TCREUR_Public/070628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, June 28, 2007, Vol. 8, No. 127

                            Headlines


A U S T R I A

AZ SERVICES: Wels Court Orders Business Shutdown
BELAS ARTES: Claims Registration Period Ends July 11
JUEN & GANEIDER: Court Orders Shutdown of Wine Making Arm
MARIANNA KEG: Claims Registration Period Ends July 6
NK LLC: Claims Registration Period Ends July 16


G E R M A N Y

DEMSKI BAUGESELLSCHAFT: Claims Registration Period Ends July 4
DOHM BAUGESELLSCHAFT: Claims Registration Period Ends August 3
FIBUMA TAPETEN: Claims Registration Period Ends July 23
INGENIEURGESELLSCHAFT MINATI: Claims Registration Ends July 16
INTER JOB: Creditors' Meeting Slated for August 3

KRAISS CONSULT: Claims Registration Ends July 27
KS-GESELLSCHAFT: Claims Registration Ends July 12
KWR-HAUSGRUNDSTUECKSHANDELS: Claims Registration Ends Aug. 10
MBS-BAUGESELLSCHAFT: Creditors Must Register Claims by Aug. 1
MEISDORFER VERWALTUNGS: Creditors Must Register Claims by Aug. 6

MICHEL FARAH: Creditors Must Register Claims by Sept. 30
NEW EYEWEAR: Creditors Meeting Slated for July 12
OBJEKTVERWALTUNGS GMBH: Claims Registration Ends July 10
ONUR BACKWAREN: Claims Registration Period Ends July 27
PROSIEBENSAT.1 MEDIA: Acquiring SBS Broadcasting for EUR3.3 Bln

TOPSCHUTZ DEUTSCHE: Creditors Must Register Claims by July 20
VINAMEX SEAFOOD: Creditors Must Register Claims by July 20


G R E E C E

MARFIN INVESTMENT: S&P Cuts Ratings to BB with Negative Outlook


I R E L A N D

DECO 15: S&P Assigns BB Ratings to EUR19.49 Million G(2) Notes


I T A L Y

ALITALIA SPA: OAO Aeroflot Refutes Bid Pullout Reports
ALITALIA SPA: Court Ruling Cuts Value of Rome Property
HUNTSMAN CORP: Basell to Acquire Assets for US$9.6 Billion
HUNTSMAN CORP: Basell Acquisition Cues Moody's Ba3 Rating


K A Z A K H S T A N

ALIYA-L LLP: Claims Registration Ends July 25
ALMATYENGSTROY JSC: Claims Registration Ends August 3
ATF BANK: Purchase Agreement Cues S&P to Put B+ Rating on Watch
MAGISTRAL-SERVICE LLP: Claims Filing Period Ends July 31
MILK-WAY LLP: Creditors Must File Claims July 31

MIKOM LLP: Claims Filing Period Ends July 25
OLIVER-STONE LLP: Proof of Claim Deadline Slated for July 31
SAHARNY ZOVOD: Creditors Must File Claims August 7
SAUDA-INVEST LLP: Creditors' Claims Due July 27
UGHIMMONTAGE JSC: Proof of Claim Deadline Slated for Aug. 7


K Y R G Y Z S T A N

DANA-TRADE HOUSE: Claims Filing Period Ends August 15
SILK AIR: Creditors Must File Claims by August 15


L U X E M B O U R G

BEVERAGE PACKAGING: S&P Lifts Ratings to B+ on Debt Resizing


N E T H E R L A N D S

E-MAC PROGRAM: S&P Assigns BB Prelim Ratings to Class E Notes
LEAR CORP: Reschedules 2007 Annual Meeting to July 12


R U S S I A

AGRAMAK LLC: Tatarstan Bankruptcy Hearing Slated for Sept. 13
AGRO-SNAB OJSC: Creditors Must File Claims by August 2
ALEKSEEVSKOYE CJSC: Creditors Must File Claims by July 2
ALFA BANK: Closes US$500 Million Five-Year Eurobond Issue
ALTAIR CJSC: Creditors Must File Claims by August 2

KUMERTAUSKIY FACTORY: Creditors Must File Claims by July 2
KUPINSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
LYUBAVA-2 OJSC: Asset Sale Slated for July 18
OMSK-TIRE OJSC: Amur Bankruptcy Hearing Slated for Aug. 9
PERESLAVSKIY HERMITAGE: Creditors Must File Claims by July 2

PROGRESS OJSC: Creditors Must File Claims by Aug. 2
SALSK-AGRO-PROM-MEKH-MONTAZH: Claims Filing Period Ends Aug. 2
TETYUSHSKOYE TRANSPORT: Creditors Must File Claims by July 2
VARIANT-INFORM CJSC: Creditors Must File Claims by Aug. 2
WOODWORKING WORKSHOP: Creditors Must File Claims by Aug. 2

YUNAKOVSKOYE LLC: Bankruptcy Hearing Slated for Sept. 19


S P A I N

AYT GENOVA: S&P Rates Spanish RMBS Class D Notes at BB-
GC PASTOR: Moody's Junks EUR10.5 Million Series D Notes
IM GRUPO BANCO: S&P Junks EUR39 Million Class E Notes


S W E D E N

SAS AB: Selling Stakes in Foreign Units to Cut Costs


S W I T Z E R L A N D

BIRRER MECHATRONIC: Creditors' Liquidation Claims Due July 9
CENTERTELECOM OAO: Earns RUR1.84 Billion for 2006
CORAL CONSULTING: Creditors' Liquidation Claims Due July 10
GAZPROM NEFT: Gazprom Envoys Dominate Board of Directors
IDEAL DIGITAL: Creditors' Liquidation Claims Due July 9

MB GENERALUNTERNEHMUNG: Claims Registration Period Ends July 9
PICALDI SPORTSWEAR: Claims Registration Period Ends July 9
Q-JUMPERS LLC: Claims Registration Period Ends July 9
SARAH HOLDING: Creditors' Liquidation Claims Due July 10
SIBAC LLC: Creditors' Liquidation Claims Due July 9

SURA LLC: Claims Registration Period Ends July 9
TRANSNEFT OAO: Appraiser Values Firm at RUR400 Billion
USCOR JSC: Creditors' Liquidation Claims Due July 9


T U R K E Y

VESTEL ELEKTRONIK: S&P Holds B+ Rating Amid Operating Pressures


U K R A I N E

ALANSON GROUP: Creditors Must File Claims by July 1
BIOLOGISTS LLC: Claims Filing Deadline Set July 1
DRUZHNIANSKOE LLC: Creditors Must File Claims by July 1
FUST LLC: Claims Filing Deadline Set July 1
INTERPIPE LTD: Fitch Assigns B+ IDR with Stable Outlook

KRASNODON AGRICULTURAL: Claims Filing Deadline Set July 1
LUGANSK BUTAN: Claims Filing Deadline Set July 1
OIL TRADE: Claims Filing Deadline Set July 1
STROY ENTERPRISE: Creditors Must File Claims by July 1


U N I T E D   K I N G D O M

ACORN ON SITE: Ian C. Brown Leads Liquidation Procedure
AVOCA CLO VIII: S&P Assigns Prelim Ratings to EUR508 Mln Notes
BRACKENHEATH LTD: Brings In Administrators from Tenon Recovery
COLLINS & AIKMAN: Can Sell Manufacturing Plants for US$10.4 Mln
DECO SERIES: S&P Assigns BB Rating to Class H Notes

FOCUS DIY: Payment Deferral Cues S&P to Lower Debt Rating to D
GEORGIAN SCAFFOLDING: Taps Vantis to Administer Assets
IMS LEGAL: Brings In Administrators from KPMG
IMS LITIGATION: Appoints Joint Administrators from KPMG LLP
JABIL CIRCUIT: Third Quarter 2007 Net Income Down to US$6.2 Mln

LEICESTER THREAD: Brings In Liquidators from CBA
LIFT UK: Taps Robert Day to Liquidate Assets
LORRY LOADERS: Appoints Chris Williams as Liquidator
MAGART CONSTRUCTION: Names Solomon Cohen Liquidator
METALSIDAC DISPLAYS: Joint Liquidators Take Over Operations

METRONET RAIL: Balfour Takes GBP100 Million Exceptional Charge
METRONET RAIL: WS Atkins Incurs GBP121.3 Mln Loss on Investment
ONE STOP: Taps Liquidators from Harrisons
P.C.S. POWDERS: Names Joint Administrators from Tenon Recovery
PIONEER QUALITY: Hires Liquidator from Begbies Traynor

POLYWARM PRODUCTS: Appoints Baker Tilly as Administrators
PRONTO TAXIS: Appoints Liquidators to Wind Up Business
ROYAL & SUN: Confirms Completion of Codan AS Takeover
SOVEREIGN LIGHT: Names Malcolm Edward Fergusson Liquidator
SPARC EUROPE: Fitch Rates EUR39.2 Million Series D Notes at BB-

STAPEMILL LTD: Calls In Liquidators from Jacksons Jolliffe Cork
SYSTEMEC LTD: Joint Liquidators Take Over Operations
TANKSAFE LTD: A. J. Clark Leads Liquidation Procedure
TECH-MOTIVE TOOL: Brings In BDO Stoy as Joint Administrators
TOREX RETAIL: Sells Units to Cerberus; Appoints Administrators

TOTAL MOTORSPORT: Names Liquidators to Wind Up Business
UROPA SECURITIES: Fitch Rates Class B2 and D Notes at BB
WATSON SURFACE: Appoints Ian C. Brown as Liquidator

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AZ SERVICES: Wels Court Orders Business Shutdown
------------------------------------------------
The Land Court of Wels entered May 29 an order shutting down the
business of LLC AZ Services (FN 266975k).

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

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


BELAS ARTES: Claims Registration Period Ends July 11
----------------------------------------------------
Creditors owed money by LLC Belas Artes (FN 219021s) have until
July 11 to file written proofs of claim to court-appointed
estate administrator Eva Riess  at:

         Dr. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01
         Fax: 01/402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 36 S 78/07y).


JUEN & GANEIDER: Court Orders Shutdown of Wine Making Arm
---------------------------------------------------------
The Land Court of Innsbruck entered May 30 an order shutting
down the wine making business of LLC Juen & Ganeider Gastro & Co
KG (FN 203908s).

Court-appointed estate administrator Reinhold Unterweger
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. Reinhold Unterweger
         Rosengasse 8
         9900 Lienz
         Austria
         Tel: 04852/65644
         Fax: 04852/656444
         E-mail: ra-untbeim@tirol.com

Headquartered in Lienz in Osttirol, Austria, the Debtor declared
bankruptcy on May 24 (Bankr. Case No 19 S 62/07a).


MARIANNA KEG: Claims Registration Period Ends July 6
----------------------------------------------------
Creditors owed money by KEG Marianna Bebiakova (FN 252860d) have
until July 6 to file written proofs of claim to court-appointed
estate administrator Eva-Maria Bachmann-Lang at:

         Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 25 (Bankr. Case No. 28 S 58/07v).


NK LLC: Claims Registration Period Ends July 16
-----------------------------------------------
Creditors owed money by LLC NK (FN 99805y) have until July 16 to
file written proofs of claim to court-appointed estate
administrator Alfred Steinbuch at:

         Dr. Alfred Steinbuch
         Herrengasse 7
         2620 Neunkirchen
         Austria
         Tel: 02635/63043
         Fax: 02635/63043-22
         E-mail: dr.steinbuch@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 26 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 Neunkirchen, Austria, the Debtor declared
bankruptcy on May 30 (Bankr. Case No. 10 S 58/07v).


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


DEMSKI BAUGESELLSCHAFT: Claims Registration Period Ends July 4
--------------------------------------------------------------
Creditors of Demski Baugesellschaft mbH have until July 4 to
register their claims with court-appointed insolvency manager
Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to
attend the meeting at 8:50 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 Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         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:

         Karl-Heinz Blaha
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle opened bankruptcy proceedings
against Demski Baugesellschaft mbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Demski Baugesellschaft mbH
         Im Bulloh 3
         29331 Lachendorf
         Germany


DOHM BAUGESELLSCHAFT: Claims Registration Period Ends August 3
--------------------------------------------------------------
Creditors of Dohm Baugesellschaft mbH have until Aug. 3 to
register their claims with court-appointed insolvency manager
Sven-Holger Undritz.

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 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. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Dohm Baugesellschaft mbH on June 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dohm Baugesellschaft mbH
         Wohlers Allee 3
         22767 Hamburg
         Germany

         Attn: Joern Dohm, Manager
         An der Lake 5
         29229 Celle
         Germany


FIBUMA TAPETEN: Claims Registration Period Ends July 23
-------------------------------------------------------
Creditors of FIBUMA Tapeten- und Teppichhandels GmbH have until
July 23 to register their claims with court-appointed insolvency
manager Angela Tost.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on Aug. 20, 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 Neubrandenburg
         Hall 1
         Friedrich-Engels-Ring 15-18
         Neubrandenburg
         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:

         Angela Tost
         Otto-von-Guericke-Strasse 5
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against FIBUMA Tapeten- und Teppichhandels GmbH on
June 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         FIBUMA Tapeten- und Teppichhandels GmbH
         Bahnhofstrasse 21
         17348 Woldegk
         Germany


INGENIEURGESELLSCHAFT MINATI: Claims Registration Ends July 16
--------------------------------------------------------------
Creditors of Ingenieurgesellschaft Minati mbH have until July 16
to register their claims with court-appointed insolvency manager
Oliver Schulte.

Creditors and other interested parties are encouraged to
attend the meeting at 11:00 a.m. on Aug. 9, at which time
the insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Oliver Schulte
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Ingenieurgesellschaft Minati mbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ingenieurgesellschaft Minati mbH
         Jerxer Str. 69
         32758 Detmold
         Germany

         Attn: Hubert Minati, Manager
         Kehrbueldeweg 22
         32760 Detmold
         Germany


INTER JOB: Creditors' Meeting Slated for August 3
-------------------------------------------------
The court-appointed insolvency manager for Inter Job 24
Arbeitsvermittlungs GmbH, Sebastian Laboga, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:00 a.m. on Aug. 3.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Oct. 26 at the same venue.

Creditors have until Sept. 3 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Inter Job 24 Arbeitsvermittlungs GmbH on
June 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Inter Job 24 Arbeitsvermittlungs GmbH
         Kurfuerstendamm 22
         10719 Berlin
         Germany


KRAISS CONSULT: Claims Registration Ends July 27
------------------------------------------------
Creditors of Kraiss Consult Gesellschaft fuer
Sicherheitsberatung und Planung mbH have until July 27 to
register their claims with court-appointed insolvency manager
Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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:

         Karl-Heinz Trebing
         Hanauer Landstr. 287-289
         60314 Frankfurt/M
         Germany
         Tel: 069/15051530
         Fax: 069/15051400

The District Court of Hanau opened bankruptcy proceedings
against Kraiss Consult Gesellschaft fuer Sicherheitsberatung und
Planung mbH on June 13.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Kraiss Consult Gesellschaft fuer Sicherheitsberatung
         und Planung mbH
         Keltenstr. 13
         63486 Bruchkoebel
         Germany


KS-GESELLSCHAFT: Claims Registration Ends July 12
-------------------------------------------------
Creditors of KS-Gesellschaft fuer Gebaudetechnik mbH have until
July 12 to register their claims with court-appointed insolvency
manager Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 9, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-Mail: Heiko.Rautmann@gmx.de

The District Court of Magdeburg opened bankruptcy proceedings
against KS-Gesellschaft fuer Gebaudetechnik mbH on June 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KS-Gesellschaft fuer Gebaudetechnik mbH
         Am Stadtweg 8
         39167 Hohendodeleben
         Germany


KWR-HAUSGRUNDSTUECKSHANDELS: Claims Registration Ends Aug. 10
-------------------------------------------------------------
Creditors of KWR-Hausgrundstueckshandels GmbH have until Aug. 10
to register their claims with court-appointed insolvency manager
Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 31, 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 Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         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:

         Christian Hanken
         Wallstrasse 3
         26409 Wittmund
         Germany
         Tel: 04462/919114
         Fax: 04462/919191
         E-Mail: christian.Hanken@rechtsanwaelte-hanken.de
         Web: www.rechtsanwaelte-hanken.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against KWR-Hausgrundstueckshandels GmbH
on June 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         KWR-Hausgrundstueckshandels GmbH
         Werftstrasse 65
         26382 Wilhelmshaven
         Germany


MBS-BAUGESELLSCHAFT: Creditors Must Register Claims by Aug. 1
-------------------------------------------------------------
Creditors of MBS-Baugesellschaft mbH have until Aug. 1 to
register their claims with court-appointed insolvency manager
Klaus Albert Maier.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Klaus Albert Maier
         Wilhelmstr. 12
         70182 Stuttgart
         Germany
         Tel: 0711/16 42 40
         Fax: 0711/16 42 424

The District Court of Stuttgart opened bankruptcy proceedings
against MBS-Baugesellschaft mbH on June 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MBS-Baugesellschaft mbH
         Marienburger Str. 45
         70374 Stuttgart
         Germany


MEISDORFER VERWALTUNGS: Creditors Must Register Claims by Aug. 6
----------------------------------------------------------------
Creditors of Meisdorfer Verwaltungs- und Beteiligungs GmbH have
until Aug. 6 to register their claims with court-appointed
insolvency manager Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to
attend the meeting at 9:35 a.m. on Sept. 9, 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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:

         Sabine von Stein-Lausnitz
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158

The District Court of Magdeburg opened bankruptcy proceedings
against Meisdorfer Verwaltungs- und Beteiligungs GmbH on
June 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Meisdorfer Verwaltungs- und Beteiligungs GmbH
         Badegasse 41
         06463 Meisdorf
         Germany


MICHEL FARAH: Creditors Must Register Claims by Sept. 30
--------------------------------------------------------
Creditors of Michel Farah Vertriebs GmbH have until Sept. 30 to
register their claims with court-appointed insolvency manager
Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 17, 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 Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         Germany

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

The insolvency manager can be reached at:

         Jens Fahnster
         Koelnstr. 135
         53757 St. Augustin
         Germany
         Tel: 02241/21041+90600
         Fax: 02241/906062
         E-mail: kanzlei@kalker-fahnster.de

The District Court of Mayen opened bankruptcy proceedings
against Michel Farah Vertriebs GmbH on June 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Michel Farah Vertriebs GmbH
         Michelsbergstr. 10-12
         56299 Ochtendung
         Germany


NEW EYEWEAR: Creditors Meeting Slated for July 12
-------------------------------------------------
The court-appointed insolvency manager for New Eyewear Company
Gesellschaft fuer Brillen Marken mbH, Mechthild Bruche, will
present her first report on the Company's insolvency proceedings
at a creditors' meeting at 2:15 p.m. on July 12.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 2:30 p.m. on Sept. 13 at the same venue.

Creditors have until July 27 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Fuerth opened bankruptcy proceedings
against New Eyewear Company Gesellschaft fuer Brillen Marken mbH
on June 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         New Eyewear Company Gesellschaft fuer
         Brillen Marken mbH
         Hans-Vogel Str. 2
         90765 Fuerth
         Germany


OBJEKTVERWALTUNGS GMBH: Claims Registration Ends July 10
--------------------------------------------------------
Creditors of Objektverwaltungs GmbH & Co. have until July 10 to
register their claims with court-appointed insolvency manager
Matthias Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         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:

         Matthias Hofmann
         Richard-Wagner-Strasse 64
         95444 Bayreuth
         Germany
         Tel: 0921/76400-0
         Telefax: 0921/76400-11

The District Court of Bayreuth opened bankruptcy proceedings
against Objektverwaltungs GmbH & Co. on May 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Objektverwaltungs GmbH & Co.
         Dr.-Hans-Frisch-Strasse 4
         95448 Bayreuth
         Germany

         Attn: Dieter Wittmann, Manager
         Starenweg 5
         04821 Waldsteinberg
         Germany


ONUR BACKWAREN: Claims Registration Period Ends July 27
-------------------------------------------------------
Creditors of ONUR Backwaren- und Handels GmbH have until July 27
to register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against ONUR Backwaren- und Handels GmbH on June 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ONUR Backwaren- und Handels GmbH
         Attn: Huenkar Erdogan, Manager
         Werftstrasse 35
         18057 Rostock
         Germany


PROSIEBENSAT.1 MEDIA: Acquiring SBS Broadcasting for EUR3.3 Bln
---------------------------------------------------------------
ProSiebenSat.1 Media AG is to acquire SBS Broadcasting Group.
The transaction volume totals EUR3.3 billion.  The
ProSiebenSat.1 Group and the shareholders of the SBS
Broadcasting Group signed a share purchase agreement on June 27,
2007.  The closing of the transaction is not subject to approval
by antitrust or media regulators.  The share purchase agreement
will be completed by the beginning of July 2007.

Through this transaction, ProSiebenSat.1 Media AG, Germany´s
largest TV corporation, intends to create a pan-European
broadcasting group.  Through internationalization and
accelerated diversification of revenue sources the Group will
significantly reduce its dependency on the German TV advertising
market.

As a result of the acquisition, the ProSiebenSat.1 Group will be
active in 13 European countries.  The new Group will have 24
free TV stations, 24 pay TV stations, and 22 radio networks,
among other assets.  The ProSiebenSat.1 Group will expand its
reach to more than 77 million European TV households, placing it
second among TV providers in the EU.  On the basis of a pro
forma calculation for 2006, the SBS acquisition will increase
revenues by 48 percent, from EUR2.1 billion to EUR3.1 billion.
EBITDA will grow by 43 percent, from EUR484 million to EUR691
million.  SBS´s recurring EBITDA in 2006 was EUR 207 million.
For the first quarter of 2007, SBS showed EBITDA growth of
EUR16 million, or 79 percent, to EUR36 million.

Citigroup has confirmed in a financial fairness option that the
enterprise value underlying the transaction is fair, from a
financial point of view, to ProSiebenSat.1.  The Company expects
that the transaction will increase underlying earnings per
share, and that the generated returns will exceed the
ProSiebenSat.1 Group´s cost of capital over time.  Synergies
from the merger are to be between EUR80 to EUR90 million per
year, two-thirds of which come from cost savings and one-third
from additional revenue potential.  The full value of the
projected synergies is expected to be realized as of 2010.  The
acquisition will be financed entirely with new syndicated credit
facilities provided by a group of banks and institutional debt
investors led by Bank of America, Calyon, Credit Suisse,
HypoVereinsbank, JP Morgan, Lehman Brothers, Morgan Stanley and
Royal Bank of Scotland.  The Company intends to redeem EUR150
million notes prior to their maturity in May 2009 by exercising
the make-whole provision in August 2007.

The new Group, which will continue to bear the name
ProSiebenSat.1 Media AG, is to be headquartered in Munich.
Integration of the two groups is to begin immediately after the
transaction is completed.  Patrick Tillieux, Chief Executive
Officer of the SBS Broadcasting Group, will join the Executive
Board of the ProSiebenSat.1 Group as Chief Operating Officer,
with responsibilities for international TV, radio, print and
group operations.

As part of the takeover of the SBS Broadcasting Group, the
ProSiebenSat.1 Group could get a new strategic shareholder in
mid-2008.  Telegraaf Media Groep N.V., which held 20 percent of
the SBS Broadcasting Group, has an option to reinvest in the new
group and to acquire 12 percent of the voting common stock held
by Lavena Holding 5.  Upon exercise of the option, Telegraaf
Media Groep would hold 6 percent of the ProSiebenSat.1 Group´s
share capital.  Lavena Holding 5 would then hold 44.7 percent of
the share capital and 76 percent of the common stock, compared
to the former 50.7 and 88 percent, respectively.  The free float
of 37.3 percent of the capital stock would remain unchanged.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
television programs through four German language television
channels as well as a range of ancillary activities.  It was
formed in 2000 with the merger of Germany's leading broadcasters
ProSieben Media AG and Sat.1.  It is the largest and most
successful television corporation in Germany with four stations
-- Sat.1, ProSieben, kabel eins and N24.

                           *    *    *

Moody's Investors Service placed on Dec. 19, 2006, the Ba1
senior unsecured and corporate family ratings of ProsiebenSat.1
Media AG on review for possible downgrade.  Moody's also
assigned a Ba1 rating on the company's Senior Unsecured Debt.


TOPSCHUTZ DEUTSCHE: Creditors Must Register Claims by July 20
-------------------------------------------------------------
Creditors of Topschutz Deutsche Sicherheitsdienste GmbH have
until July 20 to register their claims with court-appointed
insolvency manager Thorsten Springstub.

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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Thorsten Springstub
         Hum-boldtstrasse 24
         07743 Jena
         Germany

The District Court of Gera opened bankruptcy proceedings against
Topschutz Deutsche Sicherheitsdienste GmbH on June 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Topschutz Deutsche Sicherheitsdienste GmbH
         Attn: Mathias Loeffler, Manager
         Malmsgelange 10
         07381 Poessneck
         Germany


VINAMEX SEAFOOD: Creditors Must Register Claims by July 20
----------------------------------------------------------
Creditors of Vinamex Seafood GmbH i.L. have until July 20 to
register their claims with court-appointed insolvency manager
Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Sandra Bitter
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251/ 180660
         Fax: 05251 / 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Vinamex Seafood GmbH i.L. on June 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vinamex Seafood GmbH i.L.
         Bachstrasse 30
         59590 Geseke
         Germany


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


MARFIN INVESTMENT: S&P Cuts Ratings to BB with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on Marfin Investment Group
Holdings S.A. to 'BB/B' from 'BBB-/A-3'.  At the same time,
the long- and short-term ratings were removed from CreditWatch,
where they had been placed with developing implications on
Jan. 12, 2007.  The outlook is negative.

"The rating action reflects Standard & Poor's assessment of
MIG's substantial change in business and financial profile to
a listed investment and holding company making private equity
style investments from that of a bank holding company," said
Standard & Poor's credit analyst Nigel Greenwood.

MIG's leverage will be high, relative to rated peers, liquidity
is expected to be moderate, and investment will be rapid.
Moreover, MIG's track record is limited and there is some key
man risk.  The ratings on MIG do benefit from its permanent
capital base, its potentially compelling strategy, and a degree
of portfolio diversity.

MIG, which is already listed on the Athens Stock Exchange, is in
the process of raising up to EUR5.2 billion of fresh equity by
means of a rights issue.  This process is expected to be
completed in early July.  As a result, MIG's ownership and its
strategy will change radically.

"The negative outlook principally reflects the possibility that
MIG's investment portfolio may be concentrated in a handful of
investments", added Mr. Greenwood.

MIG will have comparative first-mover advantage in the immature
private equity arena of Southeast Europe. MIG should benefit
from its good contacts and its relationship with MPB, but its
chosen investment field is potentially risky. Standard & Poor's
expects the investment portfolio to be reasonably diverse by
number, country, and industry, but will be heavily influenced by
economic trends in Southeast Europe and the vagaries of
investment markets.

The ratings could also be lowered if leverage rises higher than
expected, low liquidity is maintained on the balance sheet, or
if weak investment performance emerges.

The outlook could be revised to stable if MIG's investment
portfolio proves to be reasonably diverse, there is satisfactory
cover of fixed-cost charges, and MIG is able to demonstrate good
investment realizations.


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


DECO 15: S&P Assigns BB Ratings to EUR19.49 Million G(2) Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.45 billion commercial mortgage-backed
floating-rate notes to be issued by DECO 15–Pan Europe 6 Ltd., a
special purpose entity incorporated in Ireland.

This will be the sixth pan-European transaction in the DECO
program undertaken by Deutsche Bank AG.  The structure of the
transaction is similar to that of the previous transaction under
the DECO conduit.

At closing, the issuer will use the note issuance proceeds to
purchase:

   -- Seven loans or senior-ranking portions of whole loans,
      secured by commercial and residential properties in
      Germany;

   -- Two loans or senior-ranking portions of whole loans,
      secured by commercial properties in Switzerland; and

   -- One loan secured by a commercial property in Austria.

Four of the loans have subordinated debt in the form of B-notes
that do not form part of the securitization.  The relationship
between the senior lenders and the subordinated lenders will be
governed by intercreditor deeds, which will be entered into on
or before the closing date.

It is expected that one of the loans, Mansford OBI, will not
have closed before closing.  As a result, the issuer will retain
the amount received in relation to the loan in a reserve
account.  If the loan is not closed or not fully drawn during
October 2007, the issuer will apply all amounts remaining in the
reserve account toward repaying the notes.  Any negative carry
will be taken by the class X notes.

                         Ratings List

DECO 15 — Pan Europe 6 Ltd.
   EUR1.445 Billion Commercial Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          rating          (Mil. EUR)
           -----          ------           --------
           A1             AAA               698.50
           X(1)           AAA                 0.05
           A2             AAA               299.30
           A3             AAA               149.65
           B              AA                 87.80
           C              A                  89.30
           D              BBB+               57.55
           E              BBB                21.75
           F              BBB-               21.95
           G(2)           BB                 19.49

(1) Excess spread in the transaction will be monetized via
    the X notes.

(2) Subject to an available funds cap mechanism. Consequently,
    the class G noteholders may receive a variable interest
    coupon under various loan prepayment scenarios.


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


ALITALIA SPA: OAO Aeroflot Refutes Bid Pullout Reports
------------------------------------------------------
OAO Aeroflot denied reports it will withdraw its bid to acquire
the Italian government's 39.9% stake in Alitalia S.p.A., Il Sole
24 Ore says citing a spokeswoman for the Russian carrier.

"There was a board meeting which discussed the Alitalia issue
but no decision was taken about any withdrawal," the spokeswoman
was quoted by Il Sole 24 Ore as saying.

An anonymous Aeroflot board member had told Interfax News Agency
that the Russian airline will pull out its Alitalia bid.

                         About Alitalia

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

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


ALITALIA SPA: Court Ruling Cuts Value of Rome Property
------------------------------------------------------
An Italian administrative court has ruled that a piece of land
owned by Alitalia S.p.A. in Rome cannot be built on, thereby
lowering the property's value, Alessandro Torello of Bloomberg
News reports citing Italian news agency Radiocor.

Alitalia is selling the property to Aeroporti di Roma S.p.A.,
operator of Rome's Ciampino and Fiumicino airports, for
EUR120 million, Radicor relates.

Aeroporti di Roma has appealed the court's ruling.

                         About Alitalia

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

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


HUNTSMAN CORP: Basell to Acquire Assets for US$9.6 Billion
----------------------------------------------------------
Huntsman Corporation (NYSE: HUN) and Basell have signed a
definitive agreement pursuant to which Basell will acquire
Huntsman in a transaction valued at approximately US$9.6
billion, including the assumption of debt.

Under the terms of the agreement, Basell will acquire all of the
outstanding common stock of Huntsman for US$25.25 per share in
cash.

The transaction was unanimously approved by the Boards of
Directors of both Basell and Huntsman.  Huntsman's Board of
Directors approved the transaction agreement at the
recommendation of a Transaction Committee comprised of Huntsman
independent directors.

The transaction is subject to customary closing conditions,
including regulatory approval in the U.S. and in Europe, as well
as the approval of Huntsman shareholders.  Entities controlled
by MatlinPatterson and the Huntsman family, who collectively own
57% of Huntsman's common stock, have agreed to approve the
transaction.  Closing is expected in the fourth quarter of 2007.

The combined company will have an extensive geographic
footprint, with operations on all continents of the world, and
will be well positioned in fast-growing markets such as China,
India, Eastern Europe and Latin America.  In 2006, Basell and
Huntsman had combined revenues of more than $26 billion and
employed approximately 20,900 people.

"Basell's industry-leading polyolefins businesses and Huntsman's
businesses will benefit from the expertise both companies have
demonstrated in technology, innovation and customer service.
Together we will be able to achieve even more," Volker Trautz,
CEO of Basell, said.

Commenting on the announcement, Len Blavatnik, Chairman and
founder of U.S.-based Access Industries, owner of Basell, said:
"This transaction enhances our position as a global industrial
group with long-term strategic assets in the chemicals
industry."

Mr. Blavatnik added: "Basell's management team has done an
excellent job in growing and enhancing the company over the last
two years, putting it in a position to make this acquisition. We
look forward to further growth and profitability in this
industry."

Jon M. Huntsman, founder and Chairman of Huntsman Corporation,
said: "This transaction opens a new chapter in the proud history
of Huntsman and for the thousands of people who work in our
facilities around the world. I am confident Basell is the right
owner for the company going forward. The proceeds of this
transaction will allow our family to focus more effectively on
the elimination of human suffering and on finding cures for
cancer."

Peter R. Huntsman, President and CEO of Huntsman, said: "This
transaction represents outstanding value for Huntsman's
shareholders. The merger of Basell and Huntsman creates one of
the largest chemical companies in the world. I am confident that
this combination will allow us to even more effectively pursue
our underlying business strategies and continue to provide
rewarding opportunities for our associates."

                         About Basell

Basell -- http://www.basell.com/-- is the global leader in
polyolefins technology, production and marketing. It is the
largest producer of polypropylene and advanced polyolefin
products; a leading supplier of polyethylene and catalysts, and
the industry leader in licensing polypropylene and polyethylene
processes, including providing technical services for its
proprietary technologies. Basell, together with its joint
ventures, has manufacturing facilities in 19 countries and sells
products in more than 120 countries.  Basell is privately owned
by Access Industries.

                        About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global
manufacturer and marketer of differentiated chemicals and
pigments.  Its operating companies manufacture products for a
variety of global industries, including chemicals, plastics,
automotive, aviation, textiles, footwear, paints and coatings,
construction, technology, agriculture, health care, detergents,
personal care, furniture, appliances and packaging.  Originally
known for pioneering innovations in packaging and, later for
rapid and integrated growth in petrochemicals, Huntsman today
has operations in 24 countries, including Argentina, Belarus,
Japan, Luxembourg, Malaysia, Spain and teh United Kingdom, among
others.  The company had 2006 revenues from all operations of
over US$13 billion.


HUNTSMAN CORP: Basell Acquisition Cues Moody's Ba3 Rating
---------------------------------------------------------
Moody's Investors Service placed the debt ratings and the
corporate family ratings (CFR - Ba3) for Huntsman Corporation
and Huntsman International LLC, a subsidiary of Huntsman under
review for possible downgrade.

This rating action follows the company's announcement that it
has entered into a definitive agreement pursuant to which an
entity of the Basell group (CFR Ba3 under review for a
downgrade) will acquire Huntsman in a transaction valued at
approximately US$9.6 billion, including the assumption of
approximately US$4.0 billion of Huntsman debt.  Under the terms
of the agreement, Basell will acquire all of the outstanding
common stock of Huntsman for US$25.25 per share in cash and the
agreement is subject to regulatory review.  As this acquisition
by Basell is assumed to be financed largely with debt,
Huntsman's credit profile is likely be materially weaker than
expected when Moody's upgraded the Huntsman CFR to Ba3 in March
of 2007.  From a rating perspective, the potential for a weaker
credit profile may override the strategic benefits of combining
these two businesses until the incremental debt is reduced over
time.

These ratings were affected by this action:

   * Issuer: Huntsman Corporation

   -- Corporate Family Rating, Ba3.

   * Issuer: Huntsman International LLC

   -- Corporate Family Rating, Ba3;
   -- Senior Secured Bank Credit Facility, Ba1, LGD2, 21%;
   -- Senior Subordinated Regular Bond/Debenture, B2, LGD5, 89%.

   * Issuer: Huntsman LLC

   -- Senior Secured Regular Bond/Debenture, Ba1, LGD2, 21%;
   -- Senior Unsecured Regular Bond/Debenture, Ba3, LGD4, 57%.

Outlook Actions:

   * Issuer: Huntsman Corporation

   -- Outlook, Changed To Rating Under Review for Downgrade From
      Stable.

   * Issuer: Huntsman International LLC

   -- Outlook, Changed To Rating Under Review for Downgrade From
      Stable.

   * Issuer: Huntsman LLC

   -- Outlook, Changed To Rating Under Review for Downgrade From
      Stable.

Moody's highlighted in its March 2007 upgrade press release the
ongoing risk (and a ratings constraint) of Huntsman's adherence
to its new financial policies in the event that equity returns
are less robust than anticipated and we noted that lackluster
equity performance was a key factor in management's decision to
transform the company with asset sales.

Moody's review will also focus on the strategic benefits of the
transaction, including the cash flow anticipated from the
combination, and management's future plans to improve the
company's credit measures.  In the event the new owner decides
to refinance Huntsman's debt the ratings will likely be
withdrawn.

Huntsman Corporation -- http://www.huntsman.com/-- is a global
manufacturer of differentiated and commodity chemical products.
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.
Huntsman had revenues of US$10.6 billion for fiscal year 2006.


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


ALIYA-L LLP: Claims Registration Ends July 25
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Aliya-L 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


ALMATYENGSTROY JSC: Claims Registration Ends August 3
-----------------------------------------------------
Branch of JSC Almatyengstroy has declared insolvency.  Creditors
have until Aug. 3 to submit written proofs of claims to:

         Branch of JSC Almatyengstroy
         Kereev Str. 4/1-13
         Aktube
         Kazakhstan


ATF BANK: Purchase Agreement Cues S&P to Put B+ Rating on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that, following news of
Italian bank UniCredito Italiano SpA's share purchase agreement
to acquire a major shareholding in ATF Bank, Kazakhstan's
fourth-largest bank by assets, it has placed its 'B+' long-term
counterparty credit rating on ATF on CreditWatch with positive
implications and affirmed the 'B' short-term counterparty credit
rating.

At the same time, Standard & Poor's affirmed its 'A+' long-term
and 'A-1' short-term counterparty credit ratings on UniCredito
and its subsidiary Bank Austria Creditanstalt AG; the outlook on
both of these entities is stable.

The acquisition will be carried out through UniCredito's
subsidiary BA-CA and is subject to regulatory authorizations.

"The positive CreditWatch implications on ATF reflect the strong
upside potential for the bank's creditworthiness as a result of
the change of control," said Standard & Poor's credit analyst
Ekaterina Trofimova.

Standard & Poor's expects ATF to benefit from operational,
managerial, and financial support from UniCredito, which would
boost the bank's market franchise and financial strength in the
highly competitive and fast-growing Kazakh banking market.  S&P
expects to resolve the CreditWatch listing on completion of the
acquisition.

"The long-term rating on ATF could benefit from a one to three
notch uplift from the current stand-alone rating, depending on
the level of support and commitment from UniCredito," said Ms.
Trofimova.

The current ratings on ATF reflect its rapid loan growth in a
risky operating environment, high funding and lending
concentrations, low profitability, and core capitalization.
These weaknesses are partially offset by ATF's good commercial
domestic franchise and a dynamic and competent management team.

"The affirmation of our ratings on UniCredito and BA-CA reflect
the overall moderate impact of this potential deal on the
group's business and financial profiles," said Standard & Poor's
credit analyst Alberto di Buffa de Perrero.  "The acquisition
would, however, further increase the managerial complexity of
undertaking integrations and turnarounds in many different
Western European and CEE countries."

UniCredito's pace of growth has continued relentlessly since the
2005 purchase of Germany-based Bayerische Hypo- und Vereinsbank
AG (HVB; A/Positive/A-1), namely with the current merger
agreement with Italy's Capitalia SpA (A/Watch Pos/A-1).

UniCredito will be challenged to reach an adequate return on
investment with regard to ATF, given the high price it will have
to pay (goodwill in excess of US$1.7 billion for 100% of ATF).

The ratings on UniCredito continue to reflect the bank's strong
business and geographic diversification in its core markets of
Italy, Germany, and Austria; strategic presence in fast-growing
economies in CEE (Central and Eastern Europe); good integration
track record and clear strategy; and satisfactory profitability
at the Italian and CEE businesses.  The ratings are constrained,
however, by structurally weaker asset quality than that of
peers, the still low profitability of the German and Austrian
operations, only adequate capital ratios, and the operational
complexity in creating a European banking group operating in a
variety of regulatory and economic environments.

"We expect UniCredito to be able to maintain solid business and
financial profiles," said Mr. Buffa di Perrero.  "Operational
integration of the HVB group is on track so far, but
acquisitions currently in progress--Capitalia and ATF--represent
further managerial burdens that could stretch management in
achieving its financial and organizational targets."

A material deterioration in credit risk, any need to undertake
disproportionately high credit charges linked to legacy roblems,
or inability to turn around the current low-profit businesses
would put pressure on the current ratings.  In addition,
downward pressure could also arise if UniCredito were to
undertake material acquisitions that would further increase
managerial complexity or put the group's financial targets out
of reach.

A material increase in core profitability and capitalization,
together with a reinforcement of current asset quality, would
position UniCredito for an upgrade.


MAGISTRAL-SERVICE LLP: Claims Filing Period Ends July 31
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Magistral-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau, Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 (3292) 41-58-26
              8 701 537 15-58


MILK-WAY LLP: Creditors Must File Claims July 31
------------------------------------------------
The Tax Committee of Almaty has declared LLP Milk-Way (RNN
090400211992) 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


MIKOM LLP: Claims Filing Period Ends July 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Mikom 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


OLIVER-STONE LLP: Proof of Claim Deadline Slated for July 31
------------------------------------------------------------
The Tax Committee of Almaty has declared LLP Oliver-Stone (RNN
090400216924) 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


SAHARNY ZOVOD: Creditors Must File Claims August 7
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aksusky Sugar Plant Saharny Zovod insolvent.

Creditors have until Aug. 7 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Kabanbai Str. 104
         Usharal
         Almaty
         Kazakhstan
         Tel: 8 (3282) 2-25-92
              8 (3282) 2-18-21
              8 701 672 85-85


SAUDA-INVEST LLP: Creditors' Claims Due July 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Sauda-Invest insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Office 409
         Dostyk-Drujba ave. 215
         Uralsk
         West Kazakhstan
         Kazakhstan


UGHIMMONTAGE JSC: Proof of Claim Deadline Slated for Aug. 7
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared JSC South Chemical Montage Ughimmontage
insolvent.

Creditors have until Aug. 7 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Turkestanskaya Str. 67
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 701 516 69-72


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


DANA-TRADE HOUSE: Claims Filing Period Ends August 15
-----------------------------------------------------
LLC Dana-Trade House has declared insolvency.  Creditors have
until Aug. 15 to submit written proofs of claim.

Inquiries can be addressed to (0-502) 53-11-65.


SILK AIR: Creditors Must File Claims by August 15
-------------------------------------------------
LLC Air Company Silk Air has declared insolvency.  Creditors
have until Aug. 15 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 96-17-77.


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


BEVERAGE PACKAGING: S&P Lifts Ratings to B+ on Debt Resizing
------------------------------------------------------------
Standard & Poor's Ratings Services raised its senior secured
debt rating on the proposed EUR480 million senior notes issued
by Beverage Packaging Holdings (Luxembourg) II S.A. (BP II;
B+/Stable/--) to 'B+' from 'B', the same level as the corporate
credit rating.

In addition, the recovery rating was raised to '4' from '5',
indicating our expectation of average (30%-50%) recovery in the
event of a payment default.  P II is a related entity of
Switzerland-based aseptic cartons supplier SIG Holding AG (SIG;
B+/Stable/--).  The rating actions follow proposed changes to
the group's capital structure.

At the same time, Standard & Poor's affirmed its 'BB' senior
secured debt rating and recovery rating of '1' -- indicating our
expectation of very high (90%-100%) recovery in the event of a
payment default -- on the EUR695 million senior secured bank
facilities issued by Beverage Packaging Holdings (Luxembourg) I
S.A. (BP I; B+/Stable/--), and 'B-' subordinated debt rating and
recovery rating of '6'--indicating our expectation of negligible
(0%-10%) recovery in the event of a payment default -- on the
EUR420 million senior subordinated notes issued by BP II.

The recovery ratings factor in existing local facilities of
EUR24 million and about EUR60 million of accounts receivable
drawn under the factoring program.  A meaningful increase in
either these facilities or drawings could have a negative impact
on recovery prospects and would require the recovery ratings to
be revised.

Pro forma for the proposed debt issues by its related entities,
SIG will have the following principal debt facilities:

   -- EUR85 million superpriority revolving credit facility,
      maturing in 2014 (issued by BP I);

   -- A EUR305 million term loan B facility, maturing in 2015
      (issued by BP I);

   -- A EUR305 million term loan C facility, maturing in 2016
      issued by BP I);

   -- EUR480 million in senior notes, maturing in 2016 (issued
      by BP II); and

   -- EUR420 million in senior subordinated notes, maturing in
      2017 (issued by BP II).

                        Recovery Analysis

Senior secured lenders to the revolving credit facility and
term-loan facilities are expected to benefit from a standard
first-lien security and guarantee package (expected to be taken
in full by early 2008).  The lenders to the term facilities will
rank behind lenders to the revolving credit facility on
enforcement.

Senior and senior subordinated lenders to the EUR480 million and
EUR420 million notes will benefit from weak security packages
comprising limited subordinated share pledges and guarantees of
second and third priority, respectively.

The documentation contains one financial covenant in the bank
documentation restricting senior secured leverage at 4.5x--
although this is somewhat weakened by an equity cure provision--
and standard non-financial covenants, including a cash sweep.

The senior and senior subordinated notes have call protection of
four and five years, respectively.

The group's operations are located in a number of jurisdictions,
so cross-jurisdictional issues and legal restrictions could
affect the enforceability or ultimate value of certain
guarantees.

To calculate recoveries, Standard & Poor's simulates a default
scenario.  We have used an enterprise valuation approach, as we
believe the value of the group lies more in its long-standing
relationships with customers and technological know-how than in
discrete assets.

Standard & Poor's hypothetical default scenario assumes a
potential combination of the following factors:

   -- Relatively slow revenue growth due to increased
      competition (mainly from substitution by polyethylene
      terephthalate {PET} bottles) and

   -- weaker-than-expected general market conditions, with the
      compound annual growth rate totaling 3.7% between 2006-
      2010.

   -- Pressure on gross margins due to unfavorable polyethylene
      and aluminium raw material price dynamics, further
      aggravated by deteriorating terms of the cartonboard
      supply contracts due for renewal in 2010.

   -- An increase in marketing costs in order to accelerate
      sales.

   -- Higher interest costs to account for a possible base-rate
      increase and to secure covenant waivers.

Under our default scenario, a payment default is unlikely to
occur before mid to late 2010, at which point the amount of
outstanding debt that would have to be covered is estimated at
about EUR1.75 billion (including the EUR85 million revolving
credit facility), assuming that the revolving credit facility is
fully drawn and that drawings under local facilities and the
accounts receivable factoring program remain at the current
level.  At the simulated point of default, EBITDA is expected to
have declined by less than 20% from pro forma adjusted EBITDA of
EUR239 million for the 12 months to March 31, 2007.

Using primarily a discounted cash flow analysis, the enterprise
value at the point of default is estimated to be about EUR1.2
billion.  Priority liabilities include local debt facilities of
about EUR24 million, accounts receivable factoring of about
EUR60 million, and the costs of enforcement.  The EUR85 million
revolver ranks ahead of the term debt in repayment priority.  In
determining the waterfall of payments, we have assumed a going-
concern sale with the possibility of a court-supervised process.

Trade, tax, and pension creditors in jurisdictions considered by
Standard & Poor's to be secured-creditor friendly (as
apportioned in accordance with the group's sales breakdown) are
assumed to rank pari passu with senior notes lenders benefiting
from guarantees, with the remainder exercising structural
priority toward the senior noteholders, although ranking behind
the senior secured loan holders.

This provides very high (90%-100%) coverage for the senior
secured bank debt, resulting in a recovery rating of '1',
average (30%-50%) coverage for the senior notes, resulting in a
recovery rating of '4', and negligible (0%-10%) coverage for the
senior subordinated notes, resulting in a recovery rating of
'6'.


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


E-MAC PROGRAM: S&P Assigns BB Prelim Ratings to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the residential mortgage-backed floating-rate
notes to be issued by E-MAC Program B.V. Compartment NL 2007-
III, a special purpose entity.

This is the fourth transaction under the segregated issuance
program "E-MAC Program B.V." established by GMAC RFC Nederland.
The structure follows closely the previous E-MAC NL transactions
but for the first time in an E-MAC NL transaction, one class
will be denominated in U.S. dollars.  Other classes are
denominated in euros.

The originators in this transaction are GMAC RFC Nederland B.V.,
Quion 20 B.V., and Atlas Funding B.V.  All three originators are
wholly owned subsidiaries of GMAC RFC Investments B.V.

The collateral is a pool of mortgage loans that are secured by
first-ranking or first- and sequentially lower-ranking mortgages
over residential properties in The Netherlands.

                          Ratings List

E-MAC Program B.V. Compartment NL 2007-III
   EUR550 Million (Equivalent) Residential Mortgage-Backed
   Floating-Rate Notes And EUR1.7 Million Excess-Spread-Backed
   Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          rating        (Mil. EUR equiv.)
           -----          ------         ---------------
            A1             AAA               308.7
            A2             AAA               205.8
            B              AA+                13.2
            C              A+                  9.9
            D              BBB                12.4
            E (2)          BB                  1.7

(1) The class A1 notes will be denominated in U.S. dollars, all
    other classes in euros.

(2) The proceeds of the class E notes will be used to fund the
    reserve fund.  Therefore, the class E notes provide credit
    enhancement in the capital structure, rather than in the
    form of class subordination.


LEAR CORP: Reschedules 2007 Annual Meeting to July 12
-----------------------------------------------------
Lear Corporation has rescheduled its 2007 Annual Meeting to
July 12, 2007 to allow stockholders sufficient time to evaluate
the company's response to recent criticisms of the proposed
merger with American Real Estate Partners, L.P., a diversified
holding company and an affiliate of Carl C. Icahn.

The company has also filed with the U.S. Securities and Exchange
Commission a letter to all stockholders from an independent
special committee of Lear's Board of Directors, reviewing the
major reasons why the Board strongly recommends a vote in favor
of the AREP proposal and addressing certain inaccurate
statements by opponents of the transaction.

In its letter to stockholders, the special committee emphasizes
that:

   1) Under objective valuation measures, the US$36 per share
      offer price is fair to stockholders, and is more than
      double Lear's stock price of just over a year ago.

   2) The company aggressively sought out higher bids by
      contacting 41 potential strategic and financial buyers,
      with no competing offers being received.

   3) There is significant execution risk to Lear's long-term
      business plan:

      * Lear's results are highly dependent on SUV and light
        truck sales, which are trending lower;

      * A significant labor disruption or strike would
        materially impact Lear and its supply chain;

      * Recent improvements in the company's financial
        performance do not materially change the long-term
        outlook;

      * CEO Bob Rossiter's personal interests had no impact on
        the merger decision-making process or outcome.  Ultimate
        authority for the merger rested with an active special
        committee and Lear's Board; and

      * Volatility and structural change within the automotive
        sector are likely to continue for the foreseeable
        future.

Lear's Annual Meeting, originally scheduled for June 27, 2007,
is now scheduled to be held on July 12, 2007 at 10:00 a.m.,
E.S.T., at Hotel du Pont, 11th and Market Streets in Wilmington,
Delaware.  Lear will continue to solicit proxies between now and
the Annual Meeting.

The record date for stockholders entitled to vote on the Merger
Proposal and other such matters that may be considered at the
Annual Meeting remains May 14, 2007.

The company's Board of Directors, on the unanimous
recommendation of a special committee of independent directors,
has approved the merger agreement and recommends that Lear's
stockholders vote "FOR" adoption of the Merger Proposal.  As
announced on Feb. 9, 2007, Lear entered into the merger
agreement pursuant to which Lear's stockholders will be entitled
to receive, subject to consummation of the merger, $36.00 in
cash for each share they own, without interest and less any
applicable withholding tax.

                    About American Real Estate

American Real Estate Partners, L.P. (NYSE: ACP) --
http://www.arep.com/-- is a diversified holding company engaged
in a variety of businesses including hotel and casino
operations, rental real estate, real estate development, hotel
and resort operation, home fashion and investments in equity and
debt securities.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


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


AGRAMAK LLC: Tatarstan Bankruptcy Hearing Slated for Sept. 13
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 2:30 p.m. on
Sept. 13 to hear the bankruptcy supervision procedure on LLC
Agricultural Company Agramak.  The case is docketed under Case
No. A65-5175/2007-SG4-21.

The Insolvency Manager is:

         M. Salikhzyanov
         Post User Box 15
         Kazan
         420061 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Agramak
         Yulsubirovo
         Rybno-Slobodskiy
         Tatarstan
         Russia


AGRO-SNAB OJSC: Creditors Must File Claims by August 2
------------------------------------------------------
Creditors of OJSC Agro-Snab have until Aug. 2 to submit proofs
of claim to:

         S. Shaydurova
         Insolvency Manager
         Apartment 33
         Puteyskaya Str. 49
         672023 Chita
         Russia

The Arbitration Court of Chita commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A-78-6249/2006-B-756.

The Debtor can be reached at:

         OJSC Agro-Snab
         60 Let Oktyabrya Str.
         Kalga
         674340 Chita
         Russia


ALEKSEEVSKOYE CJSC: Creditors Must File Claims by July 2
--------------------------------------------------------
Creditors of CJSC Agro-Industrial Association Alekseevskoye have
until July 2 to submit proofs of claim to:

         A. Ershov
         Insolvency Manager
         Post User Box 221
         410005 Saratov
         Russia

The Arbitration Court of Saratov will convene at 10:10 a.m. on
Sept. 20 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-57-3871/07-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Agro-Industrial Association Alekseevskoye
         Novo-Alekseevskoye
         Voskresenskiy
         413050 Saratov
         Russia


ALFA BANK: Closes US$500 Million Five-Year Eurobond Issue
---------------------------------------------------------
Alfa-Bank Group has successfully closed a US$500 million five-
year Eurobond transaction.  This is the fifth and largest
drawdown to date under the US$2 billion EMTN (Euro Medium Term
Notes) Program which Alfa-Bank established in June 2004.

The Bank's first Rule 144A EMTN issue, maturing on June 25,
2012, was priced at par at the tight end of the initial price
guidance, at 8.20%.  The bonds are listed on the London Stock
Exchange.  Credit Suisse and UBS acted as Lead Managers on the
deal.

The transaction attracted strong institutional investor interest
with 91 investors coming into the deal.  More than half of them
participated in Alfa-Bank's EMTN transactions for the first
time.

The issue met broad geographic distribution with 46% of the
orders coming from the USA, 26% from the U.K., 8% from
Switzerland, 7% from The Netherlands, 4% from Italy, 4% from
Asia and 5% from the rest of the world.  In terms of account
type, investment funds accounted for roughly half of the book,
with significant orders also coming in from banks and hedge
funds.

"We are very proud of this transaction, which has a number of
unique features for Alfa-Bank.  Firstly, this is the longest
tenor transaction issued under Alfa-Bank's EMTN Programme.  It
is also the first Rule 144A offering made under the Programme,
targeting institutional investors based in the United States.
High demand from both US and European investors, despite current
volatility on the markets, demonstrates that there is strong
investor confidence in our bank", says Alfa-Bank CFO Andrew
Baxter.

The issue is rated "BB" by Standard & Poor's and "Ba1" by
Moody's.  The proceeds will be used for general corporate
purposes.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for the year 2005 was US$180.6 million.

                         *     *     *

In a TCR-Europe report on March 5, 2007, Fitch Ratings assigned
Alfa Bond Issuance PLC's US$300 million issue of limited
recourse 8.635% loan participation notes due February 2017 a
Long-term rating of 'B+'.

As reported in the TCR-Europe on Dec 26, 2006, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Alfa-Bank to BB from BB-.  The short-term rating on the bank
was affirmed at B.  The outlook is stable.  At the same time,
the Russian national scale rating was raised to ruAA from ruAA-.

As reported in the TCR-Europe on Oct. 6, 2006, Fitch Ratings
assigned Alfa MTN Issuance Limited's US$400 million 7.875% notes
issue due October 2009 a Long-term BB- rating.  The proceeds
from the issue will be on-lent to Alfa Bank, rated Issuer
Default BB-/Outlook Stable, Short-term B, Support 4, Individual
C/D, and National Long-term A+/Outlook Stable.


ALTAIR CJSC: Creditors Must File Claims by August 2
---------------------------------------------------
Creditors of CJSC Oil Company Altair have until Aug. 2 to submit
proofs of claim to:

         D. Natalkin
         Insolvency Manager
         Apartment 43
         Room 5
         Y. Gagarina Pr. 26
         196135 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32548/2006.

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:

         CJSC Oil Company Altair
         Rustavelli Str. 40
         St. Petersburg
         Russia


KUMERTAUSKIY FACTORY: Creditors Must File Claims by July 2
----------------------------------------------------------
Creditors of LLC Kumertauskiy Factory of Building Materials have
until July 2 to submit proofs of claim to:

         R. Yakupov
         Insolvency Manager
         Office 3
         Revolyutsionnaya Str. 5
         Ishimbaj
         453200 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-7580/06-G-FLE.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         R. Yakupov
         Insolvency Manager
         Office 3
         Revolyutsionnaya Str. 5
         Ishimbaj
         453200 Bashkortostan
         Russia


KUPINSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on OJSC Meat Combine Kupinskiy.  The
case is docketed under Case No. A45-17159/05-10/297.

The Temporary Insolvency Manager is:

         A. Petrov
         Office 316
         Nemirovicha-Danchenko Str. 165
         630087 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Meat Combine Kupinskiy
         Mira Str. 65
         Kupino
         632735 Novosibirsk
         Russia


LYUBAVA-2 OJSC: Asset Sale Slated for July 18
---------------------------------------------
The insolvency manager and bidding organizer for OJSC Lyubava-2,
will open a public auction for the company's properties at
3:00 p.m. on July 18 at:

         The Insolvency Manager and Bidding Organizer
         Obvodnogo Kanala Quay 181
         St. Petersburg
         Russia

Interested participants have until July 13 to deposit an amount
to:

         OJSC Lyubava-2
         Settlement Account 40702810900000000623
         Correspondent Account 30101810100000000376
         BIK 044583376
         Dil-bank (LLC)
         Moscow
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Obvodnogo Kanala Quay 181
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC Lyubava-2
         Akatovo
         Murmansk
         Russia


OMSK-TIRE OJSC: Amur Bankruptcy Hearing Slated for Aug. 9
---------------------------------------------------------
The Arbitration Court of Amur will convene on Aug. 9 to hear
the bankruptcy supervision procedure on OJSC Omsk-Tire (TIN
2801069079).  The case is docketed under Case No. A04-55/07-6/
6 B.

The Temporary Insolvency Manager is:

         A. Bolbot
         Gorkogo Str. 152
         Blagoveshensk
         675000 Amur
         Russia

The Debtor can be reached at:

         OJSC Omsk-Tire
         Office 13
         Kalinina Str. 137
         Blagoveshensk
         Amur
         Russia


PERESLAVSKIY HERMITAGE: Creditors Must File Claims by July 2
------------------------------------------------------------
Creditors of CJSC Pereslavskiy Hermitage have until July 2 to
submit proofs of claim to:

         A. Kobzarev
         Insolvency Manager
         Voshazhnikovskaya Str. 38/6
         Borisoglebskiy
         152710 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A82-7739/06-43-B/418.

The Debtor can be reached at:

         CJSC Pereslavskiy Hermitage
         Rostovskaya Str. 5
         Pereslavl-Zalesskiy
         152025 Yaroslavl
         Russia


PROGRESS OJSC: Creditors Must File Claims by Aug. 2
---------------------------------------------------
Creditors of OJSC Progress have until Aug. 2 to submit proofs of
claim to:

         V. Shvayko
         Insolvency Manager
         Buynakskaya Str. 2/56
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene at 11:30 a.m. on Oct. 1 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A53-11301/06-S2-8.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Progress
         Lenina Str. 20
         Progress
         Volgodonskiy
         Rostov
         Russia


SALSK-AGRO-PROM-MEKH-MONTAZH: Claims Filing Period Ends Aug. 2
--------------------------------------------------------------
Creditors of CJSC Salsk-Agro-Prom-Mekh-Montazh have until Aug. 2
to submit proofs of claim to:

         S. Borovlev
         Insolvency Manager
         Post User Box 2867
         344111 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A53-5988/06-S2-8.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Salsk-Agro-Prom-Mekh-Montazh
         Lesnaya Str. 40a
         Salsk
         347633 Rostov
         Russia


TETYUSHSKOYE TRANSPORT: Creditors Must File Claims by July 2
------------------------------------------------------------
Creditors of OJSC Tetyushskoye Transport Enterprise have until
July 2 to submit proofs of claim to:

         D. Kozhevnikov
         Insolvency Manager
         Post User Box 222
         Gvardeyskaya Str. 42
         Kazan
         420073 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A65-6916/2007-SG4-21.

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 Tetyushskoye Transport Enterprise
         Polevaya Str. 8
         Tetyushi
         Tatarstan
         Russia


VARIANT-INFORM CJSC: Creditors Must File Claims by Aug. 2
---------------------------------------------------------
Creditors of CJSC Variant-Inform have until Aug. 2 to submit
proofs of claim to:

         E. Ogorodov
         Insolvency Manager
         Post User Box 3488
         432072 Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A72-1480/06-20/48-B.

The Debtor can be reached at:

         CJSC Variant-Inform
         Tolstogo Str. 54
         432071 Ulyanovsk
         Russia


WOODWORKING WORKSHOP: Creditors Must File Claims by Aug. 2
----------------------------------------------------------
Creditors of Municipal Unitary Enterprise Woodworking Workshop
have until Aug. 2 to submit proofs of claim to:

         V. Karteshkov
         Insolvency Manager
         Rechnaya Str. 40
         Salavat
         453250 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-3759/05-G-KhRM.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Woodworking Workshop
         Salavat
         Bashkortostan
         Russia


YUNAKOVSKOYE LLC: Bankruptcy Hearing Slated for Sept. 19
--------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m.
on Sept. 19 to hear the bankruptcy supervision procedure on
LLC Yunakovskoye.  The case is docketed under Case No.
A14-3146-2007/11/27b.

The Temporary Insolvency Manager is:

         V. Volgin
         Apartment 3
         Kutsygina Str. 35
         394006 Voronezh
         Russia
         Tel: (4732)51-24-67, 8-910-247-50-69

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         V. Volgin
         Apartment 3
         Kutsygina Str. 35
         394006 Voronezh
         Russia
         Tel: (4732)51-24-67, 8-910-247-50-69


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


AYT GENOVA: S&P Rates Spanish RMBS Class D Notes at BB-
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.05 billion mortgage-backed floating-
rate notes to be issued by AyT Genova Hipotecario X Fondo de
Titulizacion Hipotecaria, a special purpose entity.

This will be the 12th RMBS securitization of Barclays Bank
S.A.'s mortgage loans in Spain.

In this transaction, Barclays Bank S.A. will act as originator,
servicer, and paying agent.  The swap counterparty will be the
Spanish branch of Barclays Bank PLC.

The mortgage loans representing the collateral of the
transaction are mortgage participations (participaciones
hipotecarias, PHs) with an LTV ratio lower than or equal to 80%.
These loans are mainly originated in Madrid, Andalucia, and
Catalonia, have first-ranking security, and are for the purpose
of property acquisition.

AyT Genova X will acquire a group of mortgage loans held by
Barclays Bank S.A. granted to individuals domiciled in Spain.
Barclays Bank S.A. will issue the PHs and the issuer will
subscribe to them.  AyT Genova X will then finance its purchase
of the PHs by issuing the notes.

                          Ratings List

AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria
   EUR1.05 Billion Mortgage-Backed Floating-Rate Notes

                           Prelim.        Prelim. Amount
            Class          Rating           (Mil. EUR)
            -----          ------            ---------
             A1             AAA                220.50
             A2             AAA                787.50
             B              A                   15.75
             C              BBB+                11.55
             D              BB-                 14.70


GC PASTOR: Moody's Junks EUR10.5 Million Series D Notes
-------------------------------------------------------
Moody's Investors Service assigned these ratings to five series
of Bonos de Titulizacion de Activos issued by GC Pastor
Hipotecario 5 Fondo de Titulizacion de Activos, a Spanish asset
securitisation fund that has been created by Gesticaixa,
S.G.F.T., S.A.:

   -- Aaa to the EUR175 million Series A1 notes;
   -- Aaa to the EUR492.8 million Series A2 notes;
   -- A1 to the EUR24.9 million Series B notes;
   -- Baa2 to the EUR7.3 million Series C notes; and
   -- Ca to the EUR10.5 million Series D notes.

The ratings address the expected loss posed to investors by the
legal final maturity (June 30, 2046).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A1, A2, B and C at par, on or
before the final legal maturity date and for ultimate payment of
interest and principal at par on or before the final legal
maturity date on Series D.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

As of May 2007, the portfolio comprised 5,958 loans,
representing a provisional portfolio of EUR939,445,036.86.  The
loans are first-lien mortgages granted by Banco Pastor to
individuals (83.63%) and Small and Medium Enterprises (16.37%)
resident in Spain for the acquisition or refurbishment of
primary residential homes located in Spain but also for the
acquisition of premises, machinery, autos and parking space.
All the properties on which the mortgage security has been
granted are
covered by a damage insurance policy.  Most of the mortgaged
properties are "residential" in nature; in fact, a large portion
of the pool (87.37%) meets the necessary conditions to be
considered as an RMBS pool.  Geographically, the pool is
concentrated in the Region of Catalonia (23%), Madrid (18%),
Galicia (14%) and Andalusia (13%).

At closing there will be 1% loans 30 to 45 days past due, which
has been reflected in Moody's credit enhancement calculations.
The loans have been originated between 2000 and December 2006,
with a weighted average seasoning of 1 year and a weighted
average remaining term of 25.2 years.  The longest loan matures
in June 2043.  The original weighted average LTV was 67.70%, the
current weighted average LTV is 64.81%.

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

   (1) Interest Rate Swap provided by Banco Pastor which
       guarantees 60 bps excess spread plus the servicing fees
       in case of Banco Pastor is replaced as servicer;

   (2) a reserve fund that is fully funded upfront from Series D
       issuance, to cover a potential cash flow shortfalls;

   (3) an 18-month artificial write-off mechanism which allows
       excess spread provisioning; and

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

Weaker features include:

   (1) borrower concentration higher than in the standard
       Spanish RMBS deal;

   (2) some mortgages belong to a specific product offered by
       Banco Pastor that allows the option of a reduction in
       their margin if additional products are taken by the
       debtor and there are caps on some of the mortgage loans
       (both risks are mitigated by the swap);

   (3) the deferral of interest payments on each of Series B and
       C which increases the expected loss on these subordinated
       series; and

   (4) pro-rata amortization of the B and C series of notes
       which leads to reduced credit enhancement of the senior
       series in absolute terms.  These issues have all been
       reflected in Moody's Credit Enhancement calculation.

Moody's bases its ratings on:

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

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and excess spread available
       to cover losses.


IM GRUPO BANCO: S&P Junks EUR39 Million Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2.039 billion floating-rate notes to be
issued by IM GRUPO BANCO POPULAR FTPYME II, Fondo de
Titulizacion de Activos, a special purpose entity.

The portfolio for this transaction comprises loans to Spanish
SMEs.  The originators of this transaction are: Banco de
Andalucia S.A., Banco de Castilla S.A., Banco de Credito Balear
S.A., Banco de Galicia S.A., Banco de Vasconia S.A., and Banco
Popular Espanol, S.A.

This will be the seventh securitization undertaken by Grupo
Banco Popular.  IM GRUPO BANCO POPULAR FTPYME II is the fourth
CLO of loans originated to SME corporate clients.  This
securitization comprises a mixed pool of underlying mortgage-
backed and unsecured assets.

                         Ratings List

IM GRUPO BANCO POPULAR FTPYME II, Fondo de Titulizacion de
   Activos EUR2.039 Billion Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          rating          (Mil. EUR)
           -----          ------           --------
           A1             AAA              1,463.0
           A2             AAA                200.3
           A3(G)(1)       AAA                221.7
           B              AA                  47.0
           C              A                   23.0
           D              BBB                 45.0
           E(2)           CCC-                39.0

(1) The class A3(G) notes are protected by a EUR221.7 million
    guarantee from the Kingdom of Spain.  The standalone
    preliminary credit rating on the class A3(G) notes is 'AAA'.

(2) The class E notes will be issued to fund the initial reserve
    fund.  The reserve fund will build to its required amount by
    the trapping of excess spread.


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


SAS AB: Selling Stakes in Foreign Units to Cut Costs
----------------------------------------------------
The SAS Group plans to sell its stakes in its foreign
subsidiaries to save costs and focus on flight operations in
northern Europe, Jann Bettinga writes for Bloomberg News.

SAS intends to sell its stake in:

   -- Spanair S.A. (94.9%)
   -- BMI (around 20%), and
   -- Air Greenland (37.55%).

SAS said the disposals would allow it to save SEK2.8 billion in
costs and hike pretax profits to SEK4 billion annually, BBC
reports.

"Through the new direction, SAS will create over a four-year
period the preconditions for growth in all markets and increase
the number of passengers by a total of 20 percent," SAS said.

The company will also review its SAS Ground Services and SAS
Technical Services units for possible disposal.

"The purpose is to determine which parts of its operations SAS
should continue to operate on its own and which parts should be
operated by other players," SAS said.

SME Direkt expects the stake disposals to fetch SEK7.7 billion
for SAS, Bloomberg News says.

SAS spokesman Hans Ollongren refused to reveal whether the
company is in talks with potential buyers for Spanair, which
offers scheduled and charter flights to Spain, northern Africa
central Europe, Copenhagen and Stockholm.

"It makes much strategic sense for SAS to sell Spanair," Michael
Nielsen of Jyske Bank A/S, told Bloomberg News.  "Spanair is
lucrative and has potential, so it should be able to give SAS
some much needed cash to bring down debt and invest in new
aircraft."

                            About SAS

Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- owns SAS Group, which engages in the
provision of air transport and related services.  The
governments of Sweden, Denmark and Norway own 50% of the
company.

                            *    *    *

On April 4, 2007, in Moody's Investors Service's confirmed its
B1 Corporate Family Rating for SAS AB and these senior secured
loans:

* Issuer: SAS Denmark-Norway-Sweden
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR1-billion
   Sr. Unsecured
   Medium-Term
   Note Program             B2       B1       LGD3    48%

   1% Senior Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   1.305% Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   1.12% Sr. Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   CZK750-million
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   EUR500-million
   6% Senior Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   CHF200-Million 2.375%
   Sub. Regular Bond/
   Debenture                B3       B3       LGD6    96%


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


BIRRER MECHATRONIC: Creditors' Liquidation Claims Due July 9
------------------------------------------------------------
Creditors of LLC Birrer Mechatronic have until July 9 to submit
their claims to:

         Liselotte Birrer-Felber
         Liquidator
         Dorfstrasse 4
         5224 Linn
         Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Birrer Mechatronic
         Linn
         Brugg AG
         Switzerland


CENTERTELECOM OAO: Earns RUR1.84 Billion for 2006
-------------------------------------------------
OAO CenterTelecom posted RUR1.84 billion in net profit on
RUR29.48 billion in revenues for the year ended Dec. 31, 2006,
compared with RUR1.4 billion in net losses on RUR28.67 billion
in net revenues for the year ended Dec. 31, 2005.

The figures were prepared according to International Financial
Reporting Standards.

CenterTelecom also posted a 120% rise in operating profit to
RUR5.29 billion and a 67.6% hike in EBITDA to RUR10.8 billion.

The company also posted RUR2.62 billion in pre-tax profit for
2006, compared with RUR1.04 billion in pre-tax losses for 2005.

In 2006, the company approved a financial strategy aimed at a
reduction in and restructuring of CenterTelecom’s debt.  In line
with this strategy the company issued RUR3 billion in 05 series
bonds, RUR4 billion in bills and received a US$115-million loan
from Deutsche Bank.  The funds were spent for the payment of
short term debts and replacement of short term liabilities.
Company reduced its total active debt by RUR1.32 billion.

In 2007, OAO CenterTelecom plans to continue the approved
financial strategy.  Most new funds in 2007 will be through
long-term borrowings.  Considering the reduction of previous
debt the company expects to keep decreasing its debt load and to
improve the structure of its debt portfolio in 2007.

Alexander Lutsky, CenterTelecom chief financial officer, said
the financial results reflect the management team’s efforts
aimed at strengthening the company’s competitiveness and
improvement of CenterTelecom’s financial performance.

                       About CenterTelecom

Headquartered in Moscow, Russia, OAO CenterTelecom --
http://www.centertelecom.ru/eng-- provides fixed-line and
mobile communications in the Russian Central Federal District.
CenterTelecom had a charter capital of RUR6.31 billion (about
US$234 million) as of July 1, 2006.

                            *   *   *

As of Feb. 5, 2007, OAO CenterTelecom carries Standard & Poor's
B Corporate Credit Rating with stable outlook.  At the same
time, the company carries Fitch's Issuer Default B-, Short-term
B, National Long-term BB+ and a BB+ rating on its RUR3 billion
notes due August 2011 with stable outlook.


CORAL CONSULTING: Creditors' Liquidation Claims Due July 10
-----------------------------------------------------------
Creditors of JSC Coral Consulting have until July 10 to submit
their claims to:

         Dr. Herbert Trachsler
         Liquidator
         Seefeldstrasse 283
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Coral Consulting
         Baar ZG
         Switzerland


GAZPROM NEFT: Gazprom Envoys Dominate Board of Directors
--------------------------------------------------------
Shareholders of OAO Gazprom Neft has appointed the company's new
board of directors, composed entirely of representatives from
main shareholder OAO Gazprom, RIA Novosti reports.

Comprising Gazprom Neft's board are:

   -- Alexei Miller as management board chairman,
   -- Alexei Kruglov,
   -- Velery Golubev,
   -- Kiril Selezniov,
   -- Konstantine Chuichenko,
   -- Nikoilai Dubik,
   -- Olga Pavlova,
   -- Vasily Podiuk, and
   -- Alexander Mikheev.

Two representatives from OAO Yukos Oil Co. -- Sergey Bisirkin,
Yuri Khudiakov -- had been members of the board.

Shareholders also appointed Andrey Belobrov, Rafael Ishutin and
Vitaly Kovalev as members of the check-up committee.

Shareholders likewise approved the company's accounts and
appointed PricewaterhouseCoopers Audit as auditor.

                      About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the
Omsk Refinery.

                            *   *   *

As of May 28, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Outlook is
positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  Outlook
is positive.


IDEAL DIGITAL: Creditors' Liquidation Claims Due July 9
-------------------------------------------------------
Creditors of LLC ideal Digital have until July 9 to submit their
claims to:

         JSC Euro Treuhand & Beratung
         Liquidator
         Gaiserwaldstrasse 6
         9015 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC ideal Digital
         St. Gallen
         Switzerland


MB GENERALUNTERNEHMUNG: Claims Registration Period Ends July 9
--------------------------------------------------------------
The Bankruptcy Court of Enge-Zurich commenced bankruptcy
proceedings against JSC MB Generalunternehmung on Feb. 21.

Creditors have until July 9 to file their written proofs of
claim.

The Bankruptcy Service of Enge-Zurich can be reached at:

         Bankruptcy Service of Enge-Zurich
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC MB Generalunternehmung
         Todistrasse 48
         8002 Zurich
         Switzerland


PICALDI SPORTSWEAR: Claims Registration Period Ends July 9
----------------------------------------------------------
The Bankruptcy Court of Oerlikon-Zurich commenced bankruptcy
proceedings against JSC PICALDI Sportswear on Feb. 27.

Creditors have until July 9 to file their written proofs of
claim.

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC PICALDI Sportswear
         Hinterdorfstrasse 40
         8405 Winterthur ZH
         Switzerland


Q-JUMPERS LLC: Claims Registration Period Ends July 9
-----------------------------------------------------
The Bankruptcy Court of Wald commenced bankruptcy proceedings
against LLC Q-Jumpers on April 18.

Creditors have until July 9 to file their written proofs of
claim.

The Bankruptcy Service of Wald can be reached at:

         Bankruptcy Service of Wald
         8636 Wald
         Switzerland

The Debtor can be reached at:

         LLC Q-Jumpers
         Werner-Weber-Strasse 11
         8630 Ruti
         Switzerland


SARAH HOLDING: Creditors' Liquidation Claims Due July 10
--------------------------------------------------------
Creditors of JSC Sarah Holding have until July 10 to submit
their claims to:

         Dr. Herbert Trachsler
         Liquidator
         Seefeldstrasse 283
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Sarah Holding
         Zug
         Switzerland


SIBAC LLC: Creditors' Liquidation Claims Due July 9
---------------------------------------------------
Creditors of LLC SIBAC have until July 9 to submit their claims
to:

         Hanspeter Attenhofer
         Liquidator
         Barzstrasse 5
         5330 Zurzach AG
         Switzerland

The Debtor can be reached at:

         LLC SIBAC
         Fisibach
         Zurzach AG
         Switzerland


SURA LLC: Claims Registration Period Ends July 9
------------------------------------------------
The Bankruptcy Court of Elgg in Zurich commenced bankruptcy
proceedings against LLC Sura on May 10.

Creditors have until July 9 to file their written proofs of
claim.

The Bankruptcy Service of Elgg can be reached at:

         Bankruptcy Service of Elgg
         8353 Elgg
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Sura
         Obergasse 2
         8353 Elgg
         Winterthur ZH
         Switzerland


TRANSNEFT OAO: Appraiser Values Firm at RUR400 Billion
------------------------------------------------------
A state-appointed appraiser has valued OAO Transneft at around
RUR400 billion (US$15.4 billion) in time for its merger with OAO
AK Transneftprodukt, Kommersant reports citing sources privy to
the matter.

The valuation places Transeft's share price at around US$2,500
each, Kommersant relates, adding that the appraisers set the
price with an eye to its outlook and position on the market.

Under the merger plan, Transneft will issue new shares to
Transneftprodukt's owners in exchange for a 100% stake in the
oil product pipeline firm.  Russia's Federal Property Management
Agency has hired Kim & Partners to conduct a valuation of the
new shares.

                         About Transneft

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

                        *     *     *

OAO Transneft carries Fitch's 'BB' rating.


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

         Hanspeter Attenhofer
         Liquidator
         Barzstrasse 5
         5330 Zurzach AG
         Switzerland

The Debtor can be reached at:

         JSC USCor
         Herisau AR
         Switzerland


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


VESTEL ELEKTRONIK: S&P Holds B+ Rating Amid Operating Pressures
---------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
positive its outlook on Turkey-based consumer electronics and
white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret
A.S., reflecting pressures on revenues and margins.  The 'B+'
long-term corporate credit rating on Vestel was affirmed.

"The outlook revision reflects ongoing pressures on Vestel's
revenues and margins, particularly in TV exports to the EU, a
key market," said Standard & Poor's credit analyst Patrice
Cochelin.  The rapid demand shift to flat TVs (liquid crystal
display and plasma), away from cathode ray tube based models has
challenged Vestel's volume growth.

The ratings on Vestel remain primarily constrained by the
volatile Turkish macroeconomic environment and resulting
currency swings; the company's significant debt burden; and the
highly competitive nature of its end-markets.  The group's cost-
efficient manufacturing continues to support the rating.  Vestel
derived 76% of revenues from exports in the 12 months ended
March 31, 2007.

At March 31, 2007, Vestel had gross debt and letters of credit
of about US$825 million.

"The stable outlook reflects our expectations that Vestel's
strengthening position in white goods will help offset near-term
pressure on TV sales in the EU," said Mr. Cochelin.

Growth in white goods remains strong (revenues were up 31%, year
on year, in first-quarter 2007), thanks to exports, but domestic
demand is held back by political uncertainty.  In addition,
pricing pressure on LCD and the strengthening of the Turkish
lira are affecting group export revenues and profits.

The outlook could be revised to negative if the company does not
address refinancing needs in time, or if pressures on cash flow
generation increase.

In the medium term, an improvement in operating performance and,
particularly, cash flow generation, could lead to a revision of
the outlook back to positive.


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


ALANSON GROUP: Creditors Must File Claims by July 1
---------------------------------------------------
Creditors of LLC Alanson Group (code EDRPOU 34349348) have until
July 1 to submit their proofs of claim to:

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/156-b.

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

The Debtor can be reached at:

         LLC Alanson Group
         L. Pervomaysky Str. 10/2
         01133 Kiev
         Ukraine


BIOLOGISTS LLC: Claims Filing Deadline Set July 1
-------------------------------------------------
Creditors of LLC Production-Commerce Firm Biologists (code
EDRPOU 24944674) have until July 1 to submit their proofs of
claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 12/77-B-07.

The Debtor can be reached at:

         LLC Production-Commerce Firm Biologists
         Domostroitelnaya Str. 6
         73000 Herson
         Ukraine


DRUZHNIANSKOE LLC: Creditors Must File Claims by July 1
-------------------------------------------------------
Creditors of Agricultural LLC Druzhnianskoe (code EDRPOU
00849563) have until July 1 to submit their proofs of claim to:

         Alexander Bandola
         Liquidator
         Apartment 31
         Khokhlovy Str. 6-B
         04119 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Druzhnianskoe
         Lenin Str. 1
         Druzhnia
         Borodiansky District
         Kiev
         Ukraine


FUST LLC: Claims Filing Deadline Set July 1
-------------------------------------------
Creditors of LLC Fust (code EDRPOU 33626613) have until July 1
to submit their proofs of claim to:

         Vladimir Barantsov
         Temporary Insolvency Manager
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on April 10.  The case is docketed
under Case No. 10/172/07.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Fust
         World Avenue 34
         Nikolaev
         Ukraine


INTERPIPE LTD: Fitch Assigns B+ IDR with Stable Outlook
-------------------------------------------------------
Fitch Ratings has assigned Interpipe Limited a Long-term Issuer
Default 'B+' rating and a Short-term Issuer Default 'B' rating.
The Outlook on the Long-term Issuer Default rating is Stable.

"The ratings reflect Interpipe's leading position in the
Ukrainian steel pipes and wheels market, diversified revenues
portfolio as well as strong financial profile," says Angelina
Valavina, Director of Fitch's Industrials team.  As the largest
steel pipes and wheels producer in Ukraine and one of the ten
largest producers in the world, the company can take advantage
of further industry growth.

Interpipe is well positioned among its international pipe peers,
based on its low indebtedness and relatively high profitability
driven by favorable industry prospects and a low-cost production
base.  Its Fiscal-Year 2006 EBITDA margin was 25.5% compared
with international pipe producers' average of 22.6%.  In
addition, Interpipe has a low leverage of 0.5x versus the
international peer average of 1.5x.  Nonetheless, its financial
metrics are in line with those of Russian metals and mining
companies.  Fitch believes Interpipe's strong financial profile
can help mitigate any potential impact arising from an industry
downturn.

Furthermore, Fitch notes Interpipe's diversified portfolio by
product, compared to a typical pipes company.  Although pipes
are the main driver of revenues, wheels are a key contributor to
profitability.  The company's revenues are also diversified by
geography, with exports accounting for 79% of pipes revenues and
47% of wheels revenues.

However, the ratings factor in potential deterioration of
Interpipe's credit metrics, due to a new financial strategy to
raise shareholders' return by increasing debt to 50% of total
capital.  Nevertheless, Fitch notes the company's internal
financial leverage target of below 1.5x and conservative
financial policy pursued so far should help mitigate this risk.
The agency also believes that the large share of short-term debt
(93%) could increase refinancing risk although the level of
total debt is limited relative to the company's cash position.

Although Fitch views positively Interpipe's plans to improve its
corporate governance to international best practice standards by
end-2007, full credit can only be given when the company
successfully implements these initiatives.  The agency also
notes that although Interpipe has undertaken certain steps to
streamline its legal and organizational structure, further
improvements are necessary to increase transparency of the
business.  In addition, the ratings reflect political risks
inherent in the Ukrainian business environment.


KRASNODON AGRICULTURAL: Claims Filing Deadline Set July 1
---------------------------------------------------------
Creditors of Joint Enterprise Krasnodon Agricultural Building
(code EDRPOU 20175405) have until July 1 to submit their proofs
of claim to:

         Vadim Ostrovsky
         Liquidator
         91016 Lugansk Ukraine
         Heroes of GPW square, 2 Apartment 32

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 19/118b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Krasnodon Agricultural Building
         Highway Str. 5
         Sukhodolsk
         91020 Lugansk
         Ukraine


LUGANSK BUTAN: Claims Filing Deadline Set July 1
------------------------------------------------
Creditors of OJSC Lugansk Gas State Enterprise Lugansk Butan Gas
(code EDRPOU 30338966) have until July 1 to submit their proofs
of claim to:

         Alexander Mamrukov
         Liquidator
         Apartment 76
         Tcheliuskintsy Str. 143-a
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 22/28b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         OJSC Lugansk Gas State Enterprise Lugansk Butan Gas
         Veselogorovskaya Str. 170
         91014 Lugansk
         Ukraine


OIL TRADE: Claims Filing Deadline Set July 1
--------------------------------------------
Creditors of LLC Oil Trade (code EDRPOU 31980249) have until
July 1 to submit their proofs of claim to:

         Oleg Usachov
         Liquidator
         Apartment 27
         Sachko Str. 26
         Dnieprodzerzhynsk
         51931 Dniepropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. B 29/259/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Oil Trade
         Tambovskaya Str. 4
         Dnieprodzerzhynsk
         Dnipropetrovsk
         Ukraine


STROY ENTERPRISE: Creditors Must File Claims by July 1
------------------------------------------------------
Creditors of LLC Stroy Enterprise Ukraine (code EDRPOU 33399424)
have until July 1 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/155-b.

The Debtor can be reached at:

         LLC Stroy Enterprise Ukraine
         Zakrevsky Str. 22
         02217 Kiev
         Ukraine


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


ACORN ON SITE: Ian C. Brown Leads Liquidation Procedure
-------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Company was appointed
liquidator of Acorn on Site Services Ltd. on May 31 for the
creditors’ voluntary winding-up procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

The company can be reached at:

         Acorn on Site Services Ltd.
         Unit B
         Eastwood Court
         Manor Lane
         Hawarden Industrial Park
         Hawarden
         Deeside
         Clwyd
         CH5 3QB
         Wales
         Tel: 01244 535552


AVOCA CLO VIII: S&P Assigns Prelim Ratings to EUR508 Mln Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by
Avoca CLO VIII Ltd., a special purpose entity.

This transaction will be managed by Avoca Capital Holdings.
It will be Avoca Capital's eighth leveraged loan CLO, following
Avoca CLO VII PLC, which closed in March 2007.  The collateral
portfolio will consist of senior and mezzanine loans, and high-
yield bonds.

                             Ratings List

Avoca CLO VIII Ltd.
   EUR508 Million Floating-Rate Notes

                           Prelim.        Prelim. Amount
            Class          Rating          (Mil. EUR)
            -----          ------           --------
            A              AAA               351.00
            B (1)          AA                 34.00
            C (1)          A                  31.50
            D (1)          BBB                20.00
            E (1)          BB                 23.75
            F (1)          B                  10.00
            M (2)          NR                 37.75

        (1) Deferrable.
        (2) Subordinated.
         NR Not rated.


BRACKENHEATH LTD: Brings In Administrators from Tenon Recovery
--------------------------------------------------------------
Steven John Parker and Trevor John Binyon of Tenon Recovery were
appointed joint administrators of Brackenheath Ltd.(Company
Number 01385691) on June 8.

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

The company can be reached at:

         Brackenheath Ltd.
         Unit 17
         Brick Knoll Park
         Ashley Road
         St Albans
         AL1 5UG
         England
         Tel: 01727 831 300
         Fax: 01727 874 507


COLLINS & AIKMAN: Can Sell Manufacturing Plants for US$10.4 Mln
---------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan, last Thursday, gave authority
to Collins & Aikman Corp. and its debtor-affiliates to sell
three manufacturing plants to Flex-N-Gate Corp. for US$10.4
million, the Associated Press reports.

The report relates that the plants manufacture parts for
DaimlerChrysler AG and are located at Evart, Michigan;
Belvidere, Illinois; and St. Louis.

According to the report, Judge Rhodes gave his nod on the sale
without having to undergo an auction.

The Debtors had requested for a speedy sale citing that
DaimlerChrysler had also given the purchase contracts to Urbana,
Illinois-based Flex-N-Gate.

The United Auto Workers union had objected to the sale after
Flex-N-Gate said that it won't assume existing labor pacts for
the Belvidere and St. Louis plants, the report adds.

                    About Collins & Aikman

Based in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.

The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.  The Court has adjourned the
hearing to consider confirmation of the Amended Joint Plan to
July 12, 2007.


DECO SERIES: S&P Assigns BB Rating to Class H Notes
---------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its credit ratings on the class
C, D, and E notes issued by DECO Series 2005–Pan Europe 1 PLC.
At the same time, the ratings on the class A2, X, B, F, G, and H
notes were affirmed, and the rating on the class F notes was
removed from CreditWatch positive.

The notes were placed on CreditWatch on May 30, 2007, following
the prepayment at the April 2007 interest payment date of the
transaction's largest loan, CentrO. CentrO comprised 75% of the
pool balance at closing.

The notes in this transaction were backed at closing in August
2005 by seven commercial real estate loans in Germany and
Switzerland.  The prepayment of the CentrO loan and scheduled
amortization of the remaining loans have reduced the portfolio
balance by 76% of the initial balance.

Six loans now remain and the class A1 notes have been fully
repaid.  The CentrO prepayment funds were allocated 75%
sequentially and 25% pro rata to all notes except the class H
notes.  As a result, the prepayment has improved the notes'
credit protection and leverage ratios, which has triggered the
raising of the various ratings.

Loan concentration has decreased after the prepayment of the
CentrO loan.  The largest loan exposure is now to the Deutsche
Post loan, 24.6% (6.0% at closing).  It has seen a stable
performance since closing, with an increase in occupancy (80.8%
versus 73.5% at closing).  It is secured on a portfolio acquired
from Deutsche Post AG (A-/Negative/A-2), which pays 60.4% of the
rental income in this loan.

The second largest loan is now the Project Swiss loan (22.5% of
the pool now, 5.5% at closing), which is secured on two regional
shopping centers and a retail store in Switzerland.  This loan's
performance has also been stable, and the top tenant is the
Swiss retail chain Coop (35.9% of the rental income).

In both the Deutsche Post loan and the Project Swiss loan, the
DSCR has declined but the ICR has been stable because scheduled
amortization payments have started on these loans.

The exposure to each of the other four remaining loans in the
pool is below 18%.

At the April 2007 IPD, the whole-loan DSCR in two of the
remaining loans (the Gewerbepark and the Hanover loan) had
declined below their respective trigger levels according to the
investor report published by the servicer (the London branch of
Deutsche Bank AG).  After the servicer had been provided with
both borrowers' finalized budgets, both DSCRs were recalculated
as being above the trigger level.

Property diversity has become more evenly spread, and "office"
is now the largest asset type represented (40% currently, 9% at
closing).  The exposure to retail assets has reduced to 31% (84%
at closing).

The transaction's weighted-average Standard & Poor's LTV ratio
is now 85.5%, similar to the level at closing (86.2%).  The
expected Standard & Poor's exit LTV ratio is 78.5% (up from an
expected 75.3% at closing.  The increase is due to the
prepayment of the CentrO loan, as the remaining loans have
higher LTV ratios.

The weighted-average whole-loan DSCR has decreased to 1.19x from
1.25x at issuance.  The weighted-average senior-loan DSCR has
increased to 1.38x from 1.32x at closing.

The transaction's regional exposure has changed, with 59.5% of
the loans now being in Germany (91% at closing) and 40.5% in
Switzerland (9% at closing).

The transaction incorporates an available funds cap feature for
the class H noteholders.  If certain loans prepay, there is a
risk that interest on the loans will be insufficient to pay the
margin on the class H notes.  In this case, the available funds
cap means this shortfall of interest will be extinguished when
it becomes due and noteholders will have no further claim
against the issuer regarding this.  So far there have been no
shortfalls and Standard & Poor's does not expect shortfalls
following the prepayment of the CentrO loan.

                           Ratings List

       Class                       Rating
                          To                    From

DECO Series 2005-Pan Europe 1 PLC
   EUR897.066 Million Commercial Mortgage-Backed Variable- And
   Floating-Rate Notes

Ratings Removed From CreditWatch With Positive Implications And
Raised

       C                AAA                  AA/Watch Positive
       D                AAA                  A+/Watch Positive
       E                AA+                  A/Watch Positive

Rating Removed From CreditWatch With Positive Implications And
Affirmed

       F                BBB                  BBB/Watch Positive

Ratings Affirmed

       A2               AAA
       X                AAA
       B                AAA
       G                BBB
       H                BB


FOCUS DIY: Payment Deferral Cues S&P to Lower Debt Rating to D
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term debt
rating on Focus DIY (Finance) PLC's GBP100 million second-lien
mezzanine senior subordinated notes to 'D' from 'C' and removed
it from CreditWatch with negative implications, where it had
been placed on Jan. 11, 2007.

Consequently, the long-term corporate credit ratings on Focus
DIY (Finance) and Focus DIY (Investments) Ltd., the parent
companies of U.K.-based home-improvement retailer Focus, were
lowered to 'SD' from 'CCC-' and removed from CreditWatch with
negative implications.

The recovery rating on Focus DIY (Investments) GBP285 million
senior secured bank loan was affirmed at '2', indicating our
expectation of substantial recovery prospects (70%-90%).  The
'CCC' issue rating remains unchanged as the usual notching
cannot be applied to a corporate credit rating of 'SD'.  The
issue rating remains on CreditWatch with negative implications.

The rating actions follow Focus' announcement that, with the
support of the requisite majority of noteholders of the GBP100
million second-lien mezzanine senior subordinated notes, the
obligation to pay any interest on the notes that otherwise would
have been due on June 4, 2007, has been waived until July 3,
2007.  In addition, Standard & Poor's understands that
noteholders representing more than 90% of the principal amount
of the notes have agreed in principle to enter into an agreement
under which an affiliate of Cerberus European Investments LLC
will purchase the notes at a price of 40p in cash per GBP1 of
principal amount of notes.  We consider these developments as
material, leading us to lower the rating on the notes to 'D'.

Standard & Poor's also acknowledges Focus' announcement stating
that Cerberus, HBOS PLC, and GMAC Commercial Finance PLC are
expected to enter into an assignment agreement with Focus'
senior lenders.   Under the agreement, these lenders are
expected to sell the group's senior term loan debt to Cerberus
and the senior revolving credit facility debt to HBOS and GMAC.
Payments are expected to be made at par.  As a result, the long-
term debt rating on the senior secured bank loan remains
unchanged.  The continued CreditWatch negative placement on the
senior secured bank loan will be resolved on completion of the
disposal, which is expected by the end of July.


GEORGIAN SCAFFOLDING: Taps Vantis to Administer Assets
------------------------------------------------------
G. Mummery and J.S. French of Vantis Redhead French Ltd. were
appointed joint administrators of Georgian Scaffolding Services
Ltd. (Company Number 01800495) on June 5.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Georgian Scaffolding Services Ltd
         Selsdon Road
         South Croydon
         CR2 0EA
         England
         Tel: 020 8681 5311
         Fax: 020 8898 2267


IMS LEGAL: Brings In Administrators from KPMG
---------------------------------------------
Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were
appointed joint administrators of IMS Legal Indemnity Ltd.
(Company Number 4094477) on June 7.

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

Headquartered in Richmond, England, IMS Legal Indemnity Ltd. is
engaged in human health activities.


IMS LITIGATION: Appoints Joint Administrators from KPMG LLP
-----------------------------------------------------------
Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were
appointed joint administrators of IMS Litigation Support Ltd.
(Company Number 03165480) on June 7.

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

The company can be reached at:

         IMS Litigation Support Ltd
         359 Lower Richmond Road
         Richmond
         TW9 4NZ
         England
         Tel: 020 8408 7600


JABIL CIRCUIT: Third Quarter 2007 Net Income Down to US$6.2 Mln
---------------------------------------------------------------
Jabil Circuit Inc. reported that for its third quarter ended
May 31, 2007, net revenue was US$3 billion, compared to US$2.6
billion for the same period of fiscal 2006.  Operating income
for the third quarter of fiscal 2007 decreased to US$33.6
million compared to US$77.3 million for the same period of
fiscal 2006.

Net income for the third quarter of fiscal 2007 decreased to
US$6.2 million, compared to US$64.2 million for the same period
in fiscal 2006.

Jabil's core operating income for the third quarter of fiscal
2007 decreased to US$87.1 million or 2.9% of net revenue
compared to US$93.4 million or 3.6% of net revenue for the
third quarter of fiscal 2006.  Core earnings decreased to
US$47.4 million, compared to US$78.5 million for the third
quarter of fiscal 2006.

As of May 31, 2007, the company's balance sheet showed total
assets of US$6.2 billion and total liabilities of US$3.8
billion, resulting in a total stockholders' equity of US$2.4
million.

Third quarter 2007 operational and balance sheet sequential
highlights include:

     -- Cash flow from operations for the quarter was about
        US$192 million.

     -- Third quarter sales cycle improved from 29 days in the
        second quarter to 26 days.

     -- Annualized inventory turns improved from seven turns in
        the second quarter to eight turns.

     -- Core Return on Invested Capital increased to 10% from
        seven% in the second quarter.

     -- A US$0.07 dividend was paid on June 1, 2007.

"We are pleased with the improvements we have made both in
operating efficiencies and progress on our balance sheet
metrics," said President and CEO Timothy L. Main.

                          Business Update

Jabil said it expects revenue for its fourth fiscal quarter of
2007 to remain at the US$3 billion level, with an estimated core
operating margin range of 3% to 3.5%.

"We will continue to focus on making step by step improvements
in our operational efficiency and in our financial performance.
We believe we are on the right path and intend to demonstrate
this to our investors over the next several quarters," said Mr.
Main.

                        About Jabil Circuit

Jabil Circuit Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- provides electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 75,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.  Revenues for the 12
months ended Feb. 28, 2007 were US$11.7 billion.

                           *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Moody's Investors Service confirmed Jabil Circuit Inc.'s Ba1
corporate family rating and revised the outlook to negative
following the recent filing of its fiscal 2006 (August year-end)
10-K and fiscal 2007 first and second quarter tenth-quarters.
Simultaneously, Moody's upgraded the rating on the existing
US$300 million senior unsecured notes to Ba1 from Ba2.


LEICESTER THREAD: Brings In Liquidators from CBA
------------------------------------------------
Mark Tailby and Neil Gibson of CBA were appointed joint
liquidators of The Leicester Thread & Trimming Manufacturers
Ltd. on June 1 for the creditors’ voluntary winding-up
procedure.

The company can be reached at:

         The Leicester Thread & Trimming Manufacturers Ltd.
         105 Barkby Rd
         Leicester
         Leicestershire
         LE4 9LG
         England
         Tel: 0116 276 5858
         Fax: 0116 246 0451


LIFT UK: Taps Robert Day to Liquidate Assets
--------------------------------------------
Robert Day of Robert Day and Co. Ltd. was appointed liquidator
of Lift (U.K.) Ltd. on May 31 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Lift (U.K.) Ltd.
         42 Edison Rd
         Rabans Lane Ind Est
         Aylesbury
         Buckinghamshire
         HP19 8TE
         England
         Tel: 01296 468790


LORRY LOADERS: Appoints Chris Williams as Liquidator
----------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
liquidator of Lorry Loaders Ltd. on May 29 for the creditors’
voluntary winding-up proceeding.

The company can be reached at:

         Lorry Loaders Ltd.
         Algores Way
         Wisbech
         PE13 2TQ
         England
         Tel: 01945 588 909
         Fax: 01945 588 737


MAGART CONSTRUCTION: Names Solomon Cohen Liquidator
---------------------------------------------------
Solomon Cohen of FCA was appointed liquidator of Magart
Construction Ltd. on May 22 for the creditors’ voluntary
winding-up proceeding.

The company can be reached at:

         Magart Construction Ltd.
         Indigo Suite
         Rainbow Industrial Estate
         Trout Road
         West Drayton
         UB7 7XT
         England
         Fax: 01895 440 977


METALSIDAC DISPLAYS: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Richard Patrick Neville and Stephen James Hobson of Quadra
Business Recovery Ltd. were appointed joint liquidators of
Metalsidac Displays Ltd. on May 4 for the creditors’ voluntary
winding-up proceeding.

The company can be reached at:

         Metalsidac Displays Ltd.
         Crossgate Drive
         Queens Drive Industrial Estate
         Nottingham
         NG2 1LW
         England
         Tel: 0870 428 9106


METRONET RAIL: Balfour Takes GBP100 Million Exceptional Charge
--------------------------------------------------------------
Balfour Beatty plc revealed the value of its investment in The
Metronet Rail Group is dependent on the outcome of the
Extraordinary Review and Metronet’s ability to maintain the
necessary funding levels in the period before the outcome is
known.

On June 21, 2007, Metronet Rail BCV Limited, responsible for the
renewal of the London Tubes' Bakerloo, Central, Victoria, and
Waterloo & City lines, has given notice to London Underground of
its intention to invite the PPP Arbiter to conduct an
Extraordinary Review, in order to recover its significant
additional costs on the project.

In the first phase of the process, and in line with the
directions of the PPP Service Contract, Metronet and London
Underground will consult for a period of up to 10 business days
with a view to agreeing the form and conduct of the
Extraordinary Review.  At the end of that period, or earlier if
both parties agree, Metronet will provide a Reference
Application Notice to the Arbiter, together with its statement
of case and initial submission.

During the first four years of the Contract, the costs of
Metronet Rail BCV have been considerably higher than was
anticipated by London Underground and Metronet at the time the
Contract was awarded.  The issue of “additional costs” is
clearly provided for in the PPP Contracts and given the scale
and complexity of the Tube's renewal program, the Contracts
provided a proper mechanism to deal with this question.  The
Extraordinary Review is the process created to enable the
recovery of these costs.

As previously reported in the TCR-Europe on May 28, 2007, the
financial overrun is higher than the projected GBP750 million in
November 2006.  It is said to have escalated to around GBP1
billion.

The Guardian says Metronet could face insolvency if PPP Arbiter
Chris Bolt orders the company to meet the majority of the
overspend and investors refuse to pay.

Given the uncertainties pending the outcome of the Review, the
level of unanticipated costs associated with the concessions’
capital program and Metronet’s funding position, Balfour Beatty
has decided to take an exceptional charge in respect of Metronet
of approximately GBP100 million, representing the equity
invested in the Metronet concessions, the profits recognized in
respect of these investments in prior years and certain other,
related issues.  All anticipated costs relating to the
downstream contracting activities which Balfour Beatty carries
out on behalf of Metronet have been provided for.

Balfour Beatty remains committed to Metronet and to the creation
of a world-class underground system for London.

This charge will be very substantially offset by two major
exceptional credits.

As previously reported in the TCR-Europe on June 8, 2007, a bank
syndicate led by the European Investment Bank, which has put up
GBP600 million of a GBP1.6 billion loan facility, refused to
grant a second waiver to The Metronet Rail Group that would
allow it to access more funding to renew the Tube, Dominic
O'Connell writes for The Sunday Times.

According to the report, the banks are demanding more details of
cost-cutting plans, and fresh equity from Metronet’s five
shareholders.

In September 2006 the banks granted a six-month waiver to allow
Metronet to continue to draw funds, The Sunday Times relates.

A spokesman for Metronet said the group is in discussions with
its shareholders and funders.  However, talks remain
confidential.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured
unguaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.


METRONET RAIL: WS Atkins Incurs GBP121.3 Mln Loss on Investment
---------------------------------------------------------------
WS Atkins plc, one of the five shareholders of The Metronet
Rail Group, revealed its financial results for the year ended
March 31, 2007 and was adversely impacted by an exceptional loss
of GBP121.3 million (GBP120.1 million after tax) in relation to
the Metronet Enterprise.  This loss includes an impairment
write-down which reduces the carrying value of the Group's
investment in Metronet to GBPnil.

On June 21, 2007, Metronet Rail BCV Limited, responsible for the
renewal of the London Tubes' Bakerloo, Central, Victoria, and
Waterloo & City lines, announces that it has given notice to
London Underground of its intention to invite the PPP Arbiter to
conduct an Extraordinary Review, in order to recover its
significant additional costs on the project.

In the first phase of the process, and in line with the
directions of the PPP Service Contract, Metronet and London
Underground will consult for a period of up to 10 business days
with a view to agreeing the form and conduct of the
Extraordinary Review.  At the end of that period, or earlier if
both parties agree, Metronet will provide a Reference
Application Notice to the Arbiter, together with its statement
of case and initial submission.

During the first four years of the Contract, the costs of
Metronet Rail BCV have been considerably higher than was
anticipated by London Underground and Metronet at the time the
Contract was awarded.  The issue of “additional costs” is
clearly provided for in the PPP Contracts and given the scale
and complexity of the Tube's renewal program, the Contracts
provided a proper mechanism to deal with this question.  The
Extraordinary Review is the process created to enable the
recovery of these costs.

As previously reported in the TCR-Europe on May 28, 2007, the
financial overrun is higher than the projected GBP750 million in
November 2006.  It is said to have escalated to around GBP1
billion.

Negotiations are ongoing with Metronet's banks to ensure that it
has adequate funding until the completion of the Extraordinary
Review.

Atkins is committed to working with Metronet, its banks and
other stakeholders to ensure that it can continue through to the
outcome of the Extraordinary Review.

The Guardian says Metronet could face insolvency if PPP Arbiter
Chris Bolt orders the company to meet the majority of the
overspend and investors refuse to pay.

As previously reported in the TCR-Europe on June 8, 2007, a bank
syndicate led by the European Investment Bank, which has put up
GBP600 million of a GBP1.6 billion loan facility, refused to
grant a second waiver to The Metronet Rail Group that would
allow it to access more funding to renew the Tube, Dominic
O'Connell writes for The Sunday Times.

According to the report, the banks are demanding more details of
cost-cutting plans, and fresh equity from Metronet’s five
shareholders.

In September 2006 the banks granted a six-month waiver to allow
Metronet to continue to draw funds, The Sunday Times relates.

A spokesman for Metronet said the group is in discussions with
its shareholders and funders.  However, talks remain
confidential.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured
unguaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.


ONE STOP: Taps Liquidators from Harrisons
-----------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
joint liquidators of One Stop Folders Ltd. on June 1 for the
creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         One Stop Folders Ltd.
         Grey Street
         Denton
         Manchester
         M34 3RU
         England
         Tel: 0161 320 0022
         Fax: 0161 320 0033


P.C.S. POWDERS: Names Joint Administrators from Tenon Recovery
--------------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were named joint administrators of P.C.S. Powders Ltd.
(Company Number 2144615) on June 6.

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

The company can be reached at:

         P.C.S. Powders Ltd.
         Unit 3
         Waterloo Industrial Estate
         Flanders Road
         Hedge End
         Southampton
         England
         SO30 2QT
         Tel: 01489 790 400
         Fax: 01489 785 295


PIONEER QUALITY: Hires Liquidator from Begbies Traynor
------------------------------------------------------
David Acland of Begbies Traynor was appointed liquidator of
Pioneer Quality Foods Ltd. on May 29 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:

         Pioneer Quality Foods Ltd.
         Birley Street
         Blackburn
         BB1 5DN
         England
         Tel: 01254 678 642
         Fax: 01254 678 645


POLYWARM PRODUCTS: Appoints Baker Tilly as Administrators
---------------------------------------------------------
Lindsey Jane Cooper, Andrew Martin Sheridan and Adrian David
Allen of Baker Tilly were appointed joint administrators of
Polywarm Products Ltd. (Company Number 00948126) on June 11.

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

The company can be reached at:

         Polywarm Products Ltd
         Cambuslang Road
         Rutherglen
         Glasgow
         G73 1RS
         Scotland
         Tel: 0141 647 2392
         Fax: 0141 613 1569


PRONTO TAXIS: Appoints Liquidators to Wind Up Business
------------------------=------------------------------
Roderick Michael Withinshaw and Peter Jones of Royce Peeling
Green Ltd. was appointed liquidator of Pronto Taxis (U.K.) Ltd.
on June 1 for the creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Pronto Taxis (U.K.) Ltd.
         Unit 4a
         Bridgegate North
         The Pavillions
         Chester Business Park
         Chester
         Cheshire
         CH4 9QH
         England
         Tel: 01244 676 869


ROYAL & SUN: Confirms Completion of Codan AS Takeover
-----------------------------------------------------
Royal & Sun Alliance Insurance Group plc considers all
conditions of the Tender Offer launched on May 24, 2007, to have
been satisfied and confirms that it will complete the Offer.

RSA Overseas Holdings B.V., a unit of Royal & Sun Alliance,
launched a voluntary conditional public tender offer for the
acquisition of all the outstanding issued shares and voting
rights in Codan A/S.

On June 21, 2007, the Tender Offer expired and at that time R&SA
owned or had received valid acceptances for an aggregate of
41,894,201 Codan shares of nominal value DKK20 each.

R&SA now holds 97.4% of the issued Shares and voting rights of
Codan excluding the 2,212,825 (4.89%) treasury shares already
held by Codan.

Settlement is expected to take place today, June 28, 2007.

R&SA intends to initiate a compulsory acquisition procedure to
acquire the remaining shares, and has today requested an
Extraordinary General Meeting of Codan to seek shareholder
approval for the delisting of Codan shares from the Copenhagen
Stock Exchange.

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group Plc -- http://www.royalsunalliance.com/-- provides
insurance products and services in over 130 countries.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in Argentina, Bahrain, Belgium,
Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France,
Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania,
Malaysia, Mexico, Netherland Antilles, Netherlands, Norway,
Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay and
Venezuela.

                            *   *   *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


SOVEREIGN LIGHT: Names Malcolm Edward Fergusson Liquidator
----------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
liquidator of Sovereign Light Engineering Ltd. on May 31 for the
creditors’ voluntary winding-up procedure.

The company can be reached at:

         Sovereign Light Engineering Ltd.
         16 Alliance Industrial Estate
         Dodsworth St.
         Darlington
         County Durham
         DL1 2PA
         England
         Tel: 01325 384898


SPARC EUROPE: Fitch Rates EUR39.2 Million Series D Notes at BB-
---------------------------------------------------------------
Fitch Ratings has assigned SPARC EUROPE (junior)(compartment
2007)'s Series D notes totaling EUR39.2 million due in July 2010
expected ratings of 'BB-' with Stable Outlook.  The final
ratings are contingent upon the receipt of final documents
conforming to information already received.

This transaction is the second securitization of motor quota
share reinsurance treaties in Europe (the first one, FCC SPARC,
closed in December 2005 and involved French motor insurance
policies granted by Axa France IARD (rated IFS 'AA' /Outlook
Stable) to individuals).  The underlying risk stems from
Belgian, German, Italian and Spanish portfolios of motor
insurance policies made to individuals and originated by AXA
subsidiaries' distribution network in those countries.

The expected ratings reflect the timely payment of interest and
ultimate payment of principal.  They are based on the financial
structure of the transaction, the credit quality of the
underlying motor insurance contract portfolios, and premium and
loss appraisal procedures of each AXA subsidiary.

Nexgen Re, as the reinsurer, and AXA's subsidiaries will enter
into four reinsurance treaties pursuant to which the latter will
transfer to the reinsurer quota shares of premiums and receive
same quota shares of amounts to be paid under the claims arising
from the eligible motor insurance pools.

To secure its respective payment obligations, the reinsurer
will, on the one hand, make a junior cash deposit of an
aggregate amount of EUR120.8 million for the benefit of the AXA
subsidiaries.  On the other hand, the latter will pledge
financial instruments, in an amount of EUR120.8 million,
credited to specific accounts for the benefit of the Fonds
Commun de Creances.  It should be noted that the constitution of
such deposit is a condition precedent to the issuance of notes
by a senior FCC, which has been set up in parallel.

On the closing date, the reinsurer will transfer to the FCC the
receivable, which corresponds to the financial obligation of the
AXA subsidiaries to repay the junior deposit as well as
ancillary rights such as the benefit of the above mentioned
pledge.  The FCC is a French compartmentalized debt mutual fund,
which will be set up by the custodian, IXIS Corporate &
Investment Bank, and the management company, Eurotitrisation.
It allows for future issuances and SPARC EUROPE (junior)
(compartment 2007) is the first out of a maximum four
compartments, dedicated to the cover period 2007.

The risk covered by these reinsurance treaties and transferred
to noteholders reflects the evolution of the premium and claims
of the portfolios of insurance contracts and will be measured by
the global ratio of claims to premiums.  Portfolios losses will
be passed to noteholders once the global loss ratio exceeds each
note's attachment point (loss threshold at which noteholders are
affected).  Attachment points for the Class D notes will be
based on the global loss ratio at 3.5% above the budgeted global
loss ratio.

Fitch has given credit to the mutualization.  Such benefit stems
from the aggregation of the insurers' portfolios and is
transposed to noteholders through structural compensation
mechanisms in place at the transaction level.  Losses
experienced are compensated with, firstly the "excess
receivable" generated by the portfolios of subsidiaries that
have over-performed their budget and, secondly, from the use of
a subordinated portion of the joint junior deposit funded by the
issuance of a non-rated class of notes.


STAPEMILL LTD: Calls In Liquidators from Jacksons Jolliffe Cork
---------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Jacksons
Jolliffe Cork were appointed joint liquidators of Stapemill Ltd.
on May 24 for the creditors’ voluntary winding-up procedure.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

The company can be reached at:

         Stapemill Ltd.
         Fishergreen
         Ripon
         HG4 1NL
         England
         Tel: 01765 609 600


SYSTEMEC LTD: Joint Liquidators Take Over Operations
----------------------------------------------------
Richard Patrick Neville and Stephen James Hobson of Quadra
Business Recovery Ltd. was appointed liquidator of Systemec Ltd.
on May 4 for the creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Systemec Ltd.
         Crossgate Drive
         Queens Drive Industrial Estate
         Nottingham
         NG2 1LW
         England
         Tel: 0870 428 9104
         Fax: 0115 985 1567


TANKSAFE LTD: A. J. Clark Leads Liquidation Procedure
-----------------------------------------------------
A. J. Clark of Carter Clark was appointed liquidator of
Tanksafe Ltd. on May 24 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Tanksafe Ltd.
         18 Folgate Road
         North Walsham
         NR28 0AJ
         England
         Tel: 01692 503 144


TECH-MOTIVE TOOL: Brings In BDO Stoy as Joint Administrators
------------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Tech-Motive Tool (U.K.)
Ltd. (Company Number 03007995) on June 15.

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:

         Tech-Motive Tool (U.K.) Ltd
         Unit 3
         Riverside
         Bolton
         BL1 8TU
         England
         Tel: 01204 380 803
         Fax: 01204 380 807


TOREX RETAIL: Sells Units to Cerberus; Appoints Administrators
--------------------------------------------------------------
Torex Retail PLC has sold all of its operating subsidiaries to
affiliated purchasers of Cerberus European Investments, LLC for
a total consideration of GBP204.4 million.  The draft
consolidated unaudited financial statements for the Torex Retail
PLC group for the year ended Dec. 31, 2006 report revenues of
GBP246.2 million and operating profit of GBP4.2 million.

Exceptional costs during the year amounted to GBP195.8 million,
including some GBP157.7 million of goodwill impairment and
amortization on acquisitions.  Based on these draft statements,
the transaction value represents a multiple of 27x 2006 pre-
exceptional EBITDA.

Richard Heis and Mick McLoughlin of KPMG LLP have been appointed
as joint administrators of the Holding Company, but not in
respect of any of the Torex operating subsidiaries which are
immediately transferred to an acquisition vehicle owned by
Cerberus.  Senior debt plus deferred and transactional related
liabilities at completion amount to some GBP212 million in
total.  As a result, it is not anticipated that the unsecured
creditors or shareholders of the Holding Company will receive
any proceeds from its administration.

The sale is expected to secure the future of the Torex business
which currently employs in excess of 2,500 staff.  It follows a
highly competitive auction process initiated and carried out by
the Company's Board and M&A advisers.  Cerberus European
Investments, LLC is the European arm of Cerberus Capital
Management, L.P., which was established in 1992.  Headquartered
in New York, Cerberus Capital Management, L.P., is one of the
world's leading private investment firms with US$25 billion
under management in funds and accounts.

                  Background To and Reasons
              for the Sale of the Torex Business

On Jan. 26, 2007, trading in the Ordinary Shares of Torex on AIM
was suspended pending clarification of the Holding Company's
financial position.  Since then there have been a number of
important developments affecting the Group of which the most
significant have been as follows:

   (i) On Jan. 30, 2007, the Serious Fraud Office revealed
       that, together with the City of London Police, it had
       commenced an investigation into the affairs of the
       Holding Company.  Linklaters LLP were appointed as
       legal advisers to the Holding Company to assist the
       Board.  The SFO investigation is continuing and no
       comment on these matters is therefore possible;

  (ii) On Jan. 31, 2007, the Board appointed Deloitte & Touche
       LLP to advise the Holding Company in relation to the work
       to be performed to clarify the underlying financial
       condition of the Torex business;

(iii) It became apparent that the Group was facing a
       significant cash flow crisis.  In mid February, bridge
       financing of GBP15 million (and the deferral of interest
       due) was sought and obtained from the Holding Company's
       existing secured lending banks;

  (iv) Investigations undertaken by the Holding Company and the
       work conducted by BDO Stoy Hayward LLP have identified a
       number of accounting irregularities, which have delayed
       the audit of the annual accounts for the year ended
       Dec. 31, 2006; and

   (v) As a result of these issues, and the ensuing adverse
       press commentary, there has been, and continues to be, a
       direct detrimental impact on customer, supplier and
       employee confidence and on current trading.  Indeed, the
       Group sustained an operating loss of GBP(12.7) million
       before exceptional items in the four month period to
       April 30, 2007.

To address the unprecedented issues confronting the Group, a
Committee of the Board, comprising the three new directors -
Steve Marshall (Chairman), Keith Taylor (Acting Chief Executive)
and Mike Grant (Non-Executive), together with Marcus Leek
(Finance Director) was formed.  Its immediate priority was to
stabilize the Torex business, improve its immediate cash flow
and forecasting, secure the continued support of the Group's
secured lending banks and develop a strategy to safeguard the
interests of creditors and shareholders.

The Committee, assisted by Deloitte, identified a need for
substantial further funding to meet the Group's secured loan
payment obligations and other liabilities while also integrating
the many acquisitions made by the Group during the preceding
three years.  The Committee developed a new business plan
which showed that the Group would require additional funding of
approximately GBP70 million in order to develop the medium term
commercial prospects and to place the Group on a secure
financial footing.

                   Efforts to Raise Equity

In light of these developments, the Committee, in conjunction
with the Holding Company's Nominated Adviser, Evolution
Securities Limited, embarked on a process to try to raise
further equity from certain existing large shareholders
(representing in excess of 30 per cent of its shareholder base).
This process included holding discussions with such shareholders
about whether they would be prepared to invest additional equity
funds in the Holding Company, for instance, by way of a rights
issue, equity placing or new convertible instruments.

While certain institutions expressed interest in supporting the
Company and subscribing for new equity, it was clear to
Evolution and the Committee that there was no realistic prospect
of raising the requisite level of funding through this process.
The status of the 2006 accounts, the emergence of accounting and
other irregularities and the uncertainty as to whether customer
contracts put on hold could be reactivated, together with the
impact of the SFO investigation, were key issues influencing
investor sentiment.

                     The Sale Process

The Committee considered that an urgent alternative approach was
required to address the Holding Company's pressing financial
needs.  In the light of significant unsolicited interest
received from a range of potential financial and trade buyers,
the sale of the business, as a whole or on a piecemeal basis,
appeared to be the only viable option.

On March 30, 2007, the Holding Company announced the appointment
of Jefferies International Limited to assist the Holding Company
with a strategic review of its options, including a potential
sale of the business.  Having assessed the capabilities of
several investment banks, Jefferies was selected on account of
its reputation as an adviser to medium-sized technology
companies and its experience and reputation within the
technology and private equity community both in the US and
Europe.

During April and May 2007, the Holding Company's board met with
its senior lenders and requested a further GBP20 million of
bridge finance, making a total of GBP35 million and a further
interest roll-up of GBP7.6 million.  Given the ongoing losses
being suffered by the Group and the reluctance of customers to
enter into new contracts, it was anticipated that the new
bridging finance would enable the Holding Company to continue to
trade through to early June and support a sale of the business.

Since the appointment of Jefferies, the Holding Company has
followed a strategy designed to maximize the price a purchaser
would pay for the Torex business while at the same time ensuring
speed and certainty of outcome.  The sale process also allowed
for any existing shareholder, bondholder or new investor to come
forward with proposals to substantially refinance the Holding
Company.

On April 30, 2007, Jefferies received ten initial proposals to
acquire or refinance the Torex business from which the Committee
subsequently invited seven parties to proceed with a more
thorough review and due diligence of the business.  The majority
of these initial proposals suggested that there would be
a full return to all creditors and also some return of value to
the shareholders of the Holding Company.  The initial proposals
indicated that there was a reasonable prospect of being able to
deliver the sale through an offer for the entire Group.
Throughout May, the seven possible purchasers were granted
significant access to the Holding Company, the divisional
management teams and financial, operational and legal
information on the Torex business.  Final proposals were
requested by May 31, 2007.

Three of the parties that had been admitted to further due
diligence declined to submit a final proposal.  The value
reflected in the four remaining final proposals received was
significantly lower than any values indicated previously
by those parties, primarily because of the substantial downward
adjustments to profits in the 2006 accounts identified by the
auditors and the Holding Company, assisted by Deloitte, as well
as the continued monthly deterioration in trading.  The draft
annual accounts showed an operating profit before exceptional
costs of just GBP4.2 million.  In the four months to April 30,
2007, the Group management accounts reported an operating loss
of GBP(12.7) million before exceptional items and trading
performance continued to deteriorate during May.

The monetary value represented in all four of the final
proposals was on or around the level of the senior debt and
hence did not provide any value to the Holding Company's
unsecured creditors or shareholders.  The Holding Company
finally entered into detailed negotiations with two bidders,
culminating in the transaction with Cerberus.

    The Company's Financial Position and Current Trading

The Company's investigations and the audit process conducted by
BDO in relation to the year ended Dec. 31, 2006 identified a
significant number of accounting and other irregularities.
These irregularities have delayed the finalization of the 2006
audit.

Audited accounts for the Holding Company will no longer be
required.  However, based on the work performed to date by the
Holding Company and BDO, the draft consolidated unaudited
accounts for the year ended Dec. 31, show:

                     2006 (GBPm)              2005 (GBPm)*

Revenues                246.2                  167.4
Operating Profit          4.2                   27.9
Exceptional Items      (195.8)                (35.7)
EBIT                   (191.6)                 (7.8)

* Before the effect of prior-year adjustments

The GBP195.8 million of exceptional items comprise of
approximately GBP157.7 million of goodwill impairment and
amortisation on acquisitions and some GBP13.6 million
of restructuring costs.  The balance is made up of a number of
additional costs including costs associated with share-based
payments and losses on the sale of operations and fixed assets.

In the four months to April 30, 2007, the Group's management
accounts show reported revenues of GBP65.4 million and an
operating loss of (GBP12.7) million before exceptional items.

Since the suspension of trading in its shares, the Holding
Company has been provided with additional financing of GBP35
million by its secured lending banks.  This additional funding
has enabled the Holding Company to continue to trade and
has supported an orderly and competitive process to sell its
operating businesses.  As at June 15, 2007, the Holding Company
had total senior indebtedness of some GBP202 million.

                     Board Composition

The two former non-executive directors, Geoffrey Forster and
David Hallett, resigned from the Board on Feb. 26, 2007.
Michael Carrell resigned on March 6, 2007.  Chris Moore, the
former Chairman, resigned on March 21, 2007.  Neil Mitchell, the
Holding Company's former Chief Executive Officer, resigned on
May 31, 2007 following the termination of his employment.

There have also been a number of additions to the Board working
alongside Marcus Leek, the Holding Company's Finance Director.
Keith Taylor was appointed to the Board as Acting Chief
Executive Officer Feb. 7, 2007.  Steve Marshall was appointed as
Chairman on Feb. 14, 2007.  Mike Grant was appointed as a non-
executive Director on March 6, 2007 to replace Iain Lynam who
was appointed on Feb. 7, 2007.  Keith Taylor has been Chief
Executive Officer since June 1, 2007.

Marcus Leek will be transferring with the Torex business and
will be resigning his directorship of the Holding Company.  All
other directors will remain on the board of the Holding Company
but are expected to step down in due course.

                   Appointment of Administrator

Final proposals were reviewed by the Board on 1 June from four
potential purchasers.  Each of the proposals was at a price
which either did not exceed the current level of the senior debt
or barely exceeded it.  It was, therefore, apparent that any
transaction involving the sale of the Group or its operating
subsidiaries would need to take place in an insolvency context
and following the appointment of an administrator.  Accordingly,
Messrs Richard Heis and Mick McLoughlin of KPMG LLP have been
appointed at the Board's request.

                 Future of the Holding Company

The Company has now sold the majority of its assets and it has
ceased to trade.  Its remaining subsidiary, Torex Retail
(Jersey) Limited, will be appointing a liquidator in due course.

                    About Torex Retail Plc

Headquartered in Banbury, Oxfordshire, in the United Kingdom,
Torex Retail Plc -- http://www.torexretail.com/-- is a leading
global retail systems solutions provider.  The company's
solution set spans all facets of the retail systems business,
from leading edge electronic point of sale software; to back
office software; to sophisticated performance and productivity
systems; to loss prevention and basket analysis solutions.


TOTAL MOTORSPORT: Names Liquidators to Wind Up Business
-------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of Total
Motorsport Solutions Ltd. on May 24 for the creditors’
voluntary winding-up procedure proceeding.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

The company can be reached at:

         Total Motorsport Solutions Ltd.
         112 Newlaithes Road
         Horsforth
         Leeds
         LS18 4SY
         England
         Tel: 0113 293 9669


UROPA SECURITIES: Fitch Rates Class B2 and D Notes at BB
--------------------------------------------------------
Fitch Ratings has assigned expected ratings to Uropa Securities
plc Plc's Series 2007-01B GBP607 million-equivalent mortgage-
backed medium-term notes and GBP8.8 million-equivalent excess
spread-backed notes due in 2050:

   -- GBP-equivalent 182.11 million Class A1: 'AAA'
   -- GBP-equivalent 182.11 million Class A2: 'AAA'
   -- GBP-equivalent 121.4 million Class A3: 'AAA'
   -- GBP-equivalent 32.17 million Class A4: 'AAA'
   -- GBP-equivalent 42.19 million Class M1: 'AA-'
   -- GBP-equivalent 21.85 million Class M2: 'A-'
   -- GBP-equivalent 19.12 million Class B1: 'BBB'
   -- GBP-equivalent 6.07 million Class B2: 'BB'
   -- GBP-equivalent 4.55 million Class C: 'BBB-'
   -- GBP-equivalent 4.25 million Class D: 'BB'

All notes have a Stable Outlook.

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

This transaction is a securitization of non-conforming
residential mortgages originated and located in the UK.  The
expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of GMAC-
RFC, Kensington Mortgages and Money Partners, and the servicing
of capabilities of Scarborough Mortgage Services Limited (rated
'RPS2-UK' and 'RSS3+UK') and the transaction's sound legal
structure.

Credit enhancement for the Class A1, A2 and A3 notes totals
20.7% and will be provided by the subordination of the Class A4
notes (5.3%), the Class M1 notes (7%), the Class M2 notes
(3.6%), the Class B1 notes (3.1%), and the unrated Class F notes
(1%) as well as an initial and target reserve fund of 0.7%.

The Class C notes will receive interest equally and pro rata
with the Class B1 notes, and principal after payment of interest
to the Class D and after any necessary payments into the reserve
fund.  Interest on the Class D notes will be paid after the
replenishment of the reserve fund, if needed.

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


WATSON SURFACE: Appoints Ian C. Brown as Liquidator
---------------------------------------------------
Ian C. Brown of Parkin S. Booth & Company was appointed
liquidator of Watson Surface Treatments Ltd. on May 22 for
the creditors’ voluntary winding-up proceeding.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

The company can be reached at:

         Watson Surface Treatments Ltd.
         Unit 7
         Cashel Road
         Birkenhead
         CH41 1DY
         England
         Tel: 0151 639 0100


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Wine Tasting & Networking Event
        Rouge & Blanc, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

June 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Future Leaders Networking Event
        Castaways, Chicago, Illinois
           Contact: 815-469-2935 or http://www.turnaround.org/

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

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

July 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Exco Meeting
        Deloitte Place, Sandton, South Africa
           Contact: http://www.turnaround.org/

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

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

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

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

July 17, 2007
  BEARD AUDIO CONFERENCES
     China’s New Enterprise Bankruptcy Law
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast & TMA Executive Board Meeting
        Cornell Club, New York, New York
           Contact: 646-932-5532 or http://www.turnaround.org/

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida / Secured Lenders Marlins Baseball Game
        Dolphin Stadium, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

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

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

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     5th Annual Night of Excellence
        Petersen Automotive Museum, Los Angeles, California
           Contact: 310-458-2081 or http://www.turnaround.org/

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

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

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

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

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

July 25, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Reid & Riege, New Haven, Connecticut
           Contact: http://www.iwirc.org/

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

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

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

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

July 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lake Tahoe Cruise: Getting to Know Your Nevada Associations
        Zephyr Cove, Lake Tahoe, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

July 31, 2007
  BEARD AUDIO CONFERENCES
     Non-Traditional Lenders and the Impact of
        Loan-to-Own Strategies on the
           Restructuring Process
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

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

Aug. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Board Meeting
        Deloitte Place, Sandton, South Africa
           Contact: http://www.turnaround.org/

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

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

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

Aug. 9, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Blum Shapiro & Co., West Hartford, Connecticut
           Contact: http://www.iwirc.org/

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Olympics Sportsman's Lunch
        Sofitel, Brisbane, Queensland, Australia
        Contact: 1300 303 863 or http://www.turnaround.org/

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

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

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

Aug. 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

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

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

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

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

Sept. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

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

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

Sept. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Networking at the Yards
        Oriole Park at Camden Yards, Baltimore, Maryland
           Contact: 215-657-5551 or http://www.turnaround.org/

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

Sept. 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     14th Annual Connecticut Children's Medical Center
        Fundraiser Golf Outing
           Woodbridge Country Club, Woodbridge, Connecticut
              Contact: 203-265-2048 or
http://www.turnaround.org/

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

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

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

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

Sept. 26-27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Tampa, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

Oct. 4, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

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

Oct. 9-10, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              Contact: http://www.iwirc.org/

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

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

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

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument
Today
        Orlando, Florida
           Contact: http://www.ardent-services.com/

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

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

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

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

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

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

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

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

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

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

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

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

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

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: http://www.iwirc.org/

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

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

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

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

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

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

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

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

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

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

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

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

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

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

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

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

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

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

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

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

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

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *