TCREUR_Public/070621.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 21, 2007, Vol. 8, No. 122

                            Headlines


A U S T R I A

ISTN LLC: Claims Registration Period Ends July 4
JOHANN BIEDERMANN: Linz Court Orders Business Shutdown
NIGHT-IN LLC: Innsbruck Court Orders Business Shutdown
RESCHEISSE KEG: Claims Registration Period Ends July 6
VALKOTEL KLEMENT: Claims Registration Period Ends July 12


B E L G I U M

GENERAL MOTORS: Will Retool Tonawanda Engine Plant
GENERAL MOTORS: Plans to Sell 100,000 Chevrolets in Germany
GENERAL MOTORS: Prepares Fuel Cell Technology for Future Output


D E N M A R K

TDC A/S: Court Ruling on Minority Stake Redemption Final



F I N L A N D

DYNEA CANADA: Moody's Puts Corporate Family Rating at B2


F R A N C E

DELPHI CORP: Selling Mexican Brake Plant to Robert Bosch
EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination


G E R M A N Y

AUTOHAUS OIDTMANN: Claims Registration Period Ends July 17
DAY INTERNATIONAL: Moody's Withdraws Low-B Ratings
DEALOK GMBH: Claims Registration Period Ends July 17
DGV TOP-GETRANKE: Claims Registration Period Ends June 29
DCR DRUCK-CENTER: Claims Registration Period Ends June 29

DUERR AG: ATON GmbH Acquires 10.1% Equity Interest
ENCHILADA OSNABRUECK: Claims Registration Period Ends June 20
ENVARIA PLASTICS: Claims Registration Period Ends Sept. 7
F 1 – NETWORK: Claims Registration Period Ends July 17
GALVANOMETIC OBERFLACHENBEARBEITUNG: Claims Filing Ends June 25

GOE-LA GMBH: Creditors' Meeting Slated for July 12
H. SCHLUETZ: Claims Registration Period Ends July 13
HEIGEL´S METALLIDEEN: Claims Registration Period Ends August 6
HERA BLECHBEARBEITUNGSSYSTEME: Claims Registration Ends June 26


I C E L A N D

SEPP'S GOURMET: Posts US$407,000 Net Loss in Qtr. Ended April 30


I T A L Y

ALITALIA SPA: Aeroflot Sees Stake's Asking Price as Too High


K A Z A K H S T A N

ANIKO LLP: Proof of Claim Deadline Slated for July 20
ERJAN-SAPARBEK LLP: Creditors Must File Claims July 20
GASPROMGEOPHYSICS OJSC: Claims Filing Period Ends July 27
GRAFT LLP: Claims Registration Ends July 20
KOYLYK LLP: Creditors' Claims Due July 20

SARYKEMER JSC: Proof of Claim Deadline Slated for July 27
SEVO LLP: Creditors Must File Claims July 20
TRANS STROY: Claims Filing Period Ends July 27


K Y R G Y Z S T A N

KEREMET-TRADE LLC: Claims Registration Ends July 27
PHILADELPHIA LLC: Claims Filing Period Ends July 27
WINCOR LLC: Creditors Must File Claims by July 27


N E T H E R L A N D S

HEXION SPECIALTY: Further Amends Senior Secured Credit Facility


R U S S I A

ALLIANCE CJSC: Belgorod Bankruptcy Hearing Slated for Aug. 29
ALKA OJSC: Creditors Must File Claims by June 26
AGROHOLDING LUKHOVITSKIY: Bankruptcy Hearing Slated for Aug. 8
CAPITAL GROUP: Creditors Must File Claims by June 26
GAS-AUTOLINE OJSC: Creditors Must File Claims by June 26

GIANT CJSC: Creditors Must File Claims by June 26
INVEST-MARKET LLC: Tomsk Bankruptcy Hearing Slated for Oct. 10
OREL-GLASS OJSC: Orel Bankruptcy Hearing Slated for Aug. 1
PROFILE OJSC: Court Names A. Saranin as Insolvency Manager
RADIUS OJSC: Bankruptcy Hearing Slated for Aug. 28

REGION LLC: Creditors Must File Claims by July 26
ROSNEFT OIL: Expects RUR263.7 Billion Payment from Yukos Oil
SURGUT-TRANS-STROY: Creditors Must File Claims by July 26
TNK-BP HOLDING: Russia to Rule on License Dispute this Week
TNK-BP HOLDING: Work Continues at Kovykta Gas Field

VOROSHILOVSKIY OJSC: Creditors Must File Claims by June 26
VOSTOK-NEFTE-GAZ-STROY: Creditors Must File Claims by June 26
YUKOS OIL: Denies RUR263.7 Billion Payment to Rosneft Oil
ZOV CJSC: Creditors Must File Claims by June 26


S P A I N

AIR MADRID: Refund Ready in 2009 Under Receivers' Proposal
CABLEUROPA S.A.: Fitch Lifts Sr. Secured Bank Facility at BB


S W I T Z E R L A N D

3POINT LLC: Zug Court Starts Bankruptcy Proceedings
BAU-AKTIENGESELLSCHAFT JSC: Liquidation Claims Due July 2
FINNHAMN HOLDING: Creditors' Liquidation Claims Due July 2
KURT. FREY JSC: Creditors' Liquidation Claims Due July 2
TRADELINK MARKETING: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

OYAK BANK: ING Bank Sale Cue's Fitch to Affirm Low-B Ratings


U K R A I N E

AGRICULTURAL TECHNICS: Claims Filing Deadline Set June 22
BREAD OF UKRAINE: Claims Filing Deadline Set June 22
GALON LLC: Claims Filing Deadline Set June 23
SEDNA PLUS: Claims Filing Deadline Set June 24
STAVISCHE PMK-12: Creditors Must File Claims by June 24

STROM MACHINE: Claims Filing Deadline Set June 23
SUN COMMERCE: Claims Filing Deadline Set June 24
UGLOVATAYA AGRICULTURAL: Creditors Must File Claims by June 23
VESELOPODOLYE BREADRECEIVING: Claims Filing Deadline Set June 23
ZENIT: Claims Filing Deadline Set June 24

* Fitch Rates Ukraine's US$500 Million Eurobond at BB-


U N I T E D   K I N G D O M

ALBA 2007-1: Fitch Rates GBP20.4 Million Class F Notes at BB
ATSI COMMS: April 30 Balance Sheet Upside-Down by US$525,000
BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
E.C.A. CONSTRUCTION: Taps Liquidators from Harrisons
EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination

FORD MOTOR: No Results on Cerberus Talks for Premier Brands Sale
JIC REFRACTORIES: Hires Adrian Graham to Liquidate Assets
LINDA DENNIS: Joint Liquidators Take Over Operations
MG ROVER: May Get GBP25 Million Cash Payout From Abroad
MYLES ENGINEERING: Claims Filing Period Ends October 30

NORTHWAY COMPUTER: Appoints A. J. Clark as Liquidator
PACKHORSE CASE: Calls In Liquidators from Elwell Watchorn
RAMSBOTTOM ENGINEERING: Hires Liquidator from CRG Insolvency
RITE PEOPLE: Names Liquidators to Wind Up Business
ROBERT BENNETT: Brings In Liquidators from Begbies Traynor

SAM LONGSON: Hires Liquidators from Grant Thornton U.K.
SHAW GROUP: To Build Fabrication Facility in Matamoras, Mexico
SHELL-MOULD PATTERN: Names Roderick Graham Butcher Liquidator
SUPER STYLE: Appoints Liquidators from Harrisons
VIVANT CONSULTANTS: Mehmet Arkin Leads Liquidation Procedure

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ISTN LLC: Claims Registration Period Ends July 4
------------------------------------------------
Creditors owed money by LLC ISTN (FN 243383t) have until July 4
to file written proofs of claim to court-appointed estate
administrator Karl Schirl at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 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 24 (Bankr. Case No. 2 S 76/07z).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


JOHANN BIEDERMANN: Linz Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Linz  entered May 22 an order shutting down
the business of LLC Johann Biedermann (FN 80217t).

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

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


NIGHT-IN LLC: Innsbruck Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Innsbruck  entered May 18 an order shutting
down the business of LLC Night-In (FN 236460k).

Court-appointed estate administrator Stephan Kasseroler
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. Stephan Kasseroler
         Lieberstrasse 3
         6020 Innsbruck
         Austria
         Tel:  0512/57 13 31
         Fax:  0512/57 13 31 99
         E-mail: office@kasseroler.at

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on May 14 (Bankr. Case No 19 S 60/07g).


RESCHEISSE KEG: Claims Registration Period Ends July 6
------------------------------------------------------
Creditors owed money by KEG Rescheisse (FN 200578v) have until
July 6 to file written proofs of claim to court-appointed estate
administrator Michael Ludwig Lang at:

         Mag. Michael Ludwig Lang
         Maria-Theresien-Strasse 9/4
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60 9
         E-mail: lang@brandlang.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on July 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 21 (Bankr. Case No. 28 S 56/07z).


VALKOTEL KLEMENT: Claims Registration Period Ends July 12
---------------------------------------------------------
Creditors owed money by KEG Valkotel Klement (FN 236391i)have
until July 12 to file written proofs of claim to court-appointed
estate administrator Thomas Hufnag at:

         Dr. Thomas Hufnagl
         Dr.-Franz-Rehrl-Platz 2
         5020 Salzburg
         Austria
         Tel: 0662/640083
         Fax: 0662/642912-24
         E-mail: dr.thomas.hufnagl@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on July 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Mattsee, Austria, the Debtor declared
bankruptcy on May 21  (Bankr. Case No. 23 S 38/07v).


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


GENERAL MOTORS: Will Retool Tonawanda Engine Plant
--------------------------------------------------
General Motors Corp. wants to retool its engine plant in
Tonawanda, New York, to produce a new clean diesel engine for
its light duty pickup trucks, Newratings.com reports.

General Motors told Newratings.com that it will invest some
US$100 million in the plant to produce a 4.5-liter V-8 Duramax
"high-output diesel engine for its Chevrolet Silverado, GMC
Sierra pickup and Hummer H2 models."

Newratings.com relates that the diesel engine will boost fuel
efficiency by 25% and lessen carbon dioxide emissions by 13%.

General Motors' Global Power Train and Quality Vice President
Tom Stephens commented to Newratings.com: "It [the engine] will
meet the stringent 2010 emissions standards, and it will be
compliant in all 50 states, making it one of the cleanest diesel
vehicles ever produced."

General Motors expects to start producing the engine in the
fourth quarter 2009, Newratings.com states.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  General Motors has Asia-Pacific operations in India,
China, Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                        *     *     *

In May 2007, Fitch Ratings has downgraded General Motors
Corporation's senior unsecured debt rating to 'B-/RR5' from
'B/RR4'.  GM's Issuer Default Rating remains at 'B' and is still
on Rating Watch Negative (along with the other outstanding
ratings) by Fitch following the company's announcement that it
will be raising US$4.1 billion in secured financing and US$1.1
billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's
common equity holdings in GMAC, will be assigned a rating of
'BB/RR1', while the senior unsecured convertible securities will
be rated 'B-/RR5'.


GENERAL MOTORS: Plans to Sell 100,000 Chevrolets in Germany
-----------------------------------------------------------
General Motors Corp. intends to quadruple sales of its Chevrolet
brand cars in Germany within seven years, Die Welt newspaper
quotes the division's manager as saying, Reuters reports.

"In the next six to seven years we want to reach a sales level
of 100,000 cars,” Chevrolet Germany Managing Director Peter
Sommer told the paper, Reuters notes.  Mr. Sommer added that
Chevrolet plans to increase the number of dealers in Germany
over the next two years to between 350 and 360, from 300 now,
and the number of outlets to 600, from 450.

Chevrolet's European sales rose 15.6 percent in 2006 to more
than 341,000 cars, including 23,132 in Germany, helping to push
General Motors' overall European sales over the 2 million mark
for the first time, Reuters relates.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  General Motors has Asia-Pacific operations in India,
China, Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                        *     *     *

In May 2007, Fitch Ratings has downgraded General Motors
Corporation's senior unsecured debt rating to 'B-/RR5' from
'B/RR4'.  GM's Issuer Default Rating remains at 'B' and is still
on Rating Watch Negative (along with the other outstanding
ratings) by Fitch following the company's announcement that it
will be raising US$4.1 billion in secured financing and US$1.1
billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's
common equity holdings in GMAC, will be assigned a rating of
'BB/RR1', while the senior unsecured convertible securities will
be rated 'B-/RR5'.


GENERAL MOTORS: Prepares Fuel Cell Technology for Future Output
---------------------------------------------------------------
General Motors Corp. is moving more than 500 fuel cell experts
from advanced development laboratories to core engineering
functions to prepare this technology for future production.

More than 400 fuel cell engineers will report to GM’s Powertrain
Group to begin production engineering of fuel cell systems.
Another 100 will transfer to GM’s Global Product Development
organization to start integrating fuel cells into future company
vehicles.  Finally, more than 150 fuel cell scientists and
program support will remain as part of GM’s Research and
Development center to continue advanced research in hydrogen
storage, fuel cells and program commercialization.

The transition is aimed at expediting the company’s efforts to
produce vehicles that displace petroleum through energy
diversity.

"Eight years ago we said that hydrogen fuel cell electric
vehicle technology could make a major contribution to solving
the energy and environmental challenges facing the automobile
industry," said Larry Burns, GM vice president, Research and
Development.  "Today’s announcement signals another important
milestone as we move fuel cell vehicles closer to future
production."

GM shared details about its fifth-generation fuel cell system
technology when it unveiled the fuel cell-powered E-Flex version
of the Chevrolet Volt at the Shanghai Auto Show in April.  This
latest system is half the size of its predecessor, yet provides
the same power and performance.

GM’s fourth-generation system currently powers the Chevrolet
Sequel and Equinox Fuel Cell vehicles.  The Sequel recently went
into the record books as the first electrically-driven fuel cell
vehicle to achieve more than 300 miles on one tank of hydrogen,
in and out of traffic on public roads, while producing zero
emissions.  The Chevrolet Equinox Fuel Cell will be launched
later this year as part of Project Driveway, which will place
more than 100 hydrogen fuel cell vehicles with consumers in New
York, Washington, D.C. and Los Angeles.

"Moving our fuel cell experts from advanced development
laboratories to our core engineering organizations highlights
our strong commitment to developing electrically-driven vehicles
using diverse energy sources" said Tom Stephens, GM Group vice
president of Global Powertrain.

Leading the fuel cell engineering team is Dr. J. Byron
McCormick, currently executive director, GM Fuel Cell
Activities.  He will report simultaneously to Dan Hancock, GM
Powertrain Vice President, Global Engineering, and John
Buttermore, GM Powertrain Vice President, Global Manufacturing.
McCormick has been working on electric and fuel cell propulsion
system research and development for more than 30 years.  He was
instrumental in the development of the EV-1 electric vehicle,
and during the past 10 years, has led the GM fuel cell
activities team to becoming the world’s leader in fuel cell
technology.

This realignment is yet another initiative in GM’s commitment to
displace petroleum usage in the auto industry through a range of
propulsion alternatives, including:

   -- E85-capable biofuel vehicles -- GM is a leading producer
      with more than 2 million on the road today

   -- GM’s 2-mode hybrid system for large city buses

   -- GM’s Hybrid System in the Saturn Vue Green Line and Saturn
      Aura Green Line

   -- Coming this fall, GM’s 2-mode hybrid system in the
      Chevrolet Tahoe and GMC Yukon full-size SUVs, which
      provides a more than 25-percent improvement in fuel
      economy to what is already the industry’s most fuel
      efficient large SUVs, with no compromises in performance
      or towing capability

   -- Due next year, a front-wheel-drive 2-mode Saturn Vue Green
      Line that is expected to deliver up to a 45-percent
      improvement in combined city and highway fuel economy
      compared with the current non-hybrid Vue, based on current
      federal test procedures

   -- Plans to produce a plug-in version of the 2-mode hybrid
      Vue Green Line that has the potential to achieve double
      the fuel efficiency of any current SUV

Additionally, GM provides more vehicles that achieve 30 mpg on
the highway than any other manufacturer in the U.S. market.  GM
is also the first automotive member to join the U.S. Climate
Action Partnership (USCAP), a group of global companies and non-
governmental organizations formed to support an economy-wide,
market-driven approach to reducing carbon emissions.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  General Motors has Asia-Pacific operations in India,
China, Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                        *     *     *

In May 2007, Fitch Ratings has downgraded General Motors
Corporation's senior unsecured debt rating to 'B-/RR5' from
'B/RR4'.  GM's Issuer Default Rating remains at 'B' and is still
on Rating Watch Negative (along with the other outstanding
ratings) by Fitch following the company's announcement that it
will be raising US$4.1 billion in secured financing and US$1.1
billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's
common equity holdings in GMAC, will be assigned a rating of
'BB/RR1', while the senior unsecured convertible securities will
be rated 'B-/RR5'.


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


TDC A/S: Court Ruling on Minority Stake Redemption Final
--------------------------------------------------------
TDC A/S will not appeal the Eastern High Court’s judgment of
June 13, 2007, in the actions brought by ATP against TDC
A/S and Nordic Telephone Company ApS, and TDC against the Danish
Commerce and Companies Agency, regarding compulsory redemption
of minority shareholdings in TDC.

In the judgment, the Eastern High Court has stated that the
provisions in the Articles of Association regarding compulsory
redemption for the benefit of NTC which were adopted at the
Extraordinary General Meeting in TDC on Feb. 28, 2006, are
invalid and cannot be registered with the DCCA.

NTC has informed TDC that NTC will not appeal the Eastern High
Court‘s judgment either.  Hereby the Eastern High Court’s
judgment becomes final.  The relevant provisions in the Articles
of Association no longer apply and cannot serve as the basis for
completion of the compulsory redemption which NTC, owing as of
June 20, 2007, 87.9% of the shares in TDC, initiated on March 5,
2006, and suspended on March 9, 2006.

                        About TDC A/S

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

                         *   *   *

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

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

* Issuer: TDC A/S

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

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

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

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

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

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

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

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

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

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


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


DYNEA CANADA: Moody's Puts Corporate Family Rating at B2
--------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to Dynea Canada Ltd., a North American producer of formaldehyde
resins and paper overlays.

In addition, Moody's assigned these ratings to the company's
proposed debt offerings: US$20 million senior secured first lien
revolver and US$200 million senior secured first lien term loan
at Ba3, and US$30 million senior secured second lien term loan
at B3.

Proceeds from the debt offering, combined with approximately
$15 million of straight equity and US$140 million of levered
equity capital contributions from Teachers' Private Capital,
will be used to acquire the business from Dynea Chemicals Oy for
$350 million, representing a 6.7x EBITDA multiple.

The additional funds will provide roughly US$20 million of cash
on the balance sheet at the closing and cover fees and expenses.
The transaction is expected to close in mid-July 2007.  The
rating outlook is stable.  This is the first time Moody's has
rated the debt of Dynea Canada Ltd.

Assignments:

Issuer: Dynea Canada Ltd.

    * First Lien Guaranteed Senior Secured Revolving Credit
      Facility, Assigned Ba3, LGD2 - 28%

    * First Lien Guaranteed Senior Secured Term Loan,
      Assigned Ba3, LGD2 - 28%

    * Second Lien Guaranteed Senior Secured Term Loan,
      Assigned B3, LGD4 - 61%

The B2 corporate family rating reflects Dynea's high leverage
with expected Debt/EBITDA of 7.2x and Debt/Capital of 95% at the
closing of the transaction, based on Moody's adjusted financial
metrics, limited product diversity, significant exposure to the
housing and remodeling markets in North America, exposure to
volatile raw materials, and the need to improve its accounting
system to provide detailed information by customer and product
to management.  The ratings are supported by Dynea's solid
operating performance in 2006 and in the first quarter of 2007,
its position as one of the three largest producers of
formaldehyde resins in North America, its leading market
position in overlays, the regional characteristics of this
business, its broad operational footprint, and the ability to
expand its specialty products and applications.  The key rating
factors for the company are management strategy, financial
strength and business profile.

While the vast majority of the company's resin products are
commodity or quasi-commodity in nature, competition is limited
due to low product prices relative to shipping costs and short
product shelf lives.  However, given the severe downturn in the
housing and remodeling markets, as well as the substantial
decline in oriented strand board prices, resin volumes and
margins could materially decline from current levels as
customers scale back production further and seek to reduce raw
material costs and the formaldehyde resin industry's capacity
utilization rate declines. Dynea's new Sexsmith, Alberta plant,
which in Moody's opinion is a good long-term investment, will
likely add to the short term over-supply situation in the
industry.

The stable outlook reflects Moody's base case expectation that
the current downturn in the housing and remodeling markets will
not result in a sustained reduction in margins and cause
operating cash flow to remain below US$20 million.  Additionally
it assumes that Dynea will not meaningfully increase debt nor
pursue significant acquisitions in the near term and that credit
metrics will moderately improve in 2008 and 2009.  The outlook
also reflects our anticipation that Dynea will encounter minimal
problems as it transitions to a stand-alone company outside of
DC Oy and be able to maintain its current market share with key
customers.  If the company is able to increase EBITDA above
US$60 million on a sustained basis over the next 12-18 months,
we will assess the appropriateness of a higher corporate family
rating. Conversely, the rating could be lowered if the company
were to experience a more severe industry downturn, face
unforeseen operational difficulties, or were free cash flow to
be negative by more than US$15-20 million during the first year
of operation.

Dynea Canada is a subsidiary of Dynea International Oy --
http://www.dynea.com/-- which provides adhesion and surfacing
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in including Malaysia, Ukraine
and Brazil.


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


DELPHI CORP: Selling Mexican Brake Plant to Robert Bosch
--------------------------------------------------------
Delphi Corporation said that two of its subsidiaries have
entered into an asset sale and purchase agreement with Robert
Bosch LLC and its affiliate Frenados Mexicanos, S.A. de C.V.,
for the sale of their brake components business, including a
manufacturing plant in Saltillo, Mexico.

Pursuant to the procedures outlined in the Bankruptcy Code, the
company filed a motion Friday with the U.S. Bankruptcy Court for
the Southern District of New York to request a bidding
procedures hearing on June 26, 2007.

Following the completion of the bidding procedure process, a
final sale hearing is anticipated to be set for July 19, 2007.
The final sale of the plant is subject to the approval of the
Court.

As outlined in the court filing, the US$15 million asset sale
and purchase agreement between Delphi and Bosch includes:

    -- purchase of land;
    -- transfer of facility lease;
    -- machinery and equipment; and
    -- Assignment and assumption of certain contracts.

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007.


EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination
-------------------------------------------------------
Eurotunnel Group's joint board proposed at its meeting on
June 12, 2007, the nomination of seven directors to the board of
the new entity, Groupe Eurotunnel SA, in accordance with the
safeguard plan approved by the Paris Commercial Court on
Jan. 15, 2007.

The board nominated, Colette Neuville, Pierre Bilger, Jacques
Gounon, Robert Rochefort, Henri Rouanet, Philippe Vasseur and
Tim Yeo.

"In Philippe Vasseur we have a representative from the Pas-de-
Calais who has a wide knowledge of economic issues at both
regional and national level and who has always acted in the
interests of the development of the Nord-Pas-de-Calais region,
especially in the social and environmental sectors," chairman
and CEO Jacques Gounon disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains,which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


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


AUTOHAUS OIDTMANN: Claims Registration Period Ends July 17
----------------------------------------------------------
Creditors of Autohaus Oidtmann & Kloss GmbH have until July 17
to register their claims with court-appointed insolvency manager
Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Aug. 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 Moenchengladbach
         Meeting Hall A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Wilhelm-Strauss-Strasse 45-47
         41236 Moenchengladbach
         Germany
         Tel: 02161/2779098
         Fax: 02161/2779099

The District Court of Moenchengladbach opened bankruptcy
proceedings against Autohaus Oidtmann & Kloss GmbH on June 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Oidtmann & Kloss GmbH
         Aachener Strasse 98
         41836 Hueckelhoven
         Germany

         Attn:  Wilhelm Helpenstein, Manager
         Giesenkirchener Strasse 262
         41238 Moenchengladbach
         Germany


DAY INTERNATIONAL: Moody's Withdraws Low-B Ratings
--------------------------------------------------
Moody's Investors Service withdrew the long-term debt ratings of
Day International Group, Inc. following the acquisition of the
company by Flint Group and the refinancing of the rated
facilities.

These ratings are affected:

    * The B1 Corporate Family Rating;

    * The B1 Probability of Default Rating;

    * The Ba3 (LGD3, 34%) rated US$25 million senior secured
      revolver due 2011;

    * The Ba3 (LGD3, 34%) rated US$186 million senior secured
      term B loan due 2012;

    * The Ba3 (LGD3, 34%) rated Euro term loan;

    * The B3 (LGD5, 86%) rated US$114 million senior secured
      second lien term loan due 2013;

    * The B3 (LGD6, 98%) rated US$52 million 12.25% senior
      exchangeable preference stock due 2010.

Founded in 1905 in Dayton, Ohio, Day International Group Inc. --
http://www.dayintl.com/-- operates production, sales, and
distribution centers in North America, Latin America, Europe and
Asia Pacific. Product lines include dayGraphica(R) printing
blankets and sleeves, david M(R) printing blankets, , Duco(TM)
printing blankets, Sun Graphic printing blankets, IPT(TM)
printing blankets, Varn(TM) pressroom chemicals, Rotec(R)
flexographic sleeve systems, dayCorr(R) diecutting blankets and
day-Flo(R) pre-inked rolls.  The company has locations in
Mexico, Germany, and Malaysia.


DEALOK GMBH: Claims Registration Period Ends July 17
----------------------------------------------------
Creditors of Dealok GmbH have until July 17 to register their
claims with court-appointed insolvency manager Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         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:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040 65039-0
         Fax: 040 65039-199

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

The Debtor can be reached at:

         Dealok GmbH
         Rudolf-Diesel-Str. 3
         27612 Loxstedt
         Germany

         Attn: Bodo Zillig, Manager
         Silker Weiche 44 b
         21465 Reinbek
         Germany


DGV TOP-GETRANKE: Claims Registration Period Ends June 29
---------------------------------------------------------
Creditors of DGV Top-Getranke GmbH have until June 29 to
register their claims with court-appointed insolvency manager
Ernst Wiesner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 259
         Heinitzstr. 42/44
         58097 Hagen
         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:

         Ernst Wiesner
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Hagen opened bankruptcy proceedings
against DGV Top-Getranke GmbH on June 5. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DGV Top-Getranke GmbH
         Attn: Hans-Joachim Reidt, Manager
         Weidenweg 8
         58239 Schwerte
         Germany


DCR DRUCK-CENTER: Claims Registration Period Ends June 29
---------------------------------------------------------
Creditors of DCR Druck-Center-GmbH have until June 29 to
register their claims with court-appointed insolvency manager
Jens Dohse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Jens Dohse
         Hermannstr. 5
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against DCR Druck-Center-GmbH on June 1. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DCR Druck-Center-GmbH
         Attn: Wolfgang Henning, Manager
         Parkstr. 18
         18311 Ribnitz-Damgarten
         Germany


DUERR AG: ATON GmbH Acquires 10.1% Equity Interest
--------------------------------------------------
ATON GmbH notified Duerr AG that it holds 10.1% of the company's
shares.  The investment company, founded by Dr. Lutz Helmig, is
now Duerr's second largest shareholder.

The Heinz Duerr family, which still owns 44.2% of the share
capital via Heinz Duerr GmbH and the foundation Heinz und Heide
Duerr-Stiftung, continues to be the largest shareholder of Duerr
AG.

ATON acquired 5.0% of the shares of Duerr AG from Sued-
Kapitalbeteiligungs-Gesellschaft mbH, a subsidiary of Landesbank
Baden-Wuerttemberg, whose ownership interest in Duerr is now
5.0%.  ATON acquired the other 5.1% from Kreissparkasse
Biberach.

"We welcome the change in the circle of shareholders.  We can
certainly profit from the know-how and experience of an
industrial holding company which is active in a wide range of
sectors," Duerr AG's CEO Ralf Dieter commented.

Headquartered in Fulda, Germany, ATON GmbH --
http://www.aton.de/-- is an investment company, wholly-owned by
Dr. Helmig family.  It was established in 2001 and currently has
interests in eleven firms in the areas of applied technology,
natural resources and services.

The company's largest affiliate in terms of sales is EDAG AG,
which is active in the areas of automobile development,
manufacturing technology and aerospace.  EDAG AG and Duerr AG
collaborate on specific projects in the aerospace sector.

                           About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                            *   *   *

As of April 10, 2007, Duerr AG carries Moody's Long-term
Corporate Family rating of B2, Senior Subordinated Debt rating
of Caa1 with Outlook Negative.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


ENCHILADA OSNABRUECK: Claims Registration Period Ends June 20
-------------------------------------------------------------
Creditors of Enchilada Osnabrück Gaststättenbetriebs-GmbH have
until June 20 to register their claims with court-appointed
insolvency manager Axel Klages.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Axel Klages
         Schlossstrasse 26
         49074 Osnabrueck
         Germany
         Tel: (0541) 77063-0
         Fax: (0541) 77063-33
         E-Mail: info@kanzlei-tkb.de

The District Court of Osnabrueck opened bankruptcy proceedings
against Enchilada Osnabrück Gaststättenbetriebs-GmbH on June 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Enchilada Osnabrück Gaststättenbetriebs-GmbH
         Pottgraben 58-60
         49074 Osnabrueck
         Germany

         Attn: Thomas Schroeder, Manager
         Wichernstrasse 3
         48147 Muenster
         Germany


ENVARIA PLASTICS: Claims Registration Period Ends Sept. 7
---------------------------------------------------------
Creditors of Envaria Plastics Recycling Suedwest GmbH have until
Sept. 7 to register their claims with court-appointed insolvency
manager Dr. Hans-Gert Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall A4
         Hofgartenstr. 2
         55545 Bad Kreuznach
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr. 7
         D 55566 Bad Sobernheim
         Germany
         Tel: 06751/938013
         Fax: 06751/9380-36

The District Court of Zweigstelle opened bankruptcy proceedings
against Envaria Plastics Recycling Suedwest GmbH on June 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Envaria Plastics Recycling Suedwest GmbH
         Attn: Konrad Sabel, Manager
         Industriestr. 2
         55606 Kirn
         Germany


F 1 – NETWORK: Claims Registration Period Ends July 17
------------------------------------------------------
Creditors of F 1 - network GmbH have until July 17 to register
their claims with court-appointed insolvency manager Klaus
Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         N 302
         Nebestelle
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Klaus Niemeyer
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: 0541/33 85 00
         Fax: 0541/33 850-50

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

The Debtor can be reached at:

         F 1 - network GmbH
         Niedersachsenstr. 15 a
         49074 Osnabrueck
         Germany

         Attn: Bjoern Woestmann, Manager
         Wulftener Str. 18
         49082 Osnabrueck
         Germany


GALVANOMETIC OBERFLACHENBEARBEITUNG: Claims Filing Ends June 25
---------------------------------------------------------------
Creditors of Galvanometic Oberflachenbearbeitung GmbH & Co. KG
have until June 25 to register their claims with court-appointed
insolvency manager Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Galvanometic Oberflachenbearbeitung GmbH & Co. KG on
June 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Galvanometic Oberflachenbearbeitung GmbH & Co. KG
         Attn: Thomas Rademacher, Manager
         Friedensstr. 42
         58642 Iserlohn
         Germany


GOE-LA GMBH: Creditors' Meeting Slated for July 12
--------------------------------------------------
The court-appointed insolvency manager for Goe-La GmbH,
Christoph Schulte-Kaubruegger will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:25 a.m. on July 12.

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 9:05 a.m. on Oct. 4 at the same venue.

Creditors have until July 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Goe-La GmbH
         Jonasstr. 22
         12053 Berlin
         Germany


H. SCHLUETZ: Claims Registration Period Ends July 13
----------------------------------------------------
Creditors of H. Schluetz GmbH Reifen u. Autoservice have until
July 13 to register their claims with court-appointed insolvency
manager Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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:

         Caroline Schmitz
         Waisenhausstr. 3
         52349 Dueren
         Germany
         Tel: 02421/20908-0
         Fax: 02421/20908-18

The District Court of Aachen opened bankruptcy proceedings
against H. Schluetz GmbH Reifen u. Autoservice on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         H. Schluetz GmbH Reifen u. Autoservice
         Max-Planck-Strasse 14
         52249 Eschweiler
         Germany

         Attn:  Herbert Schluetz, Manager
         Hochbrueckstrasse 48
         52249 Eschweiler
         Germany


HEIGEL´S METALLIDEEN: Claims Registration Period Ends August 6
--------------------------------------------------------------
Creditors of Heigel´s Metallideen GmbH have until Aug. 6 to
register their claims with court-appointed insolvency manager
Johannes Zimmermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 3, 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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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:

         Johannes Zimmermann
         Ringstrasse 9
         29525 Uelzen
         Germany
         Tel: 0581/90 100
         Fax: 0581/90 102 0
         E-mail:  buero@schwade-pp.de

The District Court of Gifhorn opened bankruptcy proceedings
against Heigel´s Metallideen GmbH on June 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Heigel´s Metallideen GmbH
         Attn: Gerd Armbrecht, Manager
         Rade 34
         29378 Wittingen
         Germany


HERA BLECHBEARBEITUNGSSYSTEME: Claims Registration Ends June 26
---------------------------------------------------------------
Creditors of Hera Blechbearbeitungssysteme GmbH have until
June 26 to register their claims with court-appointed insolvency
manager Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th 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:

         Norbert Weber
         Richmodstr. 6
         50667 Cologne
         Germany
         Tel: 0221-92042-220
         Fax: 004922192042200

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

The Debtor can be reached at:

         Hera Blechbearbeitungssysteme GmbH
         Attn: Michael Schaukowski and Jens Gebel, Managers
         Klosterstr. 14
         51709 Marienheide
         Germany

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


SEPP'S GOURMET: Posts US$407,000 Net Loss in Qtr. Ended April 30
----------------------------------------------------------------
Sepp's Gourmet Foods Ltd. Disclosed results for the three and
nine months ending April 30, 2007.

                           Nine months

Sales for the nine months ending April 30, 2007 were
$20.6 million, up 10.7% from the US$18.7 million in the
comparable period last year

Gross profit decreased to US$2.2 million (10.8% of sales) in the
first nine months from the US$2.5 million (13.2%) in the
comparable period last year due to higher freight and
depreciation expense, higher levels of plant supervisory
personnel, the appreciation of the Canadian dollar vis-a-vis the
US dollar, and start-up costs and inefficiencies associated with
moving the B.C. plant.  Selling, general and administration
expenses were US$2.6 million (12.7% of sales) for the nine month
period compared to US$2.4 million (12.7%) in the same period in
2006.  The dollar increase in selling, general and
administrative expenses was due to higher commissions and
product promotional expenses.

                      Old Facility Shut Down

During the period the company shut down its Burnaby facility and
relocated it to Delta, another suburb of Vancouver.  The shut
down of the old Burnaby plant, and relocation and start-up of
the new facility had a negative impact on earnings during the
period.  Net loss for the first nine months 2007 was US$1.1
million compared to US$584,000 last year.  The loss was due to
higher costs associated with freight, storage and utility
expenses, higher depreciation charges due to new equipment in
the Ontario factory, the recent appreciation of the Canadian
dollar, and the shut down, relocation, and start-up of the
Company's British Columbia facilities.

During the nine months ending April 30, 2007, the company
generated cash flow from operating activities of US$719,000
compared to US$1.3 million in the comparable period last year.
This decrease was due to lower net income and a reduction in
non-cash working capital.

                           Three months

Sales for the three months ending April 30, 2007 were
$7.2 million, up 21% from the US$6.0 million in the comparable
period last year.  The increase is attributable to increased
sales to existing customers and shipments to new customers.

Gross profit increased to US$712,000 (9.9% of sales) in the
three months from the US$622,000 (10.4%) in the comparable
period last year, despite higher freight and depreciation
expense, the appreciation of the Canadian dollar and the shut
down, relocation, and start-up of the Company's British Columbia
locations.

Net loss for the three months was US$407,000 compared to
US$393,000 last year.  The loss was due to high costs associated
with freight, storage and utility expenses, the shut down,
relocation, and start-up of the company's British Columbia
facilities, and higher interest charges.

                        Change of Lenders

In May 2006, the company changed lenders such that both its
operating debt and long-term debt would be held by one lender
having senior security over all assets.  This change helps the
company administratively and offers a better cost structure.

Under the terms of lender's standard long-term bank loan the
lender has the ability to demand repayment of the facility and
therefore under generally accepted accounting principles (EIC
122) it is classified as a demand loan and is required to be
shown on the balance sheet as a current liability.

Thus, the full US$2.1 million of the long-term debt is included
in current liabilities.  Partly as a result of this accounting
treatment, the company had a working capital deficit of
$3.0 million at April 30, 2007 up from a working capital deficit
of US$2.3 million at July 31, 2006.

                         Debt Financing

During the first nine months of 2007 the company undertook a
debt financing with two major shareholders comprised of two
letters of credit totaling US$1 million with share purchase
warrants.  The second shareholder loan is due in excess of 12
months and thus is treated as long-term.  The company's total
interest bearing debt was US$7.3 million, up from the US$5.9
million at July 31, 2006.

        Non Compliance with Working Capital Covenant

The working capital ratio was 0.62:1 at April 30, 2007 compared
to 0.65:1 at July 31, 2005.  The working capital ratio is below
the bank required 1.1:1 due to the inclusion of all of the long-
term debt in current liabilities and to the losses experienced
year-to-date.  For the nine month period, the company's debt
coverage ratio was 0.99:1 below the bank required 1.25:1.
However for the three month period ending April 30, 2007 the
debt coverage ratio was 1.40:1, above the bank required 1.25:1.

The company is not in compliance with the debt to tangible net
worth ratio as it was 2.59:1 at April 30, 2007, slightly above
the bank required 2.5:1.  The shareholder loans and convertible
debentures are not considered "debt" for the purposes of this
calculation but are viewed as "equity" as they originate from
shareholders and have equity conversion rights.

The company's bank is aware of these financial ratios.  Due to
the demand nature of the loan, and the requirement under EIC
Abstract 122 that it be brought into current liabilities in its
entirety, the company has not requested a waiver letter.  The
company expects to be below the working capital covenant during
the remainder of fiscal 2007.

                              Comments

Mr. Tom Poole, President and CEO, stated: "The past nine months
has seen the Company undertake two major strategic initiatives:
the relocation of its Burnaby operation into a larger, newer,
more efficient plant; and the start-up of the 50% owned Willow
Road waffle and pancake facility located in Oklahoma.  These two
initiatives give the company the added production capacity to
meet increasing orders. During that same nine month period, the
company launched two new categories of products - mini-waffles
and French Toast Stix."

He went on to say, "The Company's greatest operating challenge
is to work to improve operating efficiency to offset increasing
cost pressures associated with input prices and freight costs.
With three manufacturing facilities located in the Northern,
Southern and Western parts of North America, the Company is
positioned to deal with these escalating costs and currency
fluctuations."

"The past five years has seen Sepp's become known as a well
established, reliable private label manufacturer.  In due
course, our recent initiatives, coupled with our established
reputation and our commitment to service and quality will
deliver a return to positive financial results."

                       About Sepp's Gourmet

Sepp's Gourmet Foods Ltd. -- http://www.seppsfoods.com/ --
(TSX:SGO) produces and markets specialty prepared foods for the
retail grocery and food service sectors in North and South
America, and Asia, including Iceland, Mexico and Japan.


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


ALITALIA SPA: Aeroflot Sees Stake's Asking Price as Too High
------------------------------------------------------------
The OAO Aeroflot-Unicredit Italiano S.p.A. is complaining over
the price tag and bidding conditions for the Italian
government's 39.9% stake in Alitalia S.p.A., various reports
say.

"Everything depends on the conditions," Irina Dannenberg, a
spokeswoman for Aeroflot, told reporters.  "We are not happy
with the conditions and do not intend to buy Alitalia at any
price."

Leonid Dushatin, a board member of National Reserve Corp. which
owns 30% of Aeroflot, told Reuters that the Russia carrier
believes that the bidding process would not allow it to turn
Alitalia around.

Alexander Lebedev, NRK's majority owner, told Reuters that
though he was against the Alitalia bid, Aeroflot proceeded while
taking cue from the Russian government, which owns 51% of the
carrier.

                         Bid Pullout

Aeroflot, meanwhile, denied it was withdrawing its bid to
acquire Alitalia, The Financial Times relates.

Ms. Dannenber added that the matter would be addressed at an
upcoming meeting of the company's board of directors.

Alitalia press secretary Federica Mancinella has confirmed
Aeroflot's statement, RIA Novosti relates.

Giacomo Chiorino of Nuovi Investimenti Sim told Reuters that if
Aeroflot pulls out from the race, the bidding process may fail.

"The concern is that if you're left with only bidder, he gets
much more negotiating power," Mr. Chiorino said.  "Then they can
bid what they want, and then it's up to the government to decide
whether to accept it."

As reported in the TCR-Europe on June 20, 2007, the AirOne
S.p.A.-Intesa San Paolo consortium is grumbling over lack of
adequate information on Alitalia's operation.  The consortium
reportedly 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.

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

                        About Alitalia

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

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


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


ANIKO LLP: Proof of Claim Deadline Slated for July 20
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mp Aniko insolvent.

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

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


ERJAN-SAPARBEK LLP: Creditors Must File Claims July 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Erjan-Saparbek 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
         Tel: 8 (3142) 51-10-40


GASPROMGEOPHYSICS OJSC: Claims Filing Period Ends July 27
---------------------------------------------------------
OJSC Kaz Munai Gaspromgeophysics has declared insolvency.
Creditors have until July 27 to submit written proofs of claims
to:

         OJSC Kaz Munai Gaspromgeophysics
         Industrial Zone
         Janaozen
         Mangistau
         Kazakhstan


GRAFT LLP: Claims Registration Ends July 20
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Graft insolvent.

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

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


KOYLYK LLP: Creditors' Claims Due July 20
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Koylyk 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
         Tel: 8 (3142) 51-10-40


SARYKEMER JSC: Proof of Claim Deadline Slated for July 27
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared JSC Sarykemer insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


SEVO LLP: Creditors Must File Claims July 20
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Sevo 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


TRANS STROY: Claims Filing Period Ends July 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Construction Company Trans Stroy Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


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


KEREMET-TRADE LLC: Claims Registration Ends July 27
---------------------------------------------------
LLC Keremet-Trade has declared insolvency.  Creditors have until
July 27 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 57-30-95.


PHILADELPHIA LLC: Claims Filing Period Ends July 27
---------------------------------------------------
LLC Construction Firm Philadelphia has declared insolvency.
Creditors have until July 27 to submit written proofs of claim.

Inquiries can be addressed to (+996 3138) 5-88-48, 5-87-83.


WINCOR LLC: Creditors Must File Claims by July 27
-------------------------------------------------
LLC Trade-Industrial Company Wincor (INN 12504200110086) has
declared insolvency.  Creditors have until July 27 to submit
written proofs of claim.

Inquiries can be addressed to (+996 312) 42-38-65.


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


HEXION SPECIALTY: Further Amends Senior Secured Credit Facility
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. has amended its second amended
and restated senior secured credit facility in order to reduce
the interest rates applicable to borrowings of term loans by
0.25%.

Also, the company funded incremental term loans under its second
amended and restated credit agreement in the aggregate amount of
$200 million in the form of new tranche C-5 term loans made in
U.S. dollars and new tranche C-6 term loans made in euros.

The proceeds of the incremental term loans will be used to
acquire, directly or indirectly, the assets or equity interests
of the German resins and formaldehyde business of Arkema GmbH
expected to close in the third quarter 2007, to pay all fees and
expenses in connection therewith and for general corporate
purposes.

The Incremental Credit Facility will mature on May 5, 2013.  In
addition, the second amended and restated credit agreement was
changed to increase the amount of incremental borrowings it may
make under its facility from US$200 million to US$300 million,
net of the incremental amount borrowed.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.  Hexion had 2006 sales of US$5.2
billion and employs more than 7,000 associates.

                           *     *     *

In May 2007, Standard & Poor's Ratings Services affirmed its
loan and recovery ratings on Hexion Specialty Chemicals Inc.'s
senior secured first-lien bank credit facilities, including a
proposed US$200 million add-on to its existing term loan, and a
proposed US$10 million add-on to its existing synthetic letter
of credit facility.


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


ALLIANCE CJSC: Belgorod Bankruptcy Hearing Slated for Aug. 29
-------------------------------------------------------------
The Arbitration Court of Belgorod will convene on Aug. 29 to
hear the bankruptcy supervision procedure on CJSC Alliance.
The case is docketed under Case No. A08-997/07-14.

         The Temporary Insolvency Manager is:
         E. Feoktistov
         Post User Box 813
         308001 Belgorod-1
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         CJSC Alliance
         Pervomayskaya
         Belenkoye
         Borisovskiy
         Belgorod
         Russia


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

         A. Terekhov
         insolvency manager
         Ulyanova Str. 14-14
         241035 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A90-2265/07-28.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Alka
         Shosseynaya Str. 5
         Suponevo
         Bryansk
         Russia


AGROHOLDING LUKHOVITSKIY: Bankruptcy Hearing Slated for Aug. 8
--------------------------------------------------------------
The Arbitration Court of Moscow will convene on Aug. 8 to hear
the bankruptcy supervision procedure on OJSC Agroholding
Lukhovitskiy.  The case is docketed under Case No. A41-K2-4762/
07.

The Temporary Insolvency Manager is:

         A. Mogilevskiy
         To be called for Mr. A. Mogilevskiy
         127549 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agroholding Lukhovitskiy
         Tsentralnaya Str. 7
         Matyra
         Lukhovitskiy
         140516 Moscow
         Russia


CAPITAL GROUP: Creditors Must File Claims by June 26
----------------------------------------------------
Creditors of LLC Capital Group have until June 26 to submit
proofs of claim to:

         V. Sokolov
         Insolvency Manager
         Post User Box 147
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A43-1277/2007 27-13.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         V. Sokolov
         Insolvency Manager
         Post User Box 147
         603000 Nizhniy Novgorod
         Russia


GAS-AUTOLINE OJSC: Creditors Must File Claims by June 26
--------------------------------------------------------
Creditors of OJSC Gas-Autoline (TN 7715028310) have until
June 26 to submit proofs of claim to:

         V. Ulitenkov
         The Temporary Insolvency Manager
         To be called for Mr. V. Ulitenkov
         125009 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-16610/07-86-72B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Gas-Autoline
         B. Marfinskaya Str. 2
         127276 Moscow
         Russia


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

         I. Sizova
         Insolvency Manager
         Stakhanova Str. 26
         398036 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-656/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Giant
         Kommunalnaya Str. 9, 403
         Lipetsk
         Russia


INVEST-MARKET LLC: Tomsk Bankruptcy Hearing Slated for Oct. 10
--------------------------------------------------------------
The Arbitration Court of Tomsk will convene on Oct. 10 to hear
the bankruptcy supervision procedure on LLC Invest-Market.  The
case is docketed under Case No. A27-1661/07.

The Temporary Insolvency Manager is:

         O. Ermolaev
         Chkalova Str. 10
         650025 Kemerovo
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Invest-Market
         Tomsk
         Russia


OREL-GLASS OJSC: Orel Bankruptcy Hearing Slated for Aug. 1
----------------------------------------------------------
The Arbitration Court of Orel will convene at 11:20 a.m. on
Aug. 1 to hear the bankruptcy supervision procedure on OJSC
Orel-Glass.  The case is docketed under Case No. A48-13 82/
07-206.

The Temporary Insolvency Manager is:

         M. Bolotov
         4th floor
         3rd Kurskaya Str. 15
         302004 Orel
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Orel-Glass
         Poselkovaya Str. 19
         302024 Orel
         Russia


PROFILE OJSC: Court Names A. Saranin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tomsk appointed A. Saranin as
Insolvency Manager for OJSC Profile.  He can be reached at:

         A. Saranin
         Post User Box 3020
         634003 Tomsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-197/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Profile
         Apt. 126
         Stroitelej Str. 306
         Strezhevoj
         Tomsk
         Russia


RADIUS OJSC: Bankruptcy Hearing Slated for Aug. 28
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
1:00 p.m. on Aug. 28 to hear the bankruptcy supervision
procedure on OJSC Radius (TIN 5256008110).  The case is docketed
under Case No. A43-3959/2007, 33-50.

The Insolvency Manager is:

         A. Margaryan
         Sovetskaya Str. 16
         603002 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Radius
         Sovetskoy Armii Str. 16
         Nizhniy Novgorod
         Russia


REGION LLC: Creditors Must File Claims by July 26
-------------------------------------------------
Creditors of OJSC Pokrovskoe (TIN 5444103783, OGRN
1025406624561) have until July 26 to submit proofs of claim to:

         T. Sukhosyrova
         insolvency manager
         Karla Marksa Str. 31a
         Barabinsk
         632336 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A 45-14878/06-54/409.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Pokrovskoe
         Ulyanovskaya Str. 60
         Barabinsk
         632332 Novosibirsk
         Russia


ROSNEFT OIL: Expects RUR263.7 Billion Payment from Yukos Oil
------------------------------------------------------------
OAO Rosneft Oil Co. expects to receive this month around
RUR263.7 billion from OAO Yukos Oil Co. as payment for the
bankrupt's oil concern's debts, Analytical Information Agency
reports.

Rosneft plans to use the payment to boost its net profit for the
second quarter of 2007 to US$8.8 billion.

Nikolai Lashkevich, spokesperson to Yukos' bankruptcy manager,
however, told AK&M that a decision to repay the company's debt
to Rosneft has yet to be made.

                       About Yukos Oil

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

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

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

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

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

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

                        About Rosneft

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

                             *   *   *

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

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


SURGUT-TRANS-STROY: Creditors Must File Claims by July 26
---------------------------------------------------------
Creditors of CJSC Surgut-Trans-Stroy (TIN 8602300302) have until
July 26 to submit proofs of claim to:

         E. Pugacheva
         insolvency manager
         Post User Box 583
         Sugut-12
         628412 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A75-633/07.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Surgut-Trans-Stroy
         Khanty-Mansiyskiy
         Russia


TNK-BP HOLDING: Russia to Rule on License Dispute this Week
-----------------------------------------------------------
The Ministry of Natural Resources will decide on the fate of
TNK-BP Holding Ltd.'s operating license at the Kovykta gas field
before the weekend, RIA Novosti reports citing natural resources
minister Yuri Trutnev.

“It's really a technological issue, under the jurisdiction of
Rosnedra (Russian Subsoil Use Agency), and all the work has been
done,” Mr. Trutnev told RIA Novosti.

As reported in the TCR-Europe on June 6, 2007, Rosnedra
postponed for two weeks a decision to revoke the license of TNK-
BP Holding for the Kovytka natural gas field.

Oleg Mitvol, chief of the Federal Natural Resource Oversight
Agency (Rosprirodnadzor), recommended the cancellation of TNK-
BP’s license to Rosnedra, claiming that the oil company failed
to meet the terms of the license contract.

Under the terms of its license, TNK-BP, through its OAO Rusia
Petroleum unit, has to produce 9 billion cubic meters of natural
gas annually from the field, the TCR-Europe reported on May 22.
The company didn’t achieve the targeted production output as it
only produced 1.5 billion cubic meters of natural gas from the
field in 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.


TNK-BP HOLDING: Work Continues at Kovykta Gas Field
---------------------------------------------------
TNK-BP Holding Ltd. is continuing its operations at the Kovykta
gas field despite a possible license revocation by the Russian
government, Thomson Financial reports citing a company
spokesman.

The spokesman told Thomson Financial that the current license
dispute is “legal and administrative matter” that will not cause
any disruptions to the project.

As reported in the TCR-Europe on June 6, 2007, the Russian
Subsoil Use Agency (Rosnedra) postponed a decision to revoke the
license of TNK-BP for the Kovytka natural gas field.

The TCR-Europe reported on May 31, 2007, that Oleg Mitvol, chief
of the Federal Natural Resource Oversight Agency
(Rosprirodnadzor), recommended the cancellation of TNK-BP’s
license to Rosnedra, claiming that the oil company failed to
meet the terms of the license contract.

Under the terms of its license, TNK-BP, through its OAO Rusia
Petroleum unit, has to produce 9 billion cubic meters of natural
gas annually from the field, the TCR-Europe reported on May 22.
The company didn’t achieve the targeted production output as it
only produced 1.5 billion cubic meters of natural gas from the
field in 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.


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

The Temporary Insolvency Manager is:

         I. Sabirov
         Gagarina Str. 1
         Betki
         423877 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 10:30 a.m. on
Sept. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A65-8843/2007-SG4-49.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Voroshilovskiy
         Tukaevskiy
         Tatarstan
         Russia


VOSTOK-NEFTE-GAZ-STROY: Creditors Must File Claims by June 26
-------------------------------------------------------------
Creditors of LLC Vostok-Nefte-Gaz-Stroy have until June 26 to
submit proofs of claim to:

         Y. Tsapin
         Insolvency Manager
         Parkovyj 7-49
         Mozhga
         427791 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya will convene at 11:00 a.m. on
Sept. 4 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A71-1361/2007-G26.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vostok-Nefte-Gaz-Stroy
         Lenina Str. 17-15
         Votkinsk
         427430 Udmurtiya
         Russia


YUKOS OIL: Denies RUR263.7 Billion Payment to Rosneft Oil
---------------------------------------------------------
Nikolai Lashkevich, spokesperson for OAO Yukos Oil Co.'s
bankruptcy manager, denied that the fuel concern will repay
around RUR263.7 billion in debt to OAO Rosneft Oil Co. this
month, Analytical Information Agency reports.

Mr. Lashkevich told AK&M that a decision to repay the company's
debt to Rosneft has yet to be made.

Rosneft Oil said it expects to receive the payment from Yukos
Oil this month, AK&M relates.

Rosneft plans to use the payment to boost its net profit for the
second quarter of 2007 to US$8.8 billion.

                        About Rosneft

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

                       About Yukos Oil

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

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

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

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

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

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


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

         V. Vinogradov
         Insolvency Manager
         50 Let Profsoyuzov Str. 61
         644056 Omsk
         Russia

The Arbitration Court of Khanty-Mansiyskiy will convene on
Aug. 20 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A75-2027/07.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Company ZOV
         60 Let Oktyabrya Str., 56
         Nizhnevartovsk
         Khanty-Mansiyskiy
         Tyumen
         Russia


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


AIR MADRID: Refund Ready in 2009 Under Receivers' Proposal
----------------------------------------------------------
Ticket holders affected by Air Madrid Lineas Aereas S.A.'s
collapse in December 2006 may initially recover their money in
2009 if they approved a proposal laid out by the carrier's
bankruptcy receivers, Expansion reports.

The receivers, Expansion relates, emphasized that accepting the
proposal is voluntary.

Legal estimates pegged the payments to affected Air Madrid
ticket holders at around EUR30 million.

                        About Air Madrid

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.

                            *   *   *

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.


CABLEUROPA S.A.: Fitch Lifts Sr. Secured Bank Facility at BB
------------------------------------------------------------
Fitch Ratings has upgraded Spain-based Cableuropa S.A.'s Long-
term Issuer Default rating to 'B+' from 'B'.  Following the
upgrade, the Outlook is now Stable.

At the same time the agency has upgraded Cableuropa's senior
secured bank facility to 'BB' from 'BB-' and affirmed the
ratings of the company's subordinated facilities and high-yield
bonds at 'B-'.  Cableuropa's Short-term IDR is affirmed at 'B'.
Cableuropa is a Spanish broadband service provider and the
principal operating subsidiary for the ONO group.

The upgrade reflects the material progress Cableuropa has made
in integrating the Auna acquisition, the combined scale and
market position resulting from the acquisition, and the
company's consistent target delivery.  In particular, Fitch
notes the strong improvement in earnings and cash flow over the
past year, including 23% growth in EBITDA (compared with 2005
pro forma results) and accompanying reduction in leverage (now
at 5.3x on an annualized EBITDA basis versus 5.8x at 4Q05).

"Cableuropa has delivered strongly against its integration plan,
following the acquisition of Auna in November 2005.  Over the
past year management has taken roughly EUR380 million in
combined capital and operating expenditure out of the business,"
said Stuart Reid, a Director in Fitch's TMT team.  "While Fitch
would typically expect a leveraged cable company to have reached
positive free cash flow before taking it into the 'B+' level,
Cableuropa has a strong history of business performance and
meeting planned targets.  We therefore expect the company's
target of positive free cash flow sometime in 2008 to be
achievable."

Fitch believes the Auna acquisition was a good strategic move,
despite the pressure that this has had on Cableuropa's financial
metrics; it helps establish the company as a strong national
competitor to telecom incumbent Telefonica and pay TV provider,
Sogecable.  The agency considers that Cableuropa exhibits good
second incumbent qualities in the old ONO areas, and will over
time show similar qualities in the less developed Auna franchise
areas.  ONO is in any event the country's second-largest
provider of telephony (1.6 million subscribers) broadband (1.1
million), and pay TV (with 925,000 subscribers).  While
continued network build remains a constraint on cash flows,
Fitch notes that the company has a strong record of building out
new homes, and driving up adoption rates quickly.  Cableuropa
places exacting performance targets when allocating build
capital and has never failed to meet return hurdles.

While Cableuropa has reached a level of maturity in terms of
both operating and financial metrics, Fitch believes good growth
potential remains, given levels of penetration approaching 50%
in its most mature franchises compared with its composite rate
of 29.7%.  The rating is also now more in line with a number of
its peers, including KDG ('BB-'/Outlook Stable) with leverage of
4.6x and Virgin Media ('B+'/Outlook Stable) at 4.6x leverage,
compared with Cableuropa's published target of 4.8x - 5.3x for
YE07.  The Stable Outlook reflects an expectation that further
de-leveraging will take time to deliver, although a change in
the Outlook could be possible once a 4x metric starts to be
visible.

The 'BB' rating of Cableuropa's senior secured facilities
reflects the strong recoveries predicted by Fitch's recovery
analysis.  The 'B-' rating on the remaining subordinated
facilities and the high-yield notes reflects the contractual and
structural subordination to the senior secured facilities and
other obligations.  Fitch's analysis indicates that recovery
rates for the subordinated and high-yield lenders, following the
company's refinancing (which is expected to be complete by mid-
July) would be below-average in a distress scenario.

Cableuropa's core business consists of integrated
telecommunications, cable television and broadband internet
services to residential and business customers.  In 2006 the
company generated revenues of EUR1.6 billion and EBITDA of
EUR565 million (reflecting a margin of 34.6%).


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


3POINT LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC 3point on May 15.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC 3point
         Rothusstrasse 5B
         6331 Hunenberg ZG
         Switzerland


BAU-AKTIENGESELLSCHAFT JSC: Liquidation Claims Due July 2
---------------------------------------------------------
Creditors of JSC Bau-Aktiengesellschaft have until July 2 to
submit their claims to:

         Obstgartenstrasse 19
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Bau-Aktiengesellschaft
         Zurich
         Switzerland


FINNHAMN HOLDING: Creditors' Liquidation Claims Due July 2
----------------------------------------------------------
Creditors of JSC Finnhamn Holding have until July 2 to submit
their claims to:

         Dr. Rolf Auf der Maur
         Liquidator
         Schutzengasse 1
         8023 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Finnhamn Holding
         Zug
         Switzerland


KURT. FREY JSC: Creditors' Liquidation Claims Due July 2
--------------------------------------------------------
Creditors of JSC Kurt. Frey have until July 2 to submit their
claims to:

         Kurt Frey
         Liquidator
         Igelweidstrasse 3
         5607 Hagglingen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         JSC Kurt. Frey
         Hagglingen
         Bremgarten AG
         Switzerland


TRADELINK MARKETING: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Tradelink Marketing Services on May 18.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Tradelink Marketing Services
         Blegistrasse 13
         6340 Baar ZG
         Switzerland


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


OYAK BANK: ING Bank Sale Cue's Fitch to Affirm Low-B Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term and 'B' short-term counterparty credit ratings on Turkey-
based OYAK Bank A.S., following the announcement that
Netherlands-incorporated ING Bank N.V. (AA/Stable/A-1+) will
acquire 100% of the bank from OYAK (Ordu Yardimlasma Kurumu) for
EUR2.0 billion.  The outlook is stable.

The ratings and outlook on ING Bank are not affected by the
transaction, which is in line with group strategy and will be
funded by internal resources.  ING expects to close the
transaction, which is subject to regulatory approval, in the
second half of 2007.

Although, the ratings on OYAK Bank previously reflected the
likely support the bank would receive from the Turkish
government, given its then full ownership by OYAK -- the pension
fund for the Turkish armed forces' personnel -- the ratings were
stand-alone and did not incorporate any explicit support from
the bank's owner.  OYAK Bank has benefited to date from the
commercial advantages related to its strategically important
role within the OYAK group, one of Turkey's largest financial
and industrial conglomerates.

"We believe that the loss of these benefits in the short to
medium term, including OYAK-related business ties, will be
compensated for by OYAK Bank's new strategic owner, which will
dedicate long-term technical and financial resources for its
future development," said Standard & Poor's credit analyst
Magar Kouyoumdjian.

ING expects to increase Oyak Bank's market share over the next
five years as it assists the bank in executing its growth
strategy by improving its Internet banking and marketing
capabilities and risk management function.  Oyak Bank will be
integrated into the retail banking business line of the ING
group and will be re-branded under the ING brand within the
first year after the closing of the transaction.

The ratings on OYAK Bank are constrained by the risky banking
and economic environment in the Republic of Turkey (foreign
currency, BB-/Stable/B; local currency; BB/Stable/B), and by the
bank's moderate business position in an increasingly competitive
market.  OYAK's Bank's satisfactory financial profile is a
positive rating factor, however.

"The stable outlook reflects that on the Republic of Turkey, as
the ratings on OYAK Bank are constrained by those on the
republic, given the high correlation between sovereign
creditworthiness and a deterioration of economic and banks'
fundamentals, as well as OYAK Bank's direct exposure to the
sovereign through holdings of government securities," said Mr.
Kouyoumdjian.

However, there could be room for an upgrade in the medium to
long term, depending on the development of the sovereign ratings
on Turkey, improvements in the economic and industry risks for
the banking system, the success of OYAK Bank's integration
process with ING Bank, and the latter's ability to strengthen
OYAK Bank's business franchise and financial profile.


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


AGRICULTURAL TECHNICS: Claims Filing Deadline Set June 22
---------------------------------------------------------
Creditors of OJSC Agricultural Technics (code EDRPOU 03738999)
have until June 22 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. 42/2B.

The Debtor can be reached at:

         OJSC Agricultural Technics
         Dobropolye
         Industrial Zone 1
         85032 Donetsk
         Ukraine


BREAD OF UKRAINE: Claims Filing Deadline Set June 22
----------------------------------------------------
Creditors of State JSC Bread of Ukraine Subsidiary Co. (code
EDRPOU 30475659) have until June 22 to submit their proofs of
claim to:

         Roman Senik
         Temporary Insolvency Manager
         P.O. Box 26
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-16/295.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         State JSC Bread of Ukraine Subsidiary Co.
         Youth Str. 2
         76000 Ivano-Frankovsk
         Ukraine


GALON LLC: Claims Filing Deadline Set June 23
---------------------------------------------
Creditors of LLC Galon (code EDRPOU 24926831) have until June 23
to submit their proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/111-b.

The Debtor can be reached at:

         LLC Galon
         Krasnoarmeyskaya Str. 94
         03150 Kiev
         Ukraine


SEDNA PLUS: Claims Filing Deadline Set June 24
----------------------------------------------
Creditors of LLC Sedna Plus (code EDRPOU 33569194) have until
June 24 to submit their proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/98-07-3983.


STAVISCHE PMK-12: Creditors Must File Claims by June 24
-------------------------------------------------------
Creditors of OJSC Kiev Special Agricultural Assembly Senterprise
Stavische PMK-12 (code EDRPOU 25298087) have until June 24 to
submit their proofs of claim to:

         M. Zanko
         Liquidator
         Apartment 409
         Heroes of Stalingrad Str. 81
         Cherkassy
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 394/14b-06.

The Court is located at:

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


STROM MACHINE: Claims Filing Deadline Set June 23
-------------------------------------------------
Creditors of CJSC Cherkassy Plant Strom Machine (code EDRPOU
05380272) have until June 23 to submit their proofs of claim to:

         Vladimir Rekun
         Liquidator
         Apartment 16
         Ilyin Boulevard 330
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/555.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Cherkassy Plant Strom Machine
         14th of December Str. 8
         Cherkassy
         Ukraine


SUN COMMERCE: Claims Filing Deadline Set June 24
------------------------------------------------
Creditors of LLC Sun Commerce (code EDRPOU 33507143) have until
June 24 to submit their proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/100-07-4004.


UGLOVATAYA AGRICULTURAL: Creditors Must File Claims by June 23
--------------------------------------------------------------
Creditors of Uglovataya Agricultural LLC (code EDRPOU 03794532)
have until June 23 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/1700.

The Debtor can be reached at:

         Uglovataya Agricultural LLC
         Uglovataya
         Khristynivka District
         Cherkassy
         Ukraine


VESELOPODOLYE BREADRECEIVING: Claims Filing Deadline Set June 23
----------------------------------------------------------------
Creditors of OJSC Veselopodolye Breadreceiving Enterprise (code
EDRPOU 00955584) have until June 23 to submit their proofs of
claim to:

         Ruslan Borovik
         Temporary Insolvency Manager
         Perspective Lane 10
         36007 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/32.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Veselopodolye Breadreceiving Enterprise
         Semenovka
         38200 Poltava
         Ukraine


ZENIT: Claims Filing Deadline Set June 24
-----------------------------------------
Creditors of State Etiachev Plant Zenit (code EDRPOU 14307908)
have until June 24 to submit their proofs of claim to:

         Vitaly Bakhtin
         Temporary Insolvency Manager
         Liberty Avenue 50
         Zakarpatye
         Uzhgorod
         Apartment 77
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/55.

The Court is located at:

         The Economic Court of Zakarpatye
         Kociubinsky Str. 2a
         Uzhgorod
         88000 Zakarpatye
         Ukraine

The Debtor can be reached at:

         State Etiachev Plant Zenit
         Komsomolskaya Str. 6-A
         Tiachev
         Zakarpatye
         Ukraine


* Fitch Rates Ukraine's US$500 Million Eurobond at BB-
------------------------------------------------------
Fitch Ratings assigned Ukraine's five-year US$500 million
eurobond with a fixed semi-annual coupon of 6.385%, maturity of
June 2012, and closing date of 26 June, a 'BB-' rating.  The
rating is in line with Ukraine's Long-term foreign currency
Issuer Default rating, on which the Outlook is Positive.

Ukraine's impressive economic performance is exerting upward
pressure on the rating, despite a volatile political situation.
GDP grew 7.9% in the first five months of 2007, up from the 7.1%
growth recorded in 2006.  Fitch expects Ukraine's economy to
grow 7% in 2007.  General government debt of 15% of GDP at end-
2006 was less than half the 'BB' range median of 39%.

Inward foreign direct investment reached US$5.3bn in 2006, 5% of
GDP, comfortably financing the current account deficit of 1.5%
of GDP.  Official international reserves rose 15% to US$22.4
billion over 2006, further supporting the country's exchange-
rate peg.  Ukraine continues to suffer from relatively high
corruption and some institutional weaknesses, in particular in
the judiciary.  But World Trade Organization entry in 2007 is
now looking realistic after recent parliamentary approval of
required reforms.

Political risk weighs on the rating.  The power struggle between
President Viktor Yushchenko and Prime Minister Viktor
Yanukovich, the root of the country's ongoing political crisis,
is not over yet.  But the two men have compromised over the
President's demand for early parliamentary elections, which are
now planned for Sept. 30, 2007.  In Fitch's view, this shows
that the two sides are still capable of negotiating, raising the
chances of an orderly resolution to the country's political
differences.  The recent cooperation of the government and
opposition in parliament on reforms required for WTO entry is
another positive signal, highlighting the shared interest in
economic development across Ukraine's main political parties.


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


ALBA 2007-1: Fitch Rates GBP20.4 Million Class F Notes at BB
------------------------------------------------------------
Fitch Ratings has assigned final ratings to ALBA 2007-1's
mortgage-backed floating-rate notes due in 2039:

   -- GBP101.2 million Class A1a: 'AAA'; Outlook Stable
   -- EUR190 million Class A1b: 'AAA'; Outlook Stable
   -- GBP231.1 million Class A2: 'AAA'; Outlook Stable
   -- GBP269  million Class A3: 'AAA'; Outlook Stable
   -- GBP105.8 million Class B: 'AAA'; Outlook Stable
   -- GBP55.3 million Class C: 'AA-'; Outlook Stable
   -- GBP34.5 million Class D: 'A-'; Outlook Stable
   -- GBP23.8 million Class E: 'BBB'; Outlook Stable
   -- GBP20.4 million Class F: 'BB'; Outlook Stable
   -- Mortgage early redemption certificates: 'AAA'; Outlook
      Stable

This transaction is a securitization of non-conforming
residential mortgages originated and located in the UK.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of GMAC-RFC and
the sound legal structure of the transaction.  Credit
enhancement for the Class A notes is initially 25.9%, provided
by the subordination of the Class B (10.9%), Class C (5.7%),
Class D (3.55%), Class E notes (2.45%) and Class F (2.1%) and an
initial and target reserve fund with a balance of 1.2% of the
total aggregate note balances for the A to F notes as of
closing.  There is also a liquidity facility available to meet
income deficiencies, including interest shortfalls on the Class
A notes.  However, it is not available to fund any periodic
principal deficiencies.

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


ATSI COMMS: April 30 Balance Sheet Upside-Down by US$525,000
------------------------------------------------------------
ATSI Communications, Inc. disclosed that revenues for its 3rd
fiscal quarter ended April 30, 2007 reached US$8,140,000, a 99%
increase over revenues of US$4,091,000 for the previous year's
fiscal quarter ended April 30, 2006.

ATSI also reported the company achieved its 11th consecutive
quarter of record revenue, 4th consecutive quarter of positive
cash flow from operations, and 2nd consecutive quarter of net
earnings per share.

Net income for the three months ended April 30, 2007 was
US$379,000 vs. a net loss of US$62,000 for the three months
ended April 30, 2006.

As of April 30, 2007, the company's balance sheet showed total
assets of US$1,944,000 and total debts of US$2,469,000,
resulting in a stockholders' deficit of US$525,000.

In addition to the continued revenue growth and positive
earnings trend, recent achievements and highlights for the
quarter include:

    -- The Company completed the conversion and redemption of
       its Series H Preferred Stock that eliminated US$1.3
       million in Liabilities;

    -- ATSI successfully deployed the NexTone IntelliConnect(TM)
       System to further enhance the company's VoIP network;

    -- The Company processed 112 million VoIP minutes of use
       during the quarter through its NexTone powered VoIP
       network; and

    -- 157% improvement in gross profit for the three months
ended
       April 30, 2007 vs. the three months ended April 30, 2006.

"We are extremely pleased with our 3rd quarter performance and
the consistency we have established in meeting key financial and
strategic goals," stated ATSI President and CEO, Arthur L.
Smith.  "Our 3rd quarter growth demonstrates we are successfully
executing our business plan, a trend we are continuing to
experience well into the 4th quarter.  We look forward to
reporting a record fiscal year during which we have met and
delivered on all of the fundamentals critical to the successful
execution of our long term strategic plan."

Adjusted for non-cash items, net income for the three months
ended April 30, 2007 was US$198,000 vs. a net loss before non-
cash items of US$64,000 for the three months ended April 30,
2006.


ATSI Communications, Inc. -- http://www.atsi.net/-- (OTCBB:
ATSX) operates through its two wholly owned subsidiaries,
Digerati Networks, Inc. and Telefamilia Communications, Inc.
Digerati Networks, Inc. is a premier global VoIP carrier serving
rapidly expanding markets in Asia, Europe, the Middle East, and
Latin America, with an emphasis on Mexico.  Through Digerati's
partnerships with established foreign carriers and network
operators, interconnection and service agreements, and a NexTone
powered VoIP network, ATSI believes it has clear advantages over
its competition.  Telefamilia Communications provides
specialized retail communication services that include VoIP
services to the high-growth Hispanic market in the United
States.  ATSI also owns a minority interest of a subsidiary in
Mexico, ATSI Comunicaciones, S.A. de C.V., which operates under
a 30-year government issued telecommunications license.


BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
---------------------------------------------------------------
Holders of a majority of Bally Total Fitness Holding Corp.'s
10-1/2% Senior Notes due 2011 and more than 80% of its 9-7/8%
Senior Subordinated Notes due 2007 have entered into a
Restructuring Support Agreement agreeing to, following receipt
of a disclosure statement, vote in favor of a plan of
reorganization.

The company says that the Plan will further enhance its
liquidity by increasing the rights offering to US$90 million and
by allowing the company to retain the cash which would have been
used for the July 15, 2007 interest payment due on the Senior
Notes.  With its Restructuring Support Agreement in place, the
company believes it has sufficient support from its noteholders
to proceed to implement the Plan through appropriate bankruptcy
proceedings and expects to make its Chapter 11 filing in the
near future.  The company plans to continue normal club
operations during the pendency of the anticipated bankruptcy
case and will seek to emerge from bankruptcy as quickly as
possible.

Don R. Kornstein, Interim chairman and Chief Restructuring
Officer, stated, "We are pleased to have such strong support for
the Plan from both our senior and senior subordinated
noteholders. The Restructuring Support Agreement will enable us
to expedite our work on restoring the strength of our balance
sheet in the shortest time possible, and positioning Bally Total
Fitness to compete over the long term.  We look forward to
emerging from bankruptcy with a greater ability to invest in and
continue upgrading our fitness centers and to focus on building
the Bally brand."

Pursuant to the Restructuring Support Agreement, the Plan will
provide that:

   * The Senior Notes will be modified, including an increase in
     the annual interest rate to 12-3/8% effective from
     July 16, 2007.  The cash interest payment on the Senior
     Notes due July 15, 2007 will not be made.  Upon
     effectiveness of the Plan, the new principal amount of the
     outstanding Senior Notes will be US$247,337,500, with the
     increase distributed pro rata to the holders of the Senior
     Notes.  The maturity and guarantees of the Senior Notes
     would remain the same.  Upon effectiveness of the Plan,
     holders of the Senior Notes would receive a fee equal to 2%
     of the face value of their notes on the date of the filing
     of the Chapter 11 cases.

   * The Senior Note Indenture would be amended to provide the
     holders with a "silent" second lien on substantially all
     assets of the company and the subsidiary guarantors.  Under
     the amended Senior Note Indenture, the company would have a
     permitted debt basket for the senior credit facility of
     US$292 million, with a reduction for proceeds of asset
     sales completed after June 15, 2007 that are used to
     permanently pay down indebtedness under its senior credit
     facilities and are not reinvested in replacement assets
     within 360 days after the applicable asset sale.

     The Senior Note Indenture will also permit Bally to issue
     after emergence from bankruptcy and in addition to the
     securities referred to below, an additional US$90 million
     of pay-in-kind senior subordinated notes.  The amended
     Senior Note Indenture also increases by US$50 million to a
     total of US$100 million the permitted debt basket for
     purchase money indebtedness and capital leases (with a
     US$50 million capital lease sublimit).

     The optional redemption schedule in the Senior Notes would
     be amended to permit the company to redeem the Senior Notes
     prior to July 15, 2008 at a:

        -- T+50 make whole premium (including all interest due
           and payable through July 15, 2008) based upon a
           redemption on July 15, 2008 at 106.25%;

        -- optional redemption at 106.25% until July 14, 2009;

        -- 102.50% until July 14, 2010; and

        -- 100% after July 14, 2010.

     The amended Senior Note Indenture would eliminate any
     requirement for filing of SEC reports, but would require
     the company to provide to investors and prospective
     investors SEC equivalent audited annual and unaudited
     quarterly financials, including MD&A and footnotes, and 8-K
     reportable events.


   * Consistent with the terms of the previously announced
     restructuring proposal, holders of Senior Subordinated
     Notes would receive, in exchange for their claims, new
     subordinated notes in the principal amount of US$150
     million, representing 50% of the principal amount of their
     claims, and shares of common stock representing 100% of the
     equity in the reorganized company (subject to reduction for
     common stock to be issued to holders of certain other
     claims).

     The New Subordinated Notes would mature five years and nine
     months after the effective date of the Plan and would bear
     interest payable annually at 135/8% per annum if paid in
     kind or 12% per annum if paid in cash, at the company's
     option, subject to satisfaction of a toggle covenant based
     on specified cash EBITDA and minimum liquidity thresholds.

   * In addition, the holders of Senior Subordinated Notes would
     receive non-detachable rights to participate in a US$90
     million rights offering of new senior subordinated notes.
     The Rights Offering Senior Subordinated Notes would rank
     senior to the New Subordinated Notes but otherwise have the
     same terms.

   * Holders of certain other claims against the company will be
     given the opportunity to participate in the rights
     offering, which, if exercised, would generate incremental
     proceeds beyond the US$90 million to be funded by electing
     Senior Subordinated Noteholders.

   * The company and its subsidiaries may reject selected leases
     and other contracts in the bankruptcy.

   * All existing equity would be cancelled for no
consideration.

   * Effectiveness of the Plan is conditioned upon, among other
     things, the company having filed its Annual Report on Form
     10-K for the year ended Dec. 31, 2006.

A copy of the Restructuring Support Agreement will be included
as an exhibit to a Current Report on Form 8-K that the company
will file with the SEC.

Tennenbaum Capital Partners, LLC and Anschutz Investment
Company, through certain of their affiliates, and Goldman Sachs
& Co., who collectively hold more than 80% of the Senior
Subordinated Notes, have agreed in principle to subscribe for
their pro rata share of the Rights Offering Senior Subordinated
Notes and to purchase any Rights Offering Senior Subordinated
Notes not subscribed for by other holders of Senior Subordinated
Notes.  As a result of these backstop provisions, the company
will be assured of having US$90 million in additional cash
availability upon the effectiveness of the Plan.

Houlihan Lokey Howard & Zukin Capital acts as financial advisor
and Akin Gump Strauss Hauer & Feld, LLP is counsel to the Ad Hoc
Committee of Senior and Senior Subordinated Noteholders.

                     About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China, the United Kingdom, and the Caribbean under the Bally
Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


E.C.A. CONSTRUCTION: Taps Liquidators from Harrisons
----------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of E.C.A. Construction Ltd. on May 30 for the
creditors' voluntary winding-up procedure.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

The company can be reached at:

         E.C.A. Construction Ltd.
         32 Grosvenor Avenue
         Hayes
         UB4 8NL
         England
         Tel: 020 8845 6888
         Fax: 020 8845 6888


EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination
-------------------------------------------------------
Eurotunnel Group's joint board proposed at its meeting on
June 12, 2007, the nomination of seven directors to the board of
the new entity, Groupe Eurotunnel SA, in accordance with the
safeguard plan approved by the Paris Commercial Court on
Jan. 15, 2007.

The board nominated, Colette Neuville, Pierre Bilger, Jacques
Gounon, Robert Rochefort, Henri Rouanet, Philippe Vasseur and
Tim Yeo.

"In Philippe Vasseur we have a representative from the Pas-de-
Calais who has a wide knowledge of economic issues at both
regional and national level and who has always acted in the
interests of the development of the Nord-Pas-de-Calais region,
especially in the social and environmental sectors," chairman
and CEO Jacques Gounon disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains,which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


FORD MOTOR: No Results on Cerberus Talks for Premier Brands Sale
----------------------------------------------------------------
Talks between Ford Motor Company and Cerberus Capital Management
on the sale of Ford's Jaguar and Land Rover brands were
inconclusive, Stephen Power of The Wall Street Journal reports
citing unnamed sources.

However, Ford is expecting the sale of its brands to take at
least a month, citing the sale of Aston Martin, which took six
months to sell, Mr. Powers writes.

The TCR-Europe reported on June 14, 2007, that Ford employed
help from investment banks including Goldman Sachs, HSBC and
Morgan Stanley to explore the sale of its two British luxury
brands.  The brands, Jaguar and Land Rover, lost US$12.6 billion
last year, instigating Ford to initiate a strategy referred to
as "Project Swift" within Ford, which is how Ford wants the sale
to be.

The two are part of Ford's Premier Automotive Group, including
Volvo, which was rumored to be on possible sale.

                      About Ford Motor Co.

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

                          *     *     *

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

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

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


JIC REFRACTORIES: Hires Adrian Graham to Liquidate Assets
---------------------------------------------------------
Adrian Graham of Hamiltons Insolvency Practitioners Ltd. was
appointed liquidator of JIC Refractories Ltd. on May 25 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         JIC Refractories Ltd.
         67 Sorby Street
         Sheffield
         S4 7LA
         England
         Tel: 0114 276 3676


LINDA DENNIS: Joint Liquidators Take Over Operations
----------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed joint liquidators of Linda Dennis Ltd.
on May 9 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Linda Dennis Ltd.
         Charlotte House 19b
         Market Place
         Bingham
         Nottingham
         NG13 8AP
         England
         Tel: 01623 424 770


MG ROVER: May Get GBP25 Million Cash Payout From Abroad
-------------------------------------------------------
MG Rover Group Limited stands to recover up to GBP25 million as
final cash payout from its network of European subsidiaries
within a year, The Financial Times reports, citing the
Birmingham Post & Mail as its source.

"MG Rover had a series of companies throughout Europe, in
France, Italy, Spain etc.  It is in a position of being a
creditor of these companies and it has creditor claims," the
report quotes Joint Liquidator Rob Hunt as saying.

“The assets being realized by the subsidiary companies include
interests in overseas companies which are also subject to
insolvency proceedings, so it is difficult to predict when that
work will be completed," he added.

According to the report, the administration of MG Rover has so
far realized a total of GBP68.1 million, which includes Nanjing
Automobile Group's GBP53 million payment to Pricewaterhouse-
Coopers when it bought the car firm in July 2005.  After
expenses, fees and payments to preferential creditors, a total
of GBP66.2 million is currently earning interest with the Bank
of England for long suffering supply firms, dealers and traders.

                         About MG Rover

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  It appointed Ian Powell, Tony Lomas and Rob Hunt,
partners in PricewaterhouseCoopers, as joint administrators.

The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.


MYLES ENGINEERING: Claims Filing Period Ends October 30
-------------------------------------------------------
Creditors of Myles Engineering Ltd. have until Oct. 30 to send
in their full particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to:

         Michael F. McCarthy
         Liquidator
         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent
         ST1 3AF
         England

Michael F. McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on May 30.


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

The company can be reached at:

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


PACKHORSE CASE: Calls In Liquidators from Elwell Watchorn
---------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn
& Saxton LLP were appointed joint liquidators of on for the
creditors' voluntary winding-up procedure proceeding.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

The company can be reached at:

         Packhorse Case Co. Ltd.
         2 Stapledon Road
         Orton Southgate
         Peterborough
         PE2 6TB
         England
         Tel: 01733 232 440
         Fax: 01733 232 556


RAMSBOTTOM ENGINEERING: Hires Liquidator from CRG Insolvency
------------------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed liquidator of Ramsbottom Engineering Ltd.
on May 21 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Ramsbottom Engineering Ltd.
         Garden Street
         Ramsbottom
         Bury
         BL0 9BG
         England
         Tel: 01706 822 803
         Fax: 01706 822 817


RITE PEOPLE: Names Liquidators to Wind Up Business
--------------------------------------------------
Colin Ian Vickers and Julie Anne Kinnison were appointed joint
liquidators of Rite People Ltd. (formerly Agora Associates Ltd.
and M3 Times Ltd.) on May 17 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Rite People Ltd.
         71 London Road
         Riverhead
         Sevenoaks
         TN13 2DT
         England
         Tel: 01621 841 600
         Fax: 01621 841 511


ROBERT BENNETT: Brings In Liquidators from Begbies Traynor
----------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint liquidators of Robert Bennett Consultancy Ltd.
on May 23 for the creditors' voluntary winding-up proceeding.

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:

         Robert Bennett Consultancy Ltd.
         72 Hawthorn Avenue
         Armthorpe
         Doncaster
         DN3 2ET
         England
         Tel: 01302 832 677


SAM LONGSON: Hires Liquidators from Grant Thornton U.K.
-------------------------------------------------------
Neil Tombs and Andrew Menzies of Grant Thornton U.K. LLP were
appointed joint liquidators of Sam Longson (Buxton) Ltd.
(formerly Ocean Affiliates Ltd.) on May 25 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Sam Longson (Buxton) Ltd.
         Town End Garage
         Chapel-en-le-Frith
         High Peak
         SK23 0PF
         England
         Tel: 01298 812 301
         Fax: 01298 815 013


SHAW GROUP: To Build Fabrication Facility in Matamoras, Mexico
--------------------------------------------------------------
The Shaw Group Inc. plans to construct a new state-of-the-art
industrial pipe and structural steel fabrication facility in
Matamoras, Mexico, further executing its capacity expansion
program for its fabrication and manufacturing business.

The facility will include over 370,000 square feet of enclosed
shop space and state-of-the-art piping technologies designed to
interface with Shaw's proprietary production management systems.
Shaw will fabricate custom piping systems and structural steel
at the new facility, which is expected to be Shaw's largest.
The planned facility is expected to be in operation by early
2008.  Shaw also plans to add additional work shifts at certain
existing facilities as part of its capacity expansion program.

"The availability of skilled labor, solid transportation
infrastructure, and proximity to our suppliers and clients'
projects makes the Matamoras facility a strong strategic
addition to our existing portfolio of fabrication facilities,”
J.M. Bernhard,Jr., chairman, president and chief executive
officer of Shaw, said.  “With this facility in operation,
combined with other expansion strategies we are engaged in, Shaw
will increase its pipe fabrication and manufacturing volume
capacity by approximately 50% from 2005."

This phase of Shaw's fabrication expansion program is
expected to significantly increase capacity to address
the current and expected increase in demand for piping
and structural steel fabrication from the fossil
power, nuclear power, refining and petrochemical
markets, as well as Canadian oil sands projects.

"Shaw will continue to execute its expansion strategy and we
look forward to strengthening our position as the world leader
in pipe fabrication and manufacturing," Mr. Bernhard, added.

Based in Baton Rouge, Louisiana, The Shaw Group Inc.
(NYSE: SGR) -- http://www.shawgrp.com/-- provides services to
the environmental, infrastructure and homeland security
markets, including consulting, engineering, construction,
remediation and facilities management services to governmental
and commercial customers.  It is also a vertically integrated
provider of engineering, procurement, pipe fabrication,
construction and maintenance services to the power and process
industries.  The company segregates its business activities into
four operating segments: Environmental & Infrastructure; Energy
& Chemicals; Maintenance, and Fabrication, Manufacturing
&Distribution.  In January 2005, the company sold substantially
all of the assets of its Shaw Power Technologies, Inc. and Shaw
Power Technologies International, Ltd. units to Siemens Power
Transmission and Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia,
the United Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB'
corporate credit rating on The Shaw Group Inc. and removed it
from CreditWatch, where it was placed with negative
implications in October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was
affirmed after the $100 million increase to the company's
revolving credit facility.


SHELL-MOULD PATTERN: Names Roderick Graham Butcher Liquidator
-------------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
liquidator of Shell-Mould Pattern Plate Co. Ltd. on May 15 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Shell-Mould Pattern Plate Co. Ltd.
         Hainge Rd
         Tividale
         Oldbury
         B69 2PA
         England
         Tel: 0121 557 6155
         Fax: 0121 557 3747


SUPER STYLE: Appoints Liquidators from Harrisons
------------------------------------------------
J. C. Sallabank and P. R. Boyle of Harrisons were appointed
joint liquidators of Super Style Windows Ltd. on May 31 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Super Style Windows Ltd.
         55 Cable Street
         Manchester
         M4 5DF
         England
         Tel: 0161 819 5335


VIVANT CONSULTANTS: Mehmet Arkin Leads Liquidation Procedure
------------------------------------------------------------
Mehmet Arkin of Arkin & Co. was appointed liquidator of Vivant
Consultants Ltd. on May 18 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Vivant Consultants Ltd.
         Knights House
         27-31 East Barnet Road
         Barnet
         EN4 8RN
         England
         Tel: 020 8275 5181
         Fax: 020 8275 5182


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis
      Plaguing Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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