TCREUR_Public/070618.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, June 18, 2007, Vol. 8, No. 119

                            Headlines




A U S T R I A

A.P.P. LLC: Claims Registration Period Ends June 27
A.T.S. LLC: Claims Registration Period Ends June 27
BALBOA LLC: Vienna Court Orders Business Shutdown
HANS STEINLECHNER: Salzburg Court Orders Business Closure
KL LLC: Claims Registration Period Ends June 27

WOLF LLC: Claims Registration Period Ends June 28


F R A N C E

VERINT SYSTEMS: Posts US$1.2 Mil. Net Loss in 2007 First Quarter


G E O R G I A

CANARGO ENERGY: Closes US$15 Million Debt-to-Equity Swap


G E R M A N Y

BARARTIKEL-HANDELS: Claims Registration Period Ends July 23
DAIMLERCHRYSLER AG: Elects to Redeem Term Assets of Trust
HERLING & WAGNER: Claims Registration Ends Aug. 22
IBP INSTRUMENTS: Claims Registration Ends July 20
INTEC - SCHRIEFER GMBH: Creditors' Meeting Slated for July 5

JOSEF LEUWER: Claims Registration Ends July 31
LINCOLN GMBH: S&P Puts BB- Rating to Proposed US$325 Mln Loan
LN ACQUISITION: Moody's Junks Proposed US$140 Million Term Loan
MICKA & KAMM: Claims Registration Period Ends July 10


I T A L Y

MANITOWOC CO: Moody's Lifts Rating to Ba2 on Strong Performance
PARMALAT SPA: Milan Judge Orders Four Banks to Stand Trial
TISCALI: Fitch Holds Watch on IDR Pending Sale Revenue Receipt


K A Z A K H S T A N

AKONIT JSC: Proof of Claim Deadline Slated for July 31
AKTAU OIL KURYLYS: Creditors Must File Claims July 24
FETISOV LLP: Claims Filing Period Ends July 24
JOMART-2 LLP: Claims Registration Ends July 24
HYDRO-SERVICE: Creditors' Claims Due July 27

OTKRYTYE TECHNOLOGIYI: Creditors Must File Claims July 25
SENEKA PLUS: Proof of Claim Deadline Slated for July 31
STOREKS LLP: Claims Filing Period Ends July 27
UNITED POINT: Claims Registration Ends July 27


L U X E M B O U R G

EVRAZ GROUP: Fuses Yuzhkuzbassugol & Raspadskaya Coal Units
EVRAZ GROUP: Highveld Steel Unit Selling Transalloys Business


N E T H E R L A N D S

FIRST DATA: Completes Acquisition of FundsXpress
GLOBAL POWER: Wants Exclusive Plan-Filing Period Extended


N O R W A Y

PETROLEUM GEO-SERVICES: Moody's Lifts Corp. Family Rating to Ba2
PETROLEUM GEO: US$800MM Debt Refinancing Cues S&P to Hold Rating


R U S S I A

ANAPSKIY OJSC: Creditors Must File Claims by July 26
BASH-MED-REM-STROY: Creditors Must File Claims by July 19
BUILDING CO: Chelyabinsk Bankruptcy Hearing Slated for Oct. 9
CEDAR-89 OJSC: Court Names O. Lykov as Insolvency Manager
CORRECT CJSC: Creditors Must File Claims by July 26

DEMESHKINO CJSC: Pskov Bankruptcy Hearing Slated for July 19
ERMAKOVSKIY REPAIR-TECHNICAL: Claims Filing Period Ends July 19
EVRAZ GROUP: Fuses Yuzhkuzbassugol & Raspadskaya Coal Units
EVRAZ GROUP: Highveld Steel Unit Selling Transalloys Business
INTERNATIONAL SPORT: Tyumen Court Hearing Slated for June 28

KDSZ OJSC: Creditors Must File Claims by July 19
KONEK CJSC: Creditors Must File Claims by July 26
LAKOKRASKA OJSC: Creditors Must File Claims by June 26
MOSCOW STARS: Fitch Puts BB Rating on Class B Mortgage Certs.
PROD-INVEST LLC: Court Names I. Ponomareva as Insolvency Manager

SEVERSTAL OAO: CEO Denies Sale Talks with ThyssenKrupp AG
YAMAL-ENERGO LLC: Bankruptcy Hearing Slated for Sept. 17
ZOLOTOY ROG: Court Names A. Makovetskaya as Insolvency Manager

* Fitch Revises Republic of Komi's Low B Ratings' Outlook


S W I T Z E R L A N D

ATAMUS JSC: Zug Court Starts Bankruptcy Proceedings
DEUTSCHE INDUSTRIEBANK: Fitch Puts BB- Rating on US$11.4MM Loan
ETZEL ENGINEERING: Creditors' Liquidation Claims Due July 2
FAUNA CARE: Zug Court Starts Bankruptcy Proceedings
GALERIE KAMPF: Creditors' Liquidation Claims Due July 2
HANS BLUM: Creditors' Liquidation Claims Due July 6

MIRO MARKETING: Creditors' Liquidation Claims Due June 30
OKTOGON INFORMATIK: Creditors' Liquidation Claims Due July 4
VISUAL-I LLC: Creditors' Liquidation Claims Due July 6


U K R A I N E

AGRICULTURAL TECHNOLOGY: Claims Filing Deadline Set June 19
AVD LLC: Claims Filing Deadline Set June 21
DALAS LLC: Creditors Must File Claims by June 21
FLORA OJSC: Claims Filing Deadline Set June 21
INTERALLOYSERVICE LLC: Claims Filing Deadline Set June 19

LIVARNIK OJSC: Claims Filing Deadline Set June 21
NADIYA LLC: Claims Filing Deadline Set June 19
NEZABUDKA LLC: Claims Filing Deadline Set June 21
SOYUZ-ENERGY LLC: Claims Filing Deadline Set June 19
USO LLC: Claims Filing Deadline Set June 19


U N I T E D   K I N G D O M

FORD MOTOR: Inks MOU with Meridian for Sale of Sandusky Plant
HCA: Fitch Affirms B Issuer Default Rating with Stable Outlook
INVERNESS MEDICAL: Noteholders Agree to Amend Sr. Bond Indenture
KAUFMAN & BROAD: Fitch Comments on 8.75% Senior Notes Tender
STATS CHIPPAC: Moody's Lifts Rating to Ba1 on Good Performance



                            *********

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


A.P.P. LLC: Claims Registration Period Ends June 27
---------------------------------------------------
Creditors owed money by LLC A.P.P. (FN 263646s) have until
June 27 to file written proofs of claim to court-appointed
estate administrator Susi Pariasek at:

         Dr. Susi Pariasek
         c/o Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         E-mail: office@anwaltwien.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on July 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23  (Bankr. Case No. 2 S 75/07b).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.


A.T.S. LLC: Claims Registration Period Ends June 27
---------------------------------------------------
Creditors owed money by LLC A.T.S (FN 244278h) have until
June 27 to file written proofs of claim to court-appointed
estate administrator Helmut Platzgummer at:

         Dr. Helmut Platzgummer
         Mag. Caroline Klus
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         E-mail: helmut.platzgummer@lp-law.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 Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 2 S 74/07f).  Caroline Klus
represents Dr. Platzgummer in the bankruptcy proceedings.


BALBOA LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered May 18 an order shutting down
the business of LLC BALBOA (FN 61325i).

Court-appointed estate administrator Gerhard Bauer 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 Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 3 (Bankr. Case No 2 S 64/07k).


HANS STEINLECHNER: Salzburg Court Orders Business Closure
---------------------------------------------------------
The Land Court of Salzburg entered May 23 an order closing the
business of LLC Hans Steinlechner (FN 166214h).

Court-appointed estate administrator Bertram Maschke 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. Bertram Maschke
         Stadtplatz Nr. 3
         5550 Radstadt
         Austria
         Tel: 06452/4235
         Fax: 06452/6707
         E-mail: rae.maschke@maschke.at  

Headquartered in Mauterndorf im Lungau, Austria, the Debtor
declared bankruptcy on May 4 (Bankr. Case No 44 S 16/07p).
      

KL LLC: Claims Registration Period Ends June 27
-----------------------------------------------
Creditors owed money by LLC KL (FN 56577b) have until June 27 to
file written proofs of claim to court-appointed estate
administrator Robert Klein at:

         Dr. Robert Klein
         c/o  Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 01/513 99 39
         Fax: 01/5133 99 39 30
         E-mail: klein@lawcenter.at
                 deschka@lawcenter.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Klosterneuburg, Austria, the Debtor declared
bankruptcy on May 22 (Bankr. Case No. 36 S 66/07h).  Thomas
Deschka represents Dr. Klein in the bankruptcy proceedings.


WOLF LLC: Claims Registration Period Ends June 28
-------------------------------------------------
Creditors owed money by LLC Wolf (FN 120403p) have until June 28
to file written proofs of claim to court-appointed estate
administrator Andreas Wippel at:

         Dr. Andreas Wippel
         c/o Mag. Rudolf Vogrin
         Triester Strasse 15
         2620 Neunkirchen
         Austria
         Tel: 02635/62860
         Fax: 02635/6286114
         E-mail: kanzlei@dr-wippel.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Neunkirchen, Austria, the Debtor declared
bankruptcy on May 21 (Bankr. Case No. 10 S 53/07h).  Rudolf
Vogrin represents Dr. Wippel in the bankruptcy proceedings.


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


VERINT SYSTEMS: Posts US$1.2 Mil. Net Loss in 2007 First Quarter
----------------------------------------------------------------
Verint Systems Inc. reported record sales of US$101,274,000 for
the first quarter of fiscal 2007, ended April 30, 2007, a 15%
increase compared with sales of US$87,736,000 for the first
quarter of fiscal 2006.

Net loss on a generally accepted accounting principles basis was
US$1,233,000 for the first quarter of fiscal 2007.  Net income
was US$9,353,000 for the first quarter of fiscal 2007.

