TCREUR_Public/070705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, July 5, 2007, Vol. 8, No. 132

                            Headlines


A U S T R I A

F.A.M.T. FRISEUR: Wiener Neustadt Court Orders Business Shutdown
FRIOLA LLC: Claims Registration Period Ends July 10
GRIECHISCHE TAVERNE: Claims Registration Period Ends July 18
MD ALPHA: Estate Administrator Declares Insufficient Assets

B E L G I U M

GENERAL MOTORS: U.S. Car Sales Decline 24% in June 2007

D E N M A R K

TDC A/S: Appoints New Executive Committee Member for Fixnet

F R A N C E

LBC HOLDING: Moody's Withdraws Low-B Ratings

G E R M A N Y

ESCENA ENTWICKLUNGSGES: Claims Registration Period Ends Aug. 22
GEMEINNUETZIGE GESELLSCHAFT: Claims Registration Ends Aug. 10
GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT: Claims Filing Ends Sept. 14
PROSIEBENSAT.1: Moody's To Withdraw Ba1 Sr. Unsec. Debt Rating
S-CORE 2007-1: S&P Assigns B Ratings on EUR4.3 Million E Notes

SEMPER FINANCE: Fitch Places BB Ratings on EUR20.3 Mln E Notes
UWE DUNKEL: Creditors' Meeting Slated for August 10

G R E E C E

M.J. MAILLIS: Undergoes Restructuring to Improve Profitability

I T A L Y

WIND TELECOMUNICAZIONI: Solicits Consents for EUR950MM Sr. Notes
WIND TELECOMUNICAZIONI: Fitch Places BB- IDR on Watch Negative

K A Z A K H S T A N

ADLET & P LLP: Proofs of Claim Must be Filed by August 8
ALTAY B LLP: Creditors Must File Claims by August 8
ALTYN-MIRAS OJSC: Claims Filing Period Ends August 10
ATF BANK: Moody's May Lift Low B Ratings After Review
DIAS-NS LLP: Claims Registration Ends August 3

INTERCOM MK: Claims Registration Ends August 10
MUNAYSHY LLP: Creditors' Claims Due on August 8
NARODNAYA STRAHOVAYA: Claims Filing Period Ends August 10
NVV LLP: Creditors Must File Claims August 10

K Y R G Y Z S T A N

SHAHTOSTROY JSC: Batken Court Declares Business Insolvent

N E T H E R L A N D S

EUROSAIL-NL: Fitch Puts BB Ratings on EUR13.65-Million Notes
GETRONICS N.V.: In Talks with U.S. Firm Over Possible Takeover
WOOD STREET: Fitch Rates EUR20-Million Floating Notes at BB

R U S S I A

AGRO CJSC: Creditors Must File Claims by July 9
AGRO-LUCH CJSC: Creditors Must File Claims by July 9
ATOM-SERVICE CJSC: Rostov Bankruptcy Hearing Slated for July 23
BASBOR CJSC: Creditors Must File Claims by Aug. 9
ELECTRO-TEXTILE: Creditors Must File Claims by Aug. 9

GLAZOV-AGRO-SNAB: Creditors Must File Claims by Aug. 9
KORVET CJSC: Creditors Must File Claims by July 9
MOS-BAL-INVEST: Creditors Must File Claims by Aug. 9
OAO ROSNEFT: Acquires Yukos' Assets from Prana LLC
PROMSVYAZBANK JSCB: Changes Status to Open Joint Stock Company

RANINSKIY TIMBER: Creditors Must File Claims by Aug. 9
ROSNEFT OIL: Inks Memorandum of Understanding with SIBUR
ROSNEFT OJSC: Fitch Upgrades IDR to BBB- & Removes from Watch
STERLING GROUP: Creditors Must File Claims by Aug. 9
STRAZH BALTIKI: Creditors Must File Claims by July 9

TARTALEYSKOYE: Creditors Must File Claims by July 9
URZHUMSKIY AGRO-SNAB: Names O. Kuvshinskaya to Manage Assets
ZERNOGRADSKIY PIG: Creditors Must File Claims by July 9

S P A I N

IM GRUPO: Moody's Junks Rating on EUR39 Million Series E Notes

S W I T Z E R L A N D

ARG FINANCE: Zug Court Starts Bankruptcy Proceedings
AUGSTBURGER PRINTLINE: Creditors' Liquidation Claims Due July 16
BABAT TRADING: Zug Court Starts Bankruptcy Proceedings
CF COMMERCIAL: Zug Court Starts Bankruptcy Proceedings
CONTEC LLC: Zug Court Starts Bankruptcy Proceedings

DIGICOMP JSC: Zurich Court Closes Bankruptcy Proceedings
ECO-VERLAGS JSC: Creditors' Liquidation Claims Due July 16
EDALTEC LLC: Creditors' Liquidation Claims Due July 16
EFAM LLC: Creditors' Liquidation Claims Due July 16
HAUSER + GUBLER JSC: Creditors' Liquidation Claims Due July 19

JOSEF MACHLER: Creditors' Liquidation Claims Due August 2
MODE FIGURA: Aargau Court Closes Bankruptcy Proceedings
NEUSATZ-IMMOBILIEN JSC: Liquidation Claims Due July 19
SACOFINT JSC: Creditors' Liquidation Claims Due July 19
SWAYY LLC: Creditors' Liquidation Claims Due July 18

VERLI JSC: Creditors' Liquidation Claims Due July 20

T U R K E Y

EREGLI DEMIR: S&P Affirms BB- Rating with Stable Outlook

U K R A I N E

ALKION LLC: Creditors Must File Claims by July 6
AMARANT LLC: Proofs of Claim Deadline Set for July 6
ELADA PLUS: Proofs of Claim Deadline Set for July 6
METALIST OJSC: Creditors Must File Claims by July 6
PARTNER LLC: Creditors Must File Claims by July 6

SEZAM-AGRO: Proofs of Claim Deadline Set for July 6
SU LTD: Creditors Must File Claims by July 6
UNION OF DONBASS: Fitch Assigns B+ IDR with Stable Outlook
VERKHOVINA CJSC: Creditors Must File Claims by July 6
VIGOR LLC: Creditors Must File Claims by July 6

VILLAGE COMMUNE: Proofs of Claim Deadline Set for July 6
WEST METAL-ROLL: Proofs of Claim Deadline Set for July 6
YUSTAS LLC: Proofs of Claim Deadline Set for July 6

U N I T E D   K I N G D O M

A.M. EXPRESS: Appoints Martin C. Armstrong as Liquidator
A1 SOLO: Proof of Claim Deadline Slated for July 27
ASTRATIME LTD: Jonathan Lord Leads Liquidation Procedure
BEECHACRE LTD: Brings In Liquidators from Abbott Fielding
BRAKE BROS: Moody's May Cut Low B Ratings After Review

CAMERON NORTHERN: Taps A. Poxon to Liquidate Assets
CLASSIC COMMUNITY: Claims Filing Period Ends July 18
CONIFERS LEISURE: Calls In Liquidator from Begbies Traynor
CORUS GROUP: Tata Steel Acquisition Cues Fitch's BB Upgrade
DECO 16: S&P Rates GBP29.8 Billion Class G Notes at BB

DONBOX LTD: Appoints Joint Administrators from KPMG
DREAMMAKER BATH: Joint Liquidators Take Over Operations
EMPOWER INTERACTIVE: Claims Filing Period Ends July 27
FLEET STREET: S&P Puts BB Rated Class E Notes on Watch Positive
FOPP LTD: Administrators Cut 700 Jobs Across the U.K.

JJ BARKER: Brings In Administrators from KPMG LLP
MED CLEAN: Hires Liquidator from Begbies Traynor
MIKKIS MOUSE: Appoints Lloyd Biscoe as Liquidator
SALOPIAN MECHANICAL: Taps Liquidators from Mazars
SAPPHIRE WINDOWS: Claims Filing Period Ends September 5

UP & RUNNING: Names Peter James Yeldon Liquidator
VIRGIN MEDIA: Fitch Affirms B+ IDR & Changes Outlook to Positive
WHITEFIELD FABRICATIONS: Appoints Liquidator from Tenon Recovery

* Upcoming Meetings, Conferences and Seminars


                            *********


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


F.A.M.T. FRISEUR: Wiener Neustadt Court Orders Business Shutdown
----------------------------------------------------------------
The Land Court of Wiener Neustadt entered June 6 an order
shutting down the business of LLC F.A.M.T. Friseur (FN 250698z).

Court-appointed estate administrator Michael Troethandl
recommended the business shutdown after determining that the
continuing operations would reduce the estate's value.

The estate administrator can be reached at:

         Dr. Michael Troethandl
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/86 580
         Fax: 02252/86580-3
         E-mail: troethandl@lexacta.com

Headquartered in Traiskirchen, Austria, the Debtor declared
bankruptcy on May 21 (Bankr. Case No. 11 S 57/07d).


FRIOLA LLC: Claims Registration Period Ends July 10
---------------------------------------------------
Creditors owed money by LLC Friola (FN 141641x) have until
July 10 to file written proofs of claim to court-appointed
estate administrator Franz Krainer at:

         Dr. Franz Krainer
         Herrengasse 19/I
         Second Floor
         8010 Graz
         Austria
         Tel: 0316/822082
         Fax: 0316/822082-75
         E-mail: office@dr-krainer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 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 Graz, Austria, the Debtor declared bankruptcy
on June 6 (Bankr. Case No. 25 S 59/07z).


GRIECHISCHE TAVERNE: Claims Registration Period Ends July 18
------------------------------------------------------------
Creditors owed money by LLC Griechische Taverne (FN 259866g)
have until July 18 to file written proofs of claim to court-
appointed estate administrator Kurt Bernegger at:

         Dr. Kurt Bernegger
         c/o Mag. Waltraud Kohlfuerst
         Jacquingasse 21
         1030 Vienna
         Austria
         Tel: 799 15 80/0
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Aug. 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No. 4 S 62/07f).  Waltraud Kohlfuerst
represents Dr. Bernergger in the bankruptcy proceedings.


MD ALPHA: Estate Administrator Declares Insufficient Assets
-----------------------------------------------------------
Mag. Horst Winkelmayr, the court-appointed estate administrator
for LLC MD ALPHA (FN 276363t), declared June 6 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 3 S 72/07v).

The estate administrator can be reached at:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77-50
         E-mail: rae@kniwi.at




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


GENERAL MOTORS: U.S. Car Sales Decline 24% in June 2007
-------------------------------------------------------
General Motors dealers in the United States sold 326,300
vehicles in June, down 24 percent, compared with year-ago
monthly sales.  The decline was partly attributed to a planned
reduction of an additional 13,487 daily rental sale vehicles in
the month.  GM now has taken more than 92,000 daily rental
vehicles out of the sales totals in 2007.

"Given the planned reduction in daily rental sales, we expected
June would be a tough comparison to a year ago.  Our retail
performance for the month was also below the solid running rate
we've experienced for the first half of the year, which we
attribute to a soft industry and lower incentive spending than
our competitors.  However, we continue to believe that
maintaining a disciplined approach to both incentives and daily
rental car sales is key to making our marketing strategy work in
the long run," said Mark LaNeve, vice president, GM North
American Sales, Service and Marketing.

"We continue our focus on the retail side of the equation and
first-half results were solid," Mr. LaNeve added.  "We are
delighted with the continuing success of new products,
especially the GMC Acadia, Saturn OUTLOOK and Buick Enclave.  As
with many of our vehicles, these all-new crossovers offer great
fuel economy, terrific performance and outstanding value.  For
example, a year ago we were selling only about 3,000 mid-utility
crossover vehicles. This June we blew the doors off the segment
with deliveries in excess of 15,000."

Increased sales of the Saturn AURA, as well as the new mid-size
crossovers GMC Acadia, Saturn OUTLOOK and Buick Enclave,
demonstrate GM's strong positioning in the marketplace for fuel-
efficient vehicles.  The GMC Acadia, Saturn OUTLOOK and Buick
Enclave had retail sales of more than 12,000 vehicles, pushing a
significant retail increase in GM's mid-crossover segment.
GM's total sales of more than 15,000 vehicles in this segment
pushed monthly performance up more than 377 percent, compared
with the same month last year.

The all-new Chevrolet Silverado and GMC Sierra full-size pickup
trucks -- fuel efficiency leaders in their class -- helped the
GM full-size pickup segment post a first half 2007 sales
increase, compared with the same period a year ago, in a
challenging industry environment.  The Silverado and Sierra also
offer the best warranty coverage and residual values in segment,
a winning combination for these products.

"We're seeing increased residual values for our products as a
result of staying aligned and disciplined to our North American
turnaround and market growth plans.  For customers, this means
providing industry-leading products in terms of design, segment
fuel economy, warranty coverage and performance," Mr. LaNeve
added.  "This translates to a beneficial cost of ownership
experience.  With new products such as the Cadillac CTS and
Chevrolet Malibu coming to dealer showrooms later this year, we
expect to build on this customer enthusiasm."

Certified Used Vehicles

June 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 45,876
units, up 6 percent from last June.  Total year-to-date
certified GM sales are 273,241 units, up 4 percent from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 40,423 sales, up
9 percent from last June.  Year-to-date sales for GM Certified
Used Vehicles are 240,138 units, up 5 percent from the same
period in 2006.

Cadillac Certified Pre-Owned Vehicles posted June sales of 3,108
units, down 14 percent from last June.  Saturn Certified Pre-
Owned Vehicles sold 1,484 units in June, down 9 percent.  Saab
Certified Pre-Owned Vehicles sold 764 units, down 11 percent
from last June, and HUMMER Certified Pre-Owned Vehicles sold 97
units, up nearly 7 percent.

"GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified brand, posted a strong performance in
June, leading the segment with sales of 40,423 units, up 9
percent from last June," said Mr. LaNeve.  "GM Certified is on
track to build on this momentum toward another record
performance for the category for 2007."

GM North America

In June, GM North America produced 404,000 vehicles (142,000
cars and 262,000 trucks).  This is down 56,000 units or 12
percent compared to June 2006 when the region produced 460,000
vehicles (173,000 cars and 287,000 trucks).  (Production totals
include joint venture production of 21,000 vehicles in June 2007
and 27,000 vehicles in June 2006.)

GM North America built 1.141 million vehicles (401,000 cars and
740,000 trucks) in the second-quarter of 2007.  This is down
96,000 vehicles or 8 percent compared to second-quarter of 2006
when the region produced 1.237 million vehicles (462,000 cars
and 775,000 trucks).  The region's 2007 third-quarter production
forecast is unchanged at 1.075 million vehicles (377,000 cars
and 698,000 trucks).

GM also announced revised 2007 second-quarter and third-quarter
production forecasts for its international regions.

GM Europe

The region's 2007 second-quarter production forecast is revised
at 463,000 vehicles, down 5,000 units from last month's
guidance.  In the second-quarter of 2006 the region built
495,000 vehicles.  The region's 2007 third-quarter production
forecast remains unchanged at 389,000 vehicles.  In the third-
quarter of 2006 the region built 374,000 vehicles.

GM Asia Pacific

GM Asia Pacific's 2007 second-quarter production forecast is
revised at 569,000 vehicles, up 1,000 units from last month's
guidance.  In the second-quarter of 2006 the region built
482,000 vehicles. The region's 2007 third-quarter production
forecast is revised at 518,000 vehicles, down 6,000 units from
last month's guidance.  In the third-quarter of 2006 the region
built 433,000 vehicles.

GM Latin America, Africa and the Middle East

The region's 2007 second-quarter production forecast is revised
at 234,000 vehicles, up 1,000 units from last month's guidance.
In the second-quarter of 2006 the region built 206,000 vehicles.
The region's 2007 third-quarter production forecast is unchanged
at 258,000 vehicles.  In the third-quarter of 2006 the region
built 215,000 vehicles.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

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

                            *    *    *
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed $1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed $1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.




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


TDC A/S: Appoints New Executive Committee Member for Fixnet
-----------------------------------------------------------
TDC A/S's Board of Directors has appointed Carsten Dilling as a
new member of the Executive Committee with responsibility for
Fixnet Nordic effective Aug. 1, 2007.

Carsten Dilling, who holds a degree in Business Economics and
has a Graduate Diploma in Business Administration from
Copenhagen Business School, has been with IBM from 1984 to 2001;
was chief executive officer in Columbus IT Partner from 2001 to
2005; and served as managing director at Ementor A/S as well as
deputy CEO at Ementor ASA between 2005 and 2007.

Henriette Fenger Ellekrog, managing director for HR and Group
Staff functions leaves her post with TDC at the latest by the
end of September 2007, as she will take up the post as executive
vice president, Group HR and member of the Group Corporate
Management of the SAS Group on Oct. 1, 2007.  A successor for
Henriette Fenger Ellekrog has not yet been appointed.

When these changes have been implemented, the Executive
Committee of TDC A/S will consist of these six members:

   -- CEO and President Jens Alder;
   -- CFO Hans Munk Nielsen;
   -- Managing Director, Fixnet Nordic, Carsten Dilling;
   -- Managing Director, Mobile Nordic, Mads Middelboe;
   -- Managing Director, Business Nordic, Klaus Pedersen; and
   -- Group Strategy Officer Eva Berneke.

                         About TDC A/S

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

                          *     *     *

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

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

* Issuer: TDC A/S

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

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

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

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

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

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

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

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

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

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




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


LBC HOLDING: Moody's Withdraws Low-B Ratings
--------------------------------------------
Moody's Investors Service withdraws all ratings of LBC Holding
LLC at the request of the issuer following acquisition and
subsequent restructuring of the issuer by Challenger Financial
Services Group in first quarter 2007 and full redemption of its
senior subordinated notes (issued through LBC Luxembourg Holding
SCA) in June 2007.

Ratings affected by the press release are:

   * LBC Holding LLC

   -- Corporate Family Rating and PD Rating -- B2/Stable

   * LBC Luxembourg Holding SCA

   -- Senior subordinated second lien guaranteed notes --
      B3/LGD5 (73).

LBC Holdings LLC is one of the world's leading providers of
chemical storage capacity.  It operates ten terminals in Europe
including Bayonne, Le Havre, Marseilles and Nantes in France,
Antwerp and Rotterdam in the Benelux region, Cartegena and
Santander in Spain and Lisbon in Portugal.  In the U.S., LBC
owns storage facilities at Baton Rouge, Louisiana and Bayport,
Texas.




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


ESCENA ENTWICKLUNGSGES: Claims Registration Period Ends Aug. 22
---------------------------------------------------------------
Creditors of ESCENA Entwicklungsges. fuer Elektronik, Hard- und
Software mbH have until Aug. 22 to register their claims with
court-appointed insolvency manager Henning Bosse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Henning Bosse
         Am Hafen 2
         38112 Braunschweig
         Germany
         Tel: 0531/8891942
         Fax: 0531/8891944
         E-mail: braunschweig@brf-partner.de

The District Court of Braunschweig opened bankruptcy proceedings
against ESCENA Entwicklungsges. fuer Elektronik, Hard- und
Software mbH on June 29.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ESCENA Entwicklungsges. fuer Elektronik,
         Hard- und Software mbH
         Attn: Martin Schueler, Manager
         Steinriedendamm 15
         38108 Braunschweig
         Germany


GEMEINNUETZIGE GESELLSCHAFT: Claims Registration Ends Aug. 10
-------------------------------------------------------------
Creditors of Gemeinnuetzige Gesellschaft Pflege, Integration,
Arbeit, Foerderung mbH in Bottrop - PIAF have until Aug. 10 to
register their claims with court-appointed insolvency manager
Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Johannes Graute
         III. Hagen 30
         45127 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Gemeinnuetzige Gesellschaft Pflege, Integration, Arbeit,
Foerderung mbH in Bottrop - PIAF on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gemeinnuetzige Gesellschaft Pflege, Integration,
         Arbeit, Foerderung mbH in Bottrop - PIAF
         Otto-Joschko-Str. 8-10
         46236 Bottrop
         Germany

         Attn: Ines Grunewald, Manager
         Kriemhildenweg 16
         46240 Bottrop
         Germany


GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT: Claims Filing Ends Sept. 14
----------------------------------------------------------------
Creditors of Grundstuecksverwaltungsgesellschaft
Etzenbachermuehle mbH have until Sept. 14 to register their
claims with court-appointed insolvency manager Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 16, 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 Zweibruecken
         Room 100
         Zweibruecken
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

The District Court of Zweibruecken opened bankruptcy proceedings
against Grundstuecksverwaltungsgesellschaft Etzenbachermuehle
mbH on July 3.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Grundstuecksverwaltungsgesellschaft
         Etzenbachermuehle mbH
         Attn: Volker Bellaire, Manager
         Etzenbacher Muehle
         66894 Wiesbach
         Germany


PROSIEBENSAT.1: Moody's To Withdraw Ba1 Sr. Unsec. Debt Rating
--------------------------------------------------------------
Moody's Investors Service intends to withdraw the Ba1 senior
unsecured and corporate family ratings of ProsiebenSat.1 Media
AG, which are on review for possible downgrade, upon the planned
early redemption in August of the Notes due May 2009.

This announcement followed the completion on July 3, 2007 of the
share purchase agreement whereby ProSiebenSat.1 acquired the SBS
Broadcasting Group in a transaction totaling EUR3.3 billion.

Moody's said that the acquisition of SBS by ProSiebenSat.1 has
been financed entirely with new syndicated facilities, and that
ProSiebenSat.1 had served irrevocable notice of its intention to
redeem the EUR150 million notes at a redemption price of
101.858% prior to their maturity in May 2009 by exercising the
make-whole provision in August 2007.  Following the planned
redemption of the Notes, ProSIebenSat.1 will have no public debt
outstanding, and the senior unsecured debt rating will be
withdrawn.  At that time, Moody's therefore intends to withdraw
ProSIebenSat.1's corporate family rating for business reasons.

ProSiebenSat.1 Media AG is based in Munich, Germany.  The
company's main activity is the broadcasting and production of
television programs through four German language television
channels as well as a range of ancillary activities.


S-CORE 2007-1: S&P Assigns B Ratings on EUR4.3 Million E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR505.35 million asset-backed floating-
rate notes and the class F EUR4.3 million floating-rate notes to
be issued by S-CORE 2007-1 GmbH.

S-CORE will be the first transaction securitizing payment
obligations under Schuldschein loan agreements underwritten by
Deutsche Bank AG for companies belonging to its German mid-cap
client base.  This transaction forms part of Deutsche Bank's
newly established db-Schuldschein program, which has been
established to provide SMEs access to funding via indirect
capital market participation.

S-CORE will issue six classes of rated notes. The notes will
constitute direct, unconditional, unsubordinated limited-
recourse obligations of the issuer.  The notes may redeem on a
modified-sequential basis, subject to compliance with certain
modified-sequential payment conditions.  Each class of notes
ranks pari passu among themselves.

The issuer will use the issuance proceeds to purchase the
Schuldschein loans that the originator has underwritten to
provide funding to the portfolio companies.

The portfolio of German SMEs shows a reasonable industry
diversification and geographical concentration.

Final approval and decision on the inclusion of certain SME
obligors in the securitized pool was conducted in accordance
with Deutsche Bank's current credit policy and underwriting
standards.

                         Ratings List

S-CORE 2007-1 GmbH

   EUR505.35 Million Asset-Backed Floating-Rate Notes and EUR4.3
   Million Class F Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------            --------
            A              AAA                454.80
            B              AA                   8.85
            C              A-                   9.60
            D              BBB                 12.40
            E              BB-                 19.70
            F              B                    4.30


SEMPER FINANCE: Fitch Places BB Ratings on EUR20.3 Mln E Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Semper Finance
2007-1 GmbH's commercial mortgage-backed floating-rate notes due
2043:

   -- EUR790.7 million Class A1 (ISIN: XS0305670308): 'AAA';
      Outlook Stable;

   -- EUR500,000 Class A1+ (ISIN: XS0305670647): 'AAA'; Outlook
      Stable;

   -- EUR10 million Class A2 (ISIN: XS0305670993): 'AAA';
      Outlook Stable;

   -- EUR51.8 million Class B (ISIN: XS0305671298): 'AA';
      Outlook Stable;

   -- EUR51.7 million Class C (ISIN: XS0305671454): 'A'; Outlook
      Stable;

   -- EUR49.1 million Class D (ISIN: XS0305672262): 'BBB';
      Outlook Stable; and

   -- EUR20.3 million Class E (ISIN: XS0305672692): 'BB';
      Outlook Stable.

