TCREUR_Public/070615.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, June 15, 2007, Vol. 8, No. 118

                            Headlines


A U S T R I A

ENT LLC: Linz Court Orders Business Shutdown
JETT TAXI: Vienna Court Orders Business Shutdown
JOCHEN WEINDL: Claims Registration Period Ends June 27
LIFE MEDICAL: Steyr Court Orders Business Shutdown
O CONNOR: Wels Court Orders Business Shutdown

S.S. LLC: Claims Registration Period Ends June 26
SEWERT LLC: Claims Registration Period Ends June 26
WILHELM STIX: Wels Court Orders Business Shutdown


D E N M A R K

TDC A/S: Redemption of Minority Stake Invalid, Court Rules


F R A N C E

ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe
ASPEN TECHNOLOGY: To Restate Balance Sheets on Accounting Errors
BOSTON SCIENTIFIC: Inks Share Buyback Plan with Aspect Medical
GENERAL CABLE: Commences US$125 Million Senior Notes Offer


G E R M A N Y

ANDREA B. FASHION: Claims Registration Period Ends July 17
AUTOHAUS HAUSLER: Creditors' Meeting Slated for July 19
AUTOHAUS LUZENBERG: Claims Registration Period Ends July 24
BAIER BAUREGIE: Claims Registration Period Ends July 11
BENQ MOBILE: Auctioneer Starts Sale of Remaining Assets

BEWEHRUNGSTECHNIK WIENEKE: Claims Registration Ends July 26
CINE-INTERNATIONAL: Claims Registration Ends July 20
CONSTRUCT SF: Claims Registration Ends July 23
DOEBELNER HOLZHANDEL: Claims Registration Ends July 16
DAIMLERCHRYSLER: Chrysler Puts US$450MM in Kenosha Engine Plant

ECKARDT HAUSTECHNIK: Claims Registration Ends July 20
GEBAUDE- UND ANLAGENTECHNIK: Claims Registration Ends July 6
GERRESHEIMER HOLDINGS: Moody's Lifts Corp. Family Rating to Ba3
HBO GMBH: Claims Registration Ends June 26
HBO VERWALTUNGS: Claims Registration Ends June 26

IEBS AUTOHANDELS: Claims Registration Period Ends July 13
LEHR IT: Creditors' Meeting Slated for July 5
NRG ENERGY: Closes US$4.4 Billion Senior Credit Refinancing
SEMPER FINANCE: Fitch Rates EUR20,300,000 Class E Notes at BB


I C E L A N D

CHIQUITA BRANDS: Europe Sales Volume Down 4% in April-May 2007


I T A L Y

ALITALIA SPA: Posts EUR135 Million Net Loss for Q1 2007


K A Z A K H S T A N

EUROASIA-TECHNICS-PV LLP: Creditors Must File Claims July 13
GEOS LOGISTICS: Proof of Claim Deadline Slated for July 13
GERMES LLP: Creditors' Claims Due July 13
KAZKOMMERTSBANK JSC: Purchasing 50% Stake in IC East Capital
KRASINA LLP: Claims Filing Period Ends July 13

KEDEGES LLP: Proof of Claim Deadline Slated for July 13
LUFTSERVICE LLP: Creditors Must File Claims July 13
NUR LTD: Claims Filing Period Ends July 13
SHU-AGRO-XXI LLP: Creditors' Claims Due July 13

STALKER-PLUS LLP: Claims Filing Period Ends July 13
VISTA-PAVLODAR LLP: Creditors' Claims Due July 13


K Y R G Y Z S T A N

HIMMEL LLC: Creditors Must File Claims by July 25
REVIVAL LLC: Proof of Claim Deadline Slated for July 25


L U X E M B O U R G

AGILENT TECHNOLOGIES: Completes US$250 Mil. Stratagene Purchase


N E T H E R L A N D S

HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes


R U S S I A

AGATE LLC: Creditors Must File Claims by June 19
AGROTON-S CJSC: Stavropol Bankruptcy Hearing Slated for July 12
BELYJ BEREG: Court Names O. Malyukov as Insolvency Manager
CHERNOGORSKIY FACTORY: Creditors Must File Claims by July 19
CONCERN INMASH: Court Names V. Kryuchkov  as Insolvency Manager

DALSVYAZ OJSC: Unveils Consolidation Plans for Two Subsidiaries
DERZHAVA OJSC: Creditors Must File Claims by July 19
DISTILLERY LIVIZ: Creditors Must File Claims by June 19
FISH HARBOR: Creditors Must File Claims by July 19
KRUUS OJSC: Asset Sale Slated for June 20

MIRNOE OJSC: Orenburg Bankruptcy Hearing Slated for July 25
ORGRESBANK: Moody's Withdraws E+/Ba2/NP Global Ratings
REINFORCED CONCRETE: Creditors Must File Claims by June 19
RUBY LLC: Court Names V. Goncharov as Insolvency Manager
STROY-DETAIL OJSC: Creditors Must File Claims by July 19

TECHNICAL CENTRE: Creditors Must File Claims by July 19
YUG-SVYAZ-SERVICE: Creditors Must File Claims by July 19
YUKOS OIL: Prana Completes US$3.9 Billion Asset Purchase Deal
ZARECHNOYE CJSC: Creditors Must File Claims by July 19


S P A I N

AUCTENTIA SLU: Chapter 15 Petition Hearing Scheduled on June 15
MBS BANCAJA 4: Fitch Affirms CCC Rating on Class E Notes


S W I T Z E R L A N D

DIGIPOINT JSC: Creditors' Liquidation Claims Due June 29
GM GROUP: Claims Registration Period Ends June 25
GUNTERT JSC: Claims Registration Period Ends June 25
HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
HOMET JSC: Creditors' Liquidation Claims Due June 29

HPG HOLZPRODUKTE: Creditors' Liquidation Claims Due June 30
KAS IMMOBILIEN: Creditors' Liquidation Claims Due June 30
SPECIALIZED TECH: Moody's Junks Proposed US$75 Million Loan
STORKING BERATUNGS: Creditors' Liquidation Claims Due June 30
VIN E FIOR: Creditors' Liquidation Claims Due June 29


T U R K E Y

ARCELIK AS: Fitch Pares Issuer Default Rating to BB+ from BBB-


U K R A I N E

BONAS LLC: Creditors Must File Claims by June 17
BROVARY AGRICULTURAL: Creditors Must File Claims by June 17
DVORECHYE ENTERPRISE: Claims Filing Deadline Set June 17
DVORECHYE REPAIR-TRANSPORT: Claims Filing Deadline Set June 17
KOMPANION LLC: Claims Filing Deadline Set June 17

MAKSTRO MOL: Creditors Must File Claims by June 17
MICRODIN STS: Creditors Must File Claims by June 17
MOTOR-CAR 16331: Claims Filing Deadline Set June 17
NAFTOGAZ UKRAINY: To Assess Dnieper-Donets Basin with Marathon
SURINA LLC: Creditors Must File Claims by June 17

SVITANOK LLC: Claims Filing Deadline Set June 17
TOKAREVKA AGRICULTURAL: Claims Filing Deadline Set June 17


U N I T E D   K I N G D O M

ALPINE SHEET: Taps Joint Administrators from KPMG LLP
ARENSON GROUP: Appoints Administrators from Baker Tilly
BAA PLC: European Traffic Figures Up 1.8% in May 2007
BNY CONVERGEX: Moody's Puts B1 Ratings Under Review
BNY CONVERGEX: LiquidPoint Acquisition Cues S&P’s Neg. Outlook

BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2
CHRISTIAN ST. JOHN: Brings In Administrators from Vantis
CREA CDO: Fitch Rates EUR11.25 Mln Class E Senior Notes at BB
DD BARS: Appoints Elizabeth Arakapiotis as Liquidator
EDP INC: Moody's Junks Proposed US$410 Mil. 2nd Lien Term Loan

EPD INC: S&P Assigns Corporate Credit Rating at B
EMPOWER INTERACTIVE: Joint Liquidators Take Over Operations
ISOFT GROUP: Posts IBA All-Share Offer Scheme Circular
JOHN PETERS: Appoints Joint Administrators from Ernst & Young
LORRY LOADERS: Shareholders' Approve Voluntary Liquidation

MORTGAGES NO. 6: S&P Puts Notes' Ratings on Positive Watch
NBE UK: Fitch Affirms BB+ Issuer Default Rating
NEWGATE FUNDING: Moody's Rates Classes E & F Notes at Low-B
QUINTILES TRANSNATIONAL: To Expand Business in Scotland
SUNNY DELIGHT: Improved Performance Cues S&P’s Upgrade to CCC+

WOOD STREET CLO V: S&P Rates EUR20 Million Class E Notes at BB

                            *********

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


ENT LLC: Linz Court Orders Business Shutdown
--------------------------------------------
The Land Court of Linz entered May 15 an order shutting down the business
of LLC ENT (FN 122036s).

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

The estate administrator can be reached at:

         Mag. Rene Lindner
         Fadingerstr. 9
         4020 Linz
         Austria
         Tel: 0732/784080-34
         Fax: 0732/784080-5
         E-mail: konkurs@hengstschlaeger-lindner.at

Headquartered in Pasching, Austria, the Debtor declared bankruptcy on May
14 (Bankr. Case No 38 S 32/07w).


JETT TAXI: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered May 22 an order shutting down the
business of LLC Jett Taxi (FN 240178d).

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

The estate administrator can be reached at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 0220
         E-mail: office@buresch-korenjak.at

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


JOCHEN WEINDL: Claims Registration Period Ends June 27
------------------------------------------------------
Creditors owed money by LLC Jochen Weindl (FN 267847v)have until June 27
to file written proofs of claim to court-appointed estate administrator
Clemens Richter at:

         Mag. Clemens Richter
         c/o  Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 01/712 33 30
         Fax: 01/712 33 30 30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:30 a.m. on July 11 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Strasshof an der Nordbahn, Austria, the Debtor declared
bankruptcy on May 18 (Bankr. Case No. 36 S 74/07k).  Thomas Engelhart
represents Mag. Richter in the bankruptcy proceedings.


LIFE MEDICAL: Steyr Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Steyr entered May 16 an order shutting down the business
of LLC LIFE Medical (FN 122834p).

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

The estate administrator can be reached at:

         Dr. Guenther Grassner
         c/o  Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 770816a
         E-mail: lawfirm@gltp.at

Headquartered in Pfarrkirchen bei Bad Hall, Austria, the Debtor declared
bankruptcy on May 14 (Bankr. Case No 14 S 18/07f). Norbert Mooseder
represents Dr. Grassner in the bankruptcy proceedings.


O CONNOR: Wels Court Orders Business Shutdown
---------------------------------------------
The Land Court of Wels entered May 21 an order shutting down the business
of O Connor Enterprises Ltd. (FN 252550y).

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

The estate administrator can be reached at:

         Mag. Gerhard Eigner
         Ringstrasse 25
         4600 Wels
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: OFFICE@EIGNER-ROYER.AT

Headquartered in Wels, Austria, the Debtor declared bankruptcy on May 4
(Bankr. Case No 20 S 61/07g).


S.S. LLC: Claims Registration Period Ends June 26
-------------------------------------------------
Creditors owed money by LLC S.S. (FN 279167s)have until June 26  to file
written proofs of claim to court-appointed estate administrator Christof
Stapf at:

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

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 12:15 p.m. on July 10 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 23
(Bankr. Case No. 6 S 60/07a).  Michael Neuhauser represents Dr. Stapf in
the bankruptcy proceedings.


SEWERT LLC: Claims Registration Period Ends June 26
---------------------------------------------------
Creditors owed money by LLC Sewert (FN 278617g) have until
June 26  to file written proofs of claim to court-appointed estate
administrator Eva Wexberg at:

         Dr. Eva Wexberg
         c/o Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 12:30 p.m. on July 10 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 23
(Bankr. Case No. 6 S 61/07y).  Walter Kainz represents Dr. Wexberg in the
bankruptcy proceedings.


WILHELM STIX: Wels Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Wels entered May 22 an order shutting down the business
of LLC Wilhelm Stix & Co. KG (FN 25979f).

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

The estate administrator can be reached at:

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

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


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


TDC A/S: Redemption of Minority Stake Invalid, Court Rules
----------------------------------------------------------
The Eastern High Court has delivered on June 1, 2007 its judgment in the
action brought by ATP against TDC A/S and Nordic Telephone Company ApS and
in the action brought by TDC against the Danish Commerce and Companies
Agency regarding compulsory redemption of the minority shareholdings in
TDC.

The court has found for ATP's and the DCCA's claims that the provisions in
the Articles of Association regarding compulsory redemption for the
benefit of NTC, which were adopted at the Extraordinary General Meeting in
TDC on Feb. 28, 2006, are invalid and cannot be registered with the DCCA.

TDC will now examine the judgment and thereafter decide on a possible
appeal to the Supreme Court.

The judgment may be appealed to the Supreme Court within a time-limit of 8
weeks from June 13, 2007.

                          About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates, provides
communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

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

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

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Sr. Unsecured Floating
   Rate Notes 2016          B2       B2       LGD6    92%

   8.875%/8.25% Senior
   Unsecured Regular Bond/
   Debenture Due 2016       B2       B2       LGD6    92%

As reported in the TCR-Europe on April 27, 2007, Fitch Ratings
placed TDC A/S's Issuer Default rating of 'BB-' on Rating Watch
Negative, following the company's disclosure of anticipated
additional tax charges from July 1.  The ratings of
TDC's and NTC Holdings' debt are also put on RWN.

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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


ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe
---------------------------------------------------------Christian
Sapsizian, a former Alcatel official, has pleaded guilty of participating
in bribing senior Costa Rican government
officials with over US$2.5 million to secure a mobile telephone
contract from Costa Rican state-run telecommunications
authority, Lawfuel reports, citing the Department of Justice.

Lawfuel says that Mr. Sapsizian has breached the Foreign Corrupt
Practices Act.  He entered the plea in U.S. District Court in
Miami, before the Honorable Patricia Seitz.  He pleaded "guilty
to two counts, conspiracy and violating the FCPA, from a
superseding indictment returned on March 20, 2007."  The
remaining counts will be dismissed during the sentencing on
Dec. 20, 2007.

Mr. Sapsizian will cooperate with law enforcement officials in
their probe, Lawfuel notes.

The report says that Alcatel was a French telecommunications
firm whose American Depositary Receipts were traded on the New
York Stock Exchange until Nov., 30, 2006.  Mr. Sapsizian worked
for Alcatel for over 20 years.  Mr. Sapsizian was Alcatel's
deputy vice president in Costa Rica at when the bribe was paid
out.

According to Lawfuel, Mr. Sapsizian admitted that he conspired
with co-defendant Edgar Valverde Acosta -- Alcatel's former
senior country officer in Costa Rica -- and others from February
2000 through September 2004 to pay over US$2.5 million in bribes
to senior Costa Rican officials to win a mobile telephone
contract for Alcatel.  The payments were channeled through one
of Alcatel's Costa Rican consulting companies and were then made
to a director of Costa Rican state-run telecommunications
authority Instituto Costarrisence de Electricidad, which was
responsible for awarding all telecommunications contracts.

Lawfuel notes that Mr. Sapsizian also admitted that the ICE
director was an advisor to a senior government official.  The
bribes given were shared with the senior government official.
The payments were to convince the ICE director and the senior
government official to exercise their influence to start a bid
process that favored Alcatel's technology and to vote to award
Alcatel a mobile telephone contract.

The report says that Alcatel was awarded a US$149-million mobile
telephone contract in August 2001.

Lawfuel underscores that Mr. Sapsizian was sentenced with 10
years of prison, a US$250,000 fine, and US$330,000 in
forfeiture.

Deputy Chief Mark F. Mendelsohn and Trial Attorneys Charles
Duross and Mary K. Dimke of the Criminal Division's Fraud
Section were the prosecutors in the case, according to Lawfuel.
The Criminal Division's Office of International Affairs provided
substantial support in gathering evidence outside the country
and in facilitating international cooperation.   The Southeast
Regional Branch of the U.S. Securities and Exchange Commission,
the Office of the Attorney General in Costa Rica, and the
Fiscalia de Delitos Economicos, Corrupcion y Tributarios in
Costa Rica also helped in the case.

The Federal Bureau of Investigation is continuing the
investigations, Lawfuel states.

