TCREUR_Public/070706.mbx T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, July 6, 2007, Vol. 8, No. 133

                            Headlines


A U S T R I A

ALTENPFLEGEHEIM TRUPPE: Claims Registration Period Ends July 23
BAU-KONTRAKT LLC: Salzburg Court Orders Business Shutdown
MAIR BAU: Claims Registration Period Ends July 23
MBR INSTALLATIONS: Claims Registration Period Ends July 23
PRASSL & STAMPF: Claims Registration Period Ends August 7

PRO MOTION: Vienna Court Orders Business Shutdown
S & T LLC: Claims Registration Period Ends August 7
SIOTECH TECHNOLOGIE: Claims Registration Period Ends August 15
W&G LLC: Claims Registration Period Ends July 26


B E L G I U M

COMPAGNIE EUROPEENNE: Chapter 15 Petition Summary


F I N L A N D

HILTON HOTELS: Inks US$26 Bln Merger Deal with Blackstone Group


F R A N C E

FIXED-LINK FINANCE: S&P Affirms Class C Notes at C


G E R M A N Y

DAIMLERCHRYSLER: Delays 2Q Earnings Report Due to Chrysler Sale
DAIMLERCHRYSLER: S&P Junks Finance Arm's US$2 Billion Term Loan
DAIMLERCHRYSLER AG: Fitch Puts Low-B Ratings on Finance Unit
DAIMLERCHRYSLER: Fitch Assigns Low B Ratings to Chrysler LLC
EQUITY FINANCE: Claims Registration Period Ends November 2

GEYER AG: Claims Registration Period Ends August 13
TIPTEL AG: Claims Registration Period Ends August 10


I R E L A N D

DUNCANNON I: S&P Rates EUR20 Million Class E2 Notes at BB-
RITCHIE (IRELAND): Taps Matheson Ormsby as Irish Counsel


I T A L Y

IMAX CORP: Nasdaq Okays Continued Common Stock Listing
PARMALAT SPA: Court Allows Investors to Pursue Securities Action


K A Z A K H S T A N

ALUA OIL: Proof of Claim Deadline Slated for August 8
CASPIAN TRANS: Creditors Must File Claims August 8
GETMAN-1 LLP: Claims Filing Period Ends August 8
KOSTANAI OIL: Creditors' Claims Due on August 10
MOSTOOTRYAD Z LLP: Claims Registration Ends August 10

NURMET E LLP: Proof of Claim Deadline Slated for August 8
SIRIN LLP: Creditors Must File Claims August 8
SNABPRODORALSBYTCOMPANY LLP: Claims Filing Period Ends August 8
TALDYKORGAN ISKE: Creditors' Claims Due on August 10
TECHNOSNASTKA-7 LLP: Claims Registration Ends August 8


N E T H E R L A N D S

CHEYNE CREDIT: Fitch Affirms EUR30 Million Class V Notes at BB
IFCO SYSTEMS: S&P Raises Debt Rating to BB- on Recovery Analysis


R U S S I A

APATIT-STROY-SERVICE: Names P. Tarasov as Insolvency Manager
CHEBARKULSKAYA OJSC: Bankruptcy Hearing Slated for Oct. 18
DOROZHNIK OJSC: Court Names A. Elypin as Insolvency Manager
FLORA CJSC: Court Names A. Pasechnik as Insolvency Manager
GALKINO LLC: Creditors Must File Claims by August 9

KAZANSKOYE CJSC: Omsk Bankruptcy Hearing Slated for Oct. 16
KHANTY-AVIA CJSC: Court Names S. Vinnik as Insolvency Manager
LYSKOVSKOYE CJSC: Bankruptcy Hearing Slated for November 7
MARGARITA CJSC: Court Names A. Chingaev as Insolvency Manager
OKTYABRSKIY CREAMERY: Names N. Volkov as Insolvency Manager

PROMSVYAZBANK JSCB: Takes US$400 Mln Loan to Fund Foreign Ops
RENAISSANCE CAPITAL: Fitch Assigns B- Rating to US$300 Mln Loan
ROSNEFT OIL: Sells 50% of Tomskneft Unit to Vnesheconombank
SABLE LLC: Court Names L. Abalakova as Insolvency Manager
SITRONICS JSC: Unit Inks US$50 Million R&D Federal Contract

TEMP OJSC: Omsk Bankruptcy Hearing Slated for Oct. 16
TRANSPORT BUILDING: Creditors Must File Claims by August 9
VICTORY OJSC: Names O. Khvoshnyanskiy as Insolvency Manager
YUZHANKA LLC: Creditors Must File Claims by August 9


S P A I N

IM PRESTAMOS: Moody's Rates EUR900,000 Class A-3 Notes at (P)Ba2
MILLS CORP: To Wind Up Affairs and Liquidate Assets on Aug. 1


S W I T Z E R L A N D

A-Z KOPIERSERVICE: St. Gallen Court Closes Bankruptcy Process
CASTIGLIONI CONSULTING: Liquidation Claims Due July 19
FINCHIP JSC: Creditors' Liquidation Claims Due July 23
HABERLE INVEST: Lucerne Court Closes Bankruptcy Proceedings
INFINITI AG: Nidwalden Court Closes Bankruptcy Proceedings

PELLCORN JSC: Bern Court Closes Bankruptcy Proceedings
PHAM INFORMATIK: Zurich Court Closes Bankruptcy Proceedings
PPSA – PRIVATE PARTNERS: Glarus Court Closes Bankruptcy Process
SCHULZ-AUTOMATION LLC: Basel Court Closes Bankruptcy Proceedings
SM MEDICAL: Creditors' Liquidation Claims Due July 19

STAHLTECH LLC: Creditors' Liquidation Claims Due July 31
STOLL REPRO-ATELIER: Bern Court Closes Bankruptcy Proceedings
TAURUS CMBS: S&P Assigns BB Ratings to EUR2.5 Mln Class E Notes
TB TECH: Creditors' Liquidation Claims Due July 27

VELTUR JSC: Creditors' Liquidation Claims Due July 19


T U R K E Y

BANKPOZITIF KREDI: Raises US$150 Million in London Bond Issue


U K R A I N E

BORTNITSKY PRODUCTION-TRANSPORT: Creditors' Claims Due July 10
BUZNITSKY AGRICULTURAL: Creditors Must File Claims by July 8
GAL CLAYDITE: Proofs of Claim Deadline Set July 8
GELIOS LLC: Proofs of Claim Deadline Set July 10
KRASILOV ATP-16841: Creditors Must File Claims by July 8

KRYM RESTORATION: Proofs of Claim Deadline Set July 8
MACHINE OPERATOR: Creditors Must File Claims by July 8
OIL TRADE: Creditors Must File Claims by July 8
PHOTO DEVICE: Proofs of Claim Deadline Set July 8
SMIK OJSC: Proofs of Claim Deadline Set July 8

TANDEM-SERVICE LLC: Creditors Must File Claims by July 8
ZHYTOMIR-WOOD OJSC: Creditors Must File Claims by July 8
ZOLOTONOSHA FURNITURE: Proofs of Claim Deadline Set July 8


U N I T E D   K I N G D O M

CANWEST MEDIAWORKS: Debt Reduction Cues Moody's to Hold Ratings
COMPAGNIE EUROPEENNE: Chapter 15 Petition Summary
DRAGON FUTURES: Creditors' Meeting Slated for July 18
FORD MOTOR: U.S. Sales Fall 8.1% to 247,599 in June 2007
FUTURE-PEOPLE RECRUITMENT: Taps Administrators from BDO Stoy

HEATING FINANCE: Moody's Cuts Rating to B2 on Weak Performance
KWIK SAVE: Goes Into Administration; Transfers Remaining Stores
LADBROKES PLC: Expects GBP45 Mln Profit from Telephone Betting
MBN BOMFORD: Brings In Administrators from Deloitte & Touche
METRONET BCV: S&P Cuts Debt Ratings to BB+ After Review

METRONET SSL: S&P Cuts Debt Ratings to BB+; Remains on Watch Neg
MORTGAGES PLC: Fitch Upgrades No. 7’s Class E Notes to BB+
PRIMUS TELECOMM: Concludes Sale of 22.5MM Shares of Common Stock
SOLUTIA INC: Wants Monsanto & Retiree Settlement Pacts Okayed
SOLUTIA INC: Bank of New York Balks at Amended Plan

TRENT VALLEY: Appoints Joint Administrators from Vantis
VIRGIN MEDIA: S&P Places All Ratings on Watch on Buyout Proposal
W BAILEY: Brings In Deloitte & Touche to Administer Assets

* BOOK REVIEW: Distressed Investment Banking: To the Abyss and
               Back


                            *********


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


ALTENPFLEGEHEIM TRUPPE: Claims Registration Period Ends July 23
---------------------------------------------------------------
Creditors owed money by KEG Altenpflegeheim Truppe (FN 136939g)
have until July 23 to file written proofs of claim to court-
appointed estate administrator Rudolf Pototschnig at:

         Dr. Rudolf Pototschnig
         Peraustrasse 31
         9500 Villach
         Austria
         Tel: 04242/27835
         Fax: 04242/26107-19
         E-mail: rae.pototschnig-winkler@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on June 5 (Bankr. Case No. 41 S 53/07b).  


BAU-KONTRAKT LLC: Salzburg Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Salzburg entered June 1 an order shutting down
the business of LLC Bau-Kontrakt (FN 68402t).

Court-appointed estate administrator Edwin Demoser recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Edwin Demoser
         Mohrstrasse 10
         5020 Salzburg
         Austria
         Tel: 0662/823907
         Fax: 0662/823907-21
         E-mail: office@rademoser.at  

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on May 23 (Bankr. Case No 23 S 41/07k).


MAIR BAU: Claims Registration Period Ends July 23
-------------------------------------------------
Creditors owed money by LLC Mair Bau (FN 275623d) have until
July 23 to file written proofs of claim to court-appointed
estate administrator Clemens Richter at:

         Mag. Clemens Richter
         c/o Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No. 3 S 80/07w).  Thomas Engelhart
represents Mag. Richter in the bankruptcy proceedings.


MBR INSTALLATIONS: Claims Registration Period Ends July 23
----------------------------------------------------------
Creditors owed money by LLC MBR Installations (FN 210615d) have
until July 23 to file written proofs of claim to court-appointed
estate administrator Georg Freimueller at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No. 3 S 81/07t).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


PRASSL & STAMPF: Claims Registration Period Ends August 7
---------------------------------------------------------
Creditors owed money by LLC Prassl & Stampf (FN 189120v) have
until Aug. 7 to file written proofs of claim to court-appointed
estate administrator Horst Winkelmayr at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4 (Bankr. Case No. 6 S 55/07s).  Carl Knittl represents
Mag. Winkelmayr in the bankruptcy proceedings.


PRO MOTION: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered June 4 an order shutting down
the business of LLC PRO MOTION (FN 33606x).

Court-appointed estate administrator Georg Kahlig recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


S & T LLC: Claims Registration Period Ends August 7
---------------------------------------------------
Creditors owed money by LLC S & T (FN 188810m) have until Aug. 7
to file written proofs of claim to court-appointed estate
administrator Birgit Linder at:

         Mag. Birgit Linder
         c/o Dr. Edmund Roehlich
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 6 (Bankr. Case No. 6 S 69/07z).  Edmund Roehlich
represents Mag. Linder in the bankruptcy proceedings.


SIOTECH TECHNOLOGIE: Claims Registration Period Ends August 15
--------------------------------------------------------------
Creditors owed money by LLC SioTech Technologie (FN 247477m)
have until Aug. 15 to file written proofs of claim to court-
appointed estate administrator Alexander Knotek at:

         Dr. Alexander Knotek
         Pergerstr. 12
         2500 Baden bei Vienna
         Austria
         Tel: 02252/43056-0
         Fax: 022512/43056-20
         E-mail: info@avia-law.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Aug. 28 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Kottingbrunn, Austria, the Debtor declared
bankruptcy on June 5 (Bankr. Case No. 10 S 61/07k).  


W&G LLC: Claims Registration Period Ends July 26
------------------------------------------------
Creditors owed money by LLC W&G (FN 83333z) have until July 26
to file written proofs of claim to court-appointed estate
administrator Eva Riess at:

         Dr. Eva Riess
         c/o Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01-0
         Fax: 402 57 01 -57
         E-mail: law@riess.co.at
                 nikolaus.vogt@riess.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 9 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 4 (Bankr. Case No. is 5 S 67/07y).  Nikolaus Vogt
represents Dr. Riess in the bankruptcy proceedings.


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B E L G I U M
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COMPAGNIE EUROPEENNE: Chapter 15 Petition Summary
-------------------------------------------------
Petitioner: Clive Paul Thomas

Debtor: Compagnie Europeenne d'Assurances Industrielles S.A.
        360 Boulevard du Souverain
        1160 Brussels, Belgium
        
        1 Stoke Road, Guildford, Surrey
        GU1 4HW United Kingdom

Case No.: 07-12009

Type of Business: The Debtor was an insurance company
                  underwriting a wide array of insurance and
                  reinsurance business, including marine,
                  transport and aviation, industrial risks, fire
                  and allied perils, liability, casualty,
                  private lines and commercial insurance between
                  1974 and 1994.  On Dec. 31, 1994, the company
                  ceased all underwriting activities and went
                  into run-off.

                  During the run-off process, the Debtor ceases
                  underwriting new businesses and seek to
                  determine, settle and pay all liquidated
                  claims of their insureds as they arise.  
                  Depending on  the type of business
                  underwritten, the Debtor's run-off can take
                  decades to complete.  To shorten the run-off
                  period and reduce administrative costs, the
                  Debtor proposed a scheme of arrangement
                  pursuant to section 425 of the Companies Act
                  1985 of England and Wales under English law.

                  The Debtor is solvent and the Petitioner
                  anticipates that all claims addressed by the
                  Arrangement will be paid in full.  During the
                  Debtor's creditors' meetings, the requisite
                  majorities of each class of creditors voted in
                  favor of the Arrangement.

Chapter 15 Petition Date: June 28, 2007

Court: Southern District of New York (Manhattan)

Judge: Martin Glenn

Petitioner's Counsel: Howard Seife, Esq.
                      Chadbourne & Parke LLP
                      30 Rockefeller Plaza
                      New York, NY 10112
                      Tel: (212) 408-5361
                      Fax: (212) 541-5369

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million


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HILTON HOTELS: Inks US$26 Bln Merger Deal with Blackstone Group
---------------------------------------------------------------
Hilton Hotels Corporation entered into a definitive merger
agreement with The Blackstone Group's real estate and corporate
private equity funds in an all-cash transaction valued at
approximately US$26 billion.  

Under the terms of the agreement, Blackstone will acquire all
the outstanding common stock of Hilton for US$47.50 per share.  
The price represents a premium of 40% over yesterday's closing
stock price.

Hilton's Board of Directors approved the transaction on July 3,
2007.  It is anticipated that the transaction will close during
the fourth quarter of 2007; completion is subject to the
approval of Hilton's shareholders, as well as other customary
closing conditions.  A special shareholders meeting will be
scheduled at a later date.

The acquisition brings together a leading global hospitality
company with Blackstone's extensive portfolio of hotels and
resorts.  Blackstone currently owns more than 100,000 hotel
rooms in the U.S. and Europe, ranging from limited service
properties such as La Quinta Inns and Suites to LXR Luxury
Resorts and Hotels.  The LXR collection includes such upscale
properties as The Boulders Resort and Spa (Arizona), The El
Conquistador Resort (Puerto Rico), The Boca Raton Resort and
Club (Florida), The Golden Door Spa (San Diego), and The London
NYC (New York).  Blackstone's holdings complement Hilton's
unparalleled family of brands, which include Hilton, Conrad
Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn,
Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by
Hilton, and The Waldorf=Astoria Collection.

Blackstone intends to invest in the Hilton properties and brands
globally to enhance and grow the business for the benefit of
owners, franchisees and customers.  Over the last fifteen years,
Blackstone has been the largest private investor in hospitality
worldwide and it has a strong track record of reinvesting in its
hotel properties.  Blackstone has invested approximately US$1
billion in redevelopment capital in its LXR properties over the
last three years; it has also grown the La Quinta brand by
approximately 45% since its acquisition in January 2006.

"Our priority has always been to maximize shareholder value,"
Stephen F. Bollenbach, Hilton's co-chairman and chief executive
officer, said.  "Our Board of Directors concluded that this
transaction provides compelling value for our shareholders with
a significant premium.  We are delighted that a company with the
resources and reputation of Blackstone fully appreciates the
value inherent in our global presence, strong brands, industry
leading marketing and technology programs, and unique portfolio
of hotel properties."

"It is hard to imagine a better strategic fit for us than Hilton
with its world-class people, brands and network of hotels,"
Jonathan Gray, Senior Managing Director, Blackstone, commented.  
"This transaction is about building the premier global
hospitality business.  We are committed to investing in the
company andworking with Hilton's outstanding owners and  
franchisees to continue to grow and enhance the business."

"Blackstone's real estate and corporate private equity funds
collaborated on the acquisition of Hilton, demonstrating
Blackstone's unique ability to undertake such a transaction,"
Michael Chae, Senior Managing Director, Blackstone, added.  "We
look forward to working with Hilton's management team and
employees to enhance the value of the company."

Blackstone views Hilton as an important strategic investment; no
significant divestitures are envisaged as a result of this
transaction.

The transaction is not contingent on the receipt of financing.  
Financing commitments have been provided by Bear Stearns, Bank
of America, Deutsche Bank, Morgan Stanley and Goldman Sachs.  
These institutions also served as financial advisors to
Blackstone.  Simpson Thacher & Bartlett LLP acted as legal
advisor to Blackstone. UBS Investment Bank and Moelis Advisors
acted as financial advisors to Hilton, and Sullivan & Cromwell
LLP acted as legal advisor to Hilton.

              About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                      *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.


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FIXED-LINK FINANCE: S&P Affirms Class C Notes at C
--------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on the
class A and B structured notes issued by the special-purpose
vehicle Fixed-Link Finance B.V., reflecting the implementation
of the restructuring plan.  The ratings that were raised are:

   -- The senior secured debt rating on the class A notes was
      raised to 'AAA' from 'BBB', and

   -- The senior subordinated debt rating on the class B notes
      was raised to 'AAA' from 'BBB-'.

At the same time, the ratings were taken off CreditWatch where
they had been placed with positive implications on June 20,
2007.  The outlook on these ratings is stable.

The junior subordinated debt rating on the class C notes was
affirmed at 'C'.  The outlook on these notes is negative.

The 'AAA' insured ratings on the GBP232 million class G1 notes
and EUR365 million class G2 notes issued by FLF were also
affirmed.  The 'AAA' insured ratings reflect the unconditional
and irrevocable guarantee provided by MBIA Assurance S.A.
(AAA/Stable/--) for the timely payment of scheduled interest and
principal.

FLF is a special-purpose vehicle related to Anglo-French Channel
tunnel infrastructure operator Eurotunnel S.A. FLF's underlying
assets consist of Eurotunnel's junior debt, at 51% of Tier 1,
32% of Tier 2, and 32% of Tier 3.

"The rating actions on the class A, B, and C structured notes
reflect the fact that FLF has received the sterling and euro
payments from the safeguard plan with value June 28, 2007," said
Standard & Poor's credit analyst Alexandre de Lestrange.  

Class A and class B are now wholly secured by cash.  Pursuant to
the cash management agreement, cash held by FLF must be invested
by the cash manager (Citigroup) in eligible investments.  The
latter comprise sovereign debt, certain 'AAA' rated securities,
and other unsubordinated securities issued by obligors with
short-term debt obligations assigned at least an 'A-1' rating by
Standard & Poor's and the equivalent rating by Moody's.

The stable outlook on class A and class B reflects the
expectation that cash, and earnings thereon, will enable FLF to
service all of its debt and to repay its outstanding senior,
senior subordinated, and guaranteed notes at par plus accrued
interest in January 2009.

The 'C' rating with a negative outlook on class C reflects the
expectation that a default will ultimately occur in 2009, but
that there should also be sufficient cash to service interest
until then.

In line with Eurotunnel's debt restructuring, as approved by the
safeguard procedure, Eurotunnel's senior debt, Tier 1A, Tier 1,
and Tier 2 was fully repaid in cash at 100% of par including
accrued interest on June 28, 2007.  The plan is to unwind FLF in
2009 when FLF bonds become freely pre-payable.


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G E R M A N Y
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DAIMLERCHRYSLER: Delays 2Q Earnings Report Due to Chrysler Sale
---------------------------------------------------------------
The upcoming transfer of a majority interest in Chrysler
Automotive and Chrysler Financial to Cerberus Capital Management
and the upcoming closing of the transaction will result in
substantial changes in DaimlerChrysler AG's financial reporting
on the second quarter of 2007.

Chrysler Automotive and Chrysler Financial will be shown in the
second quarter financial statements as "discontinued
operations.”  For this reason, it will not be possible to
publish the full interim report as planned on July 26, 2007.

However, in order to report its key figures as soon as possible,
on July 25, 2007, DaimlerChrysler will disclose unit sales,
revenues and EBIT (earnings before interest and taxes) for the
Mercedes Car Group and Truck Group divisions as well as for the
Van, Bus, Other segment on the basis of preliminary figures.  
A conference call for journalists and analysts will be held on
July 25, 2007, at 4.00 p.m. CEST.  Originally, the second
quarter 2007 interim report was scheduled to be released on
July 26, 2007.

It will not be possible to report Financial Services' figures
separately for Chrysler and Daimler on July 25, 2007, because
the accounting work of separating the business volume of
Financial Services that is to be allocated to the Chrysler Group
will not have been completed by then.

DaimlerChrysler intends to publish its full interim report on
the second quarter of 2007, including the financial statements,
on August 29, 2007.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: S&P Junks Finance Arm's US$2 Billion Term Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating on Chrysler LLC.  At the same time, Standard &
Poor's assigned its 'B' long-term counterparty credit rating to
Chrysler affiliate DaimlerChrysler Financial Services Americas
LLC.  The outlooks on both companies are negative.  

The linkage of the ratings on the two companies reflects S&P's  
consideration of DCFS as a captive finance company and is driven
primarily by the strong business ties between the two entities.

Standard & Poor's also assigned these bank loan and recovery
ratings:

  -- A 'B+' issue rating, one notch higher than the Chrysler
     corporate credit rating, and a '2' recovery rating to
     Chrysler's proposed US$10 billion, first-lien term loan due
     2014;

  -- A 'B-' issue rating, one notch below the Chrysler corporate
     credit rating, and a '5' recovery rating to Chrysler's
     proposed US$2 billion, second lien-term loan due 2014;

  -- A 'BB-' rating, two notches higher than the DCFS
     counterparty credit rating, and a '1' recovery rating to
     DCFS's proposed US$2 billon revolving credit facility and
     US$4 billion first-lien term loan; and

  -- A 'CCC+' rating, two notches below the DCFS counterparty
     credit rating, and a '6' recovery rating to DCFS's proposed
     US$2 billion second-lien term loan.

Chrysler Holding LLC and Chrysler LLC are new legal entities
being formed in connection with the acquisition of a controlling
interest in the Chrysler automotive and financial businesses
from parent DaimlerChrysler AG (DCX; BBB/Watch Pos/A-2) by an
affiliate of Cerberus Capital Management L.P. (DCFS is an
existing entity.)  Upon consummation of the transaction,
Cerberus will own approximately 80.1% of the equity interests in
unrated Chrysler Holding, the indirect parent of Chrysler and
direct parent of DCFS, with DCX retaining a 19.9% stake in
Chrysler Holding.  The sale is not expected to close until late
July, and terms and conditions are subject to change.
Accordingly, our ratings are preliminary and are subject to
consummation of the transaction and receipt and review of final
documentation.

Following the close of the purchase, Auburn Hills, Mich.-based
Chrysler will be a privately held company and is not expected to
report financial results.  The company is the fourth-largest
automaker in North America, based on unit sales.

The ratings on Chrysler reflect the wide-ranging challenges the
company faces in North America, where the vast majority of its
automotive operations are located.  "The company relies more
heavily on North American sales of light trucks than either of
its other Michigan-based competitors," said Standard & Poor's
credit analyst Robert Schulz.  "While it benefits from having a
strong presence in the more stable minivan segment and ownership
of the iconic Jeep brand, the company is in the early stages of
trying to turn around its North American operations," he
continued.  Although the company has been profitable in recent
years, Chrysler has reported steep losses for the past three
quarters, and we expect the company to remain unprofitable until
into 2009.  We are concerned about Chrysler's negative cash flow
generation during 2007 and into 2008 as it works to turn around
its financial performance, despite its more than adequate
liquidity relative to near-term demands.

Chrysler's management and strategies, aimed at returning to
profitability by 2009, are not expected to change significantly
under the new ownership, at least for the near term; rather, we
expect Chrysler to continue executing the turnaround plan
announced in February 2007.  The plan calls for a return on
sales of 2.5% in 2009.  A crucial aspect of the plan is cost
reductions. Chrysler has benefited from past restructurings and
seemingly has less to accomplish this time.  Based on past
results, S&P believes Chrysler will be successful, at least in
part, in reducing its cost structure.  Still, although cost
reductions may prove significant, they will take considerable
time to fully materialize and even longer to translate into cash
flow benefits.

The outlooks on Chrysler and DCFS are negative.  S&P's primary
concern is Chrysler's need to return its North American
automotive operations--the vast majority of the company's
business--to profitability.  The ratings could be lowered if
setbacks, whether industry-related or Chrysler-specific, were to
increase the company's use of cash, delay cash savings from the
latest cost-cutting and restructuring efforts, or constrict
liquidity.  Chrysler would need to reverse its current financial
and operational trends, and sustain such a reversal, before we
would revise our outlooks to stable.

Based in Stuttgart, Germany, DaimlerChrysler AG
(NYSE:DCX)(FRA:DCX) -- http://www.daimlerchrysler.com/--
develops, manufactures, distributes, and sells various
automotive products, primarily passenger cars, light trucks, and
commercial vehicles worldwide.  It primarily operates in four
segments: Mercedes Car Group, Chrysler Group, Commercial
Vehicles, and Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.


DAIMLERCHRYSLER AG: Fitch Puts Low-B Ratings on Finance Unit
------------------------------------------------------------
Fitch Ratings has initiated rating coverage on Daimler Chrysler
Financial Services Americas LLC by assigning these ratings:

  -- Long-term Issuer Default Rating (IDR) 'BB-';
  -- Short-term Issuer Default Rating (IDR) 'B';
  -- US$4 billion first lien term loan 'BBB-';
  -- US$2 billion second lien term loan 'BB'.

The Rating Outlook for CFS is Stable.

The assignment of CFS' IDR rating follows the expected
acquisition of 80.1% of Chrysler Holding LLC, the parent of CFS
by CG Acquisition Co, an affiliate of Cerberus Capital
Management L.P. As part of the transaction, all intercompany
debt from Daimler Chrysler AG to CFS will be repaid.

The IDR rating of CFS reflects a one-notch lift over that of
Chrysler LLC.  This reflects the structural protections put in
place to insulate CFS creditors from potential issues at
Chrysler.  CFS and Chrysler will operate as separate legal
entities, with not cross-collateralization or guarantees with
respect to each entity's financing.  Relations and transactions
between the two companies are governed under a master services
agreement and each company will have a separate board of
directors.  While CFS primarily finances Chrysler dealers and
their customers, Fitch believes the structural protections are
adequate at the current ratings level, to recognize a ratings
distinction in the IDR ratings between CFS and Chrysler.
Nonetheless, Fitch will link the ratings of CFS to Chrysler,
given that Fitch believes CFS performance is highly correlated
with that of Chrysler.  As such a change in ratings of Chrysler
would result in a similar change to CFS.

Aside from the strong relationship with Chrysler and relevant
structural elements, Fitch regards CFS as a well-managed captive
finance company.  CFS has demonstrated consistent credit quality
in its retail, lease, and wholesale automotive portfolios over
an extended period.  In addition, CFS is currently operating
with very sound capital levels for the assigned ratings. Fitch
also feels liquidity adequately supports the company's ongoing
business needs.  Fitch's concerns center on Chrysler's ability
to navigate through a difficult operating environment in North
America, industry trend towards 72-month loans, which increases
loss severity, and the highly encumbered nature of CFS' balance
sheet, which may limit financial flexibility.

The ratings of the term loans are notched above the IDR
reflecting their well-secured nature by generally highly liquid
automotive finance related assets.

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.


DAIMLERCHRYSLER: Fitch Assigns Low B Ratings to Chrysler LLC
------------------------------------------------------------
Fitch has initiated rating coverage on Chrysler LLC by assigning
these ratings:

  -- Long-term Issuer Default Rating (IDR) 'B+';
  -- US$10 billion first-lien loan 'BB+/RR1';
  -- US$2 billion second-lien loan 'BB+/RR1'.

The US$12 billion in senior secured financing will be raised
following the pending acquisition of 80.1% of Chrysler's parent,
Chrysler Holding LLC, by affiliates of Cerberus Capital
Management, L.P. The 'RR1' Recovery Rating (RR) is based on
Fitch's expectation of full recovery in the event of bankruptcy.
The Rating Outlook is Stable.

The rating reflects the severe competitive environment in the
U.S. auto market, recent operating losses that are expected to
continue through at least 2008, uncertainties regarding the
extent of restructuring efforts and the pending UAW contract
talks, and a deeply stressed supplier base. The Stable Outlook
is based on Chrysler's market share performance since 2000,
which has held up fairly well given the stiff competition and
capacity expansion of transplant manufacturers as well as
shifting buying patterns. The current product lineup across a
number of segments, along with near-term new product
introductions and a growing export market, should provide
sufficient revenue support that will allow cost reductions to
improve operating margins over the near term.

Chrysler has made healthy improvements in its North American
manufacturing operations since its merger with DaimlerChrysler
AG (Daimler).  Steady improvement in such key areas as capacity
utilization, production efficiency and flexible manufacturing,
when combined with the company's market share performance, have
limited operating losses despite an uncompetitive cost
structure.  As a result, Chrysler's restructuring efforts are
far less dramatic than at Ford and GM, with only a single
assembly plant currently scheduled for closure.

However, over-production by Chrysler in 2006, particularly in
larger vehicle segments, created bloated inventories and
problematic dealer relationships. Subsequent inventory
reductions through the first quarter of 2007 have returned
inventories to acceptable levels with an improved mix across
product segments.  Nevertheless, the inventory reductions were
done at a heavy cost, resulting in higher incentives, higher
fleet sales, operating losses, lower residual values and damage
to brand image.

Consolidated operating results also disproportionately suffered
from volume and price deterioration in the key pickup segment
due to a cyclical decline in the housing market, heavy
incentives, and tough competition from new GM and Toyota
products.  By the time the Dodge Ram is refreshed, the current
version may be the most dated product in the market, although
two pending derivatives could enhance its presence in the
segment over the near term. Over the longer term, the U.S.
manufacturers appear well-positioned to hold or improve their
competitive position in this market, and should benefit from any
eventual upturn in construction activity.  Although Chrysler
remains heavily exposed to larger vehicle segments, the company
has been proportionately less exposed to the steep decline in
mid-size and large SUV's than Ford and GM.

In the second half of 2007, key product introductions include
the Dodge and Chrysler minivans, and the Jeep Liberty.  Chrysler
enjoys a solid market position in minivans, (although the
segment remains in decline due to cannibalization by crossover
vehicles), and could be poised to capture additional share as
Ford and GM contract in this segment.  Also supporting volumes
and revenues in 2007 and into 2008 are the Jeep Wrangler, Dodge
Charger and Dodge Caliber.  Balanced strength across a range of
new and existing products, including smaller vehicles, should
allow production efficiencies achieved over the past several
years to positively impact margins, despite continuing price
erosion across the industry. However, large SUV products such as
the Chrysler Aspen and Jeep Commander were introduced just as
this segment was in steep decline.

A primary support factor for the rating is the continuing
relationship between Chrysler and Daimler.  In addition to a
19.9% stake that Daimler will retain in Chrysler Holding LLC,
various agreements will be put in place that will cement the
operating and product development ties between the two
companies.  Areas of cooperation include axles, a common SUV
platform, V-6 engine development and more.  In particular, a
technology sharing agreement provides Chrysler with rights to
technologies that are currently in, or designated for Chrysler
products.  These agreements allow Chrysler to greatly leverage
its R&D efforts and capitalize on Daimler's technologies.
Chrysler's access to Daimler diesel technology could provide
Chrysler with a competitive advantage over the long term as the
U.S. market opens to diesel applications.

Chrysler is also seeking to wring major cost reductions and
efficiencies out of its production process, through parts
commonality, platform-sharing, reductions in engine families,
re-sourcing to low-cost countries, both alone and in partnership
with Daimler.  Although the synergies with Daimler have not met
the levels or timeline first envisioned, efficiencies and cost
savings will continue to accrue over the intermediate term.

Hourly buyout programs, salaried employee reductions and an
expected UAW health care deal (similar to agreements signed by
the UAW with Ford and GM) provide confidence that near-term
fixed cost savings are achievable.  Although Chrysler has
announced US$3 billion of capital spending related to powertrain
products, capital spending will be reduced from heavy investment
spending over the past several years.

Although liquidity is very healthy, and more than sufficient to
offset near-term operating losses and restructuring costs,
Chrysler remains capital constrained and lacks the scale of
competitors, particularly in terms of long-term product
development.  The agreement with Daimler represents a critical
offset to this competitive disadvantage, but does not eliminate
it. Legislative and regulatory issues, including higher CAFE
requirements and emission standards, present long-term
uncertainties and are likely to further increase the capital
intensity of the industry.

The significant revenue and margin pressures at Ford and GM will
require significant changes to the UAW contract terms in order
to reverse negative cash flows.  Chrysler's fixed cost position
are expected to benefit from changes in a number of areas
including, outsourcing, use of non-union labor, work rules, job
classifications, etc., through both the national contract and
through continuing local agreements.  Significant uncertainties
remain around the results of the upcoming contract talks, and
the risks of a labor disruption remain.

Given its liquidity, operating profile and the size of its
healthcare liabilities, Chrysler is uniquely positioned among
the Detroit-3 in its capacity to finance a final solution to its
health care liabilities (along the lines of a Goodyear-style
deal).  Chrysler is likely to be aggressive in pursuing such a
transaction, but it is uncertain that a one-size-fits-all
agreement can be reached between the UAW and Ford/GM/Chrysler
within the timeline of the current talks.

Chrysler's U.S. pension obligations are fully funded (on a U.S.
GAAP basis), and are likely to improve further following 2007
YTD returns and an eventual re-measurement of liabilities that
incorporate recent buyouts. Legacy health care liabilities
remain an onerous burden on cash flow, but are likely to be
reduced through an expected agreement with the UAW and through
the hourly buyout program.  A healthy percentage of workers
accepting buyout packages are taking offers that exclude future
health care and pension benefits.

The 'RR1' rating is based primarily on a stress analysis of
recoveries valuing Chrysler on a going-concern basis.  Fitch
also analyzed recoveries against physical assets (incorporating
limitations imposed by a borrowing base) and in terms of the
market price implied in the current transaction.  Fitch's
methodology incorporated changes to assumptions on Chrysler's
cost-structure, margins and other liabilities that would impact
going-concern valuations under a bankruptcy scenario.  Recovery
values do not benefit from any values associated with Chrysler
Financial, given the separate ownership structures.

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.


EQUITY FINANCE: Claims Registration Period Ends November 2
----------------------------------------------------------
Creditors of Equity Finance AG have until Nov. 2 to register
their claims with court-appointed insolvency manager
Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Georg Bernsau
         Zeilweg 42
         60439 Frankfurt (Main)
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Equity Finance AG on June 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Equity Finance AG
         Lyoner Strasse 34
         60528 Frankfurt (Main)
         Germany


GEYER AG: Claims Registration Period Ends August 13
---------------------------------------------------
Creditors of Geyer AG have until Aug. 13 to register their
claims with court-appointed insolvency manager Steffen Goede.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 24, 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 Nuremberg
         Meeting Hall 109/I
         Flaschenhofstr. 35
         Nuremberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Steffen Goede
         Peuntgasse 3
         90402 Nuremberg
         Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90

The District Court of Nuremberg opened bankruptcy proceedings
against Geyer AG on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Geyer AG
         Attn: Friedrich Kreigenfeld, Manager
         Nimrodstrasse 10
         90441 Nuremberg
         Germany


TIPTEL AG: Claims Registration Period Ends August 10
----------------------------------------------------
Creditors of TIPTEL AG have until Aug. 10 to register their
claims with court-appointed insolvency manager Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against TIPTEL AG on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TIPTEL AG
         Halskestrasse 1
         40880 Ratingen
         Germany


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


DUNCANNON I: S&P Rates EUR20 Million Class E2 Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR730 million senior and mezzanine
deferrable-interest floating-rate notes to be issued by
Duncannon CRE CDO I PLC, a special purpose entity incorporated
in Ireland.  At the same time, Duncannon CRE CDO I will issue
EUR80 million unrated subordinated notes.
  
The transaction is a commercial real estate collateralized debt
obligation and has been established to create a term matched
funding solution for Fortress rather than an arbitrage vehicle.
  
This will be the first CRE CDO to be managed by Fortress.
  
Duncannon CRE CDO I will issue 11 classes of rated notes that,
along with the unrated subordinated notes (to be retained by
Eurocastle Investment Ltd.), will be used to pay off existing
indebtedness and purchase additional collateral.  Eurocastle is
a listed property company managed by Fortress.
  
The issuer must have purchased or entered into agreements to
purchase assets comprising 70% of the targeted par amount of
EUR800 million by the closing date.  The balance will be
acquired in the 12 months after the closing date.  The issuer
currently expects this amount to be higher at closing, at
approximately 95%.
  
Under the terms of the transaction, Fortress as portfolio
manager must seek confirmation of the ratings from Standard &
Poor's once the target portfolio amount is acquired.
  
The portfolio will be backed by a diversified portfolio of pan-
European commercial real estate assets, including CMBS
securities, B-notes, real-estate-backed corporate loans, and
whole business securitizations.  The assets will be denominated
in various currencies, but the foreign exchange risk will be
mitigated through perfect asset swaps.

                          Ratings List
  
Duncannon CRE CDO I PLC
   EUR810 Million Senior And Mezzanine Deferrable-Interest
   Floating-Rate Notes
  
                          Prelim.        Prelim. Amount
           Class          Rating           (Mil. EUR)
           -----          ------            --------    
            X              AAA                  10
            RCF            AAA                 150
            A              AAA                 370
            B              AA                   40
            C1
            (deferrable)   A                    40
            C2
            (deferrable)   A-                   20
            D1
            (deferrable)   BBB+                 20
            D2
            (deferrable)   BBB                  20
            D3
            (deferrable)   BBB-                 20
            E1
            (deferrable)   BB                   20
            E2
            (deferrable)   BB-                  20
            Subordinated   NR                   80
  
      NR -- Not rated.


RITCHIE (IRELAND): Taps Matheson Ormsby as Irish Counsel
--------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. seek
authority from the U.S. Bankruptcy Court for the Southern
District of New York to employ Matheson Ormsby Prentice,
Solicitors, as its Irish counsel.

The Debtors expect Matheson Ormsby to assist them in executing
their duties as debtors-in-possession and in implementing the
reorganization of the Debtors' affairs with respect to matters
of Irish Law.

The Debtors agreed to pay the firm's professionals at these
hourly rates:

       Tony O'Grady                        EUR485
       Julie Murphy-O'Connor               EUR425
       Libby Garvey                        EUR485
       Anthony Walsh                       EUR550
       William Flynn                       EUR485
       Aidan O'Connell                     EUR225

Prior to their bankruptcy filing, the Debtors paid Matheson
Ormsby a total of EUR118,158 for services rendered and costs
incurred.  The Debtors also paid Matheson Ormsby a EUR20,000
retainer.

To the best of the Debtors' knowledge, the firm neither
represents nor holds any interest materially adverse to the
estate or any party-in-interest and is "disinterested" as that
term is defined in Section 101(14) of the Bankruptcy Code.

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies
Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies
Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/--  
are funds of hedge fund group Ritchie Capital Management.  The
Debtors were formed as special purpose vehicles to invest in
life insurance policies in the life settlement market.  The
Debtors filed for Chapter 11 protection on June 20, 2007
(Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-11907).  When the
Debtors filed for bankruptcy, they listed estimated assets and
debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Oct. 18, 2007.


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


IMAX CORP: Nasdaq Okays Continued Common Stock Listing
------------------------------------------------------
The Nasdaq Listing Qualifications Panel has granted IMAX
Corporation's request for continued listing of its shares on
The Nasdaq Stock Market.

The decision is subject to the condition that the company files
its Form 10-K for the fiscal year ended Dec. 31, 2006, its Form
10-Q for the fiscal quarter ended March 31, 2007, and all
required restatements, on or before Oct. 1, 2007, and that it
continue to meet all other Nasdaq listing requirements.  The
company expects to make these filings shortly.
   
In March 2007, the company disclosed that it would delay filing
its financial statements due to the discovery of certain
accounting errors and subsequently broadened its accounting
review to include certain other accounting matters based on
comments received by the company from the staff of the U.S.
Securities and Exchange Commission and the Ontario Securities
Commission.
   
On April 12, 2007 and May 14, 2007, Nasdaq sent the company
letters indicating that it was not in compliance with
Marketplace Rule/4310(c)(14), which requires timely filing of
periodic reports with the SEC for continued listing of the
company's common shares, and that company's common shares were
subject to delisting from The NASDAQ Stock Market.
   
On June 29, 2007, the company has substantially addressed the
above-referenced comments from the SEC and OSC by revising its
accounting policy with regard to revenue recognition for theatre
systems, and that it expects to file its financial statements.
   
The Panel noted in its decision that the company's filing delay
does not appear to have been the result of misconduct or
malfeasance, and that the company was working diligently to
complete its reporting.
   
                         About IMAX Corp.

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

                         *     *     *

As reported in the Troubled Company Reporter on July 4, 2007,
Moody's Investors Service downgraded the corporate family rating
of IMAX Corporation to Caa1 from B3 and downgraded the rating on
its senior unsecured bonds to Caa2 from Caa1.  Moody's also
downgraded the probability of default rating to Caa1 from B3.  
Ratings remain under review for further downgrade.


PARMALAT SPA: Court Allows Investors to Pursue Securities Action
----------------------------------------------------------------
The Honorable Lewis Kaplan of the U.S. District Court for the
Southern District of New York, the federal judge overseeing the
securities class action against Italian dairy giant Parmalat
Finanziaria S.p.A., has soundly rejected the company's motion to
dismiss the case brought by investors.

The investor class seeks to recover billions of dollars in
claims against Parmalat tied to a massive and complex accounting
fraud that led to its bankruptcy in 2003.

Following a corporate reorganization, the management of so-
called "New Parmalat" had argued that because the alleged fraud
had been committed by the previous entity -- "Old Parmalat" –
investor claims brought in 2004 were invalid.

Dismissing that argument, Judge Kaplan issued a ruling on
June 28, 2007 that under Italian law, New Parmalat inherited the
liabilities of Old Parmalat.

Judge Kaplan also rejected New Parmalat's arguments that
investor claims were barred by the statute of limitations or
because certain lead plaintiffs had asserted claims in
Parmalat's reorganization proceedings in Italy.

In his decision, Judge Kaplan explained, "New Parmalat asserts
that it 'did not assume the pre-insolvency acts of the Foreign
Debtors.'  But the issue is not the assumption of acts.  It is
the assumption of liability for those acts."

"New Parmalat suggests that it is being asked to bear more
responsibility than it agreed to undertake.  But it is not ...
they (the Plaintiffs) seek only to hold New Parmalat to the
terms of the Concordato," contends Judge Kaplan.

The plaintiffs are represented by co-lead counsel Grant &
Eisenhofer P.A., Cohen, Milstein, Hausfeld & Toll, P.L.L.C., and
Spector, Roseman & Kodroff, P.C.

According to Stuart Grant of Grant & Eisenhofer, the decision is
a major milestone in this sprawling litigation, which extends to
Parmalat's former auditors and investment banks as well as the
company's previous management and board of directors.

"As Parmalat has admitted that its former top officers engaged
in fraudulent conduct and that its financial statements were
materially misstated, New Parmalat appears to have no defense
left to our clients' claims.  Judge Kaplan's decision paves the
way for a substantial recovery against New Parmalat under the
terms of the Concordato," Mr. Grant said.

"This latest decision appears to knock out all the legal
defenses that New Parmalat has raised against investors.  Since
it has no factual defense against our clients' claims, as the
company has already admitted that the fraud occurred, it seems
the only thing remaining is determining the level of judgment
against Parmalat," said Mr. Grant.

                        About Parmalat

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

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

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

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

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

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


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


ALUA OIL: Proof of Claim Deadline Slated for August 8
-----------------------------------------------------
LLP Alua Oil Products has declared insolvency.  Creditors have
until Aug. 8 to submit written proofs of claims to:

         LLP Alua Oil Products
         Djandosov Str. 35a-27
         Almaty
         Kazakhstan


CASPIAN TRANS: Creditors Must File Claims August 8
--------------------------------------------------
LLP Caspian Trans Group has declared insolvency.  Creditors have
until Aug. 8 to submit written proofs of claims to:

         LLP Caspian Trans Group
         Alihanov Str. 37-101
         Karaganda
         Kazakhstan


GETMAN-1 LLP: Claims Filing Period Ends August 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Getman-1 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


KOSTANAI OIL: Creditors' Claims Due on August 10
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Oil Company 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


MOSTOOTRYAD Z LLP: Claims Registration Ends August 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Mostootryad Z 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


NURMET E LLP: Proof of Claim Deadline Slated for August 8
---------------------------------------------------------
The specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Nurmet E insolvent.

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

         The specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 52-02-36
              8 (3252) 52-19-32


SIRIN LLP: Creditors Must File Claims August 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Sirin insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


SNABPRODORALSBYTCOMPANY LLP: Claims Filing Period Ends August 8
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Snabprodoralsbytcompany insolvent.

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

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


TALDYKORGAN ISKE: Creditors' Claims Due on August 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Taldykorgan Iske Set insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 54-10
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-28-49
              8 701 487 22-65


TECHNOSNASTKA-7 LLP: Claims Registration Ends August 8
------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Technosnastka-7 insolvent.

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

         The specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 52-02-36
              8 (3252) 52-19-32


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


CHEYNE CREDIT: Fitch Affirms EUR30 Million Class V Notes at BB
--------------------------------------------------------------
Fitch has affirmed Cheyne Credit Opportunity CDO I B.V.'s notes
due 2021:

   -- EUR552 million Class IA F: 'AAA'
   -- EUR138 million Class IB: 'AAA'
   -- EUR40 million Class II: 'AA'
   -- EUR40 million Class III: 'A'
   -- EUR60 million Class IV: 'BBB'
   -- EUR30 million Class V: 'BB'

The affirmations reflect both the steady performance of the
portfolio since the transaction closed in March 2006 and the
results of the over-collateralization and interest coverage
tests, which continue to exceed their minimum levels by a
substantial margin.  The over-collateralization levels have
steadily fallen since close, but this is attributable to the
issuance of further Class IA F funded notes, which effectively
dilutes the collateralization from the subordinated notes.  
Owing to the aforementioned margins over their minimum levels,
this is not a cause for immediate concern.

Despite the presence of Schieder Mobel in the portfolio, which
defaulted in March 2007, the remaining portfolio's weighted
average rating factor is largely unchanged from close, at 27.2
(equivalent to a rating of 'B') compared to the closing level of
26.4 ('B'/'B+').  The WARF remains well within the limits set by
the Fitch Test Matrix for the current weighted average spread
(3%) and recovery rates (68.8%).


IFCO SYSTEMS: S&P Raises Debt Rating to BB- on Recovery Analysis
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its senior secured
debt rating on IFCO Systems N.V., the Netherlands-based provider
of reusable plastic containers and pallet services, to 'BB-'
from 'B', the same level as the corporate credit rating (BB-
/Stable/--).

At the same time, S&P assigned a recovery rating of '4' to the
EUR110 million notes due 2010, indicating the expectation of
average (30%-50%) recovery in the event of a payment default.
  
                       Recovery Analysis

IFCO Systems group has the following debt facilities:

   -- EUR110 million senior secured notes maturing in 2010.

   -- EUR44 million working capital facility at the European
      subsidiaries' level (not rated).

Senior secured notes are lent at the holding company level.  The
security package for the notes primarily comprises of first
priority interest over certain tangible (other than property)
and intangible assets of the subsidiaries' guarantors, other
than IFCO Systems GmbH (and its European subsidiaries);
guarantees from subsidiaries' guarantors (other than IFCO
Systems GmbH and its European subsidiaries); and share pledges
over the operating subsidiaries of the group. This is considered
a S&Pak package as less than 25% of assets is subject to
security.

All funded liabilities sitting in the European operating
subsidiaries therefore rank structurally senior to the notes.  
Furthermore, the limited asset security could mean that a
significant portion of any debt claim would rank pari passu with
unsecured creditors of the guarantors.

The majority of IFCO's activities are based in the U.S.,
Germany, Spain, and the U.K.  All of these have fairly favorable
insolvency regimes for secured creditors.

The senior secured notes have relatively standard documentation
for an issue of this nature, with a bullet repayment profile and
standard package of covenants.  Financial covenants include an
incurrence test based on interest cover, while non-financial
covenants include limitations on additional indebtedness,
disposals, M&A, and dividend payments.

To calculate recoveries, Standard & Poor's has simulated a
default scenario.  Given IFCO's leading market position, S&P
used an enterprise valuation approach because S&P believe that
lenders would likely achieve greater value through the
reorganization or sale of the business as a going concern than
through the liquidation of assets.  Standard & Poor's simulated
default scenario assumes a potential combination of the
following factors:

   -- Decline in revenue in 2008-2010, mainly driven by the loss
      of key customers in the RPC sector.

   -- Strong competition, leading to price pressure and lower
      profit margins.

S&P have also assumed a successful refinancing of the working
capital facility at maturity.

Under our simulated scenario, a default is unlikely to occur
before 2010, the maturity date of the notes.  S&P have valued
the business using a combination of discounted cash flow and
market multiple approaches.  At the point of default, S&P have
assumed that the working capital facility would be fully drawn.  
At default, S&P estimates that EBITDA will be about US$70
million.  

S&P’s estimate of the stressed enterprise value at default is
about US$400 million.  After deducting priority liabilities
comprising enforcement costs, priority debt facilities and
structurally senior trade liabilities, coverage is expected to
be in the 30%-50% range.


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


APATIT-STROY-SERVICE: Names P. Tarasov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Murmansk appointed P. Tarasov as
Insolvency Manager for OJSC Apatit-Stroy-Service.  He can be
reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A42-468/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Apatit-Stroy-Service
         Stroitelej 8
         Apatity
         Murmansk
         Russia


CHEBARKULSKAYA OJSC: Bankruptcy Hearing Slated for Oct. 18
----------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene at 3:00 p.m.
on Oct. 18 to hear the bankruptcy supervision procedure on
OJSC Chebarkulskaya Factory of Confectionery.  The case is
docketed under Case No. A76-4691/2007-60-55.

         The Temporary Insolvency Manager is:
         V. Yusov
         Post User Box 6426
         454071 Chelyabinsk
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Chebarkulskaya Factory of Confectionery
         Kujbysheva Str. 109
         Chebarkul
         456440 Chelyabinsk
         Russia


DOROZHNIK OJSC: Court Names A. Elypin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar appointed A. Elypin as
Insolvency Manager for OJSC Dorozhnik.  He can be reached at:

         A. Elypin
         Room 230
         Severnaya Str. 279
         350020 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A-32-4265/2007-27/155-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Dorozhnik
         Neftepromyslovaya Str. 1
         Abinsk
         Krasnodar
         Russia


FLORA CJSC: Court Names A. Pasechnik as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bryansk appointed A. Pasechnik as
Insolvency Manager for CJSC Flora.  He can be reached at:

         A. Pasechnik
         14 Office 35
         Ulyanova Str.
         241035 Bryansk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A09-1764/07-26.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Flora
         Bryanskaya Str.
         Pochep
         Bryansk
         Russia


GALKINO LLC: Creditors Must File Claims by August 9
---------------------------------------------------
Creditors of LLC Galkino (TIN 4524006078) have until Aug. 9 to
submit proofs of claim to:

         S. Yurov
         Insolvency Manager
         Post User Box 5887
         644058 Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A34-7640/2006.

The Debtor can be reached at:

         LLC Galkino
         Gogolya Str. 141
         Shumikha
         641100 Kurgan
         Russia


KAZANSKOYE CJSC: Omsk Bankruptcy Hearing Slated for Oct. 16
-----------------------------------------------------------
The Arbitration Court of Omsk will convene on Oct. 16 to hear
the bankruptcy supervision procedure on CJSC Kazanskoye (TIN
5519000040).  The case is docketed under Case No. A46-3411/2007.

         The Temporary Insolvency Manager is:
         N. Utochenko  
         Apartment 312
         Mira Pr. 106A
         Omsk
         Russia

The Debtor can be reached at:

         CJSC Kazanskoye
         Lenina Str. 49
         Kazanka
         Lyubinskiy
         Omsk
         Russia


KHANTY-AVIA CJSC: Court Names S. Vinnik as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy appointed S. Vinnik
as Insolvency Manager for CJSC Khanty-Avia.  He can be reached
at:

         S. Vinnik
         Post User Box 2699
         Central Post Office
         644099 Omsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A75-3675/2006.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC Khanty-Avia
         Mira Str. 115
         Khanty-Mansiysk
         Khanty-Mansiyskiy
         Russia


LYSKOVSKOYE CJSC: Bankruptcy Hearing Slated for November 7
----------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Nov. 7 to
hear the bankruptcy supervision procedure on CJSC Lyskovskoye.
The case is docketed under Case No. A76-3674/2007-36-57.

         N. Volkov
         Temporary Insolvency Manager
         Korabelnaya Str. 8-136
         454045 Chelyabinsk
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Lyskovskoye
         Oktyabrskiy
         Chelyabinsk
         Russia


MARGARITA CJSC: Court Names A. Chingaev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Omsk appointed A. Chingaev as
Insolvency Manager for CJSC Margarita (TIN 5525009690).  He can
be reached at:

         A. Chingaev
         18 km
         Moskovskoye Shosse
         443013 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A46-2262/2007.

The Debtor can be reached at:

         CJSC Margarita
         Transsibirskaya Str. 2
         644103 Omsk
         Russia


OKTYABRSKIY CREAMERY: Names N. Volkov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed N. Volkov as
Insolvency Manager for OJSC Oktyabrskiy Creamery.  He can be
reached at:

         N. Volkov
         Korabelnaya Str. 8-136
         454045 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No.
A76-29332/2006-265.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Oktyabrskiy Creamery
         Oktyabrskoe
         Oktyabrskij
         Chelyabinsk
         Russia


PROMSVYAZBANK JSCB: Takes US$400 Mln Loan to Fund Foreign Ops
-------------------------------------------------------------
JSCB Promsvyazbank has availed of a US$400-million syndicated
loan to finance its customers' foreign trade transactions, RIA
Novosti reports.

"The loan includes two equal tranches with maturity in 12 and 18
months," Promsvyazbank said.  "The first tranche was raised at
Libor+0.6% and the other at Libor 0.7%."

The loan's managers are:

   -- Commerzbank AG,
   -- WestLB AG,
   -- Societe Generale Group Sa,
   -- Sumitomo Mitsui Banking Corp. Europe Ltd,
   -- WestLB London Branch, and
   -- ICICI Bank.

According to RIA Novosti, Promsvyazbank has completed
US$825 million in three syndicated transactions this year.

                       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.

                            *   *   *

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.


RENAISSANCE CAPITAL: Fitch Assigns B- Rating to US$300 Mln Loan
---------------------------------------------------------------
Fitch Ratings has assigned Renaissance Consumer Funding
Limited's US$300 million 9.5% issue of limited recourse loan
participation notes final ratings of Recovery 'RR4' and Long-
term 'B-'.  The notes are due in June 2010.

The notes are to be used solely for financing a loan to CB
Renaissance Capital, a bank incorporated under the laws of
Russia.  CBRC is rated Long-term Issuer Default 'B-', Short-term
IDR 'B', Support '5', Individual 'D/E' and National Long-term
'BB(rus)'.  It has a Support Rating Floor of 'No Floor'.  The
Outlooks on the Long-term IDR and National Long-term ratings are
Stable.

The notes are issued under CBRC's US$1.5 billion loan
participation notes program, rated Long-term 'B-' and Short-term
'B', which allows for multi-currency borrowings and for various
tenors.  The loan agreement contains a 'negative pledge' clause,
which allows for a degree of securitization by CBRC.  In the
event of any securitization, Fitch comments that the nature and
extent of any over-collateralization would be assessed by the
agency for any potential impact on unsecured creditors.  The
structure of the deal as well as other covenants (mergers and
disposals, financial covenants, etc) remains unchanged.

CBRC is a specialist consumer finance bank, which has been fully
operational since 2004.  The bank was the 106th-largest bank in
Russia by total assets at end-2006 and within the top 25
consumer lenders at end-2006.  It has a network of 49
representative offices, 11 branch offices in Moscow and the
Moscow region, nine loan and cash offices and over 3,000 active
points-of-sale.  CBRC is indirectly controlled by Renaissance
Holdings Management Limited; Stephen Jennings, the CEO of
Renaissance Group, is one of the largest individual stakeholders
in RHML.


ROSNEFT OIL: Sells 50% of Tomskneft Unit to Vnesheconombank
-----------------------------------------------------------
OAO Rosneft Oil Co. has agreed to sell 50% of Tomskneft to
Vnesheconombank, which is contemplating rotation of key
management positions and joint decision taking on key
development issues, and subject to receipt of required corporate
approvals.

Upon completion of the transaction, Rosneft expects to account
for Tomskneft on an equity basis in its U.S. GAAP financial
statements.

Proceeds from the sale of 50% of Tomskneft has enabled Rosneft
to complete recent announced acquisitions without raising any
further debt.  Rosneft will continue to reduce debt through
integration of recently acquired assets, improved operating
performance, enhanced downstream margins, and potential asset
sales.  The company is targeting a reduction in leverage to 1x
Debt/EBITDA and less than 30% gearing by 2010.

                          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 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.


SABLE LLC: Court Names L. Abalakova as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed L. Abalakova as
Insolvency Manager for LLC Hunting Salon Sable.  She can be
reached at:

         L. Abalakova
         Apartment 24
         Sovetskaya Str. 205/1
         Magnitogorsk
         455051 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A76-2269/2007-36-50.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         LLC Hunting Salon Sable
         Sovetskaya Str. 160
         Magnitogorsk
         Chelyabinsk
         Russia


SITRONICS JSC: Unit Inks US$50 Million R&D Federal Contract
-----------------------------------------------------------
The OAO NIIME & Mikron' Microelectronic Solutions division
subsidiary of JSC Sitronics has won fifteen open tenders to
develop electronic components for the Federal Agency of
Industry.  The research and development contracts are expected
to be worth approximately US$50 million in revenues to
Sitronics.

The R&D projects are part of the Federal program to develop a
“National Technological Base”, and are expected to be completed
in 2009.  OAO NIIME & Mikron is also currently participating in
a number of other R&D project tenders by the Russian
Federation's Ministry for Industry and Energy.

“Our success in wining these mandates demonstrates the quality
and efficiency of our R&D capability, as well as our proven
track record of executing such contracts.  We reinvest up to 20%
of our revenues in research and development and are committed to
the advancement of existing microelectronic technologies and the
development of the microelectronic industry as a whole,” Gennady
Krasnikov, Head of the SITRONICS Microelectronic Solutions
division, commented.

                        About Sitronics

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

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

                            *   *   *

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


TEMP OJSC: Omsk Bankruptcy Hearing Slated for Oct. 16
-----------------------------------------------------
The Arbitration Court of Omsk will convene at 10:20 a.m. on
Oct. 16 to hear the bankruptcy supervision procedure on
OJSC Temp.  The case is docketed under Case No. A 46-3447/2007.

         The Temporary Insolvency Manager is:
         A. Vaysberg
         Sibirskaya Str. 47
         644082 Omsk
         Russia

The Debtor can be reached at:

         OJSC Temp
         22 Partsyezda Str. 98
         644105 Omsk
         Russia


TRANSPORT BUILDING: Creditors Must File Claims by August 9
----------------------------------------------------------
Creditors of OJSC Transport Building have until Aug. 9 to submit
proofs of claim to:

         N. Semashko
         Insolvency Manager
         Post User Box 26
         GUPS
         Labytnangi
         629400 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-170/2007.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         OJSC Transport Building
         SMP-700
         Zaozernyj
         Novyj Urengoj
         629300 Yamalo-Nenetskiy
         Russia


VICTORY OJSC: Names O. Khvoshnyanskiy as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed O. Khvoshnyanskiy
as Insolvency Manager for OJSC Victory.  He can be reached at:

         O. Khvoshnyanskiy
         Room 5
         Kirova Str. 118
         454000 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A76-6365/03-48-207.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         O. Khvoshnyanskiy
         Room 5
         Kirova Str. 118
         454000 Chelyabinsk
         Russia


YUZHANKA LLC: Creditors Must File Claims by August 9
----------------------------------------------------
Creditors of LLC Yuzhanka have until Aug. 9 to submit proofs of
claim to:

         A. Budelev
         Temporary Insolvency Manager
         Bratskaya Str. 11/1
         644020 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A46-1516/2007.

The Debtor can be reached at:

         LLC Yuzhanka
         Proletarskiy Per. 61
         Russkaya–Polyana
         646780 Omsk
         Russia


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


IM PRESTAMOS: Moody's Rates EUR900,000 Class A-3 Notes at (P)Ba2
----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to three
classes of Notes issued by IM Prestamos Fondos Cedulas, FTA.  
Moody's also assigned a provisional rating to the liquidity line
to be made available to the Fondo.

The provisional ratings assigned are:

   -- (P)Aaa to the EUR344.1 Million Class A due 2022;
   -- (P)Baa2 to the EUR6.9 Million Class B due 2022;
   -- (P)Ba2 to the EUR0.9 Million Class A-3 due 2022; and
   -- (P)Aaa to the EUR40 Million Liquidity Facility.

The provisional ratings of the Notes address the expected loss
posed to investors by the legal final maturity.

The provisional rating of the Liquidity Facility addresses the
risk posed to Banco Santander Central Hispano, S.A. on an
expected loss basis arising from the Issuer's inability to honor
its obligations under the Liquidity Facility agreement.  The
Liquidity Facility rating does not address potential losses in
relation to any market risk associated with the Liquidity
Facility agreement.

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

IM Prestamos Fondos Cedulas, FTA will issue the three classes of
notes, the proceeds of which will be used:

   (1) to purchase a static portfolio of subordinated loans (the
       "Securitized Subordinated Loans") which were created to
       finance the reserve funds of underlying structured
       Cedulas transactions (the "Underlying Reserve Funds"),

   (2) to fund the Fondo's own reserve fund (the "Top-Level
       Reserve Fund"), and

   (3) to pay the Fondo's upfront costs.  The Fondo will acquire
       79 Securitized Subordinated Loans granted by 13 financial
       institutions to 14 different underlying structured
       Cedulas transactions being exposed on aggregate to 45
       financial institutions.


MILLS CORP: To Wind Up Affairs and Liquidate Assets on Aug. 1
-------------------------------------------------------------
The Mills Corporation intends to dissolve and liquidate its
assets on Aug. 1, 2007.  A certificate of dissolution for Mills
will be filed with the Secretary of State of the State of
Delaware, after which Mills will liquidate and wind up its
affairs.
   
A 50/50 joint venture between a subsidiary of Simon Property
Group Inc. and funds managed by Farallon Capital Management
L.L.C., has acquired all of the outstanding common stock of The
Mills Corporation.  

After dissolution of The Mills, The Mills Limited Partnership
will continue to own and operate its existing portfolio of
regional shopping mall and retail and entertainment centers.
   
In accordance with the provisions of the Certificates of
Designations, Numbers, Voting Powers, Preferences and Rights of
each outstanding series of Mills preferred stock, each share of
preferred stock will be paid its liquidation preference per
share plus an amount equal to any accrued and unpaid dividends
to the date of payment on Aug. 1, 2007.
   
A summary of the preferred securities and liquidation payments
per share are:

  a) 9% Series B Cumulative Redeemable Preferred Stock  
     
     -- liquidation payment per share is US$27.25, including
        US$2.25 of accrued unpaid dividends;

  b) 9% Series C Cumulative Redeemable Preferred Stock
     
     -- liquidation payment per share is US$27.25, including
        US$2.25 of accrued unpaid dividends;

  c) 8.75% Series E Cumulative Redeemable Preferred Stock
     
     -- liquidation payment per share is US$27.1875, including
        US$2.1875 of accrued unpaid dividends;

  d) Series F Convertible Cumulative Redeemable Preferred Stock
     
     -- liquidation payment per share is US$1,067.50, including
        US$67.50 of accrued unpaid dividends; and

  e) 7.875% Series G Cumulative Redeemable Preferred Stock
     
     -- liquidation payment per share is US$2,696.88, including
        US$196.88 of accrued unpaid dividends Notice of the
        dissolution and liquidation of Mills is being sent to
        record holders of The Mills preferred stock.

                About The Mills Corporation

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE: MLS) -- http://www.themills.com/-- conducted its  
business through The Mills Limited Partnership, a subsidiary.  
The company develops, owns, manages retail destinations
including regional shopping malls, market dominant retail and
entertainment centers, and international retail and leisure
destinations.  The company owns 42 properties in the U.S.,
Canada and Europe, totaling 51 million square feet.  In
addition, The Mills has various projects in development,
redevelopment or under construction around the world.


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


A-Z KOPIERSERVICE: St. Gallen Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered June 12 an order
closing the bankruptcy proceedings of JSC A-Z Kopierservice.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Christoph Schenk
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC A-Z Kopierservice
         Oberer Graben 3
         9000 St. Gallen
         Switzerland


CASTIGLIONI CONSULTING: Liquidation Claims Due July 19
------------------------------------------------------
Creditors of LLC Castiglioni Consulting have until July 19 to
submit their claims to:

         Marco Castiglioni
         Liquidator
         Hochwachtweg 5
         6312 Steinhausen ZG
         Switzerland

The Debtor can be reached at:

         LLC Castiglioni Consulting
         Cham ZG
         Switzerland


FINCHIP JSC: Creditors' Liquidation Claims Due July 23
------------------------------------------------------
Creditors of JSC Finchip have until July 23 to submit their
claims to:

         Bernhard Stadelmann
         Liquidator
         SchOneggstrasse 6
         PF 336
         6048 Horw LU
         Switzerland

The Debtor can be reached at:

         JSC Finchip
         Ennetburgen NW
         Switzerland


HABERLE INVEST: Lucerne Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Lucerne entered May 31 an order
closing the bankruptcy proceedings of JSC Haberle Invest &
Treuhand.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6002 Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Haberle Invest & Treuhand
         Grendelstrasse 2
         6002 Lucerne
         Switzerland


INFINITI AG: Nidwalden Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Nidwalden entered June 12 an order
closing the bankruptcy proceedings of JSC Infiniti AG.

The Bankruptcy Service of Nidwalden can be reached at:

         Bankruptcy Service of Nidwalden
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Infiniti AG
         Industrie Hofwald
         6382 Buren
         Switzerland


PELLCORN JSC: Bern Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Bern entered June 4 an order closing
the bankruptcy proceedings of JSC Pellcorn.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         2501 Biel BE
         Switzerland

The Debtor can be reached at:

         JSC Pellcorn
         Wislerenweg 32
         3294 Buren a/A
         Switzerland


PHAM INFORMATIK: Zurich Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Niederglatt in Zurich entered May 7 an
order closing the bankruptcy proceedings of LLC Pham Informatik.

The Bankruptcy Service of Niederglatt can be reached at:

         Bankruptcy Service of Niederglatt
         8172 Niederglatt
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Pham Informatik
         Quy Thi Truong
         Gartenstrasse 3
         8154 Oberglatt
         Dielsdorf ZH
         Switzerland


PPSA – PRIVATE PARTNERS: Glarus Court Closes Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Glarus entered June 7 an order closing
the bankruptcy proceedings of JSC PPSA - Private Partners
Holding.

The Bankruptcy Service of Glarus can be reached at:

         Bankruptcy Service of Glarus
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         JSC PPSA - Private Partners Holding
         Urs Heer
         Burgstrasse 28
         8750 Glarus
         Switzerland


SCHULZ-AUTOMATION LLC: Basel Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Basel entered June 5 an order closing
the bankruptcy proceedings of LLC Schulz-Automation.

The Bankruptcy Service of Basel can be reached at:

         Bankruptcy Service of Basel
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Schulz-Automation
         Hardstrasse 1
         4052 Basel BS
         Switzerland


SM MEDICAL: Creditors' Liquidation Claims Due July 19
-----------------------------------------------------
Creditors of LLC SM Medical and X-Ray have until July 19 to
submit their claims to:

         Thomas Kronenberg
         Liquidator
         JSC Wiroma
         Schwarzenburgstrasse 854
         3145 Niederscherli
         Switzerland

The Debtor can be reached at:

         LLC SM Medical and X-Ray
         Koniz BE
         Switzerland


STAHLTECH LLC: Creditors' Liquidation Claims Due July 31
--------------------------------------------------------
Creditors of LLC Stahltech have until July 31 to submit their
claims to:

         Park Treuhand
         Liquidator
         Promenadenstrasse 19
         P.O. Box 1718
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         LLC Stahltech
         Wilchingen SH
         Switzerland


STOLL REPRO-ATELIER: Bern Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Bern entered June 7 an order closing
the bankruptcy proceedings of LLC Stoll Repro-Atelier.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Thun
         3602 Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Stoll Repro-Atelier
         Kasernenstrasse 5
         3600 Thun BE
         Switzerland


TAURUS CMBS: S&P Assigns BB Ratings to EUR2.5 Mln Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said today that it assigned
its preliminary credit ratings to the EUR550 million
(equivalent) commercial mortgage-backed floating-rate notes to
be issued by Taurus CMBS (Pan-Europe) 2007-1 Ltd., a special
purpose entity incorporated in Ireland with limited liability.
  
At closing, Taurus CMBS (Pan-Europe) 2007-1 will use the
proceeds of the note issuance to acquire a portfolio of seven
commercial real estate loans from Merrill Lynch Capital Corp.
and Merrill Lynch International Bank Ltd., secured over 38
commercial properties in France and Germany.  The issuer will
also use the proceeds to make six unsecured loans to Taurus
Swiss CMBS (Pan-Europe) 2007-1 AG out of a portion of the issue
proceeds of the notes, and after swapping this amount into Swiss
francs under the currency swap agreements.  These loans are
backed by six loans secured by 19 properties in Switzerland.
  
The largest loan accounts for 24.89% of the pool.  The loans are
secured on 57 properties throughout Switzerland, France, and
Germany.  Of the loans, 12 (75.11% by loan balance) have
additional debt in the form of a subordinate B-note.
  
This transaction is the sixth in the Taurus series to be
arranged by Merrill Lynch, but its second issuance with pan-
European collateral.

                          Ratings List

Taurus CMBS (Pan-Europe) 2007-1 Ltd.
   EUR550 Million (Equivalent) Commercial Mortgage-Backed
   Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating            (Mln.)
           -----          ------             ----
            A1             AAA             EUR407.60
            A2             AAA             EUR21.30
            X1             AAA             EUR0.05
            X2             AAA             CHF0.10
            B              AA              EUR31.50
            C              A               EUR45.80
            D              BBB             EUR36.20
            E              BBB-            EUR5.00
            F              BB              EUR2.50


TB TECH: Creditors' Liquidation Claims Due July 27
--------------------------------------------------
Creditors of LLC TB Tech have until July 27 to submit their
claims to:

         Hansjorg Zurlinden
         Liquidator
         Herbstweg 113
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC TB Tech
         Wil ZH
         Switzerland


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

         Kurt Runzi
         Liquidator
         Kusnachterstr. 59
         8126 Zumikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Veltur
         Zumikon
         Meilen ZH
         Switzerland


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


BANKPOZITIF KREDI: Raises US$150 Million in London Bond Issue
-------------------------------------------------------------
BankPozitif, a subsidiary of Bank Hapoalim in Turkey, has raised
US$150 million from a successful five year EuroBond issue.  The
issue is expected to serve as a source for financing the rapid
growth in the activity of the Turkish bank.

Demand for the bonds was vibrant and 35 financial institutions
from Israel, Switzerland, Luxembourg, Holland and the UK
participated in the issue.  Lead underwriter for the issue was
Deutsche Bank.

The issue turned out to be heavily over-subscribed even though,
as the Bank noted, this was during a tumultuous week for the
world’s bond markets when many companies, including leading
international financial institutions, were forced to cancel
their issues or raise the issue price.

Bank Hapoalim purchased BankPozitif in November 2006.  At the
time of the acquisition, BankPozitif’s assets amounted to US$280
million while in its reports for March 31, 2007 these assets
totaled US$473 million -– an increase of 70% within five months.

                        About Bankpozitif

Turkey-based Bankpozitif -- http://www.bankpozitif.com.tr/-- is  
currently 57.55%-owned by Bank Hapoalim with the remainder of
the shares held by one of the C Group companies, C Faktoring
A.S.  The bank focuses on services to retail banking customers
and to business customers in Turkey.  The Turkish market is
regarded as one of the most attractive emerging markets, with
the Turkish economy presenting a GDP growth rate of 7% between
2004 and 2006.  During recent months, many Israeli companies
have entered into investments in Turkey, principally in the
areas of real estate, energy, commerce and services.

                           *    *    *

Fitch Ratings assigned Bankpozitif a foreign currency Issuer
Default rating of 'BB' and a local currency IDR of 'BB+', both
with Stable Outlook on June 14, 2007.  The expected 'BB' rating
of the notes reflects Fitch's standard rating practice for
senior unsecured debt instruments of issuers with IDRs of 'BB-'
or higher.


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


BORTNITSKY PRODUCTION-TRANSPORT: Creditors' Claims Due July 10
--------------------------------------------------------------
Creditors of CJSC Bortnitsky Production-Transport Enterprise
Agricultural Service (code EDRPOU 05409292) have until July 10
to submit written proofs of claim to:

         Alexander Lavrinchuk
         Liquidator
         P.O. Box 43
         04112 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 44/578-23/51-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Bortnitsky Production-Transport
         Enterprise Agricultural Service
         Industrial Str. 2
         02088 Kiev
         Ukraine


BUZNITSKY AGRICULTURAL: Creditors Must File Claims by July 8
------------------------------------------------------------
Creditors of Buznitsky Agricultural LLC (code EDRPOU 03755911)
have until July 8 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. 320/11b-06.

The Debtor can be reached at:

         Buznitsky Agricultural LLC
         Chkalov Str. 38
         Mironovka
         08800 Kiev
         Ukraine


GAL CLAYDITE: Proofs of Claim Deadline Set July 8
-------------------------------------------------
Creditors of LLC Science-Production Enterprise Claydite (code
EDRPOU 32683597) have until July 8 to submit written proofs of
claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/28-8/5.

The Debtor can be reached at:

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


GELIOS LLC: Proofs of Claim Deadline Set July 10
------------------------------------------------
Creditors of LLC Gelios (code EDRPOU 25025521) have until
July 10 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/118-07-3460.

The Debtor can be reached at:

         LLC Gelios
         Krasnov Str. 14/29
         65059 Odessa
         Ukraine

KRASILOV ATP-16841: Creditors Must File Claims by July 8
--------------------------------------------------------
Creditors of OJSC Krasilov ATP-16841 (code EDRPOU 32584358) have
until July 8 to submit written proofs of claim to:

         Victor Matuschak
         Liquidator
         Skovoroda Str. 14 Apartment 151
         29000 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. 4/355-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         OJSC Krasilov ATP-16841
         Grushevsky Str. 2a
         Krasilov
         Hmelnitskij
         Ukraine


KRYM RESTORATION: Proofs of Claim Deadline Set July 8
-----------------------------------------------------
Creditors of CJSC Krym Restoration (code EDRPOU 02498079) have
until July 8 to submit written proofs of claim to:

         Alexander Kaptsov
         Temporary Insolvency Manager
         Apartment 116
         Heroes of Stalingrad Avenue 39-a
         04213 Kiev
         Ukraine

The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 2-3/5657-2007.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         CJSC Krym Restoration
         Uzlovaya Str. 2
         Simferopol
         95047 AR Krym
         Ukraine


MACHINE OPERATOR: Creditors Must File Claims by July 8
------------------------------------------------------
Creditors of OJSC Machine Operator (code EDRPOU 01350995) have
until July 8 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/85-07.

The Debtor can be reached at:

         OJSC Machine Operator
         Krasnoarmeyskaya Str. 11
         Bar
         Vinnica
         Ukraine


OIL TRADE: Creditors Must File Claims by July 8
-----------------------------------------------
Creditors of LLC Oil Trade (code EDRPOU 31980249) have until
July 8 to submit written proofs of claim to:

The Court is located at:

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

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

The Debtor can be reached at:

         LLC Oil Trade
         Tambov Str. 4
         Dnieprodzerzhynsk
         51900 Dnipropetrovsk
         Ukraine


PHOTO DEVICE: Proofs of Claim Deadline Set July 8
-------------------------------------------------
Creditors of State Enterprise Science-Production Complex Photo
Device (code EDRPOU 14312329) have until July 8 to submit
written proofs of claim to:

         Elena Levchenko
         Temporary Insolvency Manager
         Kosmicheskaya Str. 8b
         Kiev
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company on March 23.  The case is docketed
under Case No. 14/1645.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         State Enterprise Science-Production
         Complex Photo Device
         B. Vishnevetsky Str. 85
         18000 Cherkassy
         Ukraine


SMIK OJSC: Proofs of Claim Deadline Set July 8
----------------------------------------------
Creditors of OJSC Petrovsky Plant SMiK (code EDRPOU 04012336)
have until July 8 to submit written proofs of claim to:

         Roman Bykovchenko
         Temporary Insolvency Manager
         Gaynutdimov Str. 9
         Stepan
         Sarny District
         Rovno
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on April 20.  The case is docketed
under Case No. 24/271-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Petrovsky Plant SMiK
         Siretskaya Str. 33
         04073 Kiev
         Ukraine


TANDEM-SERVICE LLC: Creditors Must File Claims by July 8
--------------------------------------------------------
Creditors of LLC Tandem-Service (code EDRPOU 20081845) have
until July 8 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/148-07.

The Debtor can be reached at:

         LLC Tandem-Service
         Dubovy gay Str. 60
         Letin
         22300 Vinnica
         Ukraine


ZHYTOMIR-WOOD OJSC: Creditors Must File Claims by July 8
--------------------------------------------------------
Creditors of OJSC Zhytomir-Wood (code EDRPOU 00274677) have
until July 8 to submit written proofs of claim to:

         Liudmila Shwediuk
         Andrew Ivanov Str. 21/17
         01010 Kiev
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/36-b.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         OJSC Zhytomir-Wood
         Kievskaya Str. 77
         10001 Zhytomir
         Ukraine


ZOLOTONOSHA FURNITURE: Proofs of Claim Deadline Set July 8
----------------------------------------------------------
Creditors of Oleg Bilera have until July 8 to submit written
proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 10/2400.

The Debtor can be reached at:

         Common Industrial Enterprise
         Zolotonosha Furniture Plant
         Shevchenko Str. 24
         Zolotonosha
         19700 Cherkassy
         Ukraine


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


CANWEST MEDIAWORKS: Debt Reduction Cues Moody's to Hold Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed all ratings of CanWest
MediaWorks Inc. and CanWest MediaWorks LP following the
announcement by CanWest that LP would reduce the amount of its
planned debt offerings by about US$130 million related to the
privatization of CanWest MediaWorks Income Fund by CanWest.

Specifically, the rating action considers that LP's senior
subordinated note offering would be reduced by US$250 million to
US$400 million, partially offset by an increase in senior
secured
term loans of US$65 million and a new planned senior
subordinated
term loan of US$75 million.  The outlook remains stable.

Ratings Affirmed:

* CanWest MediaWorks Inc:

   -- corporate family rating at B1

   -- probability of default rating at B1

   -- US$760 million senior subordinated notes, due 2012 at B3,
      LGD 5, 89%

   -- Speculative grade liquidity rating at SGL-2

CanWest MediaWorks Limited Partnership:

   -- senior secured rating at Ba1 (LGD 2, 13% from LGD 1, 7%):

   -- US$250 million senior secured revolver, due 2012

   -- US$265 million senior secured term loan A, due 2012
      (increased from US$250 million)

   -- CNDUS$500 million senior secured term loan B, due 2014
      (increased from CUS$450 million equivalent)

   -- US$400 million senior subordinated rating at B2 (LGD 5,
75%
      from LGD 5, 73% and reduced from US$650 million)

CanWest MediaWorks Inc. is a communications company based in
Winnipeg, Manitoba Canada, which owns, operates and/or holds
substantial interests in TV, radio, publishing and out-of home
advertising operations in Canada, Australia, New Zealand, the
United Kingdom, the United States as well as other international
locations.


COMPAGNIE EUROPEENNE: Chapter 15 Petition Summary
-------------------------------------------------
Petitioner: Clive Paul Thomas

Debtor: Compagnie Europeenne d'Assurances Industrielles S.A.
        360 Boulevard du Souverain
        1160 Brussels, Belgium
        
        1 Stoke Road, Guildford, Surrey
        GU1 4HW United Kingdom

Case No.: 07-12009

Type of Business: The Debtor was an insurance company
                  underwriting a wide array of insurance and
                  reinsurance business, including marine,
                  transport and aviation, industrial risks, fire
                  and allied perils, liability, casualty,
                  private lines and commercial insurance between
                  1974 and 1994.  On Dec. 31, 1994, the company
                  ceased all underwriting activities and went
                  into run-off.

                  During the run-off process, the Debtor ceases
                  underwriting new businesses and seek to
                  determine, settle and pay all liquidated
                  claims of their insureds as they arise.  
                  Depending on  the type of business
                  underwritten, the Debtor's run-off can take
                  decades to complete.  To shorten the run-off
                  period and reduce administrative costs, the
                  Debtor proposed a scheme of arrangement
                  pursuant to section 425 of the Companies Act
                  1985 of England and Wales under English law.

                  The Debtor is solvent and the Petitioner
                  anticipates that all claims addressed by the
                  Arrangement will be paid in full.  During the
                  Debtor's creditors' meetings, the requisite
                  majorities of each class of creditors voted in
                  favor of the Arrangement.

Chapter 15 Petition Date: June 28, 2007

Court: Southern District of New York (Manhattan)

Judge: Martin Glenn

Petitioner's Counsel: Howard Seife, Esq.
                      Chadbourne & Parke LLP
                      30 Rockefeller Plaza
                      New York, NY 10112
                      Tel: (212) 408-5361
                      Fax: (212) 541-5369

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million


DRAGON FUTURES: Creditors' Meeting Slated for July 18
-----------------------------------------------------
Creditors of Dragon Futures Ltd. (Company Number 04147702) will
meet at 10:30 a.m. on July 18 at:

         PricewaterhouseCoopers LLP
         Plumtree Court
         London  
         EC4A 4HT
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 17 at:

         R. Downs and R.W. Birchall
         Joint Administrators
         PricewaterhouseCoopers LLP
         Plumtree Court
         London  
         EC4A 4HT
         England

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.


FORD MOTOR: U.S. Sales Fall 8.1% to 247,599 in June 2007
--------------------------------------------------------
Ford Motor Company’s total sales (including sales to fleet
customers) were 247,599, down 8 percent.  The decline in total
sales reflected a planned reduction in sales to daily rental
companies.  Daily rental sales were down 39 percent (22,000
units) compared with a year ago.  In the first half, sales to
daily rental companies were 89,000 units lower than a year ago
(down 30 percent).

Soaring demand for new and redesigned crossover vehicles,
including the all-new Ford Edge, "edged" Ford, Lincoln and
Mercury retail sales to their first combined increase since
October 2006.

Edge sales were 12,470 and Lincoln MKX sales were 3,400.  Edge
was recognized as the industry's top performing new vehicle in
J.D. Power and Associates' 2007 Automotive Performance,
Execution and Layout Study TM (APEAL).

“These new crossovers are proof we are building more products
people want to buy,” said Mark Fields, Ford’s president of the
Americas.  "The Edge and Lincoln MKX and other new and
redesigned products are helping us to stabilize our retail
market share, a key goal in our plan to return to profitability
in North America."

The redesigned 2008 model Ford Escape and Mercury Mariner
crossovers set sales records in June, with Escape sales reaching
19,147, up 33 percent from a year ago, and Mariner sales
totaling 3,788, up 97 percent.  In addition, the Escape and
Mariner hybrid models set June sales records, with Escape hybrid
sales of 2,192 and Mariner hybrid sales of 334.

In total, Ford, Lincoln and Mercury crossovers were up 83
percent compared with a year ago as the company continues to
achieve the largest sales increase in the industry’s fastest-
growing segment.

Other new and redesigned products contributed to Ford’s strong
retail performance in June.  Retail sales for the Ford
Expedition were higher than a year ago, the full-size sport
utility vehicle's tenth consecutive month of sales increases.

June sales of Ford's F-Series, America's best-selling truck,
were essentially flat compared with a year ago, while sales of
the Ford Focus small car climbed 20 percent.  A redesigned Ford
Focus will debut later this year.

The Lincoln brand posted its ninth month in a row of higher
retail sales.  June sales were 30 percent higher than a year
ago. In the first six months of 2007, Lincoln sales were 15
percent higher than the same period a year ago.  Lincoln’s
rebound reflects the new Lincoln MKX crossover, the new Lincoln
MKZ sedan (up 38 percent in June), and the redesigned Navigator.

Land Rover dealers reported an 8 percent sales increase in June,
reflecting the addition of the all-new LR2 crossover.

                      About Ford Motor Co.

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

                          *    *    *

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

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

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


FUTURE-PEOPLE RECRUITMENT: Taps Administrators from BDO Stoy
------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Future-People
Recruitment Ltd. (Company Number 04293642) on June 21.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Future-People Recruitment Ltd.
         Waterloo House
         1 Waterloo Street
         Weston Super Mare
         BS23 1LA
         England
         Tel: 0845 130 0390


HEATING FINANCE: Moody's Cuts Rating to B2 on Weak Performance
--------------------------------------------------------------
Moody's Investors Service downgraded Heating Finance plc's
corporate family rating to B2 from Ba3, downgraded the rating on
GBP574 million of senior secured credit facilities to
B2/LGD3/45% from Ba3/LGD3/44% and downgraded the rating on the
GBP100 million mezzanine notes due 2014 to Caa1/LGD6/94% from
B2/LGD6/94%.  The negative outlook on all ratings was
maintained.

These rating actions follow the company's profit warning and
announcement that a downturn in certain markets for heating
products will continue beyond the first quarter of 2007.  As a
result of this downturn the company reported that it has
commenced discussions with its senior debt lenders with a view
to modifying terms of its credit facilities.

The downgrade reflected Moody's concerns stemming from:

   (i) the company's disclosure of continued weaker operating
       performance;

  (ii) possible impacts on the core business and future cash
       flows from the market downturn;

(iii) Moody's view of execution risk from possible business
       restructuring; and

  (iv) uncertainty surrounding the outcome of discussions with
       lenders and modification of lending terms.

Moody's previously reported that the company was weakly
positioned within the Ba3 corporate family rating, with a
negative outlook reflecting downward ratings pressure should the
company be unable to improve its financial metrics from 2005
year end levels.  Lower expected credit metrics combined with an
extended softening in certain markets, a further decline in the
French business and uncertainty over the impact and outcome of
negotiations with senior lenders has warranted the downgrade to
B2.

The French business has performed particularly negatively in
2007 due to generally weak markets for heating products and the
trend to electrical heating, heat pumps and solar products and
away from floor standing gas and oil fired boilers.  Weaker
performance in certain markets other than France is a result
primarily of lower levels of heating market activity, but other
factors include:

   (i) margin pressure from rising input prices (particularly
       copper, stainless steel and energy);

  (ii) environmental and energy related legislation changes; and

(iii) consumer buying trends influenced by elements such as
       macroeconomic and political conditions, availability and
       price movements of different fuel types and taxation or
       tax incentive changes.

The negative outlook for ratings reflects the uncertainty
surrounding the timing and effort needed to address the French
business and the outcome of negotiations to amend senior credit
facilities, together with the current downward trend in certain
other markets experienced in 2007 to date and a tighter
liquidity position expected.  Moody's expect credit metrics to
weaken in 2007.  Stabilization of the rating will depend on the
company demonstrating a sustainable reversal of the downward
trend and acceptable liquidity position.

The ratings affected by today's rating actions are as follows:

   -- Corporate Family rating downgraded to B2 from Ba3.

   -- Rating on GBP574 million of senior secured credit
facilities downgraded to B2, LGD3, LGD assessment of 45% from
Ba3, LGD3, LGD assessment of 44%.

   -- Rating on GBP100 million mezzanine notes due 2014
      downgraded to Caa1, LGD6, LGD assessment of 94% from B2,
      LGD6, LGD assessment of 94%.

   -- Outlook on all ratings maintained as Negative.

Headquartered in Derby, England, Heating Finance plc is the
direct holding company of Baxi Group Limited.  Baxi Group
Limited is a European leading designer and manufacturer of
residential heating and hot water systems.  For the financial
year ended Dec. 31, 2006, Baxi reported around GBP919 million in
revenues.


KWIK SAVE: Goes Into Administration; Transfers Remaining Stores
---------------------------------------------------------------
The Union of Shop, Distributive and Allied Workers says hundreds
of its members who worked for six weeks without pay will be
devastated as Kwik Save Ltd. goes into administration
transferring 56 stores to a new company and closes the remaining
Kwik Save stores from today, July 6, 2007.

Kwik Save told the High Court in Manchester yesterday that they
wanted to transfer 56 stores to a new company which Usdaw
believes would trade as Fresh Express and close the remaining
stores which the judge agreed.

Union members in the 56 stores being transferred to the new
company will join with the same terms and conditions and the new
owners made a commitment to the court that they would pay their
new staff their back pay by next Tuesday at the very latest.

But the workers made redundant yesterday and those who lost
their jobs last month when Kwik Save closed 81 stores will still
be classed as Kwik Save employees so will have to apply for
statutory protection via administrators KPMG.

"Usdaw members have been working for nothing for the last six
weeks enduring great hardship in the hope that their sacrifice
would help save the company so staff in the stores earmarked for
closure will be utterly devastated," Usdaw National Officer
Joanne McGuinness said.

"Our members will be feeling they have been totally let down by
Kwik Save and we will support them through the next difficult
period as they claim statutory redundancy pay, holiday pay and
pay in lieu of notice through the Department of Trade and
Industry.  

"At this stage we have no firm information which stores are to
close and which are to transfer but as soon as we know we will
inform our members.

"Usdaw will be seeking an urgent meeting with the new company to
examine their business plan for driving the business forward so
we can reassure our members that they have a long-term future
with the new company and that they won’t be placed in this
terrible situation again.

"KPMG are the Kwik Save administrators who will be writing to
all redundant staff, including those made redundant last month
when 81 stores were closed, with details of how they can claim
statutory redundancy payments including wages, notice and
holidays through the DTI.

"Usdaw will also contact our Kwik Save members with advice on
how to claim what they are owed and we will, of course, support
them through what will be a difficult period making the case
that those statutory payments need to be paid as soon as
possible to relieve hardship.”

As previously reported in the TCR-Europe, the Chancery court in
Manchester adjourned Kwik Save’s bid to refinance their
remaining 145 stores until yesterday, July 5, 2007, after the
company presented to the court an informal canvass of some of
their staff who were asked if they were prepared to work for
another week without pay and a majority of those questioned said
they were willing to forgo wages for a week to stave off
administration.

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

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


LADBROKES PLC: Expects GBP45 Mln Profit from Telephone Betting
--------------------------------------------------------------
In recent weeks, Ladbrokes plc has experienced significantly
increased levels of High Rollers' Telephone betting activity.  
As a result, Telephone betting operating profit for the six
months ended June 30, 2007 is expected to be approximately
GBP45 million higher than during the same period last year.

Otherwise, despite challenging conditions for UK Retail Over the
Counter business, Ladbrokes continues to trade in line with
management's expectations.

Results for the six months to June 30, 2007 will be released on
Aug. 9, 2007.

                       About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.   
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                          *     *     *

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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors in April 2007,
the rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.


MBN BOMFORD: Brings In Administrators from Deloitte & Touche
------------------------------------------------------------
Andrew Philip Peters, David John Langton and Dominic Lee Zoong
Wong of Deloitte & Touche LLP were appointed joint
administrators of MBN Bomfords Ltd. (Company Number 2352478) on
June 22.

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

The company can be reached at:

         MBN Bomford Ltd.    
         Orchard Farm
         Salford Priors
         Evesham
         WR11 5UU
         England
         Fax: 01789 490534


METRONET BCV: S&P Cuts Debt Ratings to BB+ After Review
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term debt
rating on U.K.-based underground rail infrastructure financing
company Metronet Rail BCV Finance PLC's (Metronet BCV) GBP810
million senior secured bank loan due 2030 to 'BB+' from 'BBB-'.  

At the same time, the underlying long-term debt ratings on the
GBP165 million index-linked bonds due 2032 and the GBP350
million fixed-rate bonds due 2032 were also lowered to 'BB+'
from 'BBB-'.  The ratings remain on CreditWatch with negative
implications, where they were placed on May 22, 2007.

In addition, Standard & Poor's affirmed its 'AAA' insured rating
on the fixed-rate and index-linked debt, reflecting the
unconditional and irrevocable guarantee of payment of scheduled
interest and principal from Financial Security Assurance (U.K.)
Ltd. (FSA; AAA/Stable/--) and Ambac Assurance U.K. Ltd.
(AAA/Stable/--), respectively.

"The downgrade follows the company's formal submission to the
statutory arbiter for an extraordinary review of GBP992 million
of additional costs on its public-private partnership contract,"
said Standard & Poor's credit analyst Jon Manley.

The review is likely to be resolved in about 12 months, after
which the company will be remunerated for any additional costs
it has incurred 'economically and efficiently'.  The review
process is, however, untested and, therefore, the outcome is
uncertain.

"The outcome of the extraordinary review is critical for the
future of the company and its ability to meet its obligations
under the PPP contract," added Mr. Manley.  "If the SA does not
remunerate the company for a significant proportion of the costs
then a financial restructuring of the company is likely."

Metronet BCV is therefore in discussions with relevant parties
regarding a revised business and financial plan.  As part of
this process, both the shareholders (in terms of their potential
financial and operational contribution) and funders (including
lenders, FSA, and Ambac) are seeking to establish a credible
plan that will allow continued funding of the company and a
realistic prospect of meeting its contractual service
obligations in the long term.  If, however, the SA recognizes
none or only a limited amount of the additional expenditure then
the company is unlikely to be a viable going concern.

As part of the extraordinary review process, there is provision
for an interim payment of infrastructure service charge for
approved additional costs.  This would provide important
liquidity support to the company over the next 12 months.  A
determination on the payment will likely be made by the end of
July.  The Interim ISC will also provide a good indication as to
the likely overall outcome of the extraordinary review.
Standard & Poor's will review the CreditWatch status following
publication of the SA's interim ISC directions and the
resolution of ongoing discussions between the company, sponsors,
and funders regarding the adoption of the proposed financial and
operational recovery plan to deliver the required service
contract obligations.


METRONET SSL: S&P Cuts Debt Ratings to BB+; Remains on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term debt
rating on U.K.-based underground rail infrastructure financing
company Metronet Rail SSL Finance PLC's GBP810 million senior
secured bank loan due 2030 to 'BB+' from 'BBB-'.  

At the same time, the underlying long-term debt ratings on the
GBP165 million index-linked bonds due 2032 and GBP350 million
fixed-rate bonds due 2032 were also lowered to 'BB+' from
'BBB-'.  The ratings remain on CreditWatch with negative
implications, where they were placed on May 22, 2007.

In addition, Standard & Poor's affirmed its 'AAA' insured rating
on the fixed-rate and index-linked debt, reflecting the
unconditional and irrevocable guarantee of payment of scheduled
interest and principal from Ambac Assurance U.K. Ltd.
(AAA/Stable/--) and Financial Security Assurance (U.K.) Ltd.
(FSA; AAA/Stable/--), respectively.

"The downgrade reflects Standard & Poor's opinion that the
company will shortly make a formal submission to the statutory
arbiter for an extraordinary review of additional costs on its
public-private partnership contract," said Standard & Poor's
credit analyst Jon Manley.

The review is likely to be resolved about 12 months after
submission and will remunerate the company for any additional
costs it has incurred 'economically and efficiently'.  The
review process is, however, untested and, therefore, the outcome
is uncertain.

"The outcome of the extraordinary review is critical for the
future of the company and its ability to meet its obligations
under the PPP contract," added Mr. Manley.  "If the SA does not
remunerate the company for a significant proportion of the costs
then a financial restructuring of the company is likely."

Metronet SSL is therefore in discussions with relevant parties
regarding a revised business and financial plan.  As part of
this process, both the shareholders (in terms of their potential
financial and operational contribution) and funders (including
lenders, FSA, and Ambac) are seeking to establish a credible
plan that will allow continued funding of the company and a
realistic prospect of meeting its contractual service
obligations in the long term.  If, however, the SA recognizes
none or only a limited amount of the additional expenditure then
the company is unlikely to be a viable going concern.

As part of the extraordinary review process, there is provision
for an interim payment of infrastructure service charge (ISC)
for approved additional costs.  A determination on this payment
would likely be made within a few weeks of receipt of the
extraordinary review submission and may provide important
liquidity support to the company.  The Interim ISC will also
provide a good indication as to the likely overall outcome of
the extraordinary review.

Standard & Poor's will review the CreditWatch status following
the publication of the SA's interim ISC directions after formal
submission of the extraordinary review and the resolution of
ongoing discussions between the company, sponsors, and funders
regarding the adoption of the proposed financial and operational
recovery plan to deliver the required service contract
obligations.


MORTGAGES PLC: Fitch Upgrades No. 7’s Class E Notes to BB+
----------------------------------------------------------
Fitch Ratings has upgraded six tranches of two Mortgages plc UK
non-conforming RMBS transactions and affirmed five others.  The
rating actions follow a satisfactory review of these deals.  The
Outlooks on eight tranches of these two deals are revised to
Positive from Stable.

The upgrades to Mortgages No. 6 plc (Mplc6) reflect the
continued good performance of the transaction, with both arrears
levels and losses remaining low.  Cumulative losses to date
account for 0.41% of the original pool balance.  Fitch employed
its credit cover multiple methodology when reviewing this
transaction.

The upgrades to Mortgages No. 7 plc (Mplc7) follow a full loan-
by-loan analysis of the pool as of April 2007.  The transaction
also has a low level of losses to date, accounting for only
0.03% of the original pool balance.  An increase in the
principal payment rate for Mplc7 has also accelerated the build-
up of credit enhancement, allowing for an upgrade of the junior
tranches.

There have been recent calculation errors in relation to Mplc6
whereby the reserve fund has been incorrectly amortized.  This
resulted from the current balance of foreclosed loans rather
than the cumulative amount being used for the reserve fund
trigger.  Mortgages plc has now replenished the reserve back to
the required amount.  The reserve fund for both the outstanding
Mortgages plc transactions will not amortize in future.  
Cumulative foreclosed loans as a percentage of the original
collateral balance, as calculated by Fitch, are currently 4.53%
in Mplc6 and 2.74% in Mplc7, above the 2.25% trigger in each
deal.

The extra CE available as a result of the reserve fund not
amortizing has allowed Fitch to assign Positive Outlooks to a
number of the tranches of both Mplc6 and Mplc7 as CE for the
senior tranches will continue to grow.  With an amortizing
reserve fund and a pro-rata pay down of the notes CE would have
remained static after the initial doubling of the reserve fund.

The Mortgages plc transactions have historically performed in
line with the Fitch UK Non-Conforming index.  Arrears greater
than three months, including current possessions, for Mplc7 have
been below the Fitch index, currently comprising 10.76% of the
outstanding pool balance.  For Mplc6 such arrears are currently
above the index for a transaction that is seasoned 30 months,
with arrears and current possessions comprising 15.42% of the
current pool.

The rating actions are:

Mortgages No. 6 plc:

   -- Class A2 (ISIN XS0206259888) affirmed at 'AAA'.  Outlook
      Stable

   -- Class B (ISIN XS0206260464) upgraded to 'AA+' from 'AA'.  
      Outlook revised to Positive from Stable

   -- Class C (ISIN XS0206260894) upgraded to 'A+' from 'A'.
      Outlook revised to Positive from Stable

   -- Class D (ISIN XS0206261603) affirmed at 'BBB+'. Outlook
      revised to Positive from Stable

   -- Class E (ISIN XS0206261942) affirmed at 'BBB'.  Outlook       
      revised to Positive from Stable

Mortgages No. 7 plc:

   -- Class A1 (ISIN XS0225921732) affirmed at 'AAA'. Outlook
      Stable

   -- Class A2 (ISIN XS0225922110) affirmed at 'AAA'. Outlook
      Stable

   -- Class B (ISIN XS0225922383) upgraded to 'AA+' from 'AA'.
      Outlook revised to Positive from Stable

   -- Class C (ISIN XS0225922466) upgraded to 'A+' from 'A'.
      Outlook revised to Positive from Stable Class D (ISIN
      XS0225922623) upgraded to 'BBB+' from 'BBB'. Outlook
      revised to Positive from Stable

   -- Class E (ISIN XS0225922896) upgraded to 'BB+' from 'BB'.  
      Outlook revised to Positive from Stable


PRIMUS TELECOMM: Concludes Sale of 22.5MM Shares of Common Stock
----------------------------------------------------------------
PRIMUS Telecommunications Group Incorporated has concluded the
sale of 22.5 million shares of registered common stock at a
price of US$0.915 per share to existing and new qualified
institutional buyers and institutional accredited investors.

The US$18.9 million of net proceeds, after fees and expenses,
will be used for general corporate purposes including the
repurchase, repayment or redemption of outstanding debt.

"We are pleased that existing and new investors participated in
this transaction which further enhances our financial
flexibility," Thomas R. Kloster, chief financial officer,
stated.

"Additionally, as a result of raising new equity in this
transaction, the accelerated maturity provisions in PRIMUS's
5% Exchangeable Senior Notes are eliminated, thereby
establishing June 2010 as the stated maturity for these notes."

CRT Capital Group LLC served as sole placement agent for the
offering.

                 About PRIMUS Telecommunications

Headquartered in McLean, Virginia, PRIMUS Telecommunications
Group Inc. (OTCBB:PRTL) -- http://www.primustel.com/-- offers
international and domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located
primarily in the U.S., Canada, Australia, the U.K. and western
Europe.  PRIMUS provides services over its global network of
owned and leased transmission facilities, including about 350
points-of-presence throughout the world, ownership interests in
undersea fiber optic cable systems, 16 carrier-grade
international gateway and domestic switches, and a variety of
operating relationships that allow it to deliver traffic
worldwide.

As reported in the Troubled Company Reporter on May 7, 2007,
PRIMUS Telecommunications Group, Incorporated, reported total
assets of US$432.6 million and total liabilities of
US$904.8 million, resulting in a total stockholders' deficit of
US$472.3 million as of March 31, 2007.


SOLUTIA INC: Wants Monsanto & Retiree Settlement Pacts Okayed
-------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve:

(i) a settlement among Solutia, Monsanto Company, Pharmacia
     Corporation, the Official Committee of Unsecured
     Creditors, the Official Committee of Retirees, and the Ad
     Hoc Trade Committee; and

(ii) a settlement among Solutia, Monsanto, the Retirees'
     Committee, and the Creditors Committee.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Monsanto Settlement achieves the overriding
goal of Solutia's reorganization -- the permanent reallocation
of significant legacy liabilities arising from the 1997 spin
off.  Monsanto assumes all of Solutia's legacy tort liabilities
and a substantial portion of its environmental liabilities.

By removing the cloud of the legacy liabilities, the Monsanto
Settlement will enhance creditor recoveries, materially improve
Solutia's future prospects, preserves crucial commercial
relationships with Monsanto and pave the way to a successful
reorganization, Mr. Henes says.

The proposed Monsanto Settlement achieves as much or more than
Solutia could achieve by litigating to an improbable victory
without the huge risks, uncertainties, delays and expense that
the litigation would visit on Solutia's estates and creditors,
Mr. Henes points out.

Solutia's relationship with Monsanto has always been a critical
part of its business, Mr. Henes tells Judge Beatty.  Under the
Monsanto Settlement, Monsanto has agreed to extend a master
operating agreement for an additional three years through 2020.  
The Master Operating Agreement provides for Solutia to be
"guest" at certain Monsanto-owned facilities that are critical
to Solutia's businesses.  It also enables Solutia to obtain
discounted raw materials and other efficiencies that help
improve Solutia's profitability, Mr. Henes informs the Court.

The Master Operating Agreement and other important commercial
agreements are preserved under the Monsanto Settlement.  
Conversely, without the Monsanto Settlement, protracted and
acrimonious litigation would materially and perhaps permanently
impair these agreements and relationships, Mr. Henes maintains.

The Monsanto Settlement provides that:

(1) Monsanto will be responsible for all alleged legacy tort
     liabilities.  Monsanto has agreed to be responsible for
     all past and future tort claims related to conduct that
     occurred before the spin-off.  Solutia currently estimates
     that the ultimate liability for these asserted claims will
     range between $15,000,000 and 40,000,000, not accounting
     for future claims that could be asserted for pre-spin
     conduct, hundreds of additional lawsuits asserting
     thousands of claims that have been commenced against
     Monsanto.

(2) Monsanto will assume significant environmental legacy
     liabilities that arise from sites owned by Old Monsanto
     but never owned by Solutia, which Solutia estimates will
     remove approximately $150,000,000 worth of complex
     environmental claims from its estates.  Monsanto will also
     be responsible for the remediation of dioxin contamination
     in the Kanawha River and surrounding areas.

(3) Solutia will be responsible for environmental legacy
     liabilities that arise from sites it has owned and
     operated following the spin-off, with the remediation
     costs Solutia expects to reach $82,000,000 over the next
     five years.

(4) Solutia and Monsanto will share environmental liabilities
     that arise from sites that were never owned or operated by
     Solutia but which have been affected by historical
     contamination from Solutia-owned plants located in
     Anniston, Alabama and Sauget, Illinois.  Costs for the
     Shared Sites will be allocated in this manner:

      -- The first $50,000,000 will be paid through Funding
         Co., a special purpose limited liability company under
         the Plan that will be funded with proceeds from the
         rights offering;

      -- The next $50,000,000 will be paid by Monsanto, less
         costs it has incurred for remediation of the Shared
         Sites during Solutia's Chapter 11 cases;

      -- Solutia will be responsible for the next $325,000,000
         in costs for Shared Sites.  Solutia, however, has the  
         option to cap its annual costs at $30,000,000 per year
         and have Monsanto bear excess remediation costs to
         improve reorganized Solutia's liquidity and cash flow;
         and

      -- After $425,000,000, Solutia and Monsanto will split
         evenly all costs for Shared Sites.

The Retiree Settlement preserves post-employment medical and
other benefits for Solutia's 20,000 retirees, establishes a
trust funded with $175,000,000 in cash to assure the payment of
the benefits, and will save Solutia approximately $110,000,000
in consensual benefit modifications.  The Retiree Settlement is
conditioned upon, and made possible only as a result of,
Monsanto's assumption of legacy liabilities as part of the
Monsanto Settlement.

The Retiree Settlement provides:

(A) Creation of the Retiree Trust.  On the effective date,
     Solutia will contribute $175,000,000 in cash proceeds from
     the rights offering to a retiree trust.  The trust will
     satisfy reorganized Solutia's continued payment of
     modified and life insurance benefits for pre-spin
     retirees.

(B) Modifications to Medical Benefits.  Reorganized Solutia
     can limit the amount it pays each year for retiree medical
     expenses, change deductibles and prescription drug co-
     payments and cap the benefits paid to individual retirees
     after the age of 65.

(C) Modifications to Life Insurance Benefits.  Life insurance
     benefits have been capped for employees who retired before
     December 31, 2001, and eliminated for those who retired
     after that date.

(D) Retiree Claim.  The retirees will receive an allowed, non-
     priority unsecured claim in the aggregate amount of
     $35,000,000.  The recovery on account of the Retiree Claim
     will be contributed to the retiree trust and used solely
     to reimburse Solutia for its payment of benefits for pre-
     spin and post-spin retirees.

(E) Retiree Release.  The retirees have agreed to release
     Solutia, Monsanto and Pharmacia, any employee benefit
     plans of Monsanto or Pharmacia and their respective
     representatives, affiliates and successors from all claims
     related to "retiree benefits."

The Settlements' release and injunction provisions are narrowly
tailored to preserve the rights of parties with claims being
assumed by Monsanto and are only designed to provide finality
for Monsanto on the liabilities Solutia is retaining.  The
Settlements do not afford "blanket immunity" to Monsanto or
Pharmacia.  The retirees have consented to the releases even
though they restrict the Retirees' rights, Mr. Henes avers.

In addition, Pharmacia has agreed to release Solutia from any
prepetition obligations, to waive its claim in the Chapter 11
cases, and to receive no distributions under the Plan.  As
consideration, Pharmacia will receive limited releases from and
injunctions against any and all claims relating to Solutia or
the legacy liabilities retained by Solutia.

Monsanto, according to Mr. Henes, has agreed to reasonable
consideration in exchange for its contributions and in
satisfaction of its claim.  Monsanto asserts at least
$825,000,000 in claims against the Debtors' estates, including
(1) $215,900,000 that Monsanto has spent for legacy liabilities
from the Petition Date through May 31, 2007; (2) $179,000,000
that Monsanto estimates it will spend in the future on
environmental and tort liabilities under the Monsanto
Settlement; and (3) $428,700,000 that Monsanto spent to settle
the Anniston litigation.

In satisfaction of its claim and based on its contributions,
Monsanto will receive 20% of Reorganized Solutia's stock, which
Solutia estimates will be worth approximately $240,000,000 at
the mid-point of total enterprise value.  Additionally,
consistent with the proposed allocation of legacy liabilities,
Monsanto will have an administrative claim for all amounts it
has spent on (a) Retained Sites and (b) environmental
liabilities in excess of $50,000,000 at the Shared sites.  
Solutia has also agreed to pay reasonable fees and expenses
incurred by Monsanto's professionals for work related to the
Chapter 11 cases, capped at the aggregate fees of the Creditors
Committee's professionals.  Finally, subject to its assumption
of liability relating to certain of the legacy tort and
environmental claims, Monsanto will receive releases from and
injunctions against claims relating to Solutia or the legacy
liabilities retained by Solutia.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization
Plan on July 10, 2007.  The Debtors' exclusive period to file
a plan expires on July 30, 2007.  (Solutia Bankruptcy News,
Issue No. 91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


SOLUTIA INC: Bank of New York Balks at Amended Plan
---------------------------------------------------
The Bank of New York, as indenture trustee for the 11.25% senior
secured notes due 2009 issued by Solutia Inc. or its
predecessor, filed a statement with the U.S. Bankruptcy Court
for the Southern District of New York regarding the treatment of
Senior Secured Noteholders' claims under Solutia Inc. and its
debtor-affiliates' Amended Joint Plan of Reorganization.

The Bank relates that for the past three and a half years, the
Debtors and the holders of the Senior Secured Notes have
co-existed in relative peace.

"Now, however, with the prospect of emergence from Chapter 11 on
the horizon, the Debtors, obviously at the behest of certain
constituents, have elected to breach the peace and declare war
on the Senior Secured Noteholders," John K. Cunningham, Esq., at
White & Case LLP, in Miami, Florida, contends.

The Official Committee of Unsecured Creditors has attempted to
suddenly block any payment of the Senior Secured Notes Trustee's
legal fees in contravention of a certain cash collateral order.  
The Debtors have filed an objection to the Senior Secured Notes
Trustee's claim contending that the allowable amount of the
claim does not include the stated principal amount of
$223,000,000 set forth in the Senior Secured Notes, but rather
is allegedly limited to a lesser amount based upon a novel
argument of "amortized original issue discount" in the Senior
Secured Notes, Mr. Cunningham states.

"The Debtors' new theory of allowance, which is totally
unsupported by any existing case law or the Bankruptcy Code, is
that an oversecured creditor who takes an interest bearing note
at par is to be treated differently in bankruptcy than one who
takes a note at a discounted to par, but with a lower interest
rate," Mr. Cunningham tells the Court.

Mr. Cunningham insists that without a resolution of the instant
dispute and a consensual allowance of a claim amount on the
Senior Secured Notes, the First Amended Joint Plan of
Reorganization contains a fundamental incurable defect that
solicitation of the Plan needs to be denied outright.

The Debtors have chosen to treat the claims of the Senior
Secured Noteholders as unimpaired and therefore, not entitled to
vote at any of the estates where their secured claims lie.  
Mr. Cunningham points out that the Debtors' positions with
respect to non-impairment under the Plan are inherently
inconsistent and unsupportable by the facts and law.  Section
1124 of the Bankruptcy Code expressly provides that the Debtors'
failure to reinstate the Senior Secured Notes under the Plan
renders the notes impaired and, thus, entitles the Senior
Secured Noteholders to vote on, and object to, the Plan.

The Disclosure Statement also fails to satisfy Section 1125 in
several material respects with respect to its description of the
Senior Secured Notes Trustee's claim, Mr. Cunningham notes.

Mr. Cunningham asserts that because the Plan will have to be re-
solicited if the Court later agrees that the claims of the
Senior Secured Noteholders are impaired, solicitation of the
Plan should be denied at this time.  In the alternative, to
avoid utter and complete waste, in the event that the Court were
otherwise inclined to approve the disclosure statement, before
permitting solicitation, the Court should determine whether the
treatment of the Senior Secured Noteholders' claims proposed by
the Debtors satisfies the requirements of Section 1124, he adds.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization
Plan on July 10, 2007.  The Debtors' exclusive period to file
a plan expires on July 30, 2007.  (Solutia Bankruptcy News,
Issue No. 91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


TRENT VALLEY: Appoints Joint Administrators from Vantis
-------------------------------------------------------
Alan Roy Limb and Lynn Robert Bailey of Vantis were appointed
joint administrators of Trent Valley Restoration (U.K.) Ltd.
(Company Number 05596331) on June 21.

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

The company can be reached at:

         Trent Valley Restoration (U.K.) Ltd.
         Little Tennis Street
         Nottingham
         NG2 4EN
         England
         Tel: 0115 852 3110
         Fax: 0115 941 1959


VIRGIN MEDIA: S&P Places All Ratings on Watch on Buyout Proposal
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings,
including its 'B+' long-term corporate credit rating, on U.K.-
based telecommunications provider Virgin Media Inc. and related
entities on CreditWatch with negative implications.  This
follows receipt of a proposal from a private-equity firm to
acquire 100% of the company's stock.

The CreditWatch placement reflects the confirmation of an equity
bid.  It also reflects VMI's ongoing strategic review, which
includes a possible sale of the company.  Despite the fact that
no negotiations have been engaged as yet with the bidder,
Standard & Poor's believes that there is a reasonable chance
that VMI's management could decide to progress take-over
discussions.  VMI's management has made clear that there is no
assurance that any transaction will occur.

"Should a highly leveraged takeover of VMI take place, there is
a strong likelihood that the 'B+' ratings would no longer be
appropriate, as the company's current credit quality is
supported by weak, albeit gradually improving, credit ratios,"
said Standard & Poor's credit analyst Karim Nadji.

If the buyout proposal is rejected, or if no transaction is
otherwise completed, this would remove the potential threat of
increased leverage posed to VMI's financial risk profile.  We
would, however, need to assess the implications of the company's
strategic review before resolving the CreditWatch status to
understand if the review could result in a higher degree of
business and financial risk.


W BAILEY: Brings In Deloitte & Touche to Administer Assets
----------------------------------------------------------
Andrew Philip Peters, Nicholas Guy Edwards and Dominic Lee Zoong
Wong of Deloitte & Touche LLP were appointed joint
administrators of W. Bailey Ltd. (Company Number 264606) on
June 22.

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

The company can be reached at:

         W. Bailey Ltd.
         East Hall Farm
         East Hall Lane
         Rainham
         RM13 9DS
         England
         Tel: 01708 557313
         Fax: 01708 551799


* BOOK REVIEW: Distressed Investment Banking: To the Abyss and
               Back
--------------------------------------------------------------
Authors:    Henry F. Owsley, Peter S. Kaufman
Publisher:  Beard Books
Hardcover:  236 pages
List Price: US$74.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982676/internetbankrupt  

This book is the definitive work on distressed investment
banking by two widely acknowledged leaders in this field.

Dealing with the restructuring of troubled companies, an
insider's view is provided on the methods and complexities of
this fascinating area of investment banking.

It demystifies what investment bankers really do and coveys
difficult concepts in easy-to-understand terms.

Particular focus is directed toward non-conflicted advice to
boards of directors interested in recoveries for shareholds.

Attorneys, accountants, crisis managers, business students,
judges and investment bankers, as well as management and
directors of distressed companies will all find this book
interesting.


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *