TCREUR_Public/070622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, June 22, 2007, Vol. 8, No. 123

                            Headlines


A U S T R I A

CITY GOLF: Claims Registration Period Ends July 11
F.A.M.T. FRISEUR: Claims Registration Period Ends July 17
FUGENTECHNIK LEIN: Claims Registration Period Ends July 17
GIPFELTREFF LLC: Claims Registration Period July 13
INNGAST GASTRONOMIE: Innsbruck Court Orders Business Shutdown

INTERFASSADENBAU LLC: Claims Registration Period Ends July 11
KEMAL HAKTANIYAN: Claims Registration Period Ends July 17
MARCELLO LLC: Claims Registration Period Ends July 15
QUACH & KAISER: Claims Registration Period Ends August 7
STRICH ABBRUCH: Claims Registration Period Ends July 19

WIENERBERGER AG: Takes Control of Baggeridge Via Stake Purchase
WIENERBERGER AG: Expands Dutch Operations with Korevaar Purchase


B E L G I U M

SOLUTIA INC: Wants Equistar & Millenium Settlements Approved
SOLUTIA INC: Recorded June 1 to 15 Claim Transfers


D E N M A R K

TDC A/S: TDC Mobile Divests 15% Stake in Australian Firm ONE


F R A N C E

EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk


G E R M A N Y

BOHLEN & DOYEN: Oceanteam Acquires Unit's Marine Cable Assets
C-MAX EUROPE: Creditors Meeting Slated for July 16
DAIMLERCHRYSLER AG: Unit Eyes Expansion Outside North America
DIA SERVICE: Creditors Must Register Claims by July 5
DLC KORNWESTHEIM: Creditors Must Register Claims by July 9

DUERR AG: Moody's Upgrades Corp. Credit Rating Outlook to Stable
FRESENIUS MEDICAL: Plans US$500 Million Senior Notes Offering
EURO-BAU AG: Claims Registration Period Ends August 14
LAZARD LTD: Affiliate Prices US$600 Million Sr. Notes Offering
TREND-MODE-TEXTILVERTRIEBS: Claims Registration Ends June 20

UPM GROUP: Claims Registration Period Ends July 13
VIDO WOHN: Creditors Must Register Claims by July 6


I R E L A N D

COMMSCOPE INC: Signs Joint Manufacturing Deal with Karlee


I T A L Y

ALITALIA SPA: MatlinPatterson Rejoins Stake Race Sans Partners


K A Z A K H S T A N

BAYLYK LLP: Proof of Claim Deadline Slated for July 27
GULDER LLP: Creditors Must File Claims July 27
INTA-A JSC: Claims Filing Period Ends July 31
KUNARLY LLP: Claims Registration Ends July 20
MP SEMERKA: Creditors' Claims Due July 20

PROMSTROY SERVICE: Proof of Claim Deadline Slated for July 20
PROMYVOCHNO-PROPAROCHNAYA: Claims Registration Ends July 27
SOYUZ KAOLIN: Creditors Must File Claims July 27


K Y R G Y Z S T A N

GRADIENT TOKTOGUL: Creditors Must File Claims by July 27
GREEN HOUSE: Proof of Claim Deadline Slated for August 8
JYLDYZ-SHPARTA OJSC: Public Auction Scheduled for June 27
TOV ROSS: Creditors' Meeting Slated for June 26


L U X E M B O U R G

EVRAZ GROUP: Distributing Annual Dividends to Shareholders


N E T H E R L A N D S

JAMES HARDIE: Will Hold its Annual Meetings on August 17, 2007
SUPERCLICK INC: April 30 Balance Sheet Upside-down by US$2.3MM
ZINIFEX LIMITED: CEO Decides to Leave Firm on June 29
ZINIFEX LTD: Completes Takeover of Canada's Wolfden Resources


P O L A N D

MOSTY-LODZ: CEO Warns Bankruptcy Following Continuing Losses


R U S S I A

CHERNIGOVSKIY OJSC: Creditors Must File Claims by July 26
DOLGOVSKOYE CJSC: Creditors Must File Claims by July 26
ELECTRO-MONTAZH CJSC: Creditors Must File Claims by June 26
ICICI BANK: Public Offer Oversubscribed 1.29 Times
INSTRUMENT-TANTAL: Names M. Kuvshinova as Insolvency Manager

KARATUZ-GRAIN-PRODUCT: Creditors Must File Claims by July 26
KURAGINSKIY BRICKWORKS: Creditors Must File Claims by July 26
KUREZHSKOYE OJSC: Creditors Must File Claims by June 26
LENSK-SEL-KHOZ-ENERGO: Creditors Must File Claims by June 26
MIG CJSC: Creditors Must File Claims by July 26

OUR MEAT: Creditors Must File Claims by July 26
POKROVSKOE OJSC: Creditors Must File Claims by July 26
ROSNEFT OIL: Offers RUR4.9 Billion for Yukos' Krasnodar Assets
ROSNEFT OAO: Earns US$358 Million for First Quarter 2006
ROSNEFT OIL: Rules Out Second Initial Public Offering

SAKHALINSKAYA FISHING: Asset Bidding Deadline Slated for June 26
SEL-KHOZ-VOD-STROY: Creditors Must File Claims by July 26
SITRONICS JSC: Inks US$8 Million TENNET Delivery Deal with MGTS
STROY-TEKHNIKA LLC: Creditors Must File Claims by June 26
SUDISLAVSKIY DIARY: Asset Sale Slated for June 29

TITAN PETROCHEMICAL: Sets Sights on Becoming Fuel Storage Giant
TNK-BP HOLDING: Budgets US$1 Bln to Hike Processed Gas Output
TRANSNEFT OAO: To Upgrade Primorsk Oil-Export Pipeline
YUKOS OIL: Rosneft Offers RUR4.9 Billion for Krasnodar Assets


S P A I N

AFINSA BIENES: Shareholders' Meeting Slated for June 29


S W I T Z E R L A N D

ARBOMEDICS LLC: Creditors' Liquidation Claims Due July 5
ERNST & PARTNER: Creditors' Liquidation Claims Due July 5
GOLF THALWIL: Creditors' Liquidation Claims Due July 4
HANGGI & BERNHARDT: Creditors' Liquidation Claims Due July 1
OTTO KASPER: Creditors' Liquidation Claims Due July 2

SAFECOM ENGINEERING: Creditors' Liquidation Claims Due July 2
TLS LLC: Creditors' Liquidation Claims Due July 4


T U R K E Y

EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk


U K R A I N E

AMERTSYT INTERNATIONAL: Claims Filing Deadline Set June 24
FITO-OIL LLC: Creditors Must File Claims by June 24
IVANO-FRANKOVSK RENT: Claims Filing Deadline Set June 24
OPTIM-OIL CJSC: Claims Filing Deadline Set June 24
VARISEE INVEST: Creditors Must File Claims by June 24

VINOGRADAR LLC: Claims Filing Deadline Set June 24
YAKIMOVKA LLC: Claims Filing Deadline Set June 24


U N I T E D   K I N G D O M

BRITISH AIRWAYS: S&P Lifts BB+ Corp. Credit Rating to BBB-
BRITISH AIRWAYS: Confident on Future Growth After Rating Upgrade
CATALYST PAPER: Plans US$200 Mil. Senior Notes Private Placement
CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan
CYBA COMPUTER: Appoints Administrators from Smith & Williamson

FRESCO FOOD: Taps KPMG as Joint Administrators
GOLDRITE LTD: Brings In Administrators from P&A Partnership
HOLLOW EXTRUSIONS: Brings in Begbies as Administrators
IMPERIAL CHEMICAL: Snubs Akzo Nobel's GBP7 Billion Approach
KINGSWAY ENGINEERING: Names Administrators from Begbies Traynor

LIGHTHOUSE COLOUR: Appoints Administrators from P&A
MIKE SMITH: Appoints Baker Tilly as Joint Administrators
NIALL PHILLIPS: Creditors' Meeting Slated for July 10
NOMURA HOLDINGS: Provides US$230-Mil. Loan to CrimsonPower
PHARMED SOLUTIONS: Taps Baker Tilly as Joint Administrators

PRISM LEISURE: Taps Joint Administrators from BDO Stoy
RESTFULL NIGHTS: Brings In Administrators from Tenon Recovery

* Begbies Traynor Opens Five New Offices in the United Kingdom

* BOOK REVIEW: American Commercial Banking: A History


                            *********

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


CITY GOLF: Claims Registration Period Ends July 11
--------------------------------------------------
Creditors owed money by LLC City Golf (FN 253938p) have until
July 11 to file written proofs of claim to court-appointed
estate administrator Katharina Widhalm-Budak at:

         Dr. Katharina Widhalm-Budak
         c/o  Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         E-mail: widhalm-budak@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 25 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 21 (Bankr. Case No. 2 S 72/07m).  Guenther Hoedl
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


F.A.M.T. FRISEUR: Claims Registration Period Ends July 17
---------------------------------------------------------
Creditors owed money by LLC F.A.M.T. Friseur (FN 250698z)have
until July 17 to file written proofs of claim to court-appointed
estate administrator Michael Troethandl at:

         Dr. Michael Troethandl
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/86 580
         Fax: 02252/86580-3
         E-mail: troethandl@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Traiskirchen, Austria, the Debtor declared
bankruptcy on May 21 (Bankr. Case No. 11 S 57/07d).


FUGENTECHNIK LEIN: Claims Registration Period Ends July 17
----------------------------------------------------------
Creditors owed money by KEG Fugentechnik Lein (FN 277721p) have
until July 17 to file written proofs of claim to court-appointed
estate administrator Karl Mayer at:

         Dr. Karl Mayer
         Wiener Strasse 46
         2500 Baden
         Austria
         Tel: 02252/84677
         Fax: 02252/45181
         E-mail: ra.karl.mayer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on May 22 (Bankr. Case No. 11 S 61/07t).


GIPFELTREFF LLC: Claims Registration Period July 13
---------------------------------------------------
Creditors owed money by LLC Gipfeltreff (FN 168330w)have until
July 13 to file written proofs of claim to court-appointed
estate administrator Christian Girardi at:

         Dr. Christian Girardi
         Maximilianstrasse 29/P
         6020 Innsbruck
         Austria
         Tel: 0512/57 99 00
         Fax: 0512/5799001
         E-mail: office@gss.at

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

The meeting of creditors will be held at:

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

Headquartered in Rum, Austria, the Debtor declared bankruptcy on
May 23 (Bankr. Case No. 19 S 36/07b).


INNGAST GASTRONOMIE: Innsbruck Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Innsbruck entered May 22 an order shutting
down the business of LLC INNGAST Gastronomie & Co KG (FN
217385i).

Court-appointed estate administrator Gernot Amoser 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. Gernot Amoser
         Colingasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/58 03 21
         Fax: 0512/58032222
         E-mail: amoser@law-danler.at

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on May 14 (Bankr. Case No 19 S 58/07p).


INTERFASSADENBAU LLC: Claims Registration Period Ends July 11
-------------------------------------------------------------
Creditors owed money by LLC Interfassadenbau (FN 167463w)have
until July 11 to file written proofs of claim to court-appointed
estate administrator Ilse Korenjak at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 01/512 21 02,
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Leobendorf, Austria, the Debtor declared
bankruptcy on May  23 (Bankr. Case No. 36 S 76/07d).


KEMAL HAKTANIYAN: Claims Registration Period Ends July 17
---------------------------------------------------------
Creditors owed money by KEG Kemal Haktaniyan (FN 159806i) have
until July 17 to file written proofs of claim to court-appointed
estate administrator Michael Kadlicz at:

         Mag. Michael Kadlicz
         Domplatz 16
         2700 Wiener Neustadt
         Austria
         Tel: 02622/81624
         Fax: 02622/81624-2
         E-mail: office@auer-kadlicz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on May 21  (Bankr. Case No. 11 S 59/07y).


MARCELLO LLC: Claims Registration Period Ends July 15
-----------------------------------------------------
Creditors owed money by LLC Marcello (FN 204788i)have until
July 15 to file written proofs of claim to court-appointed
estate administrator Kurt Freyler at:

         Dr. Kurt Freyler
         c/o  Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 21 (Bankr. Case No. 3 S 74/07p).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


QUACH & KAISER: Claims Registration Period Ends August 7
--------------------------------------------------------
Creditors owed money by OEG Quach & Kaiser (FN 184848k) have
until Aug. 7 to file written proofs of claim to court-appointed
estate administrator Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Aug. 21 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 22 (Bankr. Case No. 6 S 56/07p).  Clemens Richter
represents Mag. Lampersberger in the bankruptcy proceedings.


STRICH ABBRUCH: Claims Registration Period Ends July 19
-------------------------------------------------------
Creditors owed money by KEG Strich Abbruch (FN 277652m)have
until July 19 to file written proofs of claim to court-appointed
estate administrator Susi Pariasek at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 2 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 5 S 64/07g).


WIENERBERGER AG: Takes Control of Baggeridge Via Stake Purchase
---------------------------------------------------------------
Wienerberger AG owns or has bought about 1.12 million shares in
Baggeridge Brick PLC, raising its stake to about 18.60 million
shares or 45.04 percent, Hemscott reports.

The share purchase sees Wienerberger holding a controlling stake
in the U.K. company and effectively positions it over its chief
competitor, Michelmersh Brick Holding Plc of the U.K., the
report says.

The Austrian company lifted its offer to 247 pence a share to
attract further sellers, prompting Michelmersh to back out,
Bloomberg News relates.

"We are very pleased finally to have agreed to secure a
controlling stake," Wienerberger CEO Wolfgang Reithofer said in
a Regulatory News Service statement.  "We are confident that we
can accelerate the positive closing of this acquisition and
quickly integrate and develop Baggeridge within our group."

                      About Wienerberger AG

Headquartered in Vienna, Austria, Wienerberger AG --
http://www.wienerberger.com/-- is the world's largest brick
manufacturer and Europe's second-largest producer of roof tiles.
In 2005, the company generated sales of around EUR2bn.

                          *    *    *

On Jan. 22, 2007, Moody's Investors Service assigned a
provisional (P)Ba1 rating to Wienerberger's proposed issuance of
subordinated perpetual securities by Wienerberger AG and at the
same time affirmed its Baa2 rating for its senior unsecured
debt.  Moody's said the outlook is stable.


WIENERBERGER AG: Expands Dutch Operations with Korevaar Purchase
----------------------------------------------------------------
Wienerberger AG is continuing its expansion strategy in the
Netherlands and also strengthening its position on the rapidly
growing clay paver market with the acquisition of Korevaar, a
Dutch building materials producer.  The parties have agreed not
to disclose any information on the purchase price for this
transaction.

Heimo Scheuch, member of the Managing Board of Wienerberger AG
with responsibility for North-West Europe, explained the
rational for this investment: “The acquisition of the third
largest clay paver producer in the Netherlands will increase our
production capacity in this product area and also expand our
portfolio.  Additionally, we will organically grow our brick and
roof tile business over the coming years.  The clay pavers
segment nearly doubled in volume from 185 to 330 million units
between 2000 and 2006, and we expect further growth over the
mid-term.  With this product we intend to concentrate not only
on the market for public infrastructure projects but, in
particular, on private construction.”

The production capacity of Korevaar's two plants totals 80
million WF (= standard format for facing bricks).  Roughly 85%
of this capacity is used to produce pavers and the remaining 15%
for facing bricks.  The necessary approvals have already been
received to expand capacity at Schipperswaard.  In addition,
Korevaar also owns sufficient clay reserves as well as the sales
unit Bos & Vermeer.

“The capability of these plants to produce both clay pavers and
facing bricks will give us greater flexibility in allocating
production.  We also see a significant potential for synergies
as well as future investments through our bolt-on program, which
will make it possible for us to further expand our market
positions and product portfolio for our customers over the long-
term,” added Mr. Scheuch in conclusion.

The Netherlands represents the third largest single market for
Wienerberger AG, and generates 10% of Group revenues.  The
acquisition of Korevaar forms a part of the profitable
Wienerberger growth program, which is expected to exceed EUR400
million in 2007.

                         About Korevaar

Korevaar was founded in 1925 and is one of the largest clay
paver producers in the Netherlands.  The company’ headquarters
is located in the foreland of the Waal River and its production
facilities are in Zennewijnen near Tiel and Schipperswaard in
the Neder Betuwe region.  The Dutch company generated revenues
of roughly EUR26.5 million and EBITDA of EUR3.5 million in 2006
with 74 employees.

                      About Wienerberger AG

Headquartered in Vienna, Austria, Wienerberger AG --
http://www.wienerberger.com/-- is the world's largest brick
manufacturer and Europe's second-largest producer of roof tiles.
In 2005, the company generated sales of around EUR2bn.

                           *    *    *

On Jan. 22, 2007, Moody's Investors Service assigned a
provisional (P)Ba1 rating to Wienerberger's proposed issuance of
subordinated perpetual securities by Wienerberger AG and at the
same time affirmed its Baa2 rating for its senior unsecured
debt.  Moody's said the outlook is stable.


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


FERRYWAYS NV: Averts Bankruptcy as New Interim Owners Step In
-------------------------------------------------------------
Ferryways NV's vessels will continue sailing after a Belgian
court appointed a three-person committee of experts to take over
the company from owner Cobelfret, The Financial Times reports,
citing Informa Maritime Trade and Transport as its source.

Cobelfret had stopped operations after banks refused to continue
providing financial support leading to the near-collapse of the
ferry operator, FT relates.

Published reports say the Belgische TransportarbeidersBond,
Belgium's transport union, went to court in a bid to evoke a
special Belgian law, prompting the Brugge Court of Commerce to
appoint a committee of experts to temporarily run the company
and effectively suspend Cobelfret's ownership.  Union President
Ivan Victor said that while the committee investigates
Ferryways' financial situation, Cobelfret cannot even enter the
company.

According to the reports, a meeting was scheduled with the
committee and the union hoping that financing could be organized
to "open the credit lines again."  The chains holding the
vessels in Ostend would then be removed and they could sail
again as early as Saturday, Mr. Victor said.

The UK arm of Ferryways was declared insolvent after Cobelfret
took action that gave its subsidiary no choice, reports say.
"We have appointed administrators," Gordon Braun, commercial
director of Ferryways UK, confirmed.  Sixteen staff based in
Ferryways' Ipswich office were given immediate notice last week,
along with an employee in Immingham, another in Tilbury and one
in Ostend but on the UK payroll.

                         About Ferryways

Headquartered in Oostende, Belgium, Ferryways NV --
http://www.ferryways.com/-- started operations in 2000 and,
having quickly become a major player in the short-sea market, is
now the leading Belgian market ferry operator.   Ferryways
offers frequent sailings between its hub in the Belgian port of
Ostend and the British ports of Ipswich and Tilbury in the south
and Immingham in the north.

The ferry operator was sold by liner giant Mediterranean
Shipping Co to Cobelfret, which bought Ferryways NV, Searoad
Stevedores of Ostend, Ferryways UK and its subsidiary Connect
Logistics and Transport.  MSC was the beneficial owner through
its Antwerp agent Deckers & Wirtz.

Cobelfret then transferred four ro-ro ships, including Ostend
Way, Ipswich Way, Flanders Way and Anglian Way, to another
company, leaving Ferryways without any assets and forcing banks
to pull out funding for Ferryways UK.  The status of the fifth
ship, which had a different ownership structure, is unclear.
The banks' withdrawal of funds has forced the company's UK arm
into administration and has pushed the ferry operator to the
brink of bankruptcy.


SOLUTIA INC: Wants Equistar & Millenium Settlements Approved
------------------------------------------------------------
Equistar Chemicals LP and Millenium both supply Solutia Inc.
with chemical products and raw materials that Solutia would
otherwise have a significant difficulty obtaining for its Nylon
and Saflex Businesses.

Equistar is a wholly owned subsidiary of Lyondell Chemical
Company, which is among North America's largest independent,
publicly traded chemical company.  Equistar operates two
chemical-producing units as a guest at Solutia's chemical plant
at Chocolate Bayou in Alvin, Texas.

Millenium was purchased by Lyondell in 2004 and is a wholly
owned subsidiary of Lyondell.

                    Contracts with Suppliers

(1) Equistar

Solutia relates that the most critical among the raw materials
is propylene, which Equistar supplies to its Chocolate Bayou
plant pursuant to a chemical grade propylene sales agreement,
dated January 1, 1999, as amended.  Because of the importance of
their relationship and desire to continue doing business with
each other, Solutia, Equistar and Millenium have reached an
agreement that enables Solutia to assume the amended Propylene
Agreement and continue to receive the chemical products and raw
materials it needs from Equistar and Millenium.

Equistar also leases land at the Chocolate Bayou Plant from
Solutia pursuant to a real estate lease, effective October 16,
1981, between Solutia's predecessor, Monsanto Company, and
Equistar's predecessor-in-interest, Conoco, Inc.

To minimize Solutia's operational costs at the Chocolate Bayou
Plant, Solutia and Equistar entered into an amended and restated
utilities and services agreement, effective September 30, 1999.
The U&S Agreement governs Solutia's provision of certain site
services and utility feeds to Equistar, including compressed
air, nitrogen, electricity, treated water and the operation of a
barge dock facility.

In addition to the Executory Contracts, Equistar and Solutia
were also parties to certain chemical supply contracts, pursuant
to which Equistar supplied Solutia with, among other things,
ethanol, methanol and benzene; and benzene sales contract,
effective January 1, 2003.

Solutia and Equistar have agreed to the terms of a new benzene
sales contract -- amended Benzene Sales Contract.

(2) Millenium

Solutia purchased vinyl acetate monomer from Millenium pursuant
to a vinyl acetate monomer agreement, dated January 1, 1985,
until its expiration on December 31, 2004.

On January 1, 2005, both entered into a certain VAM sales
contract as a replacement for the Original VAM Contract.
Solutia uses VAM in the production of its Saflex(R) brand
windshield and architectural glass interlayer.

                          Dispute

Jonathan S. Henes, Esq., Kirkland & Ellis LLP, in New York, says
that because of the breadth and complexity of their
relationship, various commercial disputes often arise between
Solutia and Equistar in connection with the Contract and the
Supply Contracts.  Some of the disputes relate to the Propylene
Agreement.

At various times from January 2001 to July 2005, there were
certain inaccuracies in the meter that measured volume of
propylene Equistar delivered to Solutia.  As a result of the
inaccuracies, Solutia contends that it paid for more than it
actually received.  It sought a US$925,036 refund from Equistar.

Solutia has also claimed entitlement to certain refunds based on
certain years' annual average weighted purity -- calculated
based on the ratio of propylene molecules to molecules of other
chemicals in the product delivered.  Solutia believes that is
owed a purity credit of US$1,373,228 for propylene delivered
through December 31, 2006.

                    Assumption of Contracts

To facilitate their continued negotiations, Solutia and Equistar
entered into a series of bridge agreement extending the term of
the Propylene Agreement, and adjusting the price, to allow them
to continue to negotiate the terms of the amended Propylene
Agreement, resolve outstanding disputes and enter into other
commercial agreements between the parties.

These negotiations resulted in Solutia and Equistar reaching
agreement on the Amended Propylene Agreement and the settlement
agreement between Solutia, Equistar and Millenium.

The Amended Propylene Agreement salient terms include:

  -- the initial term is through December 31, 2010.  However,
     there is an evergreen provision pursuant to which the
     Amended Propylene Agreement would renew for 2-year periods
     unless terminated by either party on two years' notice.  To
     terminate, Equistar or Solutia must provide the other party
     with two years' written notice prior to December 31, 2010,
     or any subsequent December 31 anniversary;

  -- highly competitive pricing and commercial terms that are
     equal to or better than terms Solutia would expect to
     receive in the absence of the Amended Propylene Agreement.
     The pricing is consistent with the pricing contained in a
     series of bridging agreements that have been in effect
     since January 1, 2007;

  -- Solutia has the right to purchase and store excess amounts
     of propylene, which would provide it more supply security
     when market conditions are tight and allow Solutia to take
     advantage of price hedging;

  -- Equistar may adjust its price for a limited quantity of
     propylene, or allow the affected quantity to be released
     from the contract if, due to significant change in market
     conditions, Solutia presents a competitive offer for the
     purchase of that quantity of propylene at a lower price and
     on similar terms from a different propylene supplier;

  -- if either party plans a substantial restructuring reduction
     in the production of propylene or usage of propylene, it
     may elect a reduction n sale/purchase of propylene by
     providing advance notice.  The reduction must be in
     increments over two years with a limit on the circumstances
     that will justify the reduction, and on the total quantity
     that can be reduced using the provision; and

  -- Equistar will provide Solutia with a higher maximum credit
     limit than it has been providing Solutia since prior to
     the commencement of the Debtors' Chapter 11 cases.

Solutia also agreed to assume the Real Estate Lease, without
modifications, and to amend and assume the U&S Agreement, with
salient terms including:

  -- the term is extended to December 31, 2010, to align it with
     the Amended Propylene Agreement;

  -- the U&S Agreement and the Amended Propylene Agreement
     contain cross termination rights.  If one party gives the
     other written notice to terminate either agreement, the
     other party can terminate the other agreement; and

  -- a performance monitoring system is provided to define
     certain performance targets covering areas of reliability,
     quality, environmental and administrative.

The Amended Benzene Sales Contract will be assumed to ensure
that Solutia has a secure supply source of the cyclohexane grade
benzene.

As part of the settlement agreement and Solutia's payment of
Equistar allowed cure claim, Solutia and Equistar will enter
into a certain letter agreement dated June 7, 2007.  Pursuant to
the Credit Agreement, Equistar will provide Solutia with payment
terms for the propylene supplied pursuant to the Amended
Propylene Agreement that are better than those in place
prepetition.

Mr. Henes notes that the Credit Agreement:

  -- contemplates that Equistar will provide Solutia with a
     US$25,000,000 credit line for Solutia's purchases from
     Equistar and Millenium;

  -- Equistar has agreed to provide Solutia with an additional
     US$25,000,000 credit line, for a total of up to
     US$50,000,000, contingent upon Equistar being able to
     obtain put option credit assurance through the financial
     services market on commercially reasonable terms.  Equistar
     and Solutia will share the cost of obtaining the Credit
     Assurance equally; and

  -- will provide Solutia with approximately US$43,000,000 of
     additional liquidity that Solutia can use for significant
     additional working capital flexibility and a meaningful
     reduction of its interest expense.

                             Claims

Equistar filed Claim No. 5625 against Solutia for US$6,013,617,
which is premised upon prepetition amounts Solutia allegedly
owed pursuant to Equistar Contracts.

Pursuant to a reclamation demand letter, dated December 17,
2003, and a supplemental letter, dated December 19, 2003,
Equistar asserted a total of US$6,539,394 for shipments of goods
between December 7, 2003, and December 16, 2003.

Millenium filed Claim No. 1041, amended by Claim No. 14733,
asserting US$757,004 against Solutia.  Solutia does not dispute
the
Millenium Prepetition Claim.

                      Settlement Agreement

Mr. Henes tells the U.S. Bankruptcy Court for the Southern
District of New York that the Settlement Agreement will
resolve the Metering Error Claim; Purity Credit; and the
Millenium Prepetition Claim.  Specifically:

  -- the Metering Error Claim will be set off and deducted from
     the Equistar Prepetition Claim, reducing the claim by
     US$925,036;

  -- US$799,938 of the Purity Credit Claim will be set off
     against the Millenium Prepetition Claim, as well as the
     portion of the Equistar Prepetition Claim not related to
     either the Contracts nor included in Equistar's US$42,934
     reclamation claim; and

  -- the remaining portion of the Purity Credit Claim will be
     set off against the Equistar Prepetition Claim, reducing it
     by an additional US$573,290.

Pursuant to the Settlement Agreement, the amount of the Equistar
Prepetition Claim allowed as a cure claim will be US$4,472,357,
Mr. Henes says.

Equistar has alleged that pursuant to the terms of the Propylene
Agreement, it is entitled to be paid interest at the rate of 18%
on any unpaid amounts related to the Propylene Agreement.
Equistar has agreed to waive its claim for interest through the
settlement effective date, and the amount of the Equistar
Allowed Cure Claim does not include the interest.

Solutia will pay the Equistar Allowed Cure Claim in full within
five business days of the settlement effective date.  Solutia's
obligation to pay the Equistar Allowed Cure Claim is conditioned
upon the Credit Agreement being effective, Mr. Henes informs the
Court.

Moreover, Solutia has agreed to withdraw and dismiss the
adversary proceedings it commenced against Equistar and
Millenium with prejudice.  In the Equistar Adversary, Adversary
Proceeding No. 05-3348, Solutia sought to recover US$46,444,743
in potential preferential transfers.  Solutia sought to recover
US$5,870,293 in potential preferential transfers from Millenium
in Adversary Proceeding No. 05-3349.

Mr. Henes asserts that Solutia should be authorized to enter
into the settlement agreement because:

   * the assumption of executory contracts will enable Solutia
     to continue to receive the propylene it needs to
     manufacture acrylonitrile -- AN, which is the first step in
     the multiple-step nylon manufacturing process chain that
     spans four different Solutia plant sites -- on favourable
     terms and reduce its fixed costs at the Chocolate Bayou
     Plant;

   * pursuant to the Settlement Agreement, Equistar and
     Millenium will provide Solutia with credit terms that will
     increase its liquidity by up to US$43,000,000; and

   * it enables Solutia, Equistar and Millenium to amicably
     resolve various disputes on favourable terms without the
     need for protracted litigation.

Solutia seeks the Court's authority to enter into the Settlement
Agreement and assume the Executory Contracts, as amended.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  The Court is set to consider approval of the Disclosure
Statement describing Solutia’s First Amended Reorganization
Plan on July 10, 2007.  Objections to the Disclosure Statement,
if any, are due on June 28, 2007.  The Debtors' exclusive
period to file a plan expires on July 30, 2007.  (Solutia
Bankruptcy News, Issue No. 89; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Recorded June 1 to 15 Claim Transfers
--------------------------------------------------
The Bankruptcy Clerk of the U.S. Bankruptcy Court for the
Southern District of New York recorded these claim transfers
from June 1, 2007, to June 15, 2007:

                                                     Face Amount
Transferor            Transferee       Claim No.     of Claims
----------            ----------       ---------     ---------
Allied Sales &        Hain Capital         2330       US$45,487
Service Co.           Holdings, LLC

Allied Sales &        Hain Capital         2331         3,372
Service Co.           Holdings, LLC

Altenahr Group Ltd.   Argo Partners           -         3,736

Andon Specialties     Argo Partners           -         3,652
Inc.

Applied Thermal       Fair Harbor             -         3,529
                       Capital, LLC
Systems Inc.
Blue Ridge Grain &    Argo Partners       14629         8,945
Marketing Inc.

Bobcat of Greater     Debt Acquisition        -           790
Springfield           Company of
                       America V, LLC

BRI Inc.              Contrarian             -        24,047
                       Funds, LLC

Bruggemann Chemical   Argo Partners        1263        22,605
U.S.

Brusco Rich           Contrarian              -           204
                       Funds, LLC

Brusco Rich           Contrarian           3778        24,065
                       Funds

Burgess Manning Inc.  Debt Acquisition     1196           408
                       Company of
                       America V, LLC

Calabrian Corp.       Hain Capital         1236        28,672
                       Holdings, LLC

Campbell, Campbell    Argo Partners           -        20,701
& Edwards PC

Carlson-Dimond &      Fair Harbor           929         2,892
Wright Inc.           Capital, LLC

Central Machine       Hain Capital         1888        21,858
Works Inc.            Opportunities,
                       LLC

Chattowah Open        Hain Capital         1927        24,007
Land Trust            Holdings, LLC

Cintas Corporation    Fair Harbor             -         5,490
                       Capital

Cobalt Electric Inc.  Debt Acquisition      477           250
                       Company

Compressors           Argo Partners           -         2,668
Engineering Corp.

De Kalb Feeds Inc.    Fair Harbor             -         2,516
                       Capital

Dillon Supply Co.     Argo Partners        1210         4,288

Fluid Engineering     Fair Harbor             -         5,740
Inc.                  Capital, LLC

Frilot Partridge      Liquidity               -        25,989
Kohnke & Clements     Solutions, Inc.

George Rozelle &      Debt Acquisition        -         2,422
Associates Inc.       Company

George Rozelle &      Debt Acquisition        -         1,874
Associates Inc.       Company

Gulf City Body &      Liquidity            3597         5,600
Trailer Works Inc.    Solutions

Hunter Assoc Labs     Liquidity            3355         5,743
                       Solutions

Hyspan Precision      Fair Harbor             -         8,624
Products Inc.         Capital

Ionics Incorporated   Debt Acquisition        -           600
                       Company

JV Industrial         Ore Hill Hub          319       467,693
Companies, Ltd.       Fund, Ltd.

Lummus Corporation    Fair Harbor             -         6,544
                       Capital

Mallinckrodt, Inc.    Hain Capital          974        66,134
                       Holdings, LLC

McNaughton-McKay      Fair Harbor          4460         2,499
Electric Co.          Capital

Metalforms            Hain Capital          604       118,433
Incorporated          Holdings, LLC

Mitchell Engineering  Fair Harbor          4489         2,000
Inc.                  Capital

Penske Truck Leasing  Liquidity               -         1,157
Co. LP                Solutions

Precision             Sierra Asset            -         2,943
Electronics           Management

Printing Partners     Liquidity               -         5,340
                       Solutions

Promac, Inc.          Sierra Asset            -        39,732
                       Management

Riviera Utilities     Argo Partners        3696       284,054

Royalty Products      Debt Acquisition     1129         1,540
Company               Company

S. R. Hansen &        Liquidity               -         9,375
Associates            Solutions

Safety Source Inc.    Debt Acquisition        -         2,674
                       Company

Search Enterprises    Argo Partners        6189        14,375
South, Inc.

Seaway Mechanical     Hain Capital         1208        89,127
Contractors Inc.      Holdings, LLC

Southern Technical    CVI GVF (Lux)           -       149,548
Services Inc.         Master S.a.r.l.

Southwest Electric    Hain Capital         2040        43,049
Co.                   Holdings, LLC

Spectrum Systems      Debt Acquisition      737         2,231
Inc.                  Company

Sun Valley Fire       Debt Acquisition      856         1,228
Equipment             Company

Sun Valley Fire       Debt Acquisition      864           330
Equipment             Company

Tidland Corporation   Liquidity            3784         2,739
                       Solutions

Town Hall Archery     Liquidity               -         1,781
                       Solutions

Unisource Worldwide,  Contrarian            439         1,516
Inc.                  Funds

Unisource Worldwide,  Contrarian          11569       114,637
Inc.                  Funds

Unisource Worldwide   Debt Acquisition      439         1,516
Inc.                  Company

Vigilar               Liquidity               -         3,479
                       Solutions

Wal-Tech Marine       Liquidity            1607        8,682
Inc.                  Solutions

Liquidity Solutions is doing business as Revenue Management.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  The Court is set to consider approval of the Disclosure
Statement describing Solutia’s First Amended Reorganization
Plan on July 10, 2007.  Objections to the Disclosure Statement,
if any, are due on June 28, 2007.  The Debtors' exclusive
period to file a plan expires on July 30, 2007.  (Solutia
Bankruptcy News, Issue No. 89; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


TDC A/S: TDC Mobile Divests 15% Stake in Australian Firm ONE
------------------------------------------------------------
TDC Mobile International A/S, the Danish subsidiary of TDC A/S,
has agreed to divest, together with the other shareholders, the
Austrian mobile company ONE to a consortium comprised of Mid
Europe Partners and France Telecom.  Signing of the Share
Purchase Agreement is planned to take place no later than
June 28, 2007.

TDC holds 15% of the shares in ONE and the other shareholders
are E.on, Telenor and Orange.  The sale is only subject to
approval from the EU competition authorities and the Austrian
Telecom Control Authority.  Furthermore, the Austrian Financial
Markets Authority needs to be notified of the sale.

The total consideration is EUR1.4 billion on a cash and debt
free basis -– TDC's share amounts to EUR213 million.  The sale
of the shares is currently expected to result in an after tax
gain of approximately DKK1.2 billion, which will be included in
the 3Q 2007 statement of income as special items related to
income from associates and joint ventures.

                         About TDC A/S

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

                          *   *   *

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

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

* Issuer: TDC A/S

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

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

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

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

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

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

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

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

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

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


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


EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk
----------------------------------------------------------
Eutelsat Communications and Digiturk have signed a new
contract for capacity on the W3A satellite to support continued
expansion of Turkey’s leading pay-TV platform.  The new
contract, concluded for four years, is the third signed between
Eutelsat and Digiturk since November 2006.  It takes to 11 the
total number of transponders leased for broadcasting services by
Digiturk on Eutelsat's satellites.

Launched in 2000 from Eutelsat's 7 degrees East position,
Digiturk’s platform benefits from the high-power regional
footprint on Eutelsat's W3A satellite in order to reach
1.6 million subscribing satellite homes across Turkey.  In
addition to its reach of Turkey, Digiturk offers pay-TV services
across Europe and also uses capacity on ATLANTIC BIRD™ 1 for
contribution links back to its studios in Istanbul.

The pay-TV platform serving Turkey today offers more than 150
television, radio and interactive channels incorporating
national and international programming.  Channels recently
joining the platform include Disney Channel Turkey, which has
signed a contract with Digiturk for exclusive carriage of Disney
Channel Turkey which began broadcasting on April 29.  Digiturk
is also preparing for the introduction later in 2007 of new HDTV
and Video on Demand services through its capacity on W3A.

“Eutelsat has been the unique satellite provider for Digiturk
since it launched into the pay-TV market in 2000,” Olivier
Millies-Lacroix, Eutelsat’s commercial director, said.  “We are
very leased to further strengthen this relationship through
additional capacity on our W3A satellite which is optimized for
Direct-to-Home reception via its unique footprint which
reaches into Digiturk’s core markets.”

                         About Eutelsat

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  The Group is one of the world's three leading
satellite operators in terms of revenues.  Its satellites are
used for broadcasting nearly 1,800 TV and 900 radio stations to
more than 120 million cable and satellite homes.  The Group also
provides TV contribution services, corporate networks, mobile
positioning and communications, Internet backbone connectivity
and broadband access for terrestrial, maritime and inflight
applications.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the
corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


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


BOHLEN & DOYEN: Oceanteam Acquires Unit's Marine Cable Assets
-------------------------------------------------------------
Oceanteam Power & Umbilical ASA has agreed main terms with the
curator of Bohlen & Doyen for the purchase of the Marine Cable
Installation assets of Submarine Cable & Pipe GmbH & Co.
Submarine Cable & Pipe Gmbh is a subsidiary of the insolvent
Bohlen & Doyen Group from Wiesmoor, Germany.  The agreement is
only subject to conclusion of final agreements and OPU board
approval.

The assets include the Cable Barge - "Bodo Installer", cable
burial equipment including the vertical injector, a rock cutter
crawler, 2 jet sledges and other associated equipment.

Oceanteam plans to establish a German daughter company in the
next few weeks with offices in Wilhelmshafen, Germany.

Submarine Cable & Pipe was formed in 1993 and had build up a
substantial track record of cable installation world wide
including power cable, fiber-optic cable and shore landing
installations.

During 2007 Submarine Cable & Pipe has been contracted on the
NorNed cable installation project between Norway & the
Netherlands, and the Burbo Offshore Wind Farm Project for
SeaScape Energy.

Oceanteam regards the acquisition as an important enhancement of
its capabilities in the cable installation, IMR and trenching
markets for the Offshore Renewable and Power Distribution.

Headquartered in Wiesmoor, Germany, Bohlen & Doyen -– offers
complete solutions ranging from planning to commissioning and
from project management to maintenance as well as service in the
areas of gas, water, waste, water, power and telecommunication
cables.  The company has 60 branch offices across the country.

According to EIR Conferences Ltd., Bohlen & Doyen filed for
insolvency with the district court of Aurich on April 23, 2007.
2,500 employees are affected by the insolvency.  Uwe Kuhmann of
Kuhmann Insolvenzverwaltung has been appointed interim trustee.


C-MAX EUROPE: Creditors Meeting Slated for July 16
--------------------------------------------------
Creditors of C-MAX Europe GmbH have until June 22 to register
their claims with court-appointed insolvency manager Heike
Metzger.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         C-MAX Europe GmbH
         Carl-Zeiss-Strasse 13
         74078 Heilbronn
         Germany


DAIMLERCHRYSLER AG: Unit Eyes Expansion Outside North America
-------------------------------------------------------------
As DaimlerChrysler AG's Chrysler Group continues to increase
sales and expand operations in markets outside North America,
the company has identified a need for additional sales outlets
in key established and growth markets.  This week, approximately
70 international investors and dealers are visiting the
company's headquarters in Auburn Hills for a sneak peek at the
potential for Chrysler, Jeep and Dodge brand franchises in their
respective markets.

"While we will continue to aggressively defend our position in
NAFTA, it is important that we expand in other markets so that
we are not as dependent on the ups and downs of a single
region," Chrysler Group President and CEO Tom LaSorda said.
"With a more global focus we will be better able to take
advantage of emerging opportunities."

                    Dealer Investment Forum

The Chrysler Group has invited the potential partners from 19
countries all over the world, including Russia, Japan and Middle
East.  During three days with senior Chrysler Group executives,
the investors will learn more about the different avenues the
company is pursuing to become a more global operation as it
implements the Recovery and Transformation Plan, a roadmap
for returning to financial health.  They will also gain insight
into the Chrysler Group's growth plans outside North America and
experience first-hand the unique products and powertrains that
would be available through their franchise if they choose to
invest.  This week's forum follows a conference held in China
where 140 dealers attended.

"Due to the expansion of our global portfolio, we see an
opportunity not only to strengthen the relationship with our
current dealers, but also to look for new business partners that
can help us to take our international business to the next
level," said Michael Manley, executive vice president of
International Sales, Marketing and Business Development.

Outside North America, Chrysler Group has roughly 1,400 sales
outlets.  In established markets, like Western Europe, the
company plans to add roughly 100 new sales outlets over the next
two years.  Additional growth in the dealer network will
increase the company's presence in growing markets, such as
Russia and China, where the existing dealer network is doing
well, but the goals of additional sales growth will require
adding more locations.

The addition of these new outlets will increase customer
satisfaction, as well as contribute to increased sales.
Chrysler Group remains committed to ensuring a positive customer
experience with the product itself, and with the dealership for
both sales and service experiences.  Having the necessary
number of dealerships exposes more customers to the Chrysler,
Jeep and Dodge brands and also means that customers are able to
visit a facility in or near their community after purchasing the
vehicle for any necessary maintenance.

              Performance Outside North America

In 2006, Chrysler Group expanded the availability of the Dodge
brand in key markets all over the world with the launch of the
Dodge Caliber, the brand's first volume vehicle outside North
America.  The next two Dodge vehicles, making their way into
global markets this summer, are the Dodge Nitro and Avenger.
Demand for the Dodge brand has been strong so far this year as
Dodge Caliber sales soared to 13,265 units year-to-date, making
it the top-selling Chrysler Group vehicle outside North America.
By 2009, Dodge could account for roughly 30 percent of the
Company's international sales.

"Many dealers outside North America have been very successful
with the sales of all three Chrysler Group brands in their local
markets," Thomas Hausch, vice president of International Sales,
said.  "In Western Europe alone, we increased our return on
sales by more than 20 percent, from 1.7 in 2005 to 2.1 in 2006.
This is a clear indication that the new vehicles we are
introducing are well-received by our customers and that we
deliver to our dealers one of the best return on sales within
the industry."

Sales growth for Chrysler Group as a whole outside North America
has reached an unprecedented two full years of monthly sales
gains, and year-to-date growth of 16 percent (91,412 units) over
the same period of time in 2006.  Much of this growth is
attributed to the increase in the number of models that are
being introduced in markets all over the world with options
that meet the needs of global customers.  Chrysler Group
management has indicated that the plan is to double last year's
sales outside North America and reach approximately 400,000
units in the next five years.

To support this growth plan, between 2003 and 2007, The Chrysler
Group will approximately double the number of products available
outside North America from 9 to 20 vehicles. Within the number
of models available, the company will triple the number of
vehicles in right-hand-drive, from 6 to 18; and, quadruple the
number of vehicles with an option for a diesel powertrain,
from 4 to 16.

Chrysler Group sells and services vehicles in more than 125
countries around the world.  Sales outside North America
currently account for approximately 8 percent of the company's
total global sales.  Vehicles available outside of North America
come from all three Chrysler Group brands, with limited
availability on some trucks and SUV models.

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

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

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

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

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


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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


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

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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


DUERR AG: Moody's Upgrades Corp. Credit Rating Outlook to Stable
----------------------------------------------------------------
Moody's has upgraded the outlook for Duerr AG's corporate credit
rating from negative to stable.  Duerr AG's corporate credit
rating continues to stand at B2.

Duerr's steady improvements in operating performance over recent
months cued Moody's to upgrade the company’s outlook, which also
reflects Moody's expectation that Duerr will record further
improvements not only in the operating performance, but also in
efficiency and that Duerr will retain an adequate liquidity
position.

The company reached all of its financial targets in fiscal 2006
and increased operating profit from EUR3.5 million to EUR39.1
million.  In the first quarter of 2007 the specialist for paint
shops and production technology continued its improved
performance: operating profit rose to EUR3.1 million after Duerr
had recorded a loss of EUR0.9 in the first quarter of 2006.

Duerr expects sales growth of between 5 and 10% and a further
significant earnings improvement in 2007.

                           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.


ERICH RHODE: EU Commission Okays State Aid; 500 Jobs Secure
-----------------------------------------------------------
Erich Rohde KG's future have been secured until the end of the
year after the European Commission approved the request of the
Ministry of Economic Affairs to extend state aid to the shoe
manufacturer, AFX News reports.

It is expected that an investor will be found within the next
six months, which will secure 500 jobs at the company's
Schwalmstadt plant, AFX relates.

In a press notice on June 7, 2007, Jose Silva Peneda, member of
the house of representatives of the PSD in the European
Parliament, asked the European Commission to include a clause as
“currency of exchange” of the authorization of the state aid,
the guarantee of the jobs in the Rohde in Portugal.

The press notice also disclosed that the state government of
Hessen will have to guarantee EUR2.25 million of the company's
EUR5 million loan from Kreissparkasse Schwalm-Eder.

As previously reported in the TCR-Europe on April 5, 2007, the
management of Erich Rohde is in talks with its insolvency
manager and creditor banks over a restructuring and recovery
plan.

Eric Rohde filed an insolvency petition before the District
Court of Marburg/Lahn on March 12, 2007 after it was
overburdened with costs arising from the partial closure of its
plant in Portugal, where 1,350 workers are employed.

The court named Carsten Koch as preliminary insolvency
administrator.

The company also encountered quality problems with products from
China and a fall in demand for its winter shoes due to mild
weather resulting to sluggish sales, Suddeutsche Zeitung
reported.

Headquartered in Schwalmstadt, Germany, Eric Rhode KG is a shoe
manufacturer with operations in Austria and Portugal.  The
company employs approximately 1,950 coworkers.  It has an annual
turnover of EUR130 million.


FRESENIUS MEDICAL: Plans US$500 Million Senior Notes Offering
-------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA intends to sell
approximately US$500 million senior unsecured notes.  Proceeds
from the offering will be used to reduce the company’s debts
under its senior secured bank credit facility, short-term debt,
and for general corporate purposes.  The company expects to
complete the offering at the beginning of July 2007.

The notes will be offered mainly to US institutional investors.

The proposed offering will not be registered under the
Securities Act of 1933, but will be offered in the United States
pursuant to an exemption from registration under Rule 144A as
well as outside the United States under Regulation S.

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
(Frankfurt Stock Exchange: FME, FME3) (NYSE: FMS, FMS/P) --
http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,500,000
individuals worldwide.  Fresenius Medical Care also provides
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Through its network of around
2,194 dialysis clinics in North America, Europe, Latin America,
Asia-Pacific and Africa, Fresenius Medical Care provides
dialysis treatment to around 128,200 patients around the globe.
Fresenius AG holds around 37% of Fresenius Medical Care AG & Co.
KgaA's capital.

The company also operates facilities in Australia, Brazil,
Canada, China, France, Korea, Mexico, Portugal and Sweden, among
others.

                           *     *     *

The company carries Moody's Investors Service's Ba2 corporate
family rating.


EURO-BAU AG: Claims Registration Period Ends August 14
------------------------------------------------------
Creditors of EURO-BAU AG Alevxander Wagner have until Aug. 14 to
register their claims with court-appointed insolvency manager
Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Andreas Schafft
         Charlottenstr. 7
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against EURO-BAU AG Alevxander Wagner on June 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         EURO-BAU AG Alevxander Wagner
         Anger 6
         99084 Erfurt
         Germany


LAZARD LTD: Affiliate Prices US$600 Million Sr. Notes Offering
--------------------------------------------------------------
Lazard Ltd.’s subsidiary, Lazard Group LLC, has priced an
offering of US$600 million aggregate principal amount of senior
notes due 2017.  The notes will be senior unsecured obligations
of Lazard Group LLC.  The notes will be sold at 99.702% and will
bear interest at a rate of 6.85%.  The sale of the notes is
expected to close on June 21, 2007, subject to customary closing
conditions.

Lazard Group intends to use the net proceeds from the sale of
the notes for:

   a) expansion of its Financial Advisory and Asset Management
      businesses;

   b) other strategic acquisitions or investments;

   c) repayment of Lazard Group’s US$96 million senior
      promissory note and US$50 million subordinated promissory
      note, each of which are due in February 2008; and

   d) general corporate purposes.

The notes are offered in a private placement under Rule 144A,
have not been registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

Lazard Ltd. (NYSE: LAZ) -- http://www.lazard.com/-- a
preeminent financial advisory and asset management firm operates
from 29 cities across 16 countries in North America, Europe,
Asia, Australia and South America.  With origins dating back to
1848, the firm provides advice on mergers and acquisitions,
restructuring and capital raising, as well as asset management
services to corporations, partnerships, institutions,
governments, and individuals.

The company has locations in Australia, China, France, Germany,
India, Japan, Korea, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on May 10, 2007,
Lazard Ltd. reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
$55.7 million, resulting in a total stockholders' deficit of
$206.8 million as of March 31, 2007.


TREND-MODE-TEXTILVERTRIEBS: Claims Registration Ends June 20
------------------------------------------------------------
Creditors of Trend-Mode-Textilvertriebs-GmbH have until June 20
to register their claims with court-appointed insolvency manager
Philipp Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 12, 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 Waldshut-Tiengen
         Hall 25
         Ground Floor
         Bismarckstrasse 23
         79761 Waldshut-Tiengen
         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. Philipp Grub
         Humboldstrasse 16
         70178 Stuttgart
         Germany

The District Court of Waldshut-Tiengen opened bankruptcy
proceedings against Trend-Mode-Textilvertriebs-GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Trend-Mode-Textilvertriebs-GmbH
         Attn: Gerhard Winkler and Johannes Krieg, Managers
         Hoellsteinerstrasse 25a
         79689 Maulburg
         Germany


UPM GROUP: Claims Registration Period Ends July 13
--------------------------------------------------
Creditors of upm group AG have until July 13 to register their
claims with court-appointed insolvency manager Ruediger
Wienberg.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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:

         Ruediger Wienberg
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against upm group AG on May 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         upm group AG
         Wintergartenstr. 4
         01307 Dresden
         Germany


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

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

The meeting of creditors will be held at:

         The District Court of Passau
         Meeting Hall 12a
         Ground Floor
         Schustergasse 4
         Passau
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Passau opened bankruptcy proceedings
against Wohn- und Objektbau GmbH fuer schluesselfertiges Bauen
on May 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wohn- und Objektbau GmbH fuer schluesselfertiges Bauen
         Hoerdterbergstr. 18
         94474 Vilshofen
         Germany


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


COMMSCOPE INC: Signs Joint Manufacturing Deal with Karlee
---------------------------------------------------------
CommScope, Inc., and Karlee, Inc., planned to continue
supporting the rapid deployment requirements of Internet
Protocol Over Television solutions through a joint manufacturing
relationship.

CommScope is the Original Design Manufacturer (ODM) of
enclosures and Karlee, a minority-owned business, manufactures
these products on behalf of CommScope.  CommScope embraced the
diversity challenge from its customers and created a value-added
model that benefits the Carrier group while meeting the demand
for quality cabinets due to network expansion and the industry's
diversity commitment.

"The professional relationship between CommScope, Inc. and
Karlee, Inc. began in 2005 when Karlee manufactured one
CommScope cabinet design for a large IPTV rollout," stated Julie
Nielson, Vice President Product Management and Engineering.
"Since then, the collaborative production of cabinets has
steadily increased each year.  We believe the CommScope approach
has created a competitive advantage that provides our customers
exceptional quality in both manufactured parts and in the
flexibility required to meet rapid deployment schedules," added
Ms. Nielson.

The CommScope Carrier group offers lab-engineered, integrated
cabinet solutions that provide effective thermal, EMI and
environmental protection.  The quality of these integrated
cabinet solutions is proven through the global deployment of
over 350,000 cabinets meeting GR-487 requirements.  In addition,
the CommScope Carrier group provides apparatus designed for
switching and transmission applications in telephone central
offices and remote locations.

                         About Karlee

KARLEE is a privately owned contract manufacturer of precision
sheet metal and machined components for the telecommunications,
semiconductor, defense, aerospace, commercial goods and medical
equipment industries.  Since incorporation in 1977 as a producer
of machined parts, the company's commitment to exceeding
customer expectations and building quality into the product has
differentiated us from competitors.  During the early 1980's the
company expanded the business to include sheet metal
fabrication. In response to its customers' needs, the company
added electrical-mechanical assembly and finishing processes
such as plating, painting and silk-screening.

                        About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                        *     *     *

As reported in the Troubled Company reporter on Aug. 23, 2006,
Standard & Poor's Rating Services removed its rating on Hickory,
North Carolina-based CommScope, Inc., from CreditWatch with
negative implications from CreditWatch, where they were placed
with negative implications on Aug. 7, 2006, and affirmed the
existing 'BB' corporate credit rating.  S&P said the outlook is
stable.


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


ALITALIA SPA: MatlinPatterson Rejoins Stake Race Sans Partners
--------------------------------------------------------------
The Italian Finance Ministry has allowed MatlinPatterson Global
Advisers LLC to submit a binding offer for Italy's 39.9% stake
in Alitalia S.p.A., various reports say.

The fund was part of the consortium of TPG Capital and
Mediobanca S.p.A. that, along with rivals OAO Aeroflot-
Unicredito Italiano S.p.A. and AirOne S.p.A. and Intesa-San
Paolo S.p.A., qualified for the final round of bidding for a
majority stake in Alitalia.

MatlinPatterson's consortium, however, pulled out its bid,
saying it was not "in a position to comply with all of the
requirements," which it described as "too complex and cryptic."
A source close to the consortium told the Wall Street Journal
that the group was apprehensive it could not meet the July 2
deadline for submission of final offers and business plan.

In an e-mailed statement to Bloomberg News, the Finance Ministry
said MatlinPatterson “confirmed its interest in accessing
Alitalia's data room and starting due diligence aimed at
presenting a binding offer.”

Italy, which is selling a minimum of 39.9% stake in Alitalia,
gave the bidders until 5:00 p.m. on July 2 to present their
binding offers.

                         About Alitalia

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

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


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


BAYLYK LLP: Proof of Claim Deadline Slated for July 27
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Baylyk insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Auto Station
         Room 7, 9
         Second Floor
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-14-58


GULDER LLP: Creditors Must File Claims July 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Rest Home Gulder insolvent.

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

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


INTA-A JSC: Claims Filing Period Ends July 31
---------------------------------------------
The Tax Committee of Almaty has declared JSC Inta-A (RNN
600900517379).  Creditors have until July 31 to submit written
proofs of claims to:

         JSC Inta-A
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


KUNARLY LLP: Claims Registration Ends July 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kunarly 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


MP SEMERKA: Creditors' Claims Due July 20
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mp Semerka 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


PROMSTROY SERVICE: Proof of Claim Deadline Slated for July 20
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vk Promstroy Service 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


PROMYVOCHNO-PROPAROCHNAYA: Claims Registration Ends July 27
-----------------------------------------------------------
Branch of JSC Kazykurtskaya Promyvochno-Proparochnaya Stantsiya
has declared insolvency.  Creditors have until July 27 to submit
written proofs of claims to:

         Branch of JSC Kazykurtskaya
         Promyvochno-Proparochnaya Stantsiya
         5th Kilometer
         Lengerskoye High Way
         Shymkent
         South Kazakhstan
         Kazakhstan


SOYUZ KAOLIN: Creditors Must File Claims July 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Soyuz Kaolin insolvent.