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                            *   *   *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

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

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


ASPEN TECHNOLOGY: To Restate Balance Sheets on Accounting Errors
----------------------------------------------------------------
Aspen Technology, Inc. reported that certain errors in the
accounting for sales of installments receivable were discovered in
connection with a recent review of its financial statements.  As a result,
the company’s previously issued financial statements as of June 30, 2005
and 2006 and for each of the three years in the period ended June 30,
2006, and related reports of its independent registered public accounting
firm for those periods should not be relied upon.  In addition, the
company’s quarterly filings on Form 10-Q within these years and for each
of the quarters ended Sept. 30, 2006, Dec. 31, 2006, and March 31, 2007,
should not be relied upon.

The company estimates that the restatements will result in the
creation of two new balance sheet captions, a collateral asset
for secured borrowings and a secured borrowing liability, in these amounts:

     -- approximately US$70 million as of June 30, 2005;
     -- approximately US$80 million as of June 30, 2006; and
     -- in excess of US$200 million as of March 31, 2007.

Because the review of the accounting is ongoing, these estimates
are subject to change, and those changes could be material.

Brad Miller, chief executive officer of AspenTech, said “It is
expected that the asset and liability accounts created as a result of this
restatement will match, and that the cash flows received from these long
term customer accounts will continue to finance the debt, consistent with
nearly 20 years of practice as well as the intentions of the parties when
the arrangements were
originally established.  We do not believe the restated balance sheet
treatment of these accounts for GAAP purposes affects the
net financial position of the company, nor the cash required and
available to operate our business.”

Mr. Miller added, “We are focused on completing the restatement
process as quickly as practicable, and we remain focused on
running the business, serving our customers and continuing to make
progress in improving our operational execution.”

                      About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq: AZPN) --
http://www.aspentech.com/-- provides software and professional services
that help process companies improve efficiency and profitability by
enabling them to model, manage and control their operations.  The company
has locations in Brazil, Malaysia and France.

                           *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  The outlook is stable.

On the other hand, the company carries Standard & Poor's B long-
term foreign and local issuer credit ratings.  The outlook is
negative.


BOSTON SCIENTIFIC: Inks Share Buyback Plan with Aspect Medical
--------------------------------------------------------------
Boston Scientific Corporation and Aspect Medical Systems, Inc. had agreed
to enter into a share repurchase plan to conclude their alliance for the
development of new brain monitoring products aimed at assisting clinicians
in the diagnosis and treatment of depression, Alzheimer's disease and
other neurological conditions.

The agreement includes these key provisions:

   1) Aspect will immediately acquire 2 million shares of Aspect
      stock now held by Boston Scientific at a price of
      approximately US$15.91 per share.  This price represents
      the average of the closing prices of Aspect stock over the
      20 most recent trading days.  Prior to this agreement,
      Boston Scientific's position in Aspect stood at
      approximately 6 million shares, or 27% of Aspect's shares
      outstanding.

   2) For a period of six months following the date of the
      agreement, Aspect will have the right to purchase any or
      all of the balance of Boston Scientific's position in
      Aspect at a price of US$15 per share, or the average of
      the closing prices of Aspect stock over the 10 trading
      days prior to Aspect exercising its right to repurchase,
      whichever is higher.  In addition, Boston Scientific has
      agreed not to sell any of its Aspect stock, except to
      Aspect, during the six month period.

   3) Boston Scientific is relieved from all current and future
      obligations to the alliance.  The neuroscience alliance
      was established in May 2005 and involved a commitment by
      Boston Scientific of US$25 million over five years to
      support research by Aspect in the depression and
      Alzheimer's markets.  To date, Boston Scientific has
      provided US$10 million of the US$25 million originally
      committed.

   4) Aspect regains all commercial rights to products developed
      under the alliance that were previously shared with Boston
      Scientific.

Aspect and Boston Scientific also agreed today that all rights and
obligations in connection with an OEM Product Development Agreement signed
in 2002 will cease effective upon closing of the share repurchase.  As
part of the 2002 Agreement, Boston Scientific held an option to distribute
products developed by Aspect in the procedural sedation space.  With
Boston Scientific declining this option, all rights to products developed
in conjunction with this agreement will revert to Aspect.  As a result of
this, Aspect will recognize approximately US$3.8 million of previously
deferred alliance revenue this quarter.

"Boston Scientific has been an outstanding partner, and we appreciate
their contribution to our success to date.  Further, we understand Boston
Scientific's desire to refocus its strategic priorities following its
recent acquisition, and we believe that this agreement creates new
opportunities for both parties," said Nassib Chamoun, president and CEO of
Aspect Medical Systems.  "We are enthusiastic about Aspect's neuroscience
program, particularly the interim results from the BRITE study that we
announced three weeks ago.  We believe that the neuroscience business will
become a great complement to our core consciousness-monitoring business in
the years ahead.  Today's share purchase from Boston Scientific speaks to
our growing financial strength and signals our confidence in our ability
to continue to grow our core business and to develop the potential of our
neuroscience program."

Chamoun continued, "We also believe that the opportunity to reacquire full
commercial rights to the products developed in the neuroscience space will
prove to be significant for Aspect longer term.  Over the coming months,
we plan to seek financing, which may be in the form of convertible notes,
in order to replenish our cash position and gain the flexibility to
exercise our option to purchase additional shares from Boston Scientific.
We believe these share purchases will provide stability and create value
for all of our shareholders."

                      Transaction Details

Under the terms of the termination and repurchase agreement signed today,
Aspect and Boston Scientific have agreed that all obligations and rights
granted by either party in connection with the 2005 neuroscience strategic
alliance and the 2002 OEM product development agreement will terminate
under the agreement.  In connection with the 2002 Agreement, Boston
Scientific established a revolving credit facility available to Aspect
which was also terminated under the agreement.  Aspect has never drawn
down on this line of credit.

Aspect and Boston Scientific are also entering into a registration rights
agreement under which Boston Scientific will have the right to request
under certain circumstances that Aspect register under the Securities Act
of 1933, as amended, shares of Aspect common stock held by Boston
Scientific and not repurchased by Aspect.

                      About Aspect Medical

Aspect Medical Systems, Inc. (NASDAQ: ASPM) --
http://www.aspectmedical.com/-- produces and develops brain monitoring
technology.  The company's Bispectral Index technology has been used to
assess approximately 20 million patients and has been the subject of more
than 2,800 published articles and abstracts.  BIS technology is installed
in approximately 75 percent of hospitals listed in the July 2006 U.S News
and World Report ranking of America's Best Hospitals and in approximately
55 percent of all domestic operating rooms.  The company is also
investigating how other methods of analyzing brain waves may aid in the
diagnosis and management of neurological diseases, including depression
and Alzheimer's disease.

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops,
manufactures and markets medical devices used in a broad range of
interventional medical specialties.  The company has offices in Argentina,
France, Germany, and Japan, among others.
                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its Baa3 senior unsecured and Prime-3 short term, under review for
possible downgrade.  The rating action reflects Moody's
expectation that, absent any material debt reduction, financial
strength measures over the near term will be below those
identified for an investment grade company under Moody's Global
Medical Products & Device Industry Rating Methodology.


GENERAL CABLE: Commences US$125 Million Senior Notes Offer
--------------------------------------------------------
General Cable Corporation has commenced an offer to the holders of its
US$125 million principal amount Senior Floating Rate Notes due 2015 (CUSIP
Nos. 369300AE8 and U36606AB4) and its US$200 million principal amount
7.125% Senior Fixed Rate Notes due 2017 (CUSIP Nos. 369300AF5 and
U36606AC2 to exchange such notes for a like principal amount of its Senior
Floating Rate Notes due 2015, Series B and its 7.125% Senior Fixed Rate
Notes due 2017, Series B which have been registered under the Securities
Act of 1933, as amended.

The Exchange Notes were sold to institutional investors in a private
placement by the company, which was completed in March 2007.  The company
was required to carry out the Exchange Offer under the terms of agreements
entered into in the private placement.

The Exchange Offer is scheduled to expire at 5:00 p.m., New York City
time, on July 20, 2007, unless extended by the company.  The exchange
agent for the exchange offer is U.S. Bank National Association.

Holders of the Exchange Notes may obtain information pursuant to the
Prospectus dated June 11, 2007 and the related Letter of Transmittal which
more fully set forth the terms of the Exchange Offer by calling the
exchange agent at (800) 934-6802, or by facsimile at (651) 495-8158.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

AS reported in the Troubled Company Reporter on March 13, 2007, Moody's
Investors Service assigned a rating of B1 to the proposed $325 million
senior unsecured notes of General Cable Corporation consisting of US$125
million of floating rate notes and US$200 million fixed rate notes.
Concurrently, Moody's affirmed all other ratings for this issuer.  The
rating outlook remains stable.


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


ANDREA B. FASHION: Claims Registration Period Ends July 17
----------------------------------------------------------
Creditors of Andrea B. fashion GmbH have until July 17 to register their
claims with court-appointed insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on Aug. 7, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings against
Andrea B. fashion GmbH on June 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Andrea B. fashion GmbH
         Attn: Andrea Banken-Krause, Manager
         Solmstrasse 30
         48683 Ahaus-Ottenstein
         Germany


AUTOHAUS HAUSLER: Creditors' Meeting Slated for July 19
-------------------------------------------------------
The court-appointed insolvency manager for Autohaus Hausler GmbH & Co.
Handels KG, Michael Jaffe will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m. on July 19.

The meeting of creditors and other interested parties 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 at 9:00 a.m. on Oct. 12 at the same venue.

Creditors have until Aug. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Munich opened bankruptcy proceedings against
Autohaus Hausler GmbH & Co. Handels KG on May 29.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Hausler GmbH & Co. Handels KG
         Oberdiller Str. 29
         82065 Baierbrunn
         Germany


AUTOHAUS LUZENBERG: Claims Registration Period Ends July 24
-----------------------------------------------------------
Creditors of Autohaus Luzenberg GmbH have until July 24 to register their
claims with court-appointed insolvency manager Holger Bluemle.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Aug. 21, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Holger Bluemle
         Kriegsstrasse 113
         76135 Karlsruhe
         Germany
         Tel: (0721) 91 95 70

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

The Debtor can be reached at:

         Autohaus Luzenberg GmbH
         Attn: Klaus Uchatius, Manager
         Loewitstrasse 1
         68169 Mannheim
         Germany


BAIER BAUREGIE: Claims Registration Period Ends July 11
-------------------------------------------------------
Creditors of Baier Bauregie GmbH & Co. KG have until July 11 to register
their claims with court-appointed insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on Sept. 9, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings against Baier
Bauregie GmbH & Co. KG on May 30.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Baier Bauregie GmbH & Co. KG
         Attn: Sonja Baier, Manager
         Moehlenkamp 2
         18109 Rostock
         Germany


BENQ MOBILE: Auctioneer Starts Sale of Remaining Assets
-------------------------------------------------------
Martin Prager, the insolvency administrator for BenQ Mobile GmbH and Co.,
hired German auctioneer Dechow to sell the company's remaining assets, the
Financial Times reports citing Frankfurter Allgemeine Zeitung as its
source.

The process will see around 3,000 individual items used for the production
of mobile phones on the auction block at the company's former production
plant in Kamp-Lintfort, FT relates.
Smaller pieces of technical equipment were auctioned online earlier this
month.

In a TCR-Europe report on June 11, 2007, Option NV purchased BenQ Mobile's
laboratory facilities and technical manpower for EUR4 million.

                          About BenQ

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

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

BenQ Mobile has lost market share against giant competitors.

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

                         *     *     *

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

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

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


BEWEHRUNGSTECHNIK WIENEKE: Claims Registration Ends July 26
-----------------------------------------------------------
Creditors of Bewehrungstechnik Wieneke GmbH have until July 26 to register
their claims with court-appointed insolvency manager Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 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 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:

         Hans-Peter Burghardt
         Bunsenstr. 3
         D 32052 Herford
         Germany
         Tel: 05221/693 0731
         Fax: 05221/693 0691

The District Court of Hameln opened bankruptcy proceedings against
Bewehrungstechnik Wieneke GmbH on May 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bewehrungstechnik Wieneke GmbH
         Meintetalstrasse 11
         31812 Bad Pyrmont
         Germany


CINE-INTERNATIONAL: Claims Registration Ends July 20
----------------------------------------------------
Creditors of Cine-International Filmvertrieb GmbH & Co. KG have until July
20 to register their claims with court-appointed insolvency manager Oliver
Schartl.

Creditors and other interested parties are encouraged to attend the
meeting at 9:10 a.m. on Aug. 21, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich
         Telefon: 089-545110
         Telefax: 089-54511-444

The District Court of Munich opened bankruptcy proceedings against
Cine-International Filmvertrieb GmbH & Co. KG on May 29.  Consequently,
all pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Cine-International Filmvertrieb GmbH & Co. KG
         Leopoldstr. 18
         80802 Munich
         Germany


CONSTRUCT SF: Claims Registration Ends July 23
----------------------------------------------
Creditors of Construct SF Bau GmbH have until July 23 to register their
claims with court-appointed insolvency manager Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 27, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Dr. Ulrich Wenzel
         Grossbeerenstr. 231
         14480 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy proceedings
against Construct SF Bau GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Construct SF Bau GmbH
         Lessingstrasse 16
         16356 Ahrensfelde
         Germany


DOEBELNER HOLZHANDEL: Claims Registration Ends July 16
------------------------------------------------------
Creditors of Doebelner Holzhandel GmbH have until July 16 to register
their claims with court-appointed insolvency manager Goerge Scheid.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 14, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel:0341/702520
         Fax: 0341/7025244
         E-mail: Sozietaet@Voigt-Scheid.de

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

The Debtor can be reached at:

          Doebelner Holzhandel GmbH
          Richard-Koeberlin-Strasse 9
          04720 Doebeln
          Germany


DAIMLERCHRYSLER: Chrysler Puts US$450MM in Kenosha Engine Plant
---------------------------------------------------------------
DaimlerChrysler AG unit Chrysler Group plans to invest US$450 million in
its Kenosha, Wisconsin, engine plant for a comprehensive retooling in
preparation for the launch of a new family of fuel-efficient V-6 engines.

The investment and retooling are part of an extensive powertrain
offensive that will commit a total of US$3 billion to develop and launch
the new engines -— known as Phoenix engines —- in addition to a
dual-clutch transmission joint venture with German parts maker Getrag and
new common axle family.  All are part of Chrysler Group's commitment to
advanced powertrain technologies and the first step to more fuel-efficient
vehicles.

Scheduled to begin production in January 2011, the plant will have an
annual Phoenix production capacity of 400,000 units when it reaches full
volume.  Retooling for the Kenosha Phoenix Engine Plant will begin in June
2010.  Once the plant is fully operational, Kenosha Phoenix Engine Plant
will employ 700 full-time workers.

"This retooling investment will allow us to build an entirely new,
globally competitive family of V-6 engines," said Richard Chow-Wah, vice
president for Powertrain Manufacturing, Chrysler Group.  "The Chrysler
Group Recovery and Transformation Plan is focused on new products, and
today's news supports a long-term commitment to new vehicle components
that support consumer demand for refined, economical-to-operate vehicles
for many years to come."

Wisconsin Governor Jim Doyle said that Chrysler Group would receive an
incentive package of Kenosha County, City of Kenosha and State of
Wisconsin funds totaling US$16.8 million.

"This is an important day for the future of the UAW and Chrysler Group,
and in particular for the continued competitiveness of our team here in
the State of Wisconsin," said General Holiefield, UAW vice president, who
directs the union's DaimlerChrysler Department.  "We have a vision to see
this company and our union grow this business and transform
Chrysler Group into a stronger company that will be competitive for the
long run.  The investment we announce today proves that we are investing
in this vision.”

Chrysler Group has had a presence in Kenosha since 1987, when American
Motors Corp. was acquired by Chrysler Corporation.  The company's current
2.7-liter V-6 has been produced there since 1997.  The company's 3.5-liter
V-6 was launched in 1999, part of a US$624 million modernization of the
plant.  The plant was built in 1917.

Over the long term, the Phoenix family of V-6 engines will reduce
manufacturing complexity by paring the Company’s four current V-6 engine
architectures to one.

Kenosha becomes the third Phoenix engine plant announced by Chrysler Group
since April 2007, joining previously announced plants in Trenton,
Michigan, and Saltillo, Mexico.  The company will also construct an
all-new plant in Marysville, Michigan, to build a new line of corporate
axles.

