TCREUR_Public/070703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, July 3, 2007, Vol. 8, No. 130

                            Headlines


A U S T R I A

B.O. LLC: Claims Registration Period Ends Aug. 14
BAXALT TECHNOLOGIE: Claims Registration Period Ends Aug. 14
EIDENBERGER LUFTTECHNIK: Linz Court Orders Business Closure
FEINSPITZ LLC: Creditors' Meeting Slated for July 12
J.SALBER & CO: Creditors' Meeting Slated for July 16

PETERCA LLC: Creditors' Meeting Slated for July 10
PIEBER LLC: Vienna Court Orders Business Shutdown
PRO MOTION: Claims Registration Period Ends Aug. 7


B E L G I U M

GOODYEAR TIRE: Repays US$315 Million in Senior Notes


C Y P R U S

RITZIO ENTERTAINMENT: Moody's Assigns B3 Corporate Family Rating


F R A N C E

LACAZE S.A.: Enters Into Receivership


G E R M A N Y

TV-LOONLAND AG: Bank Group Agrees to Extend EUR10 Million Loan


I R E L A N D

SANMINA-SCI: Trade Minister Unveils EUR30 Mln Deal in Fermoy


K A Z A K H S T A N

AKMOLA BOLASHAK: Proof of Claim Deadline Slated for Aug. 3
AKTAILAK-K LLP: Creditors Must File Claims Aug. 3
ALSHA PLUS LLP: Claims Filing Period Ends Aug. 3
ARNA-KURYLYS LLP: Claims Registration Ends Aug. 3
CHANCE INTERNATIONAL: Creditors' Claims on Due Aug. 7

COMPANY AMER LLP: Proof of Claim Deadline Slated for Aug. 3
LES VOSTOKA: Creditors Must File Claims Aug. 7
MIDA LLP: Claims Filing Period Ends Aug. 7
PKF PUHALSKOYE: Claims Registration Ends Aug. 3
TRADE CITY: Creditors' Claims Due on Aug. 3


K Y R G Y Z S T A N

FEZ BISHKEK: Creditors Must File Claims by August 15


N E T H E R L A N D S


EUROSAIL-NL: Moody's Rates Two Note Classes at Low-B
SKYLINE 2007: Moody's Rates EUR43.5 Mln Class E Notes at Ba2


P O L A N D

OPTIMUS SA: Annulment of Shares Cue Bankruptcy Filing


R U S S I A

DIMITROVA OJSC: Creditors Must File Claims by July 9
EKSTRA-SIB OJSC: Court Names G. Artyshuk as Insolvency Manager
EVRIKOM CJSC: Creditors Must File Claims by Aug. 9
KADOM-AGRO-PROM-SERVICE: Creditors Must File Claims by July 9
KANDEKS CJSC: Court Names V. Zakharov as Insolvency Manager

KORTKEROSSKOE LLC: Creditors Must File Claims by July 9
KRASIN CJSC: Creditors Must File Claims by Aug. 9
MILK TRADE: Perm Bankruptcy Hearing Slated for Sept. 3
NOVOILNSK-WOOD OJSC: Bankruptcy Hearing Slated for July 23
OTIS OJSC: Creditors Must File Claims by Aug. 9

PROFIT CJSC: Creditors Must File Claims by Aug. 9
SIB-STROY-INVEST: Creditors Must File Claims by Aug. 9
STEEL PLUS: Creditors Must File Claims by Aug. 9
STROY-DETAIL CJSC: Creditors Must File Claims by Aug. 9


S P A I N

BANCAJA 11: S&P Junks EUR26 Mln Class E Spanish RMBS Transaction
SOL MELIA: S&P Affirms BB+ Ratings with Positive Outlook


S W I T Z E R L A N D

ATLAS ENERGY: Creditors' Liquidation Claims Due July 31
BACKEREI GOLDEN: Aargau Court Starts Bankruptcy Proceedings
BARBERT CHEMIE: Creditors' Liquidation Claims Due July 27
BENER PARK: Creditors' Liquidation Claims Due August 7
C3COMMUNICATIONS LLC: Claims Registration Period Ends July 13

FIMOP CONSULTING: Creditors' Liquidation Claims Due August 1
NIGHTHAWK RADIOLOGY: Moody's Cuts US$100 Mln Debt Rating to B1
OSTERIA LA ROSA: Aargau Court Starts Bankruptcy Proceedings
ROTAFER JSC: Creditors' Liquidation Claims Due July 27
WASER BAU: Claims Registration Period Ends July 16

WOCHEN – POST VERLAGS: Creditors' Liquidation Claims Due July 31


U K R A I N E

AGRICULTURAL INVESTMENT: Creditors Must File Claims by July 5
BARSKAYA OJSC: Creditors Must File Claims by July 4
DRUZHBA LLC: Creditors Must File Claims by July 4
ERIDANA-COMMERCE LLC: Creditors Must File Claims by July 5
GRESSA-SOUTH LLC: Creditors Must File Claims by July 4

INDUSTRIAL HYDRO: Proofs of Claim Deadline Set July 4
KIBERDINE SYSTEMS-UKRAINE: Creditors Must File Claims by July 5
KIBOR LLC: Creditors Must File Claims by July 5
MEDICAL ENGINEERING: Creditors Must File Claims by July 4
OBRIY LLC: Creditors Must File Claims by July 4

PIVDENNYI BANK: Fitch Rates IDR at B- with Stable Outlook
PROMO TECHNOLOGIES: Creditors Must File Claims by July 4
UKRAINE LLC: Proofs of Claim Deadline Set July 4


U N I T E D   K I N G D O M

ASCOT BLACK: Moody's Rates GBP33 Mln Class E Credit Swap at Ba2
BNP PARIBAS: Moody's Rates Two Bifrost Note Classes at Low-B
BURSCOUGH PACKAGING: Hires Liquidators from O’Hara & Co.
CLEMENT & FOSTER: N. A. Bennett Leads Liquidation Procedure
CORDATUS CLO: Moody's Rates Classes E & F Secured Notes at Low-B

DA VINCI: Moody's Holds Ba2 Rating on Semi-Annual Replenishment
FEDERAL-MOGUL: Court Establishes Plan Confirmation Timeline
FEDERAL-MOGUL: Plan Objectors Streamline Requests
FOPP LTD: Brings In Joint Receivers from Ernst & Young
FORD MOTOR: Zero% Financing on Ford, Lincoln & Mercury Models

FREMANTLE LTD.: Fitch Rates Series 2007-I Class C Notes at BB-
KWIK SAVE: Workers Without Pay for Another Week
LAURENCE SCOTT: Seeks Chapter 15 Relief in New York
LAURENCE SCOTT: Chapter 15 Petition Summary

SMART LISTS: Appoints Ian C. Brown as Liquidator
TV-LOONLAND AG: Bank Group Agrees to Extend EUR10 Million Loan
UNIQUECORP LTD: Names Harvey Neil Lawrence Liquidator
WHITEOAK PRESS: Taps T. Papanicola to Liquidate Assets

* Large Companies with Insolvent Balance Sheet

                            *********

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


B.O. LLC: Claims Registration Period Ends Aug. 14
-------------------------------------------------
Creditors owed money by LLC B.O. (FN 248242m) have until Aug. 14
to file written proofs of claim to court-appointed estate
administrator Bernhard Schatz at:

         Dr. Bernhard Schatz
         Enzersdorfer Strasse 4
         2340 Moedling
         Austria
         Tel: 02236/89 33 77
         Fax: 02236/89337 95
         E-mail: bernhard.schatz@bpv-huegel.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 28 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on May 30 (Bankr. Case No. 11 S 62/07i).


BAXALT TECHNOLOGIE: Claims Registration Period Ends Aug. 14
-----------------------------------------------------------
Creditors owed money by LLC Baxalt Technologie (FN 234345a) have
until Aug. 14 to file written proofs of claim to court-appointed
estate administrator Alexander Knotek at:

         Dr. Alexander Knotek
         Pergerstrasse 12
         2500 Baden
         Tel: 02252/43056-0
         Fax: 02252/43056-20
         E-mail: info@avia-law.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 28 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Kottingbrunn, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 11 S 66/07b).


EIDENBERGER LUFTTECHNIK: Linz Court Orders Business Closure
-----------------------------------------------------------
The Land Court of Linz entered June 5 an order closing the
business of LLC Eidenberger, Lufttechnik & Co. KG (FN 21765h).

Court-appointed estate administrator Gunter Peyrl recommended
the business closure after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Gunter Peyrl
         c/o Mag. Sigrun Teufer-Peyrl
         Pfarrgasse 20
         Salzgasse 2
         4240 Freistadt
         Austria
         Tel: 07942/75 1 51
         Fax: 07942/75 1 51-9
         E-mail: ra.peyrl@epnet.at

Headquartered in Reichenthal, Austria, the Debtor declared
bankruptcy on May 25 (Bankr. Case No 38 S 34/07i).  Sigrun
Teufer-Peyrl represents Dr. Peyrl in the bankruptcy proceedings.


FEINSPITZ LLC: Creditors' Meeting Slated for July 12
----------------------------------------------------
Creditors owed money by LLC Feinspitz (FN 248850g) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
July 12 for the examination of claims.

The meeting of creditors will be held at:

         Land Court of Feldkirch
         Meeting Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Loruens, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 14 S 24/07b).  Dr. Rudolf
Hartmann serves as the court-appointed estate administrator of
the bankrupt estate.

The estate administrator can be reached at:

         Dr. Rudolf Hartmann
         Raiffeisenstrasse 58
         6713 Ludesch
         Austria
         Tel: 05550/20333
         Fax: 05550/20333-9
         E-mail: ra-hartmann@aon.at


J.SALBER & CO: Creditors' Meeting Slated for July 16
----------------------------------------------------
Creditors owed money by KEG J.SALBER & CO (FN 274861h) are
encouraged to attend the creditors' meeting at 11:30 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 Oberwart, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 26 S 79/07f).  Gertraud
Hofer serves as the court-appointed estate administrator of the
bankrupt estate.

The estate administrator can be reached at:

         Dr. Gertraud Hofer
         Hauptplatz 11
         Atrium
         Top 16A
         7400 Oberwart
         Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hofer@utanet.at


PETERCA LLC: Creditors' Meeting Slated for July 10
--------------------------------------------------
Creditors owed money by LLC Peterca (FN 211181k) are encouraged
to attend the creditors' meeting at 10:00 a.m. on July 10 for
the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Meeting Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Villach - Landskron, Austria, the Debtor
declared bankruptcy on June 5 (Bankr. Case No. 40 S 32/07g).
Dr. Margit Niederleitner serves as the court-appointed estate
administrator of the bankrupt estate.

The estate administrator can be reached at:

         Dr. Margit Niederleitner
         Moritschstr. 7
         9500 Villach
         Austria
         Tel: 04242/25132
         Fax: 04242/25132-9
         E-mail: gradischnig@gradischnig-rae.at


PIEBER LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered May 31 an order shutting down
the business of LLC Pieber (FN 227317s).

Court-appointed estate administrator Dr. Brigitte Stampfer
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29 (Bankr. Case No 6 S 63/07t).


PRO MOTION: Claims Registration Period Ends Aug. 7
--------------------------------------------------
Creditors owed money by LLC Pro Motion (FN 33606x) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Georg Kahlig at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42
         1070 Vienna
         Austria
         Tel: 523 47 91 0
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29 (Bankr. Case No. 6 S 65/07m).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.


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


GOODYEAR TIRE: Repays US$315 Million in Senior Notes
--------------------------------------------------
The Goodyear Tire & Rubber Company has completed its redemption
of US$315 million in senior notes.

Following its successful equity offering in May, Goodyear has
exercised its rights to redeem $175 million of its $500 million
in 8.625% senior notes due in 2011, and $140 million of its $400
million in 9% senior notes due in 2015.

"Using proceeds from our equity offering to reduce debt brings
us closer to the completion of our Capital Structure Improvement
Plan," Damon J. Audia, Goodyear's vice president and treasurer,
said.

The company has said it expects to use the remaining proceeds of
the equity offering as well as proceeds from the pending sale of
its Engineered Products business for general corporate purposes,
which may include reducing debt, addressing legacy obligations
and supporting growth in its core tire businesses.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries, including Belgium, Chile, Guatemala, and Peru, among
others.  Goodyear employs more than 80,000 people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on Goodyer
Tire & Rubber Co., including its corporate credit rating to
'BB-' from 'B+'.  In addition, the ratings were removed from
CreditWatch where they were placed with positive implications on
May 10, 2007.  Recovery ratings were not on CreditWatch.


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C Y P R U S
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RITZIO ENTERTAINMENT: Moody's Assigns B3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
to Ritzio International Ltd., an international gaming company
and a 100%-owned unit of Ritzio Entertainment Group (B2/A3.ru,
on review for downgrade), a leading Russian gaming operator.

At the same time Moody'metros assigned a provisional (P)B3
rating to the proposed US$250 million Loan Participation Notes
due 2012 to be issued by the Royal Bank of Scotland for the
purpose of funding a loan in favor of Ritzio International for
further on-lending or investing into its international
subsidiaries.  The outlook on the ratings is stable.

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

In the context of the implementation of the Loss Given Default
methodology for EMEA issuers effective from March 19, 2007,
Moody's has applied a 50% Loss Given Default ratio to the
company based on the rating agency's emerging market guidelines,
and assigned a Probability of Default Rating at the B3 level,
the same as the corporate family rating.

Concurrently, Moody's assigned LGD4 (53%) ratio to the Notes.

For the purposes of the rating, Moody's views Ritzio
International as a ring-fenced business within the larger Ritzio
Entertainment Group.

The B3 corporate family rating reflects these  challenging
elements:

   (i) the company's relatively short track record of focused
       development on international operations;

  (ii) the aggressive expansion strategy, targeting a fourfold
       increase in the number of slot machines by 2009,
       associated with a significant investment in new gaming
       networks and integration risk from newly acquired
       businesses;

(iii) the immature and uncertain regulatory environment in the
       jurisdictions of Ritzio International's operations;

  (iv) a significant share of early start-up operations in the
       company's prospective portfolio;

   (v) negative free cash flows, expected to turn positive after
       24 months;

  (vi) the sizeable expected increase in leverage in 2007;

(vii) the large and increasing lease obligations correlating to
       the growing business volume;

(viii) the potential threat of the common shareholders exerting
       pressure on the cash flows from the international
       operations, including in the form of large dividend
       distributions, following potential distress of the
       Russian business closer to July 1, 2009, should the
       provisions of the gaming legislation enacted in Russia in
       December 2006 come into force in their current form;

  (ix) a certain volume of related-party transactions in the
       company's business; and

   (x) the private ownership of the company, which limits its
       access to the capital markets.

More positively, the ratings also acknowledge the geographical
diversification of the company's business, the typically short
payback period of the new operations, allowing accelerated
turnover of borrowed funds, and the robust and predictable cash
flows.

Ritzio international's profitability and return on assets
performance indicates a "Ba" rating, while other factors -- such
as the small scale of operations by international standards,
limited track record of developing business in new
geographically remote jurisdictions, high dependence on rented
premises due to an insignificant number of wholly owned
properties, substantial required development capital
expenditure, and high expected leverage following the proposed
issue of the US$250 million notes bring the rating into the
lower "B" category.

The ratings also take into consideration these positive
elements:

   (i) the significant growth potential of the gaming markets in
       the company's jurisdictions;

  (ii) the company's track record of creating a stable business
       with a recognizable brand in a number of its long-
       established non-Russian markets, such as Ukraine and the
       Baltics, which currently contribute approximately 90% of
       the company's EBITDA;

(iii) the experienced management and financial expertise of the
       parent company Ritzio Entertainment Group; and

  (iv) committed shareholder contributions in the form of
       subordinated loans of up to US$120 million in 2007.

Moody's expects the company's Debt/EBITDA (adjusted for
operating leases) to increase substantially to 8.6x in 2007
following the issue of the Notes, with a subsequent gradual
decrease to approximately 5.0x over the next 36 months as a
result of the de-leveraging policy.

The company will rely on external bank financing (including
shareholder loans) over the next two years in order to expand
its operations, through both acquisitions of local players and
organic growth depending on the licensing regimes.  The
company's consolidated cash and cash equivalents position was
US$14.0 million as of 31 December 2006.

Ritzio International contemplates issuing US$250 million Loan
Participation Notes for a term of five years.  The transaction
is part of a US$5 billion Royal Bank of Scotland Structured
Notes program.  The underlying loan will be issued by RBS in
favor of Ritzio International, followed by the issue of Notes
for the sole purpose of funding the advance.  Proceeds from the
loan will be utilized (via an inter-company loan or equity
investments to the subsidiaries) for general corporate purposes,
including acquisitions.

The (P)B3 rating reflects the low and decreasing share of
secured bank debt at the subsidiaries' level (US$22.8 million as
of end-2006, or 10% of total capital) in the company's capital
structure.  The majority of debt will be represented by the
Notes, guaranteed by the major operating subsidiaries
contributing 80% of EBITDA to the consolidated Ritzio
International Group, and subordinated shareholder financing.
Moody's notes that the incurrence of substantial secured debt in
a senior position to the senior unsecured debt may potentially
result in the downward notching of the Notes.

The Notes will be subject to various covenants, including
limitations on additional indebtedness (with a 4.0x Consolidated
Net Debt (excluding shareholder loans)/Consolidated EBITDA
maintenance test), coverage (EBITDA/gross interest expense above
2.5x), creation of new liens and related party transactions.
Moody's notes that the dividend distributions to the parent are
permitted if Consolidated Net Debt to EBITDA falls below 2.5x
and are limited to 50% of net profits.  Shareholder loans are
required to have at least 30 days longer maturity than the
Notes, and may be prepaid only if the dividend covenant is
satisfied.  Noteholders also benefit from Change of Control and
Cross Default clauses.

On June 27, 2007 Moody's placed the parent company of Ritzio
International, Ritzio Entertainment Group, on review for
possible downgrade as a result of uncertainty over the impact of
recent developments concerning gaming legislation on its Russian
operations.  Moody's does not, however, believe at this time
that the possible contraction of the parent's activities in
Russia will impact the credit profile of Ritzio International as
assessed on a stand-alone basis in the context of the assigned
B3 corporate family rating.

The stable outlook on the rating relies on Moody's expectation
that Ritzio International will be able to maintain the overall
profitability of its business while rolling out operations in
the new jurisdictions.  The rating agency expects the intensive
debt-financed investment over the next two to three years to be
underpinned by the relatively short payback period
characteristic of the industry and predictability of cash flow
generation.  The ratings are also supported by Moody's view of
the legislation development trend in the company's countries of
operations as moderately positive.

Moody's cautions, nevertheless, that Ritzio Entertainment Group
faces an uncertain future in light of the recent legislative
developments in Russia.  As such, Moody's will monitor the
effectiveness of the legal ring-fencing of the issuing entity,
in particular with regard to potential dividend distributions to
the parent company.  Moody's rating for Ritzio International
does not factor in any parent company support, but could
conversely be negatively impacted if developments at the parent
company were to impact the creditworthiness of Ritzio
International itself.

Headquartered in Cyprus, Ritzio International Limited operates
slot machine halls and casinos in Ukraine, Kazakhstan, Latvia,
Lithuania, Estonia, the Czech Republic, Romania, Bolivia, Peru
and Mexico.  For the financial year 2006, Ritzio International
reported revenues of US$173.2 million and EBITDA of US$61.3
million.


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F R A N C E
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LACAZE S.A.: Enters Into Receivership
-------------------------------------
S.A. Lacaze has entered into receivership following the
postponement of three orders from the aeronautics sector, The
Financial Times reports citing Les Echos.

Headquartered in Lyme, France, S.A. Lacaze –
http://www.lacaze.com/-- manufactures industrial hot water
reservoirs.  The company employs around 100 people. It had
turnover of EUR8.1 million.


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G E R M A N Y
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TV-LOONLAND AG: Bank Group Agrees to Extend EUR10 Million Loan
--------------------------------------------------------------
TV-Loonland AG said that the credit providing banking syndicate
has agreed to subordinate a debit amount of EUR10 million, half
of the existing credit line, for a term of 90 days.  The bankers
will support the company in its restructuring efforts during
this period.

The company's management is confident to restructure TV-Loonland
AG within this period to the exclusion of insolvency
proceedings.

TV-Loonland said that as soon as a concrete restructuring route
is defined, the company will be able to release its annual
accounts for 2006 and its first quarter report in 2007.

At the company's extraordinary general meeting on May 29, 2007,
TV-Loonland stated that there were ongoing discussions between
the company, its bankers and auditors in respect of certain
breaches of covenants in its banking arrangements.

Consequently, the company is still unable to publish its year-
end accounts for 2006 and its first quarter accounts for 2007,
as the auditors are currently not able to render an audit
opinion on those accounts.

The loan liabilities of the company is around EUR20 million.

For the first nine months of 2006, the company's turnover was at
EUR9.9 million while its loss was reduced from EUR2.3 million to
EUR1.8 million.  Liquid funds amounted to EUR3.1 million.

Headquartered in Munich, Germany, TV-Loonland AG --
http://www.loonland.com/-- is an independent media-company
recognized for developing, producing and distributing animated
cartoons.  It has operations in London, Paris and Miami.


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I R E L A N D
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SANMINA-SCI: Trade Minister Unveils EUR30 Mln Deal in Fermoy
------------------------------------------------------------
Ireland's Minister for Enterprise, Trade and Employment Micheal
Martin has disclosed that Sanmina-SCI is to undertake a EUR30
million investment for the transformation of its Fermoy, Co.
Cork, facility into a manufacturing and design center-of-
excellence for the medical industry.  Up to 50 highly skilled
engineering and other professional positions will be created as
a result.

It will also consolidate the existing employment in Fermoy,
further enhance the facility’s position within the parent
company and will make it a flagship operation within Sanmina-
SCI.

Supported by IDA Ireland, the investment will establish an R&D
center of engineering excellence to develop and design processes
and products.  Additionally the investment will facilitate the
continuous upgrade of the facility and equipment to enable it to
stay ahead of the ever increasing and exacting regulatory and
quality standards of the medical industry.  Upgrading of the
skills of existing employees plus the addition of new highly
skilled professionals in multiple disciplines is envisaged.

Sanmina-SCI’s Fermoy facility, which serves customers in both
the electronics and medical technologies industries, employs
400 permanent employees and 200 temporary employees and is the
largest medical unit within Sanmina-SCI.

“This is excellent news for Fermoy and the surrounding area,”
Mr. Martin said.  “The move from mainstream contract electronics
manufacturing to medical device manufacturing is an outstanding
success for the Fermoy facility.”

“The investment in higher skills and higher value products is in
line with the government’s and IDA’s strategy for the
international manufacturing sector in Ireland.  It will
transform the facility into a world-class medical technologies
EMS site, which will have the capability to capitalize on the
new opportunities and growth potential of the medical industry.
I congratulate all those involved in winning this investment,”
Mr. Martin added.

“Fermoy is a strategic site for the company within its European
operations and this transformation of its capabilities, with the
addition of design collaboration, is a very important
development for the Irish operation,” said Hari Pillai, Sanmina-
SCI’s president of Global EMS Operations.

“Our strategy is to maintain and enhance our leadership position
in the EMS industry by providing end-to-end services, from
research through manufacturing to after-sales support; by
collaborating with customers on the design and manufacture of
new products and processes; and by continuing to seek out
opportunities in sectors new to us.  The Fermoy facility will
play a major role in achieving these aims.  Its track record,
workforce flexibility and Ireland’s medical technologies
industry, as well as IDA’s support, were all major influences in
the selection of Fermoy for this investment.”

                     About Sanmina-SCI Corp.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Irealnd, Finland,
Malaysia, Mexico and Singapore, among others.


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K A Z A K H S T A N
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AKMOLA BOLASHAK: Proof of Claim Deadline Slated for Aug. 3
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Akmola Bolashak insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Kazakhstan
         Tel: 8 (3172) 21-48-16


AKTAILAK-K LLP: Creditors Must File Claims Aug. 3
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Aktailak-K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Kazakhstan
         Tel: 8 (3172) 21-48-16


ALSHA PLUS LLP: Claims Filing Period Ends Aug. 3
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Alsha Plus insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-06-50


ARNA-KURYLYS LLP: Claims Registration Ends Aug. 3
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Arna-Kurylys insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Auelbekov Str. 126/75
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-40-67


CHANCE INTERNATIONAL: Creditors' Claims on Due Aug. 7
------------------------------------------------------
LLP Chance International Trading Co. has declared insolvency.
Creditors have until Aug. 7 to submit written proofs of claims
to:

         LLP Chance International Trading Co.
         Seyfullin Str. 67a
         Almaty
         Kazakhstan


COMPANY AMER LLP: Proof of Claim Deadline Slated for Aug. 3
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Company Amer insolvent.

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

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


LES VOSTOKA: Creditors Must File Claims Aug. 7
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Trade House Les Vostoka insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


MIDA LLP: Claims Filing Period Ends Aug. 7
------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Mida insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seyfullin Str. 39-16
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 51-27-24


PKF PUHALSKOYE: Claims Registration Ends Aug. 3
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Pkf Puhalskoye insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Auelbekov Str. 126/75
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-40-67


TRADE CITY: Creditors' Claims Due on Aug. 3
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Trade City (RNN 302000246879) insolvent.

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

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


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


FEZ BISHKEK: Creditors Must File Claims by August 15
----------------------------------------------------
LLC British Gulf International Airlines- Fez Bishkek has
declared insolvency.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         LLC British Gulf International Airlines- Fez Bishkek
         Free Economic Zone Bishkek
         Bishkek
         Kyrgyzstan


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


EUROSAIL-NL: Moody's Rates Two Note Classes at Low-B
----------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
six classes of notes to be issued by Eurosail-NL 2007-1 B.V.:

   -- (P)Aaa to EUR306.25 million Class A Mortgage-Backed Notes;
   -- (P)Aa1 to EUR14.52 million Class B Mortgage-Backed Notes;
   -- (P)Aa3 to EUR14 million Class C Mortgage-Backed Notes;
   -- (P)Baa2 to EUR12.77 million Class D Mortgage-Backed Notes;
   -- (P)Ba2 to EUR2.45 million Class E1 Mortgage-Backed Notes;
   -- (P)Ba3 to EUR11.2 million Class ET Notes.

The ET Notes are not backed by mortgage collateral but will be
paid back by available excess spread.  Interest payments on the
ET Notes rank pari passu with payments to the E1 Notes.

Eurosail-NL 2007-1 B.V. is the first transaction backed by a
pool of non-conforming mortgages in the Netherlands.  The
transaction includes loans originated by ELQ Portefeuille-I
B.V., a Dutch subsidiary of Lehman Brothers, to borrowers with
current and cured arrears registrations with the Dutch credit
bureau borrowers who self certify their income, and combinations
of the above categories.  Moody's believes that these products
are riskier than products which do not exhibit these
characteristics, and that there is some uncertainty as to how
the pool would perform during an economic downturn.

[26]% of borrowers have at least one current arrears
registration at the Dutch credit bureau  and [66%] of borrowers
have at least one cured arrears registration.  [12.46]% of loans
in the portfolio were provided to borrowers with an arrears
registration on a previous mortgage loan.  [2.6]% of loans in
the portfolio were provided to borrowers who restructured their
personal debt under the law "Schuldsanering". [48.9]% of
borrowers self certified their income.  This includes borrowers
with current and/or cured arrears registrations at the BKR.  The
enhancement levels address the uncertainty as to how the pool
would perform during an economic downturn.

The transaction benefits from a fixed-to-floating swap, which
hedges the interest rate risk on the fixed rate mortgages.
Additionally the transaction benefits from a swap hedging the
basis risk between the floating rate mortgages and the notes
interest.

Credit enhancement is provided by the excess spread, to cover
losses and to replenish the Reserve Fund if needed.  Further
credit enhancement is provided by the Reserve Fund, which is
fully funded at closing, at EUR3.5 million (1.0% of the initial
Class A -- E1 notes balance) and the subordination of the notes.
There will be a liquidity facility in place of 5.5% of the
initial Class A-E1 Notes balance amortizing at 8% of the
outstanding balance.

The master servicer for the transaction is ELQ Hypotheken N.V.
Transaction payment services are sub contracted to STATER
Nederland B.V., which is serves as a backup servicer.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.  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.


SKYLINE 2007: Moody's Rates EUR43.5 Mln Class E Notes at Ba2
------------------------------------------------------------
Moody's Investors Service assigned these ratings to the CMBS
debt issuance of Skyline 2007 B.V.:

   -- Aaa to the EUR2,539.5 million Senior Class A Commercial
      Mortgage-Backed Notes 2007 due 2043;

   -- Aa1 to the EUR162 million Mezzanine Class B Commercial
      Mortgage-Backed Notes 2007 due 2043;

   -- Aa2 to the EUR133.5 million Mezzanine Class C Commercial
      Mortgage-Backed Notes 2007 due 2043;

   -- Baa2 to the EUR121.5 million Junior Class D Commercial
      Mortgage-Backed Notes 2007 due 2043; and

   -- Ba2 to the EUR43.5 million Junior Class E Commercial
      Mortgage-Backed Notes 2007 due 2043.

Moody's assigned provisional ratings to the Notes on June 1,
2007.  Moody's has not assigned a rating to the Class F Notes.

Skyline 2007 B.V. is the first transaction involving FGH Bank
N.V. as seller and originator.  The ratings on the Notes are
based upon:

   (i) Moody's assessment of the real estate quality and
       characteristics of the underlying property portfolio;

  (ii) the underlying mortgage loans' loan-to-value and current
       debt service coverage attributes;

(iii) the borrower characteristics and creditworthiness;

  (iv) the diversity characteristics of the pool of loans and
       properties;

   (v) the availability of a committed liquidity facility;

  (vi) the level of subordination provided by the subordinated
       Notes;

(vii) the issuer-level hedging contract guaranteeing 0.6 per
       cent excess margin per year;

(viii) the provision of a EUR24 million reserve fund;

  (ix) the impact of the substituting nature of the transaction;
       and

   (x) the legal and structural features of the issue.

The Notes are backed by a pool of 1,471 commercial mortgage
loans granted to 663 borrowers totaling approximately EUR3,048
million and secured by a well diversified pool of 4,590
properties.  The largest borrower represents 1.9%. of the pool.
The properties are located throughout The Netherlands.
Approximately 22.8%. are located in Zuid Holland, 22.6%. in
Noord Holland, 9.1%. in Utrecht, 8.7%. in Gelderland, 7.4%. in
Noord Brabant and 3.6%. in Flevoland.

The pool is comprised of 42.4%. retail, 23.0%. office, 17.9%.
retail, 17.8%. residential and 17.5%. industrial properties.
FGH Bank N.V. as administrator and originator has significant
flexibility in terms of adding loans to the portfolio, which
could lead to a change in the pool's characteristics.  Moody's
believes that the substitution conditions are structured so as
to limit the potential impact individual substitutions and
changes could have on the pool's profile.

The key strengths of the transaction include:

   (i) the portfolio diversification in terms of regional
       location of the properties and property types;

  (ii) the sequential pay-down structure; and

(iii) the strong market position of FGH Bank N.V. as a mortgage
       originator.

The main weaknesses of the transaction are:

   (i) a significant portion of the loans, representing 59.3 per
       cent. of the pool balance, are exposed to changes in
       interest rates;

  (ii) a major portion of the portfolio are either interest only
       or partially amortizing during the term, thereby
       exhibiting refinancing risk at their maturity date; and

(iii) the property valuations have been conducted internally
       without additional third party valuation and are
       partially outdated.

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
at par on or before the rated final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


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


OPTIMUS SA: Annulment of Shares Cue Bankruptcy Filing
-----------------------------------------------------
Optimus S.A. President Piotr Lewandowski has disclosed that the
company was forced to file for bankruptcy after the D-series
shares issued by the company a year ago were crossed off from
the KRS official registry, The Financial Times reports, citing
the Polish News Bulletin as its source.

According to the report, Mr. Lewandowski contends that the ratio
between the amount of initial capital and last year's net loss
changed following the annulment of the shares, leading
inevitably to the company's bankruptcy.

Mr. Lewandowski claims the filing was meant to save the company
and is not a move against Optimus' biggest shareholder, Zbigniew
Jakubas.  Mr. Jakubas' lawyers assert that Optimus has gone past
the bankruptcy threshold a long time ago so the shares'
cancellation makes no difference, the report says.

Headquartered in Warszawa, Poland, Optimus S.A. --
http://www.optimus.pl-- is engaged in the manufacture and
wholesale trade of computers, software and peripherals and in
office equipment, computer maintenance and repair services.


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


DIMITROVA OJSC: Creditors Must File Claims by July 9
----------------------------------------------------
Creditors of OJSC Dimitrova have until July 9 to submit proofs
of claim to:

         S. Sokolovskiy
         Temporary Insolvency Manager
         70 Let Oktyabrya Str. 5
         Novokhoperskiy
         397441 Voronezh
         Russia

The Arbitration Court of Voronezh will convene at 10:00 a.m. on
Aug. 1 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A14-3172/2007/23/16b.


The Court is located at:

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

The Debtor can be reached at:

         OJSC Dimitrova
         Utinovka
         Talovskiy
         Voronezh
         Russia


EKSTRA-SIB OJSC: Court Names G. Artyshuk as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tomsk appointed G. Artyshuk as
Insolvency Manager for OJSC Ekstra-Sib (TIN 7021049056).  He can
be reached at:

         G. Artyshuk
         Post User Box 94
         636037 Seversk-37
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-4136/05.

The Debtor can be reached at:

         G. Artyshuk
         Post User Box 94
         636037 Seversk-37
         Russia


EVRIKOM CJSC: Creditors Must File Claims by Aug. 9
--------------------------------------------------
Creditors of CJSC Evrikom have until Aug. 9 to submit proofs of
claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-1382/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Evrikom
         Lenina Str. 27
         Apatity
         184209 Murmansk
         Russia


KADOM-AGRO-PROM-SERVICE: Creditors Must File Claims by July 9
-------------------------------------------------------------
Creditors of OJSC Kadom-Agro-Prom-Service have until July 9 to
submit proofs of claim to:

         S. Papenko
         Temporary Insolvency Manager
         Post User Box 9
         390029 Ryazan
         Russia

The Arbitration Court of Ryazan will convene at noon on July 10
to hear the company's bankruptcy supervision procedure on OJSC
Kadom-Agro-Prom-Service.  The case is docketed under Case No. A-
70-2229/3-07.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Kadom-Agro-Prom-Service
         Svobody Str. 10
         Kadom
         Ryazan
         Russia


KANDEKS CJSC: Court Names V. Zakharov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Murmansk appointed V. Zakharov as
Insolvency Manager for CJSC Kandeks.  He can be reached at:

         V. Zakharov
         Post User Box 106
         Central Post Office
         Kandalaksha
         Murmansk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-1321/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Kandeks
         Pervomayskaya Str. 57
         Kandalaksha
         Murmansk
         Russia


KORTKEROSSKOE LLC: Creditors Must File Claims by July 9
-------------------------------------------------------
Creditors of LLC Kortkerosskoe have until July 9 to submit
proofs of claim to:

         D. Chirkov
         Temporary Insolvency Manager
         Office 22
         Oktyabrskiy Pr. 69
         Syktyvkar
         167001 Komi
         Russia

The Arbitration Court of Komi will convene on Aug. 22 to hear
the company's bankruptcy supervision procedure on LLC
Kortkerosskoe.  The case is docketed under Case No. A29-1975/
2007-3B.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         LLC Kortkerosskoe
         Sukhanova Str. 2
         Kortkeros
         Komi
         Russia


KRASIN CJSC: Creditors Must File Claims by Aug. 9
-------------------------------------------------
Creditors of CJSC Named After Krasin (TIN 7113001495) have until
Aug. 9 to submit proofs of claim to:

         N. Rzyankin
         Insolvency Manager
         Room 601
         Ryazanskaya Str. 1
         Post User Box 1451
         300026 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-617/B-06.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         CJSC Named After Krasin
         Named After Krasin
         Efremovskiy
         301860 Tula
         Russia


MILK TRADE: Perm Bankruptcy Hearing Slated for Sept. 3
------------------------------------------------------
The Arbitration Court of Perm will convene at 10:00 a.m. on
Sept. 3 to hear the bankruptcy supervision procedure on LLC Milk
Trade.  The case is docketed under Case No. A50-2616/2007-B5.

         The Temporary Insolvency Manager is:
         V. Nikonorov
         Post User Box 79
         600000 Vladimir
         Russia

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Milk Trade
         Kungur
         Perm
         Russia


NOVOILNSK-WOOD OJSC: Bankruptcy Hearing Slated for July 23
----------------------------------------------------------
The Arbitration Court of Buryatiya will convene on July 23 to
hear the bankruptcy supervision procedure on OJSC Novoilnsk-
Wood.  The case is docketed under Case No. A10-666/07.

         The Temporary Insolvency Manager is:
         M. Matkheeva
         Post User Box 11910
         Ulan-Ude
         670047 Buryatiya
         Russia

The Debtor can be reached at:

         OJSC Novoilnsk-Wood
         Lenina Str. 23
         Zaigraevskiy
         671322 Buryatiya
         Russia


OTIS OJSC: Creditors Must File Claims by Aug. 9
-----------------------------------------------
Creditors of CJSC Otis have until Aug. 9 to submit proofs of
claim to:

         I. Sizov
         Insolvency Manager
         Vokzalnaya Str. 1A
         180004 Pskov
         Russia

The Arbitration Court of Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A44-1062/05-4k.

The Debtor can be reached at:

         CJSC Otis
         Sovetskay Str. 12
         Ermolovka
         Novgorod
         Russia


PROFIT CJSC: Creditors Must File Claims by Aug. 9
-------------------------------------------------
Creditors of CJSC Garment Factory Profit have until Aug. 9 to
submit proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-5326/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Garment Factory Profit
         Krupskoj Str. 28
         Achinsk
         662150 Krasnoyarsk
         Russia


SIB-STROY-INVEST: Creditors Must File Claims by Aug. 9
------------------------------------------------------
Creditors of LLC Sib-Stroy-Invest have until Aug. 9 to submit
proofs of claim to:

         E. Derbeneva
         Insolvency Manager
         Kirova Pr. 108a- 107
         Leninsk-Kuznetskiy
         652515 Kemerovo
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-7778/06.

The Debtor can be reached at:

         LLC Sib-Stroy-Invest
         Belinskogo Str. 15
         Tomsk
         Russia


STEEL PLUS: Creditors Must File Claims by Aug. 9
------------------------------------------------
Creditors of LLC Steel Plus (TIN 5609032417) have until Aug. 9
to submit proofs of claim to:

         V. Ananyev
         Insolvency Manager
         Apartment 65
         Tereshkovoj Str. 241
         460050 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-173 7/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Steel Plus
         Zagorodnoye Shosse 4
         Orenburg
         Russia


STROY-DETAIL CJSC: Creditors Must File Claims by Aug. 9
-------------------------------------------------------
Creditors of CJSC Factory Stroy-Detail have until Aug. 9 to
submit proofs of claim to:

         A. Nikitin
         Insolvency Manager
         1st Yuzhnaya Str. 50
         Cheboksary
         Chuvashiya
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-6696/2005.

The Debtor can be reached at:

         CJSC Factory Stroy-Detail
         Promyshlennaya Str. 93
         Novocheboksarsk
         Chuvashiya
         Russia


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


BANCAJA 11: S&P Junks EUR26 Mln Class E Spanish RMBS Transaction
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2.026 billion million mortgage-backed
floating-rate notes to be issued by Bancaja 11, Fondo de
Titulizacion de Activos, a special purpose entity.

The notes will be backed by first-lien mortgage loans for
residential properties in Spain.

The originator is Caja de Ahorros de Valencia, Castellon y
Alicante (Bancaja), the third-largest savings bank in Spain and
the sixth leading financial institution in the country.  This
will be its 11th RMBS securitization.

The mortgage loans representing the collateral of the
transaction are transmission certificates. These loans are
mainly originated in Valencia, Andalucía, and Catalonia, have
first-ranking security, and are for the purpose of property
acquisition.

This transaction is similar to previous Bancaja RMBS
transactions, both in terms of the structure and the
characteristics of the collateral backing the notes.

As in other Spanish transactions, interest and principal will be
combined into a single priority of payments, with triggers in
the payment of the interest of subordinated notes to protect the
senior class.

                           Ratings List

Bancaja 11, Fondo de Titulizacion de Activos
   EUR2.026 Billion Mortgage-Backed Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mln. EUR)
           -----          ------            --------
            A1             AAA                260.0
            A2             AAA              1,193.0
            A3             AAA                440.0
            B              A                   63.0
            C              BBB                 24.0
            D              BB                  20.0
            E              CCC-                26.0

The class E notes will fully fund the cash reserve account at
closing.  The issuance amount may be EUR22.9 million depending
on the scenario in which the swap counterparty receives an
amount to be determined at closing.


SOL MELIA: S&P Affirms BB+ Ratings with Positive Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Spain-
based hotel operator Sol Melia S.A. to positive from stable.
The corporate credit rating was affirmed at 'BB+'.

At the same time, the debt rating on Sol Melia Europe B.V.'s
senior unsecured bonds was raised one notch to 'BB+' from 'BB'
to equalize it with the corporate credit rating on the parent
company, reflecting reduced structural subordination.

"The outlook revision reflects the company's improved financial
profile in recent years and favorable prospects for further
growth and deleveraging," said Standard & Poor's credit analyst
Philip Temme.

"Standard & Poor's expects that Sol Melia's solid competitive
position in Spanish and Caribbean resorts and continuing
strength in European city hotels should enable it to improve
credit metrics further, provided crucially that the group
exercises discipline with respect to net new capital investment
and acquisitions," Mr. Temme added.

To be upgraded, the company needs to demonstrate it can, over
the course of the lodging cycle, achieve and sustain a lease-
adjusted net debt to EBITDA ratio below 3.5x and a lease-
adjusted funds from operations to net debt ratio of about 25%.
The outlook would likely be revised back to stable in the event
of earnings stagnation or debt-financed acquisitions.  The
ratings are predicated on Sol Melia maintaining an adjusted FFO
to net debt ratio of about 20% and positive free operating cash
flow.


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


ATLAS ENERGY: Creditors' Liquidation Claims Due July 31
-------------------------------------------------------
Creditors of JSC Atlas Energy Consultancy have until July 31 to
submit their claims to:

         JSC Intra Investment & Trading Company
         Liquidator
         Blegistrasse 7
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Atlas Energy Consultancy
         Baar ZG
         Switzerland


BACKEREI GOLDEN: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Backerei Golden Weizen on May 16.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Backerei Golden Weizen
         iederlenzerstrasse 29
         5600 Lenzburg AG
         Switzerland


BARBERT CHEMIE: Creditors' Liquidation Claims Due July 27
---------------------------------------------------------
Creditors of JSC Barbert Chemie have until July 27 to submit
their claims to:

         JSC Fibrac
         Liquidator
         Todistrasse 17
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Barbert Chemie
         Ruschlikon
         Horgen ZH
         Switzerland


BENER PARK: Creditors' Liquidation Claims Due August 7
------------------------------------------------------
Creditors of JSC Bener Park have until Aug. 7 to submit their
claims to:

         Christoph Suenderhauf
         Liquidator
         Gauggelistr. 29
         7001 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Bener Park
         Chur
         Plessur GR
         Switzerland


C3COMMUNICATIONS LLC: Claims Registration Period Ends July 13
-------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy
proceedings against LLC C3Communications on May 4.

Creditors have until July 13 to file their written proofs of
claim.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC C3Communications
         Laupenstrasse 1
         3008 Bern
         Switzerland


FIMOP CONSULTING: Creditors' Liquidation Claims Due August 1
------------------------------------------------------------
Creditors of JSC Fimop Consulting have until Aug. 1 to submit
their claims to:

         A. Friedrichs
         Liquidator
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Fimop Consulting
         Hergiswil NW
         Switzerland


NIGHTHAWK RADIOLOGY: Moody's Cuts US$100 Mln Debt Rating to B1
--------------------------------------------------------------
Moody's Investors Service lowered the ratings of NightHawk
Radiology Holdings, Inc. as a result of the upsizing of the
pending refinancing of NightHawk's indebtedness related to its
recent acquisition of The Radlinx Group and resultant weakening
of financial metrics.

Moody's lowered the Corporate Family Rating, to B1 from Ba3 and
concurrently assigned a rating of B1 to the proposed US$100
million senior secured term loan and the proposed US$50 million
senior secured delayed draw term loan.  The rating outlook for
NightHawk has been affirmed at stable.

On April 9, 2007 NightHawk purchased The Radlinx Group for US$53
million with the objective of expanding its teleradiology
holdings.  Radlinx is the third largest U.S. provider of such
services.  The acquisition expands NightHawk's customer basis by
303 hospitals, to more than 1,300 hospitals, or roughly 24% of
the U.S. hospital market.

Moody's lowered these proposed ratings:

   -- US$100 million (originally US$75 million) senior secured
      term loan due 2014 to B1 (LGD3, 33%) from Ba3 (LGD3, 32%);

   -- US$50 million (originally US$25 million) senior secured
      delayed draw term loan due 2014, to B1 (LGD3, 33%) from
      Ba3 (LGD3, 32%);

   -- Corporate Family Rating, to B1 from Ba3; and

   -- Probability of Default Rating, to B2 from B1.

The ratings outlook is stable

The Corporate Family Rating was lowered to B1 from Ba3, an
action that reflects the upsizing of the original deal from
US$100 million to US$150 million.  The upsizing results in
increased leverage and weaker interest coverage.  Lowering of
the ratings also reflects the lack of clarity with respect to
financial policy, most notably the timing and size of future
acquisitions or share repurchases given the additional
flexibility now provided by the increased credit facility.  The
rating acknowledges NightHawk's sound profitability and
resulting strong financial metrics.  The rating is also
supported by the company's leading market position in the
teleradiology space and generally favorable fundamentals for the
industry in terms of expected growth in organic scan volume over
the near to medium-term as well as the potential for inroads
into the day read overflow market and sub-specialty areas.
Industry dynamics are also favorable given that NightHawk does
not present any direct government reimbursement risk.  The
ratings are constrained by the company's small size, the lack of
a material track-record within the industry space, the
assimilation risk posed by the Radlinx acquisition and other
potential acquisitions going forward as well as the lack of an
external liquidity source.

The outlook is stable, reflecting Moody's belief that NightHawk
will continue to grow revenues at a double-digit pace fueled
primarily by anticipated growth in the volume of reads, a factor
that reflects the favorable industry fundamentals enumerated
above.  Moody's anticipates some fluidity with respect to share
repurchases and acquisition activity, events that have been
factored into the B1 Corporate Family Rating.

The ratings could come under downward pressure if the company
undertakes a major acquisition or share repurchase that results
in a material leveraging of the balance sheet such that adjusted
total debt to EBITDA exceeds 5.5 times.  The ratings could also
be downgraded in the event that revenue growth slows with a
concomitant weakening of margins, resulting in a ratio of EBIT
to interest declining to below 1.5 times on a sustained basis.
The ratings could move upward if the company achieves an EBIT to
interest coverage ratio of 4.5 times or better or if it
maintains FCF to adjusted debt in excess of 15% on a sustained
basis and has articulated a cogent financial strategy for growth
as well as for potential distributions.

Headquartered in Coeur d'Alene, Idaho, NightHawk Radiology
Holdings, Inc. is the leading provider of professional radiology
solutions in the U.S. Encompassing a team of U.S. board
certified, state-licensed and hospital-privileged physicians,
NightHawk services medical groups twenty-four hours a day, seven
days a week at over 1,350 hospitals in the U.S. from centralized
facilities located in Switzerland, Australia and the U.S.  The
company reported revenues of approximately US$92 million for the
year ended Dec. 31, 2006.


OSTERIA LA ROSA: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Osteria La Rosa, De Marco + Solazzo on May 31.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Osteria La Rosa, De Marco + Solazzo
         Zentralstrasse 97
         5430 Wettingen
         Baden AG
         Switzerland


ROTAFER JSC: Creditors' Liquidation Claims Due July 27
------------------------------------------------------
Creditors of JSC Rotafer have until July 27 to submit their
claims to:

         Dr. Beat Schultheiss
         Liquidator
         P.O. Box: 2879
         4002 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Rotafer
         Basel BS
         Switzerland


WASER BAU: Claims Registration Period Ends July 16
--------------------------------------------------
The Bankruptcy Court of Hochdorf commenced bankruptcy
proceedings against JSC Waser Bau on April 23.

Creditors have until July 16 to file their written proofs of
claim.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke LU
         Switzerland

The Debtor can be reached at:

         JSC Waser Bau
         Buzibachstrasse 23
         6023 Rothenburg
         Hochdorf LU
         Switzerland


WOCHEN – POST VERLAGS: Creditors' Liquidation Claims Due July 31
----------------------------------------------------------------
Creditors of JSC Wochen-Post Verlags have until July 31 to
submit their claims to:

         Peter Gruter
         Liquidator
         Breitenstrasse 8
         8852 Altendorf SZ
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC Wochen-Post Verlags
         Lachen
         March SZ
         Switzerland


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


AGRICULTURAL INVESTMENT: Creditors Must File Claims by July 5
-------------------------------------------------------------
Creditors of LLC Agricultural Investment (code EDRPOU 31750997)
have until July 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/652.

The Debtor can be reached at:

         LLC Agricultural Investment
         Apartment 1
         Tchigorin Str. 59
         Kiev
         Ukraine


BARSKAYA OJSC: Creditors Must File Claims by July 4
---------------------------------------------------
Creditors of OJSC Poultry Factory Barskaya (code EDRPOU
05413681) have until July 4 to submit written proofs of claim
to:

         Lina Demets
         Liquidator
         P.O. Box 5894
         21016 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/111-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Poultry Factory Barskaya
         Stasiuki
         Barsky District
         Vinnica
         Ukraine


DRUZHBA LLC: Creditors Must File Claims by July 4
-------------------------------------------------
Creditors of LLC Druzhba (code EDRPOU 03752077) have until
July 4 to submit written proofs of claim to:

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

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/86.

The Debtor can be reached at:

         LLC Druzhba
         1st May Str.
         Strupkov
         Kolomiysky District
         78227 Ivano-Frankovsk
         Ukraine


ERIDANA-COMMERCE LLC: Creditors Must File Claims by July 5
----------------------------------------------------------
Creditors of LLC Eridana-Commerce (code EDRPOU 33974201) have
until July 5 to submit written proofs of claim to:

         Natalie Pliuschova
         Liquidator
         Darnitskaya Str. 4 Apartment 132
         49083 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/176-07.

The Debtor can be reached at:

         LLC Eridana-Commerce
         Apartment 93
         Kalinov Str. 75
         49087 Dnipropetrovsk
         Ukraine


GRESSA-SOUTH LLC: Creditors Must File Claims by July 4
------------------------------------------------------
Creditors of LLC Science-Production Firm Gressa-South (code
EDRPOU 23408821) have until July 4 to submit written proofs of
claim to:

         Sergey Kostin
         Liquidator
         1 Apartment 32
         Buzhsky Boulevard
         54015 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/244/07.

The Debtor can be reached at:

         LLC Science-Production Firm Gressa-South
         Lenin Avenue 93-d
         54022 Nikolaev
         Ukraine


INDUSTRIAL HYDRO: Proofs of Claim Deadline Set July 4
-----------------------------------------------------
Creditors of LLC Industrial Hydro Building (code EDRPOU
32257046) have until July 4 to submit written proofs of claim
to:

         Ruslan Borovik
         Temporary Insolvency Manager
         Perspective Lane 10
         36007 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
18/56.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Industrial Hydro Building
         October Str. 32
         36020 Poltava
         Ukraine


KIBERDINE SYSTEMS-UKRAINE: Creditors Must File Claims by July 5
---------------------------------------------------------------
Creditors of LLC Kiberdine Systems-Ukraine (code EDRPOU
31353592) have until July 5 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/321-b.

The Debtor can be reached at:

         LLC Kiberdine Systems-Ukraine
         Liuteranskaya Str. 11
         Kiev
         Ukraine


KIBOR LLC: Creditors Must File Claims by July 5
-----------------------------------------------
Creditors of LLC Kibor (code EDRPOU 34046802) have until July 5
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/160-b.

The Debtor can be reached at:

         LLC Kibor
         Kikvidze Str. 13
         Kiev
         Ukraine


MEDICAL ENGINEERING: Creditors Must File Claims by July 4
---------------------------------------------------------
Creditors of Medical Engineering Plus (code EDRPOU 31081582)
have until July 4 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/83-07-3474.


The Debtor can be reached at:

         Medical Engineering Plus
         Mechnikov Str. 4
         65029 Odessa
         Ukraine


OBRIY LLC: Creditors Must File Claims by July 4
-----------------------------------------------
Creditors of Agricultural LLC Obriy (code EDRPOU 30715218) have
until July 4 to submit written proofs of claim to:

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/433-06-1243.

The Debtor can be reached at:

         Agricultural LLC Obriy
         Zagnitovka
         66000 Odessa
         Kodima District
         Ukraine


PIVDENNYI BANK: Fitch Rates IDR at B- with Stable Outlook
---------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Pivdennyi Bank's
ratings at Long-term Issuer Default 'B-', Short-term IDR 'B',
Support '5' and Individual 'D/E'.  The Support Rating Floor is
unchanged at 'No floor'.  The Outlook on the Long-term IDR
remains Stable.

The ratings reflect PB's size, which is small by international
standards, concentrated balance sheet, potentially vulnerable
liquidity and modest capitalization.  The latter reflects PB's
currently low free capital, which has been on a downward trend
since 2004 due to the bank's continuous investments in
infrastructure.  However, the ratings also take into account
PB's growing franchise, solid earnings performance and low loan
impairment levels.

In line with the bank's expansion strategy aimed at tripling
asset volumes by 2010, lending was up 90% in 2006, while asset
quality has remained sound and concentration by borrower,
although still significant, has followed a downward trend.
Lending is forecasted to grow by a further 40% in 2007. Although
clients from the bank's home region of Odessa, where PB enjoys
strong market shares both in loans and deposits, will remain the
bank's focus, regional expansion is being pursued to improve
nation-wide coverage.  The bank targets mainly small- to medium-
sized enterprises from its main lending sectors, such as trade,
food-processing, agriculture and services, where it has
significant expertise.  Lending to individuals, mainly secured,
is growing gradually, and forecasted to increase from 11% of
gross loans at end-2006 to 30% by end-2010.

Retail deposits are growing and represented a high 35% of total
liabilities at end of first quarter of 2007, however, corporate
accounts are still concentrated.  The bank is diversifying its
funding through capital markets instruments that should lengthen
its maturity profile and support its liquidity position in 2007.

The total capital ratio was a moderate 13.7% at end-2006, while
free capital was equal to a very low 17.4% of equity.  Capital
ratios are budgeted to be maintained through equity injections
from the existing shareholders in 2007, while the bank plans an
IPO (of a minority stake of 10%) in 2008.  In first quarter of
2007, the shareholders added UAH110 million of new equity out of
a total UAH170 million issue planned in 2007.

Upward potential for the bank's ratings could result from the
successful development of its franchise if asset quality is
maintained and the liquidity position strengthened.  A reduction
in concentration levels and greater free capital would also be
positive for the bank's credit profile.  Downward pressure could
arise mainly from any substantial weakening in asset quality,
capitalization or liquidity.

At end of first quarter of 2007, PB was the 18th-largest bank in
Ukraine by assets and had 16 branches and 83 other outlets.
Corporate banking, mainly SME, is its main business line, while
lending to individuals is growing.  Control over the bank is
ultimately in hands of two individuals, who also own industrial,
agricultural, real estate and retail trade assets.


PROMO TECHNOLOGIES: Creditors Must File Claims by July 4
--------------------------------------------------------
Creditors of LLC Promo Technologies (code EDRPOU 33295826) have
until July 4 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/295-b.

The Debtor can be reached at:

         LLC Promo Technologies
         4A Apartment 289
         Liatoshynsky Str.
         03191 Kiev
         Ukraine


UKRAINE LLC: Proofs of Claim Deadline Set July 4
------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on April 4.  The case is docketed under
Case No. 32/82-07-2844.

Creditors of LLC Ukraine (code EDRPOU 03766799) have until
July 4 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Ukraine
         Malaya Slobodka
         Kodyma District
         Odessa
         Ukraine


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


ASCOT BLACK: Moody's Rates GBP33 Mln Class E Credit Swap at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
six classes of credit default swaps entered into by Lloyds TSB
and the respective credit protection sellers in relation to the
Ascot Black CLO transaction:

   -- Aaa to the GBP1,299,750,000 Senior Credit Default Swap;
   -- Aaa to the GBP42,000,000 Class A Credit Default Swap;
   -- Aa2 to the GBP45,750,000 Class B Credit Default Swap;
   -- A2 to the GBP44,250,000 Class C Credit Default Swap;
   -- Baa2 to the GBP19,500,000 Class D Credit Default Swap;
   -- Ba2 to the GBP33,000,000 Class E Credit Default Swap.

Moody's has not assigned a rating to the threshold amount.

This transaction is an amendment and tap issuance of the initial
Ascot Black CLO transaction closed on Oct. 29, 2007.  The major
two changes are:

   (i) the portfolio amount was increased from GBP1 billion to
       GBP1.5 billion and the notional amounts of the credit
       default swaps and the threshold amount were increased
       accordingly and

  (ii) the synthetic excess spread increased from 0.95% to
       1.10%.

In this transaction LTSB is buying credit protection on a
reference portfolio of GBP1.5 billion consisting of loans
granted to small and medium sized clients of LTSB in the UK.
LTSB enters into six classes of credit default swaps with the
respective credit default swap counterparties as credit
protection sellers.  The senior credit default swap and the
class A to class E swaps benefit from a threshold amount and a
synthetic excess spread feature.

Loss allocation is done in reverse sequential order starting
with the threshold amount, which is replenished on the annual
excess spread payment dates by synthetic excess spread after the
loss allocation has taken place.

The reference portfolio can be replenished until and including
October 2012, subject to certain portfolio criteria and certain
stop replenishment triggers not being breached.  After the
replenishment period, the notional amount reduction on the
credit default swaps is done on a pro rata basis as long as the
stop pro rata trigger is not breached -- thereafter the notional
amount reduction of the credit default swaps is done in full
sequential order.

According to Moody's the ratings take account of, among other
factors:

   -- the senior credit default swap as well as the class A to
      class E swaps benefit from the subordination of the
      respective lower tranches and a synthetic excess spread
      feature is providing additional credit enhancement to the
      rated credit default swaps.

   -- Moody's was not provided with collateral data on the
      reference portfolio.  Additionally, no hard minimum
      collateralization ratio must be fulfilled throughout the
      revolving period as a condition to replenish.
      Restrictions on the LTSB expected loss severity as well as
      a haircut on the recovery rate assumption in the modeling
      partially mitigate these weaknesses.

   -- the reference portfolio can be replenished until October
      2012.  The additional loss potential stemming from the
      replenishment of the portfolio is partially mitigated by
      the inclusion of stop replenishment triggers and
      eligibility criteria.

   -- the realized loss definition includes interest accrued in
      addition to principal losses, which increases the
      potential credit protection amount to be paid by the
      credit default swap counterparties. This wider loss
      definition is incorporated into Moody's analysis as the
      loss/recovery data analyzed by Moody's include the accrued
      interest.

The ratings address the expected loss posed to investors by the
legal final maturity of the credit default swaps.  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 assigned definitive ratings to the initial transaction
on Oct. 19, 2006.


BNP PARIBAS: Moody's Rates Two Bifrost Note Classes at Low-B
------------------------------------------------------------
Moody's Investors Service taken these rating actions in respect
of various classes related to the Bifrost series 11 to 20 credit
default swaps entered into by BNP Paribas, London Branch.

The ratings of these tranches are confirmed:

   -- Series 12 Class 7C EUR82,500,000 Credit Default Swap due
      2010, rated A2;

   -- Series 13 Class 5C EUR75,000,000 Credit Default Swap due
      2008, rated A3;

   -- Series 13 Class 7C EUR75,000,000 Credit Default Swap due
      2010, rated Baa1;

   -- Series 13 Class 7D EUR62,500,000 Credit Default Swap due
      2010, rated Ba1;

   -- Series 13 Class 10D EUR75,000,000 Credit Default Swap due
      2013, rated Ba2;

   -- Series 15 Class 10B EUR135,000,000 Credit Default Swap due
      2013, rated Aa1;

   -- Series 16 Class 5C EUR60,000,000 Credit Default Swap due
      2008, rated Aa3;

   -- Series 16 Class 7D EUR55,000,000 Credit Default Swap due
      2010, rated Baa2;

   -- Series 16 Class 10D EUR65,000,000 Credit Default Swap due
      2013, rated Baa2;

   -- Series 18 Class 5D EUR50,000,000 Credit Default Swap due
      2008, rated A3;

   -- Series 19 Class 7D EUR62,500,000 Credit Default Swap due
      2010, rated Baa3.

The ratings of these tranches are downgraded:

   -- Series 19 Class 7C EUR75,000,000 Credit Default Swap due
      2010, to A3 from A2;

   -- Series 19 Class 10B EUR135,000,000 Credit Default Swap due
      2013, to Aa3 from Aa2;

   -- Series 19 Class 10C EUR80,000,000 Credit Default Swap due
      2013, to Baa1 from A3;

   -- Series 19 Class 10D EUR65,000,000 Credit Default Swap due
      2013, to Ba1 from Baa3.

The ratings of these tranches are upgraded:

   -- Series 11 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aa1 from Aa2;

   -- Series 12 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aaa from Aa2;

   -- Series 12 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to A1 from A2;

   -- Series 12 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to Baa1 from Baa2;

   -- Series 12 Class 7B EUR125,000,000 Credit Default Swap due
      2010, to Aa1 from Aa2;

   -- Series 13 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aa1 from Aa3;

   -- Series 14 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to A1 from A2;

   -- Series 14 Class 7D EUR50,000,000 Credit Default Swap due
      2010, to A3 from Baa1;

   -- Series 14 Class 10C EUR105,000,000 Credit Default Swap due
      2013, to A1 from A2;

   -- Series 15 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aaa from Aa1;

   -- Series 15 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to Aa3 from A1;

   -- Series 15 Class 7C EUR80,000,000 Credit Default Swap due
      2010, to Aa2 from Aa3;

   -- Series 15 Class 7D EUR57,500,000 Credit Default Swap due
      2010, to A2 from A3;

   -- Series 15 Class 10C EUR80,000,000 Credit Default Swap due
      2013, to Aa3 from A1;

   -- Series 17 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aaa from Aa2;

   -- Series 17 Class 5C EUR63,000,000 Credit Default Swap due
      2008, to A1 from A2;

   -- Series 17 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to Baa1 from Baa2;

   -- Series 17 Class 7C EUR67,500,000 Credit Default Swap due
      2010, to A2 from A3;

   -- Series 18 Class 7D EUR65,000,000 Credit Default Swap due
      2010, to Baa1 from Baa2;

   -- Series 18 Class 10B EUR135,000,000 Credit Default Swap due
      2013, to Aa1 from Aa2;

   -- Series 19 Class 5B EUR115,000,000 Credit Default Swap due
      2008, to Aa1 from Aa2;

   -- Series 20 Class 5C EUR60,000,000 Credit Default Swap due
      2008, to Aa3 from A1;

   -- Series 20 Class 5D EUR50,000,000 Credit Default Swap due
      2008, to A3 from Baa1;

   -- Series 20 Class 7B EUR117,500,000 Credit Default Swap due
      2010, to Aa1 from Aa2;

   -- Series 20 Class 7C EUR75,000,000 Credit Default Swap due
      2010, to A1 from A2.

These actions are the result of credit migration in the
underlying pools and reduced time to maturity.


BURSCOUGH PACKAGING: Hires Liquidators from O’Hara & Co.
--------------------------------------------------------
Peter O’ Hara and Simon Weir of O’Hara & Co. were appointed
joint liquidators of Burscough Packaging Ltd. on May 31 for the
creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Burscough Packaging Ltd.
         Unit 1a Abbey Lane Ind Est
         Burscough
         Ormskirk
         L40 7RS
         England
         Tel: 01704 896 216
         Fax: 01704 896 659


CLEMENT & FOSTER: N. A. Bennett Leads Liquidation Procedure
-----------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed liquidator of
Clement & Foster Ltd. on May 25 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Clement & Foster Ltd.
         177-184 Grange Road
         Southwark
         London
         SE1 3AA
         England
         Tel: 020 7231 8171
         Fax: 020 7237 7664


CORDATUS CLO: Moody's Rates Classes E & F Secured Notes at Low-B
----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to nine
classes of notes to be issued by Cordatus CLO II P.L.C.:

   -- (P)Aaa to EUR101.25 million Class A Senior Secured
       Floating Rate Variable Funding Notes due 2024,

   -- (P)Aaa to EUR60 million Class A1 Senior Secured Floating
      Rate Delayed Draw Notes due 2024;

   -- (P)Aaa to EUR97.5 million Class A1 Senior Secured
      Floating Rate Term Notes due 2024;

   -- (P)Aaa to Sterling [ 22.5*] million Class A2 Senior
      Secured Floating Rate Notes due 2024;

   -- (P)Aa2 to EUR38.7 million Class B Deferrable Secured
      Floating Rate Notes due 2024;

   -- (P)A2 to EUR28.35 million Class C Deferrable Secured
      Floating Rate Notes due 2024;

   -- (P)Baa3 to EUR27 million Class D Deferrable Secured
      Floating Rate Notes due 2024;

   -- (P)Ba3 to EUR16.2 million Class E Deferrable Secured
      Floating Rate Notes due 2024; and

   -- (P)B2 to EUR6.75 million Class F Deferrable Secured
      Floating Rate Notes due 2024.

    * The Sterling Notes will be issued for a euro equivalent of
      33.75 million.

The provisional ratings on the Notes address the expected loss
posed to investors by the legal final maturity date in 2024.

This transaction features a variable funding notes, a Euro Class
A1 and a Sterling Class A2.  Initially, Sterling/USD drawings
will be used to purchase Sterling/USD denominated assets (or
assets denominated in other currencies that will be asset
swapped in the currency of the drawings).  Should such non-euro
assets default, Sterling/USD advances would not be fully
collateralized by Sterling/USD assets and therefore Euro
proceeds may need to be converted into Sterling/USD in order to
redeem non-euro advances, thus creating a foreign exchange risk
exposure.  This currency risk is partially mitigated with
foreign currency options purchased by the Issuer at closing and
has been considered in Moody's analysis.

This transaction is a leveraged loan collateralized loan
obligation related to a EUR439 million portfolio of mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include high
yield bonds and synthetics, and non-Euro and non-Sterling
issuers.  This portfolio will be partially acquired at closing
and partially during the nine-month ramp-up period in compliance
with portfolio guidelines.  Thereafter, the portfolio of loans
will be actively managed and the investment manager will be able
to buy or sell loans on behalf of the Issuer.  Any addition or
removal of loans will be subject to a number of portfolio
criteria.  CVC Cordatus Group Limited will act as collateral
manager while CVC Cordatus Limited will be the advisor manager.
This is the second European Leverage Loans CLO managed by CVC
Cordatus.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign a definitive rating to
the transaction.  A definitive rating may differ from a
provisional rating.


DA VINCI: Moody's Holds Ba2 Rating on Semi-Annual Replenishment
---------------------------------------------------------------
Moody's Investors Service affirmed these ratings to the Notes
issued by Da Vinci Plc:

   -- EUR25.9 million (current balance) Class A notes, A2
      affirmed;

   -- EUR20.8 million current balance) Class B notes, Baa2
      affirmed; and

   -- EUR15.6 million (current balance) Class C notes, Ba2
      affirmed.

The rating affirmation follows the replenishment made as of
June 20, 2007 by the Management Company.  For this semi-annual
replenishment, only one loan with an outstanding balance of
US$15.17 million matched the various eligibility criteria and
was added to the pool

Following this replenishment, the average Loan to Value of the
portfolio decreased from 75,2% down to 74,8%.

The rating affirmation of the Class A, class B and Class C notes
is based on these factors:

   (i) the diversification of the reference portfolio within the
       airline industry is still good;

  (ii) the global Loan-to-Value is below 80%;

(iii) the Credit quality of the reference portfolio remains
       similar after the replenishment.

Da Vinci Plc was created in November 2006 and is the second
synthetic securitization of aircraft secured loan.  It also
represents the re-securitization of the majority of the Leonardo
Synthetic plc portfolio.  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 with respect to the Notes by the
legal final maturity (2018).


FEDERAL-MOGUL: Court Establishes Plan Confirmation Timeline
-----------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware establishes these dates for the
consideration of confirmation of Federal-Mogul Corporation and
its debtor-affiliates Fourth Amended Joint Plan of
Reorganization:

  Date              Event
  ----              -----
  June 29, 2007     Deadline to file deposition designations for
                    witnesses called at the June 18-21, 2007
                    Confirmation Hearing

                    Plan Objectors' deadline to identify Plan
                    Supporter witnesses to be called at the
                    July 9-10, 2007 Continued Confirmation
                    Hearing

  July 6, 2007      Deadline to file counter deposition
                    designations with respect to June 18-21,
                    2007 Confirmation Hearing witnesses

  July 9-10, 2007   Confirmation Hearing reconvenes

  July 17, 2007     Deadline to file deposition designations for
                    witnesses called at the Continued
                    Confirmation Hearing

  July 24, 2007     Deadline to file counter deposition
                    designations with respect to Continued
                    Confirmation Hearing witnesses

  July 31, 2007     Plan Supporters' deadline to file briefs on
                    Plan confirmation issues

  August 6, 2007    Deadline to file proposed findings of fact
                    and conclusions of law

  August 21, 2007   Plan Objectors' deadline to file briefs on
                    Plan confirmation issues

  August 31, 2007   Plan Supporters' deadline to file responsive
                    briefs to the August 21 Plan Objector briefs

  October 1, 2007   Court to hear closing arguments

                      About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6,2007.  The confirmation hearing is set for June 18, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 142; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FEDERAL-MOGUL: Plan Objectors Streamline Requests
-------------------------------------------------
PepsiAmericas, Inc., informs the U.S. Bankruptcy Court for the
District of Delaware withdraws, without prejudice, its request
for:

  (a) permission to supplement the Court's record with the
      Mt. McKinley Settlement and the June 20, 2007 Pneumo Abex
      Documents; and

  (b) a declaration that the Court's June 18, 2007 order only
      precludes PepsiAmericas from presenting trial testimony on
      topics that the Plan Proponents were precluded from
      inquiring about.

In addition, seven Plan Objectors no longer seek to preclude the
Plan Proponents from presenting certain disputed documents and
testimony, which they have determined were not actually
litigated
or adjudicated in Federal-Mogul Corporation and its debtor-
affiliates' bankruptcy cases:

    * AIU Insurance Company,
    * American Home Assurance Company,
    * AIG Casualty Company,
    * Granite State Insurance Company,
    * Insurance Company of the State of Pennsylvania,
    * Lexington Insurance Company, and
    * National Union Fire Insurance Company of Pittsburgh, PA.

                      About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6,2007.  The confirmation hearing is set for June 18, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 142; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FOPP LTD: Brings In Joint Receivers from Ernst & Young
------------------------------------------------------
Tom Burton and Colin Dempster of Ernst & Young LLP were
appointed joint receivers of Fopp Ltd. and joint administrators
of Music Zone 2007 Ltd.

Fopp has undergone significant store expansion over the past two
years.

As reported in the TCR-Europe on Feb. 7, 2007, Fopp acquired 68
Music Zone stores from Deloitte & Touche LLP, after Music Zone
Services Ltd. and its parent company Music Zone
Holdings Ltd. went into administration on Jan. 3, 2007.

There are now 50 Fopp stores and 31 Music Zone stores across the
U.K. with around 800 employees.

"The stores have been closed by management yesterday [June 28,
2007] and shop staff sent home.  We are currently assessing the
financial position of the companies; once this has been
completed we will have a better idea of the future of the
business," Tom Burton disclosed.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

Headquartered in Bristol, England, Fopp Ltd. --
http://www.foppltd.com/-- is a retailer of music, film and
books in the United Kingdom that began as a one-man stall in
Glasgow, Scotland in 1981.  It is Britain's largest independent
chain of music stores, stocking cds, records, dvds and books.


FORD MOTOR: Zero% Financing on Ford, Lincoln & Mercury Models
-------------------------------------------------------------
Ford Motor Company is giving customers zero percent financing on
the 2007 Ford Edge, F-150, Mercury Milan and Lincoln MKX– and
every other 2007 model year Ford, Lincoln or Mercury car, truck
and SUV.  In addition, customers who select a 2007 model year
truck or SUV will receive US$2,007 cash back.

“There’s never been a better time to be a Ford or Lincoln
Mercury customer,” said Randy Ortiz, general manager for Ford
and Lincoln Mercury sales.  “With America’s best-selling trucks,
the freshest line of crossovers in the industry and mid-size
sedans that outperform the competition in head-to-head
comparison tests and owner surveys, our product lineup delivers
what consumers are looking for. These sales events add even more
value to our outstanding vehicles.”

                 Spotlight on Product Excellence

Advertising for the 2007 Ford Model Year Clearance Event began
on June 28, 2007, with 30-second commercials airing on network
television.  The ads, created by JWT Team Detroit, showcase
Ford’s full car, truck and SUV lineups.  Ads featuring
individual products -– including the Ford Fusion, Edge, F-150,
Focus, Mustang, and Explorer -– also will air beginning this
week.

Print executions will appear nationally in USA Today and in
major newspapers in 25 top markets beginning on June 29, 2007.
Radio spots have started airing nationally, regionally and
locally.  Digital advertising for the 2007 Model Year Clearance
also will appear on a variety of sites including Google, Yahoo!,
MSN and other automotive research sites Hispanic versions of
select ads also will be available.

                         Program Details

Ford’s 2007 Model Year Clearance and Lincoln Mercury’s Summer
Drive Sales Event promotions run nationwide through July 9,
2007.  Details include:

    * Zero percent financing for 36 months on all 2007 Ford,
      Lincoln and Mercury models;

    * Customers who purchase a 2007 model Ford or Lincoln
      Mercury truck or SUV will receive an additional US$2,007
      in Bonus Cash (Bonus Cash offer does not extend to Ford
      Edge, Freestyle, E-Series, or Lincoln MKX); and

    * Customer cash of US$500 - US$2,500 is available on several
      2007 models in lieu of zero percent financing.

                       About Ford Motor Co.

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

                          *    *    *

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

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

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


FREMANTLE LTD.: Fitch Rates Series 2007-I Class C Notes at BB-
--------------------------------------------------------------
Fitch has assigned Fremantle Limited's USD200 million Series
2007-I principal at-risk variable rate notes due June 28 2010:

   -- US$60 million Series 2007-I, Class A: 'AAA'
   -- US$60 million Series 2007-I, Class B: 'BBB+'
   -- US$80 million Series 2007-I, Class C: 'BB-'

The ratings of the notes address the likelihood that investors
will receive payment of interest and principal in accordance
with terms of the transaction documents.

Fremantle is a special-purpose, Cayman Islands exempted company
formed solely to issue notes under a principal-at-risk variable
rate note program.

The proceeds from the notes issuance collateralize Fremantle's
obligations under a counterparty catastrophe swap contract with
Brit Insurance Limited (Insurer Financial Strength rating of
'A+'/Outlook Stable), the principal subsidiary of the Brit
Insurance Holdings PLC group.  BIL writes a broad book of
general insurance and reinsurance business, operating in the
London market and UK provincial market.

Under the cat swap contracts and for each class of notes,
Fremantle will pay BIL if, during the next three years, the
number of qualifying risk events from a basket of eligible
natural catastrophes exceeds a designated threshold.

Since the transaction covers multiple natural catastrophic
perils and the noteholders incur principal loss for the fourth
through to the ninth events, in three discrete tranches each
covering two events, the risk structure presents both
collateralized debt obligation and catastrophic bond
characteristics.

The qualifying risk events are defined on a parametric basis for
non-US risks and on an industry-wide losses basis for US risks.
Fitch's rating process included a review of the methodology and
models used by Risk Management Solutions, Inc. and the legal and
structural soundness of the notes.

The notes could be subject to upwards or downwards rating
migrations since the loss of principal only occurs after
multiple loss events and the notes' ratings are sensitive to the
remaining tenor of the transaction.  For example, the
probability of losses attaching to the rated notes will reduce
over time in the absence of qualifying events.


KWIK SAVE: Workers Without Pay for Another Week
-----------------------------------------------
The Union of Shop, Distributive and Allied Workers (Usdaw) says
the adjournment by the Chancery court in Manchester of Kwik Save
Ltd.’s bid to refinance their remaining 145 stores continues the
uncertainty for hard-up union members who now face the prospect
of being without pay for six weeks.

The company sought the court for more time to continue an
informal canvass of some of its staff to determine whether
employees would be willing to work for another week without pay.
Majority of workers initially interviewed said they are willing
to forgo wages for a week to stave off administration.

The court has given Kwik Save until Thursday, July 5, 2007, to
put a rescue deal in place.

The court fully acknowledged the hardship of Kwik Save staff who
have gone weeks without pay but after weighing up all the
options including administration decided to adjourn the case.

“Usdaw is pleased that the judge made it clear he understood the
extreme financial pressure our members are under and that he
decided to consult them in this informal way but we are aware
that some stores were not asked for their opinions,” Usdaw
National Officer Joanne McGuinness said.  “But the reality
remains that another adjournment won’t remove the uncertainty
for our members who were asked to make an almost impossible
choice yesterday.

The union will meet with company representatives today to
emphasize its intention for the unioin to be paid first once the
court approves a rescue package.

“Usdaw has been in constant contact with the company making it
clear that if staff have agreed not to be paid for another week
then we expect managers to offer short-term hardship loans to
staff so they have some money before next Thursday and we don’t
expect that staff will have to produce bank statements to prove
they have no money,” Ms. McGuiness said.

Headquartered in Huddersfield, England, Kwik Save Ltd. --
http://www.kwiksave.co.uk/-- is a discount supermarket chain in
the United Kingdom, which is owned and operated by Kwik Save
Group Ltd. (fka BTTF Ltd.).

As reported in the TCR-Europe on June 7, 2007, Kwik Save was
seeking capital injection after suffering from a sharp decline
in sales and mounting losses.  The company reportedly had
conflicts with its major suppliers due to payment delays,
resulting to limited stocks on basic products.


LAURENCE SCOTT: Seeks Chapter 15 Relief in New York
---------------------------------------------------
Laurence, Scott & Electromotors Limited, through its court-
appointed foreign representatives Alastair Paul Beveridge and
Andrew John Pepper, filed a chapter 15 petition in the United
States Bankruptcy Court for the Southern District of New York on
June 29, 2007.

The petition seeks recognition as a "foreign main proceeding"
the Debtor's administration proceedings under the Insolvency Act
1986 of England and Wales, pending in the High Court of Justice
and Wales.  The petition also seeks permanent injunctive relief
to ensure the effective implementation of the Debtor's
administration proceedings in England.

                       U.K. Proceedings

By the early part of 2007, the Debtor has accumulated debts of
more than GBP1 million from Her Majesty's Revenue and Customs in
the United Kingdom, which prompted HMRC to petition the High
Court in London to place the Debtor into Liquidation under the
Insolvency Act on March 2, 2007.

However, in order to avoid liquidation, sole shareholder George
Clair, with the support of first ranked secured creditor Faunus
Group International Inc., sought and obtained permission from
the court to appoint the petitioners as joint administrators
over the Debtor's affairs.

The Administration seeks to preserve the Debtor's going concern
value through vesting control of all operations in the joint
administrators.

                      Pending Litigation

The Debtor is subject to an ongoing litigation with FGI over a
US$720,000 claim which the administrators believe belongs to the
Debtor.

               Chapter 15 Protection is Necessary

Chapter 15 codifies a comprehensive framework through which
representatives in corporate insolvency proceedings outside the
U.S. can obtain access to the United States courts.

Under Chapter 15, a company or court-appointed liquidator or
examiner may seek a U.S. bankruptcy court's recognition of a
foreign bankruptcy case as the main, or controlling, proceeding.

Robert N. H. Christmas, Esq., who represents the petitioners,
tells the court that the Act sanctioned by the English High
Court enjoins all actions against the Debtor unless consented to
by the administrators or allowed by the court.

Mr. Christmas states that the chapter 15 relief is necessary to
promote the goals of the administration and ensure its effective
implementation by barring actions in the United States with
respect to the Debtor or its assets.

Headquartered in Norfolk, England, Laurence, Scott &
Electromotors Ltd. -- http://www.laurence-scott.com/-- is a
single source supplier in the U.K. offering premier engineering
design and manufacturing of high and low voltage AC and DC
electric motors, and electro-mechanical power transmission
products.


LAURENCE SCOTT: Chapter 15 Petition Summary
-------------------------------------------
Petitioners: Andrew John Pepper
             Alastair Paul Beveridge

Debtor: Laurence, Scott & Electromotors Ltd.
        aka Cashmount Ltd.
        aka Gothic Works Ltd.
        Hardy Road
        Norwich, Norfolk
        England, United Kingdom

Case No.: 07-12017

Type of Business: The Debtor is a single source supplier in the
                  U.K. offering premier engineering design and
                  manufacturing of high and low voltage AC and
                  DC electric motors, and electro-mechanical
                  power transmission products.
                  See http://www.laurence-scott.com/

Chapter 15 Petition Date: June 29, 2007

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Petitioners' Counsel: Robert N.H. Christmas, Esq.
                      Nixon Peabody LLP
                      437 Madison Avenue
                      New York, NY 10022
                      Tel: (212) 940-3103
                      Fax: (866) 947-2426

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million


SMART LISTS: Appoints Ian C. Brown as Liquidator
------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed liquidator
of Smart Lists Ltd. on May 31 for the creditors’ voluntary
winding-up procedure.

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

The company can be reached at:

         Smart Lists Ltd.
         508 Beetham Plaza
         25 The Strand
         Liverpool
         L2 0XJ
         England
         Tel: 0151 255 1265


TV-LOONLAND AG: Bank Group Agrees to Extend EUR10 Million Loan
--------------------------------------------------------------
TV-Loonland AG said that the credit providing banking syndicate
has agreed to subordinate a debit amount of EUR10 million, half
of the existing credit line, for a term of 90 days.  The bankers
will support the company in its restructuring efforts during
this period.

The company's management is confident to restructure TV-Loonland
AG within this period to the exclusion of insolvency
proceedings.

TV-Loonland said that as soon as a concrete restructuring route
is defined, the company will be able to release its annual
accounts for 2006 and its first quarter report in 2007.

At the company's extraordinary general meeting on May 29, 2007,
TV-Loonland stated that there were ongoing discussions between
the company, its bankers and auditors in respect of certain
breaches of covenants in its banking arrangements.

Consequently, the company is still unable to publish its year-
end accounts for 2006 and its first quarter accounts for 2007,
as the auditors are currently not able to render an audit
opinion on those accounts.

The loan liabilities of the company is around EUR20 million.

For the first nine months of 2006, the company's turnover was at
EUR9.9 million while its loss was reduced from EUR2.3 million to
EUR1.8 million.  Liquid funds amounted to EUR3.1 million.

Headquartered in Munich, Germany, TV-Loonland AG --
http://www.loonland.com/-- is an independent media-company
recognized for developing, producing and distributing animated
cartoons.  It has operations in London, Paris and Miami.


UNIQUECORP LTD: Names Harvey Neil Lawrence Liquidator
-----------------------------------------------------
Harvey Neil Lawrence of FCA FCCA FABRP was appointed liquidator
of Uniquecorp Ltd. on June 1 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Uniquecorp Ltd.
         Unit 15 Shaftesbury Centre
         85 Barlby Road
         Kensington and Chelsea
         London
         W10 6BN
         England
         Tel: 020 8458 6006


WHITEOAK PRESS: Taps T. Papanicola to Liquidate Assets
------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed liquidator of
Whiteoak Press Ltd. on May 30 for the creditors’ voluntary
winding-up proceeding.

Bond Partners LLP -- http://www.bondpartners.co.uk/--
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.

The company can be reached at:

         Whiteoak Press Ltd.
         Channel House
         Channel View Road
         Dover
         CT17 9TJ
         England
         Tel: 01304 863 011
         Fax: 01304 863 467


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128       22
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (20)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU      (203)         828       190


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
BW Offshore               BWO        (85)         487     (516)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (77)         188     (927)
Zil Auto                 ZILLP      (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (286)         587    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         595        5)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music
   Industries Group       EMI      (2266)       2,950      (381)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)

                           *********

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 * * *