TCREUR_Public/070629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, June 29, 2007, Vol. 8, No. 128

                            Headlines


A U S T R I A

BRILLENGALERIE SCHRENK: Claims Registration Period Ends July 9
FUERNSINN LLC: Claims Registration Period Ends July 5
GEIZHAUS LLC: Claims Registration Period Ends July 5
H & H LLC: Claims Registration Period Ends July 18
VALKOTEL KLEMENT: Administrator Declares Insufficient Assets

WEINHAUS KAISERGARTEN: Claims Registration Period Ends July 2


B E L G I U M

GENERAL MOTORS: Offers 0% Financing for 3 Years on Select Cars
GENERAL MOTORS: Goldman Sachs Raises Ratings to Buy on Wage Cuts
GENERAL MOTORS: Moody's Says Agreement is Good for Auto Industry


C Y P R U S

RITZIO ENT: Gaming Laws May Prompt Moody's to Cut B2 Rating


F R A N C E

AEROFLEX INC: Moody's Rates Corporate Family Rating at B3
DELPHI CORP: Moody's Says Deal with UAW-GM is Good for Industry
LBC HOLDINGS: S&P Withdraws Junk Ratings on Full Bond Redemption
RHODIA SA: AMF Unit Releases Investigation Results


G E R M A N Y

CUXHAVENER EINRICHTUNGS: Claims Registration Period Ends Aug. 16
FAVOUR 8 AG: Claims Registration Period Ends October 5
GEDI – GESELLSCHAFT: Claims Registration Period Ends Aug. 21
KIRCHMEIER & BRUECK: Claims Registration Period Ends August 24
ON SEMICONDUCTOR: Opens Solutions Engineering Center in Germany

SCHIEDER MOEBEL: Files for Insolvency After Takeover Talks Fail
SECURENTA GOETTINGER: Claims Registration Period Ends Sept. 20
SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
UNIT ENERGY: Claims Registration Period Ends August 1


I R E L A N D

NORTHCORE TECH: March 31 Equity Deficit Tops CDN$2.6 Million
TRIAD HOSPITALS: Extends Senior Notes Pricing Date Until July 16


I T A L Y

ALITALIA SPA: AP Holding Seeks Valuation to Boost Bid
ALITALIA SPA: OAO Aeroflot Pulls Out from Bidding Race
PARMALAT SPA: Capitalia Sells 5.1% Stake for EUR266 Million
PIAGGIO & C. SPA: Profits Cue S&P to Lift Rating to BB


K A Z A K H S T A N

AKMIN LLP: Claims Filing Period Ends August 3
CAMILLA LLP: Claims Registration Ends August 1
DJUS LLP: Creditors Must File Claims August 3
DOSTYK LLP: Creditors' Claims Due August 3
FILCOMPANY LLP: Proof of Claim Deadline Slated for Aug. 3

JANCOM-BB LLP: Creditors Must File Claims August 3
KYZMET-SERVICE 1: Claims Filing Period Ends August 1
ONER JSC: Proof of Claim Deadline Slated for August 3
SEVER-GAS JSC: Claims Registration Ends August 3


K Y R G Y Z S T A N

ASIA EXCLUSIVE: Claims Filing Period Ends August 15
PARK & OPC: Creditors Must File Claims by August 10


L A T V I A

NORVIK BANKA: Moody's Assigns Ba3 Long-Term Bank Deposit Rating


L U X E M B O U R G

BASELL AF: Acquisition Plan Cues S&P to Put BB- Ratings on Watch
BASELL AF: Fitch Puts BB- IDR on Watch Negative on Takeover News


N E T H E R L A N D S

GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
SYNIVERSE TECHNOLOGIES: To Raise US$489 Mln of Credit Facilities
X5 RETAIL: Gets US$1 Billion Loan to Refinance Debt


R O M A N I A

TELEMOBIL SA: Moody's Assigns Corporate Family Rating at B3


R U S S I A

ANGAR-STORY OJSC: Asset Sale Slated for July 16
BEL-MOR-WOOD-PROM: Creditors Must File Claims by Aug. 2
GLAV-STROY-MONOLITH: Creditors Must File Claims by Aug. 2
HYDROSPETSSTROY: Property Inventory is Complete, Trustee Says
IZNAIR LLC: Creditors Must File Claims by Aug. 2

KANTAUROVSKOYE OJSC: Bankruptcy Hearing Slated for Sept. 25
KHALILOVSKIY ORE: Creditors Must File Claims by Aug. 2
L-AUTO CJSC: Court Names I. Volkov as Insolvency Manager
NOVIK CJSC: Tyumen Bankruptcy Hearing Slated for Aug. 23
OIL-PROM-SERVICE: Bankruptcy Hearing Slated for July 23

OMEGA LTD: Creditors Must File Claims by Aug. 2
PRODEKS CJSC: Court Names I. Starichkov as Insolvency Manager
ROSNEFT OIL: Yukos Pays RUR237 Billion Debt From Sale Proceeds
ROSNEFT OIL: Neft-Aktiv Unit Buys Yukos Oil's Krasnodar Assets
ROSNEFT OIL: Unit Buys Yukos' Retail Chain from LLC Unitex

ROSNEFT OIL: Pegs 2007 Oil Output at Over 100 Million Tons
SIBIR-WOOD LLC: Names S. Shkarovskaya as Insolvency Manager
SIBERIAN STOCKINET: Asset Sale Slated for July 19
SITRONICS JSC: Incurs US$28 Mln Net Loss in First Quarter 2007
SPRAKS CJSC: Court Names S. Piskarev as Insolvency Manager

STEEL-MOUNTING OJSC: Bankruptcy Hearing Slated for Nov. 13
TNK-BP HOLDING: Commission Warns Against License Cancellation
TRANSCAPITALBANK JSC: Moody's Rates Subordinated Debt at B2
VOSTOK-AGRO-PRODUCT: Court Starts Bankruptcy Supervision Process
YUKOS OIL: Pays RUR237 Billion Rosneft Debt From Sale Proceeds

YUKOS OIL: Rosneft Oil's Neft-Aktiv Arm Buys Krasnodar Assets


S P A I N

AYT GENOVA: Fitch Rates EUR14.7 Mln Notes Class D Notes at BB
BANCAJA 11: Moody's Junks EUR26/22.9 Million Series E Notes
MADRID RMBS: Moody's Rates EUR52.5 Mln Series E Notes at (P)Ba3


S W I T Z E R L A N D

AUTO SCHLEGEL: Creditors' Liquidation Claims Due July 13
CONARC LLC: Creditors' Liquidation Claims Due July 16
GIRTAG JSC: Creditors' Liquidation Claims Due July 11
INTERBUY (INTERNATIONAL): Liquidation Claims Due July 11
SWISSEC JSC: Creditors' Liquidation Claims Due July 11


U K R A I N E

ALASKA LLC: Creditors Must File Claims by July 1
CHERKASSY INDUSTRIAL-BUILDING: Claims Filing Deadline Set July 1
EDITION HOUSE: Creditors Must File Claims by July 1
FOXCOM BREWERY: Claims Filing Deadline Set July 1
GEON LLC: Claims Filing Deadline Set July 1

ISKRA CJSC: Claims Filing Deadline Set July 1
MALI LANKY: Claims Filing Deadline Set July 1
PIT-PLUS LLC: Claims Filing Deadline Set July 1
SELECTION GENETICAL: Claims Filing Deadline Set July 1
TDM LLC: Claims Filing Deadline Set July 1

XXI CENTURY: Claims Filing Deadline Set July 1
VSEUKRAINSKY AKTSIONERNY: Fitch Rates Credit Suisse Loan at B-
ZITTMANN LLC: Claims Filing Deadline Set July 1


U N I T E D   K I N G D O M

ALFRED MCALPINE: Recovery Plan on Track, Chairman Says
BARE FACE: Names Roderick Julian Jones Liquidator
BATH TAXIS: Hires Liquidator from Rendell Thompson
BLUEMOUNTAIN EURO: S&P Rates Class E Notes at BB-
BOMFORDS GROUP: Appoints Joint Administrators from Deloitte

BRACKENHILL HOMES: Brings In Liquidators from Buchanans
CLIMATE CONTROL: Appoints Michael Sutcliffe as Liquidator
COMPLETE BUILDING: Calls In Liquidator from Bishop Fleming
DPS COMPOSITES: Hires Liquidator from Mazars
ENVELOPE SPRINT: Names Liquidator to Wind Up Business

GOLDING DEVELOPMENTS: Taps Lloyd Biscoe to Liquidate Assets
GSPK ELECTRONICS: Joint Administrators from KPMG
GUTHRIE MOTORS: Keith Barry Stout Leads Liquidation Procedure
H & J GLASS: Brings In Liquidators from Begbies Traynor
INNOVATIVE WASTE: Neil Chesterton Leads Liquidation Procedure

ISOFT GROUP: FSA Mulls Ex-Torex Chairman as Scandal Witness
JDI PROPERTY: Taps Liquidators from Begbies Traynor
JUST USA: Hires Lane Bednash to Liquidate Assets
KINGDOM FORMWORK: Calls In Liquidator from Marriotts
MITEL NETWORKS: April 30 Equity Deficit Tops US$202.6 Million

OPTIMISTIC ENTERTAINMENT: Goes Into Administration
SOLERA HOLDINGS: Posts US$9.6 Mln Net Loss in Qtr. Ended Mar. 31
TITAN EUROPE: S&P Keeps Class F Notes on CreditWatch Negative
TITAN EUROPE: Fitch Puts BB- Ratings to Class G Notes
VIRAGEN INC: Halts Development of Avian Transgenic Technology

WOOD04 LTD: Joint Liquidators Take Over Operations
YELLOW FINANCE: Appoints Mark S. Reynolds as Liquidator

* BOOK REVIEW: As We Forgive Our Debtors: Bankruptcy and
               Consumer Credit in America

                            *********

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A U S T R I A
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BRILLENGALERIE SCHRENK: Claims Registration Period Ends July 9
-------------------------------------------------------------
Creditors owed money by LLC Brillengalerie Schrenk (FN 261657s)
have until July 9 to file written proofs of claim to court-
appointed estate administrator Dagmar Hoppstadter at:

         Mag. Dagmar Hoppstadter
         Pichler Strasse 1
         4623 Gunskirchen
         Austria
         Tel: 07246/8673-0
         Fax: 07246/8673-14
         E-mail: office@kaiblinger.rakanzlei.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on July 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria-Theresia-Strasse 12
         Wels
         Austria

Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 20 S 70/07f).


FUERNSINN LLC: Claims Registration Period Ends July 5
-----------------------------------------------------
Creditors owed money by Fuernsinn LLC Pleiba (FN 34771i) have
until July 5 to file written proofs of claim to court-appointed
estate administrator Edmund Kitzler at:

         Dr. Edmund Kitzler
         Stadtplatz 43
         3950 Gmuend
         Austria
         Tel: 02852/51935
         Fax: 02852/51937
         E-mail: dr.kitzler@wvnat.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on July 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Gmuend, Austria, the Debtor declared bankruptcy
on May 31 (Bankr. Case No. 9 S 31/07t).


GEIZHAUS LLC: Claims Registration Period Ends July 5
----------------------------------------------------
Creditors owed money by LLC GeizHaus (FN 277734h) have until
July 5 to file written proofs of claim to court-appointed estate
administrator Alois Autherith at:

         Dr. Alois Autherith
         Utzstrasse 13
         3500 Krems
         Austria
         Tel: 02732/83485
         Fax: 02732/83485-10
         E-mail: advoc.autham@netway.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 Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Mautern, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 9 S 32/07i).


H & H LLC: Claims Registration Period Ends July 18
--------------------------------------------------
Creditors owed money by LLC H & H (FN 246746m) have until
July 18 to file written proofs of claim to court-appointed
estate administrator Viktor A.M. Igali-Igalffy at:

         Dr. Viktor A.M. Igali-Igalffy
         c/o Mag. Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: vii@igali-igalffy.eu

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 31 (Bankr. Case No. 4 S 61/07h).  Petra Diwok represents
Dr. Igali-Igalffy in the bankruptcy proceedings.


VALKOTEL KLEMENT: Administrator Declares Insufficient Assets
------------------------------------------------------------
Dr. Thomas Hufnagl, the court-appointed estate administrator for
KEG Valkotel Klement (FN 236391i), declared May 31 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Salzburg is yet to rule on the estate
administrator's claim.

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

The estate administrator can be reached at:

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


WEINHAUS KAISERGARTEN: Claims Registration Period Ends July 2
-------------------------------------------------------------
Creditors owed money by LLC Weinhaus Kaisergarten (FN 159718f)
have until July 2 to file written proofs of claim to court-
appointed estate administrator Michael Wagner at:

         Mag. Michael Wagner
         Untere Hauptstrasse 52
         7100 Neusiedl am See
         Austria
         Tel: 02167/3503
         Fax: 02167/8825
         E-mail: neusiedl@hajek-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on July 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Moenchhof, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 26 S 70/07g).


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B E L G I U M
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GENERAL MOTORS: Offers 0% Financing for 3 Years on Select Cars
--------------------------------------------------------------
General Motors disclosed the “Transform Your Ride Sale,” tied to
the July 4 holiday release of DreamWorks Pictures and Paramount
Pictures’ live-action film “Transformers” from Executive
Producer Steven Spielberg and Director Michael Bay, opening
July 3, 2007.  The “Transform Your Ride Sale” offers a qualified
buyer 0% annual percentage rate for 36 months –- plus $1,000
cash -– on select Chevrolet, Buick, Pontiac and GMC vehicles.
The “Transform Your Ride Sale” runs June 26 through July 9,
2007.

“People who have recently switched to a GM vehicle tell us we’ve
really changed their previous perceptions about our products,”
Jim Campbell, GM’s director of Customer Relationship Management,
said.  “They love their new car or truck.  We’ve enhanced the
value of our cars and trucks with features like OnStar, XM
Radio, superior quality and the best coverage in the business
with a 5-year/ 100,000 mile powertrain warranty plus roadside
assistance and courtesy transportation.  Just look at the award-
winning Chevrolet Silverado or hot HHR.  The “Transform Your
Ride Sale” gives everyone the opportunity to buy a new car or
truck with outstanding style, great fuel economy, performance
and value.”

Saturn will continue its innovative “Side by Side by Side”
campaign and will be offering bonus cash on select models.
Cadillac, Hummer and Saab also will continue to offer attractive
deals on select models in their lineups.

                    Eligible Vehicles List

   * Chevrolet: 2006 and 2007 Cobalt, Monte Carlo, Impala, HHR,
     TrailBlazer, Tahoe, Suburban, Avalanche and 2007 900-series
     Silverado

   * Buick: 2006 and 2007 Lacrosse, Lucerne and Rainier

   * Pontiac: 2006 and 2007 G5, G6, Grand Prix and Torrent

   * GMC: Envoy, Yukon, Yukon Denali, Yukon XL, Yukon XL Denali
     and 2007 900-series Sierra

                     About General Motors

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

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

                         *     *     *

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

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


GENERAL MOTORS: Goldman Sachs Raises Ratings to Buy on Wage Cuts
----------------------------------------------------------------
Goldman Sachs Group, Inc. has upgraded General Motors Corp.'s
ratings to "buy" from "neutral," citing the potential for
sizable wage and benefit cuts during negotiations with the
United Auto Workers for a new labor contract, Reuters reports.

The firm also increased the 52-week price target on the stock to
US$42 from US$29.  The automaker's shares rose to a four-month
high on Monday as a result of the upgrade, Reuters reveals.

The TCR-Europe reported on June 19, 2007, that General Motors
Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler Group
are seeking unprecedented concessions from the United Auto
Workers union in a bid to narrow what they say is a US$30-an-
hour labor-cost disadvantage against Asian rivals like Toyota
Motor Corp. and Honda Motor Co.

"GM can make a compelling case to UAW members that material wage
and benefit cuts are needed," Goldman Sachs analyst Robert Barry
said in a research note.  "And we suspect members and retirees
are increasingly amenable to such cuts."  He added that the "UAW
pattern bargaining implies positive read across for Ford,"
Reuters notes.

According to Reuters, GM shares were up 3.2 percent, or US$1.12,
at US$36.58 in early trading on the New York Stock Exchange
after reaching a session high of US$36.84.  Ford shares were up
1.8 percent, or 16 cents, at US$9.29.  Monday's gains pushed
GM's stock to its highest level since Feb 20, 2007.  The stock
has increased 23 percent in the last two weeks.

                     About General Motors

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

                         *     *     *

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

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


GENERAL MOTORS: Moody's Says Agreement is Good for Auto Industry
----------------------------------------------------------------
The announcement of a tentative agreement between Delphi
Corporation, the United Automobile Workers, and General Motors
Corporation covering Delphi's labor contract in North America
represents a constructive development in the automotive industry
in North America.

While the specifics of the agreement are not publicly disclosed,
Moody's believes the agreement should help reposition Delphi
with a more competitive cost structure in the region, facilitate
lower cost parts for GM, and remove a near-term threat to
industry production volumes.  However, it is not the only threat
on the horizon.  Moody's does not anticipate any immediate
ratings impact for suppliers or original equipment manufacturers
(Delphi is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more
competitive cost structure and become a more viable competitor
in those sectors it has identified as its core focus that have a
continuing U.S. presence.  Through establishing greater
certainty to its labor arrangements, financial valuations of
Delphi are likely to be enhanced and accelerate plans for its
emergence from bankruptcy. Similarly, by establishing a lower
cost structure in its business units, many of which are
designated as non-core, plans to dispose of certain Delphi
operations are more likely to move forward.  Agreements to sell
several units have previously been announced, subject to court
approval.