Dan Bodner, president and CEO of Verint, stated, "In addition to
delivering record revenue in our first quarter, we recently
achieved two significant milestones in the company's history.  
We surpassed US$100 million in quarterly revenue for the first
time and we closed the highly strategic acquisition of Witness
Systems, making us a leader in workforce optimization and giving
us larger scale to better address both the security and
enterprise markets."

Mr. Bodner continued, "Following the announcement to acquire
Witness early in our first quarter, we immediately began to make
investments to prepare for the integration and to support the
increased scale of the combined entity.  While these investments
reduced our earnings in our first quarter, they have enabled us
to operate as one integrated business immediately at closing
with a unified management team and we believe these investments
will benefit Verint's long-term growth."

The company ended the first quarter of fiscal 2007 with cash,
cash equivalents, bank time deposits and short-term investments
of US$167,015,000.

                       About Verint Systems

Headquartered in Melville, New York, Verint Systems Inc.
(VRNT.PK) -- http://www.verint.com/-- is a provider of analytic  
software-based solutions for security and business intelligence.  
Verint software, which is used by over 1,000 organizations in
over 50 countries worldwide, generates actionable intelligence
through the collection, retention and analysis of voice, fax,
video, email, Internet and data transmissions from multiple
communications networks.

Verint has global offices in France, Brazil and and India.

                          *     *     *

As reported in the Troubled Company Reporter on April 24, 2007,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Verint Systems Inc.  At the same time, we
assigned our 'B' bank loan rating, and '3' recovery rating to
the company's proposed US$675 million first-lien credit
facility, indicating that lenders can expect meaningful (50%-
80%) recovery of principal in the event of payment default,"
said Standard & Poor's credit analyst David Tsui.   The outlook
is developing.


=============
G E O R G I A
=============


CANARGO ENERGY: Closes US$15 Million Debt-to-Equity Swap
--------------------------------------------------------
Stockholders of CanArgo Energy Corporation approved an increase
in authorized shares of common stock from 375,000,000 to
500,000,000.

The company also reported the closure of the conversion of
US$15 million of its convertible debt into a portion of
CanArgo's interest in Tethys Petroleum Limited, leaving CanArgo
with a 29.7% interest in Tethys.

                      About CanArgo Energy

CanArgo Energy Corp. (AMEX: CNR) -- http://www.canargo.com/ --    
is an oil and gas exploration and production company operating
in the oil and gas provinces of the former Soviet Union.  
CanArgo is currently focused primarily on Georgia in the
Caucasus, and more recently has become involved in the major
hydrocarbon producing country of Kazakhstan.  In Georgia, the
company has been actively exploring for new deposits of oil and
gas, and is currently appraising what could be a substantial new
discovery of oil.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on March 26, 2007,
LJ Soldinger Associates LLC raised substantial doubt about the
ability of CanArgo Energy Corp. to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.   The auditing firm stated that
the company may not have sufficient funds to execute its
business plan.


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


BARARTIKEL-HANDELS: Claims Registration Period Ends July 23
-----------------------------------------------------------
Creditors of Barartikel-Handels-GmbH have until July 23 to
register their claims with court-appointed insolvency manager
Bardo M. Sigwart.

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

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Room 9
         Law Courts
         Mainzer Road 52
         55411 Bingen am Rhein
         Germany

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

The insolvency manager can be reached at:

         Bardo M. Sigwart
         Ahornweg 12
         55218 Ingelheim
         Germany
         Tel: 06132/88949
         Fax: 06132/896498

The District Court of Bingen am Rhein opened bankruptcy
proceedings against Barartikel-Handels-GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Barartikel-Handels-GmbH
         Attn: Marion Mader, Manager
         Pommernstr. 2
         55411 Bingen am Rhein
         Germany


DAIMLERCHRYSLER AG: Elects to Redeem Term Assets of Trust
---------------------------------------------------------
DaimlerChrysler AG has elected to redeem the term assets of the
trust on June 29, 2007, at a redemption price equal to par plus
a make-whole amount to be determined two business days prior to
the Redemption Date.  

The company has notified the U.S. Bank Trust National
Association, as Trustee, under the Base Trust Agreement dated as
of May 21, 1998, as supplemented by the Series C 1998-6
Supplement dated as of May 21, 1998, between Structured Products
Corp. and the Trustee.

If the Trustee receives the redemption payment on the Redemption
Date, then the Amortizing Certificates issued by the TIERS
Corporate Bond-Backed Certificates Trust C 1998-6 will be
redeemed in full on the Redemption Date at a price equal to
55.49314% of the redemption payment received by the Trustee and
the ZTF Certificates issued by the Trust will be redeemed in
full on the Redemption Date at a price equal to 44.50686% of the
redemption payment received by the Trustee.  If the Amortizing
Certificates are redeemed in full on the Redemption Date, no
interest will accrue on the Amortizing Certificates after the
Redemption Date. If the Trustee does not receive the redemption
payment, the certificates will not be redeemed.

For more information about these redemptions, please contact
Janet O'Hara of U.S. Bank Trust National Association at 212-361-
2527.

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.


HERLING & WAGNER: Claims Registration Ends Aug. 22
--------------------------------------------------
Creditors of Herling & Wagner GmbH Immobilien und Bautrager have
until Aug. 22 to register their claims with court-appointed
insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt a. Main
         Tel: (069) 9130 920

The District Court of Karlsruhe opened bankruptcy proceedings
against Herling & Wagner GmbH Immobilien und Bautrager on June
1.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Herling & Wagner GmbH Immobilien und Bautrager
         Attn: Nikolaus Herling und Tatjana Wagner,
         Franz-Sigel-Str. 1
         68753 Waghausel
         Germany


IBP INSTRUMENTS: Claims Registration Ends July 20
-------------------------------------------------
Creditors of IBP Instruments GmbH have until July 20 to register
their claims with court-appointed insolvency manager Dr. Rainer
Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against IBP Instruments GmbH on May 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IBP Instruments GmbH
         Ikarusallee 15
         30179 Hannover
         Germany


INTEC - SCHRIEFER GMBH: Creditors' Meeting Slated for July 5
------------------------------------------------------------
The court-appointed insolvency manager for INTEC - SCHRIEFER
GmbH, Frank-Michael Rhode will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on July 5.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Oct. 25 at the same venue.

Creditors have until Oct. 2 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-Mail: info@rhode.de  
         Web site: http://www.rhode.de/

The District Court of Bremen opened bankruptcy proceedings
against INTEC - SCHRIEFER GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         INTEC - SCHRIEFER GmbH
         Haferwende 27
         28357 Bremen
         Germany

         Attn: Heinz-Martin Schriefer, Manager
         Lehester Deich 12
         28357 Bremen
         Germany


JOSEF LEUWER: Claims Registration Ends July 31
----------------------------------------------
Creditors of Josef Leuwer Eisenwaren-Schreinereibedarf-Maschinen
GmbH have until July 31 to register their claims with court-
appointed insolvency manager Hans-Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:
         
         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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-Albrecht Brauer
         Jahnstr. 1
         54550 Daun
         Germany
         Tel: 06592/985604
         Fax: 06592/7344

The District Court of Wittlich opened bankruptcy proceedings
against Josef Leuwer Eisenwaren-Schreinereibedarf-Maschinen GmbH
on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Josef Leuwer Eisenwaren-Schreinereibedarf-
         Maschinen GmbH
         Triererstr. 16
         54550 Daun
         Germany

         Attn: Reinhold Schleidweiler, Manager
         Glockenstr. 72
         54552 Brockscheid
         Germany


LINCOLN GMBH: S&P Puts BB- Rating to Proposed US$325 Mln Loan
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to St. Louis, Missouri-based Lincoln Holdings
Enterprises Inc.
     
At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating and '2' recovery rating to subsidiaries LN Acquisition
Corp.'s and Lincoln GmbH's proposed US$325 million first-lien
facilities, representing a substantial recovery given a default
scenario.
     
In addition, Standard & Poor's assigned its 'B' bank loan rating
and '5' recovery rating to the proposed US$140 million second-
lien term loan, representing negligible recovery given a default
scenario.
     
The proceeds will be used to refinance existing debt, to fund a
US$150 million dividend to existing shareholders and to finance
future acquisitions.  The outlook is stable.
      
"The ratings on Lincoln reflect the company's highly leveraged
financial risk profile, marked by high debt balances and
aggressive financial policy, which more than offset its leading
market positions in lubrication equipment and its good end-
market and geographic diversity," said Standard & Poor's credit
analyst James Siahaan.


LN ACQUISITION: Moody's Junks Proposed US$140 Million Term Loan
---------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
with a stable outlook to LN Acquisition Corp, a wholly owned
subsidiary of Lincoln Holdings Enterprises Inc.  

Additionally, Moody's assigned B1 to the company's proposed
US$300 million 7-year first lien term loan B and US$25 million
6-year senior secured revolving credit facility, as well as Caa1
to the proposed US$140 million 7.5-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 expected
high leverage -- an estimated 5.9 times pro forma Moody's
adjusted debt/EBITDA as of June 30, 2007 - and modest cash flow
to debt metrics following its recapitalization.  The rating also
considers Lincoln's leading position in the niche lubrication
equipment market, its product breadth, as well as the large
diversity of revenues by end-markets, customers and geographies,
which partly offset the cyclicality of Lincoln's manufacturing
operations.  Additionally, Moody's expects the company to
preserve its high margins and to generate positive free cash
flow going forward.

The rating outlook is stable reflecting the expectation of a
moderate reduction of adjusted leverage to a level close to 5
times in the intermediate term and consistently positive 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 PDR of B2, and a loss given default
of LGD3 for the first lien term loan B and secured revolver, as
well as LGD5 for the second lien term loan.  The B1 ratings of
the first lien term loan B and revolving credit facility reflect
their senior position in the capital structure, full guarantees
from existing and future domestic subsidiaries, a pledge on all
tangible and intangible assets of domestic subsidiaries as well
as the loss absorption by more junior debt.  Moody's also notes
that the first lien term loan B includes an amount of US$50
million ("the German tranche") available to Lincoln GmbH, a
German subsidiary of LN Acquisition Corp.  Although this tranche
theoretically benefits from a slightly better security package
due to the inclusion of a first lien pledge on all assets of the
foreign subsidiaries, while the debt under LN Acquisition Corp
("the U.S. tranche") is only granted a 65% pledge on the capital
stock of foreign subsidiaries, the lenders of both tranches
would ultimately rank pari-passu in a situation of default
according to a collateral allocation mechanism.  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;
   -- B1 First Lien Term Loan B (LGD 3/34%);
   -- B1 Senior Secured Revolver (LGD 3/34%);
   -- Caa1 Second Lien Term Loan (LGD 5/85%).

LN Acquisition Corp. is raising US$465 million through the
above-mentioned senior secured credit facilities in order to
refinance existing Lincoln's debt, fund a US$150 million
dividend to its equity sponsor, The Harbour Group, and realize
two small acquisitions for approximately US$78 million in
aggregate.

LN Acquisition Corp is a wholly owned subsidiary of Lincoln, a
leading manufacturer of automatic lubrication systems and manual
lubrication equipment.  In 2006, Lincoln recorded net sales of
US$285 million.


MICKA & KAMM: Claims Registration Period Ends July 10
-----------------------------------------------------
Creditors of Micka & Kamm Kraftfahrzeug GmbH have until July 10
to register their claims with court-appointed insolvency manager
Hannfried Grauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Virchowstr. 14
         Wuerzburg 6
         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:

         Hannfried Grauer
         Hofstr. 3
         97070 Wuerzburg
         Germany
         Tel: 0931/ 452029-50

The District Court of Wuerzburg opened bankruptcy proceedings
against Micka & Kamm Kraftfahrzeug GmbH on June 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Micka & Kamm Kraftfahrzeug GmbH
         Attn: Reinhard Kamm, Manager
         Wachtelberg 6
         97273 Kuernach
         Germany


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


MANITOWOC CO: Moody's Lifts Rating to Ba2 on Strong Performance
---------------------------------------------------------------
Moody's Investors Service upgraded The Manitowoc Company's
corporate family rating to Ba2 from Ba3 and its probability of
default to Ba2 from Ba3 reflecting the company's continued
strong operating performance and its recent announcement that it
will redeem all of its senior subordinate notes.

The rating of Manitowoc's senior unsecured notes remain at Ba3,
but its loss given default assessment is changed to LGD4 (66%)
from LGD3 (49%).  The rating outlook is stable.

The ratings upgrade reflects Manitowoc's continued strong
operating performance resulting from the robust construction end
markets, the main driver for Manitowoc's crane business.  
Through LTM March 2007, Manitowoc's key credit metrics (as
adjusted per Moody's FM Methodology) were: EBITA margin --
11.5%; EBIT/interest -- 6.5x; debt/EBITDA -- 1.6x; and, free
cash flow/debt -- 22.5%.

Additionally, the ratings upgrade reflects Manitowoc's recent
announcement that Manitowoc will redeem its 10.5% senior
subordinate notes due 2012 effective Aug. 1, 2007.  The company
will redeem all of these notes for approximately US$129 million,
including interest payments and related cost.  Moody's
expectation is that Manitowoc's improving operating efficiencies
and the prudent financial policies should enable the company to
maintain a solid Ba2 credit profile under the key rating factors
in Moody's Heavy Manufacturing Rating Methodology despite the
ongoing cyclicality of the construction market.  Peter Doyle,
Moody's analyst, said, "Manitowoc's improving operating
efficiencies and strong construction end markets have resulted
in strong free cash flow.  These factors have enabled Manitowoc
to reduce its outstanding debt."

The stable outlook reflects Moody's expectation that Manitowoc's
debt protection measures will continue to improve as a result of
the robust demand in the construction end markets, and the
prudent financial policies embraced by management.  The key
risks that Manitowoc will continue to face are the cyclicality
and the severity of any downturn in the construction end
markets.  Nevertheless, Manitowoc should be able to weather
future cyclical downturns much better than in the past due to
its diversification into other business segments, expanding
product offerings, an improving balance sheet, and a commitment
to maintain ample liquidity.

These ratings/assessments were affected by this action:

   -- Corporate Family Rating upgraded to Ba2 from Ba3;

   -- Probability-of-default rating upgraded to Ba2 from Ba3;

   -- US$150 million senior unsecured notes due 2013 remain at
      Ba3, but its loss given default assessment is changed to
      LGD4 (66%) from LGD3 (49%).

   -- US$114 million senior subordinate notes due 2012 upgraded
      to B1 (LGD6, 97%) from B2 (LGD5, 87%).  The ratings on the
      senior subordinate notes will be withdrawn when redeemed.

The Manitowoc Company, Inc., based in Manitowoc, Wisconsin, is a
diversified industrial manufacturer and provider of support
services in three principal business segments - Cranes and
Related Products, Food service Equipment, and Marine Operations.

The company has operations in China and Italy.


PARMALAT SPA: Milan Judge Orders Four Banks to Stand Trial
----------------------------------------------------------
The Hon. Cesare Tacconi in Milan has ordered four banks to stand
trial for their alleged role in the collapse of Parmalat S.p.A.,
various reports say.  13 individuals were also ordered to face
trial on the same charges.

The four banks are Citigroup, UBS AG, Morgan Stanley and
Deutsche Bank AG.  The names of the individuals however were not
disclosed.

The trial is scheduled on Jan 22, 2008.

Bloomberg reports that according to Milan magistrates, the banks
failed to disclose the terms of  bond sale as well as other
financing.  Bloomberg adds that market manipulation carries a
term of up to five years while the banks could be fined EUR1
million per count.

The banks have denied the allegations.

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


TISCALI: Fitch Holds Watch on IDR Pending Sale Revenue Receipt
--------------------------------------------------------------
Fitch Ratings is keeping Italy-based Tiscali S.p.A.'s Issuer
Default rating of 'CCC' on Rating Watch Positive, despite the
delayed receipt of EUR255 million in funds from the sale of its
Dutch subsidiary.  The funds were initially due in first quarter
of 2007, but the Dutch competition authority, NMa, and telecom
regulator, OPTA, have only recently granted clearance for the
deal.

In November 2006, Fitch indicated that on receipt of the funds,
the Rating Watch would be resolved and Tiscali's IDR would be
upgraded to 'B-' from 'CCC'.  With the acquisition now cleared
by the competition authorities, Fitch expects the funds to be
received by Tiscali within the next month.

Fitch, however, is aware of recent comments made by Tiscali's
CEO Tommaso Pompei, concerning possible future acquisitions.  As
the credit impact of any future strategic investment decisions
is dependent on both the business rationale and funding
mechanism used, any acquisitions will be reviewed as and when
they are officially announced.

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.


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


AKONIT JSC: Proof of Claim Deadline Slated for July 31
------------------------------------------------------
The Tax Committee of Almaty has declared JSC Akonit (RNN
600900141299) insolvent.

Creditors have until July 31 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Kazakhstan
         Tel: 8 (32822) 24-19-77


AKTAU OIL KURYLYS: Creditors Must File Claims July 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Aktau Oil Kurylys insolvent.

Creditors have until July 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau  
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 701 537 15-58


FETISOV LLP: Claims Filing Period Ends July 24
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Fetisov insolvent.

Creditors have until July 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Auto Station
         Room 11
         Micro Mistrict 28
         Aktau
         Mangistau
         Kazakhhstan
         Tel: 8 (3292) 41-15-89


JOMART-2 LLP: Claims Registration Ends July 24
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jomart-2 insolvent.

Creditors have until July 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Block 5, 47
         Micro District Sayahat
         Kyzylorda  
         Kazakhstan
         Tel: 7 777 340 40-50
              7 702 124 70-80


HYDRO-SERVICE: Creditors' Claims Due July 27
--------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Hydro-Service insolvent.

Creditors have until July 27 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


OTKRYTYE TECHNOLOGIYI: Creditors Must File Claims July 25
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Otkrytye Technologiyi insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


SENEKA PLUS: Proof of Claim Deadline Slated for July 31
-------------------------------------------------------
The Tax Committee of Almaty has declared JSC Seneka Plus (RNN
061800226120).

Creditors have until July 31 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Kazakhstan
         Tel: 8 (32822) 24-19-77


STOREKS LLP: Claims Filing Period Ends July 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Storeks declared insolvent.

Creditors have until July 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan  
         Tel: 8 (3232) 21-30-32


UNITED POINT: Claims Registration Ends July 27
----------------------------------------------
CJSC United Point Investment Group Pte. Ltd. has declared
insolvency.  Creditors have until July 27 to submit written
proofs of claims to:

         CJSC United Point Investment Group Pte. Ltd
         Kazybek bi Str. 20a
         Almaty
         Kazakhstan  
         Tel: 8 (3272) 78-81-72


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


EVRAZ GROUP: Fuses Yuzhkuzbassugol & Raspadskaya Coal Units
-----------------------------------------------------------      
The Board of Directors of Evraz Group S.A. has approved a plan
to combine businesses of Yuzhkuzbassugol and Raspadskaya coal
companies.  

Exact terms and structure of the transaction are expected to be
finalized in the second half of 2007.  The combination is
subject to Raspadskaya shareholders' as well as various
regulatory approvals.

Upon completion of this transaction, Raspadskaya will own 100%
of shares in Yuzhkuzbassugol.  Evraz will continue to hold its
shares in Raspadskaya through Corber Enterprises Limited, a
joint venture with Raspadskaya coal company management.  As a
post-transaction result, Evraz will exercise management and
shareholder control in both Corber and Raspadskaya.

The Board has also agreed to appoint Gennady Kozovoy,
Raspadskaya CEO, as the new CEO of Yuzhkuzbassugol with effect
from June 16, 2007.

