TCREUR_Public/070712.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

            Wednesday, July 11, 2007, Vol. 8, No. 136

                            Headlines



A U S T R I A

B & R ELEKTROBAU: Claims Registration Period Ends July 25
FOEZOE LLC: Claims Registration Period Ends July 31
FORM LLC: Claims Registration Period Ends July 31
GEZA HONTVARI: Claims Registration Period Ends July 25
HARF LLC: Claims Registration Period Ends July 31

SCHOENER JM: Claims Registration Period Ends July 30
TFW MEDIA: Claims Registration Period Ends August 7
WASCHEREI HANS: Claims Registration Period Ends July 31


F I N L A N D

METSO CORP: Unit to Provide Tissue Machine to Saudi Paper
METSO CORP: Unit to Supply Deinking Line to Subburaj Papers


F R A N C E

AKERYS SA: Moody's Rates Proposed EUR300 Mln Notes at (P)Ba3
REMY COINTREAU: Moody's Holds Ba2 Ratings on Strong Business


G E R M A N Y

BBS AUTOMOTIVE: Punch International to Acquire German Units
BETREIBERGESELLSCHAFT HOHELEYE: Claims Registration Ends Aug. 25
C.B.T. CANADISCHE: Claims Registration Period Ends August 17
GRUNDSTEIN VERWALTUNGS: Claims Registration Period Ends Aug. 14
MUEHLE-GLASHUETTE GMBH: Failed Talks Cue Insolvency Filing

ZAPF CREATION: Isaac Larian to Purchase Outstanding Debt


I R E L A N D

LOCKO FINANCE: Moody's Assigns B2 Rating to Loan Notes


K A Z A K H S T A N

ALORA OIL: Proof of Claim Deadline Slated for August 15
B.S. TRADING LLP: Creditors Must File Claims August 14
DAYANA LLP: Claims Filing Period Ends August 14
KUSTANAIASBEST LLP: Creditors' Claims Due on August 14
TELEMAH LLP: Claims Registration Ends August 14

TEMIR CAPITAL: Moody's Assigns Ba1 Foreign Currency Rating
U-NO-TRADE LLP: Creditors Must File Claims August 17
VALEAS LLP: Claims Filing Period Ends August 14


K Y R G Y Z S T A N

UNIVERSALSTROY LLC: Creditors Must File Claims by August 17


L U X E M B O U R G

AK BARS: Fitch Assigns BB- Rating to US$250 Million Loan
EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit


N E T H E R L A N D S

EURO GALAXY: Moody's Rates EUR13.5 Mln Class E Notes at (P)Ba3
X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook


R U S S I A

AGRO-TRADE CJSC: Creditors Must File Claims by August 16
ALIOT CJSC: Creditors Must File Claims by August 16
ANIS CJSC: Creditors Must File Claims by August 16
BAYKALSKIYE VOROTA: Bankruptcy Hearing Slated for Oct. 15
DELTA CJSC: Creditors Must File Claims by August 16

EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit
HEATHER CJSC: Creditors Must File Claims by August 16
INVESTMENT TRADE: Moody's Assigns B2/Not-Prime/E+ Ratings
KADOMSKIY AGRO-FOOD: Creditors Must File Claims by July 16
MEAT-IMPORT LLC: Creditors Must File Claims by August 16

PARIS ON NEVA: Creditors Must File Claims by August 16
PROBUSINESSBANK: Fitch Puts B- Rating on RUB3 Billion Loan
ROS-TORG-SERVICE: Creditors Must File Claims by August 16
ROSBANK: Societe Generale Opts to Buy Shares 18 Months Early
ROSNEFT OIL: Inks Strategic Cooperation Deal with Shell

ST. PETERSBURG METALLURGICAL: Claims Filing Deadline Set Aug. 16
UST'-ILIMSKIY CJSC: Court Starts External Bankruptcy Procedure
VIRAZH CJSC: Novosibirsk Bankruptcy Hearing Slated for Sept. 23
X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook
ZTK-TRANS LLC: Creditors Must File Claims by July 16


S P A I N

AYT CAJA: Fitch Rates EUR2 Million Class D Notes at BB


S W I T Z E R L A N D

M. ET M. COIFF': Creditors' Liquidation Claims Due July 26
OPTIMISE LLC: Creditors' Liquidation Claims Due July 25
P. SEILER: Creditors' Liquidation Claims Due July 26
PYRONEX JSC: Aargau Court Closes Bankruptcy Proceedings
RALF NAGEL: Creditors' Liquidation Claims Due July 27

SCHUH-TONI JSC: Creditors' Liquidation Claims Due July 26
SCHMID HOLZBAU: Creditors' Liquidation Claims Due July 31
U & R PRINT: Schaffhausen Court Starts Bankruptcy Proceedings
VON BOHLEN: Creditors' Liquidation Claims Due July 26
WELTPANORAMA VERTRIEBS: Liquidation Claims Due July 26


U K R A I N E

BERSHAD-INVEST LLC: Proofs of Claim Deadline Set July 13
IMPEX CJSC: Creditors Must File Claims by July 13
LUBNY FOUNDRY-MECHANICAL: Creditors Must File Claims by July 13
LUKSON LLC: Creditors Must File Claims by July 13
MKT-98 LLC: Creditors Must File Claims by July 13

NOVOSANZHARKA BREADRECEIVING: Creditors' Claims Due July 13
PETKIM: Privatization Auction Cues Fitch to Watch BB IDR
PROGRESS LLC: Creditors Must File Claims by July 14
UKRSIBBANK: Shareholders' Support Cues Fitch to Assign BB Rating
UKRSOTSBANK JSCB: Unicredit SpA to Acquire 95% Stock

UKRSOTSBANK JSCB: Purchase Deal Cues S&P to Watch B Rating
VTB BANK: Fitch Assigns BB Ratings on Shareholders' Support
ZMIYEV OIL: Creditors Must File Claims by July 13


U N I T E D   K I N G D O M

APEX INTERNET: Jason Groocock Leads Liquidation Procedure
BIARN LTD: Joint Liquidators Take Over Operations
BRANDED LOGO: Brings In Administrators from David Rubin
CITY OFFICE: Taps Michael Ioannou to Liquidate Assets
EUROHOME UK: Fitch Puts BB Ratings on Class B2 and Class C Notes

GENEVE INTERNATIONAL: Brings In Liquidators from Tait Walker
INITIATE CLOTHING: Appoints Kikis Kallis as Liquidator
ISD FINANCE: Moody's Rates US$350-500M Guaranteed Notes at (P)B2
ISD FINANCE: Fitch Rates Loan Participation Notes at B+
MICROPLUS COMPUTER: Calls In Liquidators from Vantis

NEW YORK: Hires Liquidators from Kingston Smith & Partners
PENICUIK HOME: Appoints BDO Stoy as Receiver
PRIESTLEY CIVIL: Claims Filing Period Ends July 31
ROADWAY TRUCK: Joint Liquidators Take Over Operations
SARACEN SERVICES: Names Richard William James Long Liquidator

SEARCH PARTNERS: Paul Appleton Leads Liquidation Procedure
TELLITS DIALS: Appoints Tony Mitchell to Liquidate Assets
TRILINE HOLDINGS: Brings In Liquidators from Vantis
WEYBRIDGE CONSTRUCTION: Taps Liquidators from Smith & Williamson




                            *********


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


B & R ELEKTROBAU: Claims Registration Period Ends July 25
---------------------------------------------------------
Creditors owed money by LLC B & R Elektrobau (FN 243937g) have
until July 25 to file written proofs of claim to court-appointed
estate administrator Georg Kahlig at:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         E-mail: kahlig.partner@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 12 (Bankr. Case No. 2 S 80/07p).
  

FOEZOE LLC: Claims Registration Period Ends July 31
---------------------------------------------------
Creditors owed money by LLC Foezoe (FN 75329d) have until
July 31 to file written proofs of claim to court-appointed
estate administrator Wolfgang Gerhard Zorn at:

         Dr. Wolfgang Gerhard Zorn
         c/o Mag. Dominik Baurecht
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61
         Fax: 533 66 61-92
         E-mail: office@gnbz.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 13 (Bankr. Case No. 4 S 60/07m).  Dominik Baurecht
represents Dr. Zorn in the bankruptcy proceedings.


FORM LLC: Claims Registration Period Ends July 31
-------------------------------------------------
Creditors owed money by LLC Form (FN 254238f) have until July 31
to file written proofs of claim to court-appointed estate
administrator Karl F. Engelhart at:

         Dr. Karl F. Engelhart
         c/o Dr. Thomas Engelhart
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Aug. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 13 (Bankr. Case No. 4 S 68/07p).  


GEZA HONTVARI: Claims Registration Period Ends July 25
------------------------------------------------------
Creditors owed money by KEG Geza Hontvari PB (FN 261078p) have
until July 25 to file written proofs of claim to court-appointed
estate administrator Josef Ebner at:

         Dr. Josef Ebner
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: ra.ebner@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 8 (Bankr. Case No. 4 S 65/07x).  


HARF LLC: Claims Registration Period Ends July 31
-------------------------------------------------
Creditors owed money by LLC HARF (FN 278764y) have until July 31
to file written proofs of claim to court-appointed estate
administrator Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 5776/13
         Fax: 512 5776/50
         E-mail: office@fg-lawyers.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 14 (Bankr. Case No. 4 S 69/07k).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.


SCHOENER JM: Claims Registration Period Ends July 30
----------------------------------------------------
Creditors owed money by LLC Schoener J.M. (FN 182614a) have
until July 30 to file written proofs of claim to court-appointed
estate administrator Gottfried Forsthuber at:

         Dr. Gottfried Forsthuber
         Kaiser-Franz-Josef-Ring 5
         2500 Baden bei Wien
         Austria
         Tel: 02252/86366
         Fax: 02252/863662
         E-mail: forsthuber@forsthuber.at  

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

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Neuhaus im Triestingtal, Austria, the Debtor
declared bankruptcy on June 14 (Bankr. Case No. 10 S 62/07g).  


