: Ba1


BRACKENHILL HOMES: Joint Liquidators Take Over Operations
---------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans Ltd. were appointed
liquidators of Brackenhill Homes Ltd. on May 29 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Brackenhill Homes Ltd.
         23 Crichel Mount Road
         Poole
         BH14 8LT
         England
         Tel: 01202 707 231
         Fax: 01202 709 819


CENTRAL GARDEN: Expected Low Results Cues 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.

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.


FORD MOTOR: Hires Banks to Explore Jaguar & Land Rover Sale
-----------------------------------------------------------
Ford Motor Company has hired investment banks Goldman Sachs, HSBC Holding
Plc and Morgan Stanley to help it explore options including a joint sale
of its Jaguar and Land Rover European luxury brands, published reports
say, quoting sources familiar with the matter.

"We are working with our financial advisers on the best options for Jaguar
and Land Rover, and nothing is ruled out," said John Gardiner, a spokesman
for Ford's Premier Automotive Group.  He added that there was no time
frame for making a decision and explained that Ford had been reviewing all
of its operations for a year, The Associated Press notes.

According to the reports, many established carmakers are expected to balk
at taking on the two brands, whose large, powerful vehicles are costly to
develop at a time of rising curbs on car emissions.  In this vein, Fiat
Auto, which is worried over its own credit rating following any deal, and
Renault have denied any interest in the brands, Reuters states.

Meanwhile, the British government has contacted Ford regarding the looming
sale, Reuters reports.  "We are in touch with the company.  We still
believe both Land Rover and Jaguar are highly successful companies and
will have a highly successful future," a spokesman for Prime Minister Tony
Blair said on Tuesday, adding that the government is concerned about the
possible impact on jobs.

Union bosses have also pressed for urgent meetings with Ford to discuss
its intentions, reports say.  They have voice concerns that the two
marques might end up in the hands of private-equity groups, which tend to
strip recently acquired companies of its assets and auction them off,
disregarding the workers' welfare.

"If the only choice is the asset stripping private equity option, then
there should be some form of direct government intervention to make sure
that these manufacturing champions, these iconic brands and a major plank
of British manufacturing industry are secured for the longer term, both
for jobs and the economy of our country,” said Tony Woodley, joint general
secretary of Unite, the union formed from the merger of the Amicus and the
Transport & General Workers.  "Private equity destroys jobs and working
conditions," The Telegraph quotes Mr. Woodley as saying.

News of the sale followed months of denials by Ford that it was looking to
offload the two brands.  This is likely to entice buyout groups in the
wake of Cerberus Capital Management LP's purchase of DaimlerChrysler AG's
ailing unit, Chrysler Group, for US$7.4 billion last month, FT suggests.

Ford could raise between US$1.3 billion to US$1.5 billion through a
combined sale of Jaguar and Land Rover, Reuters relates, citing Merrill
Lynch analyst John Murphy as saying.

The move also comes as members of the Ford family are increasingly
concerned about the auto maker's future, the Wall Street Journal relates,
quoting two people familiar with deliberations within the family.  Some
family members, such as Ford Chairman William Ford Jr., are more confident
about the auto maker's turnaround than other family members less tied to
the company.  The anxiety within the family has been exacerbated by the
decision in September 2006 to eliminate the company's common-stock
dividend, which is more important to the fortunes of some family members
than it is to Mr. Ford, WSJ observes.  There are about 50 heirs to Ford
founder Henry Ford.

Any sale of Ford's European luxury brands is unlikely to include Volvo,
after Ford said last week it is not in discussions aimed at the sale of
the Swedish unit, Reuters reports.  Land Rover, which sold a record
192,500 vehicles in 2006, is said to be profitable, but Jaguar, which is
refreshing its line-up in an effort to regain market share, is losing
money.  Jaguar and Land Rover’s vehicles do not share common architecture
but the brands share purchasing and some other functions, FT observes.

In March 2007, Ford sold its Aston Martin marque to a consortium comprised
of David Richards, John Sinders, Investment Dar, and Adeem Investment Co.,
for GBP479 million (US$925 million).

                        About Ford Motor Co.

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

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

                            *   *   *

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

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

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


GREAT HALL: Fitch Places BB Rating on GBP14.25-Million Notes
------------------------------------------------------------
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 totaling 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 5
February 2007.  The agency also modeled 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.


