TCREUR_Public/070711.mbx T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 10, 2007, Vol. 8, No. 135

                            Headlines


A U S T R I A

AUTOHAUS GAMS: Claims Registration Period Ends July 20
BELAS ARTES: Korneuburg Court Orders Business Shutdown
CITY GOLF: Postpones Creditors' Meeting to Aug. 1
FARBEN REITER: Claims Registration Period Ends July 24
FREIZEITANLAGEN LLC: Claims Registration Period Ends July 24

RESA LLC: Graz Court Orders Business Shutdown
TECHNOLOGIE MANAGEMENT: Claims Registration Period Ends July 23


B E L G I U M

FERRYWAYS NV: Romanian Crew Blocks Three Vessels in Belgium
GENERAL MOTORS: European Arm Unveils Environmental Strategy


D E N M A R K

TDC A/S: Selling 224 Properties to ATP and PFA for DKK4.1 Bln


F R A N C E

SPARC EUROPE: Fitch Rates EUR39.2 Million Series D Notes at BB-


G E R M A N Y

BOHLEN & DOYEN: Claims Registration Period Ends August 6
DAIMLERCHRYSLER AG: European Commission Approves Chrysler Sale
DAIMLERCHRYSLER: Chrysler Canada Sales Rise 24.1% in June 2007
DR MICHAEL TAEGER: Claims Registration Period Ends August 13
LT GRUNDSTUECKSGESELLSCHAFT: Claims Registration Ends Aug. 3
SCHIEDER MOEBEL: May Get Assistance From North Rhine-Westphalia

WE-KA GRUNDSTUECKSVERWALTUNGS: Meeting Slated for August 15


I T A L Y

ALITALIA SPA: AirOne Financial Partners May Drop Support


K A Z A K H S T A N

ASIMK LLP: Proof of Claim Deadline Slated for Aug. 14
ASTANA-TECHNOTERM LLP: Creditors Must File Claims Aug. 8
AUTOSERVICE MERKURIY: Claims Filing Period Ends Aug. 14
BANK TURANALEM: Says Insolvency-Related Reporting is False
DILDA & K: Creditors' Claims Due on Aug. 8

GLORIYA PV: Claims Registration Ends Aug. 10
SHAKAR EK: Proof of Claim Deadline Slated for Aug. 10
TD MUNAYGASCOMPLECT: Creditors Must File Claims Aug. 14
TRANSIB LLP: Claims Filing Period Ends Aug. 14


K Y R G Y Z S T A N

JOIN LLC: Creditors Must File Claims by August 17


L U X E M B O U R G

IIB LUXEMBOURG: Fitch Rates EUR200 Million Notes at B/RR4


N E T H E R L A N D S

GRESHAM CAPITAL: Fitch Rates EUR10 Million Class E Notes at BB


R U S S I A

ALAPAEVSKIY OJSC: Court Starts External Bankruptcy Procedure
AMURSKOE BREEDING: Bankruptcy Hearing Slated for Oct. 2
BANK SAINT PETERSBURG: Fitch Holds B Rating with Stable Outlook
DUBENSKAYA BUILDING: Court Starts Bankruptcy Supervision
INFONET CJSC: Creditors Must File Claims by Aug. 9

INTERNATIONAL INDUSTRIAL: Fitch Rates EUR200 Mln Notes at B/RR4
NECTAR LLC: Creditors Must File Claims by Aug. 9
NIZHEGORODSKIY TIMBER: Bankruptcy Hearing Slated for Oct. 9
REINFORCED CONCRETE: Creditors Must File Claims by Aug. 9
ROSBANK OJSC: SocGen Interest Cues S&P to Affirm B+ Rating

SEVERSTAL OAO: Moody's Lifts Corporate Family Rating to Ba2
SOYUZ-STEEL-PROM: Bankruptcy Hearing Slated for Sept. 25
STRONEG-KBI CJSC: Court Names A. Pshenkov as Insolvency Manager
TALITSKIY BREWERY: Court Starts Bankruptcy Supervision Procedure
URALSKIY FACTORY: Creditors Must File Claims by Aug. 9

VALUJSKUY MEAT-PACKING: Bankruptcy Hearing Slated for Oct. 10
YANA CJSC: Moscow Court Names A. Demin as Insolvency Manager
YUGRA-OIL OJSC: Court Names M. Kotov as Insolvency Manager


S P A I N

PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes
TDA 28 FONDO DE TITULIZACION: Fitch Rates EUR1 Mln Notes at B


S W I T Z E R L A N D

AFM FELLINGER: Creditors' Liquidation Claims Due July 20
BUCHER C.P.: Creditors' Liquidation Claims Due July 25
CLEANWORLD INTERNATIONAL: Liquidation Claims Due July 25
DACH + WAND: Creditors' Liquidation Claims Due July 25
EL-PAMCH JSC: Creditors' Liquidation Claims Due July 23

FASSBIND & FASSBIND: Creditors' Liquidation Claims Due July 23
JURGEN GEILING: Creditors' Liquidation Claims Due July 23
ROAG JSC: Creditors' Liquidation Claims Due July 23
STEINER DESIGN: Creditors' Liquidation Claims Due July 20
VIDEO-O-TRONIC WUSSOW: Creditors' Liquidation Claims Due Aug. 31


U K R A I N E

ALFA BANK: Moody's Rates Loan Participation Notes at Ba3
BAGIRA LLC: Creditors Must File Claims by July 12
DVORECHYE REGIONAL: Creditors Must File Claims by July 12
ECONOMIC DEVELOPMENT: Creditors Must File Claims by July 12
INTERPIPE LIMITED: Fitch Puts B+/RR4 Ratings to Proposed Notes

KARAT LLC: Proofs of Claim Deadline Set July 12
ORIZON-POBUT: Creditors Must File Claims by July 12
PRISEYMOVSKOE LLC: Creditors Must File Claims by July 13
SPARES LLC: Creditors Must File Claims by July 12
UKRSOTSBANK: Moody's May Lift Ba1/Ba3 Ratings After Review

VICTORIYA LLC: Creditors Must File Claims by July 12
WESTINVEST LLC: Proofs of Claim Deadline Set July 12
ZARIA LLC: Proofs of Claim Deadline Set July 12


U N I T E D   K I N G D O M

ALDA SKIP: Names Mark Jonathan Botwood Liquidator
ALLIANCE BOOTS: KKR Outlines GBP9 Billion LBO Debt Package
ALLIANCE BOOTS: S&P Cuts Rating to BB- on LBO Financing
BERKSHIRE BEERS: Brings In Administrators from Vantis Plc
BRAKE BROS: S&P Puts Rating on Watch Over Impending Sale

CIRRUS TECHNOLOGIES: Creditors' Meeting Slated for July 20
CORUS GROUP: Moody's Cuts & Withdraws Corporate Family Rating
CRMS CONTRACTS: Brings In Liquidators from KPMG
DD BARS: Appoints Elizabeth Arakapiotis as Liquidator
DEW REMEDIATION: Claims Filing Period Ends July 31

EUROHOME UK: S&P Puts BB Ratings to Two Note Classes
FIREWORK FACTORS: Enters Receivership Proceedings
GLAREWORD LTD: Claims Filing Period Ends August 1
ICON BUSINESS: Calls In Liquidators from Harrisons
INDIGO DENIM: Taps Jason Groocock to Liquidate Assets

ISOFT GROUP: Shareholders OK IBA's All-Share Offer Under Scheme
KWIK SAVE: Administrators Sell 56 Stores; 600 Jobs Saved
LUSZCZAK ASSOCIATES: Claims Filing Period Ends July 16
MARBLE ARCH: Fitch Puts Low-B Ratings to Three Note Classes
MENDWEST TRADITIONAL: Hires Liquidators from Begbies Traynor

MGH ENTERPRISES: Appoints Administrative Receivers from BDO Stoy
NYCHOLWOOD LTD: Joint Liquidators Take Over Operations
SAMSONITE CORP: Moody's May Lift B1 Rating After Review
TATA STEEL UK: Moody's Assigns (P)Ba3 Rating to Holding Company
TLC PARKING: Claims Filing Period Ends September 30

UNICORN COMPUTERS: Taps Liquidators from Jacksons Joliffe Cork
WICLIFFE MOTOR: National Westminster Taps E&Y As Receivers

* Large Companies with Insolvent Balance Sheet


                            *********



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


AUTOHAUS GAMS: Claims Registration Period Ends July 20
------------------------------------------------------
Creditors owed money by LLC Autohaus Gams (FN 211419k) have
until July 20 to file written proofs of claim to court-appointed
estate administrator Axel Reckenzaun at:

         Dr. Axel Reckenzaun
         Annenstrasse 10/
         8020 Graz
         Austria
         Tel: 0316/71 33 53
         Fax: 0316/713353-30
         E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on June 12 (Bankr. Case No. 17 S 50/07g).


BELAS ARTES: Korneuburg Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Korneuburg entered June 14 an order shutting
down the business of LLC Belas Artes (FN 219021s).

Court-appointed estate administrator Eva Riess 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. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01
         Fax: 01/402 57 01 21
         E-mail: law@riess.co.at

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No 36 S 78/07y).  Leopold
Riess represents Dr. Riess in the bankruptcy proceedings.


CITY GOLF: Postpones Creditors' Meeting to Aug. 1
-------------------------------------------------
The creditors' meeting of LLC City Golf (FN 253938p) was
postponed to 9:50 a.m. on Aug. 1 instead of July 25.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 21 (Bankr. Case No. 2 S 72/07m).  Katharina Widhalm-Budak
serves as the court-appointed estate administrator of the
bankrupt estate.  Guenther Hoedl represents Dr. Widhalm-Budak in
the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         E-mail: widhalm-budak@anwaltsteam.at


FARBEN REITER: Claims Registration Period Ends July 24
------------------------------------------------------
Creditors owed money by LLC Farben Reiter (FN 113603p) have
until July 24 to file written proofs of claim to court-appointed
estate administrator Wolfgang Strasser at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 5243721
         E-mail: st-valentin@advvocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on Aug. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Asten, Austria, the Debtor declared bankruptcy
on June 13 (Bankr. Case No. 14 S 22/07v).


FREIZEITANLAGEN LLC: Claims Registration Period Ends July 24
------------------------------------------------------------
Creditors owed money by LLC Freizeitanlagen (FN 179211x) have
until July 24 to file written proofs of claim to court-appointed
estate administrator Wolfgang Strasser at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 4 37-21
         E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Aug. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in St. Valentin, Austria, the Debtor declared
bankruptcy on June 14 (Bankr. Case No. 14 S 111/07z).


RESA LLC: Graz Court Orders Business Shutdown
---------------------------------------------
The Land Court of Graz entered June 13 an order shutting down
the business of LLC Resa (FN 260776w).

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

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


TECHNOLOGIE MANAGEMENT: Claims Registration Period Ends July 23
---------------------------------------------------------------
Creditors owed money by LLC Technologie Management (FN 173114f)
have until July 23 to file written proofs of claim to court-
appointed estate administrator Johann Jalovetz at:

         Dr. Johann Jalovetz
         Postgasse 6/IV
         9500 Villach
         Austria
         Tel: 04242/28896
         Fax: 04242/28896-6
         E-mail: rajw@inode.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 30 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Feld am See, Austria, the Debtor declared
bankruptcy on June 14 (Bankr. Case No. 41 S 55/07x).



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


FERRYWAYS NV: Romanian Crew Blocks Three Vessels in Belgium
-----------------------------------------------------------
Around 60 Romanian crew set up a blockade at three of Ferryways
N.V.’s vessels off the Belgium coast for fear of not being paid
if the ferry operator eventually collapses, Informa Maritime
Trade and Transport reports citing The Financial Times as its
source.

According to the report, the vessels blockaded include: The
Flanders Ways, the Ipswich Way and Anglian Way.

The vessels are still subject to claims, Informa Maritime
relates.

As previously reported in the TCR-Europe on June 22, 2007, a
Belgian court appointed a three-person committee of experts to
take over Ferryways from owner Cobelfret.

Cobelfret had stopped operations after banks refused to continue
providing financial support leading to the near-collapse of the
ferry operator, FT relates.

The Belgische TransportarbeidersBond, Belgium's transport union,
went to court in a bid to evoke a special Belgian law, prompting
the Brugge Court of Commerce to appoint a committee of experts
to temporarily run the company and effectively suspend
Cobelfret's ownership.  Union President Ivan Victor said that
while the committee investigates Ferryways' financial situation,
Cobelfret cannot even enter the company.

                        About Ferryways

Headquartered in Oostende, Belgium, Ferryways N.V. --
http://www.ferryways.com/-- started operations in 2000 and,
having quickly become a major player in the short-sea market, is
now the leading Belgian market ferry operator.   Ferryways
offers frequent sailings between its hub in the Belgian port of
Ostend and the British ports of Ipswich and Tilbury in the south
and Immingham in the north.

The ferry operator was sold by liner giant Mediterranean
Shipping Co to Cobelfret, which bought Ferryways NV, Searoad
Stevedores of Ostend, Ferryways U.K. and its subsidiary Connect
Logistics and Transport.  MSC was the beneficial owner through
its Antwerp agent Deckers & Wirtz.

Cobelfret then transferred four ro-ro ships, including Ostend
Way, Ipswich Way, Flanders Way and Anglian Way, to another
company, leaving Ferryways without any assets and forcing banks
to pull out funding for Ferryways U.K..  The status of the fifth
ship, which had a different ownership structure, is unclear.
The banks' withdrawal of funds has forced the company's U.K. arm
into administration and has pushed the ferry operator to the
brink of bankruptcy.


