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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 4, 2007, Vol. 8, No. 131

                            Headlines


A U S T R I A

BADER AUTOHAUS: Claims Registration Period Ends July 9
FUGENTECHNIK LEIN: Administrator Declares Insufficient Assets
GLOBAL RESOURCES: Eisenstadt Court Orders Business Shutdown
GROH LLC: Claims Registration Period Ends July 6
INTERFASSADENBAU LLC: Korneuburg Court Orders Business Shutdown

RESA BAU: Claims Registration Period Ends July 10
TRUNK PLASTICS: Claims Registration Period Ends July 18
WESWALDI LLC: Claims Registration Period Ends July 10


B E L G I U M

FERRO CORP: Richard Hipple Joins Board's Finance Committee
INTERGEN N.V.: S&P Puts Prelim BB- Rating on US$1.9 Bil. Notes


D E N M A R K

HARLAN NETHERLANDS: Moody's Affirms B2 Corporate Family Rating


F I N L A N D

KNOLL INC: Completes $500 Million Credit Facility Refinancing


F R A N C E

AEROFLEX INC: To Hold Stockholders Special Meeting on July 26
SOLECTRON CORP: Earns US$12.1 Million in Quarter Ended June 1


G E R M A N Y

BE-KON VERTRIEBSGESELLSCHAFT: Claims Registration Ends Aug. 15
DOMOPLAN UND BAUGESELLSCHAFT: Claims Registration Ends Aug. 20
GAMESTOP CORP: Board Okays Redemption of Sr. Floating Rate Notes
HENNES GRUNDSTUECKS: Claims Registration Period Ends Aug. 17
IBF GESELLSCHAFT: Claims Registration Period Ends Aug. 15

K & K AUTOMATION: Creditors Must Register Claims by July 24
MARA AUTOHANDELSHAUS: Creditors Must Register Claims by Aug. 15
OBJEKT GESELLSCHAFT: Creditors Must Register Claims by Aug. 28
SCHIERMEYER-SIELEMANN: Creditors Must Register Claims by Aug. 14


G R E E C E

EASTMAN KODAK: Sells All-In-One Inkjet Printers to Office Depot


H U N G A R Y

AES CORP: Almost Reaching Debt Payment Pact with Banco Nacional
AES CORP: Files Appeal in US Court for NatGas Terminal Ban


I R E L A N D

ELAN CORP: NICE Recommends Use of TYSABRI as RMSS Treatment


I T A L Y

IMAX CORP: Unable to File 2006 Form 10-K by June 30 Deadline
IMAX CORP: Moody's Cuts Bond Rating to Caa2 on Delayed Filing
THERMADYNE HOLDINGS: Lenders Agree to Upsize Loan to US$100 Mln
WIND ACQUISITION: Moody's Holds Ba3 Rating on Refinancing News


K A Z A K H S T A N

KAZKOMMERTSBANK JSC: Issuing Additional 200 Mln Ordinary Shares


K Y R G Y Z S T A N

SPIRT ZAVOD: New Temporary Insolvency Manager Appointed


L U X E M B O U R G

TK ALUMINUM: Unit Closes Equity Interest Sale in Nanjing Teksid


P O R T U G A L

INVACARE CORP: Grants Holders More Time to Swap Initial Notes


R U S S I A

AFT CJSC: Creditors Must File Claims by August 9
APOLLO OJSC: Creditors Must File Claims by August 9
BALTIYSKAYA ZARYA: Creditors Must File Claims by July 9
CONCRETE GOODS 4: Creditors Must File Claims by July 9
DANILOVSKOYE FUEL: Creditors Must File Claims by July 9

DOMOSTROY CJSC: Creditors Must File Claims by August 9
ECOPROD CJSC: Court Names A. Borunov as Insolvency Manager
FATEKS+ CJSC: Creditors Must File Claims by August 9
HOUSE OJSC: Creditors Must File Claims by July 9
KUZBASS COMPANY: Creditors Must File Claims by July 9

LSR GROUP: Moody's Assigns Corporate Family Rating at B1
NOVOLIPETSK STEEL: Completes Sale of 50.08% Lipetskcombank Stake
NOVOLIPETSK STEEL: NLMK-Duferco Acquires Winner Steel
SIBERIAN STEEL-CHEMICAL: Creditors Must File Claims by August 9
UNION WOOD: Creditors Must File Claims by August 9

VODOPYANOVSKOE OJSC: Creditors Must File Claims by August 9
VOLGOTANKER OJSC: Tax Service Brings Involuntary Bankruptcy Plea
YUGO-KAMSKIY: Court Names A. Smirnov as Insolvency Manager
YUKOS OIL: Virtually Wipes Debts, Says Russian Chief Bailiff


S W I T Z E R L A N D

CERTUM JSC: Creditors' Liquidation Claims Due July 16
DEVOLAILLE JSC: Creditors' Liquidation Claims Due July 13
ELIKI LLC: Creditors' Liquidation Claims Due July 15
INTRA-AVION JSC: Creditors' Liquidation Claims Due July 13
KOMASWISS LLC: Creditors' Liquidation Claims Due July 16

L + P INTER: Creditors' Liquidation Claims Due July 15
MAPLE TRAINING: Creditors' Liquidation Claims Due July 13
POL-FENSTERFABRIK JSC: Creditors' Liquidation Claims Due July 16
T-A-S VERTRIEBS: Aargau Court Starts Bankruptcy Proceedings
WELLCAP JSC: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

TURKIYE GARANTI: Secures US$600 Mln Diversified Payment Rights


U K R A I N E

AKVAREL OJSC: Proofs of Claim Deadline Set July 5
AVTOK OJSC: Proofs of Claim Deadline Set July 5
INDUSTRIAL UNION: Moody's Assigns B1 Rating on Strong Business
KHMELNIK REPAIR-MECHANICAL: Creditors Must File Claims by July 5
K.T. LLC: Creditors Must File Claims by July 5

MARIYA ART-STUDIO Proofs of Claim Deadline Set July 5
NATIONAL CONSULTING: Creditors Must File Claims by July 5
OREANDA LLC: Creditors Must File Claims by July 5
SVITANOK LLC: Proofs of Claim Deadline Set July 5
TEMP LLC: Creditors Must File Claims by July 5

TESEYA LLC: Creditors Must File Claims by July 5
VEDA-HOLDING LLC: Proofs of Claim Deadline Set July 5
ZHANNETTA LLC: Creditors Must File Claims by July 5


U N I T E D   K I N G D O M

CONSTELLATION BRANDS: Hires Rob Sands as Chief Executive Officer
COSMO FINANCE: Moody's Rates Classes E & F Notes at Low-B
ELSPETH GIBSON: Claims Filing Period Ends July 27
FRENCH DIRECT: Appoints Jason Groocock as Liquidator
HAMMOND WHITEOAK: Taps T. Papanicola to Liquidate Assets

HATZLACHA LTD: Names Richard William James Long Liquidator
MAD ABOUT JEWELLERY: Claims Filing Period Ends July 13
METRONET RAIL: LU Must Pay 95% of GBP2 Bln Debt, Moody’s Says
PARAGON ENTERPRISES: Claims Filing Period Ends August 31
PC BUILDING: David Field Leads Liquidation Procedure

SEA CONTAINERS: Trustee Appoints HSBC as Sole Member of Panel
SEA CONTAINERS: Wants to Settle SC Asia Intercompany Claims
SHAW GROUP: Energy & Climate Picked as Asset Advisors for Leaf
TOREX RETAIL: Sale to Cerberus Badly Managed, Ex-CEO Says
VIATEL HOLDING: Auditors Express Going Concern Doubt
VIRGIN MEDIA: Receives Takeover Bid; Initiates Strategic Review


                            *********


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


BADER AUTOHAUS: Claims Registration Period Ends July 9
------------------------------------------------------
Creditors owed money by LLC Bader Autohaus (FN 118736m) have
until July 9 to file written proofs of claim to court-appointed
estate administrator Wolfgang Steflitsch at:

         Mag. Wolfgang Steflitsch
         Hauptplatz 14
         7400 Oberwart
         Austria
         Tel: 03352/32634-0
         Fax: 03352/33719
         E-mail: office@ra-steflitsch.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on July 23 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 5 (Bankr. Case No. 26 S 73/07y).


FUGENTECHNIK LEIN: Administrator Declares Insufficient Assets
-------------------------------------------------------------
Dr. Karl Mayer, the court-appointed estate administrator for
KEG Fugentechnik Lein (FN 277721p), declared June 1 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on May 22 (Bankr. Case No. 11 S 61/07t).

The estate administrator can be reached at:

         Dr. Karl Mayer
         Wiener Strasse 46
         2500 Baden
         Austria
         Tel: 02252/84677
         Fax: 02252/45181
         E-mail: ra.karl.mayer@aon.at


GLOBAL RESOURCES: Eisenstadt Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Eisenstadt entered June 6 an order shutting
down the business of LLC Global Resources international (FN
287611h).

Court-appointed estate administrator Thomas Deschka 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. Thomas Deschka
         Hauptplatz 11
         Atrium
         Top 16 A
         7400 Oberwart
         Austria
         Tel: 03352/31543
         Fax: 03352/31543-20
         E-mail: deschka@lawcenter.at

Headquartered in Grosspetersdorf, Austria, the Debtor declared
bankruptcy on June 5 (Bankr. Case No 26 S 77/07m).


GROH LLC: Claims Registration Period Ends July 6
------------------------------------------------
Creditors owed money by LLC GROH (FN 116223t) have until July 6
to file written proofs of claim to court-appointed estate
administrator Claudia Maria Schossleitner at:

         Dr. Claudia Maria Schossleitner
         TECHNO-Z Ried
         Molkereistrasse 4
         4910 Ried/Innkreis
         Austria
         Tel: 07752/86 989-4170
         Fax: 07752/86 989-4801
         E-mail: rechtsanwalt@schossleitner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Ried im Innkreis, Austria, the Debtor declared
bankruptcy on June 1 (Bankr. Case No. 17 S 18/07i).


INTERFASSADENBAU LLC: Korneuburg Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Korneuburg entered June 1 an order shutting
down the business of LLC Interfassadenbau (FN 167463w).

Court-appointed estate administrator Ilse Korenjak 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. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at

Headquartered in Leobendorf, Austria, the Debtor declared
bankruptcy on May 23 (Bankr. Case No 36 S 76/07d).


RESA BAU: Claims Registration Period Ends July 10
-------------------------------------------------
Creditors owed money by LLC RESA Bau (FN 251641k) have until
July 10 to file written proofs of claim to court-appointed
estate administrator Werner Thurner at:

         Mag. Werner Thurner
         Sporgasse 2
         8010 Graz
         Austria
         Tel: 0316/825339-0
         Fax: 0316/844083
         E-mail: konkurse@thurnerschaden.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:05 p.m. on July 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Kirchberg an der Raab, Austria, the Debtor
declared bankruptcy on June 5 (Bankr. Case No. 25 S 51/07y).


TRUNK PLASTICS: Claims Registration Period Ends July 18
-------------------------------------------------------
Creditors owed money by LLC Trunk Plastics Technologies (FN
235521f) have until July 18 to file written proofs of claim to
court-appointed estate administrator Christian Bachmann at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4 (Bankr. Case No. 28 S 60/07p).


WESWALDI LLC: Claims Registration Period Ends July 10
-----------------------------------------------------
Creditors owed money by LLC Weswaldi (FN 251176b) have until
July 10 to file written proofs of claim to court-appointed
estate administrator Heimo Hofstatter at:

         Dr. Heimo Hofstatter
         c/o Mag. Stefan Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: advokat@hofstaetter.co.at
                 kohlfuerst@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:25 p.m. on July 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Lannach, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 25 S 58/07b).  Stefan
Kohlfuerst represents Dr. Hofstatter in the bankruptcy
proceedings.


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


FERRO CORP: Richard Hipple Joins Board's Finance Committee
----------------------------------------------------------
Ferro Corporation's Board of Directors has elected Richard J.
Hipple to serve on its Finance Committee.  The election
increases the number of members of Ferro’s Board to ten.

Mr. Hipple has served as Chairman, President and Chief Executive
Officer of Brush Engineered Materials Inc. since 2006.  He
joined Brush in 2001 and has held a variety of senior management
positions, including President and Chief Operating Officer.
Prior to joining Brush, Mr. Hipple was President of LTV Steel
Company, a business unit of LTV Corporation.

Mr. Hipple received a bachelor’s degree in engineering from
Drexel University in 1975.

“We are very pleased to have Dick join our Board and provide us
the benefits of his experience in managing global operations of
multinational companies,” said Ferro Chairman, President and
Chief Executive Officer James F. Kirsch.  “I look forward to
Dick’s guidance and contribution to the Board as we accomplish
our transformation of Ferro into a winning organization.”

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


INTERGEN N.V.: S&P Puts Prelim BB- Rating on US$1.9 Bil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to InterGen N.V.  At the same time, Standard &
Poor's assigned its preliminary 'BB-' rating to InterGen's
$1.975 billion multicurrency senior secured term notes.

Preliminary 'BB-' ratings are also assigned to the company's
$800 million multicurrency senior secured term loan B facility
and the $750 million multicurrency senior secured liquidity
credit facilities.

The recovery rating on all senior secured debt is '3',
indicating the expectation for meaningful recovery (50%-70%) of
principal if a payment default occurs.  All preliminary ratings
are subject to review of final documentation.  The outlook is
stable.

InterGen consists of an open-end portfolio of beneficial
interests in nine operating electricity generation assets with
5,235 net MW of capacity in five countries.  In addition, the
company has two wholly owned facilities in advanced development,
which would add another 1,205 MW to its portfolio by 2010.  The
company is owned by AIG Highstar Capital II L.P. and its
affiliates, and Ontario Teachers' Pension Plan, which jointly
own 50% each.

InterGen will use the nearly $2.7 billion of proceeds to
refinance existing debt at the parent company and to permanently
repay project level debt at four of its plants.  In addition,
proceeds will be used to prefund a portion of capital
expenditures at two of the U.K. assets, pay transaction fees,
and to make a distribution to shareholders.

Cash flow distributions from InterGen's operating projects will
support debt at the parent level.  A critical element of the
evaluation of project developers is the assignment of a quality-
of-cash-flow score to each distribution stream.  The QCF score
reflects Standard & Poor's opinion of the potential volatility
of the distribution (ranges from '1' to '10', with '1' being the
most certain and '10' being the most volatile).

"After examining InterGen's distributions, we conclude that the
overall QCF is somewhat uncertain with a weighted average score
of '6'," said Standard & Poor's credit analyst Aneesh Prabhu.

The outlook on InterGen is stable.  S&P would revise the outlook
to negative, and lower ratings could follow, if the quality of
cash flow deteriorates.  While improved recovery prospects or
improvements in the risk profile of projects could result in an
upgrade in the longer term, low coverage ratios over the next
two years and a weak covenant package limit upside potential.


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


HARLAN NETHERLANDS: Moody's Affirms B2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Harlan Sprague Dawley, Inc.'s
B2 Corporate Family Rating and assigned B2 ratings to the
company's new senior secured credit facility.

This rating action follows Moody's June 22, 2007 original
assignment and is a result of a recent change to the terms of
the revolving credit facility that eliminates the super priority
claim of the revolving credit facility.  As such, the revolving
credit facility and term loan are considered to be pari passu by
Moody's because they now have the same priority claim in the
event of default.

Moody's expects that Harlan will finance its acquisition of a
contract research organization with the new proposed senior
secured credit facility; the facility comprises a US$330 million
first lien term loan and US$30 million revolving credit
facility.  Moody's expects that a majority of these proceeds
will be used to refinance Harlan's existing credit facility and
subordinated notes.  The transaction is expected to close in
July 2007 at which time Moody's will withdraw the ratings
assigned to the company's existing debt.  The ratings outlook
remains stable.

These revised ratings are assigned to Harlan Sprague Dawley,
Inc.:

   -- US$15 Million First Lien U.S. Revolving Credit Facility,
      due 2013, rated B2, LGD-3, 48%

   -- US$330 Million First Lien Term Loan, due 2014, rated B2,
      LGD-3, 48%

This rating is assigned to Harlan Netherlands B.V.:

   -- US$15 Million First Lien EURO Revolving Credit Facility,
      due 2013, rated B2, LGD-3, 48%

These ratings currently assigned to Harlan Sprague Dawley, Inc.
are withdrawn:

   -- US$15 Million First Lien U.S. Revolving Credit Facility,
      due 2013, rated Ba2, LGD-1, 3%

   -- US$330 Million First Lien Term Loan, due 2014, rated B2,
      LGD-4, 53%

These ratings currently assigned to Harlan Netherlands B.V. is
withdrawn:

   -- US$ 15 Million First Lien EURO Revolving Credit Facility,
      due 2013, rated Ba2, LGD-1, 3%

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


=============
F I N L A N D
=============


KNOLL INC: Completes $500 Million Credit Facility Refinancing
-------------------------------------------------------------
Knoll Inc. has completed the refinancing of its existing credit
facility with a new $500 million revolving credit facility with
Bank of America N.A., Banc of America Securities LLC, HSBC Bank
USA, National Association, Citizens Bank, and other
participating lenders.

The company may use the new revolving line of credit for general
corporate purposes, including strategic acquisitions, stock
buybacks and cash dividends.  The credit facility also provides
a mechanism for the company to increase the facility by $200
million if certain terms and conditions are met.  The credit
facility matures in six years.

"This new credit facility gives us increased flexibility, an
additional $200 million add on feature, and lowers our borrowing
costs from an approximate average of LIBOR, plus 162 basis
points to LIBOR, plus 100 basis points,” CFO Barry L. McCabe
said.  “In addition, it demonstrates the continued support and
confidence of our bank group."

As a result of this new credit facility, the company will write-
off in the second quarter of 2007 approximately $1.2 million of
costs associated with the prior facility.

                       About Knoll Inc.

Based in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL)
-- http://www.knoll.com/-- designs and manufactures branded
office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                          *     *     *

Moody's Investors Service assigned a B1 corporate family rating
to Knoll Inc.  At the same time, the company's $200 million
senior secured revolver was rated B1 and its $250 million senior
secured term loan was rated Ba2.


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


AEROFLEX INC: To Hold Stockholders Special Meeting on July 26
-------------------------------------------------------------
Aeroflex Incorporated will hold a special meeting of
stockholders on July 26, 2007, at 10:00 a.m., local time, at the
Garden City Hotel, Stewart Avenue, Garden City, New York, for
the purpose of considering the adoption of the merger agreement
providing for the acquisition of Aeroflex by Veritas Capital.
Stockholders of record of Aeroflex as of the close of business
on Monday, June 4, 2007, will be entitled to vote at the special
meeting.  The definitive proxy statement covering this matter
was mailed to Aeroflex’s stockholders earlier this week.

Aeroflex currently expects to complete the merger by late July
or early August 2007, subject to the approval and adoption of
the merger agreement by Aeroflex’s stockholders and the
satisfaction of other closing conditions.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 28, 2007, Moody's Investors Service assigned first-time
ratings to Aeroflex Incorporated:

  -- Corporate Family Rating -- B3

  -- Probability of Default Rating -- B3

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

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

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

  -- Speculative Grade Liquidity Rating, SGL-2

Moody's said the ratings outlook is positive.


SOLECTRON CORP: Earns US$12.1 Million in Quarter Ended June 1
-------------------------------------------------------------
Solectron Corporation earned US$12.1 million for the three
months ended June 1, 2007, compared to US$42 million of net
income for the three months ended May 26, 2006.

The company also recorded sales of US$2.99 billion in the third
quarter of fiscal 2007, an increase of 3 percent over second
quarter fiscal 2007 revenues of US$2.90 billion, and an increase
of 10 percent over third quarter fiscal 2006 revenues of US$2.70
billion.

The company reported GAAP profit after tax from continuing
operations of US$12.2 million in the third quarter of fiscal
2007, compared with a GAAP profit after tax from continuing
operations of US$15.6 million in the second quarter of fiscal
2007.  In the third quarter of fiscal 2006, Solectron reported a
GAAP profit after tax from continuing operations of US$42.4
million.

Non-GAAP profit after tax from continuing operations was US$50.2
million, in the third quarter of fiscal 2007, compared with non-
GAAP profit after tax from continuing operations of US$41.0
million for the second quarter of fiscal 2007.  In the third
quarter of fiscal 2006, Solectron reported non-GAAP profit after
tax from continuing operations of US$38.9 million.  Non-GAAP
financial results do not include restructuring costs, impairment
charges, amortization of intangibles, or stock-based
compensation expenses.

                     Recent Acquisition

On June 4, 2007, Solectron and Flextronics International Ltd.
reported that they have entered into a definitive agreement for
Flextronics to acquire Solectron.  The merger agreement has been
filed with the SEC.  The transaction is expected to close in the
fourth calendar quarter of 2007.

                      About Solectron

Headquartered in Milpitas, California, Solectron Corp.
(NYSE: SLR) -- http://www.solectron.com/-- provides a full
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 14, 2006,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, California-based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'.  S&P said the outlook is stable.

On May 9, 2007, Fitch Ratings affirmed Solectron Corporation's
ratings as:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured bank facility at 'BB+';
   -- Senior unsecured debt at 'BB-'; and
   -- Subordinated debt at 'B+'.


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


BE-KON VERTRIEBSGESELLSCHAFT: Claims Registration Ends Aug. 15
--------------------------------------------------------------
Creditors of be-kon Vertriebsgesellschaft mbH have until Aug. 15
to register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Aug. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0208
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against be-kon Vertriebsgesellschaft mbH on July 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         be-kon Vertriebsgesellschaft mbH
         Attn: Matthias Liebetrau, Manager
         Untere Strasse 27
         98587 Rotterode
         Germany


DOMOPLAN UND BAUGESELLSCHAFT: Claims Registration Ends Aug. 20
--------------------------------------------------------------
Creditors of Domoplan und Baugesellschaft mbH have until Aug. 20
to register their claims with court-appointed insolvency manager
Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 899 56 - 0
         Fax: (040) 899 56 - 10

The District Court of Walsrode opened bankruptcy proceedings
against Domoplan und Baugesellschaft mbH on July 1.
Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Domoplan und Baugesellschaft mbH
         Attn: Heino Rohlfs, Manager
         Lindberghstrasse 1
         29693 Hodenhagen
         Germany


GAMESTOP CORP: Board Okays Redemption of Sr. Floating Rate Notes
----------------------------------------------------------------
GameStop Corp.'s Board of Directors has authorized the
redemption of all US$120 million of the outstanding bonds
remaining under its and GameStop, Inc.’s Senior Floating Rate
Notes due 2011.  The Notes are redeemable by the Issuers
beginning Oct. 1, 2007.

The Company expects to incur a one-time pre-tax charge of
approximately US$3.8 million in the third quarter of 2007
associated with the redemption, which represents the US$2.4
million premium paid to bondholders to redeem the remaining
bonds and US$1.4 million of deferred financing costs.

The terms and conditions of the Notes permit the Issuers to
unconditionally redeem all of the Notes at a redemption price of
102% plus accrued and unpaid interest up to and including the
date fixed for redemption.  The expected date for redemption by
the Issuers is Oct. 1, 2007.

Formal notice of the redemption will be made to bondholders in
accordance with the terms of the Notes, with such notice to be
mailed at least 30 days but no more than 60 days before the
redemption date.

                    About GameStop Corp.

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games.  The company
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom.  The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication.  GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft.  In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured debt ratings on Grapevine,
Texas-based GameStop Corp., a retailer of video game products
and PC entertainment software, to 'BB-' from 'B+'.

At the same time, the ratings on the US$475 million fixed-rate
and the US$475 million floating-rate notes were also changed to
'BB-'.


HENNES GRUNDSTUECKS: Claims Registration Period Ends Aug. 17
------------------------------------------------------------
Creditors of Hennes Grundstuecks- und
Grundstuecksverwaltungsgesellschaft mbH have until Aug. 17 to
register their claims with court-appointed insolvency manager
Philip Schober.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Altbau
         Deichstr. 12 a
         27472 Cuxhaven
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Cuxhaven opened bankruptcy proceedings
against Hennes Grundstuecks- und
Grundstuecksverwaltungsgesellschaft mbH on June 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hennes Grundstuecks- und
         Grundstuecksverwaltungsgesellschaft mbH
         Frank-Wedekind-Str. 5
         27474 Cuxhaven
         Germany


IBF GESELLSCHAFT: Claims Registration Period Ends Aug. 15
---------------------------------------------------------
Creditors of IBF Gesellschaft zur Information & Beratung in
Fahrerlaubnisangelegenheiten mbH have until Aug. 15 to register
their claims with court-appointed insolvency manager Stefan
Ebeling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goslar
         Hall II/D
         Second Floor
         Haus II
         Kaiserbleek 8
         38640 Goslar
         Germany

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

The insolvency manager can be reached at:

         Stefan Ebeling
         Kurt-Schumacher-Strasse 21
         38102 Braunschweig
         Germany
         Tel: 0531/24368-26
         Fax: 0531/24368-331

The District Court of Goslar opened bankruptcy proceedings
against IBF Gesellschaft zur Information & Beratung in
Fahrerlaubnisangelegenheiten mbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IBF Gesellschaft zur Information & Beratung
         in Fahrerlaubnisangelegenheiten mbH
         Attn: Yvonne Rieger, Manager
         Marktstr. 24
         38640 Goslar
         Germany


K & K AUTOMATION: Creditors Must Register Claims by July 24
-----------------------------------------------------------
Creditors of K & K Automation-Gesellschaft fuer Konstruktion +
IBN rechnergesteuertes Automatisierungsanlagen mbH have until
June 24 to register their claims with court-appointed insolvency
manager Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Johannes Franke
         Verdener Platz 1
         30419 Hannover
         Germany
         Tel: 0511 794573
         Fax: 0511 794576

The District Court of Hannover opened bankruptcy proceedings
against K & K Automation-Gesellschaft fuer Konstruktion + IBN
rechnergesteuertes Automatisierungsanlagen mbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         K & K Automation-Gesellschaft fuer Konstruktion + IBN
         rechnergesteuertes Automatisierungsanlagen mbH
         Attn: Thomas Kuhlmann, Manager
         Vahrenwalder Platz 3
         30165 Hannover
         Germany


MARA AUTOHANDELSHAUS: Creditors Must Register Claims by Aug. 15
---------------------------------------------------------------
Creditors of MARA Autohandelshaus & Service GmbH have until
Aug. 15 to register their claims with court-appointed insolvency
manager Harald Kroth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

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

The insolvency manager can be reached at:

         Harald Kroth
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against MARA Autohandelshaus & Service GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MARA Autohandelshaus & Service GmbH
         Karlsruher Str. 1+4
         76437 Rastatt
         Germany


OBJEKT GESELLSCHAFT: Creditors Must Register Claims by Aug. 28
--------------------------------------------------------------
Creditors of Objekt Gesellschaft mbH have until Aug. 28 to
register their claims with court-appointed insolvency manager
J. Blersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Dr. J. Blersch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611 / 180 89-100
         Fax: 0611 / 180 89 -189
         E-mail: mail@bgp-insol.de

The District Court of Wiesbaden opened bankruptcy proceedings
against Objekt Gesellschaft mbH on June 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Objekt Gesellschaft mbH
         Attn: Heinrich Kernebeck, Manager
         Haideweg 14
         65191 Wiesbaden
         Germany


SCHIERMEYER-SIELEMANN: Creditors Must Register Claims by Aug. 14
----------------------------------------------------------------
Creditors of Schiermeyer - Sielemann GmbH have until Aug. 14 to
register their claims with court-appointed insolvency manager
Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Schiermeyer - Sielemann GmbH on June 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schiermeyer - Sielemann GmbH
         Abt-Kruse-Weg 13
         33758 Schloss Holte-Stukenbrock
         Germany

         Attn: Robert Schiermeyer, Manager
         Levinius-Richter-Str. 1
         33161 Hovelhof
         Germany


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


EASTMAN KODAK: Sells All-In-One Inkjet Printers to Office Depot
---------------------------------------------------------------
Eastman Kodak Company reported that Office Depot, a leading
global provider of office products and services, will carry the
KODAK EASYSHARE family of All-in-One printers beginning July 1.
This innovative all-in-one printing solution can save consumers
up to 50 percent on everything they print, including text
documents and photos.  Savings based on home printing of
documents and photos, using average ink costs of comparable
consumer inkjet printers.  Actual results may vary.

“Kodak’s is revolutionizing home printing and our printers are
receiving resounding support from consumers,” said Michael
Korizno, General Manager for the Americas Consumer Digital
Group, Vice President of Kodak.  “We’re excited to be able to
expand product availability with a market leader such as Office
Depot.”

Office Depot will sell KODAK EASYSHARE All-in-One printers in
all of the company’s more than 1,170 retail stores in the U.S.,
as well as online at http://www.officedepot.com/

“The new Kodak printing system is an ideal solution for
consumers who are looking for quality and performance at an
excellent value,” said Scott Koerner, Senior Vice President of
Merchandising for Office Depot.  “This service provides
customers with another choice when it comes to purchasing
ink for the home or office.”

The exclusive KODACOLOR technology integrated in KODAK EASYSHARE
All-in-One inkjet printers is a combination of several elements:

  * innovative pigment inks and permanent print heads,
  * micro-porous photo paper, and
  * Kodak’s long-standing experience in color and photo
    technology.

This combination ensures excellent results for all printouts, be
it text, graphics, or photos with vibrant colors.

Office Depot customers will enjoy the above savings as compared
to other consumer inkjet systems for all types of printouts,
with manufacturer suggested pricing of US$9.99 for black ink
cartridges and US$14.99 for five-ink color cartridges.  These
ink prices ensure low cost-of-printing, as recently confirmed by
third-party ink yield testing by independent testing lab
QualityLogic, and a Kodak cost-of-printing analysis.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

    -- Issuer Default Rating 'B';
    -- Secured credit facility 'BB/RR1'.


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


AES CORP: Almost Reaching Debt Payment Pact with Banco Nacional
---------------------------------------------------------------
The AES Corporation is close to reaching an agreement with the
Banco Nacional de Desenvolvimento Economico e Social S.A. for
the repayment of its loan to the bank, Brazilian news daily
Valor Economico reports.

Valor Economico notes that AES will pay some US$1 billion to
Banco Nacional.

The report says that Banco Nacional is allegedly offering a
discount to AES for the debt repayment.

Business News Americas relates that SEB, a consortium controlled
by AES, borrowed some US$750 million from Banco Nacional in 1997
to help acquire a US$1-billion, 33% voting right stake in
Companhia Energetica de Minas Gerais.  SEB signed a shareholder
pact with Companhia Energetica to let the consortium influence
managerial decisions at the company.

Brascan brokerage analyst Felipe Cunha said in a report that AES
would likely reach a deal with Banco Naciona.

Mr. Cunha told BNamericas, "The deal should be concluded because
AES has a strategic interest in solving this problem and BNDES
[Banco Nacional] intends to recover the money, which was already
booked in its balance sheet as a loss."

However, Carlos Constantini, a market analyst at Sao Paulo
brokerage Unibanco Corretora, said in a report that AES's
strategy is unclear.

Mr. Constantini commented to BNamericas, "The key issue here is
trying to figure out AES's strategy -- raising funding to
acquire BNDES' stake in [power holding company] Brasiliana or
selling all assets and quitting the country -- and its next
movement in this game of chess."

According to BNamericas, Banco Nacional has a 49.99% stake in
Brasiliana.  It has disclosed plans to sell its shares.

Mr. Constantini told BNamericas, "We cannot disregard the fact
AES would strengthen its position in terms of its financial
capacity to dispute control of Brasiliana with any other sector
player."

Due to AES’ ability to reach a deal on its debt with Banco
Nacional, stronger financial capacity would be possible,
BNamericas states.

                     About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                         About AES

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

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

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

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

                       *     *     *

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


AES CORP: Files Appeal in US Court for NatGas Terminal Ban
----------------------------------------------------------
AES Corporation has filed an appeal in the U.S. Court of Appeals
for the Fourth Circuit to try to abolish a Baltimore County law
blocking its proposed liquefied natural gas terminal at Sparrows
Point, Andy Rosen at the Daily Record reports.

According the Daily Record, the law bans liquefied natural gas
terminals in an area within 1,000 feet off the Chesapeake Bay’s
tidal waters or wetlands.

The AES is arguing that the law is the Baltimore County’s
attempt to regulate liquefied natural gas facility construction,
the Daily Record notes.

AES told the Daily Record that it believes that power belongs to
the Federal Energy Regulatory Agency.

The report says that AES is challenging a decision the U.S.
District Court in Baltimore had made.  Judge Richard D. Bennett
had ruled that the law didn’t commit any violation on federal
power as state-level governments have the authority to decide on
coastal management issues linked with liquefied natural gas
construction.

The Daily Record relates that the county has emphasized that it
is prepared to continue the battle over the terminal.

The terminal has been opposed since it was proposed in January
2007, the Daily Record states.

                           About AES

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

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

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

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

                       *     *     *

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


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


ELAN CORP: NICE Recommends Use of TYSABRI as RMSS Treatment
-----------------------------------------------------------
The National Institute for Health and Clinical Excellence has
recommended the use Biogen Idec and Elan Corporation plc’s
TYSABRI(R) (natalizumab) in people with highly active relapsing
remitting multiple sclerosis.  TYSABRI is the first treatment
for multiple sclerosis to be recommended for use by NICE.

“This decision offers people with highly active relapsing
remitting multiple sclerosis hope of regaining control of their
disease,” Professor Gavin Giovannoni of The Royal London
Hospital commented.  “TYSABRI represents a significant advance
in MS treatment, offering real hope of delaying the progression
of disability and reducing the frequency of relapses.”

Highly active RRMS (defined as two or more disabling relapses in
one year and an active MRI scan) has a devastating effect on the
lives of the individual and their families.  These patients
experience more relapses and will become disabled more quickly
than those people with typical RRMS.  This inevitably means that
they will not be able to enjoy an active life combined with the
strong probability that they, and the family members who care
for them, will be unable to work.  In these patients, MS
progresses twice as quickly as those with less active forms of
the disease.

TYSABRI is the first treatment to be specifically licensed for
highly active RRMS.  Over two years, treatment with TYSABRI
leads to a 68% relative reduction in clinical relapses and a 54%
relative reduction in the risk of sustained disability
progression compared with placebo.

“Multiple sclerosis can be a devastating condition if not
treated appropriately, and we are very pleased that NICE has
recommended in the final appraisal determination that patients
with highly active relapsing remitting multiple sclerosis should
have access to treatments like TYSABRI.  With successful
treatment with TYSABRI, highly active relapsing remitting
multiple sclerosis patients are more likely to be able to
continue to work, maintain active social lives, and spend
quality time with their families,” Biogen Idec International
Head Hans Peter Hasler added.

“TYSABRI is the first treatment to be recommended for use by
NICE, a significant milestone for patients suffering from MS.
This final appraisal firmly supports patients and their
physicians having access to TYSABRI with its compelling benefits
in the treatment of MS,” Elan International Head Dr. Menghis
Bairu said.

As of late May, TYSABRI is already offering hope to
approximately 12,000 patients on therapy in both commercial use
and clinical trials in the US, Germany, France, Ireland and many
other countries.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

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

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


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


IMAX CORP: Unable to File 2006 Form 10-K by June 30 Deadline
------------------------------------------------------------
IMAX Corporation was not able to file its 2006 Annual Report on
Form 10-K and quarterly report on Form 10-Q for the quarter
ended March 31, 2007, by the June 30, 2007.

The company expects to be able to do so shortly.

In March 2007, the company previously announced that it would
delay filing its financial statements due to the discovery of
certain accounting errors and subsequently broadened its
accounting review to include certain other accounting matters
based on comments received by the company from the staff of the
Securities and Exchange Commission and the Ontario Securities
Commission.

The company believes that it has substantially addressed these
comments by revising its accounting policy with regard to
revenue recognition for theatre systems.

The revised policy, which will be detailed in the Company's 10-K
and 10-Q, has the effect of shifting a portion of systems
revenue between periods during the years 2002 through 2006; in
the majority of cases, the timing of revenue recognition shifts
by 90-180 days.

The company previously announced that it had executed a
supplemental indenture to the indenture governing its 9-5/8%
senior notes dues 2010, pursuant to which:

    (i) any existing defaults arising from a failure to comply
        with the reporting covenant under the Indenture had been
        waived and

   (ii) the failure by the company to comply with the reporting
        covenant until June 30, 2007, will not constitute a
        default or be the basis for an event of default under
        the Indenture.

Because the Company was not able to file its 10-K and 10-Q by
June 30, 2007, it expects to be in default of this covenant.
However, the company expects to make such filings within the 30
day period, after notice of default, which allows for the cure
of such default under the Indenture before holders can seek to
accelerate the indebtedness.

In addition, the company obtained a further waiver under its
bank credit agreement of the covenant to deliver its audited
financial statements until July 31, 2007.

The company stated it did not intend to seek any further
extensions in connection with its filing obligations from any
parties.

The statements set forth in this press release are preliminary,
reflect information currently known to the company and are
subject to change as a result of the accounting review and
restatement process, subsequent events and the completion of the
financial statements by management and the audit of the
financial statements by the Company's independent auditors,
PricewaterhouseCoopers, LLP.  In the event of an acceleration of
any or all of its indebtedness, the company may not have
sufficient access to capital to refinance or repay any debt that
is so accelerated, and any such acceleration could have a
material adverse effect on the Company's financial position.

                       About IMAX Corp.

Headquartered jointly in New York City and Toronto, Canada,
IMAX Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one
of the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.


IMAX CORP: Moody's Cuts Bond Rating to Caa2 on Delayed Filing
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of IMAX Corporation to Caa1 from B3 and downgraded the rating on
its senior unsecured bonds to Caa2 from Caa1.

Moody's also downgraded the probability of default rating to
Caa1 from B3. Ratings remain under review for further downgrade.

IMAX announced on June 29 that it would not file its financial
statements by June 30 and would not seek additional waivers for
the financial reporting covenant of its bonds.  Moody's believes
the prolonged delay intensifies the risk that bondholders will
accelerate the obligation.  The downgrade also reflects
increased concern over the negative impact of rising fees and
management distraction as the delay in filing of the financial
statements lengthens.

A summary of these actions are:

   * IMAX Corporation

   -- Corporate Family Rating, Downgraded to Caa1 from B3;
   -- Probability of Default Rating, Downgraded to Caa1 from B3;
   -- Senior Unsecured Bonds, Downgraded to Caa2, LGD4, 60% from
      Caa1.

Moody's expects to conclude its review upon receipt and analysis
of updated financial statements for IMAX.

IMAX had previously received waivers from bondholders, which
extended its deadline for filing financial statements to
June 30.  July 2 represents the first day that bondholders could
send notice of default, which would then trigger a 30 day cure
period during which IMAX could file its financial statements and
avoid acceleration of the obligation.  Bank lenders have granted
an additional waiver for IMAX to deliver its audited financial
statements by July 31.

Moody's placed IMAX ratings under review on March 30 following
its announcement on March 29 that it would further delay filing
of its Form 10-K for fiscal 2006, resulting in a default under
the financial reporting covenant within the indentures of its
senior notes.

If IMAX remains unable to file its 10-K beyond September 30,
2007, Moody's could withdraw IMAX ratings due to the lack of
sufficient information to assess possible significant changes in
the company's credit profile.  Moody's could then reinstate
ratings upon provision of financial statements.

Headquartered jointly in New York City and Toronto, Canada,
IMAX Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one
of the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.


THERMADYNE HOLDINGS: Lenders Agree to Upsize Loan to US$100 Mln
----------------------------------------------------------------
Thermadyne Holdings Corporation completed agreements with its
secured lenders to amend its senior secured credit facility and
its second lien facility.

The principal changes to the senior secured credit facility
include extending the maturity to June 2012, increasing the
total revolving credit commitment from $70 million to $100
million and revising the asset-based borrowing base formula to
include up to $20 million in available borrowings under a cash
flow based formula and another $8 million under a property,
plant and equipment based formula.

In addition, the interest grid was expanded to enable the
company to reduce interest costs and fees.  The amended and
restated credit agreement also establishes financial covenants
that provide greater flexibility for the company.

The primary changes to the terms of its second lien facility
include an extension of the maturity to November 2010 and a
reduction of the interest rate to LIBOR plus 2.75 from LIBOR
plus 4.50.  The company also repaid $14 million of the
outstanding loan balance of the second lien facility, reducing
the amount outstanding to $36 million.

               About Thermadyne Holdings Corporation

Based in St. Louis, Missouri, Thermadyne Holdings Corporation
(OTCBB: THMD) \u2013 http://www.Thermadyne.com/-- is a global
manufacturer and marketer of cutting and welding products and
accessories under a variety of premium brand names including
Victor(R), Tweco(R)/Arcair(R), Thermal Dynamics(R), Thermal
Arc(R), Stoody(R), TurboTorch(R), and Cigweld(R). Its products
are used by manufacturing, construction and foundry operations
to cut, join and reinforce steel, aluminum and other metals.

                           *     *     *

As reported in the Troubled Company Reporter on May 14, 2007,
Moody's Investors Service affirmed the Caa1 corporate family
rating of Thermadyne Holdings Corporation and the Caa2 rating of
the $175 million senior subordinated notes due in 2014.  The
outlook was changed to stable from negative.


WIND ACQUISITION: Moody's Holds Ba3 Rating on Refinancing News
--------------------------------------------------------------
Moody's Investors Service affirmed Wind Telecomunicazioni
S.p.A.'s Corporate Family Rating at Ba3 following the company's
announcement that it plans to enter into new senior credit
facilities in order to refinance outstandings under its existing
senior and second lien facilities and to repay the EUR1.8
billion PIK loan at Wind Acquisition Holdings Finance S.p.A.

Concurrently, Moody's has affirmed the Ba2 rating on Wind's
senior secured facility, the B1 rating on Wind Finance SL S.A.'s
second lien facility and the B2 ratings on Wind Acquisition
Finance SA's EUR950 million 9.75% senior notes due 2015 and
US$650 million 10.75% senior notes due 2015.  The outlook on the
ratings is stable.

The Ba3 CFR affirmation reflects the fact that Wind is
effectively making use of the financial flexibility that has
developed over the last two years through successful de-
leveraging and improved operating performance.  Moody's
estimates that the impact of the proposed refinancing will be
that pro forma Total Debt/LTM first quarter 2007 EBITDA at
Wind's restricted group level will increase from 4.2x to 5.2x.
Moody's acknowledged at the time of the issuance of the PIK loan
at WAHF level on Dec. 12, 2006 that the PIK loan weakened the
company's positioning within the Ba3 rating category because of
the risk that, at lower leverage levels, the group could choose
to refinance the PIK loan with the proceeds of debt issued from
within the restricted group.  Moody's views this transaction as
a materialization of this element of event risk.  Therefore, the
transaction is removing the positive momentum that was
developing on the Ba3 CFR while also limiting the company's
headroom for further strategic moves or for accommodating any
possible weakening of operating performance over the short to
medium term.  The stable outlook nevertheless reflects Moody's
expectation that Wind will now have a more stable capital
structure over the next two to three years and that the company
will continue to build financial flexibility as it continues to
report stable operating performance and to deliver further on
its de-leveraging plan.

Moody's also recognizes these positive implications of this
transaction.  The proposed refinancing:

   (i) streamlines the broader ownership group and removes the
       event risk related to the refinancing of the PIK loan;

  (ii) improves the company's debt maturity profile as the tenor
       of the facilities is extended; and

(iii) reduces the average cost of debt of the group.

In addition, Moody's positively notes that the bondholder
consent solicitation is limited to a one-time waiver (in order
to allow Wind to make a distribution and/or a loan to the Parent
to repay the PIK loan proceeds at WAHF SpA, and to permit the
potential disposal of the mobile towers business) and that the
company's intention is not to increase leverage going forward.
Moody's has also factored the company's solid track record in
terms of de-leveraging and robust free cash flow generation. In
this context, it is Moody's expectation that Wind will show a
de-leveraging profile consistent with the debt reduction
achieved over the last two years and that Total leverage (as
adjusted by Moody's) will be progressively reduced towards 4.5x
within the next 18 to 24 months.  Moody's also expects that the
deferred consideration of the acquisition of Enel's 26.1% stake
in Weather Investments completed in December 2006, which amounts
to EUR962 million and is payable in June 2008, will be
reimbursed by Weather.

The stable outlook assumes that any additional use of headroom
will have to come in conjunction with further application of
free cash flow generation for debt reduction.  In this context,
the rating could come under downward pressure in the event that
Total debt/EBITDA (as adjusted by Moody's) exceeds 5.5x.
However, Moody's could change Wind's outlook to positive in the
event that leverage falls below 4.5x.  A rating upgrade to Ba2
would require Wind's leverage to fall to levels at or below
4.0x.

Assuming the consent solicitation is approved and the
transaction is successfully completed, Moody's expects to see no
impact on the ratings on the debt instruments (except the rating
on the second lien facility, which will be withdrawn).
Nevertheless, the LGD rates on the new senior credit facility
and the notes are expected to weaken as a result of the higher
levels of senior secured debt in the capital structure and the
refinancing of the second lien facility.

Headquartered in Rome, Italy, Wind is a leading integrated
telecom operator in Italy, active in the fixed-line, mobile and
Internet services markets and operating under the Wind,
Infostrada and Libero brands.  For the year ended Dec. 31, 2006,
Wind reported revenues of EUR5 billion and EBITDA of EUR1.7
billion.


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


KAZKOMMERTSBANK JSC: Issuing Additional 200 Mln Ordinary Shares
---------------------------------------------------------------
Shareholders of JSC Kazkommertsbank have agreed with the offer
to increase the number of ordinary shares to 200 million.

The shareholders also took some other decisions at their
extraordinary general meeting on May 28, 2007.

At present, the number of declared shares of Kazkommertsbank JSC
(hereafter the Bank) is about 700 million, where 125 million are
the privileged shares and 575 million are the ordinary shares.

The offer to increase the number of shares was submitted by the
Board of the Bank to the general meeting of shareholders, based
upon the fact that to achieve the strategic goals -- keeping
strong the leading positions in banking sector in Kazakhstan
providing the high level of yield -- the Bank should constantly
trace its own capital rating.  Accordingly, the issue of new
shares will allow the Bank in case of need to increase its
authorized capital for the strategy of stable growth and also
for the potential creation or purchase of the financial
organizations in Kazakhstan and abroad.

As a result, the decision was taken to increase the number of
declared shares of the Bank to 200 million of ordinary shares.
Thus, the total number of the declared shares of Kazkommertsbank
will be 775 million of ordinary shares and 125 million of
privileged shares.

The procedure, the scale, the date and price of future placement
of these shares will be defined by the Board additionally in
accordance with the requirements of the existing legislation of
the Republic of Kazakhstan and the Charter of the Bank and
preliminary co-ordination of these decisions with the EBRD.

Besides, the shareholders have made the changes to the Charter
of Kazkommertsbank JSC; the Shares Issue Prospectus in new
edition, and also the agreement with EBRD for the credit line of
total US$300 million to finance the retail real-estate loans and
credits for Small and Medium business were approved.

Headquartered in Almaty Kazakhstan, Kazkommertsbank --
http://www.kkb.kz/-- offers banking services and other
financial products to large and medium-sized corporations
operating in a wide range of industry sectors.  The bank has a
number of subsidiaries, including two in Kazakhstan: Kazkommerts
Securities and Kazkommertspolicy 2000; three in the Netherlands:
Kazkommerts International B.V., Kazkommerts Capital-2 B.V. and
Kazkommerts Finance-2 B.V., and one in Kyrgyzstan:
Kazkommertsbank Kyrgyzstan.

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

                           *     *     *

As reported in the TCR-Europe on June 26, 2007, Moody's
Investors Service downgraded these ratings of Kazkommertsbank of
Kazakhstan:

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

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

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

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.

In February 2007, Fitch Ratings affirmed Kazakhstan-based
Kazkommertsbank's ratings at foreign currency Issuer Default
'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D'
and Support '3'.

Fitch said The Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.


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


SPIRT ZAVOD: New Temporary Insolvency Manager Appointed
-------------------------------------------------------
The Inter-District Court of Issyk- Kul Region for Economic
Issues dismissed E. Nurbekov from his position as temporary
insolvency manager of the Karakolsky Alcohol Factory Spirt
Zavod.

Subsequently, the Bankruptcy Department under the State Property
Committee of the Kyrgyz Republic has appointed Abdybek Narynbaev
as new temporary insolvency manager of the company on June 12.

The temporary insolvency can be reached at (0-502) 75-36-78.


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


TK ALUMINUM: Unit Closes Equity Interest Sale in Nanjing Teksid
---------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.A R.L., S.C.A., disclosed that on June 27, 2007,
its subsidiary Teksid Aluminum S.r.l. completed the sale of its
remaining 40% equity interest in Nanjing Teksid Aluminum Foundry
Co., Ltd. to Tenedora Nemak, S.A. de C.V., a subsidiary of ALFA,
S.A.B. de C.V.  Teksid Luxembourg indirectly sold an additional
30% stake in Nanjing Teksid to Nemak on March 15, 2007.  With
the completion of the sale of this remaining interest in Nanjing
Teksid, the company has consummated the sales contemplated by
the previously disclosed revised terms of the Nemak transaction.

Pursuant to the revised terms of the Nemak transaction, the
aggregate purchase price allocated to the sale of the Company's
entire 70% interest in Nanjing Teksid and receivables related
thereto was approximately US$15.3 million in cash consideration
plus the issuance of an additional 0.21% of synthetic equity
interest in the Nemak business (bringing the company's total
synthetic equity interest in the Nemak business to 6.68%).
At the closing of the sale of the company's 40% equity interest
in Nanjing Teksid, the company's subsidiaries received aggregate
net cash proceeds of approximately US$14.8 million for the
company's entire 70% indirect interest in Nanjing Teksid and
certain related receivables, which aggregate net proceeds
included a payment of approximately US$1.9 million for Teksid
Luxembourg's 30% interest in Nanjing Teksid indirectly
transferred to Nemak as part of the initial closing on
March 15, 2007, and approximately US$1.4 million related to the
purchase of a loan receivable from Teksid Luxembourg.  In
addition, at the June 27th closing, Teksid Italy received an
additional approximately US$1.7 million in cash related to the
purchase of certain equipment used by Nanjing Teksid from Teksid
Italy, and Teksid Luxembourg received an additional
approximately US$1 million in cash as the result of the issuance
of a loan by ALFA.  The aggregate cash proceeds were based on
the purchase price allocation and estimated withholding taxes as
contemplated by the revised terms of the Nemak transaction.

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR SpA and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
now owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                       *     *     *

On Jan. 16, Moody's Investors Service placed TK Aluminum
Ltd.'s long-term corporate family rating at Caa3.


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


INVACARE CORP: Grants Holders More Time to Swap Initial Notes
-------------------------------------------------------------
Invacare Corporation is granting the holders of its outstanding,
unregistered 9-3/4% Senior Notes due 2015 (CUSIP: 461203AA9 and
U46083AA6) additional time to exchange the Initial Notes for its
9-3/4% Senior Notes due 2015 (CUSIP: 461203AB7), which are
registered under the Securities Act of 1933, as amended.

All other terms and conditions of the exchange offer remain
unchanged and in full force and effect.  The terms of the
Exchange Notes are substantially identical to the terms of the
Initial Notes for which they may be exchanged pursuant to the
exchange offer, except that the Exchange Notes are registered
under the Securities Act.

The exchange offer, which commenced on May 29, 2007, and was
previously set to expire on Thursday, June 28, 2007, will now
expire at 5:00 p.m., New York City time, Thursday, July 12,
2007, unless extended.

As of June 28, 2007, holders of approximately $174 million of
the total $175 million in aggregate principal amount of Initial
Notes had tendered Initial Notes pursuant to the exchange offer.

Requests for assistance regarding the exchange offer or for
copies of the exchange offer materials should be addressed to
the exchange agent for the exchange offer at:

   Wells Fargo Bank N.A.
   Attn: Reorg, Corporate Trust Services
   MAC N9311-110, 625 Marquette Avenue
   Minneapolis, MN 55479
   Fax (612) 667-6282

                       About Invacare Corp.

Headquartered in Elyria, Ohio, Invacare Corporation (NYSE: IVC)
-- http://www.invacare.com/-- manufactures and distributes
innovative home and long-term care medical products.  The
company has 5,700 associates and markets its products in 80
countries around the world.  Invacare has manufacturing plants
in the United States, Australia, Canada, Denmark, Germany,
France, Mexico, New Zealand, Portugal, Sweden, Switzerland and
the United Kingdom.

                          *     *     *

Moody's Investor Services rated Invacare Corporation’s long-term
corporate family at B1, its probability of default at B1.  The
outlook is stable.  Standard & Poor's assigned B rating on its
long-term foreign and local issuer credit.


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


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

         O. Elistratova
         Insolvency Manager
         Obvodnogo Kan. Quay 181
         190103 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-18422/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC AFT
         B. Morskaya Str. 42
         St. Petersburg
         Russia


APOLLO OJSC: Creditors Must File Claims by August 9
---------------------------------------------------
Creditors of OJSC Apollo (TIN 4419000038, OGRN 2034443160937)
have until Aug. 9 to submit proofs of claim to:

         V. Saurenko
         Insolvency Manager
         Lunacharskogo Str. 29
         Nerekhta
         157800 Kostroma
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A31-8871/2006-18.

The Debtor can be reached at:

         OJSC Apollo
         Druzhby Str. 22
         Nerekhta
         157800 Kostroma
         Russia


BALTIYSKAYA ZARYA: Creditors Must File Claims by July 9
-------------------------------------------------------
Creditors of CJSC Baltiyskaya Zarya have until July 9 to submit
proofs of claim to:

         V. Mukhin
         Temporary Insolvency Manager
         Office 6
         Baltiyskaya Str. 18
         236023 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A21-460/2007.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         CJSC Baltiyskaya Zarya
         Kalininskoye
         Gusevskiy
         238051 Kaliningrad
         Russia


CONCRETE GOODS 4: Creditors Must File Claims by July 9
------------------------------------------------------
Creditors of LLC Factory of Reinforced Concrete Goods 4 have
until July 9 to submit proofs of claim to:

         N. Vokhmina
         Temporary Insolvency Manager
         Geroev Khasana Str. 45B
         614064 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy supervision
procedure on LLC Factory of Reinforced Concrete Goods 4.
The case is docketed under Case No. A 50-4137/2007-B5.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Goods 4
         Ordzhonikidze Str. 25
         614000 Perm
         Russia


DANILOVSKOYE FUEL: Creditors Must File Claims by July 9
-------------------------------------------------------
Creditors of OJSC Danilovskoye Fuel Enterprise have until July 9
to submit proofs of claim to:

         A. Kirillov
         Temporary Insolvency Manager
         S-Shedrina Str. 30
         150014 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl will convene at 10:00 on
Sept. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A82-1515/2007-56-B/12.


The Debtor can be reached at:

         OJSC Danilovskoye Fuel Enterprise
         Vologodskaya Str. 31a
         Danilov
         Yaroslavl
         Russia


DOMOSTROY CJSC: Creditors Must File Claims by August 9
------------------------------------------------------
Creditors of CJSC Joint-Stock Project-Building and Exploitation
Company Domostroy have until Aug. 9 to submit proofs of claim
to:

         V. Toropin
         Insolvency Manager
         Building 2
         Verkhnyaya Radishevskaya Str. 7
         109004 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-15228/07-36-53B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Joint-Stock Project-Building and Exploitation
         Company Domostroy
         Building 2
         Priorova Str. 24
         125130 Moscow
         Russia


ECOPROD CJSC: Court Names A. Borunov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
A. Borunov as Insolvency Manager for CJSC Ecoprod (TIN
782009405).  He can be reached at:

         A. Borunov
         Building 1
         Mira Pr. 68
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No.
A56-3276/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ecoprod
         Gorbunki 2
         Lomonosovskiy
         188502 Leningrad
         Russia


FATEKS+ CJSC: Creditors Must File Claims by August 9
----------------------------------------------------
Creditors of CJSC Fateks+ have until Aug. 9 to submit proofs of
claim to:

         V. Zorov
         Insolvency Manager
         K. Marksa Str. 9
         Kineshma
         155800 Ivanovo
         Russia
         Tel: (49331) 5-81-62

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-42091/06-44-897B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Fateks+
         Shkuleva Str. 17
         109263 Moscow
         Russia


HOUSE OJSC: Creditors Must File Claims by July 9
------------------------------------------------
Creditors of OJSC House (TIN 3234009212)have until July 9 to
submit proofs of claim to:

         S. Nefedov
         Insolvency Manager
         Kalinina Str. 119
         241050 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A09-2193/07-28.

The Court is located at:

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

The Debtor can be reached at:

         OJSC House
         Krasnoarmeyskaya Str. 156A
         Bryansk
         Russia


KUZBASS COMPANY: Creditors Must File Claims by July 9
-----------------------------------------------------
Creditors of LLC Kuzbass Company (TIN 0411119154) have until
July 9 to submit proofs of claim to:

         A. Mandrusova
         Insolvency Manager
         Post User Box 255
         Central Post Office
         649000 Gorno-Altaysk
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A02-1211/06g.

The Debtor can be reached at:

         LLC Kuzbass Company
         Komsomolskaya Str. 13
         649000 Gorno-Altaysk
         Russia


LSR GROUP: Moody's Assigns Corporate Family Rating at B1
--------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
and a B1 probability of default rating to St. Petersburg/Russia
based LSR Group.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned an A1.ru national scale
credit rating.  The outlook on all ratings is stable.

The B1 Corporate Family for LSR is based on:

   (i) LSR's strong market position both in its building
       materials business as well as in its development of
       luxury and economy residential real estate in St.
       Petersburg, which is one of the most important regions in
       Russia;

  (ii) good access to aggregates and other input materials for
       its building materials division, as well as sufficient
       availability of plots for further developments, both
       being scarce and constituting high barriers to entry to
       any potential newcomers to these markets;

(iii) the group's vertically integrated business model,
       providing it with good diversification and access to
       materials in a market and region that may face supply
       shortages in the residential construction sector in the
       medium term;

  (iv) the availability of significant reserves in both its real
       estate portfolio under development, with revenues being
       only recognized at completion, and also in its sizeable
       land bank including undeveloped land as well as land
       which is currently under development; and

   (v) Moody's expectation that the dynamic residential
       construction growth and strong demand for building
       materials in the St Petersburg region will continue over
       the short to medium term.

On a more cautionary note, Moody's notes that the ratings remain
constrained by:

   (i) the company's exposure to the region of St Petersburg in
       Russia, with a high reliance on the construction and real
       estate development of this region which also could face
       some volatility over time;

  (ii) the risks related to the management of a strongly growing
       company going forward, expressed for example in a
       reliance on ad-hoc liquidity funding potentially exposing
       it to temporary unavailability of funds;

(iii) the relatively high leverage of the company (with total
       debt/EBITDA as per 2006 of 3.7x) as a result of both high
       investments in the real estate development and building
       materials business, and the expectation of continued high
       capital expenditures in the next 1-2 years creating
       negative free cash flows and requiring significant
       funding sources; and

  (iv) the risks associated with the cyclicality of the real
       estate development market in general, and the lack of a
       transparent, predictable and reliable legal framework for
       example in the protection of property rights.

Furthermore, the company's growth ambitions to diversify into
the Moscow market may expose it to a more hostile, less familiar
environment where management is also less well connected.

The outlook for the ratings is stable, balancing Moody's concern
about the high leverage and the inherent risks to the company's
activities with the expectation that over the medium term the
high leverage will be reduced following the finalization of
several of LSR's major real estate development projects, the
reduction of capital expenditure and increased cash flows from
continued positive business environment.

LSR Group is the largest producer of building materials in the
St. Petersburg region and one of the largest real estate
development companies in St. Petersburg.  Per 2006 the company
recorded turnover of US$777 million and an operating profit of
US$97 million.


NOVOLIPETSK STEEL: Completes Sale of 50.08% Lipetskcombank Stake
----------------------------------------------------------------
OJSC Novolipetsk Steel has completed the disposal of its 50.08%
stake in OJSC Lipetskcombank.  The deal is valued at
approximately US$44 million.  The NLMK's stake in OJSC
Lipetskcombank was sold to OJSC Bank Zenit.

Deutsche Bank advised NLMK on this disposal.

This divestment is in line with NLMK's internal restructuring
plan.  One of key steps of this plan is to optimize the asset
portfolio of NLMK.  In 2006, OJSC Lipetskcombank was classified
as non-core asset according to a decision of NLMK's Board of
Directors.

OJSC Lipetskcombank is based in Lipetsk.  The bank provides
general banking services for corporate and retail customers in
accordance with its general license from the Central Bank of
Russia, a license for foreign currency operations and a license
for brokerage activity.  The net income for 2006 amounted to
US$6.5 million.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                           *     *     *

In April 2007, Moody's Investors Service's confirmed its Ba1
Corporate Family Rating for Novolipetsk Steel OJSC.  Moody's
also assigned a Ba1 Probability-of-Default rating to the
company.

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B
rating and a National Long-term AA rating.  Fitch said The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

At the same time, Standard & Poor's Ratings Services said that
its ratings and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are
unchanged by the announcement of NLMK's acquisition of a 50%
share in a joint venture with Duferco Group for US$850 million.


NOVOLIPETSK STEEL: NLMK-Duferco Acquires Winner Steel
-----------------------------------------------------
NLMK-Duferco JV has completed the acquisition of a 100% interest
in Winner Steel INC. for approximately US$211.6 million.

As previously disclosed on May 3, 2007, NLMK-Duferco JV has
reached a definitive agreement with Winner Steel INC. and its
controlling shareholder to acquire substantially all the assets
of Winner Steel INC. and certain of its liabilities.

The acquisition will be effected through Duferco U.S. Investment
Corporation, a wholly owned subsidiary of Steel Invest & Finance
S.A. (Luxembourg), a 50/50 joint venture between the Duferco
Group and NLMK.  The acquired assets and liabilities will be
held by Duferco U.S. Investment Corporation through a newly
created entity, Winner Steel LLC.

Winner Steel is one of the largest independent galvanized steel
producers in the United States.  Its operations are located on a
single site in Pennsylvania and include three galvanizing lines
with combined annual capacity of around 1.2 million tons.

The acquisition of Winner Steel will result in further
downstream expansion for the NLMK-Duferco JV Farrell facility,
which, being located next to Winner Steel, has historically been
one of its major suppliers of cold-rolled substrate.  The
transaction is expected to result in substantial synergies for
the Farrell facility and is viewed by NLMK-Duferco JV as a good
alternative to the construction of a galvanizing line at the
Farrell site.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                           *     *     *

In April 2007, Moody's Investors Service's confirmed its Ba1
Corporate Family Rating for Novolipetsk Steel OJSC.  Moody's
also assigned a Ba1 Probability-of-Default rating to the
company.

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B
rating and a National Long-term AA rating.  Fitch said The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

At the same time, Standard & Poor's Ratings Services said that
its ratings and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are
unchanged by the announcement of NLMK's acquisition of a 50%
share in a joint venture with Duferco Group for US$850 million.


SIBERIAN STEEL-CHEMICAL: Creditors Must File Claims by August 9
---------------------------------------------------------------
Creditors of LLC Siberian Steel-Chemical Company have until
Aug. 9 to submit proofs of claim to:

         V. Sirotkin
         Temporary Insolvency Manager
         Post User Box 646
         Barnaul
         656031 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A02-348/2007g.

The Debtor can be reached at:

         V. Sirotkin
         Temporary Insolvency Manager
         Post User Box 646
         Barnaul
         656031 Altay
         Russia


UNION WOOD: Creditors Must File Claims by August 9
--------------------------------------------------
Creditors of LLC Union Wood have until Aug. 9 to submit proofs
of claim to:

         T. Rogozina
         Insolvency Manager
         Post User Box 260
         Petrozavodsk
         185001 Kareliya
         Russia

The Arbitration Court of Kareliya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A26-7887/2006-184.

The Debtor can be reached at:

         LLC Union Wood
         Apartment 30
         Gogolya Str. 1
         185000 Kareliya
         Russia


VODOPYANOVSKOE OJSC: Creditors Must File Claims by August 9
-----------------------------------------------------------
Creditors of OJSC Vodopyanovskoe have until Aug. 9 to submit
proofs of claim to:

         M. Kuvshinova
         Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A-57-658B/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Vodopyanovskoe
         Vodopyanovskoe
         Marksovskiy
         Saratov
         Russia


VOLGOTANKER OJSC: Tax Service Brings Involuntary Bankruptcy Plea
----------------------------------------------------------------
The Russian Federal Tax Service’s Interregional Inspectorate
No. 6 has filed a bankruptcy petition against OJSC VolgoTanker
at the Moscow Arbitration Court, Interfax News reports.

According to the report, the court is yet to set a hearing to
consider the petitioner's request.

Last spring, a total of RUR1.3 billion of VolgoTanker’ assets
have been seized.

The Russian Federal Property Fund is set to hold a first auction
for five tankers worth RUR85.6 million on July 9, 2007, Interfax
relates.

As previously reported in the TCR-Europe on April 5, 2007,
VolgoTanker, which has been a one-time subsidiary of now-
bankrupt OAO Yukos Oil Co., has been crippled by up to RUR3.3
billion in back-tax claims in the first half of 2006 over
allegations it received value-added tax refunds applied to
chartered oil cargoes for export.

                       About the Company

JSC Volgotanker -- http://www.volgotanker.com/index.html--
specializes in the transportation of oil and petroleum products
via Europe's inland-waterway system.  Lloyds List says the
company's fleet of 160 tankers, 57 oil-bulk-ore carriers and
more than 100 barges and tugs have been under arrest since
August 2005.


YUGO-KAMSKIY: Court Names A. Smirnov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Perm appointed A. Smirnov as Insolvency
Manager for OJSC Yugo-Kamskiy Factory of Oil Field Equipment
(TIN 5948022452, OGRN 1025902394594).  He can be reached at:

         A. Smirnov
         Post User Box 246
         Lysva
         618900 Perm
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No.
A50-18347/2005-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC Yugo-Kamskiy Factory of Oil Field Equipment
         Kirova Str. 1
         Yugo-Kamskiy
         614526 Perm
         Russia


YUKOS OIL: Virtually Wipes Debts, Says Russian Chief Bailiff
------------------------------------------------------------
OAO Yukos Oil Co. has nearly paid off its debts to creditors,
RIA Novosti says citing Russian chief bailiff Nikolai
Vinnichenko.

As reported in the TCR-Europe on June 29, 2007, Yukos bankruptcy
receiver Eduard Rebgun said the company has started the
repayment of arrears on the company's principal RUR400 billion
debt to third-ranking creditors.  The Yukos receiver is repaying
debt claims to all registered creditors in proportion to the
size of their claims.

Mr. Rebgun also disclosed the transfer of RUR151 billion of
Yukos bankruptcy assets to the state revenue funds by way of
payment of the company's tax arrears.

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

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

As of Jan. 31, 2007, claims against Yukos filed by 68 creditors
reached RUR709 billion (US$26.8 billion).

As of Jan. 31, 2007, the company's largest creditors include:

                                     Claim Amount

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

                         About Yukos Oil

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

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

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

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

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

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


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


CERTUM JSC: Creditors' Liquidation Claims Due July 16
-----------------------------------------------------
Creditors of JSC Certum have until July 16 to submit their
claims to:

         Marcello Weber
         Liquidator
         Terrassenweg 1a
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Certum
         Zug
         Switzerland


DEVOLAILLE JSC: Creditors' Liquidation Claims Due July 13
---------------------------------------------------------
Creditors of JSC Devolaille have until July 13 to submit their
claims to:

         JSC K-OS Bau und Treuhand
         Liquidator
         P.O. Box: 308
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Devolaille
         Zug
         Switzerland


ELIKI LLC: Creditors' Liquidation Claims Due July 15
----------------------------------------------------
Creditors of LLC Eliki have until July 15 to submit their claims
to:

         Georgios Daniil
         Liquidator
         Glatthaldestrasse 2
         9230 Flawil
         Wil SG
         Switzerland

The Debtor can be reached at:

         LLC Eliki
         Flawil
         Wil SG
         Switzerland


INTRA-AVION JSC: Creditors' Liquidation Claims Due July 13
----------------------------------------------------------
Creditors of JSC Intra-Avion have until July 13 to submit their
claims to:

         Albert Glatt
         Liquidator
         Rudenplatz 4
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Intra-Avion
         Zurich
         Switzerland


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

         Hidir Isik
         Liquidator
         Weidgasse 1B
         3018 Bern
         Switzerland

The Debtor can be reached at:

         LLC KomaSwiss
         Bern
         Switzerland


L + P INTER: Creditors' Liquidation Claims Due July 15
------------------------------------------------------
Creditors of JSC L + P Inter have until July 15 to submit their
claims to:

         JSC Romag Treuhand
         Liquidator
         Alleestr. 20
         8590 Romanshorn
         Arbon TG
         Switzerland

The Debtor can be reached at:

         JSC L + P Inter
         Wollerau
         Hofe SZ
         Switzerland


MAPLE TRAINING: Creditors' Liquidation Claims Due July 13
---------------------------------------------------------
Creditors of LLC Maple Training have until July 13 to submit
their claims to:

         François Schmutz
         Liquidator
         Bernstrasse 20
         3303 Jegenstorf
         Fraubrunnen BE
         Switzerland

The Debtor can be reached at:

         LLC Maple Training
         Jegenstorf
         Fraubrunnen BE
         Switzerland


POL-FENSTERFABRIK JSC: Creditors' Liquidation Claims Due July 16
----------------------------------------------------------------
Creditors of JSC POL-Fensterfabrik have until July 16 to submit
their claims to:

         Dr. Viktor Kampfen
         Liquidator
         Uberlandstr. 30
         3902 Glis
         Switzerland

The Debtor can be reached at:

         JSC POL-Fensterfabrik
         St. Niklaus
         Visp VS
         Switzerland


T-A-S VERTRIEBS: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC T-A-S Vertriebs on June 4.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC T-A-S Vertriebs
         Oberes Itelen 151
         5236 Remigen
         Brugg AG
         Switzerland


WELLCAP JSC: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Wellcap on June 6.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Wellcap
         Oberneuhofstrasse 5
         6340 Baar ZG
         Switzerland


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


TURKIYE GARANTI: Secures US$600 Mln Diversified Payment Rights
--------------------------------------------------------------
Turkiye Garanti Bank A.S. has secured US$600 million through
a Diversified Payment Rights securitization transaction on
June 28, 2007.   The issue, rated by S&P and Moody's, comprises
of four tranches.  The first three tranches, wrapped to AAA /
Aaa by Ambac Assurance Corporation, Financial Guaranty Insurance
Company and XL Capital Assurance, have a total size of US$550
million with 10 years maturity.  The fourth tranche, rated
BBB- / Baa2, is issued on an unwrapped basis and has a size of
US$50 million with 8 years maturity.

The Diversified Payment Rights are US Dollar, Euro and GBP
denominated payment orders created via SWIFT MT 103 or similar
payment orders accepted by Garanti.  Diversified Payment Rights
are derived primarily from Garanti's trade finance and other
corporate businesses and are paid through foreign depositary
banks.

Together with this last transaction the outstanding
securitization portfolio of Garanti has reached an amount of
US$3.4 billion.

Headquartered in Istanbul, Turkey, Turkiye Garanti Bankasi A.S
-- http://www.garanti.com.tr/-- provides banking services
through a network of 431 domestic branches and offices, 1,263
automated teller machines, three overseas branches in
Luxembourg, Northern Cyprus and Malta, and five representative
offices in Moscow, London, Dusseldorf, Shangai and Geneva.
Garanti owns a subsidiary bank in the Netherlands, Garanti Bank
International, and one in Russia, Garanti Bank Moscow.

                        *     *     *

As reported in the TCR-Europe on Nov. 2, 2006, Fitch Ratings
affirmed Turkiye Garanti Bankasi A.S.'s foreign currency Issuer
Default rating at BB.  At the same time the agency has affirmed
Garanti's other ratings at local currency IDR BB+, Short-term
foreign and local currency B, Individual C, Support 3, and
National Long-term AA.  Fitch said the Outlooks on the IDRs are
Positive and the Outlook on the National rating is Stable.


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


AKVAREL OJSC: Proofs of Claim Deadline Set July 5
-------------------------------------------------
Creditors of OJSC Akvarel (code EDRPOU 23121019) have until
July 5 to submit written proofs of claim to:

         Alexander Tikhonov
         Temporary Insolvency Manager
         Artem Str. 20
         Artemovsk
         84500 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on May 21.  The case is docketed under
Case No. 42/90B.

The Debtor can be reached at:

         OJSC Akvarel
         Kirov Str. 42
         Artemovsk
         84500 Donetsk
         Ukraine


AVTOK OJSC: Proofs of Claim Deadline Set July 5
-----------------------------------------------
Creditors of OJSC Avtok (code EDRPOU 03115241) have until July 5
to submit written proofs of claims by the address

         Ivan Panasiuk
         Temporary Insolvency Manager
         Poltavsky Shliakh Str. 154
         Apartment 84
         61098 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B-50/68-07.

The Debtor can be reached at:

         OJSC Avtok
         Dzerzhynsky Str. 64
         Kupiansk
         63702 Kharkov
         Ukraine


INDUSTRIAL UNION: Moody's Assigns B1 Rating on Strong Business
--------------------------------------------------------------
Moody's Investors Service assigned a B1 foreign and domestic
currency Corporate Family Rating to Industrial Union of Donbass,
one of the leading steel producers in Ukraine with production
assets located in Ukraine, Hungary and Poland.

In assigning a B1 CFR to Industrial Union of Donbass, Moody's
has taken into account:

   (i) the company's relatively strong business profile given
       the good operational diversity with multiple
       manufacturing sites;

  (ii) balanced and well diversified product portfolio by both
       geography and end-markets;

(iii) significant competitive advantage over regional peers
       with unrestricted access to the Western European markets
       via its subsidiaries Huta Czestochowa in Poland and
       Dunaferr Dunai Vasmu Rt in Hungary;

  (iv) advantageous geographic location with close proximity to
       export shipping routes and raw material supply;

   (v) high profit margins compared to other Ukrainian peers;

  (vi) ongoing capex program focused on enhancing cost benefits
       and quality improvements at each plant;

(vii) good access to distribution networks in Ukraine, Poland
       and Hungary; and

(viii) good credit metrics and relatively conservative financial
       policies, although currently benefiting from high steel
       prices, with an ongoing benign environment for CIS steel
       producers.

The marketing joint venture between ISD and Duferco, the
international leading steel trader and producer, to acquire
trading arm and distribution facilities owned by Duferco
worldwide as well as some production units is seen as a vital
step towards the improvement of ISD's business profile with
enhanced international representation.

The Ba1 rating resulting from the application of Moody's Global
Steel Industry Rating Methodology remains limited largely by
these factors:

   (i) ISD's relatively small size on a global scale with a
       degree of concentration on two main production assets in
       one region which accounts for 75% of the total production
       by volume in 2006;

  (ii) ISD's exposure to cyclical steel prices, which is
       expected to lead to some weakening of its financial
       profile in the next downturn;

(iii) a short history of the company in the current state as it
       only has been created via mergers and acquisitions
       largely over the last six years, and limited history of
       audited financial statements;

  (iv) relatively high current indebtedness of the group;

   (v) ownership concentration among several individuals and
       potential future large dividend payments.  However, it is
       noted that, the current 25% limit in the dividend payout
       ratio is established as a covenant on the IFC 7-year loan
       agreement dated June 2006; and

  (vi) evolving nature of the CIS steel industry with potential
       mergers among peers that might change the current
       competitive environment.

Moody's noted that on an operational basis, ISD's capex program
should result in further increasing competitiveness of assets on
a global basis, and given the significant earnings strength and
cash generation this capex program is not expected to dilute
current metrics, which are comparing very well to its peers.
The current EBITDA margin of ISD is the highest among Ukrainian
steel producers like Zaporizhstal and Azovstal and on par with
Russian peers (Evraz and Severstal).

These ratings have been assigned:

   -- LC Corporate Family Rating...B1; and
   -- FC Corporate Family Rating...B1.

The rating outlook is stable reflecting the expectation that the
company will further benefit from organic growth and investments
in efficiency and in production of a high value-added product
mix enabling it to bolster cash flows and strengthen debt
protection measurements.  At the same time, the significant
capex program is also expected to prevent deleveraging for some
time, therefore delaying a swift improvement of the company's
financial profile in line with the expected strengthening
operating performance.

Industrial Union of Donbass is one of the leaders in the steel
sector of CIS and is the largest in Ukraine with annual
production of 9.7 million tons of liquid steel in 2006.

Currently the company's production assets are located in four
sites in Ukraine, Hungary and Poland.  ISD is focused on export
markets, which accounts for 83% of 2006 sales.

The company is controlled by three companies through equal
stakes, Azovintex, Vizavi and Region, which are owned by a
number of individuals.

In 2006 the company reported revenue of US$4.85 billion and
US$945 million of EBITDA based on audited consolidated financial
statements.


KHMELNIK REPAIR-MECHANICAL: Creditors Must File Claims by July 5
----------------------------------------------------------------
Creditors of OJSC Khmelnik Repair-Mechanical Plant (code EDRPOU
00901312) have until July 5 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/230-06.

The Debtor can be reached at:

         OJSC Khmelnik Repair-Mechanical Plant
         Zhdanov Str. 12
         Khmelnik
         22000 Vinnica
         Ukraine


K.T. LLC: Creditors Must File Claims by July 5
----------------------------------------------
Creditors of LLC K.T. (code EDRPOU 32980958) 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. 24/412-b.

The Debtor can be reached at:

         LLC K.T.
         Andrew Ivanov Str. 10
         Kiev
         Ukraine


MARIYA ART-STUDIO Proofs of Claim Deadline Set July 5
-----------------------------------------------------
Creditors of LLC Mariya Art-Studio (code EDRPOU 31622565) have
until July 5 to submit written proofs of claim to:

         Nikolay Kuprienko
         Temporary Insolvency Manager
         Independency Square 1-b
         36003 Poltava Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 18/43.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mariya Art-Studio
         Lenin Str. 3-a
         Kremenchuk
         Poltava
         Ukraine


NATIONAL CONSULTING: Creditors Must File Claims by July 5
---------------------------------------------------------
Creditors of LLC National Consulting Center (code EDRPOU
30781076) 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. 46/588-b.

The Debtor can be reached at:

         LLC National Consulting Center
         Apartment 203
         Khreschatik Str. 7/11
         Kiev
         Ukraine


OREANDA LLC: Creditors Must File Claims by July 5
-------------------------------------------------
Creditors of LLC Agricultural Complex Oreanda (code EDRPOU
32888536) have until July 5 to submit written proofs of claim
to:

         Tatiana Nagorneva
         Liquidator
         Gagarin Str. 2
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/169-06.

The Court is located at:

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


SVITANOK LLC: Proofs of Claim Deadline Set July 5
-------------------------------------------------
Creditors of Agricultural LLC Svitanok (code EDRPOU 03734613)
have until July 5 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 10/104-07.

The Debtor can be reached at:

         Agricultural LLC Svitanok
         Zaozernoe
         Tulchin District
         23664 Vinnica
         Ukraine


TEMP LLC: Creditors Must File Claims by July 5
----------------------------------------------
Creditors of LLC Agricultural Firm Temp (code EDRPOU 30758178)
have until July 5 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. 7/3-07-243.

The Debtor can be reached at:

         LLC Agricultural Firm Temp
         Lipetskoe
         Kotovsk District
         Odessa
         Ukraine


TESEYA LLC: Creditors Must File Claims by July 5
------------------------------------------------
Creditors of LLC Teseya (code EDRPOU 33833891) 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. 27/177-b.

The Debtor can be reached at:

         LLC Teseya
         Pestel Str. 11
         Kiev
         Ukraine


VEDA-HOLDING LLC: Proofs of Claim Deadline Set July 5
-----------------------------------------------------
Creditors of LLC Veda-Holding (code EDRPOU 31941944) have until
July 5 to submit written proofs of claims to:

         Valery Shevchenko
         Liquidator
         Apartment 27
         Geroev Truda Str. 54
         Kharkov
         Ukraine

The Court is located at:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/108-06.

The Debtor can be reached at:

         LLC Joint Ukrainian-American Enterprise Veda-Holding
         Matrosov Str. 9
         Kharkov
         Ukraine


ZHANNETTA LLC: Creditors Must File Claims by July 5
---------------------------------------------------
Creditors of LLC Zhannetta (code EDRPOU 24096358) 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. 15/219-b.

The Debtor can be reached at:

         LLC Zhannetta
         Apartment 5
         Ivan Kudria Str. 37A
         Kiev
         Ukraine


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


CONSTELLATION BRANDS: Hires Rob Sands as Chief Executive Officer
----------------------------------------------------------------
Constellation Brands Inc.'s board of directors has named Robert
S. (Rob) Sands, chief executive officer effective July 26, 2007.
Richard Sands will remain active in the company as chairman of
the board.

"The board of directors of Constellation Brands has unanimously
concurred that it is in the best interests of the company and
its stockholders that Rob Sands succeed Richard Sands as the
next chief executive officer," stated James A. Locke III, head
of the board's governance committee.

"Rob's 21 years with the company; his proven knowledge,
experience and leadership abilities; established track record in
having already served as Constellation's general counsel, chief
operating officer and president; collectively give the board
full confidence in his capabilities to lead the company."

Rob Sands joined Constellation Brands in June 1986 as general
counsel overseeing the company's legal affairs, with an emphasis
on its acquisitions.  In 1993 he was appointed executive vice
president and general counsel and promoted to chief executive
officer of Constellation International after the company's
acquisition of the United Kingdom's Matthew Clark plc in 1998.
From 2000 through most of 2002, he served as group president
over both the U.K. operations and Canandaigua Wine company.

He was named president and chief operating officer for
Constellation Brands in December 2002.  He is a member of the
company's board of directors and has a bachelor's degree from
Skidmore College and a law degree from Pace University.  Prior
to joining Constellation he was an attorney at a Rochester,
N.Y., law firm.

"After 28 years with the company, and the last 14 as chief
executive officer, it is time for me to pass the CEO baton, and
Rob is the right choice to maintain continuity in
Constellation's ongoing pursuit of True Growth and harvesting
opportunities to improve return on invested capital, earnings
and free cash flow," said Richard Sands, Constellation Brands
chairman and chief executive officer.  "Rob's focus will be to
lead Constellation Brands to the next level of growth and value
creation by maintaining the company's entrepreneurial spirit,
decentralized structure, core values and long-term strategic
vision.  I will be available to provide guidance, although Rob
will be running the company, something I firmly believe is the
right structure to maximize the company's future growth
potential."

Richard Sands joined Constellation Brands in August 1979, and
subsequently served in various wine production, finance, sales
and marketing roles before being named executive vice president
in 1982.  In May 1986, he was named president and chief
operating officer, and was named chief executive officer in
1993. In September 1999 he was named chairman.

He has a bachelor's degree from the University of Vermont, in
addition to master's and doctorate degrees in social psychology
from the University of North Carolina.

Resulting from these changes, Keith Wilson has been promoted to
the newly created position of chief administrative officer and
he will report to Rob Sands, also effective July 26, 2007.  Mr.
Wilson, who is currently Constellation's executive vice
president and chief human resources officer, will be overseeing
the company's global information technology, human resources and
supply chain activities, in addition to having responsibility
for the corporate communications and community relations
group.  Also effective on July 26, 2007, Jose Fernandez will be
promoted to the new position of chief executive officer for
Constellation Wines North America, which encompasses the
company's Constellation Wines U.S. and Vincor Canada operations.
He is currently chief executive officer for Constellation Wines
U.S.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.   One of Constellation Brands wine and grape
processing facilities is located in Casablanca, Chile.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured debt rating to Constellation Brands
Inc.'s proposed US$700 million note offering due 2017, issued
under Rule 144A with registration rights.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Fitch Ratings has assigned a 'BB-' rating to
Constellation Brands Inc.'s proposed US$700 million 10-year
senior note offering.

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, Moody's assigned a Ba3 rating to Constellation
Brands Inc.'s US$700 million senior unsecured note issuance
which will be used to reduce outstanding borrowings under the
US$900 million revolving portion of the company's senior credit
facility.  Moody's affirmed all other ratings of the company
with stable outlook.


COSMO FINANCE: Moody's Rates Classes E & F Notes at Low-B
---------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
nine classes of asset-backed notes to be issued by CoSMO Finance
2007-1 Ltd:

   -- (P)Aaa to the EUR500,000 Class A1+ Floating Rate Credit
      Linked Notes (due in 2027);

   -- (P)Aaa to the EUR1,816,500,000  Class A1 Floating Rate
      Credit Linked Notes (due in 2027);

   -- (P)Aaa to the EUR500,000 Class A2+ Floating Rate Credit
      Linked Notes (due in 2027);

   -- (P)Aaa to the EUR35,500,000 Class A2 Floating Rate Credit
      Linked Notes (due in 2027);

   -- (P)Aa2 to the EUR30,000,000 Class B Floating Rate Credit
      Linked Notes (due in 2027);

   -- (P)A2 to the EUR26,000,000 Class C Floating Rate Credit
      Linked Notes (due in 2027);

   -- (P)Baa2 to the EUR21,000,000 Class D Floating Rate Credit
      Linked Notes (due in 2027);

   -- (P)Ba2 to the EUR26,000,000 Class E Floating Rate Credit
      Linked Notes (due in 2027); and

   -- (P)B2 to the EUR17,000,000 Class F Floating Rate Credit
      Linked Notes (due in 2027).

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

CoSMO Finance 2007-1 Limited is a synthetic, fully funded
securitization transaction, which replicates the structure of
the preceding Commerzbank transaction, CoCo Finance 2006-1 plc,
with just one major difference being the involvement of an
annual synthetic excess spread of 50 basis points.  With this
new transaction, Commerzbank AG is buying credit protection via
an issuer guarantee from the SPV on a reference portfolio of
EUR2 billion consisting of loans to its German small and medium
entity clients.

The reference portfolio can be replenished during the first five
years after the closing date unless a termination event has
occurred under the issuer guarantee or a replenishment
suspension event is triggered.  In order to hedge its
obligations under the issuer guarantee, the SPV issues Class
A1+, A1, A2+ and A2 notes as well as Class B, C, D, E and F
Notes and invests the note proceeds in cash.  Unless repaid
earlier, the credit linked notes will be redeemed in bullet on
the scheduled maturity date or during the replenishment period
in case the replenishment cap is intended to be reduced.  The
amortization of the notes is fully sequential; and the loss
allocation is done in reverse sequential order after the
threshold amount of EUR27,000,000 has been reduced to zero.

There is an option included in the structure, which allows
Commerzbank upon its discretion to replace either:

   (i) solely the class A1 notes; or

  (ii) both the class A1 and A2 notes together, with separate
       super senior swaps in its entirety at a later stage.

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

   (1) The threshold amount of EUR27 million and the
       synthetic excess spread mechanism (0.50% p.a.) absorb
       first realized losses and hence, these two elements
       provide protection to the note holders.  However, the
       excess spread amount, which is not used within a period
       of four succeeding payment dates (i.e. on an annual
       basis), is lost;

   (2) If Commerzbank as credit protection buyer loses the
       minimum ratings of A1/P-1, it must pay one and a half
       issuer guarantee premiums in advance to a cash collateral
       account at Citibank (Aaa/P-1).  A failure to do so will
       lead to a termination event under the issuer guarantee;

   (3) Although a clear credit event definition is in place -
       defined as bankruptcy or failure to pay (90 days past
       due, at least EUR10,000 or, if lower, 50% of the
       outstanding amount, investors will bear not only the
       realized losses resulting from the credit events occurred
       until the scheduled maturity date, but in addition might
       face realized losses resulting from delinquent
       receivables, which turn into a credit event during the
       120 days between scheduled and legal final maturity date;
       Moody's considers this in its analysis by applying an
       extended time horizon when estimating the default
       probability (as modeling input) for each single loan
       from the respective internal rating via the mapping
       analysis; and

   (4) While Moody's has received on a loan-by-loan basis:

      (i) the internal rating and loss-given-default
          estimation;

     (ii) the weighted average remaining life; and

    (iii) the collateralization level.

Moody's was not provided with data relating to the historical
performance of the securitized assets; hence, only the existing
mapping between Moody's rating scale and Commerzbank's internal
rating scale could be used as base to derive the asset specific
default probability; and further, in terms of recovery
parameters.

Moody's assumed on an individual asset basis the standard
recovery assumptions from CDOROM™ for secured/unsecured SME
loans by:

   (i) either applying directly these assumptions for fully
       secured or unsecured loans; or

  (ii) using an average recovery rate mean for partially secured
       loans based on the collateralization level.

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 ratings 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 ratings address the expected loss posed to investors by the
legal final maturity of the notes.  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.


ELSPETH GIBSON: Claims Filing Period Ends July 27
-------------------------------------------------
Creditors of Elspeth Gibson Retail Ltd. have until July 27 to
send in their names, addresses and the particulars of their
debts and claims to:

         M. Arkin
         Liquidator
         Arkin & Co.
         Maple House
         High Street
         Potters Bar
         Hertfordshire
         EN6 5BS
         England

M. Arkin of Arkin & Co. was appointed liquidator of the company
on June 1.


FRENCH DIRECT: Appoints Jason Groocock as Liquidator
----------------------------------------------------
Jason Groocock of HKM LLP was appointed liquidator of French
Direct (U.K.) Ltd. (formerly Hollywell Trading Ltd.) on June 1
for the creditors’ voluntary winding-up procedure.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.

The company can be reached at:

         French Direct Ltd.
         High Street
         Hartley Wintney
         Hook
         RG27 8NY
         England
         Tel: 01252 842 702


HAMMOND WHITEOAK: Taps T. Papanicola to Liquidate Assets
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed liquidator of
Hammond Whiteoak Press Ltd. (formerly Hammond Press Ltd.) on
May 29 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:

         Hammond Whiteoak Press Ltd
         424 Margate Road
         Ramsgate
         CT12 6SR
         England
         Tel: 01843 593 329
         Fax: 01843 586 023


HATZLACHA LTD: Names Richard William James Long Liquidator
----------------------------------------------------------
Richard William James Long of Richard Long & Co. was appointed
liquidator of Hatzlacha Ltd. (t/a Prestige Travel) on May 29 for
the creditors’ voluntary winding-up procedure.

The company can be reached at:

         Hatzlacha Ltd.
         99 Bell Lane
         Barnet
         London
         NW4 2AR
         England
         Tel: 020 8202 0666
         Fax: 020 8202 0110


MAD ABOUT JEWELLERY: Claims Filing Period Ends July 13
------------------------------------------------------
Creditors of Mad About Jewellery Ltd. have until July 13 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors, if any, to:

         Martin Henry Linton
         Liquidator
         Leigh & Co.
         Brentmead House
         Britannia Road
         London
         N12 9RU
         England

Martin Henry Linton of Leigh & Co. was appointed liquidator of
the company by a resolution of the creditors passed on May 30.


METRONET RAIL: LU Must Pay 95% of GBP2 Bln Debt, Moody’s Says
-------------------------------------------------------------
Taxpayers will have to pay up to GBP2 billion if The Metronet
Rail Group, the company responsible for upgrading, replacing and
maintaining two-thirds of London Underground's infrastructure
under a 30-year Public Private Partnership contract, collapses,
The Guardian reports citing Moody’s ratings agency.

According to Moody’s, should Metronet becomes insolvent, London
Underground, Transport for London's tube operation, is obliged
to pay back 95% of the debt if it fails to sell on the contracts
covering the maintenance work to a new owner.

“If TfL does sell on the contracts, it will still have to pay
off creditors,” Andrew Blease, a Moody’s analyst, was quoted by
The Guardian as saying.

However, the LU does not believe it should be liable for any
additional payments to Metronet, for work undertaken as part of
its Infraco BCV PPP contract.

LU believes that Metronet has not provided evidence to date that
any additional payments would have been required by a competent
organization, The Guardian relates.  It therefore remains of the
belief that Metronet’s projected cost overrun should be largely
or entirely borne by it and its shareholders.

Metronet has already received around GBP3 billion in
Infrastructure Service Charge from LU and receives millions more
every four weeks.  LU believes that Metronet should be drawing
on its own sources of funds, rather than seeking more from the
public purse.

Meanwhile, Grupo Ferrovial S.A., which owns 60% of Tube Lines,
revealed it had been approached by TfL to help sort out problems
at Metronet, The Guardian relates.

However, a TfL spokesman told The Independent that "TfL is not
in, nor has it been in, discussions with Ferrovial or Tube Lines
with regard to the taking over of Metronet's responsibilities."

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

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

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

                       About Metronet

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

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

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

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

                         *     *     *

As reported in the TCR-Europe on July 2, 2007, Moody's Investors
Service downgraded to Ba2 from Ba1 the senior secured un-
guaranteed debt ratings of both Metronet Rail BCV Finance Plc
and of Metronet Rail SSL Finance Plc.

Moody's is continuing its review of the two entities' ratings
for further possible downgrade, which was initiated on May 8,
2007.  At the same time, the Aaa guaranteed debt ratings of BCV
Finco and SSL Finco have been affirmed.


PARAGON ENTERPRISES: Claims Filing Period Ends August 31
--------------------------------------------------------
Creditors of Paragon Enterprises Ltd. have until Aug. 31 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on May 30 by resolutions of members and creditors.

Moore Stephens -- http://www.moorestephens.co.uk-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


PC BUILDING: David Field Leads Liquidation Procedure
----------------------------------------------------
David Field of Centrum Recovery was appointed liquidator of PC
Building Maintenance Ltd. on May 22 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         PC Building Maintenance Ltd.
         Unit 1 South Pontypool Business Park
         Panteg Way
         New Inn
         Pontypool
         NP4 0LS
         Wales
         Tel: 01495 755 510


SEA CONTAINERS: Trustee Appoints HSBC as Sole Member of Panel
-------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, issued
on June 27, 2007, a notice appointing HSBC Bank USA, National
Association, as indenture trustee, as the sole member of the
Official Committee of Unsecured Creditors in Sea Containers,
Ltd. case.

The U.S. Trustee late last week disbanded the SCL Committee
citing conflict of interest with respect to three of the
Committee members -- Trilogy Capital, LLC, Dune Capital, LLC,
and Mariner Investment Group, Inc.

Trilogy, Dune Capital, Mariner Investment Group have committed
to extend up to $176,500,000 in postpetition financing to the
Debtors.  The proposed DIP Facility is pending approval before
the U.S. Bankruptcy Court for the District of Delaware.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

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


SEA CONTAINERS: Wants to Settle SC Asia Intercompany Claims
-----------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
enter into a settlement agreement with Sea Containers Asia Pte
Ltd., Yorkshire Marine Containers Ltd., Charleston Marine
Containers, Inc., and Paulista Containers Maritismos Ltda.,
relating to various intercompany balances.

The Debtors also seek the Court's permission to take all actions
necessary to liquidate SC Asia.

SC Asia no longer actively engages in any business activities
but yet is solvent and has significant cash in its accounts,
Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, explains.  A solvent voluntary
liquidation will enable SC Asia to upstream excess cash to SCL
for the ultimate benefit of the estate's creditors, Mr. Greecher
says.  Liquidation will also eliminate an inactive entity from
the company's complex operating structure while at the same time
removing the risk of any future claims against SC Asia or SCL
based on claims against SC Asia, Mr. Greecher adds.

"The settling of SC Asia's intercompany balances and its
subsequent voluntary liquidation merely accelerates a process
the Debtors likely will have to undertake as part of their
chapter 11 plan and wind-up of non-debtor subsidiaries," Mr.
Greecher says.

SC Asia intends to settle its outstanding intercompany balances
prior to commencing solvent liquidation proceedings under
Singapore law.  SCSL, YMCL, CMCI, SCL and PCML have balances
owing to, or receivables from, SC Asia.  The parties agree to
set off amounts owed to SC Asia against any amounts SC Asia
owed.

           SC Asia's Outstanding Intercompany Balances
                    As of May 31, 2007

  Entity     Receivable          Payable            Net
  ------     ----------          -------           -----
  SCSL                -    (SG$1,669,768)  (SG$1,669,768)
  YMCL        SG$90,610                -       SG$90,610
  CMCI       SG$536,266                -      SG$536,266
  SCL      SG$2,339,627    (SG$3,282,687)    (SG$943,059)
  PCML                -       (SG$21,803)     (SG$21,803)
           ------------   --------------   -------------
  Total    SG$2,966,503    (SG$4,974,258)  (SG$2,007,754)

The balances owed to SC Asia after set-off by YMCL and CMCI will
be assigned to SCL, and the parties will owe the amount to SCL.

Once SC Asia has settled its intercompany balances, along with
any outstanding balances with third-party creditors, SC Asia
intends to commence solvent voluntary liquidation proceedings
under Singapore law.  As part of the process, SC Asia will issue
a "declaration of solvency" and convene an "extraordinary
general meeting" under Singapore law to consider whether to:

  -- voluntarily liquidate under Singapore law;

  -- appoint a local liquidator to carry out the liquidation;
     and

  -- authorize the liquidator to take the actions necessary to
     liquidate SC Asia under Singapore law.

The Debtors have already contacted a liquidator in Singapore
with whom they have worked in the past.  SC Asia will pay the
liquidator a $10,000 fee plus expenses.

As sole shareholder of SC Asia, SCL must appoint a corporate
representative in connection with the voluntary liquidation.
The corporate representative will attend the extraordinary
general meeting and approve SC Asia's corporate resolutions to
voluntarily liquidate, and to appoint and authorize a liquidator
to liquidate SC Asia.

The liquidator will carry out the solvent liquidation of SC Asia
pursuant to Singapore statutory requirements, including
finalizing the tax position of SC Asia in Singapore, finalizing
all of SC Asia's accounts, and completing all necessary
notifications.  SC Asia will then hold its final meeting where
the liquidator will present its final report on SC Asia's
accounts to the corporate representative.  If the corporate
representative approves the liquidator's report, SC Asia can
return any funds remaining after payment of the intercompany
balances and third-party creditors to SCL.  The remaining funds
are expected to approximate $1,400,000.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

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


SHAW GROUP: Energy & Climate Picked as Asset Advisors for Leaf
--------------------------------------------------------------
The Shaw Group Inc. announced that Energy and Climate Advisors,
a joint venture company formed by Shaw Capital, Inc., and
London-based EEA Fund Management Ltd., has been selected to
serve as the asset advisor for Leaf Clean Energy Company.

Leaf is a clean energy asset company that began trading today on
the London Stock Exchange AIM market with an initial market
capitalization of approximately US$400 million.  Under the Asset
Advisory Agreement, Energy and Climate Advisors will assist Leaf
in the sourcing of investment opportunities in the renewable and
alternative energy markets and provide support to Leaf in the
screening, evaluation, development, and operation and
maintenance of assets acquired by Leaf.

J.M. Bernhard, Jr., chairman, president and chief executive
officer of Shaw, referring to the appointment, said, “Shaw
Capital is quickly establishing itself as an important component
of Shaw’s complete suite of solutions for its clients.  Not only
can Shaw provide traditional services such as evaluating project
feasibility, providing engineering and construction services,
and supporting the operation and maintenance of the asset; now,
through Shaw Capital, we may also provide access to capital
for projects through our relationships with entities like Leaf.”

Dan Shapiro, president of Shaw Capital, added, “Shaw Capital’s
strategic relationship with EEA provides a unique combination of
skills and experience for success in the robust new energy and
emerging climate change markets, particularly those occurring
within North America."

Simon Shaw (no relation to The Shaw Group), founder of EEA,
said, “The U.S. is now in the embryonic stages of a fundamental
long-term transition to a low carbon economy, which is a massive
step forward for the clean energy sector.  Together with our
partners at The Shaw Group, we are well positioned to access
project level opportunities within this sector.”

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


TOREX RETAIL: Sale to Cerberus Badly Managed, Ex-CEO Says
---------------------------------------------------------
Neil Mitchell, the ousted former chief executive of Torex Retail
plc, reacted furiously to the disposal of the group's operating
assets to Cerberus, saying the sale process was very badly
managed, Alistair Osborne writes for The Telegraph.

According to the report, Mr. Mitchell intends to file a series
of lawsuits with damages estimated to be at least GBP30 million.
He will also take legal action against Torex ex-chairman Steve
Marshall for defamation.

Mr. Mitchell claimed Mr. Marshall "has not run the business in
the best interests of shareholders or any stakeholders and the
only people paid were his paymasters, the banks."

As previously reported in the TCR-Europe on June 28, 2007,
Richard Heis and Mick McLoughlin of KPMG LLP have been appointed
as joint administrators of Torex, but not in respect of any of
the operating subsidiaries which are immediately transferred to
an acquisition vehicle owned by Cerberus.  Senior debt plus
deferred and transactional related liabilities at completion
amount to some GBP212 million in total.  As a result, it is not
anticipated that the unsecured creditors or shareholders of the
holding company will receive any proceeds from its
administration.

The ousted chief executive, who previously revealed alleged
financial irregularities at Torex under previous chairman Chris
Moore, said the initial bids for the group were lowered to
GBP204 million from GBP350 million because of poor trading under
Mr. Marshall, The Telegraph relates.

Mr. Mitchell is asking politicians and regulators to go over the
sale.

Mr. Marshall earlier defended the decision to sell.  He
explained Torex tried equity fundraisings but would only have
raised about GBP15 million to GBP20 million, The Financial Times
reports.

AFX News says the deadline for the European Commission's inquiry
into the sale is set for August 2, 2007.

The Times reveals The UK Shareholders Association also submitted
a request for an extraordinary general meeting.  The UKSA aims
to remove Mr. Marshall and appoint new directors.

                     About Torex Retail Plc

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


VIATEL HOLDING: Auditors Express Going Concern Doubt
----------------------------------------------------
Deloitte & Touche LLP expressed substantial doubt about Viatel
Holding (Bermuda) Limited's ability to continue as a going
concern after auditing the company's financial statements for
the fiscal years ended Dec. 31, 2006 and 2005.

The auditing firm pointed to the company's recurring losses from
operations and its difficulty in generating sufficient cash flow
to meet its obligations and sustain its operations.

For the year ended Dec. 31, 2006, Viatel posted GBP38.9 million
in net losses on GBP33.5 million in revenues, compared with
GBP63.4 million in net losses on GBP20.6 million in revenues for
the same period in 2005.

At Dec. 31, 2006, the company’s balance sheet showed GBP85.6
million in total assets, GBP161.7 million in total liabilities
and GBP76.1 million in total shareholders’ deficit.

Viatel Holding (Bermuda) Limited -- http://www.viatel.com/-- is
the builder-operator-owner of a state-of-the-art pan-European
fiber-optic network and a provider of clear channel broadband,
IP transit and transport, and virtual private networks to
corporations, communications carriers, Internet service
providers and other wholesale customers, and end-user business
customers.  It maintains its European headquarters in the United
Kingdom.


VIRGIN MEDIA: Receives Takeover Bid; Initiates Strategic Review
---------------------------------------------------------------
Virgin Media Inc. (fka NTL Inc.) confirmed it has received a
takeover proposal but declined to divulge the identity of the
offeror.

The company said it has not engaged in negotiations with the
offeror.  The proposal is based on public information and is
subject to various conditions, including a due diligence
examination and a period of exclusivity.  The proposal also
states that it will be withdrawn if its terms are publicly
disclosed.

Prior to the receipt of the proposal, the Virgin Media's Board
of Directors had initiated a review of strategic alternatives
with Goldman Sachs , including a process for a possible sale of
the Company.  The proposal will be considered as part of the
review.  However, there is no assurance that any transaction
will occur or, if so, at what price.  The telecoms company does
not intend to comment further on the process unless and until a
definitive agreement is executed or the process is abandoned.

Published reports have cited Carlyle Group to have made a
preliminary offer of between US$33 and US$$35 per share for the
telecoms company.  Virgin Media, however, declined to comment on
the matter.


                     About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

Virgin Media posted GBP120.3 million in net losses against GBP1
million in revenues for the first quarter ended March 31, 2007,
compared with GBP119.9 million in net losses against GBP611.4
million in revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, also showed
strained liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                            *   *   *

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

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.

As reported in the TCR-Europe on March 23, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' senior secured debt
rating and '1' recovery rating on Virgin Media Investment
Holdings Ltd.'s GBP4.98 billion senior secured facilities.

                           *********

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.


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