TFW MEDIA: Claims Registration Period Ends August 7
---------------------------------------------------
Creditors owed money by LLC TFW Media (FN 128100h) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Franz Stefan Pechmann at:

         Dr. Franz Stefan Pechmann
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 503 19 95
         Fax: 503 19 95 12
         E-mail: office@pechmann.cc  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 11 (Bankr. Case No. 28 S 61/07k).  


WASCHEREI HANS: Claims Registration Period Ends July 31
-------------------------------------------------------
Creditors owed money by LLC Wascherei Hans Troll (FN 62988f)
have until July 31 to file written proofs of claim to court-
appointed estate administrator Lukas Pfefferkorn at:

         Mag. Lukas Pfefferkorn  
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Aug. 9 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Meeting Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on June 14 (Bankr. Case No. 14 S 25/07z).


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


METSO CORP: Unit to Provide Tissue Machine to Saudi Paper
---------------------------------------------------------
Metso Paper, one of Metso Corp.'s three business areas, will
supply a complete tissue machine to Saudi Paper Manufacturing
Co.  The machine will be installed in SPM's mill located in
Dammam, Eastern Province, of Saudi Arabia.  The machine is
scheduled to start production during the fourth quarter of 2008.  
The value of the order is not disclosed.  The order is included
in Metso's second quarter order backlog.

The market value of these types of tissue production lines is in
excess of EUR25 million, depending on the scope of delivery and
production output.  The total project investment made by Saudi
Paper Manufacturing Co. is in excess of EUR50 million.

Metso Paper's delivery will comprise an Advantage DCT 200 tissue
machine including quality control and distributed control
systems (QCS/DCS).  Metso will also supply all the basic and
detailed engineering and project management services.  The
machine is designed for a cogeneration ventilation system.  With
a width of 5.5 m and a design speed of 2,200 m/min, the new
machine will add another 60,000 tons a year of high-quality
facial, toilet and towel grades to Saudi Paper Manufacturing
Company's total production capacity.  The raw material for the
new machine will be virgin pulp and recycled fiber.

Tissue consumption has grown by 25% in the Middle East over the
past five years.  Although per capita consumption is low
compared to Europe, the population of 258 million means that the
potential for growth is large.

The Saudi Paper Manufacturing Company was established in 1991 to
produce a wide range of high-quality tissue paper.  The products
are sold in Saudi Arabia and to a growing number of countries in
the Middle East and the region at large.  The production
capacity is today 80,000 tons.  Currently there are three tissue
machines in SPM's Dammam mill.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2006 net sales of approximately EUR5 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

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

                        *    *    *

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


METSO CORP: Unit to Supply Deinking Line to Subburaj Papers
-----------------------------------------------------------
Metso Paper, one of Metso Corp.'s three business areas, will
supply a complete deinking line to Subburaj Papers Private Ltd.
in India.  The new DIP line will have a daily capacity of 320
tons and the value of the investment is close to EUR8 million.
The greenfield printing and writing paper project is scheduled
to start up in mid-2008.

The line will feature the latest deinking technology, including
the energy efficient OptiSlush drum pulper and OptiBright
flotation cells.  The delivery is Metso Paper's first recycled
fiber system to be installed in India.  The pulp is used for
manufacturing high-quality printing and writing paper based on
100 % recovered fiber as raw material.

Subburaj Papers Private Ltd. is a part of the Subburaj
Industries Ltd. group of companies, based in Tirunelveli,
southern Tamil Nadu, India.  Subburaj is a well-established 100
% EOU (Export Oriented Units) company in the textile industry.  
The mill is located approximately 20 km from the town of
Tirunelveli.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2006 net sales of approximately EUR5 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

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

                        *    *    *

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


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


AKERYS SA: Moody's Rates Proposed EUR300 Mln Notes at (P)Ba3
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
to Korreden S.A., the ultimate holding company for the French
residential property developer Akerys.

At the same time, Moody's assigned a provisional (P)Ba3 rating
to EUR300 million of senior Floating Rate Notes due 2014 to be
issued by Akerys Holdings S.A., a finance subsidiary of Korreden
S.A.  The outlook for all ratings is stable.  This is the first
time that Moody's assigned ratings to Akerys.

The Ba2 corporate family rating assigned to the group's ultimate
parent company, Korreden S.A., reflects Akerys' leading position
in the buy-to-let segment of the homebuilding market and its
good geographic diversification.  Ratings also factor in the
supportive legal framework in France and the group's
conservative risk-management guidelines, which restrict the
level of speculative development undertaken.  Moody's adds that
Akerys benefits from its integrated business model, which yields
more stable cash flows than a pure homebuilder due to the
recurring nature of some of its ancillary businesses such as
financial products brokerage and real estate services.

At the same time, ratings remain constrained by the cyclical
nature of the homebuilding industry which is characterized by
relatively low barriers to entry, strong competition and
exposure to intrinsically volatile macro-economic indicators
such as interest rates, unemployment and consumer confidence,
albeit mitigated by the favorable outlook for the French market
due to the structural imbalance between high demand and lack of
supply.  Ratings also incorporate the group's moderate leverage
and its focus on one type of product -- properties under buy-to-
let schemes -- exposing it to potential changes in the degree of
tax incentives provided.

The proceeds of the proposed EUR300 million Notes issuance will
be used to:

   (i) refinance the existing debt of Akerys; and

  (ii) fund a EUR35 million dividend distribution.  The (P)Ba3
       rating assigned to the Notes reflects the combination of
       the overall probability of default of Akerys, to which
       Moody's has assigned a PDR of Ba2, with a loss given
       default assessment of LGD5 (77%).  

The Notes will be guaranteed on a senior basis by Korreden S.A.
and secured by:

  (i) a first ranking pledge on the shares of Akerys Holdings
      S.A. and Akerys S.A. together with

(ii) a first ranking pledge over certain bank accounts of
      Korreden S.A. and Akerys Holdings S.A.  The one-notch
      discount to the Ba2 CFR however reflects their structural
      subordination to the claims of creditors located at the
      group's subsidiaries including:

        (i) lenders of a EUR15 million Revolving Credit
            Facility;

       (ii) the bank debt outstanding under Credit Promoteur
            raised at Akerys Promotion S.A.S.; and

      (iii) trade creditors.

Moody's notes that there are no financial covenants that apply
under the Notes with the exception of a minimum consolidated
EBITDA interest cover test of 2.5x in relation to additional
indebtedness of Korreden S.A. and Akerys Holdings S.A.

The stable outlook anticipates Akerys to maintain a net adjusted
debt/EBITDA ratio below 3.0x to support current ratings (versus
an expected leverage of around 2.5x post-transaction).  Moody's
adds that a deleveraging of the capital structure resulting in a
ratio of net adjusted debt to EBITDA below 2.0x on a sustainable
basis could exert upward pressure on ratings over time.

Headquartered in Toulouse, France, Akerys is the largest player
in the buy-to-let segment of the French homebuilding market with
8,571 housing units sold in 2006/07.  The group's main
shareholder is investment holding company Qualis SCA (not
rated), with a 66% interest.  In 2006/2007, the group reported
revenues of EUR815 million.


REMY COINTREAU: Moody's Holds Ba2 Ratings on Strong Business
------------------------------------------------------------
Moody's Investors Services changed the outlook of Remy Cointreau
SA to stable from negative and affirmed the ratings - Corporate
Family Rating at Ba2, senior unsecured at Ba2 and LGD assessment
at LGD4.  

The change in outlook is based on the improvement in the
company's underlying performance in fiscal year ended March 31,
2007 reflecting the group's refocused business strategy on its
premium and super premium brands and a positive momentum in its
main markets.  This, combined with a reduction in leverage
following a number of disposals in the past year, resulted in a
moderate improvement in Remy's debt protection ratios.

The Ba2 corporate family rating reflects the company's portfolio
of brand name products and the general stability in its
operations.  Moody's believes that the recent change in Remy's
longer-term strategy towards premium and super premium products
provides potential for profitability improvement through, inter
alia, greater pricing flexibility.  Overall, Remy Cointreau
enjoys a strong Ba/low Baa business profile.

These strengths, however, are balanced against the high reliance
of Remy to the Cognac segment, which represented over 55% of its
operating profit at fiscal year ended March 31, 2007 and its
exposure to foreign currency fluctuations.  In addition, the
decision to exit the Maxxium joint venture as of March 2009 will
result in a significant cash outflow of circa EUR164 million
(post tax) in that year partly offset by the sale of its 25%
stake in the joint venture to the remaining partners.  The
corporate family rating is also constrained by the company's
leverage and its aggressive shareholder policy with credit
metrics in the high single B rating category.

The stable outlook is based on the generally stable industry
conditions and the expectations that the company will continue
to improve its margins and apply part of its cash flow
generation to deleveraging.  The Ba2 rating and the stable
outlook also factors in Moody's view that Remy will maintain a
ratio of Debt to EBITDA between 4.0x and 4.8x over time.  
Moody's nonetheless cautions that the effects on the cost
structure of the exit from Maxxium remain unclear.  Any
indication of a disruption or unanticipated additional costs
could lead to a revision of the ratings and/or outlook.  The
current rating does not factor in any debt-financed acquisitions
or significant increases in Remy's already high shareholder
returns.

Headquartered in Paris, France, Remy Cointreau S.A. is a major
producer of cognac and other spirits.  It had revenues of EUR786
million in the fiscal year ending March 31, 2007.


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


BBS AUTOMOTIVE: Punch International to Acquire German Units
-----------------------------------------------------------
Belgian Industrial Holding company Punch International has
agreed to acquire, for an undisclosed sum, BBS
Kraftfahrzeugtechnik and BBS Motorsport & Engineering, both
subsidiaries of insolvent German manufacturer BBS automotive
technology AG, The Financial Times reports, citing Borsen-
Zeitung as its source.

According to the report, there will be some job cuts although
the two German production sites at Schiitach and Herbolzheim
will continue to operate.

                            About BBS

Headquartered in Schiltach, Germany, BBS automotive technology
AG -- http://bbs.com/-- manufactures high-quality light alloy  
wheels.  BBS employs 1,200 people, 750 of which are in Germany.  
In 2005, the company had turnover of EUR189.8 million and losses
of EUR1.7 million.

BBS declared insolvency in February 2007 after its inability to
pay discouraged one bank to participate in a rescue plan aimed
at restoring its liquidity.


BETREIBERGESELLSCHAFT HOHELEYE: Claims Registration Ends Aug. 25
----------------------------------------------------------------
Creditors of Betreibergesellschaft Hoheleye mbH have until
Aug. 25 to register their claims with court-appointed insolvency
manager Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Axel Kampmann
         Bronnerstr. 7
         44141 Dortmund
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Betreibergesellschaft Hoheleye mbH on July 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Betreibergesellschaft Hoheleye mbH
         Hoheleye 4
         59955 Winterberg
         Germany

         Attn: Ronald Bourne, Manager
         Schneidingweg 2
         22179 Hamburg
         Germany


C.B.T. CANADISCHE: Claims Registration Period Ends August 17
------------------------------------------------------------
Creditors of C.B.T. Canadische Bau Technologie Beratungs- und
Vertriebsgesellschaft mbH have until Aug. 17 to register their
claims with court-appointed insolvency manager Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 17, 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The District Court of Aachen opened bankruptcy proceedings
against C.B.T. Canadische Bau Technologie Beratungs- und
Vertriebsgesellschaft mbH on July 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         C.B.T. Canadische Bau Technologie Beratungs- und          
         Vertriebsgesellschaft mbH
         Attn: Ewald Schulz, Manager
         Geilenkirchener Strasse 355
         52134 Herzogenrath
         Germany


GRUNDSTEIN VERWALTUNGS: Claims Registration Period Ends Aug. 14
---------------------------------------------------------------
Creditors of Grundstein Verwaltungsgesellschaft mbH have until
Aug. 14 to register their claims with court-appointed insolvency
manager Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Sept. 26, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.whitecaseinso.de/  

The District Court of Dresden opened bankruptcy proceedings
against Grundstein Verwaltungsgesellschaft mbH on July 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grundstein Verwaltungsgesellschaft mbH
         Attn: Ursula Scherwietes, Manager
         Sternstrasse 30
         01139 Dresden
         Germany


MUEHLE-GLASHUETTE GMBH: Failed Talks Cue Insolvency Filing
----------------------------------------------------------
Muehle-Glashuette GmbH has applied for insolvency proceedings at
the District Court of Dresden after discussions fell through
with local rival Nomos regarding a settlement for contractual
penalties of EUR63 million, The Financial Times reports, citing
Handelsblatt.

According to the report, the legal dispute with Nomos resulted
to excessive debts.

The court has appointed Helgi Heumann to act as the company's
provisional insolvency administrator.

Muehle-Glashuette Chairman Thilo Muehle is banking on an
insolvency plan that will not only safeguard jobs at the company
but create new ones as well, FT relates.

Headquartered in Glashuette, Germany, Muehle-Glashuette GmbH -
http://www.muehle-glashuette.de/-- manufactures wrist watches,  
nautical instruments and ship clock systems.  The company
employs 38 people.


ZAPF CREATION: Isaac Larian to Purchase Outstanding Debt
--------------------------------------------------------
Isaac Larian, the chief executive officer of MGA Entertainment,
Inc., the largest shareholder of Zapf Creation AG, has expressed
willingness to purchase the latter's outstanding indebtedness to
banks for an adequate price.  

Mr. Larian submitted an offer to the syndicate of banks whose
facility expired on June 30, 2007.  Zapf Creation group shall be
refinanced long-term by banks working with MGA.

The Management Board of the company continues to negotiate with
all parties involved to secure the long-term financing of the
company.  To avoid insolvency proceedings, a solution will have
to be found shortly.

Headquartered in Roedental/Coburg, Germany, Zapf Creation AG --
http://www.zapf-creation.com/-- markets branded play concepts  
including dolls and a wide range of accessories.  The company's
most popular brands are Baby Born, Baby Annabell and Chou Chou.

Zapf Creation AG incurred EUR3.4 million in net losses on
EUR13.3 million in net sales for the first quarter of 2007,
compared with EUR5.3 million in net losses on EUR15.4 million in
net sales for the same period in 2006.

At March 31, 2007, the company's balance sheet showed
EUR77 million in total assets, EUR75.1 million in total
liabilities and EUR1.9 million in equity.

The company's balance sheet also showed strained liquidity with
EUR51.5 million in total current assets available to pay EUR74.9
million in total liabilities coming due within the next 12
months.


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


LOCKO FINANCE: Moody's Assigns B2 Rating to Loan Notes
------------------------------------------------------
Moody's Investors Service assigned a rating of B2 to the Loan
Participation Notes to be issued on a limited recourse basis by
Locko Finance Plc for the sole purpose of funding a loan to
Locko-bank (Russia).  The outlook for the rating is stable.

Moody's notes that the holders of the notes will be relying for
repayment solely and exclusively on the ability of Locko-bank to
make payments under the loan agreement.  Locko-bank is currently
rated B2/Not Prime for long- and short-term foreign- and local-
currency deposits, and E+ for financial strength, all with a
stable outlook.

The amount of this LPN issue is RUR3 billion and the tenor is
two years.  The obligations of Locko-bank to make payments under
the loan agreement will at all times rank at least pari-passu
with the claims of all other unsecured creditors of the
borrower, except for those whose claims are preferred by any
bankruptcy, insolvency, liquidation or similar laws of general
application.

According to the terms and conditions of the loan agreement,
Locko-bank must maintain a minimum total capital adequacy ratio
and Tier 1 capital adequacy ratio calculated in accordance with
BIS guidelines of 12% and 8%, respectively, while its exposure
to any single borrower, which is not a related party, shall not
exceed 25% of the net asset value.  The bank must comply with a
number of other covenants such as negative pledge, limitations
on mergers, disposals and transactions with affiliates.

Headquartered in Moscow, Russia, Locko-bank reported total
consolidated assets and shareholders' equity of US$630.6 million
and US$94 million, respectively, at year-end 2006.  Locko
Finance Plc is an orphan special purpose vehicle domiciled in
Ireland.


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


ALORA OIL: Proof of Claim Deadline Slated for August 15
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alora Oil Group (RNN 600400124576) insolvent.

Creditors have until Aug. 15 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 193
         Main Post Office
         Almaty
         Kazakhstan
         Tel: 8 777 233 19-63


B.S. TRADING LLP: Creditors Must File Claims August 14
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP B.S. Trading insolvent.

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

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


DAYANA LLP: Claims Filing Period Ends August 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Dayana insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-84-70


KUSTANAIASBEST LLP: Creditors' Claims Due on August 14
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Management Company Kustanaiasbest (RNN
600400072899) insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Mamyr-1, 13-43
         Almaty
         Kazakhstan
         Tel: 8 777 294 44- 97


TELEMAH LLP: Claims Registration Ends August 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Telemah 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


TEMIR CAPITAL: Moody's Assigns Ba1 Foreign Currency Rating
----------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency rating to the senior debt to be issued by Temir
Capital B.V., a Netherlands-based special purpose vehicle
wholly owned by Temirbank (Kazakhstan), under its newly
established medium-term note program, with an expected
total amount of US$1.2 billion.  

The senior notes will be unconditionally and irrevocably
guaranteed by Temirbank.  Long-term subordinated notes, which
may also be issued under the program, have been rated Ba2.

At the same time Moody's assigns a Ba1 long-term foreign
currency rating to the first drawdown of the senior debt issued
under this program.  The amount of the issue is US$500 million
with a maturity of seven years.

All of the ratings of Temirbank carry a stable outlook.

The Ba1 senior debt rating and Ba2 subordinated debt rating are
based on the fundamental credit quality of Temirbank, the
ultimate obligor under the debt issuance program, and factor in
a high degree of support from Temirbank's majority shareholder
Bank TuranAlem (BTA, Ba1/NP foreign currency bank deposits
ratings, Baa3 senior debt ratings, D- BFSR).

No systemic support is implied in Temirbank's deposit and debt
ratings, as the bank's importance to the Kazakhstani banking
system is still relatively low, in Moody's view.

The Ba2 long-term rating for the subordinated debt also reflects
the extent of this instrument's subordination against other
obligations.  It takes into account a higher expected loss given
default, stemming from the subordinated nature of this class of
debt, and was notched down from the bank's Ba1 senior unsecured
debt rating.

Moody's noted that it will be closely monitoring the bank's
refinancing risk, which could result in a liquidity strain under
unfavorable market conditions and which has been growing
considerably in recent years as the bank has been borrowing
extensively from the international capital markets. Upcoming
drawdowns under the US$1.2 billion MTN program (equivalent to
77% of the bank's total assets as at year end 2006) might
further increase the refinancing risk and exert pressure on the
bank's ratings.

According to the terms and conditions of the notes, Temirbank
must maintain on a consolidated basis (reported under IFRS) a
total capital adequacy ratio of at least 10% as well as comply
with a number of other covenants such as negative pledge,
limitations on mergers and consolidation, and restrictions on
distribution of dividends.

Headquartered in Almaty, Kazakhstan, Temirbank reported audited
consolidated total assets of US$1.56 billion, capital of US$176
million and net income of US$24 million under IFRS on Dec. 31,
2006.


U-NO-TRADE LLP: Creditors Must File Claims August 17
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP U-No-Trade insolvent.

Creditors have until Aug. 17 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Jetysu-4, 10/11
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-61-46


VALEAS LLP: Claims Filing Period Ends August 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Valeas insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan  
         Tel: 8 (3232) 24-84-70


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


UNIVERSALSTROY LLC: Creditors Must File Claims by August 17
-----------------------------------------------------------
LLC Construction Company Universalstroy has declared insolvency.
Creditors have until Aug. 17 to submit written proofs of claim
to:

         LLC Universalstroy
         Mederov Str. 50
         Bishkek
         Kyrgyzstan


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


AK BARS: Fitch Assigns BB- Rating to US$250 Million Loan
--------------------------------------------------------
Fitch Ratings has assigned AK BARS Luxembourg's US$250 million
Series 1 issue of limited recourse loan participation notes, due
June 2010, a final 'BB-' rating.  The notes are the first issue
of a US$1.5 billion debt issuance program.

AK BARS was founded by the government of the Republic of
Tatarstan in 1993.  It is the largest bank in the republic and
one of the 20 largest Russian banks.  At end-2006, the
republic's government, through ministries, government agencies
and related companies, ultimately controlled 96% of the bank's
capital (end-2005: 93%).


EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit
----------------------------------------------------------------
Evraz Group S.A. has extended an offer period, until further
notice, to buy the shares in Highveld Steel & Vanadium Ltd. That
it does not own yet, Carli Lourens and Maria Kolesnikova write
for Bloomberg News.

Evraz said shareholders holding 57,647 Highveld shares had
already accepted the offer -- equivalent to 0.1% of the South
African firm's total stock.

The TCR-Europe reported on June 5, 2007, that Evraz made an
offer to acquire the entire issued share capital of Highveld for
a consideration of US$11.40 per Highveld share.

Highveld's board of directors, however, rejected the offer and
shareholders are expected to do the same.

"Only if they are neither prepared, nor in a position, to bear
the risk of the uncertainties detailed, should they accept the
offer, otherwise they should not accept the offer," the board
said in a circular to shareholders.  

The board noted that Evraz's ZAR82.99 per share offer was lower
than the ZAR93 per share valuation made by independent adviser
Standard Bank, Reuters relates, citing Highveld's Web site.  The
firm said Standard Bank arrived at the valuation based on cash
flows.  It added that the adviser applied a range of scenarios
and in no case did the valuation fall below ZAR85 a share.

To secure approval from South African regulators, Evraz pledged
to divest vanadium assets including:

   -- Highveld's Vanchem operations,
   -- a 50% stake in South Africa Japan Vanadium (Pty) Ltd., and
   -- shares in the Mapochs Mine.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.


                            *   *   *

Moody's Investors Service confirmed its Ba3 Corporate Family
Rating for Evraz Group S.A. and assigned a Ba3 Probability-of-
Default Rating.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                     Projected
                          Old Debt New Debt LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                          Old Debt New Debt LGD      Loss Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


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


EURO GALAXY: Moody's Rates EUR13.5 Mln Class E Notes at (P)Ba3
--------------------------------------------------------------
Moody's assigned provisional credit ratings to six classes of
notes to be issued by Euro Galaxy II CLO B.V., a Dutch special
purpose company.  The ratings are:

   -- (P)Aaa to the EUR235 million Class A-1 Senior Floating
       Rate Notes due 2022;

   -- (P)Aaa to the EUR40 million Class A-2 Senior Floating Rate
      Delayed Draw Notes due 2022;

   -- (P)Aa2 to the EUR36 million Class B Senior Floating Rate
      Notes due 2022;

   -- (P)A2 to the EUR27.5 million Class C Deferrable Interest
      Floating Rate Notes due 2022;

   -- (P)Baa3 to the EUR20 million Class D Deferrable Interest
      Floating Rate Notes due 2022; and

   -- (P)Ba3 to the EUR13.5 million Class E Deferrable Interest
      Floating Rate Notes due 2022.

EUR38,000,000 Class F Subordinated Notes due 2022 will also be
issued but will not be rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity in October 2022.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks, such as those
associated with the timing of principal prepayments and other
market risks, have not been addressed and may have a significant
effect on yield to investors.

These provisional ratings are based upon:

   1. an assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. the overcollateralization of the Notes;

   4. the proposed currency swap transactions, which insulate
      the Issuer from the volatility of the foreign currency  
      exchange rates in respect of non-Euro denominated
      obligations; and the proposed interest rate swap
      transactions, which substantially mitigate the risk to the
      Issuer from the potential fixed/floating interest mismatch
      between the collateral portfolio and the Notes;

   5. the expertise of AIG Global Investment Corp. (Europe) Ltd
      as a collateral manager; and

   6. The legal and structural integrity of the issue.

This transaction will be a high yield collateralized loan
obligation related to a collateral portfolio of approximately
EUR400 million, comprised primarily of European senior and
mezzanine loans (with a predominance of senior secured loans)
and high yield bonds.  This portfolio will be dynamically
managed by AIG Global Investment Corp. (Europe) Ltd.; 90% of
this portfolio will be acquired at closing date and the
remainder during the six months ramp-up period in compliance
with portfolio guidelines.

The portfolio of loans will be actively managed and the
portfolio manager will have the option to buy or sell assets in
the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.

The transaction is arranged by Morgan Stanley.


X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on X5
Retail Group N.V., owner of Russia's largest grocery retail
network, and its subsidiaries to stable from negative,
reflecting expectations that X5's financial performance will
continue to improve.  At the same time, the 'BB-' long-term
corporate credit rating was affirmed.

Standard & Poor's also assigned its 'BB-' long-term corporate
credit and 'ruAA-' Russia national scale ratings to financing
vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350
million) senior unsecured bonds.

"The rating reflects the group's aggressive growth appetite,
which inevitably leads to an increasing need for capital, as
well as X5's exposure to Russia's complex and nontransparent
real estate industry," said Standard & Poor's credit analyst
Anton Geyze.

Moreover, the group is subject to the risk of declining
operating margins due to planned moves into new market segments.
Moderating these risks is the group's position as the largest
grocery retailer in a growing retail market, X5's proven
effectiveness in cost control, and recent plans to finance its
further expansion through a second equity issue.

X5 had adjusted debt of US$1.38 billion at end of 2006.

"We expect X5's financial profile to improve from the level
reached at year-end 2006," said Mr. Geyze.  "The secondary
public equity placement planned for fourth-quarter 2007 should
provide headroom to finance the group's extensive capital-
expenditure program and acquisition pipeline, while helping to
hold adjusted debt to EBITDA under 3.0x in the medium term."

The outlook could be revised back to negative or the rating
could be lowered if X5's credit protection measures remain
aggressive in the next 12 months.  Upside potential is limited
by the group's significant negative free cash flow and
subsequent strong dependence on the availability of external
financing. S&P expect's X5 to maintain an extensive capital-
expenditure program to uphold its leading position in Russia's
retail food retail market.


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


AGRO-TRADE CJSC: Creditors Must File Claims by August 16
--------------------------------------------------------
Creditors of CJSC Agro-Trade have until Aug. 16 to submit proofs
of claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32126/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agro-Trade
         Premise 22-N
         Mokhovaya 31
         St. Petersburg
         Russia


ALIOT CJSC: Creditors Must File Claims by August 16
---------------------------------------------------
Creditors of CJSC Oil Company Aliot have until Aug. 16 to submit
proofs of claim to:

         A. Pshenkov
         Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-35991/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Oil Company Aliot
         Kosmonavtov, 69a
         St. Petersburg
         Russia


ANIS CJSC: Creditors Must File Claims by August 16
--------------------------------------------------
Creditors of CJSC Anis have until Aug. 16 to submit proofs of
claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32244/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Anis
         Premise 16-N
         Ligovskiy Pr. 29
         St. Petersburg
         Russia


BAYKALSKIYE VOROTA: Bankruptcy Hearing Slated for Oct. 15
---------------------------------------------------------
The Arbitration Court of Irkutsk will convene at 3:00 p.m. on
Oct. 15 to hear the bankruptcy supervision procedure on LLC
Baykalskiye Vorota (TIN 3808093523).  The case is docketed under
Case No. A19-1518/06-8.

         The Temporary Insolvency Manager is:

         A. Ilyin  
         Post User Box 1779
         Bratsk-32
         665732 Irkutsk
         Russia

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 Baykalskiye Vorota
         Krupskaya Str. 13-312
         Irkutsk
         Russia  


DELTA CJSC: Creditors Must File Claims by August 16
---------------------------------------------------
Creditors of CJSC Delta have until Aug. 16 to submit proofs of
claim to:

         D. Bykovskikh
         Insolvency Manager
         Post User Box 3167
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A47-2138/07-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Delta
         Vostochnoye Shosse 5
         Buguruslan
         Orenburg
         Russia


EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit
----------------------------------------------------------------
Evraz Group S.A. has extended an offer period, until further
notice, to buy the shares in Highveld Steel & Vanadium Ltd. That
it does not own yet, Carli Lourens and Maria Kolesnikova write
for Bloomberg News.

Evraz said shareholders holding 57,647 Highveld shares had
already accepted the offer -- equivalent to 0.1% of the South
African firm's total stock.

The TCR-Europe reported on June 5, 2007, that Evraz made an
offer to acquire the entire issued share capital of Highveld for
a consideration of US$11.40 per Highveld share.

Highveld's board of directors, however, rejected the offer and
shareholders are expected to do the same.

"Only if they are neither prepared, nor in a position, to bear
the risk of the uncertainties detailed, should they accept the
offer, otherwise they should not accept the offer," the board
said in a circular to shareholders.  

The board noted that Evraz's ZAR82.99 per share offer was lower
than the ZAR93 per share valuation made by independent adviser
Standard Bank, Reuters relates, citing Highveld's Web site.  The
firm said Standard Bank arrived at the valuation based on cash
flows.  It added that the adviser applied a range of scenarios
and in no case did the valuation fall below ZAR85 a share.

To secure approval from South African regulators, Evraz pledged
to divest vanadium assets including:

   -- Highveld's Vanchem operations,
   -- a 50% stake in South Africa Japan Vanadium (Pty) Ltd., and
   -- shares in the Mapochs Mine.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.


                            *   *   *

Moody's Investors Service confirmed its Ba3 Corporate Family
Rating for Evraz Group S.A. and assigned a Ba3 Probability-of-
Default Rating.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                     Projected
                          Old Debt New Debt LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                          Old Debt New Debt LGD      Loss Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


HEATHER CJSC: Creditors Must File Claims by August 16
-----------------------------------------------------
Creditors of CJSC Heather have until Aug. 16 to submit proofs of
claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OSP-100
         170100 Tver
         Russia

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

The Court is located at:

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

The Debtor can be reached at:

         CJSC Heather
         Apartment 27
         Zheleznovodskaya Str. 35
         St. Petersburg and Leningrad V.O.
         Russia


INVESTMENT TRADE: Moody's Assigns B2/Not-Prime/E+ Ratings
---------------------------------------------------------
Moody's Investors Service assigned first-time B2/Not-Prime local
currency deposit ratings, B2/Not-Prime foreign currency deposit
ratings, and an E+ Bank Financial Strength Rating to Russia's
Investment Trade Bank.  The outlooks on all ratings are stable.

At the same time, Moody's Interfax Rating Agency has affirmed
the bank's Baa1.ru long-term national scale credit rating.
Moscow-based Moody's Interfax is majority-owned by Moody's.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B2, is supported by ITB's
satisfactory financial indicators and relative geographic
diversification outside the home Moscow region.  The bank has an
entrenched position in the Oblast of Ivanovo located about 300
kilometres to the northeast from Moscow where it enjoys the
second-largest (after Sberbank) market share.  

At the same time, the BFSR takes into account ITB's high
dependency on the volatile Russian operating environment, which
constrains the ratings of all banks in the country, as well as
the bank's limited franchise value.  ITB's high risk
positioning, particularly large single-party concentrations in
the loan portfolio, and its weak economic capitalization with no
visible prospects to strengthen it under the current ownership
structure also weigh on the BFSR.

The local currency deposit rating assigned to ITB is supported
by the bank's Baseline Credit Assessment of B2 and does not
factor in any support from its shareholders. In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain, while systemic support in the
event of need is unlikely.  The foreign currency deposit rating
is assigned at the same level as the bank's local currency
deposit rating and is not constrained by the country foreign
currency deposit ceiling for Russia.

Investment Trade Bank is headquartered in Moscow and reported
total assets of US$676 million under IFRS on Dec. 31, 2006.


KADOMSKIY AGRO-FOOD: Creditors Must File Claims by July 16
----------------------------------------------------------
Creditors of OJSC Kadomskiy Agro-Food-Combine have until July 16
to submit proofs of claim to:

         N. Zakharov
         Temporary Insolvency Manager
         Post User Box 109
         390044 Ryazan
         Russia

The Arbitration Court of Ryazan will convene at 11:30 a.m. on
Oct. 9 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A54-1581/2007-S6.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Kadomskiy Agro-Food-Combine
         1t Kooperativnyj Per. 6
         Kadom
         391670 Ryazan
         Russia


MEAT-IMPORT LLC: Creditors Must File Claims by August 16
--------------------------------------------------------
Creditors of LLC Meat-Import have until Aug. 16 to submit proofs
of claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32119/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Meat-Import
         Apartment 10
         Engelsa Pr. 43
         St. Petersburg
         Russia


PARIS ON NEVA: Creditors Must File Claims by August 16
------------------------------------------------------
Creditors of CJSC Paris On Neva have until Aug. 16 to submit
proofs of claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32127/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Paris On Neva
         Nab.r.Mojki 20
         St. Petersburg
         Russia


PROBUSINESSBANK: Fitch Puts B- Rating on RUB3 Billion Loan
----------------------------------------------------------
Fitch Ratings has assigned Russia-based Probusinessbank a local
currency Long-term Issuer Default rating of 'B-' with Stable
Outlook.  The rating is aligned with the bank's foreign currency
IDR.

Fitch Ratings has also assigned PBB LPN Issuance Limited's
RUB3 billion 9.75% issue of loan participation notes ratings
of Recovery 'RR4' and Long-term 'B-'.  These notes are due on
July 2010 and to be used solely for financing a loan to PBB.

PBB is a medium-sized Russian bank, with consolidated assets of
RUR37 billion at end-2006.  The bank is owned by senior
management and a small number of private equity funds having
65.5% and 34.5% stakes, respectively.  PPB's activities are
concentrated on SME and retail lending.


ROS-TORG-SERVICE: Creditors Must File Claims by August 16
---------------------------------------------------------
Creditors of CJSC Ros-Torg-Service have until Aug. 16 to submit
proofs of claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32270/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ros-Torg-Service
         Kommuny 21/7
         Kolpino
         St. Petersburg
         Russia


ROSBANK: Societe Generale Opts to Buy Shares 18 Months Early
------------------------------------------------------------
The board of directors of French bank The Societe Generale Group
decided to exercise an option to purchase 30% plus two shares in
Rosbank 18 months ahead of its original schedule slated before
the end of 2008, Kommersant reports.

According to the report, the acquisition is set to be the most
expensive deal in the history of the Russian banking industry in
terms of capital to purchase price ratios and will enable SocGen
to own 50% plus one share in one of Russia's largest banks.

"Rosbank chairman Alexander Popov knows about this information,
said company spokesman Valentin Shapka.  "The French bank has
decided to file an application with the Bank of Russia and the
Federal Antimonopoly Service concerning the acquisition of
another 30% plus two shares of our bank."

The TCR-Europe reported on October 2, 2006, that SocGen has
increased its stake in the share capital of OAO Rosbank from 10%
to 20% less one share for US$317 million.

The move followed SocGen's acquisition of an initial 10% stake
in Rosbank from Interros Holdings in June 2006 and the due
diligence conducted since then.

                          About SocGen

Headquartered in Paris, France, Societe Generale --
http://www.socgen.com/-- employs more than 103,000 people  
worldwide in three key businesses: retail banking and financial
services; global investment management and services; and
corporate and investment banking.

                          About Rosbank

Rosbank OJSC is one of the largest privately owned banks in
Russia.  Its primary activities include retail and corporate
banking, investment banking, treasury related operations, trade
finance, asset management, private banking, custody and
depositary services, international and domestic settlement
services, and credit card services.  As of Dec. 31, 2005, its
balance sheet shows RUR213 billion in total assets and RUR22.8
billion of total equity.

                            *   *   *

As of July 9, 2007, Moody's Investors Service had assigned Ba2
ratings to Rosbank's Foreign Long-term Bank Deposits and Bank
Loan Debt, giving it a Stable Outlook.

Standard & Poor's Ratings Services rates the Russian bank's
Long-term Foreign Issuer Credit and Long-term Local Issuer
Credit at B+ and gave a B rating to its Short-term Foreign
Issuer Credit and Short-term Local Issuer Credit, all with a
Positive Outlook.

Fitch Ratings assigned a B+ Issuer Default Rating to the
company's Long-term foreign currency and Long-term Local
currency while its Short term and Short term Issuer Default
Rating were each given a B rating.


ROSNEFT OIL: Inks Strategic Cooperation Deal with Shell
-------------------------------------------------------
OAO Rosneft Oil Co. and Royal Dutch Shell plc have concluded an
Agreement on Strategic Cooperation.  Rosneft President Sergey
Bogdanchikov and Shell CEO Jeroen van der Veer signed the
agreement in Moscow.

The Agreement provides the opportunity for joint implementation
of upstream and downstream oil and gas projects.  It sets the
basic principles of strategic cooperation between the two major
international energy companies and lays the foundation for long-
term cooperation between Shell and Rosneft both in Russia and
elsewhere.

"The agreement reached today will allow our companies to
seriously widen the scope and geography of our work," Mr.
Bogdanchikov said.  "There is no doubt that cooperation between
Rosneft and Shell will be beneficial not only from commercial
perspective -- it is equally important to share experience and
technologies."  

Mr. Bogdanchikov also stressed that the agreement between the
two major international publicly traded companies is in the best
interest of all their shareholders.

"Russia is a strategic growth area for Shell and we are
committed to developing our business in cooperation with Russian
companies across the entire range of the energy business," Mr.
van der Veer said.  "Shell with its global experience of
applying technologies in an integrated way will complement
Rosneft's strengths and experience on the Russian market.  We
look forward to successful cooperation with Rosneft, one of the
leaders of Russian oil and gas sector."

                          About Rosneft

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

                            *   *   *

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


ST. PETERSBURG METALLURGICAL: Claims Filing Deadline Set Aug. 16
----------------------------------------------------------------
Creditors of CJSC Heather have until Aug. 16 to submit proofs of
claim to:

         A. Trifonov
         Insolvency Manager
         Post User Box 383
         OSP-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32245/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC St. Petersburg Metallurgical Company
         Letter A
         Shkapina 3-5
         St. Petersburg
         Russia


UST'-ILIMSKIY CJSC: Court Starts External Bankruptcy Procedure
--------------------------------------------------------------
The Arbitration Court of Irkutsk commenced external management
bankruptcy procedure on CJSC UST'-Ilimskiy Repair-Transport
Complex (TIN 3817021268).  The case is docketed under Case
No. A19-15560/06-29.

The External Insolvency Manager is:

         O. Lukina
         Post User Box 165
         664047 Irkutsk
         Russia

The Court is located at:  

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

The Debtor can be reached at:

         CJSC UST'-Ilimskiy Repair-Transport Complex
         Post User Box 353
         Post Office 14
         Ust-Ilimsk
         666684 Irkutsk
         Russia


VIRAZH CJSC: Novosibirsk Bankruptcy Hearing Slated for Sept. 23
---------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 2:00 p.m.
on Sept. 3 to hear the bankruptcy supervision procedure on CJSC
Virazh.  The case is docketed under Case No. A45-6018/07-43/48.

The Temporary Insolvency Manager is:

         S. Lebedev
         Office 108
         Kamenskaya Str. 64a
         630091 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Virazh
         Frunze Str. 2a
         Novosibirsk
         Russia


X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on X5
Retail Group N.V., owner of Russia's largest grocery retail
network, and its subsidiaries to stable from negative,
reflecting expectations that X5's financial performance will
continue to improve.  At the same time, the 'BB-' long-term
corporate credit rating was affirmed.

Standard & Poor's also assigned its 'BB-' long-term corporate
credit and 'ruAA-' Russia national scale ratings to financing
vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350
million) senior unsecured bonds.

"The rating reflects the group's aggressive growth appetite,
which inevitably leads to an increasing need for capital, as
well as X5's exposure to Russia's complex and nontransparent
real estate industry," said Standard & Poor's credit analyst
Anton Geyze.

Moreover, the group is subject to the risk of declining
operating margins due to planned moves into new market segments.  
Moderating these risks is the group's position as the largest
grocery retailer in a growing retail market, X5's proven
effectiveness in cost control, and recent plans to finance its
further expansion through a second equity issue.

X5 had adjusted debt of US$1.38 billion at end of 2006.

"We expect X5's financial profile to improve from the level
reached at year-end 2006," said Mr. Geyze.  "The secondary
public equity placement planned for fourth-quarter 2007 should
provide headroom to finance the group's extensive capital-
expenditure program and acquisition pipeline, while helping to
hold adjusted debt to EBITDA under 3.0x in the medium term."

The outlook could be revised back to negative or the rating
could be lowered if X5's credit protection measures remain
aggressive in the next 12 months.  Upside potential is limited
by the group's significant negative free cash flow and
subsequent strong dependence on the availability of external
financing.  S&P expect's X5 to maintain an extensive capital-
expenditure program to uphold its leading position in Russia's
retail food retail market.


ZTK-TRANS LLC: Creditors Must File Claims by July 16
----------------------------------------------------
Creditors of LLC ZTK-Trans have until July 16 to submit proofs
of claim to:

         M. Miroshnichenko
         Temporary Insolvency Manager
         Lenina Str. 191
         Blagoveshensk
         Amur
         Russia

The Arbitration Court of Amur will convene on July 31 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A04-1995/07-6/90 B.

The Debtor can be reached at:

         LLC ZTK-Trans
         Surzhikova Str. 112
         Valujki
         Amur
         Russia


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


AYT CAJA: Fitch Rates EUR2 Million Class D Notes at BB
------------------------------------------------------
Fitch Ratings has assigned ratings to AyT Caja Granada
Hipotecario 1, Fondo de Titulizacion de Activos EUR400 million
mortgage-backed floating-rate notes due in March 2050:

   -- EUR363 million Class A: 'AAA'; Outlook Stable
   -- EUR24 million Class B: 'A'; Outlook Stable
   -- EUR11 million Class C: 'BBB-'; Outlook Stable
   -- EUR2 million Class D: 'BB'; Outlook Stable

This transaction is a cash flow securitization of a EUR400
million static pool of first-ranking Spanish mortgage loans
originated and serviced by Caja General de Ahorros Granada
(Caja Granada, rated 'A-'/Outlook Stable/'F2'),

The 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 Ahorro y Titulizacion S.A., S.G.F.T.'s
administrative capabilities.

Initial for the Class A to D notes is provided by subordination
and a reserve fund, which has been funded at closing using a
subordinated loan.

The ratings 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, Class C and Class
D notes, as well as the repayment of principal at legal final
maturity.  Should the deferral trigger on the Class B, C and D
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
legal final maturity.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose will be to transform
into fixed-income securities a portfolio of mortgages
certificates ("certificados de transmission de hipoteca")
acquired from Caja Granada.  The CTHs will be subscribed by
Ahorro y Titulizacion S.A., S.G.F.T. whose sole function is to
manage asset-backed notes on behalf of the fund.


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


M. ET M. COIFF': Creditors' Liquidation Claims Due July 26
----------------------------------------------------------
Creditors of LLC M. et M. Coiff' Elle have until July 26 to
submit their claims to:

         Santuzza Bianchi-Di Filippo
         Liquidator
         Drosselstrasse 30
         4059 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC M. et M. Coiff' Elle
         Basel BS
         Switzerland


OPTIMISE LLC: Creditors' Liquidation Claims Due July 25
-------------------------------------------------------
Creditors of LLC Optimise have until July 25 to submit their
claims to:

         Marco Ingala
         Liquidator
         Untere Holzstrasse 25
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Optimise
         Oberentfelden
         Aarau AG
         Switzerland


P. SEILER: Creditors' Liquidation Claims Due July 26
----------------------------------------------------
Creditors of JSC P. Seiler have until July 26 to submit their
claims to:

         Schulhausstr. 4
         8467 Truttikon
         Andelfingen ZH
         Switzerland

The Debtor can be reached at:

         JSC P. Seiler
         Schlatt
         Winterthur ZH
         Switzerland


PYRONEX JSC: Aargau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau entered June 18 an order
closing the bankruptcy proceedings of JSC Pyronex.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Pyronex
         Dattwilerstrasse 58
         5405 Baden-Dattwil AG
         Switzerland


RALF NAGEL: Creditors' Liquidation Claims Due July 27
-----------------------------------------------------
Creditors of LLC Ralf Nagel have until July 27 to submit their
claims to:

         Ralf J. Nagel
         Liquidator
         Missionsstrasse 15
         4055 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Ralf Nagel
         Wollerau
         Hofe SZ
         Switzerland


SCHUH-TONI JSC: Creditors' Liquidation Claims Due July 26
---------------------------------------------------------
Creditors of JSC Schuh-Toni have until July 26 to submit their
claims to:

         Thomas Frei
         Liquidator
         Bachtelstrasse 4
         8636 Wald
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC Schuh-Toni
         Wald
         Hinwil ZH
         Switzerland


SCHMID HOLZBAU: Creditors' Liquidation Claims Due July 31
---------------------------------------------------------
Creditors of JSC Schmid Holzbau have until July 31 to submit
their claims to:

         Emil Schmid
         Liquidator
         JSC Tscholl Treuhand + Revisionen
         Bahnhofstrasse 14
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Schmid Holzbau
         Flims
         Imboden GR
         Switzerland


U & R PRINT: Schaffhausen Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Schaffhausen commenced bankruptcy
proceedings against LLC u&r print on May 31.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         LLC u&r print
         Oberstadt 11
         8260 Stein am Rhein SH
         Switzerland


VON BOHLEN: Creditors' Liquidation Claims Due July 26
-----------------------------------------------------
Creditors of LLC von Bohlen & Partner have until July 26 to
submit their claims to:

         Dr. Hans Christoph Tanner
         Liquidator
         Baarerstr. 53/55
         6302 Zug
         Switzerland

The Debtor can be reached at:

         LLC von Bohlen & Partner
         Zug
         Switzerland


WELTPANORAMA VERTRIEBS: Liquidation Claims Due July 26
------------------------------------------------------
Creditors of LLC Weltpanorama Vertriebs have until July 26 to
submit their claims to:

         Martin Keigel
         Liquidator
         Chilchweg 309
         5078 Effingen
         Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Weltpanorama Vertriebs
         Wegenstetten
         Rheinfelden AG
         Switzerland


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


BERSHAD-INVEST LLC: Proofs of Claim Deadline Set July 13
--------------------------------------------------------
Creditors of LLC Bershad-Invest (code EDRPOU 30805814) have
until July 13 to submit written proofs of claim to:

         Arthur Milovanov
         Temporary Insolvency Manager
         Apartment 805
         October Str. 1
         21001 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 5/86-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bershad-Invest
         Lenin Str. 61
         District Miroliubovka
         Pischanka
         24720 Vinnica
         Ukraine


IMPEX CJSC: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of CJSC Ukrainian Machinery Impex have until July 13
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/517-b.

The Debtor can be reached at:

         Ac. Palladin Str. 44
         03142 Kiev
         Ukraine


LUBNY FOUNDRY-MECHANICAL: Creditors Must File Claims by July 13
---------------------------------------------------------------
Creditors of OJSC Lubny Foundry-Mechanical Plant (code EDRPOU
02971529) have until July 13 to submit written proofs of claim
to:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/74.

The Debtor can be reached at:

         OJSC Lubny Foundry-Mechanical Plant
         Grushevsky Str. 134
         Dubno
         35604 Rivne
         Ukraine


LUKSON LLC: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of LLC Lukson (code EDRPOU 32560447) have until
July 13 to submit written proofs of claim to:

         Victoriya Yevstafieva
         Liquidator
         a/b 1523
         49023 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. B 26/125-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Lukson
         Quay of Victory Str. 10
         49000 Dnipropetrovsk
         Ukraine


MKT-98 LLC: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of LLC MKT-98 (code EDRPOU 33907774) have until
July 13 to submit written proofs of claim to:

         Igor Moroz
         Liquidator
         a/b 2734;
         49044 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. B 15/105-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC MKT-98
         Apartment 3
         Eupatoriyskaya Str. 40
         49049 Dnipropetrovsk
         Ukraine


NOVOSANZHARKA BREADRECEIVING: Creditors' Claims Due July 13
-----------------------------------------------------------
Creditors of OJSC Novosanzharka Breadreceiving Enterprise (code
EDRPOU 00955515) have until July 13 to submit written proofs of
claim to:

         Ruslan Borovik
         Liquidator
         Perspective Lane 10
         36007 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/77.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novosanzharka Breadreceiving Enterprise
         October Str. 2
         Rudenkovka
         Novosanzharovka District
         39323 Poltava
         Ukraine


PETKIM: Privatization Auction Cues Fitch to Watch BB IDR
--------------------------------------------------------
Fitch Ratings has put Turkey-based PETKIM Petrokimya Holding
A.S.'s Long-term local and foreign currency Issuer Default
ratings of 'BB' and National Long-term rating of 'AA(tur)' on
Rating Watch Negative.

The RWN reflects Fitch's concerns that the sale of 51% of Petkim
by the Turkish Privatization Administration to TransCentralAsia
Petrochemical Holding for US$2.05 billion may negatively affect
Petkim's credit profile.  This is because TransCentralAsia
Petrochemical Holding is likely to depend on Petkim's cash flow
to service the acquisition debt.  The former is a three-way
consortium made up of real estate development company,
Investment Industrial Group Euroasia, Russia-based Investment
Bank Troika Dialog and Kazakhstan-based oil company Caspi Neft.  
The bid values the company at slightly over US$4 billion in
total and is 181% above the US$1,428 million market
capitalization of Petkim as per the July 4, 2007 closing price
on the Istanbul Stock Exchange.  Being a privatization
transaction, the sale is exempt from the usual tender offer
requirements.

"Given the 181% premium bid for the shares, we expect the new
owners to try to recuperate their aggressive investment in some
form," says Oguz Bardak, director in Fitch's Industrials team.  
"In the process, Petkim faces the risk of increased leverage,
effectively turning the transaction into a leveraged buy-out."

Alternatively, the new owners could demand sizeable dividends,
hence straining the cash flows of the company.  However, Fitch
notes that while the 51% stake will give strong management
control, a minority of 10% of shareholders could potentially
block dividend decisions.

The auction is subject to the Competition Board's approval, upon
which the Privatization High Council will have to sanction the
sale.  Fitch aims to resolve the RWN upon the final approval of
the sale by the Privatization High Council and a review of the
business plans of Petkim's management and the new owners' future
strategy for the company.  At this stage, with very limited
information on the new shareholders and the potential impact on
Petkim's credit profile, it is not yet possible to assess the
number of notches by which the ratings may change.  Further,
there is a possibility that the new shareholding could have a
positive impact on Petkim, for example through the provision of
low-cost feedstock.

As per Fitch's Rating Action Commentary dated April 5, 2007, the
TPA announced on Feb. 8, 2007 a privatization tender of 51% of
Petkim shares through a block sale.  The TPA owns 54% of Petkim
(44% of which is subject to this sale) and the Republic of
Turkey State Pension Fund holds 7%.  Currently, 39% of Petkim
shares are traded on the ISE.  TPA will continue to hold onto
10% of Petkim post-privatization.

Petkim was founded in 1965 as a state-owned entity in Turkey.  
At the end of Fiscal-Year 2006, Petkim's sales were up 65% y-o-y
at TRY2.2bn.  It reported TRY212m EBITDA with 10% EBITDA margin
(Fiscal-Year 2005: 3%) at the end of Fiscal-Year 2006.  Petkim
has historically carried minimal debt on its balance sheet. At
the end of Fiscal-Year 2006, the company reported TRY89m net
cash.


PROGRESS LLC: Creditors Must File Claims by July 14
---------------------------------------------------
Creditors of Agricultural LLC Progress (code EDRPOU 30840822)
have until July 14 to submit written proofs of claim to:

         Svetlana Akayeva
         Liquidator
         Apartment 9
         Paris Commune Str. 1-b
         36020 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/49.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Progress
         Novy Tagamlik
         Mashevsky District
         39432 Poltava
         Ukraine


UKRSIBBANK: Shareholders' Support Cues Fitch to Assign BB Rating
----------------------------------------------------------------
Fitch Ratings has assigned JSCIB UkrSibbank National Long-term
ratings of 'AAA(ukr)',  with Stable Outlooks.  The National
Long-term ratings, like the Long-term local currency Issue
Default Ratings of 'BB', are driven by the possibility of
support from their shareholders.

UkrSib is rated Long-term foreign currency IDR 'BB-', Short-term
foreign currency IDR 'B', Long-term local currency IDR 'BB',
Individual 'D' and Support '3'.  The Outlook on the Long-term
foreign and local currency IDRs is Positive.  The ratings
reflect the moderate possibility of support being forthcoming
from BNP Paribas ("BNP", rated 'AA'/'F1+'/Outlook Stable), which
owns a controlling stake in the bank.  Currently, UkrSib is
undergoing a transition process, which should result in the full
integration of its major functions and products into BNP's
systems.  UkrSib is the third-largest bank in Ukraine with
US$4.9 billion in assets, holding roughly 6.6% of system assets
at end of first quarter of 2007.


UKRSOTSBANK JSCB: Unicredit SpA to Acquire 95% Stock
----------------------------------------------------
UniCredit S.p.A. has agreed to acquire 95% of AKB Ukrsotsbank's
shares for US$2.07 billion in cash, Andrew Frye and Daryna
Krasnolutska write for Bloomberg News.

However, Ralf Breuer of WestLB told Bloomberg News that
Unicredit's acquisition of AKB Ukrsotsbank comes at price so
steep that it may not be well-received by investors.


"It's far beyond the point where we can apply a price to book
value," Mr. Breuer told Bloomberg News.  "The sentiment toward
Profumo has pretty much turned around.  The crowd trusted him
blindly for a long time."

UniCredit acquired Ukrsotsbank after Intesa Sanpaolo S.p.A.
dropped its bid for the Ukrainian bank.

Headquartered in Kiev, Ukraine, JSCB Ukrsotsbank --
http://www.usb.com.ua/-- provides banking services in three  
principal sectors: retail business, corporate business, and
finance-institutional business.

As reported in the TCR-Europe on July 10, 2007, 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.

The TCR-Europe reported on April 9, 2007, that Fitch Ratings
affirmed Ukrsotsbank's Issuer Default and Support ratings at 'B-
' and '5' respectively and removed them from Rating Watch
Positive.  A Positive Outlook has been assigned to the bank's
IDR.  The other ratings are affirmed at Short-term
'B' and Individual 'D'.


UKRSOTSBANK JSCB: Purchase Deal Cues S&P to Watch B Rating
----------------------------------------------------------
Standard & Poor's Rating Services placed its 'B' long-term
counterparty credit rating on Ukraine-based Ukrsotsbank OJSC on
CreditWatch with positive implications.  At the same time, the
'B' short-term rating was affirmed.

The rating actions follow the announcement that UniCredito
Italiano SpA (UCI; A+/Stable/A-1), through its subsidiary Bank
Austria Creditanstalt AG (A+/Stable/A-1), has signed a share
purchase agreement with the majority shareholder of USB on the
acquisition of approximately 95% of the share capital of USB.  
The deal is subject to approval by relevant regulatory
authorities.

"The CreditWatch placement reflects the strong upside potential
for USB, resulting from the change of control.  If the
acquisition is successful, the ratings on USB could be raised by
a maximum of two notches, not to exceed the sovereign foreign
currency rating on Ukraine (BB-/Negative/B).  We will assess the
strategic importance of USB for UCI; its operational and
financial commitment and support; the revised strategy to be
implemented; and the impact of these factors on the stand-alone
and final ratings on USB," said Standard & Poor's credit analyst
Ekaterina Trofimova.

Standard & Poor's expects to resolve the CreditWatch placement
on completion of the acquisition.


VTB BANK: Fitch Assigns BB Ratings on Shareholders' Support
-----------------------------------------------------------
Fitch Ratings has assigned JSC VTB Bank (Ukraine) (formerly Bank
Mriya) National Long-term ratings of 'AAA(ukr)',  with Stable
Outlooks.   The National Long-term ratings, like the Long-term
local currency Issue Default Ratings of 'BB' are driven by the
possibility of support from their shareholders.

VTB Bank (Ukraine) is rated Long-term foreign currency IDR
'BB-', Short-term foreign currency IDR 'B', Long-term local
currency IDR 'BB', Individual 'D/E' and Support '3'.  The
Outlook on the Long-term foreign and local currency IDRs is
Positive.  The ratings reflect the moderate possibility of
support being forthcoming from Russian VTB Bank, (rated
'BBB+'/'F2'/Outlook Stable), its major shareholder with more
than a 99% stake.  VTB Bank (Ukraine) is a medium-sized
Ukrainian bank with total assets of US$630 million and a market
share of 0.8% of system assets at end of first quarter of 2007.  
As was outlined in Fitch's credit update published on March 7,
2007, VTB Bank (Ukraine) is about to merge with another VTB
subsidiary in Ukraine, Vneshtorgbank-Ukraine.  The management of
VTB Bank (Ukraine) currently has overall responsibility for the
operations of both banks.


ZMIYEV OIL: Creditors Must File Claims by July 13
-------------------------------------------------
Creditors of LLC Zmiyev Oil Products (code EDRPOU 31269364) have
until July 13 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-24/108-07.

The Debtor can be reached at:

         LLC Zmiyev Oil Products
         Taranovka Highway 9
         Zmiyev
         63401 Kharkov
         Ukraine


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


APEX INTERNET: Jason Groocock Leads Liquidation Procedure
---------------------------------------------------------
Jason Groocock of HKM LLP was appointed liquidator of Apex
Internet Solutions Ltd. on April 26 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:

         Apex Internet Solutions Ltd.
         Queens Gardens
         Leigh
         WN7 2JH
         England
         Tel: 01942 244 420
         Fax: 01942 244 420


BIARN LTD: Joint Liquidators Take Over Operations
-------------------------------------------------
Charles William Anthony Escott and Michael John Hore of RSM
Robson Rhodes LLP were appointed joint liquidators of Biarn Ltd.
(formerly Flightbound Holdings Ltd. and Gweco 219 Ltd.) on
May 30 for the creditors' voluntary winding-up proceeding.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

The company can be reached at:

         Biarn Ltd.
         7 Bridgewater Road
         Worsley
         Manchester
         M28 3JE
         England
         Tel: 0161 799 1199


BRANDED LOGO: Brings In Administrators from David Rubin
-------------------------------------------------------
Branded Logo Ltd. (t/a Hawkshead) has brought in administrators
from David Rubin & Partners, BBC News reports.

Company administrator Asher Miller stated that insufficient
financing and problems with its mail order database forced the
company to go into administration, BBC relates.

Mr. Miller told BBC news that the delay in new stock orders has
exacerbated the company's problems.

According to the report, the company had made significant
investments into cleaning up its mail-order database.  New
stocks are expected to arrive at the retailer's stores in
August.

Mr. Miller added that he felt an established retail operator
would be able to restore Hawkshead to profitability.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Headquartered in Salford, England, Branded Logo Ltd. (t/a
Hawkshead) -- http://www.hawkshead.com/-- is an outdoor  
clothing company.  Hawkshead has 20 stores and concessions with
200 employees.  Its owner, Branded Logo has a warehouse in
Workington and a call center in Kendal.


CITY OFFICE: Taps Michael Ioannou to Liquidate Assets
-----------------------------------------------------
Michael Ioannou of Gregory Michaels & Co. was appointed
liquidator of City Office Audio (London) Ltd. on June 12 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         City Office Audio (London) Ltd.
         City Office Superstore 303-309
         Camberwell New Road
         Southwark
         London
         SE5 0TF
         England
         Tel: 0800 980 4518
         Fax: 020 7703 5500


EUROHOME UK: Fitch Puts BB Ratings on Class B2 and Class C Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Eurohome U.K.
Mortgages 2007-2 (GBP-equivalent 500 million) mortgage-backed
floating-rate notes due 2044:

   -- GBP-equivalent 155 million Class A1: 'AAA'/Outlook Stable

   -- GBP-equivalent 201 million Class A2: 'AAA'/Outlook Stable

   -- GBP-equivalent 53.75 million Class A3: 'AAA'/Outlook
      Stable

   -- GBP-equivalent 34.75 million Class M1: 'AA-'/Outlook
      Stable

   -- GBP-equivalent 25.5 million Class M2: 'A-'/Outlook Stable

   -- GBP-equivalent 26.25 million Class B1: 'BBB-'/Outlook
      Stable

   -- GBP-equivalent 3.75 million Class B2: 'BB'/Outlook Stable

   -- GBP-equivalent 7.5 million Class C: 'BB'/Outlook Stable

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

The ratings are based on the collateral quality, available
credit enhancement, and the underwriting of DB Mortgages.  They
also consider the servicing capabilities of Vertex Mortgage
Services Limited and the sound legal structure of the
transaction.  Credit enhancement for the Class A1 and A2 notes,
totaling 30.3%, is provided by the subordination of the Class A3
notes (10.75%), the Class M1 (6.95%) notes, the Class M2 (5.1%)
notes, the Class B1 (5.25%) notes and the Class B2 (0.75%) notes
as well as an initial reserve fund of 1.5%, building to 1.8%.

The Class C notes will receive principal after any necessary
payments into the reserve fund and interest before any necessary
payments into the reserve fund.


GENEVE INTERNATIONAL: Brings In Liquidators from Tait Walker
------------------------------------------------------------
Gordon Smythe Goldie and Allan D. Kelly of Tait Walker were
appointed joint liquidators of Geneve International Ltd. on
June 5 for the creditors' voluntary winding-up procedure.

Tait Walker -- http://www.taitwalker.co.uk/-- provides  
financial advisory services that include corporate finance,
audit and specialized audit, accounts, forensic accounting,
outsourcing, business development, business taxes and VAT,
company pension, schemes, company financial services, IT
consultancy, business disposals and acquisitions.

The company can be reached at:

         Geneve International Ltd.
         Unit 31
         North Tyne Industrial Estate
         Whitley Road
         Benton
         Newcastle Upon Tyne
         NE12 9SZ
         England
         Fax: 0191 266 6161


INITIATE CLOTHING: Appoints Kikis Kallis as Liquidator
------------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed liquidator of
Initiate Clothing Ltd. on for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Initiate Clothing Ltd.
         Bounds Green Industrial Estate
         Ring Way
         London
         N11 2UD
         England
         Tel: 020 8211 9990


ISD FINANCE: Moody's Rates US$350-500M Guaranteed Notes at (P)B2
----------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 senior unsecured
rating to the loan participation notes issued by ISD Finance
plc, guaranteed by Industrial Union of Donbass and by the
operating companies Alchevsk Iron & Steel Works and Dniprovsky
Iron & Steel Works.

In its assessment of the company's capital structure for the
purpose of assessing the loss given default, Moody's considers
existing secured debt to rank ahead of the loan participation
notes.  The US$350-500 million Notes, guaranteed by ISD and
operating companies AMK and DMKD, are structurally and
contractually subordinated to the existing secured indebtedness
of US$1,253 million, which is secured by property, equipment and
fixed assets.

After the refinancing of the existing indebtedness, 34% of total
debt will be still ranked ahead of the Notes, therefore the
assigned rating is one notch below the corporate family rating
of B1.

The (P)B2 rating on the US$350-500 million unsecured notes due
in 2012 reflects both the overall probability of default of the
group, to which Moody's assigned a probability-of-default rating
of B1, and a loss-given default assessment of LGD5 or 73.63%.

The loan participation notes are subject to various restrictions
and financial covenants, including a maximum debt/EBITDA ratio
of 3.0x and limitations regarding additional indebtedness and
dividend payments are restricted.

The proceeds of the notes will be applied to finance different
corporate needs including the retirement of US$150 million of
existing CLNs, the repayment of US$200 million of a bridge loan
and financing CAPEX at AMK and DMKD.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and assume that these agreements are legally valid, binding, and
enforceable.

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

The company's production assets are located in four sites in the
Ukraine, Hungary and Poland.  ISD is focused on export markets,
which account for 83% of 2006 sales, which in turn amounted to
US$4.85 billion.


ISD FINANCE: Fitch Rates Loan Participation Notes at B+
-------------------------------------------------------
Fitch Ratings has assigned ISD Finance Plc's proposed issue
of US$350 million - US$500 million loan participation notes
expected senior unsecured 'B+' and Recovery 'RR4' ratings.  
The notes will benefit from surety from three group entities,
including the parent company Corporation Industrial Union of
Donbass.  The expected rating is in line with ISD's Long-term
Issuer Default 'B+' rating with Stable Outlook, which along with
ISD's Short-term Issuer Default 'B' rating is affirmed today.  
The final rating on the notes is contingent on the receipt of
final documentation conforming to information already received
and further details regarding the amount and tenor.  The final
rating is subject to satisfactory legal opinion.

The LPNs will be issued by ISD Finance Plc on a limited recourse
basis for the sole purpose of funding loans to the borrowers -
ISD, AMK and DMKD (AMK and DMKD are ISD's main Ukrainian steel
production facilities).  Each of the borrowers will provide
surety in relation to the obligations of the other borrowers on
a joint and several basis.  The notes are unsecured obligations
of the issuer that rank equally with other unsecured obligations
and will have the benefit of a trust deed. ISD intends to use
the proceeds of the bond issue to retire the group's
US$150 million credit-linked notes, repay a new bridge loan of
US$200 million that was drawn in First Half 2007, and to fund
capital expenditure needs.  ISD Finance Plc is an SPV
incorporated in England and Wales.

The loan agreement carries a change of control clause and a
cross default provision.  The financial covenants include a
leverage ceiling of 3x and net worth minimum level of UAH6
billion (US$1.2 billion).  With FY06 total debt/EBITDA ratio of
1.9x, the company has headroom under the above-mentioned
covenant.

ISD is the largest steel producer in Ukraine (including
international operations) with crude steel production of 9.7
million tons in 2006.  Its Financial Year 2006 revenues reached
UAH24.5 billion (US$4.9 billion).


MICROPLUS COMPUTER: Calls In Liquidators from Vantis
----------------------------------------------------
Peter Nicholas Wastell and Michael William Young of Vantis were
appointed joint liquidators of Microplus Computer Consultants
Ltd. on June 13 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Microplus Computer Consultants Ltd.
         St Albans Enterprise Centre
         Long Spring
         Porters Wood
         St Albans
         AL3 6EN
         England
         Tel: 01727 799 670
         Fax: 01727 850 807


NEW YORK: Hires Liquidators from Kingston Smith & Partners
----------------------------------------------------------
Nicholas John Miller and Ian Robert of Kingston Smith & Partners
LLP were appointed joint liquidators of The New York Nail Co.
Ltd. on June 11 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         The New York Nail Co. Ltd.
         118 Westbourne Grove
         City of Westminster
         London
         W11 2RR
         England
         Tel: 020 7229 4321


PENICUIK HOME: Appoints BDO Stoy as Receiver
--------------------------------------------
Penicuik Home Improvements has appointed BDO Stoy Hayward LLP as
its receiver, Daily Record reports.

The company terminated 59 jobs but kept 51 factory workers to
meet existing orders of GBP2.1 million, Daily Record relates.

"We are optimistic with Penicuik's reputation and orders book
that we will be able to sell it on as a going concern," receiver
James Stephen told the daily.

Mr. Stephen added that the company will be incurring trading
losses.

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.

Headquartered in Midlothian, Scotland, Penicuik Home
Improvements manufactures engineered windows, doors, roofline
products and conservatories for over 30 years.  The company has
a turnover of about GBP8 million.


PRIESTLEY CIVIL: Claims Filing Period Ends July 31
--------------------------------------------------
Creditors of Priestley Civil Engineering Ltd. have until July 31
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Charles Howard Ranby-Gorwood
         Liquidator
         CRG Insolvency & Financial Recovery
         Greetwell Place
         2 Limekiln Way
         Greetwell Road
         Lincoln
         LN2 4US
         England

Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed liquidator of the company on June 8 by
resolutions of members and creditors.


ROADWAY TRUCK: Joint Liquidators Take Over Operations
-----------------------------------------------------
Peter John Windatt and Gavin Geoffrey Bates of BRI Business
Recovery and Insolvency were appointed joint liquidators of
Roadway Truck & Trailer Ltd. on June 6 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Roadway Truck & Trailer Ltd.
         Stewkley Road
         Soulbury
         Leighton Buzzard
         LU7 0DH
         England
         Tel: 0870 750 5125
         Fax: 0870 750 5126


SARACEN SERVICES: Names Richard William James Long Liquidator
-------------------------------------------------------------
Richard William James Long of Richard Long & Co. was appointed
liquidator of Saracen Services & Supplies Ltd. on June 13 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Saracen Services & Supplies Ltd.
         Manufactory House
         Bell Lane
         Hertford
         SG14 1BP
         England
         Tel: 01233 861 101


SEARCH PARTNERS: Paul Appleton Leads Liquidation Procedure
----------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed liquidator
of Search Partners (International) Ltd. on June 13 for the
creditors' voluntary winding-up proceeding.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

The company can be reached at:

         Search Partners (International) Ltd.
         45 Great Sutton Street
         Islington
         London
         EC1 V0DE
         England
         Fax: 020 7251 1332


TELLITS DIALS: Appoints Tony Mitchell to Liquidate Assets
---------------------------------------------------------
Tony Mitchell of Cranfield Recovery Ltd. was appointed
liquidator of Tellits Dials Ltd. (formerly Javanest Ltd.) on
June 13 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Tellits Dials Ltd.
         3-4 Faraday Close
         Clacton-on-Sea
         CO15 4TR
         England
         Fax: 01789 400 217


TRILINE HOLDINGS: Brings In Liquidators from Vantis
---------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were
appointed joint liquidators of Triline Holdings Ltd. (formerly
Stevton (No.139) Ltd.) on June 7 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Triline Holdings Ltd.
         26a Hounslow Road
         Twickenham
         TW2 7EX
         England
         Tel: 020 8894 1155
         Fax: 020 8898 2267


WEYBRIDGE CONSTRUCTION: Taps Liquidators from Smith & Williamson
----------------------------------------------------------------
Anthony Murphy, RobertHorton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of Weybridge
Construction Ltd. on June 8 for the creditors' voluntary
winding-up proceeding.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         Weybridge Construction Ltd.
         Tristar Business Centre
         Star Road
         Partridge Green
         Horsham
         RH13 8RA
         England
         Tel: 01403 713 111
         Fax: 01932 786 518

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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