TCREUR_Public/070620.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

            Wednesday, June 20, 2007, Vol. 8, No. 121

                            Headlines


A U S T R I A

AZ SERVICES: Claims Registration Period Ends July 2
CRISTOLOVEANU KEG: Vienna Court Orders Business Closure
CURASAN KURHOTEL: Wels Court Orders Business Shutdown
EBIBI KEG: Claims Registration Period Ends July 4
GHK BAU: Vienna Court Orders Business Shutdown

JOHANN BIEDERMANN: Claims Registration Period Ends July 3
SEIFERT LLC: Claims Registration Period Ends July 13
STIX LLC: Wels Court Orders Business Shutdown


B U L G A R I A

NOVA PLAMA: Highway Logistic Acquires Assets for BGN44.44 Mln


D E N M A R K

QUANTUM CORP: Moody's Rates US$450 Mln Sr. Sec. Facilities at B1


F R A N C E

HILITE INT'L: Moody's Assigns Corporate Family Rating at B3


G E O R G I A

TBC-BANK: Fitch Affirms IDR at B- with Positive Outlook


G E R M A N Y

AUTOHAUS RAIMANN: Claims Registration Ends July 2
AUTO SCHNELLE: Claims Registration Ends July 15
BAU GMBH: Claims Registration Ends July 20
BAUER'S BACKSTUBE: Claims Registration Ends June 29
BERGHEIMER EMAILLIERWERK: Claims Registration Ends July 15

BERNSTEINBAU GMBH: Claims Registration Ends July 18
BRAUCHLE BAU: Claims Registration Ends June 29
C. WILKENING-BAU: Claims Registration Ends August 16
CAFE PIANO: Claims Registration Ends July 15
CICERO AUTOLACKIEREREI: Creditors' Meeting Slated for July 17

FMC FINANCE: Moody's Rates US$500 Mln Sr. Unsec. Notes at (P)Ba3
FRESENIUS MEDICAL: Moody's Affirms Ratings with Positive Outlook
FRINGS HOTEL: Claims Registration Period Ends July 23
GAUBATZ ISOLIERTECHNIK: Claims Registration Period Ends July 17
GLF GARTEN: Claims Registration Period Ends July 27

GOETTINGER GRUPPE: Court Opens Insolvency for Finance Unit
HANROH GMBH: Claims Registration Period Ends July 16
HILITE GERMANY: Moody's Junks Second Lien Sr. Secured Term Loan
POLITO GMBH: Claims Registration Period Ends August 1
POLYMERISAT HERSTELLUNGS: Claims Registration Ends July 31

PRIAMOS FILM: Creditors' Meeting Slated for July 6
PRISMEN GMBH: Claims Registration Period Ends July 17
SPEZIALBACK BACKEREI: Creditors Must Register Claims by July 16
SPORT- UND FREIZEITBAD: Creditors Meeting Slated for July 4
TANIR TRANSPORTE: Creditors Must Register Claims by Aug. 6

TECONA ENGINEERING: Creditors Must Register Claims by July 12
TELE-SERVICE GMBH: Creditors Must Register Claims by July 11
WELLNESSHOTEL AULENDORF: Claims Registration Period Ends July 6
WIEMER & TRACHTE: Claims Registration Period Ends July 10
WOLFGANG LEUPOLDT: Claims Registration Period Ends June 27

WT KONDENSATOREN: Claims Registration Period Ends July 6


I T A L Y

ALITALIA SPA: Italy Hires Credit Suisse to Evaluate Final Bids
ALITALIA SPA: AirOne Grumbles over Inadequate Operational Data
FIAT SPA: Closes EUR1 Billion Senior Notes Offering
FIAT SPA: Credit Improvement Cues Fitch to Lift Rating to BBB-


K A Z A K H S T A N

AKTASHY LLP: Proof of Claim Deadline Slated for July 20
ALATECH SERVICE: Creditors Must File Claims July 20
ALDIYAR LLP: Claims Filing Period Ends July 20
JAS ULAN: Claims Registration Ends July 20
JBB-COMMERCE LTD: Creditors' Claims Due July 20

OILTECH LLP: Proof of Claim Deadline Slated for July 20
REMS LTD: Creditors Must File Claims July 20
SERVICE-COMPANY LLP: Claims Filing Period Ends July 20
STATUS-KYZYLORDA LLP: Claims Registration Ends July 20


K Y R G Y Z S T A N

ADI LLC: Proof of Claim Deadline Slated for July 27
BANK TURANALEM: Claims Filing Period Ends July 27
NUSKA JSC: Creditors Must File Claims by August 1


L U X E M B O U R G

BEVERAGE PACKAGING: Moody's Puts B1 Rating on Strong Business


N E T H E R L A N D S

SENSATA TECH: Moody's Holds B2 Rating on Airpax Aquisition


P O L A N D

ELEKTRIM S.A.: Bondholders to Receive EUR500 Mln, Court Rules
SMITHFIELD FOODS: Moody's Rates US$500 Mln New Sr. Notes at Ba3


R U S S I A

COMMERCIAL BANK: Moody's Rates Foreign Currency Debt at B1/NP
EFA-MURMAN CJSC: Creditors Must File Claims by July 26
ELECTRA CJSC: Court Names S. Sedov as Insolvency Manager
FIRST CZECH: Moody's Assigns B3/Not-Prime/E+ Ratings
KDSZ OJSC: Court Names S. Sedov as Insolvency Manager

MDM BANK: Confirms Resignation of Top Investment Managers
MEDEYA CJSC: Creditors Must File Claims by June 26
MEDNOGORSKOYE TRANSPORT: Creditors Must File Claims by July 26
NF MOLPROD: Creditors Must File Claims by July 26
ORSKIY FACTORY: Court Names M. Belozertsev as Insolvency Manager

SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by July 26
STREZHEVSKOYE OIL: Court Names I. Odintsov as Insolvency Manager
TNK-BP HOLDING: Earns US$6.41 Billion for Full Year 2006
TOTMA-WOOD-EXPORT: Court Names A. Gamichev as Insolvency Manager
TRANSNEFT OAO: To Build Baltic Pipeline's Second Leg in July

TYUMENSKIE SEED: Creditors Must File Claims by June 26
VINKOM-LKB CJSC:  Creditors Must File Claims by June 26
WOOD-STROM OJSC: Asset Deadline Filing Slated for June 25


S P A I N

AIR MADRID: National Court Snubs Fraud Case vs. Top Executives
TDA CAM 9: Moody's Junks EUR15 Million Series D Notes
TDA CAM 9: Fitch Assigns Junk Ratings to EUR15 Mln Class D Notes
TDA CAM 9: S&P Junks EUR15 Million Class D Notes


S W E D E N

QUEBECOR WORLD: Moody's Holds B2 Rating on Weak Performance


S W I T Z E R L A N D

BUMONTA LLC: Creditors' Liquidation Claims Due June 30
HANS PETER: Creditors' Liquidation Claims Due July 2
ITEB JSC: Zug Court Starts Bankruptcy Proceedings
QINO ASSET: Creditors' Liquidation Claims Due July 15
THALES TECHNOLOGY: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

ORDU YARDIMLASMA: Moody's Holds B2 Rating on Investment Disposal


U K R A I N E

CRYSTAL KONOVAL: Claims Filing Deadline Set June 21
GORODOK MOTOR 16831: Claims Filing Deadline Set June 21
KAPITEL LLC: Claims Filing Deadline Set June 21
KOLOS LLC: Creditors Must File Claims by June 21
METALLURGIST REPAIR: Claims Filing Deadline Set June 21

RODOVID: Fitch Rates IDR at B- on Weak Profitability
ZHMERINKA ELEVATOR: Claims Filing Deadline Set June 21


U N I T E D   K I N G D O M

ALBA 2007-1: Moody's Rates GBP20.4 Million Class F Notes at Ba2
CABLE & WIRELESS: Leading Shareholders Oppose Pay Proposals
CYBA COMPUTER: Appoints Administrators from Smith & Williamson
CORNERSTONE TITAN: Interest Shortfall Cues S&P to Keep Watch
DREV-MASTER LLC: Creditors Must File Claims by July 26

DUKE 2002: Moody's Lifts Ba2 Rating on EUR21.7 Mln Class E Notes
EUROHOME MORTGAGES: Moody's Rates Two Note Classes at (P)Ba2
EUROSAIL-UK: S&P Puts Low-B Ratings to Class E1c and ETc Notes
FOCUS DIY: Inks Proposed Disposal Agreement with FLP2 Limited
FRESCO FOOD: Taps KPMG as Joint Administrators

GOLDRITE LTD: Brings In Administrators from P&A Partnership
HOLLOW EXTRUSIONS: Brings in Begbies as Administrators
INVERNESS MEDICAL: Moody's Junks US$250 Mln 2nd Lien Term Loan
ISOFT GROUP: CSC Consents to Isoft and IBA Health Merger
KINGSWAY ENGINEERING: Names Administrators from Begbies Traynor

LIGHTHOUSE COLOUR: Appoints Administrators from P&A
TELCORDIA TECH: Moody's Rates Two New Debt Facilities at Low-B

                            *********

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A U S T R I A
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AZ SERVICES: Claims Registration Period Ends July 2
---------------------------------------------------
Creditors owed money by LLC AZ Services (FN 266975k)have until
July 2 to file written proofs of claim to court-appointed estate
administrator Christopher Straberger at:

         Dr. Christopher Straberger
         Maria Theresia Strasse 19
         4600 Wels
         Austria
         Tel: 07242/47175
         Fax: 07242/641222
         E-mail: office@straberger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on July 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Str. 12
         Wels
         Austria

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on May 24  (Bankr. Case No. 20 S 66/07t).


CRISTOLOVEANU KEG: Vienna Court Orders Business Closure
-------------------------------------------------------
The Trade Court of Vienna entered May 22 an order closing the
business of Cristoloveanu KEG NIRO-Reinigungsservice (FN
240029i).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 15 (Bankr. Case No 2 S 68/07y).  Beate Holper represents
Dr. Pariasek in the bankruptcy proceedings.


CURASAN KURHOTEL: Wels Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Wels entered May 21 an order shutting down the
business of LLC Curasan Kurhotel Jodschwefelbad (FN 280839z).

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

The estate administrator can be reached at:

         Dr. Kurt Waldhoer
         Technoparkstrasse 3
         4820 Bad Ischl
         Austria
         Tel: 06132/9003 3401
         Fax: 06132/9003 3430
         E-mail: ra-waldhoer@nextra.at

Headquartered in Bad Goisern, Austria, the Debtor declared
bankruptcy on May 11 (Bankr. Case No 20 S 56/07x).


EBIBI KEG: Claims Registration Period Ends July 4
-------------------------------------------------
Creditors owed money by KEG Ebibi (FN 261144k) have until July 4
to file written proofs of claim to court-appointed estate
administrator Charlotte Boehm at:

         Dr. Charlotte Boehm
         Taborstrasse 10/2
         1020 Vienna
         Austria
         Tel: 214 77 10/20
         Fax: 214 77 10-16
         E-mail: boehm@EUnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 18 (Bankr. Case No. 2 S 71/07i).


GHK BAU: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered May 24 an order shutting down
the business of LLC GHK Bau & Immobilien (FN 269353h).

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

The estate administrator can be reached at:

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

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


JOHANN BIEDERMANN: Claims Registration Period Ends July 3
---------------------------------------------------------
Creditors owed money by LLC Johann Biedermann (FN 80217t) have
until July 3 to file written proofs of claim to court-appointed
estate administrator Norbert Mooseder at:

         Dr. Norbert Mooseder
         Stelzhamerstr. 1
         4400 Steyr
         Austria
         Tel: 07252/42424
         Fax: 07252/42424-24
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on May 18 (Bankr. Case No. 38 S 33/07t).


SEIFERT LLC: Claims Registration Period Ends July 13
----------------------------------------------------
Creditors owed money by LLC Seifert (FN 250205z)have until
July 13 to file written proofs of claim to court-appointed
estate administrator Andreas Grabenweger at:

         Dr. Andreas Grabenweger
         Bozner Platz 4
         6020 Innsbruck
         Austria
         Tel: 0512/56 73 73
         Fax: 0512/56737315
         E-mail: grabenweger@chg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Meeting Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Obsteig, Austria, the Debtor declared
bankruptcy on May 24  (Bankr. Case No. 19 S 63/07y).


STIX LLC: Wels Court Orders Business Shutdown
---------------------------------------------
The Land Court of Wels entered May 21 an order shutting down the
business of LLC Stix (FN 107328k).

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

The estate administrator can be reached at:

         Dr. Andreas Rabl
         Ringstrasse 14
         4600 Wels
         Austria
         Tel: 07242/41824
         Fax: 07242/41824-80
         E-mail: office@rakanzlei.at

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on May 10 (Bankr. Case No 20 S 65/07w).


===============
B U L G A R I A
===============


NOVA PLAMA: Highway Logistic Acquires Assets for BGN44.44 Mln
-------------------------------------------------------------
The assets of bankrupt refinery Nova Plama JSC were sold to
Highway Logistic Center EOOD for BGN44.44 million at an auction
on June 18, 2007, Todor Roussanov writes for News.bg.

According to the report, Highway Logistic Center, the only
bidder for Nova Plama, paid BGN2.2 million for the assets.  The
company is due to pay the whole sum five days from the date of
the auction.

Under the terms of the sale, the new owner is not obliged to
assume the refinery's debts of around BGN300 million, News.bg
relates.

The company, however, plans to reboot the refinery and retains
its core business, Highway Logistic representative Ivailo Ivanov
was quoted by the company as saying.

                         About Nova Plama

Nova Plama JSC is Bulgaria's No. 2 oil refinery with annual
processing capacity of 1,200,000 metric tons of crude oil.
Until 1996, the refinery was the main supplier of base oils,
finished oils and special products for all local and most East-
European consumers.  The refinery is located near the town of
Pleven, approximately 160 km Northeast of Sofia and nearly 30 km
South from the Danube River.

The district court in Pleven opened a bankruptcy proceeding
against the company in July 2005.  The proceeding is the second
in seven years after the Bulgarian oil company failed to
implement its rehabilitation plan approved by creditors in 1999.
The first proceeding was initiated by the State Fund for
Reconstruction and Development.  The rehab plan extended Plama's
repayment of a BGN251.5 million debt until 2031, but in 2003 it
must repay creditors BGN30 million.

Creditors in the second proceedings claim Plama did not
implement this plan.  Jorset Holding and DZI Bank, which
collectively hold claims to over BGN8 million, asked the court
to appoint receivers and order the sale of Plama's assets to pay
its debt.

In January 2006, Yorset Holding and DZI Bank filed separate
insolvency petitions against Nova Plama.

Yorset failed to have Nova Plama declared insolvent, after the
Supreme Cassation Court stayed the proceedings against the oil
refinery.  The Court said Yorset does not own enough credit
percentage to ask for an insolvency ruling.  Court records show
that Yorset and DZI Bank own 14.83% and 7.9% respectively of
Nova Plama's BGL241 million debt.


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D E N M A R K
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QUANTUM CORP: Moody's Rates US$450 Mln Sr. Sec. Facilities at B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Quantum
Corporation's US$50 million senior secured revolver due 2012 and
US$400 million term loan due 2014.

At the same time Moody's affirmed the company's corporate family
rating of B3 and the US$160 million convertible subordinated
notes' rating of Caa2.

The B1 ratings assigned to the new facilities reflect both the
overall probability of default of the company to which Moody's
assigned a PDR of B3, and a loss given default of LGD3 for the
new facilities.  The rating outlook is stable.

The proceeds from the new term loan will refinance the company's
existing US$375 million secured first lien facilities rated Ba3
and a US$125 million second lien term loan (not rated). The
refinancing has no effect on the company's B3 corporate family
rating as overall leverage declines only modestly, from about
6.1 times debt to EBITDA for twelve months ending March 2006
proforma for the ADIC acquisition to 5.9 times for the twelve
months ended March 2007.

The absence of a second lien term loan in the proposed
structure, however, reduces the cushion and protection for first
lien holders.  As a result, the proposed facilities are rated
only two notches above the corporate family rating as compared
to three notches for the existing facilities.  Notably, the new
facilities retain the covenant permitting acceleration in
February 2010 (from stated maturity of 2014) if more than US$25
million of the existing convertible subordinated notes due
August 2010 are not converted or refinanced by February 2010.
The covenant poses some refinancing risk in 2010.

Ratings/assessments assigned:

   -- US$50 million senior secured revolver due 2012 at B1,
      LGD3, 32%;

   -- US$400 million senior secured first lien facility due 2014
      at B1, LGD3, 32%.

Ratings/assessments affirmed:

   -- Corporate family rating at B3;

   -- Probability-of-default rating at B3;

   -- US$160 million subordinated convertible notes due 2010 at
      Caa2, LGD6, 91%.

Ratings/assessments to be withdrawn upon repayment:

   -- US$150 million senior secured revolver due 2009 at Ba3,
      LGD2, 24%;

   -- US$225 million senior secured first lien facility due 2012
      at Ba3, LGD2, 24%.

Quantum's B3 corporate family rating reflects:

   (1) the mature and competitive storage market it operates in
       which is subject to consolidation and strong competition;

   (2) a historically challenging business mix although there
       are signs of gradual improvement in its higher margin
       branded business;

   (3) weak profitability and cash flow generation; and

   (4) high leverage relative to its business risk.

Positively, the rating also considers:

   (1) Quantum's position as the largest provider of storage
       systems and solutions following its acquisition of ADIC;

   (2) recent improvements in operating margins due partly to
       the increasing revenue contribution of its higher margin
       branded business; and

   (3) early indications of good integration of ADIC since its
       acquisition in August 2006, resulting in realization of
       cost synergies of about US$20 million in the recent two
       quarters.

Headquatered in San Jose, California, Quantum Corp. (NYSE: QTM)
-- http://www.quantum.com/-- is a global leader in storage,
delivers highly reliable backup, recovery and archive solutions
that meet demanding requirements for data integrity and
availability with superior price/performance and comprehensive
service and support.  Quantum offers customers of all sizes an
unparalleled range of solutions, from leading tape drive and
media technologies, autoloaders and libraries to disk-based
backup systems.  In Latin America, the company has distributors
in Argentina, Brazil, Chile, Mexico and Puerto Rico.  In Europe,
the company maintains operations in Denmark, Czech Republic,
Romania, Portugal, France, Germany, and the United Kingdom.
Quantum reported revenue of slightly more than US$1 billion for
the fiscal year ending March 31, 2007.


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F R A N C E
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HILITE INT'L: Moody's Assigns Corporate Family Rating at B3
-----------------------------------------------------------
Moody's Investors Service assigned Hilite International, Inc. a
Corporate Family and a Probability of Default rating of B3.  The
outlook is stable.

In a related action Moody's also assigned a B1 rating to the new
first lien senior secured term loan issued by Hilite Germany
GmbH & Co. KG; a B1 rating to the new first lien senior secured
revolving credit issued by Hilite Industries, Inc. (and
Hydraulik-Ring GmbH, as co-borrowers); and a Caa2 rating to the
new second lien senior secured term loan issued by Hilite
Germany GmbH & Co. KG.  These facilities will be used to
refinance Hilite's existing bank credit facilities, subordinated
debt, preferred stock, and to pay related transaction fees.  The
transaction furthers Hilite's progress in recasting its debt
obligations by aligning the debt service requirements with the
company's geographic cash generating capacity.

The ratings reflect the company's weak credit metrics, including
low operating margins and limited interest coverage. Hilite's
stable outlook is supported by the company's stabilized
performance, its portfolio of highly engineered products which
focus on improving engine efficiency, and the company's growing
proportion of revenues from engineered products generated
outside of North America.  While moderate in size, the company's
portfolio of highly engineered products focus on improving
engine efficiency, an area of increasing industry importance.
Hilite's products require joint design with its customers,
resulting in the company being a sole source provider for
approximately 95% its products.  The B3 corporate family rating
reflects the above characteristics and the company's weak credit
metrics which are incorporated into Moody's Auto Supplier Rating
Methodology.

Ratings assigned:

   * Hilite International, Inc.

     -- B3, Corporate Family Rating;
     -- B3, Probability of Default Rating.

   * Hilite Germany GmbH & Co. KG

     -- B1 (LGD2, 29%) to the US$95.0 million first lien senior
        secured term loan;

     -- Caa2 (LGD5, 79%) to the US$70.0 million second lien term
        loan.

   * Hilite Industries, Inc

     -- B1 (LGD2, 29%) to the US$25.0 million multi-currency
        revolving credit facility.

The ratings of the new issues reflect their priority of payout
under Moody's Loss Given Default Methodology.  As a result of
the preponderance of debt being funded at Hilite's European
operations, Moody's Europe, Middle East, and Africa Loss Given
Default Methodology is applied.  The significant impact of the
EMEA LGD Methodology compared to the U.S. methodology is the
senior secured treatment of trade payables.

Hilite, headquartered in Cleveland, Ohio, is a designer and
manufacturer of highly-engineered, valve-based components,
assemblies, and systems used principally in powertrain (engine
and transmission) applications for the automotive market.  Major
products include camphasers, diesel valves, cylinder
deactivation valves, SCR emissions control units for heavy duty
truck applications, solenoid valves, proportioning valves, and
clutch assemblies.  The company's annual revenues approximate
US$423 million.  Hilite has international locations in France
and Germany.


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G E O R G I A
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TBC-BANK: Fitch Affirms IDR at B- with Positive Outlook
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Georgia-based TBC-Bank
at Long-term Issuer Default 'B-' with a Positive Outlook, Short-
term Issuer Default 'B', Individual 'D' and Support '5'. The
Support Rating Floor remains unchanged at 'B-'.

TBC's Long- and Short-term IDRs and Individual rating reflect
the high risks stemming from the bank's rapid growth in
Georgia's challenging environment.  However, Fitch notes the
bank's strong domestic franchise and track record of
satisfactory profitability and asset quality to date.

The Support Rating Floor reflects the strong propensity of the
Georgian authorities to support systemically important banks (at
end-May 2007, TBC held 29% of the system's retail deposits),
although the sovereign's ability to provide support is
constrained.

Profitability is supported by the Georgian banking system's high
margins and TBC's good cost efficiency.  Greater competition,
higher funding costs and additional spending to expand its
network and broaden franchise are reducing profitability,
although the drop in TBC's 2006-5M07 bottom-line results was
mainly caused by substantial impairment charges.  The latter
indicated a more conservative approach to provisioning of
performing loans, rather than actual credit losses.  Reported
impairment was at 1.2% of gross loans at end-5M07.

At end-5M07, capitalization was adequate, following a US$20m
equity injection received from existing shareholders in May. The
current owners are also committed to providing an additional
US$40m equity injection by end-June 2007. The new capital should
enable TBC to deliver its near-term growth plans (a doubling of
assets during FY07 to GEL2bn or US$1.2bn), while maintaining
Basel capital ratios above covenanted levels (total Basel I
capital ratio: 15%). However, regulatory capital ratios
(calculated using a 200% risk weighting for foreign currency
assets) have dipped below the minimum 8% tier 1 and 12% total
this year (waived by the regulator for TBC), and may do so again
before end-2007. Further capital injections, if needed, are
likely to be provided by new, rather then existing shareholders,
although the timing and structure of any such transaction are
not yet clear.

The Positive Outlook reflects the fact that the improving
operating environment, combined with TBC's track record of sound
performance and further support for the bank's capital position,
could result in an upgrade.

TBC is one of the leading banks in Georgia, with close to
US$800 million assets and US$100 million equity at end-May 2007.
Medium- to large local corporates and wealthy individuals, more
recently together with small businesses and retail, are the core
customer segments; the bank aims to expand its network to 21
service points and 150 ATMs by end-2007.  TBC is controlled by
Mamuka Khazaradze and Badri Japaridze, prominent local
businessmen who also have interests in the agribusiness and real
estate industries, among others.  The International Finance
Corporation and Deutsche Investitions- und
Entwicklungsgesellschaft, which are the largest minorities,
became shareholders in 2000 and have been supporting TBC's risk
management and access to long-term funding.


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G E R M A N Y
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AUTOHAUS RAIMANN: Claims Registration Ends July 2
-------------------------------------------------
Creditors of Autohaus Raimann GmbH have until July 2 to register
their claims with court-appointed insolvency manager Harald E.
Manias.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall VI
         Holzmarkt 2
         79098 Freiburg i.Br.
         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:

         Harald E. Manias
         LG-Fach 70
         Zasiusstr. 35
         79102 Freiburg i.Br.
         Germany
         Tel: 0761/75323
         Fax: 0761/73791

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

The Debtor can be reached at:

         Autohaus Raimann GmbH
         Koenigschaffhauser Str. 30
         79346 Endingen
         Germany


AUTO SCHNELLE: Claims Registration Ends July 15
-----------------------------------------------
Creditors of Auto Schnelle GmbH have until July 15 to register
their claims with court-appointed insolvency manager Andreas
Amelung.

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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Andreas Amelung
         Im Mediapark 6 B
         50670 Cologne
         Germany
         Tel: 57437910
         Fax: +4922157437938

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

The Debtor can be reached at:

         Auto Schnelle GmbH
         Matthias-Brueggen-Str. 21
         50827 Cologne
         Germany


BAU GMBH: Claims Registration Ends July 20
------------------------------------------
Creditors of Bau GmbH Dachwig have until July 20 to register
their claims with court-appointed insolvency manager R. Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         R. Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Bau GmbH Dachwig on June 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

        Bau GmbH Dachwig
        Herbslebener Strasse 5
        99100 Dachwig
        Germany


BAUER'S BACKSTUBE: Claims Registration Ends June 29
---------------------------------------------------
Creditors of Bauer's Backstube Vertrieb Franken GmbH have until
June 29 to register their claims with court-appointed insolvency
manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 13, 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Joachim Exner
         Kumpfmuehler Str. 30
         93051 Regensburg
         Germany
         Tel: 0941/2807370
         Fax: 0941/2807379

The District Court of Regensburg opened bankruptcy proceedings
against Bauer`s Backstube Vertrieb Franken GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauer's Backstube Vertrieb Franken GmbH
         Muenchberger Str. 1
         93057 Regensburg
         Germany


BERGHEIMER EMAILLIERWERK: Claims Registration Ends July 15
----------------------------------------------------------
Creditors of Bergheimer Emaillierwerk R. Herken GmbH have until
July 15 to register their claims with court-appointed insolvency
manager Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Andreas Amelung
         Im Mediapark 6 B
         50670 Cologne
         Tel: 57437910
         Fax: +4922157437938

The District Court of Cologne opened bankruptcy proceedings
against Bergheimer Emaillierwerk R. Herken GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bergheimer Emaillierwerk R. Herken GmbH
         Glescherstr. 129
         50126 Bergheim
         Germany


BERNSTEINBAU GMBH: Claims Registration Ends July 18
---------------------------------------------------
Creditors of Bernsteinbau GmbH have until July 18 to register
their claims with court-appointed insolvency manager Gerhard
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Bernsteinbau GmbH on June 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bernsteinbau GmbH
         Schlemminer Strasse 7 c
         18320 Trinwillershagen
         Germany


BRAUCHLE BAU: Claims Registration Ends June 29
----------------------------------------------
Creditors of Brauchle-Bau-GmbH have until June 29 to register
their claims with court-appointed insolvency manager Hans-Joerg
Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 4
         Ground Floor
         Herrenstr. 42
         88212 Ravensburg
         Germany

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

The insolvency manager can be reached at:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm
         Germany

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

The Debtor can be reached at:

         Brauchle-Bau-GmbH
         Attn: Johannes Obermayer, Helmut Schorpp and
               Ralph Traub, Managers
         Friedhofstr. 23
         88368 Bergatreute
         Germany


C. WILKENING-BAU: Claims Registration Ends August 16
----------------------------------------------------
Creditors of C. Wilkening-Bau GmbH have until Aug. 16 to
register their claims with court-appointed insolvency manager
Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         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. Christian Willmer
         Georgstrasse 5, D
         27283 Verden
         Germany
         Tel: 04231-884-0
         Fax: 04231-884-55

The District Court of Syke opened bankruptcy proceedings against
C. Wilkening-Bau GmbH on June 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         C. Wilkening-Bau GmbH
         Attn: Birgit Korth-Wilkening and
               Carsten Wilkening, Managers
   Duesseldorfer Str. 53
         31547 Rehburg-Loccum
         Germany


CAFE PIANO: Claims Registration Ends July 15
--------------------------------------------
Creditors of Café PIANO GmbH  have until July 15 to register
their claims with court-appointed insolvency manager Dr.
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany
         Tel: 0221/951446-20
         Fax: +4922195144690

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

The Debtor can be reached at:

         Café PIANO GmbH
         Minoritenstr. 2
         50667 Cologne
         Germany

         Attn: Manfred Hergersberg, Manager
         Breite Str. 21
         50667 Cologne
         Germany


CICERO AUTOLACKIEREREI: Creditors' Meeting Slated for July 17
-------------------------------------------------------------
The court-appointed insolvency manager for Cicero
Autolackiererei Kunkel GmbH, Michael C. Frege will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:35 a.m. on July 17.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Nov. 6 at the same venue.

Creditors have until Sept. 5 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Cicero Autolackiererei Kunkel GmbH on
May 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cicero Autolackiererei Kunkel GmbH
         Luetzowstr. 102-104
         10785 Berlin
         Germany


FMC FINANCE: Moody's Rates US$500 Mln Sr. Unsec. Notes at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating
to the proposed issuance of US$500 million in senior unsecured
notes issued by FMC Finance III S.A., a wholly owned finance
vehicle of Fresenius Medical Care AG & Co. KgaA.

All other ratings of Fresenius Medical Care are affirmed with a
positive outlook.  The last rating action on FME was on May 15,
2007, when the Ba2 Corporate Family Rating and Ba2 Probability
of Default Rating were affirmed and the outlook changed to
positive.  The proposed US$500 million senior unsecured notes
due in 2017 will be applied to reduce the senior credit facility
and other short term debt.  The issuance is part of the group's
strategy to further diversify its capital structure.  The (P)Ba3
rating for the group's US$500 million senior unsecured notes
issued at the level of the financing subsidiary FMC Finance III
reflect the instrument's relative position in the capital
structure and a Loss Given Default assessment of LGD5 (74%).

The senior unsecured notes benefit from guarantees by Fresenius
Medical Care AG & Co. KGaA, Fresenius Medical Care Deutschland
GmbH and Fresenius Medical Care Holdings Inc., and rank pari
passu with most of the company's operating liabilities.

The notes rank senior in right of payment to all indebtedness of
the company that is, by its terms, expressly subordinated to the
senior credit facility of the group.  The (P)Ba3 rating for
the US$500 million senior unsecured notes is two notches below
the Ba1 (LGD2, 28%) rating for the group's US$4.3 billion senior
credit facilities which reflects the effective subordination of
the senior unsecured notes relative to the sizable proportion of
secured debt ranking ahead in the capital structure.

These senior credit facilities are guaranteed on a senior basis
by most of the operating companies and are secured by:

   (i) a share pledge of most of the company's operating
       subsidiaries and

  (ii) a springing lien on substantially all assets which would
       be effective following a deterioration of the company's
       credit ratings below Ba3 as well as

(iii) a share pledge of most of the company's operating
       subsidiaries.

The (P)Ba3 rating for the senior unsecured notes is one notch
below the Ba2 Corporate Family Rating which essentially reflects
the relatively higher expected LGD of the senior unsecured notes
(LGD5, 74%) compared to the LGD for the Corporate Family (LGD4,
50%), reflecting the dominant position of the senior secured
credit facility in the group's capital structure.  The (P) Ba3
rating for the group's senior unsecured notes is one notch above
the B1 rating for the group's Trust Preferreds.  The B1 (LGD6,
92%) rating on the US$1.2 billion Trust Preferreds, issued at
the level of Fresenius Medical Care Capital Trusts and
guaranteed by Fresenius Medical Care KGaA, Fresenius Medical
Care Deutschland GmbH and Fresenius Medical Care Holdings Inc.,
reflects their structural subordination to the senior credit
facilities as well as to the operating company obligations
including the senior unsecured notes.

Upgrades:

   * Issuer: Fresenius Medical Care AG & KGaA

   -- Senior Unsecured Bank Credit Facility, Upgraded to LGD2,
      28% from LGD3, 32%

Assignments:

   * Issuer: FMC Finance III S.A.

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba3;

   -- LGD Assessment, Assigned LGD5, 74%.

As of March 31, 2007, Fresenius Medical Care had US$5.6 billion
of total debt outstanding.  Based in Bad Homburg, Germany,
Fresenius Medical Care AG is the world's leading provider of
dialysis products and services.  For the fiscal year ended
Dec. 31, 2006, Fresenius Medical Care AG generated net revenues
of US$8.5 billion.


FRESENIUS MEDICAL: Moody's Affirms Ratings with Positive Outlook
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating
to the proposed issuance of US$500 million in senior unsecured
notes issued by FMC Finance III S.A., a wholly owned finance
vehicle of Fresenius Medical Care AG & Co. KgaA.

All other ratings of Fresenius Medical Care are affirmed with a
positive outlook.  The last rating action on FME was on May 15,
2007, when the Ba2 Corporate Family Rating and Ba2 Probability
of Default Rating were affirmed and the outlook changed to
positive.  The proposed US$500 million senior unsecured notes
due in 2017 will be applied to reduce the senior credit facility
and other short term debt.  The issuance is part of the group's
strategy to further diversify its capital structure.  The (P)Ba3
rating for the group's US$500 million senior unsecured notes
issued at the level of the financing subsidiary FMC Finance III
reflect the instrument's relative position in the capital
structure and a Loss Given Default assessment of LGD5 (74%).

The senior unsecured notes benefit from guarantees by Fresenius
Medical Care AG & Co. KGaA, Fresenius Medical Care Deutschland
GmbH and Fresenius Medical Care Holdings Inc., and rank pari
passu with most of the company's operating liabilities.

The notes rank senior in right of payment to all indebtedness of
the company that is, by its terms, expressly subordinated to the
senior credit facility of the group.  The (P)Ba3 rating for
the US$500 million senior unsecured notes is two notches below
the Ba1 (LGD2, 28%) rating for the group's US$4.3 billion senior
credit facilities which reflects the effective subordination of
the senior unsecured notes relative to the sizable proportion of
secured debt ranking ahead in the capital structure.

These senior credit facilities are guaranteed on a senior basis
by most of the operating companies and are secured by:

   (i) a share pledge of most of the company's operating
       subsidiaries and

  (ii) a springing lien on substantially all assets which would
       be effective following a deterioration of the company's
       credit ratings below Ba3 as well as

(iii) a share pledge of most of the company's operating
       subsidiaries.

The (P)Ba3 rating for the senior unsecured notes is one notch
below the Ba2 Corporate Family Rating which essentially reflects
the relatively higher expected LGD of the senior unsecured notes
(LGD5, 74%) compared to the LGD for the Corporate Family (LGD4,
50%), reflecting the dominant position of the senior secured
credit facility in the group's capital structure.  The (P) Ba3
rating for the group's senior unsecured notes is one notch above
the B1 rating for the group's Trust Preferreds.  The B1 (LGD6,
92%) rating on the US$1.2 billion Trust Preferreds, issued at
the level of Fresenius Medical Care Capital Trusts and
guaranteed by Fresenius Medical Care KGaA, Fresenius Medical
Care Deutschland GmbH and Fresenius Medical Care Holdings Inc.,
reflects their structural subordination to the senior credit
facilities as well as to the operating company obligations
including the senior unsecured notes.

Upgrades:

   * Issuer: Fresenius Medical Care AG & KGaA

   -- Senior Unsecured Bank Credit Facility, Upgraded to LGD2,
      28% from LGD3, 32%

Assignments:

   * Issuer: FMC Finance III S.A.

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba3;

   -- LGD Assessment, Assigned LGD5, 74%.

As of March 31, 2007, Fresenius Medical Care had US$5.6 billion
of total debt outstanding.  Based in Bad Homburg, Germany,
Fresenius Medical Care AG is the world's leading provider of
dialysis products and services.  For the fiscal year ended
Dec. 31, 2006, Fresenius Medical Care AG generated net revenues
of US$8.5 billion.


FRINGS HOTEL: Claims Registration Period Ends July 23
-----------------------------------------------------
Creditors of Frings Hotel Leipzig GmbH have until July 23 to
register their claims with court-appointed insolvency manager
Friedbert Striewe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Friedbert Striewe
         Fichtestrasse 3
         04275 Leipzig
         Germany
         Tel: 0341/696650
         Fax: 0341/6966599
         E-mail: Striewe@diro.de

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

The Debtor can be reached at:

         Frings Hotel Leipzig GmbH
         Grafestrasse 15
         04129 Leipzig
         Germany


GAUBATZ ISOLIERTECHNIK: Claims Registration Period Ends July 17
---------------------------------------------------------------
Creditors of Gaubatz Isoliertechnik GmbH have until July 17 to
register their claims with court-appointed insolvency manager
Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 p.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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Dr. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

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

The Debtor can be reached at:

         Gaubatz Isoliertechnik GmbH
         Attn: Michael Gaubatz, Manager
         Lindenstrasse 43
         06780 Zoerbig
         Germany


GLF GARTEN: Claims Registration Period Ends July 27
---------------------------------------------------
Creditors of GLF Garten- u. Landschaftsbau Frey Rhein-Main-
Neckar GmbH have until July 27 to register their claims with
court-appointed insolvency manager Wolfgang Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Jung
         Rhoenstr. 5
         63526 Erlensee
         Germany
         Tel: 06183/2666
         Fax: 06183/71979

The District Court of Hanau opened bankruptcy proceedings
against GLF Garten- u. Landschaftsbau Frey Rhein-Main-Neckar
GmbH on June 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GLF Garten- u. Landschaftsbau Frey
         Rhein-Main-Neckar GmbH
         Eisenbahn 3
         63584 Gruendau
         Germany


GOETTINGER GRUPPE: Court Opens Insolvency for Finance Unit
----------------------------------------------------------
The District Court of Goettingen opened insolvency proceedings
against Securenta AG, an investment company arm of Goettinger
Gruppe Beteiligungs GmbH on June 11, 2007.

The procedure has created confusion as to which insolvency
practitioner is responsible, a Handelsblatt report carried by
the Financial Times says.

Parts of Goettinger Gruppe filed for insolvency proceedings at
the District Court of Charlottenburg on June 8, as reported in
the TCR-Europe on June 14, 2007.  The Charlottenburg Court
appointed Rolf Rattunde of Leonhardt Westhelle & Partner as
insolvency administrator.

However, after the company moved headquarters from Berlin to
Goettingen, the Goettingen District Court opened insolvency
proceedings and appointed Hamburg-based Peter Knoepfel as
insolvency administrator, Handelsblatt relates.

According to the report, the Goettingen court said that a
creditor's meeting for the company will be held in September.

Handelsblatt relates that Securenta allegedly collected over
EUR1 billion from around 80,000 savers.  The public prosecution
office in Braunschweig is investigating the investment model for
a second time.

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


HANROH GMBH: Claims Registration Period Ends July 16
----------------------------------------------------
Creditors of HanRoh GmbH i.L. have until July 16 to register
their claims with court-appointed insolvency manager Ralph
Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Ralph Buenning
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511 554706-0
         Fax: 0511 554706-99

The District Court of Hannover opened bankruptcy proceedings
against HanRoh GmbH i.L. on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HanRoh GmbH i.L.
         Ludwig-Barney-Str. 1
         30175 Hannover
         Germany


HILITE GERMANY: Moody's Junks Second Lien Sr. Secured Term Loan
---------------------------------------------------------------
Moody's Investors Service assigned Hilite International, Inc. a
Corporate Family and a Probability of Default rating of B3.  The
outlook is stable.

In a related action Moody's also assigned a B1 rating to the new
first lien senior secured term loan issued by Hilite Germany
GmbH & Co. KG; a B1 rating to the new first lien senior secured
revolving credit issued by Hilite Industries, Inc. (and
Hydraulik-Ring GmbH, as co-borrowers); and a Caa2 rating to the
new second lien senior secured term loan issued by Hilite
Germany GmbH & Co. KG.  These facilities will be used to
refinance Hilite's existing bank credit facilities, subordinated
debt, preferred stock, and to pay related transaction fees.  The
transaction furthers Hilite's progress in recasting its debt
obligations by aligning the debt service requirements with the
company's geographic cash generating capacity.

The ratings reflect the company's weak credit metrics, including
low operating margins and limited interest coverage. Hilite's
stable outlook is supported by the company's stabilized
performance, its portfolio of highly engineered products which
focus on improving engine efficiency, and the company's growing
proportion of revenues from engineered products generated
outside of North America.  While moderate in size, the company's
portfolio of highly engineered products focus on improving
engine efficiency, an area of increasing industry importance.
Hilite's products require joint design with its customers,
resulting in the company being a sole source provider for
approximately 95% its products.  The B3 corporate family rating
reflects the above characteristics and the company's weak credit
metrics which are incorporated into Moody's Auto Supplier Rating
Methodology.

Ratings assigned:

   * Hilite International, Inc.

     -- B3, Corporate Family Rating;
     -- B3, Probability of Default Rating.

   * Hilite Germany GmbH & Co. KG

     -- B1 (LGD2, 29%) to the US$95.0 million first lien senior
        secured term loan;

     -- Caa2 (LGD5, 79%) to the US$70.0 million second lien term
        loan.

   * Hilite Industries, Inc

     -- B1 (LGD2, 29%) to the US$25.0 million multi-currency
        revolving credit facility.

The ratings of the new issues reflect their priority of payout
under Moody's Loss Given Default Methodology.  As a result of
the preponderance of debt being funded at Hilite's European
operations, Moody's Europe, Middle East, and Africa Loss Given
Default Methodology is applied.  The significant impact of the
EMEA LGD Methodology compared to the U.S. methodology is the
senior secured treatment of trade payables.

Hilite, headquartered in Cleveland, Ohio, is a designer and
manufacturer of highly-engineered, valve-based components,
assemblies, and systems used principally in powertrain (engine
and transmission) applications for the automotive market.  Major
products include camphasers, diesel valves, cylinder
deactivation valves, SCR emissions control units for heavy duty
truck applications, solenoid valves, proportioning valves, and
clutch assemblies.  The company's annual revenues approximate
US$423 million.  Hilite has international locations in France
and Germany.


POLITO GMBH: Claims Registration Period Ends August 1
-----------------------------------------------------
Creditors of Polito GmbH have until Aug. 1 to register their
claims with court-appointed insolvency manager Horst Urban.

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

The meeting of creditors will be held at:

         The District Court of Straubing
         Room 215
         Second Floor
         Straubing
         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 Urban
         Muehlsteingasse 6
         94315 Straubing
         Germany
         Tel: 09421/12272

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

The Debtor can be reached at:

         Polito GmbH
         Wiesendorf 19
         94369 Rain
         Germany


POLYMERISAT HERSTELLUNGS: Claims Registration Ends July 31
----------------------------------------------------------
Creditors of Polymerisat Herstellungs-u. Vertriebs GmbH have
until July 31 to register their claims with court-appointed
insolvency manager Stefano Buck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenburg
         Hall 0005
         Hindenburgstr. 5
         77654 Offenburg
         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.19-23
         77855 Achern
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Polymerisat Herstellungs-u. Vertriebs GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Polymerisat Herstellungs-u. Vertriebs GmbH
         Attn: Gerhard Zink, Manager
         Raiffeisenstr. 17
         77704 Oberkirch
         Germany


PRIAMOS FILM: Creditors' Meeting Slated for July 6
--------------------------------------------------
The court-appointed insolvency manager for Priamos Film
Beteiligungs-GmbH, Rolf Nacke will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:45 a.m. on July 6.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on Oct. 26 at the same venue.

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Priamos Film Beteiligungs-GmbH on May 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Priamos Film Beteiligungs-GmbH
         Flemmingstr. 14
         12163 Berlin
         Germany


PRISMEN GMBH: Claims Registration Period Ends July 17
-----------------------------------------------------
Creditors of Prismen GmbH & Co.KG Tageslicht-, Kunststoff- und
Brandschutzsysteme have until July 17 to register their claims
with court-appointed insolvency manager Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00  p.m. on Aug. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Coburg
         Meeting Hall K
         First Floor
         Coburg
         Germany

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

The insolvency manager can be reached at:

         Oliver Schartl
         Schwanthalerstrasse 32
         80336 Munich
         Germany
         Tel: 089/54511-121
         Fax: 089/54511-444

The District Court of Coburg opened bankruptcy proceedings
against Prismen GmbH & Co.KG Tageslicht-, Kunststoff- und
Brandschutzsysteme on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Prismen GmbH & Co.KG Tageslicht-,
         Kunststoff- und Brandschutzsysteme
         Friedrich-Ludwig-Jahn-Str. 9
         96484 Meeder
         Germany


SPEZIALBACK BACKEREI: Creditors Must Register Claims by July 16
---------------------------------------------------------------
Creditors of Spezialback Backerei GmbH have until July 16 to
register their claims with court-appointed insolvency manager
Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Knut Thomas Hofheinz
         Spicherer Str. 26
         86157 Augsburg
         Germany

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

The Debtor can be reached at:

         Spezialback Backerei GmbH
         Laichwiesenweg 4
         86453 Dasing
         Germany


SPORT- UND FREIZEITBAD: Creditors Meeting Slated for July 4
-----------------------------------------------------------
The court-appointed insolvency manager for Sport- und
Freizeitbad Kappeln GmbH, Ygglev Stintzing, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:21 a.m. on July 4.

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

         The District Court of Flensburg
         Hall A 220
         Flensburg
         Germany


The insolvency manager can be reached at:
         Ygglev Stintzing

         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Sport- und Freizeitbad Kappeln GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sport- und Freizeitbad Kappeln GmbH
         Attn: Sascha Boettcher, Manager
         Barbarastrasse 7
         24376 Kappeln
         Germany


TANIR TRANSPORTE: Creditors Must Register Claims by Aug. 6
----------------------------------------------------------
Creditors of Tanir Transporte, Kurier, Logistik have until
Aug. 6 to register their claims with court-appointed insolvency
manager Karsten Sauter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 23, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 103
         Olgastr. 107
         89073 Ulm
         Germany

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

The insolvency manager can be reached at:

         Karsten Sauter
         Anwaltskanzlei Hirt + Teufel
         Rebengasse 9
         89073 Ulm
         Germany
         Tel: 0731/159-7493
         Fax: 0731/159-7764
         Web site: http://www.hirt-teufel.de/

The District Court of Ulm opened bankruptcy proceedings against
Tanir Transporte, Kurier, Logistik on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tanir Transporte, Kurier, Logistik
         und Distributions GmbH
         Schwambergerstr. 43
         89073 Ulm
         Germany



TECONA ENGINEERING: Creditors Must Register Claims by July 12
-------------------------------------------------------------
Creditors of Tecona Engineering GmbH have until July 12 to
register their claims with court-appointed insolvency manager
Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Villingen-Schwenningen
         Hall 2/2.OG
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Tecona Engineering GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tecona Engineering GmbH
         Am Krebsgraben 15
         78048 Villingen-Schwenningen
         Germany


TELE-SERVICE GMBH: Creditors Must Register Claims by July 11
------------------------------------------------------------
Creditors of Tele-Service GmbH Radio Fernsehenhave until July 11
to register their claims with court-appointed insolvency manager
Bettina E. Dr. Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Bettina E. Dr. Breitenbuecher
         Loschwitzer Strasse 3
         01309 Dresden
         Germany
         Tel: (03 51) 31 50 50
         Fax: (03 51) 31 50 55 55

The District Court of Chemnitz opened bankruptcy proceedings
against Tele-Service GmbH Radio Fernsehen on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tele-Service GmbH Radio Fernsehen
         Attn: Rainer Nestler, Manager
         Bernsdorfer Str. 213
         09126 Chemnitz
         Germany


WELLNESSHOTEL AULENDORF: Claims Registration Period Ends July 6
---------------------------------------------------------------
Creditors of Wellnesshotel Aulendorf GmbH have until July 6 to
register their claims with court-appointed insolvency manager
Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Room 209
         Herrenstr. 42
         Ravensburg 88212
         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:

         Werner Schneider
         Bahnhofstr. 39
         89231 Neu-Ulm
         Germany

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

The Debtor can be reached at:

         Wellnesshotel Aulendorf GmbH
         Attn: Johann Steinberger, Manager
         Ebisweiler Str. 20
         88326 Aulendorf
         Germany


WIEMER & TRACHTE: Claims Registration Period Ends July 10
---------------------------------------------------------
Creditors of Wiemer & Trachte GmbH have until July 10 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Dortmund
         Hall 3.301
         Third Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Wiemer & Trachte GmbH on June 1. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wiemer & Trachte GmbH
         Attn: Dieter Koester, Manager
         Markische Str. 249
         44141 Dortmund
         Germany


WOLFGANG LEUPOLDT: Claims Registration Period Ends June 27
----------------------------------------------------------
Creditors of Wolfgang Leupoldt GmbH have until June 27 to
register their claims with court-appointed insolvency manager
Petra Wiche-Wendler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 a.m. on Aug. 28, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Petra Wiche-Wendler
         Pfarr 1
         95028 Hof
         Germany
         Tel: 09281/54003-0
         Fax: 09281/54003-12

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

The Debtor can be reached at:

         Wolfgang Leupoldt GmbH
         Attn: Georg Grueneissl, Manager
         Bahnhofstr. 26
         95197 Schauenstein
         Germany


WT KONDENSATOREN: Claims Registration Period Ends July 6
--------------------------------------------------------
Creditors of WT Kondensatoren GmbH have until July 6 to register
their claims with court-appointed insolvency manager Alexander
Bergfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Alexander Bergfeld
         Peuntgasse 3
         90402 Nuernberg
         Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90

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

The Debtor can be reached at:

         WT Kondensatoren GmbH
         Kiefernschlag 7
         91126 Schwabach
         Germany


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

ALITALIA SPA: Italy Hires Credit Suisse to Evaluate Final Bids
--------------------------------------------------------------
Italy's Finance Ministry has appointed Credit Suisse to conduct
an independent assessment of the bids for the government's 39.9%
stake in Alitalia S.p.A., Reuters reports.

Credit Suisse will evaluate the binding offers of Alitalia's
remaining bidders -- AirOne S.p.A.-Intesa San Paolo S.p.A. and
OAO Aeroflot-Unicredit Italiano S.p.A.

The bidders have until July 2, 2007, to submit binding offers.
Italy, however, is encouraging the parties to unify their bids.

                        About Alitalia

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

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


ALITALIA SPA: AirOne Grumbles over Inadequate Operational Data
--------------------------------------------------------------
The AirOne S.p.A.-Intesa San Paolo consortium is complaining
over lack of adequate information on Alitalia S.p.A.'s
operation, The Irish Times reports citing a source privy to the
bidding process.

AirOne, the source told the Irish Times, wrote to Italian
finance minister Tommaso Padoa-Schioppa bemoaning that it cannot
devise a proper business plan for Alitalia due to limited
information.

As previously reported in the TCR-Europe, final bidders
commenced examining Alitalia's books on May 24, 2007.

The Irish Times suggests that the consortium, along with rival
bidder OAO Aeroflot-Unicredit Italiano S.p.A., also wants access
to Alitalia's legal contracts and other date that would allow
them to assess accurately the profitability of the carrier's
route network.

The consortium has earned the backing of Italy's ruling center-
left coalition, making it a favorite to acquire the government's
39.9% in Alitalia, The Irish Times adds.

Sources told the Irish Times that Alitalia's privatization will
remain on course despite AirOne's complaint.

                      Possible Bankruptcy?

Meanwhile, government ministers shoved off the possibility of
sending Alitalia into bankruptcy following the carrier's
publication of its first quarter results.

As reported in the TCR-Europe on June 15, 2007, Alitalia posted
EUR135 million in net losses for the first quarter of 2007,
compared with EUR159 million in net losses for the same period
in 2006.  The carrier added it is liquid enough to maintain
operations for more than 12 months.

"To speak today of bankruptcy seems out of place to us,"
infrastructure minister Antonio Di Pietro was quoted by the
Irish Times as saying.  "We are working to sell Alitalia to the
best bidder, the one that proposes the best business plan."

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

                        About Alitalia

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

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


FIAT SPA: Closes EUR1 Billion Senior Notes Offering
---------------------------------------------------
Fiat S.p.A. successfully closed its offering of EUR1 billion in
principal amount of 5.625% Senior Notes due June 2017, which had
been priced on June 5, 2007.

The notes, which have been issued by Fiat Finance North America
Inc., a wholly owned subsidiary of Fiat S.p.A., under the EUR15
billion Global Medium Term Note Programme and are guaranteed by
Fiat S.p.A., have been rated Ba2 by Moody's Investors Service
and BB+ by Standard & Poor's Ratings Services, in line with the
agencies' current ratings on Fiat Group's long-term debt.

The notes have been admitted to listing on the Irish Stock
Exchange.  The notes have only been offered and sold outside the
United States to institutional investors that are non-U.S.
persons under Regulation S and have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, or
any other securities laws.

The notes may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

On June 5, 2007, Fiat confirmed the offering of EUR1 billion in
principal amount of 5.625% senior notes with a maturity of
June 2017, with an issue price of 99.232%.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FIAT SPA: Credit Improvement Cues Fitch to Lift Rating to BBB-
--------------------------------------------------------------
Fitch Ratings has upgraded Fiat SpA's Long-term Issuer Default
rating and senior unsecured rating to 'BBB-' from 'BB'.  Fiat's
Short-term IDR is upgraded to 'F3' from 'B'.  Following the
upgrade, the Outlook on the Long-term IDR is Stable.

"The upgrade reflects the structural improvement in Fiat's
credit profile over the past couple of years," says Emmanuel
Bulle, Director in Fitch's European Corporates group.
"Consistent improvement in Fiat Auto in particular, and the
continuously positive trend shown in the group's other main
divisions, have enabled Fiat to materially strengthen its
financial profile."

The Stable Outlook is driven by Fitch's expectations that Fiat
will be able to deliver most of its divisional revenue and
operating margin targets in 2007 and 2008.  It also incorporates
the various challenges faced by the group.  Fiat will have to
demonstrate further sustainable improvement to justify further
positive rating action.

The auto division's improvement over the past two years was
mostly attributable to Fiat Group Automobiles' focus on
improving its product mix and product attractiveness as well as
manufacturing efficiencies and the group's successful selective
alliances strategy.  The rejuvenation of the core Fiat brand has
been successful so far, notably with the launch of the Grande
Punto and the popular new Panda.  Similarly, the Alfa brand's
business profile is continuously improving and ambitious targets
have been set.  Fitch is confident that Fiat Auto's solid
product plan (23 new and 23 updated vehicles under the group's
2007-10 business plan) should continue to support growth in the
next couple of years.  Although Fiat Auto is traditionally
positioned in the lower-margin compact and sub-compact segments,
environmental issues and demand for more fuel-efficient vehicles
should continue to fuel growth in these segments.

The group's diversification outside of the auto sector is also a
supporting factor.  Although its commercial vehicles and
agricultural and construction equipment activities face a more
cyclical environment than the auto industry, they offer better
margins and diversification and are decoupled from the auto
cycle.  The group has also the opportunity to benefit from
synergies across these divisions, notably in purchasing and
power-train development.

The success of recent products, cost-saving efforts and
manufacturing efficiencies enabled Fiat Auto's trading margin
excluding financial services to increase to 1% in FY06 from a
negative 1.8% in FY05.  Trading margins at Iveco and CNH also
improved in FY06, thanks to their solid market positions and
early restructuring efforts.  Both divisions have benefited from
increased volumes in favorable markets and better pricing.
Iveco's performance was also boosted by the launch of new
products.  It posted a 6.5% trading margin excluding FS for
FY06, up from 4.5% in FY05.  CNH reported a 5.2% margin
excluding FS, up from 5.0%. Overall, reported industrial trading
margin more than doubled in FY06 to 3.3% while group trading
margin jumped to 3.8% from 2.1% in FY05 and 0.1% in FY04.  Fitch
believes Fiat is on track to post trading margins of 4.5% for
its industrial operations and slightly under 5% for the group in
2007.

Stronger underlying operating margins and higher cash flows from
operations continued to materially strengthen Fiat's financial
structure.  Importantly, its CFO has been supported by, and
should continue to benefit from, higher production through
positive working capital inflows.  Net financial debt from its
industrial operations, adjusted for leases and pension
liabilities and excluding the net fair value of derivatives
instruments, fell to EUR3.3 billion at FYE06 from EUR5.0 billion
at FYE05 and EUR12.0 billion at FYE04.  This led to a
substantial improvement of the industrial operations' adjusted
net debt/EBITDAR ratio to 0.8x at FYE06, compared with 1.6x at
FYE05 and 6.7x at FYE04.

In the medium term, Fitch is cautious about Fiat's 2009 and 2010
forecasts, which it finds somewhat ambitious in light of the
difficult market environment, unabated pricing pressure and
relentless competition.  In addition, Fiat Auto's sales are more
skewed towards its home market than its main competitors and it
is highly dependent on two main markets, Italy and Brazil.
Although Fiat's brand image has substantially improved,
reliability and quality are still lagging behind those of its
main peers.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.


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


AKTASHY LLP: Proof of Claim Deadline Slated for July 20
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Aktashy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 40
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


ALATECH SERVICE: Creditors Must File Claims July 20
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alatech Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Buhar-Jyrau Str.50a-32
         Almaty
         Kazakhstan
         Tel: 8 701 785 28-00


ALDIYAR LLP: Claims Filing Period Ends July 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Aldiyar insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 40
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


JAS ULAN: Claims Registration Ends July 20
------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Jas Ulan insolvent.

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

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


JBB-COMMERCE LTD: Creditors' Claims Due July 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Jbb-Commerce Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan


OILTECH LLP: Proof of Claim Deadline Slated for July 20
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Oiltech insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan


REMS LTD: Creditors Must File Claims July 20
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Rems Ltd insolvent.  Creditors have until July 20
to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shehelev Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (3272) 32-83-39
              8 701 756 42-06


SERVICE-COMPANY LLP: Claims Filing Period Ends July 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Service-Company insolvent.

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

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


STATUS-KYZYLORDA LLP: Claims Registration Ends July 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Status-Kyzylorda insolvent.

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

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


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


ADI LLC: Proof of Claim Deadline Slated for July 27
---------------------------------------------------
LLC Advertising-Informational Center ADI (INN 01111200410238)
(OKPO 23676935) has declared insolvency.  Creditors have until
July 27 to submit written proofs of claim.

Inquiries can be addressed to (0-503) 35-44-15.


BANK TURANALEM: Claims Filing Period Ends July 27
-------------------------------------------------
Representation of JSC Bank Turanalem in Kyrgyz Republic has
declared insolvency.

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

Inquiries can be addressed to (0-502) 52-49-33.


NUSKA JSC: Creditors Must File Claims by August 1
-------------------------------------------------
JSC Nuska has declared insolvency.  Creditors have until Aug. 1
to submit written proofs of claim to:

         JSC Nuska
         Sh. Rustaveli Str. 54a- 33
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 56-87-91


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


BEVERAGE PACKAGING: Moody's Puts B1 Rating on Strong Business
-------------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
to Beverage Packaging Holdings I S.A., a provisional (P)Ba2
rating to the EUR825 million Senior Secured Credit Facilities
with Beverage Packaging Holdings I S.A. as the borrower, a (P)B2
rating to the EUR450 million Senior Notes and a (P)B3 rating to
the EUR320 million Senior Subordinated Notes, both issued by
Beverage Packaging Holdings (Luxembourg) II S.A.  The outlook
for the ratings is stable.

The B1 CFR is based on by SIG's good revenue visibility
underpinned by long-term supply contracts with its customers and
high barriers to switch to another supplier given proprietary
container designs and provision of the filler machines.  It is
further supported by stable end markets, by long term
relationships with leading customers in the beverage and
food industries, the recognized technology and product know-how
and by an experienced management team.

The B1 rating, however, also reflects the reliance on Combibloc
as the main profit contributor of the group and the large
exposure to Europe.  When assigning the rating, Moody's has also
taken into account the threat of substitution from other
packaging substrates as well as the volatile raw material
prices, which may pressure profit margins if passed on to
customers only with material time lags and the possibility that
the strategy of reducing capital and R&D-related investment may
over time erode the future competitiveness of the group, if not
managed appropriately.  Moody's notes that credit metrics are
weak for the assigned B1 rating category, but mitigated by a
relative strong business model and potential for fast
improvements following the targeted debt reduction.

The rating outlook is stable and reflects the expectation that
the company will carry out its expansion plan into growth
regions as contemplated and that it maintains its retention rate
in excess of 85% with regards to contract renewals.  It also
incorporates a swift de-levering by applying free cash flows to
debt repayment.

All new debt instruments will be issued by holding companies
domiciled in Luxembourg with no operating activities.  All these
debt instruments will initially be guaranteed only by the group
holding companies to be complemented by upstream guarantees of
the material operating subsidiaries (latest in February 2008)
representing around 80% of sales, EBITDA and assets.  Until
then, Moody's recognizes the structural subordination of the
rated debt to subsidiary borrowings, but, given the relatively
small size of borrowings, does not expect material notching
implications or deviations from assigned LGD rates/assessments
from the introduction of upstream guarantees.  The guarantees
are expected on a senior basis for the credit facilities and
subordinated for the senior and subordinated notes.  Only the
bank facilities will be secured by a first priority pledge over
fixed and floating charges covering all of the assets of
the future guarantors, which results in a two-notch uplift to
(P)Ba2 from the B1 CFR.  Moody's has assumed that trade claims
will rank pari passu with these secured bank facilities.  As
about half of the group's financial debt is secured, the
unsecured senior notes have been notched down by 1 notch to
(P)B2 and the unsecured senior subordinated notes by 2 notches
to (P)B3 reflecting their ranking as the most junior debt
instrument in the capital structure.

These provisional ratings and LGD rates/assessments were
assigned to the entities:

   -- B1 Corporate Family Rating to Beverage Packaging Holdings
      (Luxembourg) I S.A.

   -- Probability of Default Rating of B1

   * Senior Secured Credit Facilities with Beverage Packaging
      Holdings (Luxembourg) I S.A. as the borrower:

   -- (P)Ba2 EUR85 million Revolving Credit Facility, LGD 22%,
      LGD2;

   -- (P)Ba2 EUR370 million Term Loan B, LGD 22%, LGD2;

   -- (P)Ba2 EUR370 million Term Loan C, LGD 22%, LGD2.

   * Beverage Packaging Holdings (Luxembourg) II S.A. as the
     issuer of:

   -- (P)B2 EUR450 million Senior Notes, LGD 72%, LGD5;

   -- (P)B3 EUR320 million Senior Subordinated Notes, LGD 92%,
      LGD6.

SIG is the number 2 global player after Tetra Pak (not rated) in
the global aseptic market with an estimated market share of
nearly 20% in 2006.  Following a strategic alignment with the
disposal of various activities in 2004 and 2005, the activities
of SIG Holding AG today are focusing on aseptic packaging
products for the food and beverage industries.  SIG in fiscal
year 2006 had sales of approximately EUR1.4 billion to its
customers in more than 40 countries, primarily in Europe (75%)
and increasingly in overseas markets such as Asia (18%), the
U.S. (3%), Rest of Americas (3%) and the Rest of World (1%).


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


SENSATA TECH: Moody's Holds B2 Rating on Airpax Aquisition
----------------------------------------------------------
Moody's Investors Service affirmed the ratings of Sensata
Technologies B.V., but changed the outlook to negative from
stable following the company's recent announcement that it
intends to acquire Airpax Holdings, Inc. for US$276 million.
The company's Speculative Grade Liquidity rating of SGL-2 is
unchanged.

Sensata's B2 corporate family rating reflects its strong
competitive position, long-standing customer relationships,
significant barriers to competitive entry, and stable free cash
flow generation.  The company continues to benefit from the
favorable trends in increased sensor content per unit for many
of its customers' products.  Yet, these strengths are balanced
against the company's high leverage.  For 2006 adjusted
debt/revenues was almost 200%.  The proposed acquisition will
increase the company's debt levels.  Sensata's increasing levels
of debt and cash interest payments could stress its credit
metrics and hinder the company's financial flexibility in a
downturn.

The negative outlook reflects Sensata's recent announcement that
the company is acquiring Airpax, which will be financed
predominately with debt.  Sensata's decision to acquire Airpax
is a departure from Moody's expectations incorporated into the
existing B2 corporate family rating, which included small to
modest acquisitions.  The Airpax acquisition indicates a more
aggressive financial strategy in which Sensata is open to
relatively large transactions that adds significantly more
incremental debt while increasing the company's overall
leverage.  Furthermore, Sensata must contend with integrating a
sizeable company in addition to its previous acquisitions while
operating as a stand-alone entity.  Additionally, mitigating
material weaknesses identified by management in order to comply
with SEC filing requirements adds additional uncertainty.

Sensata plans to acquire Airpax Holdings, Inc. for US$276
million including fees and expenses.  Sensata may use a portion
of its cash hand for the acquisition.  Airpax designs and
manufactures magnetic circuit breakers and electronic monitoring
and control systems.  Airpax will expand Sensata's end market
diversity within its controls business by allowing the company
to compete more effectively in the telecommunications, military
and aerospace industries.

These ratings/assessments were affected by this action:

   -- Corporate Family Rating affirmed at B2;

   -- Probability-of-default rating affirmed at B2;

   -- Senior secured bank credit facility affirmed at B1 (LGD3,
      33%);

   -- Senior unsecured affirmed at Caa1 (LGD5, 82%); and

   -- Senior subordinate affirmed at Caa1 (LGD6, 93%).

The company's speculative grade liquidity of SGL-2 is unchanged.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.  Sensata Technologies employs
approximately 5,400 people world-wide.


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


ELEKTRIM S.A.: Bondholders to Receive EUR500 Mln, Court Rules
-------------------------------------------------------------
Bingham McCutchen LLP recently obtained judgment for the EUR510
million bondholders of Polish conglomerate Elektrim S.A., after
a hearing before Mr. Justice Lewison in the High Court of
England and Wales.

The decision, issued on June 15, 2007, represents a significant
victory for bondholders after almost five years of litigation
around the world, including Poland, the Netherlands, Germany and
more recently the United States.  Lewison J directed the bond
trustee, The Law Debenture Trust Corporation plc, to distribute
forthwith to the bondholders more than EUR500 million.

Importantly for future cases, the judge also endorsed a
bondholder resolution providing for the bondholder committee to
recover nearly EUR7 million of legal costs incurred over the
past five years in litigation to recover their investment.

“This is an important decision, both for the bondholders of
Elektrim and for the bond market generally,” Bingham litigation
partner Natasha Harrison said.  “The decision provides welcome
clarity in relation to trustee obligations in general and more
specifically in connection with the operation of trust deeds in
the sphere of bond issues.  All credit to the bondholder group
for pursuing what has been a complex and hard-fought piece of
litigation through to its successful conclusion.”

“The Elektrim bondholders have been kept waiting for their money
far too long,” James Roome, co-head of Financial Restructuring
at Bingham, said.  “Out-of-date bond structures have made it
very hard for investors to pursue recoveries on their bonds.
This judgment allows an immediate payment to bondholders and a
fair allocation of bondholder committee expenses.”

Despite receiving EUR525 million on Oct. 26, 2006, the bond
trustee refused to distribute the money to bondholders in the
face of unsubstantiated concerns about potential liability.
These proceedings were commenced at the behest of bondholders,
for declarations as to the meaning of the trust deed and
directions that the bond trustee distribute the money.

The Bingham team was headed by partners Roome and Harrison, who
were assisted by London associates Suzi Mills, Liz Osborne and
Giles Mildred.  Counsel to the bondholders were Sue Prevezer QC
and Edmund King both of Essex Court chambers.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

In November 2005, an English court rejected Elektrim's appeal on
a decision declaring it in breach of bond conditions.  The Court
ordered Elektrim in September 2005 to immediately buy back
EUR471.4 million of bonds for having broken a restructuring
agreement signed in 2002.  Holders demanded immediate buyout of
their bonds, which was worth EUR470 million.  Elektrim was
due to redeem the bonds on Dec. 15, 2005, but failed.

Elektrim said it was impossible to redeem the bonds since the
court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its
assets and declare bankruptcy to avoid repaying its debt.  The
company said it would repay the debt if the collateral were
cancelled.

On Sept. 29, 2006, Elektrim filed a bankruptcy petition with the
possibility of an arrangement, five days before its creditors
were set to launch a lawsuit over the bankruptcy.  Creditors
were demanding the company's liquidation and the introduction of
an official bankruptcy assignee since they have not received
payments from the company for nearly two years.

In a TCR-Europe report on Nov. 2, 2006, a Court in Warsaw
rejected the bankruptcy petition for Elektrim S.A. filed by the
company's creditors and Elektrim Telekomunikacja, following a
partial repayment of the company's debt.

Under an option agreement, Elektrim sold its 48% stake in Polska
Telefonia Cyfrowa to Deutsche Telekom for EUR604 million.
Deutsche Telekom, however, paid the amount to a Vienna
arbitration court.

On Oct. 26, 2006, Elektrim received EUR525 million of the amount
and used it to repay its bondholders.  The partial repayment
prompted the Warsaw Court to dismiss the bankruptcy petition the
next day.


SMITHFIELD FOODS: Moody's Rates US$500 Mln New Sr. Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to the new
US$500 million senior unsecured notes of Smithfield Foods, Inc.

The company's other ratings, including its Ba2 corporate family
rating and Ba2 Probability of Default rating, were affirmed.
The rating outlook remains negative.

Rating assigned:

   -- US$500 million senior unsecured notes at Ba3 (LGD5, 82%)

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba2;
   -- Senior unsecured debt at Ba3 (LGD5, 82%);
   -- Senior subordinated debt at B1 (LGD6,97%);
   -- Speculative Grade Liquidity Rating of SGL-3.

The new senior unsecured notes, like the existing senior
unsecured notes, are rated one notch below the corporate family
rating because of the significant amount of unrated senior debt
that benefits from security and from the guarantees of certain
domestic subsidiaries.

The rating affirmation is based on Moody's expectation that the
company's credit metrics will strengthen as Smithfield
integrates recent acquisitions which have boosted the company's
scale and diversification.

Smithfield's Ba2 corporate family rating reflects the company's
high leverage, somewhat volatile earnings and cash flow stream,
aggressive acquisition strategy, and increasingly complex
business structure.  It also reflects the integration risks that
Smithfield faces as it consolidates a series of acquisitions
made over the past year, as well as higher-than-average event
risk of additional leveraged acquisitions within the
consolidating protein industry. Furthermore, ratings reflect
concerns over some aspects of Smithfield's corporate governance.
Smithfield's ratings are supported by the company's large size,
very strong market position, increasing geographic and product
diversity, and solid brand in the US pork industry.

Moody's considers Smithfield's ratings in the context of the key
rating drivers cited in Moody's Rating Methodology for Global
Natural Products Processors -- Protein and Agriculture.  Using
the methodology's 22 rating factors as well as pro forma and
projected metrics which account for recent acquisitions, fully
and proportionally consolidate material joint ventures, and
incorporate Moody's standard analytic adjustments, Smithfield's
rating would be B1 which is two notches lower than its actual
Ba2 corporate family rating.  Moody's believes that over the
intermediate term, Smithfield's recent acquisitions will create
a stronger, more diversified protein processing business which
should help it increase operating margins and cash flow
stability.

The negative rating outlook reflects the challenges Smithfield
faces in integrating its recent acquisitions, notably Premium
Standard Farms, and managing a more complex business portfolio
while simultaneously attempting to reduce debt and increase
financial flexibility.  It also reflects the continued event
risk of additional leveraged acquisitions as the company pursues
its global growth strategy.

Smithfield Foods Inc., headquartered in Smithfield, Virginia, is
the largest vertically integrated producer and marketer of fresh
pork and processed meat in the U.S. and has operating
subsidiaries and joint ventures in Brazil, Mexico, China
France, Poland, Romania, and the U.K.  Sales for the fiscal year
ended April 29, 2007 exceeded US$11.9 billion.

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


COMMERCIAL BANK: Moody's Rates Foreign Currency Debt at B1/NP
-------------------------------------------------------------
Moody's Investors Service assigned a long-term foreign currency
debt rating of B1 and a short-term foreign currency debt rating
of Not-Prime to the program for the issuance of loan
participation notes, to be issued on a limited recourse basis by
Renaissance Consumer Funding Limited for the sole purpose of
extending a loan to Commercial Bank "Renaissance Capital", LLC.
The outlook for the ratings is stable.

At the same time, a long-term foreign currency debt rating of B1
(stable outlook) is assigned to the first drawdown under this
program.  The amount of debt to be issued and the tenor of the
notes have yet to be determined.

The B1 rating is based on CBRC's Baseline Credit Assessment of
B2 and a moderate probability of support from the larger
Renaissance Group, particularly its investment banking segment
(Renaissance Capital Holding Limited, which has Ba3 long-term
local and foreign currency issuer ratings), the largest segment
of the group.

The holders of the notes will rely for repayment solely and
exclusively on the ability of CBRC to make payments under the
loan agreement.  CBRC is currently rated B1/Not Prime for long-
and short-term foreign and local currency deposits, and E+ for
financial strength.  All CBRC's ratings carry stable outlooks.

The obligations of CBRC to make payments under the loan
agreement will rank at all times at least pari-passu with the
claims of all other unsecured creditors of the borrower, except
for those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Moody's notes that Russia is, in general, a country with
individual depositor preferences, which may reduce the recovery
rates for bondholders, especially if such deposits were to
represent a sizeable proportion of a bank's liabilities in the
event of liquidation.

According to the terms and conditions of the loan agreement,
CBRC shall maintain a ratio of Capital to Risk Weighted Assets
of not less than 12%, a ratio of exposure to any single borrower
to net asset value of not more than 20% and a ratio of funded
exposure to any single borrower to net asset value of not more
than 10%.  The bank must also comply with a number of other
covenants such as negative pledge, limitations on any
reorganization, disposals and transactions with affiliates.

The bondholders will benefit from a put option in the event of a
change of control if Renaissance Group ceases to own a
controlling stake.

Commercial Bank Renaissance Capital is located in Moscow,
Russia, and reported total assets and total net assets
attributable to participants of US$642 million and US$115
million, respectively, under IFRS as of March 31, 2007.  The
bank is solely focused on consumer finance with services
specializing in sales finance, auto loans, mortgages, general-
purpose loans and credit cards.
Renaissance Consumer Funding Limited is a special purpose
vehicle domiciled in Ireland that was established for this
transaction.


DREV-MASTER LLC: Creditors Must File Claims by July 26
------------------------------------------------------
Creditors of LLC Drev-Master have until July 26 to submit proofs
of claim to:

         D. Tudanov
         insolvency manager
         Post User Box 3497
         Izhevsk
         426034 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A71-1975/2007-G2.

The Court is located at:

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

The Debtor can be reached at:

         LLC Drev-Master
         Traktornaya Str. 2
         Khokhryaki
         Zavyalovskiy
         Udmurtiya
         Russia


EFA-MURMAN CJSC: Creditors Must File Claims by July 26
------------------------------------------------------
Creditors of CJSC Efa-Murman have until July 26 to submit proofs
of claim to:

         A. Trifonov
         insolvency manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-1569/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Efa-Murman
         Molodyezhnyj Pr. 2
         Murmansk
         Russia


ELECTRA CJSC: Court Names S. Sedov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Murmansk appointed S. Sedov as
Insolvency Manager for CJSC Electra.  He can be reached at:

         S. Sedov
         Vidanskaya Str. 15V
         Petrozavodsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-1240/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Electra
         Askoldovtsev Str. 24-21
         Murmansk
         Russia


FIRST CZECH: Moody's Assigns B3/Not-Prime/E+ Ratings
----------------------------------------------------
Moody's Investors Service assigned first-time B3/Not-Prime local
currency deposit ratings, B3/Not-Prime foreign currency deposit
ratings, and an E+ Bank Financial Strength Rating to Russia's
First Czech Russian Bank.  The outlooks on all ratings are
stable.

At the same time, Moody's Interfax Rating Agency affirmed the
bank's Baa2.ru long-term national scale credit rating.  Moscow-
based Moody's Interfax is majority-owned by Moody's.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B3, is supported by FCRB's
satisfactory financial indicators.  The bank's insignificant
level of credit losses and strong capital position are main
factors which underpin its BFSR.  At the same time, the BFSR
also takes into account the bank's high dependency on the
volatile Russian operating environment, which constrains the
ratings of all banks in the country, as well as the bank's
undeveloped franchise.

FCRB's limited franchise value derives primarily from the fact
that until recently it has been a captive bank of OJSC
Stroytransgaz, one of the leading contractors of OJSC Gazprom,
the world's largest integrated gas company.  In January 2006,
OJSC Stroytransgaz, which was FCRB's largest shareholder sold
its 35.03% stake in the bank.  At the same time, FCRB's new
strategy focused on retail segment penetration, and territorial
expansion was adopted.  In Moody's opinion, if implementation of
this strategy results in a material increase in the FCRB's
retail market share, it could have positive implications for the
bank's deposit rating of B3.

Further limiting FCRB's BFSR is its high risk positioning,
particularly large single-party concentration of the loan
portfolio, and its significant market risk appetite,
particularly with regard to its relatively large proprietary
position in equity securities.

The local currency deposit rating assigned to FCRB is supported
by the bank's Baseline Credit Assessment of B3 and does not
factor in any support from its shareholders.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain, while systemic support in the
event of need is unlikely.  The foreign currency deposit rating
is assigned at the same level as the bank's local currency
deposit rating and is not constrained by Russia's country
ceiling for foreign currency deposits.

First Czech Russian bank is headquartered in Moscow and reported
total assets of US$586 million under IFRS on Dec. 31, 2006.


KDSZ OJSC: Court Names S. Sedov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Murmansk appointed S. Sedov as
Insolvency Manager for OJSC KDSZ (TIN 6445005477, OGRN
1026401864390).  He can be reached at:

         S. Sedov
         Vidanskaya Str., 15V
         Petrozavodsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-1416/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC KDSZ
         Padorina Str. 27-14
         Severomorsk
         Murmansk
         Russia


MDM BANK: Confirms Resignation of Top Investment Managers
---------------------------------------------------------
MDM Bank confirmed that its chief strategist Alex Kantarovich
and part of his research team have quit, Reuters reports.

According to Vedomosti financial daily, quoting sources at MDM,
Mr. Kantrarovich's team would defect to JP Morgan.

Alice Clark, JP Morgan's chief operating officer in Moscow,
however, declined to comment.

Igor Smokin, head of MDM Bank's investment department, also
confirmed that part of his research team had resigned, Reuters
relates.

Meanwhile, a Kommersant source revealed that Vladimir Bril, MDM
Bank's director of the trading and stock market sales
department, has left the company.

“There is a yawing personnel deficit in investment banking now,
especially in senior positions,” Sergey Vorobyev, chief
executive at the Ward Howell International headhunting firm,
said.

Kommersant says there is a stiff competition for skilled labor
due to the growth of Russian businesses and emergence of foreign
investment banks in the country.

                           About MDM

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/-- provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                            *   *   *

In December 2006, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on MDM Bank to 'BB-' from
'B+'.  S&P said the outlook is stable.  At the same time, the
'B' short-term counterparty credit rating on the bank was
affirmed.

In addition, Fitch Ratings affirmed Russia-based MDM Bank's and
parent MDM Holding GmbH's ratings:

   * MDM Bank:

      -- Issuer Default rating and foreign currency senior
         unsecured debt: affirmed at 'BB-' (BB minus); IDR
         Outlook Positive.

      -- Subordinated debt: affirmed at 'B+'

      -- National Long-term rating and RUB senior unsecured
         debt: affirmed at 'A+(rus)'; Long-term rating Outlook
         Positive.

      -- Short-term rating affirmed at 'B'

      -- Individual rating: affirmed at 'C/D'

      -- Support rating: affirmed at '4'

   * MDM Holding GmbH:

      -- IDR: affirmed at 'BB-' (BB minus); Outlook Positive
      -- Short-term rating: affirmed at 'B'
      -- Individual rating: affirmed at 'C/D'
      -- Support rating: affirmed at '5'

MDM Bank's US$2 billion Program for the Issuance of Loan
Participation Notes also carries Ba2/Not Prime ratings from
Moody's.  Moody's said the outlook is stable.


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

         N. Popov
         insolvency manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

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

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         CJSC Medeya
         Sovetskaya Str. 4
         Gusev
         Kaliningrad
         Russia


MEDNOGORSKOYE TRANSPORT: Creditors Must File Claims by July 26
--------------------------------------------------------------
Creditors of LLC Mednogorskoye Transport Enterprise (TIN
5606003834) have until July 26 to submit proofs of claim to:

         S. Pototskaya
         insolvency manager
         9th January Str. 34
         460000 Orenburg
         Russia


The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1339/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mednogorskoye Transport Enterprise
         50 Let DOSAAF Str. 1
         Mednogorsk
         462270 Orenburg
         Russia


NF MOLPROD: Creditors Must File Claims by July 26
-------------------------------------------------
Creditors of OJSC NF Molprod have until July 26 to submit proofs
of claim to:

         S. Zharikov
         insolvency manager
         Lenina Pr. 23
         10th post office
         Post User Box 31
         353910 Novorossiysk
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
Court will convene at 2:30 p.m. on April 24, 2008 to hear the
company's bankruptcy supervision procedure.  The case is
docketed under Case No. A-32-22301/2006-44/1910 B.

The Court  is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC NF Molprod
         Vidova Str. 156
         353907 Novorossiysk
         Russia


ORSKIY FACTORY: Court Names M. Belozertsev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg appointed M. Belozertsevas
Insolvency Manager for OJSC Orskiy Factory of Nonferrous Metals
(TIN 5614013480).  He can be reached at:

         M. Belozertsev
         Gaya Str. 23a
         460000 Orenburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
No.A47-2595/2004-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orskiy Factory of Nonferrous Metals
         Zavodskaya Str. 6
         Orsk
         Orenburg
         Russia


SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by July 26
--------------------------------------------------------
Creditors of OJSC Sel-Khoz-Tekhnika (TIN 5105040345) have until
July 26 to submit proofs of claim to:

         A. Arendachuk
         insolvency manager
         Post User Box 113
         183012 Murmansk
         Russia
         Tel/Fax: (8 8152) 47-71-20

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A 42-2908/2006.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         Andrusenko Str. 10
         Kola
         Murmansk
         Russia


STREZHEVSKOYE OIL: Court Names I. Odintsov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tomsk appointed I. Odintsov as
Insolvency Manager for CJSC STrezhevskoye Oil-Processing
Enterprise.  He can be reached at:

         I. Odintsov
         Festivalnaya Str. 16/1
         634059 Tomsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-9388/06.

The Court is located at:

         The Arbitration Court of Tomsk
         Kirova Str. 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

         I. Odintsov
         Festivalnaya Str. 16/1
         634059 Tomsk
         Russia


TNK-BP HOLDING: Earns US$6.41 Billion for Full Year 2006
--------------------------------------------------------
TNK-BP Holding Ltd. posted US$6.41 billion in net profit on
US$32.11 billion in revenues for the year ended Dec. 31, 2006,
Reuters reports.

The company also posted US$22.17 billion in net sales,
US$8.69 billion in pre-tax profit and US$10.2 billion in EBITDA.
The figures were prepared according to the International
Financial Reporting Standards.

"Despite a severe winter, which affected production, we
delivered production growth and replaced all our production with
new proven reserves," TNK-BP chief executive Robert Dudley said.
"And our downstream business contributed improved realizations
yet again."

                         Annual Dividend

TNK-BP Shareholders also approved the payment of US$4.6 billion
in annual dividend, representing 72% of the company's net
profit.

The company will pay a dividend of RUR1.37 per share for the
fourth quarter of 2006 and RUR5.95 for the first nine months of
2006.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP
on Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


TOTMA-WOOD-EXPORT: Court Names A. Gamichev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Vologda appointed A. Gamichev as
Insolvency Manager for OJSC Totma-Wood-Export.  He can be
reached at:

         A. Gamichev
         Post User Box 142
         160000 Vologda
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-7419/2005-22.

The Court  is located at:

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

The Debtor can be reached at:

         A. Gamichev
         Post User Box 142
         160000 Vologda
         Russia


TRANSNEFT OAO: To Build Baltic Pipeline's Second Leg in July
------------------------------------------------------------
OAO Transneft will constructing the second leg of the Baltic
Pipeline System in July 2007, RIA Novsoti reports citing chief
executive Semyon Vainshtok.

"If the government makes a decision on construction, then we are
ready to begin in July," said Mr. Vainshtok, who estimated the
project cost at US$2.5 billion.

In May 2007, Russian Prime Minister Mikhail Fradkov approved
construction of BPS' second leg, RIA Novosti says.

BPS, which has annual capacity of 50 million tons, starts at
Unecha to the Primorsk terminal.  The pipeline will pump
Siberian oil from Russia to Germany across the Baltic seabed and
on to the rest of Europe and the United States, bypassing
Belarus and Poland, RIA Novsoti relates.

                             Merger

Meanwhile, Mr. Vainshtok revealed to RIA Novosti that Transneft
and state-owned oil product transit firm Transnefteprodukt will
merge in mid-September.

The merger will be conducted by privatizing Transnefteprodukt
and contributing its stock to the charter capital of Transneft.
Following the merger, Russia will hold at least 75% plus one
share in the fused company.

Experts told RIA Novosti that the merger will raise the
companies' efficiency and cut independent producers' expenses on
oil and petroleum products transportation.

                         About Transneft

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                           *   *   *

OAO Transneft carries Fitch's 'BB' rating.


TYUMENSKIE SEED: Creditors Must File Claims by June 26
------------------------------------------------------
Creditors of CJSC Tyumenskie Seed  have until June 26 to submit
proofs of claim to:

         N. Evgrafova
         insolvency manager
         Shirotnaya, 129-34
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70-249/3-07.

The Court is located at:

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

The Debtor can be reached at:

         N. Evgrafova
         insolvency manager
         Shirotnaya, 129-34
         Tyumen
         Russia


VINKOM-LKB CJSC:  Creditors Must File Claims by June 26
-------------------------------------------------------
Creditors of CJSC Vinkom-LKB have until June 26 to submit proofs
of claim to:

         Y. Serdyukov
         insolvency manager
         Sovetskaya Str. 66-302
         Lipetsk
         Russia


The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A 36-432-B/1-01.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         CJSC Vinkom-LKB
         Ignatyeva Str. 32
         Lipetsk
         Russia


WOOD-STROM OJSC: Asset Deadline Filing Slated for June 25
---------------------------------------------------------
G. Totmyanina, the insolvency manager and the bidding organizer
for OJSC Wood-Strom, will set for a repeated auction for the
company's properties at 2:00 p.m. on June 27 at:

         G. Totmyanina
         Office 701
         Gagarina Avenue 46
         Perm
         Russia

Interested participants have until June 25 to deposit an amount
to:

         OJSC Wood-Strom
         Settlement Account 40702810889520000681
         Correspondent Account 3010181070000000874
         BIK 045744874
         OJSC ACB Rosbank (Prikamskiy)
         Perm
         Russia

Bidding documents must be submitted to:

         G. Totmyanina
         Office 701
         Gagarina Avenue 46
         Perm
         Russia

The Debtor can be reached at:

         G. Totmyanina
         Office 701
         Gagarina Avenue 46
         Perm
         Russia


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


AIR MADRID: National Court Snubs Fraud Case vs. Top Executives
--------------------------------------------------------------
The Hon. Fernando Grande Marlaska of Spain's National Court
dismissed the fraud charges filed by the Organization of
Consumers and Users against top executives of Air Madrid
Lineas Aereas S.A., The Financial Times reports.

As reported in the TCR-Europe on April 10, 2007, OCU filed the
fraud charges against Jose Luis Carrillo, chairman of Air
Madrid, and three other top executives -- Julio Miguel Martinez
Sola, Silvia Avelar Bravo and Juan Barjau Romero.

The consumer group alleged that Air Madrid continued to sell
tickets although it was aware that the Spanish authorities would
revoke its flying license.

Pedro Perez-Ocana, who represents Mr. Carillo, said the ruling
proves that OCU's complaint was "notoriously unjust" and shows
“what the conduct of the executives was."

Mr. Perez-Ocana argued that 90% of money from ticket sales
between November and December 2006 was collected by travel
agencies and was in the possession of the International Air
Transport Association until Air Madrid entered bankruptcy
proceedings, FT adds.

The lawyer stressed that since Air Madrid's administrators "did
not have the money," "at no time" could fraud have taken place.

                              Appeal

OCU, meanwhile, said it was surprised with the judge's decision,
adding that the investigation showed that ticket holders were
indeed defrauded, FT relates.

OCU warned that the ruling might lead aggrieved ticket holders
to sue the Spanish government, since it stated that “the
government was permissive" with Air Madrid.

As previously reported in the TCR-Europe, Air Madrid shut down
its operations on Dec. 15, 2006, leaving 330,000 passengers
stranded in Latin America and Spain.  The Spanish government had
been investigating the company's operations due to constant
customer claims of poor service that resulted in the
cancellation of its permit to operate.  The budget airline had
been under scrutiny for delays that have kept hundreds of
passengers in airports for days.

Air Madrid didn't show any intention of refunding tickets and it
is unknown if and when the carrier's operations will resume.

Headquartered in Madrid, Spain, Air Madrid Lineas Aereas S.A. --
http://www.airmadrid.com/-- operated 10 aircraft in its fleet.
Up until its shutdown, it operated routes to Spain and Latin
America.


TDA CAM 9: Moody's Junks EUR15 Million Series D Notes
-----------------------------------------------------
Moody's Investors Service assigned provisional ratings to six
series of Bonos de Titulizacion de Activos to be issued by TDA
CAM 9 Fondo de Titulizacion de Activos, a Spanish asset
securitisation fund that has been created by Titulizacion de
Activos, S.G.F.T., S.A.  Moody's has assigned these ratings:

   -- (P)Aaa to the EUR 250.0 million Series A1 notes;
   -- (P)Aaa to the EUR 943.5 million Series A2 notes;
   -- (P)Aaa to the EUR 230.0 million Series A3 notes;
   -- (P)Aa3 to the EUR 48.0 million Series B notes;
   -- (P)Baa2 to the EUR 28.5 million Series C notes; and
   -- (P)Ca to the EUR 15.0 million Series D notes.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (April 28, 2050).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2, A3,
B and C at par, on or before the final legal maturity date and
for ultimate payment of interest an principal at par on or
before the final legal maturity date on Series D.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

As of June 2007, the portfolio comprised 16,722 loans,
representing a provisional portfolio of €2,222,137,841, granted
by Caja de Ahorros del Mediterraneo in its normal course of
business mainly to finance the purchase or renovation of
residential properties.  The loans consist on first-lien
mortgages on residential properties, all of which are covered by
property damage and fire insurance.  At closing, all the loans
will have paid at least two installments and there will be no
loans more than 30 days in arrears. T he original weighted
average LTV is 74.90%, while the current WALTV is 72.58%.  The
average loan size is EUR133,379.  The loans were originated
between 1995 and March 2007, resulting in a weighted average
seasoning of 1.3 years. 99.53% of the portfolio pays through
monthly instalments, which are debited to accounts held by
the debtors at CAM.

According to Moody's, this deal benefits from several strong
features, including:

   (1) Interest Rate Swap provided by CAM which guarantees 65
       bps excess spread plus the servicing fees in case of CAM
       being replaced as servicer;

   (2) a reserve fund that is fully funded upfront from Series D
       issuance, to cover potential shortfalls in interest and
       principal;

   (3) a 12-month artificial write-off mechanism which allows
       excess spread trapping;

   (4) the fact that all the loans are secured by a first-lien
       mortgage guarantees.

Weaker features include:

   (1) the inclusion of some high LTV loans in the portfolio
       (34.21% of the portfolio over 80% LTV), which leads to a
       higher expected default frequency and more sever expected
       losses;

   (2) the strong geographical concentration in the region of
       Valencia, which is a consequence of the originator's
       position as one of the main savings banks within this
       region;

   (3) the fact that pro rata amortization of Classes B and C
       leads to reduced credit enhancement of the senior series
       in absolute terms; and

   (4) the negative impact of the interest deferral trigger on
       Classes B and C which increases the expected loss on the
       subordinated series.  These issues have been reflected in
       Moody's Credit Enhancement calculation.

Moody's based its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

   (2) the transaction's structural protections, which include
       the subordinated position of Series B and C with respect
       to Series A1, A2 and A3, the strength of the cash flows
       and any excess spread available to cover losses.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavor to assign a definitive rating.  A
definitive rating, if any, may differ from a provisional rating.


TDA CAM 9: Fitch Assigns Junk Ratings to EUR15 Mln Class D Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to TDA CAM 9, Fondo de
Titulizacion de Activos' EUR1,515 million mortgage-backed
floating-rate notes due in April 2050:

   -- EUR250 million Class A1: 'AAA'; Outlook Stable
   -- EUR943.5 million Class A2: 'AAA'; Outlook Stable
   -- EUR230 million Class A3: 'AAA'; Outlook Stable
   -- EUR48 million Class B: 'A'; Outlook Stable
   -- EUR28.5 million Class C: 'BBB'; Outlook Stable
   -- EUR15 million Class D: 'CCC'; Outlook Stable

This transaction is a cash flow securitization of a EUR1.5
billion static pool of first-ranking Spanish mortgage loans
originated and serviced by Caja de Ahorros del Mediterraneo
(rated 'A+'/Outlook Stable/'F1').  The final ratings are
contingent on the receipt of final documents conforming to
information already received.

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

Initial CE for the Class A to C notes will be provided by
subordination and a reserve fund, which will be funded at
closing using part of the proceeds from the issuance of the
notes.  The Class D notes are uncollateralized but will benefit
from cash released from the amortization of the reserve fund.
This transaction stands out with the concentration in the
Valencia region and other Mediterranean coastal areas.

The expected ratings address the payment of interest on the
notes according to the terms and conditions of the
documentation, subject to a deferral trigger on the Class B and
C notes, which entails that interest on these notes might not be
received during a period of time, as well as the repayment of
principal at legal final maturity.

Spanish Securitisation Law 19/1992 and Royal Decree 926/1998
regulates the fund.  Its sole purpose will be to transform into
fixed-income securities a portfolio of mortgage participations
and mortgage certificates acquired from CAM.  The PHs and CTHs
will be subscribed by Titulizacion de Activos S.A., S.G.F.T.
whose sole function is to manage asset-backed notes on behalf of
the fund.


TDA CAM 9: S&P Junks EUR15 Million Class D Notes
------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1,515 million mortgage-backed floating-
rate notes to be issued by TDA CAM 9, Fondo de Titulizacion de
Activos.

This will be the ninth securitization of Caja de Ahorros del
Mediterraneo's residential mortgage loans and the third RMBS
transaction originated by CAM to be rated by Standard & Poor's.
CAM is also an experienced participant in SMEs and covered bonds
securitizations.

In this transaction, CAM will securitize part of its residential
mortgage-lending book.  The loans, mainly originated in
Valencia, Catalonia, and Murcia, represent first-ranking
securities.

The issuer will enter into an interest rate swap agreement with
CAM to counteract any basis risk due to the various indexes of
the pool and the reference interest rate of the notes.  The swap
agreement will pay three-month EURIBOR plus the weighted-average
margin on the class A, B, and C notes, plus an additional spread
of 0.65%, and the servicer fees if the servicer is replaced.

On each quarterly interest payment date, the issuer will pay in
arrears the interest due to the noteholders.  For these
payments, the issuer will have as available funds the proceeds
of the interest rate swap, interest earned on the GIC, the
reserve fund, and, if necessary, principal received under the
mortgage loans and any other proceeds received in connection
with the mortgage loans.

As in other Spanish transactions, interest and principal from
the mortgages will be combined into a single priority of
payments, with principal deficiency triggers in the payment of
the interest to protect senior noteholders.

                         Ratings List

TDA CAM 9, Fondo de Titulizacion de Activos
   EUR1,515 Million Mortgage-Backed Floating-Rate Notes

                          Prelim.        Prelim. amount
           Class          rating           (Mil. EUR)
           -----          ------            --------
            A1             AAA                250.0
            A2             AAA                943.5
            A3             AAA                230.0
            B              A                   48.0
            C              BBB                 28.5
            D(1)           CCC-                15.0

   (1) The class D notes will fully fund the cash reserve
       account at closing.


===========
S W E D E N
===========


QUEBECOR WORLD: Moody's Holds B2 Rating on Weak Performance
-----------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
speculative grade liquidity rating to SGL-4 (indicating weak
liquidity) from SGL-3 (indicating adequate liquidity).

At the same time, Moody's also affirmed the company's B2
corporate family rating.  The senior unsecured ratings for
subsidiary companies, Quebecor World Capital Corporation and
Quebecor World Capital ULC, were also affirmed at the prevailing
B2 rating level, as was the prevailing Caa1 senior subordinated
rating for Quebecor World (USA) Inc.  The outlook continues to
be negative.

While first quarter results were quite weak and could signal
that credit protection measures will be adversely affected by
difficulties encountered in implementing the company's five
point transformation plan, and consequently, given cash consumed
to fund the initiatives, QWI's financial performance, coverage
and leverage may continue to deteriorate over the next six to
twelve months, it is not yet conclusive that this is the case.

As background, QWI is confronted by very challenging industry
conditions, including overcapacity, declining pricing, revenues
and profits.  A bi-product of these conditions is very poor
forward-looking visibility of future performance.  While the
lack of visibility is, taken on its own, a concern, and causes
significant uncertainty related to the five point transformation
plan's effectiveness in restoring profitability and improving
credit protection measures, the current range of expected
outcomes continues to support the prevailing B2 rating.

However, over the very near term, there appears to be risk that
underlying performance may generate financial statistics that
are at odds with those specified in the company's bank credit
facility, implying that QWI may have to negotiate with its
lenders so as to assure ongoing access to third party credit and
the requisite resources to complete transformation initiatives.
Moody's views this risk as being sufficient to warrant
downgrading QWI's speculative grade liquidity rating to SGL-4.
As well, given the above factors, the outlook for all of the
group's long term debt ratings continues to be negative.

Downgrades:

   * Issuer: Quebecor World, Inc.

   -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
      from SGL-3.

Financial results recorded over the past two quarters are
extremely difficult to interpret.  While the company has
apparently accelerated re-tooling activities, capital
expenditure levels have not increased as one would have expected
given that background.  Conversely, restructuring expenses, so-
called "IAROC", have surged quite markedly.  In both cases, the
results are counter to what one would expect at this stage of
the company's transformation plan.  When combined with erratic
sequential revenue and EBITDA generation (even after taking into
account expected seasonality), it is exceedingly difficult to
gauge progress against expected milestones.  Results from Q4-06
and Q1-07 provide no insight into whether QWI's five-point plan
is delivering any tangible benefits.

Consequently, Moody's expects QWI's TD/EBITDA measure at the end
of 2007 to exceed 7x, (EBITDA-CapEx)/Interest to continue to be
below 1x, and FCF generation to be materially negative.  Given
the uncertain environment and execution risks related to the
transformation plan, it is unclear whether these measures will
improve during 2008.

Quebecor World Inc. -- http://www.quebecorworld.com/-- is a
commercial print media services company. The company offers its
customers a range of printed products and related communication
services, such as magazines, retail inserts, catalogs, direct
mail, books, directories, pre-media, logistics and other value-
added services.  Quebecor World operates in the commercial print
media segment of the printing industry.

Quebecor World has around 32,000 employees working in more than
140 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.

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


BUMONTA LLC: Creditors' Liquidation Claims Due June 30
------------------------------------------------------
Creditors of LLC Bumonta have until June 30 to submit their
claims to:

         Ernst Zimmermann
         Liquidator
         Schnaren
         9467 Frumsen
         Switzerland

The Debtor can be reached at:

         LLC Bumonta
         Kreuzlingen TG
         Switzerland


HANS PETER: Creditors' Liquidation Claims Due July 2
----------------------------------------------------
Creditors of JSC Hans Peter Gloor have until July 2 to submit
their claims to:

         Kurt Treyer
         Liquidator
         JSC Treyer Treuhand
         Lautengartenstr. 14
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Hans Peter Gloor
         Battwil
         Dorneck SO
         Switzerland


ITEB JSC: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC ITEB on May 15.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC ITEB
         Feldhof 2
         6300 Zug
         Switzerland


QINO ASSET: Creditors' Liquidation Claims Due July 15
-----------------------------------------------------
Creditors of JSC Qino Asset Management & Advisory have until
July 15 to submit their claims to:

         JSC Qino Trust
         Liquidator
         Zugerstrasse 76 b
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Qino Asset Management & Advisory
         Baar ZG
         Switzerland


THALES TECHNOLOGY: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Thales Technology Transfer Center on Feb. 28.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Thales Technology Transfer Center
         Chamerstrasse 172
         6300 Zug
         Switzerland


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


ORDU YARDIMLASMA: Moody's Holds B2 Rating on Investment Disposal
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 corporate family
ratings and the Ba2 PD rating of Ordu Yardimlasma Kurumu
following the announcement that it had reached agreement with
ING Bank (rated Aa1/P-1/B) to sell Oyak Bank (rated B1/NP/D+)
for US$2.673 billion (approximately TL3.5 billion) in cash.  The
outlook is stable.

The transaction, which remains subject to approval of the
relevant authorities, is expected to be completed during the
second half of 2007.

Moody's said that Oyak's Ba2 ratings had already factored in
that the Group had indicated it would consider selling either a
stake in Oyak Bank, or disposing of its 100% interest entirely.
The rating affirmation balances the positive impact that the
cash proceeds will have on the Institution's financial risk
profile with the altered business risk profile implied by the
disposal of one of its most significant investments.  Moody's
said that on a pro forma basis Oyak's end-2006 net debt position
of approximately TL500 million (gross debt of TL1.6 billion and
cash and liquid resources of TL1.1 billion), would be
transformed into a substantial net cash positive position
following the receipt of proceeds from the sale.

More cautiously, Moody's added that the Ba2 rating factors in
its expectation that Oyak would aim to re-invest at least part
of the proceeds, in line with its mandate to safeguard its
members' assets, maintain its actuarial balance and maximize
returns for members.  In that regard, Moody's noted that there
is currently no indication as to the nature, extent or timing of
any such potential investment.  Nor is it known at this time how
Oyak's members will choose to allocate the extraordinary
capital gain realized from disposal of the bank.  The
affirmation therefore assumes that in the event the proceeds
from the disposal of Oyak Bank were to be re-invested, the
Group's business and financial risk profile would remain aligned
with the existing Ba2 rating category assumptions.

Ordu Yardimlasma Kurumu, based in Ankara, Turkey, is the private
top-up pension fund of the Turkish Military, and reported total
member reserves of TL4.1 billion at end-200


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


CRYSTAL KONOVAL: Claims Filing Deadline Set June 21
---------------------------------------------------
Creditors of LLC Crystal Konoval (code EDRPOU 31684956)have
until June 21 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. 10/82-07.

The Debtor can be reached at:

         LLC Crystal Konoval (code EDRPOU 31684956)
         Ryzhavka
         Zhmerinka District
         23142 Vinnica
         Ukraine


GORODOK MOTOR 16831: Claims Filing Deadline Set June 21
-------------------------------------------------------
Creditors of OJSC Gorodok Motor Car Enterprise 16831 (code
EDRPOU 03119300) have until June 21 to submit their proofs of
claim to:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 3/49-B.

The Debtor can be reached at:

         OJSC Gorodok Motor Car Enterprise 16831
         Station Str. 3
         Gorodok
         32002 Hmelnitskiy
         Ukraine


KAPITEL LLC: Claims Filing Deadline Set June 21
-----------------------------------------------
Creditors of LLC Agricultural Industrial Complex Kapitel (code
EDRPOU 33667749) have until June 21 to submit their proofs of
claim to:

         Rostislav Talan
         Liquidator
         a/b 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/74-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Industrial Complex Kapitel
         Apartment 89
         Sholokhov Str. 5
         49000 Dnipropetrovsk
         Ukraine


KOLOS LLC: Creditors Must File Claims by June 21
------------------------------------------------
Creditors of LLC Kolos (code EDRPOU 318871374) have until
June 21 to submit their proofs of claim to:

         Liquidator
         Heroes of Stalingrad Str. 4
         Apartment 9
         25028 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 11/18.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Kolos
         Torgovitsa
         Novoarkhangelsky District
         Kirovograd
         Ukraine


METALLURGIST REPAIR: Claims Filing Deadline Set June 21
-------------------------------------------------------
Creditors of CJSC Metallurgist Repair (code EDRPOU 00192074)
have until June 21 to submit their proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/86B.

The Debtor can be reached at:

         CJSC Metallurgist Repair
         Makeevka
         86101 Donetsk
         Ukraine


RODOVID: Fitch Rates IDR at B- on Weak Profitability
----------------------------------------------------
Fitch Ratings assigned Ukraine-based Bank Rodovid ratings of
Long-term Issuer Default 'B-', Short-term Issuer Default 'B',
Support '5', Support Rating Floor 'No floor', Individual 'D/E'
and National Long-term 'BBB-(ukr)'.  The Outlooks on both Long-
term Issuer Default and National Long-term ratings are Stable.

The ratings reflect RB's small and still developing franchise,
concentrated balance sheet, weak profitability and potentially
vulnerable liquidity.  The ratings also consider the high credit
and operational risks associated with its rapid loan growth and
weaknesses in the operating environment.

However, the ratings also take into account RB's currently low
loan impairment levels, adequate capitalization and growing
infrastructure, which will support the bank's ambitious
expansion plans.  Fitch notes the relatively short track record
of underwriting and risk management systems set up in 2005,
which will be tested by the bank's rapid business growth.

Since 2004, after it was acquired by its current core
shareholders, RB has followed a strategy of rapid growth
focusing on the retail segment.  Express loans (loans at point-
of-sale outlets and credit cards) represent a moderate share of
loans - 8% at YE06 and forecast 12% for YE07 - while other loans
to individuals are collateralized.  However, Fitch notes the
overall high-risk profile of the rapidly growing retail book,
with loans to individuals set to dominate the bank's assets by
2008.  Loans in 'doubtful' and 'loss' risk categories (impaired
loans) are low, at present, as a percentage of the portfolio.
However, the portfolio is mainly unseasoned and credit quality
problems may be revealed at a later stage, giving rise to higher
loan impairment levels.  To address this, RB is changing its
currently less conservative provisioning policy to increase
impaired loans cover.  Corporate lending is concentrated by
borrower, but, with the diversification into retail segment,
this is on a downward trend relative to the loan book as a whole
and equity.

RB is about to complete a new share issue, which will increase
its capital base by an additional US$123 million and support the
Basel I total capital adequacy ratio at the targeted level of
15%-17% in 2007.  In Fitch's opinion, capitalization will be
under strain in the short- to medium-term as a result of rapid
growth and significant capital expenditures.  In view of RB's
currently modest earning capacity, additional injections from
the shareholders may be required for the bank to adhere to the
above target.  Fitch has been informed that the owners may
consider looking for a strategic investor, although there are no
concrete plans to date.

Upward potential for the bank's ratings is limited at the moment
but could result from the successful development of the
franchise, coupled with acceptable asset quality and a notable
improvement in profitability. Downward pressure could arise
mainly from any substantial weakening in asset quality or
capitalization or liquidity squeezes.

RB (formerly Percombank) was founded in 1990 in Kiev, Ukraine.
Since 2004 the bank has been majority-owned by a group of five
individuals, including two senior managers holding the largest
individual stakes.  The bank's market share is currently modest
at only 1% of sector assets and its network includes 98 sub-
branches and 205 POS, but the latter is set to grow
significantly in 2007.  Lending to individuals is RB's primary
business focus.


ZHMERINKA ELEVATOR: Claims Filing Deadline Set June 21
------------------------------------------------------
Creditors of OJSC Zhmerinka Elevator (code EDRPOU 00953214) have
until June 21 to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/25-05.

The Debtor can be reached at:

         OJSC Zhmerinka Elevator
         Barliaev Str. 2
         Zhmerinka
         Vinnica
         Ukraine


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


ALBA 2007-1: Moody's Rates GBP20.4 Million Class F Notes at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Alba 2007-1 Plc:

   -- Aaa to the GBP101.2 million Class A1a Mortgage Backed
      Floating Rate Notes due 2039;

   -- Aaa to the EUR190 million Class A1b Mortgage Backed
      Floating Rate Notes due 2039;

   -- Aaa to the GBP231.1 million Class A2 Mortgage Backed
      Floating Rate Notes due 2039;

   -- Aaa to the GBP269 million Class A3 Mortgage Backed
      Floating Rate Notes due 2039;

   -- Aa2 to the GBP105.8 million Class B Mortgage Backed
      Floating Rate Notes due 2039;

   -- Ba2 to the GBP20.4 million Class F Mortgage Backed
      Floating Rate Notes due 2039;

   -- Aaa to the Mortgage Early Redemption Certificates due
      2039.

Moody's has not assigned ratings to the Class C, Class D, or
Class E Notes.  Moody's previously assigned Provisional ratings
to the Notes on April 27, 2007.  Moody's did not assign a
Provisional rating on the Class F Notes.

This transaction represents the fourth securitization
transaction by Oakwood Homeloans Limited.  The collateral was
originated by GMAC-RFC.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess
spread, reserve fund (fully funded at 1.02% of original note
balance at closing—this in an increase from the 0.95% that the
deal launched with and that the Provisional ratings were based
on) and subordination of the Class B, C, D, E and F Notes.
Subject to certain conditions being met, the reserve fund may
amortize up to a floor of 0.60% of the original Note balance.

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

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

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

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


CABLE & WIRELESS: Leading Shareholders Oppose Pay Proposals
-----------------------------------------------------------
Leading shareholders of Cable & Wireless plc are opposing the
company's plan to include Chairman Richard Lapthorne in a
performance-related incentive scheme, saying the move
contravenes corporate governance best practice, Kate Burgess
writes for The Financial Times.

According to the report, the shareholders intend to vote against
the re-election of Mr. Lapthorne at next month's general meeting
in protest.

The shareholders are also against proposals to scrap a GBP20
million cap on individual bonuses for top executives introduced
last year, FT relates.

The telecoms company, however, believes that "the proposed
changes are in the best interests of all shareholders and will
receive the requisite support at the  AGM.”

As previously reported in the TCR-Europe on June 7, 2007 the
proposed changes to Mr. Lapthorne's contract include:

    * fixed contract to January 2009 to be replaced by
      a standard contract with 12 months' notice on either
      side and annual re-election, with immediate effect;

    * award of up to 5.5 million shares on demanding
      performance criteria, within an existing Cable &
      Wireless share scheme.  Zero shares vest for
      total shareholder return at the mid point of
      the comparator group of companies in the FTSE
      Global Telecoms Index, through to 100% vesting
      for performance in the top ten percent of this
      comparator group, on a straight line scale.  The award
      is based on a three year performance period,
      starting from the date of the award on June 6, 2007.
      The award will be deferred for   one year if
      earlier vesting is triggered by an event such as a sale
      of a business unit or demerger, apart from in
      exceptional circumstances.  The award is conditional
      on the Chairman's re-election at the Cable & Wireless
      Annual General Meeting on July 20, 2007;

    * the Chairman's personal holding of 3.5 million shares
      to be retained for the duration of his appointment; and

    * no change to his current salary or fee arrangements,
      which include a salary of GBP386,000 per annum, but
      no bonus or pension payments.

"The Board considered it a priority to secure Richard's
continuing contribution to the turnaround and transformation of
our business beyond his current fixed term,” Cable & Wireless
Senior Non-Executive Director Clive Butler said.  "He has played
a key role to date and will do so in the future as we develop
and execute our strategies and continue to create long-term
value."

The proposed changes to the Long Term Incentive Plan are:

    * removal of the GBP20 million cap on the amount that can
      be received by an individual;

    * Cable & Wireless to have the option to make some or all
      of any reward in excess of GBP20 million in the form
      of Cable and Wireless plc shares, rather than cash;

    * Cable & Wireless to have the option to defer rewards
      over GBP20 million for up to one year in the case of
      an earlier vesting event or at the end of the
      LTIP performance period i.e. until April 2011; and

    * any individual to hold one times their salary in Cable
      and Wireless plc shares (in addition to any
      shareholding at April 1, 2007) once their reward pool
      is GBP15 million or above, if removal of the cap is
      to apply to that individual.  This will
      significantly increase the amount of personal capital
      tied up in Cable & Wireless shares.

                      About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sector, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

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

* Issuer: Cable & Wireless Plc
                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%


CYBA COMPUTER: Appoints Administrators from Smith & Williamson
--------------------------------------------------------------
Gregory Andrew Palfrey and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint administrators of Cyba
Computer Services Ltd. (Company Number 02460935) on May 25.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         Cyba Computer Services Ltd.
         Broadway
         Bexleyheath
         DA6 8AS
         England
         Tel: 020 8298 0818
         Fax: 020 8298 0232


CORNERSTONE TITAN: Interest Shortfall Cues S&P to Keep Watch
------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' rating on
the class F notes in the Cornerstone Titan 2005-1 PLC
transaction on CreditWatch with negative implications.  The
ratings on the other classes in the transaction are unaffected.

This rating action follows an interest shortfall of GBP20,677 at
the October 2006 interest payment date, a result of a mismatch
between the number of days in the loan interest payment period
and the note interest payment period.

As a result, the interest on the assets was not enough to pay
the interest on the liabilities.

The interest has been deferred until a date when there are
available funds to pay the class F noteholders.  However, as
this transaction incorporates a class X, which absorbs excess
spread, there will not be sufficient funds to pay the deferred
interest during the lifetime of the transaction, thus resulting
in a default on the junior notes.

The CreditWatch negative placement on the class F notes is
exacerbated by the length of time that has elapsed since the
shortfall without the situation being rectified.

Standard & Poor's understands that the transaction parties are
now aware of the interest shortfall and are exploring ways to
rectify the situation.

The class F notes have an available funds cap, under which
interest shortfalls that occur as a result of prepayments are
not deferred to subsequent payment dates but are extinguished.

On June 7, 2007, a bulletin was published regarding a similar
interest shortfall issue in another CMBS transaction, Perseus
(European Loan Conduit No. 22) PLC.

The shortfall was also as a result of reset date mismatches.
However, the bulletin noted that the rating on the shorted class
D notes would not be affected at that time as the shortfall
occurred at the most recent interest payment date (in April
2007) and the transaction parties are currently rectifying the
situation.

Cornerstone Titan 2005-1 closed on Oct. 13, 2005 and was
originated by Credit Suisse and GMAC Commercial Mortgage Bank
Europe PLC.  The notes were backed by a pool of nine loans
secured by 70 commercial properties in the U.K.  The last
loan maturity date falls in July 2012, and the final legal
maturity date of the issued notes is July 28, 2014.

To date, the original balance of GBP591.89 million has amortized
by 25% to GBP446.57 million.  There have been two loan
prepayments and 38 properties remain in the portfolio.


DUKE 2002: Moody's Lifts Ba2 Rating on EUR21.7 Mln Class E Notes
----------------------------------------------------------------
Moody's Investors Service upgraded these classes of Notes issued
by DUKE 2002 Limited, a synthetic CMBS issuance sponsored by
Hypo Real Estate Bank AG:

   -- EUR36,950,000 Class B Floating Rate Amortizing Credit
      Linked Notes to Aaa from Aa2;

   -- EUR39,250,000 Class C Floating Rate Amortizing Credit
      Linked Notes to Aa1 from A1;

   -- EUR36,950,000 Class D Floating Rate Amortizing Credit
      Linked Notes to A3 from Baa1;

   -- EUR21,700,000 Class E Floating Rate Amortizing Credit
      Linked Notes to Baa3 from Ba2;

At the same time Moody's has affirmed the Aaa rating of Class A-
3 and Funding Notes.

Class B was placed on review for upgrade on July 4, 2005 as this
class was sensitive to the rating of Hypo Real Estate AG Public
Sector Pfandbriefe, which serves as collateral for the Class B
Notes.  The upgrade of the Class B Notes was prompted by Moody's
recent upgrade of the Hypo Real Estate Bank AG's public-sector
Pfandbriefe to Aaa from Aa1.

The upgrade of the Class C, D and E Notes is based upon an
increase in credit enhancement due to significant
prepayments/repayments of loans in the reference pool and an
improvement in key financials.


EUROHOME MORTGAGES: Moody's Rates Two Note Classes at (P)Ba2
------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the Notes to be issued by Eurohome Mortgages 2007-1
P.l.c.:

   -- (P)Aaa to the EUR262,500,000 Class A Mortgage Backed
      Floating Rate Notes due May 2050;

   -- (P)Aa2 to the EUR15,000,000 Class B Mortgage Backed
      Floating Rate Notes due May 2050;

   -- (P)A1 to the EUR12,000,000 Class C Mortgage Backed
      Floating Rate Notes due May 2050;

   -- (P)Baa2 to the EUR6,300,000 Class D Mortgage Backed
      Floating Rate Notes due May 2050;

   -- (P)Ba2 to the EUR4,200,000 Class E Mortgage Backed
      Floating Rate Notes due May 2050;

   -- (P)Ba2 to the EUR2,700,000 Class X Mortgage Backed
      Floating Rate Notes due May 2050.

Moody's has also assigned provisional ratings to the
Certificates issued by Eurohome Mortgages 2007-1 p.l.c.:

   -- (P)Aaa to the Italian Mortgage Early Repayment
      Certificates due May 2050;

   -- (P)Aaa to the German Mortgage Early Repayment Certificates
       due May 2050.

Eurohome Mortgages 2007-1 P.l.c. is the first transaction
securitising mortgage loans originated by Deutsche Bank's newly
set-up mortgage lending platforms "Sofia" in Italy and "topimmo"
in Germany.  About [68]% of the final pool are expected to be
represented by Italian mortgages loans while the remaining [32]%
are expected to be German mortgage loans.  The two sub-pools are
fully cross collateralized.  Both pools have a limited average
seasoning of [3] months since the origination by both lending
platforms was just recently started.  The servicing of the loan
portfolios will be done by dedicated servicing teams embedded in
the lending platforms in the two countries.

The issuance proceeds from the Classes A, B, C, D and E Notes
will be used by the Issuer to purchase Italian and German
mortgage loans.  The Class X Notes will fund the initial balance
of the Reserve Account and a portion of the Issuer's initial
expenses.  The Reserve Account will be funded at [0.5]% of the
initial pool balance and will increase to the required level of
[1.1]% by trapping excess spread after closing of the
transaction.  Once the Reserve Account has reached its target
level, the available excess spread will be used to be repay the
Class X Notes.

The Class A to E Notes will start to amortize in sequential
order starting with the Class A Notes.  Once the relative
subordination of Class A has doubled, the Notes will switch to
pro-rata amortization subject to certain performance triggers.

The issuer will enter into interest swap agreements in order to
hedge its interest rate exposure due to the mismatch of the
interest received under the securitized loans and the floating
interest payments due under the Notes.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.


EUROSAIL-UK: S&P Puts Low-B Ratings to Class E1c and ETc Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP650.00 million (equivalent) mortgage-
backed floating-rate notes and an overissuance of
GBP9.75 million excess-spread-backed floating-rate notes to be
issued by Eurosail-UK 2007-3BL PLC.

Eurosail-UK 2007-3BL will be the seventh transaction under the
Eurosail program.

At closing, Eurosail-UK 2007-3BL will issue the notes and use
part of the proceeds to acquire the loan pool from the sellers,
Southern Pacific Mortgage Ltd. and Preferred Mortgages Ltd.

This loan pool comprises first- and second-ranking mortgages on
properties in England, Wales, and Northern Ireland, and standard
securities on properties in Scotland. The mortgage loans in the
pool are nonconforming mortgages.

The transaction will feature an interest rate cap agreement
(bullet-cap agreement) to hedge against rising LIBOR, a discount
margin reserve to partially hedge against the risk associated
with reduced rates of interest payable on discounted loans, and
a bullet-cap reserve fund.

A fixed/floating swap will be in place to hedge against certain
interest rate mismatches.  A BBR swap agreement will also be in
place to hedge against mismatch between BBR-linked loans and
LIBOR-based notes.

Ratings List

Eurosail-UK 2007-3BL PLC
   GBP650.00 Million (Equivalent) Mortgage-Backed Floating-Rate
   Notes And An Overissuance Of GBP9.75 Million Excess-Spread-
   Backed Floating-Rate Notes

                          Prelim.         Prelim. amount
            Class         rating         (Mil. GBP equiv.)
            -----         ------          ---------------
            A1a            AAA                TBD
            A1b            AAA                TBD
            A1c            AAA            201.500
            A2a            AAA                TBD
            A2b            AAA                TBD
            A2c            AAA            156.000
            A3a            AAA                TBD
            A3b            AAA                TBD
            A3c            AAA            209.625
            B1a            AA                 TBD
            B1b            AA                 TBD
            B1c            AA              33.150
            C1a            A                  TBD
            C1b            A                  TBD
            C1c            A               26.975
            D1a            BBB-               TBD
            D1b            BBB-               TBD
            D1c            BBB-            17.225
            E1c            BB               5.525
            ETc            BB               9.750

        (1) The exact split between the classes at each rating
            level is yet to be determined. Some of the notes
            issued in this transaction may be denominated in
            U.S. dollars and euros.

      TBD — To be determined.


FOCUS DIY: Inks Proposed Disposal Agreement with FLP2 Limited
-------------------------------------------------------------
Focus DIY Group Limited and FW No.3 Limited, an intermediate
parent company of Focus DIY (Finance PLC), have entered into a
formal Sale and Purchase agreement with FLP2 Limited, an
indirect and majority owned subsidiary of Promontoria Holding IV
B.V. (a company controlled by certain funds and/or managed
accounts affiliated with Cerberus European Investments, LLC),
under which FLP2 Limited is to acquire the shares in FW No.4
Limited, a holding company of a group of subsidiary companies
within the Focus Group which includes Focus DIY (Finance) PLC
and the operating companies of the Group.

          Principal Features of the Proposed Disposal

The principal features of the Sale and Purchase Agreement are:

    * GBP1 to be paid in cash by the Buyer to the Sellers for
   the shares in FW No.4 Limited on completion of the
   proposed Disposal;

    * the repayment by FW No.4 Limited to FW No.3 Limited on
   completion of the proposed Disposal of certain outstanding
   inter-company indebtedness;

FLP3 Limited, a sister company of the Buyer is proposing to
enter into an assignment agreement with certain of the Focus
Group's senior lenders under which such lenders would transfer
to FLP3 Limited all of their rights and obligations in relation
to the Sale Group's senior term loan indebtedness in return for
a payment equal to the par value of such indebtedness (which
currently amounts to approximately GBP174 million); and

Pursuant to the same proposed assignment agreement, the Bank of
Scotland and GMAC Commercial Finance plc would take a transfer
from certain of the Focus Group's senior lenders of the Sale
Group's revolving credit facility indebtedness and obligations
in respect of that facility in return for a payment equal to the
par value of such indebtedness (except for any such indebtedness
comprised within ancillary facilities provided by the Bank of
Scotland, those facilities continuing after completion of the
transfer); in each case together with all accrued interest
thereon (including PIK interest) and costs and expenses.

    * completion of the proposed Disposal will be conditional
   upon completion of the proposed assignment of the Focus
   Group's senior indebtedness; clearance being obtained
   from the European Commission under the European merger
   regulations; and upon the holders of not less than 90% of
   the principal amount of the Notes currently outstanding
   formally consenting to the proposed Note Amendments;

    * the Sale and Purchase Agreement provides the Buyer with
   the right, in certain circumstances, to terminate the Sale
   and Purchase Agreement prior to completion of the proposed
   Disposal if it becomes aware of a material breach of
   certain provisions of the Sale and Purchase Agreement
      including certain of the warranties provided by the
      Sellers.

Following completion of the Disposal, the Buyer will appoint a
new senior management team for the Sale Group which will be led
by Bill Grimsey as Chief Executive and Bill Hoskins as Finance
Director.

Completion of the proposed Disposal is expected to occur by the
end of July.

           Principal features of the Lock-up Agreement

Focus DIY (Finance) PLC and the Buyer have entered into a Lock-
up Agreement with certain holders of Notes (including the
members of the Ad Hoc Committee) who the Company understand
together hold in aggregate not less than 90% of the principal
amount of the Notes currently outstanding pursuant to which:

    * the Relevant Noteholders have agreed to consent to the
   proposed Note Amendments;

    * the Buyer will purchase all of the Notes held by the
   Relevant Noteholders at a price of 40p in cash per GBP1
   of principal amount of Notes with the completion of such
   purchases being conditional upon the proposed Disposal
   being completed;

* as an alternative to some or all of the cash consideration
   for each GBP1 of principal amount of Notes which they
   would otherwise be entitled to receive, eligible holders
   of Notes (being those holders of Notes who constitute
   Qualified Investors for the purposes of the Financial
   Services and Markets Act 2000 and who fall within Articles
   19(5) or 49(2) of the Financial Services and Markets Act
   2000 (Financial Promotion) Order 2005 or who are eligible

      to elect for such alternative pursuant to an exemption
      under applicable US securities laws) will be provided with
      an opportunity to consider subscribing up to GBP21 million
      in aggregate for an equity interest in the Buyer;

    * the Buyer has informed the Company that it has provided
   the Relevant Noteholders with a term sheet in relation to
      Equity Alternative in the  form set out in Appendix 2 to
      the Initial Announcement and a copy of which is set out in
      the Lock-up Agreement.

Focus DIY (Finance) PLC has not verified and accepts no
responsibility for and expresses no opinion and provides no
recommendation in respect of any of the information relating to
the Note purchases and/or set out in any term sheet provided by
the Buyer.

The Lock-up Agreement also contemplates that holders of Notes
who are not original parties to it and who wish to sell their
Notes to the Buyer on the terms set out in the Lock-up Agreement
will be entitled for a period of 10 business days from the date
of the execution of the Lock-up Agreement to execute an
accession agreement with the Buyer subject to the terms and
conditions of the Lock-up Agreement and of the accession
agreement.  Holders of Notes wishing to obtain further
information in this regard should contact Morgan Stanley & Co.
Limited, the financial adviser to the Buyer, on the telephone
number set out at the end of this announcement as soon as
possible and in any event by no later than 5: 00 p.m/ (London
time) on Monday, July 2, 2007.

Neither the Focus DIY (Finance) PLC nor Focus DIY Group Limited
is in a position to evaluate or make any recommendation in
relation to the terms of the proposed Note purchases pursuant to
the Lock-up Agreement and, in particular, the Equity Alternative
and holders of Notes will need to make their own assessment of
such terms.  Holders of Notes should consider taking appropriate
independent financial advice in relation to these matters.

                    Consent to Note Amendments

In connection with the proposed Note Amendments,  Focus DIY
(Finance) PLC confirmed that it will make a formal request for
the consent of the requisite majority of holders of the Notes
(being the holders of not less than 90% of the principal amount
of the Notes currently outstanding) to the execution by The Bank
of New York, in its capacity as the trustee of the Notes, of the
Supplemental Indenture in the form which was attached to the
Initial Announcement.

Copies of the Supplemental Indenture can be requested from:

         The Bank of New York
         Attn: Corporate Trust Administration
         1 Canada Square
         London
         E14 5AL
         England
         Fax: 020 7964 2536

                Summary of Note Amendments

The proposed Note Amendments will be set out in a supplemental
indenture and would involve the amendments being made to the
indenture dated March 3, 2005 pursuant to which the Notes were
issued:

    * deletion of the mandatory change of control and equal
   treatment covenants;

    * a further deferral of the June 4, 2007 interest payment
     (which was previously  deferred until July 3, 2007) until
      the date falling 3 months after the execution of the Sale
      and Purchase Agreement;

    * deletion of the requirement to maintain a listing for the
   Notes on the Irish Stock Exchange (or any other stock
   exchange or securities market);

    * deletion of other covenants (including the covenant to pay
      interest on the Notes) and events of default with effect
      from completion of the proposed Note purchases pursuant to
      the Lock-Up Agreement; and

    * the insertion of a redemption right exercisable by the
   Company following completion of the proposed Note
      purchases pursuant to the Lock-up Agreement to permit the
   Company to redeem all of the Notes outstanding at any time
   at a price of 40p per GBP1 of principal amount of Notes.

                   Costs and Break Fee Payment

In the event that the proposed Disposal is not completed, the
Buyer and/or its affiliated entities will be entitled to an
amount of up to GBP500,000 by way of reimbursement of its fees,
costs and expenses in connection with the proposed
Disposal and an additional amount of GBP1,000,000 by way of a
break fee unless the reason for the proposed Disposal not
completing is as a result of any act, omission, default or
failure on the part of the Buyer (or any person connected
with it) or as a result of the failure of the Buyer to obtain
clearance for the proposed Disposal from the European
Commission.

In the event that the proposed Disposal is successfully
completed, it is intended that Focus DIY Group Limited together
with the other remaining members of the Focus Group which do not
form part of the Sale Group will be dissolved in an orderly
manner in due course.

        Background to and Reasons for the Proposed Disposal

In January 2006, the Focus Group agreed a covenant re-set under
its senior facilities in response to a market downturn in the
U.K. DIY sector.  At that time, however, it was recognized that
if the challenging market conditions persisted, the Group would
have difficulty sustaining its existing level of core financial
indebtedness in the longer term.  Accordingly, the covenant re-
set was limited to the period through to its April 2007 testing
date (inclusive), and it was acknowledged that in the absence of
a significant market upturn, the Group's financing structure
would need to be addressed in the first half of 2007 to
resolve the difficulties presented by the level of the Group's
core financial indebtedness.

While the Group benefited from a marginally stronger market in
the second half of 2006 and the first quarter of 2007, the
upturn has not been so significant or, as yet, sustained as to
enable the Group to recover the ground which it lost during 2005
and 2006, and its core financial indebtedness has continued to
place a severe strain on the Group's business.  Consequently,
during 2006 the Group, with its advisers KPMG, began a wide-
ranging strategic review of alternative solutions for its future
financing and capital structure and in this regard began a
dialogue with its key financial stakeholders (including the Ad
Hoc Committee and a co-ordination committee of its senior
lenders) and its shareholders.

In this regard, in September 2006 the Group engaged in
discussions with the Ad Hoc Committee who are understood to
hold, in aggregate, approximately 75% of the principal amount of
the Notes, and its advisers Houlihan Lokey Howard & Zukin to
discuss potential restructuring alternatives.  Under the terms
of a non-disclosure agreement and having been provided with
detailed information about the business, the Ad Hoc Committee
and its advisers conducted an extensive review of the respective
options available.  This review did not lead to any proposals
being made to Focus.

Consequently, in January 2007, N.M. Rothschild & Sons Limited
was appointed to assist the Group in considering a number of
options in the context of the ongoing strategic review including
the potential sale of the business.  This process commenced with
the support of the senior lenders to the Group and the Ad Hoc
Committee.  The Ad Hoc Committee and its advisers continued to
review its other options concurrently.  Rothschild marketed the
business extensively to a wide range of prospective purchasers
which resulted in a small number of parties expressing an
interest in acquiring some or all of the Group's business.
Having evaluated the expressions of interest, Focus DIY Group
Limited entered into detailed discussions with one party whose
offer represented the greatest potential value to stakeholders
of the Group generally.

Having taken into account the fact that the strategic review did
not lead to any acceptable alternative restructuring,
refinancing or disposal alternatives, Focus DIY Group Limited
believes that the proposed Disposal and the related arrangements
represent the most appropriate means of maximizing the potential
returns to all of the Group's stakeholders generally and of
addressing the Group's current financial difficulties.
Notwithstanding the unfavorable market conditions in the UK DIY
sector during 2005 and 2006 and the limited ability of the Focus
Group to make material investment in its business, during the
six month period to April 29, 2007 (being the first half of the
Group's financial year to Oct. 28, 2007 the U.K. DIY sector
exhibited modest signs of recovery and the Focus Group traded in
line with its current budget.

In July 2007, however, the Group's senior debt financing terms
will revert to the original covenant package with which, based
upon current projections, the Group is unlikely to be able to
comply . If the proposed Disposal does not proceed then, unless
an alternative restructuring solution can be put in place,
the Group will need to seek further financial support and
accommodation from its financial creditors.  There can be no
assurance that such an alternative solution or such support and
accommodation would be forthcoming or that its terms would be
attractive.

“This transaction marks the successful conclusion to the
strategic review of our financing structure announced earlier
this year,” Steve Johnson, chief executive of the Focus Group,
said.  “Over the last 18 months the Focus business has continued
to trade well despite the market downturn and the financial
constraints on the business, maintaining its market share.
Completion of this transaction will enable the new owners to
build on the progress of recent years.”

“Focus has the potential to be one of the most successful
operators in the DIY sector,” Bill Grimsey, commenting on behalf
of the Buyer, said.  “In recent years, development has been
constrained by its capital structure and uncertainty. With
the resources and commitment of Cerberus, we will have the
opportunity to exploit its potential in a fundamentally
attractive DIY market.  This deal is great news for customers,
employees and suppliers.”

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

                           *     *     *

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

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


* Issuer: Focus (Finance) Plc

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

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

Focus DIY (Investments) Ltd.

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

Focus DIY (Finance) plc

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

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


FRESCO FOOD: Taps KPMG as Joint Administrators
----------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Fresco Food Ltd. (Company Number
03851514) on
May 30.

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

The company can be reached at:

         Fresco Foods Ltd.
         Radfords Field
         Maesbury Road Industrial Estate
         Oswestry
         SY10 8RA
         England
         Tel: 01691 657 664


GOLDRITE LTD: Brings In Administrators from P&A Partnership
-----------------------------------------------------------
Christopher Michael White and Gareth David Rusling of The P&A
Partnership were appointed joint administrators of Goldrite Ltd.
(Company Number 04294064) on May 21.

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:

         Goldrite Ltd.
         322 Coleford Road
         Sheffield
         S9 5PH
         England
         Tel: 0114 243 3011
         Fax: 0114 242 1902


HOLLOW EXTRUSIONS: Brings in Begbies as Administrators
------------------------------------------------------
W. John Kelly and James P. N. Martin of Begbies Traynor were
appointed joint administrators of Hollow Extrusions
(International) Ltd. (Company Number 05262631) on June 5.

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:

         Hollow Extrusions (International) Ltd.
         P O Box 764
         Birmingham
         B11 2BW
         England
         Tel: 0121 706 6677


INVERNESS MEDICAL: Moody's Junks US$250 Mln 2nd Lien Term Loan
--------------------------------------------------------------
Moody's Investors Service assigned B1 ratings to Inverness
Medical Innovations, Inc. US$150 million senior secured revolver
due 2013 and US$900 million senior secured term loan due 2014.
Additionally, Moody's assigned a Caa1 rating to Inverness
Medical's US$250 million second lien term loan due 2015.

Concurrently, Moody's confirmed the B2 corporate family rating,
B2 probability of default rating and Caa1 rating on the existing
US$150 million Senior Subordinated Notes due 2012.  This rating
action concludes the review initiated on April 26, 2007 when
Inverness Medical announced that it had entered into an initial
definitive agreement to acquire Biosite Incorporated for
approximately US$90 per share.  Subsequent to the initial
agreement, Inverness Medical increased its offer for Biosite to
US$92.50 per share on May 17, 2007.  The conclusion of the
review anticipates that Inverness Medical will successfully
complete the tender offer for Biosite.

The rating outlook is revised to stable.

Proceeds from both the first lien and second lien credit
facilities along with proceeds from a recent issuance of
Convertible Subordinated Notes and cash will be used to finance
the pending merger with Biosite, refinance existing indebtedness
and to pay related transaction fees and expenses.  The
transaction is expected to be completed in July 2007.

Recently, Inverness Medical entered into a definitive merger
agreement with Cholestech Corporation, a provider of diagnostic
equipment for the monitoring of heart disease and inflammatory
disorders.  Under the agreement, Inverness Medical will acquire
Cholestech in a stock for stock merger at a fixed exchange ratio
of 0.43642 shares of Inverness Medical common stock. The merger
is conditioned upon approval by Cholestech's shareholders as
well as the satisfaction of regulatory and other customary
conditions.  The transaction is expected to be completed in the
third quarter of 2007.

Inverness Medical's B2 ratings reflect the application of
Moody's Global Medical Device rating methodology. Using an
average of the 12 factors specified in the methodology,
Inverness Medical's "methodology-implied" rating is
approximately "B1" based on pro forma financial data (includes
the acquisition of Biosite and Cholestech) through March 31,
2007.  Very favorable scores on concentration by top customer
segment ("Baa") are offset by reliance on acquisitions, share
buybacks and dividends ("Caa"), free cash flow to adjusted debt
("B"), and adjusted debt to EBITDA ("B").  Moody's does not
anticipate that the company will engage in share buybacks or
initiate a dividend over the intermediate term.

The B2 Corporate Family Rating considers the highly leveraged
position, acquisitive nature of the company and integration risk
associated with two concurrent material acquisitions.  Pro forma
for the increased debt resulting from the new credit facility,
the company's adjusted debt to EBITDA was above 5.5 times for
the twelve months ended March 31, 2007.  Moody's expects that
the company's adjusted debt to EBITDA will improve over the next
18 months resulting from increased operating performance
and voluntary repayments of the term loan, which would compare
favorably to the B2 rating category.

Over the past three years, the company has embarked on seven
acquisitions with total cash consideration in excess of US$350
million.

"The company has successfully integrated several acquisitions
over the past few years, but the integration of two major
acquisitions within six months could distract management's
focus over the intermediate term," Sidney Matti, Analyst at
Moody's, stated.

The stable ratings outlook anticipates an improvement in the
company's operating performance driven by an increase in the
diagnostic tools market and cost synergies realized from the
acquisition of Biosite and Cholestech.  The outlook also
reflects the belief that the company will not increase its debt
materially over the near term.

These ratings were assigned:

   -- B1 (LGD3/34%) rating on a US$150 million Senior Secured
      Revolver due 2013;

   -- B1 (LGD3/34%) rating on a US$900 million Senior Secured
      Term Loan due 2014; and

   -- Caa1 (LGD5/82%) rating on a US$250 million Second Lien
      Term Loan due 2015.

These ratings were confirmed:

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating; and

   -- Caa1 (LGD5/82%) rating on US$150 million Senior
      Subordinated Notes due 2012.

Once the existing senior subordinated notes have been redeemed,
Moody's will withdraw the rating on those notes.

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. (AMEX:IMA) -- http://www.invernessmedical.com/-- develops,
manufactures and markets in vitro diagnostic products for the
over-the-counter pregnancy and fertility/ovulation test market
and the professional rapid diagnostic test markets.   For the 12
months ended March 31, 2007, the company generated approximately
US$601 million in revenues.

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


ISOFT GROUP: CSC Consents to Isoft and IBA Health Merger
--------------------------------------------------------
iSOFT Group plc has reached agreement with Computer Sciences
Corporation on mutually beneficial changes to the terms of the
National Programme for IT contract between iSOFT and CSC and
that CSC has formally consented to the change in control of
iSOFT that would result from the merger of iSOFT and IBA Health
Limited.

As previously disclosed, iSOFT and CSC have been in discussions
regarding their involvement in the development function of
certain aspects of LORENZO software for the National Health
Service in England.  For iSOFT, the objective of these
discussions has been to improve the efficiency of the overall
delivery process, to maintain ownership of the development
expertise and LORENZO intellectual property, and to give
increased certainty as to the payments that iSOFT can receive
from NPfIT.

The key elements of the changes to the Contract are:

    * Legally binding “heads of terms” was signed on
      June 18, 2007

    * iSOFT and CSC have agreed to integrate their teams
      involved in the development of software for NPfIT, under
      CSC’s leadership.  iSOFT will contribute certain of the
      teams of people directly involved in the NPfIT project.

    * The responsibility for employment of all such staff will
   remain with iSOFT

    * iSOFT will retain the intellectual property rights to
   LORENZO, including the rights to exploit it outside the
   CSC clusters.  LORENZO installations (current and planned)
   outside these clusters will be unaffected and iSOFT does
   not anticipate that the changes to the Contract will
   impact its core long term strategy of developing LORENZO
      as its strategic product to be sold internationally

    * In addition to LORENZO, CSC will take responsibility for
   the code streams of i.Patient Manager and i.Integration
   Engine for the National Programme, two of iSOFT’s current
   products.  The provision and of these products by iSOFT
   for other customers will be unaffected

    * Some two thirds of the license payments to iSOFT under the
   new agreement will be calendar based, the remainder will
   be based on mutually agreed milestones in order to ensure
      the alignment of the two parties interests.  Payments by
      CSC to iSOFT had previously been linked to the achievement
      of delivery milestones.  However, CSC’s increased direct
      management responsibility for delivery means that this is
      no longer appropriate, as CSC is now responsible for
      program performance, and the liabilities associated
      thereto.

    * There will be a modest reduction in license revenue of
      around 5%, chiefly post 2010.  The total potential
      contract  value to iSOFT remains slightly in excess of
      GBP300 million since the inception of the National
      Programme for IT.

IBA has been consulted in detail regarding the changes to the
Contract and has provided its approval.

CSC has also indicated in writing to iSOFT that it consents to
the change in control of iSOFT that will result from the merger
of iSOFT and IBA.  Accordingly, iSOFT has agreed to terminate
legal proceedings regarding CSC withholding consent.

Achieving this consent was a condition to IBA’s offer for iSOFT.
The only material condition outstanding remains the approval by
iSOFT’s shareholders.  A shareholder meeting is scheduled for
July 6, 2007, and the board of iSOFT continues to recommend
unanimously that shareholders vote in favor of IBA’s offer.
Details of the Offer, the Scheme of Arrangement, and action to
be taken by iSOFT Shareholders was posted to shareholders on
June 13, 2007.

“I firmly believe that these new arrangements with CSC represent
an excellent outcome for both the NHS and for iSOFT,” John
Weston, chairman and acting CEO of iSOFT, said.  “The new
management structure will streamline the processes to ensure the
delivery to the NHS of a quality product on time.  It aligns
both management teams with the highest priority of delivering
the NpfIT.”

“Our relationship with CSC has clearly been tested in recent
weeks, however, this agreement underpins our good working
relationship which we look forward to continuing,” Mr. Weston
continued.

“This will enable the iSOFT management team, which recently has
had to devote a lot of time to the re-financing of the business,
to spend more time on the development of the new products and
continuing improvements to our customer service,” Mr. Weston
added.

“This clears the way for the merger with IBA, which represents
an excellent outcome for our business and shareholders, and
provides the long term financial stability which we have been
seeking,” Mr. Weston concluded.

“We are delighted to have successfully concluded these
discussions and acknowledge the significant contribution made by
Connecting for Health in bringing all parties together to
determine a satisfactory outcome.  Together with the NHS and
iSOFT, we are excited about Lorenzo and believe that the new
agreement will successfully support the final stage of its
development and delivery starting next year," Guy Hains,
president of CSC's European Group, said .

“The agreement which iSOFT and CSC have reached represents a
robust platform for delivery of LORENZO and enhances iSOFT’s
financial position.  I fully endorse it and congratulate the
team on the outcome.  We remain enthusiastic about the merger of
our companies,” Gary Cohen, executive chairman of IBA, said.

ABN AMRO Rothschild, which has underwritten IBA’s conditional
placement and rights issue in connection with IBA’s offer for
iSOFT, has advised IBA that on the basis CSC’s consent has been
obtained following lodgment of the supplementary prospectus, it
does not intend to exercise its right to terminate the
underwriting agreement in respect of that matter.

Acceptances and full payment for the new shares to be issued
under the rights issue must be received by Tuesday, June 26,
2007.

                         About iSOFT

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

                            *     *     *

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

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

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

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

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

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

                      Going Concern Doubt

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


KINGSWAY ENGINEERING: Names Administrators from Begbies Traynor
---------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Kingsway Engineering Ltd.
(Company Number 3540122) on June 5.

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:

         Kingsway Engineering Ltd.
         1A Lower Hanham Road
         Bristol
         BS15 8HH
         England
         Tel: 0117 961 3168
         Fax: 0117 960 4718


LIGHTHOUSE COLOUR: Appoints Administrators from P&A
---------------------------------------------------
Andrew Philip Wood and Christopher Michael White of The P&A
Partnership were appointed joint administrators of Lighthouse
Colour Solutions Ltd. (Company Number 04883595) on May 24.

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:

         Lighthouse Colour Solutions Ltd.
         Unit 3
         Charnwood Business Park
         North Road
         Loughborough
         LE11 1LE
         England
         Tel: 01509 219 066
         Fax: 01509 219 466


TELCORDIA TECH: Moody's Rates Two New Debt Facilities at Low-B
--------------------------------------------------------------
Moody's Investors Service affirmed Telcordia's B3 corporate
family rating and assigned a Ba3 rating to the proposed new
US$100 million "first out" senior secured revolving credit
facility and a B2 rating to the proposed US$555 million senior
secured floating rate note offering.

The new facilities will be used to refinance existing
indebtedness, pay related fees and expenses and for working
capital purposes.  The higher rating on the proposed revolver
reflects the first out feature which mandates that revolver
interest and principal get repaid in full prior to the secured
notes during a default scenario.  The outlook remains negative.

Short term liquidity concerns have moderated after the company's
receipt of LCP funds in January and will be further eased by the
reduction in covenants and lack of amortization payments in the
new facilities.  We continue to remain concerned that the pace
of decline of legacy business exceeds increases in new
generation business however sustained performance improvements
could result in stabilizing the outlook or an increase in the
rating.

These ratings were assigned:

   -- Proposed US$100 million "First Out" Senior Secured
      Revolver due 2012, Ba3 (LGD1 – 2%);

   -- Proposed US$555 million Senior Secured Floating Rate Notes
      due 2012, B2 (LGD3 – 36%).

These ratings will be withdrawn upon closing of the new
facilities:

   -- US$100 million senior secured revolving credit facility
      maturing 2011 rated B1 (LGD3 – 31%);

   -- US$570 million senior secured term loan maturing 2012
      rated B1 (LGD3 – 31%).

These ratings were affirmed:

   -- US$300 million senior subordinated notes due 2013 rated
      Caa2 (LGD5 – 86%);

   -- Corporate Family Rating, B3;

   -- Probability of Default Rating, B3.

Headquartered in Piscataway, New Jersey, Telcordia Technologies,
Inc. -- http://www.telcordia.com/-- provides operations systems
support software and network systems products for
telecommunications providers.  The company has sales offices in
Singapore, Mexico, Brazil, and the United Kingdom, among others.

                           *********

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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