TCREUR_Public/070626.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, June 26, 2007, Vol. 8, No. 125

                            Headlines


A U S T R I A

H.P.H. LLC: Graz Court Orders Business Shutdown
RIPO LLC: Claims Registration Period Ends June 28
VJ LLC: Vienna Court Orders Business Shutdown
ZG AUTOMATEN: Claims Registration Period Ends June 28


C Z E C H   R E P U B L I C

PETROF SPOL: Czech Court Snubs Involuntary Bankruptcy Petition


F R A N C E

DECOPLAST S.A.: Polimoon Acquires Business from Administrator
EUROTUNNEL GROUP: Shareholders Tender 93.04% Capital in Swap
HEXCEL CORP: Inks Deal with JPS Industries for Carolina Assets


G E R M A N Y

ALDAMIDA COM: Claims Registration Period Ends October 10
AUTO MOBIL: Claims Registration Period Ends August 6
AUTOHAUS BEHREND: Claims Registration Period Ends July 20
BUERO KONZEPTE: Claims Registration Period Ends July 10
BUEROLOS GMBH: Claims Registration Period Ends July 27

CO4 COMMUNICATIONS: Claims Registration Period Ends August 6
CONSERV GMBH: Creditors’ Meeting Slated for July 24
DAIMLERCHRYSLER: Banks Raise Funds for Cerberus's Chrysler Deal
HANNES NUTRIPHARM: Claims Registration Ends July 11
HEINZ BAHLMANN: Creditors' Meeting Slated for July 20

HOLZ-BURGER GMBH: Creditors Must Register Claims by July 31
K & B IMMOBILIEN: Claims Registration Ends July 30
MEMORY-KLINIKEN GMBH: Claims Registration Ends August 8
MEYERS AUTOLAND: Creditors' Meeting Slated for July 19
POHLMANN BAUGESELLSCHAFT: Claims Registration Ends August 1

SCHUMANN & KURTH: Creditors Must Register Claims by June 29
SIMON IS: Creditors Must Register Claims by July 18
TELOG SPEDITION: Creditors Must Register Claims by July 12


G R E E C E

NAVIOS MARITIME: Hires Shunji Sasada as Chief Operating Officer


H U N G A R Y

AES CORP: Earns US$119 Million in 2007 First Quarter


I T A L Y

ALITALIA SPA: OAO Aeroflot Won't Fuse Bid with AirOne S.p.A.


K A Z A K H S T A N

KAZKOMMERTSBANK: Moody's Cuts Foreign Currency Rating to Ba1
TURANALEM: Moody's Cuts Two Subordinated Debt Rating to Low-B
TEMIRBANK: Moody's Cuts Senior Unsecured Debt Rating to Ba1


K Y R G Y Z S T A N

AQUARIUS LLC: Claims Filing Period Ends August 3
MXDMED LLC: Creditors Must File Claims by August 3


L U X E M B O U R G

BEVERAGE PACKAGING: Moody's Holds Ratings on Revised Structure
EVRAZ SA: Highveld Steel's Board Rejects Buyout Offer
EVRAZ GROUP: Appoints New CEO and Secretary of the Board
GAZPROMBANK: Moody's Rates RUR329 Million Class C Notes at Ba2


N E T H E R L A N D S

BIOMET INC: Moody's Junks US$1 Bln Unsecured Subordinated Notes
KONINKLIJKE AHOLD: Shareholders Vote for U.S. Foodservice Sale
X5 RETAIL: Taps Jacquot Boelen to Head Ukraine Unit


P O L A N D

TCL CORP: Plans Listing of PC Unit to Raise Capital


P O R T U G A L

LIBBEY INC: Jean-Rene Gougelet Joins Board of Directors


R U S S I A

AGRO-WORLD CJSC: Creditors Must File Claims by Aug. 2
ALFA-91 LLC: Creditors Must File Claims by Aug. 2
ALKA OJSC: Creditors Must File Claims by July 2
BASE CJSC: Creditors Must File Claims by July 2
BASHMAKOVSKIY OJSC: Asset Sale Slated for July 10

ENTERPRISE BUILDER: Creditors Must File Claims by Aug. 2
EVRAZ SA: Highveld Steel's Board Rejects Buyout Offer
FUEL-ENERGY COMPLEX: Creditors Must File Claims by Aug. 2
GAZPROMBANK: Moody's Rates RUR329 Million Class C Notes at Ba2
HYNIX SEMICON: Prices US$500MM Senior Unsecured Fixed Rate Bond

IMBRIS CJSC: Creditors Must File Claims by July 2
KRASNYJ LUCH: Creditors Must File Claims by July 2
KUZBASSRAZREZUGOL: Moody's Assigns B3 Sr. Unsecured Debt Rating
ORBIS+ OJSC: Creditors Must File Claims by July 2
POKROVSKIY BUTTER: Orel Bankruptcy Hearing Slated for Sept. 12

POCHINOK-AGRO-TEKH-SERVICE: Creditors Must File Claims by Aug. 2
ROSNEFT OIL: Wants Yukos Oil Assets from Unitex and Prana
SELIVANOVO-SEL-KHOZ-KHIMIYA: Claims Filing Period Ends Aug. 2
TNK-BP HOLDING: Selling Kovykta Gas Project Stake to OAO Gazprom
TULA-CENTRE-GAS: Creditors Must File Claims by July 2

WOOD TRADE: Creditors Must File Claims by Aug. 2


S P A I N

AYT GENOVA: Moody's Rates EUR14.7 Mln Series D Notes at (P)Ba1
ONO FINANCE: Moody's Holds B1 Rating on Sr. Facility Amendment


S W I T Z E R L A N D

GUITAR SHOP: Lucerne Court Starts Bankruptcy Proceedings
ICE PALM: Creditors' Liquidation Claims Due July 5
IKK LLC: Creditors' Liquidation Claims Due July 17
IMMODIO JSC: Lucerne Court Starts Bankruptcy Proceedings
INTERNATIONAL MICROSYSTEMS: Liquidation Claims Due July 5

NOVELIS INC: S&P Rates US$860 Million Secured Term Loan at BB


U K R A I N E

EXTRUDER LLC: Creditors Must File Claims by June 28
GULA LLC: Claims Filing Deadline Set June 28
KIOSI-TORG LLC: Creditors Must File Claims by June 28
KUPIANSK AGRICULTURAL: Claims Filing Deadline Set June 28
LAND O'LAKES: Moody’s Lifts Corp. Family Rating from Ba3 to Ba2

OBRIY PLUS: Claims Filing Deadline Set June 28
OTRADNOE CJSC: Claims Filing Deadline Set June 28
STAROBESHEVSKY FEED: Claims Filing Deadline Set June 28
SYNTHESIS LLC: Claims Filing Deadline Set June 28
X5 RETAIL: Taps Jacquot Boelen to Head Ukraine Unit


U N I T E D   K I N G D O M

ARMOR HOLDINGS: CFIUS Gives Nod on BAE Systems Merger
BAILEY & SMITH: Claims Filing Period Ends July 31
CANWEST MEDIAWORKS: Moody's Cuts Corporate Family Rating to B1
CATALYST PAPER: Moody’s Rates New US$200 Million Sr. Notes at B2
CHEMTURA CORP: Will Kuser Quits as Investor Relations Director

CHURCH & DWIGHT: Strong Performance Cues S&P’s Positive Outlook
EUROTUNNEL GROUP: Shareholders Tender 93.04% Capital in Swap
FLOWTECH MECHANICAL: Claims Filing Period Ends July 13
FORD MOTOR: Hires KPMG for Jaguar & Land Rover Sale, Report Says
FORD MOTOR: Denies Plans to Build Slovak Plant; Eyes Romania

FOSTER WHEELER: Board Selects Lisa Wood as VP & Controller
GLOBAL CROSSING: Serves as Networx Subcontractor to AT&T Gov't
GOODLIFE REHAB: Appoints Eileen T. F. Sale as Liquidator
HARLAN SPRAGUE: S&P Rates Proposed US$360 Mln Facilities at BB
KPL PRECISION: Claims Filing Period Ends July 15

MAXI CARS: Peter Sargent Leads Liquidation Procedure
NEW BARNS: Brings In Liquidators from Tait Walker
NUANCE COMMS: US$225 Mil. Loan Upsize Cues S&P to Affirm Ratings
ONEIDA LTD: Moody's Assigns B2 Corporate Family Rating
PREMIER TELECOM: Calls In Liquidators from Wilson Field

ROEBUCK ELECTRONIQUE: Claims Filing Period Ends August 29
TATA MOTORS: To Raise US$450 Million in International Market
USHERS BAKERY: Claims Filing Period Ends July 18
VASOMEDICAL INC: Inks Business Alliance with Living Data
WARNER MUSIC: To Develop Mobile Themes on QUALCOMM's uiOne(TM)

WHOLE FOODS: To Sell 35 Stores Upon Closing of Wild Oats Merger
WOLVERHAMPTON SCAFFOLDING: Hires Liquidator from Sharma & Co.

* BOND PRICING: For the Week June 18 to June 22, 2007

                            *********

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A U S T R I A
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H.P.H. LLC: Graz Court Orders Business Shutdown
-----------------------------------------------
The Land Court of Graz entered May 31 an order shutting down the
business of LLC H.P.H. (FN 233696x).

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

The estate administrator can be reached at:

         Dr. Norbert Scherbaum
         LLC Scherbaum/Seebacher
         Einspinnergasse 3/II
         8010 Graz
         Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at

Headquartered in Unterpremstatten, Austria, the Debtor declared
bankruptcy on May 23 (Bankr. Case No. 26 S 38/07v).


RIPO LLC: Claims Registration Period Ends June 28
-------------------------------------------------
Creditors owed money by LLC RIPO (FN 222393z) have until June 28
to file written proofs of claim to court-appointed estate
administrator Helmut Nestler at:

         Helmut Nestler
         Abstallerstrasse 41
         8052 Graz – Wetzelsdorf
         Austria
         Tel: 0664/8334509
         Fax: 0316/285624-4
         E-mail: nestler.h@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:55 p.m. on July 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on May 30 (Bankr. Case No. 25 S 53/07t).


VJ LLC: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered May 25 an order shutting down
the business of LLC VJ (FN 279069x).

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

The estate administrator can be reached at:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: engelhart@csg.at

Headquartered inVienna, Austria, the Debtor declared bankruptcy
on May 15 (Bankr. Case No 28 S 52/07m).


ZG AUTOMATEN: Claims Registration Period Ends June 28
-----------------------------------------------------
Creditors owed money by LLC ZG Automaten (FN 249075m) have until
June 28 to file written proofs of claim to court-appointed
estate administrator Michael Beghofer at:

         Mag. Michael Beghofer
         Bismarckstrasse 8
         8330 Feldbach
         Austria
         Tel: 03152/2506
         Fax: 03152/4979
         E-mail: feldbach@reifundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:20 p.m. on July 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Gnas, Austria, the Debtor declared bankruptcy
on May 30 (Bankr. Case No. 25 S 55/07m).


===========================
C Z E C H   R E P U B L I C
===========================


PETROF SPOL: Czech Court Snubs Involuntary Bankruptcy Petition
--------------------------------------------------------------
A judge at the Regional Court in Hradec Kralove dismissed the
bankruptcy petition filed by Geneva International Corp. against
piano producer Petrof, spol. s r.o., CTK reports, citing daily
Hospodarske noviny.

According to Petrof executive and co-owner Zuzana Ceralova-
Petrofova, the CZK2 million claim that GIC tried to exact is
based on complaints that are ungrounded and have been filed in a
non-standard way.

GIC, the U.S. distributor of Petrof, only wanted to acquire the
renowned trademark for pianos which it wanted to introduce as
cheap production in China, Ms. Petrofova was quoted by
Hospodarske noviny as saying.

Meanwhile, Petrof filed an arbitration complaint against GIC for
unpaid musical instruments worth US$134,000.

Petrof also terminated its contract with GIC as it plans to
start its own trading policy in the U.S.  No pianos will be sold
in the country this year, CTK relates.

Petrof's laywer Pavel Vidura revealed the damage caused by the
bankruptcy petition is estimated to be between CZK60 million to
CZK80 million.  The piano producer intends to turn to U.S.
courts to get compensation for damages.

Headquartered in Hradec Kralove, Czech Republic, Petrof, spol. s
r.o. -- http://www.petrof.cz/en/-- manufactures upright and
grand pianos.  Petrof has about 450 employees.  It earned CZK4.4
million in 2006.


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


DECOPLAST S.A.: Polimoon Acquires Business from Administrator
-------------------------------------------------------------
Polimoon AS has acquired the business of Decoplast S.A. in
France.

Decoplast has suffered from poor profitability for some time
after changing its strategy some years ago.  This led to the
company being put under administration at the end of 2006.

Polimoon has made a commitment to retain manufacturing located
at one of the two sites, La Roche sur Foron and transfer
existing business in Senlis to La Roche sur Foron.  Parallel to
this a program to improve layout and standards and strengthen
the product range in beauty packaging will be implemented in La
Roche sur Foron.  Polimoon envisages growing the business going
forward and have gained the commitment from the main customers
of Dekoplast.

“I am pleased we have been able to reach an agreement with the
administrator to take over the Decoplast business in such a way
that a strong commitment to the business going forward can be
made.” Arne Vraalsen, president and CEO of Polimoon, said.

The acquisition is effective from June 11, 2007.

Headquartered in La Roche sur Foron, France, Decoplast S.A.
produces packaging for cosmetics and medical use with annual
sales in excess of EUR17 million.  The company has a strong
customer base within beauty products.


EUROTUNNEL GROUP: Shareholders Tender 93.04% Capital in Swap
------------------------------------------------------------
The Authorite des marches financiers published the final results
of the Exchange Tender Offer made by Groupe Eurotunnel SA for
Eurotunnel PLC/Eurotunnel SA units.  In total, 2,368,864,450
Units representing 93.04% of the share capital of these two
companies have been tendered.

As a result, the total number of GET SA warrants to be issued as
part of the implementation of the Eurotunnel Safeguard Plan will
be 4,307,026,273.

The settlement of the offer, along with the debt restructuring
and almost all the steps to implement the Eurotunnel Safeguard
Plan will occur on June 28, 2007.  Nonetheless, given the
complexity of the steps necessary to complete the
implementation, some may, for purely practical reasons, not be
concluded until June 29, 2007.

As a result, GET SA has requested from Euronext, who has
accepted, that the initial listing of its shares and warrants,
and that of the Notes Redeemable for Shares in GET SA to be
issued by its subsidiary EGP, should take place on July 2, 2007.

In addition, in accordance with the Safeguard Plan, GET SA will
carry out a consolidation of its shares at a ratio of 1:40 by
the end of 2007.

"I extend my warmest thanks to shareholders for the massive
support that they have given to the Safeguard Plan.  The share
consolidation will give a share value which should be much more
representative of the new Eurotunnel, which s now in place and
able to concentrate fully on its development," Eurotunnel
chairman and CEO Jacques Gounon disclosed.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


HEXCEL CORP: Inks Deal with JPS Industries for Carolina Assets
--------------------------------------------------------------
Hexcel Corporation entered into a definitive agreement with JPS
Industries Inc., pursuant to JPS acquiring the company’s assets
comprising of operations in Anderson, South Carolina and
Statesville, North Carolina.

The consideration includes a cash purchase price of US$62.5
million, plus a contingent earn-out payment of up to US$12.5
million based on revenues generated from sales of ballistics
products from those facilities over the 36-month period after
the consummation of the acquisition.

Upon consummation of the transaction, JPS will acquire Hexcel's
fiberglass based electronics and specialty industrial substrates
businesses in addition to their aramid based ballistics
substrates business.

"This transaction represents a landmark event in the history of
JPS Industries and an opportunity to provide significant value
to JPS, its customers and its stockholders," Michael L.
Fulbright, chairman and CEO of JPS, said.  "JPS believes that
Hexcel's employees, facilities, and product lines complement the
company’s existing operations well and adding these resources
into its existing business will create a much stronger operating
entity. This combination provides the company’s JPS Composite
Materials business, led by M. Gary Wallace, president, with
significant resources to grow and better serve our existing
markets and customers with larger, more flexible manufacturing
capabilities, stronger R&D efforts across all product lines and,
importantly, gives us entry to several new markets.  The
customers and markets of the new JPS Composites will span many
industries and specialty applications including, but not limited
to: electronics applications including printed circuit boards,
communication devices and Internet infrastructure components,
advanced composite materials for aerospace components in
military and commercial applications, specialty substrates for
commercial and residential construction, industrial filtration,
and insulation products, high performance fiberglass substrates
for security and transportation applications, and, importantly,
ballistics materials used in soft body armor for civilian and
military applications."

"The acquisition will be financed with a new US$105 million
senior and second lien credit facility arranged by Wachovia,
Charles R. "Chuck" Tutterow, EVP and CFO of JPS Industries and
president of Stevens Urethane added.  “After closing, the
company anticipates that the new JPS Industries will have annual
sales in excess of US$325 million originating from five
manufacturing facilities in our three main business units:
Composite Materials, Stevens Roofing and Stevens Urethane.

"This represents the first of several planned growth objectives
involving each of the company’s three business units in the form
of organic growth, product line extensions and potentially other
acquisition opportunities,” Mr. Fulbright stated.

The acquisition is subject to customary closing conditions,
including termination of waiting period under the Hart-Scott-
Rodino Antitrust Improvements Act and JPS's ability to obtain
financing sufficient to consummate the acquisition.  The
acquisition is expected to be completed in the third quarter of
2007.

                    About JPS Industries Inc.

Headquartered in New Hampshire, JPS Industries Inc. (JPST.PK) –-
http://www.jpsindustries.com/-- manufactures of extruded
urethanes, polypropylenes and mechanically formed glass
substrates for specialty industrial applications.  JPS specialty
industrial products are used in a wide range of applications,
including: printed electronic circuit boards; advanced composite
materials; aerospace components; filtration and insulation
products; surf boards; construction substrates; high performance
glass laminates for security and transportation applications;
plasma display screens; athletic shoes; commercial and
institutional roofing; reservoir covers; and medical, automotive
and industrial components.  The company operates manufacturing
locations in Slater, South Carolina; Westfield, North Carolina;
and Easthampton, Massachusetts.

                     About Hexcel Corporation

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                           *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is Stable.


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


ALDAMIDA COM: Claims Registration Period Ends October 10
--------------------------------------------------------
Creditors of ALDAMIDA COM Handelgesellschaft mbH have until
Oct. 10 to register their claims with court-appointed insolvency
manager Fabio Algari.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Nov. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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:

         Fabio Algari
         Oppenheimer Landstrasse 3
         D 60594 Frankfurt (Main)
         Germany
         Tel: 069/6109160
         Fax: 069/61091616

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against ALDAMIDA COM Handelgesellschaft mbH on
June 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ALDAMIDA COM Handelgesellschaft mbH
         Stiftstrasse 36
         60313 Frankfurt (Main)
         Germany

         Attn: Mykhaiylo Mager, Manager
         Renoirallee 18
         60438 Frankfurt (Main)
         Germany


AUTO MOBIL: Claims Registration Period Ends August 6
----------------------------------------------------
Creditors of Auto Mobil Zentrum Dipperz GmbH have until Aug. 6
to register their claims with court-appointed insolvency manager
Andreas Schafft.

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

The meeting of creditors will be held at:

         The District Court of Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         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
         Kanzlei Leonhardt, Westhelle & Partner
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312

The District Court of Fulda opened bankruptcy proceedings
against Auto Mobil Zentrum Dipperz GmbH on June 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Auto Mobil Zentrum Dipperz GmbH
         Gewerbestr. 1
         36160 Dipperz
         Germany

         Attn: Guido Wachtersbach, Manager
         Elm 4 b
         36466 Dermbach
         Germany


AUTOHAUS BEHREND: Claims Registration Period Ends July 20
---------------------------------------------------------
Creditors of Autohaus Behrend GmbH have until July 20 to
register their claims with court-appointed insolvency manager
Fritz Zanker.

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

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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:

         Fritz Zanker
         Albstr. 14
         70597 Stuttgart
         Germany
         Tel: 0711/7696880
         Fax: 0711/76968850

The District Court of Aalen opened bankruptcy proceedings
against Autohaus Behrend GmbH on June 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Behrend GmbH
         Buchstr. 103
         73525 Schwabisch Gmuend
         Germany

         Attn: Ingrid Behrend, Manager
         Graf-von-Rechbergstr. 23
         73529 Schwabisch Gmuend
         Germany


BUERO KONZEPTE: Claims Registration Period Ends July 10
-------------------------------------------------------
Creditors of Buero konzepte Planungsgesellschaft mbH & Co. KG
have until July 10 to register their claims with court-appointed
insolvency manager Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Buero konzepte Planungsgesellschaft mbH & Co. KG on
June 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Buero konzepte Planungsgesellschaft mbH & Co. KG
         Bendemannstrasse 13
         40210 Duesseldorf
         Germany

         Attn: Edgar Johannes Koehler, Manager
         Bandsbusch 82
         40723 Hilden
         Germany


BUEROLOS GMBH: Claims Registration Period Ends July 27
------------------------------------------------------
Creditors of bUEROLOS GmbH mit Sitz in Schwerin have until
July 27 to register their claims with court-appointed insolvency
manager Axel Pelzer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Aug. 27, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         Germany

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

The insolvency manager can be reached at:

         Axel Pelzer
         Rud.-Breitscheid-Str. 4
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against bUEROLOS GmbH mit Sitz in Schwerin on June 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         bUEROLOS GmbH mit Sitz in Schwerin
         Backerstrasse 17
         19055 Schwerin
         Germany


CO4 COMMUNICATIONS: Claims Registration Period Ends August 6
------------------------------------------------------------
Creditors of CO4 Communications GmbH have until Aug. 6 to
register their claims with court-appointed insolvency manager
Hendrik Hefermehl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         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:

         Dr. Hendrik Hefermehl
         Olgastr. 54
         70182 Stuttgart
         Germany
         Tel: 0711/16 55 30
         Fax: 0711/16 55 399

The District Court of Stuttgart opened bankruptcy proceedings
against CO4 Communications GmbH on June 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CO4 Communications GmbH
         Tuebinger Str. 19b
         70178 Stuttgart
         Germany


CONSERV GMBH: Creditors’ Meeting Slated for July 24
---------------------------------------------------
The court-appointed insolvency manager for ConServ GmbH & Co.
KG, Carsten Cervera will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on July 24.

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

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

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

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

The insolvency manager can be reached at:

         Carsten Cervera
         Schuetzenstr. 6 a
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against ConServ GmbH & Co. KG on June 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ConServ GmbH & Co. KG
         Schillerstr. 7a
         10625 Berlin
         Germany


DAIMLERCHRYSLER: Banks Raise Funds for Cerberus's Chrysler Deal
---------------------------------------------------------------
J.P. Morgan Chase & Co., Bear Stearns Cos., Goldman Sachs Group
Inc., Citigroup Inc. and Morgan Stanley will launch a road show
this week to raise money to finance Cerberus Capital Management
LP's acquisition of the Chrysler Group and Chrysler Financial,
Gina Chon reports for the Wall Street Journal.  The deal
requires Cerberus to raise about US$62 billion in debt.

Road show sessions are scheduled for Tuesday on the West Coast
and Friday on the East Coast, according to Standard & Poor's
Leveraged Commentary & Data, Ms. Chon notes.  Much of the
funding is expected to go on the balance sheet as cash.

The TCR-Europe reported on May 15, 2007, that an affiliate of
private equity firm Cerberus Capital Management, L.P., New York,
will make a capital contribution of US$7.4 billion in return for
an 80.1 percent equity interest in the future new company,
Chrysler Holding LLC.

Of the total capital contribution of US$7.4 billion, US$5.0
billion will flow into the industrial business (Chrysler
Corporation LLC) and US$1.05 billion will flow into the
financial services business in order to strengthen the equity
base of both businesses.  DaimlerChrysler will receive the
balance of US$ 1.35 billion. In addition, DaimlerChrysler will
grant a loan of US$0.4 billion to Chrysler Corporation LLC.

Daimler will have to keep paying off much of the approximately
US$38 billion in debt already on the books of the two units,
which it has guaranteed, Ms. Chon relates.  Under Cerberus,
Chrysler has to borrow money to compensate Daimler, which will
retain the remaining 19.9 percent stake, and to fund the
businesses.  That means as much as US$50 billion needs to be
raised at the finance unit and another US$12 billion is needed
for the auto operation, Ms. Chon observes.

J.P. Morgan, Citigroup and Goldman Sachs met in Detroit to
launch the senior managing agent underwriting round of their
US$8 billion financing for Chrysler Financial, Ms. Chon says,
citing S&P's Leveraged Commentary & Data.  Financing for the
auto business calls for a US$10 billion first-lien term loan and
US$2 billion second-lien, S&P claims.

The banks have been asked to participate in part of a US$2
billion revolving credit and a US$4 billion term loan for
Chrysler Financial, S&P said.  The finance company unit will
also put in place a US$2 billion second-lien, Ms. Chon writes
for WSJ.

                    About DaimlerChrysler

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.


HANNES NUTRIPHARM: Claims Registration Ends July 11
---------------------------------------------------
Creditors of Hannes Nutripharm GmbH have until July 11 to
register their claims with court-appointed insolvency manager
Christoph Mathern.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Christoph Mathern
         Kanzlerstr. 32-34
         09112 Chemnitz
         Germany
         Tel: (03 71) 490 91 67
         Fax: (03 71) 490 94 44
         E-mail: mail@poessl.com

The District Court of Chemnitz opened bankruptcy proceedings
against Hannes Nutripharm GmbH on June 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hannes Nutripharm GmbH
         Schulstrasse 20
         08309 Eigenstock
         Germany

         Attn: Hendrik Hannes, Manager
         Johann-Karg-Str. 44
         85540 Haar/Salmdorf
         Germany


HEINZ BAHLMANN: Creditors' Meeting Slated for July 20
-----------------------------------------------------
The court-appointed insolvency manager for Heinz Bahlmann
Beteiligungs-GmbH, Hermann Berding, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:25 a.m. on July 20.

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

         The District Court of Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 3 at the same venue.

Creditors have until July 19 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against Heinz Bahlmann Beteiligungs-GmbH on June 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinz Bahlmann Beteiligungs-GmbH
         Zum Brook 15-17
         49661 Cloppenburg
         Germany


HOLZ-BURGER GMBH: Creditors Must Register Claims by July 31
-----------------------------------------------------------
Creditors of Holz-Burger GmbH have until July 31 to register
their claims with court-appointed insolvency manager Winfried
Wahner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Aug. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Residenzplatz 4-6
         87435 Kempten
         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:

         Winfried Wahner
         Stegmuehlenweg 1
         88131 Lindau
         Germany
         Tel: 08382/22805
         Fax: 08382/21703

The District Court of Kempten opened bankruptcy proceedings
against Holz-Burger GmbH on June 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Holz-Burger GmbH
         Genhofen 41 88167
         Stiefenhofen
         Germany


K & B IMMOBILIEN: Claims Registration Ends July 30
--------------------------------------------------
Creditors of K & B Immobilien und Bautrager GmbH have until
July 30 to register their claims with court-appointed insolvency
manager Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Henning Schorisch
         Leipziger Strasse 70
         06108 Halle
         Germany
         Tel: 0345/678780
         Fax: 0345/6787810

The District Court of Dessau opened bankruptcy proceedings
against K & B Immobilien und Bautrager GmbH on June 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         K & B Immobilien und Bautrager GmbH
         Mozartstr. 11
         06844 Dessau
         Germany

         Attn: Bernd Buchold, Manager
         Goltewitzer Strasse 22
         06773 Juedenberg
         Germany


MEMORY-KLINIKEN GMBH: Claims Registration Ends August 8
-------------------------------------------------------
Creditors of Memory-Kliniken GmbH & Co. have until Aug. 8 to
register their claims with court-appointed insolvency manager
Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de

The District Court of Leipzig opened bankruptcy proceedings
against Memory-Kliniken GmbH & Co. on June 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Memory-Kliniken GmbH & Co.
         Nikolaistrasse 6/10
         04109 Leipzig
         Germany


MEYERS AUTOLAND: Creditors' Meeting Slated for July 19
------------------------------------------------------
The court-appointed insolvency manager for Meyers Autoland GmbH
& Co. Handels-KG, Bardua Heller will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:20 a.m. on July 19.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:15 a.m. on Oct. 18 at the same venue.

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

The insolvency manager can be reached at:

         Bardua Heller
         Lueder-Cluever-Str. 47
         28779 Bremen
         Germany

The District Court of Bremen opened bankruptcy proceedings
against Meyers Autoland GmbH & Co. Handels-KG on June 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Meyers Autoland GmbH & Co. Handels-KG
         Attn: Hans-Juergen Meyer, Manager
         Heidlerchenstrasse 4
         28777 Bremen
         Germany


POHLMANN BAUGESELLSCHAFT: Claims Registration Ends August 1
-----------------------------------------------------------
Creditors of Pohlmann Baugesellschaft mbH have until Aug. 1 to
register their claims with court-appointed insolvency manager
Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Peter Henz
         Rietberger Str. 28
         33378 Rheda-Wiedenbrueck
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Pohlmann Baugesellschaft mbH on June 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pohlmann Baugesellschaft mbH
         Attn: Waldemar Kuhn, Manager
         Benzstr. 3
         33378 Rheda-Wiedenbrueck
         Germany


SCHUMANN & KURTH: Creditors Must Register Claims by June 29
-----------------------------------------------------------
Creditors of Schumann & Kurth GmbH have until June 29 to
register their claims with court-appointed insolvency manager
Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         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:

         Rainer M. Bahr
         Obergraben 10
         01097 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Schumann & Kurth GmbH on May 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schumann & Kurth GmbH
         Kesselsdorfer Str. 127]
         01169 Dresden
         Germany


SIMON IS: Creditors Must Register Claims by July 18
---------------------------------------------------
Creditors of Simon is GmbH have until July 18 to register their
claims with court-appointed insolvency manager Frank Voelger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Frank Voelger
         Anne-Frank-Strasse 6
         64823 Gross-Umstadt
         Germany
         Tel: 06078/912313
         Fax: 06078/912314

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

The Debtor can be reached at:

         Simon is GmbH
         Gerickeweg 5
         64291 Darmstadt
         Germany


TELOG SPEDITION: Creditors Must Register Claims by July 12
----------------------------------------------------------
Creditors of Telog Spedition GmbH have until July 12 to register
their claims with court-appointed insolvency manager
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-1504-0
         Fax: 0611-301774

The District Court of Darmstadt opened bankruptcy proceedings
against Telog Spedition GmbH on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Telog Spedition GmbH
         Karlsbader Str. 45
         65428 Ruesselsheim
         Germany


===========
G R E E C E
===========


NAVIOS MARITIME: Hires Shunji Sasada as Chief Operating Officer
---------------------------------------------------------------
Navios Maritime Holdings Inc. appointed Shunji Sasada as its
Chief Operating Officer.

Angeliki Frangou, Navios' CEO and Chairman commented "Shunji has
been essential to Navios's success.  His knowledge of the
Company, understanding of fleet development and excellent
relationships with shipbuilders globally are only a few factors
for his leadership at Navios.  We expect to continue to benefit
from Shunji's valuable contributions in his new role."

Mr. Sasada began his shipping career in 1981 in Japan with
Mitsui O.S.K. Lines, Ltd. (MOSK), as a salesmen.  Mr. Sasada
subsequently worked in the tramp section in Mitsui's bulk
carrier division overseeing operations and chartering of
approximately 30 Handysize vessels.  In 1991, Mr. Sasada joined
Trinity Bulk Carriers in Norway as its chartering manager and
board member.  Mr. Sasada subsequently launched MOSK's London
operations as General Manager.

Mr. Sasada joined Navios in May 1997 and most recently served as
Senior Vice President Fleet Development.  He is a graduate of
Keio University, Tokyo, with a BA degree in Business.

                   Navios Esperanza Time Charter

Navios also announced a new time charter of the Navios
Esperanza, a panamax that will be delivered to Navios's long
term chartered-in fleet in August of 2007.  The 75,200 dwt
panamax has been contracted for two years at a net rate of
US$37,056 commencing upon delivery.

As a result of this new charter, Navios has extended the
coverage of its core fleet (excluding vessels acquired through
the Kleimar N.V. transaction) to 94.2% for 2007, 67.5% for 2008
and 25.8% for 2009.

Navios currently controls 45 vessels, of which 21 are owned and
24 are chartered-in.  Of the chartered-in vessels, 17 are
currently operating, and 7 are still to be delivered.  Navios
holds 11 purchase options on the 24 chartered-in vessels, 8 on
operating vessels, and 3 on the vessels still to be delivered.
All of these purchase options are for exercise prices below the
related vessel's current market value.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
-- http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, in connection with Moody's Investors Service's
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 last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B2        B3      LGD5     80%


=============
H U N G A R Y
=============


AES CORP: Earns US$119 Million in 2007 First Quarter
----------------------------------------------------
The AES Corporation reported strong first quarter 2007 results.
Revenues increased 11% to US$3.1 billion compared to US$2.8
billion for the first quarter of 2006, while net cash from
operating activities increased 14% to US$581 million compared to
US$509 million last year.

First quarter income from continuing operations was US$119
million.  The quarterly results were in line with the company’s
expectations excluding a non-cash charge of US$35 million due to
an impairment of a minority investment, and a charge of US$22
million, or US$0.03 impact on diluted earnings per share,
relating to a litigation reserve as a result of a court ruling
at our subsidiary in Kazakhstan.  Adjusted earnings per share (a
non-GAAP financial measure) were US$0.24 for the quarter and
include the US$0.03 charge at our subsidiary in Kazakhstan.
These results compare to 2006 first quarter income from
continuing operations of US$330 million and adjusted earnings
per share of US$0.39.  First quarter 2006 results included a
one-time US$87 million gain or US$0.13 positive impact on
diluted earnings per share associated with the sale of Kingston
in Ontario and the sale of an additional US$39 million or
US$0.05 positive impact on diluted earnings per share in excess
emission sales.

As anticipated and previously disclosed, the company recognized
an impairment charge of approximately US$638 million, or US$0.94
impact on diluted earnings per share, in connection with the
sale of its equity stake in its Venezuelan subsidiary C.A. La
Electricidad de Caracas (EDC), now included in discontinued
operations.  Including these charges, the Company incurred a net
loss of US$455 million.  This compares to net income of US$348
million, or US$0.52 earnings per diluted share in first quarter
2006.

During the quarter, AES continued to execute its growth plans.
The company signed a Memorandum of Understanding and
subsequently entered into a partnership with GE Energy Financial
Services to develop greenhouse gas emission reduction projects
in the United States.  The company also acquired two new power
plants with long-term power agreements in Tamuin, Mexico
totaling 460 MW of capacity.

“The quarter reflected strong revenues, cash flow and underlying
operating performance,” said Paul Hanrahan, AES President and
CEO.  “We continued to implement our growth strategy focusing on
meeting increasing demand for energy in fast-growing markets
while expanding our presence in renewables and the growing
market for emission offsets.”

First Quarter 2007 Consolidated Highlights:

   * Revenues increased by US$304 million to US$3.1 billion,
     reflecting higher prices and increased demand primarily in
     Latin America, the acquisition of two new facilities in
     Mexico and the consolidation of Itabo, one of the company’s
     businesses in the Dominican Republic, and favorable foreign
     currency translation.

   * Gross margin decreased by US$49 million to US$868 million,
     primarily due to the benefit of higher emission sales of
     US$39 million recorded in first quarter 2006 and
     US$32 million cost recoveries related to prior periods in
     the first quarter of 2006 at Eletropaulo in Brazil.  This
     was partially off-set by favorable foreign currency
     translation, contributions from the two new facilities in
     Mexico and the consolidation of Itabo, and improved
     operating performance at various subsidiaries.


   * General and administrative expense increased US$28 million
     to US$85 million, largely from higher spending related to
     the strengthening of our financial organization, completion
     of our recent restatement and increased business
     development activities to support our growth initiatives.

   * Interest expense increased by US$4 million to
     US$422 million, reflecting debt at recently acquired
     businesses, including the two new facilities in Mexico,
     interest on regulatory liabilities in Brazil and losses on
     interest rate derivatives.  These increases were partially
     offset by debt retirements and lower interest rates at our
     Brazil subsidiaries.

   * Other expense decreased US$37 million to US$41 million,
     largely due to costs associated with debt retirements at
     the parent company and at our businesses in El Salvador
     during the first quarter of 2006, partially offset by a
     US$22 million charge in first quarter of 2007 related to a
     court ruling at our subsidiary in Kazakhstan.

   * Gain on sale of investment decreased by US$86 million due
     to the sale of AES Kingston, a 110 MW power plant in
     Ontario, Canada that resulted in a gain of US$87 million in
     the first quarter of 2006.

   * Other non-operating expense increased by US$39 million to
     US$39 million, largely due to a US$35 million impairment in
     the Company’s minority investment in AgCert International.
     An impairment was determined to exist due to the
     application of accounting rules relating to an “other than
     temporary” decline in AgCert’s stock price performance
     during the first quarter of 2007.

   * The effective tax rate during the quarter was 41% as
     compared to 31% in 2006.  This increase was primarily due
     to a change in tax law in China, unfavorable tax impacts of
     the charges associated with the impairment of the company's
     investment in AgCert and with the court ruling in
     Kazakhstan, and a favorable impact in the first quarter of
     2006 associated with the non-taxable sale of Kingston,
     offset by a tax benefit recorded upon the release of a
     valuation allowance at one of our subsidiaries in
     Argentina.

   * Income from continuing operations for the first quarter of
     2007 was US$119 million, or US$0.18 diluted earnings per
     share, versus US$330 million, or US$0.49 diluted earnings
     per share for the first quarter of 2006.  Adjusted earnings
     per share for the first quarter of 2007 were US$0.24
     compared to US$0.39 in first quarter 2006.

   * During the quarter, free cash flow (a non-GAAP financial
     measure) increased by US$68 million to US$377 million,
     primarily due to decreases in net working capital, lower
     cash tax payments and contributions from the two new
     facilities in Mexico and the consolidation of Itabo.

First Quarter 2007 Segment Highlights:

   * Latin America Generation revenue increased by
     US$139 million to US$738 million, primarily due to higher
     contract and spot prices at Gener in Chile, the
     consolidation of Itabo in the Dominican Republic, and
     increased energy prices in Argentina.  Gross margin
     decreased by US$9 million to US$250 million, primarily due
     to increased purchased electricity and fuel costs at
     Uruguaiana in Brazil and Gener in Chile and higher fixed
     costs at Gener, partially offset by the consolidation of
     Itabo and variable margin on the increased revenues in
     Argentina.

   * Latin America Utility revenue increased by US$73 million to
     US$1.2 billion, primarily due to the positive impact of
     foreign currency translation in Brazil and higher tariff
     rates at Eletropaulo and Sul in Brazil and CAESS-EEO in El
     Salvador.  Gross margin decreased by US$19 million to
     US$210 million, primarily due to prior period costs
     recovered through the tariff in first quarter 2006 at
     Eletropaulo in Brazil, partially offset by favorable
     foreign currency translation and the favorable tariff rates
     at Sul and CAESS-EEO.

   * North America Generation revenue increased by US$17 million
     to US$510 million, primarily due to the acquisition of the
     two new facilities in Mexico, higher spot prices at Eastern
     Energy in New York and planned outages at Warrior Run in
     Maryland and AES Hawaii in first quarter 2006.  These gains
     were mostly offset by lower emission sales in New York and
     outages at Merida in Mexico and at Deepwater in Texas.
     Gross margin decreased by US$20 million to US$154 million,
     primarily due to lower emission sales at Eastern Energy in
     New York.

   * North America Utility revenue increased by US$8 million to
     US$263 million, primarily due to higher volumes at IPL in
     Indiana.  Gross margin increased by US$17 million to
     US$81 million primarily due to higher volume and lower
     maintenance costs associated with generation unit overhauls
     in first quarter of 2006 at IPL.

   * Europe & Africa Generation revenue increased by
     US$44 million to US$252 million, primarily due to higher
     volume and prices in Kazakhstan, favorable foreign currency
     translation and higher volume and prices in Hungary.  Gross
     margin increased by US$10 million to US$90 million,
     primarily due to higher revenues in Kazakhstan and
     favorable foreign currency translation, partially offset by
     lower emission sales at Bohemia in Czech Republic.

   * Europe & Africa Utility revenue increased by US$14 million
     to US$166 million, primarily due to higher tariff rates in
     Ukraine and foreign currency translation gains.  Gross
     margin decreased by US$19 million to US$17 million due to
     reduced rainfall in Cameroon which led to increased fuel
     costs and an unfavorable derivative mark-to-market variance
     at AES SONEL in Cameroon.  Additionally, AES SONEL
     experienced higher fixed costs related to increased
     staffing and higher depreciation.

   * Asia Generation revenue increased by US$18 million to
     US$212 million, primarily due to higher volume in Pakistan
     and an outage at Ras Laffan in Qatar in 2006, partially
     offset by lower volumes in Sri Lanka.  Gross margin
     decreased by US$5 million to US$58 million, primarily due
     to lower volumes in Sri Lanka and higher planned
     maintenance costs at Barka in Oman.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

The company has Asian presence in China, India and Sri Lanka.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


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


ALITALIA SPA: OAO Aeroflot Won't Fuse Bid with AirOne S.p.A.
------------------------------------------------------------
OAO Aeroflot will not submit a joint offer with rival AirOne
S.p.A. and Intesa-San Paolo S.p.A. for the Italian government's
39.9% stake in Alitalia S.p.A., Bloomberg News reports.

"We are not interested in the cooperation with Air One
that has been proposed," Aeroflot Deputy CEO Lev Koshlyakov told
Bloomberg News.

The TCR-Europe reported on June 11, 2007, that Aeroflot is
holding talks with Air One chief executive and owner Carlo
Toto over a possible alliance to Alitalia.

Sources privy to the matter told the Financial Times that Mr.
Toto decided to take a personal lead in holding talks with a
possible partner and has excluded the carrier's advisors from
negotiations.  The sources added that though no formal deal has
been signed, the two current rivals for Alitalia may fuse their
bids.

The Italian government wants OAO Aeroflot-Unicredit Italiano
S.p.A. and AirOne S.p.A.-Intesa-San Paolo S.p.A. consortia to
unify their bids to acquire the state's stake in Alitalia.

Mr. Koshlyakov revealed to Bloomberg News that the talks with
AirOne never became formal, adding that Aeroflot is not looking
for a third partner in its bid for Alitalia.  The CEO also noted
the differences in their organizational and operational
structures.

                         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
===================


KAZKOMMERTSBANK: Moody's Cuts Foreign Currency Rating to Ba1
------------------------------------------------------------
Moody's Investors Service downgraded these ratings of
Kazkommertsbank of Kazakhstan:

   -- senior unsecured debt in foreign currency to Baa2/P-2 from
      Baa1/P-2;

   -- foreign currency backed subordinated debt to Baa3 from
      Baa2; and

   -- foreign currency backed junior subordinated debt to Ba1
      from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.  This action
concludes the ratings review initiated on May 4, 2007, following
the implementation of Moody's amended bank rating methodology.

The downgrade of KKB's foreign currency debt ratings reflects
Moody's assessment of systemic support levels for banks in
Kazakhstan using its low country support guideline and the
conservative support assumptions used as part of Moody's refined
joint default analysis  methodology.  Thus, the bank's deposit
and debt ratings incorporate its Ba2 Baseline Credit Assessment
and Moody's assessment of the probability of systemic support (a
component of JDA), which is very high due to KKB's position as
the largest bank in Kazakhstan, accounting for 26% of the
banking system's total assets at year-end 2006, and the
seniority of deposits and debt.

The assignment of a negative outlook to the BFSR and to the debt
ratings derives primarily from Moody's concerns that the bank's
very rapid lending expansion and large concentrations in the
loan portfolio could result in material deterioration of asset
quality.  The rating agency notes that one of the major risk
factors is KKB's large exposure to the real estate and
construction sector.  Moody's says that another important reason
for the negative outlook on the ratings is the bank's high
dependence on international market borrowings (net
loans/customer deposits ratio stood at 244% at year-end 2006),
which could give rise to refinancing risk.

Headquartered in Almaty, Kazakhstan, KKB reported consolidated
total assets of KZT2,444 billion (US$19.2 billion) and
shareholders' equity of KZT249 billion (US$1.9 billion) under
IFRS as of Dec. 31, 2006.


TURANALEM: Moody's Cuts Two Subordinated Debt Rating to Low-B
-------------------------------------------------------------
Moody's Investors Service downgraded the debt ratings of Bank
TuranAlem and Temirbank, concluding the review for possible
downgrade that was initiated on May 4, 2007, following the
implementation of Moody's refined JDA methodology on external
support.  All ratings now carry stable outlooks.

The affected ratings are:

* Bank TuranAlem:

   -- Foreign Currency Senior Unsecured Debt Ratings downgraded
      to Baa3 from Baa1.

   -- Foreign Currency Subordinate Debt Ratings downgraded to
      Ba1 from Baa2.

   -- Foreign Currency Junior Subordinate Debt Rating downgraded
      to Ba2 from Baa3.

   -- The D- Bank Financial Strength Rating is unchanged.

* Temirbank:

   -- Foreign Currency Senior Unsecured Debt Rating downgraded
      to Ba1 from Baa3.

   -- The E+ Bank Financial Strength Rating is unchanged.

The rating downgrades for Bank TuranAlem still impute a very
high degree of systemic support albeit with some degree of
inherent uncertainty as to the predictability of such support.
In its assessment of systemic support for banks in Kazakhstan,
Moody's takes into consideration the country's low support
guideline, as well as the size, strength and degree of
fragmentation of the banking system.  In addition to the low
support assessment for banks in Kazakhstan, Bank TuranAlem's
Baseline Credit Assessment, as reflected in the D- BFSR, is a
key factor that weighs negatively on the bank's long-term
ratings despite the very high degree of imputed external
support.

The rating downgrades for Temirbank reflect the downgrade of
Bank TuranAlem's ratings, the ultimate support provider of
Temirbank.  Given its relatively small size, coupled with the
low support assessment, Temirbank's debt and deposit ratings do
not benefit from any significant state support that could
enhance its creditworthiness.  Based on this framework, the
foreign currency debt ratings of Bank TuranAlem and Temirbank
were downgraded.

Both banks are headquartered in Almaty, Kazakhstan.  Temirbank
reported audited consolidated total assets of KZT198 billion
(US$1.6 billion) and total equity of KZT27 billion (US$211
million) under IFRS as of Dec. 31, 2006.  Bank TuranAlem
reported total consolidated assets of KZT2.075 trillion (US$16.3
billion) and total equity of KZT182 billion (US$1.4 billion)
under IFRS as of Dec. 31, 2006.


TEMIRBANK: Moody's Cuts Senior Unsecured Debt Rating to Ba1
-----------------------------------------------------------
Moody's Investors Service downgraded the debt ratings of Bank
TuranAlem and Temirbank, concluding the review for possible
downgrade that was initiated on May 4, 2007, following the
implementation of Moody's refined JDA methodology on external
support.  All ratings now carry stable outlooks.

The affected ratings are:

* Bank TuranAlem:

   -- Foreign Currency Senior Unsecured Debt Ratings downgraded
      to Baa3 from Baa1.

   -- Foreign Currency Subordinate Debt Ratings downgraded to
      Ba1 from Baa2.

   -- Foreign Currency Junior Subordinate Debt Rating downgraded
      to Ba2 from Baa3.

   -- The D- Bank Financial Strength Rating is unchanged.

* Temirbank:

   -- Foreign Currency Senior Unsecured Debt Rating downgraded
      to Ba1 from Baa3.

   -- The E+ Bank Financial Strength Rating is unchanged.

The rating downgrades for Bank TuranAlem still impute a very
high degree of systemic support albeit with some degree of
inherent uncertainty as to the predictability of such support.
In its assessment of systemic support for banks in Kazakhstan,
Moody's takes into consideration the country's low support
guideline, as well as the size, strength and degree of
fragmentation of the banking system.  In addition to the low
support assessment for banks in Kazakhstan, Bank TuranAlem's
Baseline Credit Assessment, as reflected in the D- BFSR, is a
key factor that weighs negatively on the bank's long-term
ratings despite the very high degree of imputed external
support.

The rating downgrades for Temirbank reflect the downgrade of
Bank TuranAlem's ratings, the ultimate support provider of
Temirbank.  Given its relatively small size, coupled with the
low support assessment, Temirbank's debt and deposit ratings do
not benefit from any significant state support that could
enhance its creditworthiness.  Based on this framework, the
foreign currency debt ratings of Bank TuranAlem and Temirbank
were downgraded.

Both banks are headquartered in Almaty, Kazakhstan.  Temirbank
reported audited consolidated total assets of KZT198 billion
(US$1.6 billion) and total equity of KZT27 billion (US$211
million) under IFRS as of Dec. 31, 2006.  Bank TuranAlem
reported total consolidated assets of KZT2.075 trillion (US$16.3
billion) and total equity of KZT182 billion (US$1.4 billion)
under IFRS as of Dec. 31, 2006.


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


AQUARIUS LLC: Claims Filing Period Ends August 3
------------------------------------------------
LLC Aquarius has declared insolvency.  Creditors have until
Aug. 3 to submit written proofs of claim to:

         LLC Aquarius
         Micro District Ug-2, 4-18
         Bishkek
         Kyrgyzstan


MXDMED LLC: Creditors Must File Claims by August 3
--------------------------------------------------
LLC Mxdmed (INN 0030032156/02301199710055) has declared
insolvency.  Creditors have until Aug. 3 to submit written
proofs of claim to:

         LLC Mxdmed
         Togolok Moldo Str. 3
         Bishkek
         Kyrgyzstan


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


BEVERAGE PACKAGING: Moody's Holds Ratings on Revised Structure
--------------------------------------------------------------
Moody's Investors Service affirmed the (P)Ba2 rating for the
senior secured bank debt of Beverage Packaging Holdings I S.A.,
the (P)B2 rating for the senior notes and the (P)B3 rating for
the senior subordinated notes, both to be issued at Beverage
Packaging Holdings (Luxembourg) II S.A.

This follows the revised debt structure where the bank debt
portion was reduced to EUR695 million from EUR825 million and
the amount to be issued for the senior notes changed to EUR480
million from EUR50 million and for the senior subordinated notes
to EUR420 million from EUR320 million.  The overall amount of
debt to be issued remains the same.

While the overall absolute amount of expected loss is assumed to
stay the same in Moody's Loss Given Default Analysis after the
changed financing mix, the LGD rates for financial debt all have
actually declined.  However, the absolute amount of expected
loss for senior subordinated note holders has increased to the
benefit of bank debt and senior note holders.  The revised LGD
rates/assessments are:

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

   -- (P)Ba2 EUR85 million Revolving Credit Facility, LGD 20%,
      LGD2; formerly LGD 22%, LGD2;

   -- (P)Ba2 EUR305 million Term Loan B, LGD 20%, LGD2; formerly
      LGD 22%, LGD2; and

   -- (P)Ba2 EUR305 million Term Loan C, LGD 20%, LGD2; formerly
      LGD 22%, LGD2.

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

   -- (P)B2 EUR480 million Senior Notes, LGD 63%, LGD4; formerly
      LGD 72%, LGD5; and

   -- (P)B3 EUR420 million Senior Subordinated Notes, LGD 89%,
      LGD5; formerly LGD 92%, LGD6.

Moody's on June 19, 2007 assigned a Corporate Family Rating of
B1 to Beverage Packaging Holdings I S.A. with a stable outlook.

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


EVRAZ SA: Highveld Steel's Board Rejects Buyout Offer
-----------------------------------------------------
The board of directors of Highveld Steel and Vanadium Corp.
rejected an offer by Evraz Group S.A. to buy out the South
African firm's minority shareholders, Reuters reports.

The TCR-Europe reported on June 5, 2007, that Evraz made an
offer to acquire the entire issued share capital of Highveld for
a consideration of US$11.40 per Highveld share.

"Only if they are neither prepared, nor in a position, to bear
the risk of the uncertainties detailed, should they accept the
offer, otherwise they should not accept the offer," the board
said in a circular to shareholders.  Highveld advised its
minority shareholders to likewise reject the offer

The board noted that Evraz's ZAR82.99 per share offer was lower
than the ZAR93 per share valuation made by independent adviser
Standard Bank, Reuters relates, citing Highveld's Web site.  The
firm said Standard Bank arrived at the valuation based on cash
flows.  It added that the adviser applied a range of scenarios
and in no case did the valuation fall below ZAR85 a share.

Highveld's shareholders have until July 4, 2006 to accept the
offer.

                         About Evraz

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


                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


EVRAZ GROUP: Appoints New CEO and Secretary of the Board
--------------------------------------------------------
The Board of Directors of Evraz Group S.A. has resolved, inter
alia to:

   -- delegate the daily management of the company's business
      to Alexander Frolov and appoint him as chief executive
      officer of the company.  The Board has also confirmed Mr.
      Frolov's position as the chairman of the Board of
      Directors.

   -- appoint Dmitry Melnikov as the secretary of the Board
      effective immediately.

                          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+.


GAZPROMBANK: Moody's Rates RUR329 Million Class C Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to three classes of Notes related to Gazprombank
Mortgage Backed Securities Series 2007-1 issued by Gazprombank
Mortgage Funding 2 S.A.

   -- A3 to the EUR147.2 million Class A1 Mortgage Backed
      Floating Rate Notes Due June 2047;

   -- A3 to the RUR850 million Class A2 Mortgage Backed Fixed
      Rate Notes Due June 2047;

   -- Baa3 to the RUR311.8 million Class B Mortgage Backed Fixed
      Rate Notes Due June 2047; and

   -- Ba2 to the RUR329 million Class C Mortgage Backed Fixed
      Rate Notes Due June 2047.

Moody's has not rated the RUR329.0 million Class Da Notes.

Gazprombank Mortgage Funding 2 S.A., which is incorporated under
the laws of Luxembourg, has issued the Notes to fund the
purchase of a portfolio of mortgage certificates from Joint-
Stock Bank "GPB-Mortgage" (Closed Joint-Stock Company)(formerly
Commercial Bank "SOVFINTRADE Ltd") in its capacity as the Seller
of the mortgage certificates (either directly to the Issuer or
indirectly through Gazprombank Mortgage Funding 3 S.A.)
conferring rights under Russian ruble denominated mortgage
loans.

The loans have been originated by a range of local regional
banks and non-banking entities located in various regions of the
Russian Federation in accordance with standards set by GPB-M.
The transfer of mortgage certificates is governed by Russian
law.

The ratings of the notes are inter alia based on:

   (i) favourable pool characteristics such as the moderate
       weighted average current LTV of 65.84%;

  (ii) credit enhancement in the form of a non-amortizing
       reserve fund which is fully funded at close to the amount
       of RUR103.9 million or 1.5% of the issue size, as well as
       note subordination; and

(iii) credit quality of the servicer indemnifying party JSB
       Gazprombank (CJSC) (A3 long-term foreign currency senior
       unsecured debt, Baa2 long-term foreign currency deposits,
       Prime-2 short-term foreign currency deposits) that is
       also responsible for stand-by servicing of the mortgage
       loans.

The issuer has entered into currency swap agreements with Lehman
Brothers Special Financing Inc.  (A1) in order to hedge its
currency and interest rate exposure due to the mismatch of the
principal repayments and interest received in RUR under the
securitized loans and the principal and floating interest
payments due in EUR under the Class A1 Notes.

The pool consists of fixed rate loans evidenced by mortgage
certificates and secured by mortgages on approximately 8,893
residential properties located throughout the Russian
Federation.  A significant share of the properties is originated
in these regions:

   -- the Republic of Tatarstan (25.9%);
   -- Chelyabinsk Region (8.4%);
   -- Irkutsk Region (7.4%);
   -- Novosibirsk Region (6.1%);
   -- Vologda Region (5.0%);
   -- Stavropol Region (4.6%); and
   -- the Udmurt Republic (4.3%).

The Standby Servicer and Servicer Indemnifying Party in the
transaction is JSB Gazprombank (CJSC), day to day servicing is
performed by GPB-M who involves a range of regional servicing
entities, being either subsidiaries of the Seller or specialized
regional state mortgage agencies, in the servicing.

The definitive ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  Moody's
issued provisional ratings to these classes of notes on May 25,
2007.


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


BIOMET INC: Moody's Junks US$1 Bln Unsecured Subordinated Notes
---------------------------------------------------------------
Moody's Investors Service confirmed the provisional ratings of
Biomet Inc. ((P)B2 Corporate Family Rating.)  The confirmation
is based on Moody's expectation that the consortium of equity
sponsors will finance the incremental purchase price (US$500
million) with common stock.

