TCREUR_Public/070709.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

             Monday, July 9, 2007, Vol. 8, No. 134

                            Headlines


A U S T R I A

BADER AUTOHAUS: Eisenstadt Court Orders Business Shutdown
CITY CENTER: Claims Registration Period Ends July 10
GASTHOF BLAUE: Claims Registration Period Ends July 9
HANNELORE FRITZSCHE: Claims Registration Period Ends July 23
KERSCHBAUM LLC: Eisenstadt Court Orders Business Shutdown

MD ALPHA: Vienna Court Orders Business Shutdown
RESA LLC: Claims Registration Period Ends July 10
RZT BAUMANAGEMENT: Claims Registration Period Ends August 7


B E L G I U M

COMPAGNIE EUROPEENNE: Seeks Chapter 15 Relief in New York


F I N L A N D

METSO CORP: Subsidiary Expands Production Capacity at Lapua
METSO CORP: Division to Provide Power Boiler to Scotland’s UPM
METSO CORP: Unit to Supply Materials Handling Solution to CBA


F R A N C E

HILTON HOTELS: Shares Up 37% to US$45.71 on Merger News
HILTON HOTELS: Blackstone Pact Cues Moody’s to Review Ratings
HILTON HOTELS: Blackstone Merger Cues S&P to Lower Rating to BB-
HILTON HOTELS: Blackstone Deal Cues Fitch's to Downgrade Rating


G E R M A N Y

ADVANCED MEDICAL: Offers US$4.3 Billion for Bausch & Lomb
ADVANCED MEDICAL: Moody's Retains Review on Low-B Ratings
ARINC INC: Six Airlines to Sell Over 90% of Shares to Carlyle
DAIMLERCHRYSLER AG: Chrysler’s June 2007 U.S. Sales Dips 1.4%
DAIMLERCHRYSLER AG: U.S. Sales Drop 2% to 202,936 for June 2007

DAIMLERCHRYSLER AG: Chery and Chrysler Finalize Cooperative Pact
DUERR AG: Expands Location in Bietigheim-Bissingen
S-CORE 2007-1: Fitch Rates EUR19.7 Million Class E Notes at BB
WHITE HOUSE: Claims Registration Period Ends September 4


I R E L A N D

RITCHIE (IRELAND): Case Summary & 10 Largest Unsecured Creditors
RITCHIE (IRELAND): Section 341(a) Meeting Set for August 3


I T A L Y

DANA CORPORATION: Reaches Agreement with USW and UAW
DANA CORPORATION: Closes Sale of Fluid Products Biz to Orhan
WIND TELECOMUNICAZIONI: S&P Affirms B+ Corp. Credit Rating


K A Z A K H S T A N

BASTAU & CO: Proof of Claim Deadline Slated for August 8
ELEVATOR-MELSNAB LLP: Creditors Must File Claims August 8
INTERMEDIARY SERVICE: Claims Filing Period Ends August 10
KAGANAT-T LLP: Creditors' Claims Due on August 8
NEFTECK PLUS: Claims Registration Ends August 10

NURBANK JSC: Raises Charter Capital to KZT24 Billion
OIL PLUS: Proof of Claim Deadline Slated for August 8
PIPE OIL SERVICE: Creditors Must File Claims August 10
PK-COMMERCE LLP: Claims Filing Period Ends August 10
UNIVER-GROUP LLP: Creditors' Claims Due on August 10

UTASI LLP: Claims Registration Ends August 8


K Y R G Y Z S T A N

SECURITY SERVICE: Creditors Must File Claims by August 22


N E T H E R L A N D S

BAUSCH & LOMB: Receives Merger Proposal from Advanced Medical
HEXION SPECIALTY: To Acquire Huntsman for US$10.4 Billion
HEXION SPECIALTY: Huntsman Buy Prompts Moody's to Review Ratings
HEXION SPECIALTY: Huntsman Offer Cues S&P’s Negative Watch


R U S S I A

APATIT-STROY-SERVICE: Names P. Tarasov as Insolvency Manager
CHEBARKULSKAYA OJSC: Bankruptcy Hearing Slated for October 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

SABLE LLC: Court Names L. Abalakova as Insolvency Manager
TEMP OJSC: Omsk Bankruptcy Hearing Slated for October 16
TRANSNEFT OAO: Wants CPC to Issue US$5 Bln Eurobond to Pay Debt
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

TDA 28: S&P Assigns B- Ratings to EUR1.5 Million Class F Notes


S W I T Z E R L A N D

ALINPA JSC: Creditors' Liquidation Claims Due August 15
ELITE HOLDING: Creditors' Liquidation Claims Due July 30
LEMASUD JSC: Creditors' Liquidation Claims Due July 20
LES PLANCHES: Creditors' Liquidation Claims Due August 20
HILTI-HOLDING JSC: Creditors' Liquidation Claims Due August 20

M K + D JSC: Solothurn Court Starts Bankruptcy Proceedings
MIMAP.CH LLC: Creditors' Liquidation Claims Due August 1
MIS TOURS: Solothurn Court Starts Bankruptcy Proceedings
NEOS CONSULTING: Creditors' Liquidation Claims Due July 20
OSSI BAU: Zug Court Starts Bankruptcy Proceedings

PCI INFORMATIK: Schaffhausen Court Starts Bankruptcy Proceedings
REWEFA JSC: Waldenburg Court Starts Bankruptcy Proceedings
ROM-EL JSC: Creditors' Liquidation Claims Due July 20
SIRI-VISION JSC: Zug Court Starts Bankruptcy Proceedings
SONANINE JSC: Creditors' Liquidation Claims Due July 20


T U R K E Y

GLOBAL YATIRIM: Fitch Rates US$100 Mln International Bond at B


U K R A I N E

ANDRIYASHOVKA LLC: Proofs of Claim Deadline Set July 11
COMMUNE ECONOMY: Proofs of Claim Deadline Set July 11
GOLUBECHEYE LLC: Proofs of Claim Deadline Set July 11
HI-TECH LLC: Creditors Must File Claims by July 11
MINERAL LLC: Proofs of Claim Deadline Set July 11

MIR CJSC: Creditors Must File Claims by July 11
OLSHANSKOE LLC: Proofs of Claim Deadline Set July 11
PIVDENNYI BANK: Fitch Assigns B- Ratings to Upcoming Loan
STIKS 3000: Creditors Must File Claims by July 11
TECHNOPROMISE LLC: Creditors Must File Claims by July 11

TOKMAK AGRICULTURAL: Creditors Must File Claims by July 11
TRI VAD PLUS: Creditors Must File Claims by July 11
ZLATA TAVRIDA: Creditors Must File Claims by July 11


U N I T E D   K I N G D O M

BAXI HOLDINGS: Market Conditions Cue S&P to Watch B+ Ratings
BLACKPOOL D.I.Y.: Claims Filing Period Ends August 22
BOMFORDS PREPARED: Taps Administrators from Deloitte & Touche
CARDTRONICS INC: Plans to Offer US$125 Million of Senior Notes
CARDTRONICS INC: Acquisition Cues S&P to Affirm B+ Credit Rating

D.B. INC: Alan H. Tomlinson Leads Liquidation Procedure
EXPERT TECHNOLOGIES: Taps Liquidator from Stones & Co.
GGS HOLDING: Brings In Liquidators from Kroll
HEATING FINANCE: Moody's Cuts Rating to B2 on Weak Performance
IMS LEGAL: Appoints Joint Administrators from KPMG

MILES THOMPSON: Calls In Liquidators from Begbies Traynor
MISKIN PLANT: Joint Liquidators Take Over Operations
MUSIC ZONE: Names William Kenneth Dawson Liquidator
NICHOLLS AND WILSON: Appoints Tony Mitchell as Liquidator
NOTTINGHAM CONTRACT: Taps Liquidators from Blades Insolvency

OBPC FRANCHISING: Claims Filing Period Ends September 5
PENN PROPERTIES: Appoints Gerald Irwin as Liquidator
PROMINENT CMBS 2: S&P Assigns BB Ratings to GBP17 Mln F Notes
SANDWELL NEW: Taps Christopher Farrington to Liquidate Assets
SRBS REALISATIONS: Joint Liquidators Take Over Operations

TOPAM ENGINEERING: Calls In Liquidators from The P&A Partnership
TOTTEN INTERIORS: Claims Filing Period Ends July 30
UNITED VEHICLE: Hires Liquidator from Fisher Partners
ZOO ABS 4: Fitch Assigns BB- Ratings to EUR8.5 Million E Notes

* BOND PRICING: For the Week July 3 to July 7, 2007

                            *********

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


BADER AUTOHAUS: Eisenstadt Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Eisenstadt entered June 13 an order shutting
down the business of LLC Bader Autohaus (FN 118736m).

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

The estate administrator can be reached at:

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

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on June 5 (Bankr. Case No 26 S 73/07y).


CITY CENTER: Claims Registration Period Ends July 10
----------------------------------------------------
Creditors owed money by LLC City Center (FN 187864x) have until
July 10 to file written proofs of claim to court-appointed
estate administrator Werner Seifried at:

         Mag. Werner Seifried
         Burggasse 40
         8750 Judenburg
         Tel: 03572/82 1 27
         Fax: 03572/82127-4
         E-mail: mag.seifried@derAnwalt.or.at

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 11:50 a.m. on July 10.

The Court will also examine the claims at 10:30 a.m. on Aug. 8,
at the same venue.
The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Schladming, Austria, the Debtor declared
bankruptcy on June 13 (Bankr. Case No. 17 S 51/07d).


GASTHOF BLAUE: Claims Registration Period Ends July 9
-----------------------------------------------------
Creditors owed money by LLC Gasthof Blaue Traube (FN 131133v)
have until July 9 to file written proofs of claim to court-
appointed estate administrator Edith Wieder at:

         Dr. Edith Wieder
         Schutzenbichl 4
         4820 Bad Ischl
         Austria
         Tel: 06132/28226
         Fax: 06132/28226-6
         E-mail: kzl-wieder@ihr-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on July 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia St. 12
         Wels
         Austria

Headquartered in Mondsee, Austria, the Debtor declared
bankruptcy on June 11 (Bankr. Case No. 20 S 73/07x).


HANNELORE FRITZSCHE: Claims Registration Period Ends July 23
------------------------------------------------------------
Creditors owed money by LLC Hannelore Fritzsche & Co.KG (FN
138008d) have until July 23 to file written proofs of claim to
court-appointed estate administrator Gernot Goetz at:

         Mag. Gernot Goetz
         Tirolerstrasse 18
         9800 Spittal/Drau
         Austria
         Tel: 04762/53 52, 24 75
         Fax: 04762/2766
         E-mail: rechtsanwaelte@hammerschmidt-goetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 Spittal an der Drau, Austria, the Debtor
declared bankruptcy on June 6 (Bankr. Case No. 41 S 54/07z).


KERSCHBAUM LLC: Eisenstadt Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Eisenstadt entered June 11 an order shutting
down the business of LLC Kerschbaum (FN 235601y).

Court-appointed estate administrator Elisabeth Hrastnik
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. Elisabeth Hrastnik
         Hauptplatz 11
         Atrium
         Top 16 A
         7400 Oberwart
         Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hrastnik@utanet.at

Headquartered in Rotenturm an der Pinka, Austria, the Debtor
declared bankruptcy on June 4 (Bankr. Case No 26 S 72/07a).


MD ALPHA: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered June 12 an order shutting down
the business of LLC MD ALPHA (FN 276363t).

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

The estate administrator can be reached at:

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

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


RESA LLC: Claims Registration Period Ends July 10
-------------------------------------------------
Creditors owed money by LLC Resa (FN 260776w) have until July 10
to file written proofs of claim to court-appointed estate
administrator Wolfgang Dlaska at:

         Mag. Wolfgang Dlaska
         Joanneumring 11/4
         8010 Graz
         Austria
         Tel: 0316/825580-0
         Fax: 0316/825580-10
         E-mail: office@dlaska.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:20 p.m. on July 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 12 (Bankr. Case No. 25 S 61/07v).


RZT BAUMANAGEMENT: Claims Registration Period Ends August 7
-----------------------------------------------------------
Creditors owed money by LLC RZT Baumanagement (FN 222825i) have
until Aug. 7 to file written proofs of claim to court-appointed
estate administrator Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:15 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 68/07b).


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


COMPAGNIE EUROPEENNE: Seeks Chapter 15 Relief in New York
---------------------------------------------------------
Compagnie Europeenne d'Assurances Industrielles S.A., through
its court-appointed foreign representative Clive Paul Thomas,
filed a chapter 15 petition in the United States Bankruptcy
Court for the Southern District of New York, Manhattan division,
on June 29, 2007.

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

                    Scheme of Arrangement

The Debtor is subject to a proceeding currently pending before
the English High Court, in accordance with a Solvent Scheme of
Arrangement pursuant to Section 425 of the Companies Act 1985
between the company and its scheme creditors.

Under the Companies Act, a scheme of arrangement is a compromise
or arrangement between a company and its creditors or any class
of creditors to restructure their contractual rights to permit
an orderly wind-up of the company's business.

Majority of the Debtor's creditors voted in favor of the
Arrangement at a creditors' meeting on May 11, 2007.
Accordingly, Mr. Thomas has submitted the Arrangement to the
High Court for sanction, which, if approved, would become
binding on all creditors wherever located.

On Dec. 31, 1994, the company ceased all underwriting activities
and went into run-off.  When insurance companies enter into run-
off, they cease underwiting new business and seek to determine,
settle and pay all liquidated claims of their insureds as they
arise.  Castlewood Limited is the company's run-off manager.

To shorten the run-off period, which could take decades to
complete, and to reduce administrative costs, the company
proposed a scheme of arrangement pursuant to Section 425 of the
Companies Act 1985 of England and Wales under English law.

At Dec. 31, 2006, the Debtor estimated EUR50.1 million in total
assets and EUR32.09 million in total liabilities.

The High Court will convene a hearing on July 12 to consider
sanction of the Arrangement.

Headquartered in Brussels, Belgium and Surrey, England,
Compagnie Europeenne d'Assurances Industrielles S.A. 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.


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F I N L A N D
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METSO CORP: Subsidiary Expands Production Capacity at Lapua
-----------------------------------------------------------
Metso Power, which is part of Metso Corp.’s Metso Paper business
area, is increasing its production capacity at the Lapua factory
in Finland.

The goal is to be able to better meet the growing demand for
power plants fueled by renewable energy sources as well as the
needs for modernization and maintenance services at pulp and
paper mills.

The expansion will increase the production facilities by about
one third and will be ready for use at the beginning of 2008.
In the same conjunction, Metso Power is buying the entire
production hall, which is currently leased, to ensure flexible
development of the premises also in the future.  The total value
of the investments is nearly EUR8 million.

The current Lapua factory was built in 1990 and the first
expansion was completed in 1993.

Metso Power has four production units serving business globally.
Metso Power manufactures the key components for its main
products, which are fluidized bed boilers and recovery boilers,
oil and gas boilers and evaporators.  The production of new
boilers is centralized to the Tampere factory in Finland.  The
Lapua factory and two factories located in Sweden specialize in
manufacturing and installing parts needed for boiler rebuilds
and maintenance.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


METSO CORP: Division to Provide Power Boiler to Scotland’s UPM
--------------------------------------------------------------
Metso Power, a part of Metso Corp.’s Metso Paper business area,
will supply UPM's Caledonian paper mill with a biomass-fired
power boiler to the mill's new power plant in Irvine, Scotland.
Start-up for the plant is scheduled for the first half of 2009.
The value of the order is approximately EUR40 million.  The
order is included in Metso's second quarter order backlog.

The power boiler will utilize bubbling fluidized bed technology.
The delivery will also include a dry flue gas cleaning system,
which improves mill's environmental performance.  The boiler
will burn CO2 (carbon dioxide) neutral biomass utilizing a
combination of wood fuel and site-derived residues as its
primary fuel.

With this new power plant UPM will continue to reduce carbon
emissions by 75,000 tons annually.  The company has reduced its
production related fossil CO2 emissions by 25 percent during the
last ten years by investing in biomass-based energy generation
and in energy efficiency.  The new power plant at the Caledonian
mill will also significantly assist Scotland in achieving its
2010 national renewables generation target of 18 percent.

UPM's sales in 2006 were EUR10 billion, and it has about 28,000
employees.  UPM's main products include printing papers, self-
adhesive label materials and wood products.  The production
capacity of the Caledonian mill is 280,000 tons of LWC magazine
paper and it employs 360 people.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


METSO CORP: Unit to Supply Materials Handling Solution to CBA
-------------------------------------------------------------
Metso Minerals, one Metso Corp.’s three business areas, will
supply a bulk materials handling solution to CBA (Companhia
Brasileira de Aluminio).  The delivery will be completed within
the first quarter of 2009.  The value of the order is
approximately EUR12 million.

The order is included in Metso's second quarter order backlog.
The order comprises two bridge reclaimers, one stacker and six
belt conveyors.  Additionally, the order includes electrical
services, engineering, erection supervision, operator training,
and start-up and commissioning services.

Metso's solution is for the expansion of the bauxite yard
located in Aluminio, State of Sao Paulo.  With the expansion,
CBA targets to increase its production from some 400,000 to
475,000 tons of aluminum per year.

CBA is a part of the Votorantim Group, which is one of the
largest private industrial conglomerates in Latin America.  It
operates in the areas of hydroelectric power stations, cement
factories, steel industries, aluminum refineries, and pulp and
paper.  CBA employs some 6,500 people.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


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F R A N C E
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HILTON HOTELS: Shares Up 37% to US$45.71 on Merger News
-------------------------------------------------------
Hilton Hotels Corporation's shares closed at US$45.71 Friday,
marking a 37% increase and the company's highest since July
1980, Michael Patterson of Bloomberg reports.

As reported in the Troubled Company Reporter on July 5, 2007,
the company entered into a definitive merger agreement with The
Blackstone Group in an all-cash transaction valued at
approzimately US$26 billion.  Under the agreement, Blackstone
will purchase all of Hilton's outstanding common stock at
US$47.50 per share.

                         Rating Actions

As reported in the Troubled Company Reporter on July 6, 2007, as
a result of its transaction with Blackstone, Fitch Ratings
downgraded Hilton Hotels' issuer default rating to B from BB+.
Fitch says that although the terms of the transaction and
prospective capital structure have yet to be finalized, it
believes that the deal will likely result in a substantial
increase in leverage more consistent with ratings in the 'B'
category.  Fitch also placed all of Hilton Hotel's ratings under
Rating Watch Negative.

At the same time, Standard & Poor's Ratings Services also
lowered its corporate credit rating on Hilton Hotels to BB- from
BB+.  According to S&P credit analyst Emile Courtney, the BB-
rating reflects S&P's expectation the deal will be completed and
represents the highest outcome that S&P deems appropriate given
its review on preliminary information available.  S&P also
placed Hilton Hotels' ratings on CrediWatch with negative
implications.

              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, France, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.


HILTON HOTELS: Blackstone Pact Cues Moody’s to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Hilton Hotels
Corporation on review for downgrade following its announcement
that it entered into a definitive merger agreement with The
Blackstone Group's real estate and corporate private equity
funds in an all-cash transaction.

A Blackstone affiliate will acquire all of Hilton's outstanding
common for US$47.50 per share, a 40% premium over its closing
stock price on July 2, 2007, and Hilton Hotels Corporation will
be the surviving entity.  The LGD assessments are also subject
to change.

The total transaction value is US$26 billion including the
assumption of about US$6 billion of debt.  Blackstone received
financing commitments from a group of financial institution, but
details were not disclosed.  The merger is subject to
shareholder approval and is expected to close in the fourth
quarter of 2007. Pursuant to the Agreement and Plan of Merger,
Hilton is expected to tender for all its outstanding senior
notes.  The indentures governing the company's existing public
debt include a limitation on liens of 15% of Consolidated Net
Tangible Assets, as defined. The review for downgrade will focus
on Hilton's capital structure post closing.

Ratings placed on review for downgrade:

-- Corporate Family rating at Ba1

-- Probability of default at Ba1

-- Senior notes at Ba1, LGD 4

-- Senior bank credit facilities at Ba1, LGD 4

-- Senior, subordinated and preferred shelf at (P) Ba1, LGD 4,
    (P) Ba2, LGD 6, (P) Ba2,LGD 6 respectively

Ratings withdrawn:

-- Commercial paper at Not Prime.

Hilton Hotels Corporation owns, manages or franchises a hotel
portfolio including Hilton(R), Conrad(R) Hotels & Resorts,
Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R), Hampton
Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand
Vacations(TM), Homewood Suites by Hilton(R) and The
Waldorf=Astoria Collection(R).  The company's portfolio includes
more than 2,800 hotels and 480,000 rooms in 76 countries and
territories. Revenues, net of cost reimbursements, for the last
twelve months ended March 31, 2007 was about US$6.4 billion.
The Blackstone Group is a global alternative asset manager and
provider of financial advisory services.  Its alternative asset
management businesses include the management of corporate
private equity funds, real estate opportunity funds, funds of
hedge funds, mezzanine funds, senior debt funds, proprietary
hedge funds and closed-end mutual funds.


HILTON HOTELS: Blackstone Merger Cues S&P to Lower Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hilton Hotels Corp to 'BB-' from 'BB+'.  In addition,
all existing ratings on the company were placed on CreditWatch
with negative implications.

The corporate credit rating downgrade and CreditWatch listings
follow Hilton's announcement that it entered into an agreement
and plan of merger with affiliates of Blackstone Real Estate
Partners VI L.P. and Blackstone Capital Partners V L.P., each an
affiliate of the Blackstone Group.  Hilton's board of directors
has approved the merger agreement. Blackstone will pay Hilton's
shareholders US$47.50 in cash for each share of Hilton's common
stock -- a 40% premium over the pre-announcement stock price,
valuing the company at about US$26 billion, including the
assumption of Hilton's debt.

Blackstone has provided Hilton with equity and debt financing
commitments in the amount of US$26.5 billion.  In addition, the
company, if so instructed by Blackstone, has agreed to use its
commercially reasonable efforts to commence tender offers and/or
consent solicitations with respect to some or all series of
notes issued under the indenture dated as of April 15, 1997 and
the indenture dated as of April 22, 2003.

"The new corporate credit rating of 'BB-' reflects our
expectation that a transaction will be completed, and represents
the highest outcome that we deem appropriate given our review of
the preliminary information that is available regarding the
Blackstone deal," said Standard & Poor's credit analyst Emile
Courtney.  "The CreditWatch listing for the corporate credit
rating suggests that there remains a high probability that this
rating could still go lower.  We will resolve the CreditWatch
listing once we have had an opportunity to fully evaluate the
transaction, including details of the proposed debt and equity
financings and the new owner's strategies with respect to
managing Hilton, such as how, if at all, Hilton's assets can be
integrated with Blackstone's existing lodging portfolio."

S&P have not lowered our rating on Hilton's senior unsecured
notes because they believe that there is a reasonable likelihood
that holders will be fully repaid through tender offers and/or
consent solicitations.  Still, the CreditWatch listing for these
issues reflects that the rating could be lowered if it becomes
probable that the notes will remain in Hilton's future capital
structure.


HILTON HOTELS: Blackstone Deal Cues Fitch's to Downgrade Rating
---------------------------------------------------------------
Fitch Ratings has downgraded the issuer default rating of Hilton
Hotels Corp. to 'B' from 'BB+' following the announcement that
it agreed to be acquired by The Blackstone Group.  Issue ratings
on Hilton's senior credit facility and senior notes are
unaffected pending the finalization of a financing structure for
the transaction.  In addition, all of Hilton's ratings have been
placed on Rating Watch Negative.

These ratings have been affected:

    -- Issuer Default Rating downgraded to 'B' from 'BB+';
       Rating Watch Negative;

    -- Senior credit facility 'BB+'; Rating Watch Negative;

    -- Senior notes 'BB+'; Rating Watch Negative.

The ratings apply to approximately US$5 billion of outstanding
debt.

On July 3, 2007, Hilton announced that it agreed to be acquired
by affiliates of The Blackstone Group for US$47.50 per share, or
more than a 40% premium over Monday's closing stock price.  The
US$26 billion all-cash transaction is expected to close during
the
fourth quarter 2007.  Hilton's Board of Directors approved the
transaction and a shareholder vote will be scheduled at a later
date.  Financing commitments have been provided by Bear Stearns,
Bank of America, Deutsche Bank, Morgan Stanley and Goldman
Sachs.

The terms of the transaction and the prospective capital
structure have yet to be finalized, but Fitch believes that the
transaction is likely to result in a substantial increase in
leverage more consistent with ratings in the 'B' category.  If
instructed by Blackstone, the merger agreement calls for Hilton
to pursue debt tender offers and/or consent solicitations with
respect to some or all of the senior notes issued under both the
April 1997 and April 2003 bond indentures.  Fitch expects the
existing Hilton senior credit facility to be refinanced.  Until
financing details are provided, existing Hilton issue ratings
are unaffected.  However, the Rating Watch Negative reflects the
potential for a downgrade to 'B' or below once tender offer and
capital structure plans have been finalized.

The company's bond indentures do not contain material financial
covenants or change of control provisions of the type that are
included in the credit facility.  The bonds were secured by a
pledge of the capital stock of certain wholly owned
subsidiaries, but were released from that pledge after the first
quarter of 2007.


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


ADVANCED MEDICAL: Offers US$4.3 Billion for Bausch & Lomb
---------------------------------------------------------
Advanced Medical Optics Inc. has submitted a proposal to acquire
Bausch & Lomb for US$75 per share in cash and AMO stock.  AMO
was designated as a party that B&L can continue to negotiate
with despite the end of the "go shop" period.  The proposal
values Bausch & Lomb at approximately US$4.3 billion in equity
value.

Under the terms of the AMO proposal, each Bausch & Lomb share
would be exchanged for US$45 in cash and a fixed number of
shares of AMO common stock having a value of US$30 at the time
of signing a definitive agreement.  AMO expects the transaction
to be marginally dilutive on a cash basis in year one and
significantly accretive on a cash basis in year two.

"We are pleased that B&L’s board has determined that our offer
is bona fide and is reasonably likely to result in a superior
offer," said AMO chairman, president and CEO Jim Mazzo.  "We
look forward to working with them to reach a definitive
agreement as soon as possible and believe our bid represents a
strategically and financially superior proposal to B&L’s
existing merger agreement."

A combination of Advance Medical and Bausch & Lomb would:

   a) Significantly expand AMO’s global scale and scope.  With
      sales in over 100 countries and operations in over 50,
      B&L’s global reach would more than double AMO’s direct
      presence and would greatly enhance its ability to expand
      market opportunities and margins.

   b) Broaden and deepen AMO’s product portfolio.  B&L’s
      strengths are in contact lenses and lens care, eye drops
      for dry eye, allergies and inflammation, vitamins for
      ocular health,  vitreoretinal surgical products and post-
      operative prescription products.   Combining these with
      AMO’s eye care, cataract and refractive products and
      technologies would create a broad-based product offering
      for physicians, which is consistent with AMO’s strategy of
      providing the complete refractive solution.

   c) Enhance ability to generate efficiencies and innovation.
      The combined global platform would provide significant
      opportunities to enhance efficiencies and create
      productivity improvements.  Economies of scale would allow
      both companies to build on their unique and complementary
      heritages of product leadership and innovation within
      ophthalmology through increased investment in R&D.

"This is a truly unique opportunity that would enable AMO to
accelerate our strategic goal of providing a full range of
advanced technologies to address the vision needs of patients of
all ages, " Mr. Mazzo said.  " I am confident that delivering on
this strategy will allow us to generate significant value for
shareholders and create new opportunities for our combined
employee base. "

"The AMO and B&L businesses complement each other and together
would provide increased scale, scope and the enhanced ability to
generate productivity and efficiency improvements.  Through a
focus on integrating the best of both businesses, well as the
sale of some non-core assets, our goal is to create a stronger,
more competitive combined company with a platform for sustained,
profitable growth."

"AMO’s successful acquisition strategy, combined with strong
organic growth, has enabled the company to grow its enterprise
value from US$410 million in 2002 to US$3.8 billion today," Mr.
Mazzo added.

"This strong track record makes us confident that we can deliver
significant value through a transaction with B&L.  We have
already identified sufficient cost-saving opportunities that
would make the transaction accretive on a cash basis in year
two.  We are also confident in our ability to continue to
effectively manage our existing businesses and deliver on our
current and future financial commitments."

"A team of outside advisors will work in conjunction with the
management teams to complete a rapid and successful integration.
B&L has played an historic role in our industry and we have
enormous respect for its proud heritage and skilled employees.
Together, I believe we have a unique opportunity to create a
company that is capable of changing the face of our industry and
will bring benefits to our patients, customers, employees and
shareholders."

AMO has conducted a thorough review of the potential antitrust
issues in connection with the proposed transaction, and it is
confident it will be able to address these issues in a timely
manner.

The cash consideration has been fully committed by Goldman Sachs
and will be financed using a combination of bank and public
debt. AMO expects that the combined company’s leverage at the
time of closing will be in line with AMO’s pro forma leverage at
the time of the closing of the IntraLase transaction.

AMO expects to continue its due diligence.  There can be no
assurance that the proposal will result in any transaction.  The
company does not anticipate providing additional information
about the proposed transaction unless and until it deems further
public comment to be required.

Goldman Sachs is acting as financial advisor and Skadden, Arps,
Slate, Meagher & Flom LLP is acting as a legal advisor to AMO

                        About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.

                    About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures
and markets ophthalmic surgical and contact lens care products.
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.


ADVANCED MEDICAL: Moody's Retains Review on Low-B Ratings
---------------------------------------------------------
Moody's Investors Service maintains Advanced Medical Optics,
Inc. ratings on review for possible downgrade following AMO's
announcement of its offer for Bausch & Lomb, Inc. for US$75 per
common share in a combination of US$45 in cash and US$30 in AMO
common stock.

The proposed transaction is valued at approximately US$5
billion, including approximately US$830 million of debt.

AMO's offer is subject to termination of BOL's previously
announced merger agreement with affiliates of Warburg Pincus LLC
and the execution of a definitive merger agreement with BOL The
AMO offer is conditioned upon, among other things:

    (1) approval from both AMO and BOL shareholders;
    (2) regulatory approvals and
    (3) certain additional due diligence by AMO.

Additionally, the AMO offer contains a US$130 million
termination fee in the event the transaction does not close due
to the failure to obtain requisite financing or antitrust
clearance.

Moody's understands that the BOL Board of Directors, following
the recommendation of a Special Committee, favors the AMO offer.
Further, Moody's understands that the BOL Special Committee and
its advisors will engage in further discussions with AMO
regarding its offer.

"The review for possible downgrade is based, in part, on the
belief that if the business combination is completed, the pro
forma leverage of the combined entity would be considerably
higher than AMO's leverage on a standalone basis," said Sidney
Matti, Analyst.  Given the expectation that the merger will be
financed with a significant amount of debt, a multi-notch
downgrade could occur, although it should be noted that AMO's
financing plan has not yet been made known.  Additionally, the
review will focus on the financial impact of the recall of the
company's Complete MoisturePlus contact lens solution product.

AMO's ratings were originally placed on review for possible
downgrade on May 29, 2007 following AMO's announcement that it
voluntarily withdrew its Complete MoisturePlus contact lens
solution based on information received from the U.S. Centers for
Disease Control and Prevention regarding Acanthamoeba keratitis
infections from the Acanthamoeba microorganism.

These ratings remain on review for possible downgrade:

    -- B1 Corporate Family Rating;

    -- B1 Probability of Default Rating;

    -- Ba1 (LGD2/14%) rating on US$300 million senior secured
       revolver due 2013;

    -- Ba1 (LGD2/14%) rating on US$450 million senior secured
      term loan B due 2014;

   -- B1 (LGD4/50%) rating on US$250 million senior
      subordinated notes due 2017; and

   -- B3 (LGD5/81%) rating on US$251 million convertible senior
      subordinated notes due 2024.

Bausch & Lomb, Inc., headquartered in Rochester, New York, is a
leading worldwide provider of eye care products, including
contact lens, lens care, ophthalmic pharmaceuticals and surgical
products.  For the twelve months ended March 31, 2007, BOL
reported approximately US$2.3 billion in revenues.  Currently,
BOL's senior unsecured debt rating is Ba1 and is under review
for possible downgrade.

Advanced Medical Optics, Inc., headquartered in Santa Ana,
California, is a global leader in the development, manufacturing
and marketing of ophthalmic surgical and contact lens care
products.  For the twelve months ended March 31, 2007, AMO
reported approximately US$1 billion in revenues.

The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.


ARINC INC: Six Airlines to Sell Over 90% of Shares to Carlyle
-------------------------------------------------------------
Six U.S. airlines, holding more than 90% of Arinc Inc., have
agreed to sell their respective stakes to an affiliates of The
Carlyle Group, The Wall Street Journal reported Friday.

The airlines include:

    * AMR Corp.'s American Airlines,
    * UAL Corp.'s United Airlines Inc.,
    * Continental Airlines Inc.,
    * Delta Air Lines Inc.,
    * Northwest Airlines Corp. and
    * US Airways Group Inc.

Under the agreement, which is expected to close before Oct. 31,
2007, the airlines will sell their stake to Radio Acquisition
Corp., a Carlyle affiliate.  WSJ relates that the deal is
expected to generate as much as US$1 billion.

The report adds that financial details of the agreement wasn't
disclosed, citing an Arinc spokeswoman.

                          About Carlyle

Founded in 1987, The Carlyle Group -- http://www.carlyle.com/--
is an equity firm with US$46.9 billion under management.
Carlyle invests in buyouts, venture & growth capital, real
estate and leveraged finance in Asia, Europe and North America,
focusing on aerospace & defense, automotive & transportation,
consumer & retail, energy & power, healthcare, industrial,
technology & business services and telecommunications & media.
The firm has invested US$24 billion of equity in 576
transactions for a total purchase price of US$101.8 billion.
Carlyle portfolio companies have more than US$68 billion in
revenue and employ more than 200,000 people around the world.

                         About ARINC Inc.

ARINC Inc. –- http://www.arinc.com/-- provides communications
and IT services to the global aviation industry and the U.S.
military and other government agencies.  The company has
locations in Germany, Spain, China, Japan, Taiwan, Thailand and
Singapore, among others.

                           *     *     *

As reported in the Troubled Company Reporter on July 6, 2007,
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'BB' corporate credit rating and other
ratings on ARINC Inc. to negative from developing.  According to
S&P, "[t]he revision follows the announcement that ARINC will be
sold to the Carlyle Group."


DAIMLERCHRYSLER AG: Chrysler’s June 2007 U.S. Sales Dips 1.4%
-------------------------------------------------------------
Chrysler Group reported sales for June 2007 of 183,347 units;
down 1 percent compared to June 2006 with 185,946 units.  All
sales figures are reported unadjusted.

"In a challenging market, Chrysler Group had softer sales in
June than a year ago.  We saw strong customer interest in our
newly launched, fuel-efficient models," said Darryl Jackson,
vice president for U.S. Sales.  "Supported by the fuel economy
message of our 'Maximize Your Miles' program, Chrysler continued
to show strong car sales with an increase of 55 percent over the
previous year."

Chrysler brand car sales in June were up 104 percent year-over-
year, while Dodge brand car sales increased 30 percent.
Chrysler Group's offerings in the car segment include the
Chrysler Sebring Sedan and Sebring Convertible, the Chrysler
300, the Dodge Avenger, Dodge Caliber and Dodge Charger.

Jeep brand sales continued to increase in June and posted a gain
of 19 percent over the previous year.  This result was again
driven by the continuously strong Jeep Wrangler and Jeep
Patriot.  Jeep Wrangler and Wrangler Unlimited posted sales of
10,952 units, up 93 percent compared to June 2006 with 5,674
units.  The Jeep Patriot also kept its momentum and finished
June with sales of 4,633 units, up 3 percent from May 2007.  The
vehicle is one of Chrysler Group's recently introduced models
that achieve 30 miles per gallon or better in highway driving.
In addition, the Jeep Grand Cherokee also posted a gain of 3
percent year-over-year.

The Chrysler Sebring Convertible finished the month with sales
of 3,759 units, which is 22 percent over May 2007.  The recently
launched redesigned model offers what no other convertible has
offered before -- three automatically latching convertible top
options: vinyl, cloth and a body-color painted steel retractable
hard top, all of which can be retracted with a push of a button
on the key fob.

Sales of the Dodge Charger increased in June by 19 percent with
11,529 units compared to 9,710 units in the previous year.

"As our strong car sales in May and June demonstrate, our
'Maximize Your Miles' program resonated well with customers,"
said Michael Keegan, vice president - Volume Planning and Sales
Operations.  "Moving forward, Chrysler Group will extend its
low-rate financing plus additional bonus cash in July, with a 0%
APR offering for 60 months on select models.  These great value
packages were successful in the recent months as well."

Chrysler Group finished the month with 485,429 units of
inventory, or a 71-day supply.  Inventory is down by 25 percent
compared to June 2006 when it was at 647,695 units.

Posting its highest month ever of sales outside of North America
and sustaining 25 consecutive months of year-over-year sales
gains; Chrysler Group's International monthly sales increased 21
percent to 22,901 units in June 2007 compared to 18,971 units in
June 2006.

"The strength of our new product portfolio coupled with the
support of our dealer network outside North America is driving
the growth we have seen so far this year," said Thomas Hausch -
vice president of International Sales.  "We expect to maintain
the double digit growth this year, including record export
numbers, and continue to strategically grow production volumes
and sales outlets outside North America for all three brands."

                      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 AG: U.S. Sales Drop 2% to 202,936 for June 2007
---------------------------------------------------------------
DaimlerChrysler AG reported total group sales of 202,936
passenger vehicles in the U.S. for June 2007, a 2 percent
decrease compared to June 2006.  All sales figures in this
release are on an unadjusted basis unless otherwise noted.

Chrysler Group, consisting of the Chrysler, Jeep and Dodge
brands, posted sales of 183,347 vehicles in the U.S., a
1 percent decline in June 2007.

Spurred by the "Maximize Your Miles" ad campaign which
highlights the fuel efficiency of its new cars and small SUVs;
Chrysler Group combined car sales increased 55 percent for the
month.  In addition, led by the sales momentum of the Jeep
Wrangler, total Jeep brand sales rose 19 percent in June.
Following its most aggressive product launch in company history
of 10 all-new vehicles in 2006, Chrysler Group continues its
product offensive with the launch of eight all-new vehicles in
2007.

MBUSA's sales highlights for the month include gains from the
entry-level of the Mercedes portfolio, the C-Class, to its high-
end CL-Class.  Compared to June of last year, C-Class sedans
posted a 12 percent increase (4,776 vs. 4,250 units), and CL-
Class coupes recorded a 322 percent jump (266 vs. 63 units).
Year-to-date, MBUSA recorded its best first-half of the year
ever with 118,240 units sold in the first six months of the
year, a 3 percent increase over the same period last year.  June
2007 had 27 selling days and June 2006 had 26 selling days.

                      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 AG: Chery and Chrysler Finalize Cooperative Pact
----------------------------------------------------------------
DaimlerChrysler AG’s Chrysler Group and Chery Automobile Co.
have finalized the highly anticipated cooperative agreement
between the two automakers.

Chinese governmental authorities from the State Development and
Reform Commission officially approved the agreement and marked
the occasion by hosting a first-of-its-kind signing event.  The
ceremony was held at Beijing’s Diaoyutai State Guesthouse.

Under the agreement, Chery and Chrysler will work together to
develop, manufacture and distribute Chery-made small and sub-
compact cars in North America, Europe and other major automotive
markets under the Chrysler brands.

“This is a win-win for both of our companies, and I am confident
this will be a successful relationship,” said Chery Automobile
Co. Chairman and President Yin Tongyue.  “Chrysler brands are
very well known in the U.S. and Europe.  We're prepared to work
with Chrysler to expand their small-vehicle lineup with
competitive products and accelerate both our companies'
international competitiveness."

Chrysler will identify several small-car models now being
developed by Chery in China and work collaboratively to make any
necessary branding and regulatory modifications prior to their
entry into other markets.  Both companies also will jointly
develop new globally competitive products based on future Chery
small-car platforms.

Strategic growth in international markets -– while defending
market share in North America -– is an important part of
Chrysler’s Recovery and Transformation Plan.

"This is the start of a very long relationship between Chrysler
and Chery," said Chrysler Group President and CEO Tom LaSorda.
"Chery’s participation in this agreement and their focus on
small and sub-compact cars will have a nearly immediate effect
on Chrysler's offerings in the small-vehicle segments.  This
strategic partnership is part of a new business model that is
allowing us to introduce all-new products more quickly, with
less capital spending."

This is not the first milestone for Chrysler in China.
Chrysler's relationship with China began 25 years ago when it
formed Beijing Jeep Corp., the first international automotive
joint venture in the country.

The DaimlerChrysler Supervisory Board approved the framework for
the agreement earlier this year.

                      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.


DUERR AG: Expands Location in Bietigheim-Bissingen
--------------------------------------------------
Duerr AG will be expanding its location in Bietigheim-Bissingen
on a large scale and by the year 2009 will create a technology
and office complex providing workplaces for approximately 1,500
employees.

The company will concentrate its pain, final assembly and
environmental systems activities at the new 'Duerr campus' and
build a customer center that will make for efficient internal
processes and improve the communication between the individual
units.

Some 900 employees will be relocated to Bietigheim-Bissingen
from the Stuttgart location.  This is expected to take place in
mid-2009.  Duerr AG's legal domicile will continue to be
situated in Stuttgart.

Porsche will be taking over Duerr's site and buildings in
Stuttgart-Zuffenhausen.

Duerr and Porsche signed a corresponding agreement on
July 5, 2007.  In Bietigheim-Bissingen, where 616 people are
employed at present, Duerr expects to invest around EUR50
million, especially in the construction of new buildings and
alterations to the existing facilities.  Construction work is
planned to start in spring 2008.

"By concentrating Duerr's business units at the one location our
customers will perceive us even more strongly as one enterprise
with competence to provide complete solutions.  Moreover, no
other competitor has an integrated customer and technology
center of this scale for paint and final assembly systems, which
is a clear competitive advantage," commented Ralf W. Dieter,
Duerr CEO.

Mr. Dieter added, "A special priority for us, is that we create
a new working environment for our employees and can therefore
work more efficiently."

Duerr employs 616 employees and trainees in Bietigheim-
Bissingen.  The location is the Group's center of expertise for
paint application technology.  This covers all products relating
to paint spraying such as painting robots, paint atomizers,
paint delivery systems and software.  In addition to offices and
production facilities for fabrication, assembly and pre-
commissioning, the location also boasts the world's largest
technology center for the development of new painting processes
and products.

Duerr's paint systems activities are located in Stuttgart-
Zuffenhausen.  This unit designs and builds complete paint shops
for the automobile industry and is responsible for the
engineering for most of the process stations such as the driers,
spray booths and dip-painting tanks.  The environmental systems,
final assembly systems and factory design activities are also
located in Stuttgart.

The Duerr Group's corporate center with 44 employees is based in
Stuttgart, too.

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                           *    *    *

As reported in the TCR-Europe on June 22, 2007, Moody's upgraded
the outlook for Duerr AG's corporate credit rating from negative
to stable.  Duerr AG's corporate credit rating continues to
stand at B2.

As of April 10, 2007, Duerr AG carries Moody's Long-term
Corporate Family rating of B2, Senior Subordinated Debt rating
of Caa1.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


S-CORE 2007-1: Fitch Rates EUR19.7 Million Class E Notes at BB
--------------------------------------------------------------
Fitch has assigned expected ratings to S-CORE 2007-1 GmbH 's
issue of EUR509.65 million of floating-rate notes:

   -- EUR454.8 million Class A: 'AAA'
   -- EUR8.8 million Class B: 'AA'
   -- EUR9.6 million Class C: 'A'
   -- EUR12.4 million Class D: 'BBB'
   -- EUR19.7 million Class E: 'BB'

The Class F notes totaling EUR4.3 million are not rated.

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

This transaction is a cash securitization of loans certified by
certificates of indebtedness (Schuldscheindarlehen) to German
small-and medium-size enterprises.  The Class A to E notes will
be issued by S-CORE 2007-1 GmbH, which is incorporated as a
special-purpose vehicle in Germany, through the true sale
initiative platform.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, the priority of payments
(which incorporate an excess cash trapping mechanism), and the
sound legal and financial structure of the transaction.  Credit
enhancement for the Class A to E notes is provided by
subordination, a reserve account and available excess spread.

The issuer will issue EUR509.65 million of floating-rate notes
and use the proceeds of the Class A to E notes to invest in a
portfolio of SME loans for an amount of EUR505.35 million.  This
portfolio will remain static after closing with a weighted
average life of around 5.5 years.  The proceeds of Class F will
fund the reserve account with an initial amount of EUR4.3
million.  The portfolio companies were selected by Deutsche
Bank AG, the originator and servicer.  The scheduled maturity of
all Classes of notes is April 25, 2014, and the legal maturity
is April 25, 2016.

The expected ratings of the Class A to E notes address the
timely payment of interest and the ultimate repayment of
principal.

The portfolio comprises senior unsecured loan instruments that
have bullet maturity at one of three possible maturity dates,
the earliest in March 2012.  Once certain conditions are met,
the notes will be allowed pro-rata payment and amortize until a
new pre-defined capital structure has been reached.  This is
because approximately 60% of the initial pool volume is due for
repayment in year five.

To assess the credit quality of the portfolio, Fitch used a
mapping approach to DB's internal rating system.  Based on the
mapping, the agency deems the average credit quality of the SME
portfolio to be equivalent to a rating of 'BBB-'/'BB+'.


WHITE HOUSE: Claims Registration Period Ends September 4
--------------------------------------------------------
Creditors of WHITE HOUSE Dance + Event Marketing Company mbH
have until Sept. 4 to register their claims with court-appointed
insolvency manager Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against WHITE HOUSE Dance + Event Marketing Company mbH on
July 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WHITE HOUSE Dance + Event Marketing Company mbH
         Feldstrasse 66
         20359 Hamburg
         Germany

         Attn: Heinz-Joachim Ernst Schroeder, Manager
         Watjenstrasse 44
         28213 Bremen
         Germany


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


RITCHIE (IRELAND): Case Summary & 10 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Ritchie Risk-Linked Strategies Trading
             (Ireland), Ltd.
             4th Floor, 25-28 Adelaide Road
             Dublin, Ireland

Bankruptcy Case No.: 07-11906

Type of Business: The Debtors are Dublin-based funds of hedge
                  fund group Ritchie Capital Management.  See
                  http://www.ritchiecapital.com/

Debtor affiliate filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Ritchie Risk-Linked Strategies Trading     07-11907
        (Ireland) II, Ltd.

Chapter 11 Petition Date: June 20, 2007

Court: Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Debtors' Counsel: Allison H. Weiss, Esq.
                  Peter A. Ivanick, Esq.
                  LeBoeuf, Lamb, Greene & MacRae, L.L.P.
                  125 West 55th Street
                  New York, NY 10019
                  Tel: (212) 424-8069
                  Fax: (212) 424-8500

                            Estimated Assets   Estimated Debts
                            ----------------   ---------------
Ritchie Risk-Linked         More than          More than
Strategies Trading          US$100 Million     US$100 Million
(Ireland), Ltd.

Ritchie Risk-Linked         More than          More than
Strategies Trading          US$100 Million     US$100Million
(Ireland) II, Ltd.

A. Ritchie Risk-Linked Strategies Trading (Ireland), Ltd 's Five
Largest Unsecured Creditors:

Entity                      Nature of Claim       Claim Amount
------                      ---------------       ------------
Ritchie Life Strategies     junior notes;         US$130,127,349
Master Trust                value of interest:
c/o Walkers S.P.V., Ltd.    US$37,211,048
P.O. Box 908GT
Mary Street, George Town
Grand Cayman, Cayman
Islands
Tel: (345) 949-0010
Fax: (345) 814-8259

Ritchie Risk-Linked         subordinated           US$39,779,582
Life Strategies Trust I     securities
c/o Walkers S.P.V., Ltd.
P.O. Box 908GT
Mary Street, George Town
Grand Cayman, Cayman
Islands
Tel: (345) 949-0010
Fax: (345) 814-8259

Ritchie Life Strategies     subordinated           US$26,969,208
Master Trust                securities
c/o Walkers S.P.V., Ltd.
P.O. Box 908GT
Mary Street, George Town
Grand Cayman, Cayman
Islands
Tel: (345) 949-0010
Fax: (345) 814-8259

Sandy Run, Ltd.             subordinated           US$20,227,452
Coventry Corporate Center   securities
7111 Valley Green Road
Fort Washington, PA 19034
Tel: (345) 949-0010
Fax: (215) 233-3201

Montgomery, Ltd.            Bermuda servicer        US$8,261,161
c/o Appleby Corporate       and administration
Services                    fee
Canon's Court
22 Victoria Street
P.O. BoxH.M. 1179
Hamilton H.M. C.X.,
Bermuda
Tel: (441) 298-3276
Fax: (441) 298-3355

B. Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd 's
Five Largest Unsecured Creditors:

Entity                      Nature of Claim       Claim Amount
------                      ---------------       ------------
Ritchie Life Strategies     junior notes;          US$58,545,454
Master Trust                value of interest:
c/o Walkers S.P.V., Ltd.    US$8,475,851
P.O. Box 908GT
Mary Street, George Town
Grand Cayman, Cayman
Islands
Tel: (345) 949-0010
Fax: (345) 814-8259

Ritchie Risk-Linked         subordinated           US$17,897,369
Life Strategies Trust I     securities
c/o Walkers S.P.V., Ltd.
P.O. Box 908GT
Mary Street, George Town
Grand Cayman, Cayman
Islands
Tel: (345) 949-0010
Fax: (345) 814-8259

Ritchie Life Strategies     subordinated           US$12,133,809
Master Trust                securities
c/o Walkers S.P.V., Ltd.
P.O. Box 908GT
Mary Street, George Town
Grand Cayman, Cayman
Islands
Tel: (345) 949-0010
Fax: (345) 814-8259

Sandy Run, Ltd.             subordinated            US$9,100,289
Coventry Corporate Center   securities
7111 Valley Green Road
Fort Washington, PA 19034
Tel: (345) 949-0010
Fax: (215) 233-3201

Montgomery, Ltd.            Bermuda servicer        US$1,997,749
c/o Appleby Corporate       and administration
Services                    fee
Canon's Court
22 Victoria Street
P.O. BoxH.M. 1179
Hamilton H.M. C.X.,
Bermuda
Tel: (441) 298-3276
Fax: (441) 298-3355


RITCHIE (IRELAND): Section 341(a) Meeting Set for August 3
----------------------------------------------------------
The United States Trustee for Region 2 will convene a meeting of
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd.'s
creditors on Aug. 3, 2007, at 2:30 p.m. at the Office of the
United States Trustee at 80 Broad Street, Fourth Floor in New
York City.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                    About Ritchie Risk-Linked

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd.  are
Dublin-based funds of hedge fund group Ritchie Capital
Management -- http://www.ritchiecapital.com/--

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).  Allison H. Weiss,
Esq., Peter A. Ivanick, Esq., at LeBoeuf, Lamb, Greene & MacRae
LLP, represent the Debtors.  When the Debtors filed for
protection from their creditors, 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
=========


DANA CORPORATION: Reaches Agreement with USW and UAW
----------------------------------------------------
Dana Corporation on Friday disclosed a series of interrelated
agreements that will substantially reduce the company's
operating costs and provide important momentum toward its
emergence from bankruptcy as a competitive, sustainable
business.

The agreements consist of:

  -- A settlement agreement with each of the United Steel
     Workers and the United Auto Workers, which will lower
     Dana's labor costs and replace the company's health care
     and long-term disability obligations for retirees and
     employees represented by these unions with Voluntary
     Employees' Beneficiary Association trusts to which Dana
     will contribute in aggregate approximately US$700 million
     in cash, less certain benefit payments made prior to the
     effective date of the company's plan of reorganization, and
     approximately US$80 million in common stock of the
     reorganized Dana;

  -- An agreement with Centerbridge Capital Partners, L.P., and
     its affiliates on the terms under which the firm will
     invest up to US$500 million in cash for convertible
     preferred stock in the reorganized Dana and facilitate an
     additional investment by other investors of up to US$250
     million in  convertible preferred stock; and

  -- A plan support agreement with the USW, the UAW, and
     Centerbridge, under which these parties will support a plan
     of reorganization filed by Dana that includes both the
     labor settlements and the Centerbridge investment
     agreement.

These agreements are subject to approval by the Bankruptcy Court
for the Southern District of New York, where the company's
Chapter 11 bankruptcy proceeding is pending.  The union
settlement agreements are also subject to ratification by Dana's
USW and UAW employees, which the unions will seek in the near
term.

"Through our negotiations with the USW and the UAW, and
negotiations with Centerbridge for the investment that will
contribute to our ability to fund the VEBAs, we have reached
what we believe are fair and constructive agreements," said Mike
Burns, Dana's chairman and chief executive officer.  "I am
particularly pleased that these agreements were reached as a
result of a shared commitment - from all of the involved parties
-- to the long-term success and viability of Dana Corporation."

"We welcome the investment by Centerbridge, a private equity
investor with considerable expertise in the automotive industry
and complex restructurings.  Centerbridge brings a long-term
perspective and a strong commitment to assisting us in building
a solid future for Dana," Mr. Burns added.  "While there is a
good deal of work yet to be done, we are on track to file a
reorganization plan by the beginning of September and to emerge
from bankruptcy by year end."

                  Settlements with USW and UAW

Encompassed in the settlements with the USW and UAW are four-
year extensions of Dana's collective bargaining agreements with
all of its USW- and UAW-organized facilities in the United
States and new agreements with several recently organized
facilities.  Among other items, the extended and new bargaining
agreements will provide for the establishment of a two-tier wage
structure at certain affected U.S. operations, changes in
disability benefits, and a freeze on credited service and
benefit accruals under the pension plans for active employees
represented by the USW and UAW.

"These agreements will resolve significant ongoing cost issues
when implemented and they provide important momentum toward our
completion of a reorganization plan that will position us to
operate as a competitive, sustainable business after emergence,"
Mr. Burns said.

Each of the union settlement agreements also calls for the
establishment of a VEBA to replace the company's current retiree
health care plans and long- term disability obligations for
employees covered by USW and UAW collective bargaining
agreements.  A VEBA is a special, tax-deductible trust that can
be used to provide certain benefits, such as medical
reimbursement, to participants and their beneficiaries.

The settlement agreements provide that upon Dana's emergence
from bankruptcy, the company will contribute, in aggregate,
approximately US$700 million in cash (less certain benefit
payments made prior to the effective date of the company's plan
of reorganization) and approximately US$80 million in common
stock of reorganized Dana to the VEBAs in exchange for the
termination of Dana's obligation to provide non-pension retiree
welfare benefits for USW- and UAW-represented retirees and long-
term disability benefits to USW- and UAW-represented employees.
The company will continue to provide benefits for these retirees
and employees under its existing plans until emergence.  Dana
currently has an aggregate of approximately US$1.1 billion in
unfunded non- pension benefit and long-term disability
obligations under its U.S. post-retirement health care plans for
USW- and UAW-represented retirees and employees.

Dana estimates that the modifications to the USW and UAW
collective bargaining agreements and other provisions of the
union settlement agreements will collectively result in annual
savings of more than US$100 million.

                 Agreement for Issuance of New Equity

Under terms of the investment agreement, Centerbridge will
purchase up to US$500 million of convertible preferred stock of
the reorganized Dana and facilitate an additional investment of
up to US$250 million in convertible preferred stock.

The conversion price will be based on trading prices of common
stock of the reorganized Dana during a short period after
emergence.  Using preliminary forecasts and a preliminary
valuation as an estimate of future market trading prices for the
reorganized Dana's common stock, the company estimates that the
US$500 million of convertible preferred shares would represent
less than 25% of the fully diluted common stock of the
reorganized Dana on an as- converted basis.

Proceeds from the investment will be deployed in part to fund
the VEBA trusts that will be established under the settlement
agreements with the USW and UAW.

The closing of the Centerbridge investment will be subject to
Dana's filing of a plan of reorganization and a disclosure
statement by September 3, 2007, as well as other customary
conditions, but will not be subject to further due diligence.

Dana will be able to terminate its arrangements with
Centerbridge to accept an alternative transaction or plan under
certain circumstances, with the reasonable consent of the USW
and UAW.

                           Initiatives

"Last November, to address the harsh reality that Dana had
generated more than US$2 billion in losses over the past five
years, we announced a series of interdependent restructuring
initiatives," Mr. Burns added.  "These initiatives, affecting
all of the company's constituencies - our customers, suppliers,
both union and non-union employees and retirees - were designed
to result in an aggregate pre-tax annual income improvement of
US$405 million to US$540 million."

The Dana initiatives call for savings in five interrelated
areas:

   1.  Achieving substantial price recovery from customers;

   2.  Optimizing Dana's U.S. manufacturing footprint, including
       the moving of certain operations to lower-cost sites;

   3.  Reducing labor costs by creating a more industry-
       competitive cost structure;

   4.  Eliminating retiree health and welfare costs; and

   5.  Reducing administrative costs.

"Without the settlements with the USW and UAW, essential savings
in other areas could be jeopardized," Mr. Burns said.  "With
these settlements, we will be solidly within the range of
savings we need to move forward with our plan of reorganization
and emerge as a competitive, sustainable business."

           About Centerbridge Capital Partners L.P.

Centerbridge is a US$3.2 billion multi-strategy private
investment firm.  The firm is dedicated to partnering with
world-class management teams in a range of industry verticals.
Centerbridge's investment style provides the flexibility to
employ various strategies to help companies achieve their
operating and financial objectives.  The limited partners of
Centerbridge include many of the world's most prominent
financial institutions, university endowments, pension funds,
and charitable trusts.

                      About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.


DANA CORPORATION: Closes Sale of Fluid Products Biz to Orhan
------------------------------------------------------------
Dana Corporation  has closed the previously announced sale of
its European fluid products hose and tubing operations to Orhan
Holding, A.S., receiving cash proceeds of US$66.9 million, and
expects to receive US$18.1 million of cash proceeds upon closing
the sale of the remainder of the hose and tubing business - in
North America - to Orhan later in the third quarter.

Dana expects to record an after-tax gain of approximately
US$34 million in the third quarter of 2007 in connection with
the completion of the entire divestiture.

The assets sold to Orhan thus far include:

     * A facility in Birmingham, United Kingdom;

     * Stock in three companies in Vitry, France; Dolny Kubin,
       Slovakia; and Barcelona, Spain;

     * Interests in three joint ventures with Orhan, including
       one operation in France and two in Turkey; and

     * Intellectual property relating to the global hose and
       tubing business.

The remaining fluid products hose and tubing assets are located
in Archbold, Ohio; Paris, Tenn.; Rochester Hills, Mich., U.S.A.;
and San Luis Potosi, Mexico.

The global fluid products hose and tubing business reported
aggregate revenues of US$266 million in 2006 and employs
approximately 1,750 people.  Its operations manufacture fuel
lines; power-assisted steering products; heating, ventilation,
and air conditioning under-body products; engine and
transmission cooling lines; exhaust gas recirculation tubes; and
airbag fill tubes.

Dana Chairman and CEO Mike Burns said, "The divestiture of our
fluid products hose and tubing business is an important step in
implementing Dana's reorganization initiatives and sharpening
our focus on our core axle, driveshaft, structural, sealing, and
thermal products businesses for the automotive, commercial
vehicle, and off-highway markets."

                        About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.


WIND TELECOMUNICAZIONI: S&P Affirms B+ Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' long-
term corporate credit rating on Italian telecommunications
services provider Wind Telecomunicazioni SpA.  The outlook is
stable.

The affirmation follows Wind's solicitation on June 29, 2007, to
the holders of EUR1.482 billion in notes outstanding to obtain
their consent for a possible refinancing.  The refinancing
request concerns the EUR5.022 billion and US$150 million
existing senior secured credit facilities located at Wind
Telecomunicazioni SpA, the current EUR400 million committed
secured revolving credit facility, and the EUR551 million and
US$180 million second-lien facilities located at Wind Finance SL
S.A.  The refinancing would also allow the company to make a
distribution of up to EUR1.95 billion from the share premium
reserve to Wind Acquisition Holdings, Wind's parent company, to
repay the existing EUR1.776 billion payment-in-kind debt
instrument.  The new senior secured credit facility would amount
to about EUR7.9 billion.

"The affirmation reflects the fact that we already included the
PIK debt in its calculations of Wind's leverage, anticipating a
future likely refinancing or consolidation of this liability,"
said Standard & Poor's credit analyst Leandro de Torres Zabala.

Standard & Poor's would view the substitution of the expensive
PIK instrument with a cheaper, cash-pay debt instrument as
positive from a credit standpoint.  The servicing of the cash-
pay new debt would be manageable in the context of the group's
solid free cash flow generation profile.

"Given the material increase in the amount of senior-secured-
ranking debt, the contemplated new credit facility, if
implemented, would likely be rated one notch lower than the
existing senior secured credit facilities, assuming similar
conditions and security package," said Mr. de Torres.

The rating continues to be constrained by the company's still-
high financial leverage, which is broadly the same before and
after the proposed refinancing, at about 5.4x on a Standard &
Poor's-adjusted basis (including operating leases and employee
benefit obligations).  The rating is also constrained by the
Weather group's complex financing structure and the low
visibility on its financial and strategic plans.  The
enforcement of the Bersani Decree since March 5, 2007,
eliminating the recharge fee on prepaid account top-ups, is a
further constraint.

These negatives are mitigated by Wind's established position as
the third-largest operator in the attractive Italian mobile
market, solid operating performance over the past three years,
healthy operating margins, and strong free operating cash flow
generation.

"Despite the company's healthy performance, rating upside
currently suffers from the limited visibility resulting from the
complex financing and ownership structures of both Wind and the
wider Weather group," said Mr. de Torres.


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


BASTAU & CO: Proof of Claim Deadline Slated for August 8
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Bastau & Co insolvent.

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

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


ELEVATOR-MELSNAB LLP: Creditors Must File Claims August 8
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Elevator-Melsnab 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


INTERMEDIARY SERVICE: Claims Filing Period Ends August 10
---------------------------------------------------------
LLP Intermediary Service has declared insolvency.  Creditors
have until Aug. 10 to submit written proofs of claims to:

         LLP Intermediary Service
         Rayimbek ave. 206/7-14
         Almaty
         Kazakhstan


KAGANAT-T LLP: Creditors' Claims Due on August 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Kaganat-T insolvent.

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

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


NEFTECK PLUS: Claims Registration Ends August 10
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Nefteck Plus Atyrau insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Floor 3
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


NURBANK JSC: Raises Charter Capital to KZT24 Billion
----------------------------------------------------
JSC Nurbank raised its charter capital by KZT8.6 billion or 56%
to KZT24 billion and plans on adding more, Interfax News
reports.

According to the report, the bank aims to add another KZT3
billion to increase its capital.  Nurbank's charter capital at
the beginning of May 2007 is KZT15.4 billion and its equity
capital totaled KZT25.8 billion.

Nurbank's net profit for 2006 of KZT2.06 billion and its profit
for the first quarter of 2007 of KZT1.2 billion will be used for
development, Interfax relates, citing the bank's press release.

Interfax relates that the bank is focusing on successful and
regular development and all rumors on its financial insolvency
were unfounded.

According to Nurbank's press release, the Financial Regulatory
Agency, which audited the bank, reported that all prudential and
other regulations are met in full and no violations have been
revealed.

Nurbank decided to increase its charter capital by KZT30 billion
at a shareholders meeting on Feb. 27, 2007.  The bank plans to
increase its charter capital to KZT45 billion by the end of the
year.

Headquartered in Almaty, Kazakhstan, JSC Nurbank --
http://www.nurbank.kz/en/news/index.html-- was the 60th on the
Interfax-1000 ranking of CIS banks by assets for 2006 and
seventh among Kazakh banks.  It had total IFRS-consolidated
assets of KZT142 billion (US$1.2 billion) as of June 30, 2006.

The bank was controlled by the son-in-law of Kazakh president
Rakhat Aliyev.  The Financial Regulatory Agency allowed Darig
Nazarbyev, Mr. Aliyev's daughter, to become a large shareholder
of Nurbank.

                          *    *    *

As of July 6, 2007, JSC Nurbank carries Standard & Poor's Long-
Term Foreign and Local Issuer Credit ratings at B and Short-term
Foreign and Local Issuer Credit ratings at C.  The Outlook is
Stable.


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

         LLP Firm Oil Plus
         Masanchy Str. 56-8
         Almalinsky District
         050012, Almaty
         Kazakhstan
         Tel: 8 (3272) 59-61-47


PIPE OIL SERVICE: Creditors Must File Claims August 10
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Pipe Oil Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Floor 3
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


PK-COMMERCE LLP: Claims Filing Period Ends August 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Pk-Commerce insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-55
              8 701 733 36-24


UNIVER-GROUP LLP: Creditors' Claims Due on August 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Univer-Group insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-55
              8 701 733 36-24


UTASI LLP: Claims Registration Ends August 8
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Utasi 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


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


SECURITY SERVICE: Creditors Must File Claims by August 22
---------------------------------------------------------
LLC Security Service Transportation has declared insolvency.
Creditors have until Aug. 22 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-00-52, (0-517) 78-
00-66.


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


BAUSCH & LOMB: Receives Merger Proposal from Advanced Medical
-------------------------------------------------------------
Bausch & Lomb has received from Advanced Medical Optics a
proposal to acquire 100% of the outstanding shares of Bausch &
Lomb in a merger in which Bausch & Lomb’s shareholders would
receive, per share of Bausch & Lomb stock, US$45 in cash and
US$30 in AMO stock, valued based on the average closing price of
the AMO common stock for five trading days prior to the date on
which a definitive agreement is signed.

The AMO Proposal is subject to termination of Bausch & Lomb’s
merger agreement with affiliates of Warburg Pincus LLC and the
execution of a definitive merger agreement with AMO.

The AMO Proposal’s terms include that AMO will have up to 12
months to close the transaction and that interest would be paid
in cash with respect to the purchase price by AMO at the rate of
7.2% per annum beginning six months after a definitive merger
agreement is executed.  The proposal is not subject to a
financing condition.

AMO has submitted a financing commitment letter in connection
with the proposal.  The AMO Proposal is conditioned upon:

     (1) approval by AMO’s shareholders and Bausch & Lomb’s
         shareholders;

     (2) regulatory approvals; and

     (3) certain additional due diligence by AMO.

The AMO Proposal includes:

   (1) a proposed US$130 million reverse termination fee payable
       by AMO to Bausch & Lomb in the event the transaction does
       not close due to the failure to obtain requisite
       financing or antitrust clearance; and

   (2) proposed reimbursement by AMO of Bausch & Lomb’s expenses
       up to US$35 million if AMO fails to obtain the approval
       of its shareholders.

The AMO Proposal provides for:

   (1) a proposed US$130 million termination fee payable under
       certain circumstances by Bausch & Lomb to AMO in the
       event of termination of an agreement with AMO in
       connection with  the exercise by the Bausch & Lomb Board
       of Directors of its  fiduciary duties; and

   (2) a proposed reimbursement of AMO’s expenses up to
       US$35 million under the same circumstances in which such
       expenses are reimbursable under the Warburg Pincus
       Agreement.

The Bausch & Lomb board of directors, after the recommendation
of a Special Committee composed entirely of independent
directors, has determined that the AMO Proposal is bona fide and
is reasonably likely to result in a superior proposal, as
defined in the Warburg Pincus Agreement.

AMO has therefore been designated an "excluded party" as defined
in the Warburg Pincus Agreement.  By designating AMO an excluded
party, Bausch & Lomb is permitted, subject to certain
conditions, to continue negotiating with AMO with respect to the
AMO Proposal despite the end of the "go shop" period.

The Special Committee and its advisors intend to engage in
further discussions with AMO regarding the AMO Proposal.  Bausch
& Lomb cautioned that the AMO Proposal is subject to a number of
contingencies which the Special Committee is continuing to
evaluate, including the requirement of approval by AMO’s
shareholders as well as antitrust clearances, and that there
could be no assurance that the Special Committee would
ultimately find the proposal to be a superior proposal under the
merger agreement.

Bausch & Lomb cautioned that the discussions with AMO may be
terminated at any time and that there can be no assurances as to
whether the AMO Proposal will ultimately result in a transaction
with Bausch & Lomb.  AMO is the only "excluded party" designated
by the Special Committee.

                      Warburg Pincus Agreement

As disclosed on May 16, 2007, Bausch & Lomb entered into the
Warburg Pincus Agreement, pursuant to which Warburg Pincus
agreed to acquire 100% of the outstanding shares of Bausch &
Lomb for US$65 per share in cash.

The Warburg Pincus Agreement may be terminated under certain
circumstances, including if Bausch & Lomb receives and enters
into a definitive agreement with respect to a superior proposal
and provides advance notice to Warburg Pincus.

If the Warburg Pincus Agreement is terminated under these
circumstances with respect to an excluded party such as AMO,
Warburg Pincus will be entitled to a US$40 million payment from
Bausch & Lomb.

Pending further discussions with AMO, Bausch & Lomb’s board,
after the recommendation of the Special Committee of the board,
has not changed, and has reaffirmed, its recommendation of
Bausch & Lomb’s pending merger with affiliates of Warburg Pincus
pursuant to the Warburg Pincus Agreement.

                   About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures
and markets ophthalmic surgical and contact lens care products.
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.

                        About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
the Warburg Pincus Deal prompted Standard & Poor's Ratings
Services to lower its ratings on Bausch & Lomb and placed them
on CreditWatch with negative implications.  Among others, S&P
lowered the company's corporate credit rating to 'BB+' from
'BBB'.

Additionally, Moody's Investors Service said it will continue
its review of Bausch & Lomb's ratings for possible downgrade,
including the company's Ba1 Corporate Family rating.

Furthermore, Fitch maintained its Negative Rating Watch on
Bausch & Lomb emphasizing that the transaction would
significantly increase leverage and likely result in a multiple-
notch downgrade.

Fitch also warns that the transaction would result in an Issuer
Default Rating of no higher than 'BB-'.


HEXION SPECIALTY: To Acquire Huntsman for US$10.4 Billion
---------------------------------------------------------
Hexion Specialty Chemicals Inc. made a definitive proposal to
the transaction committee of the board of directors of Huntsman
Corporation to acquire Huntsman for US$10.4 billion, including
refinanced debt, or US$27.25 per share, in cash.

The offer represents a premium of about 8% over Basell's
previously announced agreement to acquire Huntsman for US$25.25
per share and includes an 8% per annum increase, net of Huntsman
dividends, in the event that the transaction requires more than
nine months to complete.

Hexion's proposal is subject to a customary merger agreement,
which has been submitted to Huntsman's transaction committee
together with Hexion's offer.  The transaction would be subject
to regulatory approvals and the affirmative vote of Huntsman
shareholders.  The proposal is fully financed pursuant to
commitments from Credit Suisse and Deutsche Bank.

Hexion's proposal is currently under review by the Huntsman
Transaction Committee.

                      About Huntsman Corp.

Huntsman Corporation (NYSE: HUN) -- http://www.huntsman.com-
Huntsman Corporation engages in the manufacture and marketing of
differentiated, inorganic, and commodity chemical products.

                      About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.


HEXION SPECIALTY: Huntsman Buy Prompts Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Hexion Specialty
Chemicals, Inc. under review for possible downgrade following
the company's announcement that it has made a definitive offer
to acquire Huntsman Corporation for US$10.4 billion (or US$27.25
per share plus net debt).

The Hexion Proposal is subject to termination of Huntsman's
previously announced merger agreement with Basell AF.  Huntsman
stated that its Board and the Transaction Committee concluded
that the Hexion offer "could reasonably be expected to lead to a
superior proposal".  Hexion stated that it committed financing
for the transaction but did not disclose the specifics of its
financing package.  Huntsman's ratings were placed under review
for possible downgrade on June 26, 2007.  Hexion's speculative
grade liquidity rating was affirmed at SGL-2, but could change
depending on the outcome of this transaction and the company's
financing strategy.

Ratings On Review for Possible Downgrade:

Issuer: Hexion Specialty Chemicals Inc.

  -- Corporate Family Rating, currently B2

  -- Probability of Default Rating, currently B2

  -- Senior Secured Bank Credit Facility, currently Ba3, LGD2

  -- Senior Secured Regular Bond/Debenture, currently B3, LGD5

  -- Senior Unsecured Regular Bond/Debenture, currently Caa1,
     LGD6

  -- Senior Unsecured Revenue Bonds, currently B3, LGD5

Ratings Affirmed:

Issuer: Hexion Specialty Chemicals Inc.

  -- Speculative Grade Liquidity Rating, SGL-2

Moody's review is contingent on Hexion's ability to negotiate a
definitive contract for the purchase of Huntsman Corporation and
would seek to determine the specifics of the proposed financing
for the transaction,

   i. potential synergies form a combination of these unrelated
      businesses, and

  ii. the financial and operational strategies for the combined
      company.

Moody's noted that Hexion's offer would be a merger and may not
trigger the change of control language in the rated unsecured
and subordinated notes of Huntsman International LLC, the merged
company could potentially assume Huntsman outstanding debt.

Hexion Specialty Chemicals, Inc., headquartered in Columbus,
Ohio is a leading producer of commodities such as formaldehyde,
bisphenol A and epichlorhydrin, as well as formaldehyde-based
thermoset resins, epoxy resins, and versatic acid and its
derivatives.  The company is also a supplier of specialty resins
for inks and specialty coatings sold to a very diverse customer
base.  The company reported sales of US$5.


HEXION SPECIALTY: Huntsman Offer Cues S&P’s Negative Watch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.

"The rating action follows Hexion's announcement that it has
made a definitive proposal to acquire Huntsman Corp. for
US$10.14 billion, including debt," said Standard & Poor's credit
analyst Paul Kurias.

In addition, there is a provision for an 8% increase in the
offer should the transaction, which is subject to shareholder
and regulatory approval, take more than nine months to complete.

At March 31, 2007, Hexion had approximately US$3.7 billion in
adjusted debt and about US$5.3 billion in revenues.

The proposed acquisition is large relative to Hexion's existing
operations, and will result in a global and highly diversified
chemicals producer with over US$15 billion in annual revenue.
If completed, the transaction could elevate Hexion's business
profile given the improved product mix, better diversification,
and less dependency on Hexion's core resins product.  However,
the financing of the transaction is likely to result in a highly
aggressive capital structure, more than offsetting the expected
benefits to the business profile.  S&P’s note that Hexion is
already highly leveraged with total debt to EBITDA above 5x, and
that a debt-financed transaction could further stretch the
financial profile, even beyond a level appropriate for the
existing 'B' corporate credit rating.

S&P ratings on Salt Lake City, Utah-based Huntsman Corp. and all
related entities remain on CreditWatch with negative
implications, where they were placed on June 26, 2007.  The
initial CreditWatch listing reflected concerns following the
announcement that Luxembourg-based Basell AF S.C.A. and Huntsman
had entered into a definitive agreement under which Basell plans
to acquire Huntsman for US$9.6 billion.  The transaction, which
is subject to shareholder and regulatory approval, has been
approved by Huntsman's board of directors and has the support of
MatlinPatterson and the Huntsman family, who collectively own
57% of Huntsman's common stock.  It is now unclear which
transaction will be successful, although both have the strong
potential to result in downgrades.

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

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.  Hexion had 2006 sales of US$5.2
billion and employs more than 7,000 associates.


===========
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 October 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


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


TEMP OJSC: Omsk Bankruptcy Hearing Slated for October 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


TRANSNEFT OAO: Wants CPC to Issue US$5 Bln Eurobond to Pay Debt
---------------------------------------------------------------
OAO Transneft has asked shareholders of Caspian Pipeline
Consortium to issue US$5 billion in Eurobonds to service its
debts, RIA Novosti reports, citing company Vice-President Sergei
Grigoryev.

Mr. Grigoryev said the proposal was aimed at restructuring CPC's
US$5 billion debt, adding that the consortium's shareholders
will review and decide on the proposal within 10-14 days.

CPC's shareholders include:

   -- Russia via Transneft (24%),
   -- Kazakhstan (19%),
   -- Sultanate of Oman (7%),
   -- Chevron Caspian Pipeline Consortium Company (15%),
   -- LUKARCO B.V. (12.5%),
   -- Rosneft-Shell Caspian Ventures Ltd. (7.5%),
   -- Mobil Caspian Pipeline Co. (7.5%),
   -- BG Overseas Holding Ltd. (2.0%),
   -- Agip International (N.A.) N.V. (2.0%),
   -- Kazakstan Pipeline Ventures LLC (1.75%), and
   -- Oryx Caspian Pipeline LLC (1.75%).

Transneft also proposed to raise oil transit rates from US$24.6
to US$38 per metric ton, but shareholders voted against it.

Transneft CEO Semyon Vainshtok said in March that CPC was
sustaining losses and called for higher oil transit tariffs to
overturn the situation.

                         About Transneft

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                            *   *   *

OAO Transneft carries Fitch's 'BB' rating.


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
=========


TDA 28: S&P Assigns B- Ratings to EUR1.5 Million Class F Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by
TDA 28, Fondo de Titulizacion de Activos, a special purpose
entity.

The originators of this transaction are two Spanish financial
entities:

   -- Caixa d'Estalvis de Terrassa; and

   -- Union de Credito para la Financiacion Mobiliaria e
      Inmobiliaria, Credifimo, E.F.C., S.A.U.

In this transaction, the originators will securitize part of
their growing residential mortgage-lending books.  The loans,
mainly originated in, Catalonia, Andalusia, and Madrid are
secured by first-ranking liens, with a small percentage of loans
secured by second-ranking liens (4.1%).

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

                          Ratings List

TDA 28, Fondo de Titulizacion de Activos
   EUR450 Million Mortgage-Backed Floating-Rate Notes, EUR1.35
   Million Floating-Rate Notes, And EUR3.30-EUR3.60 Million NAS-
   IO Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mil. EUR)
           -----          ------            --------
            A              AAA               414.00
            NAS-IO (1)     AAA          3.30 - 3.60
            B              AA                 11.70
            C              A                   9.00
            D              BBB                 7.20
            E              BB                  8.10
            F              B-                  1.35

(1) At closing, a tranche of non-accelerated, senior interest-
    only (NAS-IO) bonds will be segregated out of the class A
    notes.  For the NAS-IO series, the amount represents a
    notional balance.


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


ALINPA JSC: Creditors' Liquidation Claims Due August 15
-------------------------------------------------------
Creditors of JSC Alinpa have until Aug. 15 to submit their
claims to:

         Dr. Christoph Balsiger
         Liquidator
         Bahnhofstrasse 13
         8001 ZH
         Switzerland

The Debtor can be reached at:

         JSC Alinpa
         Wollerau
         Hofe SZ
         Switzerland


ELITE HOLDING: Creditors' Liquidation Claims Due July 30
--------------------------------------------------------
Creditors of JSC ELITE Holding + Finanz have until July 30 to
submit their claims to:

         Kurt Zurrer
         Liquidator
         Brunnerstrasse 6
         8405 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC ELITE Holding + Finanz
         Winterthur ZH
         Switzerland


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

         Heinz Marti
         Liquidator
         Munstergasse 49
         P.O. Box 565
         3000 Bern 8
         Switzerland

The Debtor can be reached at:

         JSC Lemasud
         Bern
         Switzerland


LES PLANCHES: Creditors' Liquidation Claims Due August 20
---------------------------------------------------------
Creditors of JSC Les Planches have until Aug. 20 to submit their
claims to:

         Marc Renggli
         Liquidator
         Nidaugasse 28
         2500 Biel 3 BE
         Switzerland

The Debtor can be reached at:

         JSC Les Planches
         Biel/Bienne BE
         Switzerland


HILTI-HOLDING JSC: Creditors' Liquidation Claims Due August 20
--------------------------------------------------------------
Creditors of JSC Hilti-Holding have until Aug. 20 to submit
their claims to:

         Armin Hilti
         Liquidator
         Segantinistrasse 29
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Hilti-Holding
         Glarus
         Switzerland


M K + D JSC: Solothurn Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Solothurn commenced bankruptcy
proceedings against JSC m k+d on May 31.

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC m k+d
         Hauptgasse 12
         4624 Harkingen
         Gau SO
         Switzerland


MIMAP.CH LLC: Creditors' Liquidation Claims Due August 1
--------------------------------------------------------
Creditors of LLC Mimap.ch have until Aug. 1 to submit their
claims to:

         Mario Laubli
         Liquidator
         Rheinsagestrasse 17
         8253 Diessenhofen TG
         Switzerland

The Debtor can be reached at:

         LLC Mimap.ch
         Lohningen SH
         Switzerland


MIS TOURS: Solothurn Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Solothurn commenced bankruptcy
proceedings against LLC MIS Tours on Feb. 13.

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC MIS Tours
         Langendorfstrasse 20
         4500 Solothurn
         Switzerland


NEOS CONSULTING: Creditors' Liquidation Claims Due July 20
----------------------------------------------------------
Creditors of JSC Neos Consulting have until July 20 to submit
their claims to:

         Zuzgerstrasse 8
         4463 Buus
         Sissach BL
         Switzerland

The Debtor can be reached at:

         JSC Neos Consulting
         Buus
         Sissach BL
         Switzerland


OSSI BAU: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Ossi Bau on May 15.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Ossi Bau
         Alte Steinhauserstrasse 19
         6330 Cham ZG
         Switzerland


PCI INFORMATIK: Schaffhausen Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Schaffhausen commenced bankruptcy
proceedings against JSC PCI Informatik on June 8.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC PCI Informatik
         Tobelackerstrasse 4
         8212 Neuhausen am Rheinfall SH
         Switzerland


REWEFA JSC: Waldenburg Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Waldenburg commenced bankruptcy
proceedings against JSC Rewefa on May 30.

The Bankruptcy Service of Waldenburg can be reached at:

         Bankruptcy Service of Waldenburg
         4437 Waldenburg BL
         Switzerland

The Debtor can be reached at:

         JSC Rewefa
         Baselweg 4
         4418 Reigoldswil
         Waldenburg BL
         Switzerland


ROM-EL JSC: Creditors' Liquidation Claims Due July 20
-----------------------------------------------------
Creditors of JSC Rom-el have until July 20 to submit their
claims to:

         JSC PANOTRUST Treuhand & Beratung
         Liquidator
         Kappelergasse 14
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Rom-el
         Baar ZG
         Switzerland


SIRI-VISION JSC: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Siri-Vision on May 25.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Siri-Vision
         Lattichstrasse 1
         6340 Baar ZG
         Switzerland


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

         Reiffergassli 6
         P.O. Box 4754
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Sonanine
         Zug
         Switzerland


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


GLOBAL YATIRIM: Fitch Rates US$100 Mln International Bond at B
--------------------------------------------------------------
Fitch Ratings has assigned Global Yatirim Holding A.S Long-term
local and foreign currency Issuer Default ratings of 'B' with a
Stable Outlook.

Fitch has also assigned Global's fixed-rate guaranteed loan
participation notes of up to US$100 million with a five-year
maturity an expected foreign currency senior unsecured rating of
'B' and an expected Recovery Rating of 'RR4'.  The senior
unsecured rating of the notes is in line with that of Global's
Long-term foreign currency IDR.

The final ratings on the bond are contingent on the receipt of
final documents conforming to information already received and
satisfactory legal opinions.

The ratings reflect Global's recent venture into the Turkish
infrastructure and energy sectors and the partial disposal of
its financial service assets.  Fitch notes that the group is in
transition and has a limited track record in energy and ports
businesses.  However, the agency notes that the group has teamed
up with strong partners to provide operating support and
technical know-how.  The ratings also factor in Global's planned
expansion into power generation and the high capital expenditure
requirements and construction risks related to these projects.
The Stable Outlook incorporates the sound long-term growth
prospects as well as stable cash flows expected from Energaz, a
distributor of natural gas in nine cities, and the port
businesses -- Kusadasi and Antalya ports -- in the next three
years.

With large infrastructure and energy projects in the pipeline,
Fitch expects US$100 million –US$150 million average capital
spend per annum for 2007-2009, which will impact consolidated
free cash flows.  Expected dividend flows from the operating
subsidiaries to Global will therefore be tight during this
period.  Global will also depend on cash-inflows from its real-
estate projects and asset sales to fund new investments.  Fitch
understands that management would like to sell minority and
controlling stakes in some of their non-core businesses to
foreign partners in the next few years.

At year-end 2006 gross debt (including borrowing for margin
lending) increased to TRY75 million from TRY59.8 million at
Fiscal-Year 2005 due to new investments.  Net debt/EBITDA was
reasonable at 2x at Fiscal-Year 2006.  Aided by a rights issue
of US$85 million, the company recorded a net cash position of
TRY46 million at end of first quarter of 2007.  Global has yet
to embark on large-scale projects and Fitch notes that leverage
may head to a maximum 4x-5x, which is still within the limits of
the rating.

Fitch will continue to monitor the transformation of Global in
the next two to three years, especially in relation to its
planned power generation investments and their impact on the
group's cash flow and leverage.

Proceeds of the notes will be used to refinance the Izmir port
acquisition and for general corporate purposes.  The notes will
constitute direct, unsecured and unconditional obligations of
Global and will rank at least equally with all its other present
and future unsecured and unsubordinated creditors.  The terms
and conditions of the notes include a limitation on Global's
debt and a maximum ratio of financial expenses-to- consolidated
EBITDA of 1:1.2.

Fitch notes that there are also restrictions on asset sales by
Global, as well as covenants relating to transactions with
affiliates, mergers and disposals.  The governing law of the
documentation, including the guarantees in place and the notes,
is English law.

Financial services had been Global's core business until 2004
when it was converted into a holding company.  In Fiscal-Year
2006, the group generated US$22 million operating EBITDAR.  Only
a third of total EBITDA originated from the energy &
infrastructure segments in 2006 but this is expected to rise to
70% in 2008.


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


ANDRIYASHOVKA LLC: Proofs of Claim Deadline Set July 11
-------------------------------------------------------
Creditors of Agricultural LLC Andriyashovka (code EDRPOU
30896372) have until July 11 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 5/112-07.

The Debtor can be reached at:

         Agricultural LLC Andriyashovka
         Andriyashovka
         Kryzhopol District
         Vinnica
         Ukraine


COMMUNE ECONOMY: Proofs of Claim Deadline Set July 11
-----------------------------------------------------
Creditors of LLC Regional Agricultural Commune Economy- Builder
(code EDRPOU 20103400) have until July 11 to submit written
proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 10/115-07.

The Debtor can be reached at:

         LLC Regional Agricultural Commune Economy- Builder
         Kalinin Str. 1-a
         Kryzhopol
         Vinnica
         Ukraine


GOLUBECHEYE LLC: Proofs of Claim Deadline Set July 11
-----------------------------------------------------
Creditors of Agricultural LLC Golubecheye (code EDRPOU 30803450)
have until July 11 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 10/97-07.

The Debtor can be reached at:

         Agricultural LLC Golubecheye
         Golubecheye
         Kryzhopol District
         Vinnica
         Ukraine


HI-TECH LLC: Creditors Must File Claims by July 11
--------------------------------------------------
Creditors of LLC Hi-Tech (code EDRPOU 14331574) have until
July 11 to submit written proofs of claim to:

         Vladimir Yatsyk
         Liquidator
         Pobeda Str. 40/29
         Kamianka-Buzskaya
         80400 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/2-7/1.

The Court is located at:

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

The Debtor can be reached at:

         LLC Hi-Tech
        Ogiyenko Str. 12/1
         79000 Lvov
         Ukraine


MINERAL LLC: Proofs of Claim Deadline Set July 11
-------------------------------------------------
Creditors of LLC Mineral (code EDRPOU 31769788) have until
July 11 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/98-07.

The Debtor can be reached at:

         LLC Mineral
         Kalinin Str. 1-a
         Kryzhopol
         Vinnica
         Ukraine


MIR CJSC: Creditors Must File Claims by July 11
-----------------------------------------------
Creditors of CJSC Mir (code EDRPOU 00414463) have until July 11
to submit written proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/148b.

The Debtor can be reached at:

         CJSC Mir
         Poddubnoe
         Velikonovoselkovsky District
         85512 Donetsk
         Ukraine


OLSHANSKOE LLC: Proofs of Claim Deadline Set July 11
----------------------------------------------------
Creditors of Agricultural LLC Olshanskoe (code EDRPOU 30803492)
have until July 11 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/114-07.

The Debtor can be reached at:

         Agricultural LLC Olshanskoe
         Olshanskoe
         Kryzhopol District
         Vinnica
         Ukraine


PIVDENNYI BANK: Fitch Assigns B- Ratings to Upcoming Loan
---------------------------------------------------------
Fitch Ratings has assigned Standard Bank Plc's upcoming issue of
limited recourse loan participation notes an expected Long-term
'B-' rating and an expected Recovery Rating 'RR4'.

The limited recourse notes are to be used solely for financing a
loan to Ukraine-based Pivdennyi Bank.  PB is rated Long-term
Issuer Default 'B-', Short-term IDR 'B', Individual 'D/E' and
Support '5'.  The Outlook on the Long-term IDR is Stable.

PB's Support Rating Floor is 'No Floor'.  The final ratings on
the bond are contingent upon the receipt of final documentation
conforming materially to information already received.

Standard Bank Plc, incorporated under the laws of England, will
only pay noteholders principal and interest received from PB.
The issuer will charge certain of its rights and interests under
the loan agreement to Deutsche Trustee Company Limited, for the
benefit of noteholders under a trust deed.  The claims under the
loan agreement will rank at least equally with the claims of
other senior unsecured creditors of PB, apart from those whose
claims are preferred by any bankruptcy, insolvency, liquidation
or similar laws of general application.  Under Ukrainian law,
the claims of retail depositors rank above those of other senior
unsecured creditors.  At end of first quarter of 2007, retail
deposits and accounts represented a high 35% of total
liabilities, according to the bank's reviewed interim financial
statements drafted as per IFRS.

The loan agreement contains covenants restricting mergers and
disposals by PB and its subsidiaries ("the group"), as well as
transactions between the bank and its affiliates and certain
payments and distributions by the bank and its subsidiaries.  It
also contains a cross default clause and a negative pledge
clause, which allows for the creation of a lien (including
securitization) on up to 15% of the group's total assets.

PB commits to maintaining a minimum ratio of capital-to-risk
weighted assets at 12%, as defined in accordance with Basel I
guidelines.  Noteholders will receive a put option upon a change
of control event, which is deemed to have occurred if the bank's
principal shareholders (Yuriy O. Rodin, Mark I. Bekker, Vadim V.
Morokhovskiy, their respective family members and any entities,
organizations, trusts or similar arrangements (directly or
indirectly) controlled by them) cease to control PB (less than
50% of voting shares), and if such an event results in a rating
being put on either watch negative list or downgraded or
withdrawn.

At end of first quarter of 2007, PB was the 18th-largest bank in
Ukraine, holding over 1% of system assets according to the
National Bank of Ukraine, with 16 branches and 83 other outlets.
At March 31, 2007, PB's principal shareholders (as listed above)
beneficially owned an aggregate of 97% stake (including 10% held
by the family of the bank's president Vadim V. Morokhovskiy).


STIKS 3000: Creditors Must File Claims by July 11
-------------------------------------------------
Creditors of LLC Stiks 3000 (code EDRPOU 33204744) have until
July 11 to submit written proofs of claims by the address

         Sergey Korchan
         Liquidator
         Apartment 8
         Pravda Avenue 7
         Kharkov Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/123-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stiks 3000
         Apartment 118
         Ac. Pavlov Str. 313-B
         Kharkov
         Ukraine


TECHNOPROMISE LLC: Creditors Must File Claims by July 11
--------------------------------------------------------
Creditors of LLC Technopromise (code EDRPOU 32911093) have until
July 11 to submit written proofs of claim to:

         Taras Popovchenko
         Insolvency Manager
         Apartment 52
         Dragomanov Str. 1k
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/180-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technopromise
         Belaya Tserkov District
         Avtozavodskaya Str. 3
         Uzin
         09161 Kiev
         Ukraine


TOKMAK AGRICULTURAL: Creditors Must File Claims by July 11
----------------------------------------------------------
Creditors of OJSC Tokmak Agricultural Industrial Delivery (code
EDRPOU 00904121) have until July 11 to submit written proofs of
claim to:

The Court is located at:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 19/187/06.

The Debtor can be reached at:

         OJSC Tokmak Agricultural Industrial Delivery
         Kuybishev Str. 4
         Tokmak
         71700 Zaporozhje
         Ukraine


TRI VAD PLUS: Creditors Must File Claims by July 11
---------------------------------------------------
Creditors of LLC Tri Vad Plus (code EDRPOU 33396308) have until
July 11 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 Debtor can be reached at:

         LLC Tri Vad Plus
         Artem Str. 21
         04053 Kiev
         Ukraine


ZLATA TAVRIDA: Creditors Must File Claims by July 11
----------------------------------------------------
Creditors of LLC Engineering-Commerce Center Zlata Tavrida (code
EDRPOU 24512383) have until July 11 to submit written proofs of
claim to:

         Viacheslav Rabushko
         Liquidator
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 19/111/07.

The Court is located at:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         LLC Engineering-Commerce Center Zlata Tavrida
         Melitopol
         Zaporozhje
         Ukraine


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


BAXI HOLDINGS: Market Conditions Cue S&P to Watch B+ Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit ratings on U.K.-based heating products manufacturer Baxi
Holdings Ltd. on CreditWatch with negative implications,
reflecting concerns that the company's near-term credit metrics
could be negatively affected by challenging market conditions in
some of its key markets.

At the same time, the 'B-' senior secured debt rating on the
GBP100 million mezzanine notes issued by related entity Heating
Finance PLC and guaranteed by Baxi was also placed on
CreditWatch negative.

"Baxi is witnessing slower demand in some of its key markets,
including France, Italy, Germany, Spain, and Denmark, which we
expect will have a negative impact on profitability and cash
generation for reported results for the first half of 2007,"
said Standard & Poor's credit analyst Louise Newey.

Pressure on Baxi's profitability is further exacerbated by
higher raw material and component prices.  Lower margin products
are also accounting for a higher proportion of the sales mix in
the company's key markets.   Although Baxi's market share is
reportedly unchanged, its financial performance, including cash
generation, is expected to be negatively affected.  It is
uncertain at this stage to what extent restructuring measures
implemented in 2006 will mitigate this.

The company has initiated discussions with its lenders under the
senior credit facilities with the view to modify their terms,
which we expect will result in higher financing costs than the
existing structure.

Resolution of the CreditWatch status will follow a detailed
review of Baxi's current performance, restructuring measures,
and medium-term market prospects.  This is likely to occur
within the next six weeks.  The review could lead to a lowering
of all ratings.


BLACKPOOL D.I.Y.: Claims Filing Period Ends August 22
-----------------------------------------------------
Creditors of Blackpool D.I.Y. & Trade Centre Ltd. have until
Aug. 22 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Gordon Craig
         Liquidator
         Cresswall Associates Ltd.
         168 Hesketh Lane
         Tarleton
         Preston
         Lancashire
         PR4 6AT
         England

Gordon Craig of Cresswall Associates Ltd. was appointed
liquidator of the company on May 22 by a resolution of members
and creditors.


BOMFORDS PREPARED: Taps Administrators from Deloitte & Touche
-------------------------------------------------------------
Dominic Lee Zoong Wong, Andrew Philip Peters and David John
Langton of Deloitte & Touche LLP were appointed joint
administrators of Bomfords Prepared Ltd. (t/a B Prepared)
(Company Number 05334190) on June 27.

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

Headquartered in Birmingham, England, Bomfords Prepared Ltd.
prepares ready to eat fruit and vegetables.


CARDTRONICS INC: Plans to Offer US$125 Million of Senior Notes
--------------------------------------------------------------
Cardtronics, Inc., plans to offer US$125 million aggregate
principal amount of 9-1/4% Senior Subordinated Notes due 2013,
subject to market and other customary conditions.

The notes are an additional issuance of Cardtronics' 9-1/4%
Senior Subordinated Notes due 2013, US$200 million of which were
originally issued in August 2005.

The company intends to use the net proceeds from this offering,
together with available cash and borrowings under its revolving
credit facility, to fund its previously announced acquisition of
substantially all of the assets of the financial services
business of 7-Eleven, Inc., which is expected to close early in
the third quarter of 2007.

The notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended and outside the United States pursuant
to Regulation S under the Securities Act.  The notes have not
been registered under the Securities Act and may not be offered
or sold in the United States without registration or an
applicable exemption from the registration requirements.

                     About Cardtronics

Headquartered in Houston, Texas, Cardtronics Inc. --
http://www.cardtronics.com/-- is a non-bank owner/operator of
ATMs with more than 25,750 locations.  The company operates in
every major U.S. market, at approximately 1,700 locations
throughout the U.K., and at over 700 locations in Mexico.


CARDTRONICS INC: Acquisition Cues S&P to Affirm B+ Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its B+/Stable/--
corporate credit rating on Houston, Texas-based Cardtronics
Inc., after the company's announced acquisition of the U.S. ATM
operations of 7-Eleven, Inc.  The outlook remains stable.

"The ratings on Cardtronics reflect its high leverage and
aggressive capital spending in a mature and consolidating
industry," said Standard & Poor's credit analyst David Tsui.
These factors partly are offset by Cardtronics' leading position
in the U.S. as an independent ATM provider and recurring revenue
streams.

Pro forma for the acquisition of 5,500 ATMs from 7-Eleven, Inc.,
Cardtronics owns about 60% of its network of approximately
31,000 ATMs and provides services for the balance.  Cardtronics'
ATMs are located in nonbanking sites, typically located in
convenience stores, grocery stores, drugstores and retailers.
Contracts with merchants are on average five to seven years,
providing stable and recurring revenue streams.  The company's
top 15 customers account for approximately 40% of revenues.

Cardtronics has grown rapidly since 2001, tripling the number of
ATMs in its network, primarily through acquisitions.  However,
the U.S. ATM industry is mature, and characterized by sharp
competition for high traffic, high volume sites.  Organic growth
opportunities, including the increased revenues associated with
bank and network branding initiatives and a growing presence in
the U.K. and Mexico provided some relief.


D.B. INC: Alan H. Tomlinson Leads Liquidation Procedure
-------------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of
D.B. Inc. (U.K.) Ltd. on June 4 for the creditors’ voluntary
winding-up procedure.

Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

The company can be reached at:

         D.B. Inc. (U.K.) Ltd.
         25-27 Heath Street
         Camden
         London
         NW3 6TR
         England
         Fax: 020 7431 4497


EXPERT TECHNOLOGIES: Taps Liquidator from Stones & Co.
------------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of
Expert Technologies Ltd. on June 8 for the creditors’
voluntary winding-up procedure.

The company can be reached at:

         Expert Technologies Ltd.
         Clarion Close
         Swansea Enterprise Park
         Swansea
         SA6 8QZ
         Wales
         Tel: 01792 795 111
         Fax: 01792 795 444


GGS HOLDING: Brings In Liquidators from Kroll
---------------------------------------------
A. P. Beveridge and P. M. Saville of Kroll were appointed joint
liquidators of GGS Holding Ltd. on June 21 for the creditors’
voluntary winding-up procedure.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         GGS Holding Ltd.
         Thames House
         18 Park Street
         Southwark
         London
         SE1 9EL
         England
         Tel: 020 7407 4433


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 are 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:

   -- 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%; and

   -- 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.


IMS LEGAL: Appoints Joint Administrators from KPMG
--------------------------------------------------
Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were
appointed joint administrators of IMS Legal Indemnity Ltd.
(Company Number 4094477) on June 13.

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

Headquartered in Richmond, England, IMS Legal Indemnity Ltd. is
engaged in human health activities.


MILES THOMPSON: Calls In Liquidators from Begbies Traynor
---------------------------------------------------------
Michael E. G. Saville and Rob Sadler of Begbies Traynor were
appointed joint liquidators of Miles Thompson & Co. Ltd. on
June 4 for the creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         Miles Thompson & Co. Ltd.
         Unit 33 Half Acres
         Welton Road
         Brough
         HU15 1LZ
         England
         Tel: 01482 669 484
         Fax: 01482 669 549


MISKIN PLANT: Joint Liquidators Take Over Operations
----------------------------------------------------
A. P. Beveridge and P. M. Saville of Kroll were appointed joint
liquidators of Miskin Plant & Tool Hire Co. Ltd. on June 21 for
the creditors’ voluntary winding-up proceeding.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Miskin Plant & Tool Hire Co. Ltd.
         Alban House
         Brownfields
         Welwyn Garden City
         AL7 1BE
         England
         Tel: 01707 371 858
         Fax: 01707 373 073


MUSIC ZONE: Names William Kenneth Dawson Liquidator
---------------------------------------------------
William Kenneth Dawson of Deloitte & Touche LLP was appointed
liquidator of Music Zone Services Ltd. on June 21 for the
creditors’ voluntary winding-up procedure.

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:

         Music Zone Services Ltd.
         St. Georges Shopping Centre
         Preston
         PR1 2TU
         England
         Tel: 01772 200 220
         Fax: 01772 200 220
         Web site: http://www.musiczone.co.uk/


NICHOLLS AND WILSON: Appoints Tony Mitchell as Liquidator
---------------------------------------------------------
Tony Mitchell of Cranfield Recovery Ltd. was appointed
liquidator of Nicholls and Wilson Property Services Ltd. on
June 22 for the creditors’ voluntary winding-up procedure.

The company can be reached at:

         Nicholls & Wilson Property Services Ltd.
         Alston Drive
         Bradwell Abbey
         Milton Keynes
         MK13 9HB
         England
         Tel: 01908 321 123
         Fax: 01908 568 703


NOTTINGHAM CONTRACT: Taps Liquidators from Blades Insolvency
------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed joint liquidators of Nottingham Contract
Flooring Ltd. on June 22 for the creditors’ voluntary winding-up
procedure.

The company can be reached at:

         Nottingham Contract Flooring Ltd.
         Unit 4a
         Eagle Road
         Quarry Hill Industrial Estate
         Ilkeston
         DE7 4RB
         England
         Tel: 0115 944 2555


OBPC FRANCHISING: Claims Filing Period Ends September 5
-------------------------------------------------------
Creditors of OBPC (Franchising) Ltd. (t/a The Original Beauty
Portrait Co.) have until Sept. 5 to send in their names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:

         Mark Levy
         Liquidator
         Berley
         76 New Cavendish Street
         London
         W1G 9TB
         England

Mark Levy of Berley was appointed liquidator of the company on
June 5 by resolutions of members and creditors.


PENN PROPERTIES: Appoints Gerald Irwin as Liquidator
----------------------------------------------------
Gerald Irwin of Irwin & Co. was appointed liquidator of
Penn Properties (Midlands) Ltd. on June 8 for the creditors’
voluntary winding-up proceeding.

The company can be reached at:

         Penn Properties (Midlands) Ltd.
         Upper Villiers Street
         Wolverhampton
         WV2 4NU
         England
         Tel: 01902 345 124
         Fax: 01902 330 843


PROMINENT CMBS 2: S&P Assigns BB Ratings to GBP17 Mln F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP451 million commercial mortgage-backed
floating-rate notes to be issued by Prominent CMBS Conduit
No. 2 Ltd., a special purpose entity incorporated in Jersey.
At the same time, Prominent CMBS Conduit No. 2 will issue
GBP3.3 million unrated notes.

In this transaction, loss allocation to the noteholders will be
synthetically linked to the performance of a reference pool of
five commercial property loans.  Losses occurring in the loan
pool are allocated to each class of notes in reverse sequential
order, starting with the class F notes.  The class X notes will
not absorb losses allocated to the notes.

All of the reference loans were originated and are serviced by
Bank of Scotland (AA/Stable/A-1+) or Bank of Scotland (Ireland)
Ltd.  Bank of Scotland or Bank of Scotland Ireland will continue
to own and service the loans, and the loans will therefore not
be used as security for the notes.  Instead, at closing,
GBP451 million of the proceeds of the issuance will be deposited
in a bank account or will be invested by the issuer in eligible
securities that are subject to a repurchase agreement with HBOS
Treasury Services PLC.  The cash and securities will provide the
security for the rated notes.

Prominent CMBS Conduit No. 2 is the first synthetic CMBS
transaction to be structured by HBOS Treasury Services PLC. It
is the second CMBS transaction under Bank of Scotland's
"Prominent" program.

                          Ratings List

Prominent CMBS Conduit No. 2 Ltd.
   GBP454.3 Million Commercial Mortgage-Backed Floating-Rate
   Notes

                         Prelim.        Prelim. Amount
           Class         Rating           (Mil. GBP)
           -----         ------            --------
            A              AAA              365.0
            B              AA                19.0
            C              A                 19.0
            D              BBB               20.0
            E              BBB-              11.0
            F              BB                17.0
            X (1)          NR                 3.3

       (1) This note will cover issuance costs and will not
           absorb losses allocated to the notes.

      NR - Not rated.


SANDWELL NEW: Taps Christopher Farrington to Liquidate Assets
-------------------------------------------------------------
Christopher Farrington was appointed liquidator of Sandwell New
Horizons Ltd. on June 11 for the creditors’ voluntary winding-up
procedure.

The company can be reached at:

         Sandwell New Horizons Ltd.
         Kelvin Way
         West Bromwich
         B70 7JW
         England
         Tel: 0121 553 7847
         Fax: 0121 553 0102


SRBS REALISATIONS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Robert Andrew Henry Maxwell and Stuart Charles Edward Mackellar
of Kroll Ltd. were appointed joint liquidators of SRBS
Realisations Ltd. (formerly Sanderson’s Removals (Boston Spa)
Ltd. on June 1 for the creditors’ voluntary winding-up
procedure.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         SRBS Realisations Ltd.
         Unit 85b Centre Park
         Marston Moor Business Park
         Tockwith
         York
         YO26 7QF
         England
         Tel: 01423 560 796
         Fax: 01937 844 831


TOPAM ENGINEERING: Calls In Liquidators from The P&A Partnership
----------------------------------------------------------------
John Russell and Andrew Philip Wood of The P&A Partnership were
appointed joint liquidators of Topam Engineering Co. Ltd. on
June 20 for the creditors’ voluntary winding-up proceeding.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Topam Engineering Co. Ltd.
         Old Lane
         Halfway
         Sheffield
         S20 3GZ
         England
         Tel: 0114 251 0847
         Fax: 0114 251 0847


TOTTEN INTERIORS: Claims Filing Period Ends July 30
---------------------------------------------------
Creditors of Totten Interiors Ltd. have until July 30 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Vincent John Green
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of the company on
June 22 by the members and creditors.


UNITED VEHICLE: Hires Liquidator from Fisher Partners
-----------------------------------------------------
Stephen Katz of Fisher Partners was appointed liquidator of
United Vehicle Leasing Ltd. (formerly Inlaw Two Hundred and
Eighteen Ltd.) on June 8 for the creditors’ voluntary winding-up
proceeding.

The company can be reached at:

         United Vehicle Leasing Ltd.
         17 Priory Terrace
         Camden
         London
         NW6 4DG
         England
         Tel: 020 7372 7474


ZOO ABS 4: Fitch Assigns BB- Ratings to EUR8.5 Million E Notes
--------------------------------------------------------------
Fitch has assigned final ratings to ZOO ABS 4 PLC's issue of
EUR514.2m floating rate notes.  The transaction is a
securitization of structured finance assets including primarily
residential and commercial mortgage-backed securities.

   -- EUR100 million Class A-1R floating rate notes due 2096:
      'AAA'

   -- EUR150 million Class A-1A floating rate notes due 2096:
      'AAA'

   -- EUR115.7 million Class A-1B floating rate notes due 2096:
      'AAA'

   -- EUR27 million Class A-2 floating rate notes due 2096:
      'AAA'

   -- EUR30 million Class B floating rate notes due 2096: 'AA'

   -- EUR35 million Class C deferrable floating rate notes due
      2096: 'A'

   -- EUR28 million Class D deferrable floating rate notes due
      2096: 'BBB-'

   -- EUR8.5 million Class E deferrable floating rate notes due
      2096: 'BB-'

   -- EUR8 million Class P combination notes due 2096: 'BBB'

The final ratings of the Class A-1R, A-1A, A-1B, A-2 and B notes
address the ultimate repayment of principal at maturity and the
timely payment of interest when due, according to the terms of
the notes.  For the Class C, D and E notes, which can defer
interest, the final ratings address the ultimate payment of
principal and interest, including deferred interest, at
maturity.  The rating on the Class P combination notes addresses
the ultimate receipt of the rated balance (as defined in the
prospectus) from funds received on their components by the legal
final maturity date, according to the conditions of the notes.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, P&G SGR S.p.A., subject to the guidelines outlined in
the collateral management agreement.  The guidelines limit the
collateral manager's portfolio allocations with respect to
obligor, industry and asset type.  P&G will actively manage the
collateral over the five-year reinvestment period.

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the Class A-1R, A-1A and A-1B
notes totals 26.9%, of which 5.4% is provided by the A-2 notes,
6.0% by the B notes, 7.0% by the C notes, 5.6% by the D notes,
1.7% by the E notes and 1.2% by the EUR20 million unrated
subordinated notes.

ZOO ABS 4 PLC is a public limited company incorporated under the
laws of Ireland. On the closing date, the issuer had purchased
98% of the target portfolio, and has until the earlier of the
first payment date occurring in November 2007 or the effective
date for the manager to fully invest the portfolio.


* BOND PRICING: For the Week July 3 to July 7, 2007
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.64
                          0.250    10/14/26     CDN      37.90
Republic of Austria       4.000    06/22/22     EUR      72.33
                          7.000    08/04/25     EUR      66.17
                          5.000    10/10/25     EUR      69.77


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.96
                          0.500    04/26/13     AUD      70.20
                          1.000    11/21/16     NZD      55.78
                          0.500    09/24/20     CDN      55.41
                          0.250    06/28/40     CDN      19.77

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      71.31
Alcatel S.A.              4.750    01/01/11     EUR      17.13
Altran Technologies S.A.  3.750    01/01/09     EUR      12.46
BNP Paribas               0.250    12/20/14     US$      66.89
CAP Gemini S.A.           2.500    01/01/10     EUR      59.82
                          1.000    01/01/12     EUR      58.78
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.16
                          4.375    11/01/10     EUR      56.56
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      71.32
France Telecom S.A.       5.625    01/23/34     GBP      91.00
Havas S.A.                4.000    01/01/09     EUR      10.79
Infogrames
   Entertainment S.A.     4.000    01/01/09     EUR       0.50
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      23.56
Maurel & Prom             3.500    01/01/10     EUR      22.40
Publicis Group            0.750    07/17/08     EUR      34.46
                          1.000    01/18/18     EUR      43.63
Rallye                    3.750    01/01/08     EUR      52.68
Rhodia S.A.               0.500    01/01/14     EUR      46.68
Scor S.A.                 4.125    01/01/10     EUR       2.38
Soc Air France            2.750    04/01/20     EUR      36.01
Soitec                    4.625    12/20/09     EUR      13.55
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.08
Valeo                     2.375    01/01/11     EUR      50.83
Vivendi Universal S.A.    1.750    10/30/08     EUR      33.03
Wendel Invest S.A.        2.000    06/19/09     EUR      53.99

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      66.93
                          0.347    05/17/16     EUR      76.60
                          0.500    12/19/17     EUR      65.33
                          5.000    05/23/20     EUR      73.53
                          5.000    07/07/20     EUR      70.40
                          5.000    07/29/20     EUR      70.40
                          6.000    07/21/25     EUR      66.30
                          5.000    09/01/25     EUR      74.41
                          8.000    08/10/30     EUR      64.30
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.11
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      54.87

GREECE
------
Hellenic Republic         5.000    07/13/20     EUR      71.16
Hellenic Republic         6.000    07/07/24     EUR      66.13
Hellenic Republic         6.000    07/06/24     EUR      72.26

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      64.64

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.75
                          0.250    07/08/33     CDN      26.89
Irish Perm Plc            6.125    02/15/35     EUR      69.31
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.97

LUXEMBOURG
----------
Carrier1 Int'l S.A.      13.250    02/15/09     US$       0.88
Teksid Aluminum S.A.     12.375    07/15/11     EUR      33.42

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      60.44
                          0.500    02/24/25     CDN      45.67
EADS Finance B.V.         4.625    03/03/10     EUR      99.27
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.09
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.78
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      74.67
                          8.250    03/16/35     EUR      62.83
                          7.000    05/17/35     EUR      69.84
                          7.250    10/05/35     EUR      64.28
                          6.000    11/02/35     EUR      67.48
Ned Waterschapbk          6.000    06/01/35     EUR      71.89
                          6.500    08/15/35     EUR      65.02
Rabobank Groep N.V.       5.360    07/15/15     EUR      67.63
                          6.000    04/08/20     EUR      72.25
                          3.100    11/15/24     US$      72.07
                          6.000    02/22/35     EUR      70.88
                          2.000    02/23/35     EUR      62.73
                          7.000    02/28/35     EUR      68.84
                          7.000    03/23/35     EUR      66.15
                          6.000    05/09/35     EUR      72.72

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.93

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.50

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      53.23
                          1.678    07/03/56     GBP      35.18
HBOS Treasury
   Services Plc           6.000    02/07/35     EUR      74.00
National Grid Gas Plc     1.754    10/17/36     GBP      45.55
                          1.771    03/30/37     GBP      45.57
Royal BK Scotland Plc     0.250    03/27/14     US$      70.19
                          7.000    04/04/25     US$      67.46
                          7.000    06/09/25     EUR      65.35
                          7.000    06/29/30     EUR      60.60
                          6.500    02/23/45     EUR      62.88
Wessex Water Finance Plc  1.369    07/31/57     GBP      29.97


                           *********

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 * * *