HAMMOND WHITEOAK: T. Papanicola Leads Liquidation Procedure
-----------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed liquidator of Hammond
Whiteoak Press Ltd. (formerly Hammond Press Ltd.) on
May 29 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Hammond Whiteoak Press Ltd.
         424 Margate Road
         Ramsgate
         CT12 6SR
         England
         Tel: 01843 593 329
         Fax: 01843 586 023


INDEPENDENT NEWS: Fitch Holds BB- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings affirmed Independent News & Media Plc's Issuer Default and
senior unsecured ratings at 'BB-' and removed them from Rating Watch
Evolving.  A Stable Outlook is assigned to the Issuer Default rating.

The rating action follows IN&M's failure to obtain approval from APN News
& Media Limited's shareholders for its proposed leveraged buyout of the
41%-owned subsidiary.

"In some ways this sets IN&M back to square one, but that's not a bad
place to be," says Alex Griffiths, Director in Fitch's European TMT group.
"The group still holds stakes in a number of profitable and rapidly
growing businesses, as well as its core UK and Irish operations."

"We had never viewed the APN plan as a strategic imperative, and had
reserved judgment on its rating impact until the group's plans for the
proceeds were clearer.  This reversal is likely to cause the group to
rethink its strategy, and we will take appropriate action if and when the
results of this are announced."


JARVIS PLC: April 2 Balance Sheet Upside-Down by GBP14.3 Million
----------------------------------------------------------------
Jarvis plc released preliminary financial results for the period April 1,
2006 to April 2, 2007.

Jarvis reported GBP21.7 million in net losses against GBP306.7 million in
revenues for the period ended April 2, 2007 for the period ended April 2,
2007, compared with GBP51.3 million in net losses against GBP353.8 million
in revenues for the year ended March 31, 2006.

At April 2, 2007, the company's balance sheet showed GBP187.2 million in
total assets, GBP201.5 million in total liabilities and GBP14.3 million in
equity shareholders' deficit.

The company's balance sheet at April 2, 2007, also showed strained
liquidity with GBP118 million in total current assets available to pay
GBP139.5 million in total current liabilities.

                       Strategic Delivery

On April 2, 2007 Jarvis successfully completed a GBP25 million Placing and
Open Offer.  The company has accordingly adopted this as its reporting
date to account for this transaction in the period.  These new funds
enable Jarvis to do three things. Firstly, to deliver arguably the most
important component of its forward strategy, namely further significant
reductions to its cost base reflecting the new shape of the business;
secondly, to fund the divestment of the unprofitable FM contracts; and
thirdly to invest in the innovative technology and equipment which
underpins its future.

                      Financial Restructuring

During the year to March 2006 the business carried out a complex financial
restructuring which included a Debt for Equity Exchange and a very
expensive working capital facility.  This was the very important first
step in the recovery of the business.  During this financial period Jarvis
has continued that recovery process with the establishment of a new asset
backed working capital facility with Burdale Financial Limited, a
subsidiary of the Bank of Ireland, and the  raising of additional funding
through a Placing and Open Offer, which it
successfully completed on April 2, 2007.

The GBP25 million arising from the Placing and Open Offer will be used to
fund the future development of the business.

                    Future Prospects

During the coming year Jarvis will continue to work on the reduction of
costs.  The company will focus on its core businesses of Rail and Plant,
ensuring that wherever possible it offers innovative mechanized solutions
to hitherto labor intensive rail operations and thereby deliver for its
clients both operational improvement and significant cost saving.  Jarvis
will be making further investment in its heavy duty specialist equipment,
including upgrading its switch and crossing tampers and it is pursuing
selective international expansion opportunities.  The level of rail work
has risen in recent weeks as the Rugby project among others comes fully on
stream and this improved workflow looks set to continue.

"Jarvis has been able to achieve some significant milestones in the
business strategy laid out in our AGM statement last year, despite an
industry wide downturn in rail and plant volumes in the period.  We have
divested ourselves of unprofitable and distracting peripheral activities
in order to concentrate on our core strengths and market leadership in
rail and plant," Steven Norris, Executive Chairman Jarvis plc, said.

"Jarvis has always been committed to the use of technology and
mechanization of processes on the railway which have previously been done
essentially by manual labor.  This remains our key competitive advantage,
and we continue to innovate for the benefit of Network Rail and our other
clients," Mr. Norris added.

Headquartered in York, England, Jarvis plc --
http://www.jarvis-uk.com/jarvisplc/-- operates in a number of markets
delivering solutions for the public sector, specifically rail services and
plant hire operations.  It has more than 4,500 employees across a
nationwide network of facilities.


LORRY LOADERS: Chris Williams Leads Liquidation Procedure
---------------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed liquidator of Lorry
Loaders Ltd. on May 29 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Lorry Loaders Ltd.
         Algores Way
         Wisbech
         PE132TQ
         England
         Tel: 01945 588 909
         Fax: 01945 588 737


NORTHWAY COMPUTER: Appoints A. J. Clark as Liquidator
-----------------------------------------------------
A. J. Clark of Carter Clark was appointed liquidator of Northway Computer
Services Ltd. on May 18 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Northway Computer Services Ltd.
         12 Cumberland Avenue
         Brent
         London
         NW10 7QL
         England
         Tel: 020 8961 8103


PRIMUS TELECOM: Swaps 6 Million Shares for US$5Million Notes
------------------------------------------------------------
Primus Telecommunications Group, Inc., on June 6, 2007, exchanged
6,000,000 shares of its common stock for US$5.0 million principal amount
of its Step Up Convertible Subordinated Debentures due August 2009.

The common stock was issued pursuant to an exemption under Section 3(a)(9)
of the Securities Act of 1933, as amended.

This exchange, and the resulting extinguishment of US$5.0 million in
Debentures, reduces the outstanding principal of the Debentures to US$22.5
million.  The company will save approximately US$800,000 in interest to
maturity as a result of this extinguishment.

Based in McLean, Virginia, PRIMUS Telecommunications Group Inc.
(NASDAQ: PRTL) -- http://www.primustel.com/-- offers international and
domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located primarily in the
U.S., Canada, Australia, the U.K. and western Europe.

PRIMUS provides services over its global network of owned and
leased transmission facilities, including about 350 points-of-presence
throughout the world, ownership interests in undersea
fiber optic cable systems, 16 carrier-grade international gateway and
domestic switches, and a variety of operating relationships that allow it
to deliver traffic worldwide.

At March 31, 2007, the company's balance sheet showed total assets of
US$432.6 million and total liabilities of US$904.8 million, resulting in a
total stockholders' deficit of US$472.3 million.


PROVIDE HOME: Fitch Revises Outlook on 2002-1 Class E Notes
-----------------------------------------------------------
Fitch Ratings affirmed all outstanding tranches of the three residential
mortgage-backed securities transactions originated by Aareal Bank AG
(rated 'A-'/Outlook Stable/'F2').

At the same time it has changed the outlooks of Provide Home 2002-1 plc's
class B, C, D and E notes to Negative from Stable. The rating actions are:

Provide Home 2001-1 (PH1):

    * Class A+ (ISIN XS0139884711) affirmed at 'AAA',
      Outlook Stable

    * Class A (ISIN XS0139881451) affirmed at 'AAA',
      Outlook Stable

    * Class B (ISIN XS0139885015) affirmed at 'AA',
      Outlook Stable

    * Class C (ISIN XS0139885361) affirmed at 'A-' (A minus),
      Outlook Negative

    * Class D (ISIN XS0139885957) 'BB+',
      Outlook Negative

Provide Home 2002-1 (PH2):

    * Class A1+ (ISIN XS0152406103) affirmed at 'AAA',
      Outlook Stable

    * Class A2+ (ISIN XS0152407176) affirmed at 'AAA',
      Outlook Stable

    * Class B (ISIN XS0152408497) affirmed at 'AA',
      Outlook revised to Negative from Stable

    * Class C (ISIN XS0152408570) affirmed at 'A',
      Outlook revised to Negative from Stable

    * Class D (ISIN XS0152408737) affirmed at 'BBB',
      Outlook revised to Negative from Stable

    * Class E (ISIN XS0152408901) affirmed at 'BB',
      Outlook revised to Negative from Stable

Process Home 2003 (PH3):

    * Class A+ (ISIN XS0182067735) affirmed at 'AAA',
      Outlook Stable

    * Class A (ISIN XS0182068113) affirmed at 'AAA',
      Outlook Stable

    * Class B (ISIN XS0182068386) affirmed at 'AA',
      Outlook Stable

    * Class C (ISIN XS0182068543) affirmed at 'A',
      Outlook Stable

    * Class D (ISIN XS0182068972) affirmed at 'BBB',
      Outlook Stable

    * Class E (ISIN XS0182069350) affirmed at 'BB',
      Outlook Negative

Rating Outlooks have been introduced for European Structured Finance
tranches to provide more forward-looking information to the market.  An
Outlook indicates the likely direction of any rating change over a one- to
two-year period.

The rating actions have incorporated Fitch's credit cover multiple
methodology, adjusted where necessary to include the second lien nature of
the defaulted loans.  For PH1 in particular, the CCM trend over the last
two quarters has been positive following a predominantly downward trend
since close.

The underlying portfolio of PH1 has not experienced deterioration since
the review in September 2006.  Total delinquencies, including credit
events and defaulted reference claims, have been decreasing since May
2006.  Such loans amount to EUR79.99 million or 10.77% of the outstanding
reference portfolio.  Additional data provided by Aareal Bank allows Fitch
to analyze further the extent of the credit events.

Fitch has identified the key drivers of the weak performance in the PH1
portfolio as loan-to-value ratios being at the higher end of the LTV
bracket, investment properties, loans secured on multi-family houses and
properties located in the former East Germany.  The defaulted reference
claims have significantly higher exposure to these factors than the
overall reference portfolio.

The losses remain very low.  In September 2006, Aareal informed Fitch that
a small percentage of the defaulted claims are no longer backed by
properties.  These properties have been sold, but the borrowers are still
being pursued for payment.  Losses are yet to be allocated to the notes,
since further recoveries from the borrower are expected.  Updated data
regarding such loans is unavailable so Fitch has assumed the same ratio as
that for September 2006 and assumed this amount would be fully allocated
as a loss, reducing the available credit enhancement to the junior
tranche.

The Negative Outlooks on the class C and class D in PH1 reflect the
potential losses that could eventually result from the
higher-than-expected credit events and defaulted claims that exist in the
portfolio.

The underlying collateral in PH2 has remained relatively stable since the
September 2006 review.  In the quarter to April 2007, defaulted reference
claims increased to 4.45% from 4.1%.  Current delinquencies, defined as
two months or more in arrears, account for 0.99% of the outstanding
balance, compared to 2.1% in PH1.  Aggregate credit events account for
0.25% in PH2 and 0.27% in PH1.  No losses have yet been reported in PH2.

According to documentation, the issuer has the option to redeem the notes
of PH2 in July 2007 (the early redemption date).  However, if any overdue
reference claims are outstanding at the end of the collection period
preceding the early redemption date, then the notes to which the overdue
reference claims would be allocated to if they were realized losses shall
not be redeemed on the early redemption date.  In light of the uncertainty
as to whether this option will be exercised, the Outlooks on the B, C, D
and E tranches have been revised to Negative from Stable.

PH3, which consists of small commercial, multi-family and residential
loans, is displaying stable delinquencies and credit events.  Since close,
they averaged at 1.66% and 0.43% respectively.  As at end-February 2007,
1.35% of the portfolio is two months or more in arrears and 0.26% is
accounted for by credit events.  However, defaulted references claims are
continuing to increase.  They currently stand at 4.04%.  This is
significantly lower than the 8.41% and 4.45% currently in the portfolio's
of PH1 and PH2, respectively.

The Negative Outlook for the class E in PH3 is based on a projection over
the next 18 months.  This assumes average defaults of EUR33 million (from
June 2006 to March 2007) for the next 18 months.  It also assumes losses
will be allocated to the first loss piece.

Credit enhancement levels for each deal have been increasing at a faster
pace than previously.  This coincides with the pick-up in principal
payment rates that each deal is experiencing. Aareal reports scheduled
repayments, unscheduled prepayments and foreclosure proceeds in one
aggregated figure.  The upward trend in PPR is due to the shift in focus
from residential mortgages to commercial mortgages by the bank.


SEA CONTAINERS: Court Sets July 16 as Claims Filing Deadline
------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware established July 16, 2007, 5:30 p.m. E.S.T., as the deadline
for all persons and entities holding or wishing to assert a claim against
Sea Containers, Ltd. and its debtor-affiliates, to file a proof of claim
in their Chapter 11 cases.

Persons or entities who need not file proofs of claim include:

   * any person or entity that already has filed a signed proof
     of claim against the applicable Debtor with either BASIC or
     the Clerk of the Bankruptcy Court for the District of
     Delaware in a form substantially similar to Official
     Bankruptcy Form No. 10;

   * any person or entity who does not dispute its Claim as
     listed on the Debtors' Schedules of Assets and Liabilities;

   * any holder of a claim that previously has been allowed by a
     Court order;

   * any holder of a claim that has been paid in full by any of
     the Debtors in accordance with the Bankruptcy Code or a
     Court order;

   * any holder of a claim for which a specific deadline
     previously has been by the Court;

   * any Debtor asserting a claim against another Debtor;

   * any direct or indirect non-debtor wholly-owned subsidiary
     of a Debtor asserting a claim against a Debtor;

   * any holder of a claim allowable under Section 503(b) and
     507(a)(2) as an expense of administration;

   * any professional retained by the Debtors or Court-approved
     Committees who asserts administrative claims for fees and
     expenses;

   * any current officer or director of any Debtor asserting
     indemnification, contribution or reimbursement claims;

   * any holder of a claim arising with respect to any of
     these issuances of Sea Containers Ltd. public notes:

        -- 10-3/4% notes due October 15, 2006,
        -- 7-7/8% notes due February 15, 2008,
        -- 12-1/2% notes due December 1, 2009,
        -- 10-1/2% notes due May 15, 2012;

   * any individual participant in the Sea Containers 1983 and
     1990 Pension Schemes asserting a claim arising under or in
     respect of those pension plans; and

   * any holder of equity securities of, or other interests in,
     the Debtors solely with respect to that holder's ownership
     interest in or possession of those equity securities or
     other interests.

Proofs of claim forms may be obtained at http://www.bmcgroup.com/scland
http://www.uscourts.gov/bkforms

All proofs of claim must be sent to:

     * by mail:

      BMC Group
      Attn: Sea Containers Claims Agent
      P.O. Box 949
      El Segundo, CA 90245-0949

    * by Overnight Courier:

      BMC Group
      Attn: Sea Containers Claims Agent
      1330 East Franklin Avenue
      El Segundo, CA 90245

                       About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
$1,545,384,083.

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires today, June 12, 2007.


SERVICEMASTER CO: S&P Junks Existing Senior Unsecured Debt
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
The ServiceMaster Co. to 'B' from 'BB+'.  At the same time, Standard &
Poor's lowered its rating on ServiceMaster's existing senior unsecured
debt to 'CCC+' from 'BB+', reflecting its junior position relative to the
firm's new secured debt.

All ratings were removed from CreditWatch, where they were originally
placed with negative implications on Nov. 28, 2006, following the
company's board of directors' decision to explore strategic alternatives
to maximize shareholder value.  The rating outlook is negative.

At the same time, Standard & Poor's assigned its loan and recovery ratings
to ServiceMaster's proposed US$3.35 billion senior secured credit
facilities, consisting of a US$500 million revolver, a US$2.65 billion
term loan, and a US$200 million synthetic letter of credit facility.  The
facilities were rated 'B+' with a recovery rating of '2', indicating the
expectation for substantial (70%-90%) recovery in the event of a payment
default.  These ratings are based on preliminary documentation and are
subject to revision upon receipt and review of final documentation.

The ratings on ServiceMaster reflect its very highly leveraged financial
profile following its pending acquisition by an investment group led by
Clayton, Dubilier & Rice Inc. for about US$5.6 billion, which will result
in pro forma total debt to EBITDA exceeding 9x at closing and significant
cash flow requirements to fund interest.  Ratings support is provided by
ServiceMaster's good business positions in its fragmented and competitive
end markets, which have translated into good cash flow generation from a
fairly diverse portfolio of services, despite some exposure to weather
conditions in two of three of its key businesses.

"We expect operating performance to gradually improve over the next few
years through continued improvement in retention rates, productivity
savings from functional support areas resulting from completing the
company's restructuring project, and cost savings from consolidating its
Memphis headquarters," said Standard & Poor's credit analyst Jean Stout.
"Nevertheless, leverage is very high following the buyout."

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM) currently
serves residential and commercial customers through a network of over
5,500 company-owned locations and franchised licenses.  The company's
brands include TruGreen, TruGreen LandCare, Terminix, American Home
Shield, InStar Services Group, ServiceMaster Clean, Merry Maids, Furniture
Medic, and AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home warranties,
disaster response and reconstruction, cleaning and disaster restoration,
house cleaning, furniture repair, and home inspection.  The company has
operations in Australia, Chile, China, Dominican Republic, Hong Kong,
Indonesia, Japan, and the United Kingdom, among others.


TOTAL MOTORSPORT: Taps Liquidators from Jacksons Jolliffe Cork
--------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork
were appointed joint liquidators of Total Motorsport Solutions Ltd. on May
24 for the creditors' voluntary winding-up proceeding.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages exclusively
in business recovery and insolvency work and comprises certified and
chartered accountants, licensed insolvency practitioners and business
turnaround consultants, many having joined us from senior positions within
National firms.

The company can be reached at:

         Total Motorsport Solutions Ltd.
         Springfield Commercial Centre
         Bagley Lane
         Farsley
         Pudsey
         LS28 5LY
         England
         Tel: 0113 255 4826


VWR INT’L: Pending Acquisition Cues S&P to Affirm B Ratings
-----------------------------------------------------------
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 US$250 million senior secured
revolving credit facility maturing 2013 and US$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 US$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 Inc. –
http://www.vwr.com/-- offers products from a wide range of manufacturers,
to a large number of customers primarily in North America, Europe and
other locations.  VWR's principal customers are major pharmaceutical,
biotechnology, chemical, technology, clinical, food processing and
consumer product companies, universities and research institutes,
governmental agencies, environmental testing organizations, and primary
and secondary schools.  VWR distributes a diversified product mix,
including chemicals, glassware and plasticware, equipment and instruments,
furniture, protective apparel, production and safety products, and other
life science and laboratory products and supplies.  VWR maintains
operations in over 20 countries and employs over 6,000 people worldwide.
The company has locations in Germany, France, Italy, Spain, United
Kingdom, China, India, and Singapore, among others.


* Tenon Acquires LWC Accountants for an Undisclosed Amount
----------------------------------------------------------
Tenon Recovery acquired tax and corporate finance specialists, LWC
Accountants LLP for an undisclosed sum.

The deal sees LWCs four directors and 18 staff transferring to Tenon's
offices in Dundee St., Edinburgh and Blythswood Sq, Glasgow with immediate
effect.

The acquisition boosts Tenon's director and staffing complement in
Scotland to 23 Directors and 270 staff.

"This is an important deal for Tenon, and a great strategic fit for both
businesses," Tenon in Scotland's managing director Tom MacLennan
disclosed.  "LWC has an outstanding team and, like Tenon, has a similar
entrepreneurial culture and focus on the SME sector."

"Our new colleagues' expertise will be of great value to Tenon and our
clients, particularly in Corporate Finance and Tax specialisms where we
have been seeking a talented team to substantially enhance our practice in
these key areas.  In turn we look forward to providing our new colleagues
and clients with the extensive resources and opportunities available from
a major U.K. Accountancy business," Margaret Bell, Managing Director of
Tenon’s Edinburgh Office added.

"We are greatly excited by the opportunity to join Tenon at a significant
period of change and growth in the business.  Tenon has a clear strategy
in Scotland, and an equally clearly defined focus on working with
entrepreneurs and owner managed businesses.  We liked that, and felt that
both businesses and our clients would benefit by joining Tenon," Aidan
McLaughlin, Partner of LWC Accountants said.

The acquisition of LWC Accountants is the third by Tenon in Scotland in
the last two years, having acquired Kirkcaldy-based ConvyClark in February
2005 and Aberdeen-based Skene and Co in July of the same year.

Tenon also recently announced the relocation of its Edinburgh offices to
160 Dundee Street and a significant expansion of its Grangemouth offices.
Both announcements were also marked by further expansion in staffing
within the next two to three years – Edinburgh is forecast to reach 100
directors and staff and Grangemouth 120 directors and staff.

Founded in September 1998, LWC Accountants has grown rapidly by providing
a range of accounts, audit, tax and corporate finance services to a high
quality SME client base from offices in Edinburgh and Glasgow.

Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and
business advice to owner-managed and private business.  Tenon in Scotland
is growing rapidly, having recorded turnover of GBP16 million during the
last financial year ending
June 2006, an increase of 18% on the previous year.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 14, 2007
BEARD AUDIO CONFERENCES
    IP Rights In Bankruptcy
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

June 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    ACG/TMA Annual Pacific Northwest Golf Tournament
       Washington National Golf Club, Auburn, Washington
          Contact: 206-223-5495 or http://www.turnaround.org/

June 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Economic Update at the 1/2 Year Mark
       University Club, Portland, Oregon
          Contact: http://www.turnaround.org/

June 14-17, 2007
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Breakfast
       Clarion Hotel, Princeton, New Jersey
          Contact: 908-575-7333 or www.turnaround.org/

June 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    7th Annual Charity Golf Outing
       Harborside International, Chicago, Illinois
          Contact: 815-469-2935 or http://www.turnaround.org/

June 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Bank Workout Panel
       Oak Hill Country Club, Rochester, New York
          Contact: http://www.turnaround.org/

June 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    7th Annual TMA Toronto Golf Social
       Board of Trade Country Club, Woodbridge, Ontario
          Contact: 416-867-2300 or http://www.turnaround.org/

June 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Valuing Distressed and Troubled Companies
       Denver Athletic Club, Denver, Colorado
          Contact: http://www.turnaround.org/

June 21, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
    Corporate Reorganization Conference
       (2nd Annual IWIRC Woman of the Year Award)
          Chicago, Illinois
             Contact: http://www.iwirc.org/

June 21, 2007
NEW YORK SOCIETY OF SECURITY ANALYSTS
    Career Chat: Emerging Careers in Distressed Securities
       New York, New York
          Contact: http://www.nyssa.org/

June 21-22, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
    Tenth Annual Conference on Corporate Reorganizations
       Successful Strategies for Restructuring Troubled
          Companies
             The Millennium Knickerbocker Hotel - Chicago
                Contact: 800-726-2524;
                   http://renaissanceamerican.com/

June 25-26, 2007
STRATEGIC RESEARCH INSTITUTE
    10th Annual Distressed Debt Investing Summit
       Helmsley Hotel, New York, New York
          Contact: http://www.srinstitute.com/

June 26, 2007
BEARD AUDIO CONFERENCES
    Partnerships in Bankruptcy: Unwinding The Deal
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

June 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Bankruptcy Judges Panel
       Centre Club, Tampa, Florida
          Contact: http://www.turnaround.org/

June 26-27, 2007
AMERICAN CONFERENCE INSTITUTE
    Distressed Condo Projects: Turnaround and Workout Strategies
       Trump International Sonesta Beach Resort
          Sunny Isles, Florida
             Contact: http://www.americanconference.com/

June 28 - July 1, 2007
NORTON INSTITUTES
    Norton Bankruptcy Litigation Institute
       Jackson Lake Lodge, Jackson Hole, Wyoming
          Contact: http://www2.nortoninstitutes.org/

July 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
SummerFest
    Milwaukee's Lake Front, Milwaukee, Wisconsin
       Contact: 815-469-2935 or http://www.turnaround.org/

July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Bankruptcy Judges Panel
       University Club, Jacksonville, Florida
          Contact: http://www.turnaround.org/

July 12-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Marriott, Newport, Rhode Island
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Young Professionals Billiards Night
       TBD, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Body of Knowledge - CTP Review Class
       Chicago, Illinois
          Contact: http://www.turnaround.org/

July 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    South Florida Dinner
       TBA, South Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

July 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Mystic Blue Boat Cruise
       Navy Pier, Chicago, Illinois
          Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Young Professionals Networking Event
       Location TBA, Philadelphia, Pennsylvania
          Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Charity Networking Event
       Loews Hotel, Philadelphia, Pennsylvania
          Contact: 215-657-5551 or http://www.turnaround.org/

July 23-24, 2007
FINANCIAL RESEARCH ASSOCIATES
    Financial Restructuring 101 & 102
       The Flatotel, New York, New York
          Contact: http://www.frallc.com/

July 25-28, 2007
AMERICAN BANKRUPTCY INSTITUTE
    12th Annual Southeast Bankruptcy Workshop
       The Sanctuary, Kiawah Island, South Carolina
          Contact: http://www.abiworld.org/

July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       Contact: http://www.turnaround.org/

July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Golf Social Event
       Crystal Lake Golf Club, Lakeville, Minnesota
          Contact: 612-708-0258 or http://www.turnaround.org/

July 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Colorado Chapter Annual Golf Tournament
       Kings Deer Golf Club, Monument, Colorado
          Contact: 303-847-5026 or http://www.turnaround.org/

July 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Annual Golf Outing
       Raritan Valley Country Club, Bridgewater, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Enterprise Florida: Improving Florida's
       Business Climate and Helping Florida Companies
          Market Overseas
             Citrus Club, Orlando, Florida
                Contact: http://www.turnaround.org/

Aug. 3, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Women's Spa Event
       Short Hills Hilton, Livingston, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007
BEARD AUDIO CONFERENCES
    Technology as a Competitive Advantage For Today's Legal
       Processes
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

Aug. 9-11, 2007
AMERICAN BANKRUPTCY INSTITUTE
    3rd Annual Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay
          Cambridge, Maryland
             Contact: http://www.abiworld.org/

Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Body of Knowledge - CTP Review Class
       Chicago, Illinois
          Contact: http://www.turnaround.org/

Aug. 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Colorado Chapter Annual Brew Pub & Pool Social
       Wynkoop Brewing Company, Denver, Colorado
          Contact: 303-847-5026 or http://www.turnaround.org/

Aug. 23-26, 2007
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Convention
       Drake Hotel, Chicago, Illinois
          Contact: http://www.nabt.com/

Aug. 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Annual Fishing Trip
       Point Pleasant, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Healthcare Panel
       Centre Club, Tampa, Florida
          Contact: http://www.turnaround.org/

Aug. 29-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    3rd Annual Northeast Regional Conference
       Gideon Putnam Resort and Spa, Saratoga Springs,
          New York
             Contact: http://www.turnaround.org/

Sept. 6-7, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Complex Financial Restructuring Program
       Four Seasons, Las Vegas, Nevada
          Contact: http://www.turnaround.org/

Sept. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
    15th Annual Southwest Bankruptcy Conference
       Four Seasons
          Las Vegas, Nevada
             Contact: http://www.abiworld.org/

Sept. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Body of Knowledge - CTP Review Class
       Chicago, Illinois
          Contact: http://www.turnaround.org/

Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Buying and Selling Troubled Companies
       Marriott North, Fort Lauderdale, Florida
          Contact: http://www.turnaround.org/

Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    South Florida Dinner
       TBA, South Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Lean Transformation at Current and Other Case Studies
       Denver Athletic Club, Denver, Colorado
          Contact: http://www.turnaround.org/

Sept. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Retail Panel
       Citrus Club, Orlando, Florida
          Contact: http://www.turnaround.org/

Sept. 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Joint Educational & Networking Reception
       TBD, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       Contact: http://www.turnaround.org/

Sept. 27-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    8th Annual Cross Border Business
       Restructuring & Turnaround Conference
          Contact: http://www.turnaround.org/

Oct. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Breakfast
       TBD, Bridgewater, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 5, 2007
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center
          Washington, District of Columbia

Oct. 9-10, 2007
IWIRC
    Orlando, Florida
       IWIRC Annual Fall Conference
          Contact: http://www.iwirc.org/

Oct. 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    81st Annual National Conference of Bankruptcy Judges
       Contact: http://www.ncbj.org/

Oct. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon
       University Club, Jacksonville, Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
    ABI Educational Program at NCBJ
       Orlando World Marriott, Orlando, Florida
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Copley Place
          Boston, Massachussets
             Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Capital Markets Case Study
       Contact: http://www.turnaround.org/

Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Arizona Chapter Meeting
       Contact: http://www.turnaround.org/

Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon
       Centre Club, Tampa, Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Crisis Communications With Employees,Vendors and Media
       Centre Club, Tampa, Florida
          Contact: http://www.turnaround.org/

Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Breakfast
       TBD, Hackensack, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       Marriott, Troy, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Holiday Mixer
       McCormick & Schmick's, Las Vegas, Nevada
          Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Dinner
       South Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Portland Holiday Party
       University Club, Portland, Oregon
          Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Networking Mixer
       TBA, Vancouver
          Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon - Real Estate Panel
       Citrus Club, Orlando, Florida
          Contact: http://www.turnaround.org/

Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Special Speaker
      TBD, New Jersey
          Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
TMA Arizona Chapter Meeting
    TURNAROUND MANAGEMENT ASSOCIATION
       Contact: http://www.turnaround.org/

Dec. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Seattle Holiday Party
       Athletic Club, Seattle, Washington
          Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Westin Mission Hills Resort, Rancho Mirage, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    Holiday Extravaganza - TMA & CFA
       Georgia Aquarium, Atlanta, Georgia
          Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
    South Florida Dinner
       TBA, South Florida
          Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    Luncheon
       University Club, Jacksonville, Florida

March 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Ritz Carlton Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

April 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
    26th Annual Spring Meeting
       The Renaissance, Washington, District of Columbia
          Contact: http://www.abiworld.org/

April 25-27, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Spring Seminar
       Eldorado Hotel & Spa, Santa Fe, New Mexico
          Contact: http://www.nabt.com/

May 1-2, 2008
AMERICAN BANKRUPTCY INSTITUTE
    Debt Symposium
       Hilton Garden Inn, Champagne/Urbana, Illinois
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
    15th Annual Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: http://www.abiworld.org/

July 10-13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    16th Annual Northeast Bankruptcy Conference
       Ocean Edge Resort
          Brewster, Massachussets
             Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
    4th Annual Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay
          Cambridge, Maryland
             Contact: http://www.abiworld.org/

Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
    13th Annual Southeast Bankruptcy Workshop
       Ritz-Carlton, Amelia Island, Florida
          Contact: http://www.abiworld.org/

Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Convention
       Captain Cook, Anchorage, Alaska
          Contact: http://www.nabt.com/

Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    National Conference of Bankruptcy Judges
       Scottsdale, Arizona
          Contact: http://www.ncbj.org/

Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott New Orleans, Louisiana
          Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
    20th Annual Winter Leadership Conference
       Westin La Paloma Resort & Spa
          Tucson, Arizona
             Contact: http://www.abiworld.org/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
          National Harbor, Maryland
             Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    National Conference of Bankruptcy Judges
       Las Vegas, Nevada
          Contact: http://www.ncbj.org/

June 21-24, 2009
INSOL
    8th International World Congress
       TBA
          Contact: http://www.insol.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

2010 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    National Conference of Bankruptcy Judges
       New Orleans, Louisiana
          Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Claims Trading
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Market Opportunities
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
    Code
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
    Hospitals Across the U.S.
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Reverse Mergers-the New IPO?
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
    and Records Management for Bankruptcy Practitioners
       and Litigators
          Audio Conference Recording
             Contact: 240-629-3300;
                http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
    Restructuring Issues
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis
    Plaguing Hospitals Across the U.S.
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today's Legal
    Processes
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Twenty-Day Claims
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

                           *********

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.


                 * * * End of Transmission * * *