The rating action assumes that the company will not use
incremental debt -- including draws on its revolving credit
facility -- to fund a dividend in conjunction with this
incremental purchase price.  The rating outlook is negative.
This concludes Moody's rating review that was initiated on
June 7, 2007.

The ratings are provisional, subject to the closing of the
transaction and receipt and review of final documentation.
Moody's anticipates that the closing will occur prior to the end
of August 2007.

Ratings confirmed with a negative outlook:

   * Biomet, Inc.

   -- Corporate Family Rating at (P)B2;

   -- US$350 Million Asset backed revolver at (P)Ba2, (LGD2,
      14%);

   -- US$400 Million Secured cash flow revolver at (P)B1, (LGD3,
      36%);

   -- US$3.6 Billion Secured term loan at (P)B1, (LGD3, 36%);

   -- US$775 Million Unsecured senior notes at (P)B3, (LGD4,
      63%);

   -- US$775 Million Unsecured PIK option notes at (P)B3, (LGD4,
      63%);

   -- US$1.015 Billion Unsecured subordinated notes at (P)Caa1,
      (LGD6, 93%);

   -- PDR at B2; and

   -- SGL-2.

Moody's believes that Biomet's very high leverage and weak
financial strength and financial policy ratios -- some of which
are positioned at the low-end of the "Caa" category -- are a key
credit risk.  In particular, interest coverage is negligible and
the ability to repay debt with cash flow is extremely limited.
Further, the absence of financial covenants in the proposed bank
agreements provides less protection to creditors.  However, in
our opinion, the presence of external liquidity sources as well
as equity sponsors that have committed significant capital (of
about US$5.4 billion) provide greater assurance that a default
is unlikely within the next 12 months.  As a result, Moody's
believes that the (P)B2 Corporate Family Rating is appropriate
even though leverage (estimated at about 8.5 times pro-forma
Debt/EBITDA based on 12 months ended Feb. 28, 2007 financial
statements) and coverage measures (estimated at 1.2 times pro-
forma EBITA/interest) are more consistent with lower ratings.

The methodology implied rating under Moody's Global Methodology
for the Medical Products & Device Industry based on pro-forma
financial statements for the twelve months ended Feb. 28, 2007
is a "B1".  However, we believe that this degree of leverage is
not fully captured under the methodology.

The company recently filed financial statements including a
restated Form 10-K for the period ended May 31, 2006, as well as
Form 10-Qs for the quarters ended Aug. 31, 2006, Nov. 30, 2006
and Feb. 28, 2007.  As anticipated, the auditors cited a
material weakness related to the backdating of stock options.
However, Moody's believes that these restated financial
statements are not materially different from previous financial
statements.  The rating outlook remains negative, however,
reflecting Biomet's weak position in the B2 category due
primarily to Moody's concerns regarding extremely high debt
levels.  Moody's believes that the company will need to see
operating improvements as well as grow at industry rates in
order to meaningfully de-leverage over the next 12-24 months.

Biomet's SGL-2 rating reflects our expectation that despite weak
free cash flow, the company's liquidity should be solid,
supported by external liquidity.  Following the transaction,
Biomet is expected to have about US$750 million of capacity
under two secured bank revolvers.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in
Warsaw, Indiana, Biomet and its subsidiaries currently
distribute products in more than 100 countries, including the
Netherlands, Argentina and Korea.


KONINKLIJKE AHOLD: Shareholders Vote for U.S. Foodservice Sale
--------------------------------------------------------------
Shareholders of Koninklijke Ahold N.V. have approved the sale of
the company's U.S. Foodservice unit to a consortium of Clayton,
Dubilier & Rice Fund VII, L.P. and Kohlberg Kravis Roberts & Co
L.P. for US$7.1 billion, The Associated Press reports.

The shareholders also voted for the return of EUR3 billion via a
cash payment and a reverse stock split.  The shareholders will
receive a one-time dividend of EUR1.89 per share, AP adds.

                           About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                            *   *   *

In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.

The action follows the company's recent announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


X5 RETAIL: Taps Jacquot Boelen to Head Ukraine Unit
---------------------------------------------------
X5 Retail Group N.V. has appointed Jacquot Boelen as chief
executive officer for Ukraine.

Mr. Boelen, 47, will be responsible for the general management
and business development of X5 in Ukraine.  He will be in charge
of implementing the Group's multi-format strategy, developing
and implementing commercial and operational strategy and meeting
sales and EBITDA Group targets for the Ukrainian market.  Mr.
Boelen will be based in Kiev and will report to X5 Retail Group
CEO Lev Khasis.

Mr. Boelen has over 25 years of retail experience, having held a
variety of senior positions for international operators.  Most
recently, he was the president and CEO of Ahold, Central Europe.

“The position of Chief Executive Officer in Ukraine has been
created as a result of our strategic review, which identified
the Ukrainian market as one of the two key geographical
priorities - along with the European part of Russia - for the
Group's further expansion over the next 5 years,” X5 Retail
Group Lev Khasis stated.  “We are currently finalizing our
strategy for Ukraine, one of Eastern Europe's largest markets
with a huge potential and in which we aim to become one of the
leading operators over the medium term by means of organic
growth and potential selective acquisitions.  We are confident
that Mr. Boelen, with his extensive knowledge of the
international retail business and his solid management
background working for major retail companies, will contribute
to the Company's success in this market.”

“I am delighted to accept the position of CEO Ukraine, working
for Russia's leading food retail operator,” Mr. Boelen
commented.  “X5 has a clear, long-term aggressive strategy for
further expansion in one of the world's fastest growing markets
and I believe my experience in managing retail operations in
Eastern Europe will help the Company to achieve its targets in
Ukraine.”

                          About X5 Retail

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

                           *     *     *

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

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

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

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


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


TCL CORP: Plans Listing of PC Unit to Raise Capital
---------------------------------------------------
China's TCL Corp. may list its personal computer unit to raise
much-needed capital, Reuters reports, citing China Business
News.

According to the report, the company expects to swing to a
profit this year, after which it would apply for a listing of
the PC unit.  The local Chinese paper did not specify which
stock exchange the unit will list, Reuters notes.

TCL, China Business added, is still reorganizing the share
structure of its PC unit and may bring in overseas investors in
preparation for a listing.

Reuters failed to reach a TCL representative for comment.

Headquartered in Guangdong Province, China, TCL Corporation –
http://www.tcl.com/-- Corporation is principally engaged in the
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.

TCL Corporation has set up research and development offices,
together with a dozen research and development branch offices,
in China, the US, France and Singapore. It has over 20
manufacturing and processing plants located in various countries
including China, Poland, Mexico, Thailand and Vietnam.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


===============
P O R T U G A L
===============


LIBBEY INC: Jean-Rene Gougelet Joins Board of Directors
-------------------------------------------------------
Libbey Inc. named Jean-Rene Gougelet as part of its Board of
Directors, effective with the Board's meeting.  As a member of
Class I of the Board, he will serve until the Libbey Annual
Stockholder Meeting in 2009 or until his successor is elected.

Mr. Gougelet is currently a Strategy Consultant with Vido
Enterprises, providing guidance in strategic planning and growth
management to middle market companies.  Prior to joining Vido
Enterprises he served at Arc International in Secaucus, New
Jersey as Chief Executive Officer of its Mikasa business from
2001 through 2005.  He also served from 1991 through 2001 and
2003 through 2005 as the Chief Executive Officer of Arc North
America in Millville, New Jersey.

Commenting on the new director, John F. Meier, Libbey Chairman
and Chief Executive Officer stated," Libbey is excited to have
Jean-Rene Gougelet join our Board.  His extensive background and
experience in the marketplace, both in North America and
internationally will contribute greatly to the opportunities the
company sees for the future."

Mr. Gougelet was elected a director by the Board upon the
recommendation of its Nominating and Governance Committee.  With
the addition of Mr. Gougelet, the Libbey board of directors now
numbers nine members, of which seven are outside directors.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.  The company is building a new factory in China.

                        *     *     *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


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


AGRO-WORLD CJSC: Creditors Must File Claims by Aug. 2
-----------------------------------------------------
Creditors of CJSC Agro-World have until Aug. 2 to submit proofs
of claim to:

         A. Terlyakov
         Insolvency Manager
         Room 358
         Marshala Timoshenko Str. 17/2
         121359 Moscow
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A09-1569/07-34.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agro-World
         Uritskogo Str. 14
         Trubchevsk
         242220 Bryansk
         Russia


ALFA-91 LLC: Creditors Must File Claims by Aug. 2
-------------------------------------------------
Creditors of LLC Alfa-91 have until Aug. 2 to submit proofs
of claim to:

         N. Stulkov
         Insolvency Manager
         Poymennaya Str. 20
         Solnechnyj
         460051 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-I760/07-14gk.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alfa-91
         Orenburg
         Russia


ALKA OJSC: Creditors Must File Claims by July 2
-----------------------------------------------
Creditors of OJSC Alka have until July 2 to submit proofs of
claim to:

         A. Terekhov
         Insolvency Manager
         Ulyanova Str. 14-14
         241035 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A09-2265/07-28.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Alka
         Shossejnaja Str. 5
         Suponevo
         Bryansk
         Russia


BASE CJSC: Creditors Must File Claims by July 2
-----------------------------------------------
Creditors of CJSC Base (TIN 772060394) have until July 2 to
submit proofs of claim to:

         V. Goncharov
         Insolvency Manager
         Post User Box 345, 230
         Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-67316/05-71-169B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Base
         Varshavskoye Shosse 125
         Moscow
         Russia


BASHMAKOVSKIY OJSC: Asset Sale Slated for July 10
-------------------------------------------------
LLC Consulting-Centre, the bidding organizer for OJSC Butter and
Cheese Mill Bashmakovskiy, will open a public auction for the
company's properties at 1:00 p.m. on July 10 at:

         LLC Consulting-Centre
         Office 002
         Pushkina Str. 2
         Penza
         Russia

The company has set a RUR8,565,169 starting price for the
auctioned assets.

Interested participants have until July 6 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Butter and Cheese Mill Bashmakovskiy\
         Settlement Account 40702810948000114098
         Correspondent Account 30101810000000000635
         BIK 045655635
         GRKTs GU Bank of Russia
         Penza’s branch 8624 of Sberbank of Russia
         Penza
         Russia

Bidding documents must be submitted to:

         LLC Consulting-Centre
         Office 002
         Pushkina Str. 2
         Penza
         Russia

The Debtor can be reached at:

         OJSC Butter and Cheese Mill Bashmakovskiy
         Sovetskaya Str. 23
         Bashmakovo
         Penza
         Russia


ENTERPRISE BUILDER: Creditors Must File Claims by Aug. 2
--------------------------------------------------------
Creditors of Municipal Unitary Enterprise Builder (TIN
7525003974, OGRN 1027500904232) have until Aug. 2 to submit
proofs of claim to:

         I. Dolgikh
         Insolvency Manager
         Post User Box 604
         672010 Chita
         Russia

The Arbitration Court of Chita commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A78-7903/2006-B-868.

The Debtor can be reached at:

         Municipal Unitary Enterprise Builder
         Apt.47
         Zhireken 20
         Chernyshevskiy
         673498 Chita
         Russia


EVRAZ SA: Highveld Steel's Board Rejects Buyout Offer
-----------------------------------------------------
The board of directors of Highveld Steel and Vanadium Corp.
rejected an offer by Evraz Group S.A. to buy out the South
African firm's minority shareholders, Reuters reports.

The TCR-Europe reported on June 5, 2007, that Evraz made an
offer to acquire the entire issued share capital of Highveld for
a consideration of US$11.40 per Highveld share.

"Only if they are neither prepared, nor in a position, to bear
the risk of the uncertainties detailed, should they accept the
offer, otherwise they should not accept the offer," the board
said in a circular to shareholders.  Highveld advised its
minority shareholders to likewise reject the offer

The board noted that Evraz's ZAR82.99 per share offer was lower
than the ZAR93 per share valuation made by independent adviser
Standard Bank, Reuters relates, citing Highveld's Web site.  The
firm said Standard Bank arrived at the valuation based on cash
flows.  It added that the adviser applied a range of scenarios
and in no case did the valuation fall below ZAR85 a share.

Highveld's shareholders have until July 4, 2006 to accept the
offer.

                         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+.


FUEL-ENERGY COMPLEX: Creditors Must File Claims by Aug. 2
---------------------------------------------------------
Creditors of OJSC Regional Investment Fuel-Energy Complex
(7706120479) have until Aug. 2 to submit proofs of claim to:

         M. Vasilega
         Insolvency Manager
         Post User Box 100
         105318 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-29156/06-78-552B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Regional Investment Fuel-Energy Complex
         Shabolovka Str. 2
         Moscow
         Russia


GAZPROMBANK: Moody's Rates RUR329 Million Class C Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to three classes of Notes related to Gazprombank
Mortgage Backed Securities Series 2007-1 issued by Gazprombank
Mortgage Funding 2 S.A.

   -- A3 to the EUR147.2 million Class A1 Mortgage Backed
      Floating Rate Notes Due June 2047;

   -- A3 to the RUR850 million Class A2 Mortgage Backed Fixed
      Rate Notes Due June 2047;

   -- Baa3 to the RUR311.8 million Class B Mortgage Backed Fixed
      Rate Notes Due June 2047; and

   -- Ba2 to the RUR329 million Class C Mortgage Backed Fixed
      Rate Notes Due June 2047.

Moody's has not rated the RUR329.0 million Class Da Notes.

Gazprombank Mortgage Funding 2 S.A., which is incorporated under
the laws of Luxembourg, has issued the Notes to fund the
purchase of a portfolio of mortgage certificates from Joint-
Stock Bank "GPB-Mortgage" (Closed Joint-Stock Company)(formerly
Commercial Bank "SOVFINTRADE Ltd") in its capacity as the Seller
of the mortgage certificates (either directly to the Issuer or
indirectly through Gazprombank Mortgage Funding 3 S.A.)
conferring rights under Russian ruble denominated mortgage
loans.

The loans have been originated by a range of local regional
banks and non-banking entities located in various regions of the
Russian Federation in accordance with standards set by GPB-M.
The transfer of mortgage certificates is governed by Russian
law.

The ratings of the notes are inter alia based on:

   (i) favourable pool characteristics such as the moderate
       weighted average current LTV of 65.84%;

  (ii) credit enhancement in the form of a non-amortizing
       reserve fund which is fully funded at close to the amount
       of RUR103.9 million or 1.5% of the issue size, as well as
       note subordination; and

(iii) credit quality of the servicer indemnifying party JSB
       Gazprombank (CJSC) (A3 long-term foreign currency senior
       unsecured debt, Baa2 long-term foreign currency deposits,
       Prime-2 short-term foreign currency deposits) that is
       also responsible for stand-by servicing of the mortgage
       loans.

The issuer has entered into currency swap agreements with Lehman
Brothers Special Financing Inc.  (A1) in order to hedge its
currency and interest rate exposure due to the mismatch of the
principal repayments and interest received in RUR under the
securitized loans and the principal and floating interest
payments due in EUR under the Class A1 Notes.

The pool consists of fixed rate loans evidenced by mortgage
certificates and secured by mortgages on approximately 8,893
residential properties located throughout the Russian
Federation.  A significant share of the properties is originated
in these regions:

   -- the Republic of Tatarstan (25.9%);
   -- Chelyabinsk Region (8.4%);
   -- Irkutsk Region (7.4%);
   -- Novosibirsk Region (6.1%);
   -- Vologda Region (5.0%);
   -- Stavropol Region (4.6%); and
   -- the Udmurt Republic (4.3%).

The Standby Servicer and Servicer Indemnifying Party in the
transaction is JSB Gazprombank (CJSC), day to day servicing is
performed by GPB-M who involves a range of regional servicing
entities, being either subsidiaries of the Seller or specialized
regional state mortgage agencies, in the servicing.

The definitive ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  Moody's
issued provisional ratings to these classes of notes on May 25,
2007.


HYNIX SEMICON: Prices US$500MM Senior Unsecured Fixed Rate Bond
---------------------------------------------------------------
Hynix Semiconductor Inc. has priced a US$500 million senior
unsecured fixed rate 10-year bond offering at 7.875% to
redeeming another US$500 million in senior notes due in 2012,
Forbes News reports.

According to the report, the offering was oversubscribed 12
times amid strong institutional support.  The bonds are callable
after five years.

The company appointed Citigroup, Credit Suisse, Goldman Sachs,
Korea Development Bank and Merrill Lynch acted as joint
bookrunners and lead managers for the offering, the report adds.

                   About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

The Troubled Company Reporter - Asia Pacific reported on Jun 19,
2007, Moody's Investors Service upgraded to Ba2 from Ba3 Hynix
Semiconductor Inc's senior unsecured bond rating and corporate
family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.  This concludes the
review for possible upgrade commenced on May 23, 2007.

On Jun 14, 2007, Standard & Poor's today assigned its 'BB-'
rating on Hynix Semiconductor Inc.'s proposed US$500 million
global bonds maturing in 2017, which will replace the currently
rated seven-year notes issued in 2005.  The rating on the senior
unsecured notes is subject to final documentation

TCR-AP reported on Jun 14, 2007, that Fitch Ratings has assigned
an expected rating of 'BB' to the proposed issue of US$500
million senior unsecured notes due 2017 by Hynix Semiconductor
Inc.


IMBRIS CJSC: Creditors Must File Claims by July 2
-------------------------------------------------
Creditors of CJSC Company Imbris have until July 2 to submit
proofs of claim to:

         E. Zagrafskikh
         Insolvency Manager
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-22593/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Imbris
         Oktyabrskaya Str. 15/16
         Korolev
         141070 Moscow
         Russia


KRASNYJ LUCH: Creditors Must File Claims by July 2
--------------------------------------------------
Creditors of LLC Agricultural Company Krasnyj Luch have until
July 2 to submit proofs of claim to:

         D. Anisimov
         Temporary Insolvency Manager
         M. Gorkogo Str. 72-2
         Tolyatti
         Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A55-17953/2006.


The Debtor can be reached at:

         LLC Agricultural Company Krasnyj Luch
         Zelenyj Kluch
         Klyavinskiy
         Samara
         Russia


KUZBASSRAZREZUGOL: Moody's Assigns B3 Sr. Unsecured Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a B3 foreign and domestic
currency Corporate Family Rating to Kuzbassrazrezugol, the
second largest coal producer in Russia located in the Kuzbass
region, Russia and a provisional (P)B3 senior unsecured rating
to the loan participation notes issued by Krutrade Solutions
Ltd. and benefiting from an unconditional and irrevocable
guarantee by Krutrade AG, one of the leading international
thermal coal trading companies and a related company to KRU,
albeit not consolidated.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a Baa3.ru national scale
credit rating with a stable outlook to the company.

In assigning a B3 CFR to KRU, Moody's has taken into account:

   (i) the company's strong market position in the Russian hard
       coal market supported by its significant , high quality
       coal reserves (more than 50 years' remaining life at
       current production levels);

  (ii) the good operating track record and low disruption risk
       with all mines being open-pit mines resulting in lower
       operating costs helped by a less complicated
       technological process and in a greater workplace safety;

(iii) the company's diversified domestic customer base both
       regionally and by industries including customers in the
       energy sector, but also municipalities as well as
       industrial and metallurgical companies, making the
       company less susceptible to volatile demand in any one
       industry such as steel; nevertheless, some absolute
       concentration to a few large customers remains;

  (iv) its export activities which are channeled through
       Krutrade, a related, unconsolidated party, which benefit
       from the trader's solid brand image and long term
       customer relationships primarily with Glencore, which has
       purchased coal from KRU for more than 15 years; as
       Glencore is also a trader, KRU's indirect exposure also
       to its international end customers is also very
       diversified;

   (v) significant investments into ports, railways and other
       assets help to ensure uninterrupted distribution and
       export of its coal;

  (vi) the anticipation of an ongoing favorable market for coal
       in Russia and globally driven among others by the
       requirement of many developing countries for secure,
       affordable and reliable energy suppliers, for which coal
       has and will continue to play an important role.

Notwithstanding these credit positives, the B3 Corporate Family
Rating remains limited largely by these factors:

   (i) the company's exposure to the cyclical and volatile coal
       market;

  (ii) high re-investment requirements and sizeable capital
       expenditure plans that are expected to remain above 2006
       levels for at least another three to four years;

(iii) significant transportation costs for KRU's exports given
       the land-locked location and reliance on Russian Railways
       which may result in bottlenecks limiting export
       potential;

  (iv) limited geographic diversity of the company' s mines
       being all located in the Kuzbass region;

   (v) largely as a result of high capital expenditure and low
       profitability and cash generation at KRU, leverage has
       been very high, as indicated by FYE 2006 Debt/EBITDA of
       4.5x which is among the highest for any of the rated
       issuers in Russia, and in Moody's opinion is expected to
       remain high over the near term due to further primarily
       discretionary capex spending plans related to the
       overhaul of the Group's mining infrastructure, which on
       the one hand will significantly improve operational
       efficiencies but on the other hand result in sizeable
       negative free cash flows for several years going forward,
       unless part of this negative free cash flow will be
       equity financed;

  (vi) low profitability of KRU -- which should be among the
       most profitable coal miners in Russia given the benefit
       of scale and of its open pits -- and high profit margins
       at the related entity Krutrade AG raise questions about
       the arms-length character and transparency of the
       relationship among these two entities, although the
       publication of audited accounts at Krutrade results in
       some transparency.

(vii) Ownership concentration and lack of transparency of
       governance and financial policies;

(viii) a challenging operating environment characterized by less
       transparency and higher risks with regard to the legal,
       political, fiscal and currency situation.

The rating outlook is stable, with the expectation of further
organic growth and improved efficiency and a higher value-added
product mix as a result of the capex program being balanced by
the financial risk profile remaining elevated for the
foreseeable rating horizon.

In its assessment of the company's capital structure for the
purpose of assessing the loss given default, Moody's therefore
considers existing secured debt to rank ahead of the loan
participation notes.  The US$300 million Notes, guaranteed by
Krutrade, which at FYE 2006 had a net cash position, are
structurally and contractually subordinated to the existing
secured indebtedness of US$462 million or 46% of the loan
portfolio secured by fixed assets.  However, due to a strong
guarantee provided by Krutrade AG which therefore mitigates the
structural weakness of KRU that is expressed in its low margins
and cash generation (and which would be much stronger on a
consolidated basis including Krutrade AG), Moody's has assigned
a provisional B3 rating to the proposed Bond, at the same level
as the CFR which does not incorporate Krutrade AG.

The (P)B3 rating on the unsecured notes reflects both the
overall probability of default of the group, to which Moody's
assigned a probability-of-default rating (PDR) of B3, and a
loss-given default assessment of LGD 75.78% (or LGD5).

The loan participation notes are subject to various restrictions
and financial covenants, including a maximum debt/EBITDA ratio
of 6.5x for KRU and 4.0x for Krutrade, limitations regarding
additional indebtedness and dividend payments are restricted .

The proceeds of the notes will be applied to finance different
corporate needs including retirement of US$150 million of
existing CLNs.  The assigned ratings assume that there will be
no material variations to the draft legal documentation reviewed
by Moody's and assume that these agreements are legally valid,
binding, and enforceable.  The final confirmation of the rating
is subject to signing of the offering circular and the final
decision on the Notes' amount.

Assignments:

   * Issuer: KRU Solutions Limited

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)B3.

KRU is Russia's second largest coal producer and exporter and
the largest open pit mining company with coal production volume
of 44.5 million tones in 2006.  The company exports 44% of its
coal production mostly to Europe and South East Asia.

The company operates at 15 coal fields located at 11 open pit
mines.   The mining operations are supported by an industrial
infrastructure of three washing plants, 12 processing complexes
and transportation infrastructure.  All the assets are located
in the Kuzbass Basin (Kemerovo region, Russia).  The company is
controlled by a small investor base of private individuals. In
2006 the company reported revenue of US$1.1 billion and an
EBITDA of US$154 million based on audited consolidated financial
statements.


ORBIS+ OJSC: Creditors Must File Claims by July 2
-------------------------------------------------
Creditors of OJSC Orbis+ (TIN 7725013240) have until July 2 to
submit proofs of claim to:

         V. Klimenko
         Temporary Insolvency Manager
         Building 1
         Molodogvardeyskaya Str. 9
         121467 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A40-19015/07-78-74 B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orbis+
         Ordzhonikidze Str. 11
         117908 Moscow
         Russia


POKROVSKIY BUTTER: Orel Bankruptcy Hearing Slated for Sept. 12
--------------------------------------------------------------
The Arbitration Court of Orel will convene at 9:50 a.m. on
Sept. 12 to hear the bankruptcy supervision procedure on OJSC
Pokrovskiy Butter Dairy.  The case is docketed under Case
No. A48-1517/07-176.

The Insolvency Manager is:

         T. Kozhevnikova
         Office 14
         Ignatyevskaya Str. 29
         398002 Lipetsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Pokrovskiy Butter Dairy
         Sovetskaya Str. 1
         Pokrovskoye
         303170 Orel
         Russia


POCHINOK-AGRO-TEKH-SERVICE: Creditors Must File Claims by Aug. 2
----------------------------------------------------------------
Creditors of OJSC Pochinok-Agro-Tekh-Service have until Aug. 2
to submit proofs of claim to:

         A. Nikolaev
         Insolvency Manager
         Post User Box 11
         214018 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A62-5146/2006 (1092-N).

The Debtor can be reached at:

         OJSC Pochinok-Agro-Tekh-Service
         Yubileynaya Str. 10A
         Pochinok
         Smolensk
         Russia


ROSNEFT OIL: Wants Yukos Oil Assets from Unitex and Prana
---------------------------------------------------------
OAO Rosneft Oil is holding talks to gain assets of bankrupt OAO
Yukos Oil Co. acquired by OOO Unitex and the Prana Group, The
Moscow Times reports citing Rosneft CEO Sergei Bogdanchikov.

In a TCR-Europe report on June 8, 2007, Unitex signed a deal
that finalized its purchase of Yukos' retail network, paying
RUR12.46 billion (US$483.5 million) on May 25.

Unitex outbid Royal Dutch Shell and TNK-BP Holding Ltd. to
acquire Yukos' 537 petrol stations in Russia at a May 10
auction.

Meanwhile, the Prana Group finalized a deal on June 8 acquiring
Yukos' 22-story Moscow headquarters.  Prana fully paid the
US$3.9 billion (RUR100.5 billion) price tag on May 30, after the
Federal Antimonopoly Service approved the deal.  Prana outbid a
Rosneft unit to acquire the assets.

Mr. Bogdanchikov told Interfax News that Rosneft wants to
acquire most but not all Yukos assets that Prana acquired.  The
chief executive added that the talks with Unitex are in their
final stages.

"The trading house alone is worth more than US$1 billion," Mr.
Bogdanchikov said.

Mr. Bogdanchikov noted that Rosneft did not participate in the
auction for Yukos' retail network due to lack of information.

"But when we realized that we had enough information to make a
managerial and commercial decision we decided to buy," Mr.
Bogdanchikov was quoted by Interfax as saying.

                         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.


SELIVANOVO-SEL-KHOZ-KHIMIYA: Claims Filing Period Ends Aug. 2
-------------------------------------------------------------
Creditors of OJSC Selivanovo-Sel-Khoz-Khimiya have until Aug. 2
to submit proofs of claim to:

         A. Shurov
         Insolvency Manager
         Radiozavodskoye Shosse 2a
         Murom
         602264 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A11-13751/2006-K1-466B/11B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         OJSC Selivanovo-Sel-Khoz-Khimiya
         Lesnaya Str. 3
         Krasnaya Gorbatka
         Selivanovskiy
         602331 Vladimir
         Russia


TNK-BP HOLDING: Selling Kovykta Gas Project Stake to OAO Gazprom
----------------------------------------------------------------
TNK-BP Holding Ltd. will sell its 62.9% stake in OAO Rusia
Petroleum unit, holder of the operating license for the Kovykta
gas field, to OAO Gazprom, various reports say.

Kommersant relates that TNK-BP has until Sept. 20, 2007, to sell
its Rusia Petroleum stake and a 50% holding in East Siberia Gas
Co. to Gazprom for price consideration of between US$600 million
and US$900 million.

Rusia Petroleum is owned by TNK-BP (63.9%), Interros (25.82%),
and the Irkutsk regional administration (11.24%).

Under the deal, TNK-BP may reacquire 25% plus one stake in Rusia
Petroleum within a year in exchange for assets that interests
Gazprom, RIA Novosti reports citing a top manager at the Russo-
British joint venture.

Kommersant cites a source close to Gazprom that the gas monopoly
particularly interested in TNK-BP’s electric stations in Great
Britain and Spain.  Gazprom, the source added, is also
interested in gaining contracts for supplying liquefied natural
gas to the U.S.

The fuel firms, RIA Novosti reports, also agreed to create a
US$3 billion joint venture that would engage in oil and gas
projects in Russia and abroad.

The TCR-Europe reported on June 6, 2007, that TNK-BP was trying
to sell part of its stake in Rusia Petroleum to Gazprom in an
effort to prevent a license revocation.

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

"None of the violations identified previously have been
corrected, so the license is bound to be withdrawn. . .," Mr.
Mitvol had told RIA Novosti, adding that it might be put up for
auction or competitive bidding.

Under the terms of its license, TNK-BP, through its OAO Rusia
Petroleum unit, has to produce 9 billion cubic meters of natural
gas annually from the field, the TCR-Europe reported on May 22.
The company didn’t achieve the targeted production output as it
only produced 1.5 billion cubic meters of natural gas from the
field in 2006.

                         About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                          About TNK-BP

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

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

                            *   *   *

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

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

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


TULA-CENTRE-GAS: Creditors Must File Claims by July 2
-----------------------------------------------------
Creditors of OJSC Tula-Centre-Gas have until July 2 to submit
proofs of claim to:

         N. Belobragina
         Temporary Insolvency Manager
         Office 43
         Lenina Pr. 57A
         300041 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A68-838/07-45/B.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         OJSC Tula-Centre-Gas
         Volnyanskogo Str. 3
         300000 Tula
         Russia


WOOD TRADE: Creditors Must File Claims by Aug. 2
------------------------------------------------
Creditors of LLC Wood Trade have until Aug. 2 to submit proofs
of claim to:

         V. Podolyanchik
         Insolvency Manager
         Post User Box 114
         Petrozavodsk
         185030 Kareliya
         Russia

The Arbitration Court of Kareliya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A26-6772/2006-184.

The Debtor can be reached at:

         LLC Wood Trade
         Zavodskaya Str. 1
         Derevyannoe
         Prionezhskiy
         185010 Kareliya
         Russia


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


AYT GENOVA: Moody's Rates EUR14.7 Mln Series D Notes at (P)Ba1
--------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
five series of mortgage-backed securities ("Bonos de
Titulizacion Hipotecaria") to be issued by AyT GENOVA
Hipotecario X Fondo de Titulizacion de Hipotecaria, a Spanish
asset securitisation fund that has been created by Ahorro y
Titulizacion, S.G.F.T, S.A.

Moody's has assigned these ratings:

   -- (P)Aaa to the EUR220.50 million Series A1 notes;
   -- (P)Aaa to the EUR787.50 million Series A2 notes;
   -- (P)Aa2 to the EUR15.75 million Series B notes;
   -- (P)Baa1 to the EUR11.55 million Series C notes; and
   -- (P)Ba1 to the EUR14.70 million Series D notes.

The ratings address the expected loss posed to investors by the
legal final maturity (March 15, 2040).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date, and not at any other expected maturity date.  The
ratings do not address the full redemption of the notes on the
expected maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

AyT Genova Hipotecario X is the twelfth issuance from Barclays
Bank SA, a subsidiary of Barclays Bank plc (Aa1/P-1), and the
eighth issuance from the Genova series.

According to Moody's, this deal benefits from several credit
strengths including:

   (1) good quality collateral in terms of weighted average LTV
       (59.05%), seasoning (1.22 years) and geographical
       diversification;

   (2) interest rate swap to hedge interest rate risk in the
       transaction;

   (3) a reserve fund that is fully funded up front to cover
       any potential shortfall in interest and principal;

   (4) an 18-month artificial write-off mechanism;

   (5) the fact that 100% of the loans are secured by first-lien
       residential mortgages; and

   (6) the quality of Barclays Bank S.A as originator and
       servicer.

However, Moody's notes that the deal also features credit
weaknesses, notably:

   (1) lack of information (employment type); however, a penalty
       was accordingly applied when calculating the credit
       enhancement;

   (2) weak margin on the loans (43 bps over 12-month Euribor).
       This risk is sized in the subordination levels and in the
       reserve fund;

   (3) the fact that pro-rata amortization of the Series B, C
       and D notes leads to reduced credit enhancement of the
       senior class in absolute terms.  These increased risks
       were reflected in Moody's credit enhancement calculation;
       and

   (4) no limit has been established to the amount of loans for
       which maturity could be renegotiated, even though the
       extension of the maturity date could not go beyond Dec.
       31, 2036.

The portfolio comprises 9,452 loans representing a provisional
portfolio of EUR1,541,592,163.  The securitized products are
first-lien mortgage loans granted to individuals, most of whom
will use these loans to acquire or refurbish a primary
residence.  The loans have a weighted average seasoning of
approximately 1.22 years.  The original weighted average LTV is
62.84%.  The current weighted average LTV is 59.05%.  The
mortgages consist of first charges on residential properties
that are all believed to be owner-occupied.  All the properties
on which the mortgage securities have been granted are covered
by property damage insurance and fire insurance.

Moody's based its ratings on:

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

   (2) the transaction's structural protections, which include
       the subordinate position of Series B with respect to
       Series A, the strength of the cash flows (including the
       reserve fund) and any excess spread available to cover
       losses.

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


ONO FINANCE: Moody's Holds B1 Rating on Sr. Facility Amendment
--------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family
Rating of Cableuropa S.A.U. and the B3 ratings of the EUR100
million floating-rate notes due 2014 issued by ONO Finance Plc,
the EUR180 million notes due 2014 issued by ONO Finance Plc and
the EUR270 million notes due 2014 issued by ONO Finance II Plc.

The rating affirmation follows the company's announcement that
it has amended and upsized its senior credit facility (not rated
by Moody's) by EUR500 million to EUR3.6 billion to provide for
the refinancing of junior debt, additional liquidity headroom
and the funding of new projects including the launch of mobile
communications services through an MVNO agreement.  The outlook
on the ratings remains stable.

Moody's understands that the amendment of the senior credit
facility will allow ONO to:

   (i) reduce interest margins and repay the more expensive debt
       instruments in its capital structure;

  (ii) extend the debt maturity profile (the company will have
       no debt repayments in 2007 and 2008);

(iii) restore the financial covenants at original headroom
       levels; and

  (iv) provide additional liquidity. As a result, ONO will
       benefit from the improved flexibility provided by the new
       terms of its senior facility, which will help to lower
       the average cost of debt and will generate annual
       interest savings of circa EUR20 million.  Although the
       company has also amended certain clauses, including
       permitted indebtedness and permitted investments and
       acquisitions, it is Moody's expectation that the company
       will not change its financial strategy and will adhere to
       its de-leveraging commitments.

Moody's anticipates that ONO will continue to de-leverage
rapidly, given the ongoing growth momentum in the Spanish
telecommunications market and the company's demonstrated track
record of successful de-leveraging according to targets.  The
rating agency expects ONO to generate high single-digit revenue
growth rates, supported by growth in the residential cable
business, which will benefit from increased penetration due to
the company's build-out plan.  In addition, the EBITDA margin
should improve to levels around 40% in the short to medium term,
from 34.6% in 2006, driven by the successful integration of
Auna.  In this context, Moody's believes that ONO's target to
reduce Net debt/EBITDA (as reported by the company) to levels of
between 4.8x and 5.3x in 2007 appears achievable.

As a result of this refinancing process, ONO will repay the
EUR110 million subordinated facility due 2014 (not rated by
Moody's) and the EUR100 million floating-rate notes due 2014
issued by ONO Finance Plc.   Moody's will withdraw the B3 rating
on this instrument once it has been fully repaid.  The Loss
Given Default rate for the EUR180 million notes due 2014 issued
by ONO Finance Plc and the EUR270 million notes due 2014 issued
by ONO Finance II Plc is expected to increase, albeit only
marginally, as a result of having more priority debt ahead of
the notes.

The outlook on the rating is stable, reflecting Moody's
expectation that the company will be able to maintain its growth
momentum and de-leverage rapidly over the medium term.  However,
the outlook could be changed to positive if within the next six
to twelve months the company continues to perform in line with
expectations and achieves the key targets (in terms of revenues,
EBITDA and leverage) established by the management team for
year-end 2007, in conjunction with increased visibility
developing regarding the company's ability to reach a positive
free cash flow position on a quarterly basis in 2008.

Headquartered in Madrid, Spain, ONO is the largest cable
operator in Spain and the leading alternative provider of
telecommunications, broadband and Internet and pay television
services in Spain.  ONO offers its services to approximately 1.9
million direct access residential and 69,000 business customers
as of December 2006, through its own networks, which give direct
access to more than six million homes in franchises that cover
the majority of Spain, including the nine largest cities.  The
group had 87% population coverage in terms of telephony
services, with nationwide market shares 13% in telephony, 22% in
broadband and 26% in pay-TV as of December 2006.  ONO generated
revenues of EUR1.633 billion and EBITDA of EUR558 million in the
year ended December 2006.


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


GUITAR SHOP: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against LLC Guitar Shop Luzern on May 11.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         LLC Guitar Shop Luzern
         Neuweg 3
         6003 Lucerne
         Switzerland


ICE PALM: Creditors' Liquidation Claims Due July 5
--------------------------------------------------
Creditors of LLC Ice Palm have until July 5 to submit their
claims to:

         Pierre Gustave and Paul Montandon
         Liquidators
         JSC Monti Sport
         Logengasse 17
         2502 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Ice Palm
         Biel/Bienne BE
         Switzerland


IKK LLC: Creditors' Liquidation Claims Due July 17
--------------------------------------------------
Creditors of LLC IKK have until July 17 to submit their claims
to:

         Robert Wirz
         Liquidator
         Hauptstrasse 64a
         4492 Tecknau
         Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC IKK
         Gelterkinden
         Sissach BL
         Switzerland


IMMODIO JSC: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against JSC Immodio on May 2.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         JSC Immodio
         Eichwaldstrasse 7
         6005 Lucerne
         Switzerland


INTERNATIONAL MICROSYSTEMS: Liquidation Claims Due July 5
---------------------------------------------------------
Creditors of LLC International Microsystems (Europe) have until
July 5 to submit their claims to:

         Suot Rachogna
         Liquidator
         JSC Platzer Lauber Treuhand
         7550 Scuol
         Inn GR
         Switzerland

The Debtor can be reached at:

         LLC International Microsystems (Europe)
         Scuol
         Inn GR
         Switzerland


NOVELIS INC: S&P Rates US$860 Million Secured Term Loan at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' debt
rating, with a recovery rating of '2', to Novelis Inc.'s US$860
million secured term loan due 2014.  The '2' recovery rating
indicates an expectation of substantial (70%-90%) recovery in
the event of default.  Proceeds from the borrowings will be used
to refinance existing bank loans, which are being repaid in the
wake of the company's acquisition by Hindalco Industries Ltd.

The long-term corporate credit rating on Novelis is 'BB-'.  The
outlook is negative.  After giving effect to the proposed
refinancing, the company will have about US$2.9 billion of pro
forma fully adjusted debt at March 31, 2007.

"The ratings on Novelis reflect its aggressive financial risk
profile, characterized by a heavy debt burden and low margins
that have proven to be less stable than expected when the
company began stand-alone operations in January 2005," said
Standard & Poor's credit analyst Donald Marleau.  Nevertheless,
Standard & Poor's expects that Novelis' financial performance
will improve steadily in the next four to six quarters, as the
company improves its ability to manage the operating margin and
liquidity risks associated with can sheet price ceilings and
higher aluminum prices.

Ratings List

  * Novelis Inc.

    -- Corporate credit rating      BB-/Negative/B-2

Rating Assigned

  * Novelis Inc.

    -- $860 million secured term loan   BB (Recovery rating: 2)

Novelis has operations in Germany, Switzerland and Korea.


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


EXTRUDER LLC: Creditors Must File Claims by June 28
---------------------------------------------------
Creditors of LLC Extruder (code EDRPOU 33995918) have until
June 28 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. 23/161-b.

The Debtor can be reached at:

         LLC Extruder
         P. Lumumba Str. 15
         Kiev
         Ukraine


GULA LLC: Claims Filing Deadline Set June 28
--------------------------------------------
Creditors of LLC Gula (code EDRPOU 34056243) have until June 28
to submit their proofs of claims to:

         Sergey Morozov
         Liquidator
         P.O. Box 10068
         61070 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. B-39/73-07.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/158-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gula
         Oschepkov Str. 52
         Vysoky
         Kharkov
         Ukraine


KIOSI-TORG LLC: Creditors Must File Claims by June 28
-----------------------------------------------------
Creditors of LLC Kiosi-Torg (code EDRPOU 33830178) have until
June 28 to submit their proofs of claim to:

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

The Debtor can be reached at:

         LLC Kiosi-Torg
         Predslavinskaya Str. 34
         Kiev
         Ukraine


KUPIANSK AGRICULTURAL: Claims Filing Deadline Set June 28
---------------------------------------------------------
Creditors of OJSC Kupiansk Agricultural Technical Service (code
EDRPOU 03762070) have until June 28 to submit their proofs of
claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company. The case is docketed under Case
No. B-24/94-07.

The Debtor can be reached at:

         OJSC Kupiansk Agricultural Technical Service
         Kupiansk
         Kharkov
         Ukraine


LAND O'LAKES: Moody’s Lifts Corp. Family Rating from Ba3 to Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings of Land
O'Lakes, Inc., including its corporate family rating and
probability of default rating to Ba2 from Ba3, and affirmed its
speculative grade liquidity rating of SGL-2.  The rating outlook
is stable.

Ratings upgrade:

Land O'Lakes, Inc.

-- Corporate family rating to Ba2 from Ba3

-- Probability of default rating to Ba2 from Ba3

-- US$225 million senior secured revolving credit to Baa3
    (LGD2,18%) from Ba1 (LGD2,21%)

-- US$175 million 9% senior secured second lien debt to Ba1
    (LGD2,29%) from Ba2 (LGD3,33%)

-- Senior unsecured notes to Ba2 (LGD4,57%) from Ba3(LGD4,58%)

Land O'Lakes Capital Trust I

-- US$191 million 7.45% capital securities to B1 (LGD5,88%)
    from B2 (LGD5,88%)

Rating affirmed:

Land O'Lakes, Inc.

-- Speculative grade liquidity rating at SGL-2

The upgrade in long-term ratings reflects Land O' Lakes'
continued successful streamlining of its portfolio, management's
sustained commitment to debt reduction, and its improved
financial flexibility, credit metrics and operating results.
The most recent example of portfolio rationalization and
organizational simplification is the cooperative's June 21st
decision to buy the crop protection products business conducted
by its off-balance sheet joint venture Agriliance, when
Agriliance sells the crop nutrients business to its other 50%
owner.

The SGL rating reflects Moody's expectation that cash flow
generation over the next twelve months, as well as cash
balances, will be at levels that are likely to cover major uses,
although the cooperative will likely access external funds on an
interim basis during the next twelve months to cover seasonal
working capital needs.

The company's Ba2 rating is supported by the strength of the
Land O' Lakes brand; the cooperative's scale; its strong market
positions in dairy, animal feed, seed and agronomy, through the
Agriliance joint venture; and the broad distribution
infrastructure supporting its businesses, all of which are
consistent with an investment grade rating.  However, the
cooperative's exposure to volatile agricultural and commodity
markets and a business profile that has been inconsistent over
the years are attributes that are commensurate with speculative
grade ratings.  In addition, Land O' Lakes' ratings take into
account i) the remaining organizational complexity—with varied
business lines; ii) the challenges of adapting and executing
business strategies under a cooperative ownership structure; and
iii) historically high cash payments to its cooperative
membership base.

Moody's analyzes Land O'Lakes in the context of the Rating
Methodology for Global Agricultural Cooperatives.  Using the 19
rating factors cited in this methodology and Land O'Lakes'
fiscal 2006 financial metrics, the cooperative's rating maps to
Ba1, one notch higher than its actual Ba2 corporate family
rating.  Land O'Lakes' actual rating incorporates the evolving
nature of the cooperative's business configuration and possible
challenges as the important Agriliance joint venture sheds two
major business lines.

The stable rating outlook assumes stable operating performance
in core segments, continued progress in rationalizing non-core
businesses, and successful integration of the crop protection
products business in a timely fashion.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a
national farmer-owned food and agricultural cooperative,
marketing dairy-based consumer, foodservice and food ingredient
products.  Land O' Lakes does business in all 50 states, as well
as more than 50 countries, including the Philippines, Ukraine
and Guatemala.


OBRIY PLUS: Claims Filing Deadline Set June 28
----------------------------------------------
Creditors of Agricultural LLC Obriy Plus (code EDRPOU 31834406)
have until June 28 to submit their proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/81-07.

The Debtor can be reached at:

         Agricultural LLC Obriy Plus
         Gusarovka
         Krasnaya
         Balakleya District
         Kharkov
         Ukraine


OTRADNOE CJSC: Claims Filing Deadline Set June 28
-------------------------------------------------
Creditors of CJSC Otradnoe (code EDRPOU 14323907) have until
June 28 to submit their proofs of claim to:

         Nikita Nikitenko
         Liquidator
         P.O. Box 411
         69037 Zaporozhje
         Ukraine

The Court is located at:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 25/209/07.

The Debtor can be reached at:

         CJSC Otradnoe
         Lenin Str. 11-g
         Avgustinovka
         70403 Zaporozhje
         Ukraine


STAROBESHEVSKY FEED: Claims Filing Deadline Set June 28
-------------------------------------------------------
Creditors of OJSC Starobeshevsky Feed Mill (code EDRPOU
000688002) have until June 28 to submit their proofs of claim
to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/186B.

The Debtor can be reached at:

         OJSC Starobeshevsky Feed Mill
         Glinka Str. 35
         Leninskoe
         Starobeshevsky District
         87242 Donetsk
         Ukraine


SYNTHESIS LLC: Claims Filing Deadline Set June 28
-------------------------------------------------
Creditors of LLC Joint Enterprise With Foreign Investments
Agricultural Synthesis (code EDRPOU 24661798) have until June 28
to submit their proofs of claims to:

The Court is located at:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/116-06.

The Debtor can be reached at:

         LLC Joint Enterprise With Foreign Investments
         Agricultural Synthesis
         Matrosov Str. 9
         Kharkov
         Ukraine


X5 RETAIL: Taps Jacquot Boelen to Head Ukraine Unit
---------------------------------------------------
X5 Retail Group N.V. has appointed Jacquot Boelen as chief
executive officer for Ukraine.

Mr. Boelen, 47, will be responsible for the general management
and business development of X5 in Ukraine.  He will be in charge
of implementing the Group's multi-format strategy, developing
and implementing commercial and operational strategy and meeting
sales and EBITDA Group targets for the Ukrainian market.  Mr.
Boelen will be based in Kiev and will report to X5 Retail Group
CEO Lev Khasis.

Mr. Boelen has over 25 years of retail experience, having held a
variety of senior positions for international operators.  Most
recently, he was the president and CEO of Ahold, Central Europe.

“The position of Chief Executive Officer in Ukraine has been
created as a result of our strategic review, which identified
the Ukrainian market as one of the two key geographical
priorities - along with the European part of Russia - for the
Group's further expansion over the next 5 years,” X5 Retail
Group Lev Khasis stated.  “We are currently finalizing our
strategy for Ukraine, one of Eastern Europe's largest markets
with a huge potential and in which we aim to become one of the
leading operators over the medium term by means of organic
growth and potential selective acquisitions.  We are confident
that Mr. Boelen, with his extensive knowledge of the
international retail business and his solid management
background working for major retail companies, will contribute
to the Company's success in this market.”

“I am delighted to accept the position of CEO Ukraine, working
for Russia's leading food retail operator,” Mr. Boelen
commented.  “X5 has a clear, long-term aggressive strategy for
further expansion in one of the world's fastest growing markets
and I believe my experience in managing retail operations in
Eastern Europe will help the Company to achieve its targets in
Ukraine.”

                       About X5 Retail

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

                        *     *     *

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

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

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

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


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


ARMOR HOLDINGS: CFIUS Gives Nod on BAE Systems Merger
-----------------------------------------------------
The United States Department of the Treasury, on June 21, 2007,
notified Armor Holdings, Inc., that the Committee on Foreign
Investment in the United States completed its review of the
proposed merger of Jaguar Acquisition Sub, Inc., and a wholly
owned subsidiary of BAE Systems, Inc., with and into Armor
pursuant to an Agreement and Plan of Merger among Armor, BAE
Systems and Merger Sub, dated as of May 7, 2007.

CFIUS determined that there were no issues of national security
to warrant an investigation under the Exon-Florio Amendment that
provides authority to the U.S. President to suspend or prohibit
any foreign acquisition, merger or takeover of a U.S.
corporation that is determined to threaten the national security
of the United States.  Therefore, CFIUS concluded action under
the Exon-Florio Amendment with respect to the merger.

Completion of this CFIUS review was one of the conditions to the
consummation of the merger contained in the Merger Agreement.
The merger continues to be subject to, among other conditions,
the approval of the stockholders of Armor and compliance with
The Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.

On June 18, 2007, with Armor’s consent, BAE Systems voluntarily
withdrew its HSR filing and refiled in order to extend the
initial HSR review period.

Armor expects the merger to close during the third quarter of
2007.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.

The company has operations in Australia in the Asia Pacific, in
England for Europe and Brazil for its Latin-American operations.

                          *     *     *

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


BAILEY & SMITH: Claims Filing Period Ends July 31
-------------------------------------------------
Creditors of Bailey & Smith Ltd. have until July 31 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Claire L. Dwyer
         Liquidator
         Jones Lowndes Dwyer LLP
         4 The Stables
         Wilmslow Road
         Didsbury
         Manchester
         M20 5PG
         England

Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
liquidator of the company on June 8.


CANWEST MEDIAWORKS: Moody's Cuts Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investors Service downgraded CanWest MediaWorks Inc.'s
corporate family rating to B1 from Ba3, downgraded its senior
subordinated rating to B3 from B2 and affirmed its SGL-2
liquidity rating.

At the same time, Moody's assigned Ba1 senior secured and B2
senior subordinated ratings to CanWest MediaWorks Limited
Partnership's planned debt issues.

The long term ratings reflect a B1 probability of default and
loss-given-default assessments.  This action concludes the
rating review for CanWest which commenced in January 2007.  The
outlook is stable.

The downgrade to CanWest's corporate family rating primarily
reflects the meaningful increase in consolidated adjusted pro-
forma leverage towards 7x that will occur from CanWest's debt-
financed privatization of LP, and its 29% equity investment in
the Alliance Atlantis specialty channels.  Moody's views the use
of debt proceeds to facilitate these investments as a departure
from the company's leverage reduction initiatives that it had
undertaken through the past couple of years, which had supported
the former Ba3 corporate family rating, despite weakening key
credit metrics arising from the significant downturn of its
Canadian and Australian broadcasting operations.

While Moody's expects that a continuation of the very recent
improving trends at these two operations, together with relative
stability in the newspaper operations may provide CanWest with
the ability to generate modest free cash flow and reduce
leverage towards 5.5x by the end of fiscal 2008, key metrics
will remain inconsistent with a Ba3 rating through much of the
ratings horizon.  Additionally, CanWest's recently announced
plans to take control of Network TEN and its concurrent
indications that it may seek to increase leverage at that entity
may delay leverage reduction from the above estimates, in
Moody's opinion.  As well, Moody's believes the potential exists
that CanWest may ultimately seek a controlling interest in the
Alliance Atlantis specialty channels, which may pressure
leverage over the longer term.

The Ba1 rating assignment to LP's senior secured bank facility
and B2 rating to its senior subordinated notes reflects the
priority ranking of these instruments in Moody's loss-given-
default methodology under the corporate family rating of
CanWest.

Ratings Lowered:

   * CanWest MediaWorks Inc:

   -- corporate family rating to B1 from Ba3;
   -- probability of default rating to B1 from Ba3; and
   -- US$760 million senior subordinated notes, due 2012 to B3,
      LGD 5, 89% from B2, LGD 5, 87%.

Ratings Assigned:

CanWest MediaWorks Limited Partnership:

   -- senior secured rating at Ba1, LGD 1, 7%;
   -- US$250 million senior secured revolver, due 2012;
   -- US$250 million senior secured term loan A, due 2012;
   -- US$450 million senior secured term loan B, due 2014; and
   -- US$700 million senior subordinated notes, due 2017 at B2,
      LGD5, 73%.

CanWest MediaWorks Inc. is a communications company based in
Winnipeg, Manitoba Canada, which owns, operates and/or holds
substantial interests in TV, radio, publishing and out-of home
advertising operations in Canada, Australia, New Zealand, the
United Kingdom, the United States as well as other international
locations.


CATALYST PAPER: Moody’s Rates New US$200 Million Sr. Notes at B2
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Catalyst Paper
Corporation's new US$200 million senior unsecured notes.  At the
same time, the B1 corporate family rating, the B2 ratings on the
existing senior unsecured notes, and the Ba1 rating on the bank
credit facility were affirmed.  The outlook was changed to
negative.

The new notes are senior unsecured obligations of Catalyst, and
will rank pari passu with the company's existing US$400 million
(8.625% due 2011) and US$250 million (7.375% due 2014) notes and
will be issued under similar terms and conditions.  The company
intends to use the proceeds for general corporate purposes
including financing for future acquisitions.  Due to increasing
consolidation in the paper industry, Catalyst intends to
position itself with liquidity should any strategic assets
become available.  Absent any acquisition, the company may apply
the proceeds to partially call the US$400 million (8.625% due
2011) notes.

The new debt issue increases Catalyst's adjusted debt by
approximately 20%.  The increased debt level, in combination
with rising fiber costs, weakening paper prices and the
appreciation of the Canadian dollar, causes concern that the
company's credit metrics will be challenged in 2007.
Consequently, the company's B1 corporate family rating is weakly
positioned in the context of current expectations and the rating
outlook was changed to negative.  Moody's will continue to
monitor the company's performance and will adjust the ratings
accordingly should financial results begin to deteriorate from
expected levels.

Rating Issued:

    -- US$200 million Senior Unsecured Notes due 2017: B2 (LGD4,
       64%)

Ratings Affirmed:

Catalyst Paper Corporation:

    -- Corporate family rating: B1
    -- Probability-of-default: B1
    -- Senior Unsecured Notes: B2 (LGD 4, 64%)

Catalyst Paper Finance Limited:

    -- Backed Senior Secured Bank Credit Facility (Dom Curr):
       Ba1 (LGD1, 10%)

Outlook changed: to Negative from Stable

Headquartered in Vancouver, British Columbia, Catalyst is the
fourth largest North American-based newsprint and uncoated
groundwood specialty paper manufacturer as measured by
production capacity.  Catalyst is the largest producer of
mechanical coated and uncoated specialty papers and newsprint,
and the only producer of lightweight coated paper, on the west
coast of North America. The company also produces market pulp
and kraft paper and operates the largest paper recycling
operation in Western Canada.

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


CHEMTURA CORP: Will Kuser Quits as Investor Relations Director
--------------------------------------------------------------
Chemtura Corporation disclosed that its director of Investor
Relations, William Kuser, has advised the company that he will
be leaving at the end of June to pursue an opportunity with
American Vanguard Corporation, a California-based publicly
traded crop protection company.

“We appreciate Bill’s contributions to Chemtura and its
investors and wish him every success in his new endeavors,” said
Robert L. Wood, chairman and CEO.

In the interim period, Stephen Forsyth, executive vice president
and CFO, will take direct responsibility for the company’s
Investor Relations activities.  Investors should contact Shirley
Cronan at (203) 573-3863.  Media will still contact Mary Ann
Dunnell at (203) 573-3034.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
      Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
      Ba1; LGD4 (53%)


CHURCH & DWIGHT: Strong Performance Cues S&P’s Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Princeton, New Jersey-based Church & Dwight Co. Inc. to positive
from stable.

"The revised outlook is based on the company's continued strong
operating performance and improved financial profile," said
Standard & Poor's credit analyst Patrick Jeffrey.  Church &
Dwight has reduced debt leverage to below 3x from the mid-3x
area following its acquisition of Orange Glo International in
August 2006.  "While the company may make future debt-financed
acquisitions to support its growth strategy, we expect debt
leverage will be managed on average in the low-3x area," said
Mr. Jeffrey.  The ratings could be raised over the near term if
the company continues to demonstrate operating stability and a
financial policy consistent with a higher rating.

At the same time, Standard & Poor's affirmed all of its existing
ratings on the company, including the 'BB' corporate credit
rating.  This rating reflects the company's participation in the
highly competitive personal care segment of the consumer
products industry, its lack of geographic diversity, and its
somewhat aggressive acquisition strategy.  This is mitigated to
an extent by its established consumer brands, stable operating
performance, good free cash flow generation, and moderately
leveraged balance sheet.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company’s international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.


EUROTUNNEL GROUP: Shareholders Tender 93.04% Capital in Swap
------------------------------------------------------------
The Authorite des marches financiers published the final results
of the Exchange Tender Offer made by Groupe Eurotunnel SA for
Eurotunnel PLC/Eurotunnel SA units.  In total, 2,368,864,450
Units representing 93.04% of the share capital of these two
companies have been tendered.

As a result, the total number of GET SA warrants to be issued as
part of the implementation of the Eurotunnel Safeguard Plan will
be 4,307,026,273.

The settlement of the offer, along with the debt restructuring
and almost all the steps to implement the Eurotunnel Safeguard
Plan will occur on June 28, 2007.  Nonetheless, given the
complexity of the steps necessary to complete the
implementation, some may, for purely practical reasons, not be
concluded until June 29, 2007.

As a result, GET SA has requested from Euronext, who has
accepted, that the initial listing of its shares and warrants,
and that of the Notes Redeemable for Shares in GET SA to be
issued by its subsidiary EGP, should take place on July 2, 2007.

In addition, in accordance with the Safeguard Plan, GET SA will
carry out a consolidation of its shares at a ratio of 1:40 by
the end of 2007.

"I extend my warmest thanks to shareholders for the massive
support that they have given to the Safeguard Plan.  The share
consolidation will give a share value which should be much more
representative of the new Eurotunnel, which s now in place and
able to concentrate fully on its development," Eurotunnel
chairman and CEO Jacques Gounon disclosed.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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

FLOWTECH MECHANICAL: Claims Filing Period Ends July 13
------------------------------------------------------
Creditors of Flowtech Mechanical Services Ltd. have until
July 13 to send in their full names and addresses, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         David Paul Hudson and Mark Fry
         Joint Liquidators
         Begbies Traynor (South) LLP
         32 Cornhill
         London
         EC3V 3BT
         England

David Paul Hudson and Mark Fry of Begbies Traynor (South) LLP
were appointed joint liquidators of the company on June 1 by
resolutions of the members and creditors.

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


FORD MOTOR: Hires KPMG for Jaguar & Land Rover Sale, Report Says
----------------------------------------------------------------
Ford Motor Company has appointed KPMG to go over the books at
its Jaguar and Land Rover subsidiaries in anticipation of an
expected sale later this year, the Sunday Times reports.

KPMG will overhaul the accounts of both marques to help prepare
them for a potential GBP1 billion sale, the Sunday Times
relates.  The accountancy firm will also scrutinize the two
companies' pension deficits, which, at the end of 2005, stood at
GBP193.5 million for Land Rover and GBP298.2 million for Jaguar.

Ford has yet to confirm that it is selling the two brands.
However, the Sunday Times says the appointment of KPMG, which
has been given a mandate to revamp the companies' accounts so
that they are in a proper form to be examined by would-be
buyers, appears to make a sale inevitable.  KPMG's main task
will be giving a clear picture of Jaguar and Land Rover's
performance as businesses separate from the influence of Ford,
which has owned them since 1989 and 2000, respectively, the
paper suggests.

Last year The Sunday Times revealed that Ford was planning to
sell the two firms as a single unit although the carmaker
shelved the sale and auctioned Aston Martin, another British
marque, instead.

The TCR-Europe reported on June 14, 2007, that Ford hired
investment banks Goldman Sachs, HSBC Holding Plc and Morgan
Stanley to help it explore options including a joint sale of its
Jaguar and Land Rover European luxury brands.

Land Rover, which sold a record 192,500 vehicles in 2006, is
said to be profitable, but Jaguar, which is refreshing its line-
up in an effort to regain market share, is losing money.

Meanwhile, union bosses have voiced concerns that the two
marques might end up in the hands of private-equity groups,
which tend to strip recently acquired companies of its assets
and auction them off, disregarding the workers' welfare.

                           About KPMG

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

                      About Ford Motor Co.

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

                          *    *    *

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

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

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


FORD MOTOR: Denies Plans to Build Slovak Plant; Eyes Romania
------------------------------------------------------------
Ford Motor Company has dismissed a report by Slovak daily
Hospodarske Noviny saying the U.S. carmaker was considering
building a new assembly plant in an industrial park near the
eastern Slovak town of Kechnec, where a Ford-Getrag joint
venture already makes gearboxes, Reuters relates.

The Slovak paper also quoted the Kechnec mayor as saying he was
in talks with a renowned producer to make higher-class cars in
the east, Reuters notes.  The investment should be worth tens of
billions of crowns and create hundreds of jobs, the mayor said.

Ford of Europe Spokesman told Reuters the report was
"speculative" and they “cannot confirm anything like that
(story).”

The state investment agency SARIO has also denied any
negotiations with Ford about a new plant in Slovakia, which has
been a magnet for investment inflows in the auto sector.

Mr. Nissen reiterated Ford's interest in an upcoming
privatization of Romania's Automobile Craiova, Reuters states.

"Eastern Europe is certainly the area where markets are growing
and we have to consider how to increase our presence there.  We
are preparing a bid for the plant in Romania, which we are also
referring to as eastern Europe," Mr. Nissen said.

Mr. Nissen did not disclose details of the bid, but said that
Ford was looking to expand the plant, Reuters says.  The
Romanian privatization agency AVAS had previously warned that
the buyer would have to ensure a minimum yearly output of
300,000 cars.

General Motors Corp. and Russian Machines, a unit of one of the
largest privately held conglomerates in Russia, have also
expressed interest in the Romanian plant, Reuters reveals.  The
deadline for binding bids is July 5, 2007.

                     About Ford Motor Co.

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

                         *    *    *

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

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

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


FOSTER WHEELER: Board Selects Lisa Wood as VP & Controller
----------------------------------------------------------
Foster Wheeler Ltd.'s board of directors has elected Lisa Zardet
Wood to the position of vice president & controller, effective
immediately.  Ms. Wood, who had most recently served as the
chief accounting officer for Foster Wheeler, Inc., a wholly
owned subsidiary of the company, replaces Brian Ferraioli, who
has resigned to pursue other employment opportunities.

Ms. Wood joined a subsidiary of the company in 1997 as deputy
chief auditor and subsequently held positions of increasing
responsibility in the finance department before assuming the
role of chief accounting officer in 2003.  Prior to joining
Foster Wheeler, she was with Deloitte & Touche for nine years,
ultimately serving as accounting and auditing manager.  Ms. Wood
has a Bachelor of Science degree in accounting from DeSales
University.  She is a Certified Public Accountant.

The company has named Edward G. Carr to succeed Wood as FWI’s
chief accounting officer.   Mr. Carr was most recently director
of SEC reporting, a position he has held since he joined Foster
Wheeler in 2004.  Prior to that, he was director of corporate
finance for Intelligroup, Inc. for five years.  His background
also includes seven years as an audit manager with Ernst &
Young.  Mr. Carr holds a Master of Science degree in Accounting
and a Bachelor of Science degree in Business
Administration/Accounting, both from West Virginia University.
He is a Certified Public Accountant.

“We are fortunate to have individuals as talented and
knowledgeable as Lisa and Ed to step into these positions,” said
John T. La Duc, executive vice president & chief financial
officer.  “They both have been an integral part of the company’s
transformation over the past several years as Foster Wheeler
strengthened its balance sheet, adopted new internal controls
associated with Sarbanes-Oxley, and implemented efficient and
disciplined procedures for the timely consolidation, analysis,
and reporting of financial information.  We expect a seamless
transition, and we are confident that Lisa and Ed will maintain
the company’s ‘best in class’ practices in financial reporting.”

                       About the Company

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices for Asia-Pacific operations in China,
India, Indonesia, Malaysia, Singapore, Thailand, and Vietnam.
The Company also has European offices in the UK, Italy, Spain,
and France.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


GLOBAL CROSSING: Serves as Networx Subcontractor to AT&T Gov't
--------------------------------------------------------------
Global Crossing Ltd. will provide a range of information
technology services to federal government agencies and serve as
a subcontractor to AT&T Government Solutions, a business unit of
AT&T, Inc.  AT&T was awarded a Networx Enterprise contract last
month by the U.S. General Services Administration.

Networx Enterprise is a companion contract to Networx Universal,
awarded to the AT&T team in March.  Under the Networx Enterprise
contract, Global Crossing will work with AT&T to compete for
various high-capacity bandwidth services to specific geographic
regions served by federal government agencies.  Global Crossing
will provide services similar to those offered under Networx
Universal.  These include such in-demand government services as
SDH/SONET, optical wavelengths, international private lines and
dark fiber.

"This second contract win is a revalidation of Global Crossing's
relationship with AT&T and its Networx team," said Alan
Rosenberg, Global Crossing's vice president of federal
solutions.  "Whether a U.S. Government agency utilizes the
Networx Universal or Networx Enterprise procurement method to
pick their communications provider, it will have access to
Global Crossing's unique and global networking capabilities,
IPv6 connectivity and the most advanced security available."

The AT&T Networx team brings together industry-leading
networking and IT capabilities, which also includes:

   * Northrop Grumman Information Technology of McLean, Va.;
   * EDS of Herndon, Va.;
   * GTSI Corp. of Chantilly, Va.;
   * SRA International, Inc., of Fairfax, Va.; and
   * Bechtel National of Frederick, Md.

Networx Enterprise is an Indefinite Delivery - Indefinite
Quantity (ID/IQ) contract with a potential value of US$20
billion over the next 10 years.  Networx will replace the
expiring GSA FTS2001 and FTS2001 Crossover contract vehicles.
The ID/IQ contract gives AT&T, Global Crossing, its teammates,
and others the right to compete for specific task orders within
the scope of the Networx Enterprise contract.  Networx
Enterprise does not require contractors to provide services to
as many locations.

                       About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, Hong Kong and the United Kingdom.  Global
Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on
Jan. 28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the
Debtors filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a
US$173 million stockholders' deficit at Dec. 31, 2005.


GOODLIFE REHAB: Appoints Eileen T. F. Sale as Liquidator
--------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed
liquidator of Goodlife Rehab Products Ltd. on June 7 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Goodlife Rehab Products Ltd.
         Unit 66
         Vale Business Park
         Llandow
         Cowbridge
         CF71 7PF
         Wales
         Tel: 01446 776 222


HARLAN SPRAGUE: S&P Rates Proposed US$360 Mln Facilities at BB
--------------------------------------------------------------
Standard & Poor's Rating Services assigned its loan and recovery
ratings to Harlan Sprague Dawley's proposed US$360 million
senior secured facilities, consisting of:

   -- a US$15 million super-priority USD-denominated revolving
      credit facility,

   -- a US$15 million super-priority euro-denominated revolving
      credit facility, and

   -- a $330 million first-lien term loan.

The revolving credit facilities are rated 'BB' with a recovery
rating of '1', indicating the expectation for very high (90%-
100%) recovery in the event of a payment default.  The borrower
for the euro-denominated revolver is Harlan Netherlands B.V.
The term loan is rated 'B+' with a recovery rating of '3',
indicating the expectation for meaningful (50%-70%) recovery in
the event of a payment default.

In addition, S&P affirmed all other ratings on Harlan, including
the 'B+' corporate credit rating.  The rating outlook is stable.

"The debt is being used to refinance existing bank and mezzanine
debt and to fund the acquisition of a contract research
organization," explained Standard & Poor's credit analyst Alain
Pelanne.

The ratings on Harlan, a provider of lab research models and
preclinical services, continue to reflect the company's
operating focus in markets that include some larger competitors,
integration risk related to the acquisition, and its aggressive
debt leverage as a result of its late-2005 sponsor buyout.
These factors are partially offset by the company's global
reach, customer diversity, and macro-level trends that currently
support spending on the company's services.

Harlan has operations in the United Kingdom, Mexico and Italy.


KPL PRECISION: Claims Filing Period Ends July 15
------------------------------------------------
Creditors of KPL Precision Tool and Die Sinking (Aberdare) Ltd.
have until July 15 to send in their full names and addresses and
particulars of their debts or claims to:

         Wilfred Vaughan Jones
         Liquidator
         B N Jackson Norton
         4th Floor
         Dominions House North
         Dominions Arcade
         Queen Street
         Cardiff
         CF10 2AR
         Wales

Wilfred Vaughan Jones of B N Jackson Norton was appointed
liquidator of the company on June 7.


MAXI CARS: Peter Sargent Leads Liquidation Procedure
----------------------------------------------------
Peter Sargent of Begbies Traynor was appointed liquidator of
Maxi Cars Ltd. on June 8 for the creditors' voluntary winding-up
procedure.

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


NEW BARNS: Brings In Liquidators from Tait Walker
-------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed joint liquidators of New Barns Farm Shop Ltd. on
June 8 for the creditors' voluntary winding-up procedure.

Tait Walker -- http://www.taitwalker.co.uk/-- provides
financial advisory services that include corporate finance,
audit and specialized audit, accounts, forensic accounting,
outsourcing, business development, business taxes and VAT,
company pension, schemes, company financial services, IT
consultancy, business disposals and acquisitions.

The company can be reached at:

         New Barns Farm Shop Ltd.
         Warkworth
         Morpeth
         NE65 0TR
         England
         Tel: 01665 710 035


NUANCE COMMS: US$225 Mil. Loan Upsize Cues S&P to Affirm Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its B+/Positive/--
corporate credit and other ratings on Burlington, Massachusetts-
based Nuance Communications Inc. following the announcement the
company will increase its first-lien term loan B by US$225
million.

Pro forma for the add-on, the bank facility will consist of a
$75 million revolving credit facility due 2012, and a US$667
million term loan B due 2013.  The first-lien senior secured
bank loan is rated 'B+', the same as the corporate credit
rating.  The recovery rating of '3' reflects our expectation of
meaningful (50%-70%) recovery of principal by lenders in the
event of a payment default or bankruptcy.

The proceeds from the add-on term loan will be used to fund the
cash portion of the merger consideration for Nuance's previously
announced acquisition of VoiceSignal Technologies, Inc., and to
pay related fees and expenses.

"The ratings on Nuance reflect the company's rapid growth,
highly acquisitive profile, and moderately high debt leverage,"
said Standard & Poor's credit analyst Martha Toll-Reed.  These
factors are partly offset by a leading presence in the market
for speech recognition products, a significant level of
recurring revenues, and a diverse customer base.

Nuance is a global provider of speech recognition software and
imaging solutions, and related services.  The company is focused
primarily on enterprise customers within the financial services,
telecommunications, automotive and health care sectors.
Revenues for the 12 months ended March 31, 2007, were US$506.7
million.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.


ONEIDA LTD: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Oneida, Inc.'s
new senior secured first lien bank facility and a B2 corporate
family rating to the company.

The rating outlook is stable.  The ratings assigned are based on
preliminary terms as outlined by the company, and are subject to
receipt and final review of executed documents.  These represent
first time ratings for Oneida following its emergence from
voluntary bankruptcy in September 2006.  The company plans to
use proceeds from the term loan and a portion of cash to
refinance the existing term loan that was put in place following
the emergence, pay a US$30 million special dividend to preferred
equity holders, and pay related fees, expenses and prepayment
penalties.

The assigned ratings are:

   * Oneida, Inc.:

    -- Corporate family rating at B2;
    -- Probability of default rating at B2; and
    -- US$120 million first-lien Term Loan due 2013 at B3
       (LGD 4, 62%).

Oneida's B2 corporate family rating reflects the company's lower
debt obligations, stronger liquidity and improved credit metrics
that came as a direct result of its emergence from bankruptcy in
September 2006.  As part of this process, the company was able
to reduce debt by about US$100 million and terminate US$41
million of pension plan obligations.  Pro-forma for the current
transaction, Moody's estimates debt to be about 5.0 times latest
twelve months' EBITDA of about US$40 million, which is
comfortably in the "B" rating category.  The rating also
reflects the significant improvement in its cost structure as a
result of completing the shift to a 100% outsourced business
model in March 2005, which resulted in gross margin improvement
to over 35% as of March 2007 from about 22% at the end of
January 2005.  These actions should provide sufficient cushion,
enabling the company to invest in future growth.  Further
supporting the rating is the company's leading market positions
in the tableware industry, its diversified customer base in both
the consumer and food service segments, and its continued-strong
brand name recognition.

However, the rating is constrained by the significant revenue
declines that have occurred over the last several years as a
result of past service issues and failure to react to changing
consumer tastes, which the company has corrected, and shifting
industry trends and planned declines such as exiting
unprofitable businesses.  Oneida's revenue has declined from
over US$500 million in 2001 to about US$350 million.  Although
the company has identified and begun to implement several new
growth initiatives, it could be met with challenges including
the need to improve brand relevance, or fundamental industry
issues such as increased penetration from private label goods,
consolidation among department store customers and the shift
toward dual sourcing or direct sourcing from foreign
manufacturers by certain key customers.

The stable outlook reflects Moody's expectation that Oneida's
post-emergence cost structure and adequate liquidity will
provide satisfactory flexibility to withstand near-term
challenges as the company continues to implement its operational
restructuring plan and growth initiatives.  The outlook assumes
that the company will steadily improve operating and financial
performance in 2007, and 2008 through modest revenue growth and
profit retention, will generate solid free cash flows and
steadily reduce debt.

Headquartered in Oneida, New York, Oneida, Inc. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.
The company's key operations are in North America, U.K. and
Australia, and revenue is estimated to be about US$350 million.


PREMIER TELECOM: Calls In Liquidators from Wilson Field
-------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of Premier Telecom Solutions Ltd. on June 8 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Premier Telecom Solutions Ltd.
         Acton Hall Enterprise Park
         Station Lane
         Featherstone
         Pontefract
         WF7 6EQ
         England
         Tel: 01977 696 567
         Fax: 01977 696 567


ROEBUCK ELECTRONIQUE: Claims Filing Period Ends August 29
---------------------------------------------------------
Creditors of Roebuck Electronique Ltd. have until Aug. 29 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Gordon Craig
         Liquidator
         Cresswall Associates Ltd.
         168 Hesketh Lane
         Tarleton
         Preston
         Lancashire
         PR4 6AT
         England

Gordon Craig of Cresswall Associates Ltd. was appointed
liquidator of the company on May 29 by resolutions of members
and creditors.


TATA MOTORS: To Raise US$450 Million in International Market
------------------------------------------------------------
Tata Motors Ltd will raise US$450 million in the international
market by the issuance of Foreign Currency Convertible
Alternative Reference Securities.

According to a regulatory filing with the Bombay Stock Exchange,
the funds will be used to meet the capital and product
development expenditure related to the company's growth projects
in its Commercial Vehicle Business Unit and Passenger Car
Business Unit.

On June 21, 2007, Tata Motors said it has priced the issue of
Foreign Currency CARS aggregating to US$450 million excluding
green shoe option.  The company will apply for the listing of
the CARS on the Singapore Stock Exchange.

The CARS will be convertible, at the option of the company, into
either Qualifying Securities (which may be in the form of
depositary receipts with restricted rights of withdrawal,
representing underlying ordinary shares, with differential
rights as to dividend or voting) or ordinary shares or American
Depositary Shares.  The CARS will be convertible at an initial
conversion price of INR960.96 per share, which is at a premium
of 40% to the company's closing share price on the National
Stock Exchange of India Ltd as on June 20.  The CARS are zero
coupon and outstanding CARS, if any, at maturity will be
redeemable at a premium of 31.82% of the principal amount.

The Issue was launched before market trading hours on June 21,
2007.  Citigroup acted as the sole global coordinator to the
Issue with JP Morgan being the joint book runner.

Tata Motors has operations in Russia, and the United Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from 'BB'.
S&P said the outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


USHERS BAKERY: Claims Filing Period Ends July 18
------------------------------------------------
Creditors of Ushers Bakery Ltd. have until July 18 to prove
their debts by sending written statements of the amounts they
claim to be due to them from the company to:

         Stephen Goderski
         Liquidator
         Geoffrey Martin & Co.
         7-8 Conduit Street
         London
         W1S 2XF
         England

Stephen Goderski of Geoffrey Martin & Co. was appointed
liquidator of the company on June 6.


VASOMEDICAL INC: Inks Business Alliance with Living Data
--------------------------------------------------------
Vasomedical Inc. entered into an alliance and business
arrangement with Living Data Technology Corporation and its
affiliates.

Pursuant to the alliance agreement, Kerns Manufacturing Corp.,
of Living Data’s affiliate, made a US$1.5 million equity
investment in Vasomedical through the purchase of common stock.
In addition, Vasomedical has an option to sell an additional
US$1 million of its common stock to Kerns, subject to certain
terms, restrictions and conditions.

Vasomedical and Living Data also entered into agreements that
grant Vasomedical exclusive right to market and distribute
Living Data’s external counterpulsation systems in the United
States.  In return, the agreement granted Living Data exclusive
right to manufacture and supply products to Vasomedical.  The
arrangement also provides for the appointment of two
representatives of Living Data to Vasomedical’s board of
directors, including Simon Srybnik, chairman of Kerns and Living
Data.

“This transaction offers us the opportunity to expand our
patient base for this important medical treatment,” remarked
Vasomedical’s newly appointed president and chief executive
officer Dr. John CK Hui.  “With the new capital infusion,
together with our recently restructured management team, plus
the addition of Living Data and Kern’s business expertise, we
can begin to execute a new marketing and sales plan.  It is our
goal in the coming months to achieve greater market penetration,
to demonstrate renewed revenue growth, and to increase
shareholder value.”

“We are extremely excited about the future of Vasomedical,”
remarked Mr. Abraham E Cohen, chairman of the Board of Directors
of Vasomedical.  “With additional capital, a new strategic
alliance partner who has proven expertise in the innovative
mobile ECP system from Living Data, combined with our existing
products with proven clinical effectiveness, we are ready to
expand our market and continue to be the leader of this
noninvasive, effective, and cost efficient therapy for patients
suffering from ischemic heart disease.”

“I am a true believer in external counterpulsation therapy, and
I have personally benefited from using this noninvasive
treatment regime,” commented Mr. Simon Srybnik.  "This alliance
of two companies with great track records will create a synergy
that combines the engineering and manufacturing expertise of
Living Data with the leadership and reputation of Vasomedical, a
company well qualified to market a product that is needed to
prolong and improve the quality of life for patients across a
broad spectrum of debilitating illnesses.  I am confident that
together we can bring the best products and services to the
market, while at the same time increasing shareholder value.
Vasomedical is a pioneer in the field and offers the only
clinical evidence-based line worldwide.  We will support
Vasomedical as it expands its market presence and leadership and
are open to exploring additional acquisitions and other
strategic relationships.”

                         About Living Data

Living Data Technology Corp. -– http://www.angionew.com/--
is a New York based private company that develops and markets
AngioNew(R) external counterpulsation systems for non-invasive
treatment of cardiovascular diseases such as angina and CHF.
Its ECP systems delivers treatment without operator
intervention.  Living Data offers products from its China based
production facility, which is ISO 9001 and ISO 13485 certified,
and in full compliance with cGMP.  Living Data markets and
installs AngioNew(R) systems in the United States as well in
many countries in Europe and Middle and Far East.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 8, 2006,
Miller Ellin & Company LLP, in New York, expressed substantial
doubt about Vasomedical Inc.'s ability to continue as a going
concern after auditing the company's financial statements
for the fiscal year ended May 31, 2006.  The auditing firm
pointed to the company's recurring losses from operations and
net capital deficiency.

                      About Kerns Manufacturing

Kerns Manufacturing Corp. –- http://www.kernsmfg.com/--
manufactures aircraft and rocket engine components and
subassemblies for over 50 years.  Its products are complex
critical components vital to the safe and continuous operation
of both commercial and military aircraft and rocket engines,
therefore demanding the highest standards of quality assurance
for excellence and precision.  Kerns customer base includes
General Electric, Pratt & Whitney, SNECMA in France, MTU in
Germany, ITP in Spain as well as the U.S. Government.  It also
operates with joint ventures and partners in India and China.

                        About Vasomedical

Vasomedical Inc. (OTC BB: VASO.OB) --
http://www.vasomedical.com/-- develops, manufactures and
markets EECP(R) therapy systems to deliver its proprietary form
of enhanced external counterpulsation therapy.  EECP(R) therapy
is a noninvasive, outpatient therapy used in the treatment of
ischemic cardiovascular diseases, currently used to manage
chronic stable angina and heart failure.

The company has operations in Brazil, China and the United
Kingdom.


WARNER MUSIC: To Develop Mobile Themes on QUALCOMM's uiOne(TM)
--------------------------------------------------------------
Warner Music Group and QUALCOMM Incorporated, a leading
developer and innovator of advanced wireless technologies and
mobile data solutions, disclosed that WMG is developing a series
of over-the-air, downloadable, artist-branded themes for mobile
phones, which feature popular WMG artists and are based on
QUALCOMM's uiOne(TM) offering.

WMG's artist themes will contain many features, including a
series of mobile skins that will allow fans to customize the
look and feel of their mobile phones.  In one file download,
QUALCOMM's uiOne technology also will allow WMG to offer fans
additional mobile products, such as ringtones, wallpapers, full-
track songs, games and more, from their favorite artists.  WMG's
themes are expected to be made available to wireless operators
that deploy uiOne.  QUALCOMM's uiOne offering provides the
wireless value chain with the means to advance the wireless
experience via rich, integrated and dynamic user interfaces that
can be updated over the air.

"uiOne is an important accomplishment in the evolution of mobile
personalization products," said George White, senior vice
president of strategy and product development, Warner Music
Group.  "Mobile themes using QUALCOMM's uiOne technology offer a
compelling music product that combines images, ringtones and
even video in a one file download structure.  Fans now have an
easy way to personalize the mobile handset to showcase content
from their favorite Warner Music artists.  We are excited to
work with our mobile operator partners to offer uiOne-based
themes as part of our ongoing commitment to expand the music-
based content our artists produce."

"QUALCOMM is thrilled to work with Warner Music, one of the
entertainment industry's marquee names," said Brian Dunphy,
senior director and head of brand and affinity relations for
QUALCOMM Internet Services.  "Warner Music's decision to create
themes for its artists validates not only the advantages of the
uiOne offering, but also the opportunity that exists across the
entire wireless marketplace to deliver a customized user
experience to mobile customers.  The uiOne offering provides an
avenue for promoting additional content to subscribers and
further driving wireless data use for content providers and
wireless service providers alike."

                          About QUALCOMM

Headquartered in San Diego, Calif., QUALCOMM Incorporated --
http://www.qualcomm.com/-- develops and delivers innovative
digital wireless communications products and services
based on CDMA and other advanced technologies.  QUALCOMM is
included in the S&P 500 Index and is a 2007 FORTUNE 500(R)
company traded on The Nasdaq Stock Market(R) under the ticker
symbol QCOM.

                  About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
June 8, 2007, while it is currently uncertain whether Warner
Music Group Corp. (Warner; IDR rated 'BB-' with a Stable Outlook
by Fitch) will make a competing bid for EMI Group Plc (EMI), any
theoretical bid for EMI would likely result in a Rating Watch
Negative for Warner's ratings and its subsidiaries, according to
Fitch Ratings.

On May 25, 2007, Standard & Poor's Ratings Services said that
its ratings on New York City-based Warner Music Group Corp.,
including its 'BB-' corporate credit rating, remain on
CreditWatch with negative implications, where they were
initially placed on Feb. 22, 2007, following the company's
statement that it was exploring a possible merger agreement with
EMI Group PLC (B+/Watch Neg/B).


WHOLE FOODS: To Sell 35 Stores Upon Closing of Wild Oats Merger
---------------------------------------------------------------
Whole Foods Market plans to transfer all 35 Henry's and Sun
Harvest store locations, and a Riverside, California,
distribution center to a wholly owned subsidiary of Smart &
Final Inc., a Los Angeles-based food retailer, subject to Whole
Foods Market prevailing in the current lawsuit with the U.S.
Federal Trade Commission concerning Whole Foods Market's merger
with Wild Oats Markets Inc. and the actual closing of that
merger.  The Henry's and Sun Harvest stores are located in
California and Texas.

"We have determined that these stores do not fit into Whole
Foods Market's long-term real estate and brand strategy," said
Whole Foods Market CEO John Mackey.  "It is important to us to
ensure a smooth transition and to be open about our plans
because of the employees and loyal shoppers at these locations.
We believe both will be well served by Smart and Final's
business focus."  Smart & Final is privately held and controlled
by Apollo Management, L.P., a private equity firm.  Operating
under the Smart & Final and Smart Foodservice Cash & Carry
banners, the company operates 255 non-membership warehouse
stores selling food and foodservice products to both traditional
household customers and small business owners in Washington,
Oregon, Idaho, California, Arizona, Nevada, and Northern Mexico.

George Golleher, Chairman and Chief Executive Officer of Smart &
Final said, "Smart & Final and Apollo are both very excited
about the opportunity to acquire the Henry's Farmer's Market and
Sun Harvest banners, particularly given the tremendous consumer
interest in natural foods and high quality perishable offerings.
We believe that the Henry's and Sun Harvest formats have the
potential for significant new store growth and we intend to
invest in the Henry's and Sun Harvest store base with a goal of
opening a significant number of new stores over the next two to
three years.  In addition, we believe there are enhancements to
the business that will serve to further accelerate comparable
store sales growth and we look forward to working with all of
the Henry's and Sun Harvest employees in further developing
these exciting formats.  Henry's and Sun Harvest will be wholly
owned subsidiaries of Smart & Final and will continue with their
focus on natural and organic foods.  In addition, existing
management of these formats will continue in their current
roles."

                  Wild Oats Markets Merger Deal

On Feb. 21, 2007, Whole Foods Market and Wild Oats Markets
entered into a merger agreement pursuant to which Whole Foods
Market commenced a tender offer to purchase all the outstanding
shares of Wild Oats Markets at a purchase price of US$18.50 per
share in cash, plus assumed debt.

On June 12, 2007, the company and Wild Oats Markets announced
the U.S. District Court for the District of Columbia had
scheduled a preliminary injunction hearing to begin on July 31,
2007, and to conclude on Aug. 1, 2007, to decide whether to
approve the U.S. Federal Trade Commission's application for an
injunction to block the proposed merger between the two
companies.

Whole Foods Market and Wild Oats Markets consented to a
temporary restraining order pending the hearing.  Previously,
the FTC provided notice of its intent to file a complaint in
the U.S. District Court for the District of Columbia seeking
to block the proposed acquisition of shares pursuant to the
tender offer.  The FTC did file such complaint with the U.S.
District Court for the District of Columbia on June 7, 2007.
Whole Foods Market and Wild Oats Markets are cooperating to
challenge the FTC's opposition to the merger.

                        About Smart & Final

Smart & Final – http://www.smartandfinal.com/-- is a Los
Angeles, Calif.-based operator of 255 non-membership warehouse
stores operating under the Smart & Final and Smart Foodservice
Cash & Carry banners that sell perishable and non-perishable
food and foodservice products to both traditional household
customers and small business owners.  Smart & Final's market
area includes Washington, Oregon, Idaho, California, Arizona,
Nevada, and Northern Mexico.  Financially, Smart & Final's sales
in 2006 were in excess of US$2.1 billion.

                     About Apollo Management

Smart & Final is privately held and controlled by Apollo
Management, L.P., one of the largest private equity firms in the
world.  Apollo manages a pool of investment capital on behalf of
a group of institutional investors and the principals of Apollo.
Apollo has invested in excess of US$16 billion of equity since
its inception in 1990.

                     About Wild Oats Markets

Headquartered in Boulder, Colorado, Wild Oats Markets Inc. --
http://www.wildoats.com/-- is a natural and organic foods
retailer in North America with annual sales of approximately
$1.2 billion.  Wild Oats Markets was founded in Boulder,
Colorado in 1987.  Wild Oats Markets currently operates 110
stores in 24 states and British Columbia, Canada under four
banners: Wild Oats Marketplace (nationwide), Henry's Farmers
Market (Southern California), Sun Harvest (Texas), and Capers
Community Market (British Columbia).

                    About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a
natural and organic foods supermarket.  In fiscal year 2006,
the company had sales of US$5.6 billion and currently has more
than 190 stores in the United States, Canada, and the United
Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on May 1, 2007,
Standard & Poor's Ratings Services said that while the ratings
on Whole Foods Market Inc., including the 'BBB-' corporate
credit rating, currently remain on CreditWatch with negative
implications, where they were placed on Feb. 22, 2007, S&P will
lower the corporate credit rating to 'BB+' from 'BBB-' upon
closure of its acquisition of Wild Oats Inc.  At this time,
ratings will also be removed from CreditWatch.  The outlook will
be stable.


WOLVERHAMPTON SCAFFOLDING: Hires Liquidator from Sharma & Co.
-------------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of
Wolverhampton Scaffolding Services Ltd. on June 7 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Wolverhampton Scaffolding Services Ltd.
         Unit 31 Stowheath Industrial Estate
         Monmore Road
         Wolverhampton
         WV1 2TZ
         England
         Tel: 01902 497 100
         Fax: 01902 497 141


* BOND PRICING: For the Week June 18 to June 22, 2007
-----------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
Austria AG               0.500    03/15/19     CDN      60.33
                          0.250    10/14/26     CDN      37.83
Republic of Austria       4.000    06/22/22     EUR      72.06
                          7.000    08/04/25     EUR      66.85
                          5.000    10/10/25     EUR      69.63

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.79
                          0.500    04/26/13     AUD      70.01
                          1.000    11/21/16     NZD      55.02
                          0.500    09/24/20     CDN      55.12
                          0.250    06/28/40     CDN      19.63

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      65.51
Alcatel S.A.              4.750    01/01/11     EUR      17.09
Altran Technologies S.A.  3.750    01/01/09     EUR      12.48
BNP Paribas               0.250    12/20/14     US$      66.23
CAP Gemini S.A.           2.500    01/01/10     EUR      57.76
                          1.000    01/01/12     EUR      54.62
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.93
                          4.375    11/01/10     EUR      55.68
FCC Rome Alliance
   Funding                2.256    01/08/21     EUR      71.03
Havas S.A.                4.000    01/01/09     EUR      10.80
Infogrames
  Entertainment S.A.      4.000    01/01/09     EUR       0.50
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      21.98
Maurel & Prom             3.500    01/01/10     EUR      22.40
Publicis Group            0.750    07/17/08     EUR      33.52
                          1.000    01/18/18     EUR      43.27
Rallye                    3.750    01/01/08     EUR      53.51
Rhodia S.A.               0.500    01/01/14     EUR      48.93
Scor S.A.                 4.125    01/01/10     EUR       2.41
Soc Air France            2.750    04/01/20     EUR      36.27
Soitec                    4.625    12/20/09     EUR      16.15
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.12
Valeo                     2.375    01/01/11     EUR      50.95
Vivendi Universal S.A.    1.750    10/30/08     EUR      33.03
Wendel Invest S.A.        2.000    06/19/09     EUR      53.99

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      66.66
                          0.347    05/17/16     EUR      76.60
                          0.500    12/19/17     EUR      65.04
                          5.000    05/23/20     EUR      72.82
                          5.000    07/07/20     EUR      70.35
                          5.000    07/29/20     EUR      70.31
                          6.000    07/21/25     EUR      65.91
                          5.000    09/01/25     EUR      74.06
                          8.000    08/10/30     EUR      63.25
Landeskreditbank Baden-
  Wuerttemberg Foerderbk  0.500    05/10/27     CDN      41.74
Landwirtschaftliche
  Rentenbank AG           1.000    03/29/17     NZD      54.08

GREECE
------

Hellenic Republic         5.000    07/13/20     EUR      71.15
Hellenic Republic         6.000    07/07/24     EUR      67.42
Hellenic Republic         6.000    07/06/24     EUR      72.59

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      69.92

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.44
                          0.250    07/08/33     CDN      26.69
Irish Perm Plc            6.125    02/15/35     EUR      69.05
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.34

LUXEMBOURG
----------
Carrier1 Int'l S.A.      13.250    02/15/09     US$      25.34
Teksid Aluminum S.A.     12.375    07/15/11     EUR      55.01

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      60.05
                          0.500    02/24/25     CDN      45.36
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.31
Gerling Global
  Rentefonds              6.625    08/16/21     EUR      60.78
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      74.86
                          8.250    03/16/35     EUR      62.75
                          7.000    05/17/35     EUR      69.78
                          7.250    10/05/35     EUR      64.50
Ned Waterschapbk          3.250    05/18/23     US$      74.10
                          6.000    06/01/35     EUR      70.56
                          6.500    08/15/35     EUR      64.75
                          6.000    06/30/45     EUR      62.75
Parmalat Finance B.V.     5.500    03/30/09     EUR      27.98
Rabobank Groep N.V.       5.360    07/15/15     EUR      68.83
                         6.000    04/08/20     EUR      73.08
                         3.100    11/15/24     US$      71.01
                         6.000    02/22/35     EUR      69.41
                         2.000    02/23/35     EUR      61.40
                         7.000    02/28/35     EUR      67.47
                         7.000    03/23/35     EUR      65.74
                         6.000    05/09/35     EUR      71.94

NORWAY
------
Kommunalbanken A.S.      0.500    02/07/13     AUD      69.60

SWEDEN
------
AB Svensk Export         0.500    03/27/13     AUD      70.31

UNITED KINGDOM
--------------
Anglian Water
  Finance Plc            2.400    04/20/35     GBP      55.51
                         1.678    07/03/56     GBP      35.18
HBOS Treasury
  Services Plc           6.000    02/07/35     EUR      73.45
National Grid Gas Plc    1.754    10/17/36     GBP      45.72
                         1.771    03/30/37     GBP      45.74
Royal BK Scotland Plc    0.250    03/27/14     US$      69.71
                         7.000    04/04/25     US$      67.31
                         7.000    06/09/25     EUR      65.22
Wessex Water Finance Plc 1.369    07/31/57     GBP      30.35


                           *********


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 * * *