The ratings reflect the characteristics of the reference
portfolio and the integrity of the legal and financial
structures.  The ratings also address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in September 2046.

This transaction is a fully funded synthetic securitisation of
commercial mortgage loans originated by Eurohypo AG (rated
'A'/Outlook Stable/'F1') and secured by German properties.  It
is the second transaction issued through Eurohypo's synthetic
commercial mortgage-backed securities platform 'Semper'.

As at the cut-off date on 2 May 2007, the reference portfolio
consisted of 480 EUR- and 12 CHF-denominated mortgage loans with
an aggregate current balance of EUR1,001.9m.  The loans were
granted to 348 mostly operating companies or private individuals
and are secured by one or more commercial real estate assets
located in Germany.  The reference claims are secured either by
senior- or subordinate-ranking mortgages and the weighted-
average loan-to-value ratio is 72.2%.  The vast majority of the
loans in the portfolio are seasoned fixed-rate loans, fully
amortizing over 30 year terms.

The portfolio is collateralized by 411 commercial real estate
properties with a most recent appraisal value of approximately
EUR1.713 billion.  The collateral is located in Germany and
distributed across the country with some concentrations in the
federal states of North Rhine-Westphalia (21.7% by market
value), Baden-Wuerttemberg (13.5%) and Berlin (10.5%).  The
collateral comprises predominantly retail (32.5% by market
value), residential (16.4%), office (14.7%) and mixed-use
properties (15.4%) but there are also operating assets such as
hotels (4.9%) and nursing homes (5.4%) in the portfolio.


UWE DUNKEL: Creditors' Meeting Slated for August 10
---------------------------------------------------
The court-appointed insolvency manager for Uwe Dunkel v d w -
Vertriebsges. mbH, Dirk Rueffert will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:20 a.m. on Aug. 10.

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

         The District Court of Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Oct. 5 at the same venue.

Creditors have until Sept. 21 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Rueffert
         Donnerschweer Strasse 398
         26123 Oldenburg
         Germany
         Tel: 0441 340 770
         Fax: 0441 340 77 340

The District Court of Cloppenburg opened bankruptcy proceedings
against Uwe Dunkel v d w - Vertriebsges. mbH on July 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Uwe Dunkel v d w - Vertriebsges. mbH
         Gartenstr. 9-11
         49624 Loeningen
         Germany




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


M.J. MAILLIS: Undergoes Restructuring to Improve Profitability
--------------------------------------------------------------
M.J. Maillis is undergoing restructuring to cut costs and
improve profitability, which has been under pressure due to
intensifying competition, AFX News Limited relates.  It will
consolidate production units in Europe, particularly in the
automatic machines sector to achieve economies of scale and
productivity improvements.

According to the same report, Maillis will also reorganize sales
and rationalize its commercial units and associates in Europe to
create larger regional units that can serve the market more
efficiently and effectively.  The company said the measures,
which it expects to complete by the end of the first quarter in
2008, are meant to increase competitiveness.

                     About M.J. Maillis

Headquartered in Athens, Greece, M.J. Maillis Group --
http://www.maillis.com/-- founded in 1968, is involved in the
manufacture and distribution of end of line industrial
solutions.  This includes strapping, wrapping and taping
packaging material, strapping tools and machines, wrapping,
shrinking and carton sealing machines and special bands.  It
offers complete solutions, covering both the heavy-duty and
light packaging markets and serves all industrial applications.
Maillis Group serves customers in more than 52 countries
worldwide, through a network of 31 owned Affiliate companies and
more than 350 independent distributors.




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


WIND TELECOMUNICAZIONI: Solicits Consents for EUR950MM Sr. Notes
----------------------------------------------------------------
Wind Acquisition Finance S.A. has solicited the consents from
holders of its outstanding EUR950 million 9.75% Senior Notes due
2015, and US$650 million 10.75% Senior Notes due 2015 to certain
proposed waivers and amendments to the indenture dated as of
Nov. 28, 2005.

                 Proposed Waivers and Amendments

   A) Wind Telecomunicazioni S.p.A. plans to enter into new
      senior credit facilities to effect a refinancing
      transaction, and the Issuer is seeking approval from
      Holders to certain Proposed Waivers and Amendments to
      provisions of the Indenture to permit the Company to
      effect the Refinancing Transaction on or prior to 10:00
      p.m. Luxembourg Time on the 90th calendar day following
      the Effective Time by:

      * Entering into new senior credit facilities, the
        borrowings of which will be used to:

        -- refinance the outstanding EUR5,022,279,287.24 and
           US$150,000,000.00 aggregate principal amount of the
           Company's existing senior credit facilities, plus
           accrued and unpaid interest and related fees and
           repayment costs through the Refinancing Date;

        -- replace the EUR400 million committed revolving credit
           facility under the Existing Senior Facilities; and

        -- refinance the outstanding EUR551,912,793.09 and
           US$180,000,000.00 aggregate principal amount of the
           Company's second lien proceeds loan, plus accrued and
           unpaid interest and related fees and repayment costs
           through the Refinancing Date, payable to Wind Finance
           SL S.A. which in turn will use such proceeds to
           redeem its Second Lien Notes due 2014 and pay related
           fees and repayment costs; and

        -- make a share-premium reserve distribution in an
           amount up to EUR1,950,000,000 to Wind Acquisition
           Holdings Finance S.p.A. (the "Parent") so that the
           Parent can:

           (i) repay the aggregate principal amount, plus
               accrued and unpaid interest and related fees and
               repayment costs through the Refinancing Date, of
               the PIK proceeds loan payable by the Parent to
               Wind Acquisition Holdings Finance S.A., which
               will in turn use such proceeds to repay all of
               the outstanding loans, accrued and unpaid
               interest and related fees and repayment costs
               under its PIK loan facility; and

          (ii) pay costs and administrative expenses of the
               Parent;

      * Authorizing and directing the Trustee to enter into a
        supplemental indenture to amend the Indenture to
        reflect the Refinancing Transaction as further described
        in this Consent Solicitation, including, but not limited
        to, amending the definition of Consolidated Net Income
        to exclude potential financial expenses attributable to
        the write-down of deferred financing costs of the
        Company and its subsidiaries originally incurred in
        connection with or related to the incurrence of
        indebtedness under the Existing Senior Facilities and
        the Second Lien Notes, which we estimate to be no
        greater than EUR127,000,000;

      * To the extent not currently permitted under the
        Indenture, authorizing and directing the Trustee to
        enter into a new priority agreement; and

      * Providing that the existing Collateral securing the
        Notes and the Company's Existing Senior Facilities and
        Second Lien Notes secure the New Senior Facilities
        on a first priority basis; and

   B) Waive or amend certain covenants in the Indenture to
      permit the Company to, from time to time sell or evaluate
      the potential sale of all or part of its existing Tower
      Business.  The Company will use the net proceeds from the
      sale of the Tower Business to repay senior debt or to
      reinvest in the Company's business in compliance with the
      asset sale covenant contained in Section 4.10 of the
      Indenture.

The Proposed Waivers and Amendments shall not become operative,
and no Consent Payment will be made, until and unless the
Refinancing Transaction is consummated prior to the Refinancing
Period Termination Time.

                       The Consent Payment

The consideration for each EUR1,000/US$1,000 principal amount of
Notes for which a Consent is received and not validly revoked at
or prior to the Early Consent Deadline, unless extended or
earlier terminated, will be EUR40/US$40.  The consideration for
each EUR1,000/US$1,000 principal amount of Notes for which a
Consent is received and not validly revoked after the Early
Consent Deadline and at or prior to the Expiration Time, will be
EUR20/US$20.  The Consent Payment shall be paid directly to
Euroclear, Clearstream or the relevant DTC Participants, as
applicable.

Series of bonds          ISIN           Early         Late
                                        Consent       Consent
                                        Payment       Payment

EUR 950,000,000 9.750%   XS0236096730/    4 %           2 %
Senior Notes Due 2015    XS0236098272

US$650,000,000 10.750%   US97314XAA28/    4 %           2 %
Senior Notes due 2015    USL97437AA25

                        Required Consents

Adoption under the indenture of the Proposed Waivers and
Amendments requires the Consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding
Notes voting as a single class.  The Euro Notes and the Dollar
Notes vote as a single class with the Euro Equivalent of the
principal amount of the Dollar Notes calculated as of
Nov. 28, 2005, at the spot rate as provided in the Financial
Times, such calculation being EUR0.8523 per US$1.00.

            Participating in the Consent Solicitation

A holder or beneficial owner wishing to participate in the
Solicitation must submit, or arrange to have submitted on its
behalf, at or before the Expiration Time a Consent given in
accordance with the customary procedures of Euroclear,
Clearstream or DTC, as the case may be, before any deadline set
by the relevant Clearing System.  Only Holders who submit, or
arrange to have submitted on their behalf, a Consent on or prior
to the Early Consent Deadline will receive the Early Consent
Payment.

A Holder of Euro Notes may consent by submitting a valid
Electronic Consent Instruction to Euroclear or Clearstream as
applicable.  A holder of Dollar Notes may consent by delivering
a properly completed consent letter to the Tabulation Agent at
its address, e-mail address or facsimile number set forth in the
Consent Solicitation Statement.  Holders and beneficial owners
should check with the bank, securities broker or any other
intermediary through which they hold their Notes whether such
intermediary will apply different deadlines for participation to
those set out in the Consent Solicitation Statement and, if so,
they should follow those deadlines.

                      Transaction timetable

Date                  Time            Event


July 10, 2007         5:00 p.m.       Early Consent Deadline.
                      Luxembourg      Latest time and date for
                                      delivery of Consents to
                                      receive the Early Consent
                                      Payment

July 17, 2007         5:00 p.m.       Expiration Time. Latest
                      Luxembourg      time and date for delivery
                                      of Consents


The time at which                     Effective Time. Latest
the required consents                 time before which Holders
have been received                    can validly revoke
and the supplemental                  Consents. A valid
indenture has been                    revocation of Consent will
executed                              result in the Holder not
                                      being eligible to receive
                                      the Consent Payment

As soon as practical                  Announcement of
after the Effective                   Solicitation Results. The
Time, if any                          date on which the result
                                      of the Solicitation is
                                      announced

Promptly following                    Payment Date. The day on
the consummation of                   which the Issuer makes the
the Refinancing                       Consent Payments
Transaction, or such
earlier date
after the
Expiration Time
as determined by the
Issuer in its sole
discretion

The 90th calendar     10:00 p.m.      Refinancing Period
day following the     Luxembourg      Termination Time.  The
Effective Time                        last time for the
                                      Refinancing
                                      Transaction to be
                                      consummated


WIND TELECOMUNICAZIONI: Fitch Places BB- IDR on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed Wind Telecomunicazioni SpA's Long-term
Issuer Default rating of 'BB-' and senior notes rating of 'BB'
on Rating Watch Negative.  This action follows the company's
solicitation of consent from bondholders for a proposed
refinancing of senior debt and upstreaming of cash to Wind
Acquisition Holdings Finance SpA.  The Short-term IDR is
affirmed at 'B'.  The ratings of the senior secured and second
lien instruments are affirmed at 'BB+'.

Wind's proposed refinancing will utilize a new EUR7.5 billion
senior secured credit facility to prepay in full the current
EUR5.7 billion total senior secured and second lien facilities.
The remaining funds are proposed to be upstreamed out of the
current restricted group to fully prepay the EUR1.7 billion
Holdco PIK notes at WAHF.  According to Fitch's methodology,
these HoldCo PIK notes were previously excluded from the rated
group metrics, as they could not be repaid from within the rated
group without first obtaining consents or amendments to the
documentation; the agency considered this an event risk.

"The proposed bondholder consents would permit the new senior
facilities to bring an additional EUR1.7 billion of debt into
the Wind rated group, increasing the first quarter of 2007 pro
forma net debt-to-EBITDA ratio to 5.2x from 4.1x previously,"
says Michelle De Angelis, Senior Director in Fitch's Leveraged
Finance team.  "Furthermore, this proposed additional debt would
rank ahead of the senior notes, further subordinating these debt
holders and limiting potential recoveries in a distress or
default scenario."

If the requested consents are obtained from senior noteholders,
and provided there is no significant change to the proposed
structure outlined to the agency, Fitch expects a maximum one
notch downgrade of the Long-term IDR to 'B+' from 'BB-'.
Although Fitch accepts the company's statements that the
increase in leverage is a one-off event, aimed at simplifying
the capital structure and removing uncertainty over future
funding obligations, it is the agency's view that the
anticipated higher leverage metrics immediately following the
refinancing are more consistent with a 'B+' rating level, and
that de-leveraging could continue at a slower pace to that seen
in the last two years.  At the same time, Fitch would expect the
senior notes to achieve more limited recoveries in a default
scenario under the proposed new capital structure, resulting in
a possible downgrade of up to two notches to 'B+'/'RR4' from
'BB'.




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


ADLET & P LLP: Proofs of Claim Must be Filed by August 8
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Adlet & P insolvent.

Creditors have until Aug. 8 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Saryarka Str. 24-77
         010000, Astana
         Kazakhstan
         Tel: 8 (3172) 23-80-72
              8 (3172) 36-09-38


ALTAY B LLP: Creditors Must File Claims by August 8
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Altay B insolvent.

Creditors have until Aug. 8 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Krasin Str. 8/1-256
         Ust- Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03
              8 (3232) 22-19-10


ALTYN-MIRAS OJSC: Claims Filing Period Ends August 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared OJSC Altyn-Miras insolvent.

Creditors have until Aug. 10 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 206
         Myzy Str. 2/1
         Ust- Kamenogorsk
         East Kazakhstan
         Kazakhstan


ATF BANK: Moody's May Lift Low B Ratings After Review
-----------------------------------------------------
Moody's Investors Service placed under review for possible
upgrade the Ba1/NP local currency deposit ratings, the Ba1
senior unsecured notes rating, as well as the Ba3 junior
subordinated debt rating of Kazakhstan's ATF Bank.  The bank's
Ba1/NP foreign currency deposit ratings and the D- bank
financial strength rating were affirmed and carry stable
outlooks.

This rating action reflects the announcement made on June 21,
2007 by Bank Austria Creditanstalt AG, that it has signed a
share purchase agreement with private shareholders to acquire a
majority shareholding in ATF Bank.  Since November 2005, BC-CA
has been a member of UniCredit Group and is responsible within
the Group for commercial banking activities in Central and
Eastern Europe.  Through the acquisition of ATF, the Group
intends to strengthen its network in CEE region through a
leading presence in the Republic of Kazakhstan, as well as
additional operations in the Republic of Kyrgyzstan, the
Republic of Tajikistan and the Russian Federation.

BA-CA's objective is to acquire up to 100 per cent of ATF's
outstanding share capital through the acquisition of shares from
the current majority shareholders and the mandatory tender offer
to be launched for the remaining minorities.  Following these
steps, the level of ownership will be at least equal to 85 per
cent of the bank's outstanding share capital.

Completion of the transaction is expected during the second half
of 2007 and is subject to the satisfaction of a number of
conditions including, without limitation, receipt of all
necessary regulatory authorizations and consents.

Moody's review, which will be concluded when the acquisition is
completed, will focus on the support that ATF Bank is likely to
receive from BA-CA.  In Moody's' view, successful completion of
the transaction would probably signify a high degree of such
support and could result in an upgrade of ATF-Bank's debt
ratings.

Based in Almaty, Kazakhstan, ATF Bank reported total assets of
KZT1047 billion (US$8.2 billion) at year-end 2006, ranking as
third-largest bank in the country.

Bank Austria Creditanstalt is based in Vienna, Austria, and is
the largest bank in the country with total assets of EUR154.2
billion at year-end 2006.


DIAS-NS LLP: Claims Registration Ends August 3
----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Dias insolvent.

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

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


INTERCOM MK: Claims Registration Ends August 10
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Intercom Mk insolvent.

Creditors have until Aug. 10 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kozybayev Str. 107-126
         Kostanai
         Kazakhstan


MUNAYSHY LLP: Creditors' Claims Due on August 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Munayshy insolvent.

Creditors have until Aug. 8 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Saryarka Str. 24-77
         010000, Astana
         Kazakhstan
         Tel: 8 (3172) 23-80-72
              8 (3172) 36-09-38


NARODNAYA STRAHOVAYA: Claims Filing Period Ends August 10
---------------------------------------------------------
CJSC Insurance Company Narodnaya Strahovaya Companiya has
declared insolvency.  Creditors have until Aug. 10 to submit
written proofs of claims to:

         CJSC Insurance Company
         Narodnaya Strahovaya Companiya
         Tole bi Str. 179a/22
         Almaty
         Kazakhstan


NVV LLP: Creditors Must File Claims August 10
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Nvv insolvent.

Creditors have until Aug. 10 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kozybayev Str. 107-126
         Kostanai
         Kazakhstan




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


SHAHTOSTROY JSC: Batken Court Declares Business Insolvent
---------------------------------------------------------
The Inter-District Court of Batken Region for Economic Issues
declared JSC Construction Company Shahtostroy (Case No. ED-
38/2007 MBa) insolvent on May 23.

Subsequently, bankruptcy proceedings were introduced at the
company.

The temporary insolvency manager is:

         Taalaibek Boronov
         Toktogul Str. 3.
         Kyzylkiya
         Batken
         Kyrgyzstan




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


EUROSAIL-NL: Fitch Puts BB Ratings on EUR13.65-Million Notes
------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Eurosail-NL 2007-
I B.V.'s EUR350 million floating-rate notes due 2040:

   -- EUR306.25 million Class A mortgage-backed notes: 'AAA';
   -- EUR14.525 million Class B mortgage-backed notes: 'AA';
   -- EUR14 million Class C mortgage-backed notes: 'A';
   -- EUR12.775 million Class D mortgage-backed notes: 'BBB-';
   -- EUR2.45 million Class E1 mortgage-backed notes: 'BB'; and
   -- EUR11.2 million Class ET non-collateralized notes: 'BB'.

Each rated class in this transaction has a Stable Outlook.

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

Eurosail is the first securitization of non-conforming
residential mortgages loans in the Netherlands.  Loans are
originated by ELQ Hypotheken N.V. and sold by ELQ Portefeuille I
B.V. (the seller), a special purpose entity wholly-owned by ELQ.
The primary servicing of the loans will be performed by Stater
(rated 'RPS2NL/RSS3+NL'), while special servicing will be
retained in-house by ELQ.  ELQ is an indirect wholly owned
subsidiary of Lehman Brothers International (Europe) (rated 'AA-
'/F1+', Outlook Stable).  The portfolio consists of first-
ranking fixed- and floating-rate residential mortgages to
credit-impaired individuals and those who are unable to meet the
usual income verification requirements of conforming lenders.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of ELQ, the liquidity
facility, the guaranteed investment contract in place, as well
as the interest rate swap and bullet agreements provided by
Lehman Brothers Special Financing Inc. (guaranteed by Lehman
Brothers Holding Inc., rated 'AA-'/'F1+', Outlook Stable).  At
closing, credit enhancement provided by subordination will be
13.5% for the Class A notes, 9.35% for the Class B notes, 5.35%
for the Class C notes, 1.7% for the Class D notes and 1% for the
Class E1 notes.  A reserve fund will be initially funded at 1%
of the initial collateralized notes balance with part of the
proceeds from the issuance of the Class ET notes. The credit
enhancement for each Class of notes is provided by
subordination, the reserve fund as well as the available excess
spread.


GETRONICS N.V.: In Talks with U.S. Firm Over Possible Takeover
--------------------------------------------------------------
Getronics N.V. has received a formal expression of interest from
a US-based firm to start negotiations with the objective to
acquire all of the shares of the company.  The Board of
Management and the Supervisory Board have decided to explore
this option and its strategic implications for the company going
forward.  The process will be executed by the Board of
Management taking into account the interest of all stakeholders,
i.e. clients, employees, business partners as well as
shareholders.  Getronics has retained financial advisors to
support it in this process.

In order to protect Getronics and the Board of Management
against a potential conflict of interest this process will be
supervised by a special committee of the Supervisory Board,
consisting of its Chairman, Rinus Minderhoud, and its Vice-
Chairman, Berend Brix.  The exploration may or may not lead to a
transaction.  The company remains focused on serving its
clients, working with its business partners and employees and
creating value for shareholders regardless of the outcome of
this process.  Until there is either the expectation that an
agreement can be reached or the Boards have decided to terminate
the process or legal or regulatory requirements arise requiring
the company to issue a press release, no further information
will be disclosed.  However, it will provide further information
at the moment of publication of our 2007 half-year report.

                       About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in the TCR-Europe on April 11, 2007, in connection
with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors, the rating agency
confirmed its B2 Corporate Family Rating for Getronics N.V.

Moody's also 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.

                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   5.5% Senior Unsecured
   Conv./Exch. Bond/Debenture
   Due 2008                    Caa1     LGD5      79%


WOOD STREET: Fitch Rates EUR20-Million Floating Notes at BB
-----------------------------------------------------------
Fitch has assigned Wood Street CLO V B.V.'s issue of EUR454
million fixed- and floating-rate notes due 2023 final ratings.
The transaction is a securitization of leveraged loans including
primarily senior secured loans, senior unsecured loans,
mezzanine obligations and high-yield bonds.

   -- EUR30 million Class A-T floating-rate notes due 2023:
      'AAA';

   -- EUR168 million Class A-D floating-rate notes due 2023:
      'AAA';

   -- EUR100 million Class A-R floating-rate notes due 2023:
      'AAA';

   -- EUR40 million Class A-2 floating-rate notes due 2023:
      'AAA';

   -- EUR40 million Class B floating-rate notes due 2023: 'AA';

   -- EUR20 million Class C-1 deferrable floating-rate notes due
      2023: 'A';

   -- EUR10 million Class C-2 deferrable fixed-rate notes due
      2023: 'A';

   -- EUR26 million Class D deferrable floating-rate notes due
      2023: 'BBB';

   -- EUR15 million Class E-1 deferrable floating-rate notes due
      2023: 'BB'; and

   -- EUR5 million Class E-2 deferrable fixed-rate notes due
      2023: 'BB'.

The final ratings of the Class A-T, A-D, A-R, A-2 and B notes
address the ultimate repayment of principal at maturity and the
timely payment of interest when due, according to the terms of
the notes.  For the Class C-1, C-2, D, E-1 and E-2 notes, which
can defer interest, the final ratings address the ultimate
payment of principal and interest, including deferred interest,
at maturity.

The ratings are based on the information and documents provided
to Fitch by the issuer and third parties and on the quality and
diversity of the portfolio of assets, which are selected by the
collateral manager, Alcentra Limited, subject to the guidelines
outlined in the collateral management agreement.  The guidelines
limit the collateral manager's portfolio allocations with
respect to obligor, industry and asset type.  Alcentra Limited
will actively manage the collateral over the six-year
reinvestment period.

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A-T, A-D and A-R (together
the Class "A1" notes) totals 38.3%, of which 8.28% is provided
by the A-2 notes, 8.28% by the B notes, 6.21% by the C notes,
5.38% by the D notes, 4.14% by the E notes and 6% by the
EUR46 million unrated subordinated notes.

Wood Street CLO V B.V. is a limited liability company
incorporated under the laws of the Netherlands.  On the closing
date, the issuer had purchased approximately 80% of the target
portfolio, with a further 365-day period available for the
manager to fully invest the portfolio.




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


AGRO CJSC: Creditors Must File Claims by July 9
-----------------------------------------------
Creditors of CJSC Agro have until July 9 to submit proofs of
claim to:

         A. Zharikov
         Insolvency Manager
         Betankura Str. 3
         Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-4924/2007 33-69.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agro
         Barentsa Str. 9-190
         Nizhniy Novgorod
         Russia


AGRO-LUCH CJSC: Creditors Must File Claims by July 9
----------------------------------------------------
Creditors of CJSC Agro-Luch (TIN 1814000202, OGRN 1021800860905)
have until July 9 to submit proofs of claim to:

         M. Ambrosimov
         Temporary Insolvency Manager
         Poyma Str. 73
         Izhevsk
         426028 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A71-2131/2007-G21.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         CJSC Agro-Luch
         Sabanchino
         Kiyasovskiy
         427843 Udmurtiya
         Russia


ATOM-SERVICE CJSC: Rostov Bankruptcy Hearing Slated for July 23
---------------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:00 a.m. on
July 23 to hear the bankruptcy supervision procedure on CJSC
Atom-Service (TIN 6143059518).  The case is docketed under Case
No. A 53-16445/2006-S1-51.

The Temporary Insolvency Manager is:

         V. Gaydunkov
         Office 504
         Oborony Str. 24
         344082 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Atom-Service
         Volgodonsk-28
         Rostov
         Russia


BASBOR CJSC: Creditors Must File Claims by Aug. 9
-------------------------------------------------
Creditors of CJSC Basbor (TIN 7324001871) have until Aug. 9 to
submit proofs of claim to:

         S. Chertanovskiy
         Insolvency Manager
         12th September Str. 101
         432063 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-1601/07-22/9.

The Debtor can be reached at:

         CJSC Basbor
         Novozavodskaya Str. 1
         Bazarnyj Syzgan
         Ulyanovsk
         Russia


ELECTRO-TEXTILE: Creditors Must File Claims by Aug. 9
-----------------------------------------------------
Creditors of CJSC Electro-Textile (TIN 2624025183) have until
Aug. 9 to submit proofs of claim to:

         M. Kotlyarov
         Insolvency Manager
         Zakrutkina Pr. 35
         Semikarakorsk
         346630 Rostov
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-6675/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Electro-Textile
         Promyshlennaya Str. 3
         Budennovsk
         356801 Stavropol
         Russia


GLAZOV-AGRO-SNAB: Creditors Must File Claims by Aug. 9
------------------------------------------------------
Creditors of CJSC Glazov-Agro-Snab (TIN 1805001023, KPP
1829201001) have until Aug. 9 to submit proofs of claim to:

         L. Bogdanov
         Insolvency Manager
         Post User Box 425
         8th Post Office
         Glazov
         427628 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-7860/2006 G21.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         CJSC Glazov-Agro-Snab
         Yukamenskaya Str. 33
         Glazov
         Udmurtiya
         Russia


KORVET CJSC: Creditors Must File Claims by July 9
-------------------------------------------------
Creditors of CJSC Korvet have until July 9 to submit proofs of
claim to:

         S. Levchenko
         Insolvency Manager
         Mekhanizatorov Str. 1
         460027 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1269/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Korvet
         Novonikolaevka
         Gayskiy
         Orenburg
         Russia


MOS-BAL-INVEST: Creditors Must File Claims by Aug. 9
----------------------------------------------------
Creditors of LLC Building Corporation Mos-Bal-Invest have until
Aug. 9 to submit proofs of claim to:

         A. Kasimov
         Insolvency Manager
         Post User Box 1006
         236036 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21-7327/2006.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Building Corporation Mos-Bal-Invest
         Kaliningradskiy Pr. 5A
         Svetlogorsk
         238560 Kaliningrad
         Russia


OAO ROSNEFT: Acquires Yukos' Assets from Prana LLC
--------------------------------------------------
OAO Rosneft Oil Co. acquired purchase Prana LLC a series of
assets including:

   -- YUKOS-M Trading House LLC,
   -- CJSC YUKOS Exploration and Production,
   -- CJSC YUKOS Refining and Marketing,
   -- CJSC YUKOS-M,
   -- YUKOS Finance and Accounting Center LLC,
   -- YUKOS-Moskva LLC, and
   -- Dubininskoye LLC.

YUKOS-M Trading House owns assets that are an integral part of
the operational and management system of the upstream and
downstream assets previously acquired by Rosneft.

These assets include material working capital balances,
inventories, infrastructure, contractual rights, management
information systems, staff and related know-how.

Assets at the other entities include service stations and other
related assets in Moscow and the Moscow region, as well as real
estate and various management companies.

The acquisition of assets from LLC Prana will in addition
facilitate the integration of refining and marketing assets,
which Rosneft purchased previously and which have been operating
as part of a unified system for considerable time.

                          About Rosneft

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

                           *   *   *

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

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


PROMSVYAZBANK JSCB: Changes Status to Open Joint Stock Company
--------------------------------------------------------------
Shareholders of JSCB Promsvyazbank has agreed to transform the
bank into an open joint stock company, in preparation for its
anticipated initial public offering, Kommersant reports.

Citing sources, Kommersant relates that Promsvyazbank is in
talks with Goldman Sachs, Troika Dialog, Renaissance Capital and
Citibank to organize the offering.

Kommersant cites market analysts as saying that Promsvyazbank's
IPO preparations may be strategic move to push up its price,
which may set the bank's capitalization above US$3 billion.

In May 2007, Commerzbank AG, bought 15.3% Promsvyazbank.  Fitch
Ratings said Commerzbank was expected to continue negotiations
with PSB's main shareholders to seek control in the medium-term.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                            *   *   *

As reported in the TCR-Europe on May 9, Fitch Ratings revised
Russia-based Promsvyazbank's Outlook to Stable from Positive.
The bank's ratings are affirmed at Issuer Default 'B+', Short-
term 'B', Support '5' and Individual 'D'. Promsvyasbank carries
Ba3 long-term foreign currency deposit and debt ratings and a D-
financial strength rating.  Outlook is positive.

Promsvyasbank carries Ba3 long-term foreign currency deposit and
debt ratings and a D- financial strength rating from Moody's.
Outlook is positive.

The bank's US$125 million 8.75% senior unsecured loan
participation notes also carry a Ba3 long-term foreign currency
debt while it US$200 million 9.625% subordinated loan
participation notes issued by PSB Finance S.A. carry a B1 long-
term foreign currency debt rating.

Promsvyazbank also carries 'B/C' long- and short-term
counterparty credit ratings from Standard & Poor's.  The outlook
is positive.


RANINSKIY TIMBER: Creditors Must File Claims by Aug. 9
------------------------------------------------------
Creditors of OJSC Raninskiy Timber Mill have until Aug. 9 to
submit proofs of claim to:

         M. Kuvshinova
         Insolvency Manager
         Room 168
         Leonova Quay 66
         Balakovo
         413863 Samara
         Russia
         Tel: 8(8453)33-35-06
         Fax: 917-301-02-39

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-40/07-10.

The Debtor can be reached at:

         OJSC Raninskiy Timber Mill
         Raninskiy timber mill
         Michurinskiy
         Samara
         Russia


ROSNEFT OIL: Inks Memorandum of Understanding with SIBUR
--------------------------------------------------------
Sergey Bogdanchikov, president of OAO Rosneft Oil Co., and
Dmitry Konov, president of SIBUR, signed a Memorandum of
Understanding in Moscow concerning the processing, marketing and
sales of associated gas.

The MoU provides for the establishment of a joint venture on a
parity basis at the Yuzhno-Balyksk Gas Processing Plant (GPP),
which belongs to SIBUR.  The joint venture has been set up with
a division of capacity in accordance with the parity stakes of
each partner in the new company.

The provisions of the MoU state that the two companies intend to
increase the processing of associated gas to three billion cubic
meters per annum.  In the event that gas production rises at
Rosneft's fields, a further increase in gas processing at the
GPP is possible.

The Yuzhno-Balyksk Gas Processing Plant began operating in 1978.
It annually processes about 1.5 billion cubic meters of
associated petroleum gas produced at the fields of Rosneft's
subsidiary Yuganskneftegaz.

Since 2006, Rosneft has been implementing an Integrated Gas
Program.  The program's level of capital investment stands at
RUB16.6 billion, which will allow the Company to achieve 95%
utilization of gas from all fields by 2010.  This figure
completely meets all license requirements.

Setting up the joint venture at the Yuzhno-Balyksk Gas
Processing Plant will enable Rosneft to process all associated
petroleum gas produced at the fields of Yuganskneftegaz and to
provide additional processing capacity in the event of further
increases in associated gas production.

                          About Rosneft

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

                            *   *   *

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

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


ROSNEFT OJSC: Fitch Upgrades IDR to BBB- & Removes from Watch
-------------------------------------------------------------
Fitch Ratings has upgraded OJSC Rosneft's long-term foreign and
local currency Issuer Default Ratings to 'BBB-' from 'BB+',
removed them from Rating Watch Positive, and assigned them a
Positive Outlook.  Fitch also assigned Rosneft Capital S.A.'s
planned Eurobond issue an expected 'BBB-' rating.

The final rating for the bond issue is contingent upon receipt
of final documents conforming to information already received.

The upgraded IDR reflects Rosneft's strengthened competitive
position, following a series of acquisitions predominantly in
the refining and distribution segments, making it one of
Russia's leading integrated oil and gas companies.

"The acquisition of refining and distribution assets has greatly
enhanced the company's business profile and vertical
integration," said Valentina Goryunova, a Moscow-based Director
in Fitch's Energy & Utilities ratings group.  Maintenance of the
existing ratings, and any potential upgrade, will depend on the
company's ability to demonstrate improved operating
efficiencies, especially in the area of acquired assets
integration and EBITDA margin improvement.

The Positive Outlook foresees a measurable reduction in the
company's total debt level over the medium-term as the company
refinances its debt, restructures its tax liabilities and
favorably resolves any outstanding third-party claims.
Management have committed to a policy of de-leveraging and Fitch
expects Rosneft to favourably resolve issues concerning its
relatively high debt levels, which will positively influence its
leverage and coverage ratios, during the course of the next 18 -
24 months.

Fitch has also assigned an expected senior unsecured rating of
'BBB-' to the Eurobonds to be issued under the US$15 billion
Loan Participation Notes Program by Rosneft Capital S.A. for the
purpose of financing loans to OJSC Oil Company Rosneft.


STERLING GROUP: Creditors Must File Claims by Aug. 9
----------------------------------------------------
Creditors of CJSC Sterling Group (TIN 7730078098) have until
Aug. 9 to submit proofs of claim to:

         N. Bychkova
         Insolvency Manager
         Post User Box 21
         109496 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A 40-67344/06-95-1147 B.

The Court located at:

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

The Debtor can be reached at:

         CJSC Sterling Group
         Svobody Str. 24/-9
         125362 Moscow
         Russia


STRAZH BALTIKI: Creditors Must File Claims by July 9
----------------------------------------------------
Creditors of CJSC Strazh Baltiki have until July 9 to submit
proofs of claim to:

         A. Kasimov
         Temporary Insolvency Manager
         Post User Box 1006
         236036 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A 21-7218/2006.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         CJSC Strazh Baltiki
         Kumachevo
         Zelenogradskiy
         238322 Kaliningrad
         Russia


TARTALEYSKOYE: Creditors Must File Claims by July 9
---------------------------------------------------
Creditors of Municipal Enterprise Tartaleyskoye have until
July 9 to submit proofs of claim to:

         S. Gromoglasov
         Temporary Insolvency Manager
         Post User Box 602
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod will convene at 1:30
p.m. on Sept. 18 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A43-4243/
2007, 33-58.

The Court is located at:

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

The Debtor can be reached at:

         Municipal Enterprise Tartaleyskoye
         Tartalei
         Sergachskiy
         607510 Nizhniy Novgorod
         Russia


URZHUMSKIY AGRO-SNAB: Names O. Kuvshinskaya to Manage Assets
------------------------------------------------------------
The Arbitration Court of Kirov appointed O. Kuvshinskaya as
Insolvency Manager for OJSC Urzhumskiy Agro-Snab.  She can be
reached at:

         O. Kuvshinskaya
         Upita Str. 8-26
         610050 Kirov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-38-07-27/6.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Urzhumskiy Agro-Snab
         Urzhum
         Kirov
         Russia


ZERNOGRADSKIY PIG: Creditors Must File Claims by July 9
-------------------------------------------------------
Creditors of LLC Zernogradskiy Pig Farm (TIN 6111012203) have
until July 9 to submit proofs of claim to:

         A. Nazarenko
         Temporary Insolvency Manager
         Post User Box 3825
         344022 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 11:30 a.m. on
Sept. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A53-1645/07-S1-33.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zernogradskiy Pig Farm
         Stepnaya Str. 56
         Sorgovyj
         Zernogradskiy
         Rostov
         Russia




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


IM GRUPO: Moody's Junks Rating on EUR39 Million Series E Notes
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
seven series of "Bonos de Titulizacion de Activos" to be issued
by IM Grupo Banco Popular FTPYME II Fondo de Titulizacion de
Activos, a Spanish asset securitization fund that has been
created by Intermoney, S.G.F.T, S.A.:

   -- Aaa to the EUR1463 million Series A1 notes;
   -- Aaa to the EUR200.3 million Series A2 notes;
   -- Aaa to the EUR221.7 million Series A3(G) notes;
   -- Aa2 to the EUR47 million Series B notes;
   -- A2 to the EUR23 million Series C notes;
   -- Baa3 to the EUR45million Series D notes; and
   -- Caa3 to the EUR39 million Series E notes.

IM Grupo Banco Popular FTPYME II FTA, a securitization of loans
to small- and medium-sized enterprises carried out by Grupo
Banco Popular under the FTPYME program, follows the Spanish
Ministry of Economy's allocation of a new guarantee budget for
such transactions for the current year.

Moody's ratings address the expected loss posed to investors by
the legal final maturity.  The rating agency believes that the
structure of the IM Grupo Popular FTPYME II notes allows for
timely payment of interest and ultimate payment of principal at
par, on or before the final legal maturity date and not at any
other expected maturity date with respect to the Series A1, A2,
A3(G), B, C and D notes, and for ultimate payment of interest
and principal at par with respect to the Series E notes, on or
before the final legal maturity date.  The ratings do not
address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

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

   (1) Excess spread-trapping mechanism through a 12-month
       "artificial write-off";

   (2) a reserve fund that is partially funded upfront to cover
       a potential shortfall in interest and principal;

   (3) the guarantee of the Kingdom of Spain (Aaa/P-1) as
       regards the Series A3(G) notes; and

   (4) strong swap agreement guaranteeing an excess spread of
       0.60% guarantee.

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

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

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

   (3) 12.2% of the provisional pool corresponds to non-
       amortizing loans and 25.6% of the pool corresponds to
       loans paying through annual, semiannual installments or
       through specific amortization schedules; and

   (4) the high servicing fee used, when compared with most
       Spanish securitization transactions.

The provisional pool of underlying assets comprised, as of May
2007, a portfolio of 11,392 loans granted to 9,232 borrowers,
all of which are Spanish SMEs (80% being SMEs and 20% other
kinds of enterprises).  The loans have been originated between
1993 and February 2007, with a weighted average seasoning of
1.70 years and a weighted average remaining term of 7.1 years.
The weighted average interest rate is 4.89%, with 96.5% of the
loans linked to floating reference rates, and the weighted
average margin over the reference rate is 0.97%. 49% of the
outstanding of the portfolio is secured by a first-lien mortgage
guarantee over different types of properties (7% being
residential properties), with a weighted average loan to value
equal to 55%.  Geographically the pool is concentrated in
Andalusia (16%), Madrid (16%) and Catalonia (14%), a natural
consequence of the location of the originators, and is around
37.6% concentrated in the "Buildings & Real Estate" sector
according to Moody's industry classification.  At closing, there
will be no loans more than 30 days in arrears.  To hedge the
potential mismatch risk derived from the different index
reference rates on the assets side and the notes side, or the
risk derived from any amendment in the terms of the loans
agreements, the "Fondo" will enter into a swap agreement with
Banco Popular.

Moody's bases its ratings on, inter-alia:

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

   (2) historical performance information from the Spanish SME
       loan market; and

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




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


ARG FINANCE: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC ARG Finance & Consulting on May 22.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC ARG Finance & Consulting
         Aegeristrasse 23
         6340 Baar ZG
         Switzerland


AUGSTBURGER PRINTLINE: Creditors' Liquidation Claims Due July 16
----------------------------------------------------------------
Creditors of JSC Augstburger Printline have until July 16 to
submit their claims to:

         Walter Augstburger
         Liquidator
         Brunnenstrasse 62
         3018 Bern
         Switzerland

The Debtor can be reached at:

         JSC Augstburger Printline
         Bern
         Switzerland


BABAT TRADING: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Babat Trading on May 29.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Babat Trading
         6340 Baar ZG
         Switzerland


CF COMMERCIAL: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC CF Commercial Factoring on June 5.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC CF Commercial Factoring
         Allmendstrasse 11
         6312 Steinhausen ZG
         Switzerland


CONTEC LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Contec on April 24.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Contec
         Untermuli 6
         6300 Zug
         Switzerland


DIGICOMP JSC: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zurich entered June 7 an order closing
the bankruptcy proceedings of JSC Digicomp.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8952 Schlieren
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Digicomp
         Grabenstr. 1
         8952 Schlieren
         Dietikon ZH
         Switzerland


ECO-VERLAGS JSC: Creditors' Liquidation Claims Due July 16
----------------------------------------------------------
Creditors of JSC Eco-Verlags have until July 16 to submit their
claims to:

         Verena Stettler
         Liquidator
         Wasserwerkstr. 108
         8037 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Eco-Verlags
         Zurich
         Switzerland


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

         Eric Dalebroux
         Liquidator
         Bielweg 5
         5107 Schinznach-Dorf
         Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Edaltec
         Schinznach-Dorf
         Brugg AG
         Switzerland


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

         Christian Kreuzer
         Liquidator
         Furkastrasse
         3985 Munster
         Goms VS
         Switzerland

The Debtor can be reached at:

         LLC EFAM
         Munster-Geschinen
         Goms VS
         Switzerland


HAUSER + GUBLER JSC: Creditors' Liquidation Claims Due July 19
--------------------------------------------------------------
Creditors of JSC Hauser + Gubler have until July 19 to submit
their claims to:

         Ausserdorf
         8467 Truttikon
         Andelfingen ZH
         Switzerland

The Debtor can be reached at:

         JSC Hauser + Gubler
         Truttikon
         Andelfingen ZH
         Switzerland


JOSEF MACHLER: Creditors' Liquidation Claims Due August 2
---------------------------------------------------------
Creditors of JSC Josef Machler have until Aug. 2 to submit their
claims to:

         Obergasse 35
         8854 Galgenen
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC Josef Machler
         Galgenen
         March SZ
         Switzerland


MODE FIGURA: Aargau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau entered June 6 an order closing
the bankruptcy proceedings of JSC Mode Figura.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Mode Figura
         Schachen 36
         5000 Aarau AG
         Switzerland


NEUSATZ-IMMOBILIEN JSC: Liquidation Claims Due July 19
------------------------------------------------------
Creditors of JSC Neusatz-Immobilien have until July 19 to submit
their claims to:

         Dr. Alex Fischer
         Liquidator
         P.O. Box 632
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Neusatz-Immobilien
         Basel BS
         Switzerland


SACOFINT JSC: Creditors' Liquidation Claims Due July 19
-------------------------------------------------------
Creditors of JSC Sacofint have until July 19 to submit their
claims to:

         Rue de la Pelisserie 18
         1204 Geneva
         Switzerland

The Debtor can be reached at:

         JSC Sacofint
         Geneva
         Switzerland


SWAYY LLC: Creditors' Liquidation Claims Due July 18
----------------------------------------------------
Creditors of LLC Swayy have until July 18 to submit their claims
to:

         Frank de Haan
         Liquidator
         Pfeffingerstrasse 8
         4107 Ettingen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Swayy
         Ettingen
         Arlesheim BL
         Switzerland


VERLI JSC: Creditors' Liquidation Claims Due July 20
----------------------------------------------------
Creditors of JSC Verli have until July 20 to submit their claims
to:

         JSC Fidusa
         Liquidator
         Landstrasse 44
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         JSC Verli
         Glarus
         Switzerland




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


EREGLI DEMIR: S&P Affirms BB- Rating with Stable Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook on
Turkey-based steel producer Eregli Demir ve Celik Fabrikalari
T.A.S. to stable from negative.  At the same time, the 'BB-'
long-term corporate credit rating was affirmed.

"The rating action reflects Erdemir's improving cash flow and
stronger credit ratios during 2006, despite ongoing negative
free operating cash flow caused by substantial capital
expenditures," said Standard & Poor's credit analyst Alex
Herbert, adding that execution risks have eased and dividend
payments have been moderate.

Erdemir is continuing with an ambitious plan to increase the
group's steelmaking capacity to about 8.5 million metric tons of
liquid steel from 5.3 million metric tons and to convert its
Isdemir plant from long- to flat-steel production.  The total
cost of this investment program during 2005-2008 is substantial,
at about US$2.7 billion (TRY3.6 billion), of which about half
had been spent at Dec. 31, 2006.

Erdemir's results for the year to Dec. 31, 2006, showed a strong
recovery in cash flow generation, with funds from operations up
85% to TRY1.1 billion compared with 2005.

The rating on Erdemir continues to reflect its weak business
risk profile due to limited diversity, lack of access to own raw
materials and volatile margins in the cyclical, capital-
intensive, and competitive steel industry.  The group's
financial risk profile is constrained due to volatile cash
flows, a large ongoing capital expenditure program, and
potentially higher future dividends.  In addition, Erdemir faces
country risks in the Republic of Turkey (foreign currency BB-
/Stable/B; local currency BB/Stable/B).  The rating is
supported, however, by Erdemir's position as the largest
steelmaker in Turkey, which continues to have good growth
prospects for flat steel consumption.

The stable outlook reflects our expectation that Erdemir will
succeed with its ambitious plans to expand and convert its steel
capacity.  While this could lead to higher debt, S&P expects
Erdemir will be able to maintain credit ratios consistent with
the rating.




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


ALKION LLC: Creditors Must File Claims by July 6
------------------------------------------------
Creditors of LLC Alkion (code EDRPOU 32977877) have until July 6
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. 15/201-b.

The Debtor can be reached at:

         LLC Alkion
         M. Vasilenko Str. 7-A
         03124 Kiev
         Ukraine


AMARANT LLC: Proofs of Claim Deadline Set for July 6
----------------------------------------------------
Creditors of LLC Ukrainian Textile Company Amarant (code EDRPOU
31517846) have until July 6 to submit written proofs of claim
to:

         Taras Popovchenko
         Liquidator
         Apartment 52
         Dragomanov Str. 1k
         Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrainian Textile Company Amarant
         Kievskaya Str. 132
         Obukhov
         08702 Kiev
         Ukraine


ELADA PLUS: Proofs of Claim Deadline Set for July 6
---------------------------------------------------
Creditors of LLC Elada Plus SA (code EDRPOU 33096999) have until
July 6 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. 15/136-b.

The Debtor can be reached at:

         LLC Elada Plus SA
         Vozdukhoflotsky Avenue 21/2
         03049 Kiev
         Ukraine


METALIST OJSC: Creditors Must File Claims by July 6
---------------------------------------------------
Creditors of OJSC Metalist (code EDRPOU 00908260) have until
July 6 to submit written proofs of claim to:

         Taisiya Melnik
         Liquidator
         Apartment 9
         Pervomayskaya Str. 6
         Derazhnia
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 4/354-B.

The Debtor can be reached at:

         OJSC Metalist
         Vovkovintsy
         Derazhnia District
         Hmelnitskij
         Ukraine


PARTNER LLC: Creditors Must File Claims by July 6
-------------------------------------------------
Creditors of LLC Financial Group Partner (code EDRPOU 33995635)
have until July 6 to submit written proofs of claim to:

         Taras Popovchenko
         Liquidator
         Apartment 52
         Dragomanov Str. 1k
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 14/218-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Financial Group Partner
         Kievskaya Str. 27
         Obukhov
         08702 Kiev
         Ukraine


SEZAM-AGRO: Proofs of Claim Deadline Set for July 6
---------------------------------------------------
Creditors of Sezam-Agro (code EDRPOU 31853413) have until July 6
to submit written proofs of claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 1/64-B.

The Debtor can be reached at:

         Sezam-Agro
         Kolkhoznaya Str. 17
         Morozovichi
         Ivanichi District
         45314 Volin
         Ukraine


SU LTD: Creditors Must File Claims by July 6
--------------------------------------------
Creditors of LLC Su Ltd. (code EDRPOU 13344385) have until
July 6 to submit written proofs of claim to:

         Elena Polischuk
         Liquidator
         Apartment 61
         Kovel Str. 73
         Vladimir-Volinsky
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 1/83-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Su Ltd.
         V. Veliky Str. 56
         44700 Vladimir-Volinsky
         Ukraine


UNION OF DONBASS: Fitch Assigns B+ IDR with Stable Outlook
----------------------------------------------------------
Fitch Ratings has assigned Ukraine-based Corporation Industrial
Union of Donbass Long-term Issuer Default 'B+' and Short-term
Issuer Default 'B' ratings.  The Outlook is Stable.

The ratings reflect ISD's position as the leading steel producer
in Ukraine, viable strategic approach and relatively good
financial profile.  As the largest steel producer in Ukraine
(including international operations), ISD can take advantage of
economies of scale as well as leverage the growth of the
Ukrainian steel industry.  Furthermore, Fitch notes the group's
diversified revenue portfolio across plants, geographic regions
and products.  The agency believes that such diversification
allows ISD to build a viable strategy of creating a value-chain
of semi-finished steel production (at its Ukrainian plants) to
processed steel (at its Polish and Hungarian facilities) and
sales in the European markets without restrictions.  Moreover,
ISD has a relatively strong profitability compared with its
international steel peers, which could provide additional
protection against an industry downturn.

However, ISD is unfavorably compared with its Russian peers
based on its relatively high leverage, although it should be
noted that the latter is in line with that of its international
steel peers.  The company also has relatively low coverage
ratios versus both its Russian and international steel
competition.  Fitch believes that this could limit the company's
financial flexibility.  In addition, Fitch notes ISD's low self-
sufficiency in main raw materials in contrast to a high degree
of vertical integration of its Russian steel peers, which could
result in higher costs pressures and a margin squeeze of the
group.  Nonetheless, this risk could be mitigated by the fact
that ISD has developed long-term relationships with its raw
materials suppliers and is currently working on the conclusion
of long-term contracts.  Furthermore, although Fitch positively
views the group's initiatives to adhere to international
corporate governance practices, full credit for such actions
could only be given once these initiatives are fully realized
and sustained.  Fitch also notes the relationship between ISD
and Industrial Group, which serves as a management body for ISD
even though they are legally separate entities.  IG and ISD are
owned by the same shareholders.  Nevertheless, the agency gains
comfort from the fact that IG's assets and revenues are
immaterial in relation to ISD's scale of operations and that the
management fees paid by ISD to IG are capped at US$7 million per
annum.


VERKHOVINA CJSC: Creditors Must File Claims by July 6
-----------------------------------------------------
Creditors of CJSC Verkhovina (code EDRPOU 13655783) have until
July 6 to submit written proofs of claim to:

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

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. B-12/92.

The Debtor can be reached at:

         CJSC Verkhovina
         Belvederskaya Str. 2
         76019 Ivano-Frankovsk
         Ukraine


VIGOR LLC: Creditors Must File Claims by July 6
-----------------------------------------------
Creditors of LLC Vigor (code EDRPOU 32034418) have until July 6
to submit written proofs of claim to:

         Taras Popovchenko
         Liquidator
         Apartment 52
         Dragomanov Str. 1k
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 14/220-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vigor
         Apartment 3
         Gaydar Str. 12
         Irpen
         08200 Kiev
         Ukraine


VILLAGE COMMUNE: Proofs of Claim Deadline Set for July 6
--------------------------------------------------------
Creditors of LLC Village Commune Service (code EDRPOU 32683314)
have until July 6 to submit written proofs of claim to:

         Oleg Bilera
         Liquidator
         Apartment 35
         Volkov Str. 59
         Cherkassy

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/1098.

The Debtor can be reached at:

         LLC Village Commune Service
         Proletarian Str. 92
         20200 Cherkassy
         Ukraine


WEST METAL-ROLL: Proofs of Claim Deadline Set for July 6
--------------------------------------------------------
The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/28-8/6.

Creditors of LLC Science-Production Enterprise West Metal-Roll
have until July 6 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Science-Production Enterprise West Metal-Roll
         B. Hmelnitsky Str. 27
         Pustomitov District Zubra
         81135 Lvov
         Ukraine


YUSTAS LLC: Proofs of Claim Deadline Set for July 6
---------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/200-b.

Creditors of LLC Yustas (code EDRPOU 23509344) have until July 6
to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Yustas
         Antonov Str. 5
         03186 Kiev
         Ukraine




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


A.M. EXPRESS: Appoints Martin C. Armstrong as Liquidator
--------------------------------------------------------
Martin C. Armstrong of Turpin Barker Armstrong was appointed
liquidator of A.M. Express Ltd. (formerly A M Express Couriers
Ltd.) on June 5 for the creditors' voluntary winding-up
procedure.

Turpin Barker Armstrong -- http://www.turpinba.co.uk/--
provides accounting, tax and business advisory services.

The company can be reached at:

         A.M. Express Ltd.
         Southall Community Centre
         25-27 Merrick Road
         Southall
         UB2 4AU
         England
         Tel: 020 8813 0292
         Fax: 020 8574 0446


A1 SOLO: Proof of Claim Deadline Slated for July 27
---------------------------------------------------
Creditors of A1 Solo 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 6.


ASTRATIME LTD: Jonathan Lord Leads Liquidation Procedure
--------------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of
Astratime Ltd. on June 5 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Astratime Ltd.
         Dunston House
         Sheepbridge Works
         Dunston Road
         Chesterfield
         S41 9QD
         England
         Tel: 01246 456 790


BEECHACRE LTD: Brings In Liquidators from Abbott Fielding
---------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed
joint liquidators of Beechacre Ltd. on May 31 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Beechacre Ltd.
         10 Shield Court
         Fellside
         Hexham
         NE46 1RA
         England
         Tel: 01434 603 651


BRAKE BROS: Moody's May Cut Low B Ratings After Review
------------------------------------------------------
Moody's Investors Service placed the ratings of Brake Bros
Finance Plc under review for a possible downgrade, following the
announcement that a company controlled by Bain Capital has
signed a definitive agreement to acquire the entirety of Brakes
Group.

On March 14, 2007, majority shareholder Clayton, Dubilier & Rice
announced the beginning of a review of strategic options for
Brakes, including its sale.  On June 29, 2007, the company
announced it had signed a definitive sale agreement with Bain
for an undisclosed amount.

The rating review of Brakes is related to the uncertainty at
this stage with regard to the impact on debt protection measures
that the proposed acquisition will have over the short-to-medium
term, although Moody's expects the company's total indebtedness
to increase.

Moody's review will therefore mainly focus on:

   (i) the financing mix that will be used to fund the
       acquisition and its impact on Brakes' current metrics and
       debt in the new capital structure; and

  (ii) the group's business strategy going forward, which
       Moody's understands is not expected to change
       significantly.

Affected ratings are:

   -- B1 Corporate Family Rating and Probability of Default
      Rating at Brake Bros Finance Plc;

   -- B3, Loss-Given Default assessment of LGD5 (86%) to the
      GBP105 million senior notes due 2011 issued by Brake Bros
      Finance Plc; and

   -- B3, LGD5 (86%) assessment to the EUR105 million senior
      notes due 2011 issued by Brake Bros Finance Plc.

Headquartered in the U.K., Brakes is the leading wholesale food
distributor in the U.K., with sizeable operations in the French
market.  In 2006 the company reported revenues and EBITDA
(before exceptionals) of GBP1.6 billion and GBP108.7 million,
respectively.


CAMERON NORTHERN: Taps A. Poxon to Liquidate Assets
---------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Cameron (Northern) Ltd. on June 1 for the creditors' voluntary
winding-up proceeding.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Cameron (Northern) Ltd.
         Cockshades Farm
         Stock Lane
         Wybunbury
         Nantwich
         CW5 7HA
         England
         Fax: 01270 815 20


CLASSIC COMMUNITY: Claims Filing Period Ends July 18
----------------------------------------------------
Creditors of Classic Community Care Ltd. have until July 18 to
send in their names and addresses with particulars of the debts
or claims, to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No 1 Old Hall Street
         Liverpool
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on June 6.

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


CONIFERS LEISURE: Calls In Liquidator from Begbies Traynor
----------------------------------------------------------
Gordon Craig of Begbies Traynor was appointed liquidator of
Conifers Leisure Park Ltd. on July 19 for the creditors'
voluntary winding-up procedure.

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

The company can be reached at:

         Conifers Leisure Park Ltd.
         4 Albyn Place
         Edinburgh
         EH2 4NG
         Scotland
         Fax: 01671 403 576


CORUS GROUP: Tata Steel Acquisition Cues Fitch's BB Upgrade
-----------------------------------------------------------
Fitch Ratings has upgraded Corus Group Plc's Long-term Issuer
Default rating to 'BB' from 'BB-'.  The company's Short-term IDR
has been affirmed at 'B'.  Both ratings are removed from Rating
Watch Negative.  A Stable Outlook is assigned to the Long-term
IDR.  CS's EUR800 million 7.5% senior notes and Corus Finance
Plc's GBP200 million 6.75% guaranteed bonds have also been
upgraded to 'BB-' from B+ and removed from RWN.

The resolution of the RWN follows a recent management meeting at
which Tata Steel provided additional details regarding the
future financial performance of CS and post-acquisition
synergies and operational benefits.  Following this meeting
Fitch has also factored into the ratings a higher than
previously anticipated level of parental support, despite the CS
acquisition debt remaining legally non-recourse to Tata Steel.
The agency also has greater confidence regarding the future
standalone financial performance and credit metrics of CS,
including lower starting financial leverage than previously
assumed.

While Fitch does not expect that Tata Steel will supply CS with
either steel-making raw materials or semi-finished steel
products from India over the next one to two years, the ratings
factor in a strengthening of CS's business profile over this
period through a combination of increased production capacity,
ongoing cost reduction measures and a higher value-added product
mix.  Key risks to CS's future performance remain the potential
cyclicality of steel prices, although Fitch expects these to
remain at favorable levels over the next 12-18 months, and
further raw materials price pressure.

CS's EUR800 million senior notes and Corus Finance Plc's GBP200
million guaranteed bonds are rated one notch below the Long-term
IDR to reflect their more limited recovery prospects in a
distress scenario.  The agency expects that Tata Steel will make
a tender offer for these and all of CS's other existing debt in
the coming months.  Fitch anticipates that it will withdraw all
of its existing ratings on CS following the completion of this
process.

CS's ratings were placed on RWN on Oct. 20, 2006 following
initial disclosure of the non-recourse nature of a portion of
Tata Steel's acquisition financing arrangements.

Following the acquisition of CS, Tata Steel is the world's
sixth-largest steel producer based on a combined 2006 crude
steel output of 25 million tons.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.


DECO 16: S&P Rates GBP29.8 Billion Class G Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP829.338 million commercial mortgage-
backed floating-rate notes to be issued by DECO 16 - UK 5 PLC, a
public company with limited liability incorporated in England
and Wales.

At closing, the issuer will use the note issuance proceeds to
purchase a portfolio of four loans secured against 293
commercial properties located throughout the U.K.  The two
largest loans account for 80.2% of the pool.

The transaction is the fifth DECO U.K. CMBS securitization to be
undertaken by Deutsche Bank AG and will use a similar structure
to previous transactions in the series.

                          Ratings List
DECO 16 - UK 5 PLC
   GBP829.338 Million Commercial Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          Rating          (Mln. GBP)
           -----          ------           --------
            A1             AAA              431.400
            A2             AAA              139.600
            B              AA                69.500
            C              A                 69.500
            D              BBB+              46.000
            E              BBB               23.500
            F              BBB-              20.000
            G              BB                29.838


DONBOX LTD: Appoints Joint Administrators from KPMG
---------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Donbox Ltd. (Company Number
06006514) June 22.

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

Headquartered in Doncaster, England, Donbox Ltd. manufactures
corrugated boxes.


DREAMMAKER BATH: Joint Liquidators Take Over Operations
-------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of Dreammaker Bath & Kitchens Ltd. on May 29
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Dreammaker Bath & Kitchens Ltd.
         Commercial House
         High Street
         Brockmoor
         Brierley Hill
         DY5 3JA
         England
         Tel: 01728 685 958
         Fax: 01728 685 068


EMPOWER INTERACTIVE: Claims Filing Period Ends July 27
------------------------------------------------------
Creditors of Empower Interactive Group Ltd. have until July 27
to prove their debts and send their claims to:

         Nicholas Stewart Wood
         Joint Liquidator
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         London
         NW1 2EP
         England

Nicholas Stewart Wood and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint liquidators of the
company on June 1.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.


FLEET STREET: S&P Puts BB Rated Class E Notes on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the class C, D,
and E notes issued by Fleet Street Finance One PLC.

The CreditWatch placement follows an initial review of the most
recent transaction information received by Standard & Poor's.
This analysis showed that the likelihood of a positive rating
action has increased due to the prepayment of the Swift loan,
(14% of the Day 1 balance) and another hotel sale in the Queens
Moat House portfolio, at the January interest payment date.

As a consequence of this loan prepayment, the credit enhancement
available to the class C, D, and E notes has improved.

At this time, there is one loan, the Queens Moat House loan,
remaining in the portfolio with an outstanding balance of
GBP130.8 million at the most recent IPD in April 2007.  It was
originally secured by a portfolio of 28 hotels located
throughout the U.K.  To date, there are 15 hotels in the
portfolio with principal repayments from asset sales amounting
to GBP91.1 million.

Standard & Poor's will now execute a more detailed transactional
analysis to investigate whether any or all of these notes can
attain a higher rating.  The results of this review and any
rating changes are expected within a month of this media
release.

Fleet Street Finance One PLC closed in August 2005.  The notes
were originally backed by three loans, originated by Goldman
Sachs Credit Partners L.P. and GS Mortgage Funding No. 1 Ltd.
The loans were secured on 156 predominantly Care Home and Hotel
properties and three shopping centers located across the U.K.
There are currently 15 properties remaining in the portfolio.

                         Ratings List

Fleet Street Finance One PLC
   GBP659.25 Million Commercial Mortgage-Backed Floating- And
   Variable-Rate Notes

           Class                  Rating
                      To                        From

Ratings Placed On CreditWatch With Positive Implications

          C           AA-/Watch Pos              AA-
          D           BBB+/Watch Pos             BBB+
          E           BB/Watch Pos               BB


FOPP LTD: Administrators Cut 700 Jobs Across the U.K.
-----------------------------------------------------
The joint receivers and administrators from Ernst & Young LLP
revealed that approximately 700 jobs at Fopp Ltd. and MZ 2007
Ltd. across the U.K. have been lost.

"It is unfortunate that we have had to make these redundancies
but we are not in a position to re-open the stores until we have
the agreement of suppliers who control the licenses to sell
stock," Colin Dempster, one of the joint administrators,
commented.

According to Times Online, Fopp owes about GBP10 million to
suppliers, including Universal Music, Sony BMG, EMI, Plastic
Head Music Distribution and ESD Wholesale.

"We would urge anyone with a genuine interest in taking on
stores as going concerns to contact us immediately.  In the
meantime, we wanted to ensure that employees have the
opportunity to claim their statutory entitlements through the
Redundancy Fund as soon as possible.  A dedicated team from
Ernst & Young will be on hand to assist with this process.  We
are retaining store managers while we assess the prospects for
re-opening," Mr. Dempster added.

On June 29, 2007, Tom Burton and Colin Dempster from Ernst &
Young have been appointed joint receivers of Fopp and joint
administrators to MZ 2007.

Fopp is a retailer of music, film and books in the United
Kingdom that began as a one-man stall in Glasgow, Scotland in
1981.  It has undergone significant store expansion over the
last two years.  Earlier this year it acquired 68 Music Zone
stores out of administration, many of these have subsequently
been closed.  There are now 50 Fopp stores and 31 Music Zone
stores across the U.K. with approximately 800 employees.


JJ BARKER: Brings In Administrators from KPMG LLP
-------------------------------------------------
James Douglas, Ernie Money and Myles Antony Halley of KPMG LLP
were appointed joint administrators of JJ Barker Ltd.(Company
Number 03091607) on June 22.

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

The company can be reached at:

         JJ Barker Ltd.
         Hook Place Farm
         Southfleet
         Gravesend
         DA13 9NH
         England
         Tel: 01474 833 556
         Fax: 01474 834 193


MED CLEAN: Hires Liquidator from Begbies Traynor
------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed liquidator of Med
Clean Ltd. (formerly 20-20 Distribution Ltd.) on June 5 for the
creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Med Clean Ltd.
         Sheerness Docks
         Sheerness
         ME12 1RS
         England
         Tel: 01795 585 327
         Fax: 01795 580 320


MIKKIS MOUSE: Appoints Lloyd Biscoe as Liquidator
-------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Mikkis Mouse Mats Ltd. on May 30 for the creditors' voluntary
winding-up proceeding.

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

The company can be reached at:

         Mikkis Mouse Mats Ltd.
         57 Coppins Road
         Clacton-on-Sea
         CO15 3HS
         England
         Tel: 0800 731 0301
         Fax: 020 8478 2620


SALOPIAN MECHANICAL: Taps Liquidators from Mazars
-------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of Salopian Mechanical Handling Ltd.
on May 25 for the creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Salopian Mechanical Handling Ltd.
         Unit 11
         Redland Industrial Estate
         Station Hill
         St Georges
         Telford
         TF2 9JX
         England
         Tel: 01952 612 223
         Fax: 01952 612 226


SAPPHIRE WINDOWS: Claims Filing Period Ends September 5
-------------------------------------------------------
Creditors of Sapphire Windows & Conservatories (NW) Ltd. have
until Sept. 5 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:

         Daniel Paul Hennessy
         Joint Liquidator
         Cresswall Associates Ltd.
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire
         WN8 9TG
         England

Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Ltd. were appointed joint liquidators of the company on June 5
by a resolution of creditors.


UP & RUNNING: Names Peter James Yeldon Liquidator
-------------------------------------------------
Peter James Yeldon of Middleton Partners was appointed
liquidator of Up & Running Recruitment Ltd. on May 1 for the
creditors' voluntary winding-up procedure.

Middleton Partners -- http://www.middletonpartners.co.uk/--
provides business rescue and insolvency services.

The company can be reached at:

         Up & Running Recruitment Ltd.
         7 Market Place
         Melksham
         SN12 6ES
         England
         Tel: 01225 793 555
         Fax: 01225 793 666


VIRGIN MEDIA: Fitch Affirms B+ IDR & Changes Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has changed Virgin Media Inc.'s Outlook to
Positive from Stable.  The agency has also affirmed its Long-
term Issuer Default Rating at 'B+' and Short-term IDR at 'B'.
At the same time Virgin Media Finance PLC's senior unsecured
notes are upgraded to 'B+'/'RR4' from 'B'/'RR5' and Virgin Media
Investment Holdings Limited's ('VMIHL') GBP5.3 billion senior
secured bank facility is affirmed at 'BB+'/'RR1'.

Virgin Media Finance PLC bonds:

   -- GBP375 million 9.75% senior notes due 2014: 'B+'/'RR4'
   -- US$425 million 8.75% senior notes due 2014: 'B+'/'RR4'
   -- EUR225 million 8.75% senior notes due 2014: 'B+'/'RR4'
   -- US$550 million 9.125% senior notes due 2016: 'B+'/'RR4'

"The change in the Outlook reflects our view that a
stabilization in the company's customer numbers and modest gains
in improving bundle penetration, would likely be sufficient to
de-leverage the company's financial profile to 'BB minus' type
metrics," said Stuart Reid, a director in Fitch's European TMT
team.

While the UK multi-service communications market, with
participants including BT Group ('BBB+'/Outlook Stable), BSkyB
('BBB'/Outlook Stable) and Carphone warehouse, is one of the
most competitive in Europe, Virgin Media holds strong market
positions in each of its core products and, with Virgin Mobile,
arguably has the most expansive residential offer in the market.
More importantly, it exhibits some of the strongest earnings
metrics among Fitch-rated UK multi-service peer group.

Despite a significant increase in leverage in 2006 due to the
Telewest merger and subsequent Virgin Mobile acquisition, which
ultimately led to its downgrade to 'B+', Fitch believes Virgin
Media as it is now composed exhibits a substantially improved
business profile.  The Telewest acquisition consolidated the UK
cable sector and established a strong competitor to the
incumbents in (paid) broadband access and residential telephony.
It is the market leader in residential broadband with 3.4
million subscribers (compared with BT Retail's approximate 2.8
million) and the market number two in residential telephony with
4.1 million subscribers.  Despite vociferous competition Virgin
Media maintains some of the strongest key performance indicators
across the European cable sector - including consistently
reporting the highest average revenue per user and revenue
generating unit/customer metrics across Fitch's peer group.
This has been achieved among what are arguably the most
competitive conditions in Europe, including the free broadband
offers that, in Fitch's view have been somewhat ill-judged and
aggressively introduced by some market participants.

In pay-TV, while Sky remains the market leader with ownership of
the country's most desired premium content and a strong
reputation in customer care and brand management, Fitch's
analysis of the market's key players' service bundles suggests
Virgin Media offers an attractive and comparably priced offer.
While the acquisition of Easynet by Sky has somewhat narrowed
the technological lead enjoyed by cable, Virgin Media enjoys a
stronger broadband offer (given the superior speeds available
over cable compared with digital subscriber line) and has a
stronger video/TV capability in terms of VOD, personal video
recording, high definition, catch-up and time-shifting of
programming.  Fitch considers, however, the cable operator
continues to have room for improvement in the quality of
service.

In terms of financial metrics, with leverage of 4.6x - 4.7x (net
debt-to-last quarter annualized EBITDA) and solid free cash flow
(GBP238 million for FY06) Fitch considers Virgin Media resides
towards the top of the 'B+' level.  A modest degree of traction
in subscriber growth, already evident in pay-TV and broadband
access, could result in the company de-leveraging towards the 4x
metric over the near-medium term.  This, combined with sustained
free cash flow performance, should be sufficient to raise the
Long-term IDR to 'BB-' over the next 18-24 months.  Downside
risks include the extremely competitive conditions in the UK
residential market and the possibility of further disruptive
actions in bundled service pricing by one or more of the
market's key players.  While LBO and / or M&A-related event risk
is a concern, Fitch notes the bond indentures include change of
control language and a restriction on leverage above 5.5x.

The 'B+'/'RR4' ratings of the senior notes reflect Fitch's view
of recoveries in the event of distress, which are considered to
be average.  The upgrade in these ratings denotes a more
positive view of the distressed enterprise value of the
business, given the attractiveness to a potential buyer of a
business with 4.8 million unique cable customers and a national
communications network with the second-most dense level of local
access, next to BT.


WHITEFIELD FABRICATIONS: Appoints Liquidator from Tenon Recovery
----------------------------------------------------------------
Christopher Ratten of Tenon Recovery was appointed liquidator of
Whitefield Fabrications Ltd. on June 4 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Whitefield Fabrications Ltd.
         32 Kirklees Street
         Tottington
         Bury
         BL8 3NJ
         Tel: 01204 887 700
         Fax: 01204 887 792


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Oct. 23, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy
         Contact: 240-629-
            3300; http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                          *********

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 $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
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter
11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-
dollar petitions in Acrobat PDF format.

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/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday
edition of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.


                           *********

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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