"I look forward to this new challenge," Mr. Kozovoy said.  
"My top priority is to improve safety standards at all the mines
of the combined company and ensure maximum control over the
company's operations in order to achieve superior results of the
combined company in the interests of all company's stakeholders.

"Through combination we will create a Russian coking coal leader
and a top-three global coking coal producer distinguished
through the best resource base, world-class management team,
strong growth profile and significant export potential,"
Alexander Frolov, chairman and CEO of Evraz, commented.  "The
combined company will have Evraz's steel mills located in
Siberia and the Urals as its main and largest customers.  This
combination will serve the best interests of both companies'
shareholders."

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


EVRAZ GROUP: Highveld Steel Unit Selling Transalloys Business
-------------------------------------------------------------
Highveld Steel & Vanadium Corp., a wholly owned unit of Evraz
Group S.A., is holding talks to its unprofitable Transalloys
unit to a number of interested parties, Carli Lourens writes for
Bloomberg News.

Highveld had tried to sell Transalloys to Kalahari Resources but
failed due to disagreements over the acquisition's structure,
Ms. Lourens relates.

Transalloys, which produces manganese alloys, posted
ZAR43 million (US$5.92 million) in net loss on ZAR1.11 billion
in net revenues for the year ended Dec. 31, 2006.

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


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


FIRST DATA: Completes Acquisition of FundsXpress
------------------------------------------------
First Data Corp. has completed its acquisition of FundsXpress.

The complementary capabilities of First Data and FundsXpress
will result in a broad and robust suite of products for secure
electronic commerce and Internet banking transactions.

Financial terms were not disclosed.

                        About FundsXpress

FundsXpress provides online banking and bill payment services
for consumers and small businesses.

                        About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--  
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.

                          *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.   The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about US$29
billion.


GLOBAL POWER: Wants Exclusive Plan-Filing Period Extended
---------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware gave to
extend until Oct. 1, 2007, their exclusive period to file a
chapter 11 plan of reorganization, the Associated Press Reports.  
The Debtors also want their exclusive period to solicit
acceptances of that plan to Nov. 30, 2007.

The company's exclusive plan-filing period is set to expire on
July 10, 2007.

According to the report, the Debtors are still in talks with the
Official Committee of Unsecured Creditors and the Official
Committee of Equity Security Holders.  The Debtors contend, AP
relates, the extension would allow them additional time to
better formulate a consensual chapter 11 reorganization plan.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.


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


PETROLEUM GEO-SERVICES: Moody's Lifts Corp. Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded Petroleum Geo-Services ASA's  
corporate family rating to Ba2 from Ba3 and assigned a Ba2
(LGD4, 56%) to its proposed $800 million of senior secured
credit facilities, comprised of a $500 million term loan and a
$300 million revolving credit facility.

Proceeds from the term loan will be used to refinance an
existing term loan and, along with approximately $50 million of
cash on the balance sheet, fund a $300 million special dividend
to shareholders.  The rating outlook is stable.

Despite the use of debt to fund the special dividend, Moody's
upgraded PGS' rating due to:

   (i) the progress that it has made under new management in
       recent years including a sharper focus following the
       divestiture of non-core businesses, a significant
       reduction in debt, improved discipline with respect to
       new investments, and a strengthening of internal
       controls;

  (ii) a favorable outlook for the marine seismic sector
       supported by strong demand and an expectation that
       capacity additions will likely not oversupply the market;
       and

(iii) an expectation that it will maintain prudent financial
       policies that recognize the cyclical nature of the
       business.

The use of debt to fund the special dividend in this instance
was not perceived as creditor unfriendly as it normally would
have been given PGS' low leverage prior to the transaction.
Moody's views the primarily debt-funded special dividend as a
one-off transaction to reward shareholders and to achieve a more
optimal capital structure.  In 2005 and 2006, PGS' debt was paid
down very aggressively with proceeds from divestitures and
strong free cash flow.  Going forward, Moody's expects that PGS
will not lever up further to do additional special dividends or
share repurchases, instead using excess cash flow for that
purpose.

Pro forma for the proposed borrowings, PGS' balance sheet debt
to EBITDA less multi-client investments was approximately 1.2x
for the LTM period ended March 31, 2007.  Applying Moody's
standard adjustments for operating leases and pensions, PGS' pro
forma adjusted debt to EBITDA less multi-client investments was
approximately 1.8x for the same period.  Moody's considers this
level of leverage appropriate for the Ba2 rating and it compares
favorably to the 2.5x-3.5x range of expectations established for
PGS' prior Ba3 rating.

The rating recognizes the cyclical nature of the seismic sector.
The late 1990's saw a boom in seismic acquisition and the
addition of a significant amount of capacity.  The commodity
price correction in 1998-1999 led to a drop-off in demand for
seismic services and it was during this time that operators
chose to shoot under-funded multi-client surveys in order to
maintain vessel utilization.  This led to period of significant
over-investment and resulting poor returns during a period of
reduced demand for seismic services.  The sector began to
recover from its overhang of excess capacity in 2004 and has had
strong years in both 2005 and 2006 driven by increases in
demand.  

Some new capacity has been added in recent years (mostly
additional streamers), but not enough to meet the strong
increase in demand and, as a result, dayrates for contract
seismic have risen dramatically (with EBIT margins exceeding
50%) and the level of pre-funding for multi-client surveys have
risen to levels exceeding 100% (it averaged 123% in 2006).  The
outlook for the sector for the next couple of years is favorable
given increased exploration budgets and the increasing use of
seismic data for production optimization activities.  Much of
the demand for these services come from the majors and national
oil companies, which together account for 55% of PGS' revenues.
Moody's also expects that capacity additions, which it believes
is the most significant risk to the sector, will be tempered by
what is now a consolidated market dominated by three big
players.

The stable outlook reflects Moody's expectation that PGS'
financial performance will continue to benefit from favorable
industry conditions over the near and intermediate term.  An
increase in leverage beyond 2.5x adjusted debt to EBITDA less
multi-client investments or additional debt-funded special
dividends or share repurchases could have negative implications
for the rating.

Petroleum Geo-Services ASA is headquartered in Lysaker, Norway.


PETROLEUM GEO: US$800MM Debt Refinancing Cues S&P to Hold Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on geophysical company Petroleum Geo-Services ASA.  

The affirmation follows PGS' announcement that it will seek to
refinance existing senior secured debt with US$800 million in
new senior secured credit facilities (consisting of a US$500
million term loan B and US$300 million revolving credit
facility) as well as fund a one-time special dividend of US$300
million.

Despite the leveraging aspects of this transaction, S&P expect
credit measures to remain at acceptable levels for the current
ratings over the near to intermediate term.  The outlook is
stable.
     
S&P will not rate the new senior secured credit facilities, and
will withdraw its 'BB-' senior secured rating on PGS' current
bank facilities ($850 million term loan B and US$150 million
revolving credit facility) upon close of the new facilities.
     
Pro forma the refinancing, Lysaker, Norway-based PGS will have
US$587 million in long-term debt (including US$75.7 million in
amortizing secured debt at wholly owned subsidiary Oslo Seismic
and capital leases of about US$12.2 million).
      
"The ratings on PGS reflect the company's participation in the
very competitive and highly cyclical seismic subsector of the
oilfield services industry," said Standard & Poor's credit
analyst Jeffrey Morrison.  "Ratings also incorporate
management's increasing focus on rewarding shareholders in the
current industry upcycle as well as an aggressive financial risk
profile.  Concerns are partially offset by PGS' strong market
position in marine and onshore seismic operations, a sizable and
technically sophisticated fleet of 3D marine seismic acquisition
vessels, and expectations that currently favorable industry
conditions will support near-term cash flow and credit
measures."
     
The stable outlook incorporates S&P's expectations that
currently favorable industry conditions, manageable debt levels,
and improved cash flow generation will support ratings in the
near to intermediate term.  Given the leveraging effects of
recent transactions, positive rating actions are likely limited
in the near term.  In the longer term, further rating
improvement, while possible, will depend on S&P's assessment of
the company's business risk profile (given participation and in
a challenging and historically volatile industry) and
management's adherence to prudent financial policy.  Conversely,
if management pursues growth initiatives and/or additional
rewards to its shareholders in a more leveraging manner (i.e.,
causing adjusted debt to EBITDA to materially exceed 2x-2.5x in
an upcycle environment), or if operational performance deviates
materially from S&P's expectations, negative rating actions
could result.

Headquartered in Oslo, Norway, the company has operations in
Singapore and Ecuador.


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


ANAPSKIY OJSC: Creditors Must File Claims by July 26
----------------------------------------------------
Creditors of OJSC Diary Anapskiy have until July 26 to submit
proofs of claim to:

         I. Nezhentseva
         Insolvency Manager
         Post User Box 119
         Central Post Office
         Anapa
         353440 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A32-21942/2004-43/164-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Diary Anapskiy
         Zavodskaya Str. 28/v
         Anapa
         Russia


BASH-MED-REM-STROY: Creditors Must File Claims by July 19
---------------------------------------------------------
Creditors of OJSC Bash-Med-Rem-Stroy (TIN 0278044466) have until
July 19 to submit proofs of claim to:

         E. Malyadskiy
         Insolvency Manager
         Post User Box 7
         Post Office 22
         Ufa
         450022 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A07-23112/06-G-PAV/MRS.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bash-Med-Rem-Story
         D. Donskogo Str. 65/2
         Ufa
         450065 Bashkortostan
         Russia


BUILDING CO: Chelyabinsk Bankruptcy Hearing Slated for Oct. 9
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Oct. 9 to
hear the bankruptcy supervision procedure on LLC Building
Company Development.  The case is docketed under Case No.
A76-4424/2007-34-72.

The Temporary Insolvency Manager is:

         A. Alekseev
         Lenina Pr. 19-45
         456007 Chelyabinsk
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Building Company Development
         Kuybysheva Str. 71A
         454138 Chelyabinsk
         Russia


CEDAR-89 OJSC: Court Names O. Lykov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow appointed O. Lykov as Insolvency
Manager for OJSC Scientific Production Company Cedar-89 (TIN
7725245603).  He can be reached at:

         O. Lykov
         Bolshoj Tishinskiy Per. 38
         123557 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 40-13448/07-71-61B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Scientific Production Company Cedar-89
         Room 4-7
         Mira Pr. 105
         129088 Moscow
         Russia


CORRECT CJSC: Creditors Must File Claims by July 26
---------------------------------------------------
Creditors of CJSC Correct have until July 26 to submit proofs of
claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A42-287/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Correct
         Apartment 309
         Lenina Pr. 43
         183038 Murmansk
         Russia


DEMESHKINO CJSC: Pskov Bankruptcy Hearing Slated for July 19
------------------------------------------------------------
The Arbitration Court of Pskov will convene on July 19 to hear
the bankruptcy supervision procedure on CJSC Demeshkino.  The
case is docketed under Case No. A52-343/2007.

         The Temporary Insolvency Manager is:
         P. Tarasov
         Post User Box 19
         OPS-100
         Tver
         Russia

The Debtor can be reached at:

         CJSC Demeshkino
         Zaborovye
         Ostrovskiy
         181313 Pskov
         Russia


ERMAKOVSKIY REPAIR-TECHNICAL: Claims Filing Period Ends July 19
---------------------------------------------------------------
Creditors of OJSC Ermakovskiy Repair-Technical Service have
until July 19 to submit proofs of claim to:

         N. Surtaev
         Insolvency Manager
         Diksona Str. 1-203
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-4159/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ermakovskiy Repair-Technical Service
         Ermakovskoye
         Ermakovskiy
         662820 Krasnoyarsk
         Russia


EVRAZ GROUP: Fuses Yuzhkuzbassugol & Raspadskaya Coal Units
-----------------------------------------------------------      
The Board of Directors of Evraz Group S.A. has approved a plan
to combine businesses of Yuzhkuzbassugol and Raspadskaya coal
companies.  

Exact terms and structure of the transaction are expected to be
finalized in the second half of 2007.  The combination is
subject to Raspadskaya shareholders' as well as various
regulatory approvals.

Upon completion of this transaction, Raspadskaya will own 100%
of shares in Yuzhkuzbassugol.  Evraz will continue to hold its
shares in Raspadskaya through Corber Enterprises Limited, a
joint venture with Raspadskaya coal company management.  As a
post-transaction result, Evraz will exercise management and
shareholder control in both Corber and Raspadskaya.

The Board has also agreed to appoint Gennady Kozovoy,
Raspadskaya CEO, as the new CEO of Yuzhkuzbassugol with effect
from June 16, 2007.

"I look forward to this new challenge," Mr. Kozovoy said.  
"My top priority is to improve safety standards at all the mines
of the combined company and ensure maximum control over the
company's operations in order to achieve superior results of the
combined company in the interests of all company's stakeholders.

"Through combination we will create a Russian coking coal leader
and a top-three global coking coal producer distinguished
through the best resource base, world-class management team,
strong growth profile and significant export potential,"
Alexander Frolov, chairman and CEO of Evraz, commented.  "The
combined company will have Evraz's steel mills located in
Siberia and the Urals as its main and largest customers.  This
combination will serve the best interests of both companies'
shareholders."

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


EVRAZ GROUP: Highveld Steel Unit Selling Transalloys Business
-------------------------------------------------------------
Highveld Steel & Vanadium Corp., a wholly owned unit of Evraz
Group S.A., is holding talks to its unprofitable Transalloys
unit to a number of interested parties, Carli Lourens writes for
Bloomberg News.

Highveld had tried to sell Transalloys to Kalahari Resources but
failed due to disagreements over acquisition's structure, Ms.
Lourens relates.

Transalloys, which produces manganese alloys, posted
ZAR43 million (US$5.92 million) in net loss on ZAR1.11 billion
in net revenues for the year ended Dec. 31, 2006.

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


INTERNATIONAL SPORT: Tyumen Court Hearing Slated for June 28
------------------------------------------------------------
The Arbitration Court of Tyumen will convene on June 28 to hear
the bankruptcy supervision procedure on OJSC International Sport
Centre (TIN 7203082570).  The case is docketed under Case No.
A-70-1141/3-07.

The Temporary Insolvency Manager is:

         F. Zagidullin
         Chapaeva, 63-17
         Tuymaly
         452757 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC International Sport Centre
         Respubliki Str. 143a
         625026 Tyumen
         Russia


KDSZ OJSC: Creditors Must File Claims by July 19
------------------------------------------------
Creditors of OJSC KDSZ (TIN 6445005477, OGRN 1026401864390) have
until July 19 to submit proofs of claim to:

         The Insolvency Manager:
         Post User Box 610
         Balakovo-25
         413800 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-107b/06-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC KDSZ
         Zavolzhskiy
         Pugachevskiy
         413705 Saratov
         Russia


KONEK CJSC: Creditors Must File Claims by July 26
-------------------------------------------------
Creditors of CJSC Company Konek have until July 26 to submit
proofs of claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-28115/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Konek
         Marata Str. 86
         St. Petersburg
         Russia


LAKOKRASKA OJSC: Creditors Must File Claims by June 26
------------------------------------------------------
Creditors of OJSC Lakokraska have until June 26 to submit proofs
of claim to:

         O. Karpov
         Insolvency Manager
         Office 2
         Building 2
         Lomonosova Pr. 92
         163000 Arkhangelsk
         Russia

The Arbitration Court of Yaroslavl will convene at 11:00 a.m. on
July 18 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A82-935/07-30-B/8.

The Debtor can be reached at:

         OJSC Lakokraska
         Polushkina Rosha Str. 16
         150053 Yaroslavl
         Russia


MOSCOW STARS: Fitch Puts BB Rating on Class B Mortgage Certs.
-------------------------------------------------------------
Fitch Ratings has assigned Moscow Stars B.V., Class A and Class
B expected ratings of 'BBB' and 'BB' respectively, with Stable
Outlooks.  The Class C notes are unrated.  The final ratings are
contingent on the receipt of the final documents conforming to
information already received.

The transaction is a securitisation of first-ranking residential
mortgage loans denominated in US$, together with their ancillary
rights.  The loans are secured on properties located in the
Russian Federation (rated 'BBB+'/Stable Outlook/Country Ceiling
of 'A-'/Stable Outlook).

The originator and seller of the mortgage portfolio is
Moskommertsbank, a bank incorporated under the laws of Russia.
The transaction totals US$184.4 million and represents the first
publicly rated RMBS transaction from this Russian bank. "Fitch
expects further activity from the leading banks in Russia to
support the continued expansion of the banking sector and, more
specifically, the high growth that has been seen in this asset
class and is expected to continue for the foreseeable future,"
says Antonio Corbi, Associate Director in Fitch's Emerging
Markets Structured Finance team.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, the underwriting and servicing
capabilities of MKB, and the integrity of the legal structure of
the transaction.  The ratings address timely payment of interest
and ultimate payment of principal in accordance with the terms
of the notes.

Initial credit enhancement of 16.4% for the Class A notes will
be provided by subordination of the Class B notes (9%) and the
Class C notes (2.5%) and a reserve fund equating to 4.9% of the
initial principal amount outstanding of the notes.

The underlying loans and the notes are both denominated in USD
and so the transaction does not need a foreign currency exchange
swap.  To mitigate the interest rate mismatch between the fixed-
rate USD assets and the floating US$ Libor payable on the notes,
the issuer will enter into a full balance guaranteed fixed-to-
floating swap with Barclays Bank PLC, (rated 'AA+'/Outlook
Negative/'F1+') and Raiffeisen Zentralbank Osterreich AG (rated
Support '1').

Although the transaction does not need to provide coverage for
transfer and convertibility risk since it is rated below the
Country Ceiling of the originator, the transaction may be
vulnerable to other event risks such as government intervention
-- including the expropriation of property and a possible
redenomination of the currency in which the assets are
denominated.  These factors become more risky when the rating is
above the sovereign and Country Ceiling, as the government
concerned is deemed to be in a very difficult situation at such
a time.  However, in Fitch's view, these risks are not
associated with the expected ratings of the notes.
Legal opinions for the transaction confirm that the essential
components of a true sale are achieved under the transaction
documents, but carry some qualifications.  While the structural
features of the transaction adequately mitigate these
uncertainties, the expected ratings are nonetheless partly
credit-linked to the originator.

MKB is majority-owned and controlled by Kazkommertsbank (KKB,
'BB+'/Outlook Positive/'F3'), a bank incorporated under the laws
of the Republic of Kazakhstan, and one of the largest commercial
banks in the country.


PROD-INVEST LLC: Court Names I. Ponomareva as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed I. Ponomareva
as Insolvency Manager for LLC Prod-Invest.  He can be reached
at:

         I. Ponomareva
         Gagarina Str. 14-179
         Ufa
         450073 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-440/07-G-PAV/ShAB.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prod-Invest
         Zlobina Str. 13
         Ufa
         Bashkortostan
         Russia


SEVERSTAL OAO: CEO Denies Sale Talks with ThyssenKrupp AG
---------------------------------------------------------
Alexei Mordashov, chief executive of OAO Severstal, denied
holding talks to sell the company to ThyssenKrupp AG, Interfax
News reports.

"No talks have been held, none are being held and we don't
intend to hold any," Mr. Mordashov told Interfax News.

Mr. Mordashov was reacting to reports that the German steelmaker
is eyeing Severstal and US Steel, Interfax News relates.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                            *   *   *

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As reported in the TCR-Europe on April 16, 2007, Moody's
Investors Service's confirmed its Ba3 Corporate Family Rating
for Severstal OAO.  Moody's also assigned a Ba3 Probability-of-
Default rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2009                B1       B1       LGD5     75%

   Sr. Unsec. Regular
   Bond/Debenture
   Due 2014                B1       B1       LGD5     75%


As of Feb. 1, Severstal also carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's.  Outlook is stable.


YAMAL-ENERGO LLC: Bankruptcy Hearing Slated for Sept. 17
--------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy will convene at
9:00 a.m. on Sept. 17 to hear the bankruptcy supervision
procedure on LLC Yamal-Energo (TIN 8901012447).  The case is
docketed under Case No. A81-632/2007.

         The Insolvency Manager is:
         F. Zagidullin
         Chapaeva, 63-17
         Tuymaly
         452757 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Yamal-Energo
         Lenina Str. 7a
         Salekhard
         Yamalo-Nenetskiy
         629002 Tyumen
         Russia


ZOLOTOY ROG: Court Names A. Makovetskaya as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Primorye appointed A. Makovetskaya as
Insolvency Manager for LLC Shipping Company Zolotoy Rog.  He can
be reached at:

         A. Makovetskaya
         Post User Box 1-203
         690001 Vladivostok
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-2108/2007 15-25B.

The Debtor can be reached at:

         A. Makovetskaya
         Post User Box 1-203
         690001 Vladivostok
         Russia


* Fitch Revises Republic of Komi's Low B Ratings' Outlook
---------------------------------------------------------
Fitch Ratings has changed the Outlooks on Republic of Komi's
International and National Long-term ratings to Positive from
Stable.  Its International Long- and Short-term ratings are
affirmed at 'BB-' and 'B' respectively.  The National Long-term
rating is affirmed at 'A+(rus)'.

The Positive Outlook reflects Fitch's expectations that stable
economic growth will allow the region to overcome operating
expenditure pressures and maintain high operating and current
balances.  This follows the consolidation of Komi's budgetary
performance, owing to strong economic growth in 2006 and low
debt burden ratios.  Fitch expects this trend to continue, with
operating and current margins remaining at double-digit levels
and debt burden gradually decreasing.  The ratings also factor
in Komi's dependence on the primary sector that makes its
budgetary performance vulnerable to commodity price
fluctuations.

Komi's GRP grew 5.6% in 2006 (6.8% in 2005), which is estimated
to be a sustainable long-term growth rate.  To ensure stable tax
revenue flow, the republic has signed agreements with the
largest local taxpayers setting the floors for taxes paid,
production volume and investments.  The benchmarks were set at
the levels of 2006 since that was the year when most of the
companies completed their investment programs and reached full
capacity.  Budget revenue continued to grow in 2005 and 2006 by
18.2% and 19.4% respectively.  In 2006 the increase was mainly
generated by a 24% increase in corporate income tax revenue as
well as a 52% growth in property tax revenue.  Although, the
operating and current margins declined slightly in 2006 to 14.1%
and 13%, respectively, from 16.4% and 15.1% in 2005, Fitch
expects that the margins will recover in 2007 to the long-term
average of 15%.  The republic has recorded on average stable
surplus before debt variation of 3.7% during the last three
years.

The total debt burden of Komi has gradually fallen to 15.3% of
current revenue in 2006 from 38.3% in 2002.  It has replaced
costly debts with lower-interest instruments that have longer
maturities by increasing the share of rouble-denominated debt to
86% of total debt in 2006 from 27% in 2002.  The payback ratio
has been declining continuously to one year in 2006 from a five-
year high of 5.7 years in 2002.  Given the expected repayment of
its RUB500m bond issue, the total debt of the republic will
further decrease to 11% of current revenue by end-2007.

At the same time, Komi's economy is heavily reliant on the
primary sectors, exposing its finances to commodity price
fluctuations, and is unlikely to become diversified.

The republic's operating expenditure is relatively inflexible
since financial support of the municipalities and other
transfers accounted for 60.7% of operating spending in 2006,
while staff expenditure continued to increase to account for
22.1% in 2006.  The newly acquired responsibility for the cash
allowances that have replaced the social benefits system,
combined with public sector salary increases, places additional
pressure on the republic's operating expenditure.


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


ATAMUS JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Atamus on April 24.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Atamus
         Untermuli 6
         6300 Zug
         Switzerland


DEUTSCHE INDUSTRIEBANK: Fitch Puts BB- Rating on US$11.4MM Loan
---------------------------------------------------------------
Fitch Ratings has assigned the loan facility provided by IKB
Deutsche Industriebank AG and IKB International S.A. to
Havenrock II Short-term ratings of:

    -- US$165,000,000 tranche 1 provided by IKB International:
       'AA-'; Outlook Stable

    -- US$404,875,000 tranche 2 provided by IKB: 'AA-'; Outlook
       Stable

    -- US$43,750,000 tranche 3 provided by IKB: 'BBB+'; Outlook
       Stable

    -- US$11,375,000 tranche 4 provided by IKB: 'BB-'; Outlook
       Stable

The loan facility is a 364 day committed facility, which can be
drawn to cover Havenrock II's obligations under a credit default
swap, as part of the structure for a transaction within IKB's
asset-backed commercial paper program Rhineland.  The above
ratings have been assigned using the Vector 3.0 model.


ETZEL ENGINEERING: Creditors' Liquidation Claims Due July 2
-----------------------------------------------------------
Creditors of LLC Etzel Engineering have until July 2 to submit
their claims to:

         Dariusz Gorczyca
         Liquidator
         Husmatt 14
         5405 Baden-Dattwil
         Switzerland

The Debtor can be reached at:

         LLC Etzel Engineering
         Baden AG
         Switzerland


FAUNA CARE: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Fauna care on May 15.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Fauna care
         Birkenstrasse 49
         6343 Rotkreuz
         Switzerland


GALERIE KAMPF: Creditors' Liquidation Claims Due July 2
-------------------------------------------------------
Creditors of LLC Galerie kampf have until July 2 to submit their
claims to:

         Jean Kampf
         Liquidator
         Hohwachter Weg 1
         22143 Hamburg
         Switzerland

The Debtor can be reached at:

         LLC Galerie kampf
         Basel BS
         Switzerland


HANS BLUM: Creditors' Liquidation Claims Due July 6
---------------------------------------------------
Creditors of JSC Hans Blum have until July 6 to submit their
claims to:

         Marlise Baumann
         Liquidator
         Chlosterbergstrasse 16
         8248 Uhwiesen
         Switzerland

The Debtor can be reached at:

         JSC Hans Blum
         Neuhausen am Rheinfall SH
         Switzerland


MIRO MARKETING: Creditors' Liquidation Claims Due June 30
---------------------------------------------------------
Creditors of LLC miro Marketing + Service have until June 30 to
submit their claims to:

         Kurt Tenger
         Liquidator
         CompTax Treuhand
         Hertistrasse 26
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC miro Marketing + Service
         Wallisellen
         Bulach ZH
         Switzerland


OKTOGON INFORMATIK: Creditors' Liquidation Claims Due July 4
------------------------------------------------------------
Creditors of LLC Oktogon Informatik have until July 4 to submit
their claims to:

         Kappelerstrasse 8
         8500 Frauenfeld
         Switzerland

The Debtor can be reached at:

         LLC Oktogon Informatik
         8500 Frauenfeld TG
         Switzerland


VISUAL-I LLC: Creditors' Liquidation Claims Due July 6
------------------------------------------------------
Creditors of LLC Visual-I have until July 6 to submit their
claims to:

         Raffael Sigrist
         Liquidator
         Ruhebergstrasse 57
         9327 Tubach
         Rorschach SG
         Switzerland

The Debtor can be reached at:

         LLC Visual-I
         Tubach
         Rorschach SG
         Switzerland


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


AGRICULTURAL TECHNOLOGY: Claims Filing Deadline Set June 19
-----------------------------------------------------------  
Creditors of LLC Agricultural Technology (code EDRPOU 30174927)
have until June 19 to submit their proofs of claim to:

         Andrew Savochka
         Liquidator
         Sumy and Kiev Divisions Str. 20
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/565-06.

The Debtor can be reached at:

         Pervomayskaya Str. 29/64
         LLC Agricultural Technology
         40000 Sumy
         Ukraine
  

AVD LLC: Claims Filing Deadline Set June 21
-------------------------------------------  
Creditors of have until June 21 to submit their proofs of claim
to:

         Dmitry Shvets
         Liquidator
         Kalnishevsky Str. 10/44
         69124 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/110/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC AVD
         69002 Zaporozhje
         Ukraine
         Heroes of Stalingrad Str.18
         Apartment 21


DALAS LLC: Creditors Must File Claims by June 21
------------------------------------------------
Creditors of LLC Garden Center Dalas have until June 21 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. 377/11b-06.

The Debtor can be reached at:

         LLC Garden Center Dalas
         Andreev Str. 2
         Brovary
         Kiev
         Ukraine


FLORA OJSC: Claims Filing Deadline Set June 21
----------------------------------------------  
Creditors of OJSC Flora (code EDRPOU 02094867) have until
June 21 to submit their proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/24b.

The Debtor can be reached at:

         OJSC Flora
         9th May Str. 74-b
         Lisichansk
         Lugansk
         Ukraine


INTERALLOYSERVICE LLC: Claims Filing Deadline Set June 19
---------------------------------------------------------  
Creditors of LLC Interalloyservice (code EDRPOU 32680360) have
until June 19 to submit their proofs of claim to:

         Nathalie Martynenko
         Liquidator
         Apartment 5
         Mayakovsky Avenue 12
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/100/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Interalloyservice
         Apartment 31
         Victory Str. 93-B
         Zaporozhje
         Ukraine


LIVARNIK OJSC: Claims Filing Deadline Set June 21
-------------------------------------------------  
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 26/109-07.

Creditors of OJSC Livarnik (code EDRPOU 24443009) have until
June 21 to submit their proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         OJSC Livarnik
         Industrial Str. 1/1
         Pavlograd
         51413 Dnipropetrovsk
         Ukraine


NADIYA LLC: Claims Filing Deadline Set June 19
----------------------------------------------  
Creditors of LLC Nadiya have until June 19 to submit their
proofs of claim to:

The Court is located at:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/175-06.

The Debtor can be reached at:

         LLC Nadiya
         Central Str. 14
         Voronovka
         Belopolye District
         Sumy Ukraine


NEZABUDKA LLC: Claims Filing Deadline Set June 21
-------------------------------------------------  
Creditors of LLC Nezabudka have until June 21 to submit their
proofs of claim to:

         Sergey Romanchuk
         Liquidator
         Apartment 1
         Zhuravlin Str. 9
         79040
         Lvov Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/42-4/42.

The Court is located at:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Nezabudka
         81400 Lvov Ukraine
         Sambor
         Vygovsky Str. 208


SOYUZ-ENERGY LLC: Claims Filing Deadline Set June 19
----------------------------------------------------  
Creditors of LLC Soyuz-Energy (code EDRPOU 32292211) have until
June 19 to submit their proofs of claim to:

         Nathalie Martynenko
         Liquidator
         69035 Zaporozhje Ukraine
         Mayakovsky Avenue
         12 Apartment 5

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/102/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Soyuz-Energy
         Apartment 402
         40 Years of Soviet Ukraine Str. 60-B
         69037 Zaporozhje
         Ukraine


USO LLC: Claims Filing Deadline Set June 19
-------------------------------------------  
Creditors of LLC Uso have until June 19 to submit their proofs
of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/25-07.  

The Debtor can be reached at:

         LLC Uso
         Shevchenko Str. 94-a
         Loboykovka
         Petrikovsky District
         51830 Dnipropetrovsk
         Ukraine


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


FORD MOTOR: Inks MOU with Meridian for Sale of Sandusky Plant
-------------------------------------------------------------  
Ford Motor Company and Meridian Automotive Systems signed a
memorandum of understanding, outlining a framework for the sale
of Automotive Components Holdings' lighting business and its
Sandusky, Ohio plant.  With the MOU, ACH has sold one plant and
signed MOUs related to eight additional plants during the past
six months.

The primary product produced at the ACH Sandusky Plant is
automotive lighting, including front, rear and signal lights.  
These products are found on a number of Ford vehicles from the
Focus to the Expedition, and about 60 percent of Ford's North
American vehicle production.

"This announcement represents more progress with our Way Forward
plan," said Mark Fields, Ford's president of The Americas.  "The
successful approach Ford is taking with our component operations
-- including selling or idling our ACH facilities -- will help
us achieve our commitment to reduce overall operating costs by
$5 billion by the end of 2008."

Other ACH businesses in negotiations for final agreement and
sale include glass, fascias and fuel tanks, climate control
systems, propshafts, and power transfer units.  The ACH fuel
rail business and its El Jarudo subsidiary were sold at the
end of the first quarter.

"The response from the marketplace has been better than
expected," said Al Ver, ACH CEO and COO and Ford Motor
Company vice president.  "We believe that is due, in large
measure, to the significant improvement in the quality,
on-time delivery and cost-effectiveness of our operations
during the past year and a half."

Automotive Components Holdings is a temporary company
managed by Ford, which was established in October 2005
with former Visteon component operations.  ACH's mission
is to ensure the flow of quality components and systems
while preparing the ACH automotive component operations
for sale or idling.  To date, the US$4 billion company and
its 12 plants are supported by about 12,000 full-time
employees, mostly leased from Visteon or Ford.

"Acquiring the Sandusky, Ohio facility is a logical
extension of our engineering and manufacturing expertise
in lighting," said Richard Newsted, Meridian's president
and CEO.

"We are excited about the opportunity to improve the
long-term competitive position of this operation and
expand our strengths and capabilities in lighting
technology."

The sale is contingent upon reaching a new and competitive
agreement with the United Auto Workers.

                       About Ford Motor Co.

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

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

                          *     *     *

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

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

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


HCA: Fitch Affirms B Issuer Default Rating with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed HCA Inc.'s ratings as:

   -- Issuer Default Rating at 'B';
   -- Asset based facility at 'BB/RR1';
   -- Euro term loan at 'BB/RR1';
   -- Secured bank facility at 'BB/RR1';
   -- Second-lien notes at 'B/RR4';
   -- Senior unsecured notes at 'CCC+/RR6'.

Total rated debt at March 31, 2007, was approximately
US$27.9 billion.  The Rating Outlook is Stable.

HCA's ratings reflect HCA's significant leverage and challenging
industry environment, partially offset by HCA's improving
profitability.  Although HCA continues to experience strong
pricing and improving margins, its financial flexibility remains
constrained by significant debt levels.  In addition, HCA, along
with the for-profit industry in general, is experiencing weak
volumes and elevated levels of bad debt and uncompensated care.  
Fitch expects these factors to remain key credit concerns for
the near future.

HCA's leverage and debt levels increased substantially as a
result of its 2006 leveraged buy-out.  As a result of the
transaction, total debt increased to more than US$28.4 billion
at the end of 2006 and has decreased slightly to US$27.9 billion
at the end of the first quarter of 2007.  Leverage increased
from approximately 2.8 times prior to the transaction to
approximately 6.25x for the latest twelve months ended March 31,
2007.  Fitch expects cash generated from operations will permit
only modest debt repayments in the near future.  In addition,
HCA has limited debt maturities until 2010, when approximately
US$1.5 billion in debt is due.  Thus, Fitch expects leverage to
remain high over the next few years barring any major event,
notably significant asset divestitures, an initial public
offering, or similar transaction.

HCA, like many of its peers in the industry, continues to be
challenged by elevated levels of bad debt and uncompensated
care .  HCA's bad debt as a percentage of revenues increased to
10.4% during the first quarter versus 9.3% during the prior
year.  Total uncompensated care increased to 18.6% of revenues  
for the first quarter of 2007 from 16.3% in the first quarter of
2006.  However, both bad debt and uncompensated care decreased
on a sequential basis from the fourth quarter of 2006.  Fitch
believes that the acceleration of bad debt expense will moderate
in 2007 compared to 2006. However, Fitch believes meaningful
reduction in uncompensated care throughout the industry is
dependent on legislative reform at the national level or in key
states (e.g., Texas and Florida).  Fitch notes that the topic of
universal reform has become more prevalent and will closely
watch any developments.

In addition to uncompensated care, the industry is experiencing
weak volumes.  In general, Fitch believes the for-profit
hospital industry is challenged by increasing competition from
specialty hospitals, entrepreneurial physicians, and the overall
trend of moving treatments out of the inpatient setting.  HCA's
recent volume performance is consistent with this general trend.  
During the 1Q-07, HCA's same store adjusted admissions declined
1.3% while they were flat during the 4Q-06.  Excluding the Las
Vegas market, which was negatively impacted by the termination
of a managed care contract with Sierra Health Services, Inc.,
same store adjusted admissions declined 0.9%.  Fitch expects HCA
to experience low to no growth in volumes in 2007.

Despite weak volumes, HCA continues to experience revenue growth
in the mid-single digits as a result of favorable pricing.  Same
store net revenue per adjusted admission increased 7.5% and 8%
for the 4Q-06 and 1Q-07, respectively. This was driven in part
by increased acuity, the case mix increased 0.8% in the first
quarter versus the prior year, and strong managed care rate
increases.  Fitch expects the company to obtain mid-to-high
single digit price increases from commercial payers over the
next few years.  Medicare and Medicaid pricing has also been
favorable, with same store net revenue per adjusted admission
increases of 4.6% for traditional Medicare and 12.2% for
Medicaid in the first quarter of 2007.  Fitch notes that
government pricing was aided by approximately US$58 million in
revenues from Upper Payment Limit funding in Texas which may not
be sustainable in the long term.  Also, Medicare pricing may
experience pressures in 2008 if the proposed Inpatient
Prospective Payment System for 2008 is implemented as planned.
However, in general, Fitch expects pricing across all payers to
continue to be favorable over the next few years, with revenue
per adjusted admission growth above historic levels.

Since completing its LBO, HCA has significantly improved its
profitability.  EBITDA margins as a percentage of sales
increased from 14.6% during the third quarter of 2006 (pre-LBO)
to 18.9% during the fourth quarter and 19.2% during the 1Q-07.  
This improvement is the result of several factors.  First,
travel and entertainment and marketing expenses have declined;
in the first quarter of 2007, HCA estimates it reduced marketing
and advertising expenses by approximately US$21 million and
travel expenditures by US$8 million on a same facility basis.  
Second, both supply and labor costs have declined since the LBO.  
Fitch believes supply costs benefited from decreased pharmacy
expense and an industry-wide observed moderation in medical
device price inflation driven in large part by decreased use of
drug-eluting stents.  Labor expense benefited from increased
productivity (e.g., man-hours per adjusted admission declined
approximately 1% versus prior year in the first quarter) and
reduced overhead.  Finally, HCA experienced decreases in
insurance expense of US$19 million and US$29 million during
fourth quarter of 2006 and first quarter of 2007, respectively.  
This reduction is related to the company's general improvements
in settled claims rates over the past several years.

Although profitability has improved markedly over the past few
quarters, Fitch believes EBITDA margins will decline from
current levels in 2007 and 2008. Increasing focus on on-call pay
as well as a growing labor shortage may pressure labor costs in
the near-term.  In addition, Fitch believes some of the
improvement in medical device savings (notably reduced DES use)
will moderate over time.  Finally, bad debt will likely continue
to pressure margins and profitability.

Liquidity at March 31, 2007, was provided by HCA's asset based
revolver (US$549 million available), secured revolver (US$1.859
billion available), and cash on hand (approximately US$409
million).  As a result of the debt reduction as well as EBITDA
expansion during the quarter, leverage (total debt/EBITDA)
improved to 6.25x for the LTM to March 31, 2007, from 6.59x for
the LTM to Dec. 31, 2006.  In addition to leverage reductions,
HCA improved its pricing during the quarter by refinancing the
rates on the term loans A and B and the Euro term loan to LIBOR
plus 225 basis points (bp), a 25bp reduction on the term loan A
and Euro term loan, and a 50bp reduction on the term loan B.

Headquartered in Nashville, Tennessee, HCA (Hospital Corporation
of America) Inc. (NYSE: HCA) -- http://www.hcahealthcare.com/--  
is a healthcare services provider, composed of locally managed
facilities that include approximately 182 hospitals and 94
outpatient surgery centers in 22 states, England and
Switzerland.  At its founding in 1968, HCA was one of the
nation's first hospital companies.


INVERNESS MEDICAL: Noteholders Agree to Amend Sr. Bond Indenture
----------------------------------------------------------------
Inverness Medical Innovations Inc. has been advised by the
depository for the tender offer and consent solicitation that,
as of 5:00 p.m., New York City time, on June 11, 2007, holders
of 100% of the outstanding Notes had validly tendered and not
withdrawn their Notes and had provided their consents to effect
the proposed amendments to the indenture under which the Notes
were issued, in connection with its tender offer to purchase all
of the outstanding US$150 million in aggregate principal amount
of its 8.75% Senior Subordinated Notes due 2012, well as the
related consent solicitations to amend the indenture governing
the Notes.

As a result of receiving the requisite consents, Inverness will
promptly execute and deliver a supplemental indenture in order
to effect the proposed amendments to the indenture governing the
Notes.  The supplemental indenture and the proposed amendments
contained therein, will not, however, become operative unless
and until Inverness accepts the Notes for purchase pursuant to
the tender offer.

Inverness also disclosed the total consideration for the Notes
validly tendered in the tender offer.  The total consideration
will be US$1,061.95 for each US$1,000.00 principal amount of
Notes purchased pursuant to the tender offer, plus accrued and
unpaid interest up to, but not including June 26, 2007, the
assumed payment date for the Notes.  

The total consideration includes a consent payment of US$20 per
US$1,000 principal amount of Notes.  Holders of the Notes who
had validly tendered and not withdrawn their Notes pursuant to
the tender offer at or prior to 5:00 p.m., New York City time,
on June 11, 2007, will receive the consent payment if and when
the Notes are accepted for payment by Inverness.  Holders who
tender their notes after 5:00 p.m., New York City time on
June 11, 2007, the consent expiration time, but prior to
midnight, New York City time on June 25, 2007, the tender offer
expiration time, will only be eligible to receive the tender
offer consideration of US$1,041.95.

The total consideration and tender offer consideration were
determined, based upon an expected payment date of June 26,
2007, by reference to a fixed spread of 50 basis points over the
bid-side yield of the 3% U.S. Treasury Note due Feb. 15, 2008,
which was 5.038%.

The tender offer and consent solicitation were undertaken in
order to facilitate Inverness's acquisition of Biosite
Incorporated and related transactions.  The tender offer remains
conditioned upon, among other things, Inverness receiving new
financing in an amount of at least US$1.3 billion and
Inverness's purchase of shares of common stock of Biosite
Incorporated pursuant to the tender offer for such shares made
on May 29, 2007.

Inverness has retained UBS Investment Bank to act as Dealer
Manager in connection with the tender offer and consent
solicitation.  Questions about the tender offer and consent
solicitation may be directed to the Liability Management Group
of UBS Investment Bank at (888) 722-9555 x4210 (toll free), or
to The Altman Group, Inc., the Information Agent for the tender
offer and consent solicitation, at (800) 398-2142 (toll free).

A more comprehensive description of the tender offer and consent
solicitation can be found in the Offer to Purchase and Consent
Solicitation and the related Letter of Transmittal and Consent
dated May 29, 2007.  Copies of these documents and other related
documents can be obtained from the Information Agent.

The tender offer is made only by the Offer to Purchase and
Consent Solicitation dated May 29, 2007.

                      About Inverness Medical

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. (AMEX:IMA) -- http://www.invernessmedical.com/-- develops,   
manufactures and markets in vitro diagnostic products for the
over-the-counter pregnancy and fertility/ovulation test market
and the professional rapid diagnostic test markets.

The company has offices in Australia, Canada, China, Germany,
Japan, and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Moody's Investors Service placed the ratings of Inverness
Medical Innovations, Inc. on review for possible downgrade
following the announcement that Inverness has entered into a
merger agreement with Biosite Incorporated for US$90 a share for
the remaining 95.3% of Biosite it does not currently own.

These ratings were placed on review for possible downgrade: B2
Corporate Family rating; B2 Probability of Default rating; and
Caa1 rating on US$150 million senior subordinated notes due 2012
(LGD5/82%).


KAUFMAN & BROAD: Fitch Comments on 8.75% Senior Notes Tender
------------------------------------------------------------
Fitch Ratings says Kaufman & Broad SA's decision to tender for
all of its outstanding EUR150 million 8.75% senior notes due
2009 signals the plan to restructure the balance sheet in line
with a typical highly leveraged LBO capital structure.  The
tender offer follows the announcement on May 17, 2007 that PAI
Partners ("will acquire a 50.01% stake in K&B from KB Home
('BB+'/Stable), pending customary approvals.

A successful tender of more than 50% of the 2009 notes would
negatively affect K&B's credit profile insofar that it removes
certain restrictive covenants, such as the incurrence of debt
and liens.  Removal of these covenants would be important to
achieving a leveraged recapitalization of K&B, which is likely
to result in a multiple- notch downgrade of the IDR.

While negative for the overall credit profile, the tender is
likely to be a satisfactory development for noteholders of K&B's
2009 bond, who may avoid unplanned exposure to an LBO-type
credit profile.  However, the issue rating on the 2009 bonds
remains on RWN until further clarity on refinancing is
available.  The tender offer period runs from June 7 until
July 6, 2007.

K&B's Issuer Default 'BBB-' rating, senior unsecured 'BBB-'  
rating on the EUR150 million 8.75% 2009 notes and Short-term
'F3' rating have been on Rating Watch Negative since May 17,
2007.  This is based on Fitch's expectation that K&B's capital
structure will be re-engineered once PAI completes the
acquisition of its 50.01% stake, leading to a materially weaker
credit profile at K&B.

Fitch will seek to resolve the RWN on the IDR once PAI completes
the acquisition of its 50.01% stake and further details of
financing plans become available.  The successful tender of the
majority of the notes is unlikely on its own to lead to a
resolution of the RWN on the IDR.

K&B is a leading French house-builder, focusing on the
construction and sale of single-family homes and apartments.  It
operates primarily in greater Paris (43% of FY06 revenues) and
southern France (52%).  As of first quarter of 2007 K&B's
leverage, defined as adjusted net debt-to-last 12 months
operating EBITDAR, equaled 0.9x, while funds from operations
gross interest cover equaled 8.4x.


STATS CHIPPAC: Moody's Lifts Rating to Ba1 on Good Performance
--------------------------------------------------------------
Moody's Investors Service upgraded STATS ChipPAC's corporate
family rating and foreign currency debt ratings to Ba1 from Ba2.
This concludes the review for possible upgrade which began on
March 1, 2007.  The outlook for all the ratings is stable.

"The rating upgrade reflects STATS ChipPAC's improved operating
and financial profiles with continued free cash flow generation
on the back of favorable industry fundamentals," says Wonnie
Chu, lead analyst for STAT ChipPAC, adding "the company
maintains its strong market position with a more diversified
customer base."

At the same time, the support level for STAT ChipPAC from its
parent, Singapore Technologies Semiconductors Pte Ltd which is
in turn 100%-owned subsidiary of Temasek, has also been changed
to Medium from Low under Moody's joint default analysis for
government related issuer.

This follows the completion of the voluntary conditional cash
offered by STS to buy the remaining shares and convertible
subordinated notes due in 2008 of STATS ChipPAC.  STS now owns
83.1% of STATS ChipPAC and US$134.5m of its convertible
subordinated notes.

The Ba1 rating take into account:

   (1) STATS ChipPAC's stand-alone credit fundamental, and

   (2) the likelihood of Temasek (rated Aaa/Stable), through
       STS, providing the company with credit support in a
       stress situation.

Moody's ranks the company's underlying credit fundamental as
"11-13" equivalent to Ba1-Ba3 on our global rating scale. This
assessment reflects STATS ChipPAC's strong market position as
the fourth largest player in the OSAT industry, its positive
free cash flow generative status and sound debt maturity
profile.

At the same time, it also takes into account STATS ChipPAC's
continued exposure to average sales price erosion and price
fluctuations for raw materials, which are a major cost in the
assembly process.

Moody's overlays the company's stand-alone credit fundamental on
a joint default analysis approach.  That involves estimating the
likelihood that in the event of pending failure by the company,
Temasek - through STS - would step in and prevent a default.

The medium support reflects STATS ChipPAC's importance within
Temasek, which through STS, owns 83.1% of STATS ChipPAC's issued
shares.

The ratings could experience upward pressure if:

   (1) a track record emerges of maintaining profitability and
       achieving projected results over the semiconductor cycle;

   (2) an ability to generate free cash flow for permanent debt     
       reduction emerges, such that total debt/total cap < 25%
       and (EBITDA-Capex)/Int > 4.5-5.0x on a sustained basis;
       and

   (3) cash holdings are built up and strong balance sheet
       liquidity is maintained to provide a buffer against
       industry cyclicality.

In addition, evidence of financial support from Temasek would be
positive for the rating as it would improve the support level.

On the other hand, downward ratings pressure could evolve if:

   (1) asset utilization falls, reducing profitability and cash
       flow-generating abilities;

   (2) an industry downturn emerges, and which materially
       impairs the company's debt-servicing ability; or

   (3) its balance sheet gears up due to a large capital
       expenditure or investment program, such that total
       debt/total cap > 40% and (EBITDA-Capex)/Int < 1.5-2.0x
       over the cycle.

Furthermore, a significant reduction in STS's controlling stake
which weakens the support level, a scenario is considered
unlikely in the near term, would be negative for the rating.

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers  
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
South Korea, Singapore, China, Malaysia, Taiwan, Japan, the
Netherlands and United Kingdom.

                           *********

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
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Nothing in the TCR constitutes an offer or solicitation to buy
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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
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may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
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                           *********


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-
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