For the broader supplier industry, the announcement also removes
a level of uncertainty.  The risks of disruption to production
volumes of GM and other OEMs from Delphi related issues should
ease assuming the tentative agreement were approved by Delphi's
UAW membership.  However, the converse would also be true if the
agreement was not ratified.  Moreover, labor contracts between
the UAW and the Big Three are set to expire on September 14,
2007, and negotiations for a new contract have yet to formally
begin. In the short term, should those negotiations be
unfruitful and result in work stoppages, OEM production could be
disrupted and adversely affect the broader supply chain.  In the
long term, the terms and conditions of a new master agreement
are a critical factor to the structural competitiveness and
financial viability of the Big Three.

The proposed agreement is a constructive development for General
Motors in that it lessens the risk of a disruption in component
delivery from its major domestic supplier.  In combination with
the Delphi employee buyouts that have already been funded by GM,
the agreement would also help to narrow the current $2 billion
cost disadvantage that GM incurs on components currently
supplied by Delphi.  Moreover, Moody's believes that any subsidy
by GM of the Delphi-UAW wage package will not be material
relative to the amount of funds already devoted to the employee
buyout program and relative to the OEM's substantial liquidity
position.

Notwithstanding these positive developments, the major near-term
challenge facing the Big Three is the need to successfully
negotiate a new UAW contract later this year that afford the
U.S. OEMs material relief in the areas of health care costs and
work rules.  Progress in these areas will be critical to their
ability to establish a more competitive domestic cost structure.

"Ultimately, this agreement coupled with a new master agreement
between the UAW and the OEMs could create a more stable
operating environment for all suppliers and enhance their
prospects.  It also could lead to an increase in merger and
acquisition activity at parts suppliers involving both private
equity and strategic buyers " said Ed Wiest, VP & Senior Analyst
at Moody's.  "Of course, the structure of any transaction would
be subject to market conditions, available financing and would
determine the direction of any rating outcome" he continued.

                       About Delphi Corp.

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

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

                     About General Motors

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

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

                         *     *     *

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

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


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RITZIO ENT: Gaming Laws May Prompt Moody's to Cut B2 Rating
-----------------------------------------------------------
Moody's Investors Service placed the B2 corporate family rating
of Ritzio Entertainment Group on review for possible downgrade.

Concurrently, Moody's Interfax Rating Agency placed the
company's A3.ru national scale rating on review for possible
downgrade.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax, the rating review has
been prompted by the recent indications that the new gaming
legislation enacted in Russia in December 2006 has had a more
immediate and more adverse impact than previously expected and
could therefore prove more detrimental to the company's Russian
operations than Moody's had originally factored into its
ratings.

The St. Petersburg region and 54 other regional authorities are
highly likely to ban gambling activities either completely or
partially as from July 1, 2007 or Jan. 1, 2008 - significantly
earlier than the previously indicated date of July 1, 2009.
Moody's expects to have greater clarity on the situation in the
coming weeks and will undertake to assess the implications of
such developments for the company's ratings as soon as possible.

Ritzio derives around 85% of its revenues from Russia and
approximately half of EBITDA is contributed by the Moscow and
St. Petersburg markets.  Moody's notes that the company's
international operations should not be impacted by the new
legislation, but these represent only 15% of total revenues.

Headquartered in Cyprus, Ritzio Entertainment Group is a leading
gaming company with operations predominantly in Russia, as well
10 other countries including the neighboring Ukraine,
Kazakhstan, Belarus, the Baltic States, and several countries in
Europe and Latin America.  For the financial year 2007, Ritzio
reported revenues of US$1.172 billion and unadjusted EBITDA of
US$485 million.


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AEROFLEX INC: Moody's Rates Corporate Family Rating at B3
---------------------------------------------------------
Moody's Investors Service assigned first-time ratings to
Aeroflex Incorporated (corporate family rating of B3 and
speculative grade liquidity rating of SGL-2) and a positive
outlook.

A newly formed entity, AX Holding Corp., will acquire all of the
outstanding shares of Aeroflex, a publicly traded
microelectronics and test and measurement provider that will
continue as a private company.

Net proceeds from the $500 million first lien term loan and
$60 million first lien revolver together with $370 million
senior subordinated notes will be used to finance Aeroflex's
$1.242 billion buyout in a highly leveraged transaction.

The buyout, which is subject to shareholder approval, also
consists of a $372 million cash equity investment from a
consortium of private equity sponsors (Veritas Capital, Golden
Gate Capital and GS Direct).

The assigned ratings are subject to review of final
documentation and no material change in the terms and conditions
of the transaction as advised to Moody's.

The B3 corporate family rating reflects the company's:

    * very high financial leverage of 7.3x debt/normalized
      EBITDA and weak credit protection measures following the
      leveraged buyout;

    * modest footprint and limited asset protection from a small
      base of pro forma tangible assets;

    * potentially increasing competition longer-term from larger
      and well capitalized companies;

    * exposure to aerospace and defense electronics end markets,
      which could experience changes in procurement policies or
      the types of products sourced by the government; and

    * historic money losing radar unit and break even synthetic
      test business.

The rating also takes into account Moody's hybrid security
treatment for the $372 million of sponsor preferred equity in
which 25% of the preferred stock is treated as debt-like and 75%
is treated as equity-like.  As such, Moody's adjustments
incorporate the commensurate increase in debt, equity and
interest expense on Aeroflex's balance sheet and income
statement.

The rating also considers Aeroflex's leading market position as
the primary or sole source provider in niche markets, strong
intellectual property portfolio with proprietary technology,
highly visible and diversified revenue base with no specific
defense platform exposure, relatively stable competitive
landscape, mission-critical nature of its products with high
switching costs resulting in stable gross margins approaching
50% and consistent operating profitability and positive free
cash flow generation.

The B3 CFR also considers Moody's expectation that Aeroflex's
operating performance will benefit from a broadening of
applications from existing technologies, the secular outsourcing
trend from primary contractors and increasing dollar content as
the company moves up the value chain in the satellite and
medical platforms.

Aeroflex is expected to be moderately free cash flow positive
over the near term.  As such, Moody's does not expect the
company to substantially repay debt over the next 12 months.

Nonetheless, the positive outlook reflects the potential for
moderate improvement in financial leverage and interest coverage
metrics based on improved visibility into fiscal 2008 revenues.
This is anticipated to be driven by Aeroflex's strong market
position, "designed-in" chips and testing applications with long
life cycles, relatively stable operating cash flows even during
recessionary episodes, fabless semiconductor business model and
attractive industry dynamics, offset by the money losing radar
business and potentially increasing competition.

The ratings for the first lien facility and the subordinated
notes reflect both the overall probability of default of the
company, to which Moody's assigns a PDR of B3, and a loss given
default of LGD-2 for the first lien and LGD-5 for the
subordinated notes.

The B1 rating of the first lien senior secured credit facility
reflects its senior position in Aeroflex's capital structure,
full guarantees of existing and future wholly-owned domestic
subsidiaries, an all asset pledge, and a significant amount of
junior debt and other unsecured obligations such as leases in
the capital structure.

The Caa2 rating of the subordinated notes reflects their
contractual subordination to all first lien senior secured
creditors and full guarantees of existing and future wholly-
owned domestic subsidiaries on an unsecured basis.

These first time ratings were assigned:

   -- Corporate Family Rating: B3

   -- Probability of Default Rating: B3

   -- $60 Million Senior Secured First Lien Revolver due 2013:
      B1 (LGD-2, 27%)

   -- $500 Million Senior Secured First Lien Term Loan due 2014:
      B1 (LGD-2, 27%)

   -- $370 Million Senior Subordinated Notes due 2017: Caa2
      (LGD-5, 83%)

   -- Speculative Grade Liquidity Rating - SGL-2

The ratings outlook is positive.

Headquartered in Plainview, NY, Aeroflex Inc. is a specialty
provider of microelectronics and test and measurement products
to the aerospace, defense, wireless, broadband and medical
markets. For the twelve months ended March 31, 2007, revenues
were $577 million.  Aeroflex has offices in China, France and
Germany.  It also sells in Argentina.


DELPHI CORP: Moody's Says Deal with UAW-GM is Good for Industry
---------------------------------------------------------------
The announcement of a tentative agreement between Delphi
Corporation, the United Automobile Workers, and General Motors
Corporation covering Delphi's labor contract in North America
represents a constructive development in the automotive industry
in North America.

While the specifics of the agreement are not publicly disclosed,
Moody's believes the agreement should help reposition Delphi
with a more competitive cost structure in the region, facilitate
lower cost parts for GM, and remove a near-term threat to
industry production volumes.  However, it is not the only threat
on the horizon.  Moody's does not anticipate any immediate
ratings impact for suppliers or original equipment manufacturers
(Delphi is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more
competitive cost structure and become a more viable competitor
in those sectors it has identified as its core focus that have a
continuing U.S. presence.  Through establishing greater
certainty to its labor arrangements, financial valuations of
Delphi are likely to be enhanced and accelerate plans for its
emergence from bankruptcy. Similarly, by establishing a lower
cost structure in its business units, many of which are
designated as non-core, plans to dispose of certain Delphi
operations are more likely to move forward.  Agreements to sell
several units have previously been announced, subject to court
approval.

For the broader supplier industry, the announcement also removes
a level of uncertainty.  The risks of disruption to production
volumes of GM and other OEMs from Delphi related issues should
ease assuming the tentative agreement were approved by Delphi's
UAW membership.  However, the converse would also be true if the
agreement was not ratified.  Moreover, labor contracts between
the UAW and the Big Three are set to expire on September 14,
2007, and negotiations for a new contract have yet to formally
begin. In the short term, should those negotiations be
unfruitful and result in work stoppages, OEM production could be
disrupted and adversely affect the broader supply chain.  In the
long term, the terms and conditions of a new master agreement
are a critical factor to the structural competitiveness and
financial viability of the Big Three.

The proposed agreement is a constructive development for General
Motors in that it lessens the risk of a disruption in component
delivery from its major domestic supplier.  In combination with
the Delphi employee buyouts that have already been funded by GM,
the agreement would also help to narrow the current $2 billion
cost disadvantage that GM incurs on components currently
supplied by Delphi.  Moreover, Moody's believes that any subsidy
by GM of the Delphi-UAW wage package will not be material
relative to the amount of funds already devoted to the employee
buyout program and relative to the OEM's substantial liquidity
position.

Notwithstanding these positive developments, the major near-term
challenge facing the Big Three is the need to successfully
negotiate a new UAW contract later this year that afford the
U.S. OEMs material relief in the areas of health care costs and
work rules.  Progress in these areas will be critical to their
ability to establish a more competitive domestic cost structure.

"Ultimately, this agreement coupled with a new master agreement
between the UAW and the OEMs could create a more stable
operating environment for all suppliers and enhance their
prospects.  It also could lead to an increase in merger and
acquisition activity at parts suppliers involving both private
equity and strategic buyers " said Ed Wiest, VP & Senior Analyst
at Moody's.  "Of course, the structure of any transaction would
be subject to market conditions, available financing and would
determine the direction of any rating outcome" he continued.

                     About General Motors

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

                       About Delphi Corp.

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

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


LBC HOLDINGS: S&P Withdraws Junk Ratings on Full Bond Redemption
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-
term corporate credit rating on France-based liquid chemical
products storage company LBC Holdings LLC, following the
successful change of ownership and subsequent full bond
redemption.  At the same time, Standard & Poor's also withdrew
its 'CCC+' subordinated debt rating on LBC's guaranteed
subsidiary.

In April 2007, a consortium led by Challenger Infrastructure
Fund agreed to buy LBC for an enterprise value of EUR565
million, translating into higher debt for LBC.  CIF, which owns
66% of LBC, is an investment vehicle oriented toward utility and
infrastructure assets and is listed on the Australian Securities
Exchange.

With 2006 sales of EUR130 million, EBITDA of EUR50 million, and
600 employees, LBC rents tanks used to store liquid chemicals at
12 terminals located in key petrochemical ports in Europe and
the U.S.  Roughly 80% of revenues derive from capacity rents
(fixed fee) and "throughput" traffic (volume based).  The
remainder stems from related basic services.  Top clients are
major oil, gas, and chemicals companies.

                     About LBC Tank Terminals

Headquartered in Paris, France, LBC Tank Terminals --
http://www.lbctt.com/-- operates over 2.2 million cubic meters
of storage capacity at 12 port locations throughout Western
Europe and the Unites States of America.  LBC is the world's
second largest chemical tank storage company.  The group also
provides additional value added services for its customers.  LBC
has a new site under construction in Antwerp, Belgium, and major
expansion projects at its terminals in Lisbon, Portugal and in
Houston and Baton Rouge, the United States.


RHODIA SA: AMF Unit Releases Investigation Results
--------------------------------------------------
The Commission des Santions, a unit of the French securities
regulator, the Autorite des Marches Financiers, released
findings on its investigation into certain financial issues at
Rhodia S.A. dating back to 2001 to 2003.

The commission rejected the complaints concerning the valuation
of Chirex in 2002 and 2003 and the necessity to depreciate the
related goodwill at the end of the first half of 2003.  It found
that Rhodia's disclosures in October 2003 were inadequate with
regard to one specific issue relating to that business.

The complaint relating to cash flow was rejected.  The
commission also rejected the complaint regarding the disclosures
of environmental risks.

The commission found that Yves-Rene Nanot, currently chairman of
Rhodia's board and former chairman of the board's audit
committee, did not violate any AMF rules.

The Commission des Sanctions however upheld:

   -- the complaint concerning disclosure of the Group's debt in
      the years 2001 to 2003; and

   -- the complaint concerning omission of the depreciation of
      deferred tax assets as of June 30, 2003.  Rhodia stated
      that this depreciation was recorded on December 31, 2003.

Based on its findings, the Commission imposed a fine on Rhodia
of EUR750,000.

"With this decision, a page of Rhodia's history has been turned.
I want to emphasize the importance I attach to the quality and
transparency of the Group's financial communications," Rhodia
CEO Jean-Pierre Clamadieu stated.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable.  Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
Investors Service upgraded Rhodia S.A. corporate family rating
to Ba3 and assigned Probability-of-Default rating for the group
at Ba3; Moody's also upgraded senior secured notes at Rhodia
S.A. to B1 and assigned LGD assessment at LGD4 (69%).  The
proposed convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


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


CUXHAVENER EINRICHTUNGS: Claims Registration Period Ends Aug. 16
----------------------------------------------------------------
Creditors of Cuxhavener Einrichtungs- und
Vermietungsgesellschaft mbH have until Aug. 16 to register their
claims with court-appointed insolvency manager Philip Schober.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         Germany

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

The insolvency manager can be reached at:

         Philip Schober
         Martinistr. 47/49
         28195 Bremen
         Germany
         Tel: 0421 95791-0
         Fax: 0421 95791-11

The District Court of Cuxhaven opened bankruptcy proceedings
against Cuxhavener Einrichtungs- und Vermietungsgesellschaft mbH
on June 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cuxhavener Einrichtungs- und
         Vermietungsgesellschaft mbH
         Nordfeldstrasse 16-20
         27476 Cuxhaven
         Germany

         Attn: Angelika Hennes, Manager
         Frank-Wedekind-Strasse 5
         27474 Cuxhaven
         Germany


FAVOUR 8 AG: Claims Registration Period Ends October 5
------------------------------------------------------
Creditors of Favour 8 AG have until Oct. 5 to register their
claims with court-appointed insolvency manager Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Oct. 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Holger Lessing
         Hanauer Landstrasse 287-289
         D 60314 Frankfurt (Main)
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Favour 8 AG on June 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Favour 8 AG
         Lyoner Strasse 34
         60528 Frankfurt (Main)
         Germany


GEDI – GESELLSCHAFT: Claims Registration Period Ends Aug. 21
------------------------------------------------------------
Creditors of gedi - Gesellschaft fuer Dienstleistungen mbH have
until Aug. 21 to register their claims with court-appointed
insolvency manager Winfrid Andres.

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

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against gedi - Gesellschaft fuer Dienstleistungen mbH on
June 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         gedi - Gesellschaft fuer Dienstleistungen mbH
         Franziusstr. 6
         44147 Dortmund
         Germany

         Attn: Rolf Grosser, Manager
         Hagener Str. 34 b
         44225 Dortmund
         Germany


KIRCHMEIER & BRUECK: Claims Registration Period Ends August 24
--------------------------------------------------------------
Creditors of Kirchmeier & Brueck Architekten BDA
Planungsgesellschaft mbH have until Aug. 24 to register their
claims with court-appointed insolvency manager S. Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 6
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         S. Nolte
         Peterstrasse 5
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Kirchmeier & Brueck Architekten BDA Planungsgesellschaft
mbH on June 26.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kirchmeier & Brueck Architekten BDA
         Planungsgesellschaft mbH
         Marktstrasse 14
         99423 Weimar
         Germany


ON SEMICONDUCTOR: Opens Solutions Engineering Center in Germany
---------------------------------------------------------------
ON Semiconductor has established a new Solutions Engineering
Center in Munich, Germany, to drive new automotive product
initiatives and expand the company’s local service capabilities
by providing on-site technical expertise.

The Munich SEC will focus on development of advanced power
management solutions for a variety of automotive applications
including Body, HVAC, Powertrain, Safety and Infotainment.  It
will provide development platforms and local product support to
better service customers who design and manufacture electronic
automotive sub-systems in Europe.  The facility is staffed and
equipped with all of the resources necessary for local
automotive electronics manufacturers to tap into the vast power
management experience ON Semiconductor has available.

“Establishing the Munich SEC further demonstrates ON
Semiconductor’s commitment to the region and to strengthening
relationships with key automotive customers throughout Europe,”
said Keith Jackson, ON Semiconductor president and CEO.

“Like all our Solution Engineering Centers, the Munich facility
is a direct investment in our customers’ future and the success
of their next-generation product lines.  By situating technical
experts closer to our customers, we are able to more effectively
and efficiently translate their problems into solutions and
combine our expertise with theirs to solve platform problems
together,” Mr. Jackson added.

“We established an SEC in Munich because we believe customer
support and customer satisfaction are equally as important as
new product development to future success and sustained growth,”
said Jean-Marie Doutrewe, ON Semiconductor vice president of
European Sales, Marketing and Services Operations.

“The Munich-based SEC’s application engineers and system experts
will work closely with our European automotive customers to
jointly develop cost-effective and efficient power solutions
that drive new products and revenues for our mutual advantage,”
Ms. Doutrewe said.

The ON Semiconductor German office, which is located in Munich,
is headed by Wolfgang Stammel, sales director of Central Europe
and automotive market segment director, Europe.  The SEC is led
by Leo Aichriedler, manager automotive applications.

                     About ON Semiconductor

ON Semiconductor -- http://www.onsemi.com/-- supplies power
solutions to engineers, purchasing professionals, distributors
and contract manufacturers in the computer, cell phone, portable
devices, automotive and industrial markets.  The company has
operations in Japan and the Czech Republic.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on Phoenix, Arizona-based ON Semiconductor Corp. to
'BB-'from 'B+'.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'BB' rating to the company's
amended and restated credit agreement, with a recovery rating of
'1', indicating the expectation of full (100%) recovery of
principal in the event of a payment default.


SCHIEDER MOEBEL: Files for Insolvency After Takeover Talks Fail
---------------------------------------------------------------
Schieder Moebel Holding GmbH filed for insolvency on June 22,
2007, after takeover talks foundered, potentially leading to the
holdings' dissolution.

The company's financial problems have threatened the future of
about 150 facilities and companies, including its Polish arm
Mazurskie Meble International and IMS AG, The Financial Times
reports, citing the Polish News Bulletin and Die Welt as its
sources.

According to the report, the company's financial woes reached
the boiling point after negotiations over a complete takeover
fell through in spite of several companies and investors
expressing interest in salvaging parts of the insolvent group.
The accounting scandal that pushed Schieder Moebel into
bankruptcy has deterred investors from committing to a takeover
of the furniture maker.

The TCR-Europe reported on June 19, 2007, that German
cooperative central bank DZ Bank had called for a EUR10 million
settlement for its participation certificates in Schieder Moebel
Holding GmbH worth EUR50 million.  The bank had also blocked all
of the company's loans, including Goldman Sachs' final tranche
of EUR7.5 million, which is part of a EUR65 million bridging
loan agreement between the bank and Schieder Moebel.

Mazurskie Meble CEO Stefan Tkaczyk claims that the holding's
Polish branch was generating profits, the FT report says.

"I wonder where this money went.  It was probably a case of
over-investment.  The most likely domestic factories to go
bankrupt are the facilities located in the Warmia i Mazury
region.  Investors interested in their acquisition will surely
prefer to buy them from a court-appointed receiver," Mr. Tkaczyk
said.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- is one of the leading furniture
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold after incurring debts of nearly EUR300 million
due to high capital costs.


SECURENTA GOETTINGER: Claims Registration Period Ends Sept. 20
--------------------------------------------------------------
Creditors of Securenta, Goettinger Immobilien- u.
Vermoegensmanagement AG have until Sept. 20 to register their
claims with court-appointed insolvency manager Peter Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 25
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Peter Knoepfel
         c/o Treugarant AG
         Hallerstr. 76
         D 20146 Hamburg
         Germany
         Tel: 040/4146380
         Fax: 040/445635
         E-mail: goettingen@treugarant.de

The District Court of Goettingen opened bankruptcy proceedings
against Securenta, Goettinger Immobilien- u.
Vermoegensmanagement AG on June 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Securenta, Goettinger Immobilien- u.
         Vermoegensmanagement AG
         Merkelstrasse 3
         37085 Goettingen
         Germany


SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Supresta LLC (B1
corporate family rating) under review for a possible upgrade
following the announcement that Israel Chemicals Ltd. has agreed
to buy the firm from its existing private equity owners,
Ripplewood Holdings LLC, for $352 million in cash in a
transaction that is expected to close in the third quarter of
2007.

The ratings under review are:

* Supresta LLC

   -- Corporate family rating -- B1

   -- Probability of default rating -- B1

   -- $140mm Gtd Sr Sec Term Loan due 2011, Ba3, LGD3, 35%

   -- $25mm Gtd Sr Sec Revolving Credit Facility due 2009, Ba3,
      LGD3, 35%

ICL has indicated that the transaction will be financed by its
internal resources and existing bank facilities and the closing
is subject to a number of conditions, including regulatory
approval. The review for upgrade reflects the expected operating
benefits associated with inclusion of the company in the ICL
group and the likelihood that Supresta's leverage will decline
as its existing bank debt will likely be retired.  The ratings
will be withdrawn if the debt is refinanced.  However, the
company has not stated definitively how the rated term loan and
revolving credit facility or unrated debt at the holding company
level will be treated.

Supresta is a global producer of phosphorus-based flame
retardants used in foams, plastics and industrial/hydraulic
fluids.  The company also sells phosphorus-based organic and
inorganic chemicals used in fine chemicals and paint additives.
Supresta LLC, is headquartered in Ardsley, New York.  Revenues
were approximately $249 million for the LTM ended December 31,
2006.

The company also operates in Brazil, China and Germany.


UNIT ENERGY: Claims Registration Period Ends August 1
-----------------------------------------------------
Creditors of unit energy europe AG have until Aug. 1 to register
their claims with court-appointed insolvency manager Ottmar
Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 17, 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 Bad Homburg v.d. Hoehe
         Area 120
         First Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt (Main)
         Germany
         Tel: 069-91309229
         Fax: 069-91309230

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against unit energy europe AG on June 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         unit energy europe AG
         Attn: Felix Beyer, Manager
         Ludwigstrasse 12
         61348 Bad Homburg
         Germany


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


NORTHCORE TECH: March 31 Equity Deficit Tops CDN$2.6 Million
------------------------------------------------------------
Northcore Technologies Inc. reported a net loss for the first
quarter of CDN$550,000.  This compares to a net loss of
CDN$571,000 in the fourth quarter of 2006.  In the first quarter
of 2006, Northcore reported a net loss of CDN$480,000, a total
that included income from discontinued operations of
CDN$205,000.

Northcore reported first quarter revenues of CDN$322,000, an
increase of four percent over the CDN$309,000 the company
generated in the fourth quarter of 2006.  Nortchcore reported
first quarter 2006 revenues of CDN$372,000.

"Our revenue performance in the first quarter met our
expectations, and as a number of our recently signed customer
service agreements are at their initial stage, we anticipate
incremental revenue growth in upcoming quarters," said Jeff
Lymburner, chief executive officer of Northcore Technologies
Inc.

Northcore also reported an EBITDA loss in the first quarter of
2007 of CDN$368,000.  This compares to an EBITDA loss of
CDN$374,000 in the fourth quarter of 2006 and an EBITDA loss of
CDN$373,000 in the first quarter of 2006.

EBITDA loss is defined as losses before interest, taxes,
depreciation, amortization, employee stock options, and
discontinued operations.  Northcore considers EBITDA to be a
meaningful performance measure as it provides an approximation
of operating cash flows.

As at March 31, 2007, Northcore held cash and cash equivalents
of CDN$93,000, and accounts receivable of approximately
CDN$280,000.

At March 31, 2007, the company's consolidated balance sheet
showed CDN$510,000 in total assets, CDN$3,192,000 in total
liabilities, resulting in a CDN$2,682,000 total stockholders'
deficit.

The company's consolidated balance sheet at March 31, 2007, also
showed strained liquidity with CDN$430,000 in total assets
available to pay CDN$1,285,000 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?2131

                         Going Concern Doubt

KPMG LLP, in Toronto, Canada, expressed substantial doubt about
Northcore Technologies Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2006, and 2005.  The
auditing firm pointed to the company's recurring losses from
operations and net capital deficiency.

                     About Northcore Technologies

Headquartered in Toronto, Canada, Northcore Technologies Inc.
(TSX: NTI.TO) -- http://www.northcore.com/-- provides core
asset solutions that help organizations source, manage and sell
their capital equipment.  Northcore works with a growing number
of customers and partners in a variety of sectors including oil
and gas, government, and financial services.  Current customers
include GE Commercial Finance, Paramount Resources and Trilogy
Energy Trust.  The company also operates in Ireland.

TRIAD HOSPITALS: Extends Senior Notes Pricing Date Until July 16
----------------------------------------------------------------
Triad Hospitals Inc. is extending the price determination and
expiration dates of its two senior notes from 10:00 a.m.,
New York City time, on June 25, 2007, to 10:00 a.m., New York
City time, on July 16, 2007.  The company is also extending the
expiration date of its offering from 12:00 midnight, New York
City time, on July 10, 2007, to 12:00 midnight, New York City
time, on July 30, 2007.

The senior notes affected by the extensions are the company’s
$600,000,000 aggregate principal amount of 7% senior notes due
2012 and $600,000,000 aggregate principal amount of 7% senior
subordinated notes due 2013.

Holders who have previously tendered Notes do not need to re-
tender their Notes or take any other action in response to these
extensions.

As of 7:00 a.m., New York City time, on June 25, 2007, the
company has received tenders and consents from:

      (i) holders of about $599.3 million in aggregate principal
          amount of the senior notes, representing about 99.9%
          of the total outstanding principal amount of the
          senior notes; and

     (ii) holders of about $598.3 million in aggregate principal
          amount of the senior subordinated notes, representing
          about 99.7% of the total outstanding principal amount
          of the senior subordinated notes.

Notes previously tendered may not be validly withdrawn, except
under very limited circumstances.

Except for the extension of the price determination and
expiration dates, the offer and the tender offer documents
remain in full force and effect and the price determination date
for the offer will be at least 10 business days prior to the
expiration date.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not withdrawn pursuant to the Offer
is subject to the satisfaction or waiver of certain conditions,
including:

     -- the satisfaction of all conditions to the consummation
        of the merger under the previously announced merger
        agreement among the company, Community Health Systems
        Inc. and a wholly owned subsidiary of CHS and
        consummation of the merger;

     -- CHS or an affiliate of CHS having issued up to
        $3.36 billion of debt;

     -- the company having sufficient available funds to  pay
        the total consideration with respect to all notes and
        the receipt of sufficient consents with respect to the
        proposed amendments to the indentures and the notes.

The company reserves the right to terminate, withdraw or amend
the offer at any time subject to applicable law.

Credit Suisse Securities (USA) LLC and Wachovia Securities have
been retained to act as Dealer Managers in connection with the
tender offer and consent solicitation.  Questions about the
tender offer and consent solicitation may be directed to Credit
Suisse at (212) 325-7596 (collect) or Wachovia Securities at
(866) 309-6316 (toll free) or (704) 715-8341 (collect).

Copies of the tender offer documents and other related documents
may be obtained from D.F. King & Co., Inc., the information
agent for the tender offer and consent solicitation, at (800)
769-7666 (toll free) or (212) 269-5550 (collect).

The tender offer and consent solicitation is being made solely
by means of the tender offer documents.  Under no circumstances
will this press release constitute an offer to purchase or the
solicitation of an offer to sell the notes or any other
securities of the company or any other person,

                      About Triad Hospitals

Triad Hospitals Inc. (NYSE: TRI) --
http://www.triadhospitals.com/-- through its affiliates, owns
and manages hospitals and ambulatory surgery centers primarily
in the southern, midwestern, and western United States.  The
company currently operates 54 hospitals and 13 ambulatory
surgery centers in 17 states and Ireland with about 9,855
licensed beds.  In addition, through its QHR subsidiary, the
company provides management and consulting services to
independent general acute care hospitals located throughout the
United States.

                          *     *     *

As reported in the Troubled Company Reporter on March 22, 2007,
Standard & Poor's reported that its B+ corporate credit rating
on Triad Hospitals Inc. remains on CreditWatch with negative
implications, where it was originally placed on Feb. 5, 2007.


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


ALITALIA SPA: AP Holding Seeks Valuation to Boost Bid
-----------------------------------------------------
AP Holding S.p.A., AirOne S.p.A. and Intesa-San Paolo S.p.A.'s
acquisition vehicle, is seeking a valuation in preparation for
its bid to acquire the Italian government's 39.9% stake in
Alitalia S.p.A., Il Sole 24 Ore reports.

The valuation, Il Sole relates, will allow AP Holding's
financial backers -- Morgan Stanley, Lehman Brothers, Nomura
Holdings Inc., and Banca Monte Paschi di Siena -- to support its
bid for the national carrier.

PricewaterhouseCoopers have estimated AP Holding's value to be
worth between EUR850 million and EUR1 billion, Il Sole says.

Reuters writes that observers have questioned whether AirOne
could pull off the acquisition of the much larger Alitalia,
since its own annual revenues barely match Alitalia's annual
losses.  Alitalia has EUR1.2 billion in market capitalization.

AP Holding will try to outbid rivals MatlinPatterson Global
Advisers LLC and consortium OAO Aeroflot-Unicredito Italiano
S.p.A.

The bidders have until July 12, 2007, to submit a binding offer.

                         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: OAO Aeroflot Pulls Out from Bidding Race
------------------------------------------------------
The consortium of OAO Aeroflot and Unicredito Italiano S.p.A.
has withdrawn its bid to acquire the Italian government's 39.9%
stake in Alitalia S.p.A.

In a statement, Aeroflot said that it and its advisors were not
allowed access to "critical information with respect to the
commercial and operational aspects of Alitalia’s business to
confidently formulate a well supported business proposal to
successfully restructure the Italian carrier."

"The conditions and requirements outlined for the privatization
process would significantly limit the ability of Aeroflot to
implement what Aeroflot believes to be the necessary measures to
re-launch Alitalia," Aeroflot added.

The consortium's pullout leaves two potential buyers for the
Alitalia stake:

   -- AP Holding S.p.A., a consortium of AirOne S.p.A. and
      Intesa-San Paolo S.p.A.; and

   -- MatlinPatterson Global Advisers LLC.

The bidders have until July 12, 2007, to submit a binding offer.

                         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.


PARMALAT SPA: Capitalia Sells 5.1% Stake for EUR266 Million
-----------------------------------------------------------
Capitalia S.p.A. has sold its entire 5.1% stake in dairy concern
Parmalat S.p.A. for around EUR266 million, Bloomberg News
reports.

Capitalia sold 84,761,390 shares on a placement by Lehman
Brothers International, Bloomberg News relates.  Capitalia
gained around EUR53 million from the disposal.

                          About Parmalat

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

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

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

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

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

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

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

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


PIAGGIO & C. SPA: Profits Cue S&P to Lift Rating to BB
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Piaggio & C. SpA, an Italian
manufacturer of scooters, motorcycles, and light transportation
vehicles, to 'BB' from 'BB-'.  The outlook is stable.

"The upgrade reflects the sustained improvement Piaggio has
achieved in profitability and cash generation," said Standard &
Poor's credit analyst Barbara Castellano.  "The company has
proven itself able to generate a sound amount of free operating
cash flow and to use a large part of it to repay debt."

At the end of 2006 Piaggio's adjusted EBITDA margin grew to
12.8%, from 11.6% in 2005. In the first quarter of 2007 revenues
increased by 5.3% while margins were in line with the same
quarter of the previous year.  Piaggio generated substantial
free operating cash flow of 13% and 16% of total adjusted debt
in 2006 and 2005, respectively.  The ratio of funds from
operations to debt was 21% at year-end 2006.  Most of the cash
generated has been used to reduce debt, which stood at
EUR611 million at the end of 2006, from EUR663 million in 2005.

Reducing its reliance on European markets and completely turning
around the motorcycle business are important targets if Piaggio
is to strengthen its business risk profile.

We expect the group to be able to improve its operating results
and generate free cash flow despite ambitions for growth. We
also expect that any expansionary investment will not weaken
credit indicators below levels acceptable for the ratings. In
particular, adjusted FFO to debt must be maintained at about
20%.  The ratings assume that Piaggio will finance its organic
growth with cash internally generated.

A strengthening of Piaggio's business risk profile through an
increase in product and geographic diversity, along with an
improved operating performance and a strengthening of financial
measures above the level required for the rating, would have
positive rating implications.  In light of the extent of the
business improvement required, though, we do not see ratings
upside as a near-term possibility.

Conversely, an erosion of the credit measures due to adverse
changes in the conditions of Piaggio's main markets, or a more
aggressive than expected expansionary policy, could put the
ratings under pressure.


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


AKMIN LLP: Claims Filing Period Ends August 3
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Akmin insolvent.

Creditors have until Aug. 3 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan


CAMILLA LLP: Claims Registration Ends August 1
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Camilla insolvent.

Creditors have until Aug. 1 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


DJUS LLP: Creditors Must File Claims August 3
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Djus insolvent.

Creditors have until Aug. 3 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-84-70


DOSTYK LLP: Creditors' Claims Due August 3
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Dostyk insolvent.

Creditors have until Aug. 3 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-3, 138
         Almaty
         Kazakhstan
         Tel: 8 777 223 07-71


FILCOMPANY LLP: Proof of Claim Deadline Slated for Aug. 3
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Filcompany insolvent.

Creditors have until Aug. 3 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-3, 138
         Almaty
         Kazakhstan
         Tel: 8 777 223 07-71


JANCOM-BB LLP: Creditors Must File Claims August 3
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Jancom-Bb insolvent.

Creditors have until Aug. 3 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan


KYZMET-SERVICE 1: Claims Filing Period Ends August 1
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kyzmet-Service 1 insolvent.

Creditors have until Aug. 1 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


ONER JSC: Proof of Claim Deadline Slated for August 3
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared JSC Oner insolvent.

Creditors have until Aug. 3 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-84-70


SEVER-GAS JSC: Claims Registration Ends August 3
------------------------------------------------
JSC Sever-Gas has declared insolvency.  Creditors have until
Aug. 3 to submit written proofs of claims to:

         JSC Sever-Gas
         Buketov Str. 34
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


ASIA EXCLUSIVE: Claims Filing Period Ends August 15
---------------------------------------------------
LLC Asia Exclusive has declared insolvency.  Creditors have
until Aug. 15 to submit written proofs of claim to:

         LLC Asia Exclusive
         Lenin Str. 105
         Karasuu
         Osh
         Kyrgyzstan


PARK & OPC: Creditors Must File Claims by August 10
---------------------------------------------------
LLC Park & OPC CIS has declared insolvency.  Creditors have
until Aug. 10 to submit written proofs of claim to:

         LLC Park & OPC CIS
         Room 22
         Abdrahmanov Str. 170a
         Bishkek
         Kyrgyzstan


===========
L A T V I A
===========


NORVIK BANKA: Moody's Assigns Ba3 Long-Term Bank Deposit Rating
---------------------------------------------------------------
Moody's Investors Service assigned to Norvik Banka JSC a D- bank
financial strength rating, which translates into a baseline
credit assessment of Ba3; a long-term deposit rating of Ba3 and
short-term deposit rating of Not-Prime.  The outlook on all
ratings is stable.

According to Moody's, the main elements underpinning the D- BFSR
are the bank's good asset quality and capital adequacy and its
new strategic shareholders' commitment to date to increase the
capital base in step with the growth of the business.

However, these strengths are offset by:

   (i) the significant proportion of funding that is confidence
       sensitive and largely short-term in maturity;

  (ii) its less than optimal corporate governance structure and
       by extension the lack of separation between risk
       management and business development;

(iii) the high borrower concentration risk; and

  (iv) the unresolved lawsuit in the US which, while appearing
       to be frivolous, could go against the bank.

Moody's believes that there would be no systemic support for
Norvik Banka JSC in the event of a stress situation, in
accordance with the highly dollarized system support guideline.
Therefore, Norvik Banka's long-term global local currency (GLC)
deposit rating does not incorporate systemic support.

Norvik Banka is a small bank with a limited franchise that
operates mainly in Latvia, where its main business is lending to
private individuals and corporates.  At the end of 2006, the
bank had a 1.9% market share by total loans and by total assets.
The bank benefits from proximity to its clients - retail
activities are established in most of Latvia's industrial
centres, through 13 branches and 77 settlement offices.  The
retail operation focuses on private individuals and small
businesses, with the bank providing its clients with traditional
as well as more sophisticated products.

On the corporate banking side, the bank targets SMEs, in
particular those in manufacturing, transportation,
infrastructure and international trade.  The bank benefits from
its long-term experience in particular niches, such as shipping
and transportation, and by its cooperation with the major
Icelandic banks in terms of funding and implementing business
practices.

Looking ahead, Moody's believes that a rating upgrade could
potentially be prompted by an improvement in its liquidity and
funding profile, a reduction in high borrower concentration risk
and changes to the corporate governance structure that provide a
better separation of risk management from business development.

A rating downgrade of Norvik Banka's BFSR could possibly be
triggered by deterioration in the Latvian economy consequently
affecting the bank's asset quality or by putting pressure on the
bank's liquidity and funding position; or legal settlement costs
that, while not envisaged, were sufficiently large to cause a
reduction in the bank's capital base.

These ratings were assigned with stable outlook:

   * Norvik Banka JSC:

   -- Long-term bank deposits: Ba3;
   -- Short-term bank deposits: Not-Prime;
   -- Bank financial strength rating: D-.

Norvik Banka JSC is based in Riga, Latvia.  At the end of March
2007, the bank had total assets of LVL375.49 million (EUR531.3
million).  It is the 11th largest bank in Latvia in terms of
total assets.


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


BASELL AF: Acquisition Plan Cues S&P to Put BB- Ratings on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit ratings on Luxembourg-based Basell AF SCA and Salt Lake
City, Utah-based Huntsman Corp., as well as all related ratings
on both entities, on CreditWatch with negative implications.
The listing reflects the announcement of a definitive agreement
under which Basell plans to acquire Huntsman for a total of
US$9.6 billion.

The transaction, which is subject to shareholder and regulatory
approval, has been approved by Huntsman's board of directors and
has the support of MatlinPatterson and the Huntsman family, who
collectively own 57% of Huntsman's common stock.

"Basell plans to finance the purchase 100% with debt, which will
result in a substantial increase of financial debt of the
combined group to about EUR10 billion," said Standard & Poor's
credit analyst Tobias Mock.

Initially, we expect the ratio of total debt to EBITDA to be
about 5x on an unadjusted basis.  The transaction has favorable
implications for the business risk profile of Basell due to an
improved product mix, better diversification, and less
dependency on the polyolefins cycle.  However, the use of debt
to finance the combination will result in a highly aggressive
capital structure, particularly for a business that will still
be exposed to the chemicals cycle.  When completed, the combined
company is expected to have sales of about EUR17 billion and
EBITDA of about EUR1.9 billion.  S&P expects the transaction to
close in late 2007.

S&P will resolve the CreditWatch after meeting with management
to evaluate in detail the financial policies and strategy for
the combined company and the impact of such a combination on the
business and financial risk profiles.


BASELL AF: Fitch Puts BB- IDR on Watch Negative on Takeover News
----------------------------------------------------------------
Fitch Ratings has placed Basell AF SCA's ratings on Rating Watch
Negative, following the company's announcement of its definitive
agreement to acquire U.S.-based chemicals and pigments producer
Huntsman.

The rating actions are:

   -- Long-term Issuer Default: 'BB-' on RWN

   -- Senior secured: 'BB+' on RWN

   -- Senior notes: 'B+' on RWN

   -- Basell's Short-term Issuer Default rating is affirmed at
      'B'.

Fitch expects to resolve the RWN upon the closure of the
transaction and review of the financing plan.  A more detailed
comment will be issued in due course.


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


GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Global Power
Equipment Group Inc. and its debtor-affiliates’ chapter 11 cases
wants the Debtors’ third request for extension of their
exclusive periods denied as it seeks authority to promptly file
a competing plan.

As reported in the Troubled Company Reporter on June 14, 2007,
the Debtors had asked the Court to extend their exclusive period
to file a chapter 11 plan to Oct. 1, 2007.  The Debtors also
asked the Court to extend their exclusive solicitation period to
Nov. 30, 2007.

In their request for extension, the Debtors disclosed that they
were in talks with the Creditors Committee and the Official
Committee of Equity Security Holders and argued that the
extension would afford them time to better formulate a
consensual chapter 11 reorganization plan.

The Creditors’ Committee opposes the requested extension
contending that the Debtors "have had ample time to formulate
and propose a consensual plan of reorganization."

According to the Creditors’ Committee, the costs associated with
the delay that will ensue if the Court grants the requested
extension are certain and substantial, while the benefits from
any extension are speculative at best.

Moreover, the Creditors’ Committee argues that the current
proposed extensions would leave no room for error in view of the
Dec. 7, 2007 maturity of the Debtors’ existing DIP financing
facility.

The Court is set to consider the matter at a July 10, 2007
hearing.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represent the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of $381,131,000 and total debts
of $123,221,000.


SYNIVERSE TECHNOLOGIES: To Raise US$489 Mln of Credit Facilities
----------------------------------------------------------------
Syniverse Technologies Inc. said it will raise $489 million of
senior secured credit facilities.  The credit facilities are
expected to consist of:

       i) a $42 million revolver;
      ii) a $20 million Euro-denominated revolver;
     iii) a $297 million term loan; and
      iv) a $130 million Euro-denominated term loan.

Net proceeds from the credit facilities will be used to fund the
$290 million proposed acquisition of Billing Services Group
Limited's Wireless Division and refinance Syniverse's existing
senior secured credit facilities.

Lehman Brothers Inc. and Deutsche Bank will act as Joint Lead
Arrangers and Joint Bookrunners for the syndication.

                    About Billing Services

Billing Services Group Limited is a global provider of data
clearing, financial settlement and risk management solutions for
wireless and wireline communication service providers, operating
in two primary segments: wireline and wireless.  BSG Wireless is
a provider of data clearing and financial settlement services
related to global and national roaming for GSM wireless
telecommunications providers.

Shareholder approval for the acquisition of Billing Services by
Syniverse Technologies was obtained on April 23, 2007.

                       About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR) –
http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.

The company has offices in the Netherlands and China.


X5 RETAIL: Gets US$1 Billion Loan to Refinance Debt
---------------------------------------------------
X5 Retail Group N.V. has raised US$1 billion through a loan
facility with final maturity of one year.

The mandated lead arrangers of the loan are Goldman Sachs
International and Citigroup Global Markets Ltd.

The proceeds of the loan will be used to refinance the Group's
debt, including the existing syndicated loan of US$800 million,
which was arranged in 2006 to finance the merger between
Pyaterochka and Perekrestok and expansion.

"We are pleased to announce the refinancing of our existing debt
on attractive terms that we believe are a testament to the
combined strength and financial stability of our enlarged
Group," X5 Retail Group CFO Vitaliy Podolskiy commented.  "This
transaction is a further step in our effort to optimize the
Group's capital structure and enables us to lower funding costs,
strengthen our financial flexibility and raise our profile in
the international financial community."

                         About X5 Retail

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

                           *   *   *

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

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

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

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


=============
R O M A N I A
=============


TELEMOBIL SA: Moody's Assigns Corporate Family Rating at B3
-----------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
to Telemobil S.A. and a provisional (P)B3 rating to Telemobil's
US$125 million senior secured notes due 2014.  The outlook on
the ratings is stable.

Telemobil's B3 CFR reflects:

   (i) the growth potential of the telecom market in Romania,
       which enjoys strong GDP growth compared to other European
       countries and low fixed-line penetration (only 20% and
       concentrated in urban areas), presenting attractive
       opportunities in the mobile segment;

  (ii) the competitive advantage enjoyed by the company thanks
       to the combination of the propagation and network
       efficiency benefits associated with the 450MHz band and
       the high capacity of its recently acquired 3G licence,

(iii) Telemobil's focus on the post-paid segment of the market,
       which enjoys high ARPUs and low churn rates,

  (iv) the fact that the company was free cash flow positive in
       2006, although the payments associated with the
       acquisition of the 3G license and the rollout of the
       network will produce negative free cash flows in 2007 and
       2008;

   (v) management's track record in building a profitable, cash-
       flow positive business; and

  (vi) a degree of shareholder support due to the company's
       strategic importance for both Qualcomm Inc. and Saudi
       Oger.

However, the B3 CFR also takes into account these challenges:

   (i) Telemobil's small size and scale relative to other
       European markets and peers;

  (ii) an element of technology risk, given that Telemobil is
       the only CDMA operator in Romania, as a result of which
       it lacks roaming revenues from GSM customers and mass-
       market adoption of its services is prevented by
       relatively high handset prices in comparison to those of
       the GSM operators;

(iii) the challenging competitive environment in Romania, with
       two very strong, larger and better capitalized operators
       (Vodafone and Orange) and a successful low-cost operator
       (Cosmote);

  (iv) the high initial leverage, with pro forma Total financial
       debt/LTM EBITDA of 7.9x as of March 2007; and

   (v) the expected weak interest coverage ratios during the
       first two years due to low, albeit improving,
       profitability.

Telemobil is weakly positioned in its rating category,
reflecting the risks from the company's significant indebtedness
and aggressive capital structure paired with a high level of
business risk derived from a very challenging competitive
environment and an element of technology risk.  Nonetheless, the
B3 rating also takes account of Telemobil's track record and
current free cash flow positive profile as well as its valuable
customer base and the shareholders' commitment to the company.

Moody's expects Telemobil to improve its positioning within the
B3 rating category as the strategic plan of capitalizing on the
3G licence is executed and the company delivers on its de-
leveraging plan.  However, in this context, Telemobil could be
subject to downward rating migration if it is not successful
over the next six to twelve months in executing the business
plan and a weaker operating performance leads to a delay in the
expected return to a free cash flow positive position.

The (P)B3 rating on the US$125 million senior secured notes is
at the same level as the CFR, reflecting the fact that the notes
are the most significant piece of debt in the capital structure.
Moody's has also assigned Telemobil a Probability of Default
Rating of B2, reflecting the use of a family recovery rate of
35%, due to the absence of bank debt in the structure.  The 35%
family recovery rate also reflects the limited track record in
Romania with respect to the enforcement of creditor rights,
particularly for secured creditors.

Headquartered in Romania, Telemobil S.A. is the fourth provider
of wireless telecommunications in Romania in terms of
subscribers and it is the country's only operator of a CDMA 450
network.  The company provides wireless voice, data and WLL
services under the "Zapp" brand name.  Telemobil is indirectly
owned equally by Qualcomm Incorporated and Saudi Oger.  For the
year ended Dec. 31, 2006, Telemobil generated revenues of US$125
million and EBITDA of US$18 million.


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


ANGAR-STORY OJSC: Asset Sale Slated for July 16
-----------------------------------------------
LLC Yuta, the bidding organizer for OJSC Angar-Story, will open
a public auction for the company's properties at 3:00 p.m. on
July 16 at:

         Dispatching Office
         Angarstroya Str. 8
         Osinovka
         Bratsk
         Irkutsk
         Russia

Interested participants have until July 12 to deposit an amount
equivalent to 10% of the starting priced to:

         OJSC ANGAR-STORY
         Settlement Account 40702810818090102312
         Correspondent Account 30101810900000000607
         BIK 042520607
         TIN 3805100028
         OSB 2413/0114
         Baykalskiy Bank SB RF
         Bratsk
         Irkutsk
         Russia

Bidding documents must be submitted to:

         LLC Yuta
         Room 21
         Angarstroya Str. 8
         Bratsk
         Irkutsk
         Russia
         Tel: (3953)35-72-50

The Debtor can be reached at:

         OJSC Angar-Story
         Angarstroya Str. 8
         Bratsk
         Irkutsk
         Russia


BEL-MOR-WOOD-PROM: Creditors Must File Claims by Aug. 2
-------------------------------------------------------
Creditors of CJSC Bel-Mor-Wood-Prom have until Aug. 2 to submit
proofs of claim to:

         A. Mikhnovets
         Insolvency Manager
         Post User Box 736
         183039 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-7905/2006.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Bel-Mor-Wood-Prom
         Molochnyj
         Murmansk
         Russia


GLAV-STROY-MONOLITH: Creditors Must File Claims by Aug. 2
---------------------------------------------------------
Creditors of OJSC Glav-Stroy-Monolith (TIN 7710293820) have
until Aug. 2 to submit proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-74286/06-73-1169B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Glav-Stroy-Monolith
         Building 2
         Tverskaya Str. 6
         125009 Moscow
         Russia


HYDROSPETSSTROY: Property Inventory is Complete, Trustee Says
-------------------------------------------------------------
Olga Rushitskaya, the bankruptcy trustee of HydroSpetsStroy
Ltd.,  told Ural Business Consulting that they have completed
the necessary inventory required for bankruptcy proceedings.

"We are currently preparing a report and getting ready to sell
the company's property," she added.

In a TCR-Europe report on March 26, 2007, Ms. Rushitskaya
revealed that all of the company's assets would be auctioned off
as creditors now have full control of the assets.  Proceeds of
the auction, she said, would be used to settle the company's
obligations.

                   About HydroSpetsStroy Ltd.

Russian company HydroSpetsStroy Ltd. is a general contractor
with accumulated debts of more than RUR55 million (EUR1.59
million).  The Arbitration Court of Sverdlovsk declared the
company bankrupt in March 2007.


IZNAIR LLC: Creditors Must File Claims by Aug. 2
------------------------------------------------
Creditors of LLC Agricultural Company Iznair have until Aug. 2
to submit proofs of claim to:

         A. Baskakov
         Insolvency Manager
         Ak. Zhuk Str. 27
         Balakovo
         413853 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A57-753B/07-40E.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Iznair
         Eryshovka
         Rtishevskiy
         Saratov
         Russia


KANTAUROVSKOYE OJSC: Bankruptcy Hearing Slated for Sept. 25
-----------------------------------------------------------
The Arbitration Court of Nizhnij Novgorod will convene at 2:15
p.m. on Sept. 25 to hear the bankruptcy supervision procedure on
OJSC Kantaurovskoye (TIN 5246023656).  The case is docketed
under Case No. A43-4101/2007-18-67.

         The Temporary Insolvency Manager is:
         K. Agafonov
         Apartment 26
         K. Marksa Str. 30
         603159 Nizhnij Novgorod
         Russia

The Debtor can be reached at:

         OJSC Kantaurovskoye
         Kantaurovskoye
         Borskiy
         Nizhnij Novgorod
         Russia


KHALILOVSKIY ORE: Creditors Must File Claims by Aug. 2
------------------------------------------------------
Creditors of LLC Khalilovskiy Ore Mining and Processing
Enterprise have until Aug. 2 to submit proofs of claim to:

         E. Savilova
         Insolvency Manager
         Post User Box 1515
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-3277/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Khalilovskiy Ore Mining and Processing Enterprise
         Magnezitovaya Str. 7/7
         Khalilovo
         Gayskiy
         462610 Orenburg
         Russia


L-AUTO CJSC: Court Names I. Volkov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod appointed I. Volkov as
Insolvency Manager for CJSC L-Auto (TIN 5262014627).  He can be
reached at:

         I. Volkov
         Post User Box 104
         603163 Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-4981/2007-27-156.

The Court is located at:

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

The Debtor can be reached at:

         CJSC L-Auto
         B. Panina Str. 3
         Nizhniy Novgorod
         Russia


NOVIK CJSC: Tyumen Bankruptcy Hearing Slated for Aug. 23
--------------------------------------------------------
The Arbitration Court of Tyumen will convene at 9:00 a.m. on
Aug. 23 to hear the bankruptcy supervision procedure on CJSC
Production Building-Commercial Company Novik (TIN 7224002367).
The case is docketed under Case No. A-70-2565/3-07.

         The Insolvency Manager is:
         S. Toropov
         Room 11
         Khokhryakova Str. 7
         625000 Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Production Building-Commercial Company Novik
         Komsomolskaya Str. 16
         625002 Tyumen
         Russia


OIL-PROM-SERVICE: Bankruptcy Hearing Slated for July 23
-------------------------------------------------------
The Arbitration Court of Kaliningrad will convene at noon on
July 23 to hear the bankruptcy supervision procedure of LLC Oil-
Prom-Service.  The case is docketed under Case No. A21-1627/
2007.

The Insolvency Manager is:

         V. Kiselev
         Donskogo Str. 7-209
         Kaliningrad
         Russia

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Oil-Prom-Service
         Portovaya Str. 81
         236035 Kaliningrad
         Russia


OMEGA LTD: Creditors Must File Claims by Aug. 2
------------------------------------------------
Creditors of CJSC Omega Ltd have until Aug. 2 to submit proofs
of claim to:

         V. Tarasov
         Insolvency Manager
         Kosmodemyanskoy 29
         183008 Murmansk 3
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-1357/07.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Omega Ltd
         Kandalaksha
         Murmansk
         Russia


PRODEKS CJSC: Court Names I. Starichkov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Stavropol appointed I. Starichkov as
Insolvency Manager for CJSC Trading Company Prodeks.  He can be
reached at:

         I. Starichkov
         Post User Box 276
         3 OPS
         355000 Stavropol
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2688/07-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         I. Starichkov
         Post User Box 276
         3 OPS
         355000 Stavropol
         Russia


ROSNEFT OIL: Yukos Pays RUR237 Billion Debt From Sale Proceeds
--------------------------------------------------------------
OAO Rosneft Oil Co. received on June 27 the first tranche of
proceeds as a creditor from the bankruptcy of OAO Yukos Oil Co.

The RUR237 billion (US$9.2 billion) amount Rosneft received will
be used in full to retire its debt, the company said in a press
release.

Rosneft will continue to reduce debt through integration of
recently acquired assets, improved operating performance,
enhanced downstream margins, and potential asset sales.  The
company is targeting a reduction in leverage to 1x Debt/EBITDA
and less than 30% gearing by 2010.

Yukos bankruptcy receiver Eduard Rebgun disclosed the transfer
of RUR151 billion of Yukos bankruptcy assets to the state
revenue funds by way of payment of the company's tax arrears, an
Interfax report carried by BBC says.

Mr. Rebgun also said it will start the repayment of arrears on
the company's principal RUR400 billion debt to third-ranking
creditors, BBC relates.  The Yukos receiver is repaying debt
claims to all registered creditors in proportion to the size of
their claims.

The Troubled Company Reporter-Europe reported on April 24, 2007,
Yukos' distribution of nearly RUR2 million to its second-tier
creditors, which fully pays wage and severance claims held by
private claimants.

According to that report, the company has no first-tier
creditors
as these are private individuals who suffered losses during the
company's operations.

As of Jan. 31, claims against Yukos filed by 68 creditors
reached RUR709 billion ($26.8 billion).

As of Jan. 31, the company's largest creditors include:

                                     Claim Amount

   Creditor                   (RUR)              (US$)
   --------               -------------      ------------
   Federal Tax Service    429.3 billion      16.3 billion
   Rosneft                264.6 billion        10 billion
   Tomskneft               12.2 billion       465 million
   Samaraneftegaz           1.9 billion        70 million
   Siberian Service Co.   228.4 million       8.7 million

                         About Yukos Oil

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

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

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

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

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

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

                         About Rosneft


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

                            *   *   *

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

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


ROSNEFT OIL: Neft-Aktiv Unit Buys Yukos Oil's Krasnodar Assets
--------------------------------------------------------------
LLC Neft-Aktiv, a unit of OAO Rosneft Oil Co., agreed to pay
RUR4.9 billion for Lot 9 of the OAO Yukos Oil Co.'s assets,
which includes over 100 retail stations in Southern Russia
including 100% of Stavropolnefteprodukt and other assets.

Lot 9 includes stakes in these enterprises:

   -- 100% of OJSC Stavropolnefteproduct;

   -- 51% of LLC Yu-Kuban;

   -- 26.26% of OJSC Kuban Generation Company, OJSC Kuban
      Electricity Distribution Company, OJSC Kuban Transmission
      Company, and OJSC Kubanenergo;

   -- 100% of LLC Val Shatskogo;

   -- 49.892% of LLC Caspian Oil Company.

"The acquisition of these enterprises will enable Rosneft to
become a leader in the growing and attractive oil products
retail market in Russia, providing further benefits of vertical
integration and improved financial and operating performance,"
the company said in a statement.

As reported in TCR-Europe Eduard Rebgun, Yukos' bankruptcy
receiver, offered the bankrupt's Krasnodar assets to Rosneft
after the Russian Federal Anti-Monopoly Service refused to
effect the deal with auction winner ZAO Promregion Holding.

Promregion, Rosneft unit OOO Neft Aktiv, and OOO Versar
participated in the ninth auction for the bankrupt oil concern's
assets early this month.  The lot carried a RUR3.7 billion
starting price, a bid increment of RUR37.1 million, and a
required deposit sum of RUR742.4 million.

In a TCR-Europe report on May 18, 2007, FAS said it would
approve Rosneft's assets won through a series of auction from
March to May.

Rosneft has won these assets through its subsidiaries:

   Acquiring Unit     Assets          Price
   --------------     ------          -----
   RN-Razvitiye       9.44% stake in
                      Yukos Oil       RUR197.8 billion

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

                         About Yukos Oil

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

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

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

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

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

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

                         About Rosneft


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

                            *   *   *

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

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


ROSNEFT OIL: Unit Buys Yukos' Retail Chain from LLC Unitex
----------------------------------------------------------
LLC Neft-Aktiv, a unit of OAO Rosneft Oil Co. has agreed with
LLC Unitex to purchase oil product retail distribution and
related infrastructure assets in European and Southern Russia.

According to the agreement, Neft-Aktiv paid RUR16.32 billion to
Unitex for entities with a total of 495 retail stations and
neighboring product terminals.

The retail and small wholesale oil product marketing entities in
European Russia acquired from Unitex include:

   -- Belgorodnefteprodukt and Belgorod Terminal;

   -- Bryansknefteprodukt and Bryansk Terminal M;

   -- Voronezhnefteprodukt and Voronezh Terminal;

   -- Lipetsknefteprodukt and Lipetsk Terminal M;

   -- Orelnefteprodukt and Prioksky Terminal;

   -- Penzanefteprodukt and Penza Terminal;

   -- Tambovnefteprodukt and Tambov Terminal;

   -- Ulyanovsknefteprodukt and Ulyanovsk Terminal;

   -- Kedr-M, Yu-Tver, NBA-Servis, Kontrakt Oil, Germes-Moskva
      and MTK (in Moscow, the Moscow Region and the Tver
      Region); and

   -- YUKOS-Ladoga (in St. Petersburg) and YUKOS-Petroleum.

"The acquisition of these enterprises will enable Rosneft to
become a leader in the growing and attractive oil products
retail market in Russia, providing further benefits of vertical
integration and improved financial and operating performance,"
Rosneft said.

As reported in the TCR-Europe on June 26, 2007, Rosneft Oil was
holding talks to gain assets of bankrupt Yukos Oil acquired by
OOO Unitex and the Prana Group.

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

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

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                            *   *   *

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

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


ROSNEFT OIL: Pegs 2007 Oil Output at Over 100 Million Tons
----------------------------------------------------------
OAO Rosneft Oil Co. expects its oil production to reach over
100 million metric tons this year following acquisition of
OAO Yukos Oil Co.'s major oil assets, RIA Novosti reports citing
vice president Sergei Kudryashov.

Mr. Kudryashov added that Rosneft crude oil output, excluding
the new oil assets, will exceed 90 million metric tons, RIA
Novosti relates.

Rosneft, through its RN-Razvitiye and Neft-Aktiv units had
acquired Yukos oil assets in Tomsk, Samara and Krasnodar.

In a recent press release, Rosneft said the acquisition will
allow it "to become a leader in the growing and attractive oil
products retail market in Russia, providing further benefits of
vertical integration and improved financial and operating
performance."

                         About Rosneft

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

                           *   *   *

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

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


SIBIR-WOOD LLC: Names S. Shkarovskaya as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tyumen appointed S. Shkarovskaya as
Insolvency Manager for LLC Sibir-Wood.  She can be reached at:

         S. Shkarovskaya
         Room 10
         Melnikayte Str. 90a
         625026 Tyumen
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-8399/3-2006.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Sibir-Wood
         Lugovaya Str. 1, 38
         626153 Tobolsk
         Russia


SIBERIAN STOCKINET: Asset Sale Slated for July 19
-------------------------------------------------
LLC Ilim-RTsKU, the bidding organizer for CJSC Siberian
Stockinet, will open a public auction for the company's
properties at 11:00 a.m. on July 19 at:

         Baykalskaya Str. 244/1
         Irkutsk
         Russia

Interested participants have until July 17 to deposit an amount
to:

         TIN 3820006767
         KPP 382001001
         Settlement Account 40702810810900410001125

Bidding documents must be submitted to:

         LLC Ilim-RTsKU
         Post User Box 146
         664025 Irkutsk
         Russia
         Tel/Fax: (3952) 23-55-65

The Debtor can be reached at:

         CJSC Siberian Stockinet
         Vostochnyj Proezd 5
         Cheremkhovo
         Irkutsk
         Russia


SITRONICS JSC: Incurs US$28 Mln Net Loss in First Quarter 2007
--------------------------------------------------------------
Jsc Sitronics released a summary unaudited consolidated U.S.
GAAP financial results for the first quarter ended March 31,
2007.

Total revenues for the first quarter amounted to US$310 million,
following healthy growth in the Information Technology Solutions
and Microelectronics Solutions segment areas, as well as the
impact of the consolidation of Intracom Telecom's results for
the first quarter of 2007.

Sitronics acquired 51% of Intracom Telecom in June 2006 and
Sitronics' total assets had consequently increased to US$1.97
billion as at the end of the first quarter.  The proportion of
revenues generated from unrelated parties reached 88%.

Sitronics reported a negative OIBDA of US$11.4 million in the
first quarter and a net loss of US$28 million.

According to Kommersant, the loss is due to Sitronics'
dependence on parent company AFK Sistema.  The Group also failed
to diversify business.

                        Operating Review

The IT Solutions and Microelectronic Solutions segments
performed in line with expectations during the first quarter.
However, the Telecommunications Solutions segment was adversely
affected by the delay in a number of projects from the first
half of the year until the second half of the year and beyond.
This reflected the effects of industry consolidation and the
deferral of operators' capital and operating expenditure on new
technologies such as 3G, NGN (next generation networks) and
WIMAX.  The delayed projects include the development and
implementation of Next Generation Network technology for Moscow
City Telephone Network and of third generation (3G) mobile
telecommunications technology for Mobile TeleSystems, both of
which are now expected to run through the second half of 2007
and beyond.

The Information Technology Solutions, Microelectronic Solutions,
and Other Businesses (Electronics Manufacturing Services and
Consumer Electronics) segments all reported stable year on year
profitability levels.  The Other Businesses reported largely
unchanged small loss year on year, despite a substantial
reduction in revenues in line with the previously announced
focusing and downsizing of the operations to meet changing
market conditions.

The first quarter profitability levels were however adversely
impacted by an overall loss for the Telecommunications Solutions
segment.  The increased cost base was due to the higher level of
fixed costs following the scaling up of the operations, the
increase in research and development costs related to new
products that were due to be implemented during the period but
have been delayed, and the ongoing expansion into the Middle
East and Africa.

                             Outlook

The first quarter revenue and profitability trends are expected
to continue into the second quarter of the year.  However,
Sitronics' revenue streams are largely dependent on scale
contracts that tend to weight more to the second half of the
year.  Sitronics has won a number of new public and private
sector tenders and contracts during the first half of 2007.  The
pipeline remains strong and the Company expects a significant
increase in revenues during the second half of 2007.  This
demonstrates the healthy underlying development of the business.

In addition to the anticipated implementation of the MGTS and
MTS projects, the Telecommunications Solutions segment has
secured billing system contract wins with Wateen Telecom in
Pakistan and Telecom Srbija in Serbia.  The business has also
signed new contracts for the provision of NGN and billing
technologies to German-based operator CALLAX, and for the supply
of telecommunications infrastructure and implementation services
to Bulgaria's BTC Mobile.

The IT Solutions segment has broadened its services focus to
include new industry sectors such as Finance and Retail, and
this is starting to pay off.  The business has commenced an
integrated banking system pilot at Russia's second largest bank
-- VTB -- to implement Oracle's I-Flex, and also started the
implementation of Oracle's Retek Retail software at Russian
children's goods retail network - Detsky Mir.  The business has
also won a large contract for a World Bank-funded project at the
Statistics Committee in the Ukraine.

The Microelectronics Solutions segment has expanded its
successful RFID ticketing technology project in the Moscow Metro
(subway) by winning a tender to provide RFID tickets for ground
transportation in the Moscow region.  The business also signed a
US$ 75 million contract with the National Machinery Import &
Export Corporation of China for the supply of microelectronic
products to China for the next 5 years.

SITRONICS has reorganized the Telecommunications Solutions
segment and introduced a new management team, in order to
increase sales capacity, leverage cross and up-sell
opportunities, accelerate growth, reduce costs and improve
operating profitability in Russia and the CIS, as well as to
identify organic growth and acquisition opportunities in new
industry segments and geographies.  The company is also working
to optimize its product portfolio and focus research
and development investments on newer technologies.  The
operational integration of Intracom Telecom is ongoing and
expected to result in enhanced sales reach, reduced overhead
costs and improving working capital management.

The IT and Microelectronic Solutions segments are anticipated to
meet expectations for the full year, while the Telecom Solutions
segment is expected to generate revenues close to the previous
expectations but with continuing margin pressure in 2007.  The
Other Businesses are expected to be profitable for the full year
on a combined basis.

"As announced at the time of our full year results in May, we
are today providing an update on summary financial results for
the first quarter of 2007, ahead of our half yearly results
statement in September," Sitronics President Evgeny Utkin
commented.  "The first quarter saw continued revenue growth and
an increased diversification in our customer base but decreased
net profits and OIBDA. We have strengthened our partnerships
with international industry leaders such as Oracle and CISCO,
and have also developed our own IP-based solutions for each of
the principal evolving technologies, which we believe position
us well for the future."

"The IT Solutions and Microelectronic Solutions segments
performed well, with strong sales growth and stable profits.  We
continue to invest in developing new industry sectors and
geographical markets, and these investments are leading to new
contracts and a growing pipeline."

"The telecommunications industry is going through a period of
consolidation and technological change, which has adversely
impacted our results during the first six months of 2007, with a
number of customers delaying the introduction of new
technologies until later in the year.  We have reacted to the
changing market environment by broadening out our technology,
client, sector and geographical base.  Such initiatives have
enabled us to develop a healthy pipeline and secure new customer
contracts, which are expected to lead to significantly improved
operating performance in the second half of 2007," Mr. Utkin
continued.

"Our home markets continue to show significant Information and
Communication Technology sector growth and the rapid development
of knowledge-based economies makes them some of the fastest
growing markets in the world.  Whether through government
initiative or commercial enterprise, we believe technology will
be among the main drivers of economic development in the region
and that Sitronics is uniquely positioned to capitalize on this
growth," Mr. Utkin added.

                        About Sitronics

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

For the 12 months ended Dec. 31, 2006, Sitronics' revenues and
OIBDA were US$1.61 billion and US$183.6 million, respectively.
As of Dec. 31, 2006, SITRONICS had total assets of
US$1.65 billion.

                            *   *   *

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


SPRAKS CJSC: Court Names S. Piskarev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Stavropol appointed S. Piskarev as
Insolvency Manager for CJSC Spraks (TIN 2633004013).  He can be
reached at:

         S. Piskarev
         Ardatovskaya Str. 29
         400120 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2771/02-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Spraks
         Selektsionnaya Str. 17
         Stavropol
         Russia


STEEL-MOUNTING OJSC: Bankruptcy Hearing Slated for Nov. 13
----------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
Nov. 13 to hear the bankruptcy supervision procedure on OJSC
Steel-Mounting.  The case is docketed under Case No. A40-23033/
07-123-81B.

         The Temporary Insolvency Manager is:
         V. Kofnov
         Apartment 221
         Velozavodskaya Str. 9
         115280 Moscow
         Russia

The Court located at:

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

The Debtor can be reached at:

         OJSC Steel-Mounting
         Myasnitskaya Str. 42
         101000 Moscow
         Russia


TNK-BP HOLDING: Commission Warns Against License Cancellation
-------------------------------------------------------------
A commission of Russia's Natural Resources Ministry has advised
the agency's chief against revoking the operating license of OAO
Rusia Petroleum, a unit of TNK-BP Holding Ltd., for the Kovykta
gas field, RIA Novosti reports citing Alexei Varlamov, a senior
ministry official.

"The decision will be made as soon as possible, because no one
is interested in delaying this important issue," Mr. Varlamov
told RIA Novosti.

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

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

As reported in the TCR-Europe on June 26, 2007, TNK-BP is
selling its 62.9% stake in Rusia Petroleum unit to state-owned
OAO Gazprom.

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

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

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

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

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

                         About Gazprom

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

                          About TNK-BP

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

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

                            *   *   *

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

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

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


TRANSCAPITALBANK JSC: Moody's Rates Subordinated Debt at B2
-----------------------------------------------------------
Moody's Investors Service assigned a long-term foreign currency
debt rating of B2 to the loan participation notes to be issued
on a limited recourse basis by TransRegionalCapital Ltd. for the
sole purpose of extending a subordinated loan to
Transcapitalbank.

The outlook for the rating is positive.  The amount of the issue
is yet to be confirmed, with a ten-year tenor.  The bank will
apply the net proceeds of the subordinated loan for general
corporate purposes.

The holders of the notes will rely for repayment solely and
exclusively on the ability of Transcapitalbank to make payments
under the loan agreement.  The creditor rights under the loan
agreement will be subordinated to the claims of senior
creditors, but will rank pari passu with other subordinated
debts and be senior to the claims of the bank's equity holders,
including preference shares.

According to the terms and conditions of the loan agreement,
Transcapitalbank will have an option to prepay the subordinated
loan if the Central Bank of Russia fails to unconditionally
approve it as Own Funds (at 101% of the principal amount of the
subordinated loan) or if, as a result of any amendment to or
change in CBR regulation, it ceases to qualify as Own Funds (at
the principal amount of the subordinated loan).

Transcapitalbank is incorporated in Moscow, Russia, and reported
total consolidated assets of RUR27.506 billion (US$1.045
billion) in accordance with IFRS as of Dec. 31, 2006.
TransRegionalCapital Ltd. is a special purpose vehicle
incorporated under the laws of Ireland.


VOSTOK-AGRO-PRODUCT: Court Starts Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on LLC Vostok-Agro-Product.  The case is docketed
under Case No. A53-2694/2007-S1-33.

The Temporary Insolvency Manager is:

         N. Sherbina
         Vokzalnaya Str. 3B
         Dubovskoye
         Dubovskiy
         347410 Rostov
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Vostok-Agro-Product
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia


YUKOS OIL: Pays RUR237 Billion Rosneft Debt From Sale Proceeds
--------------------------------------------------------------
OAO Rosneft Oil Co. received on June 27 the first tranche of
proceeds as a creditor from the bankruptcy of OAO Yukos Oil Co.

The RUR237 billion (US$9.2 billion) amount Rosneft received will
be used in full to retire its debt, the company said in a press
release.

Rosneft will continue to reduce debt through integration of
recently acquired assets, improved operating performance,
enhanced downstream margins, and potential asset sales.  The
company is targeting a reduction in leverage to 1x Debt/EBITDA
and less than 30% gearing by 2010.

Yukos bankruptcy receiver Eduard Rebgun disclosed the transfer
of RUR151 billion of Yukos bankruptcy assets to the state
revenue funds by way of payment of the company's tax arrears, an
Interfax report carried by BBC says.

Mr. Rebgun also said it will start the repayment of arrears on
the company's principal RUR400 billion debt to third-ranking
creditors, BBC relates.  The Yukos receiver is repaying debt
claims to all registered creditors in proportion to the size of
their claims.

The Troubled Company Reporter-Europe reported on April 24, 2007,
Yukos' distribution of nearly RUR2 million to its second-tier
creditors, which fully pays wage and severance claims held by
private claimants.

According to that report, the company has no first-tier
creditors
as these are private individuals who suffered losses during the
company's operations.

As of Jan. 31, claims against Yukos filed by 68 creditors
reached RUR709 billion ($26.8 billion).

As of Jan. 31, the company's largest creditors include:

                                     Claim Amount

   Creditor                   (RUR)              (US$)
   --------               -------------      ------------
   Federal Tax Service    429.3 billion      16.3 billion
   Rosneft                264.6 billion        10 billion
   Tomskneft               12.2 billion       465 million
   Samaraneftegaz           1.9 billion        70 million
   Siberian Service Co.   228.4 million       8.7 million

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Rosneft Oil's Neft-Aktiv Arm Buys Krasnodar Assets
-------------------------------------------------------------
LLC Neft-Aktiv, a unit of OAO Rosneft Oil Co., agreed to pay
RUR4.9 billion for Lot 9 of the OAO Yukos Oil Co.'s assets,
which includes over 100 retail stations in Southern Russia
including 100% of Stavropolnefteprodukt and other assets.

Lot 9 includes stakes in these enterprises:

   -- 100% of OJSC Stavropolnefteproduct;

   -- 51% of LLC Yu-Kuban;

   -- 26.26% of OJSC Kuban Generation Company, OJSC Kuban
      Electricity Distribution Company, OJSC Kuban Transmission
      Company, and OJSC Kubanenergo;

   -- 100% of LLC Val Shatskogo;

   -- 49.892% of LLC Caspian Oil Company.

"The acquisition of these enterprises will enable Rosneft to
become a leader in the growing and attractive oil products
retail market in Russia, providing further benefits of vertical
integration and improved financial and operating performance,"
the company said in a statement.

As previously reported in the TCR-Europe, Yukos bankruptcy
receiver Eduard Rebgun offered the bankrupt's Krasnodar assets
to Rosneft after the Russian Federal Anti-Monopoly Service
refused to effect the deal with auction winner ZAO Promregion
Holding.

Promregion, Rosneft unit OOO Neft Aktiv, and OOO Versar
participated in the ninth auction for the bankrupt oil concern's
assets last month.  The lot carried a RUR3.7 billion starting
price, a bid increment of RUR37.1 million, and a required
deposit sum of RUR742.4 million.

In a TCR-Europe report on May 18, 2007, FAS said it would
approve Rosneft's assets won through a series of auction from
March to May.

Rosneft has won these assets through its subsidiaries:

   Acquiring Unit     Assets          Price
   --------------     ------          -----
   RN-Razvitiye       9.44% stake in
                      Yukos Oil       RUR197.8 billion

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


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


AYT GENOVA: Fitch Rates EUR14.7 Mln Notes Class D Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to AyT Genova
Hipotecario X, Fondo de Titulizacion Hipotecaria's mortgage-
backed floating-rate notes totaling EUR1.05 billion due in
March 2040:

   -- EUR220.5 million Class A1: 'AAA'; Outlook Stable
   -- EUR787.5 million Class A2: 'AAA'; Outlook Stable
   -- EUR15.75 million Class B: 'AA-'; Outlook Stable
   -- EUR11.55 million Class C: 'BBB'; Outlook Stable and,
   -- EUR14.7 million Class D: 'BB'; Outlook Stable.

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

This transaction is a cash flow securitization of a EUR1 billion
static pool of first-ranking residential mortgage loans
originated by Barclays Bank, S.A., an entity which is 99.7%-
owned by Barclays Bank PLC (rated 'AA+'/Outlook Negative/'F1+').

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing of the mortgage
loans, available credit enhancement and the sound legal and
financial structure of the transaction.  The expected ratings
address the timely payment of interest on each payment date and
repayment of the principal during the life of the transaction
according to the terms and conditions of the documentation,
which envisage interest deferral triggers on the Class B, C and
D notes.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform into securities the mortgage participations it will
acquire from BBSA.  The PHs will be subscribed by Ahorro y
Titulizacion, S.G.F.T., S.A., whose sole function is to manage
asset-backed notes on behalf of the fund.

The securitized pool comprises "Hipoteca Remunerada" loans, an
amortizing mortgage product bearing a margin of 45bp over 12-
month Euribor.  All loans are paid via direct debit since the
Hipoteca Remunerada product is marketed along with an interest-
bearing bank account. Since Hipoteca Remunerada is primarily
targeted at high-net-worth Spanish clients, the average value of
the properties backing the mortgages is over EUR320,000 and many
of them fall into the high end of the Spanish property market,
where demand may slow in times of economic crisis.  Fitch
addressed this risk in its recovery rate calculations by
increasing the market value decline assumptions for these high-
value properties through application of a jumbo stress of
between 15% and 25%.

This is the 10th residential mortgage securitization to be
conducted by BBSA through the "Genova" programe and the eighth
to be rated by Fitch.  As in previous Genova transactions, BBSA
originated the securitized mortgages and will continue to
service the portfolio.


BANCAJA 11: Moody's Junks EUR26/22.9 Million Series E Notes
-----------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
seven series of Bonos de Titulizacion de Activos to be issued by
BANCAJA 11 Fondo de Titulizacion de Activos, a Spanish asset
securitisation fund that has been created by Europea de
Titulizacion, S.G.F.T, S.A.  Moody's assigned these ratings:

   -- (P)Aaa to the EUR260 million Series A1 notes;
   -- (P)Aaa to the EUR1,193 million Series A2 notes;
   -- (P)Aaa to the EUR440 million Series A3 notes;
   -- (P)A1 to the EUR63 million Series B notes;
   -- (P)Baa3 to the EUR24 million Series C notes;
   -- (P)Ba3 to the EUR20 million Series D notes; and
   -- (P)C to the EUR26/22.9 million Series E notes.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
on Classes A1, A2, A3, B, C and D at par on or before the rated
final legal maturity date, and for ultimate payment of interest
and principal at par on or before the rated final legal maturity
date on Class E.  The ratings do not address the full redemption
of the notes on the expected maturity date.

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

   (1) a reserve fund to cover potential shortfalls in interest
       or principal;

   (2) a 18-month artificial write-off mechanism; and

   (3) the fact that all the loans are secured by a first-lien
       mortgage guarantee.  It is worth pointing out that the
       reserve fund will be funded with the benefits from the
       issuance of Series E notes.

However, the transaction poses several challenging features,
namely:

   (1) pro-rata amortization of the notes;

   (2) geographical concentration in the region of Valencia;

   (3) high LtV loans included in the portfolio;

   (4) interest rate risk only partially hedged; and

   (5) the negative impact of the interest deferral trigger on
       the subordinated series.  These increased risks were
       reflected in the credit enhancement calculation.

As of May 2007, the provisional portfolio comprised 15,128
loans.  The loans have been originated between 2000 and December
2006, with a weighted average seasoning of one year and a
weighted average remaining term of 31.59 years.  The longest
loan matures in January 2047.  The interest rate is floating for
all the loans, all of them being referenced to Euribor/Mibor.
The weighted average interest rate of the pool is 4.59% and the
weighted average margin over the reference rate is 0.89%.  All
the loans are secured by a first-lien mortgage guarantee with a
current loan-to-value lower than 100%.  The total weighted
average loan-to-value is 75.84% Moody's based the provisional
ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information;

(iii) the swap agreement partially hedging the interest rate
       risk;

  (iv) the credit enhancement provided through the GIC account,
       the pool spread, the reserve fund and the subordination
       of the notes; and

   (v) the legal and structural integrity of the transaction.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.


MADRID RMBS: Moody's Rates EUR52.5 Mln Series E Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
seven series of "Bonos de Titulizacion de Activos"
(securitization bonds) to be issued by Madrid RMBS III  Fondo de
Titulizacion de Activos, a Spanish asset securitisation fund
that has been created by Titulizacion de Activos, S.G.F.T, S.A.:

   -- (P)Aaa to the EUR658 million Series A1 notes;
   -- (P)Aaa to the EUR1575 million Series A2 notes;
   -- (P)Aaa to the EUR497 million Series A3 notes;
   -- (P)Aa2 to the EUR55.5 million Series B notes;
   -- (P)A2 to the EUR90 million Series C notes;
   -- (P)Baa2 to the EUR72 million Series D notes; and
   -- (P)Ba3 to the EUR52.5 million Series E notes.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire properties located in Spain), originated by Caja Madrid
(Aa1/Prime-1), which will continue to service them.

As of June 2007, the provisional portfolio comprised 17,733
loans for a total amount of EUR3,288,190,061.  The original
weighted average loan-to-value is 94.28%.  The current WALTV is
92.13%.  The average loan size is EUR185,427.  The loans were
originated between 1997 and 2006, with a weighted average
seasoning of 1.75 years.  The pool is concentrated in the Madrid
(56%) and Catalonia (21%) regions.

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the notes side
are different, or the risk derived from any amendment in the
terms of the mortgage agreements, the "Fondo" will enter into a
swap agreement with Caja Madrid.  Besides this swap agreement,
the "Fondo" will enter into three option agreements with Caja
Madrid to allow a certain level of additional spread for loans
indexed to IRPH compared to the swapped interest bases
(Euribor), valued at 70 bppa initially.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the Madrid RMBS III notes allows
for timely payment of interest and ultimate payment of principal
at par, on or before the final legal maturity date and not at
any other expected maturity date.

The ratings do not address the full redemption of the notes on
the expected maturity date. Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed, but may have a significant effect
on the yield to investors.

Moody's bases its ratings on:

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

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

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

   (1) strong underwriting and risk control criteria (including
       a robust in-house scoring system);

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

   (3) a six-month artificial write-off mechanism; and

   (4) the fact that 100% of the loans are secured by
       residential mortgages.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) the collateral consists almost exclusively of loans with
       an LTV greater than 80%;

   (2) the poolcut has a very strong concentration in Madrid;

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

   (4) the Reserve Fund amortization trigger is slightly above
       the standard figures for the Spanish market;

   (5) the renegotiation limit of the loans on which the
       maturity can be extended is 15%, compared to the standard
       figure of 10% in the Spanish market;

   (6) around 3% of the pool is composed by loans with more than
       three debtors; and

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

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


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


AUTO SCHLEGEL: Creditors' Liquidation Claims Due July 13
--------------------------------------------------------
Creditors of LLC Auto Schlegel have until July 13 to submit
their claims to:

         JSC Gossau
         Liquidator
         Lagerstr. 4
         9201 Gossau SG
         Switzerland

The Debtor can be reached at:

         LLC Auto Schlegel
         St. Gallen
         Switzerland


CONARC LLC: Creditors' Liquidation Claims Due July 16
-----------------------------------------------------
Creditors of LLC Conarc have until July 16 to submit their
claims to:

         Friedenstr. 15
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Conarc
         Wallisellen
         Bulach ZH
         Switzerland


GIRTAG JSC: Creditors' Liquidation Claims Due July 11
-----------------------------------------------------
Creditors of JSC Girtag have until July 11 to submit their
claims to:

         Otto Schwarz
         Liquidator
         Schaffhauserstr. 124
         8152 Glattbrugg
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Girtag
         Opfikon
         Bulach ZH
         Switzerland


INTERBUY (INTERNATIONAL): Liquidation Claims Due July 11
--------------------------------------------------------
Creditors of JSC Interbuy (International) have until July 11 to
submit their claims to:

         JSC Metro International
         Liquidator
         Neuhofstrasse 4
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Interbuy (International)
         Nidau BE
         Switzerland


SWISSEC JSC: Creditors' Liquidation Claims Due July 11
------------------------------------------------------
Creditors of JSC Swissec have until July 11 to submit their
claims to:

         Kaspar Hofmann
         Liquidator
         Haldenstrasse 36
         8134 Adliswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC Swissec
         Zurich
         Switzerland


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


ALASKA LLC: Creditors Must File Claims by July 1
------------------------------------------------
Creditors of LLC Production Director Center Alaska (code EDRPOU
32832572) have until July 1 to submit their proofs of claim to:

         Lilia Gudimenko
         Liquidator
         Murmanskaya Str. 31a
         25014 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 11/73.

The Debtor can be reached at:

         LLC Production Director Center Alaska
         Murmanskaya Str. 31a
         25014 Kirovograd
         Ukraine


CHERKASSY INDUSTRIAL-BUILDING: Claims Filing Deadline Set July 1
----------------------------------------------------------------
Creditors of LLC Cherkassy Industrial-Building Company (code
EDRPOU 31007273) have until July 1 to submit their proofs of
claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLC Cherkassy Industrial-Building Company
         Dakhnovskaya Str. 23
         Cherkassy
         Ukraine


EDITION HOUSE: Creditors Must File Claims by July 1
---------------------------------------------------
Creditors of LLCAL Edition House (code EDRPOU 32129305) have
until July 1 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLCAL Edition House
         Partizansky Lane 9/1
         Cherkassy
         Ukraine


FOXCOM BREWERY: Claims Filing Deadline Set July 1
-------------------------------------------------
Creditors of LLC Foxcom Brewery Ltd. (code EDRPOU 25207972) have
until July 1 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLC Foxcom Brewery Ltd.
         Apartment 77
         Blagovesnaya Str. 308
         Cherkassy
         Ukraine


GEON LLC: Claims Filing Deadline Set July 1
-------------------------------------------
Creditors of LLC Geon (code EDRPOU 25831311) have until July 1
to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Geon
         Apartment 24
         Sumgaitskaya Str. 17
         Cherkassy
         Ukraine


ISKRA CJSC: Claims Filing Deadline Set July 1
---------------------------------------------
Creditors of Agricultural CJSC Iskra (code EDRPOU 03777657) have
until July 1 to submit their proofs of claim to:

         Vadim Zakorko
         Temporary Insolvency Manager
         Rybalko Str. 2, of. 412
         40011 Sumy
         Ukraine

The Economic Court of Sumy renewed bankruptcy supervision
procedure against the company on May 21.  The case is docketed
under Case No. 6/124-06.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         Agricultural CJSC Iskra
         Cosmonauts Str. 1
         Nedrygaylovsky District
         Komishanka
         42143 Sumy
         Ukraine


MALI LANKY: Claims Filing Deadline Set July 1
---------------------------------------------
Creditors of LLC Mali Lanky (code EDRPOU 30727967) have until
July 1 to submit their proofs of claim to:

         Nicola Kachur
         Temporary Insolvency Manager
         Butsmaniuk Str. 92-b/2
         79014 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/61-29/58.

The Debtor can be reached at:

         LLC Mali Lanky
         Mali Lanky
         Peremyshliansky District
         81220 Lvov
         Ukraine


PIT-PLUS LLC: Claims Filing Deadline Set July 1
-----------------------------------------------
Creditors of LLC Pit-Plus (code EDRPOU 33209847) have until
July 1 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLC Pit-Plus
         Apartment 201
         Gagarin Str. 83
         Cherkassy
         Ukraine


SELECTION GENETICAL: Claims Filing Deadline Set July 1
------------------------------------------------------
Creditors of Selection Genetical Institute – National Center of
Seed Farming and Quality Analysis State Enterprise of Research
Farm Reconstruction (code EDRPOU 00855061) have until July 1 to
submit their proofs of claim to:

         Andrew Kovalenko
         Temporary Insolvency Manager
         Apartment 53
         Krym Str. 71
         Odessa

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on May 22.  The case is docketed under
Case No. 5/155/07.

The Court is located at:

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

The Debtor can be reached at:

         Selection Genetical Institute – National Center of
         Seed Farming and Quality Analysis State Enterprise of
         Research Farm Reconstruction
         Lenin Str. 13
         Lepetukha
         Berezneguvatsky District
         56234 Nikolaev
         Ukraine


TDM LLC: Claims Filing Deadline Set July 1
------------------------------------------
Creditors of LLC TDM (code EDRPOU 32583815) have until July 1 to
submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLC TDM
         Smilianskaya Str. 120/1
         Cherkassy
         Ukraine


XXI CENTURY: Claims Filing Deadline Set July 1
----------------------------------------------
Creditors of LLC XXI Century (code EDRPOU 30528910) have until
July 1 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLC XXI Century
         Apartment 77
         Blagovesnaya Str. 308
         Cherkassy
         Ukraine


VSEUKRAINSKY AKTSIONERNY: Fitch Rates Credit Suisse Loan at B-
--------------------------------------------------------------
Fitch Ratings has assigned Credit Suisse International's
US$125 million 10.125% issue of limited recourse loan
participation notes due 2010 final ratings of Recovery 'RR4' and
Long-term 'B-.'

The notes are to be used solely for financing a loan to Ukraine-
based Vseukrainsky Aktsionerny Bank, which is rated Long-term
Issuer Default 'B-', Short-term IDR 'B', Individual 'D/E',
Support '5' and National Long-term 'BBB-(ukr)'.  The Outlooks on
the Long-term IDR and National Long-term rating are Stable.

VAB is a medium-sized commercial bank with a small 1.3% share of
the banking system's assets.  It has a network of 150+ outlets
in Ukraine.  Sergey Maximov, a local entrepreneur, and TBIF, a
Dutch investment company with operations in Eastern Europe,
equally hold a 97.3% stake in VAB.  VAB's development plan
envisages a significant strategic shift to being a diversified
universal bank serving individual clients and SMEs from its
current corporate banking focus.


ZITTMANN LLC: Claims Filing Deadline Set July 1
-----------------------------------------------
Creditors of LLC Zittmann (code EDRPOU 30705257) have until
July 1 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         LLC Zittmann
         Ordzhonikidze Str. 70
         Cherkassy
         Ukraine


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


ALFRED MCALPINE: Recovery Plan on Track, Chairman Says
------------------------------------------------------
Oliver Whitehead, chairman of Alfred McAlpine plc, told
shareholders at the company’s annual general meeting on June 26,
2007, that its recovery plan is on track.

"I am pleased to report that our core businesses are progressing
well and that the Group is trading in line with expectations.
At Slate, our recovery plan is on track.  Conditions in our all
markets remain positive," Mr. Whitehead said.  "Since the start
of the year, we have secured in excess of GBP500 million of new,
long term business across all our businesses.  These wins
include new contracts in the utility sector with EdF Energy
Networks and Thames Water and a series of new construction
contracts, including four major road improvement projects, a
contract for the creation of a new leisure centre at Ashfield
and further contracts in the Manchester Greenquarter
regeneration project.

"We are also pleased to confirm that we have been selected as
the preferred bidder on a five-year GBP110 million facilities
management contract, which will extend our relationship with an
existing customer in the retail banking sector.  In addition, we
can confirm that the Arden Partnership, a 50:50 joint venture,
has reached financial close on the GBP10.5 million
Leicestershire Project.

"This is the second of the three schemes in the Three Shires
Batched Mental Healthcare PFI and follows the financial closure
of the GBP30 million Lincolnshire Project in May.  The
Derbyshire project, which is the last project in this GBP76.5
million batched scheme, is due to reach financial close later in
the summer," Mr. Whitehead continued.

"Our core businesses are in good shape and, with a healthy
pipeline of new opportunities, are well placed to maintain the
momentum that we have seen over recent years.  This gives the
Board confidence that the Group will make further good progress
in 2007," Mr. Whitehead added.

“This is my last statement as Chairman of Alfred McAlpine.
Roger Urwin will take over the Chairmanship of the Company
following the AGM and I would like to take this opportunity to
wish him and the rest of the Alfred McAlpine team every success
for the future," Mr. Whitehead concluded.

                      About Alfred McAlpine

Headquartered in London, England, Alfred McAlpine Plc --
http://www.alfredmcalpineplc.com/-- is a leading support
services group focused on providing clients with integrated
solutions for built environment needs.  The company employs over
8,500 people.

                    Accounting Irregularities

As previously reported in the TCR-Europe on April 24, 2007,
Ashurst and Deloitte completed its independent investigation
into accounting irregularities identified within Alfred McAlpine
Plc's slate business, confirming the extensive and systematic
fraud by senior managers within the business dating back several
years.  The investigatory work has confirmed that the controls
in Slate were systematically circumvented over a number of years
to overstate results.

The impacts on the Group's Income Statement for the year to
Dec. 31, 2006, and on its Balance Sheet as at Dec. 31, 2006,
include:

  (a) a reduction in reported Group revenue and pre-tax profit
      in relation to the sales fraud in the years up to and
      including 2006 of GBP22.9 million, of which GBP5.4 million
      represents deferred income which will be recognized in
      2007 - in line with the guidance given in the statement on
      Feb. 26, 2007;

  (b) a reduction of GBP17.6 million in the current assets of
      the Group, as reflected in the Group Balance Sheet as at
      Dec. 31, 2006, in respect of the write down/impairment of
      the value of stock and work in progress in the slate
      business;

  (c) a reduction of GBP9.5 million in the fixed assets of the
      Group, as reflected in the Group Balance Sheet as at
      Dec. 31, 2006, principally in respect of the
      overstatement of quarry development costs in the slate
      business; and

  (d) a one-off cost of GBP6 million reflecting the costs of the
      independent investigation and the costs of completing the
      arrangement of new banking facilities with the Group's
      bankers.

The cash impact on the Group of the accounting irregularities
and the non-recurring costs is expected to be GBP30 million in
2007.


BARE FACE: Names Roderick Julian Jones Liquidator
-------------------------------------------------
Roderick Julian Jones of Jackson Gregory & Co. was appointed
liquidator of Bare Face Chic Ltd. (formerly K.I.D.S R US Ltd.
and K.I.D.S. (Kids in Designer Styles) Ltd.) on May 23 for the
creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Bare Face Chic Ltd.
         71 King Street
         Knutsford
         WA16 6DX
         England
         Tel: 01565 653 756


BATH TAXIS: Hires Liquidator from Rendell Thompson
--------------------------------------------------
Julian Clive Rendell of Rendell Thompson was appointed
liquidator of Bath Taxis Ltd. on May 29 for the creditors’
voluntary winding-up proceeding.

The company can be reached at:

         Bath Taxis Ltd.
         Cheltenham Street
         Bath
         BA2 3EX
         England
         Tel: 01225 447 777
         Fax: 01225 471 777


BLUEMOUNTAIN EURO: S&P Rates Class E Notes at BB-
-------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR364 million floating-rate notes to be
issued by BlueMountain Euro CLO I B.V. At the same time, an
unrated portion of EUR36 million class F notes will be issued as
part of the credit support.

This will be the first European CDO of leveraged loans
transaction managed by BlueMountain Capital Management L.P.
(BlueMountain).  It currently manages three CDOs of U.S.
leveraged loans.

At closing, BlueMountain Euro CLO I will issue the notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior
leveraged loans.  Approximately 85% of the target portfolio is
expected to be purchased at closing, with the remainder to be
acquired over the 180-day ramp-up period. The transaction will
have a reinvestment period of six years.

In addition to being long credit risk by holding debt
obligations directly or through CDSs, the issuer can also be
short credit risk by entering into offsetting CDSs and credit-
short obligations as the protection buyer.  Using these
instruments, the issuer will buy protection for a specified
reference obligation that it already owns (an offsetting CDS) or
one it does not (a credit-short obligation).

                          Ratings List

BlueMountain Euro CLO I B.V.
   EUR400 Million Floating-Rate Notes

                           Prelim.        Prelim. Amount
           Class           rating          (Mil. EUR)
           -----           ------           --------
            A-1            AAA            247.5
            A-2            AAA             27.5
            B              AA              26.8
            C              A-              29.6
            D              BBB-            16.0
            E              BB-             16.6
            F(1)           NR              36.0

        (1) The class F notes are subordinated.
         NR—Not rated.


BOMFORDS GROUP: Appoints Joint Administrators from Deloitte
-----------------------------------------------------------
Andrew Peters, Dominic Wong, David Langton and Nick Edwards of
Deloitte & Touche LLP, Birmingham were appointed joint
administrators of MBN Bomford Ltd., Bomfords Ltd., W. Bailey
Ltd. and GF Produce Ltd. on June 22.

The group operates from five principal locations:

   -- Atherstone, Stratford Upon Avon - head office and pack
      house (390 employees);

   -- Luddington, Stratford Upon Avon - U.K. farming operations
      and farmland (520 employees);

   -- Salford Priors, Worcester - pack house (570 employees);

   -- Purfleet, Essex - pack house specializing in imported
      produce (230 employees); and

   -- Gravesend, Kent - grower and pack house specializing in
      spring onions and radishes (390 employees).

Bomfords Prepared Ltd., another subsidiary with 120 employees,
is engaged in the supply of prepared food services and products
from Pershore in Worcestershire, is not in administration and
continues to trade normally.  The group's 75% shareholding in
this business is available for sale.

The failure of the group has been attributed to significant cost
over-runs in the recent construction of a new pack house and
administration building at Atherstone, Stratford Upon Avon,
together with the start up investment for the Bomfords Prepared
Business, both of which have adversely impacted upon cash flows.

In addition, the Group has made two recent acquisitions where
integration benefits have been slower to arise than anticipated.

"The group has a strong market position, with a U.K. market
share of approximately 25-55% across its various principal
product categories.  It is profitable and has an enviable
customer base," Dominic Wong disclosed.

"Unfortunately, the capital expenditure overrun on the
Atherstone facility was significant and could not be met from
cashflows.  However the facility is now complete and operational
and the recently established Bomfords Prepared business is also
now profitable.  Recent acquisitions have been substantially
integrated," Mr. Wong added.

Andrew Peters, Partner in Deloitte's Reorganisation Services
practice, said, "The administrators have already been contacted
by a large number of interested parties and the businesses are
continuing to trade as normal whilst the administrators seek
either the rescue or sale of the Group."

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Atherstone, England, Bomfords Group supplies
fresh produce, provides legumes, spring onions, asparagus and
sweet potatoes to the major supermarkets and other retail
multiples.  It has a turnover of around GBP150 million with
2,100 employees.


BRACKENHILL HOMES: Brings In Liquidators from Buchanans
-------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans were
appointed joint liquidators of Brackenhill Homes Ltd. on May 29
for the creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Brackenhill Homes Ltd.
         23 Crichel Mount Road
         Poole
         BH14 8LT
         England
         Fax: 01202 709 819


CLIMATE CONTROL: Appoints Michael Sutcliffe as Liquidator
---------------------------------------------------------
Michael Sutcliffe of Sutcliffe & Co. was appointed liquidator of
Climate Control Services Ltd. on May 30 for the creditors’
voluntary winding-up procedure.

The company can be reached at:

         Climate Control Services Ltd.
         Stratford Farm House
         Stratford Rd
         Ash Vale
         Aldershot
         Hampshire
         GU12 5PT
         England
         Tel: 01252 548945


COMPLETE BUILDING: Calls In Liquidator from Bishop Fleming
----------------------------------------------------------
Jeremiah Anthony O’Sullivan of Bishop Fleming was appointed
liquidator of The Complete Building Service (Devon) Ltd. on
June 1 for the creditors’ voluntary winding-up procedure.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides
services that include tax advice, financial forecasts, business
planning and corporate finance.

The company can be reached at:

         The Complete Building Service (Devon) Ltd.
         Cosmopolitan House
         Old Fore Street
         Sidmouth
         EX10 8LS
         England
         Tel: 01404 549 914


DPS COMPOSITES: Hires Liquidator from Mazars
--------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of DPS Composites Ltd. on May 24 for the creditors’
voluntary winding-up proceeding.

Mazars -- http://www.mazars.com/-- provides in audit,
accounting, tax and advisory services.

The company can be reached at:

         DPS Composites Ltd.
         Unit 19
         Bookham Industrial Estate
         Bookham
         Leatherhead
         KT23 3EU
         Tel: 01372 459 666
         Fax: 01372 456 554


ENVELOPE SPRINT: Names Liquidator to Wind Up Business
-----------------------------------------------------
Mark S. Goldstein of DCM Insolvency Service Ltd. was appointed
liquidator of Envelope Sprint Ltd. on May 24 for the creditors’
voluntary winding-up procedure.

The company can be reached at:

          Envelope Sprint Ltd.
          Unit 5
          Meridian Park
          Neptune Close
          Medway City Estate
          Rochester
          Kent
          ME2 4LT
          England
          Tel: 01634 713657


GOLDING DEVELOPMENTS: Taps Lloyd Biscoe to Liquidate Assets
-----------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Golding Developments Ltd. (formerly Golding Developments
(Danbury) Ltd.) on May 30 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:

         Golding Developments Ltd.
         15-17 Neptune Quay
         Ipswich
         Suffolk
         IP4 1QJ
         England
         Tel: 01473 258313


GSPK ELECTRONICS: Joint Administrators from KPMG
------------------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of GSPK Electronics Ltd. (Company
Number 3085234) on June 15.

According to the Harrogate Advertiser, 11 employees were made
redundant because of the move.  The company has around 250
employees.

"Unfortunately, the business has been hit by a significant
overseas bad debt and does not have sufficient funding to
continue trading outside of insolvency," Mr. Firmin told the
Harrogate Advertiser.

"We will now be reviewing the affairs of the company and talking
to its customers, in order to help us establish the best course
of action for the business going forward," Mr. Firmin added.
"We are interested in speaking to anyone interested in acquiring
the business and assets of the business as a going concern."

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 Knaresborough, England, GSPK Electronics Ltd.
-- http://www.gspkelectronics.ltd.uk/-- manufactures electronic
products for the television, telecommunications and automotive
sectors.  The company is a part of the GSPK group of companies.
The other nine firms in the group are not affected by GSPK
Electronics' administration.


GUTHRIE MOTORS: Keith Barry Stout Leads Liquidation Procedure
-------------------------------------------------------------
Keith Barry Stout was appointed liquidator of Guthrie Motors
(Sales and Service) Ltd. on May 29 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Guthrie Motors (Sales and Service) Ltd.
         21 Hutton Road
         Shenfield
         Brentwood
         CM15 8JU
         England
         Tel: 01277 218 686
         Fax: 01277 226 029


H & J GLASS: Brings In Liquidators from Begbies Traynor
-------------------------------------------------------
G. N. Lee and K. J. Coates of Begbies Traynor were appointed
joint liquidators of H & J Glass Ltd. on May 29 for the
creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         H & J Glass
         Unit 7
         Britonwood Trading Estate
         Abercrombie Rd
         Kirkby
         Liverpool
         Merseyside
         L33 7YN
         England
         Tel: 0151 547 2618


INNOVATIVE WASTE: Neil Chesterton Leads Liquidation Procedure
-------------------------------------------------------------
Neil Chesterton of The MacDonald Partnership Plc Was appointed
liquidator of Innovative Waste Solutions Ltd. on May 31 for the
creditors’ voluntary winding-up procedure.

The company can be reached at:

         Innovative Waste Solutions Ltd.
         Suite B
         6 Corn Square
         Leominster
         HR6 8LR
         England
         Tel: 01568 616 191
         Fax: 01568 620 088


ISOFT GROUP: FSA Mulls Ex-Torex Chairman as Scandal Witness
-----------------------------------------------------------
The Financial Services Authority may call former Torex Retail
plc chairman Christopher Moore as a witness in its probe into
possible accounting regularities at iSOFT Group plc, The Times
reports.

According to The Times, Mr. Moore is not a suspect in the FSA’s
investigation.  He is yet to be interviewed by the Serious Fraud
Office, which is conducting a separate inquiry into Torex.

Mr. Moore moved to Torex at the time it was sold to iSOFT in
2004, The Times relates.

The FSA is collaborating with the SFO in the iSOFT case.

The FSA and iSOFT, however, refused to comment on the matter.

                         About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *   *   *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


JDI PROPERTY: Taps Liquidators from Begbies Traynor
---------------------------------------------------
Michael E. G. Saville and Rob Sadler of Begbies Traynor were
appointed joint liquidators of JDI Property Services Ltd. on
May 25 for the creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         JDI Property Services Ltd.
         Croft House
         Croft Street
         Dewsbury
         WF13 1AR
         England
         Tel: 01924 439 475


JUST USA: Hires Lane Bednash to Liquidate Assets
------------------------------------------------
Lane Bednash of Valentine & Co. was appointed liquidator of Just
USA Ltd. on May 31 for the creditors’ voluntary winding-up
proceeding.

The company can be reached at:

         Just USA Ltd.
         Unit 1 1a Chase Side Works
         Chelmsford Road
         Enfield
         London
         N14 4EQ
         England
         Tel: 0845 345 6459
         Fax: 0845 345 3622


KINGDOM FORMWORK: Calls In Liquidator from Marriotts
----------------------------------------------------
Kevin Thomas Brown of Marriotts LLP was appointed liquidator of
Kingdom Formwork Ltd. on May 30 for the creditors’ voluntary
winding-up proceeding.

The company can be reached at:

         Kingdom Formwork Ltd.
         1a Oldenham Rd
         Watford
         Hertfordshire
         WD19 4AB
         England
         Tel: 01923 211800


MITEL NETWORKS: April 30 Equity Deficit Tops US$202.6 Million
-------------------------------------------------------------
Mitel Networks Corp. reported a net loss of $35 million on total
revenues of $384.9 million for the year ended April 30, 2007,
compared with a net loss of $44.6 million on $387.1 million for
the year ended April 30, 2006.

The decrease in net loss is primarily due to the recognition of
a gain on fair value adjustment on derivative instruments of
$8.6 million for fiscal 2007, compared to a loss of $32.6
million in the prior year, partly offset by the increase in
operating expenses, mainly due to litigation settlement expenses
of $16.3 million involving a competitor's complaint for
infringement of certain of the competitor's patents, and the
$3.6 million increase in pre-tax special charges.

During fiscal 2007, the company recorded pre-tax special charges
of $9.3 million as a result of continuing efforts to improve the
company’s operational efficiency and realign its business to
focus on IP-based communications solutions.  The components of
the charge include $8.7 million of employee severance and
benefits incurred in the termination of 129 employees around the
world, $400,000 of accreted interest related to lease
termination obligations and $200,000 related to additional lease
terminations in the period.

The company recorded pre-tax special charges of $5.7 million in
fiscal 2006.

At April 30, 2007, the company's consolidated balance sheet
showed $202.2 million in total assets, $333.3 million in total
liabilities, and $71.5 million in redeemable common shares,
resulting in a $202.6 million total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the year ended April 30, 2007, are available for
free at http://researcharchives.com/t/s?212a

                       Going Concern Doubt

Deloitte & Touche LLP, in Ottawa, Canada, in its comments on the
difference between Canada and the United States of America
reporting standards, stated that their audit report of Mitel
Networks Corp.'s consolidated financial statements for the years
ended April 30, 2007, and 2006, is expressed in accordance with
Canadian reporting standards which do not require a reference to
conditions and events that cast substantial doubt on the
company’s ability to continue as a going concern, when these are
adequately disclosed in the financial statements.

As shown in the financial statements for the year ended April
24, 2005, the six day transition period ended April 30, 2005,
and the years ended April 30, 2006, and April 30, 2007, the
company incurred losses of $49.6 million, $1.6 million, $44.6
million and $35.0 respectively.  In addition, the put options
issued in connection with the 10,000,000 common shares and
16,000,000 Series B Preferred Shares financing were set to
mature on May 1, 2007.  The 10,000,000 common shares are
redeemable for cash at a price of CDN$2.85 per share
representing a total of $25.8 million.  These factors raise
substantial doubt as to the company’s ability to continue as a
going concern.

On April 24, 2005, the company changed its fiscal year end from
the last Sunday in April to April 30.

                     About Mitel Networks

Mitel Networks Corp. -- http://www.mitel.com/-- provides
unified communications solutions and services for business
customers. Mitel’s voice-centric IP-based communications
solutions consist of a combination of telephony hardware and
software that integrate voice, video and data communications
with business applications and processes.  Mitel is
headquartered in Ottawa, Canada, with offices, partners and
resellers worldwide.

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


OPTIMISTIC ENTERTAINMENT: Goes Into Administration
--------------------------------------------------
Optimistic Entertainment plc and its trading subsidiaries
Optimistic Media Ltd and The Optimistic Network Ltd have gone
into administration following the company's efforts to refinance
and restructure, the company said in a statement posted on its
Web site.

The company went into receivership despite the boards of each of
the subsidiaries and the company having discussions over the
past few months with many potential investors or purchasers.
Unfortunately after undertaking due diligence none of these was
able to support a restructuring of the Group.  The Board of
Optimistic resolved that the company should be put into
administration as this would provide the best possible prospect
of providing a restructuring of the company for the benefit of
the shareholders and creditors.

Over the last three years, Optimistic has broken new ground in
terms of programming and participation TV and radio in the UK
and internationally.  However, more recently the adverse media
coverage of the sector as a whole, together with regulatory
investigations, has significantly impacted on consumer
confidence and audience participation for its shows.  As a
result, OML, which produced an operating profit in the first
quarter of the year, has moved back into loss.

The directors of TON and OML have taken steps to sell their
businesses as a going concern to achieve the best realization
for their creditors.  However, difficulties were again
encountered with prospective purchasers.  Ultimately, terms have
been agreed with Fluorescent Media Ltd, a company in which
Optimistic Chairman and CEO Jasper Smith has an interest.  The
administrators of TON and OML have negotiated and agreed a sale
of the assets of each of these businesses with Fluorescent, thus
preserving the jobs of the employees within the trading
businesses.

London-based Optimistic Entertainment plc --
http://www.oeplc.com/-- is a media group focused on building
digital brands that engage with mass-market audiences through
television, radio, internet and mobile networks.

The company owns and operates Optimistic Media Ltd, a leading
content and entertainment production company.  Optimistic Media
Ltd has produced over 24,000 hours of branded TV programming for
some of the world’s largest broadcasters in the UK, France and
the US.  The company also owns The Optimistic Network Ltd, a UK
based TV channel and distribution business, which runs the
Bonanza channel on Sky.


SOLERA HOLDINGS: Posts US$9.6 Mln Net Loss in Qtr. Ended Mar. 31
----------------------------------------------------------------
Solera Holdings Inc. reported a net loss of $9.6 million on
revenues of $121.7 million for the three months ended March 31,
2007, compared to a net loss of $824,000 on revenues of $343,000
for the three months ended March 31, 2006.

The company's balance sheet as of March 31, 2007, listed total
assets of $1,261,611, total liabilities of $1,092,785, class B
redeemable preferred units of $220,599 and minority interest of
$9,854, resulting in a stockholders' deficit of $61,627.

Net loss for the nine months ended March 31, 2007, was
$9.6 million on revenues of $349.4 million.  This compares to a
net loss of $2.3 million on revenues of $976,000 for the nine
months ended March 31, 2006.

A full-text copy of the company’s third quarter report is
available for free at http://ResearchArchives.com/t/s?212e

"Our third quarter results represent continued strong revenue
performance and demonstrate our ability to meet the needs of our
customers and drive revenue while controlling costs," said
Tony Aquila, chairman and chief executive officer of Solera
Holdings Inc.  "Our momentum is fueled by growth in services to
our existing customers, new insurance client acquisition and
geographic expansion on a global basis."

                          Other Matters

Solera Holdings will not be issuing further guidance for fiscal
year 2007 at this time, nor does the company anticipate it will
issue any initial guidance for its fiscal year 2008 until the
company announces its fiscal year 2007 results, expected to be
during September 2007.

The company will not be holding a conference call to discuss its
third quarter 2007 results or other matters.

                     Initial Public Offering

On May 16, 2007, the company completed an initial public
offering of shares of its common stock.  In the initial public
offering, the company sold 19,200,000 shares of common stock and
the selling stockholders sold 10,987,500 shares of common stock,
which included 3,937,500 shares of common stock sold by the
selling stockholders pursuant to the underwriters' over-
allotment option.

In connection with the public offering, the company converted
from a Delaware limited liability company into a Delaware
corporation with 150,000,000 authorized shares of common stock,
par value $0.01, and 15,000,000 authorized shares of preferred
stock, par value $0.01.  As a result, 31,633,211 common units
were converted into 31,633,211 shares of common stock and
204,016.1 preferred units were converted into 13,889,974 shares
of common stock.

                  Restated Senior Credit Facility

In connection with the initial public offering, the company
engaged in refinancing transactions and entered into an amended
and restated senior credit facility.

Borrowings under the amended and restated senior credit facility
consisted of:

     (i) a revolving credit facility that permits U.S. dollar or
         Euro- denominated borrowings of up to $50 million in
         revolving credit loans and letters of credit;

    (ii) a U.S. dollar denominated term loan in an aggregate
         amount of $230 million; and

   (iii) a Euro-denominated term loan in an aggregate amount of
         EUR280 million, or $380.7 million.

The term loans will mature in May 2014 and the revolving loan
will mature in May 2013.  The amended and restated senior credit
facility requires that the term loans be prepaid with the net
proceeds from certain events, including specified asset and
equity sales, insurance proceeds, incurrence of indebtedness
and excess cash flow.

The company received about $283 million in net proceeds from
the initial public offering, after deducting underwriting
discounts, commissions and expenses of about $24.2 million, and
$607.6 million in net proceeds under the amended and restated
senior credit facility, after debt issuance costs of about
$3.8 million.  About $889.2 million of the $890.6 million of
combined net proceeds were used to repay:

     (i) $538.6 million under the first lien credit facility for
         all outstanding term loans and accrued interest;

    (ii) $226.2 million under the second lien credit facility
         for all borrowings and accrued interest, and a related
         prepayment premium of $4.5 million; and

   (iii) $124.4 million under the subordinated unsecured credit
         facility for all borrowings and accrued interest, and a
         related prepayment premium of $2.5 million.

The company estimates that the total expenses of the offering
were about $8 million, of which $3 million was paid prior to the
closing date of the offering.  In connection with the repayment
of the above borrowings, the company expects to incur a pre-tax,
non-cash charge of about $35.7 million on the early
extinguishment of debt, which includes prepayment premiums of
$7 million.  The company expects to recognize this loss on
extinguishment of debt in the fourth quarter of its fiscal year
ending June 30, 2007.

                      About Solera Holdings

Solera Holdings Inc. (NYSE: SLH) -- http://www.solerainc.com/--
is a global provider of software and services to the automobile
insurance claims processing industry.  Solera has operations in
45 countries across 5 continents.  The Solera companies include
Audatex Holdings in the United States, Canada, and in more than
40 additional countries, Informex in Belgium, Sidexa in France,
ABZ in The Netherlands, Hollander serving the North American
recycling market, and IMS providing medical review services.

Solera has worldwide operations in Brazil, India and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior secured debt ratings on Solera Holdings.

At the same time, Standard & Poor's revised its outlook on
Solera to positive from negative, following the recent
completion of an initial public offering.  Pro forma for the
initial public offering, Solera's operating lease-adjusted
leverage has declined to below 5x from above 6.5x as of December
2006.


TITAN EUROPE: S&P Keeps Class F Notes on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services’ 'BB' credit rating on the
class F floating-rate notes issued by Titan Europe 2006-5 PLC
remains on CreditWatch with negative implications.

The notes were placed on CreditWatch negative on April 4, 2007,
to reflect the transfer of the Balneario Blancafort loan (6% of
the mortgage loan pool at closing) to special servicing. The
transaction's servicer and special servicer, Hatfield Philips
International Ltd., transferred the loan on March 21, 2007.

At that time, the loan had been delinquent for more than 60
days, as it had not made any interest payments at the January
2007 interest payment date, but had paid all interest at the
preceding IPD in October 2006.  A liquidity facility drawing was
made to cover the shortfall at the January 2007 IPD.

Since Standard & Poor's placed the notes on CreditWatch, a
further liquidity drawing has been made at the April IPD, which
has increased the total amount drawn to EUR746,128.75.

The special servicer continues to be in confidential
negotiations with the borrower to resolve the issue, and during
these negotiations is disclosing no further information.  More
news is expected to be published following the loan's upcoming
IPD on July 18, 2007.

"Due to the limited amount of information made public by the
special servicer since we placed the notes on CreditWatch in
April 2007, Standard & Poor's continues to monitor the
situation," said credit analyst Christina Pries.  "We note that
the longer the process takes, the greater the exposure of the
class F notes to any possible adverse developments due to the
increased liquidity drawings."

Standard & Poor's will stay in close contact with the special
servicer to evaluate future upcoming events.

The loan is secured on the Hotel Balneario Blancafort, a five-
star hotel and thermal center in La Garriga, 50km north of
Barcelona, Spain.  The borrower, the hotel operator (tenant),
and the spa operator (subtenant) are all owned by the sponsor of
the loan.

The transaction, which is backed by eight loans originated by
Credit Suisse International (AA-/Stable/A-1+) and secured on
commercial real estate properties in Germany and Spain, closed
in December 2006.


TITAN EUROPE: Fitch Puts BB- Ratings to Class G Notes
-----------------------------------------------------
Fitch Ratings has assigned final ratings to Titan Europe 2007-02
Limited's CMBS floating-rate notes due 2017:

   -- EUR971.8 million Class A1: 'AAA'; Outlook Stable
   -- EUR50,000 Class X: 'AAA'; Outlook Stable
   -- EUR243 million Class A2: 'AAA'; Outlook Stable
   -- EUR164.6 million Class B: 'AA'; Outlook Stable
   -- EUR122.9 million Class C: 'A'; Outlook Stable
   -- EUR91.8 million Class D: 'BBB'; Outlook Stable
   -- EUR40.4 million Class E: 'BBB-'; Outlook Stable
   -- EUR22.7 million Class F: 'BB'; Outlook Stable
   -- EUR11.98 million Class G: 'BB-'; Outlook Stable

The final ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  The
ratings also address the timely payment of interest on the notes
and the ultimate repayment of principal by final legal maturity
in April 2017.

Initial credit enhancement for the Class A1 notes (41.8%) is
provided by subordination of the Class A2, B, C, D, E, F and G
notes.  Likewise, initial credit enhancement for the Class A2
(27.2%), Class B (17.4%), Class C (10%), Class D (4.5%), Class E
(2.1%) and Class F notes (0.7%) is provided by the subordination
of those notes junior to them.  There is no initial credit
enhancement provided to the Class G notes.

This transaction is a securitization of 18 commercial mortgage
loans originated by Credit Suisse (rated 'AA-'/'F1+'/Outlook
Stable) and one of its affiliates.  The loans are secured by
real estate located mainly across Germany (59.9% by securitized
balance) with the remainder in the Netherlands (27.4%), Finland
(4.8%), Czech Republic (3.3%), France (3%) and Ireland (1.7%).

The loans are secured by first-ranking mortgages over 258
properties with an aggregate market value of EUR2.84 billion,
including office, retail, multi-family, hotel, mixed-use and
light industrial assets.  The note issuance represents an
initial weighted average loan-to-value ratio of 71.5%, reducing
to a balloon weighted average LTV of 70.3%, assuming no changes
in value, prepayments or defaults occur prior to individual loan
maturities.

Interest and principal on the notes is paid quarterly in arrears
on each payment date, commencing in July 2007.  Scheduled
amortization on the loans is allocated sequentially to the note
Classes.  Prepayments and final repayments on the loans are
allocated to the notes on a 50% sequential and 50% pro rata
basis until the pool amortizes to 50% of the original note
balance, at which point the waterfall switches to fully
sequential.  The structure does not have a liquidity facility
but benefits from servicer advances.


VIRAGEN INC: Halts Development of Avian Transgenic Technology
-------------------------------------------------------------
Viragen Inc. halted its development of the OVA(TM) System,
its avian transgenic technology being developed for the
manufacture of therapeutic proteins.

In halting all further development of the OVA(TM) System,
Viragen notified Roslin Institute and Oxford Biomedica plc
of its intent to terminate its research and license
agreements, respectively.

“We have been forced to make a very difficult decision at
this time to halt our avian transgenics project.  While we
have accomplished some truly excellent science, including
more ‘firsts’ than any other group in this field, the
distance between research and commercialization is simply
too great, and our resources are better focused on advancing
our anti-cancer therapeutics,” commented Viragen’s President
and CEO, Charles A. Rice.

“We would like to thank the staffs at Roslin Institute and
Oxford BioMedica for their work and dedication to this project.
We will continue to maintain Viragen’s intellectual property
portfolio associated with the OVA(TM) System in the event that
any interested party may want to consider licensing,” added
Mr. Rice.

In light of the cessation of activities relating to avian
transgenics, Viragen intends to focus its resources on the
marketing and regulatory activities related to Multiferon(R)
and pre-clinical studies planned for two of Viragen’s anti-
cancer product candidates: VG102, a monoclonal antibody that
has the potential to target nearly all solid tumors; and
VG106, an in-house developed cytokine that has been shown,
in preliminary studies, to prevent proliferation of several
difficult-to-treat cancers.

Based in Plantation, Florida, Viragen Inc. (AMEX: VRA) (OTC BB:
VGNI) -- http://www.viragen.com/-- is a bio-pharmaceutical
company engaged in the research, development, manufacture and
commercialization of products for the treatment of cancers and
viral diseases.  The company operates from three locations:
Plantation, Florida, which contains the company's administrative
offices and support; Viragen (Scotland) Ltd., located outside
Edinburgh, Scotland, which conducts the company's research and
development activities; and ViraNative, located in Umea, Sweden,
which houses the company's human alpha interferon manufacturing
facilities.

As of June 30, 2006, the company owned approximately 81.2% of
Viragen International, Inc.  Subsequent to June 30, 2006, its
ownership interest of Viragen International was reduced to
approximately 77.0%. Viragen International owns 100% of
ViraNative AB, its Swedish subsidiary, and 100% of Viragen
(Scotland) Ltd., its Scottish research center.

                       Going Concern Doubt

Ernst & Young LLP, in Fort Lauderdale, Fla., raised substantial
doubt about Viragen, Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended June 30, 2006, and 2005.  The
auditing firm pointed to the company's recurring operating
losses, accumulated and stockholders' deficiencies, and
dependence on its ability to raise adequate capital to fund
necessary product commercialization and development activities.


WOOD04 LTD: Joint Liquidators Take Over Operations
--------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
joint liquidators of Wood04 Ltd. on June 1 for the creditors’
voluntary winding-up procedure.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be reached at:

         Wood04 Ltd.
         51 Victoria Street
         London
         SW1H 0EU
         England
         Tel: 020 7233 1135


YELLOW FINANCE: Appoints Mark S. Reynolds as Liquidator
-------------------------------------------------------
Mark S. Reynolds of Valentine & Co. was appointed liquidator of
Yellow Finance Ltd. on June 1 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Yellow Finance Ltd.
         17 Church Street
         Basingstoke
         Hampshire
         RG21 7QG
         England
         Tel: 0800 0501601


* BOOK REVIEW: As We Forgive Our Debtors: Bankruptcy and
               Consumer Credit in America
--------------------------------------------------------
Authors:    Theresa A. Sullivan, Elizabeth Warren and Jay
            Lawrence Westbrook
Publisher:  Beard Books
Paperback:  280 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122158/internetbankru
pt

This book is a major contribution to the study of bankruptcy and
to our understanding of debtors and creditors who end up in
bankruptcy court.

With the sharp increase in bankruptcies over the past decade and
an increasingly wide cross-section of occupational distribution
represented, the question treated by this study is both a legal
and a sociological one.

It does not attempt to study the internal workings of
bankruptcy, but the authors look outward to the larger
population of bankrupt debtors.

Using a multi-disciplinary approach, the authors have drawn
social and economic portraits of typical debtors against the
backdrop of the law and with hard empirical data.

                           *********

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 * * *