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

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


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


GRADIENT TOKTOGUL: Creditors Must File Claims by July 27
--------------------------------------------------------
LLC Gradient Toktogul (INN 01812200110018) has declared
insolvency.  Creditors have until July 27 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 62-15-53.


GREEN HOUSE: Proof of Claim Deadline Slated for August 8
--------------------------------------------------------
LLC Consulting Group Green House has declared insolvency.
Creditors have until Aug. 8 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 52-48-19.


JYLDYZ-SHPARTA OJSC: Public Auction Scheduled for June 27
---------------------------------------------------------
The temporary insolvency manager of OJSC SKGP Jyldyz-Shparta
will auction its 100% stake in the authorized capital of LLC
Fabrika Vosmogo Marta at 10:00 a.m. on June 27 at:

         LLC Fabrika Vosmogo Marta
         Den Syaopina Str. 18/2
         Bishkek
         Kyrgyzstan

The starting price is KGS180,000,000, which was reduced by 50%.

The type of the activity of the enterprise is manufacturing of
fur, furniture-gobelin fabric and ready-made garments.

Information about LLC Fabrika Vosmogo Marta:

    * authorized capital: KGS50,595,508
    * cost of assets: KGS50,595,508

Interested bidders have until noon on June 26 to deposit
guarantee payment equivalent to 10% of the starting price to:

         Settlement Account No. 1210820002000592
         OJSC Dos Credo Bank
         Branch of Bereket
         BIK 121008

or to the cashier of the OJSC SKGP Jyldyz-Shparta.

Participants may their bids and necessary documents at:

         LLC Fabrika Vosmogo Marta
         Den Syaopina Str. 18/2
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-02-33
              (+996 312) 24-15-05
              (0-502) 50-56-46


TOV ROSS: Creditors' Meeting Slated for June 26
-----------------------------------------------
The temporary insolvency manager of LLC Tov Ross will discuss
his final report and the completion of the company's bankruptcy
proceedings at a creditors' meeting at 10:00 a.m. on June 26 at:

         Room 108
         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan

Proxies must have authorization to vote.

The temporary insolvency manager is:

         B. Aralbayev
         Tel: (+ 996 312) 21-67-25
              (0-555) 50-35-76


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


EVRAZ GROUP: Distributing Annual Dividends to Shareholders
----------------------------------------------------------
Evraz Group S.A. has disclosed that all resolutions proposed to
the shareholders were duly passed at the Annual General Meeting
held on Wednesday, June 20, 2007, including, inter alia, the:

1.approval of the reports of the Board of Directors and of
      the auditor on the accounts as per Dec. 31, 2006 and of
      the decision for allocation of the profit, which for the
      period ending on Dec. 31, 2006 amounts to EUR222,213,213:

         -- to distribute annual dividends to the holders of
            record of shares in the share register of the
            Company as of June 6, 2007 in proportion to their
            participation in the share capital of the Company,
            provided that (1) the dividend per 1 GDR shall be
            Euro equivalent of US$1.10 (one US dollar and ten
            cents) and (2) the dividend per 1 share in the
            Company shall be Euro equivalent of US$3.30 (three
            US dollars and thirty cents).

         -- the total amount shall be calculated per the
            official exchange rate set out  by the Central Bank
            of Luxembourg as of May 23, 2007.  The dividends
            shall be paid by September 2007 at the latest.
            Payment of the dividends to the GDRs holders shall
            be made by The Bank of New York as custodian.

   2. Statutory elections:

      2.1. to re-elect the following directors for a period
              ending immediately after the approval of the
              annual accounts of the Company for the year ending
              on Dec. 31, 2007:

                 -- Alexander Abramov
                 -- Otari Arshba
                 -- Alexander Frolov
                 -- James Campbell
                 -- Philippe Delaunois
                 -- Olga Pokrovskaya
                 -- Terry Robinson
                 -- Eugene Shvidler
                 -- Eugene Tenenbaum

         2.2. to elect Alexandra Trunova as statutory
           auditor of the Company for a period ending
              immediately after the the approval of the annual
              accounts of the Company for the year ending on
              Dec. 31, 2007.

         2.3. to elect Ernst & Young, a company having its
              registered office at 7, Parc d'Activite Syrdall,
              L-5365 Munsbach as external auditor of the Company
              for a period ending immediately after the approval
              of the annual accounts of the Company for the year
              ending on Dec. 31, 2007.

   3. authorization to the Board of Directors to delegate the
daily management of the Company's business and to appoint
Alexander V. Frolov as managing director (administrateur-
delegue/CEO) of the Company with the mandate expiring on
the date of approval by the annual shareholders meeting of
the Company's accounts for the year ending on Dec. 31,
2007.

                          About Evraz

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

                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


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


JAMES HARDIE: Will Hold its Annual Meetings on August 17, 2007
--------------------------------------------------------------
James Hardie Industries Limited will hold its Annual General
Meeting on August 17, 2007, Friday at Ballroom B, Hilton
Amsterdam, Apolloaan 138, 1077 BG Amsterdam, The Netherlands at
10:00 a.m. Central Europe Time.

Meanwhile, the 2007 Annual Information Meeting of CUFS holders
of James Hardie Industries NV will be held at The Westin Hotel.
No. 1 Martin Place, Sydney, NSW, Australia at 1:00 p.m.
Australian Eastern Standard Time on Wednesday, August 15, 2007.

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on Oct. 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On Dec. 1, 2005, the company announced that the NSW Government
and a wholly owned Australian subsidiary of the Company -- LGTDD
Pty Ltd -- had entered into a conditional agreement to provide
long-term funding to a special purpose fund that will provide
compensation for Australian asbestos-related personal injury
claims against certain former James Hardie asbestos companies.
The amount of the asbestos provision of AU$1 billion, at
March 31, 2006, is the company's best estimate of the probable
outcome.  The estimate includes an actuarial calculation
prepared by KPMG Actuaries Pty Ltd of the projected future cash
outflows, undiscounted and uninflated, and the anticipated tax
deduction arising from Australian legislation, which came into
force on April 6, 2006.


SUPERCLICK INC: April 30 Balance Sheet Upside-down by US$2.3MM
--------------------------------------------------------------
Superclick Inc.'s consolidated balance sheet at April 30, 2007,
showed US$2,031,190 in total assets and US$4,395,803 in total
liabilities, resulting in a US$2,364,613 total stockholders'
deficit.

The company's consolidated balance sheet at April 30, 2007, also
showed strained liquidity with US$1,808,404 in total current
assets available to pay US$4,373,019 in total current
liabilities.

Superclick Inc. reported net income after cumulative effect
adjustment for the second quarter of US$54,001, compared to a
net loss of US$480,709 for the three months ended April 30,
2006.

The cumulative effect adjustment for the three months ended
April 30, 2007, was US$73,700.  During the quarter ended
April 30, 2007, the company detected an error in the credit rate
used to determine the 2004 and 2005 Provincial Research and
Development (R&D) Tax Credit refund.  The error was a result of
the use of the 100% Canadian owned rate versus that of a foreign
owned rate, which are higher and thus the amount of the eligible
refund was overstated.

Superclick Inc. reported net revenues of US$1,237,649 for the
second quarter ended April 30, 2007, compared to US$907,809 in
revenue for the second quarter of 2006.  The increase of
US$329,840 in revenue, or 36.3%, for the second quarter on a
year-over-year basis, was attributable to improving installation
revenue and the strengthening of support contracts.  In
particular, the company improved revenue performance in customer
support revenues for the second quarter on a year-over-year
basis by 64.7%.

Gross profit for the second quarter ended April 30, 2007, was
US$688,554, or 55.6% compared with the US$431,322, or 47.5%
reported for the second quarter ended April 30, 2006.

Selling, general and administrative (SG&A) expenses for the
three months ended April 30, 2007, and 2006, were US$435,703, or
35.2% and US$492,846 or 54.3% respectively.

Superclick ended the quarter with US$650,553 in cash and
US$932,378 in accounts receivable.

Sandro Natale, chief executive officer, commented that "we
continue to be pleased with the progress we are making on many
levels.  From an operational standpoint, we have substantially
streamlined our operations and are now committed to investing
into core areas that will enable us to further scale revenue on
a more profitable basis.  On the technology front, we continue
to demonstrate the depth of our SIMS platform and MAMA
application and believe that we are truly differentiated in
terms of our ability to provide customers with management
transparency and performance over their networks.  In terms of
our development for the future, we are excited about the
prospects we see developing for our Media Distribution System
(MDS) application and hope to begin announcing successes here
over the quarters to come.  Our approach of developing services
and products focused on resolving customer needs first and
foremost is yielding strong results and this will continue to be
our catalyst for growth moving forward."

Full-text copies of the company's consolidated financial
statements for the quarter ended April 30, 2007, are available
for free at http://researcharchives.com/t/s?2107

                        Going Concern Doubt

As reported in the Troubled Company Reported on Feb. 6, 2007,
Bedinger & Company, in Concord, California, expressed
substantial doubt about Superclick Inc.'s ability to continue as
a going concern after auditing the company's consolidated
financial statements for the year ended Oct. 31, 2006.  The
auditing firm pointed to the company's recurring losses from
operations.

                      About Superclick Inc.

Superclick Inc. (OTC BB: SPCK.OB) -- http://www.superclick.com/
-- through its wholly owned, Montreal-based subsidiary
Superclick Networks Inc., develops, manufactures, markets and
supports the Superclick Internet Management System, Monitoring
and Management Application and Media Distribution System in
worldwide hospitality, conference center and event, multi-tenant
unit and university markets.  Current clients include MTU
residences and Candlewood Suites, Crowne Plaza, Fairmont Hotels,
Four Points by Sheraton, InterContinental Hotels Group PLC,
Hilton, Holiday Inn, Holiday Inn Express, Hampton Inn, Marriott,
Novotel, Radisson, Sheraton, Westin and Wyndham hotels in
Canada, the Caribbean and the United States.

Superclick has operations in  Argentina, Aruba, Australia,
Bahamas, Barbados, Belgium, Bermuda, Brazil, Cayman Islands,
Chile, Colombia, Costa Rica, Dominica, Dominican Republic, El
Salvador, France, Guatemala, Jamaica, Luxembourg, Martinique,
Mauritius, Netherlands, Portugal, Puerto Rico, Sweden,
Switzerland, Trinidad and Tobago, Turks and Caicos Islands,
United States, Virgin Islands, British, Virgin Islands, and the
US.


ZINIFEX LIMITED: CEO Decides to Leave Firm on June 29
-----------------------------------------------------
Zinifex Limited's chief executive officer, Greig Gailey, will
step down from his post on June 29, 2007, the company disclosed
in a press release posted at Mineweb.

According to the Sydney Morning Herald, Mr. Gailey was expected
to leave the company after it completed the sale of its smelters
into a new joint venture company.  However, SMH says, the “long-
serving” CEO revealed plans to exit earlier with a AU$15-million
payout in addition to his AU$20 million shareholding.

SMH quotes the chief as explaining that his decision to leave is
“for personal reasons”.

Zinifex's chief financial officer, Tony Barnes, will be the
acting CEO until the company can complete an international
search to replace Mr. Gailey, the Brisbane Times relates.

Mr. Barnes has been Zinifex's CFO since its listing in April
2004 and, prior to that, had a distinguished career of over 32
years with BHP Billiton.

Mick Myers, currently Group Manager Corporate Accounting, will
temporarily step into the role of Acting Chief Financial Officer
to support Mr. Barnes.

Zinifex assures that while Mr. Gailey's replacement has yet to
be finalized, the company's major initiatives -- the Nyrstar
transaction and the strategy to grow the Zinifex mining business
-- are on track.

                    Gaily Payout Questioned

In a subsequent report, however, The Australian states that
Zinifex was accused of treating shareholders with contempt after
it agreed to the AU$15-million payout for Mr. Gailey.

The report relates that shareholders are upset that the
company's board of directors did not provide details on how it
assessed the value of a AU$12.6 million ex-gratia payment
compensating Mr. Gailey for the long-term performance shares he
was entitled to, but which will lapse on his early departure.

The company said that the total value of the long-term
performance shares Mr. Gailey would have received if he had
stayed on with the company was AU$14.9 million.  That reflects
the huge surge in the value of Zinifex shares -- from below
AU$2.00 when the reward plan was put in place in 2004, to over
AU$18.00 today, The Australian notes.

                     About Zinifex Limited

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


ZINIFEX LTD: Completes Takeover of Canada's Wolfden Resources
-------------------------------------------------------------
Zinifex Limited said Tuesday that it has completed its buyout of
Canada's Wolfden Resources Ltd., MarketWatch reports.

In a press release, Zinifex stated that through its wholly owned
subsidiary, Zinifex Canadian Enterprises Inc., it has
completed the compulsory acquisition of the approximately
4.4 million common shares of Wolfden not acquired pursuant to
the takeover bid initiated by ZCE on April 2, 2007.  Wolfden is
now a wholly-owned indirect subsidiary of Zinifex.

The Common Shares were delisted from the Toronto Stock Exchange
at the close of business (Toronto time) on June 18, 2007.
Wolfden will make application to cease to be a reporting
issuer as soon as reasonably practicable, the news release says.

                     About Zinifex Limited

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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


MOSTY-LODZ: CEO Warns Bankruptcy Following Continuing Losses
------------------------------------------------------------
Mosty-Lodz's "bankruptcy is only a matter of time," CEO Zygmunt
Patern says, explaining that the company's two agreements for
the construction of ring roads for the towns of Pulawy and
Wyszkow in 2005 has put the company in the red, The Financial
Times reports, citing the Polish News Bulletin Company as its
source.

According to the report, the two contracts generated a PLN2
million increase in losses each month.

Mr. Patern concedes that while salaries and the prices of
construction materials continue to sky-rocket, the two projects
are expected to go beyond its deadline, forcing the company to
take out a loan.

Meanwhile, the construction company continues to participate in
tenders and outbid rivals by offering the lowest prices,
recently signing a PLN54 million contract with the General
Directorate for National Roads and Motorways (GDDKiA).  Mr.
Patern notes that Mosty-Lodz can only be saved if the GDDKiA
agrees to raise the value of the concluded contracts, which it
refuses to do.

                        About Mosty-Lodz

Mosty-Lodz -- http://www.mosty-lodz.pl/-- is a construction
company based in Poland.


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


CHERNIGOVSKIY OJSC: Creditors Must File Claims by July 26
---------------------------------------------------------
Creditors of OJSC Tinned Food Factory Chernigovskiy have until
July 26 to submit proofs of claim to:

         A. Lukhtionov
         Insolvency Manager
         Partizanskaya Str. 6
         Chernigovka
         692240 Primorye
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-3118/2007 15-26 B.

The Debtor can be reached at:

         OJSC Tinned Food Factory Chernigovskiy
         Partizanskaya Str., 6
         Chernigovka
         692240 Primorye
         Russia


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

         D. Ustyuzhanin
         Insolvency Manager
         K. Myagotina Str. 117/21
         Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-34-7277/2006.

The Debtor can be reached at:

         CJSC Dolgovskoye
         Dolgie
         Chastoozerskiy
         Kurgan
         Russia


ELECTRO-MONTAZH CJSC: Creditors Must File Claims by June 26
-----------------------------------------------------------
Creditors of CJSC Syzranskoye Enterprise Electro-Montazh have
until June 26 to submit proofs of claim to:

         I. Teleshinin
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-12283/2006.

The Debtor can be reached at:

         CJSC Syzranskoye Enterprise Electro-Montazh
         Dalnevostochnaya Str. 39
         Syzran
         Samara
         Russia


ICICI BANK: Public Offer Oversubscribed 1.29 Times
--------------------------------------------------
The Troubled Company Reporter – Asia Pacific reported on
June 15, 2007, regarding ICICI Bank Ltd's INR8,750-crore public
issue, which opened yesterday.  According to the bank, the share
issuance is part of its consolidated capital raising exercise at
INR20,125 crore, including a green shoe option of INR2,625
crore.

In an update, media reports said that the bank's public offer
was oversubscribed 1.29 times.

Reuters said the bank received full subscription for the
domestic portion of share sale in less than an hour of opening
on Tuesday.  In less than two hours, the public offer got
oversubscribed 1.29 times, The Hindu recounted.  Citing data
available at the National Stock Exchange, local reports noted
that the issue received over 12.72 crore bids against 9.88 crore
shares issued.

Most of the bids are from institutions and the retail portion is
expected towards the close of the bids on June 22, Reuters cited
an unnamed banker as saying.

The price band for the issue has been fixed at INR885 to INR950
per equity share.

The India Times said the issue was made to meet the bank's
capital adequacy requirements and augment its capital to fund
future requirements.  The bank's CAR is currently at 11.69%.
Post-issue it is seen at 15%, the Times noted.

India-based ICICI Bank Ltd – http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


INSTRUMENT-TANTAL: Names M. Kuvshinova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Saratov appointed M. Kuvshinova as
Insolvency Manager for CJSC Instrument-Tantal.  She can be
reached at:

         M. Kuvshinova
         Rakhmaninova Str. 1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-293B/06-12.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         M. Kuvshinova
         Rakhmaninova Str. 1
         Penza
         Russia


KARATUZ-GRAIN-PRODUCT: Creditors Must File Claims by July 26
------------------------------------------------------------
Creditors of OJSC Karatuz-Grain-Product have until July 26 to
submit proofs of claim to:

         A. Kirichenko
         Insolvency Manager
         Post User Box 28495
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-4399/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Karatuz-Grain-Product
         Khlebnaya Str.
         Karatuzskoye
         Karatuzskiy
         Krasnoyarsk
         Russia


KURAGINSKIY BRICKWORKS: Creditors Must File Claims by July 26
-------------------------------------------------------------
Creditors of OJSC Kuraginskiy Brickworks have until July 26 to
submit proofs of claim to:

         A. Kirichenko
         Insolvency Manager
         Post User Box 28495
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-4405/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kuraginskiy Brickworks
         Severnaya Str. 9
         Kuragino
         Krasnoyarsk
         Russia


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

         A. Zyatkov
         Insolvency Manager
         Moskovskaya Str. 5-2
         B-Urya
         Kanskiy
         663624 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-4403/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kurezhskoye
         Zelenaya Str. 36-2
         Kurezh
         Idrinskiy
         Krasnoyarsk
         Russia


LENSK-SEL-KHOZ-ENERGO: Creditors Must File Claims by June 26
------------------------------------------------------------
Creditors of OJSC Lensk-Sel-Khoz-Energo have until June 26 to
submit proofs of claim to:

         T. Potehina
         Insolvency Manager
         Krupskoj Str. 35
         Yakutsk
         677007 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-1460/06.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Lensk-Sel-Khoz-Energo
         Pobedy Str. 77
         Lensk
         677007 Sakha-Yakutiya
         Russia


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

         A. Kozhematov
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-17516/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC MIG
         Naberezhnaya Str. 41-50
         Norilsk
         663300 Krasnoyarsk
         Russia


NOVOLIPETSK STEEL: Earns US$456.6 Million in First Quarter 2007
---------------------------------------------------------------
OJSC Novolipetsk Steel released consolidated financial results
for the first quarter ended March 31, 2007, prepared according
to US generally accepted accounting principles.

NLMK recorded US$456.6 million in net profit against US$1.8
billion in revenues for the first quarter ended March 31, 2007,
compared with US$545.9 million in net profit against US$1.1
billion in revenues for the same period in 2006.

At March 31, 2007, NLMK's balance sheet showed US$9.3 billion in
total assets, US$1.8 billion in total liabilities and US$7.4
billion in stockholders' equity.

“NLMK has demonstrated strong financial results in Q1 2007,”
NLMK Vice President Finance & CFO Galina Aglyamova said.  “The
EBITDA margin stood at 43% while operating income surged 70% on
a year-on-year basis.  The company's sound performance was
driven by growing sales volumes particularly sales of high
value-added products along with the favorable pricing
environment in our core markets.”

“At the beginning of the year, NLMK Group started to implement
the next phase of the Technical Upgrading Program as part of our
'Sustainable Growth Strategy 2007 - 2011'.  The Company
continued the process of enhancement and modernization of
existing production facilities, value-chain optimization and
integration of recently acquired assets into the Group
structure.  The consistent implementation of our strategy is a
key element of NLMK's successful development and long-term
stability,” Ms. Aglyamova continued.

“We maintain a positive outlook on steel demand both on the
domestic and world market in 2007.  The price growth started at
the end of Q1 2007 and continued through Q2 2007, plateaued in
June.  While we may see possible price softening towards the end
of the year we believe NLMK Group should again demonstrate
record financial results and strengthen its position among
world's most profitable steelmaking companies in 2007,” Ms.
Aglyamova added.

                      About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                           *   *   *

In April 2007, Moody's Investors Service's confirmed its Ba1
Corporate Family Rating for Novolipetsk Steel OJSC.  Moody's
also assigned a Ba1 Probability-of-Default rating to the
company.

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B
rating and a National Long-term AA rating.  Fitch said The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

At the same time, Standard & Poor's Ratings Services said that
its ratings and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are
unchanged by the announcement of NLMK's acquisition of a 50%
share in a joint venture with Duferco Group for US$850 million.


OUR MEAT: Creditors Must File Claims by July 26
-----------------------------------------------
Creditors of LLC Our Meat Products have until July 26 to submit
proofs of claim to:

         K. Volkov
         Insolvency Manager
         Room 2
         Nevzorovyh 89
         603024 N. Novgorod
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-59836/06-123-1091B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Our Meat Products
         Kirovogradskaya 17
         Moscow
         Russia


POKROVSKOE OJSC: Creditors Must File Claims by July 26
------------------------------------------------------
Creditors of OJSC Pokrovskoe have until July 26 to submit proofs
of claim to:

         A. Khromov
         Insolvency Manager
         Barnaulskaya Str. 34
         410049 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-632B/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Pokrovskoe
         Novopokrovskoye
         Balashovskiy
         Saratov
         Russia


ROSNEFT OIL: Offers RUR4.9 Billion for Yukos' Krasnodar Assets
--------------------------------------------------------------
OAO Rosneft Oil has offered to buy OAO Yukos Oil Co.'s Krasnodar
assets for RUR4.9 billion (US$190 million) after regulators
blocked ZAO Promregion Holding from acquiring the assets at a
May 3 auction, Torrey Clark writes for Bloomberg News.

Rosneft is next in line to acquire the assets after it submitted
the second-highest bid, through its Neft-Aktiv subsidary, behind
Promregion's RUR4.9 billion offer.

The lot carried a RUR3.7 billion starting price, a bid increment
of RUR37.1 million, and a required deposit sum of RUR742.4
million.

The lot, RIA Novosti relates, is comprised of:

   -- 100% in Stavropolnefteprodukt public company;

   -- 26.26% in Kubanenergo, Kubanenergosbyt, Kuban Generating
      Company and Kubanskiye Magistralnyye Seti public
      companies;

   -- 100% stake in OOO Val Shatskogo;

   -- 51% stake in the OOO Yu-Kuban; and

   -- a promissory note of Stavropolnefteprodukt with a face
      value of R1.16 million.]

OAO Lukoil representative Dmitry Dolgov earlier denied
speculations that Promregion is linked to his company.

                       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.


ROSNEFT OAO: Earns US$358 Million for First Quarter 2006
--------------------------------------------------------
OAO Rosneft Oil Co. posted US$358 million in net profit on
US$8.2 billion in net revenues for the first quarter ended
March 31, 2007, compared with US$802 million in net profit on
US$7.3 billion in net revenues for the first quarter ended
March 31, 2006.

Rosneft booked US$332 million in accrued fines and penalties
related to tax debt of its Yuganskneftegaz unit, which it
acquired from OAO Yukos Oil Co., Bloomberg News relates.

According to the Wall Street Journal, Rosneft is in talks with
the Federal Tax Service on a possible restructuring of Federal
Tax Service debts.  Rosneft currently owes Russia around
US$1.26 billion in back taxes tied to Yuganskneftegaz and US$831
million in related fines and interest arrears.

The company attributed the profit decline to a strengthening
ruble and rising taxes, The Associated Press says.  Rosneft also
blamed a 23.8% rise in export duties.

Rosneft, Bloomberg relates, revealed it would receive around
US$10 billion from Yukos as payment for the latter's debt.  The
amount will be used to repay part of of its multi-billion dollar
loans from banks.

"The first quarter results you see today are still the old
Rosneft," Peter O'Brien, vice president, was quoted by Bloomberg
News as saying.  "The old Rosneft was short on refining capacity
and suffered compared to its peer group due to high crude export
duties."

                           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.


ROSNEFT OIL: Rules Out Second Initial Public Offering
-----------------------------------------------------
OAO Rosneft Oil Co. is not planning to hold another initial
public offering, RIA Novosti reports citing board deputy
chairman Sergei Naryshkin.

"The first offering was very successful and was aimed at raising
significant resources, which the company is now using,” Mr.
Naryshkin said.

In July 2006, Rosneft completed the initial public offering of
its shares and global depositary receipts.  The total amount of
funds raised during the placement was US$10.6 billion making
Rosneft's IPO the fifth largest in the world.  Rosneft's shares
have been listed and are traded on Russia's RTS and MICEX
exchanges, and the GDRs are traded on the London Stock Exchange
under ticker ROSN.

                           About Rosneft

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

                             *   *   *

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

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


SAKHALINSKAYA FISHING: Asset Bidding Deadline Slated for June 26
----------------------------------------------------------------
LLC Regional Legal Company, the bidding organizer for CJSC
Sakhalinskaya Fishing Industry Company, will set a repeated
auction for the company's properties at 10:00 a.m. on June 28
at:

         LLC Regional Legal Company
         Chekhova Str. 37
         Yuzhno-Sakhalinsk
         Russia

Interested participants have until June 26 to deposit an amount
to:

         CJSC SAKHALINSKAYA FISHING INDUSTRY COMPANY
         Settlement Account 40702810250340103387
         Correspondent Account 30101810100000000642
         BIK 046401642
         AC SB RF OJSC Yuzhno-Sakhalinskiy branch 8567
         Yuzhno-Sakhalinsk
         Russia

Bidding documents must be submitted to:

         LLC Regional Legal Company
         Chekhova Str. 37
         Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         LLC Regional Legal Company
         Chekhova Str. 37
         Yuzhno-Sakhalinsk
         Russia


SEL-KHOZ-VOD-STROY: Creditors Must File Claims by July 26
---------------------------------------------------------
Creditors of CJSC Sel-Khoz-Vod-Stroy have until July 26 to
submit proofs of claim to:

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

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-4267/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sel-Khoz-Vod-Stroy
         Office 348
         Building 38
         Akademgorodok 50
         Krasnoyarsk
         Russia


SITRONICS JSC: Inks US$8 Million TENNET Delivery Deal with MGTS
---------------------------------------------------------------
JSC SITRONICS and JSC Moscow City Telephone Network have signed
a US$8 million agreement for the delivery of TENNET equipment,
to be used in the creation of MGTS's Next Generation Network.
The delivery and assembly of the equipment will start in the
third quarter of 2007.

Within the framework of the agreement, SITRONICS
Telecommunication Solutions will deliver subscriber gateways for
200,000 transit ports, in order to transfer existing analogue
network subscribers to the newly created NGN network.  SITRONICS
Telecommunication Solutions will supply its own software and
hardware switchboards for the management of subscriber and trunk
gateways.  The trunk gateways previously delivered by SITRONICS
will be used to enable the existing network to function in
conjunction with the new NGN network.

“We continue modernizing the MGTS network infrastructure based
on the TENNET platform, which was recently introduced for NGN
networks.  We intend to have 200,000 MGTS subscribers connected
to the NGN network and using the new services by March 2008,”
Evgeny Maximenko, general director of SITRONICS
Telecommunication Solutions Russia, commented.

“The introduction of the TENNET equipment is the next stage in
the development of the NGN network.  Approximately half of MGTS
subscribers are expected to switch to the NGN by 2012, when the
reconstruction of the network and the transition to digital
technology will have been completed,” Victor Alekhin, deputy
general director of MGTS responsible for the network technical
development, commented.

                       About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

Sitronics' key Telecommunication Solutions operations are based
in Prague, Czech Republic and Athens, Greece, while the
company's IT Solutions and Microelectronic Solutions divisions
are based in Kiev, Ukraine and Zelenograd, Russia respectively.

For the twelve months ended December 31, 2006, Sitronics'
revenues and OIBDA were US$1.61 billion and US$183.6 million,
respectively.  As of Dec. 31, 2006, SITRONICS had total assets
of US$1.65 billion.

                          *     *     *

As of May 24, 2007, JSC Sitronics carries Fitch's B- Long-Term
Issuer Default Rating.


STROY-TEKHNIKA LLC: Creditors Must File Claims by June 26
---------------------------------------------------------
Creditors of LLC Stroy-Tekhnika have until June 26 to submit
proofs of claim to:

         A. Sabitov
         Insolvency Manager
         Post User Box 236
         Kazan
         420012 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-4189/2007-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:

         LLC Stroy-Tekhnika
         Sovetskaya Str. 1
         Vysokaya Gora St.
         Vysokogorskiy
         422700 Tatarstan
         Russia


SUDISLAVSKIY DIARY: Asset Sale Slated for June 29
-------------------------------------------------
The insolvency manager and the bidding organizer for LLC
Sudislavskiy Diary, will open a public auction for the company's
properties at 10:00 a.m. on June 29 at:

         LLC Sudislavskiy Diary
         Yubileynaya Str. 28
         Kostroma
         Russia

The company has set a RUR5,063,000 starting price for the
auctioned assets.

Interested participants have until June 26 to deposit an amount
equivalent to 10% of the starting price to:

         LLC Sudislavskiy Diary
         Settlement Account 40702810351000000273
         Correspondent Account 30101810600000000731
         BIK 043469731
         KRF OJSC Rosselkhozbank
         Kostroma
         Russia

The Debtor can be reached at:

         LLC Sudislavskiy Diary
         Yubileynaya Str. 28
         Kostroma
         Russia


TITAN PETROCHEMICAL: Sets Sights on Becoming Fuel Storage Giant
---------------------------------------------------------------
Titan Petrochemicals Group Ltd may build 5.66 million cubic
meters of tankage in the east coast of China in the next four
years, Shanghai Daily reports, citing Bloomberg News.

The company, based on a presentation made by Chief Executive
Barry Cheung and a copy of which was obtained by Bloomberg News,
wants to reduce dependence on its tanker business, whose profit
contribution dropped to 75% in 2006 from 90% a year earlier.
The company expects tankers to account for no more than a fifth
of the company's earnings in two to three years.

"Titan will continue to reduce dependence on its shipping
division, by selling off two more Very Large Crude Carriers,"
Mr. Cheung was quoted as saying by Bloomberg in the presentation
to bond investors in Singapore.  The company is "converting
three others to become floating storage units at the end of the
year."

Titan has the Chinese government's approval to build a maximum
of 5.66 million cubic meters of storage capacity in three
locations on the east coast of China, the repost says.  They
include a 1.8-million-cubic-meter facility at Nansha in
Guangdong Province, a 1.49-million-cubic-meter facility at
Quanzhou in Fujian Province and a 2.37-million-cubic-meter
facility at Yangshan in Shanghai.

The business unit managing the facilities is tentatively named
China Storage Co, according to the company presentation.

Titan will construct the three facilities in phases, and the
speed of construction will depend on the demand for storage.
The company has built around 10 percent of the planned
facilities, the paper relates.

Titan will operate no more than six VLCCs, each of which can
carry as much as two million barrels of oil, under its shipping
unit, the report says.

In addition, Titan may consider listing the company's storage
business on stock exchanges within five years, enabling
shareholders to increase the value of their investments.  "The
listing of the storage facilities in China is one of the options
in four to five years down the road," said Nora Yong, Titan's
corporate communications director in a telephone interview with
Shanghai Daily.  "The listing of the storage unit would be one
of the several options for Warburg Pincus to increase the value
of its investment."

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.  On
March 29, 2007, Moody's Investors Service affirmed the B1
corporate family rating of Titan Petrochemicals Group Ltd and
its senior unsecured bond rating of B2.  This follows Titan's
announcement of its fiscal year 2006 results, which show a 9.5%
increase in sales but a marked decline in net income by 67%.

On May 4, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Standard & Poor's Ratings Services revised its
outlook on Titan Petrochemicals Group Ltd. to negative from
stable.  At the same time, it affirmed the "BB-" long-term
corporate credit rating on Titan.  The "B+" issue rating on the
company's senior unsecured notes was also affirmed.


TNK-BP HOLDING: Budgets US$1 Bln to Hike Processed Gas Output
-------------------------------------------------------------
TNK-BP Holding Ltd. will invest more than US$1 billion over the
next five years into associated petroleum gas processing, RIA
Novosti reports citing Oleg Nam, the company's West Siberian
chief.

Mr. Nam told RIA Novosti that TNK-BP aims to increase its
average gas processing level from the current 78.4% to 95% by
2011.

TNK-BP, which is developing 143 oil and gas deposits, extracted
around 11 billion cubic meters of associated petroleum gas, of
which 800 million cubic meters were used by the company, and
8 billion were processed, Mr. Nam added to RIA Novosti.

                          About TNK-BP

Headquartered in 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.


TRANSNEFT OAO: To Upgrade Primorsk Oil-Export Pipeline
------------------------------------------------------
OAO Transneft will develop an existing oil pipeline terminal in
Primorsk, Russia, to maximize the port's space capacity, RIA
Novosti reports citing chief executive Semyon Vainshtok.

"The port of Primorsk has a lot of space capacity, while [a new
oil terminal at] Ust-Luga would have to be started from
scratch," Mr. Vainshtok said.

The Primorsk oil-export link is an extension of Transneft's
Baltic Pipeline System.  The 50-million-ton-a-year capacity
pipeline could be expanded if necessary to increase exports via
the Primorsk port.

The Russian government conceived the Primorsk link following a
snag with Belarus, which demanded that Russia pay transit fee.
The conflict forced Transneft, a government-owned company, to
cut oil supplies through the Druzhba pipeline, causing fuel
interruption to Central Europe.

Mr. Vainshtok The Transneft CEO said Primorsk not only has
enough spare capacity to handle the additional oil without new
construction, but also provides safe approach for tankers. Ust-
Luga would require costly canal maintenance every year, he said.

                         About Transneft

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

                           *   *   *

OAO Transneft carries Fitch's 'BB' rating.


YUKOS OIL: Rosneft Offers RUR4.9 Billion for Krasnodar Assets
-------------------------------------------------------------
OAO Rosneft Oil has offered to buy OAO Yukos Oil Co.'s Krasnodar
assets for RUR4.9 billion (US$190 million) after regulators
blocked ZAO Promregion Holding from acquiring the assets at a
May 3 auction, Torrey Clark writes for Bloomberg News.

Rosneft is next in line to acquire the assets after it submitted
the second-highest bid, through its Neft-Aktiv subsidary, behind
Promregion's RUR4.9 billion offer.

The lot carried a RUR3.7 billion starting price, a bid increment
of RUR37.1 million, and a required deposit sum of RUR742.4
million.

The lot, RIA Novosti relates, is comprised of:

   -- 100% in Stavropolnefteprodukt public company;

   -- 26.26% in Kubanenergo, Kubanenergosbyt, Kuban Generating
      Company and Kubanskiye Magistralnyye Seti public
      companies;

   -- 100% stake in OOO Val Shatskogo;

   -- 51% stake in the OOO Yu-Kuban; and

   -- a promissory note of Stavropolnefteprodukt with a face
      value of R1.16 million.]

OAO Lukoil representative Dmitry Dolgov earlier denied
speculations that Promregion is linked to his company.

                        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.


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


AFINSA BIENES: Shareholders' Meeting Slated for June 29
-------------------------------------------------------
Shareholders of Afinsa Bienes Tangibles S.A. will meet on
June 29, 2007 to approve the company's accounts for 2005-2006,
Expansion reports.

Shareholders will also review Afinsa's management during the
meeting, Expansion adds.

Court-appointed insolvency administrators recently told the
Mercantile Court No. 6 in Madrid that Afinsa had EUR1.82 billion
in shareholders' deficit.

Headquartered in Madrid, Spain, Afinsa Bienes Tangibles SA
-- http://www.afinsa.es/eng/-- wholesales and retails stamps,
coins, art works and other collectables.

The Debtor has a pending proceeding in the Mercantile Court No.
6 in Madrid, Spain.  On March 13, 2007, Javier Diaz Galvez,
Benito Aguera Marin, and Ana Fernandez Daza, as the Debtor's
Foreign Representatives, 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. 07-10675).  The Foreign Representatives are
represented by Thomas L. Kent, Esq., Anthony Princi, Esq., and
Jennifer A. Mo, Esq., at Paul, Hastings, Janofsky & Walker LLP.
When the petitioners filed the chapter 15 petition, they
estimated the Debtor's assets and debts to be more than US$100
million.


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


ARBOMEDICS LLC: Creditors' Liquidation Claims Due July 5
--------------------------------------------------------
Creditors of LLC Arbomedics have until July 5 to submit their
claims to:

         Werner Mueller
         Liquidator
         Wannenstr. 6
         8542 Wiesendangen
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Arbomedics
         Wiesendangen
         Winterthur ZH
         Switzerland


ERNST & PARTNER: Creditors' Liquidation Claims Due July 5
---------------------------------------------------------
Creditors of JSC Ernst & Partner Resulting have until July 5 to
submit their claims to:

         Buchenstrasse 5
         6210 Sursee LU
         Switzerland

The Debtor can be reached at:

         JSC Ernst & Partner Resulting
         Sempach
         Sursee LU
         Switzerland


GOLF THALWIL: Creditors' Liquidation Claims Due July 4
------------------------------------------------------
Creditors of LLC Golf Thalwil have until July 4 to submit their
claims to:

         Michael Rusterholz
         Liquidator
         LLC Custom Made
         Todistrasse 79
         8800 Thalwil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Golf Thalwil
         Thalwil
         Horgen ZH
         Switzerland


HANGGI & BERNHARDT: Creditors' Liquidation Claims Due July 1
------------------------------------------------------------
Creditors of JSC Hanggi & Bernhardt have until July 1 to submit
their claims to:

         Werner Hotz
         Liquidator
         Grunfeldstr. 7
         4123 Allschwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Hanggi & Bernhardt
         Muttenz
         Arlesheim BL
         Switzerland


OTTO KASPER: Creditors' Liquidation Claims Due July 2
-----------------------------------------------------
Creditors of LLC Otto Kasper Studios have until July 2 to submit
their claims to:

         Donato Caspari
         Liquidator
         Langgasse 38
         9008 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Otto Kasper Studios
         St. Gallen
         Switzerland


SAFECOM ENGINEERING: Creditors' Liquidation Claims Due July 2
-------------------------------------------------------------
Creditors of JSC Safecom Engineering have until July 2 to submit
their claims to:

         Peter Schweizer
         Liquidator
         JSC Schweizer Electronic
         Industriestrasse 3
         6260 Reiden
         Willisau LU
         Switzerland

The Debtor can be reached at:

         JSC Safecom Engineering
         Grosswangen
         Sursee LU
         Switzerland


TLS LLC: Creditors' Liquidation Claims Due July 4
-------------------------------------------------
Creditors of LLC TLS have until July 4 to submit their claims
to:

         Klosterweg 14
         9500 Wil SG
         Switzerland

The Debtor can be reached at:

         LLC TLS
         Wil SG
         Switzerland


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


EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk
----------------------------------------------------------
Eutelsat Communications and Digiturk have signed a new
contract for capacity on the W3A satellite to support continued
expansion of Turkey’s leading pay-TV platform.  The new
contract, concluded for four years, is the third signed between
Eutelsat and Digiturk since November 2006.  It takes to 11 the
total number of transponders leased for broadcasting services by
Digiturk on Eutelsat's satellites.

Launched in 2000 from Eutelsat's 7 degrees East position,
Digiturk’s platform benefits from the high-power regional
footprint on Eutelsat's W3A satellite in order to reach
1.6 million subscribing satellite homes across Turkey.  In
addition to its reach of Turkey, Digiturk offers pay-TV services
across Europe and also uses capacity on ATLANTIC BIRD™ 1 for
contribution links back to its studios in Istanbul.

The pay-TV platform serving Turkey today offers more than 150
television, radio and interactive channels incorporating
national and international programming.  Channels recently
joining the platform include Disney Channel Turkey, which has
signed a contract with Digiturk for exclusive carriage of Disney
Channel Turkey which began broadcasting on April 29.  Digiturk
is also preparing for the introduction later in 2007 of new HDTV
and Video on Demand services through its capacity on W3A.

“Eutelsat has been the unique satellite provider for Digiturk
since it launched into the pay-TV market in 2000,” Olivier
Millies-Lacroix, Eutelsat’s commercial director, said.  “We are
very leased to further strengthen this relationship through
additional capacity on our W3A satellite which is optimized for
Direct-to-Home reception via its unique footprint which
reaches into Digiturk’s core markets.”

                         About Eutelsat

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  The Group is one of the world's three leading
satellite operators in terms of revenues.  Its satellites are
used for broadcasting nearly 1,800 TV and 900 radio stations to
more than 120 million cable and satellite homes.  The Group also
provides TV contribution services, corporate networks, mobile
positioning and communications, Internet backbone connectivity
and broadband access for terrestrial, maritime and inflight
applications.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the
corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


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


AMERTSYT INTERNATIONAL: Claims Filing Deadline Set June 24
----------------------------------------------------------
Creditors of Science-Production Enterprise Amertsyt of
International Charity Fund of Invalids of Tchernobyl,
Dniepropetrovskal Branch (code EDRPOU 25538893) have until
June 24 to submit their proofs of claim to:

The Court is located at:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. B 29/74/06.

The Debtor can be reached at:

         Science-Production Enterprise Amertsyt of
         International Charity Fund of Invalids of
         Tchernobyl, Dniepropetrovskal Branch
         Mechnikov Str. 16
         49070 Dnipropetrovsk
         Ukraine


FITO-OIL LLC: Creditors Must File Claims by June 24
---------------------------------------------------
Creditors of LLC Fito-Oil (code EDRPOU 32505213) have until
June 24 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B11/164-07.

The Debtor can be reached at:

         LLC Fito-Oil
         Kiev Road Str. 1
         Ivankov
         07200 Kiev
         Ukraine


IVANO-FRANKOVSK RENT: Claims Filing Deadline Set June 24
--------------------------------------------------------
Creditors of Ivano-Frankovsk Rent Department Highway (code
EDRPOU 05393211) have until June 24 to submit their proofs of
claim to:

         V. Martyniuk
         Temporary Insolvency Manager
         South Boulevard 42/9
         76010 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-7/110.

The Court is located at:

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

The Debtor can be reached at:

         Ivano-Frankovsk Rent Department Highway
         Polevaya Str. 8
         Ivano-Frankovsk
         Ukraine


OPTIM-OIL CJSC: Claims Filing Deadline Set June 24
--------------------------------------------------
Creditors of CJSC Optim-Oil (code EDRPOU 23365359) have until
June 24 to submit their proofs of claim to:

         Julia Slieptsova
         Temporary Insolvency Manager
         P.O. Box 2144
         49034 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 29/94-07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Optim-Oil
         Bielostotsky Lane 8/8
         49098 Dnipropetrovsk
         Ukraine


VARISEE INVEST: Creditors Must File Claims by June 24
-----------------------------------------------------
Creditors of LLC Varisee Invest (code EDRPOU 33941527) have
until June 24 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/159-b.

The Debtor can be reached at:

         LLC Varisee Invest
         Narodov Str. 10
         Druzhba
         Kiev
         Ukraine


VINOGRADAR LLC: Claims Filing Deadline Set June 24
--------------------------------------------------
Creditors of LLC Vinogradar (code EDRPOU 31893131) 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. 2/92-07-3770.

The Debtor can be reached at:

         LLC Vinogradar
         Saratsky
         Andreev Str. 179
         Plakhteevka
         68232 Odessa
         Ukraine


YAKIMOVKA LLC: Claims Filing Deadline Set June 24
-------------------------------------------------
Creditors of LLC Yakimovka (code EDRPOU 33108506) have until
June 24 to submit their proofs of claim to:

         Pavel Maystrenko
         Temporary Insolvency Manager
         Lebedev Str. 15
         AR Krym
         Simferopol
         Ukraine

The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2-3/4834-2007.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Yakimovka
         Garden Lane 13
         Plodovoe
         Nizhnegorsky District
         97134 AR Krym
         Ukraine


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


BRITISH AIRWAYS: S&P Lifts BB+ Corp. Credit Rating to BBB-
----------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on British Airways PLC to 'BBB-' from
'BB+', propelling the U.K. airline to investment-grade status.
The outlook is stable.

"The upgrade follows BA's good progress in strengthening its
financial profile and our expectations of improving operational
performance," said Standard & Poor's credit analyst Leigh
Bailey.

At the same time, Standard & Poor's raised its long-term rating
on BA's senior unsecured debt to 'BB+' from 'BB-'. This two-
notch upgrade reflects Standard & Poor's criteria according to
which a one-notch rating differential is the maximum allowed for
the notching-down of unsecured debt with respect to priority
liabilities of investment-grade issuers, compared with two
notches at the speculative-grade level.

All ratings were removed from CreditWatch, where they were
placed with positive implications on Jan. 9, 2007.

"The upgrade reflects the positive implications for BA's capital
structure, future cash flows, and business operations of the
proposed pension deficit solution and the debt reduction
achieved in recent years. This should enable the group to
maintain credit metrics consistent with an investment-grade
rating," said Mr. Bailey.

Despite a challenging trading environment, Standard & Poor's
expects the structural cost savings achieved and the benefits of
the transfer of BA's operations to the new terminal 5 at London
Heathrow Airport to help maintain BA's profitability and provide
support for its financial profile.

At March 31, 2007, BA reported GBP3.3 billion (EUR4.9 billion)
of total on-balance-sheet financial debt.

The rating reflects BA's strong competitive position as the main
airline at Heathrow, above-industry-average operating margins,
and moderate financial policy.  It is constrained, however, by
the cyclical nature of the airline industry, BA's profit
concentration in its transatlantic network, and the likelihood
that the "Open Skies" agreement will increase competition on
these long-haul routes.  The impact on BA of the EU-U.S. "Open
Skies" agreement, which will come into force in March 2008, will
be negative, although to what degree is still uncertain. At this
stage, we do not believe that the easing of regulatory
restrictions on transatlantic routes will lead to a level of
profit erosion that is sufficient to threaten the group's
financial profile at the current rating level.

"We believe that a satisfactory revenue environment--bolstered
by demand for premium long-haul services--and tight cost control
should enable the group to improve operating performance and
maintain credit ratios in line with our expectations," said Mr.
Bailey.

The industry environment remains challenging, characterized by
high fuel prices and growing competition, which limits the
likelihood of a revision of the outlook to positive in the near
term. The ongoing competition investigations into long-haul
passenger and cargo fuel surcharges are also a negative factor,
since the final outcome is uncertain.  We expect BA to
maintain FFO to adjusted debt of about 30% and adjusted debt to
capital within 60%-65%. A slowdown in demand or significant
acquisition activity, resulting in weakened credit metrics,
could lead to downward pressure on the ratings.


BRITISH AIRWAYS: Confident on Future Growth After Rating Upgrade
----------------------------------------------------------------
British Airways plc has been advised by the credit rating
agency, Standard and Poor's that its corporate credit rating is
to be increased to investment grade.

The company was downgraded to sub-investment grade or junk
status in July 2003 following the events of Sept. 11, 2001 and
the war in Iraq.

During that period the company has reduced its net debt from
GBP6.6 billion to GBP990 million and steadily increased its
operating margin.

“We have worked hard over the last four years strengthening the
foundations of our business.  Regaining investment grade status
will enable us to invest in our future growth with confidence,”
British Airways CFO Keith Williams said.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                            *   *   *

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's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways Plc

                                                      Projected
                                 Debt     LGD      Loss-iven
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                       Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                       Ba2      LGD5     84%


CATALYST PAPER: Plans US$200 Mil. Senior Notes Private Placement
----------------------------------------------------------------
Catalyst Paper Corporation intends to sell, on a private
placement basis, US$200 million in aggregate principal amount of
senior notes with a proposed maturity of 2017 through an
offering within the United States pursuant to Rule 144A under
the U.S. Securities Act of 1933, as amended, and in certain
Canadian Provinces and other jurisdictions under Regulation S
under the U.S. Securities Act of 1933, as amended.

The net proceeds of the offering of the senior notes will be
used for general corporate purposes, which may include
acquisitions and investments to support our continued growth.

The senior notes have not been, and will not be, registered
under the U.S. Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United
Sates absent registration or an applicable exemption from the
registration requirements.

Headquartered in Vancouver, British Columbia, Catalyst Paper
Corporation (TSE:CTL) -- http://www.catalystpaper.com/--
together with its subsidiaries, is a newsprint and specialty
ground wood paper producer in North America.  The company
operates four manufacturing divisions, and one paper recycling
division in British Columbia, Canada.  The company operates in
three business segments: Specialty Papers, engaged in the
manufacture and sale of ground wood specialty printing paper;
Newsprint, engaged in the manufacture and sale of newsprint, and
Pulp, engaged in the manufacture and sale of long and short
fiber pulp and containerboard.  The primary market for the
company's paper products is North America.  The primary markets
for the company's pulp products are Asia, Australasia and
Europe.

The company sells in Japan, the United Kingdom and Latin
America.

                       *     *     *

Catalyst Paper's 8-5/8% Series C Senior Notes carry Moody's
Investors Service's B2 rating, Standard & Poor's B+ rating, and
Dominion Bond Rating Service's BB rating.


CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan
----------------------------------------------------------------
Chiquita Brands International Inc.’s executive officers has
adopted a prearranged stock trading plan in accordance with
guidelines specified by Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.

A plan can provide for sales of stock on a particular date or at
a particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Chiquita's president and chief operating officer of its Chiquita
Fresh Group, Robert F. Kistinger, has adopted a plan under Rule
10b5-1 which is in accordance with company's stock ownership
guidelines and provides for the liquidation of portions of his
holdings over multiple quarters, as part of systematic financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings
and Form 4 filings as required by the SEC.

                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                           *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit
and other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


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

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

The company can be reached at:

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


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

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

The company can be reached at:

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


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

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

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


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

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

The company can be reached at:

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


IMPERIAL CHEMICAL: Snubs Akzo Nobel's GBP7 Billion Approach
-----------------------------------------------------------
The Board of Directors for Imperial Chemical Industries Plc
unanimously rejected a GBP7 billion takeover approach by Akzo
Nobel N.V.

The Board rejected the cash offer of 600 pence per share as it
significantly undervalues ICI, the company said in a statement.
The Board is very confident in the Group's strategy and strong
growth prospects.

Akzo Nobel, however, said it is not ruling out any possible
offer for ICI.

                      About Akzo Nobel

Headquartered in Arnhem, the Netherlands, Akzo Nobel N.V. --
http://www.akzonobel.com/-- provides coatings, chemicals, and
human and animal healthcare products worldwide.  It operates
through four segments: Coatings, Chemicals, Organon and
Intervet.  The Coatings segment's product areas are decorative
coatings, industrial activities, marine and protective coatings,
and car refinishes.  The Chemical segment offers pulp and paper
chemicals, base chemicals, surfactants and polymer chemicals.
Organon offers brand name prescription pharmaceuticals in the
fields of gynecology, fertility, neuroscience and anesthesia.
Intervet offers vaccines and pharmaceuticals for livestock,
aquatic and companion animals.

                         About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.


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

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

The company can be reached at:

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


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

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

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


MIKE SMITH: Appoints Baker Tilly as Joint Administrators
--------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Mike Smith Fabrications Ltd. (Company Number
01598167) on June 1.

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

The company can be reached at:

         Mike Smith Fabrications Ltd.
         Smithland
         Magdalen Road
         Tilney St. Lawrence
         King's Lynn
         PE34 4RE
         England
         Tel: 01945 880 582
         Fax: 01945 881 036


NIALL PHILLIPS: Creditors' Meeting Slated for July 10
-----------------------------------------------------
Creditors of Niall Phillips Architects Ltd. (Company Number
02428344) will meet at 11:00 a.m. on July 10 at:

         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 9 at:

         G. D. Randall
         Joint Administrator
         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


NOMURA HOLDINGS: Provides US$230-Mil. Loan to CrimsonPower
----------------------------------------------------------
Nomura Holdings, Inc. said that it provided a US$230 million
mezzanine loan to CrimsonPower Holdings Company, Inc., a joint
venture formed by The Tokyo Electric Power Company, Incorporated
and Marubeni Corporation.

The loan, provided via a newly established special purpose
vehicle, is part of a financing arrangement for the acquisition
of three power stations in the Philippines totaling 2,200
megawatts from Mirant Corporation, an independent US power
company.  The remainder of the acquisition financing consists of
a US$2.7 billion senior loan by the Japan Bank for International
Cooperation and commercial banks, and equity financing by TEPCO
and Marubeni.

In early 2007, Nomura set up dedicated team of project finance
experts in Tokyo and Hong Kong to work on expanding the firm's
project finance operations.  The mezzanine loan for CrimsonPower
marks the first deal for Nomura.

Demand for project finance deals across Asia is expected to
increase as the need for infrastructure development rises on the
back of the region's rapid economic growth.  Nomura will focus
on creating new investment opportunities for a broad base of
investors via the capital markets by arranging mezzanine loans,
while making it easier for project sponsors to take on risk and
stimulate the market for infrastructure projects in Asia.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.
Nomura operates in five business segments: Domestic Retail,
which includes investment consultation services to retail
customers; Global Markets, which includes fixed income and
equity trading  and asset finance businesses in and outside
Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and
outside Japan; Global Merchant Banking, which includes private
equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts,
and investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


PHARMED SOLUTIONS: Taps Baker Tilly as Joint Administrators
-----------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Pharmed Solutions Ltd. (Company Number
03934658) on June 1.

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

The company can be reached at:

         Pharmed Solutions Ltd.
         Magdalen Road
         Tilney St. Lawrence
         King's Lynn
         PE34 4RE
         England
         Tel: 01945 880 582
         Fax: 01945 881 511


PRISM LEISURE: Taps Joint Administrators from BDO Stoy
------------------------------------------------------
David H. Gilbert and Martha H. Thompson of BDO Stoy Hayward LLP
were appointed joint administrators of Prism Leisure Corp. PLC
(Company Number 01522326) on June 4.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Prism Leisure Corp. PLC
         Unit 1
         Dencoram Business Centre
         Dundee Way
         Enfield
         EN3 7SX
         England
         Tel: 0870 000 0247
         Fax: 020 8805 8001


RESTFULL NIGHTS: Brings In Administrators from Tenon Recovery
-------------------------------------------------------------
Charles M. Brook and Christopher Ratten of Tenon Recovery were
appointed joint administrators of Restfull Nights Ltd. (Company
Number 03995852) on June 1.

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

The company can be reached at:

         Restfull Nights Ltd.
         Yardley Road
         Knowsley Ind. Park
         Liverpool
         L33 7SS
         England
         Tel: 0151 548 4417
         Fax: 0151 548 4249


* Begbies Traynor Opens Five New Offices in the United Kingdom
--------------------------------------------------------------
Begbies Traynor Group plc (AIM: BEG), the AIM listed specialist
professional services group, is expanding its nationwide
coverage in the U.K. with the opening of five more offices
across the country in Bournemouth, Derby, Leicester, Northampton
and Dundee.  This reflects the growing demand for the Group's
portfolio of services which include business rescue and
restructuring, personal insolvency management corporate finance,
forensic accounting and investigative services.

These new offices mean the Group now has extensive geographical
coverage across the U.K., ranging from Plymouth in the far south
west, to Preston and Newcastle in the north.  The opening of a
third office in Scotland will further strengthen the firm's
footprint north of the border, where it has been enjoying good
growth generated from existing branches in Glasgow and
Edinburgh.

“The new offices underline our determination to develop the
Group as a major force in insolvency and related professional
support services.  We believe there is further scope for
expanding our network of offices and are actively looking at
other opportunities in parts of the country where we wish to be
represented,” Ric Traynor, executive chairman of Begbies
Traynor, said.

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


* BOOK REVIEW: American Commercial Banking: A History
-----------------------------------------------------
Author:     Benjamin J. Klebaner
Publisher:  Beard Books
Paperback:  296 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981424/internetbankru
pt

This book American Commercial Banking: A History is written by
Benjamin J. Klebaner.

This informative and fascinating book traces the history of
commercial banking from its inception to 1988.

The authoritative historical perspective provides a greater
understanding of more recent times and of the many policy issues
that have arisen through the years.

In addition to being a remarkable piece of scholarship, it is a
very readable book. It should be on the "must read" list of all
students of finance and history, as well as others who are
curious as to the role banks have played in our society.

                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *