TCREUR_Public/070627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 27, 2007, Vol. 8, No. 126

                            Headlines


A U S T R I A

AUTOCENTER KANIK: Graz Court Orders Business Shutdown
BIOENERGETICA LLC: Claims Registration Period Ends July 3
DRUCKHAUS E.FRASZ: Claims Registration Period Ends July 2
FG LLC: Claims Registration Period Ends July 4
GF GUENTER: Claims Registration Period Ends July 4

GRANO LLC: Vienna Court Orders Business Shutdown
PETIT BOY: Claims Registration Period Ends June 29
ROX BAU: Vienna Court Orders Business Shtdcutdown


B E L G I U M

ALLIED DEFENSE: Inks Pact with Noteholders to Settle Default Row
GENERAL MOTORS: Reaches Tentative Deal with UAW and Delphi Corp.
LVI HOLDING: Better Performance & Policy Cue S&P’s BB+ Ratings


D E N M A R K

TDC A/S: Expects DKK0.9 Billion After Tax Gain on ONE Share Sale
TDC A/S: Fitch Affirms BB- Rating After Detailed Review


F R A N C E

DELPHI CORP: Reaches Tentative Deal with UAW and General Motors
FCC SPARC: S&P Puts BB Prelim Rating to EUR39.2 Million Notes
REMY COINTREAU: Posts EUR23 Mln Net Loss for Year Ended March 31
SAUR S.A.S.: S&P Withdraws BB Ratings on Request After Buyback
SEALEGS CORP: Makes Calls on 13,876 Partly-Paid Shares


G E R M A N Y

BETEILIGUNGSGESELLSCHAFT MOENKEDAMM: Claims Bar Date on Aug. 3
BSK BARTH: Claims Registration Period Ends July 23
BWB GESELLSCHAFT: Claims Registration Period Ends August 3
DAIMLERCHRYSLER: CEO Upbeat on Future Following Chrysler Sale
EMS MARKETING: Claims Registration Ends August 8

FARBIMPULS GMBH: Claims Registration Ends July 17
FAS FUNK: Claims Registration Period Ends July 11
GESELLSCHAFT FUER INTEGRIERTE: Claims Registration Ends Aug. 15
GLOBETEL WIRELESS: Claims Registration Ends July 20
GRUEN GMBH: Creditors Must Register Claims by July 7

GUENTHER LEDERHANDSCHUHE: Creditors Meeting Slated for July 4
GUENTHER ROHDE: Creditors Must Register Claims by July 9
HAGO BERATUNG: Claims Registration Ends August 10
HLX LEUCHTEN: Claims Registration Ends July 23
HMN OBJEKTEINRICHTUN: Claims Registration Ends July 19

HOEFT-MASSIV-HAUS GMBH: Creditors' Meeting Slated for July 6
INDUSTRIEMONTAGEN FORSTER: Claims Registration Ends July 10
KIES- UND MOERTELWERK: Claims Registration Ends July 13
OEHLER BETEILIGUNGS: Claims Registration Ends July 13
PROFIT-PLAN GESELLSCHAFT: Claims Registration Ends Aug. 10

QI QUALITY: Creditors Must Register Claims by July 5
RUBA BAUTRAGER: Claims Registration Period Ends Aug. 13
UL-GESCHAFTSFUEHRUNGSGESELLSCHAFT: Claims End July 27
WE-GESELLSCHAFT: Claims Registration Period Ends Sept. 25
WILLEMS DOMIZILBAU: Creditors Must Register Claims by July 9


I R E L A N D

W.R. GRACE: Wants Exclusive Plan-Filing Period Further Extended
W.R. GRACE: Wants to Sell Washcoat Business for US$21.9 Million


I T A L Y

PARMALAT SPA: Judge Drain to Issue Permanent Injunction
PARMALAT SPA: Court Dismisses Counterclaims by Grant Thornton
TISCALI S.P.A.: Fitch Lifts Junk IDR to B- on Subsidiary Sale


K A Z A K H S T A N

AKJOL LLP: Proof of Claim Deadline Slated for July 25
BELGIBAI LLP: Creditors Must File Claims July 27
BEYSAL COMPANY: Claims Filing Period Ends July 31
GAUHERTAS LLP: Claims Registration Ends July 25
GIDRO OIL: Creditors' Claims Due July 27

KONYRAT LLP: Proof of Claim Deadline Slated for July 25
MEKAD LLP: Claims Filing Period Ends July 25
SULU TAU: Claims Registration Ends July 27


K Y R G Y Z S T A N

BIGSER LLC: Creditors Must File Claims by August 3
RIVERA LLC: Creditors' Meeting Slated for July 2
TITAN UG: Claims Filing Period Ends August 3


N E T H E R L A N D S

AMSTEL SECURITISATION: S&P Puts BB Ratings on Class E Notes
E-MAC PROGRAM: Fitch Puts BB Ratings on EUR1.7 Mln Class E Notes
SENSATA TECHNOLOGIES: Buying Airpax Holdings for US$276 Million
SENSATA TECHNOLOGIES: S&P Revises Outlook After Airpax Purchase


R U S S I A

BELOKOLODEZSKIY BRICKWORKS: Creditors Must File Claims by Aug. 2
BRICKWORKS LLC: Creditors Must File Claims by August 2
HELIUM CJSC: Creditors Must File Claims by August 2
KIRSANOV-AUTO-TRANS: Creditors Must File Claims by August 2
KUBARUS-MILK: Krasnodar Bankruptcy Hearing Slated for Sept. 24

NORTH FUEL-ENERGY: Bankruptcy Hearing Slated for Sept. 19
OLYM-SUGAR OJSC: Creditors Must File Claims by August 2
PETUKHOVSKOYE OJSC: Creditors Must File Claims by July 2
ROS-AUTO-SERVICE: Creditors Must File Claims by August 2
RUSSIAN CONSUMER: S&P Rates Class A-2 and Class B Notes at BB-

SARMANOVO-AGRO-KHIM-SERVICE: Names A. Miller to Manage Assets
SEVERNYJ OJSC: Court Starts External Bankruptcy Procedure
SUDOGDA-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by Aug. 2
TALITSKIY DISTILLERY: Creditors Must File Claims by July 2
VIMPELCOM: Appellate Court Affirms Ruling on URS Acquisition

ZAKS CJSC: Court Names O. Magalyas as Insolvency Manager


S W I T Z E R L A N D

BK OPTIK: Creditors' Liquidation Claims Due July 31
BZ WERBEIDEEN: Creditors' Liquidation Claims Due July 31
CHEMISCHE BAU-UND: Creditors' Liquidation Claims Due July 9
SHOE & SHINE: Creditors' Liquidation Claims Due July 13
SIG HOLDING: S&P Puts B+ Corp. Credit Ratings; Outlook Stable

WIPSEVENT JSC: Creditors' Liquidation Claims Due July 9
ZIMMERMANN-KASER JSC: Creditors' Liquidation Claims Due July 9

* Switzerland Votes to Join KPMG Merger in Europe


U K R A I N E

ASTARTA TECNO: Claims Filing Deadline Set June 28
MRIYA LLC: Claims Filing Deadline Set June 28
NORMANDY CJSC: Creditors Must File Claims by June 28
OSMAKI CONSUMER: Claims Filing Deadline Set June 28
RUDNITSKOE LLC: Claims Filing Deadline Set June 28

STV+ LLC: Claims Filing Deadline Set June 28
TURIYSK SPMK-15: Claims Filing Deadline Set June 28
UKRAINIANASIABUILDING: Claims Filing Deadline Set June 28


U N I T E D   K I N G D O M

1ST ONSITE: Joint Liquidators Take Over Operations
AIRPHONE DISTRIBUTION: Brings In Liquidators from Kroll
ALPINE COLD: Hires Liquidators from BDO Stoy Hayward
AMERICAN CAMSHAFT: Wants to Sell Assets to Hilco for US$5.5 Mln
ARGO PANTES: Posts IDR18.4 Bln Net Loss in Qtr. Ended March 31

ASHTON PACKING: Appoints Andrew James Nichols as Liquidator
AVOCA CLO VIII: Fitch Rates EUR10 Million Class F Notes at B
CART 1 LTD: Fitch Rates Class E Floating Rate Notes at BB
CYBA MANUFACTURING: Taps Vincent A. Simmons to Liquidate Assets
DAIWA SECURITIES: Dissolves SMBC Subsidiary

FIXED-LINK FINANCE: S&P Affirms Junk Ratings on Class C Notes
HARLAN SPRAGUE: S&P Puts BB Rating to US$360 Million Loan
LTL COMMUNICATIONS: Names Nimish Chandrakant Patel Liquidator
LUDGATE FUNDING: Fitch Rates Class S Notes at BB-
MITEL NETWORKS: ISS Urges Shareholders to Snub Inter-Tel Merger

MS ENTERPRISES: Calls In Liquidators from The Outlook
NEWFIELD EXPLORATION: Inks New US$1.25 Billion Debt Refinancing
NOMURA HOLDINGS: Acquires Minority Stake in Calliva Group Ltd.
NUANCE COMMS: Inks Pact To Acquire Tegic for US$265 Million Cash
ONEIDA INC: Moody’s Places Corporate Family Rating at B2

PROTON HOLDINGS: More Talks Needed with VW; Still in Talks w/ GM
QUEENSBRIDGE TRUST: Appoints Ninos Koumettou to Liquidate Assets
SCOTTISH RE: Annual Shareholders' Meeting Scheduled on July 18
SCOTTISH RE: Hires Dan Roth as Executive Vice President & CRO
SEA CONTAINERS: Court Okays Deloitte & Touche as Auditors

SEA CONTAINERS: Trustee & GE Capital Balk at US$176 Mln DIP Loan
SENSIGRADE LTD: N. A. Bennett Leads Liquidation Procedure
SHAW GROUP: Inks Partnership Agreement with Alinda Capital
TRINITY ELECTRICAL: Hires Liquidators from Begbies Traynor
U.S. ENERGY: UK Financing Failure Could Prompt Bankruptcy Filing

U.S. ENERGY: Weiser LLP Expresses Going Concern Doubt
U.S. ENERGY: Board Suspends UK Unit CEO Grant Emms
UROPA SECURITIES: S&P Puts BB Ratings to Three Note Classes
VONAGE HOLDINGS: Appeals Court Wants “Middle Ground” Considered
WOORI BANK: National Pension To Take Over Parent Company

XILLIX TECHNOLOGIES: Court Gives Interim Nod on CCAA Plan

* Large Companies with Insolvent Balance Sheet

                            *********

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


AUTOCENTER KANIK: Graz Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Graz entered May 25 an order shutting down the
business of LLC Autocenter Kanik (FN 234963i).

Court-appointed estate administrator Stefan Kohlfuerst
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. Stefan Kohlfuerst
         OEG Hofstatter & Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at

Headquartered in Graz - Seiersberg, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No 26 S 36/07z).


BIOENERGETICA LLC: Claims Registration Period Ends July 3
---------------------------------------------------------
Creditors owed money by LLC Bioenergetica (FN 140485x) have
until July 3 to file written proofs of claim to court-appointed
estate administrator Volker Leitner at:

         Mag. Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on July 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on May 25 (Bankr. Case No. 14 S 107/07m).


DRUCKHAUS E.FRASZ: Claims Registration Period Ends July 2
---------------------------------------------------------
Creditors owed money by LLC Druckhaus E.Frasz & Co KG (FN
145956t) have until July 2 to file written proofs of claim to
court-appointed estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on July 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on May 25 (Bankr. Case No. 26 S 67/07s).


FG LLC: Claims Registration Period Ends July 4
----------------------------------------------
Creditors owed money by LLC FG (FN 219397v) have until July 4 to
file written proofs of claim to court-appointed estate
administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Rainer Herzig
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 01/533 16 95
         Fax: 01/535 56 86
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on July 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Sierndorf, Austria, the Debtor declared
bankruptcy on May 25 (Bankr. Case No. 36 S 79/07w).  Rainer
Herzig represents Dr. Schmidt in the bankruptcy proceedings.


GF GUENTER: Claims Registration Period Ends July 4
--------------------------------------------------
Creditors owed money by LLC GF Guenter Frittum (FN 217367h) have
until July 4 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Rainer Herzig
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 01/533 16 95
         Fax: 01/535 56 86
         E-mail: schmidt@preslmayr.at
                 herzig@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on July 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Sierndorf, Austria, the Debtor declared
bankruptcy on May 25 (Bankr. Case No. 36 S 81/07i).  Rainer
Herzig represents Dr. Schmidt in the bankruptcy proceedings.


GRANO LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered May 25 an order shutting down
the business of LLC Grano (FN 267288x).

Court-appointed estate administrator Christian Bachmann
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. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 8 (Bankr. Case No 4 S 54/07d). Eva-Maria Bachmann-Lang
represents Dr. Bachmann in the bankruptcy proceedings.


PETIT BOY: Claims Registration Period Ends June 29
--------------------------------------------------
Creditors owed money by LLC Petit Boy Danube (FN 178817t) have
until June 29 to file written proofs of claim to court-appointed
estate administrator Martin Koroschetz at:

         Dr. Martin Koroschetz
         Hauptstrasse 8
         2540 Bad Voeslau
         Austria
         Tel: 02252/251 251
         Fax: 02252/251251-5
         E-mail: dr.koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on May 29 (Bankr. Case No. 10 S 56/07z).


ROX BAU: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered May 29 an order shutting down
the business of LLC ROX BAU (FN 282023s).

Court-appointed estate administrator Matthias Klissenbauer
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. Matthias Klissenbauer
         Gonzagagasse 15/5
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@klissenbauer.com

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No 28 S 55/07b).


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


ALLIED DEFENSE: Inks Pact with Noteholders to Settle Default Row
----------------------------------------------------------------
The Allied Defense Group Inc. entered into definitive agreements
with all investors of the company's $30 million convertible
notes for recapitalization and resolution of all outstanding
disputes of default between the company and its debt holders.

Under the terms of the agreement, the convertible note investors
have agreed to amend certain terms of the existing notes,
provide up to $15 million in new funding, and release the
company of all alleged defaults and penalties under the
convertible note agreement.

The transaction is subject to various closing conditions,
including approval of the American Stock Exchange, and is
expected to close within five business days.

Under the terms of the agreement, the company will exchange the
existing $30 million convertible debt issue for new
approximately $27.1 million senior secured notes carrying an
8.95% coupon, payable quarterly and convertible into shares of
The Allied Defense Group's common stock at a price of $9.35 per
share, equal to the closing bid price of the common stock on the
day of signing, and 1.288 million shares of common stock.

The company will also receive an incremental $15 million cash of
new funding, subject to similar interest and conversion
provisions as the approximately $27.1 million notes.

Of the $15 million in new funding, $5 million will be available
immediately upon closing.  The remaining $10 million will be
available once a large anticipated ammunition contract award is
received by the company's wholly-owned MECAR S.A. subsidiary.
Allied's expectations with respect to the order have not changed
and the company is currently working to establish a performance
bond guarantee, which is a final requirement before the client
can issue the contract award to MECAR.

"The company has reached a consensual resolution with its
convertible debt holders,” Retired Major General John J.
Marcello, president and chief executive officer of Allied
Defense, said.  “This restructuring will recapitalize the
company and eliminate any uncertainties associated with the
alleged defaults under the original notes.  The management team
and board of directors believes that this restructuring is in
the best interests of all shareholders and one of several steps
needed to refocus the company on a path of maximizing
shareholder value.  The company continues to work closely with
its advisors to improve operational performance and evaluate all
strategic options in an effort to maximize shareholder value."

                     About Allied Defense

Headquartered in Vienna, Virginia, The Allied Defense Group Inc.
-- (AMEX: ADG) -- http://www.allieddefensegroup.com/-- is a
diversified International defense and security firm which
develops and produces conventional medium caliber ammunition
marketed to defense departments worldwide; designs, produces and
markets sophisticated electronic and microwave security systems
principally for European and North American markets;
manufactures battlefield effects simulators and other training
devices for the military; and designs and produces state-of-the-
art weather and navigation software, data, and systems for
commercial and military customers.  The company has operations
in Belgium.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 18, 2007,
BDO Seidman LLP, in Bethesda, Maryland, expressed substantial
doubt about The Allied Defense Group Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the years ended Dec. 31, 2006, and 2005.  The
auditing firm pointed to the company's losses from operations in
2006 and 2005.

The auditing firm also cited that the company has received
default notices from certain convertible debt holders in 2007.
The auditing firm further disclosed that if the company fails to
register the underlying shares related to the company's
$30 million convertible debt facility by March 29, 2007, the
debt will be in default and the face value of the notes along
with redemption premiums and all accrued interest will become
due.


GENERAL MOTORS: Reaches Tentative Deal with UAW and Delphi Corp.
----------------------------------------------------------------
Delphi Corp. reached a tentative agreement and signed a
Memorandum of Understanding with the UAW and General Motors
Corp. covering site plans, workforce transition as well as other
comprehensive transformational issues.  The agreement is subject
to union ratification and approval by the U.S. Bankruptcy Court.

"If ratified, we believe this agreement will be a significant
milestone in our transformation and a major step towards
emergence," John Sheehan, Delphi's chief restructuring officer,
said.  "The Memorandum is a testament to the dedication and hard
work of the UAW, Delphi and General Motors teams."

UAW President Ron Gettelfinger and UAW Vice President Cal Rapson
have issued a statement, "The UAW finalized an understanding
with General Motors earlier [Fri]day that has resulted in a
tentative agreement with their former parts operations.  Details
are being withheld based on explanation and ratification
meetings by our local unions."

The Detroit Free Press reports that Delphi is offering its
offers
workers buyouts, severance packages, early retirement incentives
and other payments in exchange for ratifying the Tentative
Agreement.

The TA, the Free Press said, would significantly shrink the size
of the Troy-based parts supplier in North America and reduce
hourly wages to what the company considers competitive rates.
The accord will also free up the UAW's negotiating staff to
tackle summer contract talks with the Detroit automakers.

The incentives, according to the Free Press, include:

   (1) A $105,000 buy-down -- paid in $35,000 installments over
       three years -- for about 4,000 workers who now receive
       the same wages and benefits as GM employees.  In
       exchange, those workers would see their hourly wages cut
       from about $28 to so-called supplemental rates of $14.50
       to $18.50, beginning Oct. 1.  During the buy-down period,
       those workers also can try to return to GM.

   (2) A $140,000 buyout for workers with more than 10 years of
       service.

   (3) A $70,000 buyout for workers with less than 10 years of
       service.  Workers who take either buyout will have to
       leave the company by Sept. 15.

   (4) A $35,000 payout to encourage workers with at least 30
       years of service to retire.

   (5) Retirement benefits for workers who are at least 50 years
       old and have at least 10 years of service.

   (6) A so-called grow-in package for workers with 26 years of
       service as of Sept. 1.  The package would allow those
       workers to stop working but be compensated as active
       workers -- at the new lower rates -- until they hit 30
       years of service, and then retire.

   (7) Severance pay of $1,500 per month for every month worked
       -- up to $40,000 -- for all supplemental and temporary
       employees who choose to leave the company.

   (8) Skilled trade workers wouldn't see a change in hourly
       wages.

   (9) All workers compensated at GM rates also would have their
       health benefits changed to include the same higher
       deductibles and co-pays offered to employees hired since
       the two-tier wage and benefit structure took effect.

  (10) Skilled trade workers would receive a $10,000 payment to
       supplement the increase in health-care costs.

The Wall Street Journal said that the TA shifts much of Delphi's
labor burden to its former parent, GM.

General Motors, according to the Free Press, expects to pay
Delphi between $300,000,000 and $400,000,000 in annual labor-
related charges on top of $7,000,000,000 in retirement and labor
costs.  But the Detroit automaker, according to the report, sees
these costs to be offset by nearly $2,000,000,000 in annual
savings once Delphi's costs are competitive.

GM has also agreed to pay $450,000,000 into an existing
Voluntary Employees' Beneficiary Association account, according
to WSJ.

The agreement outlines what products GM will buy from Delphi
plants, some of which will be shut down or sold.

According to WSJ, the agreement says Delphi will keep open only
its sites in Kokomo, Indiana; Grand Rapids, Michigan; Lockport,
New York; and Rochester, New York.  Four other sites will be
held for divestiture by 2009 and 10 sites will be "wound down."
Three additional sites will be operated as "footprint sites,"
i.e., GM will operate the sites until a later date.

The Free Press said that four plants to be sold are Saginaw
steering; Adrian; Sandusky, Ohio; and Cottondale, Alabama.
Plants due for closure are located in Coopersville; Columbus,
Ohio; and Milwaukee.

Delphi said in its June 22 news release that it "will not
provide commentary on the details of the Memorandum at the
current time."

As widely reported, the union, the bankrupt auto-parts supplier
and GM are trying to get the deal ratified before a two-week
summer shutdown that begins July 1.  When the parties return
from the shutdown, the UAW will begin formal contract
negotiations with GM, Ford Motor Co. and Chrysler Group.

                          About the UAW

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America is one of the largest
and most diverse unions in North America, with members in
virtually every sector of the economy.

UAW-represented workplaces range from multinational
corporations, small manufacturers and state and local
governments to colleges and universities, hospitals and private
non-profit organizations.

The UAW has approximately 640,000 active members and over
500,000 retired members in the United States, Canada and Puerto
Rico.

                        About Delphi Corp.

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

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

                       About General Motors

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was  founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel,
Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is
the industry leader in vehicle safety, security and information
services.

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

                          *     *     *

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

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


LVI HOLDING: Better Performance & Policy Cue S&P’s BB+ Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'BB' its
long-term corporate credit rating on LVI Holding N.V.,
reflecting sustainable improvements to operating performance and
financial policy.  LVI is the holding company of Carmeuse Group,
a lime producer headquartered in Belgium.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'BB+' debt
rating to the EUR200 million proposed senior unsecured bond to
issued by Calcipar S.A. and guaranteed by LVI, reflecting a
limited amount of priority liabilities versus assets.  The
proceeds will be used to refinance the existing secured bond,
which will be effectively redeemed in mid-July.  In the
meantime, the rating on the secured bond is unchanged.

The upgrade reflects Carmeuse's:

   -- Track record of good cash flow metrics and reduced
      leverage;

   -- Re-emphasized financial policy and strategy favoring cash
      flow and leverage sustainability, as illustrated by the
      June 2007 refinancing plan; and

   -- Continuing good EBITDA margin performance across units,
      despite high energy and transportation costs, notably
      thanks to contractual pass-on clauses and improvements at
      the major North American unit.

The rating also factors in some sensitivity to lower demand for
steel -- the main end-market, with 40% of sales -- and gives
room for material growth capital expenditure and small to
midsize acquisitions.

"The stable outlook reflects our expectation that the group will
continue to post good cash flow and leverage metrics and achieve
solid EBITDA margins of 20% or more," said Standard & Poor's
credit analyst Lucas Sevenin.  We believe this will be possible
thanks to the benefits of the group's energy cost control (pass-
on clauses and long-term contracts with suppliers cover the vast
majority of sales); its focus on more efficient production
processes; continuing progress at the key North American unit;
maintenance capex remaining limited; flexible growth capex; the
disciplined financial policy; and the sound growth and
investment strategy.

The rating could come under pressure if key credit metrics were
depressed for a significant period, due to, for example,
financing significant internal or external growth, or a downturn
in the steel industry.

Upward rating pressure is unlikely to materialize in the short
term, given the current business base and product/geographic
diversification.


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


TDC A/S: Expects DKK0.9 Billion After Tax Gain on ONE Share Sale
----------------------------------------------------------------
TDC Mobile International A/S, the Danish subsidiary of TDC A/S,
together with the other shareholders, agreed to divest the
Austrian mobile company ONE to a consortium of Mid Europa
Partners and France Telecom for a total consideration of
EUR1.4 billion on a cash and debt free basis, of which TDC's
share amounts to EUR213 million.

Further, TDC said that the sale of the shares was expected to
result in an after tax gain of approximately DKK1.2 billion.
TDC corrects the information about the gain and reveals that TDC
will receive total proceeds, including repayment of its
shareholder loan, of approximately DKK1.3 billion leading to an
expected gain of approximately DKK0.9 billion after tax.  The
gain will be included in the third quarter 2007 statement of
income as special items related to income from associates and
joint ventures.

                         About TDC A/S

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

                          *     *     *

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

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

* Issuer: TDC A/S

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

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

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

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

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

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

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

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

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

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


TDC A/S: Fitch Affirms BB- Rating After Detailed Review
-------------------------------------------------------
Fitch Ratings affirmed TDC A/S'sLong-term Issuer Default rating
at 'BB-' and TDC's and NTC Holdings' debt, following a detailed
review meeting with management.  The Short-term IDR is affirmed
at 'B'.  All the ratings are removed from Rating Watch Negative.
A Stable Outlook is assigned to the Long-term IDR.

"Although the recently announced additional tax liability will
reduce TDC's future cash flow headroom, the somewhat tighter
anticipated liquidity position is balanced by TDC's still well-
defended incumbent position in its domestic market and the
potential for de-leveraging inherent in its European asset
portfolio," says Michelle De Angelis, Senior Director in Fitch's
Leveraged Finance Group.  "This supports the removal of the
Rating Watch Negative."

TDC's domestic market shares are subject to increasing
competition, in common with other incumbents across Europe, but
remain relatively stable.  Fitch believes the company's domestic
operations should continue to exhibit revenue growth, albeit
mainly in mobile telecoms and cable.  In the domestic fixed line
business, continued efficiency improvements and cost base
reductions should support margin improvement, resulting in
continued healthy cash flow generation.

In Switzerland, which represents the largest of TDC's non-Nordic
assets, the company faces a challenging operating and business
environment as an alternative fixed line operator in a less-
liberalized market.  Local Loop Unbundling, which should be made
commercially available by Swisscom in H207, should enable TDC
Switzerland to more successfully migrate dial-up customers to
its own broadband service and to compete more effectively
against the market leaders, Swisscom and Cablecom.  However,
TDC's Swiss LLU strategy is as yet unproven and developments in
this business will be carefully monitored over the coming year.

TDC's debt instruments:

Senior secured loan facilities affirmed at 'BB+'; Off Rating
Watch Negative:

   -- EMTN bonds affirmed at 'BB-': Off Rating Watch Negative
   -- DEM 5% notes due 2008
   -- JPY 1.28% notes due 2008
   -- EUR 5.625% notes due 2009
   -- EUR 6.5% notes due 2012

NTC Holding ApS's debt instruments:

   -- Senior notes affirmed at 'B+': Off Rating Watch Negative
   -- EUR800 million 8.25% senior notes due 2016
   -- USD600 million 8.875% senior notes due 2016
   -- EUR750 million floating-rate notes due 2016


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


DELPHI CORP: Reaches Tentative Deal with UAW and General Motors
---------------------------------------------------------------
Delphi Corp. reached a tentative agreement and signed a
Memorandum of Understanding with the UAW and General Motors
Corp. covering site plans, workforce transition as well as other
comprehensive transformational issues.  The agreement is subject
to union ratification and approval by the U.S. Bankruptcy Court.

"If ratified, we believe this agreement will be a significant
milestone in our transformation and a major step towards
emergence," John Sheehan, Delphi's chief restructuring officer,
said.  "The Memorandum is a testament to the dedication and hard
work of the UAW, Delphi and General Motors teams."

UAW President Ron Gettelfinger and UAW Vice President Cal Rapson
have issued a statement, "The UAW finalized an understanding
with General Motors earlier [Fri]day that has resulted in a
tentative agreement with their former parts operations.  Details
are being withheld based on explanation and ratification
meetings by our local unions."

The Detroit Free Press reports that Delphi is offering its
offers
workers buyouts, severance packages, early retirement incentives
and other payments in exchange for ratifying the Tentative
Agreement.

The TA, the Free Press said, would significantly shrink the size
of the Troy-based parts supplier in North America and reduce
hourly wages to what the company considers competitive rates.
The accord will also free up the UAW's negotiating staff to
tackle summer contract talks with the Detroit automakers.

The incentives, according to the Free Press, include:

   (1) A $105,000 buy-down -- paid in $35,000 installments over
       three years -- for about 4,000 workers who now receive
       the same wages and benefits as GM employees.  In
       exchange, those workers would see their hourly wages cut
       from about $28 to so-called supplemental rates of $14.50
       to $18.50, beginning Oct. 1.  During the buy-down period,
       those workers also can try to return to GM.

   (2) A $140,000 buyout for workers with more than 10 years of
       service.

   (3) A $70,000 buyout for workers with less than 10 years of
       service.  Workers who take either buyout will have to
       leave the company by Sept. 15.

   (4) A $35,000 payout to encourage workers with at least 30
       years of service to retire.

   (5) Retirement benefits for workers who are at least 50 years
       old and have at least 10 years of service.

   (6) A so-called grow-in package for workers with 26 years of
       service as of Sept. 1.  The package would allow those
       workers to stop working but be compensated as active
       workers -- at the new lower rates -- until they hit 30
       years of service, and then retire.

   (7) Severance pay of $1,500 per month for every month worked
       -- up to $40,000 -- for all supplemental and temporary
       employees who choose to leave the company.

   (8) Skilled trade workers wouldn't see a change in hourly
       wages.

   (9) All workers compensated at GM rates also would have their
       health benefits changed to include the same higher
       deductibles and co-pays offered to employees hired since
       the two-tier wage and benefit structure took effect.

  (10) Skilled trade workers would receive a $10,000 payment to
       supplement the increase in health-care costs.

The Wall Street Journal said that the TA shifts much of Delphi's
labor burden to its former parent, GM.

General Motors, according to the Free Press, expects to pay
Delphi between $300,000,000 and $400,000,000 in annual labor-
related charges on top of $7,000,000,000 in retirement and labor
costs.  But the Detroit automaker, according to the report, sees
these costs to be offset by nearly $2,000,000,000 in annual
savings once Delphi's costs are competitive.

GM has also agreed to pay $450,000,000 into an existing
Voluntary Employees' Beneficiary Association account, according
to WSJ.

The agreement outlines what products GM will buy from Delphi
plants, some of which will be shut down or sold.

According to WSJ, the agreement says Delphi will keep open only
its sites in Kokomo, Indiana; Grand Rapids, Michigan; Lockport,
New York; and Rochester, New York.  Four other sites will be
held for divestiture by 2009 and 10 sites will be "wound down."
Three additional sites will be operated as "footprint sites,"
i.e., GM will operate the sites until a later date.

The Free Press said that four plants to be sold are Saginaw
steering; Adrian; Sandusky, Ohio; and Cottondale, Alabama.
Plants due for closure are located in Coopersville; Columbus,
Ohio; and Milwaukee.

Delphi said in its June 22 news release that it "will not
provide commentary on the details of the Memorandum at the
current time."

As widely reported, the union, the bankrupt auto-parts supplier
and GM are trying to get the deal ratified before a two-week
summer shutdown that begins July 1.  When the parties return
from the shutdown, the UAW will begin formal contract
negotiations with GM, Ford Motor Co. and Chrysler Group.

                         About the UAW

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America is one of the largest
and most diverse unions in North America, with members in
virtually every sector of the economy.

UAW-represented workplaces range from multinational
corporations, small manufacturers and state and local
governments to colleges and universities, hospitals and private
non-profit organizations.

The UAW has approximately 640,000 active members and over
500,000 retired members in the United States, Canada and Puerto
Rico.

                       About General Motors

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was  founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                        About Delphi Corp.

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

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

(Delphi Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FCC SPARC: S&P Puts BB Prelim Rating to EUR39.2 Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned a preliminary credit
rating of 'BB' to the EUR39.2 million asset-backed floating-rate
notes to be issued by FCC SPARC Europe (Junior), a French "fonds
commun de creances".

This transaction, together with FCC SPARC Europe (Senior) is the
second motor insurance securitization to be rated by Standard &
Poor's.  Similar to the FCC SPARC Europe (Senior) transaction,
FCC SPARC Europe (Junior) involves the mutualization of the
risks of the individual country-specific portfolios within the
global portfolio by allocating the excess receivables.  These
represent any net positive results of the reinsurance contracts
and the joint junior deposit.

The transaction is structured using four quota share reinsurance
agreements between each insurer and Nexgen.  Under the
reinsurance agreements, each insurer will obtain quota share
protection against an increase in its loss ratio that would
result in payment from the reinsurer.  The maximum protection
for any insurer would be capped.  Through the securitization,
the capital markets, through the junior FCC notes, will assume
the reinsurance risk above the junior global loss ratio trigger
level.

Noteholders will be exposed to a reduced principal repayment at
maturity if the junior global loss ratio trigger is breached.
The junior global loss ratio trigger level is derived from each
insurer's loss ratio and takes into account the mutualization of
the portfolio by allowing performing portfolios to
counterbalance the possible negative impact of underperforming
portfolios.  The global loss ratio is defined as the percentage
ratio in respect of the four reinsurance contracts of the sum of
quota shares of covered losses, divided by the sum of quota
shares of eligible earned premiums.


REMY COINTREAU: Posts EUR23 Mln Net Loss for Year Ended March 31
----------------------------------------------------------------
For the third consecutive year, Remy Cointreau has achieved
double-digit growth (20% organic, and 10.2% published) in
current operating profit, which amounted to EUR153.8 million on
turnover of EUR785.9 million.  The current operating margin was
19.6%, a 2.8 point organic growth.

These results confirm the relevance of the strategic refocus on
Remy Cointreau’s major brands.

The current financial year was marked, in particular, by six
factors:

    * a remarkable dynamism in cognac sales,
    * all the Group’s brands moving upmarket,
    * an ongoing price increase policy,
    * focused and sustained marketing investment,
    * a significant reduction in debt, and
    * the decision to leave Maxxium in 2009.

A EUR241 million provision, payable in 2009, was recorded at
March 31, 2007 in “other operating income and expenses” in
respect of the compensation for leaving Maxxium.  Taking this
charge into account, the net loss -– Group share -- amounted to
EUR23 million.

                           Cognac

Remy Martin had an excellent year.  Asia, the U.S. and Russia
were the major drivers of strong growth in the very top of the
range qualities.  In organic terms, current operating profit
grew by 28%, and the operating margin improved by 3.4 points to
25.1%, with increased marketing investment.

                      Liqueurs & Spirits

Overall, the division reported 15.1% organic growth in operating
profit and an operating margin of 26.4% (up 3.4 points
organically).  Cointreau achieved another year of good growth,
continuing to establish its new contemporary image in the U.S.
and to extend it across Europe.  Passoa, St Remy, Metaxa and
Mount Gay Rum continued to develop in their key markets.
Marketing investment was focused on on-trade efforts, the
preferred distribution channel for the category.

                          Champagne

Current operating profit for this division showed organic growth
of 19.3% due to the strong dynamism in sales of Piper-Heidsieck
and Charles Heidsieck.  The operating margin improved to 8% (9%
at comparable exchange rates).  These results reflect the good
strategic position of champagne, with the cessation of secondary
brands and the anticipated productivity improvements.

                        Partner Brands

The year was marked by the termination of major contracts in
Europe (duty-free in Germany) and in the U.S.  The performances
of other partner brands distributed by Remy Cointreau USA, in
particular Scotch whiskeys and new Californian wines, were good.
Initial results for Imperia vodka are very encouraging.

                     Consolidated results

Turnover at EUR785.9 million increased by 3.8% on a like-for-
like basis, while Group brands grew by 6.8%.  The U.S. and the
Asian markets drove sales whereas renewed growth in Europe was
mainly due to Russia.

Current operating profit was EUR153.8 million, an increase of
10.2%, which took into account an unfavorable euro/dollar
exchange rate.  Growth was 20% on a like-for-like basis.

Current operating margin was 19.6%; at constant exchange rates
it was 20.7%.  This illustrates the Group’s determination to
improve profitability.

                          Maxxium

On Nov. 23, 2006, Remy Cointreau announced the decision to
cancel its global distribution agreement with Maxxium, with
effect from March 30, 2009.  Compensation totaling EUR241
million before tax for leaving the network was provided for
under “other operating income and expenses” at March 31, 2007,
with payment in 2009.

Taking into account this specific item, the operating loss was
EUR89.6 million compared with a profit of EUR121.3 million the
previous year.

Financial charges amounted to EUR37.3 million, a significant
improvement compared with the previous year.  This reduction
arose mainly from the significant fall in average debt, as well
as the decline in its cost.

The loss from continuing operations was EUR66.6 million after
tax, compared with a profit of EUR53.3 million the previous
year.  This takes into account recognition of a deferred tax
asset in respect of the tax deduction of the Maxxium
compensation.

Profit from discontinued operations or in the process sale of
EUR45.2 million comprised the operating profit after tax of
operations sold and the net gain on disposals (Bols liqueurs and
spirits, Cognac de Luze, the distribution operations in Hungary
and Cles des Ducs, in the process of being sold).

Net loss for Group share, inclusive of these items, was EUR23
million.

Financial debt fell by 27% to EUR562.1 million, a decline of
EUR209.4 million.  The disposal of assets generated EUR160.7
million in the year 2006/07.

Shareholders’ equity was EUR854.1 million, a reduction of
EUR64.6 million compared with the previous year, due to the
provision for the exit penalty from Maxxium.

At the Annual General Meeting to be held on July 31, 2007, a
dividend of EUR1.20 will be proposed for approval by the
shareholders, with the option of payment in shares up to 20% of
the dividend, or of payment in full in cash.

                            Outlook

In 2007/08, the Remy Cointreau Group will continue its value
creation strategy and the development of its major brands in
principal world markets, in order to generate significant
organic growth in current operating profit.

                      About Remy Cointreau

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

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 Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors, the rating agency confirmed its
Ba2 Corporate Family Rating for Remy Cointreau S.A.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

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

                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   6.5% Sr. Unsec.
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     53%

   5.2% Sr. Unsec. Regular
   Bond/Debenture
   Due 2012                Ba2      Ba2      LGD4     53%

In December 2006, Standard & Poor's Ratings Services revised its
outlook on France-based spirits and wine group Remy Cointreau
S.A. to negative from stable.  At the same time, Standard &
Poor's affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on the group.


SAUR S.A.S.: S&P Withdraws BB Ratings on Request After Buyback
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit ratings and all debt ratings on France-based
FG4 S.A. and Saur S.A.S., which are, respectively, the finance
subsidiary and the main operating company of the France-based
Saur water and waste management group.  Before being withdrawn
the ratings were removed from CreditWatch, where they had been
placed with negative implications on Dec. 12, 2006.

The ratings are withdrawn at the request of the group, as no
public debt is outstanding following the group's buyback of
FG4's EUR265 million bond on May 30, 2007.

The CreditWatch placement had followed the announcement that the
Saur group had been put up for sale by its then owner, French
private equity group PAI.  The Saur group has now been bought by
a consortium, comprising French state-owned bank Caisse des
Depots et Consignations (CDC; AAA/Stable/A-1+) with a 47% stake,
French waste management company Seche Environnement (not rated)
with a 33% stake, and the infrastructure fund of French insurer
AXA (A+/Stable/A-1) with a 20% stake.


SEALEGS CORP: Makes Calls on 13,876 Partly-Paid Shares
------------------------------------------------------
In a regulatory filing with the New Zealand Stock Exchange dated
June 22, 2007, Sealegs Corporation Limited said that it has made
a call on the unpaid balance of 13,876 partly paid shares in the
company:

  -- NZ$7.04 per share in respect of 6,250 ordinary shares;
  -- NZ$10.56 per share in respect of 5,438 ordinary shares;
  -- NZ$8.96 per share in respect of 313 ordinary shares; and
  -- NZ$4.16 per share in respect of 1,875 ordinary shares.

The partly paid shares were originally held in Iddison Holdings
Limited.  In accordance with the restructuring which occurred on
April 1, 1999, these shares were converted to partly paid shares
in Sealegs Corp.

The call will be paid at the company's office on or before 5:00
p.m. on July 6, 2007.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


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


BETEILIGUNGSGESELLSCHAFT MOENKEDAMM: Claims Bar Date on Aug. 3
--------------------------------------------------------------
Creditors of Beteiligungsgesellschaft Moenkedamm mbH. & Co. have
until Aug. 3 to register their claims with court-appointed
insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Beteiligungsgesellschaft Moenkedamm mbH. & Co. on
June 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Beteiligungsgesellschaft Moenkedamm mbH. & Co.
         Attn: Klaus and Christa Weihtag, Managers
         Moenkedamm 15
         20457 Hamburg
         Germany


BSK BARTH: Claims Registration Period Ends July 23
--------------------------------------------------
Creditors of BSK Barth & Schulz Kuechen Handelsgesellschaft mbH
have until July 23 to register their claims with court-appointed
insolvency manager Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Aug. 10, 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:

         Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against BSK Barth & Schulz Kuechen Handelsgesellschaft mbH on
June 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BSK Barth & Schulz Kuechen Handelsgesellschaft mbH
         Hamburger Strasse 17
         41540 Dormagen
         Germany


BWB GESELLSCHAFT: Claims Registration Period Ends August 3
----------------------------------------------------------
Creditors of bwb Gesellschaft fuer Bank- und DV-Beratung mbH
have until Aug. 3 to register their claims with court-appointed
insolvency manager Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against bwb Gesellschaft fuer Bank- und DV-Beratung mbH on
June 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         bwb Gesellschaft fuer Bank- und DV-Beratung mbH
         Attn: Axel Wilkens, Manager
         Heussweg 25
         20255 Hamburg
         Germany


DAIMLERCHRYSLER: CEO Upbeat on Future Following Chrysler Sale
-------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche told German daily Der
Tagesspiegel he is confident in the company's future following
the sale of its U.S. unit Chrysler Group to Cerberus Capital
Management LP, Reuters reports.

The CEO pointed out that the sale has lowered the risk of a
financial investor taking over Daimler, Reuters notes.

"The risk of others influencing the company... is today clearly
lower," Mr. Zetsche said in the interview with Der Tagesspiegel.
"A year ago the company was worth less than EUR35 billion
(US$47.09 billion), today it's about EUR70 billion," he added.

The company would do more to reduce carbon dioxide (CO2)
emissions.  "We still want to accelerate progress," he said.  In
March, BMW and DaimlerChrysler agreed to co-develop hybrid
transmission systems for rear-wheel-drive premium cars, Reuters
relates.  But "at the moment there were no plans" for further
cooperation between the two car makers, Mercedes' head of sales
and marketing, Klaus Maier, told Handelsblatt.

                  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.


EMS MARKETING: Claims Registration Ends August 8
------------------------------------------------
Creditors of EMS Marketing Service GmbH have until Aug. 8 to
register their claims with court-appointed insolvency manager
Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against EMS Marketing Service GmbH on June 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EMS Marketing Service GmbH
         Geiselbergstrasse 4 a
         14476 Golm
         Germany


FARBIMPULS GMBH: Claims Registration Ends July 17
-------------------------------------------------
Creditors of FarbImpuls GmbH have until July 17 to register
their claims with court-appointed insolvency manager
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund
         Germany

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

The Debtor can be reached at:

         FarbImpuls GmbH
         Gabelsbergerstr. 25
         44141 Dortmund
         Germany


FAS FUNK: Claims Registration Period Ends July 11
-------------------------------------------------
Creditors of FAS Funk- und Autotelefon-Service GmbH have until
July 11 to register their claims with court-appointed insolvency
manager Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against FAS Funk- und Autotelefon-Service GmbH on June 8.
Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         FAS Funk- und Autotelefon-Service GmbH
         Langemarckstr. 55-57
         45141 Essen
         Germany


GESELLSCHAFT FUER INTEGRIERTE: Claims Registration Ends Aug. 15
---------------------------------------------------------------
Creditors of Gesellschaft fuer integrierte Kommunikation mbH
have until Aug. 15 to register their claims with court-appointed
insolvency manager Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94 a
         53225 Bonn
         Germany
         Tel: 022840094160
         Fax: +4922840094179

The District Court of Cologne opened bankruptcy proceedings
against Gesellschaft fuer integrierte Kommunikation mbH on
June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gesellschaft fuer integrierte Kommunikation mbH
         Maarweg 233
         50825 Cologne
         Germany

         Attn: Ralf Franz, Manager
         Dorothea-Erxleben-Str. 7
         40764 Langenfeld
         Germany


GLOBETEL WIRELESS: Claims Registration Ends July 20
---------------------------------------------------
Creditors of Globetel Wireless Europe GmbH have until July 20 to
register their claims with court-appointed insolvency manager
Harry Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/96540
         Fax: 07131/965432

The District Court of Heilbronn opened bankruptcy proceedings
against Globetel Wireless Europe GmbH on June 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Globetel Wireless Europe GmbH
         Riemenstrasse 30
         74906 Bad Rappenau
         Germany


GRUEN GMBH: Creditors Must Register Claims by July 7
----------------------------------------------------
Creditors of Gruen GmbH & Co. Garten - und Landschaftsbau KG
have until July 7 to register their claims with court-appointed
insolvency manager Silvia Lackenbauer.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Silvia Lackenbauer
         Gerichtsfach 59
         Ulanenplatz 12
         63452 Hanau
         Germany
         Tel: 06181 / 2702-31
         Fax: 06181 / 2702-18

The District Court of Hanau opened bankruptcy proceedings
against Gruen GmbH & Co. Garten - und Landschaftsbau KG on
June 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gruen GmbH & Co. Garten - und Landschaftsbau KG
         Geigershallenweg 33
         63619 Bad Orb
         Germany


GUENTHER LEDERHANDSCHUHE: Creditors Meeting Slated for July 4
-------------------------------------------------------------
The court-appointed insolvency manager for Guenther
Lederhandschuhe GmbH, Peter M. Hoffmann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on July 4.

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

         The District Court of Neu-Ulm
         Zi. 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during the meeting.

The insolvency manager can be reached at:

         Peter M. Hoffmann
         Donaustr. 64
         87700 Memmingen
         Germany
         Tel: 08331/92 45 97-0

The District Court of Neu-Ulm opened bankruptcy proceedings
against Guenther Lederhandschuhe GmbH on May 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Guenther Lederhandschuhe GmbH
         Ulmenweg 13
         89343 Jettingen­-Scheppach
         Germany


GUENTHER ROHDE: Creditors Must Register Claims by July 9
--------------------------------------------------------
Creditors of Guenther Rohde Reifenhandels GmbH have until July 9
to register their claims with court-appointed insolvency manager
Guenther Rohde Reifenhandels GmbH.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Henner Patzak
         Beethovenstrasse 12
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Guenther Rohde Reifenhandels GmbH on May 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Guenther Rohde Reifenhandels GmbH
         Dorfstrasse 34
         19243 Kraft
         Germany


GUSSTEC GMBH: Claims Registration Ends July 6
---------------------------------------------
Creditors of GussTec GmbH have until July 6 to register their
claims with court-appointed insolvency manager
Undine Haller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Aug. 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

The District Court of Heilbronn opened bankruptcy proceedings
against GussTec GmbH on June 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GussTec GmbH
         Schollenacker 6
         74538 Rosengarten
         Germany


HAGO BERATUNG: Claims Registration Ends August 10
-------------------------------------------------
Creditors of HAGO Beratung Marketing und Vertriebsgesellschaft
mbH have until Aug. 10 to register their claims with court-
appointed insolvency manager Ingmar Jarchow.

Creditors and other interested parties are encouraged to
attend the meeting at 9:20 a.m. on Sept. 12, at which time
the insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         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:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HAGO Beratung Marketing und Vertriebsgesellschaft mbH on
June 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HAGO Beratung Marketing und Vertriebsgesellschaft mbH
         Attn: Wolfgang Herbert Goetsch, Manager
         Herbert-Weichmann-Strasse 71
         22085 Hamburg
         Germany


HLX LEUCHTEN: Claims Registration Ends July 23
----------------------------------------------
Creditors of HLX Leuchten Beteiligungsgesellschaft mbH have
until July 23 to register their claims with court-appointed
insolvency manager Stefanie Kuche.

Creditors and other interested parties are encouraged to
attend the meeting at 8:05 a.m. on Aug. 29, at which time
the insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against HLX Leuchten Beteiligungsgesellschaft mbH on June 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HLX Leuchten Beteiligungsgesellschaft mbH
         Attn: Helmut Griep and Udo Frey, Managers
         Mergenthalerstr. 6
         30880 Laatzen
         Germany


HMN OBJEKTEINRICHTUN: Claims Registration Ends July 19
------------------------------------------------------
Creditors of HMN Objekteinrichtungsgesellschaft mbH have until
July 19 to register their claims with court-appointed insolvency
manager Dr. Gerrit Hoelzle.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 02832/97720
         Fax: 02832/977229

The District Court of Kleve opened bankruptcy proceedings
against HMN Objekteinrichtungsgesellschaft mbH on June 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HMN Objekteinrichtungsgesellschaft mbH
         Weseler Strasse 6a
         46519 Alpen
         Germany

         Attn: Marlies Peters, Manager
         Weseler Strasse 58
         47661 Issum
         Germany


HOEFT-MASSIV-HAUS GMBH: Creditors' Meeting Slated for July 6
------------------------------------------------------------
The court-appointed insolvency manager for Hoeft-Massiv-Haus
GmbH, Berend Boehme, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:30 a.m. on July 6.

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

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during the meeting.

The insolvency manager can be reached at:

         Berend Boehme
         Muehlenstrasse 49
         49377 Vechta
         Germany

The District Court of Vechta opened bankruptcy proceedings
against Hoeft-Massiv-Haus GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hoeft-Massiv-Haus GmbH
         Neuer Markt 1
         49393 Lohne
         Germany


INDUSTRIEMONTAGEN FORSTER: Claims Registration Ends July 10
-----------------------------------------------------------
Creditors of Industriemontagen Forster GmbH have until July 10
to register their claims with court-appointed insolvency manager
Dirk Hammes.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Industriemontagen Forster GmbH
         Lanter 35
         46569 Huenxe
         Germany

         Attn: Hans-Joachim Forster, Manager
         Lanter 35
         46569 Huenxe
         Germany


KIES- UND MOERTELWERK: Claims Registration Ends July 13
-------------------------------------------------------
Creditors of Kies- und Moertelwerk Ganzlin GmbH have until
July 13 to register their claims with court-appointed insolvency
manager Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Room 7
         Demmlerplatz 14
         19053 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:

         Dr. jur. Stefan N. Frielinghaus
         Alexandrinenstr. 17
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Kies- und Moertelwerk Ganzlin GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kies- und Moertelwerk Ganzlin GmbH
         Attn: Christoph Ewers, Manager
         Am Fuchsberg
         19395 Ganzlin
         Germany


OEHLER BETEILIGUNGS: Claims Registration Ends July 13
-----------------------------------------------------
Creditors of Oehler Beteiligungs- GmbH have until July 13 to
register their claims with court-appointed insolvency manager
Hendrik Hefermehl.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         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 Oehler Beteiligungs- GmbH on June 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Oehler Beteiligungs- GmbH
         Attn: Herbert Stiehle and Ruediger Oehler, Managers
         Salierstr. 35
         70736 Fellbach
         Germany


PROFIT-PLAN GESELLSCHAFT: Claims Registration Ends Aug. 10
----------------------------------------------------------
Creditors of PROFIT-PLAN Gesellschaft zur Beplanung von
Grundstuecken mbH have until Aug. 10 to register their claims
with court-appointed insolvency manager Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Sept. 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against PROFIT-PLAN Gesellschaft zur Beplanung von Grundstuecken
mbH on June 15.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         PROFIT-PLAN Gesellschaft zur
         Beplanung von Grundstuecken mbH
         Attn Ingo Krueger, Manager
         Papenhuderstr. 41
         22087 Hamburg
         Germany


QI QUALITY: Creditors Must Register Claims by July 5
----------------------------------------------------
Creditors of QI Quality International GmbH & Co. KG have until
July 5 to register their claims with court-appointed insolvency
manager Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Delhaes
         Im Media Park 6 A
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against QI Quality International GmbH & Co. KG on June 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         QI Quality International GmbH & Co. KG
         Ebertstr. 21
         50668 Cologne
         Germany

         Attn: Jan Michael Fantl, Manager
         Kronprinzenstrasse 44
         40217 Duesseldorf
         Germany


RUBA BAUTRAGER: Claims Registration Period Ends Aug. 13
-------------------------------------------------------
Creditors of Ruba Bautrager- und Verwaltungs GmbH have until
Aug. 13 to register their claims with court-appointed insolvency
manager Dr. Wolfgang Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on Sept. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Ruba Bautrager- und Verwaltungs GmbH on
June 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ruba Bautrager- und Verwaltungs GmbH
         Sandhauser Str. 54
         13505 Berlin
         Germany


UL-GESCHAFTSFUEHRUNGSGESELLSCHAFT: Claims End July 27
------------------------------------------------------
Creditors of UL-Geschaftsfuehrungsgesellschaft mbH have until
July 27 to register their claims with court-appointed insolvency
manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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:

         Helge Wachsmuth
         Alexanderstrasse 2
         30159 Hannover
         Germany
         Tel: (05 11) 22 87 79-0
         Fax: (05 11) 22 87 79-99

The District Court of Walsrode opened bankruptcy proceedings
against UL-Geschaftsfuehrungsgesellschaft mbH on June 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         UL-Geschaftsfuehrungsgesellschaft mbH
         Ortfelde 94d
         30916 Isernhagen
         Germany


WE-GESELLSCHAFT: Claims Registration Period Ends Sept. 25
---------------------------------------------------------
Creditors of WE-Gesellschaft fur Energie- und Gebaudetechnik mbH
have until Sept. 25 to register their claims with court-
appointed insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 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 Aurich
         Room 023
         Schlossplatz 2
         26603 Aurich
         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:

         Stefan Hinrichs
         Heiligengeiststr. 29
         26121 Oldenburg
         Germany
         Tel: 0441 21891 - 0
         Fax: 0441 21891 – 39

The District Court of Aurich opened bankruptcy proceedings
against WE-Gesellschaft fur Energie- und Gebaudetechnik mbH on
June 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WE-Gesellschaft fur Energie- und
         Gebaudetechnik mbH
         Kastanienallee 19
         26524 Hage
         Germany

         Attn: Heinz-Peter Weiland, Manager
         Kastanienallee 38
         26524 Hage
         Germany


WILLEMS DOMIZILBAU: Creditors Must Register Claims by July 9
------------------------------------------------------------
Creditors of WILLEMS DOMIZILBAU GmbH have until July 9 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on July 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211/492240
         Fax: 0211/4922487

The District Court of Kleve opened bankruptcy proceedings
against WILLEMS DOMIZILBAU GmbH on June 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WILLEMS DOMIZILBAU GmbH
         Feldstrasse 30-32
         47623 Kevelaer
         Germany

         Attn: Karl Derks, Manager
         Olbergstrasse 2 A
         46284 Dorsten
         Germany


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


W.R. GRACE: Wants Exclusive Plan-Filing Period Further Extended
---------------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates ask the Hon. Judith
Fitzgerald of the U.S. Bankruptcy Court for the District of
Delaware to further extend their exclusive period to:

  (i) file a plan of reorganization until 90 days after the
      Court issues a final order on the personal injury claims
      estimation trial; and

(ii) solicit acceptances of that plan until 60 days after a
      reorganization plan is filed.

The trial dates for the estimation of the Debtors' personal
injury liabilities will begin January 2008, Timothy P Cairns,
Esq., at Pachulski Stang Ziehl Young Jones & Weintraub, LLP, in
Wilmington, Delaware, relates.

Mr. Cairns asserts that the PI Estimation Trial remains the key
event in the Debtors' Chapter 11 cases and is required for the
confirmation of any reorganization plan.  It is through the PI
Estimation Trial and other asbestos claims litigation that the
issue of insolvency will be resolved, Mr. Cairns contends.

Competing plans of reorganization will only distract the parties
and the Court, and create yet more litigation, Mr. Cairns
asserts.  The Debtors suspect that various other constituents
including the Official Committee of Asbestos Personal Injury
Claimants and the Future Claims Representative want to file a
competing plan that presumes the Debtors' insolvency to send a
message to the market that the Debtors appear substantially
insolvent thereby eroding the Debtors' stock price and, in turn,
possibly weakening the equity holders' ability to negotiate
effectively.

"Lifting exclusivity will not advance formulation of a
confirmable reorganization plan and a quicker exit from Chapter
11," Mr. Cairns says.  "The other constituents in the Debtors'
cases could not confirm a plan without incorporating the results
from the PI Estimation Trial."

Accordingly, the Debtors insist that exclusivity should be
extended to allow the results from the PI Estimation Trial to be
incorporated into a plan of reorganization

Mr. Cairns points out that the Debtors have made significant
progress in their bankruptcy cases.  Among other things, the
pool of property damage claims have been reduced from 4,042 in
March 2003 to 483 PD Claims as of June 11, 2007.  From 2003 to
June 2007, the Debtors have also settled several of the PD
Claims.  Other PD Claims have been withdrawn or disallowed by
the Court.  Of the remaining 483 PD Claims, about 268 are
subject to settlements and 215 are not.

Mr. Cairns adds that as of June 1, 2007, the Debtors have
resolved approximately 2,900 non-asbestos claims, leaving only
approximately 348 open and unresolved non-asbestos claims.  More
than 14,000 non-asbestos claims were filed against the Debtors
in March 2003.

By application of Delaware Local Rule 9006-2, the Debtors'
exclusive period is automatically extended until July 23, 2007,
when the Court will convene a hearing on the extension request.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a
chapter 11 plan expires on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of $3,620,400,000 and total debts of $4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 132; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


W.R. GRACE: Wants to Sell Washcoat Business for US$21.9 Million
---------------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates operate a business
line -- the Washcoat Business -- that designs, manufactures, and
markets alumina and mixed-oxide materials used in catalytic
converters to remove pollutants produced by automotive and other
engines.

The Washcoat Business also sells into the automobile supply
chain end in which the Debtors have no other presence and have
limited leverage, Timothy P. Cairns, Esq., at Pachulski Stang
Ziehl Young Jones & Weintraub, LLP, in Wilmington, Delaware,
tells the United States Bankruptcy Court for the District of
Delaware.

In 2006, the Washcoat Business had sales of approximately
$25,800,000, which is less than 1% of the Debtors' consolidated
revenue for that year, according to Mr. Cairns.

In the third quarter of 2006, the Debtors made known that they
were considering strategic alternatives for the Washcoat
Business.  The Debtors determined that the Washcoat Business is
not complementary to their other business lines, had low sales
and yet required frequent management attention.

Thus, the Debtors and their financial advisor began marketing
and soliciting potential buyers for the Washcoat Business and
have since contacted numerous strategic and financial buyers.
The marketing efforts culminated in the entry of a sale
agreement with Rhodia, Inc., who agreed to purchase the Business
for approximately $21,900,000 subject to certain post-closing
adjustments through a private sale process.

Under the Sale Agreement, all of the Debtors' right, title and
interest in assets used exclusively in the Washcoat Business,
including real property, leases, machinery, equipment,
inventory, accounts receivable, books and record, software, and
claims under insurance policies will be transferred to Rhodia.

Rhodia, however, will not assume certain of the Debtors' assets,
including:

  -- all of the Debtors' assets not used for the Business;

  -- the Washcoat intellectual property, which is being provided
     to Rhodia under a license agreement; and

  -- the assets of the Debtors' silica manufacturing operations
     that have shared facilities with the Washcoat Business in
     Cincinnati, Ohio.

Rhodia will also assume all liabilities and obligations arising
out of the operation or ownership of the Transferred Assets
post-closing, including (i) post-closing employment liabilities
and (ii) all removal, repair or abatement-related liabilities
related to the presence of lead or asbestos in any of the
buildings, structures, improvements and fixtures in the Washcoat
real property.

Rhodia will not assume all pre-closing liabilities arising from
exposure to hazardous substance related to the Debtors'
businesses other than the Washcoat Business and all liabilities
arising out of the Transferred Assets arising on or before the
Closing Date.

The Debtors will make an offer concerning certain conditions of
employment to non-bargaining unit employees and no more than 27
bargaining unit employees, provided that the terms of the
compensation is comparable to the existing compensation to the
employees.  The Debtors will also use reasonable commercial
efforts to offer a voluntary severance plan to their bargaining
unit employees located at the Cincinnati facility.  Rhodia will
not assume any employee benefit plans.

The Debtors will assume and assign several executory contracts
and unexpired leases of the Washcoat Business to Rhodia.
Payments of the Cure Amounts will be shared equally between the
Debtors and Rhodia.  As of June 18, 2007, the Debtors estimate
that the cure amounts for the Assumed Contracts is $0.

The Sale Agreement provides that the Debtors will indemnify
Rhodia for certain intellectual property-related indemnities for
up to five years after the Closing Date provided that the
indemnification will not exceed 15% of the Purchase Price.

Accordingly, the Debtors seek the Court's permission to sell the
Washcoat Business to Rhodia, free and clear of all liens and
claims through a private sale process.

The Debtors assert that if they are to proceed with a public
auction, their estates will incur significant market risk with
low probability of identifying a higher and better offer.  The
Debtors believe that further delays in completing the sale could
lead to deteriorating financial performance of the Washcoat
Business.

In any event, the Debtors seek the Court for permission to pay
Rhodia $547,500 as Break-Up Fee in the event they complete a
sale of the Washcoat Business to another bidder other than
Rhodia.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expires on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of $3,620,400,000 and total debts of $4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 132; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


PARMALAT SPA: Judge Drain to Issue Permanent Injunction
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
rules in favor of Parmalat Finanziaria S.p.A., et al.'s request
for permanent injunction, barring its creditors from pursuing
their claims.

Pending submission of a modified Permanent Injunction Order,
the Hon. Robert D. Drain extends the Preliminary Injunction
Order, enjoining all creditors of Reorganized Parmalat from
commencing or continuing any action or legal proceeding, among
others, against the Foreign Debtors, its subsidiaries or
affiliates, or Reorganized Parmalat, or any related proceeds.

The Civil and Criminal Court of Parma, in Italy, will have
exclusive jurisdiction to hear any suit, action, claim or
proceeding and to settle all disputes arising from the
construction or interpretations of the restructuring plan the
Foreign Debtors presented to the Parma Court.

"[E]ntry of a Permanent Injunction in these ancillary
proceedings is appropriate," Judge Drain said at the June 21
hearing.

Pursuant to Rule 7065 of the Federal Rules of Bankruptcy
Procedure, the security provisions of Rule 65(c) of the Federal
Rules of Civil Procedure will be waived, the ruling says.

Parmalat said in a news release that the Court rejected the
objections of Bank of America and certain other parties.

Judge Drain's Order will be a defeat for holders Parmalat's
private bonds, with claims for approximately EUR646 million, or
US$868 million, according to Reuters.

Bank of America said in a statement that the injunction will
have no effect on the bank's rights in the District Court
litigation, since it does not apply outside of the United
States, CNN reports.

                          About Parmalat

Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than $200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Parmalat Capital Finance
Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat S.p.A.

The Finance Companies are under separate winding up petitions
before the Grand Court of the Cayman Islands.  Gordon I. MacRae
and James Cleaver of Kroll (Cayman) Ltd. serve as Joint
Provisional Liquidators in the cases.

On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey,
Gordon, Herlands Randolph, represent the Finance Companies in
the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.

(Parmalat Bankruptcy News, Issue No. 89; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Court Dismisses Counterclaims by Grant Thornton
-------------------------------------------------------------
At the request of Dr. Enrico Bondi, Extraordinary Administrator
of Parmalat Finanziaria S.p.A., et al., U.S. District Court
Judge Lewis A. Kaplan dismissed Grant Thornton LLP's
counterclaims for spoliation.

Dr. Bondi had asked for the dismissal of the counterclaims for
GT-US's alleged "spoliation" of evidence for failure to state a
claim.

GT-US, joined by Grant Thornton International, opposed the
request, asserting that Dr. Bondi's arguments push Illinois law
beyond its limits.  Linda T. Coberly, Esq., at Winston & Strawn
LLP, in Chicago, Illinois, counsel to GT-US, states that GT-US's
Claim is based on "special circumstance" -- the fact that
Parmalat possessed and controlled key evidence of its own
wrongdoing, and deliberately destroyed it.

Ms. Coberly pointed out that as a direct and proximate result of
Parmalat's failure to preserve evidence, Grant Thornton has been
deprived of material evidence that is important to its ability
to defend against Dr. Bondi's claims.

Dr. Bondi countered that GTI and GT-US's arguments alleging a
"special circumstance" are unsupported by any authority.  To
assert the Claim, Dr. Bondi says, the Grant Thornton defendants
must show that there was a duty to preserve operative evidence,
which they have failed to do.

              Grant Thornton Opposes Bondi Motion
               to Dismiss Third Party Complaints

In a separate filing, Grant Thornton International balked at Dr.
Bondi's request to dismiss third-party complaints asserting a
claim for contribution under the Private Securities Litigation
Reform Act, 15 U.S.C. Section 78u-4, et seq.

James L. Bernard, Esq., at Stroock & Stroock & Lavan, LLP, in
New York, counsel to GTI, argued that Dr. Bondi's request is
supported by neither law nor fact.  Mr. Bernard explained that
Dr. Bondi treats GTI's Complaint as if it were directed to
Reorganized Parmalat.  This attack is a red herring, he said,
since Dr. Bondi knows the Complaint was brought against him and
pre-bankruptcy Parmalat, and not against Reorganized Parmalat.

Unlike the other class plaintiffs, GTI went to the trouble of
seeking and obtaining leave of court to assert its claims
against Dr. Bondi and Old Parmalat, not Reorganized Parmalat,
according to Mr. Bernard.

Mr. Bernard argued that as Extraordinary Administrator, Dr.
Bondi has been well aware, and would have more knowledge, of the
facts on which the Claims are based, contrary to Dr. Bondi's
argument that GTI did not provide fair notice of the facts.

Since Dr. Bondi did not challenge a previous request to dismiss
a complaint commenced by the class action plaintiffs, on which
GTI's Complaint is based, there is nothing insufficient about
GTI's allegations.  The fact that GTI's fraud allegations are
incorporated in another complaint is not a basis for dismissal,
Mr. Bernard argued.

GT-US supported GTI's arguments.

In response, Dr. Bondi asserted that the Grant Thornton
defendants failed to allege claims for contribution properly
under the heightened pleading standards for securities fraud.
Dr. Bondi explained his awareness of the specifics of the
Complaint does not mean they do not need to plead Old Parmalat's
involvement.

Dr. Bondi further pointed out that a party can never incorporate
elements of another pleading by reference.  The Grant Thornton
defendants rely entirely on the allegations of the amended
complaint, and should therefore be dismissed.

           BofA Wants Bondi to Disclose PwC Hiring Terms

The Bank of America Corporation, Bank of America NT & SA, Bank
of America N.A., Banc of America Securities LLC, Banc of America
Securities Limited, and Bank of America International Limited
ask Judge Kaplan to compel Dr. Enrico Bondi, Extraordinary
Administrator of Parmalat Finanziaria S.p.A., et al., to
disclose all writings containing the terms of agreement between
him and any entity affiliated with PricewaterhouseCoopers LLP.

PricewaterhouseCoopers has been the Bank's auditor since 1999,
and was the financial statement auditor at the time of many
transactions at issue in the Parmalat Securities Litigation.

Dr. Bondi designated Roberto Megna, Oliver Galea, and Franco
Lagro of PricewaterhouseCoopers S.p.A. as witnesses in the
Parmalat Securities Litigation, despite the fact that the Bank
had not consented to PwC's appearance due to an issue of
potential conflict of interest.

Grant Thornton, LLC, and Grant Thornton International support
the Bank's arguments.

                      Dr. Bondi Objects

Loren Kieve, Esq., at Quinn, Emanuel, Urquhart, Oliver &
Hedges, LLP, in New York, on behalf of Dr. Bondi, states that
BofA's request is only an attempt to dissuade Dr. Bondi's
witnesses from testifying.

Ms. Kieve argues that the Bank is seeking privileged
information, and that it already has all the information to
which it is entitled, including all the engagement letters
between Dr. Bondi and PwC Italy.  She further adds that PwC US
has done work for neither Dr. Bondi nor Parmalat.

                          About Parmalat

Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than $200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Parmalat Capital Finance
Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat S.p.A.

The Finance Companies are under separate winding up petitions
before the Grand Court of the Cayman Islands.  Gordon I. MacRae
and James Cleaver of Kroll (Cayman) Ltd. serve as Joint
Provisional Liquidators in the cases.

On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey,
Gordon, Herlands Randolph, represent the Finance Companies in
the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.

(Parmalat Bankruptcy News, Issue No. 89; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TISCALI S.P.A.: Fitch Lifts Junk IDR to B- on Subsidiary Sale
-------------------------------------------------------------
Fitch Ratings has upgraded Italy-based Tiscali S.p.A.'s Long-
term Issuer Default rating to 'B-' from 'CCC' and removed it
from Rating Watch Positive.  A Stable Outlook is assigned.

The rating action follows confirmation that the company has
received EUR236 million in funds from the disposal of its Dutch
subsidiary, announced in third quarter of 2006.

"The cash consideration received from the sale of the Dutch
business, combined with the disposal of other non-core assets,
provides Tiscali with a sizeable cash balance," says Michelle De
Angelis, Senior Director at Fitch.  "Combined with the cheaper
funding provided by the Banca Intesa loan, Fitch believes the
company now has sufficient flexibility to carry out its latest
business plan."

Tiscali reported total revenue of EUR678 million in FY06, a 28%
increase on comparable figures for Fiscal-Year 2005, while
EBITDA rose 43% to EUR100 million.  Despite these strong
results, the company only expects to be free cash flow positive
from fourth quarter of 2007.  Fitch remains cautious,
considering the likelihood of increased competition as broadband
markets mature, while changing network infrastructure could yet
have an impact on today's alternative network operators, such as
Tiscali.


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


AKJOL LLP: Proof of Claim Deadline Slated for July 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Firm Akjol insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-23-65
              8 (32422) 27-24-55


BELGIBAI LLP: Creditors Must File Claims July 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Belgibai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Titov Str. 43
         Otegen batyr
         Iliysky district
         Almaty
         Kazakhstan


BEYSAL COMPANY: Claims Filing Period Ends July 31
-------------------------------------------------
The Tax Committee of Almaty has declared LLP Beysal Company (RNN
090400213875) insolvent.

Creditors have until July 31 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


GAUHERTAS LLP: Claims Registration Ends July 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Gauhertas insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


GIDRO OIL: Creditors' Claims Due July 27
----------------------------------------
LLP Gidro Oil Service has declared insolvency.  Creditors have
until July 27 to submit written proofs of claims to:

         LLP Gidro Oil Service
         Micro District 29, 200
         Aktau
         Mangistau
         Kazakhstan


KONYRAT LLP: Proof of Claim Deadline Slated for July 25
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Konyrat insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahaev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-23-65
              8 (32422) 27-24-55


MEKAD LLP: Claims Filing Period Ends July 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mekad insolvent.

Creditors have until July 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Mashinostroiteley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-02-78
         Fax: 8 (3232) 22-01-00


SULU TAU: Claims Registration Ends July 27
------------------------------------------
LLP Mining Company Sulu Tau has declared insolvency.  Creditors
have until July 27 to submit written proofs of claims to:

         LLP Mining Company Sulu Tau
         Jeltoksan, 166-74
         Almaty
         Kazakhstan


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


BIGSER LLC: Creditors Must File Claims by August 3
--------------------------------------------------
LLC Manufacturing Complex Bigser has declared insolvency.
Creditors have until Aug. 3 to submit written proofs of claim
to:

         LLC Manufacturing Complex Bigser
         Matrosov Str. 1a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 53-50-20


RIVERA LLC: Creditors' Meeting Slated for July 2
------------------------------------------------
Creditors of LLC Rivera will convene at 10:00 a.m. on July 2 at:

         Leo Tolstoy Str. 100b
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues
dismissed Esenbek Aitymbetov from his position as temporary
insolvency manager of LLC Rivera on June 7, 2007.

Subsequently, the court appointed Mussa Manapbaev as the
company's new temporary insolvency manager.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

The representatives of the creditors must have authorization to
vote.

The temporary insolvency manager can be reached at (+996 312)
21-57-75, (0-503) 29-41-40.


TITAN UG: Claims Filing Period Ends August 3
--------------------------------------------
LLC Titan-Ug-Service has declared insolvency.  Creditors have
until Aug. 3 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-94-29.


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


AMSTEL SECURITISATION: S&P Puts BB Ratings on Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the further issuance of EUR152 million and US$1.715 billion
credit-linked floating-rate notes issued by Amstel
Securitisation of Contingent Obligations 2006-1 B.V., a special
purpose entity incorporated under the laws of The Netherlands.

A further issuance of EUR152 million class A+1 notes and a
further issuance of US$1.715 billion class A+2 notes were issued
on June 20, 2007, as provided for in the initial notes' offering
circular.

The issuance of these further notes does not affect the ratings
on the initial notes.

The purpose of this revolving balance-sheet transaction is to
transfer the credit risk associated with a EUR7 billion
portfolio of exposures on counterparties in derivative
agreements entered into by ABN AMRO Bank N.V. ABN AMRO entered
into a senior CDS with a senior counterparty and a junior CDS
with the issuer.  At the same time, the issuer issued credit-
linked notes to back its exposure under the CDS with ABN AMRO.

The further issuance note proceeds were deposited in a cash
deposit account in the name of the issuer with the collateral
bank.  Cash settlements under the CDS and principal payments on
the notes are paid out of this account.

                           Ratings List

Amstel Securitisation of Contingent Obligations 2006-1 B.V.
   EUR1.287 Billion And US$4.733 Billion Credit-Linked Floating-
   Rate Notes (Including A Further Issuance of EUR152 Million
   and US$1.715 Billion)

                          Previous     Debt           Current
                          amount       issued         amount
  Class      Rating       (Mln)        (Mln)          (Mln)
  -----      -----         ---          ----           ----
  A+1        AAA          EUR295        EUR152         EUR447
  A+2        AAA          US$3,018      US$1,715       US$4,733
  A          AAA          EUR518        EUR0           EUR518
  B          AA           EUR70         EUR0           EUR70
  C          A            EUR35         EUR0           EUR35
  D          BBB          EUR49         EUR0           EUR49
  E          BB           EUR70         EUR0           EUR70
  F          NR           EUR98         EUR0           EUR98


E-MAC PROGRAM: Fitch Puts BB Ratings on EUR1.7 Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to E-MAC Program
B.V.'s Compartment NL 2007-III EUR550 million floating-rate
notes:

   -- EUR-equivalent 308.7 million Class A1 mortgage-backed
      notes due 2047: 'AAA'; Outlook Stable

   -- EUR205.8 million Class A2 mortgage-backed notes due 2047:
      'AAA'; Outlook Stable

   -- EUR13.2 million Class B mortgage-backed notes due 2047:
      'AA'; Outlook Stable

   -- EUR9.9 million Class C mortgage-backed notes due 2047:
      'A'; Outlook Stable

   -- EUR12.4 million Class D mortgage-backed notes due 2047:
      'BBB-'; Outlook Stable

   -- EUR1.7 million Class E notes due 2047: 'BB'; Outlook
      Stable

The final ratings are contingent on the receipt of final
documents conforming to information already received.

This transaction is a securitization of Dutch residential
mortgages originated by GMAC RFC Nederland, Atlas Funding B.V.
and Quion 20 B.V.  The primary servicing will be carried out by
Stater Nederland B.V. (rated 'RPS2NL' and 'RSS3+NL') for
mortgage loans originated by GMAC, and Atlas and Quion
Hypotheekbemiddeling B.V. (rated 'RPS2NL' and 'RSS3+NL') for
mortgage loans originated by Quion 20 B.V.  The portfolio
consists of first-ranking or first- and sequentially lower-
ranking fixed- and floating-rate mortgages secured over
residential properties located in the Netherlands.

The ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure and the underwriting and servicing of Stater and
Quion.  The ratings also take into account the liquidity
facility and the guaranteed investment contract provided by
Rabobank ('AA+'/'F1+'/Outlook Stable), as well as the interest
rate swap provided by Credit Suisse International ("Credit
Suisse", rated 'AA-'/'F1+'/Outlook Stable).

At closing, credit enhancement provided by subordination and the
reserve fund will total 6.76% for the Class A notes, 4.36% for
the Class B notes, 2.56% for the Class C notes and 0.31% for the
Class D notes. At closing, the uncollateralized EUR1.7 million
Class E notes will fund the balance of the reserve account
equating to 0.31% of the balance of the A, B, C and D notes.
The swap rates agreed under the reset swap agreements will be
such that, in respect of the loans the rate of which has been
reset, an excess margin of 35bps before the first put date and
20bps thereafter will remain after payment of senior expenses
and interest due under the notes.


SENSATA TECHNOLOGIES: Buying Airpax Holdings for US$276 Million
---------------------------------------------------------------
Sensata Technologies, Inc. reached a definitive agreement with
Chicago Growth Partners and Airpax senior management to acquire
Airpax Holdings, Inc., for US$276 million, which is expected to
be completed in July.

The acquisition includes about 2,800 employees and sales,
engineering and production facilities in Cambridge and
Frederick, Maryland; White Bear Lake, Minnesota; Oviedo,
Florida; and Brownsville, Texas, in the United States;
Matamoros, Mexico; Sakado, Japan; and Shanghai, China.

Sensata Technologies Chief Executive Officer Tom Wroe said,
"This transaction gives us leading customer positions in
electrical protection for high-growth network power and
critical, high-reliability mobile power applications and further
secures Sensata's position as a leading designer and
manufacturer of sensing and electrical protection solutions for
the residential, industrial, heating, ventilation, air-
conditioning, military and mobile markets.  The purchase also
further expands Sensata's global footprint and offers
opportunities for operational synergies across both
organizations."

Airpax Chief Executive Officer Dennis Karr said, "We are very
excited about this opportunity to bring our expertise,
experience and resources to another worldwide leader in the
controls and sensors arena. Both Airpax and Sensata will benefit
from access to an expanded customer base, wider portfolio and
the know-how and technical expertise of the combined
organization."

Airpax Corporation was founded in 1947 in Baltimore, Maryland,
and was purchased by North American Phillips Corporation in the
1970s. It was purchased by management and Industrial Growth
Partners, a private equity firm, in 1999 and by management,
Chicago Growth Partners, and Norwest Equity Partners in 2004.

                        About Airpax

Headquartered in Cambridge, Maryland, with facilities around the
world, Airpax manufactures customized hydraulic magnetic circuit
breakers and certain thermostats and temperature sensors, and is
a leading manufacturer of DC to AC inverters, electronic
monitoring and control systems, and other sensors.  Airpax
serves original equipment manufacturers (OEMs) in the
telecommunications, industrial, recreational vehicle, heating,
ventilation and air-conditioning, refrigeration, marine,
military, medical, information processing electronic power
supply, power generation, over-the-road trucking, construction,
agricultural and alternative energy markets.

                  About Sensata Technologies

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

                         *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Moody's Investors Service affirmed the ratings of Sensata
Technologies B.V., but changed the outlook to negative from
stable following the company's recent announcement that it
intends to acquire Airpax Holdings, Inc. for US$276 million.
The company's Speculative Grade Liquidity rating of SGL-2 is
unchanged.


SENSATA TECHNOLOGIES: S&P Revises Outlook After Airpax Purchase
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sensata Technologies B.V. to negative from stable.

The outlook revision follows the company's announcement that it
will acquire Airpax Holdings Inc. for US$276 million plus fees
and expenses using a combination of cash and debt.  All of S&P’s
ratings on Sensata, including 'B+' corporate credit rating, have
been affirmed.

"The acquisition delays the financial deleveraging that Standard
& Poor's expects for the ratings," said Standard & Poor's
analyst Clarence Smith.  The ratings on Attleboro, Mass.-based
Sensata continue to reflect its highly leveraged financial
profile, which more than offsets its satisfactory business
profile.


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


BELOKOLODEZSKIY BRICKWORKS: Creditors Must File Claims by Aug. 2
----------------------------------------------------------------
Creditors of LLC Belokolodezskiy Brickworks have until Aug. 2
to submit proofs of claim to:

         P. Pozdnyakov
         Insolvency Manager
         Post User Box 16
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A08-1353/07-31b.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Belokolodezskiy Brickworks
         Belyj Kolodez
         Vejdelevskiy
         309726 Belgorod
         Russia


BRICKWORKS LLC: Creditors Must File Claims by August 2
------------------------------------------------------
Creditors of LLC Brickworks have until Aug. 2 to submit proofs
of claim to:

         O. Isicheva
         Insolvency Manager
         To be called for Ms. O. Isicheva
         Central Post Office
         308000 Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A08-816/07-11.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Brickworks
         Tarana Str.
         Gora-Podol
         Grayvoronovskiy
         Belgorod
         Russia


HELIUM CJSC: Creditors Must File Claims by August 2
---------------------------------------------------
Creditors of CJSC Helium (TIN 2710000810) have until Aug. 2
to submit proofs of claim to:

         A. Chekalin
         Insolvency Manager
         Post User Box 105/27
         680020 Khabarovsk-20
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A73-3563/2007-9.

The Debtor can be reached at:

         CJSC Helium
         Post User Box 125
         Chegdomyn
         Khabarovsk
         Russia


KIRSANOV-AUTO-TRANS: Creditors Must File Claims by August 2
-----------------------------------------------------------
Creditors of OJSC Kirsanov-Auto-Trans have until Aug. 2 to
submit proofs of claim to:

         A. Anikeev
         Insolvency Manager
         Apartment 2
         Sverdlova Str. 116
         Rzhaksa
         Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-2688/06-10.

The Debtor can be reached at:

         OJSC Kirsanov-Auto-Trans
         Sportivnaya Str. 17a
         Kirsanov
         Tambov
         Russia


KUBARUS-MILK: Krasnodar Bankruptcy Hearing Slated for Sept. 24
--------------------------------------------------------------
The Arbitration Court of Krasnodar will convene on Sept. 24 to
hear the bankruptcy supervision procedure on OJSC Kubarus-Milk.
The case is docketed under Case No. A-32-6057/2007-37/178 B.

         The Temporary Insolvency Manager is:
         Y. Soldatov
         K. Libknekhta Str. 71
         Armavir
         Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Kubarus-Milk
         K. Libknekhta Str. 71
         Armavir
         Krasnodar
         Russia


NORTH FUEL-ENERGY: Bankruptcy Hearing Slated for Sept. 19
---------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 11:00 a.m.
on Sept. 19 to hear the bankruptcy supervision procedure on LLC
North Fuel-Energy Company.  The case is docketed under Case
No. A-32-6529/2007-1/209B.

         I. Galotin
         Insolvency Manager
         2nd Floor
         Letter K
         Tovarnaya Str. 7
         350033 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC North Fuel-Energy Company
         Severskaya St.
         353240 Krasnodar
         Russia


OLYM-SUGAR OJSC: Creditors Must File Claims by August 2
-------------------------------------------------------
Creditors of OJSC Beet Sugar Company Olym-Sugar have until
Aug. 2 to submit proofs of claim to:

         O. Parfenov
         Insolvency Manager
         Post User Box 114
         Petrozavodsk
         185030 Kareliya
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-8372/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Beet Sugar Company Olym-Sugar
         20 Let Pobedy Str. 1
         Olymskiy
         Kastorenskiy
         306716 Kursk
         Russia


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

         E. Bobryshev
         Insolvency Manager
         Myagotina Str. 117/21
         Kurgan
         Russia

The Arbitration Court of Kurgan will convene at 1:45 p.m. on
Sept. 12 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A34-1565/2007.

The Debtor can be reached at:

         OJSC Petukhovskoye
         KMP
         Petukhovo
         Kurgan
         Russia


ROS-AUTO-SERVICE: Creditors Must File Claims by August 2
--------------------------------------------------------
Creditors of CJSC Ros-Auto-Service have until Aug. 2 to submit
proofs of claim to:

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

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A33-3715/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ros-Auto-Service
         Vokzalnaya Str. 4
         Norilsk
         663300 Krasnoyarsk
         Russia


RUSSIAN CONSUMER: S&P Rates Class A-2 and Class B Notes at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its credit rating on the
class A-1 asset-backed floating-rate notes issued by RUSSIAN
CONSUMER FINANCE No. 1 S.A. to 'BBB+' from 'BBB'.  At the same
time, the ratings on the class A-2 and B notes were affirmed.

The rating on the class A-1 notes was originally placed on
CreditWatch positive on Dec. 22, 2006, following the long-term
foreign-currency sovereign credit rating on the Russian
Federation being raised to 'BBB+' from 'BBB', and the long-term
local currency sovereign credit rating being raised to 'A-' from
'BBB+'.

The rating remained on CreditWatch positive pending alterations
being made to the minimum rating level requirement in the bank
account downgrade language in the transaction documents.  This
has now been done.

When the class A notes were initially rated, stresses were
applied to reflect country risk at the 'BBB' rating level e.g.,
the magnitude of economic recession, the state of the banking
system, the likelihood of government providing debt relief to
borrowers if there was mass default, and exchange rate
volatility.  The magnitude of the additional stresses modeled is
now commensurate with a 'BBB+' rating scenario, i.e., the
current rating on the sovereign.

RUSSIAN CONSUMER FINANCE No. 1, originated by Russian Standard
Bank CJSC (BB-/Stable/B), closed in April 2006 and was the first
publicly placed consumer loan securitization in Russia.  The
collateral backing the notes comprises short-term maturing
consumer loans, which continue to perform well with excess
spread covering all losses.

                               Ratings List

RUSSIAN CONSUMER FINANCE NO. 1 S.A.
   EUR300 Million Senior Asset-Backed Floating-Rate Notes


                  Class             Rating
                           To                 From


Rating Removed From CreditWatch With Positive Implications And
   Raised

                 A-1       BBB+               BBB/Watch Pos

                             Ratings Affirmed

                              A-2       BB-
                              B         BB-


SARMANOVO-AGRO-KHIM-SERVICE: Names A. Miller to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tatarstan appointed A. Miller as
Insolvency Manager for OJSC Sarmanovo-Agro-Khim-Service.
He can be reached at:

         A. Miller
         Post User Box 188
         GOS-11
         Almetyevsk
         423461 Tatarstan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A65-14243/2006-SG4-39.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sarmanovo-Agro-Khim-Service
         Sarmanovo
         Sarmanovskiy
         Tatarstan
         Russia


SEVERNYJ OJSC: Court Starts External Bankruptcy Procedure
---------------------------------------------------------
The Arbitration Court of St.Petersburg and Leningrad commenced
external management bankruptcy procedure on OJSC Dimitrovograd-
Textile (TIN 2463046430, OGRN 1022402148669).  The case is
docketed under Case No. A56-13943/2006.

The External Insolvency Manager is:

         V. Dobryshkin
         Post User Box 21900
         660066 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dimitrovograd-Textile
         Maerchaka Str., 65
         Zheleznodorozhnyj
         660075 Krasnoyarsk
         Russia


SUDOGDA-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by Aug. 2
--------------------------------------------------------------
Creditors of OJSC Sudogda-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. A11-13858/2006-472B/17B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sudogda-Sel-Khoz-Khimiya
         Gagarina Str. 1A
         Sudogda
         601352 Vladimir
         Russia


TALITSKIY DISTILLERY: Creditors Must File Claims by July 2
----------------------------------------------------------
Creditors of LLC Talitskiy Distillery have until July 2 to
submit proofs of claim to:

         A. Katrushin
         Temporary Insolvency Manager
         Gorkogo Str. 31
         620075 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A60-5597/2007-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         LLC Talitskiy Distillery
         Zavodskaya Str. 13
         Talitsa
         Sverdlovsk
         Russia


VIMPELCOM: Appellate Court Affirms Ruling on URS Acquisition
------------------------------------------------------------
The Court of Appeals has affirmed the Dec. 14, 2006 ruling of
the Moscow Arbitration Court in favor of OJSC Vimpel-
Communications in one of the claims filed by Telenor East Invest
AS.

VimpelCom is satisfied with the order of the court which once
again denies Telenor’s claim challenging the acquisition of CJSC
Ukrainian Radio Systems and seeking to unwind the acquisition.

An appeal of the ruling may be filed with the Federal
Arbitration Court.  VimpelCom will continue to vigorously defend
its position in this lawsuit.

                   Supreme Court Ruling

As previously reported in the TCR-Europe on June 13, 2007, the
Supreme Arbitration Court of Russia has ruled in favor of
Vimpel-Communications in one of the three lawsuits filed by
Telenor East Invest AS.  The court’s decision upheld the
validity of the September 2005 shareholder vote which approved
the acquisition of CJSC "Ukrainian Radio Systems"as an
interested party transaction.

The ruling is final and may not be appealed.

                        About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on March 13, 2007, Moody's
Investors Service upgraded the corporate family and existing
bond ratings of Open Joint Stock Company Vimpel Communications
to Ba2 from Ba3.  Moody's said the outlook on the ratings is
stable.


ZAKS CJSC: Court Names O. Magalyas as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Lipetsk appointed O. Magalyas as
Insolvency Manager for CJSC Zaks.  He can be reached at:

         O. Magalyas
         Apartment 38
         Rudnyj Per. 13
         398902 Lipetsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-659/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zaks
         Sovetskaya Str. 4
         398000 Lipetsk
         Russia


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


BK OPTIK: Creditors' Liquidation Claims Due July 31
---------------------------------------------------
Creditors of JSC BK Optik und Beratung have until July 31 to
submit their claims to:

         Kurt Batschmann
         Liquidator
         Tufenwiesstrasse 1
         9524 Zuzwil
         Wil SG
         Switzerland

The Debtor can be reached at:

         JSC BK Optik und Beratung
         Wil SG
         Switzerland


BZ WERBEIDEEN: Creditors' Liquidation Claims Due July 31
--------------------------------------------------------
Creditors of LLC BZ Werbeideen have until July 31 to submit
their claims to:

         Bruno Zahnd
         Liquidator
         Eichbergstrasse 60
         9452 Hinterforst
         Switzerland

The Debtor can be reached at:

         LLC BZ Werbeideen
         Altstatten
         Rheintal SG
         Switzerland


CHEMISCHE BAU-UND: Creditors' Liquidation Claims Due July 9
-----------------------------------------------------------
Creditors of JSC Chemische Bau- und Mobelbeizerei Pos have until
July 9 to submit their claims to:

         Hanspeter Pos
         Liquidator
         Waldeggweg 5
         3633 Amsoldingen
         Thun BE
         Switzerland

The Debtor can be reached at:

         JSC Chemische Bau- und Mobelbeizerei Pos
         Thun BE
         Switzerland


SHOE & SHINE: Creditors' Liquidation Claims Due July 13
-------------------------------------------------------
Creditors of JSC Shoe & Shine have until July 13 to submit their
claims to:

         Innere Guterstrasse 2
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC Shoe & Shine
         Zug
         Switzerland


SIG HOLDING: S&P Puts B+ Corp. Credit Ratings; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said today it assigned its
'B+' corporate credit rating to Switzerland-based aseptic
cartons supplier SIG Holding AG and related entities Beverage
Packaging Holdings (Luxembourg) I S.A. (Beverage Packaging
Holdings I) and Beverage Packaging Holdings (Luxembourg) II S.A.
(Beverage Packaging Holdings II).  The outlook is stable.

At the same time, the proposed EUR825 million senior secured
term facilities issued by Beverage Packaging Holdings I were
rated 'BB', two notches above the corporate credit rating, with
a recovery rating of '1', indicating our expectation of very
high (90%-100%) recovery in the event of a payment default.  The
proposed EUR450 million senior notes, issued by Beverage
Packaging Holdings II, were rated 'B', with a recovery rating of
'5', indicating our expectation of modest (10%-30%) recovery in
the event of a default.  The proposed EUR320 million senior
subordinated notes, also issued by Beverage Packaging Holdings
II, were rated 'B-', with a recovery rating of '6', indicating
our expectation of negligible (0%-10%) recovery in the event of
a default.

"The ratings reflect the company's highly leveraged financial
profile and weak coverage ratios, its exposure to volatility in
raw-material prices, and relatively high capital intensity,"
said Standard & Poor's credit analyst Izabela Listowska.  These
factors are mitigated by SIG's satisfactory business risk
profile, derived from its leading positions in a highly
consolidated market for aseptic carton packaging, proven
annuity-type business model, long-standing relationships with
customers, and good profitability.  SIG generated EUR1.4 billion
in revenues in the 12 months to March 31, 2007.

SIG's financial profile is highly leveraged, reflecting its LBO
by Rank Group Holdings Limited, an investment company based in
New Zealand, in May 2007.  At March 31, 2007, pro forma for the
transaction, the company had total debt of about EUR1.53
billion.

SIG benefits from a stable and robust business model, with
medium- to long-term contractual revenues that are based on a
unique interdependence system between the group and beverage and
food producers, resulting in a stable operating performance.
Although subsidized equipment supply to customers, which is
integral part of the business model, provides for strategic
operational advantages, including a basis for guaranteed long-
term volumes, it is also capital intensive and weighs on
operating cash flows.  SIG's business risk profile also reflects
the company's position as the second-largest global player in
the lucrative aseptic carton packaging market.  The market is
highly consolidated and there are significant barriers to entry.
SIG's customer concentration is relatively low, with the top 10
customers accounting for about one-third of group's revenues,
which further mitigates operating risk.

"The stable outlook is underpinned by SIG's high degree of
operating stability and prospects for further earnings growth
and leverage reduction," said Ms. Listowska.


WIPSEVENT JSC: Creditors' Liquidation Claims Due July 9
-------------------------------------------------------
Creditors of JSC WipsEvent have until July 9 to submit their
claims to:

         Peter Widmer
         Liquidator
         Tessenbergstrasse 23
         2502 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC WipsEvent
         Biel/Bienne BE
         Switzerland


ZIMMERMANN-KASER JSC: Creditors' Liquidation Claims Due July 9
--------------------------------------------------------------
Creditors of JSC Zimmermann-Kaser have until July 9 to submit
their claims to:

         Walter Zimmermann
         Liquidator
         Bachwiese 4
         9532 Rickenbach b. Wil
         Switzerland

The Debtor can be reached at:

         JSC Zimmermann-Kaser
         Schwandi GL
         Switzerland


* Switzerland Votes to Join KPMG Merger in Europe
-------------------------------------------------
KPMG's member firm in Switzerland has voted to join KPMG in the
U.K. and Germany as part of the merger which will create
Europe's largest accountancy firm.

The new single entity will be a member firm of KPMG
International, the global network of professional service firms
providing Audit, Tax and Advisory services.

The combined firm will have 18,000 partners and staff working
from 57 offices across the U.K., Germany and Switzerland - with
revenues in excess of GBP2.4 billion in the current year.  The
new firm will be a new U.K. registered LLP, with its head office
in Frankfurt.

Partners of KPMG Switzerland approved the merger proposal at
their meeting in Zurich this week.  The Swiss vote is subject to
approval from the new Swiss Federal Audit Oversight Board,
expected by the Spring of 2008.

The Swiss partners' vote is the latest stage in creating a fully
integrated KPMG member firm in Europe.  The ambition is that
other KPMG member firms in Europe will merge into the new
entity, should they wish to join.  The new firm will be chaired
jointly by John Griffith-Jones, currently Chairman of KPMG LLP
(U.K.), and Prof. Rolf Nonnenmacher, currently Chairman of the
Managing Board, KPMG Deutsche Treuhand-Gesellschaft AG.

In a combined statement, Mr. Griffith-Jones and Mr. Nonnenmacher
disclosed, "We warmly welcome the decision of our colleagues in
Switzerland in deciding to join the KPMG merger in Europe, and
are delighted that they wish to become part of our ambition to
create the most successful professional services firm in Europe,
for the benefit of both our clients and our people."

Hubert Achermann, Chief Executive of KPMG Switzerland, said:

"This merger means we will increase our market capability in
Switzerland - which will bring real benefits to our clients, by
setting new standards in tax consulting and financial corporate
management.  There is a tight labor market in professional
services, and I believe this merger will give KPMG a competitive
advantage by opening up exciting prospects for talented and
qualified auditors and advisors in Europe," KPMG Switzerland CEO
Hubert Achermann said.

                         Merger benefits

Across a number of areas of the combined firm, it is expected
that a broader base of clients and increased investment
capability will greatly benefit growth.

   -- the merger reflects the increasing international
      importance of the European capital markets - and the need
      to support the growing number of companies that choose to
      list on European exchanges.  The new firm will represent a
      strong voice for European business on regulation and other
      key issues that affect the audit and accountancy
      profession - and its vital role in support of the global
      capital markets;

   -- the new firm will be structured to meet the changing
      demands of clients who require a seamless audit, tax and
      advisory service on a pan-European basis.  With a single
      leadership team and a powerful professional capability in
      one broader resource pool, the new firm will be able to
      invest more, and get more from that investment by working
      as one – developing new solutions and techniques more
      quickly and efficiently; and

   -- the new firm will aim to recruit and retain the best
      talent, creating a training ground for the European
      business leaders of the future.  It will offer integrated
      European graduate and other training schemes, and aim to
      create a culture in which our people will be offered new
      international opportunities, a compelling future, and a
      wide variety of cross-border challenges and experiences.

                          About KPMG

KPMG -- http://www.kpmg.com/-- KPMG International is the
coordinating entity for a global network of professional
services firms, providing audit, tax, and advisory services,
with an industry focus. The aim of KPMG International member
firms is to turn knowledge into value for the benefit of their
clients, people, and the capital markets. With nearly 113,000
employees worldwide, member firms provide audit, tax, and
advisory services in more than 700 cities and 148 countries.


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


ASTARTA TECNO: Claims Filing Deadline Set June 28
-------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/59-07.

Creditors of have until June 28 to submit their proofs of claim
to:

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

The Debtor can be reached at:

         LLC Agricultural Firm Astarta Tecno
         Sokolovka
         Kryzhopol District
         Vinnica
         Ukraine


MRIYA LLC: Claims Filing Deadline Set June 28
---------------------------------------------
Creditors of LLC Mriya (code EDRPOU 32713390) have until June 28
to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/93-07.

The Debtor can be reached at:

         LLC Mriya
         Yavorivka
         Pischanka District
         Vinnica
         Ukraine


NORMANDY CJSC: Creditors Must File Claims by June 28
----------------------------------------------------
Creditors of Nikolay Porkhatsky have until June 28 to submit
their proofs of claim to:

         Nikolay Porkhatsky
         Liquidator
         P.O. Box 19
         04060 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/168-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Normandy
         Yaroslavov Val Str. 19
         01034 Kiev
         Ukraine


OSMAKI CONSUMER: Claims Filing Deadline Set June 28
---------------------------------------------------
Creditors of Osmaki Consumer Enterprise (code EDRPOU 01776553)
have until June 28 to submit their proofs of claim to:

         Nadezhda Fesenko
         Liquidator
         Soviet Str. 2
         Osmaki
         Mensky District
         15673 Chernigov Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 16/8b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         Osmaki Consumer Enterprise
         Shevchenko Str. 62
         Osmaki
         Mensky District
         15673 Chernigov
         Ukraine


RUDNITSKOE LLC: Claims Filing Deadline Set June 28
--------------------------------------------------
Creditors of LLC Agricultural Firm Rudnitskoe (code EDRPOU
30805788) have until June 28 to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/91-07.

The Debtor can be reached at:

         LLC Agricultural Firm Rudnitskoe
         Rudnitskoe
         Pischanka District
         Vinnica
         Ukraine


STV+ LLC: Claims Filing Deadline Set June 28
--------------------------------------------
Creditors of LLC STV+ (code EDRPOU 31343207) have until June 28
to submit their proofs of claims to:

         Vladimir Kapustin
         Liquidator
         Kronshtadtskaya Str. 138
         61029 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-39/69-07.

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 STV+
         Gagarin Avenue 15
         61001 Kharkov
         Ukraine


TURIYSK SPMK-15: Claims Filing Deadline Set June 28
---------------------------------------------------
Creditors of OJSC Turiysk SPMK-15 (code EDRPOU 04541230) have
until June 28 to submit their proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/37-B.

The Debtor can be reached at:

         OJSC Turiysk SPMK-15
         Vladimirskaya Str. 19
         Turiysk
         44800 Volin
         Ukraine


UKRAINIANASIABUILDING: Claims Filing Deadline Set June 28
---------------------------------------------------------
Creditors of Ukrainianasiabuilding (code EDRPOU 20078585) have
until June 28 to submit their proofs of claim to:

         Sergey Zozulia
         Temporary Insolvency Manager
         250 Apartment 31
         Shevchenko Boulevard
         Cherkassy
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/875-b.

The Court is located at:

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

The Debtor can be reached at:

         Ukrainianasiabuilding
         General Naumov Str. 23-b
         Kiev
         Ukraine


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


1ST ONSITE: Joint Liquidators Take Over Operations
--------------------------------------------------
S. Purnell and L. Holmes were appointed joint liquidators of 1st
Onsite Security Ltd. on June 4 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         1st Onsite Security Ltd.
         Unit 1-4
         Woodlands Workshops
         Coedcae Lane
         Pontyclun
         CF72 9DW
         Wales
         Tel: 01443 224 750
         Fax: 01443 231 171


AIRPHONE DISTRIBUTION: Brings In Liquidators from Kroll
-------------------------------------------------------
Andrew J. Pepper and Alastair P. Beveridge of Kroll were
appointed joint liquidators of Airphone Distribution Ltd. on
June 8 for the creditors' voluntary winding-up proceeding.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Airphone Distribution Ltd.
         10 Fleet Place
         City of London
         London
         EC4M 7RB
         England
         Tel: 01733 340 034
         Fax: 01733 555 220


ALPINE COLD: Hires Liquidators from BDO Stoy Hayward
----------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint liquidators of Alpine Cold
Stores Ltd. on June 4 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         Alpine Cold Stores Ltd.
         Estate Road 7
         South Humberside Industrial Estate
         Grimsby
         DN31 2TP
         England
         Tel: 01472 886 600
         Fax: 01472 886 222


AMERICAN CAMSHAFT: Wants to Sell Assets to Hilco for US$5.5 Mln
---------------------------------------------------------------
American Camshaft Specialties Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the Eastern District of Michigan
to grant accelerated approval of a sale of the Debtors’
machinery and equipment for US$5.5 million to Hilco Industrial
LLC, Bill Rochelle of Bloomberg News reports.

The Court is set to consider the request on June 29, 2007, the
report said.

Last month, the Court extended the Debtors’ exclusive period to
file a combined plan and disclosure statement until Aug. 7,
2007.

In their request, published in the Troubled Company Reporter on
May 14, 2007, the Debtors told the Court that they have
encountered a variety of logistical and practical issues which
have made it impracticable for them to have the ability to
propose and file a plan, including:

   a) the attempt of the Debtors' senior management to satisfy
      all filing requirements for its Chapter 11 cases; and

   b) the search for a buyer of substantially all of the
      Debtors' assets either as a going concern or as an orderly
      liquidation.

American Camshaft Specialties Inc. is located at the southwest
corner of M-45 and U.S. 31, includes two plants -- ACS Grand
Haven, which is solely owned by Asimco Technologies, and a joint
venture between Nippon Piston Ring and ACS Inc.  Asimco
Technologies -- http://www.asimco.com/-- is headquartered in
Beijing, China, and produces a wide range of power train,
chassis and diesel fuel injection products for light duty and
commercial vehicle applications.  Asimco assembles semi-fully
finished cast, steel and assembled camshafts.  Aside from its
U.S. operations, Asimco has 18 manufacturing facilities and 52
sales offices in China and one regional office in Europe and
Japan.  Asimco's major customers are automotive-based, such as
DaimlerChrysler, Ford, GM, Cummins and CAT.

American Camshaft and three other U.S. affiliates filed for
chapter 11 protection on Dec. 9, 2006 (Bankr. E.D. Mich. Lead
Case No. 06-58298).  Christopher A. Grosman, Esq., and Robert A.
Weisberg, Esq., at Carson Fischer, P.L.C., represent the
Debtors.  Lawyers at Schafer and Weiner PLLC represent the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors they listed estimated
assets and  debts between $10 million and $50 million.


ARGO PANTES: Posts IDR18.4 Bln Net Loss in Qtr. Ended March 31
--------------------------------------------------------------
PT Argo Pantes Tbk posted a net loss of IDR18.42 billion for the
three months ended Mar. 31, 2007, a disappointment from the
company's net profit of IDR27.16 billion recorded a year
earlier.

The company posted a 9.78% decrease in net sales to IDR228.06
billion from IDR252.80 billion a year earlier.

                     About Argo Pantes

Headquartered in Jakarta, Indonesia, PT Argo Pantes Tbk
-- http://www.argo.co.id/-- is an Indonesia-based textile
manufacturer.  The company is comprised of four business units:
Spinning, Yarn Dying, Weaving and Dying Finishing. It sells its
products to both domestic and international markets, including
countries in Asia, North America and Europe. The company's
subsidiaries include Argo Pantes Finance B.V., Argo Pantes (HK)
Ltd. and PT Mega Sentra Propertindo, which are engaged in the
financial services, sales and general trading industries.

PT Argo Pantes Tbk. is the flagship company of Argo Manunggal
Group, one of Indonesia's largest business enterprises.

Argo Pantes booked lower sales at IDR932.53 billion for the full
year of 2005, and posted a reduced loss at IDR87.24 billion.
Indo Pus BV, a Netherlands-based company and Deutsche Bank filed
a bankruptcy suit on Argo Pantes for its default in paying US$12
million.

Argo Pantes has an outstanding debt of US$198.68 million to 18
creditors of which Bank Madiri is the largest with US$92
million.  The company is currently working out a debt
restructuring through equity conversion.

In its Annual Report for the year 2005, Hidajat Rahardjo of Ijin
Akuntan Publik -- the company's independent auditors --
expressed substantial doubt of the Company's ability to continue
as a going concern, citing the COmpany's significant deficit of
IDR1,451,834,884,000 as of December 31, 2005, and default in
payments.


ASHTON PACKING: Appoints Andrew James Nichols as Liquidator
-----------------------------------------------------------
Andrew James Nichols of Redman Nichols was appointed liquidator
of Ashton Packing (P.C.D.) Ltd. on June 8 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Ashton Packing (P.C.D.) Ltd.
         Victoria Road
         Dukinfield
         SK16 4UP
         England
         Tel: 0161 343 1041


AVOCA CLO VIII: Fitch Rates EUR10 Million Class F Notes at B
------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO VIII Limited upcoming issue
of EUR508 million floating-rate notes due 2023 expected ratings.
The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.

The rating actions are:

   -- EUR351 million Class A senior secured notes: 'AAA'

   -- EUR34 million Class B senior secured deferrable notes:
      'AA'

   -- EUR31.5 million Class C senior secured deferrable notes:
      'A'

   -- EUR20 million Class D senior secured deferrable notes:
      'BBB'

   -- EUR23.75 million Class E senior secured deferrable notes:
      'BB'

   -- EUR10 million Class F senior secured deferrable notes: 'B'

   -- EUR37.75 million Class M subordinated notes are not rated

The expected rating of the Class A notes addresses the ultimate
repayment of principal at maturity and timely payment of
interest according to the terms of the notes.  For all other
rated Classes of notes, the expected ratings address the
ultimate payment of principal and interest, including any
deferred interest, at maturity according to the terms of the
notes. The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings are based on the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager, Avoca Capital Holdings.  Fitch affirmed on Feb. 21,
2007 Avoca's CDO Asset Manager Rating at 'CAM2' for leveraged
loans, based on the manager's disciplined investment process,
robust credit research and good access to collateral.  The
expected ratings are also based on the credit enhancement
provided to the various Classes of notes, which consists of the
subordinated notes, structural protection covenants and excess
spread.

The portfolio comprises primarily senior secured loans
(including delayed drawdown loans) and up to 15% of mezzanine
loans and second-lien loans.  In addition, up to 5% of the
portfolio can contain high-yield bonds.  The portfolio
guidelines outlined in the investment management agreement limit
the collateral manager's portfolio allocations with respect to
obligor, industry and asset type.  ACH will actively manage the
collateral over a seven-year period.  After the end of the
reinvestment period the manager can still reinvest unscheduled
principal proceeds and proceeds from the sale of credit-improved
and credit-impaired obligations subject to certain criteria.

Avoca CLO VIII Limited is a limited liability company
incorporated in Ireland, under the Irish Companies Acts, 1963-
2006.  At the closing date, the issuer is expected to have
purchased at least 70% of the target portfolio; the remainder
will be purchased over the following 365 days.


CART 1 LTD: Fitch Rates Class E Floating Rate Notes at BB
---------------------------------------------------------
Fitch Ratings has assigned final ratings to the EUR180.2 million
floating-rate notes issued by CART 1 Ltd.

The transaction is a partially funded synthetic securitization
of debt obligations originated by Deutsche Bank
Aktiengesellschaft to certain small-and medium sized enterprise
clients domiciled mainly in Germany.

The rating actions are:

   -- EUR17 million Class A+, ISIN XS0306449488:'AAA'
   -- EUR8.5 million Class A, ISIN XS0295190721:'AA+'
   -- EUR51 million Class B, ISIN XS0295192263: 'AA-'
   -- EUR17 million Class C, ISIN XS0295192420: 'A+'
   -- EUR38.25 million Class D, ISIN XS0295192776: 'BBB+'
   -- EUR48.45 million Class E, ISIN XS0295193311: 'BB'

The ratings are based on the credit quality of the reference
portfolio, the credit enhancement provided by subordination, the
quality of the collateral, the strength of the swap counterparty
and the transaction's sound financial and legal structure.  he
final ratings address the timely payment of interest and the
ultimate repayment of principal in accordance with the
transaction documentation.

At closing, DB has entered into a credit default swap with the
issuer CART 1 Ltd.  Under the CDS, the issuer sells credit
protection to DB with respect to the reference portfolio.  The
issuer hedges itself by issuing credit-linked notes.  The
transaction is designed to provide credit protection on a
EUR1.7 billion portfolio that can be replenished until
June 2014, of which, the issuer bears aggregate losses up
to EUR180.2 million.

Credit enhancement for the rated notes is provided by the
unrated EUR83.3 million Class F notes.

The replenishment criteria include, among others, the weighted-
average rating factor test, a weighted-average life covenant of
three and a half years and compliance with a model-based
portfolio test.  The model is derived from Fitch VECTOR Model to
take into account the potentially highly concentrated reference
portfolio.  It is used as a portfolio management tool.

The WARF test is met if the weighted-average Fitch equivalent
rating of the reference obligations to be added is not lower
than 'BBB-'/'BB+' according to the model.

In this transaction, the issuer depends on the swap counterparty
to make the quarterly CDS premium payments to provide timely
interest payments on the notes.  Therefore, adequate downgrade
provisions are in place for the ratings of the notes to be de-
linked from the rating of the swap counterparty.


CYBA MANUFACTURING: Taps Vincent A. Simmons to Liquidate Assets
---------------------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed liquidator of
Cyba Manufacturing Technology Ltd. on June 12 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Cyba Manufacturing Technology Ltd.
         Unit 5
         Hattersley Industrial Estate
         Stockport Road
         Hyde
         SK14 3QT
         England
         Tel: 0161 367 8789


DAIWA SECURITIES: Dissolves SMBC Subsidiary
-------------------------------------------
Daiwa Securities Group Inc., has decided to dissolve Daiwa
Securities SMBC (Asia) Limited, Reuters reports.

Daiwa Securities SMBC is wholly owned by Daiwa Securities.

No further details were stated.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings, on October 25, affirmed the company's C individual
rating.


FIXED-LINK FINANCE: S&P Affirms Junk Ratings on Class C Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on the
class A and B structured notes issued by the special-purpose
vehicle Fixed-Link Finance B.V., reflecting expected successful
implementation of the restructuring plan.  These ratings were
raised:

   -- The senior secured debt rating on the class A notes was
      raised to 'BBB' from 'BB+',

   -- The senior subordinated debt rating on the class B notes
      was raised to 'BBB-' from 'CCC+'.

   -- At the same time, the CreditWatch implications on these
      ratings were revised to positive from developing.

   -- The junior subordinated debt rating on the class C notes
      was affirmed at 'C' and removed from CreditWatch where it
      had been placed with developing implications on March 16,
      2007.

The outlook on these notes is negative.

The 'AAA' insured ratings on the GBP232 million class G1 notes
and EUR365 million class G2 notes issued by FLF were affirmed.
The 'AAA' insured ratings reflect the unconditional and
irrevocable guarantee provided by MBIA Assurance S.A.
(AAA/Stable/--) for the timely payment of scheduled interest and
principal.

FLF is a special-purpose vehicle related to Anglo-French Channel
tunnel infrastructure operator Eurotunnel S.A. FLF's underlying
assets consist of Eurotunnel's junior debt, at 51% of Tier 1,
32% of Tier 2, and 32% of Tier 3.

The rating actions on the class A, B, and C structured notes
reflect the expectation that cash, and earnings thereon, will
enable FLF to service all of its debt and to repay its
outstanding senior, senior subordinated and guaranteed notes at
par plus accrued interest in January 2009.

"Following the 87% shareholders acceptance during phase one of
the exchange offer, we now anticipate the restructuring plan to
be successfully implemented," said Standard & Poor's credit
analyst Alexandre de Lestrange.

Eurotunnel's debt restructuring, as approved by the safeguard
procedure, proposes that Eurotunnel's senior debt, Tier 1A, Tier
1, and Tier 2 be fully repaid in cash at 100% of par including
accrued interest.

The CreditWatch positive status reflects the potential for
ratings on class A and class B notes to be further raised if the
restructuring plan is successfully implemented.  The negative
outlook on class C reflects the expectation that a default will
ultimately occur in 2009.


HARLAN SPRAGUE: S&P Puts BB Rating to US$360 Million Loan
---------------------------------------------------------
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 US$330 million first-lien term loan.

The revolving credit facilities are rated 'BB' (two notches
above the corporate credit rating on Harlan) with a recovery
rating of '1', indicating the expectation for very high recovery
in the event of a payment default.  The borrower for the euro-
denominated revolver is Harlan Netherlands B.V. (guaranteed by
Harlan Sprague Dawley).  The term loan is rated 'B+' (the same
as the corporate credit rating) with a recovery rating of '3',
indicating the expectation for meaningful 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.

                     About Harlan Sprague Dawley

Headquartered in Indianapolis, Indiana, Harlan Sprague Dawley
Inc. -- http://www.harlan.com/-- is engaged in the commercial
production and supply of animal models.  In Europe it serves
customers throughout the continent via their operations in
Denmark, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.  Harlan now produces over
250 stocks and strains of laboratory animals.


LTL COMMUNICATIONS: Names Nimish Chandrakant Patel Liquidator
-------------------------------------------------------------
Nimish Chandrakant Patel of Re10(London)Ltd. was appointed
liquidator of LTL Communications Ltd. on June 12 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         LTL Communications Ltd.
         Neville Road
         Eastbourne
         BN22 8HR
         England
         Tel: 01323 646 782
         Fax: 01323 646 794


LUDGATE FUNDING: Fitch Rates Class S Notes at BB-
-------------------------------------------------
Fitch Ratings has assigned final ratings to Ludgate Funding
Plc's Series 2007-FF1 GBP415 million (equivalent) mortgage-
backed medium-term notes and GBP2.3 million excess spread-backed
notes due January 2061:

   -- Class A1a GBP 49.5 million: 'AAA'
   -- Class A1b EUR75 million: 'AAA'
   -- Class A1c USD55 million: 'AAA'
   -- Class A2a GBP166.5 million: 'AAA'
   -- Class A2b EUR70 million: 'AAA'
   -- Class Ma GBP28 million: 'AAA'
   -- Class Mb EUR12.5 million: 'AAA'
   -- Class Bb EUR21.7 million: 'AA'
   -- Class Cb EUR13 million: 'A'
   -- Class Da GBP5 million: 'BBB'
   -- Class Db EUR5 million: 'BBB'
   -- Class E GBP4.85 million: 'BB'
   -- Class S GBP2.3 million: 'BB-'

Each rated Class in this transaction has a Stable Outlook.

This transaction is a securitization of prime and non-conforming
(buy-to-let and self-certified) residential mortgages originated
and located in the UK.  The final ratings are based on the
quality of the collateral, available credit enhancement, the
underwriting criteria of Freedom Funding Ltd and the servicing
capabilities of Freedom Funding Ltd and Homeloan Management
Limited and the transaction's sound legal structure.  The
ratings address the likelihood of investors receiving timely
payments of interest in accordance with the legal documentation,
(i.e. payment of interest on all Classes of notes on each
payment date) and ultimate repayment of principal on all Classes
of notes by legal final maturity in December 2060.

Credit enhancement for the Class A1 and A2 notes totals (18%)
and is provided by the subordination of the Class M (8.78%),
Class B (3.53%), Class C (2.12%), Class D (2%) and Class E
(1.17%) notes (together their balances amounting to the issue
size), as well as an initial and target reserve fund of 0.4%.

The Class S notes will receive interest after the replenishment
of the reserve fund, if needed, and before principal on the
Class S notes.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated Feb. 5, 2007.  The agency also modeled
cash-flows using the results of the default model, with
structural stresses including various prepayment and interest
rate scenarios.  The cash-flow tests showed that each Class of
notes could withstand loan losses at a level corresponding to
the related stress scenario without incurring any principal loss
or interest shortfall and can retire principal by the legal
final maturity.


MITEL NETWORKS: ISS Urges Shareholders to Snub Inter-Tel Merger
---------------------------------------------------------------
Institutional Shareholder Services, providers of proxy voting
and corporate governance solutions to the institutional
marketplace, recommended that shareholders vote against Mitel
Networks Corporation's merger with Inter-Tel (Delaware)
Incorporated.

"Based on ISS review of the terms of the transaction, the merger
agreement does not warrant shareholder support due to low 7.6%
1-day offer premium; flawed sale process; lack of an imminent
reason to sell the company without conducting a proper sale
process; and valuation.

"I am gratified ISS agrees with my position that shareholders
should not vote in favor of the Mitel buyout at $25.60 per
share. I believe the company is here due to a flawed process
that resulted in an undervalued offer," Steven G. Mihaylo,
founder and former chief executive officer of Inter-Tel
(Delaware) Incorporated, stated.  "Based on the assumptions
underlying the
recapitalization analysis, the company is worth more than the
Mitel offer.  Indeed, I believe a proper auction should be
conducted to win the highest price for shareholders," he said.

Furthermore, as ISS recognized, Mr. Mihaylo is not alone in his
concerns regarding the process and valuation: Millenium
Management LLC, which owns approximately 3.2% of the outstanding
shares, sent a letter to Inter-Tel on June 13, 2007, stating
that, in the company’s view, the process was not a full and fair
auction and the proposed purchase price fails to value the
company adequately.

"Absent a higher bid, I believe Inter-Tel has a better
alternative through a leveraged recapitalization, which will
provide greater value to all shareholders and will at the same
time preserve the
opportunity for future growth and upside potential, including a
potential sale at a later date,” Mr. Mihaylo added.  “I urge all
shareholders, especially current and former employees who care
about the company as I do, to stand up, be heard and vote their
shares against this buyout proposal."

Mr. Mihaylo also disclosed, with regard to his proposed
recapitalization plan, that the Royal Bank of Canada and RBC
Capital Markets have committed a total of $255 million to
finance Mr. Mihaylo's recapitalization plan subject to customary
closing conditions similar to those contained in the Mitel
financing commitments.

The Senior Secured Financing Commitment Letter consists of:

   -- First-lien term loan facility in an aggregate principal
      amount of up to $125 million;

   -- $30 million revolving credit facility; and

   -- Second-lien term loan facility in an aggregate principal
      amount of up to $100 million.

"With Royal Bank of Canada and RBC Capital Markets as my
financing partners and their firm commitment to my
recapitalization plan, I am confident Inter-Tel shareholders
will agree that my proposal is superior to Mitel's buyout offer
and will vote against the merger at the upcoming meeting of
shareholders Friday, June 29, 2007," Mihaylo stated.  "I believe
the $255 million commitment should more than adequately address
concerns raised by the board concerning the finance ability of
the recapitalization proposal and should not require any asset
disposition."

"The board has had ample time to pursue its 'strategic options'
but I believe the board never had a coherent plan as evidenced
by its recent agreement to sell the company to Mitel, Mr.
Mihaylo added.  “Thus, if the shareholders vote against the
merger, I believe it should be viewed as an unequivocal vote of
no-confidence for the board and the company's leadership over
the past 15 months."

The preliminary proxy statement was filed on June 8, 2007, and
along with other relevant documents, is available by contacting
MacKenzie Partners Inc. by telephone at (800) 322-2885.

              About Inter-Tel (Delaware) Incorporated

Headquartered in Tempe, Arizona Inter-Tel (Delaware)
Incorporated (Nasdaq: INTL) -- http://www.inter-tel.com/-- has
grown from providing simple business telephone systems, to
offering value-driven communications products; applications
utilizing networks and server-based communications software; and
a wide range of managed services that include voice and data
network design and traffic provisioning, custom application
development and financial solutions.  Founded in 1969 by Steven
G. Mihaylo, Inter-Tel employs over 1,900 communications
professionals, and services business customers through a network
of 59 company-owned, direct sales offices and over 350
authorized providers in North America and 60 resellers in
Europe.

                 About Mitel Networks Corporation

Headquartered in Herndon, Virginia, Mitel Networks Corporation
-- http://www.mitel.com/-- delivers the full value of IP
Communications through networked business solutions that help
customers achieve success through business process integration,
enhanced employee productivity, increased customer loyalty and
helping to generate new revenue streams.

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

                           *     *     *

As reported in the Troubled Company Reporter on June 22, 2007,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Ottawa-based Mitel Networks Corp.
The outlook is stable.


MS ENTERPRISES: Calls In Liquidators from The Outlook
-----------------------------------------------------
Michael RobertFortune and Carl Derek Faulds of The Outlook were
appointed joint liquidators of MS Enterprises (U.K.) Ltd. on
June 7 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         MS Enterprises (U.K.) Ltd.
         9 Honeycross Road
         Hemel Hempstead
         HP1 2HZ
         England
         Tel: 01442 262 046


NEWFIELD EXPLORATION: Inks New US$1.25 Billion Debt Refinancing
---------------------------------------------------------------
Newfield Exploration Company entered into a new $1.25 billion
revolving credit facility to replace its previous $1 billion
facility.  The parties to the credit agreement, dated as of
June 22, 2007, are the company, the lenders, and JPMorgan Chase
Bank, N.A., as administrative agent and issuing bank.

Loans under the credit agreement bear interest, at the company’s
option, based on:

     (a) a rate per annum equal to the higher of the prime rate
         announced from time to time by JPMorgan Chase Bank,
         N.A. or the weighted average of the rates on overnight
         federal funds transactions with members of the Federal
         Reserve System during the last preceding business day
         Plus 50 basis points or

     (b) a base Eurodollar rate substantially equal to the
         London Interbank Offered Rate adjusted for statutory
         reserve requirements for Eurodollar liabilities, plus a
         margin that is based on a grid of our debt rating.  All
         other terms and conditions of the credit agreement are
         substantially the same as those of the prior credit
         facility.

                  About Newfield Exploration

Headquartered in Houston, Texas, Newfield Exploration Co. (NYSE:
NFX) -- http://www.newfld.com/-- is an independent oil and gas
company that explores, develops and acquires crude oil and
natural gas properties.  Newfield has locations in China,
Malaysia and the United Kingdom.

                          *      *     *

As of June 25, 2007, the company continues to carry Fitch’s BB+
long term issuer default rating.  Fitch rates the company’s bank
loan debt and senior unsecured debt at BB+ while its senior
subordinate rating is at BB-.  The outlook remains stable.

At the same time, the company also bears Moody’s Investor
Services’ Ba2 long term corporate family rating and probability
of default rating, Ba1 senior unsecured debt, Ba3 senior
subordinate rating, and B1 preferred stock rating.  The outlook
is stable.

The company also continues to carry Standard & Poor’s BB+ long
term foreign and local issuer debt ratings.  The outlook remains
stable.


NOMURA HOLDINGS: Acquires Minority Stake in Calliva Group Ltd.
--------------------------------------------------------------
Nomura Holdings, Inc. acquired a minority stake in Calliva Group
as part of a joint venture to develop products relevant to the
rapidly growing Australian superannuation market.

Calliva, a specialist investment manager headquartered in
Sydney, Australia was established in 2003 and manages $130
million in assets.

Commenting on the investment, Hiroyuki Nishikawa, Managing
Director of Nomura Australia said, "This transaction underscores
our continued commitment to expanding in Australia.  It is part
of Nomura's strategy globally in partnering with strong local
incumbents to strengthen our presence in local markets."

Vince Scully, CEO of Calliva Group, added, "This involvement
with Japan's largest securities company is an exciting
opportunity for the Calliva Group and we believe that it will
lead to us offering several new financial products to the
marketplace in 2007."

Pat Handley, Chairman of Nomura Australia Advisory Committee,
and John Keith, Deputy Managing Director of Nomura Australia
will join as Chairman and Director of Calliva's Board Committee
respectively.

                     About Calliva Group

Calliva Group is a highly focused boutique financial services
group delivering quality advice, innovative products and premier
customer service. Calliva manages in excess of $130 million of
assets spread across equities, hybrids, fixed interest and
property. The Group is focused on the creation of innovative
investment products and the provision of high quality investment
advice designed to enhance our clients' investor wealth. This
strategy is applied to our core business activities, which
encompass Funds Management and Client Advisory Services.

                  About Nomura Holdings

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

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


NUANCE COMMS: Inks Pact To Acquire Tegic for US$265 Million Cash
----------------------------------------------------------------
Nuance Communications Inc. and AOL LLC signed a definitive
agreement whereby Nuance will acquire Tegic Communications Inc.

Under the terms of the agreement, total consideration is about
US$265 million in cash.  The transaction is expected to close in
Nuance’s fiscal fourth quarter and is subject to customary
closing conditions and regulatory approvals.

The transaction expands Nuance’s presence in the mobile industry
and allows it to further accelerate the delivery of solutions
that unlock the power of mobile devices and networks.  Tegic
brings industry-leading T9 predictive text input software, which
has shipped on more than 2.5 billion devices, and next-
generation integrated text and touch input solutions to Nuance’s
portfolio of voice-enabled applications for device control,
mobile search, email and text messaging.

Building on a partnership between Nuance and Tegic established
in 2005, Nuance intends to deliver an all-in-one interface that
integrates Nuance and Tegic solutions to support predictive
text, speech and touch input.  This multimodal interface will
provide easier access for users of mobile devices and will be
available to all manufacturers across their product lines.

In its fiscal year 2008, Nuance expects Tegic to contribute
between $65 million and $68 million in non-GAAP revenue;
$45 million and $48 million in GAAP revenue; a GAAP loss between
$0.12 and $0.13 per share; and non-GAAP earnings between $0.04
and $0.05 per diluted share.  The combination is expected to
generate about $8 million to $10 million in cost synergies in
fiscal year 2008.

The addition of Tegic brings resources and capabilities that are
expected to expand Nuance’s market presence and leadership in
the rapidly expanding mobile industry:

    * Focus on Mobile Opportunities – The companies share core
      competencies in mobile infrastructure, work closely with a
      common OEM customer base and maintain similar
      relationships
      with leading carriers.  Supporting more than 60 languages
      and 15 different character scripts, Tegic shares Nuance’s
      commitment to broad language coverage based on custom
      dictionaries and grammars.

    * Strong Industry Relationships – Shipped on more than
      2.5 billion mobile devices worldwide, including
      about two-thirds of mobile devices shipped last year,
      Tegic maintains longstanding relationships with the
      largest companies in the industry, including Nokia,
      Samsung, Sony Ericsson, LG and Motorola.  This established
      customer base can be leveraged to generate new
      opportunities for Nuance’s existing mobile product
      portfolio.  In addition, Tegic’s established distribution
      channel to all major Chinese handset manufacturers offers
      tremendous growth opportunities for the product lines of
      each organization in this fertile market.

    * Technological Leadership – Tegic embedded software
      solutions have set the bar for text input on mobile
      devices, making mobile experiences faster, easier and more
      compelling.  In addition to its core T9 product, it has
      expanded its portfolio to support multimodal interfaces,
      broad languages and additional databases.  More than 50
      software engineers continue to advance Tegic’s solutions
      and bring to Nuance more than 70 patents and 140 patents
      pending worldwide.

    * Talented, Experienced Team – Nuance benefits from the
      addition of Tegic’s strong management, customer support,
      and engineering teams, with their proven competencies in
      creating, selling and supporting mobile embedded software.

On this transaction, UBS and Citigroup are acting as financial
advisors to Nuance and Time Warner, respectively.

“The enhanced capabilities of mobile devices and networks have
fueled significant innovation in features and services, but
their potential has been tempered by the traditional interface
on most mobile devices,” said Paul Ricci, chairman and chief
executive officer, at Nuance.  “Tegic shares our vision of
delivering an integrated, superior and flexible user experience
for today’s wireless subscribers. Together, we are poised to
redefine the way people interact with their mobile devices,
delivering a more convenient, simple way for consumers to
control features and access information on their phones, and
search and navigate the mobile Web.”

Time Warner Inc. chairman and chief executive Dick Parsons said:
“AOL’s sale of Tegic marks yet another step in our overall
strategy of focusing on our core assets to drive profitable
growth for our shareholders. As AOL continues to make impressive
progress, it’s more important than ever that AOL’s resources are
fully aligned behind growing its worldwide advertising
businesses.”

AOL chairman and CEO Randy Falco said: “We believe that Nuance
is a good match for Tegic, its employees and its business
partners, and we value our relationships with both companies.
This sale also lets us focus our mobile business on building
strong consumer-based, ad-supported mobile experiences.”

                    About Tegic Communications

Tegic Communications Inc. -- http://www.tegic.com/-- provides
software for mobile data services, including market-leading T9
software.  A wholly owned subsidiary of AOL LLC, Tegic was
founded in 1995 to develop and market communication technologies
for the telecommunications and computing industries.  The
company is headquartered in Seattle, Washington and has offices
in London, Paris, Tokyo, Hong Kong, Seoul, Beijing, New Delhi,
Singapore and Sao Paulo.

                    About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft, Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

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

                          *     *     *

As reported in the Troubled Company Reporter on June 25, 2007,
Standard & Poor's Ratings Services affirmed its B+/Positive/--
corporate credit and other ratings on Nuance Communications.


ONEIDA INC: Moody’s Places Corporate Family Rating at B2
--------------------------------------------------------
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 $30 million
special dividend to preferred equity holders, and pay related
fees, expenses and prepayment penalties.

Ratings assigned are as follows:

Oneida, Inc.:

-- Corporate family rating at B2

-- Probability of default rating at B2

-- $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 $100 million and terminate $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 $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 foodservice 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 $500 million in 2001 to about $350 million today.  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
Mexico, Australia, and revenue is estimated to be about $350
million.


PROTON HOLDINGS: More Talks Needed with VW; Still in Talks w/ GM
----------------------------------------------------------------
Nor Mohamed Yackop, Malaysia's second finance minister said the
government may hold a third round of talks with German carmaker
Volkswagen about selling a stake in Proton Holdings Bhd, Reuters
reports.

Mr. Mohamed was also quoted by the news agency as saying that
Proton is still in talks with General Motors.

According to Mr. Yackop, the possibility of selling a stake in
car manufacturer Proton to Volkswagen was "reasonably good",
although Malaysia was also in talks with General Motors Corp.
"The fact that we had a first round, a second round, a possible
third round, means that things are progressing," referring to
talks with Volkswagen, Reuters says.

"The probability of working something out is reasonably good,"
he said.

However, Mr. Mohamed declined to say how big a stake the
government might sell in Proton, saying that "it's a very
sensitive issue."

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been
under increasing pressure, with its share of domestic sales
falling to 44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


QUEENSBRIDGE TRUST: Appoints Ninos Koumettou to Liquidate Assets
----------------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was appointed
liquidator of Queensbridge Trust (t/a Queensbridge Trust Charity
Group) on June 7 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Queensbridge Trust
         29 Forest Road
         London
         N9 8RU
         England
         Tel: 020 7923 7920
         Fax: 020 7923 7921


SCOTTISH RE: Annual Shareholders' Meeting Scheduled on July 18
--------------------------------------------------------------
Scottish Re Group Limited will have its Annual General Meeting
of Shareholders at 11:00 a.m. (Bermuda time) on July 18, 2007.
The meeting will be held at Crown House, Second Floor, 4 Par-la-
Ville Road, in Hamilton, Bermuda.

At the meeting, shareholders will be asked to:

    * consider and vote upon the election of eleven directors,

    * approve the 2007 Stock Option Plan, and

    * ratify the appointment of Ernst & Young LLP as the
      company’s independent registered public accounting firm
      for 2007.

A copy of the Proxy Statement may be viewed for free at:

            http://ResearchArchives.com/t/s?2126

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
(NYSE:SCT) is a global life reinsurance company.  Scottish Re
has operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States.
Its flagship operating subsidiaries include Scottish Annuity &
Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc.
and Scottish Re Limited.

                         *     *     *

As reported in the Troubled Company Reporter on June 7, 2007,
Fitch Ratings has upgraded Scottish Re's Issuer Default Rating
to 'BB-' from 'B+' and the Insurer Financial Strength ratings of
its primary operating subsidiaries to 'BBB-' from 'BB+'.  The
ratings have been removed from Rating Watch Positive; the Rating
Outlook is Stable.


SCOTTISH RE: Hires Dan Roth as Executive Vice President & CRO
-------------------------------------------------------------
Scottish Re Group Limited has appointed Dan Roth as Executive
Vice President and Chief Restructuring Officer.  In this newly
created role, Mr. Roth will lead the Scottish Re transition
program focused on operational effectiveness.  He will be a
member of the Scottish Re Executive Committee, allowing him to
help drive operational efficiencies between the Company’s
business segments.

Paul Goldean, Chief Executive Officer, noted, “Dan has an
impressive background focused primarily on process improvement
and operational effectiveness.  We are pleased to welcome him as
a member of our executive team and look forward to his
contributions to the Company.”

Prior to joining Scottish Re, Mr. Roth spent the last year with
Cerberus Capital Management L.P. on its operations team focused
on financial and operational due diligence in the insurance,
media, and information technology industries.  His previous
experience includes 10 years with the General Electric Company,
most recently as the Manager of Finance for GE Money’s personal
loan business in Japan.  Mr. Roth also led GE Money’s global
capital allocation program in Stamford, CT, implementing risk
based capital allocation methodologies across its portfolio of
consumer receivables.  Prior to that, Mr. Roth was a Senior
Manager for GE’s Corporate Audit Staff, leading teams
responsible for financial and operational reviews of GE’s
businesses in North America and Asia.

Mr. Roth is a graduate of GE’s Information Management Leadership
Program and received a BS in Management Information Systems from
the University of Dayton’s school of business.

Scottish Re Group Ltd. (NYSE: SCT) -- http://www.scottishre.com/
-- is a global life reinsurance specialist.  Scottish Re has
operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, the United Kingdom, United States, and Singapore.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc.
Scottish Re Capital Markets, Inc., a member of Scottish Re Group
Ltd., is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Fitch Ratings has upgraded Scottish Re Group
Ltd.'s Issuer Default Rating to 'BB-' from 'B+' and the Insurer
Financial Strength ratings of its primary operating subsidiaries
to 'BBB-' from 'BB+'.  The ratings have been removed from Rating
Watch Positive; the Rating Outlook is Stable.

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Standard & Poor's Ratings Services raised its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'B' and removed it from CreditWatch with developing
implications, where it was placed on Dec. 6, 2006.

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, A.M. Best Co. has upgraded the financial strength
rating to B+ (Good) from B (Fair) and the issuer credit ratings
to "bbb-" from "bb+" for the primary operating insurance
subsidiaries of Scottish Re Group Limited (Cayman Islands).

A.M. Best has also upgraded the ICR to "bb-" from "b" and the
various debt ratings of Scottish Re.


SEA CONTAINERS: Court Okays Deloitte & Touche as Auditors
---------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Deloitte & Touche LLP as their auditors, nunc
pro tunc to Jan. 1, 2007.

Deloitte & Touche has served as the independent auditor for Sea
Containers Ltd. since 2006, and for certain Non-Debtor
subsidiaries since 1995.  In the course of its retention,
Deloitte & Touche has developed a great deal of institutional
knowledge and intimate understanding of the Debtors' businesses,
finances, operations, systems and capital structure.

As the Debtors' auditors, Deloitte & Touche is expected to
perform an integrated audit and report on the Debtors' financial
statements.

In addition, the firm is expected to express its opinion on the:

  (a) fairness of the presentation of the Debtors' financial
      statements,

  (b) management's assessment of the effectiveness of the
      Debtors' internal control over financial reporting, and

  (c) effectiveness of the Debtors' internal control over
      financial reporting.

The Debtors will pay Deloitte & Touche in accordance with the
firm's customary hourly billing rates:

         Professional                  Hourly Rates
         ------------                ---------------
         Partners                    GBP315 - GBP650
         Managers/Directors          GBP150 - GBP500
         Staff                        GBP75 - GBP230

J. Gerard Murphy, member of Deloitte & Touche, relates that the
firm received GBP183,365 within 90 days from the Petition Date.

The firm, however, does not believe the payments were
preferences under Section 547 of the Bankruptcy Code.

Mr. Murphy assures the Court that the firm does not hold or
represent any interest adverse to the Debtors, and is deemed a
"disinterested person" as defined under Section 101(14) of the
Bankruptcy Code.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.


SEA CONTAINERS: Trustee & GE Capital Balk at US$176 Mln DIP Loan
----------------------------------------------------------------
The U.S. Trustee for Region 3 and GE Capital Container SRL and
its affiliates have raised objections to Sea Containers, Ltd.
and its debtor-affiliates' move to borrow and obtain up to
$176,500,000, pursuant to a DIP credit facility between the
Debtors and Mariner LCD, Dune Capital LLC, Dune Capital LP,
Wells Fargo Bank N.A.

As reported in the Troubled Company Reporter on June 14, 2007,
Mariner and Dune Capital, along with Trilogy Capital LLC and
Caspian Capital Partners LP, had committed on May 3, 2007, to
provide Sea Containers Ltd. with a $176,500,000 DIP facility.

Under the New DIP Facility, Marine and Dune Capital will provide
SCL with a term loan of up to $151,500,000, and a $25,000,000
revolving credit facility.  Wells Fargo will serve as the
administrative and collateral agent under the New DIP Facility.

The Debtors intend to use the proceeds of the Term Loan to make
a capital contribution to SPC Holdings Ltd., a non-debtor
subsidiary of which SCL holds the entire economic interest.  In
turn, Holdings will make a capital contribution to Sea
Containers SPC, a "bankruptcy remote" subsidiary.  SPC will then
use the proceeds of the capital contribution to repay an
existing debt securitization facility.

The repayment of the securitization facility will prevent
foreclosure by SPC's lenders, which have alleged a default under
that facility.

In addition, the Term Loan will also be used to pay all costs
and expenses of the DIP Lenders and the DIP Agent relating to
the structuring of the proposed financing for SCL or SPC.  On
the other hand, the proceeds of the Revolving Credit Facility
will be used for SCL's general corporate purposes in the
ordinary course of business.

A full-text copy of the of the Wells Fargo Draft DIP Agreement
is available for free at:

              http://researcharchives.com/t/s?20e1

              http://researcharchives.com/t/s?20e2

              http://researcharchives.com/t/s?20e3

                          Objections

(1) GE Capital Container, et al.

GE Capital Container SRL, GE Capital Container Two SRL, and GE
SeaCo SRL tells the U.S. Bankruptcy Court for the District of
Delaware that the Term Loan is not necessary to preserve
the Debtors' assets, and is not in the best interests of the
Debtors' creditors.

"The Debtors provide no detail to support their belief that
incurring the Term Loan to repay SPC's debts will avoid
additional claims against their estates," Andrew C. Kassner,
Esq., at Drinker Biddle & Reath LLP, in Wilmington, Delaware,
argues.

Mr. Kassner also reveals that SPC's equity "is under water."
SCL's equity in SPC will never have value unless there is some
dramatic increase in the future sale price of containers.

In addition, the Term Loan prevents the Debtors from preserving
their estates' assets if they have future liquidity needs in
excess of the amounts available under the Revolving Loan, or
need to restructure the Revolving Loan.

Mr. Kassner adds that there is a big probability that the
Debtors will not be able to secure any future financing needs to
protectthe estate if they put up their available assets to repay
SPC's creditors.

In this case, the Term Loan should face rigid scrutiny because
it favors SPC's creditors over the Debtors' creditors, Mr.
Kassner points out.  Accordingly, the Debtors must prove that:

  (a) absent the Term Loan, the Debtors' business operations
      will not survive,

  (b) the Debtors cannot obtain alternative financing on
      acceptable terms, and

  (c) the proposed postpetition lenders will not accede to less
      preferential terms.

"Indeed, a postpetition financing that benefits one existing
creditor group over another should only be approved as a last
resort," Mr. Kassner asserts.

Accordingly, GE Capital Container asks the Court to deny the
Debtors' incurrence of the Term Loan.

(2) U.S. Trustee

To the extent that the proceeds of the Term Loan will be used
exclusively to make the capital contributions, the use of cash
is governed by Section 345 of the Bankruptcy Code, David L.
Buchbinder, Esq., at the Office of the U.S. Trustee, in
Wilmington, Delaware, argues.

The Debtors are proposing to make an investment of cash into a
twice removed "bankruptcy remote subsidiary," Mr. Buchbinder
notes.  "They may not do so unless they can comply with Section
345, and protect the funds for the creditor body," Mr.
Buchbinder contends.

The legislative intent behind Section 345 is to protect existing
cash, and not permit speculation while the property is subject
to the jurisdiction of the Court, Mr. Buchbinder explains.

Accordingly, the Debtors must comply with Section 345 and post a
bond to secure repayment of the funds should they desire to make
the requested investment, Mr. Buchbinder asserts.

Mr. Buchbinder also points out that the Debtors failed to cite
factual support on the Debtors' interest in Holdings or SPC, and
SPC's ability to repay the funds as the Guarantor.

In addition, the U.S. Trustee contends that the proposed Loan
Terms appears to prejudice the estate.

The DIP Lenders are owed collectively $100,000,000 as unsecured
creditors.  The scheduled unsecured claims reach more than
$1,000,000,000.

"Given all these factors, numerous terms of the proposed DIP
Credit Agreement appear to place the [DIP] Lenders in a position
of control over the outcome of these cases," Mr. Buchbinder
argues.

Mr. Buchbinder also points out that the DIP Credit Agreement
contains a clause that requires the Court to make a finding in
the Final DIP Order with respect to the DIP Lenders that the
transaction, standing alone, will cause their removal from the
Official Committee of Unsecured Creditors.

The U.S. Trustee says Clause is inappropriate.  It is among the
statutory duties of the U.S. Trustee to appoint or remove
creditor committee members, Mr. Buchbinder argues.

Accordingly, the U.S. Trustee asks the Court to deny the Motion.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.


SENSIGRADE LTD: N. A. Bennett Leads Liquidation Procedure
---------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed liquidator of
Sensigrade Ltd. on June 12 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Sensigrade Ltd.
         500 Chiswick High Road
         Hounslow
         London
         W4 5RG
         England
         Tel: 020 8956 2326


SHAW GROUP: Inks Partnership Agreement with Alinda Capital
----------------------------------------------------------
The Shaw Group Inc.'s wholly owned subsidiary, Shaw Capital,
Inc., and Alinda Capital Partners LLC, a privately-held
investment firm, have agreed to jointly pursue development of
certain yet to be identified energy, transportation,
infrastructure, water, wastewater, and related projects through
Shaw Infrastructure Investments LLC, a newly created joint
venture.

Shaw Infrastructure Investments LLC combines Alinda’s depth of
capital resources and infrastructure investing experience with
Shaw’s project development, engineering, construction,
maintenance, and fabrication and manufacturing expertise to
pursue acquisitions of operating assets; expansions and
retrofitting of existing assets; and construction of new assets.
Targeted assets will possess or demonstrate a potential for
steady, growing and predictable cash flow; a strategic
competitive advantage; and limited commodity or merchant risk.
Shaw’s traditional lines of business may deliver technical
solutions to facilitate each project’s success.

J.M. Bernhard, Jr., chairman, president and chief executive
officer of Shaw, said, "Our joint venture with Alinda is a
strategic step for Shaw as it looks to provide customers with a
single source for solutions.  Shaw has achieved superior growth
as a vertically-integrated service provider and now, through
this venture with Alinda, we may also provide our customers with
access to investment capital to complement Shaw’s world class
capabilities in project development, engineering, construction,
maintenance, and fabrication and manufacturing.  This venture
also provides Shaw opportunities to grow its own asset value and
further prosper as a Fortune 500 company."

Alinda's Managing Partner, Chris Beale, said, "We are excited to
be able to join with Shaw in a series of diversified investment
opportunities.  Shaw is a recognized leader in providing
comprehensive services to communities, companies, and
governments, and we are pleased that we will be investing
alongside Shaw to help maintain and improve the infrastructure
that is critical to the well being of our communities and the
efficient functioning of businesses and governmental
authorities."

                       About Alinda Capital

Alinda Capital Partners LLC is a privately-held investment firm
specializing in investments in infrastructure assets.  It
manages the US$3 billion Alinda Infrastructure Fund, an
institutional fund, which has a long-term investment horizon.
To date, the fund has invested in the Detroit-Windsor Tunnel in
Michigan, four toll bridges in Alabama, natural gas distribution
utilities in Colorado, Nebraska and Wyoming, and water tanks in
Canada. For more information, visit www.alinda.com.

                         About Shaw Group

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

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

                        *     *     *

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

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


TRINITY ELECTRICAL: Hires Liquidators from Begbies Traynor
----------------------------------------------------------
Michael E. G. Saville and Rob Sadler of Begbies Traynor were
appointed joint liquidators of Trinity Electrical Services Ltd.
(formerly Crestplume Ltd. and Super Plate (Manchester) Ltd.) on
June 11 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Trinity Electrical Services Ltd.
         St. Johns House
         Clyde Street
         Bingley
         BD16 4LD
         England
         Tel: 01274 551 161
         Fax: 01274 551 178


U.S. ENERGY: UK Financing Failure Could Prompt Bankruptcy Filing
----------------------------------------------------------------
U.S. Energy Systems, Inc., in a filing with the U.S. Securities
and Exchange Commission this week, reported on recent business
developments relating to its UK natural gas exploration and
production subsidiary, and provided an update on USEY’s
financial position.

In addition, USEY reported that its board of directors has
determined to seek to engage independent third party financial
advisors for purposes of assisting the board in its evaluation
of potential refinancing or restructuring transactions as well
as other strategic alternatives available to the company.

                Description of UK Gas Assets

The assets comprising USEY’s UK business were acquired by USEY
in August 2006 through a series of transactions and financings.
They consist of:

    (i) gas licenses for 100,000 acres of onshore natural gas
        properties located in 6 fields (four of which are
        producing and two of which are to be developed) in North
        Yorkshire, England,

   (ii) an on-site 42MW gas-fired power plant, and

  (iii) a Power Purchase Agreement and a Gas Sales Agreement
        with Scottish Power Energy Management Ltd, under which
        Scottish Power has an obligation to take all of the
        electricity generated by the plant and all of the
        natural gas produced from the surrounding reserves up to
        100 bcf, in each case at a small discount to market for
        the first 67 bcf and at a reduced discount for the
        remaining 33 bcf.  Both agreements are for up to 12
        years or a combined 100 bcf of gas sold, whichever
        occurs first.

                        Expansion Costs

The company previously reported that it has insufficient funds
for the planned expansion of the UK Gas Assets.  Based on
forecasts provided to the company by independent third party
engineers, the capital expenditure requirements for completion
of the planned expansion of the UK Gas Assets are expected to
significantly exceed the current capital expenditure budget of
US$ 36,000,000 and may exceed that amount by more than 100%.
The company will determine the actual extent of the capital
requirement necessary for implementing the planned expansion
through discussions with independent engineers over the upcoming
four to six week period.

However, absent a refinancing or the raising of additional
capital by the company in an amount sufficient to meet the
capital requirements for the expansion, the company will not
have sufficient funds to complete the expansion of the UK Gas
Assets.

Failure to complete the expansion of the UK Gas Assets will
result in the company’s inability to generate sufficient revenue
to service the debt under the UK financing agreements.

The company is also evaluating measures which may reduce the
capital requirements for the expansion, however there can be no
assurance that the company will be successful in reducing the
capital needs through the adoption of such measures.  In
addition, there can be no assurance that the company will be
able to complete a refinancing or the raising of additional
capital in a timely manner or on acceptable terms.  Any raising
of capital involving the issuance of equity is expected to
result in a significant dilution to existing shareholders.

              Working Capital Deficiencies

The company previously reported that there can be no assurance
that the company will have sufficient cash flow from operations,
financings or equity issuances to fund anticipated cash
requirements for the next twelve months.  The company believes
that absent a refinancing, the raising of additional capital or
other financial restructuring (including a restructuring
involving the permitted sale of certain of the company’s
assets), the company will be unable to meet operating
requirements and certain contractual obligations as they become
due as early as August 2007.

The company currently is projecting a shortfall in working
capital in the UK for the year 2007 in an amount up to $3.2
million and is currently evaluating cost saving measures
intended to reduce such shortfall.  There can be no assurance
that the company will be able to complete a refinancing or
additional capital raise (which, in the case of an equity
issuance, would result in the dilution of existing shareholders)
on acceptable terms, or implement cost saving measures within
the timeframe required to permit the Company to meet its working
capital needs or comply with such contractual obligations.

             Compliance with Financing Arrangements

The company previously reported that it has insufficient funds
to make certain capital contributions required under the UK
financing arrangements between September and December of 2007.
Absent a refinancing or the raising of additional capital
(which, in the case of an equity issuance, would result in the
significant dilution of existing shareholders), the company will
not be able to meet its capital contribution obligations
starting in September 2007 and will be in default under the UK
financing arrangements.

The company is not currently in compliance with certain of its
non-monetary obligations under the UK financing arrangements.
The company has notified the financing parties under the UK
financing arrangements of such current and anticipated failure
and is in discussions with the UK financing parties.  To date,
no financing party has taken any action or notified the company
that it intends to take action under the financing arrangements
in response to such non-compliance.  However, there can be no
assurance that the financing parties will not take action in
response to such non-compliance, including the declaration of a
default under the financing arrangements and the acceleration of
all outstanding indebtedness.

If the UK financing parties were to declare the UK financing
arrangements in default and exercise remedies, such action could
involve foreclosure on substantially all of the company’s assets
and would have a material adverse effect on the company.  In
that circumstance, the company is unable to provide assurances
that it would be able to avoid bankruptcy or insolvency
proceedings.

There has been no payment default under the UK financing
agreements.

       Connection to UK’s National Transmission System

The company anticipated that it would be in a position to
deliver gas to the NTS on a firm capacity (i.e., uninterrupted)
basis upon completion of the expansion plans by August 2009.

Based on information recently provided to the company by the
operator of the NTS, the Company has determined that it would
not be permitted to deliver gas from the UK Gas Assets to the
NTS on a firm capacity basis before April 2011 at the earliest.

Consequently, the company is revising its plans to enable it to
deliver gas from the UK Gas Assets to the NTS on an
interruptible basis by August 2009 until deliveries to the NTS
on a firm capacity basis become possible.  Until connection to
the NTS is made on a firm capacity basis, interruptions of the
Company’s deliveries of gas to the NTS could reduce revenues
generated from the sale of gas which may adversely affect the
company’s ability to service its debt or to comply with certain
liquidity covenants under the UK financing agreements.

                         Correction

The company further reported that certain statements with
respect to the company’s working capital position attributed to
USEY personnel in a June 18 Reuters article were inaccurate and
should be interpreted in the context of the information
presented its recent report filed with the SEC.

In that June 18 reports, Reuters, citing a company spokesman,
disclosed that the company was exploring strategic options over
the next six months.

The reported further cited the spokesman as saying that the
company did not have any capital deficiency.

               About U.S. Energy Systems, Inc.

U.S. Energy Systems, Inc. -- http://www.useyinc.com/-- (Nasdaq:
USEY) owns of green power and clean energy and resources.  USEY
owns and operates energy projects in the United States and
United Kingdom that generate electricity, thermal energy and gas
production.

The company has a 100% interest in U.S. Energy Biogas Corp.,
which owns and operates 23 landfill gas to energy projects in
the United States, 20 of which produce electricity and three of
which sell landfill gas as an alternative to natural gas.  The
company also has a 100% interest in Plymouth Envirosystems,
Inc., which owns a 50% interest in Plymouth Cogeneration Limited
Partnership. Plymouth Cogeneration Limited Partnership owns and
operates a combined heat and power plant in Massachusetts that
produces 1.2MWs of electricity and 7 MWs of heat.  The company
further has a 79% interest in GBGH, LLC, which owns energy
assets and mineral rights in the United Kingdom including a 42MW
gas-fired power plant and gas licenses for approximately 100,000
acres of onshore natural gas properties and mineral rights in
North Yorkshire, England.  GBGH is the parent company of UK
Energy Systems, LTD.


U.S. ENERGY: Weiser LLP Expresses Going Concern Doubt
-----------------------------------------------------
Weiser LLP in New York expressed substantial doubt on U.S.
Energy Systems, Inc.'s ability to continue as a going concern
after it audited the company's financial statements for the year
ended Dec. 31, 2006.

In the company's Form 10-K filed with the U.S. Securities and
Exchange Commission on June 8, 2007, the auditing firm pointed
to the company's working capital deficiency and continuing
operating losses.

                        Financial Results

Net loss for the year ended Dec. 31, 2006 was $27,835,000, up
$17,543,000 from a net loss of $10,292,000 for the year ended
Dec. 31, 2005.

Net loss for 2006 included:

    * $996,000 of legal costs and other expenses related to the
      Countryside settlement,

    * $1,688,000 of expense related to the valuing of previously
      granted employee equity grants as required by SFAS 123R,

    * a $3,595,000 reserve against the outstanding balance
      related to a note receivable for the sale of U.S. Energy
      Biogas’ ownership interest in certain gasco entities, and

    * $872,000 of expenses related to the settlement of the
      Zahren lawsuit.

The balance of the change is primarily due to $9,137,000 of net
operating losses from the UK operations which commenced
operations on Aug. 7, 2006.

              Liquidity and Capital Resources

As of Dec. 31, 2006, the company had a working capital deficit
of $1,085,000.  Included in current liabilities is $5,250,000
representing the amount of the Illinois Subsidy Liability due by
May 31, 2007 per USEB’s settlement with the Illinois Commerce
Commission.  This amount was paid on May 31, 2007 from proceeds
from USEB’s financing which closed on that day.

At Dec. 31, 2006, the company's balance sheet showed total
assets of $346,930,000, total liabilities of $297,445,000, and a
stockholders' equity of $31,480,000.  Equity at Dec. 31, 2005,
was $16,173,000.

The company also disclosed that accumulated deficit at Dec. 31,
2006, was $73,275,000, up from accumulated deficit of
$46,528,000 at Dec. 31, 2005.

                  USEB's Bankruptcy Proceeding

As reported in the Troubled Company Reporter on June 4, 2007,
the company's U.S.-based renewable energy business, U.S. Energy
Biogas Corp., completed its reorganization under Chapter 11 of
the U.S. Bankruptcy Code in the Southern District of New York.

U.S. Energy Biogas' confirmed plan provided full payment with
interest to creditors.

U.S. Energy Biogas filed a voluntary chapter 11 petition on
Nov. 29, 2006.

A full-text copy of the company's financial statements for the
year ended Dec. 31, 2006, is available for free at:

              http://ResearchArchives.com/t/s?20cc

               About U.S. Energy Systems, Inc.

U.S. Energy Systems, Inc. -- http://www.useyinc.com/-- (Nasdaq:
USEY) owns of green power and clean energy and resources.  USEY
owns and operates energy projects in the United States and
United Kingdom that generate electricity, thermal energy and gas
production.

The company has a 100% interest in U.S. Energy Biogas Corp.,
which owns and operates 23 landfill gas to energy projects in
the United States, 20 of which produce electricity and three of
which sell landfill gas as an alternative to natural gas.  The
company also has a 100% interest in Plymouth Envirosystems,
Inc., which owns a 50% interest in Plymouth Cogeneration Limited
Partnership. Plymouth Cogeneration Limited Partnership owns and
operates a combined heat and power plant in Massachusetts that
produces 1.2MWs of electricity and 7 MWs of heat.  The company
further has a 79% interest in GBGH, LLC, which owns energy
assets and mineral rights in the United Kingdom including a 42MW
gas-fired power plant and gas licenses for approximately 100,000
acres of onshore natural gas properties and mineral rights in
North Yorkshire, England.  GBGH is the parent company of UK
Energy Systems, LTD.


U.S. ENERGY: Board Suspends UK Unit CEO Grant Emms
--------------------------------------------------
U.S. Energy Systems, Inc., disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that on June 24,
2007, its board of directors suspended Mr. Grant Emms, the Chief
Executive Officer and a director of its subsidiary, UK Energy
Systems Ltd.  Mr. Emms, the company further discloses is
suspended with pay and other contractual benefits pending
investigation by the audit committee.

Mr. Joseph Reynolds, UK Energy's Program Director, will serve as
the interim CEO.

               About U.S. Energy Systems, Inc.

U.S. Energy Systems, Inc. -- http://www.useyinc.com/-- (Nasdaq:
USEY) owns of green power and clean energy and resources.  USEY
owns and operates energy projects in the United States and
United Kingdom that generate electricity, thermal energy and gas
production.

The company has a 100% interest in U.S. Energy Biogas Corp.,
which owns and operates 23 landfill gas to energy projects in
the United States, 20 of which produce electricity and three of
which sell landfill gas as an alternative to natural gas.  The
company also has a 100% interest in Plymouth Envirosystems,
Inc., which owns a 50% interest in Plymouth Cogeneration Limited
Partnership. Plymouth Cogeneration Limited Partnership owns and
operates a combined heat and power plant in Massachusetts that
produces 1.2MWs of electricity and 7 MWs of heat.  The company
further has a 79% interest in GBGH, LLC, which owns energy
assets and mineral rights in the United Kingdom including a 42MW
gas-fired power plant and gas licenses for approximately 100,000
acres of onshore natural gas properties and mineral rights in
North Yorkshire, England.  GBGH is the parent company of UK
Energy Systems, LTD.


UROPA SECURITIES: S&P Puts BB Ratings to Three Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP607.03 million (equivalent) mortgage-
backed floating-rate notes and an over-issuance of GBP8.80
million excess-spread-backed floating-rate notes series 2007-1B
to be issued by Uropa Securities PLC, a special purpose entity.

The notes are backed by a pool of first-ranking mortgages
secured over freehold and leasehold properties in England and
Wales.  The mortgages were originated by GMAC – RFC Ltd.,
Kensington Mortgage Co. Ltd., and Money Partners Ltd.

Topaz Finance PLC will purchase the mortgages and sell them to
Uropa Securities at closing. Topaz Finance is a wholly owned
subsidiary of ABN AMRO Bank N.V.  Its principal business is the
purchase and trading of pools of residential mortgage loans.

The loans are buy-to-let, self-certified, near-prime, and
nonconforming mortgages. There are no right-to-buy loans.  None
of the borrowers have current individual voluntary arrangements
or previous bankruptcies.

This is Uropa's first securitization from its newly established
residential mortgage issuance program.

The mortgage loans in the pool consist of nonconforming
mortgages.  Of the borrowers whose mortgage loans are included
in the provisional pool, 14.51% have been subject to a county
court judgment, and 1.72% of the provisional pool comprises
loans to borrowers that are in arrears.

The notes will benefit from collections of principal and
interest on the underlying mortgage pool.

The class C and class D notes will be repaid through excess
spread in the appropriate position of the revenue priority of
payments.  These classes can draw on the liquidity facility to
pay their final outstanding balances.  If a replacement
liquidity facility provider is needed and not found, the
liquidity facility will be fully drawn and deposited in the GIC
account.

Standard & Poor's expects to rate the notes on a segregated
basis, i.e., the rating on each series will be independent from
the rating on each previous and subsequent series.

                          Ratings List

GBP607.03 Million (Equivalent) Mortgage-Backed Floating-Rate
   Notes And An Overissuance Of GBP8.8 Million Excess-Spread-
   Backed Floating-Rate Notes Series 2007-1B

                          Prelim.        Prelim. Amount
           Class          rating          (Mil. GBP)
           -----          ------           --------
            A1a            AAA              182.11
            A1b            AAA                 TBD
            A1c            AAA                 TBD
            A2a            AAA              182.11
            A2b            AAA                 TBD
            A2c            AAA                 TBD
            A3a            AAA              121.41
            A3b            AAA                 TBD
            A3c            AAA                 TBD
            A4a            AAA               32.17
            A4b            AAA                 TBD
            A4c            AAA                 TBD
            M1a            AA                42.19
            M1b            AA                  TBD
            M2a            A                 21.85
            M2b            A                   TBD
            B1a            BBB-              19.12
            B1b            BBB-                TBD
            B2a            BB                 6.07
            B2b            BB                  TBD
            C (2)          BBB                4.55
            D (2)          BB                 4.25

  (1)  Notes may be denominated in British pounds sterling or
       euros.  The classes of A notes may also be denominated in
       U.S. dollars.

  (2)  The cash reserve fund will be funded at closing by using
       part of the issuance proceeds from the class C and D
       notes.  The class C and D notes will be repaid through
       excess spread and the ratings on these classes address
       ultimate payment of principal and interest.

TBD — To be determined.


VONAGE HOLDINGS: Appeals Court Wants “Middle Ground” Considered
---------------------------------------------------------------
An appeals court judge in Vonage Holdings Corp.’s patent dispute
with Verizon Communications Inc. questioned whether it would be
possible to reach a "middle ground" which would not result in
Vonage going out of business, Corey Boles of The Wall Street
Journal reports.

Vonage previously said in a regulatory filing that its ongoing
patent litigation with Verizon, if determined against the
company, could, among others, lead to the bankruptcy or
liquidation of the company.

According to WSJ, Judge Timothy Dyke, one of a three-judge panel
hearing the case, asked whether the ultimate punishment meted
out to Vonage for infringing three of Verizon's patents could
not be a middle ground.

WSJ says Verizon's lawyer, Richard Tarranto, Esq., told Judge
Dyke that in the abstract, a middle ground could be possible if
Vonage had asked for time to come up with a "work-around"
solution and had demonstrated it was close to finding one,
something it had none done.

                        Verizon Litigation

On June 12, 2006, Verizon filed a suit against Vonage and
its subsidiary Vonage America Inc., with the U.S. District Court
for the Eastern District of Virginia.

Verizon alleged that the company infringed seven patents in
connection with providing VoIP services and sought injunctive
relief, compensatory and treble damages and attorneys' fees.
Verizon dismissed its claims with respect to two of its patents
prior to trial, which commenced on Feb. 21, 2007.

After trial on the merits, a jury returned a verdict finding
that the company infringed three of the patents-in-suit.  The
jury rejected Verizon's claim for willful infringement, treble
damages, and attorneys' fees, and awarded compensatory damages
in the amount of $58 million.  The trial court subsequently
indicated that it would award Verizon $1.6 million in
prejudgment interest on the $58 million jury award.  The trial
court issued a permanent injunction with respect to the three
patents the jury found to be infringed effective April 12, 2007.

The trial court then permitted the company to continue to
service existing customers pending appeal, subject to deposit
into escrow of a 5.5% royalty on a quarterly basis.  The trial
court also ordered that the company may not use its technology
that was found to be infringing to provide services to new
customers.  In addition, Vonage posted a $66 million bond to
stay execution of the monetary judgment pending appeal.

On April 6, 2007, the company brought the trial court's ruling
to the Federal Circuit Court, which Court allowed Vonage to
continue to sign up new customers while Vonage appeals the
jury's decision and set June 25, 2007, as the commencement of
the oral arguments on the matter.

                           About Vonage

Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- is
a provider of broadband telephone services with over 1.4 million
subscriber lines as of February 8, 2006.  Utilizing its voice
over Internet protocol technology platform, the company offers
feature-rich, low-cost communications services with a call
quality comparable to traditional telephone services.  While
customers in the United States represent over 95% of its
subscriber lines, Vonage continues to expand internationally,
having launched its service in Canada in November 2004, and in
the United Kingdom in May 2005.


WOORI BANK: National Pension To Take Over Parent Company
--------------------------------------------------------
Woori Bank's mother company Woori Finance Holdings will be
partly taken over by National Pension Service through the
government's stake, Chosun News reports.

According to the report, Vice Minister of Health and Welfare
Byun Jae-jin said that its NPS' investment policy to take over
stakes in restructured companies.  NPS will play a leading role
in the takeover of stakes in Woori Finance Holdings.  NPS could
participate in the acquisition as both a financial and strategic
investor, suggesting that the pension fund is eyeing managerial
rights in Woori.

The NPS has never participated in a corporate takeover as a
strategic investor but as a financial investor, it put KRW900
billion in the takeover of LG Card by Shinhan Financial Group
early this year, the report recounts.

The report relates that Korea Deposit Insurance Corp., the
largest stockholder in Woori Finance Holdings, sold 5% of its
stake to domestic and foreign institutions.  Currently, it owns
a 73% stock in Woori.  The remaining 27% is owned by local and
overseas investors.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


XILLIX TECHNOLOGIES: Court Gives Interim Nod on CCAA Plan
---------------------------------------------------------
Xillix Technologies Corp. (TSX: XLX) disclosed last week that
the Supreme Court of British Columbia granted an interim order
approving a consolidated plan of compromise and arrangement
under the Companies Creditors Arrangement Act and the British
Columbia Business Corporations Act.

The arrangement provided for in the Plan would recapitalize and
reorganize the company, resulting in funding of $4.4 million.

The Plan provides for:

    (i) an investment in the company by Cavalon Capital Partners
        Ltd., a Calgary based private investment company, in the
        amount of $4,400,000, structured as a non-interest
bearing
        loan;

   (ii) the settlement and release of all of the company's
        secured and unsecured creditors' claims in exchange for
        the payment of a total of $3,600,000, of which not less
        than $600,000 will be paid to the unsecured creditors
        (on a pro rata basis), leaving the company with a cash
        balance of $800,000;

  (iii) the conversion of approximately 94.5% of the Convertible
        Loan into common shares and a new class of non-voting
        shares of the company, such that immediately following
        such conversion Cavalon would hold 45% of the (voting)
        common shares and 100% of the non-voting shares then
        outstanding, providing it with the ownership of 45% of
        the voting and 80% of the equity interests in the
        company;

   (iv) the cancellation of all outstanding options, warrants,
        exchange rights and conversion rights; and

    (v) the change of the company's name to "Zillion
        Technologies Corp." or such other name as its directors
        may approve.

The remaining sum of $240,000 would then be owing by the company
to Cavalon under the Convertible Loan.

The completion of the Arrangement will be subject to a number of
conditions, including the entering into of a definitive
agreement by the company and Cavalon providing for the
Convertible Loan, the approval of the Plan by the company's
secured and unsecured creditors, the granting of a final Court
order approving the Plan, and the receipt of all required
regulatory approvals, including the approval of the Toronto
Stock Exchange.

The company expects to hold a creditors meeting to consider and
approve the Plan on July 9, 2007.  If the Plan is approved by
the creditors, it is anticipated that the company will apply to
Court for a final order approving the Plan on or about July 25,
2007 and that the Arrangement will be completed by the end of
July.

On May 3, 2007, the company sold substantially all of its
assets, including its intellectual property, certain capital
assets and inventory to Novadaq Technologies Inc., of Toronto,
Ontario.  The completion of the Arrangement would enable the
company to seek additional capital and pursue potential
acquisitions.

Xillix Technologies Corp. (TSX:XLX) -- http://www.xillix.com/--
is a Canadian medical device company and is known for using
fluorescence endoscopy for improved cancer detection.  The
company's currently approved device, Onco-LIFETM, incorporates
fluorescence and white-light endoscopy in a single device that
has been developed for the detection and localization of lung
and gastrointestinal cancers.  Onco-LIFE is approved for sale in
the United States for the lung application and in Europe, Canada
and Australia for both lung and gastrointestinal applications.
The company also recently developed a new product, LIFE
LuminusTM, designed to allow fluorescence imaging of the colon
using conventional video endoscope technology.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128       22
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (20)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU      (203)         828       190


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
BW Offshore               BWO        (85)         487     (516)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (77)         188     (927)
Zil Auto                 ZILLP      (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (286)         587    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         595        5)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music
   Industries Group       EMI      (2266)       2,950      (381)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)

                           *********


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

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

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

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

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

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


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