GENERAL MOTORS: European Arm Unveils Environmental Strategy
-----------------------------------------------------------
General Motors Europe has launched an environmental strategy
focusing short-term on reducing CO2 emissions and long-term on
introducing new propulsion technologies.

The strategy’s key points are:

   -- Opel/Vauxhall will introduce an ecoFLEX variant emitting
      lower CO2 levels in each model line; premiere at IAA in
      September 2007;

   -- GM will present HydroGen4, its next generation hydrogen
      fuel cell vehicle, at the IAA;

   -- Cadillac will launch the BLS as bioethanol (E85) variant
      in fall 2007;

   -- Opel/Vauxhall and Chevrolet will offer E85 vehicles as of
      2010; and

   -- 16 new GME engine families and ten transmission families
      by 2012.

GME has intensively addressed the subject of emissions reduction
and improved fuel economy for many years.  This is evident in
the current wide product portfolio, in which many vehicles meet
or undercut the level of 140 g/CO2 per kilometer.

As GM's largest brand in Europe, Opel/Vauxhall will unveil
ecoFLEX models at the 2007 Frankfurt motor show in September.
These especially pro-environmental automobiles combine economy
and driving enjoyment with low fuel consumption and reduced CO2
emissions in each vehicle class.  The premiere model is a Corsa
1.3 CDTI emitting only 119 g/km of CO2, which will be launched
in 2008.  The Swedish premium brand Saab is also expanding its
range of BioPower engines across its entire model portfolio this
year.  Cadillac will offer a similar E85 variant as of fall
2007, and in 2010, E85 vehicles are expected to be available for
Opel/Vauxhall and Chevrolet.

Between 2007 and 2012, GME will also introduce 16 new engine
families with a total of 93 variants, as well as ten
transmission families with 48 variants.

"A vehicle's CO2 emissions are an important parameter, but by no
means the only measurement of its environmental compatibility,”
said General Motors Europe President Carl-Peter Forster.  That's
why we are not restricting ourselves to the production of
single, eco-friendly prestige objects.”

“We want all GME vehicles to protect natural resources as much
as possible throughout the entire life cycle, from development
through to the recycling of materials.  The start of
Opel/Vauxhall's ecoFLEX environmental initiative at the
beginning of June was an important step, as this campaign
promotes the scrapping of old vehicles which do not meet today's
environmental standards," Mr. Forster emphasized.

More Efficient Engine Technology & Use of Alternative Fuels

In order to further reduce fleet fuel consumption and CO2
emissions, GM is pursuing a strategy of short and mid-term
objectives.  Conventional internal combustion engines will be
made more efficient and economical through continued
development, and greater use will be made of alternative fuels.
Eco-Turbo and CNG are the engine concepts at the core of ecoFLEX
models.  Engines with larger displacements are being replaced by
new Eco-Turbo units with smaller cylinder volumes.  The Eco-
Turbo concept is used in both gasoline and diesel engines.

Opel and Saab are pioneers in the use of alternative fuels in
Europe with their successful CNG (Opel) and E85 BioPower models
(Saab).  GM's environmental strategy pursues a clear global
objective of energy diversification and focus on more than one
technology.

E-Flex & Fuel Cells as Propulsion Systems of the Future

Presented this year, GM's E-Flex system enables multiple
propulsion systems to be installed in a common, electrically
driven chassis.  Long-term, GM is working flat-out on the
introduction of the hydrogen fuel cell -– currently the only
zero-emission vehicle option.  GM has already invested more than
one billion US dollars in this technology.

The research department of the Fuel Cell Activities Center is
currently being integrated into regular production development,
giving it a central role within GM.

The GM HydroGen4 -– the European version of the Chevrolet
Equinox Fuel Cell vehicle -– will be presented at the IAA and
marks the next step toward fuel cell production readiness.  A
fleet of ten vehicles will undergo testing in Berlin as of next
year.

                      About General Motors

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

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

                            *    *    *

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

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


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


TDC A/S: Selling 224 Properties to ATP and PFA for DKK4.1 Bln
-------------------------------------------------------------
TDC A/S has divested 224 of its properties in Denmark to ATP
Ejendomme A/S and PFA Ejendomme A/S at a price of DKK4.1
billion.  The sale is expected to result in an after tax gain of
DKK2.8 billion which will be included in the 3Q statement of
income under special items.

"TDC's core business is telecommunication and not property
management.  Therefore, we are pleased to have found a buyer
focusing on property development,” Jens Alder, President and CEO
of TDC, said.

The 224 properties cover about 480,000 sqm and are mainly used
for technical and administrative purposes.  TDC will lease the
divested properties back.

Two thirds of the divested properties are centrally located in
Copenhagen, Arhus, Aalborg, Odense and in the area around
Fredericia, Kolding and Vejle.

TDC owns 1586 properties in total and will after the divestment
still own the remaining 1362 properties, mainly consisting of
smaller technical buildings.  TDC's main office at Norregade 21
in Copenhagen is owned by KTAS' Pension Fund for which reason it
is not part of the sale.

                        About TDC A/S

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

                          *     *     *

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

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

* Issuer: TDC A/S

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

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

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

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

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

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

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

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

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

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


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


SPARC EUROPE: Fitch Rates EUR39.2 Million Series D Notes at BB-
---------------------------------------------------------------
Fitch Ratings assigned SPARC Europe (Junior) Compartment 2007's
Series D notes totalling EUR39.2 million due in July 2010 a
final rating of 'BB-' with Stable Outlook.

This transaction is the second securitisation of motor quota
share reinsurance treaties in Europe (the first one, FCC SPARC,
closed in December 2005 and involved French motor insurance
policies granted by Axa France IARD (rated IFS 'AA' /Outlook
Stable) to individuals). The underlying risk stems from Belgian,
German, Italian and Spanish portfolios of motor insurance
policies made to individuals and originated by AXA subsidiaries'
distribution network in those countries.

The ratings reflect the timely payment of interest and ultimate
payment of principal. They are based on the financial structure
of the transaction, the credit quality of the underlying motor
insurance contract portfolios, and premium and loss appraisal
procedures of each AXA subsidiary.

Nexgen Re (the reinsurer) and the AXA's subsidiaries have
entered into four reinsurance treaties. Pursuant to these
treaties, AXA's subsidiaries have transferred quota shares of
premiums to the reinsurer.  AXA's subsidiaries also receive same
quota shares of amounts to be paid under the claims arising from
the eligible motor insurance pools.

To secure its respective payment obligations, the reinsurer has,
on the one hand, made a junior cash deposit of an aggregate
amount of EUR120.8 million for the benefit of the AXA
subsidiaries.  On the other hand, the latter has pledged
financial instruments, in an amount of EUR120.8 million,
credited to specific accounts for the benefit of the Fonds
Commun de Creances.  It should be noted that the constitution of
such deposit is a condition precedent to the issuance of notes
by a senior FCC, which has been set up in parallel.

On the closing date, the reinsurer transferred to the FCC the
receivable, which corresponds to the financial obligation of the
AXA subsidiaries to repay the junior deposit as well as
ancillary rights such as the benefit of the above mentioned
pledge.  The FCC is a French compartmentalised debt mutual fund,
which has been set up by the custodian, IXIS Corporate &
Investment Bank, and the management company, Eurotitrisation.
It allows for future issuances and SPARC EUROPE (JUNIOR)
(COMPARTMENT 2007) is the first of a maximum four compartments,
dedicated to the cover period 2007.

The risk covered by these reinsurance treaties and transferred
to noteholders reflects the evolution of the premium and claims
of the portfolios of insurance contracts and will be measured by
the global ratio of claims to premiums (the global loss ratio).
Portfolios losses will be passed to noteholders once the global
loss ratio exceeds each note's attachment point (loss threshold
at which noteholders are affected).  Attachment points for the
Class D notes will be based on the global loss ratio at 3.5%
above the budgeted global loss ratio.


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


BOHLEN & DOYEN: Claims Registration Period Ends August 6
--------------------------------------------------------
Creditors of Bohlen & Doyen Vermoegensverwaltung AG have until
Aug. 6 to register their claims with court-appointed insolvency
manager Wolfgang van Betteray.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 6, 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 Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Oct. 18, at Room 023 on the
same venue.

The insolvency manager can be reached at:

         Wolfgang van Betteray
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211-1394 0
         Fax: 0211-1394 251

The District Court of Aurich opened bankruptcy proceedings
against Bohlen & Doyen Vermoegensverwaltung AG on July 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bohlen & Doyen Vermoegensverwaltung AG
         Hauptstr. 248
         26639 Wiesmoor
         Germany


DAIMLERCHRYSLER AG: European Commission Approves Chrysler Sale
--------------------------------------------------------------
The European Commission approved on July 2, 2007, the sale of
DaimlerChrysler AG units Chrysler Corporation LLC and Chrysler
Financial Services LLC to CG Investor LLC, controlled by
Cerberus Group, according to a press release issued by the EU.

The Comission stated in the release that the pact was approved
under a special simplified procedure as there were no objections
lodged against it.  The deal still needs approval from U.S.
authorities and is expected to be completed in the third
quarter.

The TCR-Europe reported on May 15, 2007, that an affiliate of
private equity firm Cerberus Capital Management, L.P., New York,
will make a capital contribution of US$7.4 billion in return for
an 80.1 percent equity interest in the future new company,
Chrysler Holding LLC.

Of the total capital contribution of US$7.4 billion, US$5.0
billion will flow into the industrial business (Chrysler
Corporation LLC) and US$1.05 billion will flow into the
financial services business in order to strengthen the equity
base of both businesses.  DaimlerChrysler will receive the
balance of US$ 1.35 billion. In addition, DaimlerChrysler will
grant a loan of US$0.4 billion to Chrysler Corporation LLC.

DaimlerChrysler will hold a 19.9 percent equity interest in the
new company.  Chrysler Holding LLC will hold 100 percent each of
the future Chrysler Corporation LLC, which produces and sells
Chrysler, Dodge and Jeep vehicles, and the future Chrysler
Financial Services LLC, which provides financial services for
these vehicles in the NAFTA region.

                      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: Chrysler Canada Sales Rise 24.1% in June 2007
--------------------------------------------------------------
Chrysler Canada sales jumped 24.1 percent in June 2007 marking
the company's 11th straight month of sales increases.  The
company sold 123,237 vehicles in 2007 versus 114,659 in 2006
making it the number two seller of cars and trucks in Canada.

Car sales of 5,607 were up 54.1 percent and 16,422 truck sales
were up 16.3 percent in June to total 22,029, versus 17,755
units in June 2006.  June sales continued this year's rise in
retail sales with double-digit growth.  Sales of for the first
half of 2007 are up 7.5 percent over the same period last year.

"Our outstanding June sales performance shows that Chrysler is
clearly on a roll in Canada," said Chrysler Canada President and
CEO Reid Bigland.  "We are solidly in 2nd place in the Canadian
market and are seeing consistently strong retail sales,
especially of our new, highly fuel-efficient vehicles like Dodge
Caliber, Jeep Patriot, Jeep Compass and Chrysler Sebring."

                         Summer Momentum

A new incentive program for July features the return of the
Employee Price Discount, offering an employee price discount
program on nearly all 2007 model year Chrysler, Jeep and Dodge
vehicles, and a gas discount card from Petro-Canada that will
allow customers to save 20 cents per liter for one year’s worth
of average driving.  Eligible vehicles include all 2006 models,
all 2007 models (except Dodge Caliber, Jeep Compass, Jeep
Patriot, Jeep Wrangler and Dodge Sprinter) and the 2008 Dodge
Avenger.  Total possible savings on eligible vehicles range from
US$1,735 on the 2008 Dodge Avenger to US$9,000 on a 2007 Dodge
Caravan.

                        Sales Highlights

Total Jeep brand vehicle sales of 4,359 reached a new monthly
high based on strong performance of Compass, Patriot and the new
four-door Wrangler.  Jeep brand sales increased 119 percent over
the same month last year.  Other trucks with strong sales
performance include Grand Cherokee with sales up 34.4 percent
and Dodge Dakota, which doubled sales versus the same month last
year.  Chrysler Pacifica sales were up 78.3 percent to 419
units. Cars with strong sales performance include Chrysler
Sebring (632 units); Chrysler 300/C (1043 units), and Dodge
Charger (936 units) which is up 98.7 percent over the same month
last 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.


DR MICHAEL TAEGER: Claims Registration Period Ends August 13
------------------------------------------------------------
Creditors of Dr. Michael Taeger Gesellschaft fuer Top Management
Beratung mbH have until Aug. 13 to register their claims with
court-appointed insolvency manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on Sept. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511 325095
         Fax: 0511 329934

The District Court of Hannover opened bankruptcy proceedings
against Dr. Michael Taeger Gesellschaft fuer Top Management
Beratung mbH on July 5.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Dr. Michael Taeger Gesellschaft fuer
         Top Management Beratung mbH
         Attn: Dr. Michael Taeger, Manager
         Karl-Wiechert Allee 20
         30625 Hannover
         Germany


LT GRUNDSTUECKSGESELLSCHAFT: Claims Registration Ends Aug. 3
------------------------------------------------------------
Creditors of LT Grundstuecksgesellschaft mbH have until Aug. 3
to register their claims with court-appointed insolvency manager
Christoph Henningsmeier.

