TCREUR_Public/070619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, June 19, 2007, Vol. 8, No. 120

                            Headlines


A U S T R I A

XERIUM TECH: E. Fracasso Promoted as Brazilian Unit President


B E L G I U M

AEP INDUSTRIES: Earns US$6.2 Million in Quarter Ended April 30
DOLE FOOD: Fitch Affirms B- IDR with Negative Outlook
GENERAL MOTORS: Carlyle & Blackstone Submit Final Bids, FT Says
GENERAL MOTORS: Joins Ford & Chrysler in Labor Cost Cuts
M. FABRIKANT: Employs P. Solomon Company as Financial Advisor

SOLUTIA INC: Court Sets July 10 Disclosure Statement Hearing


F I N L A N D

SANMINA-SCI: Posts US$26.1 Million Net Loss in Second Quarter


F R A N C E

ALLIANCE ONE: Restating Results for First Three Quarters of 2007
BOSTON SCIENTIFIC: Court Bars Motion to Disallow Some Claims


G E R M A N Y

BEMBERGCELL GMBH: Creditors Must Register Claims by June 29
BUCHER WERBEARTIKEL: Creditors Must Register Claims by July 2
BUCKEYE TECH: Moody's Lifts Rating to B1 on Improved Performance
C-MAX EUROPE: Creditors Must Register Claims by June 22
CAMPUS BIKE: Creditors Must Register Claims by Aug. 15

CB MEZZCAP: Erich Rhode insolvency Cues S&P's Negative Watch
DAIMLERCHRYSLER AG: Thomas Sidlik Leaves Board of Management
DIA SERVICE: Creditors Must Register Claims by July 5
DLC KORNWESTHEIM: Creditors Must Register Claims by July 9
GERRESHEIMER AG: IPO Completion Cues S&P to Lift Ratings

KIRCHMEDIA GMBH: Founder Demands EUR1.6 Bln From Deutsche Bank
LIMBURGER OFFSETDRUCK: Creditors Meeting Slated for June 20
LIOTEC GMBH: Creditors Must Register Claims by July 30
PROLOGTEC GUNDERMANN: Claims Registration Ends July 13
PRAZISIONS-VERBINDUNGSTECHNIK: Claims Registration Ends July 13

RICO TITZ: Claims Registration Ends July 23
SCHIEDER MOEBEL: DZ Bank Blocks Loans & Demands EUR10 Million
SCHREINEREI LUDWIG: Claims Registration Ends July 11
SCHREINEREI SCHOMMER: Claims Registration Ends Aug. 10
SEEGER ENERGY: Claims Registration Ends August 15

SG-METALLVERTRIEBS: Claims Registration Ends July 12
SOLIA PALMER: Claims Registration Ends June 20
SOLIDAHAUS GMBH: Claims Registration Ends July 30
STABILITY CMBS 2007-1: Fitch Rates EUR28.2 Million Notes at BB
USENER LUFT-VAKUUM: Creditors' Meeting Slated for July 6

VIDO WOHN: Creditors Must Register Claims by July 6


I R E L A N D

OAK HILL: Moody's Rates EUR24.5 Mln Class E Senior Notes at Ba3
TRIAD HOSPITALS: Majority of Bondholders Tender Senior Notes


I T A L Y

VARIETAL DISTRIBUTION: Provides Update on Tender Offers


K A Z A K H S T A N

ASAR-TRADE LLP: Proof of Claim Deadline Slated for July 13
BESARYS LLP: Creditors Must File Claims July 18
BEST-COMPANY LLP: Claims Filing Period Ends July 13
CARGO LOGISTICS: Claims Registration Ends July 20
KAZINTERPOLIGRAPHY LLP: Creditors' Claims Due July 18

LUMEN-KZ LLP: Proof of Claim Deadline Slated for July 20
MK ALTYN-BULAK: Creditors Must File Claims July 20
OZ-EL LLP: Claims Filing Period Ends July 20
SEMEYTAU LLP: Claims Registration Ends July 18
URDJAR LLP: Creditors' Claims Due July 18


K Y R G Y Z S T A N

AYAN TOWER: Creditors Must File Claims by July 20
NEW PARK: Proof of Claim Deadline Slated for July 20
TREVERST LLC: Claims Filing Period Ends July 20


L U X E M B O U R G

RUSSIAN STANDARD: Moody's Rates US$350 Mln Senior Notes at Ba2


N E T H E R L A N D S

HARBOURMASTER PRO-RATA: Fitch Rates EUR15 Million Notes at BB
X5 RETAIL: Issuing RUR9 Billion Bonds in July 2007 First Half


R U S S I A

BASKOVSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by June 26
BAYKAL-INVEST LLC: Creditors Must File Claims by June 26
BRISTOW GROUP: Completes US$300 Million Private Bond Placement
KOLSKAYA INDUSTRIAL: Creditors Must File Claims by July 26
KRASAVINSKIY FLAX: Creditors Must File Claims by June 26

MAGNITOSTROY OJSC: Court Starts Bankruptcy Supervision Procedure
MOROZOVSKIY ENERGY: Creditors Must File Claims by June 26
NATURAL FOOD: Krasnodar Bankruptcy Hearing Slated for Sept. 12
NEVEL-AGRO-KHIM-SERVICE: Creditors Must File Claims by July 26
NORTH SEA CJSC: Creditors Must File Claims by July 26

OMSK-TIRE-PERM: Perm Bankruptcy Hearing Slated for Aug. 27
OSTROGOZHSKAYA DRYING: Creditors Must File Claims by July 26
RENA CJSC: Creditors Must File Claims by June 26
ROSNEFT OIL: Budgets US$1.2 Bln to Build Offshore Project Ships
SEVERSTAL OAO: To Pay 2006 Dividends at RUR5 Per Share

UNIVERSAL LLC: Irkutsk Bankruptcy Hearing Slated for Aug. 15
VITTE LLC: Creditors Must File Claims by June 26
X5 RETAIL: Issuing RUR9 Billion Bonds in July 2007 First Half
YASINOVSKOYE OJSC: Creditors Must File Claims by June 26


S P A I N

AYT CAJAGRANADA: S&P Rates EUR2 Million Class D Notes at BB-
INTERPUBLIC GROUP: Provides Update on SEC Investigation


S W I T Z E R L A N D

ADMSC LLC: Creditors' Liquidation Claims Due July 20
DARBOMED JSC: Creditors' Liquidation Claims Due July 22
HEKELE HAUSTECHNIK: Creditors' Liquidation Claims Due July 31
HOTEL PORTAL: Zug Court Starts Bankruptcy Proceedings
IDEX TRADING: Zug Court Starts Bankruptcy Proceedings

KOSSAN EUROPE: Creditors' Liquidation Claims Due July 31
MUSIG TREFF: Creditors' Liquidation Claims Due July 9
TIPTOP Z: Creditors' Liquidation Claims Due July 16


U K R A I N E

AGRICULTURAL ROAD: Claims Filing Deadline Set June 20
EARTH LLC: Claims Filing Deadline Set June 20
KHARKOV AGRICULTURAL: Claims Filing Deadline Set June 21
KNK LLC: Claims Filing Deadline Set June 21
NADRA BANK: Fitch Assigns Upcoming Eurobond Expected B- Rating

ORADOVKA AGRICULTURAL: Claims Filing Deadline Set June 21
PODOLSKAYA ZARIA: Claims Filing Deadline Set June 20
PROGRESS LLC: Claims Filing Deadline Set June 21
SEED-SERVICE: Claims Filing Deadline Set June 21
SILIKATCHIK: Claims Filing Deadline Set June 21

VAVILON OJSC: Claims Filing Deadline Set June 21


U N I T E D   K I N G D O M

ACTUANT CORP: Completes US$250 Million Private Bond Placement
AMAZON.COM: S&P Upgrades Corporate Credit Rating to BB
AMERICAN GREETINGS: Moody's Holds Ba1 Rating on Low Growth Rates
ASA PRINTERS: Claims Filing Period Ends June 30
BAUSCH & LOMB: Warburg Pincus Buyout Raises Fears on Outsourcing

CASTLEGATE 279: Appoints Liquidators from Begbies Traynor
CNS SYSTEMS: Claims Filing Period Ends July 31
CORONIS PLC: S&P Puts Junk Class F Ratings on Positive Watch
DROOGHI CLOTHING: Taps Gary Stones to Liquidate Assets
DURA AUTOMOTIVE: Wants to Amend Terms of US$300 Million DIP Loan

FFIZZ COMMUNICATIONS: Claims Filing Period Ends Nov. 25
FLOORITE LTD: Names Liquidators to Wind Up Business
GETTY IMAGES: Financial Filing Prompts S&P’s Positive Watch
GIBBS AIR: Hires Liquidators from Shipleys LLP
GRANDOPTION LTD: Appoints Liquidator from White & Co.

GULF INTERNATIONAL: Fitch Affirms C Individual Rating
ICONIX BRAND: Moody's Rates Proposed US$250 Mil. Sr. Notes at B3
INCO LTD: Steelworkers Reach Tentative Agreement w/ Contractors
INNSWORTH BUILDING: Calls In Liquidators from Wilson Field
JDI TRADE: Joint Liquidators Take Over Operations

LE QUEE: Robert Day Leads Liquidation Procedure
LEOPARD CLO: Moody's Rates Three Note Classes at Low-B
MAINE OFFICE: Appoints Liquidators to Wind Up Business
NEWGATE FUNDING: Fitch Puts Low-B Ratings to Three Note Classes
PHILLIPS-VAN: Good Performance Cues S&P’s Positive CreditWatch

QUIGLEY UNITED: M. C. Bowker Leads Liquidation Procedure
REMY INTERNATIONAL: To File Prepackaged Chapter 11 Protection
SAMSONITE CORP: April 30 Equity Deficit Tops US$224.7 Million
SMARTA SYSTEMS: Claims Filing Period Ends July 6
SNACK POINT: Names John Paul Bell Liquidator

SPECIFIC TRAVEL: Brings In Liquidators from Recovery hjs
STEEFANE KEMTECH: Joint Liquidators Take Over Operations
STREAM GWC: Calls In Liquidators from Tenon Recovery
TECH DATA: Names Caryl Lucarelli as Human Resources VP
WM. MACHIN: Taps Liquidators from The P&A Partnership

* Large Companies with Insolvent Balance Sheet

                            *********

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


XERIUM TECH: E. Fracasso Promoted as Brazilian Unit President
-------------------------------------------------------------
Xerium Technologies Inc. disclosed that Eduardo Fracasso has
been promoted to the position of president – Xerium Brazil,
reporting directly to Thomas Gutierrez, chief executive officer
of Xerium Technologies.

Mr. Fracasso has been with the company in Brazil for nearly 18
years, most recently as operational director.  Miguel Quiñonez,
the company's president - Xerium South America, who notified the
company of his plans to retire effective Dec. 31, 2007, will
retain direct responsibility for the company’s operations in
Argentina and continue to mentor Mr. Fracasso.

"I am pleased to welcome Eduardo to the executive team," Thomas
Gutierrez, chief executive officer of Xerium Technologies, said.
"I believe that his many years of operational experience with
the company in Brazil will serve him and the company well as he
takes on the responsibilities of his new position.”

Xerium Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of products used primarily
in the production of paper: clothing and roll covers.  The
company, which operates around the world under a variety of
brand names, owns a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs.  With 33 manufacturing
facilities in 14 countries around the world, including Austria,
Japan, and Brazil, Xerium Technologies has approximately 3,800
employees.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2007,
Moody's Investors Service downgraded Xerium Technologies':
Corporate Family Rating, to B2 from B1; Senior Secured Term
Loan, to B2 from B1; Senior Secured Revolving Credit Facility,
to B2 from B1; and Probability of Default Rating, to B2 from B1.


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


AEP INDUSTRIES: Earns US$6.2 Million in Quarter Ended April 30
--------------------------------------------------------------
AEP Industries Inc. reported financial results for its fiscal
second quarter ended April 30, 2007.

Net sales decreased 3% in the second quarter of fiscal 2007 to
US$187.8 million compared with US$193.3 million in the second
quarter of fiscal 2006, despite a 9% increase in sales volume.
The decrease is primarily the result of a 12% decrease in
average selling prices, driven by lower resin costs.  The effect
of foreign exchange on net sales in the 2007 period was a net
positive US$2.6 million, primarily reflecting the impact of the
strengthened Euro.

Net income for the three months ended April 30, 2007, was
$6.2 million, as compared to US$18.2 million in the second
quarter of 2006.

For the first six months of fiscal 2007, net sales decreased
$18.9 million or 5% to US$367.1 million compared with US$386
million in the same period last year.  The decrease in net sales
was the result of a 13% selling price decrease resulting from
resin price decreases mitigated by a sales volume increase of 8%
combined with the net positive impact of foreign exchange of
US$5 million, primarily reflecting the impact of the
strengthened Euro.

Net income for the six months ended April 30, 2007 was
$16.8 million as compared to US$18.4 million in 2006.

                 Balance Sheet Data and Liquidity

The company ended the first half of fiscal 2007 US$342.3 million
in total assets, US$269 million in total liabilities, and
US$73.3 million in total stockholders' equity as of April 30,
2007.

The company had with a net debt position of US$178.9 million,
compared with US$192.5 million at the end of fiscal 2006.

Working capital amounted to US$102.3 million at April 30, 2007,
compared to US$85.5 million at Oct. 31, 2006.  The increase in
working capital of US$16.8 million was substantially due to an
increase in inventories resulting primarily from our increased
investment in raw materials, a decrease in accrued expenses,
primarily from bonus payments accrued at Oct. 31, 2006, and made
in December and January 2007, and a decrease in short term
borrowings of our foreign operations.

The company believes its cash and cash equivalents on hand at
April 30, 2007, and its cash flow from operations, combined with
the availability of funds under its credit facility and credit
lines available to its foreign subsidiaries for local currency
borrowings, will be sufficient to meet its working capital,
capital expenditure and debt service requirements for at least
the next 12 months.

At April 30, 2007, the company had an aggregate of US$129.7
million available under its various credit facilities.

A full-text copy of the company’s second quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?20f9

"We are pleased to note that year-to-date income from continuing
operations improved an impressive US$3.6 million over the prior
year, sales volume increased a substantial 8% and basic earnings
per share from continuing operations increased US$0.59 over the
prior year to US$2.13 per share," stated Brendan Barba, chairman
and chief executive officer of the company.

"Our confidence in and commitment to our company and its future
remains strong and are evidenced by our continuing purchases of
our own stock."

                      About AEP Industries

AEP Industries Inc. (Nasdaq: AEPI) -- http://www.aepinc.com/--
manufactures and markets plastic packaging films, including
polyethylene, polyvinyl chloride and polypropylene flexible
packaging products for the industrial and agricultural
applications.  AEP operates in eight countries in North America,
Europe and Asia Pacific.  On Feb. 10, 2005, the company disposed
off AEP Industries Packaging France SAS and on March 25, 2005,
the Group disposed off Termofilm SpA.  On Feb. 23, 2006, the
company acquired Mercury Plastics Inc.  The company has
operations in Belgium and Australia.

                         *     *     *

AEP Industries Inc. carries Moody's Investors Service's Ba3
long-term corporate family rating, B1 senior unsecured debt
rating, and Ba3 probability-of-default rating.  The outlook
remains stable.

The company also carries Standard & Poor's B+ long-term foreign
and local issuer credit ratings.  The outlook is positive.


DOLE FOOD: Fitch Affirms B- IDR with Negative Outlook
-----------------------------------------------------
Fitch has affirmed the ratings of Dole Food Company, Inc.,
Solvest Ltd. and Dole Holding Company, LLC.:

* Dole Food Company, Inc. (Operating Company)

   -- Issuer Default Rating (IDR) 'B-';
   -- Secured asset-based revolving facility 'BB-/RR1';
   -- Secured term loan B 'BB-/RR1';
   -- Senior unsecured debt 'CCC+/RR5'.

* Solvest Ltd. (Bermuda-based Subsidiary)

   -- Issuer Default Rating (IDR) 'B-';
   -- Secured term loan C 'BB-/RR1'.

* Dole Holding Company, LLC (Intermediate Holding Company)

   -- Issuer Default Rating (IDR) 'B-'.

This rating action affects Dole's approximately $2.4 billion in
consolidated debt as of the quarter ended March 24, 2007.  The
Rating Outlook is Negative.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery on a given obligation within an issuer's capital
structure in an event of default. 'RR1' indicates outstanding
recovery prospects and 'RR5' indicates below average recovery
prospects.

Dole's ratings reflect the company's high financial leverage and
Fitch's view that significant credit risk is present but that a
limited margin of safety remains. Dole is able to meet its
financial commitments but two consecutive years of declining
operating performance has limited the company's financial
flexibility. Transportation and packaging costs represent an
estimated 40% of the company's cost structure; therefore,
continued heightened bunker fuel and containerboard costs are
pressuring profitability. In addition, there are no near term
changes expected for the current European Union (EU) banana
tariff structure. Since the 135% increase in EU banana tariffs
was implemented on Jan 1, 2006, Dole's operating EBITDA margin
has declined 180 basis points to 4.6%.

On March 24, 2007, Dole had approximately $97 million of cash
and $135 million available on its $350 million asset-based
revolver which expires in 2011. Annual maintenance capital
expenditures are estimated at $75 million and gross interest
expense is roughly $175 million. There are no significant near
term maturities until 2009 when $364 million becomes due. During
the past 12 months, Dole completed approximately $60 million in
asset sales.

The ratings consider Dole's leading worldwide market position,
its strong global brand, favorable consumption trends for fruits
and vegetables and the considerable net worth of its owner -
David H. Murdock. These positives are weighed against the lower
margin commodity orientation of its products and the substantial
risk associated with its foreign operations.

Dole's credit protection measures remain weak for the 'B' rating
category. For the latest twelve month (LTM) period ended Mar 24,
2007, cash flow from operations was $83 million; down over 60%
since Dec. 31, 2004. For the same time periods, leverage
(defined as total debt-to-operating EBITDA) was 8.4 times (x);
up from 4.0x and interest coverage (defined as operating EBITDA-
to-gross interest expense) was 1.6x; down from 3.0x.

As of Mar 24, 2007, Dole was in compliance with all of its debt
covenants. Significant covenants include a minimum quarterly
fixed-charge coverage requirement of 1.0x and a limitation on
the incurrence of additional debt if total leverage exceeds
5.5x. Dole has not required waivers since its April 12, 2006
debt refinancing.

Dole's Negative Rating Outlook is reflective of its continued
challenging operating environment. Fitch does not anticipate
significant additional margin deterioration. In the near term,
operating performance stabilization is predicated on Dole's
ability to successfully control fuel cost with hedging or
surcharges and the absence of higher tropical storm related
production costs.

Resolution of the Negative Outlook could occur with
stabilization in operating performance and moderate debt
reduction, funded with proceeds from asset sales. Due to the
seasonality of the fresh produce business, near term evidence of
stabilization is expected. Additional downgrades of Dole's
ratings are possible if there is no noticeable improvement in
the company's credit measures or if there is a material change
in the company's capital structure.

Dole Food Company is the world's largest producer of fresh
fruit, fresh vegetables, and fresh-cut flowers. Approximately
55% of Dole's $6.2 billion in annual revenue is generated from
outside of the United States. Dole's operations are fully
integrated with the vast majority of growing, harvesting,
processing and packaging done in South America and the Far East.
56% of Dole's tangible assets are outside of the United States.
Dole's four operating segments and their 2006 contribution to
revenue are Fresh Fruit (65%), Fresh Vegetables (17%), Packaged
Foods (15%) and Fresh-Cut Flowers (3%). Operating profit for
Fresh Fruit was $108.3 million and for Packaged Foods was $91.4
million in 2006. Fresh Vegetables lost $7.3 million and Fresh-
Cut Flowers lost $57 million during the same period. Dole Foods
is 100% owned by its Chairman, David H. Murdock.

In Europe, the company maintains operations in Sweden, France,
Spain, Italy, Belgium, Austria and Germany.


GENERAL MOTORS: Carlyle & Blackstone Submit Final Bids, FT Says
---------------------------------------------------------------
General Motors Corp. received final bids from two parties for
its Allison Transmission business last week, including the
Carlyle Group, The Financial Times reports citing sources
familiar with the process.

A spokesperson for GM denied the claim stating that there is
more than one bidder left, FT says.

Blackstone was competing with Carlyle in the final bidding
round, a source close to the United Auto Workers was cited by
FT as saying.

The UAW has not yet approved any deal to sell Allison, a
source close to the union further told FT.

According to FT, a spokesperson for Blackstone declined
to comment while UAW officials could not be reached for
comment.

Last month, GM disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it is considering
measures to strengthen liquidity and focus on its core
business of designing, manufacturing, and selling cars and
light trucks globally.

Among other items, GM said it is currently discussing the
potential sale of its Allison Transmission business with a
number of potential buyers.

GM management believes that a sale of Allison Transmission
is probable, subject to union, regulatory, and other
approvals.

GM provided unaudited pro forma financial information
reflecting Allison Transmission's assets and liabilities
as held for sale as of March 31, 2007, and reporting its \
operations as discontinued for the three months ended
March 31, 2007 and 2006, and for the years ended
Dec. 31, 2006, 2005, and 2004.

A full-text copy of the pro forma financial information is
available for free at http://researcharchives.com/t/s?2038

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others.  It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative.

As reported in the Troubled Company Reporter on May 25, 2007,
Fitch Ratings downgraded General Motors Corporation's ratings
including the company's 'B/RR4' rated senior unsecured debt to
'B-/RR5'.  GM's Issuer Default Rating remains at 'B' and is
still on Fitch's Negative Rating Watch.


GENERAL MOTORS: Joins Ford & Chrysler in Labor Cost Cuts
--------------------------------------------------------
General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's
Chrysler Group are seeking unprecedented concessions from the
United Auto Workers union in a bid to narrow what they say is
a US$30-an-hour labor-cost disadvantage against Asian rivals
like Toyota Motor Corp. and Honda Motor Co., The Wall Street
Journal reports citing the automakers' executives as saying.

People familiar with the companies' 2019 plans told WSJ that all
three are united in believing they have no choice but to close
the $10 billion-a-year labor-cost gap between them and their
Asian competitors on cars and trucks built in the U.S.

According to the report, GM, Ford and Chrysler say they pay
union workers US$70 to US$75 an hour compared to Toyota and
other Asian auto makers' US$40 to US$45 an hour at their U.S.
plants.

"We need to eliminate most, if not all...like 80%" of the gap,
a senior automotive executive involved in labor planning said
in the report.  "It has to be gone by the end of the contract,
or doing business in the United States is unsustainable."

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others.  It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative.

As reported in the Troubled Company Reporter on May 25, 2007,
Fitch Ratings downgraded General Motors Corporation's ratings
including the company's 'B/RR4' rated senior unsecured debt to
'B-/RR5'.  GM's Issuer Default Rating remains at 'B' and is
still on Fitch's Negative Rating Watch.


M. FABRIKANT: Employs P. Solomon Company as Financial Advisor
-------------------------------------------------------------
M. Fabrikant & Sons Inc. and its affiliate, Fabrikant-Leer
International, Ltd., obtained from the U.S. Bankruptcy Court
for the Southern District of New York permission to employ
Peter J. Solomon Company as their financial advisor, nunc pro
tunc, to the bankruptcy filing.

P. Solomon will:

     a. familiarize itself to the extent it deems appropriate
        and feasible with the business, operations, properties,
        financial condition and prospects of the Debtors, and,
        to the extent relevant, any prospective buyer, it being
        understood that P. Solomon will, in the course of
        familiarization, rely entirely upon information supplied
        by the Debtors or other relevant parties, including the
        buyer and the Debtors' counsel, without assuming any
        responsibility for independent investigation of
        verification;

     b. assisit the Debtors in the preparation of descriptive
        information concerning the Debtors, based on information
        provided by the Debtors, teh reasonableness, accuracy
        and completeness of which information P. Solomon will
        not be required to investigate and about which the firm
        will express no opinion;

     c. review and analyze the business plans and financial
        projections prepared by the Debtors;

     d. evaluate the Debtors' liquidity needs, potential debt
        capacity and capitalization based on their projected
        earnings and cash flows;

     e. assist the Debtors with developing various financial
        models and projections to be used in conjunction with a
        transaction;

     f. assist the company with developing and presenting
        various reporting and informational requirements as may
        be required from time to time by its senior bank debt
        holders;

     g. advise and assist the Debtors in identifying and
        contacting
        potential transaction sponsors;]

     h. assist the Debtors in conducting presentations and due
        diligence meetings with prospective transaction
        sponsors;

     i. advise and assist the Debtors in developing a general
        strategy for accomplishing a transaction, as well as its
        form and structure;

     j. periodically advise the Debtors as to the status of
        dealings with any parties involved in a transaction and
        will advise and assist the Debtors in the course of its
        negotiations, execution and closing of any transaction;

     k. advise and assist management of the Debtors in making
        presentations to the Debtors' board of directors
        concerning general strategy and any proposed
        transaction;

     l. participate as an advisor to the Debtors in negotiating
        and implementing a transaction; and

     m. render other financial advisory services as may from
        time to time be agreed upon by P. Solomon and the
        Debtors.

The Debtors will pay P. Solomon:

     a. US$100,000 monthly advisory fee;

     b. reimbursement of all reasonable and actual out-of-pocket
        expenses; and

     c. commission-based fee based on either a restructuring,
        financing or sale transaction.

The Debtors assure the Court the P. Solomon does not hold or
represent an interest adverse to the estate, and that they are
disinterested persons.

The firm can be reached at:

               Peter J. Solomon Company
               520 Madison Avenue
               New York, NY 10022
               Telephone: (212) 508-1600
               Fax: (212) 508-1633
               http://www.pjsolomon.com/

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells & distributes diamonds and
jewelries.  Established in 1895, the Company is one of the
oldest diamond and jewelry wholesaler in the world, including
Japan, Canada, China, Thailand, Israel, Belgium and Italy.

The company and its affiliate, Fabrikant-Leer International,
Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  Alan D.
Halper, Esq., at Halperin Battaglia Raicht LLP, and Christopher
J. Caruso, Esq., at Moses & Singer, LLP, represent the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.


SOLUTIA INC: Court Sets July 10 Disclosure Statement Hearing
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New
York will convene a hearing on July 10, 2007, at 2:30 p.m.
to consider approval of the disclosure statement describing
Solutia Inc. and its debtor-affiliates' Amended Joint Plan of
Reorganization.

Objections are due on June 28, 2007, at 5:00 p.m. ET.

Under their proposed Amended Plan and procedures for soliciting
and tabulating votes on that Plan, the Debtors asked the Court
to establish the second business day after the entry an order
approving the Disclosure Statement as the record date for
purposes of determining which creditors are entitled to vote
on the Plan.

The Debtors propose that with respect to any transferred claim,
the transferee will be entitled to receive a solicitation
package and, if the claim holder is entitled to vote with
respect to the Plan, cast a ballot on account of the claim only
if (i) all actions necessary to effectuate the transfer of the
claim have been completed by the Record Date, or (ii) the
transferee files by the Record Date, the documentation required
by Bankruptcy Rule 3001(e) to evidence the transfer, and a sworn
statement of the transferor supporting the validity of the
transfer.

In the event a claim, other than a Noteholder Claim, is
transferred after the Record Date, the transferee will be bound
by any vote or election to participate in the rights offering,
as the case may be, made by the claim holder as of the Record
Date.  In the event a Noteholder Claim is transferred after the
Record Date, the transferee of the Noteholder Claim will be
bound by any vote made by the claim holder as of the Record
Date.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia has operations in Malaysia, China, Singapore, Belgium,
and Colombia.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  The Debtors' exclusive period to file a plan expires on
July 30, 2007.


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


SANMINA-SCI: Posts US$26.1 Million Net Loss in Second Quarter
-------------------------------------------------------------
Sanmina-SCI Corporation reported a net loss of US$26.1 million
for the second quarter ended March 31, 2007, compared with a net
loss of US$76.1 million for the same period ended April 1, 2006.
Sanmina-SCI reported revenue of US$2.61 billion, modestly down
from US$2.67 billion reported in the second quarter of fiscal
2006 ended April 1, 2006.

Operating income was US$14.7 million, compared to US$44.4
million in in the same period a year ago.   Gross profit was
US$137.7 million, compared to US$164.6 million in the 2006
quarter.

On a non-GAAP basis, which exclude charges or gains relating to
stock-based compensation expenses, restructuring costs,
integration costs, impairment charges for goodwill and
intangible assets, amortization expense and other infrequent or
unusual items, net income for the second fiscal quarter of 2007
was $793,000, compared to net income of US$30.5 million in the
2006 quarter.  Operating income was US$40.2 million or 1.5% of
revenue, compared to US$66.3 million, or 2.5% of revenue in the
same period a year ago.   Gross profit was US$139.2 million or
5.3% of revenue, compared to US$164.8 million, or 6.2% in the
2006 quarter.

Sanmina-SCI Corporation uses these non-GAAP measures to gauge
the company's core financial and operating performance.  This is
accomplished by eliminating certain financial items that are of
a non-recurring, unusual or infrequent nature or are not related
to the company’s regular, ongoing business.

Cash flow provided by operations was US$124.0 million for the
quarter ended March 31, 2007.

At March 31, 2007, the company reported US$664.1 million in cash
and cash equivalents.

"As previously announced, our second quarter revenues were below
expectations.  While the second quarter has historically been a
seasonally weak quarter for us, profitability was further
impacted by an unfavorable product-mix with a higher than
anticipated decline in demand from the communications and high-
end computing markets.  Demand in the third quarter continues to
be weaker than traditional levels, but we do see signs of
improvement that should contribute positively in the second half
of the calendar year," stated Jure Sola, chairman and chief
executive officer.

                        About Sanmina-SCI

Sanmina-SCI Corporation (NASDAQ: SANM) -- http://sanmina-
sci.com/ -- is an electronics contract manufacturer serving the
fastest-growing segments of the global electronics manufacturing
services (EMS) market.  Sanmina-SCI provides end-to-end
manufacturing solutions to large OEMs primarily in the
communications, defense and aerospace, industrial and medical
instrumentation, computer technology and multimedia sectors.
Sanmina-SCI has facilities strategically located in key regions
throughout the world.

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

                          *     *     *

As reported in the Troubled Company Reporter on June 8, 2007,
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to Sanmina-SCI Corp.'s US$600 million in
floating-rate notes, US$300 million of which mature in 2010 and
$300 million of which mature in 2014.


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


ALLIANCE ONE: Restating Results for First Three Quarters of 2007
----------------------------------------------------------------
Alliance One International Inc. is restating the first three
quarters of results for fiscal year 2007 to correct a cumulative
understatement of income tax expense.

For the quarter ended June 30, 2006, the two quarters ended
Sept. 30, 2006, and the three quarters ended Dec. 31, 2006, the
cumulative understatements are US$1.5 million, US$4 million and
$8.7 million, respectively.  The cumulative understatement
during these unaudited quarters, which management identified,
has not increased the company’s total expected cash taxes, and
as such will not have any net effect on liquidity. The company
plans to amend and restate its quarterly reports on Form 10-Q
for each of these periods, and to file its annual report on Form
10-K for fiscal year 2007 as soon as practicable.

The audit committee of the company's board of directors, upon
the recommendation of the company's management, has concluded
that the previously issued financial statements for the first
three quarters of fiscal year 2007 should no longer be relied
upon.  The company is currently evaluating but anticipates that
the errors constitute a material weakness or weaknesses in the
company’s internal controls over financial reporting.

Separately, the company is expecting to exceed its previous
underlying earnings guidance of US$0.25 to US$0.32 per share for
the fiscal year ended March 31, 2007.

                        About Alliance One

Based in Morrisville, North Carolina, Alliance One International
Inc. (NYSE: AOI) -- http://www.aointl.com/-- is a leaf tobacco
merchant.  The company has worldwide operations in Argentina,
Bangladesh, Brazil, Bulgaria, Canada, China, France, Indonesia,
Philippines, Malaysia, and Singapore.

                          *     *     *

Alliance One International Inc. continues to carry Moody’s
Investors Service's B2 long-term corporate family rating,
B1 bank loan debt rating, B2 senior unsecured debt rating,
Caa1 subordinated debt rating, and B2 probability-of-default
rating.  The ratings outlook is stable.

The company also carries Standard & Poor's B+ long-term foreign
and local issuer credit ratings.  The ratings outlook negative.


BOSTON SCIENTIFIC: Court Bars Motion to Disallow Some Claims
------------------------------------------------------------
Boston Scientific Corp.’s motions to dismiss some product-
liability claims against the company over implantable
heart defibrillators has been rejected by a federal court
judge, Reuters reports.

In his decision, the federal judge opined that Guidant Corp.,
which Boston Scientific bought last year, continued to sell
heart rhythm-management devices after learning of possible
defects, Reuters says.

"We are fully prepared to take the bellwether cases to trial
and remain confident that when juries look into the
individual facts, they will side with us," a Boston Scientific
spokesman was cited by Reuters as saying.

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

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its (P) Ba1 subordinated shelf and (P) Ba2 preferred stock
ratings under review for possible downgrade.  The rating action
reflects  Moody's expectation that, absent any material debt
reduction,  financial strength measures over the near term will
be below those identified for an investment grade company under
Moody's Global Medical Products & Device Industry Rating
Methodology.


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


BEMBERGCELL GMBH: Creditors Must Register Claims by June 29
-----------------------------------------------------------
Creditors of BembergCell GmbH have until June 29 to register
their claims with court-appointed insolvency manager
Horst Piepenburg.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         BembergCell GmbH
         Citadellstrasse 12
         40213 Duesseldorf
         Germany


BUCHER WERBEARTIKEL: Creditors Must Register Claims by July 2
-------------------------------------------------------------
Creditors of Bucher Werbeartikel GmbH  have until July 2 to
register their claims with court-appointed insolvency manager
Frank Raff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Frank Raff
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999

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

The Debtor can be reached at:

         Bucher Werbeartikel GmbH
         Talackerstr. 1
         89558 Boehmenkirch
         Germany


BUCKEYE TECH: Moody's Lifts Rating to B1 on Improved Performance
----------------------------------------------------------------
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.

The upgrade reflects the company's recent operating performance
and aligns the company's ratings with expected margins and
credit metrics over the intermediate term.  More importantly,
Moody's believes this level of improvement will be sustained;
therefore, the company's overall rating profile is more
representative of a B1 corporate family rating.

Ratings upgraded:

   -- Corporate family rating upgraded to B1 from B2;

   -- Probability of default rating upgraded to B1 from B2;

   -- US$70 million revolving credit facility upgraded to Ba1
      from Ba2, (LGD2, 10%);

   -- US$150 million secured term loan upgraded to Ba1 from Ba2,
      (LGD2, 10%);

   -- US$100 million 9.25% subordinated notes upgraded to B3
      from Caa1, (LGD5, 84%);

   -- US$150 million 8.0% subordinated notes upgraded to B3 from
      Caa1, (LGD5, 84%).

Ratings affirmed:

   -- US$200 million unsecured notes, B2, (LGD3, 48%).

In January of 2005, Moody's affirmed the company's B2 corporate
family rating and highlighted concerns with the company's
ability to sustain improvement in credit metrics.  Moody's
stated that the ratings would likely improve if the company's
adjusted leverage moderates below 5.0x, adjusted interest
coverage exceeds 2.0x, and adjusted retained cash flow to debt
surpasses 10% on a sustained basis.  Over the last few quarters,
Buckeye has demonstrated its ability to sustain these metrics
with stable operating performance, stable cash flows, and lower
debt levels.  Therefore a one notch upgrade to the corporate
family rating is warranted at this time.  Moody's anticipates
that the company will continue to sustain its current credit
metrics despite elevated input costs.  The main drivers
offsetting the impact of high input costs are the favorable
pricing in the fluff pulp sector, the company's focus on value-
added products to reduce exposure to its commoditized products,
and the expectation that excess free cash flow will be used to
reduce debt.

Buckeye generates debt protection measures that exceed its B1
rating.  The company also has an adequate liquidity profile,
enjoys a strong market position in niche markets within the
United States, and benefits from recent supply/demand discipline
in the chemical cellulose and fluff pulp market.  The ratings
also reflect the benefits provided by recent debt reduction and
restructuring efforts.  At the same time, the ratings are
tempered by the commodity focus and associated pricing
volatility of Buckeye's fluff pulp products, significant
competitive pressures, elevated input costs, and the expectation
that organic growth will continue to be somewhat limited.

The stable outlook reflects Moody's view that management will
continue to focus on increasing the percentage of value-added
products and that the company's EBITDA margins will likely
remain in the mid-teen range as the company continues to lower
debt levels.  As a result, Moody's believes that credit metrics
will continue to support the B1 corporate family rating.
Specifically, RCF/TD will be above 10% and Debt/EBITDA will
remain below 5.0x on an adjusted basis over the intermediate
term.  If the company improves operating performance due to a
greater percentage of revenues from more value-added products,
or the fluff pulp prices remain at peak levels longer than
expected, an upgrade could be considered.  Currently, factors
that are likely to restrict future ratings improvement are the
company's growth potential, high input costs, and volatile
raw material availability (cotton fiber).

A sustained deterioration in operating performance or liquidity,
due in part to an unexpected deterioration in fluff pulp
pricing, significant debt-financed acquisitions, or persistently
negative free cash flow would reflect negatively on the ratings
or outlook.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.


C-MAX EUROPE: Creditors Must Register Claims by June 22
-------------------------------------------------------
Creditors of C-MAX Europe GmbH have until June 22 to register
their claims with court-appointed insolvency manager Heike
Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Heike Metzger
         Hauptstrasse 161
         68259 Mannheim
         Germany
         Tel: 0621/4328899-0
         Fax: 0621/4328899-50

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

The Debtor can be reached at:

         C-MAX Europe GmbH
         Attn: Hans-Joachim Sailer, Manager
         Carl-Zeiss-Strasse 13
         74078 Heilbronn
         Germany


CAMPUS BIKE: Creditors Must Register Claims by Aug. 15
------------------------------------------------------
Creditors of Campus Bike GmbH & Co. KG have until Aug. 15 to
register their claims with court-appointed insolvency manager
Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: (07 8 41) 70 80

The District Court of Mannheim opened bankruptcy proceedings
against Campus Bike GmbH & Co. KGon June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Campus Bike GmbH & Co. KG
         Werner von Siemens Str. 22
         76694 Forst
         Germany


CB MEZZCAP: Erich Rhode insolvency Cues S&P's Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its ratings on the class D and
E notes issued by CB MezzCAP Limited Partnership, a German SME
CLO transaction.

At the same time, the class C notes were removed from
CreditWatch negative and affirmed, and the ratings on the
class A and B notes were affirmed.

The negative rating action follows the full review of the
transaction and takes into account the insolvency of Erich Rohde
KG as well as its impact on the structure.  Erich Rhode KG is a
German shoe manufacturer headquartered in Schwalmstadt-
Ziegenhain.  The company employs approximately 2,000 employees.

"Based on the most recent information available, we have to
assume that the insolvency of Erich Rohde KG will have a
considerable impact on the level of losses incurred by the
issuer under its participation right," said credit analyst
Viktor Milev. "Erich Rohde KG had issued a EUR15 million profit
participation right to CB MezzCAP and was the largest asset in
the transaction.  The default of the company triggered a
principal deficiency event in the transaction, and consequently
the EUR15 million exposure was credited to the principal
deficiency ledger."

"Whether or not a recovery will be achieved, and what the
potential level of that recovery could be, depends on the
further insolvency proceedings," Mr. Milev added.  "As of now,
we can only assume a minimal recovery rate due to the deeply
subordinated nature of the participation right and due to the
course of action pursued by the insolvency administrator, namely
an asset sale of the company.  We will continue to monitor the
insolvency proceedings and remain in close contact with the
financial adviser and transaction monitor to obtain the latest
information on the recovery process as it becomes available.  We
will conduct a further review of the transaction on disclosure
of the final recovery."

As of the latest reporting period, the PDL in the transaction
stood at EUR12.97 million.  In Standard & Poor's calculation,
the quarterly available excess spread in the transaction—
assuming no further defaults—amounts to approximately EUR1.1
million.  The actual clearance of the PDL will depend on the
recovery received and on the future portfolio performance.

Any further defaults would lead to a reduction of the available
excess spread and could put the ratings on the notes under
pressure.  Any recovery significant exceeding Standard & Poor's
current assumption would lead to an accelerated clearance of the
PDL and could support the ratings on the notes.

                       Ratings List

              CB MezzCAP Limited Partnership
            EUR199.5 Million Floating-Rate Notes

Ratings Removed From CreditWatch With Negative Implications and
Lowered

      Class                       Rating
                         To                  From
      -----              --                  ----
      D                  BBB-                BBB/Watch Neg
      E                  BB-                 BB/Watch Neg

Rating Removed From CreditWatch With Negative Implications and
Affirmed

      C                  A                   A/Watch Neg

Ratings Affirmed

      A                           AAA
      B                           AA


DAIMLERCHRYSLER AG: Thomas Sidlik Leaves Board of Management
------------------------------------------------------------
DaimlerChrysler AG disclosed the retirement of Thomas Sidlik,
member of the Board of Management.  Mr. Sidlik has been a member
of the Board since December 1998, and has been responsible for
Global Procurement & Supply since December 2003.  The retirement
of Mr. Sidlik becomes effective at the closing of the takeover
of the Chrysler Group by Cerberus Capital Management in the
third quarter.

There will no longer be a separate board of management position
for procurement after the realignment.  In the future, all
procurement activities will be directly coordinated between the
divisions.  Within the Board of Management, Bodo Uebber will
additionally assume overall responsibility for procurement.  Mr.
Sidlik will continue as Chairman of the Board of Trustees of
Eastern Michigan University in Ypsilanti, to which he was
elected in January 2007.  He was appointed to that Board by
Michigan Governor Jennifer Granholm in 2005.

"Mr. Sidlik has been committed to the success of DaimlerChrysler
since Day One of the merger,” Dieter Zetsche, Chairman of the
Board of Management of DaimlerChrysler AG and Head of Mercedes
Car Group, said.  “He has been a loyal and supportive Member of
the Board of Management.  Now, based upon the new management
concepts for the Chrysler Group and DaimlerChrysler, it is a
logical step that he leaves the Board.  This is a mutual and
agreeable decision by both."

Mr. Sidlik was born on November 14, 1949, in New Britain,
Connecticut.  He graduated from New York University in 1971 with
a Bachelor of Science degree with honors in Economics and
Finance and earned a Master of Business Administration in
Finance from the University of Chicago in 1973.  Mr. Sidlik
joined the Chrysler Corporation in 1980.

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.


DIA SERVICE: Creditors Must Register Claims by July 5
-----------------------------------------------------
Creditors of Dia Service Ruthardt Fotofachlabor GmbH have until
July 5 to register their claims with court-appointed insolvency
manager Inge Rall.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Aug. 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Inge Rall
         Neckarstr. 144-146
         70190 Stuttgart
         Germany
         Tel: 0711/120 900 00
         Fax: 0711/120 900 09

The District Court of Stuttgart opened bankruptcy proceedings
against Dia Service Ruthardt Fotofachlabor GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dia Service Ruthardt Fotofachlabor GmbH
         Attn: Mario Peixoto Marques Rodrigues, Manager
         Hasenbergstr. 31
         70178 Stuttgart
         Germany


DLC KORNWESTHEIM: Creditors Must Register Claims by July 9
----------------------------------------------------------
Creditors of DLC Kornwestheim GmbH & Co. KG have until July 9 to
register their claims with court-appointed insolvency manager
Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany
         Tel: 0711/966890

The District Court of Ludwigsburg opened bankruptcy proceedings
against DLC Kornwestheim GmbH & Co. KG on June 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DLC Kornwestheim GmbH & Co. KG
         Attn: Herbert Wolters, Manager
         Sigelstrasse 53
         70806 Kornwestheim
         Germany


GERRESHEIMER AG: IPO Completion Cues S&P to Lift Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Germany-based specialty packaging
supplier Gerresheimer AG and its fully owned subsidiary
Gerresheimer Holdings GmbH to 'BB' from 'B+'.

In addition, the senior unsecured debt rating on Gerresheimer
was raised by two notches to 'B+' from 'B-'.  At the same time,
all ratings were removed from CreditWatch, where they had been
placed with positive implications on May 14, 2007.  The outlook
is positive.

"The rating action reflects the successful completion of its IPO
with gross proceeds of EUR456 million, which will be principally
applied for high cost debt repayments, and the expected
improvement in credit measures," said Standard & Poor's credit
analyst Izabela Listowska.  At Feb. 28, 2007, Gerresheimer had
adjusted cash debt of about EUR1.03 billion, resulting in
adjusted cash debt to EBITDA of about 6.0x and funds from
operations to adjusted debt of less than 10% pro forma for the
acquisition of Wilden for the past 12 months ended Feb. 28,
2007.  On a pro forma basis for the acquisition of Wilden and
allowing for the IPO-related debt repayments, the ratios would
have been about 3.5x and about 20% for the past 12 months ended
Feb. 28, 2007, respectively.

"The group's operational performance is expected to continue
improving over the next few quarters, owing to several recently
completed operational and restructuring projects," said Ms
Listowska.  These included the closure of underutilized plants
and the subsequent transfer of manufacturing to low-cost
regions, the modernization of several operation facilities, and
the expansion of production capacities for fast-growing and
high-margin products.  Restructuring and operational gains, as
well as a material drop in interest charges on the back of the
debt restructuring related to the IPO should benefit the group's
free cash flow generation, which is expected to be positive from
2008.  Nevertheless, capital intensity is high in the sector,
with furnaces requiring periodic overhaul spending, which will
continue to burden operating cash flows.

"At the new rating level, the ratings on Gerresheimer reflect
the group's improved financial position, despite the still
aggressive financial profile, as well as ongoing aggressive
financial policy," said Ms Listowska.  Gerresheimer has made
four midsize to large-scale acquisitions since October 2005.
The ratings are constrained further by the group's exposure to
energy and raw material price fluctuations, although
Gerresheimer has the ability to largely pass on the rise in
natural gas and resin costs to customers.  These factors are
mitigated by the group's leading positions in largely
consolidated and growing pharmaceuticals and life science end
markets and good geographic diversification.  The
pharmaceuticals and life science market is characterized by
strong relationships and cooperation between suppliers and
customers that provide high barriers to entry--a situation that
has positive implications for the ratings on Gerresheimer.

"The positive outlook reflects Standard & Poor's expectations of
continued gradual improvement in Gerresheimer's operating
performance over the near to medium term, supported by benefits
from restructuring and operational projects, and prudently
managed further growth," said Ms. Listowska.  "This could
accommodate a higher rating in the medium term, if the group
applies prudent acquisition policies, allowing credit measures
to slightly improve on a sustainable basis."  For an upgrade of
the rating to 'BB+', Standard & Poor's would expect
Gerresheimer's adjusted FFO to debt and adjusted debt to EBITDA
to strengthen and remain at about 25% and 3.0x, respectively.
The absence of operating improvement or greater-than-expected
acquisition activity could lead to the outlook being revised to
stable.


KIRCHMEDIA GMBH: Founder Demands EUR1.6 Bln From Deutsche Bank
--------------------------------------------------------------
Leo Kirch, the former German media tycoon, has sued EUR1.6
billion (US$2.1 billion) in damages against Deutsche Bank and
its former chairman, Rolf Breuer, for allegedly abetting in the
2002 collapse of KirchMedia GmbH and its debtor-affiliates,
published reports say.

The state court in Munich has yet to set a date to hear Mr.
Kirch's request.

Citing a statement from the bank, the Associated Press says
Deutsche Bank dismissed the lawsuit and the financial demand as
unfounded.

"It is an attempt by Mr. Kirch to divert responsibility for the
collapse of the group," the bank said.

The suit came nearly 18 months after Germany's Federal Supreme
Court ruled that Deutsche Bank and Mr. Breur were partially
responsible for Kirch's troubles, the Daily Variety relates, and
that Mr. Kirch is legally entitled to compensation.

According to the report, the court ruled that Mr. Breuer
breached client confidentiality in a February 2002 interview, in
which he undermined Kirch's creditworthiness by implying that
banks would not lend the group any more money, AP reports.

When the group filed for bankruptcy two months after, Mr. Kirch
blamed the interview as having a direct effect on his ability to
raise needed financing, AP says.

                           About Kirch

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second-largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.


LIMBURGER OFFSETDRUCK: Creditors Meeting Slated for June 20
-----------------------------------------------------------
The court-appointed insolvency manager for Limburger Offsetdruck
GmbH, Volker Viniol, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on June 20.

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

         The District Court of Limburg
         Hall D 221
         Walderdorffstrasse 12
         65549 Limburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Sept. 20 at the same venue.

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

The insolvency manager can be reached at:

         Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Tel: 0711/23 88 90
         Fax: 0711/23 88 930
         Germany

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

The Debtor can be reached at:

         Limburger Offsetdruck GmbH
         Senefelderstr. 2
         65549 Limburg/Lahn
         Germany


LIOTEC GMBH: Creditors Must Register Claims by July 30
------------------------------------------------------
Creditors of Liotec GmbH have until July 30 to register their
claims with court-appointed insolvency manager Christian Hanz.

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

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Christian Hanz
         Bachstr. 5 - 7
         68165 Mannheim
         Tel: 0621/4400413
         Germany

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

The Debtor can be reached at:

         Liotec GmbH
         Baumgartenstr. 22
         76889 Pleisweiler-Oberhofen
         Germany


PROLOGTEC GUNDERMANN: Claims Registration Ends July 13
------------------------------------------------------
Creditors of ProLogTec Gundermann & Schirrmacher GmbH have until
July 13 to register their claims with court-appointed insolvency
manager Dr. Matthias Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Aug. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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. Matthias Schneider
         Dr.-Gustav-Heinemann-Str. 14
         90491 Nuernberg
         Germany
         Tel: 0911/2398350
         Fax: 0911/23983522

The District Court of Fuerth opened bankruptcy proceedings
against ProLogTec Gundermann & Schirrmacher GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ProLogTec Gundermann & Schirrmacher GmbH
         Steinacher Str. 4
         91593 Burgbernheim
         Germany


PRAZISIONS-VERBINDUNGSTECHNIK: Claims Registration Ends July 13
---------------------------------------------------------------
Creditors of Prazisions-Verbindungstechnik und Steuerungsbau
GmbH have until July 13 to register their claims with court-
appointed insolvency manager Gerhard Walterr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

        The District Court of Tuebingen
        Hall 208
        Second Floor
        Branch Office
        Schulberg 14
        72074 Tuebingen
        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:

        Gerhard Walter
        Beim Kupferhammer 5/4
        72070 Tuebingen
        Germany

The District Court of Tuebingen opened bankruptcy proceedings
against Prazisions-Verbindungstechnik und Steuerungsbau GmbH on
June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Prazisions-Verbindungstechnik und Steuerungsbau GmbH
         Eckbergstr. 18
         72135 Dettenhausen
         Germany


RICO TITZ: Claims Registration Ends July 23
-------------------------------------------
Creditors of Rico Titz Fliesen GmbH have until July 23 to
register their claims with court-appointed insolvency manager
Heiko Kratz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heiko Kratz
         Fregestrasse 29
         04105 Leipzig
         Germany
         Tel: 0341/462220
         Fax: 0341/4622279
         Email: ra.heikokratz@kanzlei-kratz.com.

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

The Debtor can be reached at:

         Rico Titz Fliesen GmbH
         Muehlweg 23
         04720 Zschaitz-Ottewig
         Germany


SCHIEDER MOEBEL: DZ Bank Blocks Loans & Demands EUR10 Million
-------------------------------------------------------------
German cooperative central bank DZ Bank has called for a EUR10
million settlement for its participation certificates in
Schieder Moebel Holding GmbH worth EUR50 million.

The bank has also blocked all of the company's loans, including
Goldman Sachs' final tranche of EUR7.5 million, which is part of
a EUR65 million bridging loan agreement between the bank and
Schieder Moebel, The Financial Times reports.

The TCR-Europe reported on April 25, 2007, that the company was
able to temporarily avert insolvency after its management,
creditors and bank lenders agreed on a EUR70 million bridging
loan.  Schieder needs up to EUR65 million in transition
financing to guarantee its liquidity.

This time, however, the furniture maker has two weeks in which
to file for insolvency.  The company's interim management has
disclosed that Schieder's accounts had been manipulated
systematically for years.  Four former managers, including the
company's founder Rolf Demuth, have been arrested, FT relates.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- is one of the leading furniture
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold after incurring debts of nearly EUR300 million
due to high capital costs.


SCHREINEREI LUDWIG: Claims Registration Ends July 11
----------------------------------------------------
Creditors of Schreinerei Ludwig GmbH have until July 11 to
register their claims with court-appointed insolvency manager
Jochen Hedderich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

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

The insolvency manager can be reached at:

         Jochen Hedderich
         Ground Floor 54
         Wertherstrasse 14 A
         35578 Wetzlar
         Germany
         Tel: 06441/94820
         Fax: 06441/948222
         E-mail: kanzlei@wsr-net.de

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

The Debtor can be reached at:

         Schreinerei Ludwig GmbH
         Lindenstrasse 39
         35684 Dillenburg-Frohnhausen
         Germany


SCHREINEREI SCHOMMER: Claims Registration Ends Aug. 10
------------------------------------------------------
Creditors of Schreinerei Schommer GmbH have until Aug. 10 to
register their claims with court-appointed insolvency manager
Jean-Olivier Boghossian.

Creditors and other interested parties are encouraged to attend
the meeting at 8:39 a.m. on Aug. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jean-Olivier Boghossian
         Kapellenstrasse 18
         66271 Kleinblittersdorf
         Germany
         Tel: 06805/9090
         Fax: 06805/909 100

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

The Debtor can be reached at:

          Schreinerei Schommer GmbH
          Saarbruecker Strasse 224
          66679 Losheim am See
          Germany


SEEGER ENERGY: Claims Registration Ends August 15
-------------------------------------------------
Creditors of Seeger Energy GmbH & Co. KG have until Aug. 15 to
register their claims with court-appointed insolvency manager
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on Aug. 29 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Henning Jung
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-mail: kassel@leonhardt-westhelle.eu

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

The Debtor can be reached at:

         Seeger Energy GmbH & Co. KG
         Attn: Ulrike Seeger, Manager
         Muendener Strasse 27
         34123 Kassel
         Germany


SG-METALLVERTRIEBS: Claims Registration Ends July 12
----------------------------------------------------
Creditors of SG-Metallvertriebs GmbH have until July 12 to
register their claims with court-appointed insolvency manager
Volker Schneider.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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:

         Volker Schneider
         Morianstrasse 3
         42103 Wuppertal
         Germany
         Tel: 0202/24 56 70
         Fax: 0202/24 56 722

The District Court of Wuppertal opened bankruptcy proceedings
against SG-Metallvertriebs GmbH on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SG-Metallvertriebs GmbH
         Dieselstrasse 45
         42579 Heiligenhaus
         Germany

         Attn: Dieter Klingenhagen, Manager
         Birther Strasse 3
         42549 Velbert
         Germany


SOLIA PALMER: Claims Registration Ends June 20
----------------------------------------------
Creditors of Solia Palmer GmbH have until June 20 to register
their claims with court-appointed insolvency manager Dr. Volker
Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/238890

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

The Debtor can be reached at:

         Solia Palmer GmbH
         Attn: Herr Martin Braun, Manager
         Max-Eyth-Str. 1
         71691 Freiberg/N
         Germany


SOLIDAHAUS GMBH: Claims Registration Ends July 30
-------------------------------------------------
Creditors of Solidahaus GmbH have until July 30 to register
their claims with court-appointed insolvency manager Stefano
Buck.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Aug. 28, 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 Rottweil
         Hall 004
         Branch Office Rottweil
         Ground Floor
         Koenigstrasse 20
         78628 Rottweil
         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:

         Stefano Buck
         Eisenbahnstr. 40
         78628 Rottweil
         Germany
         Tel: 0741/1746430
         Fax: 0741/1746440

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

The Debtor can be reached at:

         Solidahaus GmbH
         Attn: Volkmar Schwab, Manager
         Kopernikusstr. 3
         72175 Dornhan
         Germany


STABILITY CMBS 2007-1: Fitch Rates EUR28.2 Million Notes at BB
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to STABILITY CMBS
2007-1 GmbH's floating-rate notes due May 2019:

   -- EUR500,000 Class A+ (ISIN: DE000A0N30Z7): 'AAA';
      Outlook Stable

   -- EUR31,800,000 Class A (ISIN: DE000A0N3005): 'AAA';
      Outlook Stable

   -- EUR46,400,000 Class B (ISIN: DE000A0N3013): 'AA';
      Outlook Stable

   -- EUR30,500,000 Class C (ISIN: DE000A0N3021): 'A';
      Outlook Stable

   -- EUR30,400,000 Class D (ISIN: DE000A0N3039): 'BBB';
      Outlook Stable

   -- EUR28,200,000 Class E (ISIN: DE000A0N3047): 'BB';
      Outlook Stable

   -- EUR14,600,000 Class F (ISIN: DE000A0N3054): not rated

This transaction is the first synthetic securitisation of
commercial mortgage loans originated by IKB Deutsche
Industriebank AG (IKB, rated 'A+'/'F1'/ Outlook Stable).

The ratings reflect the characteristics of the reference
portfolio and the integrity of the legal and financial
structures. They also address the timely payment of interest on
the notes and the ultimate repayment of principal by final legal
maturity in May 2022.

The reference portfolio consists of 218 EUR- and CHF-denominated
mortgage loans originated by IKB with an aggregate current
balance of EUR909.18m. The loans are secured by first- and/or
subordinate- ranking mortgages on mainly German (89.9%) but also
on non-German commercial real estate. A large proportion of the
loans (around 44% by loan amount) are granted to non-bankruptcy
remote entities, which allow for recourse to the debtors' other
assets. By current aggregate balance, 88.8% of the loans bear
either a fixed interest rate or interest rate hedging agreements
to mitigate interest rate risk. The majority of the loans
(64.1%) are amortising, with the remaining 35.9% being bullet
loans. However, the transaction contains a replenishment
feature, allowing IKB to replenish amortised and pre-paid loan
amounts up to certain limits; The portfolio composition can
therefore change subject to the replenishment criteria.

The transaction structure is similar to the well-established
residential mortgage-backed PROVIDE programme of Kreditanstalt
fuer Wiederaufbau (KfW, 'AAA'/'F1+'/ Outlook Stable). IKB will
buy credit protection on the reference portfolio from KfW under
a bank swap. KfW will, in turn, hedge its exposure by entering
into a senior credit default swap and by issuing certificates of
indebtedness that will be purchased by STABILITY 2007-1 at
closing. STABILITY CMBS 2007-1 GmbH will, in turn, place its
assumed risk by issuing the Class A+ to F credit linked notes.


USENER LUFT-VAKUUM: Creditors' Meeting Slated for July 6
--------------------------------------------------------
The court-appointed insolvency manager for Usener Luft-Vakuum
GmbH, Bernd Ache, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
July 6.

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

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:15 a.m. on Aug. 20 at the same venue.

Creditors have until July 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bernd Ache
         Karl-Kellner-Ring 23
         35576 Wetzlar
         Germany
         Tel: 06441/94240
         Fax: 06441/42843
         E-mail: info@kanzlei-unuetzer.de

The District Court of Wetzlar opened bankruptcy proceedings
against Usener Luft-Vakuum GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Usener Luft-Vakuum GmbH
         Attn: Wolfgang Rudolf, Manager
         Wiesenstr. 3 - 5
         35641 Schoffengrund-Schwalbach
         Germany


VIDO WOHN: Creditors Must Register Claims by July 6
---------------------------------------------------
Creditors of VIDO Wohn- und Objektbau Gesellschaft mbH fuer
schluesselfertiges Bauen have until July 6 to register their
claims with court-appointed insolvency manager Markus
Stoppelkamp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Passau
         Meeting Hall 12a/EG
         Schustergasse 4
         Passau
         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:

         Markus Stoppelkamp
         Rosstranke 13
         94032 Passau
         Germany
         Tel: 0851/7568151
         Telefax: 0851/75681520

The District Court of Passau opened bankruptcy proceedings
against VIDO Wohn- und Objektbau Gesellschaft mbH fuer
schluesselfertiges Bauen on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         VIDO Wohn- und Objektbau Gesellschaft mbH fuer
         schluesselfertiges Bauen
         Hoerdterbergstr. 18
         94474 Vilshofen
         Germany


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


OAK HILL: Moody's Rates EUR24.5 Mln Class E Senior Notes at Ba3
---------------------------------------------------------------
Moody's assigned long-term credit ratings to these notes issued
by Oak Hill European Credit Partners II plc, an Irish special
purpose company:

   -- Aaa to the EUR70,000,000 Senior Secured Floating Rate
      Variable Funding Notes due 2023;

   -- Aaa to the GBP14,000,000 Class A-2 Senior Secured Floating
      Rate Notes due 2023;

   -- Aaa to the EUR40,000,000 Class A-3 Senior Secured Floating
      Rate Notes due 2023;

   -- Aaa to the EUR140,900,000 Class A-4 Senior Secured
      Floating Rate Notes due 2023;

   -- Aaa to the EUR20,000,000 Class A-5 Senior Secured Floating
      Rate Notes due 2023;

   -- Aa2 to the EUR37,000,000 Class B Senior Secured Deferrable
      Floating Rate Notes due 2023;

   -- A2 to the EUR19,500,000 Class C-1 Senior Secured
      Deferrable Floating Rate Notes due 2023;

   -- A2 to the EUR10,000,000 Class C-2 Senior Secured
      Deferrable Fixed Rate Notes due 2023;

   -- Baa2 to the EUR27,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2023;

   -- Ba3 to the EUR24,500,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2023.

The ratings address the expected loss posed to investors by the
legal final maturity date in August 2023.

These ratings are primarily based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The analysis of the foreign currency risk involved in the
      transaction;

   4. The expertise of Oak Hill Advisors (Europe), LLP as loan
      manager; and

   5. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a EUR450,000,000 portfolio of mostly European senior
and mezzanine loans (with a predominance of senior secured
loans).  This portfolio is dynamically managed by Oak Hill
Advisors (Europe), LLP.  This portfolio is partially acquired at
closing and and will be partially acquired during the 12 month
ramp-up period in compliance with portfolio guidelines (which
include, among other tests, a diversity score test, a weighted
average rating factor test and a weighted average spread test).
Thereafter, the portfolio of loans will be actively managed and
the investment adviser will have the option to direct the issuer
to buy or sell loans.   Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a multi-currency Variable Funding Note
that ranks together with the other Class A Notes.  It can be
drawn in Euros, Sterling, and also Swedish Krones.  Non-Euro
denominated advances will be used to purchase loans denominated
in the same Non-Euro currency.   Should such Non-Euro
denominated assets default, Non-Euro advances would not be fully
collateralized by Non-Euro denominated assets and therefore
Euro proceeds may need to be converted into the relevant Non-
Euro currency in order to redeem Non-Euro advances, thus
creating a foreign exchange risk exposure that is partially
mitigated by the use of options.  This currency risk has been
considered in Moody's analysis.

This is the second CLO transaction managed by Oak Hill Advisors
(Europe), LLP in Europe.


TRIAD HOSPITALS: Majority of Bondholders Tender Senior Notes
------------------------------------------------------------
Triad Hospitals Inc. disclosed that, in connection with its cash
tender offer and consent solicitation for any and all of its
outstanding (i) US$600 million aggregate principal amount of
7% Senior Notes due 2012 and (ii) US$600 million aggregate
principal amount of 7% Senior Subordinated Notes due 2013, as of
5:00 p.m., New York City time, on June 13, 2007, which was the
deadline for holders to tender their Notes in order to receive
the consent payment in connection with the Offers, it had
received tenders and consents from:

  a) holders of approximately US$587.3 million in aggregate
     principal amount of the Senior Notes, representing
     approximately 97.9% of the total outstanding principal
     amount of the Senior Notes, and representing the requisite
     number of consents to adopt the proposed amendments to the
     Senior Notes and the indenture governing the Senior Notes;
     and

  b) holders of approximately US$583.5 million in aggregate
     principal amount of the Senior Subordinated Notes,
     representing approximately 97.3% of the total outstanding
     principal amount of the Senior Subordinated Notes, and
     representing the requisite number of consents to adopt the
     proposed amendments to the Senior Subordinated Notes and
     the indenture governing the Senior Subordinated Notes.

Notes tendered and consents delivered prior to or after the
Consent Payment Deadline may not be validly withdrawn or
revoked, except under very limited circumstances.

The company expects to execute supplemental indentures to the
indentures governing the Notes in connection with the delivery
of the consents.  When executed, the supplemental indentures
will be effective, but the amendments to the indentures and the
Notes will not become operative unless and until the conditions
to the Offers have been satisfied or waived by the company and
the company has accepted for purchase tendered Notes.  If either
of the Offers are terminated or withdrawn, or the Notes are not
accepted for purchase for any reason, the applicable indenture
will remain in effect in its present form.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not withdrawn pursuant to the Offers
is subject to the satisfaction or waiver of certain conditions,
including, the satisfaction of all conditions to the
consummation of the merger under the previously announced merger
agreement among the company, Community Health Systems Inc. and a
wholly-owned subsidiary of CHS and consummation thereof, CHS or
an affiliate of CHS having issued up to US$3.365 billion of
debt, the company having sufficient available funds to pay the
total consideration with respect to all Notes and the receipt of
sufficient consents with respect to the proposed amendments to
the indentures and the Notes.

The Offer will expire at 12:00 midnight, New York City time, on
July 10, 2007, unless further extended or earlier terminated by
the company.  The company reserves the right to terminate,
withdraw or amend the Offer at any time subject to applicable
law. Except for the extension described above, the complete
terms and conditions of the Offer are set forth in the tender
offer documents which have been sent to holders of Notes.
Holders are urged to read the tender offer documents carefully.

Credit Suisse Securities (USA) LLC and Wachovia Securities have
been retained to act as Dealer Managers in connection with the
tender offer and consent solicitation.  Questions about the
tender offer and consent solicitation may be directed to Credit
Suisse at (212) 325-7596 (collect) or Wachovia Securities at
(866) 309-6316 (toll free) or (704) 715- 8341 (collect).  Copies
of the tender offer documents and other related documents may be
obtained from D.F. King & Co., Inc., the information agent for
the tender offer and consent solicitation, at (800) 769-7666
(toll free) or (212) 269-5550 (collect).

The tender offer and consent solicitation was made solely by
means of the tender offer documents.

                      About Triad Hospitals

Triad Hospitals Inc. (NYSE TRI) --
http://www.triadhospitals.com/-- through its affiliates, owns
and manages hospitals and ambulatory surgery centers in small
cities and selected larger urban markets.  The company currently
operates 54 hospitals (including one under construction) and 13
ambulatory surgery centers in 17 states and Ireland with
approximately 9,855 licensed beds.  In addition, through its QHR
subsidiary, the company provides management and consulting
services to independent general acute care hospitals located
throughout the United States.

                          *     *     *

As reported in the Troubled Company Reporter on March 22, 2007,
Standard & Poor's reported that its B+ corporate credit rating
on Triad Hospitals Inc. remains on CreditWatch with negative
implications, where it was originally placed on Feb. 5, 2007.


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


VARIETAL DISTRIBUTION: Provides Update on Tender Offers
-------------------------------------------------------
Varietal Distribution Merger Sub Inc. has determined the total
consideration and tender offer consideration, pursuant to its
cash tender offers and related consent solicitations in respect
of the securities:

   -- 8% senior subordinated notes due 2014 (Cusip No. 918437
      AD6), issued by VWR International Inc. will have a
      principal amount at maturity of US$320 million;

   -- 6-7/8% Senior Notes due 2011 (CUSIP NO. 918437 AB0),
      issued by VWR International Inc. will have a principal
      amount at maturity of US$200 million;

   -- Senior Floating Rate Notes (CUSIP No. 12513 BAC4),  issued
      by CDRV Investors will have a principal amount at maturity
      of US$350 million; and

   -- 9-5/8% Senior Discount Notes due 2015 (CUSIP No. 12513
      BAB6), issued By CDRV Investment Holdings Corporation will
      have a principal amount at maturity of US$481 million.

The total consideration for the Notes, payable in respect of
Notes accepted for payment that were validly tendered with
consents and not withdrawn on or prior to 5:00 p.m., New York
City time, on June 12, 2007, will be an amount equal to the
total consideration for each US$1,000 principal amount of Notes.

The tender offer consideration payable in respect of Notes
accepted for payment that are validly tendered subsequent to
5:00 p.m., New York City time, on June 12, 2007 but on or prior
to midnight, New York City time, on June 26, 2007, will be an
amount equal to the total consideration minus the applicable
consent payment.  In each case, holders whose Notes are accepted
for payment in the tender offers will receive accrued and unpaid
interest, as applicable, in respect of such purchased Notes from
the last interest payment date to, but not including, the
payment date for Notes purchased in the tender offers.

The total consideration and tender offer consideration for the
Notes under the terms of the tender offers, assumes a June 27,
2007 payment date.  The total consideration and tender offer
consideration for the Floating Rate Notes, specified in the
Offer to Purchase and Consent Solicitation Statement dated
May 30, 2007, and remain unchanged.

   -- for the 8% Senior subordinated notes due 2014 (CUSIP No.
      918437 AD6), the tender offer yield is 5.519%, total
      consideration of US$1,078.10, consent payment of US$30,
      the tender offer consideration is US$1,048.10;

   -- for the 6-7/8% Senior notes due 2012 (CUSIP No. 918437
      AB0), the tender offer yield 5.560%, total consideration
      of US$1,042.94, consent payment of US$30, the tender Offer
      consideration is US$1,012.94;

   -- for the Senior Floating rate notes due 2012 (CUSIP No.
      12513 BAC4), the tender offer yield is not applicable,
      total consideration is US$1,000, the tender offer
      consideration is US$970; and

   -- 9-5/8 Senior Discount notes due 2015 (CUSIP No. 12513
      BAB6), the tender offer yield is 5.5235%, total
      consideration of US$914.11, consent payment US$30, the
      tender offer is US$884.11.

The tender offers and consent solicitations were made in
connection with the Acquisition.  The Purchaser expects to
finance the tender offers using a portion of the net proceeds of
the financing transactions related to the Acquisition, including
borrowings under a new senior secured credit facility and the
issuance of new senior notes and senior subordinated notes.

The Purchaser's obligation to accept for purchase, and to pay
for, any series of Notes validly tendered in the tender offers
is subject to the satisfaction of certain conditions including,
among other things:

   a) there being validly tendered and not withdrawn at least a
      majority of the aggregate principal amount of the Notes of
      such series, the receipt of the requisite consents
      necessary to amend the applicable Indenture relating to
      such series of Notes; and

   b) the substantially concurrent consummation of the
      Acquisition and the completion of the related financing
      transactions, resulting in the receipt by the Purchaser of
      proceeds in an amount sufficient to refinance indebtedness
      of CDRV Investors that is otherwise required to be repaid
      pursuant to the terms of the merger agreement, each as
      described in more detail in the Offer to Purchase.

The Purchaser has retained Goldman, Sachs & Co. to serve as
Dealer Manager and Solicitation Agent and D.F. King & Co., Inc.
to serve as Information Agent and Depositary for the tender
offers and consent solicitations.

Requests for documents may be directed to D.F. King & Co.,
Inc. by telephone at (800) 431- 9643 (toll free) or (212) 269-
5550 (collect). Questions regarding the tender offers and
consent solicitations should be directed to Goldman, Sachs & Co.
by telephone at (800) 828-3182 (toll free) or (212) 357-0775
(collect).

                       About the Company

Headquartered in West Chester, Pennsylvania, Varietal
Distribution Merger Sub, Inc. fka VWR International –
http://www.vwr.com/-- is engaged in the distribution of
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America and Europe.  In Europe, VWR International maintains
operations in Austria, Belgium, Sweden, Ireland, Portugal,
Italy, Germany and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on June 11, 2007,
Moody's Investors Service assigned a B3 Corporate Family Rating
to Varietal Distribution Merger Sub Inc. (formerly VWR
International, Inc.).  Moody's will be withdrawing ratings
assigned to VWR International, Inc., CDRV Investors, Inc. and
CDRV Investment Holdings Corporation.  The ratings outlook is
stable.


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


ASAR-TRADE LLP: Proof of Claim Deadline Slated for July 13
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Asar-Trade insolvent.

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

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


BESARYS LLP: Creditors Must File Claims July 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Besarys insolvent.

Creditors have until July 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ayagoz, Abai ave. 31-8
         East Kazakhstan
         Kazakhstan


BEST-COMPANY LLP: Claims Filing Period Ends July 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Best-Company insolvent.

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

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


CARGO LOGISTICS: Claims Registration Ends July 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Cargo Logistics Group insolvent.

Creditors have until July 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office Four
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


KAZINTERPOLIGRAPHY LLP: Creditors' Claims Due July 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kazinterpoligraphy insolvent.

Creditors have until July 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 321
         Baitursynov Str. 95
         Kostanai
         Kazakhstan


LUMEN-KZ LLP: Proof of Claim Deadline Slated for July 20
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Lumen-Kz insolvent.

Creditors have until July 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Chaplygin Str. 5
         Almaty
         Kazakhstan
         Tel: 8 701 744 68-21


MK ALTYN-BULAK: Creditors Must File Claims July 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Mk Altyn-Bulak insolvent.

Creditors have until July 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office Four
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


OZ-EL LLP: Claims Filing Period Ends July 20
--------------------------------------------
LLP Joint Kazakh-Turkish Enterprise Oz-El has declared
insolvency.  Creditors have until July 20 to submit written
proofs of claims to:

         LLP Joint Kazakh-Turkish Enterprise Oz-El
         Dostyk ave. 40
         Almaty
         Kazakhstan


SEMEYTAU LLP: Claims Registration Ends July 18
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Semeytau insolvent.

Creditors have until July 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ayagoz, Abai ave. 31-8
         East Kazakhstan
         Kazakhstan


URDJAR LLP: Creditors' Claims Due July 18
-----------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Urdjar insolvent.

Creditors have until July 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Tel: 8 (3292) 50-97-23


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


AYAN TOWER: Creditors Must File Claims by July 20
-------------------------------------------------
LLC Ayan Tower (INN 02111200610086) has declared insolvency.
Creditors have until July 20 to submit written proofs of claim
to:

         LLC Ayan Tower
         K. Akiev Str. 66a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-92-31


NEW PARK: Proof of Claim Deadline Slated for July 20
----------------------------------------------------
LLC New Park has declared insolvency.  Creditors have until
July 20 to submit written proofs of claim to:

         LLC New Park
         Imanaliyev Str. 62
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 60-00-37


TREVERST LLC: Claims Filing Period Ends July 20
-----------------------------------------------
LLC Treverst has declared insolvency.  Creditors have until
July 20 to submit written proofs of claim.

Inquiries can be addressed to (0-543) 82-68-52 or (0-503)
62-82-72.


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


RUSSIAN STANDARD: Moody's Rates US$350 Mln Senior Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to the US$350 million senior unsecured Loan
Participation Notes to be issued by Russian Standard Finance
S.A., a special purpose vehicle set up in Luxembourg with the
sole purpose of funding unsecured and unsubordinated loans to
the closed joint stock company, Russian Standard Bank.

The tenor of the notes will be 3 years.  The notes are being
issued under Russian Standard Finance S.A.'s medium-term note
program, which is extended to US$2.5 billion from US$1.5
billion.

The SPV will account to the Noteholders only for amounts
equivalent to principal and interest received from RSB under the
Loan Agreement.

The Ba2 rating of the Notes is based primarily on:

   -- The ability of RSB, the ultimate obligor in respect of
      payments under the Notes, to make timely payments of
      interest and ultimate payment of principal on the Loan.

   -- The charge and assignment of rights and interests by the
      SPV to the Trustee for the benefit of Noteholders under
      English law.

   -- The status of the Notes, which would qualify as senior
      unsecured debt of RSB as per Moody's classification.

Under the covenants of the issue, RSB shall not to enter into
any reorganization (such as a merger, accession, division,
separation or transformation), which would lead to a downgrade
of its ratings.  Also, RSB is obliged to maintain -- unless such
a requirement is waived -- a ratio of capital to risk-weighted
assets at a pre-specified level inversely related to RSB's
ratings.  Moody's notes that, while the likelihood of any
of the above covenants being triggered is relatively low, any
occurrence could potentially have adverse liquidity implications
for RSB and might exert additional downward pressure on its
ratings.

Russian Standard Finance S.A. is a special purpose company set
up in the Grand Duchy of Luxembourg for the purpose of issuing
loan participation notes.


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


HARBOURMASTER PRO-RATA: Fitch Rates EUR15 Million Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Harbourmaster Pro-
Rata CLO 3 B.V's issue of EUR612 million floating-rate notes due
2023.  The transaction, a European arbitrage collateralised loan
obligation (CLO), is a securitisation of primarily senior
secured loans and the 12th European CLO to be managed by
Harbourmaster Capital Limited.

   * EUR153 million Class A1-VF floating-rate notes: 'AAA'
   * EUR201.7 million Class A1-T floating-rate notes: 'AAA'
   * EUR95 million Class A2 floating-rate notes: 'AAA'
   * EUR52 million lass A3 floating-rate notes: 'AA'
   * EUR32 million Class A4 floating-rate notes: 'A'
   * EUR21.3 million Class B1 floating-rate notes: 'BBB'
   * EUR15 million Class B2 floating-rate notes: 'BB'
   * EUR42 million Class C subordinated notes: not rated
   * EUR15 million Class S1 combination notes: 'AAA'
   * EUR10 million Class S4 combination notes: 'A-' (A minus)

The final ratings are contingent on a satisfactory review of
final documentation.

The expected ratings are based on the credit enhancement
provided to the various Classes of notes, structural protection
covenants, excess spread and the legal structure. Credit
enhancement in the form of subordination for the Class A1 notes
will total 40.69%, and will be provided by the Class A2
(15.89%), Class A3 (8.7%), Class A4 (5.35%), Class B1 (3.56%),
Class B2 (2.51%) and Class C subordinated notes (4.68%).  Some
of the EUR42 million proceeds from the subordinated notes will
be used to pay certain initial expenses of the issuer and will
therefore not be available as subordination.

The expected ratings of the Class A1 and A2 notes address the
ultimate repayment of principal at maturity and timely payment
of interest, according to the terms of the notes. The expected
rating on the Class S1 combination note is credit-linked to the
rating assigned to the sovereign debt of the French Republic and
addresses the ultimate return of principal and the timely
payment of the cash coupon. These payments can come from a)
interest and principal proceeds of the Class C component, b) the
repayment of the French OAT (Obligation Assimilable du Tresor)
strip component, and c) distributions from the cash collateral
account.

The expected ratings on the Class S4 combination notes addresses
the ultimate payment of principal from funds received on its
components, according to the terms of the notes. For all other
rated Classes of notes, the expected ratings address the
ultimate payment of principal and interest, including any
deferred interest, at maturity, according to the terms of the
notes.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands. The net proceeds from the
note issuance will be used to purchase a portfolio of at least
EUR598 million of primarily European senior secured loans and to
fund certain initial expenses.

From the closing date, the issuer may invest up to 15% of the
portfolio notional in non-euro obligations denominated in an
"applicable currency" if these obligations are revolvers or
delayed draw down loans, and denominated in GBP or USD if these
are term loans. These assets will be naturally hedged by a
corresponding drawing in the same currency on the multi-currency
Class A1-VF notes. However, in certain situations, this natural
hedge will not fully cover the FX risk. The scenarios under
which this may occur and the mitigating factors to such risks
are described in the presale report, which will shortly be
available on the agency's website, www.derivativefitch.com. In
addition, the issuer may purchase a further 15% of non-euro
obligations that will be asset-swapped with one of the hedging
counterparties.

The expected ratings also take into account the quality and
diversity of the portfolio of assets, which are selected by the
collateral manager, Harbourmaster Capital Limited, subject to
the guidelines outlined in the collateral management agreement.
The guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Harbourmaster Capital Limited's CDO Asset Manager Rating of
'CAM2' for leveraged loans was affirmed in November 2006, based
on the manager's strong credit underwriting and workout
experience.


X5 RETAIL: Issuing RUR9 Billion Bonds in July 2007 First Half
-------------------------------------------------------------
X5 Retail Group N.V. has decided to issue its first tranche of
rouble bonds in the first half of July 2007.

The rouble bonds issue with a total nominal value of RUR9
billion has a seven-year maturity and will offer semi-annual
coupon payments.  The issue of rouble bonds is accompanied by
the issue of a three-year period offer for earlier redemption of
the rouble bonds at 100% of the nominal value.

The organizers of the rouble bonds issue are OAO Bank VTB and
ZAO Raiffeisenbank Austria.

Simultaneously, as part of the integration of treasury
operations at Pyaterochka and Perekrestok chains, the management
of X5 Retail Group has decided to optimize the existing
borrowings of the companies comprising X5 Retail Group N.V.  As
a result, the proceeds from rouble bonds issue will be used for:

   -- repurchase and early redemption of the first and
      second tranches of rouble bonds of OOO Pyaterochka
      Finance (reg. #4-01-36081-R, #4-02-36081-R) with
      a total nominal value of RUR4.5 billion with
      subsequent liquidation of the legal entity
      OOO Pyaterochka Finance;

   -- early redemption of the first tranche of ZAO Trade House
      Perekrestok rouble bonds (reg. #4-01-09698-H) with a total
      nominal value of RUR1.5 billion; and

   -- expansion of X5 Retail Group N.V. retail chain.

The repurchase of the first and second tranches of rouble bonds
of OOO Pyaterochka Finance will take place on July 9, 2007 in
accordance with the conditions specified in the public
irrevocable offer, which will be published in the near future.
The agent for the repurchase will be ZAO Raiffeisenbank Austria.
The repurchase price for the first tranche of OOO Pyaterochka
Finance rouble bonds will be 109.30% of nominal value plus
accumulated coupon income, for the second tranche of OOO
Pyaterochka Finance rouble bonds - 104.55% of nominal value plus
accumulated coupon income.

Early redemption of ZAO Trade House Perekrestok rouble bonds
will be done on July 12, 2007 through repurchasing under offer
and price will be 100% of nominal value.

“During last twelve months X5 Retail Group N.V. has focused on
integrating the business processes of combined Company,”  X5
Retail Group Treasurer Dmitry Milshtein.  “As part of this, the
Company has restructured its borrowings portfolio and has
refinanced all borrowings of the Pyaterochka chain.  The final
step in the restructuring will be the repurchase and early
redemption of Pyaterochka and Perekrestok rouble bonds.
Simultaneously, new rouble bonds of X5 Retail Group, with higher
quality than previous, will be offered to the market.”
“As part of its financial strategy for 2007, X5 Retail Group
issues the first tranche of new rouble bonds that will enable us
to simplify our borrowings structure, decrease costs of debt
servicing, increase brand loyalty among professional investors,
as well as provide the Company with additional resources to fund
further growth.  At the same time, to further  strengthen its
reputation in long-term relationships with investors, X5 is
offering to repurchase all its old rouble bonds on attractive
terms,” X5 Retail Group CFO Vitaliy Podolskiy.

                        About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.x5.ru/en/-
- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                        *     *     *

In April 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the corporate families in the
Transportation Services, Services, Homebuilding and Building
Products, Chemical, Retail and Apparel and Restaurants,
Wholesale Distribution, and Other sectors,  Moody's Investors
Service confirmed its B1 Corporate Family Rating for X5 Retail
Group N.V.

Moody's also assigned a B1 probability of default rating to the
company.

In August 2006, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Pyaterochka Holding
N.V., the owner of Russia's largest grocery retail network.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale ratings on
Pyaterochka's guaranteed operating subsidiary OOO Agrotorg.


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


BASKOVSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by June 26
----------------------------------------------------------------
Creditors of OJSC Baskovskiy Wood-Prom-Khoz have until June 26
to submit proofs of claim to:

         L. Vlasova
         Temporary Insolvency Manager
         Kombaynerov Str. 34
         614036 Perm
         Russia

The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A50-4920/3007-B5.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC Baskovskiy Wood-Prom-Khoz
         Lineynaya Str. 68
         Gremyachinsk
         618270 Perm
         Russia


BAYKAL-INVEST LLC: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of LLC Baykal-Invest (TIN 3808072072) have until
June 26 to submit proofs of claim to:

         O. Lukina
         Temporary Insolvency Manager
         Post User Box 165
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene on July 25 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A19-4604/07-37.

The Court is located at:

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

The Debtor can be reached at:

         LLC Baykal-Invest
         Dek. Sobytij Str. 103a
         664047 Irkutsk
         Russia


BRISTOW GROUP: Completes US$300 Million Private Bond Placement
--------------------------------------------------------------
Bristow Group Inc. has closed its private offering of US$300
million of senior notes due 2017.  The notes priced at par and
will carry an interest rate of 7-1/2%.

The company intends to use the net proceeds from the offering to
fund additional aircraft purchases under options and for general
corporate purposes.  Interest is payable on March 15 and
September 15, beginning Sept. 15, 2007.

The notes will not initially be registered under the Securities
Act of 1933 or the securities laws of any state and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements under
the Securities Act and applicable state securities laws.  The
notes may be resold by the initial purchasers pursuant to Rule
144A and Regulation S under the Securities Act.

Headquartered in Houston, Texas, Bristow Group, Inc. --
http://www.bristowgroup.com-- (NYSE:BRS), fka Offshore
Logistics, Inc., provides helicopter transportation services to
the worldwide offshore oil and gas industry with operations in
the United States Gulf of Mexico and the North Sea.  The company
also has operations, both directly and indirectly, in offshore
oil and gas producing regions of the world, including Australia,
Brazil, China, India, Mexico, Nigeria, Russia and Trinidad.  The
company also provides production management services for oil and
gas production facilities in the United States Gulf of Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB' rating to
helicopter service company Bristow Group Inc.'s US$250 million
senior notes due 2017.  At the same time, Standard & Poor's
affirmed the 'BB' corporate credit rating and all other ratings
on the company.  The outlook is negative.


KOLSKAYA INDUSTRIAL: Creditors Must File Claims by July 26
----------------------------------------------------------
Creditors of CJSC Kolskaya Industrial Company have until
July 26 to submit proofs of claim to:

         V. Tarasov
         Insolvency Manager
         3rd Kosmodemyanskoy 29
         183008 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A42-1215/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Kolskaya Industrial Company
         Stroitelnaya Str. 3
         Kola
         Murmansk
         Russia


KRASAVINSKIY FLAX: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of OJSC Krasavinskiy Flax Factory Named After V.
Gribanov have until June 26 to submit proofs of claim to:

         M. Zhiromskiy
         Insolvency Manager
         Room 26
         Torgovaya Square Str. 5
         160035 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A13-2685/2007.

The Court  is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         OJSC Krasavinskiy Flax Factory Named After V. Gribanov
         Sovetskiy Pr. 154
         Krasavino
         Vologda
         Russia


MAGNITOSTROY OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on OJSC Magnitostroy (TIN 7414000992).
The case is docketed under Case No. A76-5888/2006-48-20.

The Temporary Insolvency Manager is:

         A. Kuzmin
         Apartment 39
         Pervomayskaya Str. 8
         Magnitogorsk
         455000 Chelyabinsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Magnitostroy
         Gagarina Str. 50
         Magnitogorsk
         455000 Chelyabinsk
         Russia


MOROZOVSKIY ENERGY: Creditors Must File Claims by June 26
---------------------------------------------------------
Creditors of CJSC Morozovskiy Energy Complex have until June 26
to submit proofs of claim to:

         E. Kayurova
         Temporary Insolvency Manager
         Chaykovskogo Str. 27
         191028 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad will
convene at 2:00 p.m. on Sept. 18 to hear the company's
bankruptcy supervision procedure.  The case is docketed under
Case No. A56-7418/2007.


The Court is located at:

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

The Debtor can be reached at:

         CJSC Morozovskiy Energy Complex
         Chekalova Str. 3
         im.Morozova
         Vsevolzhskiy
         188679 Leningrad
         Russia


NATURAL FOOD: Krasnodar Bankruptcy Hearing Slated for Sept. 12
--------------------------------------------------------------
The Arbitration Court of Krasnodar will convene at noon on
Sept. 12 to hear the bankruptcy supervision procedure on CJSC
Natural Food Concentrates (TIN 2310100016).  The case is
docketed under Case No. A-32-6868/2007-1/222B.

The Insolvency Manager is:

         P. Yurin
         Office 34
         Ordzhonikidze Str. 27
         350000 Krasnodar
         Russia

The Court  is located at:

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

The Debtor can be reached at:

         CJSC Natural Food Concentrates
         Vokzalnaya Str. 4
         Agronom
         Dinskoj
         350018 Krasnodar
         Russia


NEVEL-AGRO-KHIM-SERVICE: Creditors Must File Claims by July 26
--------------------------------------------------------------
Creditors of OJSC Nevel-Agro-Khim-Service (TIN 6009000366) 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 Pskov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A52-516/2007.

The Debtor can be reached at:

         OJSC Nevel-Agro-Khim-Service
         Borki
         Nevelskiy
         Pskov
         Russia


NORTH SEA CJSC: Creditors Must File Claims by July 26
-----------------------------------------------------
Creditors of CJSC North Sea (TIN 5190302380) have until
July 26 to submit proofs of claim to:

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

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A42-1743/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC North Sea
         Prichal 28
         Tybnyj Port
         183038 Murmansk
         Russia


OMSK-TIRE-PERM: Perm Bankruptcy Hearing Slated for Aug. 27
----------------------------------------------------------
The Arbitration Court of Perm will convene at 10:45 a.m. on
Aug. 27 to hear the bankruptcy supervision procedure on LLC
Omsk-Tire-Perm.  The case is docketed under Case No. A50-3088/
2007-B-3.

The Insolvency Manager is:

         O. Kasyanov
         Post User Box 10680
         614097 Perm
         Russia
         Tel: (342) 236-39-33

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Omsk-Tire-Perm
         Office 1
         Solikamskaya Str. 273-A
         Popova Str. 11
         614600 Perm
         Russia


OSTROGOZHSKAYA DRYING: Creditors Must File Claims by July 26
------------------------------------------------------------
Creditors of LLC Ostrogozhskaya Drying Oil have until July 26 to
submit proofs of claim to:

         E. Tsutskikh
         Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A14-15073/2006-228/16b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ostrogozhskaya Drying Oil
         Privokzalnaya Str. 2
         Ostrogozhsk
         397800 Voronezh
         Russia


RENA CJSC: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of CJSC Rena have until June 26 to submit proofs of
claim to:

         L. Ryzhenko
         Insolvency Manager
         Office 88
         Lenina Pr. 63
         183038 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A42-1206/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Rena
         Severomorsk
         Murmansk
         Russia


ROSNEFT OIL: Budgets US$1.2 Bln to Build Offshore Project Ships
---------------------------------------------------------------
OAO Rosneft Oil Co. will spend around US$1.2 billion to
construct a fleet of ships to develop Russia's Far East shelf
oil deposits, RIA Novosti reports citing chief executive
Sergei Bogdanchikov.

Mr. Bogdanchikov, RIA Novosti relates, said the project
currently requires 27 ships, three of which are under
construction.

The chief executive said the whole project, which spans until
2020, will need a total of 49 oil platforms, 200 vessels and 81
tankers and will cost Rosneft around US$85 billion, RIA Novosti
says.

State-owned Rosneft estimates Russia's offshore reserves at
around 10 billion metric tons of oil and 34 trillion cubic
meters of natural gas, RIA Novosti relates.

The company owns a 20% stake in Sakhalin-I, one of Russia's
projects at the fuel-rich Sakhalin Island.  OAO Gazprom, another
state-owned firm, holds a controlling stake in the other
project, Sakhalin-II.

                           About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                             *   *   *

In a TCR-Europe report on Mar. 23, 2007, Fitch Ratings notes
that Rosneft's plans to borrow US$22 billion from a group of
eight banks in two credit arrangements of US$13 billion maturing
in 12 months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.

In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed
it from CreditWatch, where it had been placed with positive
implications on Nov. 15, 2006.  S&P said the outlook is
developing.


SEVERSTAL OAO: To Pay 2006 Dividends at RUR5 Per Share
------------------------------------------------------
At its Annual General Meeting on June 15, 2007, OAO Severstal
passed these resolutions:

1.elect A.A. Mordashov, M.V. Noskov, A.N. Kruchinin,
      V.A. Makhov, V.A. Shvetsov, Christopher Clark,
      Ronald Freeman, Peter Kraljic, Martin Angle, and
      Rolf Stomberg to the Board of Directors of OAO Severstal;

   2. approve the Annual Report, Annual Accounting
      Statements, including the Income Statement;

   3. allocate profit based on financial year results.
      Dividends for the 2006 results to be paid in the amount
      of RUR5 per one ordinary registered share.  Profit
      based on 2006 results not earmarked for the payment
      of dividends for the 2006 results shall not be allocated;

   4. elect (appoint) Alexey Alexandrovich Mordashov,
      Chief Executive Officer of  OAO Severstal, for a period
      of three years;

   5. approve OAO Severstal Charter (new version));

   6. approve the Regulations for OAO Severstal Board
of Directors (new version);

   7. elect Roman Ivanovich Antonov, Alexei Igorevich Guryev,
      and Sergei  Nikolayevich Fedoseyev to the OAO Severstal
      Inspection Commission;

   8. approve CJSC KPMG as OAO Severstal's Auditor; and

   9. approve the interested-party transaction between
      OAO Severstal and OAO Promishlenno-Stroitelniy Bank,
      PSRN 1027800000271 for the placement of temporarily
      surplus funds in deposit in the RF currency and foreign
      currency at an interest rate of no less than 3% per annum
      within the limits of the amount of RUR150 billion.

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

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

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


UNIVERSAL LLC: Irkutsk Bankruptcy Hearing Slated for Aug. 15
------------------------------------------------------------
The Arbitration Court of Irkutsk will convene at 11:30 a.m. on
Aug. 15 to hear the bankruptcy supervision procedure on LLC
Universal (TIN 3804026533).  The case is docketed under Case No.
A19-4058/07-60.

         A. Ilyin
         Insolvency Manager
         Post User Box 1779
         Bratsk-32
         665732 Irkutsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Universal
         Yuzhnaya Str. 14
         Bratsk
         Irkutsk
         Russia


VITTE LLC: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of LLC Vitte (TIN 3232036281) have until June 26 to
submit proofs of claim to:

         Y. Poliychuk
         Temporary Insolvency Manager
         Office 508
         Ilyinka Str. 5/2
         109012 Moscow
         Russia

The Arbitration Court of Moscow will convene on Aug. 28 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A40-1351/07-78-3 B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vitte
         Building 10
         Bakuninskaya Str. 71
         105082 Moscow
         Russia


X5 RETAIL: Issuing RUR9 Billion Bonds in July 2007 First Half
-------------------------------------------------------------
X5 Retail Group N.V. has decided to issue its first tranche of
rouble bonds in the first half of July 2007.

The rouble bonds issue with a total nominal value of RUR9
billion has a seven-year maturity and will offer semi-annual
coupon payments.  The issue of rouble bonds is accompanied by
the issue of a three-year period offer for earlier redemption of
the rouble bonds at 100% of the nominal value.

The organizers of the rouble bonds issue are OAO Bank VTB and
ZAO Raiffeisenbank Austria.

Simultaneously, as part of the integration of treasury
operations at Pyaterochka and Perekrestok chains, the management
of X5 Retail Group has decided to optimize the existing
borrowings of the companies comprising X5 Retail Group N.V.  As
a result, the proceeds from rouble bonds issue will be used for:

   -- repurchase and early redemption of the first and
      second tranches of rouble bonds of OOO Pyaterochka
      Finance (reg. #4-01-36081-R, #4-02-36081-R) with
      a total nominal value of RUR4.5 billion with
      subsequent liquidation of the legal entity
      OOO Pyaterochka Finance;

   -- early redemption of the first tranche of ZAO Trade House
      Perekrestok rouble bonds (reg. #4-01-09698-H) with a total
      nominal value of RUR1.5 billion; and

   -- expansion of X5 Retail Group N.V. retail chain.

The repurchase of the first and second tranches of rouble bonds
of OOO Pyaterochka Finance will take place on July 9, 2007 in
accordance with the conditions specified in the public
irrevocable offer, which will be published in the near future.
The agent for the repurchase will be ZAO Raiffeisenbank Austria.
The repurchase price for the first tranche of OOO Pyaterochka
Finance rouble bonds will be 109.30% of nominal value plus
accumulated coupon income, for the second tranche of OOO
Pyaterochka Finance rouble bonds - 104.55% of nominal value plus
accumulated coupon income.

Early redemption of ZAO Trade House Perekrestok rouble bonds
will be done on July 12, 2007 through repurchasing under offer
and price will be 100% of nominal value.

“During last twelve months X5 Retail Group N.V. has focused on
integrating the business processes of combined Company,”  X5
Retail Group Treasurer Dmitry Milshtein.  “As part of this, the
Company has restructured its borrowings portfolio and has
refinanced all borrowings of the Pyaterochka chain.  The final
step in the restructuring will be the repurchase and early
redemption of Pyaterochka and Perekrestok rouble bonds.
Simultaneously, new rouble bonds of X5 Retail Group, with higher
quality than previous, will be offered to the market.”
“As part of its financial strategy for 2007, X5 Retail Group
issues the first tranche of new rouble bonds that will enable us
to simplify our borrowings structure, decrease costs of debt
servicing, increase brand loyalty among professional investors,
as well as provide the Company with additional resources to fund
further growth.  At the same time, to further  strengthen its
reputation in long-term relationships with investors, X5 is
offering to repurchase all its old rouble bonds on attractive
terms,” X5 Retail Group CFO Vitaliy Podolskiy.

                        About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.x5.ru/en/-
- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                        *     *     *

In April 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the corporate families in the
Transportation Services, Services, Homebuilding and Building
Products, Chemical, Retail and Apparel and Restaurants,
Wholesale Distribution, and Other sectors,  Moody's Investors
Service confirmed its B1 Corporate Family Rating for X5 Retail
Group N.V.

Moody's also assigned a B1 probability of default rating to the
company.

In August 2006, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Pyaterochka Holding
N.V., the owner of Russia's largest grocery retail network.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale ratings on
Pyaterochka's guaranteed operating subsidiary OOO Agrotorg.


YASINOVSKOYE OJSC: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of OJSC Yasinovskoye (TIN 6119006794) have until
June 26 to submit proofs of claim to:

         A. Semenyakov,
         Temporary Insolvency Manager
         Post User Box 3199
         344092 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A53-4519/07-S1-8.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Yasinovskoye
         Novaya Nadezhda
         Kujbyshevskiy
         346940 Rostov
         Russia


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


AYT CAJAGRANADA: S&P Rates EUR2 Million Class D Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR400 million floating-rate notes to be
issued by AyT CajaGranada Hipotecario I Fondo de
Titulizacion de Activos.

This will be the sixth securitization of Caja de Ahorros de
Granada's residential mortgage loans, and the first
securitization where it is the sole originator.  Before this
transaction, CAJA Granada participated in combined
securitizations where three or four originators were involved.

In this transaction, CAJA Granada will securitize part of its
growing residential mortgage-lending book.  The loans, mainly
originated in Andalucia, Catalonia, and Madrid, represent first-
ranking securities.

The reserve fund will be fully funded by a subordinated loan.
The transaction structure is similar to previous AyT
transactions, such as AyT Kutxa Hipotecario II and AyT Caja
Murcia Hipotecario II Fondo de Titulizacion de Activos.


                         Ratings List

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos
               EUR400 Million Floating-Rate Notes

             Class          Prelim.        Prelim.
                            rating         amount (Mil. EUR)
             -----          ------         -------
             A              AAA             363
             B              A                24
             C              BBB-             11
             D              BB-               2


INTERPUBLIC GROUP: Provides Update on SEC Investigation
-------------------------------------------------------
The Interpublic Group has disclosed a development in the
investigation being conducted by the staff of the Securities and
Exchange Commission into the company's restatements announced in
2002 and 2005.

The company has received a "Wells notice," which invites the
company to make a responsive submission before the staff makes a
final determination concerning its recommendation to the
Commission.  Under recently revised settlement procedures, such
a notice is now a prerequisite to settlement negotiations with
the Commission staff.

"Given our understanding of new procedures at the SEC, this
development is not unanticipated and we believe that it moves us
a step closer to resolution in this matter," said Interpublic
Chairman and CEO Michael I. Roth.  "We have been cooperating
with the commission since the outset of its investigation in
2002 and it is our intention to share our point of view
regarding settlement with them.  We look forward to a prompt
resolution to their deliberations."

           Background on 2002 and 2005 Restatements

The company has previously made the following statements –-
which continue to apply -– regarding its prior restatements and
the material weaknesses that gave rise to them.

In connection with the 2005 restatement, no current senior
management within the operating units or in the corporate group
acted inappropriately and those individuals who were found to
have done so at the local level have been separated from the
company. Also related to the 2005 restatement, the company has
reserved against media and vendor credits and is well on its way
to resolving those matters directly with its clients.  The
shortcomings in the company's control environment that led to
the 2002 restatement to address imbalances in intercompany
accounts did not involve the misuse of client funds.

"During the past few years, we have moved to the highest
standards of transparency and corporate governance," added Mr.
Roth, "We continue to be on track to complete remediation of our
control environment with the filing of our 2007 10-K."

                     About Interpublic Group

Based in New York City, Interpublic Group of Companies Inc.
(NYSE: IPG) -- http://www.interpublic.com/-- is one of the
world's leading organizations of advertising agencies and
marketing services companies.  Major global brands include
Draftfcb, FutureBrand, GolinHarris International, Initiative,
Jack Morton Worldwide, Lowe Worldwide, MAGNA Global, McCann
Erickson, Momentum, MRM Worldwide, Octagon, Universal McCann and
Weber Shandwick.  Leading domestic brands include Campbell-
Ewald, Carmichael Lynch, Deutsch, Hill Holliday, Mullen and The
Martin Agency.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, Panama, Spain, Thailand, the United States and
Venezuela, among others.

                         *     *     *

As reported in the Troubled Company Reporter on May 14, 2007,
Fitch Ratings has upgraded Interpublic Group's Issuer Default
Rating to 'BB-' from 'B'.  Approximately US$2.3 billion in total
debt as of March 31, 2007 is affected.  The Rating Outlook is
Stable.


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


ADMSC LLC: Creditors' Liquidation Claims Due July 20
----------------------------------------------------
Creditors of LLC DMSC have until July 20 to submit their claims
to:

         Roger Aregger
         Liquidator
         Am Bortli 8
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         LLC ADMSC
         Zurich
         Switzerland


DARBOMED JSC: Creditors' Liquidation Claims Due July 22
-------------------------------------------------------
Creditors of JSC Darbomed have until July 22 to submit their
claims to:

         Lisa Bollinger
         Liquidator
         Hegetsbergstr. 28
         8610 Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC Darbomed
         Uster ZH
         Switzerland


HEKELE HAUSTECHNIK: Creditors' Liquidation Claims Due July 31
-------------------------------------------------------------
Creditors of LLC HEKELE Haustechnik have until July 31 to submit
their claims to:

         Heinz Hekele
         Liquidator
         Innermattstrasse 4
         4334 Sisseln
         Laufenburg AG
         Switzerland

The Debtor can be reached at:

         LLC HEKELE Haustechnik
         Sisseln
         Laufenburg AG
         Switzerland


HOTEL PORTAL: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Hotel Portal on May 18.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Hotel Portal
         Gotthardstrasse 20
         6304 Zug
         Switzerland


IDEX TRADING: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Idex Trading on May 16.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Idex Trading
         Baarerstrasse 73
         6300 Zug
         Switzerland


KOSSAN EUROPE: Creditors' Liquidation Claims Due July 31
--------------------------------------------------------
Creditors of JSC Kossan Europe have until July 31 to submit
their claims to:

         Dr. Kilian Wunder
         Liquidator
         Steinenschanze 6
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Kossan Europe
         Thurnen
         Sissach BL
         Switzerland


MUSIG TREFF: Creditors' Liquidation Claims Due July 9
-----------------------------------------------------
Creditors of JSC Musig Treff WBH have until July 9 to submit
their claims to:

         Rolf Hiltebrand
         Liquidator
         Rennweg 1
         8184 Bachenbulach
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Musig Treff WBH
         Bulach ZH
         Switzerland


TIPTOP Z: Creditors' Liquidation Claims Due July 16
---------------------------------------------------
Creditors of LLC Tiptop Z have until July 16 to submit their
claims to:

         Dufourstrasse 63
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Tiptop Z
         Zurich
         Switzerland


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


AGRICULTURAL ROAD: Claims Filing Deadline Set June 20
-----------------------------------------------------
Creditors of Agricultural Road Building (code EDRPOU 04594396)
have until June 20 to submit their proofs of claim to:

         Sergey Malakhov
         Vinnica
         Keletskaya Str. 126/137
         Temporary Insolvency Manager

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/77-07.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural Road Building
         23100 Vinnica Ukraine
         Zhmerinka
         Barliaev Str. 2


EARTH LLC: Claims Filing Deadline Set June 20
---------------------------------------------
Creditors of Agricultural LLC Earth (code EDRPOU 03733045) have
until June 20 to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/76-07.

The Debtor can be reached at:

         Agricultural LLC Earth
         Lenin Str. 1
         Noskovtsy
         Zhmerinka District
         22112 Vinnica
         Ukraine


KHARKOV AGRICULTURAL: Claims Filing Deadline Set June 21
--------------------------------------------------------
Creditors of OJSC Kharkov Agricultural Machine-Technological
Station (code EDRPOU 30247371) have until June 21 to submit
their proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/29-04.


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

         Sergey Smilianets
         Liquidator
         Apartment 44
         Uritsky Str. 38
         Uman
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/5024.

The Debtor can be reached at:

         LLC KNK
         Bolshaya Sevastianovka
         Khristynivka District
         Cherkassy
         Ukraine


NADRA BANK: Fitch Assigns Upcoming Eurobond Expected B- Rating
--------------------------------------------------------------
Fitch Ratings assigned HSBC Bank Plc's upcoming issue of limited
recourse loan participation notes an expected Long-term 'B-' (B
minus) rating and an expected Recovery Rating 'RR4'.

The limited recourse notes are to be used solely for financing a
loan to Ukraine-based Open JSC Bank Nadra's, which is rated
Long-term Issuer Default 'B-', Outlook Stable, Short-term Issuer
Default 'B', Individual 'D/E' and Support '5' and has a Support
Rating Floor of 'B-'.  The final ratings on the bond are
contingent upon the receipt of final documentation conforming
materially to information already received.

The claims under the loan agreement will rank at least equally
with the claims of other senior unsecured creditors of Nadra,
save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Under Ukrainian law, the claims of retail depositors and account
holders rank above those of other senior unsecured creditors. At
end-2006, retail deposits and accounts represented a high 42% of
total liabilities, according to the bank's audited IFRS
accounts.

The loan agreement contains covenants restricting mergers and
disposals by Nadra and its material subsidiaries, as well as
transactions between the bank and its affiliates and certain
payments and distributions by the bank and its subsidiaries.  It
also contains a cross default clause and a 'negative pledge'
clause, the latter of which allows for a degree of
securitisation by Nadra.  In the event of any securitisation,
Fitch comments that the nature and extent of any over-
collateralisation would be assessed by the agency for any
potential impact on unsecured creditors.  Covenants also
prohibit the bank from entering into any transaction involving
aggregate consideration equal to or greater than USD1 million
unless such transaction or series of transactions is or are at a
fair market value.  Nadra must ensure full compliance with the
National Bank of Ukraine's minimum mandatory capital adequacy
requirement of 10%.

Fitch also notes that the draft prospectus contains an
additional clause specifying that the notes may be redeemed at
the option of the noteholders at their principal amount,
together with accrued interest to the date of redemption,
following the occurrence of a put event.  The latter is deemed
to have occurred if the bank's main shareholders (Vadim Pyatov,
Sergey Lagur, Tymoteusz Fleiszar and Igor Gilenko) cease to
beneficially own directly or indirectly more than 50% of the
voting stocks of Nadra, and if such an event results in a rating
being put on either Watch Negative list or downgraded or
withdrawn.

At end-2006, Nadra was the ninth-largest bank in Ukraine,
holding around 3.1% of system assets according to the NBU. It is
one of the leaders in point-of-sale lending in Ukraine.  Nadra's
shareholder structure is continuously evolving and at March 31,
2007 Nadra's four main shareholders (as listed above)
beneficially own an aggregate of 86.6% stake (including 31.4%
held by Nadra's CEO Igor Gilenko).  Foreign portfolio investors
jointly own 7.8%, including a 6.7% stake of East Capital fund.


ORADOVKA AGRICULTURAL: Claims Filing Deadline Set June 21
---------------------------------------------------------
Creditors of Oradovka Agricultural LLC (code EDRPOU 03794584)
have until June 21 to submit their proofs of claim to:

         Sergey Smilianets
         Liquidator
         Apartment 44
         Uritsky Str. 38
         Uman
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/5022.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Oradovka Agricultural LLC
         Oradovka
         Khristynivka District
         Cherkassy
         Ukraine


PODOLSKAYA ZARIA: Claims Filing Deadline Set June 20
----------------------------------------------------
Creditors of LLC Podolskaya Zaria (code EDRPOU 33400831) have
until June 20 to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/51-07.

The Debtor can be reached at:

         LLC Podolskaya Zaria
         Shevchenko Str.
         Movchany
         Zhmerinka District
         23154 Vinnica
         Ukraine


PROGRESS LLC: Claims Filing Deadline Set June 21
------------------------------------------------
Creditors of LLC Agricultural Firm Progress (code EDRPOU
30864419) have until June 21 to submit their proofs of claim to:

         Artem Oskorbin
         Liquidator
         Apartment 12
         Suprun Str. 7
         40011 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/47-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Firm Progress
         Marshaly
         Nedrygaylo District
         42133 Sumy
         Ukraine


SEED-SERVICE: Claims Filing Deadline Set June 21
------------------------------------------------
Creditors of LLC Agricultural Firm Seed-Service (code EDRPOU
13964254) have until June 21 to submit their proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/264.

The Debtor can be reached at:

         LLC Agricultural Firm Seed-Service
         Mirgorod
         Gogol Str. 176
         37600 Poltava
         Ukraine


SILIKATCHIK: Claims Filing Deadline Set June 21
-----------------------------------------------
Creditors of Silikatchik (code EDRPOU 22776385)have until
June 21 to submit their proofs of claim to:

         Vasily Kunashenko
         Liquidator
         Apartment 30
         Sheshukov Str. 10
         Shepetovka
         30400 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 5/95-B.

The Debtor can be reached at:

         Slavuta
         Privokzalnaya Str. 1-a
         Silikatchik
         30000 Hmelnitsky
         Ukraine


VAVILON OJSC: Claims Filing Deadline Set June 21
------------------------------------------------
Creditors of OJSC Vavilon (code EDRPOU 22784953) have until
June 21 to submit their proofs of claim to:

         Vasily Kunashenko
         Liquidator
         Apartment 30
         Sheshukov Str. 10
         Shepetovka
         30400 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 5/96-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         OJSC Vavilon
         Slavuta
         B. Hmelnitsky Str. 144
         30000 Hmelnitsky
         Ukraine


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


ACTUANT CORP: Completes US$250 Million Private Bond Placement
-------------------------------------------------------------
Actuant Corporation has completed the private placement of
US$250 million aggregate principal amount of 6.875% Senior Notes
due 2017.  The Senior Notes were issued at a price of 99.607%,
to yield 6.93%.

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

Based in Butler, Wisconsin, Actuant Corp. (NYSE:ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries, including Brazil,
Korea and the United Kingdom.  The Actuant businesses are market
leaders in highly engineered position and motion control systems
and branded hydraulic and electrical tools and supplies. Since
its creation through a spin-off in 2000, Actuant has grown its
sales from US$482 million to over US$1.3 billion and its market
capitalization from US$113 million to over US$1.3 billion.  The
company employs a workforce of more than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on June 6,
2007,Standard & Poor's Ratings Services assigned its 'BB-'
rating to Actuant Corp.'s proposed US$250 million senior
unsecured notes due2017.  The proceeds from the notes will be
principally used to repay a portion of borrowings under the
company's senior credit facility due 2009.


AMAZON.COM: S&P Upgrades Corporate Credit Rating to BB
------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Amazon.com to 'BB' from 'BB-'.  The rating change is
based on the company's continued strong growth, maintenance of
its good market position, and improved credit protection
metrics.

The outlook is stable.

"The ratings on Seattle, Washington-based Amazon.com, one of the
world's largest online retailers, reflect the risks of rapid
growth, participation in the mature and highly competitive
retail industry, and continued operating margin deterioration,"
said Standard & Poor's credit analyst David Kuntz, "tempered by
the company's market position in online retailing and improving
cash flow protection measures."  We could consider a positive
outlook if Amazon is able to show gains in operating performance
with commensurate improvement in cash flow measures and a
further reduction in debt leverage.

Based in Seattle, Wash., Amazon.com, Inc. (Nasdaq: AMZN) a
Fortune 500 company, opened on the World Wide Web in July 1995
and offers Earth's Biggest Selection.  Amazon.com seeks to be
Earth's most customer-centric company, where customers can find
and discover anything they might want to buy online, and
endeavors to offer its customers the lowest possible prices.
Amazon.com and other sellers offer millions of unique new,
refurbished and used items in categories such as health and
personal care, jewelry and watches, gourmet food, sports and
outdoors, apparel and accessories, books, music, DVDs,
electronics and office, toys and baby, and home and garden.
Amazon.com and its affiliates operate retail sites
http://www.amazon.com/, http://www.amazon.co.uk/,
http://www.amazon.de/, http://www.amazon.co.jp/,
http://www.amazon.fr/, http://www.amazon.ca/ and
http://www.joyo.com/. The company has fulfillment centers in
Japan and China.  Other office locations include those in
Germany, India, and the United Kingdom.


AMERICAN GREETINGS: Moody's Holds Ba1 Rating on Low Growth Rates
----------------------------------------------------------------
Moody's Investors Service affirmed American Greetings
Corporation's Ba1 corporate family rating, but revised its
ratings outlook to stable from negative.

Moody's also affirmed the ratings on the company's senior
secured credit facilities and senior unsecured notes.  The
ratings outlook revision reflects the company's stronger than
expected cash flows, despite significant investments to support
its strategic card initiative and additional scan-based trading
rollouts.

As a result, the company's credit metrics exceeded the amounts
Moody's had stipulated in May 2006 as conditions for revising
the outlook to stable (debt to EBITDA below 3.0 times and free
cash flow to debt above 10%).  The outlook revision also
reflects the recent reduction in the delay draw term loan
commitment to US$100 from US$300 million, which Moody's views as
more conservative financial policy given the facility was put in
place, in part, to support share repurchases.

While no ratings changed as a result of the reduction in the
delay draw term loan commitment, the LGD point estimate on the
senior secured credit facilities was revised to LGD 2, 21% from
LGD 2, 28% reflecting the increased proportion of subordinated
debt in the capital structure.  Moody's also revised the point
estimate on the senior unsecured notes to LGD5, 75% from LGD5,
81%.

Ratings Affirmed:

   -- Corporate family rating at Ba1;

   -- Probability-of-default rating at Ba1;

   -- US$350 million guaranteed senior secured revolving credit
      facility due 2011 at Baa3 (LGD2, 21%);

   -- US$100 million guaranteed senior secured delay draw term
      loan facility due 2013 at Baa3 (LGD2, 21%);

   -- US$200 million senior unsecured notes due 2016 at Ba2
      (LGD5, 75%);

   -- US$22.7 million senior unsecured notes due 2028 at Ba2
      (LGD5, 75%).

American Greetings' Ba1 corporate family rating is primarily
driven by the significant business risks inherent in the
greeting card industry that is characterized by low or declining
growth rates, weak consumer branding, strong competition, and
increased retailer bargaining power that is driven by
consolidation.

In Moody's view, the company's current investment grade-like
credit metrics are not sufficient to offset these business
risks.  The rating also considers the company's financial policy
(given its appetite for material share repurchases) which we
continue to view as aggressive.  Notwithstanding these concerns,
the rating is supported by the company's leading and stable
market position in the U.S. greeting card industry with
approximately 30% to 35% market share (and a stronger position
with mass merchandisers), its over 100-year operating history,
the predictable demand for its products, and long-standing
relationships with retail customers.  Additionally, the
company's long-term contracts and scan-based trading systems
provide a meaningful barrier to entry.

The stable outlook reflects Moody's expectation that American
Greetings will maintain its solid debt protection measures, and
begin to realize measurable benefits from its strategic card
initiative.  It also anticipates that the company will mostly
fund future share repurchases with internally generated cash
flows while only experiencing moderate declines in revenues,
such that debt to EBITDA remains below 3.0 times, EBITA
interest coverage exceeds 3.5 times, and free cash flow to debt
is sustained in the mid-teen levels.

Cleveland, Ohio-based American Greetings Corporation (NYSE: AM)
-- http://corporate.americangreetings.com/-- manufactures
social expression products.  American Greetings also
manufactures and sells greeting cards, gift wrap, party goods,
candles, balloons, stationery and giftware throughout the world,
primarily in Canada, the United Kingdom, Mexico, Australia, New
Zealand and South Africa.


ASA PRINTERS: Claims Filing Period Ends June 30
-----------------------------------------------
Creditors of ASA Printers (North West) Ltd. have until June 30
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims and the names and
addresses of their solicitors (if any) to:

         Stephen Peter John White
         Liquidator
         White & Co.
         20 Cornhill
         Lincoln
         LN5 7HB
         England

Stephen Peter John White of White & Co. was appointed liquidator
of the company on May 22 by resolutions of members and
creditors.


BAUSCH & LOMB: Warburg Pincus Buyout Raises Fears on Outsourcing
----------------------------------------------------------------
In an effort to get out of the public spotlight after federal
regulators identified Bausch & Lomb lens cleaner ReNu with
MoistureLoc as the alleged root cause of a potentially blinding
fungal infection, the company has accepted a US$4.5 billion bid
from New York City-based private equity player Warburg Pincus.

Bausch & Lomb is one of the largest employers in Rochester, New
York, and has been at the forefront in that city in
demonstrating a commitment to workplace diversity and creating
jobs with quality benefits, thus the buyout raises concerns
about possible layoffs or moving manufacturing jobs out of the
area or offshore.

Warburg Pincus' connections and history give rise to these
concerns.  The firm is a major investor in India and China, and
has a majority stake in WNS, the largest offshore business
process company in India.  In 2002, after acquiring the Town and
Country Assistance, a U.K. insurance claims management company,
WNS moved some of the claims processing and network maintenance
work to India.

In defense of that move, Warburg Pincus executive Wolfe Strouse
told a Wharton interviewer, "We have seen tremendous
efficiencies from both the technology enablement and also from
the highly skilled labor in India ... I think you will see more
such arrangements, where control and strategic level remains
with the customer but the processing piece moves offshore."

The private equity buyout industry, armed with more than a
Half trillion dollars of capital, is engineering financial deals
that together are larger than the annual budgets of most of the
world's countries.  This financial juggernaut is generating
hefty returns to its investors, extraordinary riches for its
executives, and newly relevant questions about the impact of its
business practices on American workers, businesses, communities,
and the nation.

The Service Employees International Union has released a set of
principles designed to address the concerns of investors, the
public, and workers including:

   -- The buyout industry should play by the same set of rules
      as everyone else, including providing transparency and
      disclosure about their businesses, supporting equitable
      tax rates, and eliminating conflicts of interest and other
      potential abuses in their transactions;

   -- Workers should have a voice in the deals and benefit from
      their outcome; and

   -- Community stakeholders, including consumer organizations
      and the public, should have a voice in the deals and
      benefit from their outcome.

SEIU members participate in pension funds with more than US$1
trillion in assets, most of which invest 5 percent to 10 percent
of their assets in private equity. SEIU is a longtime advocate
of responsible corporate governance practices and an active
member of the Council of Institutional Investors, an
organization of more than 130 pension funds whose assets exceed
US$3 trillion.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.   In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                    Rating Agencies Take Action

As reported in the Troubled Company Reporter on May 28, 2007,
the Warburg Pincus Deal prompted Standard & Poor's Ratings
Services to lower its ratings on Bausch & Lomb and placed them
on CreditWatch with negative implications.  Among others, S&P
lowered the company's corporate credit rating to 'BB+' from
'BBB'.

According to S&P, even if the transaction is not consummated,
management's willingness to aggressively increase leverage to
this extent is not commensurate with an investment-grade rating.

Additionally, Moody's Investors Service said it will continue
its review of Bausch & Lomb's ratings for possible downgrade,
including the company's Ba1 Corporate Family rating.

Sidney Matti, an analyst at Moody's, stated that, "The review
for possible downgrade will focus primarily on the company's
post-acquisition capital structure and the likelihood that BOL's
post-acquisition credit metrics would fall below the 'Ba' rating
category."

Furthermore, Fitch maintained its Negative Rating Watch on
Bausch & Lomb emphasizing that the transaction would
significantly increase leverage and likely result in a multiple-
notch downgrade.

Fitch also warns that the transaction would result in an Issuer
Default Rating of no higher than 'BB-'.


CASTLEGATE 279: Appoints Liquidators from Begbies Traynor
---------------------------------------------------------
Richard Albert Brock Saville and Peter A. Blair of Begbies
Traynor were appointed joint liquidators of Castlegate 279 Ltd.
on May 15 for the creditors' voluntary winding-up procedure.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Castlegate 279 Ltd.
         Glaisdale Drive East
         Nottingham
         NG8 4LX
         England
         Tel: 0115 929 9422


CNS SYSTEMS: Claims Filing Period Ends July 31
----------------------------------------------
Creditors of CNS Systems Ltd. (formerly BCS Computer Systems
Ltd.) have until July 31 to send in their full names and
surnames, their addresses and descriptions, full particulars of
their debts or claims and the names and addresses of their
Solicitors (if any) to:

         Raymond Stuart Claughton
         Liquidator
         Rushtons
         Merchant’s Quay
         Ashley Lane
         Shipley
         BD17 7DB
         England

Raymond Stuart Claughton of Rushtons was appointed liquidator of
the company on May 25.


CORONIS PLC: S&P Puts Junk Class F Ratings on Positive Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the class E and F
notes issued by Coronis (European Loan Conduit No. 8) PLC.  The
ratings on the class C and D notes are unaffected.

The transaction, which closed in December 2001, was originated
by Morgan Stanley & Co. International PLC (AA-/Positive/A-1+)
and is serviced and specially serviced by Morgan Stanley
Mortgage Servicing Ltd.  It was backed originally by 10 loans
with all properties located in the U.K.

The CreditWatch placements follow a special notice published by
MSMS announcing that the Conway loan has prepaid and the funds
will be allocated to the notes at the next interest payment date
in July 2007.  This loan had been in special servicing since
2003.

"As the Conway loan was the weakest loan in the transaction, we
would expect any upgrade of the classes placed on CreditWatch to
be material," said credit analyst Christina Pries.  "At the same
time, as the prepayment funds will be allocated to the notes
sequentially, this will improve the levels of credit enhancement
available to the relevant classes of notes and the LTV ratios
for all classes."

After the prepayment, the only loan remaining in the transaction
will be the Readingview Nominees loan, secured by fixed- and
floating-charges over shareholdings and interest in the assets
of the Oracle L.P., which includes the Oracle retail center in
Reading.  This loan does not amortize and has a Standard &
Poor's LTV ratio of 51.2%.  It comprised 13.2% of the
transaction pool at closing.

Standard & Poor's will execute a more detailed transaction
analysis once the prepayment funds have been allocated to the
notes on the next IPD on July 25, 2007, to investigate whether
any or all of these notes can attain a higher rating.

                         Ratings List

            Coronis (European Loan Conduit No. 8) PLC
          GBP547.58 Million Commercial Mortgage-Backed
                       Floating-Rate Notes

     Ratings Placed On CreditWatch With Positive Implications

                                  Rating

      Class           To                           From
      ----            --                           ----
      E               BBB-/Watch Positive          BBB-
      F               CCC/Watch Positive           CCC


DROOGHI CLOTHING: Taps Gary Stones to Liquidate Assets
------------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of Drooghi
Clothing Ltd. on May 25 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Drooghi Clothing Ltd.
         16 High Street Arcade
         Cardiff
         CF10 1BB
         Wales
         Tel: 029 2023 0332


DURA AUTOMOTIVE: Wants to Amend Terms of US$300 Million DIP Loan
----------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates wants to
amend the terms to a US$300 million debtor-in-possession
financing entered on November 2006 to provide additional
financial flexibility and a stable environment while they
negotiate key elements of their Chapter 11 plan over ensuing
critical months.

                   DIP Agreements Amended

The Postpetition Credit Agreements approved by the U.S.
Bankruptcy Court for the District of Delaware entered into by
the Debtors with Goldman Sachs Capital Partners L.P., General
Electric Capital Corporation, and other lender parties contain
various covenants and provisions that were negotiated by the
Debtors in the weeks immediately preceding and following the
Oct. 30, 2006 petition date.  The relevant financial covenants
were based on a financial budget.  Given the relatively short
timeframe available to secure a much needed DIP financing, the
Debtors prepared the Original DIP Budget via an expedited 2007
annual planning process.

Since that time, the Debtors have completed a review and re-
forecast for 2007.  The Debtors and their advisers have
identified a host of additional operational restructuring
initiatives which, when combined with certain initiatives
identified before the Petition Date are projected to greatly
improve the Debtors' future financial performance.

The efforts from the combined operational restructuring
initiatives have already begun to materialize in the Debtors'
and their European and other foreign affiliates' recent
financial performance.  The Debtors' recently formulated five-
year business plan, which was developed on a "bottom-up" basis,
incorporates the expected improvements from the operational
restructuring initiatives.  The implementation of these
initiatives is expected to be complete by mid-2008.

The Debtors are targeting an emergence from Chapter 11 in the
late third quarter to early fourth quarter of 2007.  In addition
to their operational restructuring efforts, the Debtors are
currently pursuing a sale of their Atwood Mobile Products
Division, as well as rights offering to certain unsecured
creditors.

As such, the ensuing months represent the most critical period
in the Debtors' Chapter 11 restructuring process.  While the
Business Plan does not project a default under any of the
salient terms of the Postpetition Credit Agreements, the Debtors
seek to enter into amendments to the Agreements.

To that end, the Debtors have identified certain covenants and
provisions that must be modified to provide them with this
needed financial flexibility.  During the weeks leading up to
the filing of the motion, the Debtors and Miller Buckfire & Co.
LLC actively negotiated with the Postpetition Lenders to amend
the Postpetition Credit Agreements.  The DIP Amendments provide
for these adjustments:

   1. Minimum EBITDA Requirement -- Minimum Consolidated and
      Guarantor adjusted EBITBA requirements to be reduced for
      the fourth-month period from May 2007 to August 2007.  The
      existing threshold levels for September 2007 through
      December 2007 will remain unchanged.

   2. Non-Guarantor Receivable and Factoring and Sale-
      Leasebacks -- Baskets for permissible Non-Guarantor
      receivables factoring and sale-leaseback transactions to
      be combined.

   3. Limited Issuance of Non-Guarantor Letters of Credit --
      Authorize the non-Guarantors to obtain up to US$5,000,000
      in cash-collateralized letters of credit.  These letters
      of credit are not to be issued under the Postpetition
      Credit Agreements.

   4. Brazilian Funds Return -- Authorize the Debtors to return
      US$1,450,000 of funds received from a non-debtor Brazilian
      affiliate as a prepayment under an existing intercompany
      loan.  The Brazilian subsidiary made the prepayment on the
      loan in order to assist the Debtors with near-term cash
      management needs.  The funds are needed by the Brazilian
      subsidiary to fund previously identified capital budgeting
      activities, and will be transferred back to the Brazilian
      subsidiary through a new US$1,450,000 loan.

The DIP Amendments are a proactive measure to ensure the Debtors
a stable environment as they prepare to exit Chapter 11.  In
addition to the incremental headroom to be provided above
certain of the Debtor's financial covenant thresholds, the Non-
Guarantors will obtain additional financial flexibility,
consistent with their operational restructuring efforts.

In consideration for the covenant relief, the DIP Amendments
provide for an aggregate fee of up to US$300,000 to be paid to
the DIP Lenders if all of them timely support for the DIP
Amendments.  On June 18, 2007, the administrative agents to the
Postpetition Credit Agreements will tally the final voting
results from the DIP Lenders regarding the DIP Amendments.

                     About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia, namely in China, Japan
and Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FFIZZ COMMUNICATIONS: Claims Filing Period Ends Nov. 25
-------------------------------------------------------
Creditors of Ffizz Communications Ltd. have until Nov. 25 to
send in their names, their addresses and descriptions, full
particulars of their debts or claims, to:

         M. C. Hepworth
         Liquidator
         Hepworth Joyce Associates Ltd.
         Unit 2
         Clarke Hall Farm
         Aberford Road
         Wakefield
         WF1 4AL
         England

M. C. Hepworth of Hepworth Joyce Associates Ltd. was appointed
liquidator of the company on May 25 by resolutions of members
and creditors.


FLOORITE LTD: Names Liquidators to Wind Up Business
---------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of Floorite Ltd. (formerly Floor Rite Ltd.) on
May 24 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Floorite Ltd.
         Tower Street
         Coventry
         CV1 1JN
         England
         Tel: 024 7622 8866
         Fax: 024 7622 8866


GETTY IMAGES: Financial Filing Prompts S&P’s Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services said revised its CreditWatch
implications on Getty Images Inc. to positive from developing,
following the company's filing of its SEC 10-Q forms for its
first and third quarters, and its 2006 Form 10-K.  The corporate
credit rating on the company remains at 'B+'.

S&P originally placed the ratings on CreditWatch with developing
implications on Dec. 4, 2006, after the company had received
notices from bondholders that the delay of its third-quarter 10-
Q filing constituted an event of default.

"We will resolve the CreditWatch following a discussion with
management and an evaluation of the operating outlook," said
Standard & Poor's credit analyst Tulip Lim.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GIBBS AIR: Hires Liquidators from Shipleys LLP
----------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Shipleys LLP
were appointed liquidators of Gibbs Air Conditioning &
Ventilation Ltd. on May 18 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Gibbs Air Conditioning & Ventilation Ltd.
         Heathfield Farm
         Smarts Heath road
         Woking
         GU22 0RG
         England
         Tel: 01483 236 262


GRANDOPTION LTD: Appoints Liquidator from White & Co.
-----------------------------------------------------
Stephen P. J. White of White & Co. was appointed liquidator of
Grandoption Ltd. on May 25 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Grandoption Ltd.
         Habergham Mill
         Coal Clough Lane
         Burnley
         BB11 5BS
         England
         Tel: 01282 452 729
         Fax: 01282 414 851


GULF INTERNATIONAL: Fitch Affirms C Individual Rating
-----------------------------------------------------
Fitch Ratings affirmed Gulf International Bank's ratings at
Long-term Issuer Default 'A', Short-term Issuer Default 'F1',
Individual 'C' and Support '1'. The Outlook is Stable.  The
Support Rating Floor is unchanged at 'A'.

The Long- and Short-term Issuer Default and Support ratings
reflect the extremely high potential for support that GIB would
receive from its shareholders, if needed.  GIB's governmental
owners have the resources with which to support the bank and
have demonstrated their willingness to do so in the past.

The Individual rating reflects GIB's strong Gulf franchise,
consistent and increasing profitability as well as its good
asset quality. It also takes into account the improved
performance of GIB's principal operating subsidiary, Gulf
International Bank (UK) Ltd ('A'/Stable). The bank's merchant-
banking strategy in the Gulf Cooperation Council ("GCC")
countries allows it to benefit from regional economic growth.
This is reflected in GIB's profitability improvement, which has
been driven by higher revenues, better cost efficiency and lower
impairment charges. Returns remain lower than regional retail
banks', mainly due to a lower net interest margin, which is
constrained by a reliance on wholesale funding and its low-risk
securities portfolio.

Available-for-sale securities make up a large but decreasing
part of total assets (34% at end-2006). The quality of this
portfolio has been steadily improving: 97% was rated investment-
grade at end-2006. The loan book, on the other hand, has seen
its relative share of total assets increase in recent years (to
33% at end-2006). This has mainly come from the GCC countries,
which reflects the bank's regional merchant-banking strategy.
GIB is adequately capitalised. In Q107, the bank boosted its
capital with a USD500m rights issue. This increased the Fitch
eligible capital/weighted risk ratio to 10.8% at end-Q107.

Based in Bahrain, GIB provides commercial and investment-banking
services to corporate and institutional clients in the Gulf. It
is 72.5%-owned by the six member governments of the GCC:
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab
Emirates. The remaining shares are held by the Saudi Arabia
Monetary Agency.


ICONIX BRAND: Moody's Rates Proposed US$250 Mil. Sr. Notes at B3
----------------------------------------------------------------
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's proposed US$250 million convertible senior
subordinated note offering.

At the same time, Moodys' upgraded the company's probability of
default rating to B1 from B2 and upgraded ratings on the
company's US$212.5 million secured term loan facility to Ba2
from B1.  The rating outlook remains stable.  The ratings
assigned are subject to review of final documentation and no
material change in the terms and conditions of the transaction
as advised to Moody's.

The probability of default rating was upgraded to B1 from B2 as
the overall family recovery rate assumption used by Moody's is
now 50% as a result of the introduction of the senior
subordinated notes into the capital structure which previously
included only secured bank debt.  The upgrade to the secured
term loan rating reflects the improved probability of default
rating of B1 as well as a reduced loss given default point
estimate (to LGD2 -- 20% from LGD3 -- 35%) resulting from the
increase in junior debt in the company's capital structure.  The
B3 rating for the proposed convertible senior subordinated notes
reflects the probability of default rating of B1 as well as the
loss given default assessment of LGD5 -- 77%), which reflects
its subordination to existing secured term financings and
obligations of Iconix's operating subsidiaries.

These ratings have been upgraded, and assessments amended:

   -- Probability of Default Rating to B1 from B2

   -- US$212.5 million secured term loan to Ba2 (LGD2 -- 20%)
      from B1 (LGD3 -- 35%).

These ratings have been affirmed:

   -- Corporate Family Rating: B1

These new ratings have been assigned:

   -- US$250 million Convertible Senior Subordinated Notes -- B3
      (LGD5 -- 77%)

Based in New York, NY, Iconix Brand Group, Inc. owns, licenses
and markets a portfolio of consumer brands including
CANDIE'S(R), BONGO(R), BADGLEY MISCHKA(R), JOE BOXER(R),
RAMPAGE(R), MUDD(R), LONDON FOG(R), MOSSIMO(R), OCEAN
PACIFIC(R), DANSKIN(R) and ROCAWEAR(R).  The group has
international licensees in Mexico, Japan and the United Kingdom.


INCO LTD: Steelworkers Reach Tentative Agreement w/ Contractors
---------------------------------------------------------------
The United Steelworkers of Inco Limited said that a tentative
settlement for a first collective agreement has been reached
with Ushitau and TSI, two contractors whose employees provide
core work for CVRD-Inco Limited's Voisey's Bay Nickel.

If ratified by USW members, the agreement would end a strike
that began April 18 against TSI and April 23 against Ushitau.

                        About Inco Ltd.

Based in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- nka CVRD Inco Limited produces nickel,
which is used primarily for manufacturing stainless steel and
batteries.  Inco also mines and processes copper, gold, cobalt,
and platinum group metals.  It makes nickel battery materials
and nickel foams, flakes, and powders for use in catalysts,
electronics, and paints.  Sulphuric acid and liquid sulphur
dioxide are produced as byproducts.  The company's primary
mining and processing operations are in Canada, Indonesia, and
the U.K.

                         *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INNSWORTH BUILDING: Calls In Liquidators from Wilson Field
----------------------------------------------------------
Fiona Grant and Lisa Hogg of Wilson Field Ltd. were appointed
joint liquidators of Innsworth Building Contractors Ltd. on
May 24 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Innsworth Building Contractors Ltd.
         Tewkesbury Road
         Longford
         Gloucester
         GL2 9BE
         England
         Tel: 01452 502 102


JDI TRADE: Joint Liquidators Take Over Operations
-------------------------------------------------
Claire Louise Foster and Lisa Hogg of Wilson Field Ltd. were
appointed joint liquidators of JDI Trade Windows Ltd. on May 21
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         JDI Trade Windows Ltd.
         Southwick Industrial Estate
         Sunderland
         SR5 3TX
         England
         Tel: 0191 549 1474


LE QUEE: Robert Day Leads Liquidation Procedure
-----------------------------------------------
Robert Day of Robert Day and Co. Ltd. was appointed liquidator
of Le Quee Ltd. on May 29 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Le Quee Ltd.
         80 Vernier Crescent
         Medbourne
         Milton Keynes
         MK5 6FE
         England
         Tel: 01908 393 907
         Fax: 01908 692 966


LEOPARD CLO: Moody's Rates Three Note Classes at Low-B
------------------------------------------------------
Moody's assigned these ratings to the notes issued by Leopard
CLO V B.V., a Dutch special purpose company:

   -- Aaa to the EUR100,000,000 Multicurrency Senior Secured
      Floating Rate Variable Funding Notes due 2023;

   -- Aaa to the EUR168,000,000 Class A Senior Secured
      Floating Rate Notes due 2023;

   -- Aa2 to the EUR28,000,000 Class B Secured Deferrable
      Floating Rate Notes due 2023;

   -- A2 to the EUR13,000,000 Class C-1 Secured Deferrable
      Floating Rate Notes due 2023;

   -- A2 to the EUR7,000,000 Class C-2 Secured Deferrable Fixed
      Rate Notes due 2023;

   -- Baa3 to the EUR26,000,000 Class D Secured Deferrable
      Floating Rate Notes due 2023;

   -- Ba3 to the EUR13,000,000 Class E-1 Secured Deferrable
      Floating Rate Notes due 2023;

   -- Ba3 to the EUR3,000,000 Class E-2 Secured Deferrable
      Fixed Rate Notes due 2023;

   -- B2 to the EUR7,000,000 Class F Secured Deferrable
      Floating Rate Notes due 2023;

   -- A2 to the EUR5,000,000 Class K Combination Notes due
      2023;

   -- Baa3 to the EUR10,000,000 Class T Combination Notes due
      2023;

   -- A3 to the EUR5,000,000 Class W Combination Notes due
      2023.

The ratings address the expected loss posed to investors by the
legal final maturity date in 2023.

The rating assigned by Moody's to the Class K, T and W
Combination Notes address the expected loss posed to investors
by the legal final maturity date in 2023 as a proportion of the
Rated Balance, where the Rated Balance is equal, at any time, to
the principal amount of the Combination Notes on the Closing
Date minus the aggregate of all payments made from the Closing
Date to such date, either through interest or principal payments
to the Combination Notes.

These ratings are based upon:

   1. An assessment of the credit quality and of the
      diversification of the assets to be included in the
      portfolio;

   2. An assessment of the eligibility criteria, reinvestment
      criteria and portfolio limits applicable to the future
      additions to the portfolio;

   3. The overcollateralization of the notes;

   4. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   5. The analysis of the foreign currency risk involved in the
      transaction;

   6. The expertise of M&G Investment Management Limited in the
      management of leveraged finance portfolios; and

   7. The legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a EUR388,000,000 portfolio comprised primarily of
European senior and mezzanine loans.  The portfolio is dynamic
and M&G Investment Management Limited will provide portfolio
management services to Leopard CLO V B.V. in respect thereof.
The portfolio was approximately 65% ramped-up at closing, and is
expected to be fully ramped-up within one year of closing,
subject to compliance with the eligibility criteria and
portfolio guidelines.

This transaction features a multi-currency Variable Funding Note
that ranks together with the Class A Notes. It can be drawn in
Euros and also Sterling or U.S. Dollars.  Non-Euro denominated
advances will be used to purchase loans denominated in the same
Non-Euro currency.  Should such Non-Euro denominated assets
default, Non-Euro advances would not be fully collateralized by
Non-Euro denominated assets and therefore Euro proceeds may need
to be converted into the relevant Non-Euro currency in order to
redeem Non-Euro advances, thus creating a foreign exchange risk
exposure that is partially mitigated by the use of options.
This currency risk has been considered in Moody's analysis.

This transaction was arranged by The Royal Bank of Scotland Plc.


MAINE OFFICE: Appoints Liquidators to Wind Up Business
------------------------------------------------------
Mark Wilson and Geoffrey Lambert Carton-Kelly were appointed
joint liquidators of Maine Office Ltd. on May 14 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Maine Office Ltd.
         46 Clarendon Road
         Watford
         WD17 1JJ
         England
         Tel: 01923 260 411
         Fax: 01923 265 887


NEWGATE FUNDING: Fitch Puts Low-B Ratings to Three Note Classes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Newgate Funding Plc's
Series 2007-2 GBP450m-equivalent mortgage-backed medium-term
notes and GBP7.85m excess spread-backed notes, which are due in
December 2050:

   -- GBP75 million Class A1a: 'AAA'
   -- EUR100 million Class A1b: 'AAA'
   -- GBP135.4 million Class A2: 'AAA'
   -- GBP103.5 million Class A3: 'AAA'
   -- GBP11.2 million Class M: 'AAA'
   -- EUR37.7 million Class Bb: 'AA-'
   -- EUR25.25 million Class Cb: 'A-'
   -- EUR14.6 million Class Db: 'BBB'
   -- GBP2.3 million Class E: 'BB'
   -- GBP2.25 million Class F: 'B'
   -- GBP3.35 million Class T: 'BBB-'
   -- GBP4.5 million Class Q: 'BB-'
   -- Mortgage early redemption certificates: 'AAA'

Each rated Class in this transaction has a Stable Outlook.

This transaction is a securitisation of sub-prime residential
mortgages originated and located in the UK. The ratings are
based on the quality of the collateral, available credit
enhancement, the underwriting criteria and the servicing
capabilities of Mortgages PLC, and the back-up servicing of
capabilities of Homeloan Management Limited and the
transaction's sound legal structure.

Credit enhancement for the Class A notes totals 15.88% and is
provided by the subordination of the Class M notes (2.49%), the
Class B notes (5.68%), the Class C notes (3.8%), the Class D
notes (2.2%), Class E notes (0.51%) and the Class F notes (0.5%)
and an initial and target reserve fund of 0.7%.

The Class T notes receive interest equally and pro rata with the
Class D notes, and the Class T notes receive principal after any
necessary payments into the reserve fund. Interest on the Class
Q notes is paid after the replenishment of the reserve fund, if
needed, and before principal on the Class T. Principal on the
Class Q is paid after the principal on the Class T has been
repaid in full.

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


PHILLIPS-VAN: Good Performance Cues S&P’s Positive CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on New
York City-based Phillips-Van Heusen Corp., including the 'BB+'
corporate credit rating, on CreditWatch with positive
implications.  The apparel company had about US$400 million in
debt outstanding at May 6, 2007.

"The CreditWatch action follows PVH's first-quarter results that
reflected a continuation of positive operating momentum for the
past several quarters," said Standard & Poor's credit analyst
Susan Ding.  For the latest quarter, revenue rose 17% from a
year earlier, primarily due to higher royalty income from its
Calvin Klein franchise, especially in fragrances, and better
product mix.  Operating margins also improved due to growth in
royalty revenue and better sell-throughs in the wholesale dress
shirt and retail businesses.

PVH's credit protection measures have been improving steadily
and are currently above the rating medians.  Standard & Poor's
will review the company's financial and operating strategies to
resolve the CreditWatch listing.

It has operations in the United Kingdom and Indonesia.


QUIGLEY UNITED: M. C. Bowker Leads Liquidation Procedure
--------------------------------------------------------
M. C. Bowker of Unity Business Services LLP was appointed
liquidator of Quigley United Kingdom Ltd. on May 21 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Quigley United Kingdom Ltd.
         Unity House
         Clive Street
         Bolton
         BL1 1ET
         England
         Tel: 0845 230 7002


REMY INTERNATIONAL: To File Prepackaged Chapter 11 Protection
-------------------------------------------------------------
Remy International Inc., said Friday that it had reached
agreement with holders of approximately:

    * 83% of its 8-5/8% Senior Notes,
    * 84% of its 9-3-8% Senior Subordinated Notes, and
    * 75% of its 11% Senior Subordinated Notes,

on the terms of a consensual financial restructuring that would
reduce the company's debt obligations by approximately
$360 million.

The company and the consenting noteholders have entered into a
Plan Support Agreement pursuant to which the noteholders have
agreed to consummate the restructuring through a prepackaged
plan of reorganization.

"We have reached a major milestone toward achieving our goal of
substantially reducing our debt burden.  Once our financial
restructuring is completed, Remy's capital structure will
provide a foundation for sustainable profitability and better
position the Company to meet the challenges of our industry head
on," said President and Chief Executive Officer John Weber.

A key feature of the prepackaged plan is that all trade
creditors, suppliers, customers and employees will receive
amounts owed to them in the ordinary course of business.  The
company intends to begin soliciting votes on the prepackaged
plan from holders of its unsecured notes promptly following
conclusion of key customer negotiations.  Following the
solicitation period, the company expects to commence a
prepackaged Chapter 11 proceeding in order to implement the
plan.  The proceeding is expected to last between 45 and 60
days.

"This ensures trade creditors, suppliers, customers and
employees see no difference in Remy's operations while we
complete our recapitalization.  The reorganization plan will
provide for uninterrupted payment of our existing and future
obligations to these constituents and provide for seamless
continuation of our operations," Mr. Weber commented.

                     DIP & Exit Financing

In conjunction with the anticipated prepackaged restructuring,
Remy is in the process of obtaining both debtor-in-possession
financing and an approximately US$330 million senior secured
exit credit facility, the latter to become effective upon
consummation of the prepackaged plan.

The company anticipates that the exit financing will consist of
a term loan of approximately US$205 million, with the remainder
as a US$125 million revolving credit facility.

The company is making substantial progress in renegotiating
certain key commercial agreements to improve margins, its other
stated objective with respect to strengthening the company.  "In
addition to consensually improving the capital structure, I am
very pleased by the cooperative nature of discussions with
certain customers.  The spirit of cooperation exhibited by both
our noteholders and key customers are essential for Remy to
continue as a strong industry player," said Mr. Weber.

                 Terms of the Prepackaged Plan

The significant elements of the prepackaged plan include:

   -- Repaying the Second Priority Senior Secured Floating Rate
      Notes in full.

   -- Raising US$75 million in preferred equity through a rights
      offering to be made to holders of the company's Senior
      Notes and Senior Subordinated Notes.

   -- Exchanging the company's existing 8-5/8% Senior Notes for
      US$100 million of new third-lien Pay-in-Kind Notes and
      approximately US$50 million in cash.

   -- Converting the 9-3/8% Senior Subordinated Notes and 11%
      Senior Subordinated Notes into 100% of the common equity
      of the reorganized company.

   -- Canceling all of the company's existing equity interests.


"[Fri]day's very positive announcement is the result of
extensive negotiations with our stakeholders and hard work with
key customers, and we believe that it provides the highest value
and best outcome for all of Remy's constituents," said Mr.
Weber.

In light of the agreement, Remy elected to not make the June 15
interest payment in respect of the 8-5/8% Senior Notes.

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.

Remy has operations in the United Kingdom, Brazil and Korea.


SAMSONITE CORP: April 30 Equity Deficit Tops US$224.7 Million
-------------------------------------------------------------
Samsonite Corporation's balance sheet as of April 30, 2007,
showed total assets of US$643.8 million, total liabilities of
US$843 million and minority interest of US$25.5 million,
resulting in a total stockholders' deficit of US$224.7 million.

                Liquidity and Capital Resources

At April 30, 2007, the company had consolidated cash of
$51.2 million and net working capital of US$172.8 million.  The
company believes its cash and working capital levels are
adequate to meet the operating requirements of the company for
at least the next 12 months.

The company’s primary sources of liquidity are its cash flows
from operations and cash availability under its senior credit
facility.  During the three months ended April 30, 2007, the
company’s net cash used in operations was US$1.7 million
compared to cash provided by operations of US$14.9 million
during the three months ended April 30, 2006.

The company’s senior credit facility consists of a term loan
arrangement with US$450 million borrowed as of April 30, 2007
and an US$80 million revolving credit facility.  The revolving
credit facility consists of US$50 million, which may be borrowed
by the company and Euro 22.7 million, which may be borrowed by
the company’s European subsidiary.  As of April 30, 2007, there
was US$25.5 million available under the company’s revolving
credit facility and the full amount of the European portion of
the revolving credit facility was available.

                       First Quarter Results

Revenue were US$264.7 million, operating income of US$19.4
million and net loss to common stockholders of US$3 million for
the quarter ended April 30, 2007.  These results compare to
revenue of $241 million, operating income of US$19.1 million and
net income to common stockholders of US$1 million for the first
quarter of the prior year. Net income for the prior year
includes a benefit of US$1.4 million, relating to the cumulative
effect of an accounting change.

Operating income reflects deductions for restructuring charges
of US$1.3 million in fiscal 2008 and an asset impairment charge
of $1.6 million in fiscal 2007.  In fiscal year 2008, these
charges relate to the planned closure of the company’s Denver,
Colorado facilities and related consolidation of its corporate
functions in its Mansfield, Massachusetts office and the planned
relocation of distribution functions from the company’s Denver
facilities to the southeast region of the U.S.  The prior year
asset impairment relates to the closure of the company’s
manufacturing plant in Samorin, Slovakia.

A full-text copy of the company’s first quarter report is
available for free at http://ResearchArchives.com/t/s?20f5

                     ERP Software System

During the first quarter of fiscal 2008, the company implemented
its new ERP software system in the United States and, as a
result, experienced a slowdown in customer order processing and
product shipments in the region.

The company estimates that its reported North American sales for
the quarter ended April 30, 2007, were adversely affected by
about US$9.5 million due to customer order cancellations and
retail inventory shortages in its company-operated retail stores
due to the slowdown in product shipments.  Subsequent to
quarter-end the company’s operations in the United States
returned to near normal levels of customer order processing and
product shipments.

Chief executive officer, Marcello Bottoli, stated: “The company
had a solid first quarter, delivering robust sales growth,
significant gross margin improvement and good progress in
working capital efficiency.  Net first quarter sales rose 9.8%
year-on-year, while quarterly gross margins increased 200 basis
points to 53.1%, compared to prior year.  Sales growth of
US$23.7 million to US$264.7 million was achieved despite an 11%
sales decline in North America, where implementation of our new
ERP software in the United States slowed shipments for a portion
of the quarter. Subsequent to quarter end, the United States
resumed more normal shipping patterns.  Overall, I am pleased
with this performance, which demonstrates continued progress in
the implementation of our strategic plan.”

Richard Wiley, chief financial officer, commented:  “The
company’s strategy of streamlining operations while delivering
top line growth contributed to a 5.4% year-on-year increase in
first quarter Adjusted EBITDA, to US$30.8 million.  The 5%
increase in first quarter sales on a constant currency basis
compared to the prior year was driven primarily by economic
growth in Asia, price increases in Europe and contributions from
joint ventures in Asia and the U.S. that were completed in the
second quarter of fiscal 2007.  Execution of our strategic plan
to improve margins resulted in a 200 basis point increase in
gross profit margins to 53.1% in the first quarter from 51.1% in
the prior year.  This was driven by a combination of price
increases, improved sales mix and lower fixed manufacturing and
direct product costs.  In the last twelve months, average net
working capital efficiency improved 70 basis points over the
prior year to 15.5% of sales as of April 30, 2007.  The
company’s debt net of cash position as of April 30, 2007 was
US$430.5 million.”

                      About Samsonite

Samsonite Corporation (OTC Bulletin Board: SAMC.OB) --
http://www.samsonite.com/-- manufactures, markets and
distributes luggage and travel-related products.  The company's
owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland,
are sold globally through external retailers and 284 company-
owned stores.  Executive offices are located in London.  The
company has global locations in Aruba, Australia, Costa Rica,
Indonesia, India, Japan, and the United States among others.
Executive offices are located in London, England.

                        *     *     *

In December 2006, Moody's Investors Service confirmed the B1
corporate family rating for Samsonite Corp.

Moody's also assigned Ba3 ratings to the proposed US$80
million senior secured revolving credit facility and US$450
million term loan B.  Proceeds from the new facilities, along
with a portion out outstanding cash balances, will be used to
fund a special dividend and debt repurchase, and pay associated
fees and premiums.  Moody's said the outlook is positive.

Samsonite also carries Standard & Poor's BB- issuer credit
rating with negative outlook.


SMARTA SYSTEMS: Claims Filing Period Ends July 6
------------------------------------------------
Creditors of Smarta Systems Ltd. have until July 6 to send in
writing their names and addresses and the particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Richard I. B. Jones and Melanie Reevel Giles
         Joint Liquidators
         JonesGiles
         11 Coopers Yard
         Curran Road
         Cardiff
         CF10 5NB
         Wales

Richard I. B. Jones and Melanie Reevel Giles of JonesGiles were
appointed joint liquidators of the company on May 24 by the
members and creditors.


SNACK POINT: Names John Paul Bell Liquidator
--------------------------------------------
John Paul Bell of Clarke Bell was appointed liquidator of Snack
Point Ltd. on May 25 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Snack Point Ltd.
         Southwood Farm
         Southwood Road
         Shalden
         Alton
         GU34 4EB
         England
         Fax: 01420 875 62


SPECIFIC TRAVEL: Brings In Liquidators from Recovery hjs
--------------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs were
appointed joint liquidators of Specific Travel Ltd. (formerly
Oldland First Ltd.) on May 21 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Specific Travel Ltd.
         Church House
         94 Felpham Road
         Bognor Regis
         PO22 7PG
         England
         Tel: 01243 866 666
         Fax: 01243 870 100


STEEFANE KEMTECH: Joint Liquidators Take Over Operations
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of Steefane-Kemtech Ltd. (formerly Kemtech
Systems Ltd.) on May 22 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Steefane-Kemtech Ltd.
         Barnwell Workshops
         Barnwell Manor Estate
         Barnwell
         Peterborough
         PE8 5PL
         England
         Tel: 01832 275 252
         Fax: 01832 275 781


STREAM GWC: Calls In Liquidators from Tenon Recovery
----------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Stream GWC Group Ltd. (formerly
HFS Projects Ltd.) on May 23 for the creditors' voluntary
winding-up proceeding.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Stream GWC Group Ltd.
         Highfield Court
         Tollgate
         Chandler's Ford
         Eastleigh
         SO53 3TY
         England
         Fax: 01285 645 822


TECH DATA: Names Caryl Lucarelli as Human Resources VP
------------------------------------------------------
Tech Data Corporation has appointed Caryl N. Lucarelli vice
president, Human Resources, The Americas.  With nearly 20 years
of human resources experience, Lucarelli will head Tech Data’s
employee recruitment and relations activities, compensation and
benefits strategies, as well as other human resources functions
supporting 3,700 employees throughout the company’s Americas
region.

“Caryl has a wealth of experience and has demonstrated strong
leadership in all areas of human resources management,” said
Tech Data CEO Robert Dutkowsky.  “Having worked for major
distribution companies in other industries during the last eight
years, she knows how to address the extensive human resources
needs of a distributor with the scope and scale of Tech Data.
Caryl is a valuable addition to our senior management team in
the Americas, where we are positioning the company for growth by
enhancing our execution, empowering employees with the latest IT
innovations and diversifying our geographic reach and product
offerings.”

In 2004, Ms. Lucarelli was named vice president, Compensation &
Benefits for Hughes Supply Inc. in Orlando.  After Hughes’
acquisition by Home Depot in 2006, she was named vice president,
Human Resources – Global Support Center, the home improvement
retailer’s fastest growing division with 26,000 employees. Prior
to Home Depot, Lucarelli held several senior human resources
positions with international shipping solutions company Brambles
Industries in Orlando.  She joined Brambles as director,
Compensation & Benefits for the company’s CHEP USA division in
1999.  She also served as the division’s vice president, Human
Resources; director, Global Compensation & Benefits for CHEP
International; and director of Brambles Industries’ Engagement
Center of Excellence.  Ms. Lucarelli also held several
management positions focused on a wide range of human resources
activities with Volvo Trucks North America Inc., in Greensboro,
N.C., and Dresser-Rand Company in Corning, N.Y.

Ms. Lucarelli earned a master’s degree in industrial relations
with minors in public administration and organizational
psychology from the University of New Haven in West Haven, Conn.
She also earned a bachelor’s degree in economics with a minor in
finance from Clemson University.  She is a Certified
Compensation Specialist and Certified EEO (equal employment
opportunity) Professional.

Founded in 1974, Tech Data Corporation (NASDAQ GS: TECD) --
http://www.techdata.com/-- distributes IT products, with more
than 90,000 customers in over 100 countries.  The company's
business model enables technology solution providers,
manufacturers and publishers to cost-effectively sell to and
support end users ranging from small-to-midsize businesses to
large enterprises.  Tech Data is ranked 107th on the FORTUNE
500(R).  The company and its subsidiaries operate centers in
Latin America, including Brazil and Chile.   The company's
logistics centers in EMEA include Austria, Belgium, Czech
Republic, Denmark, Finland, France, Germany, Italy, Poland,
Switzerland, Sweden, United Kingdom, Israel and Spain.

                          *     *     *

Tech Data Corporation's US$350 million convertible senior notes
due 2026 carry Moody's Investors Service’s 'Ba2' rating.  The
company also carries Moody’s Ba1 corporate family rating and Ba1
probability of default rating.


WM. MACHIN: Taps Liquidators from The P&A Partnership
-----------------------------------------------------
Gareth David Rusling and John Russell of The P&A Partnership
were appointed joint liquidators of WM. Machin & Co. Ltd.
on May 24 for the creditors' voluntary winding-up proceeding.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         WM. Machin & Co. Ltd.
         42 Queen Street
         Hull
         HU1 1UU
         England
         Tel: 01482 224 898


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (20)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU      (203)         828       190


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
BW Offshore               BWO        (85)         487     (516)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (77)         188     (927)
Zil Auto                 ZILLP      (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (286)         587    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748         7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         595        5)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music
   Industries Group       EMI     (2266)       2,950      (381)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (66)       1,236      (71)

                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


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