                     About DaimlerChrysler

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

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

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

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

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


ECKARDT HAUSTECHNIK: Claims Registration Ends July 20
-----------------------------------------------------
Creditors of Eckardt Haustechnik GmbH have until July 20 to register their
claims with court-appointed insolvency manager Joachim Exner.

Creditors and other interested parties are encouraged to attend the
meeting at 1:30 p.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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax 09281/8331089

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

The Debtor can be reached at:

         Eckardt Haustechnik GmbH
         Attn: Wolfgang Eckardt, Manager
         Nailaer Str. 12
         95192 Lichtenberg
         Germany


GEBAUDE- UND ANLAGENTECHNIK: Claims Registration Ends July 6
------------------------------------------------------------
Creditors of Gebaude- und Anlagentechnik Leipzig GmbH have until July 6 to
register their claims with court-appointed insolvency manager Goerge
Scheid.

Creditors and other interested parties are encouraged to attend the
meeting at 1:00 p.m. on Aug. 8, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:
         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244
         E-mail: sozietaet@voigt-scheid.de

The District Court of Leipzig opened bankruptcy proceedings against
Gebaude- und Anlagentechnik Leipzig GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gebaude- und Anlagentechnik Leipzig GmbH
         Druckereistrasse 4
         04159 Leipzig
         Germany

         Attn: Dr. Susann Richter, Manager
         Rosslauer Strasse, 7a
         04157 Leipzig
         Germany


GERRESHEIMER HOLDINGS: Moody's Lifts Corp. Family Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating for
Gerresheimer Holdings GmbH to Ba3 from B2, and the rated notes to B2 (LGD
rate 93%, LGD6) from Caa1.  The rating outlook has been changed to
positive from stable.

This rating action follows the capital increase and partial floatation of
the company and the announced application of the proceeds of EUR450
million from the capital increase and floatation to immediate debt
reduction.  The company plans to repay EUR33 million of its vendor loan
(including accrued interest), EUR93 million of its outstanding notes
(including a pre-payment premium as well as accrued interest) with the
remainder used for repayment of EUR322 million of outstanding senior
credit facilities.  Remaining liabilities under the existing senior credit
facility of approximately EUR250 million will be refinanced by draw downs
under a newly established EUR275 million credit facility.

As a result of the repayment, the company's debt, which increased by
around EUR330 million following several acquisitions, primarily the Wilden
AG, and other investments, is expected to decrease from around EUR930
million (unadjusted, including shareholder loan and vendor note) as per
first quarter 2007 to expected EUR500 million (net debt of about EUR400
million) as per fiscal year 2007 end.  The planned debt repayment will
result in a strongly improved capital structure and leverage as reflected
in the company's adjusted Debt/EBITDA leverage ratio, which is expected to
improve from 6.3x as per year end 2006 to below 4x at the end of 2007.
Interest coverage should notably improve from 0.7x at FYE 2006.

Moody's added that the positive outlook indicated the further upward
rating pressure over the next 12 to 18 months that could result from a
demonstration of solid operating performance in the wake of the Wilden
acquisition over the next quarters as indicated by EBITDA margins moving
towards 19%-20%, accompanied by return to positive free cash flows
following the end of replacement capex into the furnaces.  Furthermore,
the company will need to demonstrate its ongoing commitment to the new
de-levered capital structure.

These ratings were affected:

Downgrades:

   * Issuer: Gerresheimer Holdings GmbH

     -- Senior Subordinated Regular Bond/Debenture, Downgraded
        to 93 - LGD6 from 92 - LGD6.

Upgrades:

   * Issuer: Gerresheimer Holdings GmbH

     -- Probability of Default Rating, Upgraded to Ba3 from B2;

     -- Corporate Family Rating, Upgraded to Ba3 from B2;

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from Caa1.

Outlook Actions:

   * Issuer: Gerresheimer Holdings GmbH

     -- Outlook, Changed To Positive From Stable

Gerresheimer Holdings GmbH, with headquarters in Duesseldorf, Germany, is
a producer of specialty glass and plastic packaging primarily for the
pharmaceutical, cosmetics and specialty food markets.  Revenues for the
fiscal year end Nov. 30, 2006 were EUR647 million.  On Jan. 2, 2007, the
company acquired Regensburg/Germany based Wilden AG.  The transaction has
a material impact on the shape and financial profile of the group: Wilden
AG will add about EUR245 million in sales (or 38% based on preliminary FYE
2006 numbers), increase the share of plastic-based products to more than
30%.  Going forward, Gerresheimer will operate through four divisions:
Tubular Glass, Life Sciences Research, Moulded Glass and Plastic Systems.


HBO GMBH: Claims Registration Ends June 26
------------------------------------------
Creditors of HBO GmbH & Co. KG have until June 26 to register their claims
with court-appointed insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend the
meeting at 8:10 a.m. on July 17, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
HBO GmbH & Co. KG on May 31.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         HBO GmbH & Co. KG
         Attn: Dr. Juergen Lindemann and Ulrike Poell, Managers
         Hansaallee 30
         40547 Duesseldorf
         Germany


HBO VERWALTUNGS: Claims Registration Ends June 26
-------------------------------------------------
Creditors of HBO Verwaltungs GmbH have until June 26 to register their
claims with court-appointed insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend the
meeting at 8:25 a.m. on July 17, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
HBO Verwaltungs GmbH on May 31.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         HBO Verwaltungs GmbH
         Attn: Dr. Juergen Lindemann, Manager
         Hansaalle 30
         40547 Duesseldorf
         Germany


IEBS AUTOHANDELS: Claims Registration Period Ends July 13
---------------------------------------------------------
Creditors of IEBS Autohandels GmbH have until July 13 to register their
claims with court-appointed insolvency manager Rolf Pohlmann.

Creditors and other interested parties are encouraged to attend the
meeting at 11:30 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 Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         Germany

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

The insolvency manager can be reached at:

         Rolf Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich
         Germany

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

The Debtor can be reached at:

         IEBS Autohandels GmbH
         Elisabethstr. 50
         80796 Munich
         Germany


LEHR IT: Creditors' Meeting Slated for July 5
---------------------------------------------
The court-appointed insolvency manager for Lehr IT service GmbH & Co. KG,
Christine Frosch will present her first report on the Company's insolvency
proceedings at a creditors' meeting at 2:30 p.m. on July 5.

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

         The District Court of Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 10:30 a.m. on Sept. 27 at the same venue.

Creditors have until July 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christine Frosch
         Simeonstrasse 5
         D 54290 Trier
         Germany
         Tel: 0651/9941499
         Fax: 0651/9941061
         E-mail: kanzlei.frosch@t-online.de

The District Court of Trier opened bankruptcy proceedings against Lehr IT
service GmbH & Co. KG on May 31.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Lehr IT service GmbH & Co. KG
         Max-Planck-Strasse 6
         54296 Trier
         Germany


NRG ENERGY: Closes US$4.4 Billion Senior Credit Refinancing
-----------------------------------------------------------
NRG Energy, Inc. has completed the US$4.4 billion refinancing of its
senior credit facility previously announced on May 2, 2007.

This transaction resulted in a 25 basis points reduction in the first lien
pricing grid, a US$200 million reduction in the synthetic letter of credit
facility to US$1.3 billion, and various amendments to provide improved
flexibility and efficiency for returning capital to shareholders and asset
repowering and investment opportunities.

The pricing of the Term B and LC facilities is now LIBOR + 175 basis
points with further reductions available upon the achievement of certain
financial ratios.

On May 2, 2007, the company also disclosed its intent to form a holding
company – Holdco -- later in 2007.  Under the refinanced credit facility,
the Company, at its option, can move US$1 billion of the Term B debt to a
new senior credit facility at Holdco, which was entered into June 8 as
part of the refinancing transaction.  Use of the net proceeds from the
Holdco facility to pay down the NRG Term B debt will expand the company’s
restricted payments capacity under its senior unsecured notes by the same
amount.  When funded, the Holdco facility will price 75 basis points wider
than the existing senior secured facility.

Other amendments to NRG’s existing senior credit facilities include
amendments that:

   * permit the formation of the Holdco;

   * permit the payment of up to US$150 million in common share
     dividends;

   * exclude principal and interest payments made on the Holdco
     senior credit facility, once funded, from being considered
     restricted payments under the senior credit facilities;

   * modify the existing excess cash flow prepayment mechanism
     so that the prepayments are offered to both NRG and Holdco
     on a pro rata basis; and

   * provide additional flexibility to NRG with respect to
     certain covenants governing or restricting the use of
     excess cash flow, new investments, new indebtedness and
     permitted liens.

“The planned implementation of a new Holding Company structure took a
significant step forward with the closing of the Holdco credit facility,”
commented Robert Flexon, NRG Energy’s Executive Vice President and Chief
Financial Officer.  “Once the Holdco regulatory approvals are received the
Holdco will be put in place and funded, providing the Company with
significantly improved capital allocation flexibility for investment and
returning capital to shareholders.”

                          About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the United States.  Its
operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share repurchases and to
begin paying a common dividend during the first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed US$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


SEMPER FINANCE: Fitch Rates EUR20,300,000 Class E Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned Semper Finance 2007-1 GmbH's commercial
mortgage-backed floating-rate notes due 2043 expected ratings:

   -- EUR790,700,000 Class A1: 'AAA'; Outlook Stable
   -- EUR500,000 Class A1+: 'AAA'; Outlook Stable
   -- EUR10,000,000 Class A2: 'AAA'; Outlook Stable
   -- EUR51,800,000 Class B: 'AA'; Outlook Stable
   -- EUR51,700,000 Class C: 'A'; Outlook Stable
   -- EUR49,100,000 Class D: 'BBB'; Outlook Stable
   -- EUR20,300,000 Class E: 'BB'; Outlook Stable
   -- EUR8,700,000 Class F: not rated
   -- EUR11,400,000 Class G: not rated
   -- EUR7,683,722 threshold amount: not rated

The ratings reflect the characteristics of the reference portfolio and the
integrity of the legal and financial structures.  The ratings also address
the timely payment of interest on the notes and the ultimate repayment of
principal by final legal maturity in September 2046.  The final ratings
are contingent on the receipt of final documents conforming to information
already received.

This transaction is a fully funded synthetic securitisation of commercial
mortgage loans originated by Eurohypo AG (rated 'A'/Outlook Stable/'F1')
and secured by German properties.  It is the second transaction issued
through Eurohypo's synthetic commercial mortgage-backed securities
platform 'Semper'.

As at the cut-off date on May 2, 2007, the reference portfolio consisted
of 480 EUR- and 12 CHF-denominated mortgage loans with an aggregate
current balance of EUR1 billion.  The loans were granted to 348 mostly
operating companies or private individuals and are secured by one or more
commercial real estate assets located in Germany.  The reference claims
are secured either by senior- or subordinate-ranking mortgages and the
weighted-average loan-to-value ratio is 72.2%. The vast majority of the
loans in the portfolio are seasoned fixed-rate loans, amortizing over
approximately 30 years.

The portfolio is collateralized by 411 commercial real estate properties
with a most recent appraisal value of approximately EUR1.7 billion.  The
collateral is located in Germany and distributed across the country with
some concentrations in the federal states of North Rhine-Westphalia (21.7%
by market value), Baden-Wuerttemberg (13.5%) and Berlin (10.5%).  The
collateral comprises predominantly retail (29.5% by allocated loan
amount), residential (17.6%), office (16.6%) and mixed-use properties
(16.3%) but there are also operating assets such as hotels (5.5%) and
nursing homes (5.3%) in the portfolio.


=============
I C E L A N D
=============


CHIQUITA BRANDS: Europe Sales Volume Down 4% in April-May 2007
--------------------------------------------------------------
Chiquita Brands International Inc. provided an intraquarter update for the
second quarter 2007, including Chiquita banana
and Fresh Express value-added salad prices and volumes for April-May 2007
in its Banana and Salads and Healthy Snacks segments, respectively.

Banana Segment

                    Year-over-Year Percentage Change (1)
                     April-May 2007 vs. April-May 2006

                                                  % of Total

CHIQUITA BANANAS       Pricing     Volume (2)    Volume Sold


Core European Markets (3)

  U.S. dollar basis (4)   +7 %          -4 %           37 %
  Local currency basis    -1 %

North America             0 %          +8 %           43 %

Asia Pacific and the
  Middle East (5)         +5 %         -17 %           12 %


Trading Markets         -11 %        +293 %            8 %

   (1) These statistics may not be indicative of future
       results.

   (2) Total volume sold includes all banana varieties, such
       as Chiquita to Go, Chiquita minis, organic bananas
       and plantains.

   (3) The company's "core" European markets include the
member states of the European Union (except new
entrants Romania and Bulgaria, which continue to
       be reported in "trading" markets), Switzerland,
       Norway and Iceland.

   (4) Prices on a U.S. dollar basis do not include the impact
       of hedging.

   (5) In this region, the company primarily operates
       through joint ventures, and most business is invoiced
       in U.S. dollars.

Banana prices in the company's core European markets were down 1 percent
year-on-year on a local currency basis (up 7 percent on a U.S. dollar
basis), reflecting the continued impact of E.U. regulatory changes
implemented on Jan. 1, 2006, which have resulted in an increase in
industry volume and price competition.  Volume sold in the core European
markets decreased by 4 percent, due to the company's strategic
determination to focus on profitable volume and maintaining its premium
position in these markets.

North American banana pricing was flat year-over-year.  While base
contract prices increased, this improvement was partially offset by lower
spot-market pricing and lower year-on-year surcharges linked to a
third-party fuel price index.  Banana volume sold in the region rose 8
percent, reflecting distribution gains at several top-25 customers as well
as the company's recovery from weather-related disruptions in the previous
year.

In Asia Pacific and the Middle East, pricing rose 5 percent year-on-year
on a U.S. dollar basis, primarily as a result of significant improvement
in local pricing in Japan, partially offset by unfavorable dollar-yen
exchange rates.  Volume in this region fell by 17 percent year-over-year,
primarily related to supply constraints in the Philippines, which resulted
in lower
yields of premium-quality fruit.

In the company's trading markets, which consist primarily of European and
Mediterranean countries that do not belong to the European Union,
decreased pricing of 11 percent year-over-year reflects the transition in
Turkey to a year-round service commitment in 2007, rather than
opportunistic entry in the
spot market.   In addition, volume growth in this region was also driven
by the company's year-round presence in Turkey.

Salads and Healthy Snacks Segment

               Year-over-Year Percentage Change (1)
                April-May 2007 vs. April-May 2006

FRESH EXPRESS RETAIL
VALUE-ADDED SALADS         Net Revenue Per Case   Volume


    North America                 0 %                +1 %

   (1) These statistics may not be indicative of future
       results.

In the Salads and Healthy Snacks segment, total volume of retail
value-added salads was up 1 percent year-over-year in the two-month
period.  Since mid-September 2006, the company's Fresh Express operations
have been impacted by consumer concerns regarding the safety of fresh
spinach and other packaged leafy greens in the United States, despite the
fact that no confirmed cases of consumer illness were linked by the U.S.
Food and Drug Administration to Fresh Express products.  As noted
previously, the company expects reduced sales and decreased margins to
continue through at least the third quarter 2007 due to consumer concerns
about the safety of packaged salad products.  Net revenue per case was
flat year-over-year.

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

                            *   *   *

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

Ratings affirmed:

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

   -- Corporate family rating at B3

   -- Probability of default rating at B3

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

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

* Chiquita Brands LLC (operating subsidiary):

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

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

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


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


ALITALIA SPA: Posts EUR135 Million Net Loss for Q1 2007
-------------------------------------------------------
Alitalia S.p.A. published EUR135 million in net losses for the first
quarter of 2007, compared with EUR159 million in net losses for the same
period in 2006, Kristine Crane writes for the Wall Street Journal.

The company also posted 7.3% year-on-year increase in first quarter net
revenues.

Alitalia attributed its better results to higher passenger and cargo
traffic increased in the first three months of 2007, The Irish Independent
reports.  The carrier added it is liquid enough to maintain operations for
more than 12 months.

The carrier blamed high fuel costs and a series of strikes for its
difficulty in reaching a turnaround, Ms. Crane relates.

                  Deloitte Approves 2006 Results

Meanwhile, Alitalia reveals that auditors Deloitte & Touche has approve
its accounts for year ended Dec. 31, 2006.

As reported in the TCR-Europe on June 5, 2007, there have been
speculations that Deloitte may not approve Alitalia's 2006 results pending
assurance of the carrier's future.

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

The company attributed its net loss mainly to a EUR197.3 million write off
of its aging fleet.  Alitalia also attributed its poor
results on higher fuel costs, stiff competition from low-cost carriers,
strikes and difficulties in achieving cost-cutting objectives.  Around
EUR100 million in losses were caused by strikes.

WSJ's Ms. Crane cites analysts as saying that Deloitte's approval of the
results reassures investors that the current sale process is moving on.

Bidders OAO Aeroflot-Unicredit Italiano S.p.A. and AirOne
S.p.A.-Intesa-San Paolo S.p.A. have until July 2, 2007 to submit  a
binding offer to acquire the Italian government's 39.9% stake in Alitalia
S.p.A.  Italy is encouraging the bidders to unify their bids.

                         About Alitalia

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


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


EUROASIA-TECHNICS-PV LLP: Creditors Must File Claims July 13
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP
Euroasia-Technics-PV insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 54-98-55


GEOS LOGISTICS: Proof of Claim Deadline Slated for July 13
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has declared LLP
Geos Logistics 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
         Kazakhstan
         Tel: 8 (31222) 32-90-02


GERMES LLP: Creditors' Claims Due July 13
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Germes 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
         Serikbaev Str. 29-7
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 25-15-33


KAZKOMMERTSBANK JSC: Purchasing 50% Stake in IC East Capital
------------------------------------------------------------
JSC Kazkommertsbank intends to purchase a 50 percent share in capital of
LLC IC East Capital.

IC East Capital is a resident of Russian Federation (registered by public
institution Moscow Registration Chamber on Nov. 23, 2001) and a
professional participant of securities market and has representative
offices in these cities:

   -- Surgut,
   -- Orenburg,
   -- Lipetsk,
   -- Voronezh,
   -- Kaliningrad,
   -- Kemerovo,
   -- Rostov-na-Donu,
   -- Stavropol,
   -- Cheboksary,
   -- Ufa, and
   -- Saint Petersburg.

The permission of Agency of Republic of Kazakhstan on regulation and
supervision of financial markets and financial institutions is obtained.
The actual purchase will take place after approval by Russian authorities.

LLC IC East Capital can be reached at:

         18 Krasnopresnenskaya Wharf
         123317 Moscow
         Russia

                       About Kazkommertsbank

Established in 1990, Kazkommertsbank is one of the leading banks
in Kazakhstan.  As at June 30, 2006, it was the market leader as
measured by total assets and loans and third largest in terms of
deposits.  The Bank has a network of 22 full-service branches
and 68 outlets in Kazakhstan.  In addition, the Bank has a well-
developed alternative channel distribution network including
Internet banking, 454 ATMs, over 3,200 point-of-sale terminals
and a call center.

With a gross corporate loan portfolio of KZT837.3 billion and
deposits of KZT204.97 billion as of June 30, 2006,
Kazkommertsbank is the largest corporate lender in Kazakhstan.
In addition, the Bank also has a strong retail business and
believes that it is the leading bank in Kazakhstan servicing
high net-worth individuals.  As at June 30, 2006, the Bank had
approximately 253,000 retail customers, a gross retail loan
portfolio of KZT129.14 billion and retail deposits of
KZT128.87 billion.

In addition to corporate, SME and retail banking services, the
Bank engages in treasury operations, investment banking,
brokerage services and asset management and is a major
participant in the securities markets and the foreign currency
markets in Kazakhstan.  Through its international subsidiaries,
KKB also provides corporate, SME and retail banking services in
Russia and Kyrgyzstan.

The bank has a number of subsidiaries, including two in
Kazakhstan: Kazkommerts Securities and Kazkommertspolicy 2000;
three in the Netherlands: Kazkommerts International B.V.,
Kazkommerts Capital-2 B.V. and Kazkommerts Finance-2 B.V., and
one in Kyrgyzstan: Kazkommertsbank Kyrgyzstan.

                            *   *   *

As reported in the TCR-Europe on Feb. 21, 2007, Fitch Ratings affirmed
Kazakhstan-based Kazkommertsbank's ratings at foreign currency Issuer
Default 'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D' and
Support '3'.

Fitch said The Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.


KRASINA LLP: Claims Filing Period Ends July 13
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Krasina 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
         Serikbaev Str. 29-7
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 25-15-33


KEDEGES LLP: Proof of Claim Deadline Slated for July 13
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has declared
LLP Kedeges 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
         Kazakhstan


LUFTSERVICE LLP: Creditors Must File Claims July 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Luftservice insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-06-50


NUR LTD: Claims Filing Period Ends July 13
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Firm Nur Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Maylin Str. 12-2
         Micro District Vostochny
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 26-28-64


SHU-AGRO-XXI LLP: Creditors' Claims Due July 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
SHU-AGRO-XXI insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Rahimov Str. 1a-34
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 34-61-32


STALKER-PLUS LLP: Claims Filing Period Ends July 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has declared
LLP Stalker-Plus insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 28, 25-12
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 40-31-47


VISTA-PAVLODAR LLP: Creditors' Claims Due July 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has declared has
declared LLP Vista-Po” insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 54-98-55


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


HIMMEL LLC: Creditors Must File Claims by July 25
-------------------------------------------------
LLC Himmel has declared insolvency.  Creditors have until July 25 to
submit written proofs of claim to:

         LLC Himmel
         Skryabin Str. 76-42
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-02-30


REVIVAL LLC: Proof of Claim Deadline Slated for July 25
-------------------------------------------------------
LLC Revival has declared insolvency.  Creditors have until July 25 to
submit written proofs of claim to:

         LLC Revival
         Belmazar Str. 18
         Ala-Too
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 59-20-65


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


AGILENT TECHNOLOGIES: Completes US$250 Mil. Stratagene Purchase
---------------------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of Stratagene
Corp. for approximately US$250 million.  Agilent expects this strategic
acquisition to accelerate its growth in life sciences through a
complementary product portfolio and strong market reach into academia and
government.

Agilent disclosed the definitive agreement to acquire Stratagene on April
6, 2007.  Completion of this acquisition will have no impact on Agilent's
earnings-per-share guidance.  Agilent's revenue guidance for the third
quarter is now US$1.38 billion to US$1.42 billion.

"The company is excited about the opportunities ahead," Nick Roelofs, vice
president and general manager of Agilent's Life Sciences Solutions Unit,
said.  "With its combined product portfolios, technology, R&D expertise
and employees, the company will serve a wider customer base with more
comprehensive workflow solutions.  This acquisition is an example of
one-plus-one is greater than two because of the workflow leverage the
company anticipates from combining its two companies."

The Stratagene acquisition is expected to strengthen Agilent's life
science offerings in genomics and proteomics, particularly in academia and
government where Stratagene products and market leadership are well
recognized.  Meanwhile, Agilent's sales channel strength in the
pharmaceutical market provides additional opportunities for expanding the
reach of Stratagene's portfolio of reagents and instruments.

Agilent believes that with Stratagene, the total addressable life science
market will be US$14 billion, with an estimated compounded annual growth
rate of 7 to 9 percent in the next three years.

Stratagene is the largest acquisition that Agilent has made in several
years, underscoring the company's commitment to life sciences.
Stratagene's extensive portfolio of PCR enzymes and instrument
capabilities, including quantitative PCR, coupled with Agilent's range of
product platforms, software and data management capabilities, provides
full workflow solutions to both academic and pharmaceutical customers.

Agilent and Stratagene also have disclosed the sale of certain Stratagene
assets to a new company, Decisive Diagnostics, a subsidiary of Catalyst
Assets LLC, an entity formed by Dr. Joseph A. Sorge, former chairman, CEO
and founder of Stratagene.  Decisive Diagnostics is an entity formed to
pursue molecular diagnostic applications.  Decisive Diagnostics will
acquire for US$6.6 million certain assets of Stratagene from Agilent and
license from Agilent certain of Stratagene's molecular diagnostic
technologies.

                       About Stratagene Corp.

Stratagene Corp. (NASDAQ: STGN) -– http://www.stratagene.com/-- is a
worldwide developer of innovative products and technologies for the
growing life science research market.  Stratagene supports advances in
life sciences by inventing, manufacturing and marketing products that
simplify, accelerate and improve research.  Since 1984, the company's
products have been used throughout the academic, industry and government
research sectors in fields spanning molecular biology, genomics,
proteomics, drug discovery and toxicology.  Stratagene employs more than
450 people worldwide, who have now joined Agilent.  Stratagene's product
portfolio includes reagents for life science research and instruments.
The company also offers a range of diagnostics products, including
applications for allergy testing and urinalysis.  Stratagene's life
science reagent and instrument manufacturing facility in Cedar Creek,
Texas, as well as its diagnostics facilities in Garden Grove, Calif., and
Edinburgh, Scotland, are all registered to the ISO 13485 standard.  The
diagnostics facilities are also licensed medical device manufacturers,
compliant with the U.S. Food and Drug Administration's Quality System
Regulation (QSR).  Other major Stratagene locations are La Jolla, Calif.;
Tokyo, Japan; and Amsterdam, the Netherlands.

                    About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/-- is the
world's premier measurement company and a technology leader in
communications, electronics, life sciences and chemical analysis.  The
company's 19,000 employees serve customers in more than 110 countries.

The company has operations in India, Argentina and Luxembourg.


                          *     *     *

Agilent Technologies Inc. carries Moody's Investors Service 'Ba1'
corporate family rating.


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


HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and recovery ratings
on Hexion Specialty Chemicals Inc.'s senior secured first-lien bank credit
facilities, including a proposed US$200 million add-on to its existing
term loan, and a proposed US$10 million add-on to its existing synthetic
letter of credit facility.

Pro forma for the proposed changes to the existing facilities, the senior
secured first-lien bank facilities will increase to approximately US$2.5
billion, from US$2.3 billion.  The first-lien bank loan rating is 'B' (the
same as the corporate credit rating) and the recovery rating is '2',
indicating the expectation for substantial (80%-100%) recovery of
principal in the event of a payment default.

At the same time, S&P affirmed its ratings on Hexion's
$825 million second-lien notes due 2014.  The 'B-' notes rating (one notch
lower than the corporate credit rating) and '3' recovery rating indicate a
meaningful recovery (50%-80%) recovery of principal in the event of a
payment default.

                       Ratings List

Hexion Specialty Chemicals Inc.

Corporate credit rating                          B/Stable/--
Senior secured first-lien bank credit facilities B
  Recovery rating                                 2
US$825 million second-lien notes due 2014          B-
  Recovery rating                                 3

Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. –
http://www.hexion.com/-- 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.  Hexion Specialty Chemicals is owned by an affiliate of Apollo
Management, L.P.  The company has locations in China, Australia,
Netherlands, and Brazil.


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


AGATE LLC: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of LLC Agate have until June 19 to submit proofs of claim to:

         G. Konstantinov
         Insolvency Manager
         Post User Box 836
         672051 Chita
         Russia

The Arbitration Court of Chita commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. A78-603/2007-B-24.

The Debtor can be reached at:

         LLC Agate
         Apt. 31
         Borzya-3, 2
         674600 Chita
         Russia


AGROTON-S CJSC: Stavropol Bankruptcy Hearing Slated for July 12
---------------------------------------------------------------
The Arbitration Court of Stavropol will convene at 10:00 a.m. on July 12
to hear the bankruptcy supervision procedure on CJSC Agroton-S.  The case
is docketed under Case No. A63-2923/07-S5.

The Temporary Insolvency Manager is:

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

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Agroton-S
         Stavropol
         Russia


BELYJ BEREG: Court Names O. Malyukov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kalmykiya appointed O. Malyukov as Insolvency
Manager for LLC Shipping Company Belyj Bereg.  He can be reached at:

         O. Malyukov
         Post User Box 253
         400005 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A22-92/07-9-16.

The Debtor can be reached at:

         LLC Shipping Company Belyj Bereg
         Lagan
         Kalmykiya
         Russia


CHERNOGORSKIY FACTORY: Creditors Must File Claims by July 19
------------------------------------------------------------
Creditors of OJSC Chernogorskiy Factory of Leatherette have until July 19
to submit proofs of claim to:

         E. Chu
         Insolvency Manager
         Posadskaya Str. 21-105
         Ekaterinburg
         620086  Sverdlovsk
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A66-13230/2004.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Chernogorskiy Factory of Leatherette
         Erofeeva Str. 5
         170134 Tver
         Russia


CONCERN INMASH: Court Names V. Kryuchkov  as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed V. Kryuchkov as
Insolvency Manager for OJSC Concern Inmash.  He can be reached at:

         V. Kryuchkov
         Post User Box 140
         K. Marksa Str. 24
         Kumertau
         453300 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A07-7412/05-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Concern Inmash
         Gogolya Str. 122
         Sterlitamak
         453130 Bashkortostan
         Russia


DALSVYAZ OJSC: Unveils Consolidation Plans for Two Subsidiaries
---------------------------------------------------------------
OJSC Dalsvyaz plans to complete the business consolidation of its
subsidiaries – Sakhalinugol-Telecom and A-Svyaz by the end of 2007.

On June 5, 2007 the Board of Directors of Dalsvyaz adopted a decision to
liquidate Sakhalin-Telecom (Sakhalin region). Dalsvyaz acquired a 100%
stake in Sakhalinugol Telecom in August 2005 for RUR40 million.  At the
time of acquisition the subscriber base stood at about 6,000.  During 2005
the subscribers of Sakhalinugol Telecom were switched to servicing by
Dalsvyaz.  In Q107 Dalsvyaz restructured its line numbering system used to
provide telecom services and placed on the balance sheet the technological
telecom equipment and line cable facilities of Sakhalinugol Telecom.

At present, Dalsvyaz is switching over the subscriber network of another
subsidiary – A-Svyaz (Amur region), over which it gained control in June
2006.  Dalsvyaz’s stake stands at 84.2% and cost the company RUR10
million.  At the time of purchase, the subscriber base of A-Svyaz numbered
6,500.  Dalsvyaz acquired technological equipment, electric power
transmission lines and added A-Svyaz to its subscriber base.

Dalsvyaz plans to raise its stake in the charter capital of A-Svyaz by
acquiring shares from minority shareholders. Shareholders that failed to
sell their shares will receive the portion of assets remaining after
settlement with creditors is complete.  Dalsvyaz intends to raise at the
general shareholders meeting of A-Svyaz the issue of voluntary liquidation
of the company this August.  The plan is to wind up A-Svyaz by the end of
2007 or early 2008.

Headquartered in Vladivostok, Russia, OJSC Dalsvyaz (RTS: ESPK, MICEX:
DLSV, U.S. OTC: FEEOY, Frankfurt and Berlin exchanges: D71) -–
http://www.dsv.ru/index_en.php/-- provides all kinds of communication
services, including: local, long distance and international telephone
services, access to the Internet network services, data transfer, ISDN,
cellular communications, trunk communications, wireless radio access, etc.
The company operates in the Primorie, Khabarovsk, Amur, Kamchatka,
Magadan, Sakhalin regions and the Jewish Autonomous Region.  Its major
shareholder is Svyazinvest (50.6% of voting stocks or 38.1% of the charter
capital).  Foreign investors own over 25% of the telecom operator’s
charter capital.

                            *   *   *

As reported in the TCR-Europe on Dec 29, 2006,  Fitch Ratings affirmed OAO
Dalsvyaz's Issuer Default rating at B with Stable Outlook and Short-term
rating at B.


DERZHAVA OJSC: Creditors Must File Claims by July 19
----------------------------------------------------
Creditors of OJSC Derzhava (TIN 6139006440) have until July 19 to submit
proofs of claim to:

         M. Bendikov
         Insolvency Manager
         Yufimstseva Str. 14
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings against
the company after finding it insolvent.  The Court will convene at 2:30
p.m. on July 24 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A53-16026/06-S2-7.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Derzhava
         Gorokhovskiy
         Sholokhovskiy
         Rostov
         Russia


DISTILLERY LIVIZ: Creditors Must File Claims by June 19
-------------------------------------------------------
Creditors of LLC Distillery Liviz have until June 19 to submit proofs of
claim to:

         S. Kovalev
         Insolvency Manager
         Office 1305
         Building 1
         16th Liniya, 7
         V.O.
         199034 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad will convene at 2:20
p.m. on Aug. 14 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No.
A56-3625/2007.

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:

         LLC Distillery Liviz
         Brickworks
         Promzona
         Vsevolzhskiy
         188640 Leningrad
         Russia


FISH HARBOR: Creditors Must File Claims by July 19
--------------------------------------------------
Creditors of CJSC Fish Harbor (TIN 5193103440) have until
July 19 to submit proofs of claim to:

         P. Volkov
         Insolvency manager
         Office
         Starostina Str. 19
         183071 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A42-5253/2005 14.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Fish Harbor
         Marksa Str. 56
         183071 Murmansk
         Russia


KRUUS OJSC: Asset Sale Slated for June 20
-----------------------------------------
The insolvency manager and bidding organizer for OJSC Kruus, will open a
public auction for the company's properties at noon on June 20 at:

         The Insolvency Manager and Bidding Organizer
         Office 21
         Knipovicha Str. 45
         Murmansk
         Russia

The company has set a RUR2.95 million starting price for the auctioned
assets.

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

         TIN 5192800014
         Settlement Account 40702810641120003155
         BIK 044705615
         KPP 519001001
         Murmanskiy OSB 8627
         Murmansk
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Office 21
         Knipovicha Str. 45
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Kruus
         Lobova Str.
         Murmansk
         Russia


MIRNOE OJSC: Orenburg Bankruptcy Hearing Slated for July 25
-----------------------------------------------------------
The Arbitration Court of Orenburg will convene at 9:30 a.m. on July 25 to
hear the bankruptcy supervision procedure on OJSC Mirnoe.  The case is
docketed under Case No. A47-641/2007-14GK.

The Temporary Insolvency Manager is:

         S. Levchenko
         Mekhanizatorov Str. 1
         460027 Orenburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Mirnoe
         Mirnyj
         Orsk
         Orenburg
         Russia


ORGRESBANK: Moody's Withdraws E+/Ba2/NP Global Ratings
------------------------------------------------------
Moody's Investors Service has withdrawn the E+/Ba2/NP global ratings of
Orgresbank.  At the same time, Moody's Interfax Rating agency has
withdrawn Orgresbank's Aa2.ru national scale
rating.  Moscow-based Moody's Interfax is majority-owned by Moody's
Investors Service.

The ratings have been withdrawn for business reasons.

Headquartered in Moscow, Russian Federation, Orgresbank reported total
assets of US$920 million in accordance with IFRS at year-end 2006.


REINFORCED CONCRETE: Creditors Must File Claims by June 19
----------------------------------------------------------
Creditors of LLC Reinforced Concrete (TIN 6623001758) have until June 19
to submit proofs of claim to:

         D. Lazarev
         Temporary Insolvency Manager
         Post User Box 106
         Post Office
         620000 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A19-4252/07-60.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         LLC Reinforced Concrete
         678735 Sverdlovsk
         Russia


RUBY LLC: Court Names V. Goncharov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Stavropol appointed V. Goncharov as Insolvency
Manager for LLC Ruby (TIN 2625003753).  He can be reached at:

         LLC Ruby
         Mineralovodskiy Per. 10
         Georgievsk
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A63-8460/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Ruby
         Mineralovodskiy Per. 10
         Georgievsk
         Stavropol
         Russia


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

         Kh. Khutezhev
         Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino-Balkariya
         Russia

The Arbitration Court of Kabardino-Balkariya commenced bankruptcy
proceedings against the company after finding it insolvent.  The case is
docketed under Case No. A20-1385/2006.

The Debtor can be reached at:

         Kh. Khutezhev
         Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino-Balkariya
         Russia


TECHNICAL CENTRE: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of CJSC Technical Centre have until July 19 to submit proofs of
claim to:

         A. Lantsov
         Insolvency Manager
         Post User Box 58
         121614 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A41-K2-16400/06.

The Court is located at:

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

The Debtor can be reached at

         CJSC Technical Centre
         1st Poselkovskaya Str. 20b
         Elektrostal
         144002 Moscow
         Russia


YUG-SVYAZ-SERVICE: Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of CJSC Yug-Svyaz-Service have until July 19 to submit proofs of
claim to:

         P. Kutelev
         Insolvency Manager
         Post User Box 3392
         344092 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings against
the company after finding it insolvent.  The Court will convene at 3:00
p.m. on Oct. 2 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A53-19261/2006-S1-8.

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 Yug-Svyaz-Service
         Budennovskiy Pr. 96
         Rostov-na-Donu
         Russia


YUKOS OIL: Prana Completes US$3.9 Billion Asset Purchase Deal
-------------------------------------------------------------
The Prana Group, which bought the 22-story Moscow headquarters of bankrupt
OAO Yukos Oil Co. in a May 11 auction, finalized the deal on June 8
without disclosing its owners, published reports say.

"The buyer has been given the ownership transfer documents and property
titles," Nikolai Lashkevich, spokesman to insolvency administrator Eduard
Rebgun, was quoted by RIA Novosti as saying.  "Therefore, the buyer is
entitled to exercise its ownership rights in full."

Prana fully paid the US$3.9 billion (RUR100.5 billion) price tag on May
30, after the Federal Antimonopoly Service approved the deal.  The company
opted to exercise its right for corporate secrecy when it disclosed its
ownership structure only to the competition agency after being warned that
the sale would not be approved unless it did otherwise.

In a TCR-Europe report on May 15, 2007, Prana offered US$3.9
billion (RUR100.5 billion) for the assets, outbidding state-
owned OAO Rosneft Oil in a three-hour battle, which could have
awarded the latter with a string of major victories in the
series of Yukos auctions.

The assets fetched nearly five times more than the lot's
US$856.8 million starting price raising speculations that the
bidders might knew about hidden value in another asset in the
lot.

Aside from Yukos' offices, the lot includes:

   -- 100% in YUKOS-M CJSC,

   -- 100% in YUKOS-Moscow,

   -- 100% in YUKOS- Financial-Accounting center,

   -- 100% in YUKOS IMPORT,

   -- 100% in U-Mordovia,

   -- 100% in YUKOS-M Trade House,

   -- 100% in TopMaster-Realty Ltd,

   -- 77.4% in United center of scientific research,

   -- 70% in YUKOS Vostok Trade,

   -- 70% in UT-OIL,

   -- 60.98% Scientific-research institute of aviation industry
      economy,

   -- 50% in USVL CJSC,

   -- 37.99% in Voronezh nefteproduct avtomatika,

   -- 0.01% in YUKOS Refining and Marketing, and

   -- 0.01% in YUKOS Exploration and Production.

According to a report carried in the Kommersant and published in the
Troubled Company Reporter-Europe on June 1, 2007, Prana is 1% owned by
Vladimir Esakov, who previously worked for the projects of OAO Gazprom
board member Boris Fedorov.  The rest of Prana's stake is reportedly held
by an offshore incorporated in the Seychelles, Kommersant adds.

                      About Yukos Oil

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

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

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

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

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

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


ZARECHNOYE CJSC: Creditors Must File Claims by July 19
------------------------------------------------------
Creditors of CJSC Zarechnoye 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. A05-11152/2006-6.

The Debtor can be reached at:

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


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


AUCTENTIA SLU: Chapter 15 Petition Hearing Scheduled on June 15
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District has set a hearing on
June 15, 2007, at 10:00 a.m., at Room 601, One Bowling Green in New York
City, to consider the chapter 15 petition filed by Javier Diaz Galvez and
Benito Aguera Mann on behalf of Auctentia SLU and their request for
recognition of the Debtor’s foreign proceeding pending in Madrid, Spain,
as a foreign main proceeding.

All parties opposed to the petition or foreign representatives’ request
must appear at the hearing.

Headquartered in Madrid, Spain, Auctentia SLU is a wholly owned subsidiary
of Afinsa Bienes Tangibles, S.A., wholesaler and retailer of stamps,
coins, art works and other collectibles.  Javier Diaz Galvez and Benito
Aguera Marin filed for Chapter 15 petition on behalf of Auctentia SLU on
April 24, 2007 (S.D. N.Y. Case No. 07-11173).  Thomas L. Kent, Esq., at
Paul, Hastings, Janofsky & Walker LLP, in New York City, represents the
petitioners.  When the petitioners filed for chapter 15 petition, it
estimated the Debtor's assets and debts between US$1 million and US$100
million.


MBS BANCAJA 4: Fitch Affirms CCC Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has assigned ratings to MBS Bancaja 4, Fondo de Titulizacion
de Activos' EUR1,873.1 million mortgage-backed floating-rate notes due in
July 2050:

   -- EUR300 million Class A1: 'AAA'; Outlook Stable
   -- EUR1.18 billion Class A2: 'AAA'; Outlook Stable
   -- EUR300 million Class A3: 'AAA'; Outlook Stable
   -- EUR30.5 million Class B: 'AA'; Outlook Stable
   -- EUR18.9 million Class C: 'A+'; Outlook Stable
   -- EUR18.5 million Class D: 'BBB+'; Outlook Stable
   -- EUR23.1 million Class E: 'CCC'; Outlook Stable

This transaction is a cash flow securitization of a EUR1.85 billion static
pool of first-ranking Spanish mortgage loans originated and serviced by
Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja, rated
'A+'/Outlook Stable/'F1').

The ratings are based on the quality of the collateral, the underwriting
and servicing of the mortgage loans, available credit enhancement, the
integrity of the transaction's legal and financial structure and Europea
de Titulizacion S.A., S.G.F.T.'s administrative capabilities.

Initial CE for the Class A to D notes is provided by subordination and a
reserve fund, which has been funded at closing using part of the proceeds
from the issuance of the notes.  The Class E notes are uncollateralized
but benefit from the excess spread available within the structure.

The ratings address payment of interest on the notes according to the
terms and conditions of the documentation, subject to a deferral trigger
on the Class B, C and D notes, as well as the repayment of principal at
legal final maturity.

The fund is regulated by Spanish Securitisation Law 19/1992 and Royal
Decree 926/1998.  Its sole purpose is to transform into fixed-income
securities a portfolio of mortgages certificates (certificados de
transmission de hipoteca) acquired from Bancaja.  The CTHs will are
subscribed by Europea de Titulizacion S.A., S.G.F.T. whose sole function
is to manage asset-backed notes on behalf of the fund.


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


DIGIPOINT JSC: Creditors' Liquidation Claims Due June 29
--------------------------------------------------------
Creditors of JSC Digipoint have until June 29 to submit their claims to:

         Kurt Jaussi
         Liquidator
         Industrie West 40/42
         4614 Hagendorf
         Olten SO
         Switzerland

The Debtor can be reached at:

         JSC Digipoint
         Hagendorf
         Olten SO
         Switzerland


GM GROUP: Claims Registration Period Ends June 25
-------------------------------------------------
The Bankruptcy Court of Wallisellen in Zurich commenced bankruptcy
proceedings against LLC gm group on Sept. 13, 2006.

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

The Bankruptcy Service of Wallisellen can be reached at:

         Bankruptcy Service of Wallisellen
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC gm group
         Pfandwiesenstr. 2a
         8152 Opfikon
         Bulach ZH
         Switzerland


GUNTERT JSC: Claims Registration Period Ends June 25
----------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings
against JSC Guntert on April 27.

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

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC Guntert
         Riet
         9658 Wildhaus
         Wahlkreis Toggenburg SG
         Switzerland


HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
----------------------------------------------------------
Moody's Investors Service affirmed the corporate family Ba2 rating of
Hercules, Inc. and changed the rating outlook to positive from stable.

At the same time, Hercules speculative grade liquidity rating was raised
to SGL-1 from SGL-2 indicating very good liquidity over the next 12
months.  The positive outlook reflects Moody's anticipation that Hercules
can reduce debt by roughly US$200 million in 2007 and that this will cause
credit metrics to improve to levels that are strong relative to the Ba2
rating by the end of this year.  About US$21 million of the Term Loan B
was paid down in the first quarter of 2007.  The outlook improvement also
reflects Moody's expectation of further debt reduction in 2008 and 2009,
after which Moody's expects absolute debt levels to stabilize.

Provided that capital expenditures remain moderate, there are no large
acquisitions and prospective dividend actions/share repurchases are
prudently sized, the company should be able to generate retained cash flow
to adjusted total debt above 20%, free cash flow to adjusted total debt of
over 10%, and a fixed charge coverage ratio (EBITDA to interest) of over
4.5X times.  If these metrics are realized Moody's could reassess the
appropriateness of the Ba2 ratings after the end of 2007.  Conversely, an
unexpected increase in legacy liabilities and bolt on acquisitions that
would cause debt to remain at or above US$900 million could cause Moody's
outlook to return to stable.

Ratings Raised:

   -- SGL raised to SGL-1 from SGL-2

Ratings affirmed:

   -- CFR: Ba2;

   -- PDR: Ba2;

   -- US$150 million Gtd Sr Sec Revolving Credit Facility due
      10/2010, Baa3, LGD2, 18%;

   -- US$354 million Gtd Sr Sec Term Loan B due 10/2010, Baa3,
      LGD2, 18%;

   -- US$100 million 6.60% Gtd Sr Sec Putable Notes due 2027,
      Baa3, LGD2, 18%;

   -- US$16 million 11.125% Gtd Sr Unsec Notes due 2007, Ba2,
      LGD3, 40%;

   -- US$250 million 6.75% Gtd Sr Sub Notes due 2029, Ba3, LGD4,
      61%;

   -- US$3 million 8.00% Conv Sub Debentures due 2010, B1, LGD5,
      89%;

   -- US$217 million 6.50% Jr Sub Deferrable Int. Debentures due
      2029, B1, LGD5, 89%.

The Speculative Grade Liquidity rating was raised reflecting improvements in:

   (1) the company's cash flow;
   (2) the availability under its committed bank facilities; and
   (3) the headroom under its covenant requirements.

Hercules' Ba2 CFR is supported by leading market positions in its two main
businesses including the Aqualon Group and the Paper Technologies/Ventures
Group and particularly by relatively strong EBITDA operating margins of
over 20% in the Aqualon group.  The Aqualon Group has the higher organic
growth potential while the Paper Group's growth potential is more aligned
with GDP growth rates.  The rating has been tempered by weak financial
metrics with Debt/EBITDA averaging 4.1X and EBITDA/Interest averaging 3.0X
over the last three years.  The credit profile has been negatively
impacted by legacy liabilities (asbestos and environmental) and
significant debt-like obligations (pensions and operating leases) although
Moody's expects the pension underfunding to improve at the end of 2007 as
it did in 2006.  The rating is supported by Hercules' significant cash
balance, which stood at US$160 million as of March 31, 2007.  Cash
increased significantly after the sale of 51% of FiberVisions and US$103
million of these proceeds were subsequently used to redeem all but US$16
million of the 11.125% notes due 2007 via a tender offer.  With the
exception of the ongoing asbestos liability, Moody's expects that the bulk
of the negative cash flow impact related to Hercules' lawsuits and legacy
liabilities will be more muted in the future than it has been in the
recent past.  Hercules will become responsible for the cash portion of its
asbestos settlements and defense expenses starting in 2008.  These
payments will continue until Hercules' Future Coverage Agreement
settlement with its insurers becomes effective, which occurs after about
US$260 million of incremental costs have been paid by the company.
Assuming these costs average US$35 million per year, this insurance
coverage will not initiate until after 2014.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC)
-- http://www.herc.com/-- is a global manufacturer and marketer
of specialty chemicals and related services.  Its principal
products are chemicals for the paper industry, water-soluble
polymers, and specialty resins.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.  Revenues for the LTM period ending March 31, 2007 were about
US$2 billion.


HOMET JSC: Creditors' Liquidation Claims Due June 29
----------------------------------------------------
Creditors of JSC Homet have until June 29 to submit their claims to:

         Herbert Weindl
         Liquidator
         Tulpenweg 11
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC Homet
         Wadenswil
         Horgen ZH
         Switzerland


HPG HOLZPRODUKTE: Creditors' Liquidation Claims Due June 30
-----------------------------------------------------------
Creditors of LLC HPG Holzprodukte have until June 30 to submit their
claims to:

         Andreas Schafer
         Liquidator
         Gartenweg 4
         4334 Sisseln
         Laufenburg AG
         Switzerland

The Debtor can be reached at:

         LLC HPG Holzprodukte
         Sisseln
         Laufenburg AG
         Switzerland


KAS IMMOBILIEN: Creditors' Liquidation Claims Due June 30
---------------------------------------------------------
Creditors of JSC KAS Immobilien have until June 30 to submit their
claims to:

         Fritz Siegrist
         Liquidator
         Muhlebach
         Falkengasse 3
         P.O. box 5023
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC KAS Immobilien
         Lucerne
         Switzerland


SPECIALIZED TECH: Moody's Junks Proposed US$75 Million Loan
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of the proposed first
lien senior secured credit facilities of Specialized Technology Resources,
Inc. to B1 from Ba3 following the upsizing of the first lien term loan by
US$50 million to US$185 million.

The upsizing was accompanied by a reduction in the proposed second lien
term loan by US$50 million to US$75 million.  The Caa1 ratings on the
proposed second lien term loan were affirmed. Concurrently, Moody's
affirmed the B2 Corporate Family Rating and B2 Probability of Default
Ratings of the company.  The outlook for the ratings remains stable.

The ratings are constrained by a high level of overall indebtedness at
close with adjusted pro forma debt to EBITDA for the twelve months ended
March 31, 2007 of about 6.5 times, the company's small size both in
absolute terms and relative to competitors, and Moody's expectations of
negative free cash flow generation in fiscal 2007.  The ratings also
reflect some degree of technological risk with respect to STR Solar.

Although the leverage reflects the relatively high valuation of the
company in relation to current cash flow generation, the ratings recognize
the significant equity contribution and associated sponsor commitment.
The B2 Corporate Family Rating acknowledges STR's geographically diverse
asset base (including laboratories, inspection and audit offices and
manufacturing plants), the continuing outsourcing of manufacturing from
consumer to producer countries and related safety requirements and
regulations which support growth in the quality assurance and testing
business, and the current environment with respect to solar panel
installation subsidies in several countries, along with the
diversification benefits of operating in two unrelated business segments.
Moody's also notes that STR's focus on areas such as social responsibility
and renewable energy is likely to continue to benefit from favorable
social and regulatory trends.

Moody's took these rating actions:

   -- Downgraded the proposed US$20 million first lien revolver
      due 2012 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Downgraded the proposed US$185 million first lien term
      loan due 2014 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Affirmed the proposed Caa1 (LGD5, 88%) rated US$75 million
      second lien term loan due 2014;

   -- Affirmed the B2 Probability of Default Rating;

   -- Affirmed the B2 Corporate Family Rating;

   -- The outlook for the ratings is stable.

Specialized Technology Resources -- http://www.strlab.com/--
founded in 1944, is a recognized leader in testing and quality
assurance services for the consumer products industry and the
leading manufacturer of solar module encapsulants globally.  STR
Quality Assurance has established deep and longstanding
relationships with the leading global retailers and
manufacturers in the consumer and retail markets.  STR Solar is
the leading, long-term supplier of encapsulants to many of the
major solar module manufacturers in the industry.  STR has
sophisticated laboratories and offices in over 30 countries
across five continents.  The Company is headquartered in
Enfield, CT and has over 1,500 employees worldwide.  The company
has laboratories located in Mexico, Hong Kong, China, Taiwan,
Singapore, Indonesia, Korea, India, Sri Lanka, Switzerland,
United Kingdom, France, and Turkey, among others.  STR had revenues of
approximately US$135 million for the 12 months ended March 31, 2007.


STORKING BERATUNGS: Creditors' Liquidation Claims Due June 30
-------------------------------------------------------------
Creditors of JSC Storking Beratungs have until June 30 to submit their
claims to:

         Andreas Miescher
         Liquidator
         Aeschenvorstadt 71
         P.O. box 330
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Storking Beratungs
         Oberwil BL
         Switzerland


VIN E FIOR: Creditors' Liquidation Claims Due June 29
-----------------------------------------------------
Creditors of LLC Vin e Fior Sessa & Dugo have until June 29 to submit
their claims to:

         Sebastiano Dugo
         Liquidator
         Seestrasse 810
         8706 Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC Vin e Fior Sessa & Dugo
         Dubendorf
         Uster ZH
         Switzerland


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


ARCELIK AS: Fitch Pares Issuer Default Rating to BB+ from BBB-
--------------------------------------------------------------
Fitch Ratings has downgraded Arcelik A.S.'s local currency Issuer Default
rating to 'BB+' from 'BBB-' and National Long-term rating to 'AA+(tur)'
from 'AAA(tur)'.  The Rating Watch Negative status is removed from both of
these ratings and a Stable Outlook is in place.  Arcelik's foreign
currency IDR of 'BB' with Stable Outlook is affirmed.

The local currency IDR and National long term rating had been placed on
Watch Negative on 10 October 2006 following Arcelik's announcement that it
had increased its stake in Beko Elektronik to 72.46% from 22.36% for
TRY190m in cash.  The stake was acquired through the purchase of some of
the shares held in Beko by Arcelik's majority shareholder, Koc Holding
A.S., and other Koc entities.

The ratings downgrade reflects the subsequent deterioration of Arcelik's
business and financial profile following the Beko acquisition.  Beko, a
television and related consumer electronics manufacturer, reported
operating and net losses in 2006 and 2005 with considerable debt stock for
its size.  The company also reported negative operating cash flows for
FY06.  Arcelik now faces the challenge of turning around Beko, especially
considering the very competitive nature of the TV manufacturing business.

Arcelik's net debt/EBITDA ratio increased to 3.0x in FYE06 with Beko
consolidated from 0.8x in FYE05 without Beko consolidated.  Furthermore,
Arcelik's 2006 performance continued to be characterised by a negative
free cash flow due to increased working capital needs, primarily to
finance its instalment based sales (overall, trade receivables) in the
domestic market as well as continued dividend payout and ongoing expansion
capex in some of the business lines.  Fitch notes that part of the
increased debt stock at Arcelik in FY06 is driven by the continued need to
finance these domestic trade receivables, which remains a function of
sales growth.  Fitch views these trade receivables as high quality credit,
and factors that into its overall assessment of Arcelik's debt.  Delays in
Beko's turnaround and in group deleveraging, as per the agency's
expectations, may have a downward pressure on ratings.

Fitch notes that the price paid for Beko was in line with the prevailing
stock market valuation at the time of the transaction and Arcelik
management's strategic rationale underlying the acquisition. Fitch,
however, has concerns about the acquisition and disposal strategies at
Arcelik and its parent Koc respectively, primarily from minority
shareholder and creditor perspectives.  Koc's strategy at the holding
level regarding Arcelik will remain an integral part of Fitch's assessment
of Arcelik's ratings.

Arcelik is the largest white goods manufacturer in Turkey, with over 55%
domestic market share.  It produced 9.8 million units of white goods and 5
million units of TV sets and reported TRY7.0 billion consolidated sales in
FY06.  Arcelik is 56%-owned by Koc Group of Turkey, while 21% is quoted on
the Istanbul Stock Exchange.  Beko reported TRY1.8 billion sales, TRY54
million operating loss, TRY128 million net loss at end FY06.  Prior to the
transaction, Beko was 22.36% held by Arcelik, 19.95% in free float on ISE
and 57.69% held by Koc Holding and other Koc entities.


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


BONAS LLC: Creditors Must File Claims by June 17
------------------------------------------------
Creditors of LLC Bonas (code EDRPOU 30580283) have until June 17 to submit
their proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Bonas
         Izium Str. 7A
         03039 Kiev
         Ukraine


BROVARY AGRICULTURAL: Creditors Must File Claims by June 17
-----------------------------------------------------------
Creditors of OJSC Brovary Agricultural Building (code EDRPOU 01355633)
have until June 17 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
163/14b-06.


The Debtor can be reached at:

         OJSC Brovary Agricultural Building
         Grushevsky Str. 1
         Brovary
         Kiev
         Ukraine


DVORECHYE ENTERPRISE: Claims Filing Deadline Set June 17
--------------------------------------------------------
Creditors of OJSC Regional Agricultural Chemistry Dvorechye Enterprise
(code EDRPOU 05491066) have until June 17 to submit their proofs of claims
to:

         Dmitry Tsymberov
         Temporary Insolvency Manager
         Apartment 52
         Bakulin Str. 9/13
         Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. B-39/65-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Regional Agricultural Chemistry
         Dvorechye Enterprise
         Gagarin Str. 1
         Grianikovka
         Dvorechye District
         Kharkov
         Ukraine


DVORECHYE REPAIR-TRANSPORT: Claims Filing Deadline Set June 17
--------------------------------------------------------------
Creditors of OJSC Regional Dvorechye Repair-Transport Enterprise (code
EDRPOU 03761685) have until June 17 to submit their proofs of claims to:

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

The Economic Court of Kharkov region commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. B-39/64-07.


The Debtor can be reached at:
         OJSC Regional Dvorechye Repair-Transport Enterprise
         Victory Str. 43
         Tavilzhanka
         Dvorechye District
         Kharkov
         Ukraine


KOMPANION LLC: Claims Filing Deadline Set June 17
-------------------------------------------------
Creditors of LLC Kompanion (code EDRPOU 31315033) have until June 17 to
submit their proofs of claim to:

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

The Economic Court of Zaporozhje region commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. 19/99/07.

The Debtor can be reached at:

         LLC Kompanion
         Soyuznaya Str. 69/33
         69067 Zaporozhje
         Ukraine


MAKSTRO MOL: Creditors Must File Claims by June 17
--------------------------------------------------
Creditors of LLC Makstro Mol have until June 17 to submit their proofs of
claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed under Case No.
23/167-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Makstro Mol
         Vozdukhoflotsky Avenue 54
         03151 Kiev
         Ukraine


MICRODIN STS: Creditors Must File Claims by June 17
---------------------------------------------------
Creditors of LLC Microdin STS (code EDRPOU 33996356) have until June 17 to
submit their proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed under Case No.
23/165-b.

The Court is located at:

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

The Debtor can be reached at:

         Schors Str. 29
         LLC Microdin STS
         01103 Kiev
         Ukraine


MOTOR-CAR 16331: Claims Filing Deadline Set June 17
---------------------------------------------------
Creditors of OJSC Motor-Car Enterprise 16331 (code EDRPOU 05524624) have
until June 17 to submit their proofs of claims to:

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

The Economic Court of Kharkov region commenced bankruptcy supervision
procedure on the company on April 19.  The case is docketed under Case No.
B-24/92-07.

The Debtor can be reached at:

         OJSC Motor-Car Enterprise 16331
         Moscow Avenue 303
         Kharkov
         Ukraine


NAFTOGAZ UKRAINY: To Assess Dnieper-Donets Basin with Marathon
--------------------------------------------------------------
NAK Naftogaz Ukrainy reached a cooperation agreement with U.S. Marathon
International Petroleum to assess an area of the Dnieper-Donets Basin for
prospective fuel reserves, RIA Novosti reports.

"Under the agreement, the companies will study an area of some 30,000
square km over a three year period with a view to assessing its
attractiveness for investors and locating the most promising sectors,"
Yevgen Bakulin, Naftogaz board chairman
told RIA Novosti.

Mr. Bakulin added that the deal "will secure a substantial increase in
resources, a necessary condition that could boost oil and gas output in
Ukraine."

RIA Novosti cites a Naftogaz spokesman as saying that basin has
prospective reserves of 200 billion cubic meters of natural gas, 46
million metric tons of gas condensate and 130 million metric tons of oil.

"This cooperation agreement with Naftogaz Ukrainy is consistent with
Marathon's efforts to seek out and access new resources that could lead to
profitable growth opportunities," Philip G. Behrman, senior vice president
of Worldwide Exploration for Marathon, said at the firm's Web site.

Marathon International Petroleum Ltd., is a unit of Marathon Oil Company,
a transnational energy company involved in exploration, production,
refining, marketing, and transportation operations.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                            *   *   *

As of June 14, 2007, NAK Naftogaz Ukraine carries a Ba3 Corporate Family
Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3
Probability-of-Default rating from Moody's.  Outlook is stable.

The company also carries a B+ Issuer Default Rating from Fitch.  Outlook
is stable.


SURINA LLC: Creditors Must File Claims by June 17
-------------------------------------------------
Creditors of LLC Surina (code EDRPOU 34491192) have until
June 17 to submit their proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed under Case No.
23/164-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Surina
         03131 Kiev Ukraine
         Liubomir Str. 14


SVITANOK LLC: Claims Filing Deadline Set June 17
------------------------------------------------
The Economic Court of Chernigov region commenced bankruptcy supervision
procedure on the company on March 26.  The case is docketed under Case No.
5/193b.

Creditors of LLC Agricultural Firm Svitanok (code EDRPOU 30885837) have
until June 17 to submit their proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Svitanok
         Nosovka
         Paris Commune Str. 12
         Chernigov
         Ukraine


TOKAREVKA AGRICULTURAL: Claims Filing Deadline Set June 17
----------------------------------------------------------
Creditors of Tokarevka Agricultural LLC (code EDRPOU 31369047) have until
June 17 to submit their proofs of claims to:

         Dmitry Tsymberov
         Temporary Insolvency Manager
         Apartment 52
         Bakulin Str. 9/13
         Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy supervision
procedure on the company on May 10.  The case is docketed under Case No.
B-39/49-07.

The Court is located at:

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

The Debtor can be reached at:

         Tokarevka Agricultural LLC
         Mir Str. 21
         Tokarevka
         Dvorechye District
         62743 Kharkov
         Ukraine


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


ALPINE SHEET: Taps Joint Administrators from KPMG LLP
-----------------------------------------------------
David John Crawshaw and Jane Bronwen Moriarty of KPMG LLP were appointed
joint administrators of Alpine Sheet Metal Ltd. (Company Number 04944398)
on June 6.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and
tax-related services to customers in such target industries as banking,
media and entertainment, consumer products, health care providers,
insurance, and pharmaceuticals.

The company can be reached at:

         Alpine Sheet Metal Ltd.
         Porte Marsh Road
         Calne
         SN11 9BW
         England
         Tel: 01249 813 412
         Fax: 01249 813 184


ARENSON GROUP: Appoints Administrators from Baker Tilly
-------------------------------------------------------
Mark John Wilson, Michael David Rollings and Alan Lovett of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators of
Arenson Group Ltd. (Company Number 03262306) on June 1.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other
services for mid-cap and smaller publicly listed companies and private
companies, particularly those expanding into new foreign markets.
Services include business and financial planning, tax-related services,
corporate finance, litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Arenson Group Ltd.
         Arenson Centre
         Arenson Way
         Houghton Regis
         Dunstable
         LU5 5UL
         England
         Tel: 01582 678 000
         Fax: 01582 678 111


BAA PLC: European Traffic Figures Up 1.8% in May 2007
-----------------------------------------------------
The U.K. Airports of BAA plc (nka BAA Ltd.) handled a total of 12.8
million passengers in May 2007, an increase of 0.3% on May 2006.

Of the major markets, European scheduled traffic was up 1.8%, but North
Atlantic traffic was 0.4% lower.  Other long haul routes recorded a
collective increase of 3.3%, within which traffic to and from China was up
by 10.9% and India by 9.2%.
Domestic traffic was 2% lower and European charter was down 5%.

Of the individual airports, the best results were seen at the Scottish
airports where Glasgow, Edinburgh and Aberdeen grew 3.7%, 5.8% and 9.9%
respectively.  Heathrow and Stansted traffic declined 1.9% and 1.2%
respectively while Gatwick was up 2.2% and Southampton traffic rose 0.7%.

In total BAA's airports handled 0.8% more air transport movements in May,
while cargo tonnage was down 2%.

                         About BAA Plc

Headquartered in London, United Kingdom, BAA plc (nka BAA Ltd.) --
http://www.baa.com/-- owns and operates seven airports in the United
Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                           *   *   *

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


BNY CONVERGEX: Moody's Puts B1 Ratings Under Review
---------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of
ConvergEx Holdings LLC following the company's announcement of a
definitive agreement to acquire Liquid Point LLC and First Traders
Analytical Solutions LLC.

Moody's also affirmed its B3 rating on the US$180 million second-lien term
loan.  The B1 ratings on the US$420 million first-lien term loan and the
US$75 million first-lien revolving credit facility were placed on review
for a possible downgrade pending the final deal financing structure and
ConvergEx's resultant capital structure.

In explaining its rating action, Moody's noted that LiquidPoint, which
specializes in agency-only options brokerage and the sale and marketing of
options trading and order routing software, has the potential to broaden
ConvergEx's product offering and the lessen the company's dependence on
cash equities trading volumes.  Equity options are a fast-growing asset
class, which is being increasingly embraced by market participants, and
the ability to offer a front-end order management solution for options
along with (and integrated into) its Eze Castle's software product suite
should bolster CovergEx's ability to compete for trade analytics and order
management market share, particularly within the alternative investor
community.  The addition of an agency-only options brokerage capability is
also a positive step in that it diversifies ConvergEx's trading
volume-based revenues away from pure cash equities.

Although the acquisition of LiquidPoint will result in a modest increase
in cash flow leverage and will exert pressure on the already thin interest
coverage, the issuer's credit profile remains consistent with a B2
corporate family rating as a result its solid performance and the
de-leveraging undertaken by the firm in the last six months.

The rating agency noted, however, that, subject to its review of the final
terms of the financing, the B1 rating on the first-lien facilities may be
downgraded to B2.  The B1 rating on the first-lien facilities, which is
one notch higher than the CFR, currently benefits from the structural
subordination of the second-lien facilities and the mezzanine note in the
capital structure of the firm.  However, were a meaningful portion of new
debt to rank on terms pari pasu with those of the first-lien facilities,
the relative amount of debt structurally subordinate to the first lien
facilities may be insufficient to support a one-notch lift relative to the
CFR.

What Could Change the Rating -- UP

The ratings could go up if the company achieves and sustains its targets
of lower leverage and improved interest coverage by means of an aggressive
reduction of debt and/or strong growth in earnings.  A sustained and
profitable growth in revenue, particularly from sources less dependent on
cyclical revenue drivers like trading volumes, would also exert upward
pressure on the ratings.

What Could Change the Rating -- DOWN

The ratings could go down if there is a significant change in the capital
structure that increases leverage and negatively impacts the already thin
interest coverage. Also weighing negatively on the ratings would be a
deterioration of credit metrics caused by a slowdown in earnings stemming
from a prolonged decline in executed trade volumes or market share erosion
in the company's major business lines.

These ratings were affirmed:

   * ConvergEx Holdings LLC:

     -- Corporate Family Rating -- B2

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

   -- US$180 7.5-Year Second-Lien Term Loan -- B3

These ratings were placed on review for a possible downgrade:

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

     -- US$420 Million 7-Year First-Lien Term Loan -- B1

     -- US$75 Million 6-Year First-Lien Revolving Credit
        Facility: B1

BNY ConvergEx Group LLC, headquartered in New York City, New York, is a
global agency brokerage and technology company, which generated US$119
million of revenue in fourth quarter 2006.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


BNY CONVERGEX: LiquidPoint Acquisition Cues S&P’s Neg. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services changed the outlook on its 'B+'
long-term counterparty credit rating on BNY ConvergEx LLC to negative from
stable.

This action was taken in response to the company's announced acquisition
of the privately held LiquidPoint LLC.  "While we understand the
compelling business reasons for this acquisition, management's decision to
make an acquisition at this early stage in the company's status as a
stand-alone entity reflects a more aggressive strategy and attitude toward
debt than we had expected," said Standard & Poor's credit analyst Robert
B. Hoban, Jr. ConvergEx's undertaking a largely debt-funded acquisition at
this time, instead of focusing on paying down existing high debt levels
and the synchronization of its own recently combined businesses, puts
downward pressure on the rating.

If the company does not improve interest coverage or continues to
demonstrate an appetite for leveraging acquisitions, ratings would be
lowered.  Should ConvergEx successfully integrate LiquidPoint, regularly
pay down debt, and maintain interest coverage ahead of projections, the
outlook would return to stable.

ConvergEx is one of the largest independent agency-only equity trading
shops, with several good niche businesses.  ConvergEx's two main business
lines are institutional agency-only equity trading and providing order
management software systems to traders.  ConvergEx was formed in October
2006 in a highly leveraged transaction, which resulted in the company
having no tangible equity and very weak interest coverage.  ConvergEx is
the combination of several institutional brokerage operations formerly
owned by the Bank of New York Co. Inc. and Eze Castle Software Inc. Each
of the combined entities had good operational management, which has
allowed for a smooth integration to date.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational
Products' CDN$250 million senior secured revolver and a B1 rating to BRP's
CDN$1.2 billion senior secured term loan.

Proceeds from the transaction will be used to refinance the company's
existing debt (CDN$800 million term loan) and pay a dividend to its
shareholders (the total dividend, which is expected to be paid later in
the year, is expected to approximate CDN$535 - CDN$435 million from the
term loan and CDN$100 million from free cash flow).

The ratings on the existing first lien and second lien bank debt will be
withdrawn following the close of the transaction.  At the same time,
Moody's affirmed BRP's B1 corporate family rating and B1 probability of
default rating with a negative outlook.

"Moody's believes that the significant improvements in the company's cost
structure over the last few years demonstrated by the 335 bps gross margin
percentage improvement in fiscal 2007 from 2006, diversification in the
company's product offerings and the introduction of new products enabled
it to maintain a B1 rating, albeit weakly positioned, despite the
aggressive financial policies of increasing debt to fund shareholder
returns." said Kevin Cassidy, Vice President/Senior Analyst at Moody's
Investors Service.

"The negative outlook reflects Moody's concern that the company's
aggressive financial policies have reduced its financial flexibility to
withstand a downturn in the recreational sports industry amid continuing
uncertainty in consumer spending" said Cassidy.  "Failure to reduce and
sustain adjusted leverage, measured as adjusted debt/EBITDA, below 5x by
the end of the year would likely result in a downgrade" Cassidy further
noted.  The proposed transaction will increase adjusted leverage to above
5x from 3.8x; adjusted leverage was 4.8x following the May 2006 leverage
recapitalization. The negative outlook also reflects Moody's concern over
the lack of maintenance financial covenants.

The ratings for the term loan and revolver reflect both the overall
probability of default of the company, to which Moody's has affirmed the
PDR of B1, and a loss given default assessment of LGD2 (26%) for the
revolver and LGD4 (53%) for the term loan. Both the revolving credit
facility and the term loan benefit from the full guarantees of the
existing and future subsidiaries.  The revolver has a 1st lien priority
interest on inventory and accounts receivable and a 2nd priority lien on
the remaining assets, and the term has the inverse security interest.
Moody's believes that the term loan's collateral coverage approximates
50%, based on a combination of valuation techniques.

Ratings assigned:

   -- CDN$250 million senior secured revolver, due 2012, at Ba2;

   -- US equivalent of CDN$1,230 million senior secured term
      loan, due 2014, at B1;

Rating affirmed:

   -- Corporate family rating at B1;
   -- Probability of default rating at B1.

Headquartered in Quebec, Canada, Bombardier Recreational
Products Inc. -- http://www.brp.com/-- a privately held
company, is a world leader in the design, development,
manufacturing, distribution and marketing of motorised
recreational vehicles.  The company's portfolio of brands and
products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea-
Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R)
outboard engines, direct injection technologies such as Evinrude
E-TEC(R), Can-Am(TM) all-terrain vehicles, Rotax(R) engines and
karts.

The company has operations in Japan, Australia, Brazil, France,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.  Net sales for the 12-month period ended January
2007 were approximately CAD$2.7 billion.


CHRISTIAN ST. JOHN: Brings In Administrators from Vantis
---------------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery Services
were appointed joint administrators of Christian St. John Ltd. (Company
Number 03609046) on May 30.

Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) --
http://www.vantisplc.com/-- provides accounting, business and tax
advisory services in the United Kingdom.

The company can be reached at:

         Christian St. John Ltd.
         41 Downing Street
         Farnham
         GU9 7PH
         England
         Tel: 01252 728 080
         Fax: 01252 727 193


CREA CDO: Fitch Rates EUR11.25 Mln Class E Senior Notes at BB
-------------------------------------------------------------Fitch has
assigned CREA CDO I Limited's upcoming issue of EUR300m floating-rate
notes due 2047 expected ratings:

   -- EUR225 million Class A senior secured notes: 'AAA'

   -- EUR19.5 million Class B senior secured notes: 'AA'

   -- EUR12 million Class C senior secured deferrable notes:
      'A'

   -- EUR16.5 million Class D senior secured deferrable notes:
     'BBB'

   -- EUR11.25 million Class E senior secured deferrable notes:
      'BB'

The transaction, a European real estate arbitrage collateralized debt
obligation, is a securitization of primarily non-conforming mortgage
loans, mortgage-backed securities and subordinate real estate debt.

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

The expected ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral manager,
Investec Principal Finance, as well as the credit enhancement provided to
the various Classes of notes, which consists of the subordinated notes,
structural protection covenants and excess spread.  Credit enhancement for
the Class A notes in the form of collateralized subordination totals 25%,
and is provided by the Class B notes (6.5%), the Class C notes (4%), the
Class D notes (5.5%), the Class E notes (3.75%) and the subordinated
notes.  The issuer's upfront costs and expenses, including placement fees,
in connection with the issuance of the notes will be paid through an
upfront swap agreement, leaving 15.75% of first loss coverage.

The key risks in this developing asset class in Europe are threefold; the
lack of granularity, characterized by lumpy exposure to individual assets
in the underlying portfolio, the exposure of the CDO investor to
refinancing risk in an underlying asset pool that is typically clustered
by maturity and lastly, the importance of a manager with a level of
experience and resources appropriate to managing such an asset type.  As
part of its analysis, Fitch assesses and quantifies these risks, amongst
others, within its modeling of the transaction, giving consideration to
the asset manager's 'CAM2-' rating.

The proceeds from the note issuance will be used to purchase a portfolio
of primarily mortgage-backed securities (MBS, both residential and
commercial), limited-recourse commercial mortgage loan products (including
whole loans, A notes, B notes and mezzanine loans) and full-recourse U.K.
non-conforming residential and commercial mortgage loans.  Approximately
70% of the issuance proceeds will be initially invested and the remainder
will be invested over the first nine months of the transaction.

CREA CDO I Limited is a company with limited liability, incorporated under
the laws of Ireland.

The expected ratings of the Class A and B notes address the ultimate
repayment of principal at maturity and the timely payment of interest
according to the terms of the notes.  For all other rated Classes of
notes, the expected ratings address the ultimate payment of principal and
interest, including any deferred interest, at maturity according to the
terms of the notes.


DD BARS: Appoints Elizabeth Arakapiotis as Liquidator
------------------------------------------------------
Elizabeth Arakapiotis was appointed liquidator of DD Bars Ltd. (t/a The
Cross Bar) on May 9 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         DD Bars Ltd.
         29 Wilmington Square
         Islington
         London
         WC1 X0EG
         England
         Tel: 020 7880 7272


EDP INC: Moody's Junks Proposed US$410 Mil. 2nd Lien Term Loan
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating with a
stable outlook to EPD Inc, a division of The Goodyear Tire & Rubber
Company.

Additionally, Moody's assigned a Ba3 rating to the company's proposed
US$650 million 7-year first lien term loan, US$100 million 6-year senior
secured revolving credit facility and 7-year US$100 million delayed draw
term loan, as well as a Caa1 rating to the proposed US$410 million 8-year
second lien term loan.  The ratings are subject to review of the final
financing documentation.

The B2 corporate family rating reflects the company's high pro forma
leverage (6.9 times debt to trailing twelve-month EBITDA as of March 31,
2007, using Moody's standard adjustments), modest cash flow to debt
metrics, as well as EPD's exposure to volatile end-user markets creating
revenue variability.  In addition, the rating reflects the challenge faced
by the company to restore the profitability and cash flows of its
loss-making transportation OE business and the risk of higher raw material
costs, which represent more than half of COGS.

On the other hand, the rating is supported by EPD's solid market
positions, customer and end-market diversity, the retained Goodyear brand,
the company's large installed base of products and extensive distribution
footprint.  The rating also factors in the continuation of cost-cutting
efforts initiated under Goodyear's ownership and the generation of
positive free cash flow, though the rating agency cautions that EPD has no
track record as a stand-alone entity.

The rating outlook is stable, reflecting Moody's expectation of a modest
improvement of credit metrics in the next twelve to eighteen months and a
recurrent basis of cash flows supported by EPD's end-market diversity.  It
also considers that the planned joint-venture with an industrial
manufacturer overseas will be leverage-neutral and will not negatively
affect EPD's free cash flow.

The ratings for the first lien and second lien facilities reflect the
overall probability of default of the company, to which Moody's has
assigned a probability of default rating of B2, and a loss given default
of LGD 3 for the first lien term loan, delayed draw term loan and revolver
as well as LGD 5 for the second lien term loan.  The Ba3 rating of the
first lien senior secured term loan, delayed draw term loan and revolving
credit facility reflects their senior position in EPD's capital structure,
full guarantees of existing and future domestic subsidiaries, a pledge on
all tangible and intangible assets of domestic subsidiaries and a pledge
on 65% of the capital stock of the borrower's foreign subsidiaries, as
well as a substantial amount of more junior debt.  The Caa1 rating of the
second lien term loan reflects its effective subordination to all first
lien creditors.

Ratings assigned:

   -- B2 Corporate Family Rating
   -- B2 Probability of Default Rating
   -- Ba3 First Lien Term Loan due 2014 (LGD 3/31%)
   -- Ba3 Senior Secured Revolver due 2013 (LGD 3/31%)
   -- Ba3 First Lien Delayed Draw Term loan due 2014 (LGD 3/31%)
   -- Caa1 Second Lien Term Loan due 2015 (LGD 5/81%)

On March 23, 2007, Carlyle executed a definitive Purchase and Sales
agreement to acquire EPD, Goodyear's Engineered Product Division, for
US$1,483 million or 9 times adjusted EBITDA for the trailing twelve months
ended March 31, 2007.  Carlyle intends to finance the acquisition, which
is expected to close in the next few weeks, with the above mentioned bank
facilities ($25 million will be drawn under the revolver at closing) and a
US$465 million common equity contribution.  EPD could also contemplate
reinforcing its presence overseas in the short term through the
joint-venture with an industrial manufacturer, which will be financed with
the proceeds from the delayed draw term loan.

Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber
products for industrial, military, consumer and transportation end users.
For the 12 months period ending March 31, 2007, EPD generated revenues of
approximately US$1,541 million.

Parent company Goodyear maintains Asia-Pacific facilities in Australia,
China and Korea. Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear’s
Latin-American operations are located in Argentina, Brazil, Chile,
Colombia, Jamaica, Mexico, and Peru.


EPD INC: S&P Assigns Corporate Credit Rating at B
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Akron, Ohio-based EPD Inc., which is an entity established by
the Carlyle Group to acquire the Engineered Products Division of the
Goodyear Tire & Rubber Co.

At the same time, 'B+' bank loan ratings and '2' recovery ratings were
assigned to the company's proposed US$100 million revolving credit
facility, US$650 million first-lien senior secured term loan, and US$100
million senior secured delayed draw term loan, indicating expectation of
substantial recovery (70%-90%) in the event of a default.

In addition, Standard & Poor's assigned its 'CCC+' bank loan rating and
'6' recovery rating to the company's US$410 million second-lien senior
secured term loan, indicating negligible (0%-10%) recovery in the event of
a payment default.  The outlook is stable.

Proceeds will be used to finance a leveraged buyout of EPD.  The Carlyle
Group has agreed to purchase EPD for a total consideration of US$1.483
billion excluding transaction costs.  Pro forma for the transaction,
consolidated debt outstanding is approximately
$1.2 billion.

Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber
products for industrial, military, consumer and transportation end users.
For the 12 months period ending March 31, 2007, EPD generated revenues of
approximately US$1,541 million.

Parent company Goodyear maintains Asia-Pacific facilities in Australia,
China and Korea. Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear’s
Latin-American operations are located in Argentina, Brazil, Chile,
Colombia, Jamaica, Mexico, and Peru.


EMPOWER INTERACTIVE: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Nicholas Stewart Wood and Daniel Robert Whiteley Smith of Grant Thornton
U.K. LLP were appointed joint liquidators of Empower Interactive Group
Ltd. on June 1 for the creditors' voluntary winding-up proceeding.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides
value-added professional services as assurance services, compensation and
benefits, merger and acquisition transaction services, management advisory
services, tax consulting and valuation services.

The company can be reached at:

         Empower Interactive Group Ltd.
         Building 10 Chiswick Park
         566 Chiswick High Road
         Hounslow
         London
         W4 5XS
         England
         Tel: 020 8987 5100
         Fax: 020 7920 9101


ISOFT GROUP: Posts IBA All-Share Offer Scheme Circular
------------------------------------------------------
iSOFT Group plc disclosed that the circular containing, inter alia, the
terms of a recommended all-share offer to be effected by means of a scheme
of arrangement under which a wholly owned unit of IBA Health Limited, IBA
U.K. Holdings Ltd., will acquire the entire issued and to be issued
ordinary share capital of iSOFT, an explanatory statement (in compliance
with section 426 of the Companies Act), notices of the required meetings,
a timetable of principal events, and details of the action to be taken by
iSOFT Shareholders was posted to all iSOFT Shareholders and, for
information only, to participants in the iSOFT Share Schemes and to iSOFT
Warrant Holders on June 13, 2007.

The Offer involves a reduction of capital under section 135 of the
Companies Act.

As described in the Scheme Circular, the Scheme will require the approval
of iSOFT Shareholders at the Court Meeting, and the passing of a special
resolution at an extraordinary general meeting of iSOFT.  The Scheme will
also require the subsequent sanction of the Court and confirmation of the
capital reduction by the Court.  Further details as to the approvals
required and the persons entitled to vote at these meetings are contained
in the Scheme Circular.

Both meetings are scheduled to be held on July 6, 2007 at:

         FD
         Holborn Gate
         26 Southampton Buildings
         London
         WC2A 1PB
         England

It is a condition of the Offer that Computer Sciences Corporation gives
its consent to the change of control in iSOFT plc which would result from
the completion of the Offer.  On
May 28, 2007, CSC indicated to iSOFT that it did not intend to give its
consent to the change of control in iSOFT.   As set out in the Scheme
Circular, IBA has indicated that, if CSC's consent is not obtained, or
cannot be waived as a condition to the Offer, IBA and IBA U.K. would seek
the permission of the Panel to invoke the condition and lapse the Offer.
However, iSOFT is now engaged in constructive discussions with CSC in
relation to the commercial arrangements under which CSC would take a
greater role in the management of iSOFT's work on the National Programme
for IT and iSOFT also continues to seek CSC's consent to the change of
control in iSOFT.  ISOFT Shareholders will be notified without delay if
there are any further developments.

Subject to approval at the relevant meetings and the satisfaction or
waiver of the other Conditions set out in the Scheme Circular, the Scheme
is expected to become effective on or around July 30, 2007.

                       Terms of the Offer

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

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

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


JOHN PETERS: Appoints Joint Administrators from Ernst & Young
-------------------------------------------------------------
Roberth Hunter Kelly and Charles Graham John King of Ernst & Young LLP
were appointed joint administrators of John Peters (Furnishings) Ltd.
(Company Number 02532539) on May 25.

Ernst & Young -- http://www.ey.com/-- provides broad array of services
relating to audit and risk-related services, tax, and transactions across
all industries—from emerging growth companies to global powerhouses—deal
with a broad range of business issues.

Headquartered in Huddersfield, England, John Peters (Furnishings) Ltd. --
http://www.johnpeters.co.uk/-- retails furniture.


LORRY LOADERS: Shareholders' Approve Voluntary Liquidation
----------------------------------------------------------
Lorry Loaders Ltd. will be placed into creditors' voluntary liquidation
after shareholders settled the dispute over insolvency practitioners'
fees, Chris Tindall writes for the Road Transport.

"We have had the shareholders' meeting and a creditors' meeting. The firm
is in creditors' voluntary liquidation.  Our appointment has been held up
it's to do with the bank having a charge over the company.  They don't
agree to our fees. We aren't officially appointed until they have agreed,"
a spokeswoman for McTear Williams & Wood was quoted by Road Transport as
saying.

The spokeswoman added that once they are officially appointed, the company
will be wound up.

According to the report, the company's account for the year-ended June 30,
2005, revealed a GBP40,000 decrease in turnover and a GBP28,000 pre-tax
loss.

In a statement within the accounts, the company explained, "the company is
supported by its major supplier -- also its biggest single creditor --
which has indicated that it will continue to waive normal trading terms
and not press for early repayment of the sums due to it, although Lorry
Loaders will be attempting to reduce core indebtedness gradually.  The
company still meets its day-to-day working capital requirements through a
small bank overdraft facility."

Headquartered in Wisbech, England, Lorry Loaders Ltd. --
http://www.lorryloaders.co.uk/-- is an industrial equipment supplier.  
The company was founded in 1997.


MORTGAGES NO. 6: S&P Puts Notes' Ratings on Positive Watch
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed on CreditWatch
with positive implications its credit ratings on the class B, C, D, and E
notes issued by Mortgages No. 6 PLC.  The class A2 notes remain unaffected
by the CreditWatch placements.

The CreditWatch placements follow an initial review of the most recent
transaction information received by Standard & Poor's. This analysis
showed that the likelihood of a positive rating action has increased for
the subordinate notes, and levels of credit enhancement available to these
notes have improved.

Standard & Poor's will now conduct a more detailed analysis to investigate
whether any or all of these notes can attain a higher rating.  The results
of this review and any rating changes are expected within three months of
this media release.

This transaction, which closed in December 2004, is backed by a pool of
first-ranking mortgages secured over freehold and leasehold,
owner-occupied, "right-to-buy", and "buy-to-let" properties in the U.K. It
was originated by Mortgages 1 to 7 Ltd. and Bristol & West PLC.

                        Ratings List

                      Mortgages No. 6 PLC
        GBP595.9 Million Mortgage-Backed Floating-Rate Notes

                Ratings Placed on CreditWatch
                  with Positive Implications

                                    Rating
                                    ------
             Class        To                    From
             -----        --                    -----
             B            AA/Watch Pos          AA
             C            A/Watch Pos           A
             D            BBB/Watch Pos         BBB
             E            BB/Watch Pos          BB


NBE UK: Fitch Affirms BB+ Issuer Default Rating
-----------------------------------------------
Fitch Ratings has affirmed National Bank of Egypt U.K.'s ratings at Issuer
Default 'BB+', Short-term 'B', Individual 'C/D' and Support '3'. The
Outlook on the Issuer Default rating is Stable.

The IDR, Short-term and Individual ratings reflect NBE U.K.'s strong
balance sheet liquidity and solid capitalization, but also take into
account the bank's modest profitability and concentrations on both sides
of the balance sheet.  Although NBE U.K. has reduced its exposure to
Egyptian entities, the Egyptian market is a major source of funding for
the bank.  Upside potential for NBE U.K.'s IDR and Individual rating could
arise from a stronger core franchise and greater scale with a concomitant
decline in concentrations.  Downside risk is limited but could arise if
concentrations were to increase or credit losses from the bank's expansion
strategy were greater than expected.

NBE U.K. is a wholly owned subsidiary of National Bank of Egypt (rated
'BB+'/Outlook Stable), the largest state-owned bank in Egypt.  The bank is
incorporated in the U.K. and supervised by the Financial Services
Authority.  NBE U.K.'s activities are largely wholesale in nature and
include money market dealing, debt securities, international syndications,
commercial lending and trade finance.


NEWGATE FUNDING: Moody's Rates Classes E & F Notes at Low-B
-----------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit ratings to
the Notes to be issued by Newgate 2007-2:

   -- Aaa to the GBP75,000,000 Class A1a Mortgage Backed
      Floating Rate Notes due December 2050

   -- Aaa to the EUR100,000,000 Class A1b Mortgage Backed
      Floating Rate Notes due December 2050

   -- Aaa to the GBP135,400,000 Class A2 Mortgage Backed
      Floating Rate Notes due December 2050

   -- Aaa to the GBP103,500,000 Class A3 Mortgage Backed
      Floating Rate Notes due December 2050

   -- Aa2 to the GBP11,200,000 Class M Mortgage Backed Floating
      Rate Notes due December 2050

   -- Aa3 to the EUR37,700,000 Class Bb Mortgage Backed Floating
      Rate Notes due December 2050

   -- A3 to the EUR25,250,000 Class Cb Mortgage Backed Floating
      Rate Notes due December 2050

   -- Baa3 to the EUR14,600,000 Class Db Mortgage Backed
      Floating Rate Notes due December 2050

   -- Ba1 to the GBP2,300,000 Class E Mortgage Backed Floating
      Rate Notes due December 2050

   -- Ba2 to the GBP2,250,000 Class F Mortgage Backed Floating
      Rate Notes due December 2050

   -- Aaa to the Mortgage Early Repayment Certificates due
      December 2050

Moody's assigned provisional ratings for the above classes of Notes on May
9, 2007.  The Class T and Class Q Notes are not rated by Moody's.

This transaction is the 12th securitization of non-conforming and impaired
credit mortgage loans originated by entities belonging to the Mortgages
Group trading under the name of "Mortgages PLC".  As in the prior
Mortgages Plc securitization, the assets supporting the Notes are
sub-prime and non-conforming first residential mortgage loans originated
by entities trading under the name of Mortgages PLC and secured on
residential properties in England, Wales, Northern Ireland and Scotland.
A
part of underlying loan portfolio (approximately 44%) consists of loans to
borrowers classified by the originator as "near prime" or "near prime
plus", with stricter criteria for adverse credit compared to
non-conforming mortgage loans.  Mortgages PLC will be responsible for the
day-to-day servicing of the loans, handling arrears cases and approving
further advances and product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the protection the
Notes receive from credit enhancement against defaults and arrears in the
mortgage pool, and the legal and structural integrity of the issue.  The
credit enhancement available in the deal is provided in the form of excess
spread, reserve fund fully funded at 0.70% of the original note
balance, subordination of the Class M 2.49%, Class B 5.68%, Class C 3.80%,
Class D 2.20%, Class E 0.51% and Class F 0.50% Notes.  The Class A1 Notes
represent 31.73%, the Class A2 Notes represent 30.09% and the Class A3
Notes represent 23.00%). Subject to certain conditions being met, the
reserve fund may amortise up to a floor of 0.40% of the original note
balance.

The ratings address the expected loss posed to investors by the legal
final maturity.  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal with respect to the
Notes by the final legal maturity date. Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield to
investors.

The Mortgage Early Repayment Certificates are backed solely by mortgage
early redemption charges that may become payable by borrowers in the pool
on early redemption of their loans within a certain period.  The Aaa
rating on the MERC's addresses the likelihood of receipt by MERC holders
of such amounts if they are received by the Issuer.  It assumes, without
any independent investigation:

   (i) that payment of the mortgage early redemption charges
       under the mortgage loans is legally valid, binding and
       enforceable; and

  (ii) that such amounts are actually collected from borrowers
       and received by the Issuer.  The amount receivable by
       MERC holders also depends on prepayment rates within the
       pool.  The rating does not address such prepayment rates.

The Issuer, Newgate Funding Plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by a
charitable trust.  The Issuer is a multi-issuance vehicle and this
transaction represents the fifth series to be issued under its MTN style
Program.  The Issuer will fund the purchase price of the series mortgage
portfolio using the proceeds of the Notes.


QUINTILES TRANSNATIONAL: To Expand Business in Scotland
-------------------------------------------------------
Quintiles Transnational Corp. plans to build a new office near Edinburgh
that will be the Scotland home for its Product Development business,
including Quintiles Laboratories, and its NovaQuest group.  The company
will also add 150 jobs in Scotland in over the next four years.

The new structure will be built in Livingston, West Lothian, near
Quintiles' present laboratory.

"Our lab business is expanding – globally and in Europe – because of our
proximity to clinical trial sites and our tight quality control," Thomas
Wollman, Global Central Laboratories' senior vice president disclosed.

"This new facility will enhance our level of customer service in the U.K.
and Europe, just as our new central lab in Mumbai has improved service in
India.  We will continue to look for opportunities to strengthen our
global central lab network," Mr. Wollman added.

The company will sign a 15-year lease for the facility.  Quintiles is
receiving a US$2.4 million Regional Selective Assistance Grant from the
Scottish Executive to help offset some of the company’s US$13 million
investment in the new building. Under terms of the grant agreement,
Quintiles has agreed to add 150 jobs over the next four years.

"We want to thank West Lothian Council, the Scottish Executive and
Scottish Enterprise for their support in our project," Quintiles
Laboratories Europe's General Manager Graham Murray said.  "Their
assistance, particularly the Regional Selective Assistance grant, was
instrumental in our decision to expand in Livingston."

Headquartered near Research Triangle Park, North Carolina,
Quintiles Transnational Corp. -- http://www.quintiles.com/--
helps improve healthcare worldwide by providing a broad range of
professional services, information and partnering solutions to
the pharmaceutical, biotechnology and healthcare industries.
The company has operations in the United Kingdom, Belgium,
Ukraine, Netherlands, Switzerland, Austria, Germany, and other
parts of Europe.

The company has a regional office in Singapore Science Park,
Singapore, and affiliates in Australia, China and Philippines.

                            *   *   *

As reported in the TCR-Europe on Sept. 27, 2006, Moody's Investors
Service's implementation of its new Probability-of Default and
Loss-Given-Default rating methodology for the U.S. pharmaceutical sector,
the rating agency confirmed its B1 Corporate Family Rating for Quintiles
Transnational Corp.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default ratings on
these three loan facilities:

                                                Projected
                       Old POD New POD  LGD     Loss-Given
   Debt Issue          Rating  Rating   Rating  Default
   ----------          ------  ------   ------  -------
   US$1 Billion
   First Lien Term
   Loan                B1      B1       LGD3    44%

   US$225 Million
   First Lien
   Revolving Credit
   Facility            B1      B1       LGD3    44%

   US$220 Million
   Second Lien Term
   Loan                B3      B2       LGD5    72%


SUNNY DELIGHT: Improved Performance Cues S&P’s Upgrade to CCC+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Cincinnati, Ohio-based Sunny Delight Beverages Co. to 'CCC+' from 'CCC'.
The outlook is developing.

"The upgrade reflects Sunny Delight's increased financial flexibility,
reduced leverage from its recent refinancing, and somewhat improved
operating performance," said Standard & Poor's credit analyst Bea Chiem.

However, S&P remain concerned about the company's ability to stabilize its
sales volumes in North America and certain parts of Europe, to increase
sales volume with new-product launches, to offset rising commodity costs,
and to maintain or improve its operating margins in order to sustain
adequate cushion on its covenants.

Sunny Delight is a global manufacturer and distributor of juice drinks
under the Sunny Delight brand name.  The rating on the company reflects
its soft operating trends, narrow product portfolio, limited size within
the highly competitive and somewhat fragmented global juice industry, and
leveraged financial profile.  The juice drink company is majority owned by
financial sponsor J.W. Childs Associates L.P.

Sunny Delight Beverages Co. -- http://www.sunnyd.com/-- manufactures
juice-based drinks in North America and Western Europe.  The company was
formed from brands acquired from Procter & Gamble in 2004.  Its worldwide
headquarters are in Cincinnati, Ohio.  The company also has operations in
Canada, United Kingdom, Portugal, Spain, and France.


WOOD STREET CLO V: S&P Rates EUR20 Million Class E Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary credit ratings to
the EUR454 million senior secured floating-rate notes to be issued by Wood
Street CLO V B.V.  At the same time, Wood Street CLO V will issue EUR46
million of unrated notes.

At closing, Wood Street CLO V will issue floating-rate notes, the proceeds
of which, after paying transaction fees and expenses, will be invested in
a portfolio of predominantly senior-secured leveraged loans.  The
transaction has a six-year reinvestment period.  The collateral manager
will be Alcentra Ltd.

This will be the 14th European CDO transaction managed by Alcentra.

The ratings reflect:

   -- Commensurate credit enhancement in the form of
      vercollateralization and subordination;

   -- A diversified collateral pool of loans and derivative
      financial instruments;

   -- Currency risk protections;

   -- Strong collateral investment guidelines;

   -- The expected insolvency remoteness of the issuer; and

   -- Various amortization triggers.

                         Ratings List

                     Wood Street CLO V B.V.
       EUR500 Million Senior Secured Floating-Rate Notes

                         Prelim.        Prelim. Amount
          Class          rating        (in million EUR)
          -----          ------         --------------
          A-D            AAA                  218
          A-R            AAA                  100
          A-2            AAA                   20
          B              AA                    40
          C              A                     30
          D              BBB                   26
          E              BB                    20
          Subordinated
           securities     NR                   46

                     NR — Not rated.

                            *********

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 * * *