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

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         Germany

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

The insolvency manager can be reached at:

         Christoph Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040 8078810
         Fax: 040 807881-20

The District Court of Cuxhaven opened bankruptcy proceedings
against LT Grundstuecksgesellschaft mbH on July 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LT Grundstuecksgesellschaft mbH
         Attn: Uve Dohrn, Manager
         Schleusenpriel 80
         27472 Cuxhaven
         Germany


SCHIEDER MOEBEL: May Get Assistance From North Rhine-Westphalia
---------------------------------------------------------------
The German state of North Rhine-Westphalia is willing to provide
economic assistance to Schieder Moebel Holding GmbH as long as
European Union law allows it, according to a spokesperson for
the state's ministry of economic affairs, The Financial Times
reports, citing Suddeutsche Zeitung as its source.

As reported in the Troubled Company Reporter-Europe on June 29,
2007, Schieder Moebel declared insolvency after takeover talks
failed, potentially leading to the holdings' dissolution.

Negotiations over a complete takeover fell through in spite of
several companies and investors expressing interest in salvaging
parts of the insolvent group.  The accounting scandal that
pushed Schieder Moebel into bankruptcy has deterred investors
from committing to a takeover of the furniture maker.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- is one of the leading furniture
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold on June 22, 2007, after incurring debts of
nearly EUR300 million due to high capital costs.

The insolvency now affects all of Schieder's factories and
distribution centers in Germany.  Schieder, which has 11,000
staff and 5,000 customers in 60 different countries, now faces
being broken up into various parts.


WE-KA GRUNDSTUECKSVERWALTUNGS: Meeting Slated for August 15
-----------------------------------------------------------
The court-appointed insolvency manager for We-Ka
Grundstuecksverwaltungsgesellschaft mbH & Co. Budapester Strasse
11-13 KG, Christoph Rosenmueller will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:20 a.m. on Aug. 15.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Nov. 28 at the same venue.

Creditors have until Oct. 3 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against We-Ka Grundstuecksverwaltungsgesellschaft
mbH & Co. Budapester Strasse 11-13 KG on July 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:

         We-Ka Grundstuecksverwaltungsgesellschaft mbH & Co.
         Budapester Strasse 11-13 KG
         Santesstr. 12
         63843 Niedernberg
         Germany


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


ALITALIA SPA: AirOne Financial Partners May Drop Support
--------------------------------------------------------
AirOne S.p.A.'s financial partners may drop their support for
the carrier in its bid to acquire the Italian government's 39.9%
stake in Alitalia S.p.A., Andrew Frye of Bloomberg News reports
citing Italian daily Il Sole 24 Ore.

The financial backers -- Intesa-Sanpaolo S.p.A. Morgan Stanley,
Lehman Brothers, Nomura Holdings Inc., and Banca Monte Paschi di
Siena -- are apprehensive of AirOne chief Carlo Toto's plan not
to inject fresh capital in the bid, Il Sole relates.

The lenders are also unhappy that Toto would maintain a majority
stake in the consortium, Il Sole adds.

As reported in the TCR-Europe on June 29, 2007, AP Holding
S.p.A., AirOne's acquisition vehicle, was seeking a valuation in
preparation for its Alitalia bid.

The valuation, Il Sole relates, will allow AP Holding's
financial backers to support its bid for the national carrier.

PricewaterhouseCoopers have estimated AP Holding's value to be
worth between EUR850 million and EUR1 billion, Il Sole says.

AP Holding will try to outbid rival MatlinPatterson Global
Advisers LLC.

The bidders have until July 12, 2007, to submit a binding offer.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


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


ASIMK LLP: Proof of Claim Deadline Slated for Aug. 14
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Asimk insolvent.

Creditors have until Aug. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ASTANA-TECHNOTERM LLP: Creditors Must File Claims Aug. 8
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Astana-Technoterm 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


AUTOSERVICE MERKURIY: Claims Filing Period Ends Aug. 14
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Autoservice Merkuriy insolvent.

Creditors have until Aug. 14 to submit written proofs of claims
to:

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


BANK TURANALEM: Says Insolvency-Related Reporting is False
----------------------------------------------------------
Sadyr Shaguzhayev, Head of Loan & Capital Markets for JSC Bank
TuranAlem, says a report appearing in the Troubled Company
Reporter on June 20, 2007, and distributed by SunStream News via
Bloomberg on July 5, 2006, contains "false information about the
bankruptcy of the JSC Bank TuranAlem representation in
Kyrghyzstan."

"Please be informed," Bank TuranAlem says, "that the given
information is absolutely incorrect - representation of the
JSC ?Bank TuranAlem? in Kirghizstan, as well as the number of
other representations of the Bank in CIS, are going to be closed
within the frames of the program of the regional network
optimization, the press release on this matter has been placed
on the official site of the JSC ?Bank TuranAlem? on 28.06.2007.
It is incorrect to talk about the "bankruptcy", as according to
the Law of the Republic of Kazakhstan No. 2444 dated 31.08.1995,
'About banks and banking activity in the Republic of
Kazakhstan,' the Representation of a Bank is an
isolated/separate division of a bank, which is not considered as
a legal unit, is outside of the bank's location, and is
operating for and on behalf of the bank and is not carrying out
banking activity.  At the same time IneximBank in Kyrgyzstan,
which is the affiliated bank of Temir Bank, which control stake
belonging to BTA Group, is successfully conducting its
business."

Direct any questions to:

    Sadyr Shaguzhayev
    Head of Loan & Capital Markets
    Phone:  7-3272-500-671
    Fax: +7-3272-667-276
    Mobile:  7-777-270-93-00
    E-mail: shaguzhayev@bta.kz
    Web site: http://www.bta.kz/

         - or -

    Ms. Viktoria Shen
    Mass Media Relations Department
    Tel.: +7 327 266 26 87

                      About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is the second largest commercial bank in
Kazakhstan by IFRS assets by 2005.  The group is present in all
segments of the market: corporate and retail banking, trade
financing, fund market, credits, SME development, leasing,
mortgage lending and pension funds.

                            *   *   *

As reported in the TCR-Europe on June 26, 2007, Moody's
downgraded the debt ratings of Bank TuranAlem following the
implementation of Moody's refined JDA methodology on external
support.  All ratings now carry stable outlooks.

The affected ratings are:

   -- Foreign Currency Subordinate Debt Ratings downgraded to
      Ba1 from Baa2.

   -- Foreign Currency Junior Subordinate Debt Rating downgraded
      to Ba2 from Baa3.

   -- The D- Bank Financial Strength Rating is unchanged.

In TCR-Europe report on May 22, 2007, Fitch affirmed the ratings
of Kazakhstan's Bank TuranAlem -- BTA -- at foreign currency
Issuer Default 'BB+', Short-term foreign currency 'B', local
currency Issuer Default 'BBB-', Short-term local currency 'F3',
Support '3' and Individual C/D.  The Outlook on the foreign
currency Issuer Default rating is Positive while that on the
local currency IDR is Stable.

BTA also carries 'BB/B' long- and short-term counterparty credit
ratings from Standard & Poor's.  Outlook is positive.


DILDA & K: Creditors' Claims Due on Aug. 8
------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Dilda & K 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


GLORIYA PV: Claims Registration Ends Aug. 10
--------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Gloriya Pv insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 54-98-55


SHAKAR EK: Proof of Claim Deadline Slated for Aug. 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Shakar Ek insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kutuzov Str. 91/1
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 54-98-55


TD MUNAYGASCOMPLECT: Creditors Must File Claims Aug. 14
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Td Munaygascomplect insolvent.

Creditors have until Aug. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


TRANSIB LLP: Claims Filing Period Ends Aug. 14
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Transib insolvent.

Creditors have until Aug. 14 to submit written proofs of claims
to:

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


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


JOIN LLC: Creditors Must File Claims by August 17
-------------------------------------------------
LLC Join (INN 03006200510251) has declared insolvency.
Creditors have until Aug. 17 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 53-05-55.


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


IIB LUXEMBOURG: Fitch Rates EUR200 Million Notes at B/RR4
---------------------------------------------------------
Fitch Ratings assigned IIB Luxembourg S.A.'s EUR200 million 9%
issue of limited recourse notes final ratings of Long-term 'B'
and Recovery 'RR4'.  The notes are due in July 2010.

The notes are to be used solely for financing a loan to Russia's
International Industrial Bank, which is rated Long-term Issuer
Default 'B' with a Stable Outlook, Short-term IDR 'B',
Individual 'D', Support '5' and National Long-term 'BBB(rus)'
with a Stable Outlook.  It has a Support Rating Floor of 'No
Floor'.

IIB ranked among the top 20 Russian banks by IFRS total assets
at end-2006.  It is managed by a trust, beneficially owned by
the family of Sergei Pugachev (72%) and the bank's senior
managers (with the largest individual stake at 6%).  Mr.
Pugachev also has significant industrial interests in a broad
range of sectors, which are consolidated under the management
company United Industrial Corporation.  Since 2001, Mr. Pugachev
has been a member of the upper house of the Russian parliament
(Federation Council) from the Tyva Republic.


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


GRESHAM CAPITAL: Fitch Rates EUR10 Million Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings assigned final ratings to Gresham Capital CLO IV
B.V.'s issue of EUR300 million floating-rate notes:

  -- EUR75 million Class A1A senior secured floating-rate
     variable funding notes due 2023: 'AAA'

  -- EUR75 million Class A1B senior secured floating-rate notes
     due 2023: 'AAA'

  -- EUR48.8 million Class A2 senior secured floating-rate notes
     due 2023: 'AAA'

  -- EUR24.13 million Class B deferrable secured floating-rate
     notes due 2023: 'AA'

  -- EUR21.9 million Class C deferrable secured floating-rate
     notes due 2023: 'A'

  -- EUR22.02 million Class D deferrable secured floating-rate
     notes due 2023: 'BBB'

  -- EUR10.78 million Class E deferrable secured floating-rate
     notes due 2023: 'BB'

  -- The EUR32.8 million Class N subordinated notes due 2023 are
     not rated

The transaction is a securitization of leverage loans including
primarily senior secured loans, senior unsecured loans, second
lien loans, mezzanine obligations and CLO securities.

The ratings of the Class A notes (Class A1A, A1B and A2) address
the ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  For all other Classes of notes the ratings address the
ultimate payment of principal and interest, including deferred
interest, at maturity.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Investec Principal Finance, part of Investec Bank (UK)
Ltd., 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.  IPF will actively manage the
collateral over a six-year reinvestment period.

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the Class A1A and A1B totals 50%,
of which 16.27% is provided by the A2 notes, 8.04% by the B
notes, 7.3% by the C notes, 7.34% by the D notes, 3.59% by the E
notes and 7.46% by the unrated subordinated notes.  Some of the
EUR32.8 million proceeds from the subordinated Class of notes
are used to pay certain initial expenses of the issuer rather
than to purchase collateral and therefore are unavailable for
subordination.

Gresham IV CLO B.V. is a limited liability company incorporated
under the laws of Netherlands.  On the closing date, the issuer
had purchased approximately 70% of the target portfolio; the
remainder will be purchased over the following 180 days.


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


ALAPAEVSKIY OJSC: Court Starts External Bankruptcy Procedure
------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced external
management bankruptcy procedure on OJSC Meat Combine
Alapaevskiy.  The case is docketed under Case No. A60-31199/
06-S11.

The External Insolvency Manager is:

         V. Lyutov
         Post User Box 206
         620027 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Alapaevskiy
         Severovostochnaya Str. 1
         Alapaevsk
         624600 Sverdlovsk
         Russia


AMURSKOE BREEDING: Bankruptcy Hearing Slated for Oct. 2
-------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene at 2:30 p.m.
on Oct. 2 to hear the bankruptcy supervision procedure on CJSC
Amurskoe Breeding Factory.  The case is docketed under Case No.
A76-3536/2007-34-73.

The Temporary Insolvency Manager is:

         M. Moiseev
         Post User Box 249
         620014 Ekaterinburg
         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 Amurskoe Breeding Factory
         Amurskiy
         Bredinskiy
         457335 Chelyabinsk
         Russia


BANK SAINT PETERSBURG: Fitch Holds B Rating with Stable Outlook
---------------------------------------------------------------
Fitch Ratings affirmed Russia-based Bank Saint Petersburg's
ratings at Long-term Issuer Default 'B', Short-term IDR 'B',
Individual 'D' and Support '5'.  The Outlook for the Long-term
IDR is Stable.

The ratings reflect BSP's high, although falling, individual
borrower concentration, sizeable exposure to the real estate and
construction sectors, very rapid asset growth and currently
insufficient capitalisation to support further growth, as well
as the relatively high-risk Russian operating environment.  They
also take into account the bank's strong regional franchise, its
sound asset quality and respectable earnings performance.

Rapid growth rates mean that an upward movement in the Long-term
IDR in the near-term is unlikely unless there is a substantial
increase in capital.

"The credit profile can improve if BSP strengthens its
capitalisation, through a planned IPO or otherwise. However,
these plans look ambitious", notes Alexei Kechko, Associate
Director of Fitch's Financial Institutions Group in Moscow.

Reduced concentration on the largest borrowers and a slowdown of
growth rates would also be positive rating factors, while
failure to increase capital combined with rapid asset growth or
an increase in impaired loans would put ratings under downward
pressure.

BSP is a mid-sized Russian bank with a strong presence in St.
Petersburg.  At end-2006, the bank had a 7.1% regional market
share in terms of assets.  The bank is ultimately controlled by
its senior management, including the chairman, Alexander
Saveliev.  The remaining 30% is mostly owned by two individual
investors with common business interests.


DUBENSKAYA BUILDING: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Mordoviya commenced bankruptcy
supervision procedure on LLC Dubenskaya Building Company.
The case is docketed under Case No. A39-1637/07-79/6.

The Temporary Insolvency Manager is:

         S. Bolzin
         Stroitelnaya Str. 1-311
         Saransk
         Mordoviya
         Russia

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         LLC Dubenskaya Building Company
         Dubenki
         Dubenskiy
         Mordoviya
         Russia


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

         F. Lesnyak
         Insolvency Manager
         Room 18
         Pobedy Str. 4a
         443068 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-2006/2007.

The Debtor can be reached at:

         CJSC Infonet
         Novo-Vokzalnaya Str. 112A
         443081 Samara
         Russia


INTERNATIONAL INDUSTRIAL: Fitch Rates EUR200 Mln Notes at B/RR4
---------------------------------------------------------------
Fitch Ratings assigned IIB Luxembourg S.A.'s EUR200 million 9%
issue of limited recourse notes final ratings of Long-term 'B'
and Recovery 'RR4'.  The notes are due in July 2010.

The notes are to be used solely for financing a loan to Russia's
International Industrial Bank, which is rated Long-term Issuer
Default 'B' with a Stable Outlook, Short-term IDR 'B',
Individual 'D', Support '5' and National Long-term 'BBB(rus)'
with a Stable Outlook.  It has a Support Rating Floor of 'No
Floor'.

IIB ranked among the top 20 Russian banks by IFRS total assets
at end-2006.  It is managed by a trust, beneficially owned by
the family of Sergei Pugachev (72%) and the bank's senior
managers (with the largest individual stake at 6%).  Mr.
Pugachev also has significant industrial interests in a broad
range of sectors, which are consolidated under the management
company United Industrial Corporation.  Since 2001, Mr. Pugachev
has been a member of the upper house of the Russian parliament
(Federation Council) from the Tyva Republic.


NECTAR LLC: Creditors Must File Claims by Aug. 9
------------------------------------------------
Creditors of LLC Nevinnomysskiy Tinned Food Factory Nectar have
until Aug. 9 to submit proofs of claim to:

         D. Evtushenko
         Insolvency Manager
         Post User Box 2924
         355029 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-12323/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Nevinnomysskiy Tinned Food Factory Nectar
         3 Internatsionala Str. 128
         Nevinnomyssk
         Stavropol
         Russia


NIZHEGORODSKIY TIMBER: Bankruptcy Hearing Slated for Oct. 9
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
1:15 p.m. on Oct. 9 to hear the bankruptcy supervision procedure
on CJSC Nizhegorodskiy Timber-Financial Trading House (TIN
5262057331).  The case is docketed under Case No. A43-5763/
2007 33-90.

         The Temporary Insolvency Manager is:
         V. Nogtev
         Sennaya Square 15
         603024 Nizhniy Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Nizhegorodskiy Timber-Financial Trading House
         Bekerova Str. 73A
         Nizhniy Novgorod
         Russia


REINFORCED CONCRETE: Creditors Must File Claims by Aug. 9
---------------------------------------------------------
Creditors of LLC Reinforced Concrete Goods–2 (TIN 3819013600)
have until Aug. 9 to submit proofs of claim to:

         V. Afanasyeva
         Insolvency Manager
         Office 308
         Lenina Str. 18
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-24233/06-38.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Reinforced Concrete Goods–2
         Korostova Str. 20
         Usolye-Sibirskoye
         Irkutsk
         Russia


ROSBANK OJSC: SocGen Interest Cues S&P to Affirm B+ Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B'
counterparty credit ratings on Russia-based Rosbank OJSC.  At
the same time, the 'ruAA-' Russia national scale rating was also
affirmed.  The outlook is positive.

The affirmation reflects Societe Generale's (SocGen;
AA/Stable/A-1+) continued strategic interest in Rosbank.
SocGen's existing holding in Rosbank is 20% less one share.

"The ratings on Rosbank already incorporate operational and
managerial support from SocGen, which we reflect by adding one
notch to our stand-alone credit assessment of Rosbank," said
Standard & Poor's credit analyst Eugene Tarzimanov.

The positive outlook reflects the fact that S&P considers it
likely that SocGen will acquire a majority ownership in Rosbank
before the end of 2008, but the French banking group has not yet
made its final decision.

SocGen is currently in the process of filing an application with
Russian authorities for an additional purchase of 30% plus two
shares (through a call option maturing at the end of 2008) of
Rosbank.

Standard & Poor's will likely raise the ratings on Rosbank if
SocGen acquires the controlling stake, and the holding appears
long term. The majority ownership by SocGen should have a
positive impact on Rosbank's funding, risk management, and IT.

"The amount of uplift will depend upon our projection of the
future strategic support and commitment from SocGen toward
Rosbank," added Mr. Tarzimanov.

The bank's ability to withstand competitive pressure on
profitability and to maintain good asset quality will drive our
assessment of its stand-alone credit profile over the medium
term. Factors that would lead to a downgrade include a failure
to control the quality of rapidly growing loans, reduction
of support from SocGen, or difficulties in managing the
widespread branch and office network.


SEVERSTAL OAO: Moody's Lifts Corporate Family Rating to Ba2
-----------------------------------------------------------
Moody's Investor's Service upgraded the corporate family rating
for OAO Severstal from Ba3 to Ba2.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, upgraded the national scale rating
from Aa3.ru to Aa2.ru.

Moody's also upgraded rating for the Loan Participation Notes
totaling US$700 million from B1 to Ba2. The outlook on all
ratings is stable.

The rating upgrade for OAO Severstal to Ba2 reflects:

   (i) the company's growing track record of strong operating
       performance, supported by an increasingly healthy
       domestic demand for steel products in Russia which should
       result in a greater sustainability of the group's current
       performance levels; and

  (ii) OAO Severstal 's completion of the consolidation of its
       steel and mining assets within the group, which resulted
       in an improved transparency of the group structure and
       corporate governance (The improved business profile as a
       consequence of the transfer of the mining assets in 2006
       had already resulted in an earlier upgrade to Ba3 from
       B1).

The Ba2 rating remains underpinned by:

   (i) OAO Severstal's established position in the Russian
       market and its ability to compete in international
       markets;

  (ii) its low cash costs and continued focus on cost
       reductions;

(iii) the group's current low debt levels and strong cash flow
       generation (RCF/Net Debt stood at 103.1% at FYE 2006);

  (iv) OAO Severstal's self-sufficiency in main raw materials
       like iron ore and coal;

   (v) the strategic location of its steel assets close to the
       major steel consuming markets.

Moody's notes OAO Severstal's disciplined approach towards M&A,
as well as its consistency in strategy and financial policy,
which are also expected to be adhered to going forward.  The Ba2
ratings also reflects Moody's view that OAO Severstal's upstream
and downstream integration has been largely completed
successfully and that the implementation of the growth strategy
with the aim of further developing high value-added and niche
products will succeed and should reduce earnings volatility
going forward.  Recently released first quarter 2007 results
indicate a continuous strong performance especially with respect
to the Russian steel and mining divisions in the benign market
environment.  Moody's added that the strong domestic demand in
Russia for steel products from the construction, oil & gas,
infrastructure and automotive/manufacturing sector is expected
to continue for the foreseeable future, driven by the booming
domestic economy, a growth of infrastructure investments, the
need for ongoing exploration, production and transportation via
pipeline of oil and gas products and a growing tendency by
international automotive manufacturers to open plants in Russia.
These developments should foremost benefit the well-located
Russian steel producers such as OAO Severstal, contributing to a
greater immunity to global steel price cyclicality and therefore
to a more stable financial performance over the next several
years.

On a more cautionary note, Moody's reiterated that the Ba2
corporate family rating continues to reflect:

   (i) the remaining exposure of OAO Severstal to the inherent
       cyclicality of the steel industry mainly via its
       international operations in Italy, France and North
       America;

  (ii) weaker than expected FYE 2006 financial results due to
       consolidation of Lucchini and mining assets which
       negatively affected the company's margins (EBITA margins
       have weakened from 23% in 2005 to 16.4% in 2006);

(iii) the group's appetite for acquisitions;

  (iv) expectations of substantial capital expenditures related
       to the activity of mining companies and steel assets;

   (v) the group's ownership concentration adding uncertainty
       and less predictability to its financial strategy and
       dividend policy;

  (vi) the evolving and less transparent Russian political,
       fiscal and legal environment.

In its assessment of the company's capital structure for the
purpose of assessing the loss given default, Moody's therefore
considers secured debt to rank ahead of the loan participation
notes.  Two issues of the Loan Participation Notes totaling
US$700 million and due in 2009 and 2014 - are structurally and
contractually subordinated to the existing secured indebtedness
of US$280 million or less than 10% of the total loan portfolio
that is secured by property, equipment and fixed assets.
However, as the proportion of secured debt was reduced
substantially, Moody's has upgraded by two notches from B1 to
Ba2 the rating of the Loan Participation Notes.

The Ba2 rating on the unsecured notes reflects both the overall
probability of default of the group, to which Moody's assigned a
probability-of-default rating of Ba2, and a loss-given default
assessment of LGD4 or 55.31%.

Upgrades:

* Issuer: Severstal OAO

   -- Probability of Default Rating, Upgraded to Ba2 from Ba3;

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3;

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to a
      range of 55-LGD4 to Ba2 from a range of 75-LGD5 to B1.

OAO Severstal is the largest steel producer in Russia (measured
by production volume), with subsidiaries in the U.S. and Italy.
In 2006, the Company produced 17.6 million tonnes of steel and
reported net revenues of US$12,423 million and EBITDA of
US$2,987 million.


SOYUZ-STEEL-PROM: Bankruptcy Hearing Slated for Sept. 25
--------------------------------------------------------
The Arbitration Court of Novgorod region will convene at
10:30 a.m. on Sept. 25 to hear the bankruptcy supervision
procedure on LLC Soyuz-Steel-Prom (TIN 5321070136).  The case is
docketed under Case No. A44-764/2007.

The Temporary Insolvency Manager is:

         A. Gerasimov
         Office 211
         Moskovskaya Str. 127
         429820 Alatyr
         Russia

The Debtor can be reached at:

         LLC Soyuz-Steel-Prom
         Magistralnaya Str. 7a
         Velikij Novgorod
         Russia


STRONEG-KBI CJSC: Court Names A. Pshenkov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Saratov appointed A. Pshenkov as
Insolvency Manager for CJSC Stroneg-KBI.  He can be reached at:

         A. Pshenkov
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-239B/06-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Stroneg-KBI
         Saratov
         Russia


TALITSKIY BREWERY: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on LLC Talitskiy Brewery (TIN 6654009490).
The case is docketed under Case No. A60-7428/2007-S11.

The Temporary Insolvency Manager is:

         M. Moiseev
         Post User Box 249
         620014 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         M. Moiseev
         Post User Box 249
         620014 Ekaterinburg
         Russia


URALSKIY FACTORY: Creditors Must File Claims by Aug. 9
------------------------------------------------------
Creditors of CJSC Uralskiy Factory of Experimental Alloys have
until Aug. 9 to submit proofs of claim to:

         S. Shelegin
         Insolvency Manager
         Post User Box 93
         620088 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A60-8652/2006-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Uralskiy Factory of Experimental Alloys
         Alpinistov Str. 57
         620010 Ekaterinburg
         Russia


VALUJSKUY MEAT-PACKING: Bankruptcy Hearing Slated for Oct. 10
-------------------------------------------------------------
The Arbitration Court of Belgorod will convene at 11:00 a.m. on
Oct. 10 to hear the bankruptcy supervision procedure on OJSC
Valujskuy Meat-Packing Factory.  The case is docketed under Case
No. A08-1958/07 24 B.

The Temporary Insolvency Manager is:

         V. Krotov
         Room 23
         Promyshlennyj Proezd
         308023 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Valujskuy Meat-Packing Factory
         Surzhikova Str. 112
         Valujki
         Belgorod
         Russia


YANA CJSC: Moscow Court Names A. Demin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Demin as Insolvency
Manager for CJSC Yana (TIN 7709084941).  He can be reached at:

         A. Demin
         Office 201
         Mira Avenue 12
         603086 N. Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-40718/06-73-842B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yana
         Tovarisheskiy Per. 17
         Moscow
         Russia


YUGRA-OIL OJSC: Court Names M. Kotov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed M. Kotov as Insolvency
Manager for OJSC Joint-Stock Oil Company Yugra-Oil (TIN
8601001927, OGRN 1028600509190).  He can be reached at:

         M. Kotov
         Office 312
         Vorobyevskoe Shosse 4
         Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-66543/04-95-67B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Joint-Stock Oil Company Yugra-Oil
         Moskvorechye Str. 43
         115409 Moscow
         Russia


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


PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes
-----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by "PYME Valencia 1, FTA", a
securitization of loans to small- and medium-sized enterprises
carried out by Banco de Valencia:

   -- (P)Aaa to the EUR180 million Series A1 notes;
   -- (P)Aaa to the EUR574.8 million Series A2 notes;
   -- (P)A3 to the EUR47.6 million Series B notes;
   -- (P)Baa3 to the EUR34 million Series C notes;
   -- (P)Ba3 to the EUR13.6 million Series D notes; and
   -- (P)C to the EUR15.3 million Series E notes.

In Moody's view, strong features within this deal include:

   (1) a 12-month artificial write-off mechanism;

   (2) a strong swap agreement guaranteeing an excess spread of
       0.65% and covering the servicing fee; and

   (3) the election of the least concentrated securitized pool
       at closing.

The weaknesses of this deal include:

   (1) some limitations on the historical information submitted
       by the originator;

   (2) around 30% of bullets loans included in the pool;

   (3) high debtor, region and industry concentration;

   (4) the pro-rata amortization of the notes; and

   (5) the negative impact of the interest deferral trigger on
       the subordinated series.  These risks were reflected in
       the credit enhancement calculation.

As of June 2007, the provisional portfolio comprised 3,786 loans
and 3,172 borrowers.  The loans have been originated by Banco de
Valencia in its normal course of business between 2003 and
December 2006, with a weighted average seasoning of 1.73 years
and a weighted average remaining term of 7.86 years.  The
longest loan matures in January 2037.  The interest rate is
floating for 95.58% of the pool and fixed for the rest, with a
weighted average interest rate of 4.83% for the fixed-rate loans
and a weighted average margin of 1.01% for the floating-rate
loans.  The majority of the loans pay through monthly (61.97%)
or quarterly (31.70%) installments.  The rest of the loans pay
through semi-annual (3.20%) or annual (3.13%) installments.  In
terms of amortization pattern, 30.69% of the pool corresponds to
non-amortizing loans.  Apart from this, 15.27% of the pool has a
grace period on principal payments (the average length of the
grace period being 0.8 years).  Around 73% of the outstanding of
the portfolio is secured by a first-lien mortgage guarantee over
different types of properties.  The total weighted average loan-
to-value is 63.72%. Geographically, the pool is concentrated in
Valencia (62%), Murcia (15%) and Madrid (7%).  Around 60% of the
portfolio is concentrated in the "buildings and real estate"
sector according to Moody's industry classification. In terms of
debtor concentration, the pool includes exposures up to 1.57% of
the issuance amount.

Moody's based the provisional ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

   (v) the legal and structural integrity of the transaction.
       Moody's issues provisional ratings in advance of the
       final sale of securities, and these ratings only reflect
       Moody's preliminary credit opinions regarding the
       transaction.  Upon a conclusive review of the final pool
       of assets and the final documentation, Moody's will
       endeavor to assign a definitive rating to the notes.  A
       definitive rating, if any, may differ from a provisional
       rating.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (March 2040).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A1, A2, B, C and D at
par on or before the rated final legal maturity date, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Class E.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


TDA 28 FONDO DE TITULIZACION: Fitch Rates EUR1 Mln Notes at B
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to TDA 28, Fondo de
Titulizacion de Activos' notes totalling EUR451.35 million due
in October 2050, as follows:

   -- EUR414 million Series A: 'AAA'; Outlook Stable

   -- Non-accelerated interest-only security due in July 2010:
      'AAA'; Outlook Stable

   -- EUR11.7 million Series B: 'AA'; Outlook Stable

   -- EUR9 million Series C: 'A'; Outlook Stable

   -- EUR7.2 million Series D: 'BBB'; Outlook Stable

   -- EUR8.1 million Series E: 'BB'; Outlook Stable

   -- EUR1.35 million Series F: 'B'; Outlook Stable

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

This transaction is a cash-flow securitisation of a EUR450m
static pool of residential mortgage loans granted by Caixa
d'Estalvis de Terrassa ("Caixa Terrassa", rated 'A-' (A
minus)/Outlook Positive/'F2') and Union de Credito para la
Financiacion Mobiliaria e Inmobiliaria EFC, ("Credifimo").

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos, S.G.F.T. S.A's
administrative capabilities.  Initial CE for the Class A to E
notes is provided by subordination and a reserve fund, which
will be funded at closing using part of the proceeds of the F
notes.

The expected ratings on the A to E notes address the payment of
interest on the notes according to the terms and conditions of
the documentation, subject to a deferral trigger on the Class B,
C, D and E notes, as well as the repayment of principal at the
legal final maturity.  Should the deferral trigger on the Class
B, C, D and E notes be hit, interest on these notes will be
deferred in the priority of payments. In this instance, interest
payments might not be received for a period of time, but will be
received by the legal final maturity.  The Class F notes are
uncollateralised but benefit from the excess spread available
within the structure.  The expected rating of the Class F notes
addresses the ultimate payment of interest and principal only by
the legal final maturity date.

The NAS-IO notes will pay a coupon on a notional balance defined
as a minimum 16% of the initial balance of the Class A notes or
the current balance of the Class A notes at any point in time.
The coupon will be equivalent to 2.7% per year until the fourth
interest payment date of the transaction, 2% per year for the
fifth to the eight interest payment date of the transaction, and
1% per year for the ninth to the 12th and final interest payment
dates until the expected maturity date of the NAS-IO strip in
July 2010. During this period, some collateral revenues will be
used to pay the NAS-IO note coupon, reducing the amount of
excess spread available for first loss protection.  The expected
rating on the NAS-IO notes addresses the timely payment of
interest.

Caixa Terrassa and Credifimo have previously participated in
various multi-seller transactions, with the most recent being
TDA 27 FTA.  The first centres its operations in the region of
Catalonia while the latter operates mainly in Madrid, Andalusia
and Catalonia.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision
de hipotecas) from the seller into fixed-income securities. The
fund will be legally represented and managed by Titulizacion de
Activos, S.G.F.T., S.A., a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitisation funds.


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


AFM FELLINGER: Creditors' Liquidation Claims Due July 20
--------------------------------------------------------
Creditors of LLC AFM Fellinger have until July 20 to submit
their claims to:

         Albert Fellinger
         Liquidator
         Ruttistrasse 11
         4512 Bellach
         Lebern SO
         Switzerland

The Debtor can be reached at:

         LLC AFM Fellinger
         Bellach
         Lebern SO
         Switzerland


BUCHER C.P.: Creditors' Liquidation Claims Due July 25
------------------------------------------------------
Creditors of JSC Bucher C.P. have until July 25 to submit their
claims to:

         Margrit Burlet
         Liquidator
         Austrasse 49
         8625 Gossau ZH
         Switzerland

The Debtor can be reached at:

         JSC Bucher C.P.
         Wunnewil-Flamatt
         Sense FR
         Switzerland


CLEANWORLD INTERNATIONAL: Liquidation Claims Due July 25
--------------------------------------------------------
Creditors of CleanWorld International Ltd. Liab. Co. have until
July 25 to submit their claims to:

         Patrick Antonetty
         Liquidator
         Juchgasse 14
         4314 Zeiningen
         Rheinfelden AG
         Switzerland

The Debtor can be reached at:

         CleanWorld International Ltd. Liab. Co.
         Riehen BS
         Switzerland


DACH + WAND: Creditors' Liquidation Claims Due July 25
------------------------------------------------------
Creditors of LLC Dach + Wand have until July 25 to submit their
claims to:

         Christoph Aschwanden
         Liquidator
         Gitschenstrasse 31
         6460 Altdorf UR
         Switzerland

The Debtor can be reached at:

         LLC Dach + Wand
         Altdorf UR
         Switzerland


EL-PAMCH JSC: Creditors' Liquidation Claims Due July 23
-------------------------------------------------------
Creditors of JSC El-Pamch have until July 23 to submit their
claims to:

         JSC Clariden Leu
         Liquidator
         Bahnhofstrasse 32
         8070 Zurich
         Switzerland

The Debtor can be reached at:

         JSC El-Pamch
         Geneva
         Switzerland


FASSBIND & FASSBIND: Creditors' Liquidation Claims Due July 23
--------------------------------------------------------------
Creditors of LLC Fassbind & Fassbind have until July 23 to
submit their claims to:

         Dr. Marc Nater
         Liquidator
         Seestrasse 39
         8700 Kusnacht
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC Fassbind & Fassbind
         Mannedorf
         Meilen ZH
         Switzerland


JURGEN GEILING: Creditors' Liquidation Claims Due July 23
---------------------------------------------------------
Creditors of JSC Jurgen Geiling & Partner Treuhand have until
July 23 to submit their claims to:

         Tottikonstrasse 49
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Jurgen Geiling & Partner Treuhand
         Stans NW
         Switzerland


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

         Werner Rothlisberger
         Liquidator
         Hutzmannweg 18
         4202 Duggingen
         Laufen BL
         Switzerland

The Debtor can be reached at:

         JSC Roag
         Basel BS
         Switzerland


STEINER DESIGN: Creditors' Liquidation Claims Due July 20
---------------------------------------------------------
Creditors of LLC Steiner Design have until July 20 to submit
their claims to:

         Andrin Steiner
         Liquidator
         Muliweg 1
         7203 Trimmis
         Landquart GR
         Switzerland

The Debtor can be reached at:

         LLC Steiner Design
         Trimmis
         Landquart GR
         Switzerland


VIDEO-O-TRONIC WUSSOW: Creditors' Liquidation Claims Due Aug. 31
----------------------------------------------------------------
Creditors of LLC Vide-O-Tronic Wussow have until Aug. 31 to
submit their claims to:

         JSC POTESTA Treuhand- und Revisionsgesellschaft
         Liquidator
         Kirchstrasse 1
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Vide-O-Tronic Wussow
         Fehraltorf
         Pfaffikon ZH
         Switzerland


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


ALFA BANK: Moody's Rates Loan Participation Notes at Ba3
--------------------------------------------------------
Moody's Investors Service assigned a long-term foreign currency
rating of Ba3 to the US$1 billion Program for the issuance of
Loan Participation Notes by Ukraine Issuance Plc incorporated
under the laws of the United Kingdom.

The LPNs will be issued on a limited recourse basis with the
sole purpose of financing senior unsecured loans to Alfa Bank
Ukraine.  The tenor, currency and the price of the notes will be
defined individually for each tranche.  The outlook for the
ratings is stable.

According to Moody's, the Ba3 ratings are based on the
fundamental credit strength of Alfa Bank Ukraine and do not
incorporate any potential support from the Ukrainian authorities
in case of need.  A moderate probability of parental support is,
however, imputed in the Ba3 rating.

The first drawdown of approximately US$200 million has been
rated Ba3 in line with the Program's rating.

Moody's also notes that according to the terms of the program
ABU will have to comply with a number of covenants such as a
negative pledge, a limitation on mergers and consolidations as
well as restrictions on mergers, disposals, transactions with
affiliates, restricted payments and maintenance of capital
adequacy.  According to the rating agency, the likelihood of any
of the above covenants being triggered is relatively low.
However, if any such were to occur, it could potentially have
adverse liquidity implications for the bank and might exert
severe downward pressure on its ratings.  ABU is required to
maintain full compliance with prudential supervision ratios and
other requirements of the National bank of Ukraine.

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if, during
the three months after the occurrence of change of control of
ABU, its ratings are downgraded by one or more notches or
publicly placed under review for possible downgrade.  Moody's
notes that the occurrence of change of control of ABU will be
viewed as a risk factor; if the noteholders' put option were to
be exercised, this could result in the need to repay a sizeable
obligation, thus placing a burden on the bank's financial
resources and potentially destabilizing its ratings further.

ABU is headquartered in Kiev, Ukraine, and reported total assets
of US$1.23 billion under IFRS as of Dec. 31, 2006.


BAGIRA LLC: Creditors Must File Claims by July 12
-------------------------------------------------
Creditors of LLC Bagira (code EDRPOU 32297584) have until
July 12 to submit written proofs of claim to:

         Oleg Boyko
         Kozitsky Str. 46
         21050 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/186-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bagira
         Apartment 132
         P. Zaporozhets Str. 20A
         21000 Vinnica
         Ukraine


DVORECHYE REGIONAL: Creditors Must File Claims by July 12
---------------------------------------------------------
Creditors of OJSC Dvorechye Regional Enterprise of Logistical
Support (code EDRPOU 00907467) have until July 12 to submit
written proofs of claims by the address

         Dmitry Tsymberov
         Liquidator
         Apartment 52
         Bakulin Str. 9/13
         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-39/100-07.

The Debtor can be reached at:

         OJSC Dvorechye Regional Enterprise of
         Logistical Support
         Pobeda Str. 43
         Tavilzhanka
         Dvorechye District
         Kharkov
         Ukraine


ECONOMIC DEVELOPMENT: Creditors Must File Claims by July 12
-----------------------------------------------------------
Creditors of CJSC Regional Agency of Economic Development (code
EDRPOU 20550872) have until July 12 to submit written proofs of
claim to:

         Natalie Sayevich
         Liquidator
         Independency Square 336
         Tysmenitsa District
         Ugrinov
         77423 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-9/45.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Regional Agency of Economic Development
         Kruk Str.  1/1
         Ivano-Frankovsk
         Ukraine


INTERPIPE LIMITED: Fitch Puts B+/RR4 Ratings to Proposed Notes
--------------------------------------------------------------
Fitch Ratings assigned Interpipe Limited's proposed issue of
notes expected senior unsecured 'B+' and Recovery 'RR4' ratings.

The expected rating is in line with Interpipe's 'B+' Issuer
Default rating.  At the same time, Interpipe's IDR of 'B+' with
Stable Outlook and Short-term Issuer Default rating of 'B' are
affirmed.  The final ratings on the notes are contingent on the
receipt of final documentation conforming to information already
received and further details regarding the amount and tenor.

The transaction is structured in the form of a loan by
Interpipe, a private company with limited liability incorporated
in Cyprus, to the joint borrower group (OJSC Interpipe
Nizhnedneprovsky Tube Rolling Plant, CJSC Interpipe Nikopolsky
Seamless Tubes Plant and LLC Interpipe Ukraine, representing 80%
of consolidated EBITDA, net profit and net assets of the group.
NTRP, Niko Tube and Interpipe Ukraine will act as sureties for
the loan on a joint and several basis.  The notes will be
subject to a trust deed.  The proceeds from the loan will be
used to refinance short-term debt, pay a special dividend to
adjust the capital structure and fund capital expenditure.  The
notes will be governed by English law.

Covenants in the loan agreement include, among others, an equal
ranking of the loan with present or future unsecured obligations
of Interpipe and a negative pledge.  Interpipe also has a
leverage ceiling of 3.5x. With Financial Year total debt/EBITDA
ratio of 0.5x, the company has significant headroom under the
above-mentioned covenant.  In addition, dividend payments are
limited to 75% of the cumulative consolidated net income.  The
special dividend forms part of the financial strategy to raise
shareholder return by increasing debt to 50% of total capital,
as mentioned in the Rating Action Commentary dated 22 June 2007.
With short-term debt accounting for some 93% of total debt at
present, the planned notes issue will reduce refinancing risk.

Interpipe is Ukraine's leading pipe and wheel producer.  It is
the third-largest producer of railroad wheels and the ninth-
largest producer of seamless steel pipes in the world.  Revenue
reached UAH7.3 billion (US$1.4 billion) in 2006.


KARAT LLC: Proofs of Claim Deadline Set July 12
-----------------------------------------------
Creditors of LLC Karat (code EDRPOU 19278614) have until July 12
to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on May 23.  The case is
docketed under Case No. 25/126/07.

The Debtor can be reached at:

         LLC Karat
         Shevchenko Str. 11
         Orekhov
         70545 Zaporozhje
         Ukraine


ORIZON-POBUT: Creditors Must File Claims by July 12
---------------------------------------------------
Creditors of State Enterprise Firm Orizon-Pobut (code EDRPOU
22794101) have until July 12 to submit written proofs of claim
to:

         Alexander Paschenko
         Liquidator
         P.O. Box 558
         Lenin Str. 31/1
         18002 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 014-08/5261.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         State Enterprise Firm Orizon-Pobut
         Mazur Str. 24
         Smila
         20708 Cherkassy
         Ukraine


PRISEYMOVSKOE LLC: Creditors Must File Claims by July 13
--------------------------------------------------------
Creditors of Agricultural LLC Priseymovskoe (code EDRPOU
02137387) have until July 13 to submit written proofs of claim
to:

         Olga Naumova
         Insolvency Manager
         Kirov Str. 25

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/172-06.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Priseymovskoe
         Kamen
         Krolevetsky District
         Sumy
         Ukraine


SPARES LLC: Creditors Must File Claims by July 12
-------------------------------------------------
Creditors of LLC Trade Agricultural Spares (code EDRPOU
34446024) have until July 12 to submit written proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/99-07.

The Debtor can be reached at:

         LLC Trade Agricultural Spares
         October Str. 69
         Yuzhnoe
         Dvorechye District
         Kharkov
         Ukraine


UKRSOTSBANK: Moody's May Lift Ba1/Ba3 Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba1 local currency long-term debt rating of Ukrsotsbank, the
D- bank Financial Strength rating, the Aa1.ua National Scale
Rating and the Ba3 long-term debt rating of the bank's loan
participation notes.

Moody's said that the bank's B2 long-term foreign currency
deposit rating was affirmed, with positive outlook, as it
remains constrained by Ukraine's B2 country ceiling for such
deposits.

Moody's noted that the review for possible upgrade has been
prompted by the recent announcement that Unicredit Group, the
largest bank in Italy by total assets (rated Aa2/P-1/B-, on
review for possible downgrade), has signed, via its Austrian
subsidiary Bank Austria Creditanstalt AG (rated Aa2/P-1/C+), a
share purchase agreement to acquire 95% of Ukrsotsbank.  The
transaction is expected to be completed by the end of 2007.

Moody's understands that Ukrsotsbank will continue to focus on
developing as a universal bank providing a full range of
services to both individuals and corporates.  The bank will
continue to place an increased emphasis on retail lending and
development of the distribution network, but will also begin to
offer more sophisticated products to its corporate clients and
SMEs. Moody's said that its rating review will focus on the
implicit commitment and support from Unicredit Group as well as
on the legal completion of the transaction and the obtaining of
all the necessary approvals from Ukrainian, Italian and Austrian
authorities.

According to Moody's, the review for upgrade of the bank's BFSR
of D- was prompted by the meaningful improvement in the bank's
financial fundamentals in 2006 -- in the form of increased
recurring earning power, enhanced efficiency and improved asset
quality, improvement in the bank's funding profile, liquidity
position and capitalization in 2007 as well as the expected
benefits of the bank's integration with Unicredit Group,
especially in the areas of corporate governance, credit and
market risk management.

These ratings were placed on review for possible upgrade:

   -- Ba1 local currency bank deposit rating;
   -- Ba1 local currency long-term debt rating;
   -- Ba3 foreign currency debt rating;
   -- D- bank financial strength rating; and
   -- Aa1.ua national scale rating.

These ratings were affirmed:

   -- B2 long-term foreign currency deposit rating (positive
      outlook);

   -- Non-Prime short-term debt rating.

Ukrsotsbank is headquartered in Kyiv, Ukraine, and as of Dec.
31, 2006 reported audited IFRS total assets of UAH17.4 billion
(US$3.4 billion) and net profit of UAH233 million (US$ 46.2
million).


VICTORIYA LLC: Creditors Must File Claims by July 12
----------------------------------------------------
Creditors of LLC Agricultural Firm Victoriya (code EDRPOU
30803974) have until July 12 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/190-06.

The Debtor can be reached at:

         LLC Agricultural Firm Victoriya
         Zavodskaya Str. 1
         Uladovka
         Letin District
         Vinnica
         Ukraine


WESTINVEST LLC: Proofs of Claim Deadline Set July 12
----------------------------------------------------
Creditors of LLC Westinvest (code EDRPOU 20620503) have until
July 12 to submit written proofs of claim to:

         Vladislav Klimenko
         Temporary Insolvency Manager
         Apartment 35
         Gorky Str. 140
         03150 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/416-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Westinvest
         Trud Boulevard 8
         02094 Kiev
         Ukraine


ZARIA LLC: Proofs of Claim Deadline Set July 12
-----------------------------------------------
Creditors of Agricultural LLC Agricultural Firm Zaria (code
EDRPOU 03791545) have until July 12 to submit written proofs of
claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company on May 15.  The case is docketed under
Case No. 10/2027.

The Debtor can be reached at:

         Agricultural LLC Agricultural Firm Zaria
         Shabastovka
         Monastyrischensky District
         19100 Cherkassy
         Ukraine


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


ALDA SKIP: Names Mark Jonathan Botwood Liquidator
-------------------------------------------------
Mark Jonathan Botwood of Muras Baker Jones was appointed
liquidator of Alda Skip Hire Ltd. on June 8 for the creditors’
voluntary winding-up procedure.

The company can be reached at:

         Alda Skip Hire Ltd.
         Unit 8-12 Bestmore Works
         Greens Industrial Estate
         Station Road
         Hednesford
         Cannock
         WS12 0QS
         England
         Tel: 01543 425 275


ALLIANCE BOOTS: KKR Outlines GBP9 Billion LBO Debt Package
----------------------------------------------------------
Syndication of a record GBP9 billion leveraged buyout debt
package for Alliance Boots PLC has kicked off, according to
published reports.

Kohlberg Kravis Roberts & Co., the US private equity firm, and
Stefano Pessina, Boots' executive deputy chairman, outlined the
debt structure for the financing package backing the GBP11
billion buyout of Alliance Boots by AB Acquisitions Limited, a
company jointly controlled by KKR & Mr. Pessina, with an
emphasis on accepting borrowing limits, the Thomson Merger News
reports.

The buyout consortium has also incorporated a maintenance
covenant covering the company's ratio of debt to Ebitda in the
senior tranche of the GBP9 billion financing package, Duncan
Kerr of Financial News Online relates.

Alliance confirmed the successful transfer of ownership to AB
Acquisitions Limited on June 26, 2007.  The listing of Alliance
Boots shares on the London Stock Exchange was withdrawn from the
London Stock Exchange on June 28, 2007.

Alliance says it will publish and present an annual performance
review, update on major business developments and continue to
push ahead with its corporate social responsibility agenda.  The
intention will be to keep employees, customers and all other
stakeholders up to date with all relevant aspects of the
company.

Headquartered in London, England, Alliance Boots LTD (LSE: AB.)
operates as a high street retailer, pharmacist and
pharmaceuticals wholesaler.  Alliance Boots is the dominant
pharmacy chain in Britain with a 17% market share.  Retail
operations are carried out under the Boots The Chemist and
Alliance Pharmacies brands.  Alliance Boots is also the largest
pharmaceuticals wholesaler in the U.K. through their UniChem
subsidiary with a 40% market share.


ALLIANCE BOOTS: S&P Cuts Rating to BB- on LBO Financing
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based health-and-beauty retailer
and wholesaler Alliance Boots PLC to 'BB-' from 'BBB',
reflecting a dramatic change of financial structure for the
expanded group.

The ratings remain on CreditWatch with negative implications
where they were placed on March 12, 2007, following the
announcement that Kohlberg Kravis Roberts & Co., a private-
equity firm, and Stefano Pessina, the executive deputy chairman
of Alliance Boots, had made a friendly approach to buy the
group.

The bid has since materialized and a GBP9.020 billion senior
facilities package will part finance the acquisition.  As a
result, the financial profile of the expanded Alliance Boots
group stands to dramatically deteriorate and reach an extremely
leveraged level.

"Although at this stage we still lack sufficient information to
precisely gauge the company's future financial structure, it is
clear that the structure will not be commensurate with the
previous ratings," said Standard & Poor's credit analyst Nicolas
Baudouin.  "The ratings were consequently lowered to
'BB-', which is the highest rating conceivable under the LBO
financing package that has been disclosed."

S&P expect to resolve the CreditWatch status in the next two
months, once we have met Alliance Boots to discuss the group's
strategy and financial policy, as well as liquidity
considerations and financial forecasts.

"The ratings will continue to reflect the group's satisfactory
business profile, but will now be primarily driven by the
group's extremely aggressive financial profile," said Mr.
Baudouin.

Headquartered in London, England, Alliance Boots LTD (LSE: AB.)
operates as a high street retailer, pharmacist and
pharmaceuticals wholesaler.  Alliance Boots is the dominant
pharmacy chain in Britain with a 17% market share.  Retail
operations are carried out under the Boots The Chemist and
Alliance Pharmacies brands.  Alliance Boots is also the largest
pharmaceuticals wholesaler in the U.K. through their UniChem
subsidiary with a 40% market share.


BERKSHIRE BEERS: Brings In Administrators from Vantis Plc
---------------------------------------------------------
Geoff Rowley and Simon Glyn of Vantis Plc. were appointed joint
administrators of Berkshire Beers Ltd. (Company Number 03528149)
on June 27.

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

The company can be reached at:

         Berkshire Beers Ltd.
         Unit 4
         Thames Industrial Estate
         Fieldhouse Lane
         Marlow
         SL7 1TD
         England
         Fax: 01628 487 044


BRAKE BROS: S&P Puts Rating on Watch Over Impending Sale
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on U.K.-based food service distributor
Brake Bros Finance PLC on CreditWatch with negative
implications.

This follows the announcement of a takeover bid by U.S. private-
equity group Bain Capital LLC for about GBP1.4 billion.

At the same time, the issue ratings on Brake Bros' EUR105
million 11.5% subordinated bonds and GBP105 million 12%
subordinated bonds, both due Dec. 15, 2011, were affirmed at
'CCC+'.  This is based on Standard & Poor's expectation that the
transaction will trigger the change-of-control covenant, giving
the possibility for bondholders to put the bonds to the company
and thereby avoiding any potential increase in financial risk.

The CreditWatch placement reflects our expectation that the
group's debt could materially increase from the GBP700 million
adjusted level posted at year-end 2006.

"The ratings could be lowered if Brake Bros' leverage increases
following the debt refinancing that will be induced by the
change in the shareholding structure," said Standard & Poor's
credit analyst Nicola Baudouin.

"We will resolve the CreditWatch once the transaction has gone
through and we have been able to evaluate the group's new
financial profile, as well as the global strategy and financial
policy that the new shareholders intend to put in place," Mr.
Baudouin added.

Headquartered in the U.K., Brake Bros Finance PLC supplies
frozen, chilled and ambient foods to the catering industry.  In
2006 the company reported revenues and EBITDA (before
exceptionals) of GBP1.6 billion and GBP108.7 million,
respectively.


CIRRUS TECHNOLOGIES: Creditors' Meeting Slated for July 20
----------------------------------------------------------
Creditors of Cirrus Technologies Ltd. will meet at 10:30 a.m. on
July 20 at:

         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham
         B3 2DT
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 19 at:

         R.J. Hund and M.D.C. Hopkins
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham
         B3 2DT
         England

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


CORUS GROUP: Moody's Cuts & Withdraws Corporate Family Rating
-------------------------------------------------------------
Moody's downgraded by one notch and withdrawn the corporate
family rating of Corus Group plc and assigned (P)Ba3 corporate
family rating to Tata Steel UK Limited (the group's new holding
company).

Moody's also assigned provisional (P)Ba3/LGD3 (49%) ratings to
the signed GBP3.7 billion senior secured guaranteed bank
facilities to be raised by Tata Steel UK Limited and its
subsidiaries.

Moody's has issued the ratings following the acquisition of the
group by Tata Steel Limited (rated Ba1) subject to finalizing
the refinancing and the security package.  Funding for the
acquisition of Corus, refinancing Corus' existing debt and
paying transaction costs has been provided by the term loan and
loan note guarantee elements of the senior secured guaranteed
bank facilities and GBP3.5 billion of equity contributions.

The (P)Ba3 corporate family rating reflects the group's strong
position in construction, automotive and packaging market
sectors in Europe and medium to long-term opportunities to
further improve the cost position of the UK group.  The rating
anticipates continuous favorable steel market conditions and
robust EBITDA momentum for Corus in 2007.  While the new
facilities suggest no legal recourse to the parent, the new
ratings assume some support is likely to be available to Corus
group, given the importance of the newly acquired European
operations for the Tata Steel group.

Moody's notes that Corus's medium-term financial profile will
substantially depend on continuous efficiency gains to be
delivered by the U.K. group in 2007-2009, as well as some
synergies arising from the acquisition by Tata Steel Limited.
Following the refinancing in 2007, the adjusted gross leverage
is expected to be close to 4x EBITDA.  Moody's expects the group
to press ahead with its substantial investment program of 2007-
2009 that should underpin future cash flow generation and
continuous competitive position of the group.

This rating action concludes the review that was initiated on
Oct. 23, 2006 following the announcement of the acquisition of
Corus by Tata Steel Limited.  Ratings affected by the rating
action are:

   -- (P)Ba3 Corporate Family Rating of Tata Steel UK Limited;

   -- (P)Ba3/LGD3 (49%) GBP3.7 billion Senior Secured Guaranteed
      Bank Facilities.

The new facilities include GBP3.09 billion term of loans, GBP80
million of loan note guarantee facilities and GBP500 million
revolving facilities and it is proposed that these will be
secured against UK assets, the shares of Corus Nederland and
shares in some holding companies and guaranteed by holding and
operating companies of the UK group.  Moody's notes that Corus
will continue to discuss a possible sharing of security with the
UK pension funds and has yet to obtain the advice of Corus
Nederland Central Works Council.  The rating on the facilities
at the same level as the corporate family rating reflects
absence of junior debt in the structure.

Corus, headquartered in the U.K., was created through the merger
of British Steel plc and Koninklijke Hoogovens NV.  Corus is the
second largest producer in Europe with 18.3 million of tonnes of
crude steel made in 2006.  For the financial year ended 30
December 2006, revenue of GBP9.7 billion was generated.

Tata Steel is an integrated steel company headquartered in
Mumbai, India.  The company produces a variety of flat and long
products, including hot rolled coil, cold rolled coil,
galvanized sheet, bars, rebar and wire rods.  For the fiscal
year ended March  31, 2007, gross sales revenue was Rs.274.4
billion (approximately US$6.5 billion).  It is controlled by the
Tata Group through a 33.77% shareholding, including Tata Sons
interest of 27.63%.


CRMS CONTRACTS: Brings In Liquidators from KPMG
-----------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG LLP were
appointed joint liquidators of CRMS (Contracts) Ltd. on May 31
for the creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         CRMS (Contracts) Ltd.
         18 Battle Road
         Heathfield Industrial Estate
         Newton Abbot
         TQ12 6RY
         England
         Tel: 01626 205 205
         Fax: 01626 205 206



DD BARS: Appoints Elizabeth Arakapiotis as Liquidator
-----------------------------------------------------
Elizabeth Arakapiotis of Kallis & Co. was appointed liquidator
of DD Bars Ltd. (t/a The Cross Bar) on May 9 for the creditors’
voluntary winding-up proceeding.

The company can be reached at:

         DD Bars Ltd.
         29 Wilmington Square
         Islington
         London
         WC1 X0EG
         England
         Tel: 020 7880 7272


DEW REMEDIATION: Claims Filing Period Ends July 31
--------------------------------------------------
Creditors of Dew Remediation Ltd. (formerly Dew Pitchmastic
Maintenance Ltd.) have until July 31 to send their names and
addresses and particulars of their debts or claims, and the
names and addresses of the solicitors (if any) to:

         Robert Hunter Kelly
         Joint Liquidator
         Ernst & Young LLP
         PO Box 61
         Cloth Hall Court
         14 King Street
         Leeds
         LS1 2JN
         England

Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP were appointed joint liquidators of the company on
March 16.

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


EUROHOME UK: S&P Puts BB Ratings to Two Note Classes
----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP500 million (equivalent) mortgage-
backed floating-rate notes, plus an overissuance of GBP7.5
million excess-spread-backed floating-rate notes to be issued by
Eurohome U.K. Mortgages 2007-2 PLC.

Eurohome U.K. Mortgages 2007-2 is the second transaction to
securitize residential mortgages offered in the U.K. by Deutsche
Bank AG's recently established U.K. mortgage origination arm, db
mortgages (a brand of DB U.K. Bank Ltd.).

Seven classes of notes will be issued that will be
collateralized against GBP500 million of mortgages.  In
addition, the issuer will offer a class C note backed solely by
excess spread.

The completion mortgage portfolio is expected to consist of
conforming and nonconforming loans, plus all related security
for the loans. It is also expected to comprise first-ranking
mortgages on properties in England, Wales, and Northern Ireland,
and standard securities on properties in Scotland.

The portfolio comprises a large portion of buy-to-let properties
and borrowers whose income has been self certified.

To mitigate exposure to various interest rate movements the
transaction features an interest rate cap agreement, a discount
margin reserve, a fixed/floating swap and a bank-base rate (BBR)
swap agreement.  Notes will be issued in British pounds sterling
and euros and will be hedged accordingly.

                        Ratings List

               Eurohome U.K. Mortgages 2007-2 PLC
         GBP500.0 Million (Equivalent) Mortgage-Backed
    Floating-Rate Notes Plus an Overissuance of GBP7.5 Million
            Excess-Spread-Backed Floating-Rate Notes

                     Prelim.        Prelim.
      Class          rating         amount (Mil. GBP equiv.)
      -----          -------        -------
      A1(A)          AAA            155.00
      A1(B)          AAA               TBD
      A2(A)          AAA            201.00
      A2(B)          AAA               TBD
      A3(A) (1)      AAA             53.75
      A3(B)          AAA               TBD
      M1(A)          AA              34.75
      M1(B)          AA                TBD
      M2(A)          A               25.50
      M2(B)          A                 TBD
      B1(A)          BBB             26.25
      B1(B)          BBB               TBD
      B2             BB               3.75
      C              BB               7.50
      MERCs (2)      AAA               N/A

  (1) The class A3 notes rank pari passu and pro rata with the
      class A1 and A2 notes in the payment of interest.
      However, the class A3 notes are subordinate to the class
      A1 and A2 notes in the payment of principal.

  (2) The 'AAA' credit assessment on the MERCs addresses the
      likelihood that MERC holders will receive any mortgage
      early redemption amounts received by the issuer, if
      enforceable.

  N/A—Not applicable.
  TBD—To be determined.


FIREWORK FACTORS: Enters Receivership Proceedings
-------------------------------------------------
Firework Factors U.K. Ltd. has gone into receivership with
Butcher Woods Ltd. appointed to oversee the company's
operations, Gary Bills-Geddes writes for the Ledbury Reporter.

John Nicholls, owner of Firework Factors, told Mr. Bill-Geddes
that the company was the subject of a business restructuring,
but he could not disclosed any more information on the issue
since he had signed a confidentiality clause.

According to the report, the company failed to secure planning
permission from Herefordshire Council for a purpose-built
firework magazine, which would have been used to store fireworks
on site.

Without the magazine, the company was paying out to have its
fireworks stored in Cirenscester site.

Headquartered in Birmingham, England, Butcher Woods Ltd. --
http://www.butcher-woods.co.uk/-- is a licensed insolvency
practitioner specializing in corporate recovery.

Headquartered in Staplow, England, Firework Factors U.K. Ltd. --
http://www.fireworkfactors.com/-- manufactures and supplies
fireworks.  The company has 450 outlets.


GLAREWORD LTD: Claims Filing Period Ends August 1
-------------------------------------------------
Creditors of Glareword Ltd. have until Aug. 1 to send in their
full forenames and surnames, their addresses of their Solicitors
(if any) to:

         Helen Phillips
         Liquidator
         Phillips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire
         SL9 8ES
         England

Helen Timothe Phillips of Phillips & Co. was appointed
liquidator of the company on June 6.


ICON BUSINESS: Calls In Liquidators from Harrisons
--------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of Icon Business Systems Ltd. on June 7 for
the creditors’ voluntary winding-up proceeding.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

The company can be reached at:

         Icon Business Systems Ltd.
         Unit 27
         Murrell Green Business Park
         London Road
         Hook
         RG27 9GR
         England
         Tel: 0870 458 6979
         Fax: 01256 768 090


INDIGO DENIM: Taps Jason Groocock to Liquidate Assets
-----------------------------------------------------
Jason Groocock of HKM LLP was appointed liquidator of Indigo
Denim Ltd. on May 17 for the creditors’ voluntary winding-up
proceeding.

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

The company can be reached at:

         Indigo Denim Ltd.
         Winkle Street
         West Bromwich
         B70 9SA
         England
         Tel: 0121 553 3267
         Fax: 0121 580 0024


ISOFT GROUP: Shareholders OK IBA's All-Share Offer Under Scheme
---------------------------------------------------------------
The shareholder resolutions to approve the recommended offer for
iSOFT Group plc, by a wholly owned subsidiary of IBA Health
Ltd., IBA U.K. Holdings Ltd., to be effected by means of a
scheme of arrangement, were duly passed at the Court Meeting and
the Extraordinary General Meeting held on July 6, 2007.

At the Court Meeting, a majority in number of iSOFT
Shareholders, who voted either in person or by proxy and who
together represented over 75% by value of the votes cast, voted
in favor of the resolution to approve the Scheme.  The
resolution was accordingly passed.

At the Extraordinary General Meeting, the special resolution to
approve the Scheme and provide for its implementation was also
passed by the requisite majority.

                       Court Meeting

The voting on the resolution to approve the Scheme was taken on
a poll and the results were:

    * Number of Meeting Shareholders voting:

      For: 424 (97.03%)
      Against: 13 (2.97%)

    * Number of votes:

      For: 87,780,362 (99.97%)
      Against: 25,781(0.03%)

                Extraordinary General Meeting

The voting on the Special Resolution giving effect to the Scheme
was taken on a poll and the results were as follows:

    * Number of votes:

      For: 89,717,026 (99.97%)
      Against: 29,814 (0.03%)

Implementation of the Offer remains subject to the High Court of
Justice for England and Wales sanctioning the Scheme at the
Court Hearing which is expected to take place on July 25, 2007
and confirming the associated reduction of iSOFT's share capital
at the Court Hearing which is expected to take place on July 27,
2007.  Subject to the Scheme receiving the sanction and
confirmation of the Court on those dates, the effective date of
the Scheme is expected to be July 30, 2007.  It is also expected
that if the Scheme becomes effective on July 30, 2007, listing
of the iSOFT Shares will be cancelled at or about 8:00 a.m. on
July 30, 2007.  The consideration due to shareholders is
expected to be sent no later than 14 days after the effective
date.

Copies of the resolutions passed at the iSOFT Court Meeting and
EGM will shortly be submitted to the Financial Services
Authority and will shortly be available for inspection by the
public during normal business hours on any weekday (except
public holidays) at the FSA's Document Viewing Facility which is
situated at:

         Financial Services Authority
         25 The North Colonnade
         Canary Wharf
         London
         E14 5HS
         England
         Tel. +44 (0)20 7676 1000)

                       Terms of the Offer

As previously disclosed, under the terms of the Offer, iSOFT
Shareholders will be entitled to receive 1.1 IBA Consideration
Shares for each iSOFT Share held.  IBA is listed on the
Australian Securities Exchange with a market capitalization of
AUS$$434 million (GBP183 million).

The Offer values each iSOFT Share at 58.1 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP140 million, based on the price of an IBA Share of AUS$1.255,
being the closing mid-market price on the ASX on May 4, 2007
(being the last day prior to the date on which IBA was granted a
trading halt for its shares by the ASX).  IBA is raising new
equity and adjusted for the impact of this equity issue, the
Offer values each iSOFT share at 54.7 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP132 million.

A TCR-Europe report on June 20, 2007 relates that iSOFT has
reached agreement with Computer Sciences Corp. on mutually
beneficial changes to the terms of the National Programme for IT
contract between iSOFT and CSC and that CSC has formally
consented to the change in control of iSOFT that would result
from the merger of iSOFT and IBA Health.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


KWIK SAVE: Administrators Sell 56 Stores; 600 Jobs Saved
--------------------------------------------------------
KPMG, the administrators of Kwik Save Ltd., have sold the
remaining 56 stores of the supermarket chain to FreshXpress for
GBP18 million, BBC News reports.

According the report, the deal, which saved around 600 jobs, is
thought to be backed by Irish entrepreneur Brendand Murtagh.

As previously reported in the TCR-Europe, Kwik Save told the
High Court in Manchester on July 5, 2007 that they wanted to
transfer 56 stores to a new company which The Union of Shop,
Distributive and Allied Workers (Usdaw) believes would trade as
FreshXpress and close the remaining stores which the judge
agreed.

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

But the workers made redundant on July 5, 2007, and those who
lost their jobs last month when Kwik Save closed 81 stores will
still be classed as Kwik Save employees so will have to apply
for statutory protection via administrators KPMG.

On July 6, 2007, Brian Green and David Costley-Wood, both of
KPMG, were appointed joint administrators to Kwik Save Group
Ltd., Kwik Save Ltd., Kwik Save Corporation Ltd. and Kwik Save
Stores Ltd.

The appointments were made in the High Court of Justice,
Chancery Division, Manchester District Registry.

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

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


LUSZCZAK ASSOCIATES: Claims Filing Period Ends July 16
------------------------------------------------------
Creditors of Luszczak Associates Ltd. have until July 16 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:

         S. J. Parker
         Joint Liquidator
         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England

S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of the company on June 4.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.


MARBLE ARCH: Fitch Puts Low-B Ratings to Three Note Classes
-----------------------------------------------------------
Fitch Ratings upgraded two tranches of Marble Arch Residential
Securitisation Ltd series of non-conforming residential mortgage
transactions issued by London Mortgage Company and affirmed 23
others.

* Marble Arch Residential Securitisation Ltd No 2:

   -- Class A1a (ISIN XS0186951462) affirmed at 'AAA'.
      Outlook Stable

   -- Class A1b (ISIN XS0186951629) affirmed at 'AAA'.
      Outlook Stable

   -- Class M (ISIN XS0186951975) upgraded to 'AA+' from 'AA'.
      Outlook Positive

   -- Class B (ISIN XS0186952353) upgraded to 'A+' from 'A'.
      Outlook Positive

* Marble Arch Residential Securitisation Ltd No 3:

   -- Class A1a (ISIN XS0214916081) affirmed at 'AAA'.
      Outlook Stable

   -- Class A1b (ISIN XS0214916917) affirmed at 'AAA'.
      Outlook Stable

   -- Class M1 (ISIN XS0214917303) affirmed at 'AA'.
      Outlook Positive

   -- Class M2 (ISIN XS0214917642) affirmed at 'A'.
      Outlook Positive

   -- Class B1 (ISIN XS0214918533) affirmed at 'BBB'.
      Outlook revised to Stable from Positive.

* Marble Arch Residential Securitisation Ltd No 4:

   -- Class A1b (ISIN XS0270499071) affirmed at 'AAA'.
      Outlook Stable

   -- Class A1c (ISIN XS0270512600) affirmed at 'AAA'.
      Outlook Stable

   -- Class A2b (ISIN XS0270499667) affirmed at 'AAA'.
      Outlook Stable

   -- Class A2c (ISIN XS0270512949) affirmed at 'AAA'.
      Outlook Stable

   -- Class A3c (ISIN XS0270513590) affirmed at 'AAA'.
      Outlook Stable

   -- Class B1a (ISIN XS0270496994) affirmed at 'AA'.
      Outlook Stable

   -- Class B1b (ISIN XS0270510224) affirmed at 'AA'.
      Outlook Stable

   -- Class B1c (ISIN XS0270513756) affirmed at 'AA'.
      Outlook Stable

   -- Class C1a (ISIN XS0270497612) affirmed at 'A'.
      Outlook Stable

   -- Class C1c (ISIN XS0270513830) affirmed at 'A'.
      Outlook Stable

   -- Class D1a (ISIN XS0270498180) affirmed at 'BBB-'.
      Outlook Stable

   -- Class D1c (ISIN XS0270513913) affirmed at 'BBB-'.
      Outlook Stable

   -- Class DTc (ISIN XS0270514135) affirmed at 'BBB-'.
      Outlook Stable

   -- Class E1c (ISIN XS0270514309) affirmed at 'BB'.
      Outlook Stable

   -- Class ETc (ISIN XS0270514564) affirmed at 'BB'.
      Outlook Stable

   -- Class FTc (ISIN XS0270515371) affirmed at 'B'.
      Outlook Stable

The upgrades of MARS 2 reflect the continued good performance of
the transaction throughout 2006 and into 2007.  A significant
amount of available excess spread and a continued healthy build-
up of credit enhancement are also influencing factors.  The
amount of excess spread is due to the absence of detachable A
coupons.  The presence of DACs effectively strips out the amount
of excess spread available in a deal.  Payments to the DAC
noteholders rank equally with the interest on the Class A, and
are paid before the reserve fund is replenished.  Therefore, the
absence of DACs in the MARS series has contributed to the
significant amount of available excess spread than would have
been the case if DACs were present.

The MARS transactions have historically performed in line with
the Fitch U.K. Non-Conforming index.  Arrears greater than three
months, including current possessions, for MARS 2, currently
comprise 20.78% of the outstanding pool balance.  For MARS 3 and
MARS 4, arrears greater than three months, are at 22.67% and
3.5% respectively.

The amortisation structure of the MARS deals is sequential but
includes a switch to pro rata once certain criteria have been
met.  MARS 2 notes began pro-rata redemption in December 2005
when all conditions had been met, along with MARS 3, which began
pro-rata redemption in the most recent reporting period, March
2007 and as a result, growth in credit enhancement has slowed.
MARS 4 closed in October 2006, has only seen one reporting
period to date and is therefore still paying sequentially.

MARS 2 and 3 have a high proportion of adverse credit borrowers.
At end-March 2007, some 60.95% and 77.55% of loans (by value) in
MARS 2 and 3, respectively, were to borrowers who certified
their income level rather than providing full income
information, compared to 49.21% in MARS 4. Furthermore, MARS 2
and 3 have a significantly higher proportion of borrowers who
have been the subject of at least one county court judgement at
41.2% and 44% respectively, compared to 12% in MARS 4.


MENDWEST TRADITIONAL: Hires Liquidators from Begbies Traynor
------------------------------------------------------------
Paul Finnity and Robert Michael Young of Begbies Traynor were
appointed joint liquidators of Mendwest Traditional Homes Ltd.
on May 29 for the creditors’ voluntary winding-up procedure.

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

The company can be reached at:

         Mendwest Traditional Homes Ltd.
         Elford House 6B
         Elford Street
         Ashby de la Zouch
         LE65 1HH
         England
         Tel: 01530 413 613
         Fax: 01530 417 317


MGH ENTERPRISES: Appoints Administrative Receivers from BDO Stoy
----------------------------------------------------------------
HSBC Bank Plc appointed Matthew Dunham and Dermot Justin Power
of BDO Stoy Hayward LLP joint administrative receivers of MGH
Enterprises Ltd. (Company Number 04546997) on June 28.

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

The company can be reached at:

         MGH Enterprises Ltd.
         29 Lowther Street
         Kendal
         LA9 4DH
         England
         Tel: 01539 738 666


NYCHOLWOOD LTD: Joint Liquidators Take Over Operations
------------------------------------------------------
Joseph Gordon MauriceSadler and John Michael Munn of Elwell
Watchorn & Saxton LLP were appointed joint liquidators of
Nycholwood Ltd. on June 7 for the creditors’ voluntary winding-
up procedure.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

The company can be reached at:

         Nycholwood Ltd.
         Brindley Road
         Dodwells Bridge Industrial Estate
         Hinckley
         LE10 3BY
         England
         Tel: 01455 610 300
         Fax: 01455 619 030


SAMSONITE CORP: Moody's May Lift B1 Rating After Review
-------------------------------------------------------
Moody's Investors Service placed all ratings of Samsonite
Corporation under review for possible downgrade.

The review was prompted by the company's announcement that it
has entered into a definitive merger agreement with funds
managed and advised by CVC Capital Partners in an all-cash
transaction valued at about US$1.7 billion, including the
assumption of debt (US$482 million outstanding as of April 30,
2007).  The transaction remains subject to regulatory approval
in both the U.S. and Europe, and is expected to close in the
fourth quarter of 2007. LGD assessments are also subject to
change.

Moody's review will consider the impact of the transaction on
Samsonite's capital structure and credit metrics, particularly
since post-transaction debt levels could potentially increase.
The review will also focus on management's ongoing strategy for
growth, profitability improvement, and cash flow generation.
Since Samsonite's operating performance and credit metrics have
shown significant improvement over the last several years,
Moody's will assess whether the company will be able to sustain
metrics that are consistent with a B1 rating going forward given
changes which may occur to its capital structure.

Ratings placed under review for possible downgrade are:

* Samsonite Corporation

   -- US$80 million senior secured revolving credit facility at
      Ba3;

   -- US$450 million senior secured term loan at Ba3;

   -- Corporate Family Rating at B1; and

   -- Probability of Default rating at B2.

Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended April 30, 2007 approached US$1.1
billion.  Executive offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.


TATA STEEL UK: Moody's Assigns (P)Ba3 Rating to Holding Company
---------------------------------------------------------------
Moody's downgraded by one notch and withdrawn the corporate
family rating of Corus Group plc and assigned (P)Ba3 corporate
family rating to Tata Steel UK Limited (the group's new holding
company).

Moody's also assigned provisional (P)Ba3/LGD3 (49%) ratings to
the signed GBP3.7 billion senior secured guaranteed bank
facilities to be raised by Tata Steel UK Limited and its
subsidiaries.

Moody's has issued the ratings following the acquisition of the
group by Tata Steel Limited (rated Ba1) subject to finalizing
the refinancing and the security package.  Funding for the
acquisition of Corus, refinancing Corus' existing debt and
paying transaction costs has been provided by the term loan and
loan note guarantee elements of the senior secured guaranteed
bank facilities and GBP3.5 billion of equity contributions.

The (P)Ba3 corporate family rating reflects the group's strong
position in construction, automotive and packaging market
sectors in Europe and medium to long-term opportunities to
further improve the cost position of the UK group.  The rating
anticipates continuous favorable steel market conditions and
robust EBITDA momentum for Corus in 2007.  While the new
facilities suggest no legal recourse to the parent, the new
ratings assume some support is likely to be available to Corus
group, given the importance of the newly acquired European
operations for the Tata Steel group.

Moody's notes that Corus's medium-term financial profile will
substantially depend on continuous efficiency gains to be
delivered by the U.K. group in 2007-2009, as well as some
synergies arising from the acquisition by Tata Steel Limited.
Following the refinancing in 2007, the adjusted gross leverage
is expected to be close to 4x EBITDA.  Moody's expects the group
to press ahead with its substantial investment program of 2007-
2009 that should underpin future cash flow generation and
continuous competitive position of the group.

This rating action concludes the review that was initiated on
Oct. 23, 2006 following the announcement of the acquisition of
Corus by Tata Steel Limited.  Ratings affected by the rating
action are:

   -- (P)Ba3 Corporate Family Rating of Tata Steel UK Limited;

   -- (P)Ba3/LGD3 (49%) GBP3.7 billion Senior Secured Guaranteed
      Bank Facilities.

The new facilities include GBP3.09 billion term of loans, GBP80
million of loan note guarantee facilities and GBP500 million
revolving facilities and it is proposed that these will be
secured against UK assets, the shares of Corus Nederland and
shares in some holding companies and guaranteed by holding and
operating companies of the UK group.  Moody's notes that Corus
will continue to discuss a possible sharing of security with the
UK pension funds and has yet to obtain the advice of Corus
Nederland Central Works Council.  The rating on the facilities
at the same level as the corporate family rating reflects
absence of junior debt in the structure.

Corus, headquartered in the U.K., was created through the merger
of British Steel plc and Koninklijke Hoogovens NV.  Corus is the
second largest producer in Europe with 18.3 million of tonnes of
crude steel made in 2006.  For the financial year ended 30
December 2006, revenue of GBP9.7 billion was generated.

Tata Steel is an integrated steel company headquartered in
Mumbai, India.  The company produces a variety of flat and long
products, including hot rolled coil, cold rolled coil,
galvanized sheet, bars, rebar and wire rods.  For the fiscal
year ended March  31, 2007, gross sales revenue was Rs.274.4
billion (approximately US$6.5 billion).  It is controlled by the
Tata Group through a 33.77% shareholding, including Tata Sons
interest of 27.63%.


TLC PARKING: Claims Filing Period Ends September 30
---------------------------------------------------
Creditors of TLC Parking Ltd. have until Sept. 30 to send in
their names and addresses, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:

         Mark S. Reynolds
         Liquidator
         Valentine & Co.
         Dancastle Court
         14 Arcadia Avenue
         London
         N3 2HS
         England

Mark S. Reynolds of Valentine & Co. was appointed liquidator of
the company on June 7.


UNICORN COMPUTERS: Taps Liquidators from Jacksons Joliffe Cork
--------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons Joliffe
Cork were appointed joint liquidators of Unicorn Computers Ltd.
(t/a Games 2U) on May 31 for the creditors’ voluntary winding-up
procedure.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

The company can be reached at:

         Unicorn Computers Ltd.
         1 Park Lane
         Clayton
         Bradford
         BD14 6AR
         England
         Tel: 01274 883 362
         Fax: 01274 816 397


WICLIFFE MOTOR: National Westminster Taps E&Y As Receivers
----------------------------------------------------------
National Westminster Bank Plc. appointed Ian Best and Tomislav
Lukic of Ernst & Young LLP joint administrative receivers of
Wicliffe Motor Co. Ltd. (Company Number 00148439) on June 28.

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

The company can be reached at:

         Wicliffe Motor Co. Ltd.
         Wicliffe Industrial Centre
         Chestnut Lane
         Stroud
         GL5 3EN
         England
         Tel: 01453 763 671
         Fax: 01453 763 675


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

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

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


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


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


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


FRANCE
------
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Groupe Eurotunnel         GET      (2935)        9958    (9345)
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128       22
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


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


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

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


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

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


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


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


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


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

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


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


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


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


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (286)         597    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Energy Ltd        523362Q (5,823)       4,921      290
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         595       (5)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music
   Industries Group       EMI      (2266)       2,950     (381)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (269)
HOGG Robinson Gr          HRG       (258)         791       (5)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)

                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *