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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 16, 2007, Vol. 8, No. 139

                            Headlines


A U S T R I A

ANDREEV KEG: Claims Registration Period Ends Aug. 7
JELINEK & PARTNER: Claims Registration Period Ends Aug. 6
P & F GESCHENKE: Vienna Court Orders Business Shutdown
PLACEMENT PARK: Claims Registration Period Ends Aug. 14
POPESCU LLC: Claims Registration Period Ends Aug. 7

PRIMASON PRODUKTIONS: Claims Registration Period Ends Aug. 10
SIOTECH TECHNOLOGIE: Wiener Neustadt Court Orders Shutdown
SONNENHANG IMMOBILIEN: Claims Registration Period Ends Aug. 10


B E L G I U M

ESS TECHNOLOGY: Committee Mulls Liquidation After Review


C Z E C H   R E P U B L I C

TIBA AS: Bankruptcy Trustee Puts Business Up for Sale


D E N M A R K

KNOLL INC: S&P Withdraws Ratings at Company's Request


F I N L A N D

FORMICA CORP: Completes US$700 Mln Sale to Fletcher Building


F R A N C E

DELPHI CORP: Seeks Court OK on DAS Espana Severance Deal
EUROTUNNEL GROUP: Posts GBP252 Mln Revenues in First Half 2007
KAUFMAN & BROAD: Prices EUR150 Million Notes Offer
RHODIA SA: Will Record EUR30 Million Cost for 2Q 2007 Bad Debts
SR TELECOM: Inks Pact with Lenders for New US$45 Million Loan


G E R M A N Y

ARINC INC: Carlyle Agreement Cues Moody's to Review Ratings
ARINC INC: Company Sale Cues S&P to Revise Watch to Negative
DURA AUTOMOTIVE: To Sell Atwood Mobile Unit for US$160 Million
HAUSBAU PARTNER: Claims Registration Period Ends Aug. 27
KABEL DEUTSCHLAND: Fitch Affirms IDR at BB- on High Leverage


H U N G A R Y

* Bankruptcy Cases May Set New Records This Year


I T A L Y

IMAX CORP: Cede & Co. Issues Default Notice Under Sr. Indenture
IMAX CORP: Default Notice Prompts S&P to Junk Ratings


K A Z A K H S T A N

CROMPUS-2004 LLP: Proof of Claim Deadline Slated for Aug. 17
ERSANA LLP: Creditors Must File Claims Aug. 17
EUROASIA-2000 LLP: Claims Filing Period Ends Aug. 17
GUNN LLP: Creditors' Claims Due on Aug. 17
KAZCOOPTAGRO-INVEST LLP: Claims Registration Ends Aug. 10

OBLPEMBYTTECHNIKA LLP: Claims Deadline Slated for Aug. 17
PATHALOGICAL-ANATOMICAL CENTRE: Claims Registration Ends Aug. 17
TRANS TECHNO: Claims Filing Period Ends Aug. 14
VOSTOKPRODTORG LLP: Creditors' Claims Due on Aug. 14


K Y R G Y Z S T A N

RED FOX: Creditors Must File Claims by August 10


N E T H E R L A N D S

CEVA LTD: S&P Junks US$1.4 Billion Sr. Unsecured Notes
LAURELIN II: Fitch Rates EUR17 Million Class E Notes at BB


P O R T U G A L

BEARINGPOINT INC: Dec. 31 Balance Sheet Upside-Down by US$177MM


R U S S I A

HERMES TRADE: Court Starts Bankruptcy Supervision Procedure
KUZNETSK-SHOES OJSC: Names A. Felinskiy as Insolvency Manager
MILYUTINSKOE CJSC: Creditors Must File Claims by Aug. 16
MIXED FODDER: Court Names M. Kiyamov as Insolvency Manager
NEMSKIY OJSC: Kirov Bankruptcy Hearing Slated for Oct. 4

NOVOCHERKASSKIY LIQUOR: Court Start External Bankruptcy Process
ORANZHEREJNOE OJSC: Bankruptcy Hearing Slated for Sept. 11
PODOSINOVETS-AGRO-LES: Names V. Shabalin as Insolvency Manager
RODINSKIY MALT: Court Starts Bankruptcy Supervision Procedure
ROSNEFT OIL: May Form Fuel Venture with OAO Aeroflot

SATURN CJSC: Creditors Must File Claims by Aug. 16
SHUJSKAYA FURNITURE: Bankruptcy Hearing Slated for Oct. 17
SIB-TRANS-VZRYV: Creditors Must File Claims by Aug. 16
TANDEM CJSC: Creditors Must File Claims by Aug. 16
URANBASHSKOE OJSC: Court Names K. Garkanov as Insolvency Manager

VOSTOCHNY EXPRESS: Moody's Rates Loan Participation Notes at B3


S P A I N

AYT GENOVA: Fitch Rates EUR14.7 Million Class D Notes at BB
DELPHI CORP: Seeks Court OK on DAS Espana Severance Deal
LUSITANO MORTGAGES 6: Fitch Puts BB Ratings to Class E Notes


S W E D E N

ASTORIA CINEMAS: Files for Bankruptcy in Stockholm


S W I T Z E R L A N D

ALLENSPACH & CO: Solothurn Court Starts Bankruptcy Proceedings
ARMAGROUP JSC: Creditors' Liquidation Claims Due July 30
CF FACTORING: Zug Court Starts Bankruptcy Proceedings
FABIAN EGOLF: Creditors' Liquidation Claims Due July 30
FOOTFIN (FOOTBALL FINANCE): Liquidation Claims Due July 30


T U R K E Y

AKBANK: Fitch Affirms Foreign Currency IDR at BB
GARANTI BANKASI: Fitch Affirms Foreign Currency IDR at BB


U K R A I N E

BUSINESS LINE: Claims Submission Deadline Set July 16
DDT LLC: Claims Submission Deadline Set July 16
ELECTRO MACHINE: Creditors Must File Claims by July 16
GRIF LLC: Claims Submission Deadline Set July 16
LIZARD-UKRAINE LLC: Claims Submission Deadline Set July 16

MECHATRONIC DEVICES: Claims Submission Deadline Set July 16
NITAY LLC: Claims Submission Deadline Set July 16
POGERTSOVSKOE LLC: Claims Submission Deadline Set July 16
QUAZAR AGRO: Claims Submission Deadline Set July 16
TAIR-72 LLC: Claims Submission Deadline Set July 16
TAS-KOMMERZBANK: Moody's Lifts Debt % Deposit Ratings to Ba2

TULIGOLOVSKOE LLC: Claims Submission Deadline Set July 16
UNICODE TECHNOLOGY: Claims Submission Deadline Set July 16


U N I T E D   K I N G D O M

A.C.C. LAUNDRY: Taps Zafar Igbal to Liquidate Assets
ACTUANT CORPORATION: Acquires BH Electronics for US$30 Million
ACTUANT CORP: Promotes Mark Goldstein as Chief Operating Officer
ACTUANT CORP: Earns US$29.6 Million in Third Quarter 2007
COLLINS & AIKMAN: Court Approves Deal with Customers & JPMorgan

EUROTUNNEL GROUP: Posts GBP252 Mln Revenues in First Half 2007
KENNETH HORNE: Claims Filing Period Ends September 14
NORTHWEST EXPRESS: Claims Filing Period Ends July 30
ODYSSEY EXPERIENCE: Brings In Liquidators from Harrisons
PATTERN FASTENERS: Names Eileen T. F. Sale Liquidator

QUARTZ CRYSTAL: Paul Appleton Leads Liquidation Procedure
SAFE PALLET: Calls In Liquidators from Kroll
SAMSONITE CORP: Inks US$1.7 Billion Merger Deal with CVC Capital
SANDUCT LTD: Joint Liquidators Take Over Operations
STEVENS UPHOLSTERY: Appoints Anthony David Kent as Liquidator

SUNDERLAND BOWLING: Hires Liquidator from Tenon Recovery
WALNUT TREE: Calls In Liquidators from Harrisons
WALTER HALES: Brings In Liquidator from Parkin S. Booth & Co.
WINDOWS DIRECT: Taps Liquidator from Kay Johnson Gee

* Tenon Recovery Acquires Unity Chartered & Jacksons Jolliffe
* Pierre-Nicolas Ferrand Joins Shearman & Sterling in Paris

* BOND PRICING: For the Week July 9 to July 13, 2007


                            *********


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A U S T R I A
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ANDREEV KEG: Claims Registration Period Ends Aug. 7
---------------------------------------------------
Creditors owed money by KEG Andreev (FN 282287d) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Kurt Freyler at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No. 6 S 71/07v).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


JELINEK & PARTNER: Claims Registration Period Ends Aug. 6
---------------------------------------------------------
Creditors owed money by LLC Jelinek & Partner (FN 126631y) have
until Aug. 6 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 18 (Bankr. Case No. 38 S 32/07v).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


P & F GESCHENKE: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered June 21 an order shutting down
the business of LLC P & F Geschenke & Getranke (FN 249609y).

Court-appointed estate administrator Michael Ludwig Lang
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Michael Ludwig Lang
         c/o Dr. Martin Koroschetz
         Maria-Theresien-Strasse 9/4
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60 9
         E-mail: lang@brandlang.com
                 dr.koroschetz@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 19 (Bankr. Case No 6 S 76/07d).  Martin Koroschetz
represents Mag. Lang in the bankruptcy proceedings.


PLACEMENT PARK: Claims Registration Period Ends Aug. 14
-------------------------------------------------------
Creditors owed money by LLC Placement Park (FN 243172g) have
until Aug. 14 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at
                 gehmacher@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Aug. 28 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No. 6 S 72/07s).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


POPESCU LLC: Claims Registration Period Ends Aug. 7
---------------------------------------------------
Creditors owed money by LLC Popescu (FN 241192w) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Wolfgang Strasser at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 14 S 24/07p).


PRIMASON PRODUKTIONS: Claims Registration Period Ends Aug. 10
-------------------------------------------------------------
Creditors owed money by LLC Primason Produktions (FN 256861m)
have until Aug. 10 to file written proofs of claim to court-
appointed estate administrator Candidus Cortolezis at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:10 p.m. on Aug. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall
         Graz
         Austria

Headquartered in Kirchberg an der Raab, Austria, the Debtor
declared bankruptcy on June 21 (Bankr. Case No. 25 S 66/07d).


SIOTECH TECHNOLOGIE: Wiener Neustadt Court Orders Shutdown
----------------------------------------------------------
The Land Court of Wiener Neustadt entered June 15 an order
shutting down the business of LLC SioTech Technologie (FN
247477m).

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

The estate administrator can be reached at:

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

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


SONNENHANG IMMOBILIEN: Claims Registration Period Ends Aug. 10
--------------------------------------------------------------
Creditors owed money by LLC Sonnenhang Immobilien (FN 278757m)
have until Aug. 10 to file written proofs of claim to court-
appointed estate administrator Gisela Possnig at:

         Dr. Gisela Possnig
         Lederergasse 10/2
         8160 Weiz
         Austria
         Tel: 03172/2442
         Fax: 03172/2442-14
         E-mail: office@ra-wpm.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:35 p.m. on Aug. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Thannhausen, Austria, the Debtor declared
bankruptcy on June 21 (Bankr. Case No. 25 S 67/07a).


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


ESS TECHNOLOGY: Committee Mulls Liquidation After Review
--------------------------------------------------------
ESS Technology Inc.'s board-appointed committee is considering a
possible liquidation of the company that could bring around
US$6 million to US$12 million in associated costs, East Bay
Business Times reports.

The company, according to the report, has more than US$50
million in debts.

The report discloses that the company had appointed two
directors in Aril 2007 to look into possible strategic
alternatives.  The company's semiconductor business has been
acing troubles owe to foreign competition.

The company had previously sold its high-definition DVD
technology or US$13.5 million ad cut jobs to 168 from 500 in
2006.  With its fabless semiconductor business suffering from
foreign competition, the company in April appointed two
independent directors to look into strategic alternatives.

                      CFO Resignation

On June 18, 2007, the company disclosed in a press statement
that James B. Boyd, senior vice president of finance &
administration and chief financial officer, will resign as chief
financial officer on or about Aug. 14, 2007

The company said that Mr. Boyd has taken a full time position
with another company to act as its chief financial officer
starting June 20.  Mr. Boyd however, will remain as interim
chief financial officer until the filings for the June quarter
have been made.

Robert Blair, ESS's president and chief executive officer, said
that a search for a successor is underway, and the company
expects to appoint a successor by August 14.

"Jim has served ESS since 2000, a period in which ESS has gone
through major transformations and I'd like to thank Jim for his
many contributions over the years and wish him well in his new
position," said Mr. Blair.

Headquartered in Fremont, California, ESS Technology Inc.
(NASDAQ: ESST) -- http://www.esstech.com/-- has R&D, sales, and
technical support offices worldwide, including China, Hong Kong,
Korea, Japan, and Taiwan in the Asia Pacific and France,
Belgium, Germany, Luxembourg, Netherlands, and the United
Kingdom in Europe.


===========================
C Z E C H   R E P U B L I C
===========================


TIBA AS: Bankruptcy Trustee Puts Business Up for Sale
-----------------------------------------------------
The bankruptcy trustee of Tiba AS has put up a part of the Czech
textile company for sale for at least CZK104 million, The
Financial Times reports.

According to FT, Tiba is still operating and taking new
contracts despite its bankruptcy.

As previously reported in the TCR-Europe on Feb. 19, 2007, the
Hradec Kralove Regional Court declared Tiba bankrupt and
appointed Stanilav Kuzelam as bankruptcy administrator.

The company lists over 1,000 creditors with claims amounting to
nearly CZK600 million (EUR21 million).

                           About Tiba

Based in Dvur Kralove nad Labem, Tiba AS -- http://www.tiba.cz/
-- is the largest Czech maker of printed textiles.  It employs
550 people.

Tiba incurred a loss of CZK153 million (EUR5 million) in 2004.

The company reported sales of around CZK700 million
(EUR25 million) on a loss of CZK225 million (EUR8 million) in
2005.


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


KNOLL INC: S&P Withdraws Ratings at Company's Request
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its senior secured
bank loan and recovery ratings on Knoll Inc. (BB/Stable/--) at
the company's request.  This follows Knoll's repayment of all
previously rated bank debt with the closing of a new $500
million revolving credit facility maturing 2013.  At the same
time, Standard & Poor's affirmed the current rating and outlook
on Knoll Inc.

East Greenville, Pennsylvania-based Knoll, a leading designer
and manufacturer of branded office furniture and textiles, had
about $356.6 of total debt outstanding as of March 31, 2007,
excluding operating lease and pension obligations.

                         Ratings List

* Knoll Inc.

   Ratings Affirmed

   Corporate Credit Rating    BB/Stable/--

   Not Rated Action
                              To            From
                              --            ----
    Senior Secured
    Local Currency            NR            BB (Recovery Rtg: 3)


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


FORMICA CORP: Completes US$700 Mln Sale to Fletcher Building
------------------------------------------------------------
Fletcher Building Limited completed the acquisition of Formica
Corporation on July 2, 2007, according to a regulatory filing
with the New Zealand Stock Exchange.

As reported by the Troubled Company Reporter on May 24, 2007,
Fletcher acquired Formica for $700 million plus deferred
payments of up to $50 million from private equity investors
Cerberus Capital Management, L.P. and Oaktree Capital
Management, LLC.

The acquisition price reportedly was 7.2 times the enterprise
value to Earnings Before Interest, Tax, Depreciation and
Amortization in 2008.  On a normalized basis before synergies,
Fletcher estimates Formica's EBITDA for the year to June 2008 to
be around $94 million.

Fletcher Building and Formica believes the acquisition
represents growth opportunities for both firms.

"Our goal has been to establish an ownership structure that will
allow us to build upon our success and continue to invest in and
grow the business, and our people," Frank Riddick, President and
Chief Executive Officer of Formica, said.  “Mr. Riddick believes
the combination of the two companies' Laminex businesses will
create the largest global manufacturer of decorative surfaces
and high-pressure laminates in the world.”

Formica does not expect the new ownership to have a significant
impact on day-to-day operations, the acquired company said in a
media release.  In the near term, Formica will be structured as
a business unit within the Fletcher Building Laminates & Panels
division.  Frank Riddick will remain as President and Chief
Executive Officer of Formica and the management team will remain
with the company.

The sellers will retain Formica's South America operations and
certain real estate in California.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.

                          About Formica

Cincinnati, Ohio-based Formica Corp. -- http://www.formica.com/
-- designs, manufactures and distributes a full range of
surfacing products for commercial and residential applications,
including Formica(R) Brand Laminate, Formica(R) Solid Surfacing,
Formica Granite(R), Formica(R) Stone Natural Quartz Surfacing,
Formica(R) Veneer Premium Wood Surfacing and Formica(R)
DecoMetal.  The company has offices in Mexico, Spain, Sweden,
United Kingdom, Finland, France, Italy, Russia, China, Hong
Kong, Singapore, Taiwan, and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Moody's Investors Service placed Formica Corporation on review
for possible downgrade.  These ratings have been placed on
review: Corporate family rating, rated B2; Probability of
default rating, rated B2; $210 million gtd. sr. sec. term loan,
rated B1; and $60 million gtd. sr. sec. revolving credit
facility, rated B1.


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


DELPHI CORP: Seeks Court OK on DAS Espana Severance Deal
--------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the Honorable Robert
D. Drain of the U.S. Bankruptcy Court for the Southern District
of New York to authorize, but not direct, DAS Holding to provide
up to EUR130,000,000 to Delphi Automotive Systems Espana S.L.
through an equity contribution or other transaction.

As previously reported, DAS Espana announced in February 2007
the closure of its non-core automotive component plant at the
Puerto Real site in Cadiz, Spain, as part of the Debtors' global
portfolio and manufacturing realignment.  DAS Espana is a
wholly-owned, Spanish, non-debtor subsidiary of Debtor Delphi
Automotive Systems (Holding), Inc.  The Cadiz Plant, which has
approximately 1,600 employees, is the primary asset and
liability of DAS Espana.

On March 20, 2007, DAS Espana filed a "Concurso" application for
a Spanish insolvency proceeding.  The Spanish Court subsequently
appointed Enrique Bujidos, Adalberto Canadas Castillo, and
Fernando Gomez Martin as receivers of DAS Espana.  The role of
the DAS Espana Receivers is to, among other things, address the
legal interests of employees, suppliers, and any other parties
affected by the closure of the Cadiz Plant; supervise and
approve expenditures of funds by DAS Espana during Concurso; and
provide consultation and support for DAS Espana's plan of
reorganization in Concurso.

John Wm. Butler, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, informs Judge Drain that under
Spanish law, Delphi Corp. must provide employees affected by the
closure of the Cadiz Plant with a separation allowance.  The
minimum separation payment under Spanish law is 20 days of
salary per year of service.  The Cadiz workers councils,
assemblies, and the unions representing the affected employees,
however, assert that Spanish automotive industry standard is
approximately 45 to 60 days of salary per year of service, which
would cost DAS Espana between EUR115,000,000 and EUR155,000,000.

Mr. Butler notes that in late 2005, DAS Espana entered into a
labor agreement that provided for 60-day severance packages for
certain employees and continued jobs for the remaining 1,600
employees through the end of 2010.  Were the 2005 Industrial
Plan to be enforced, he relates, the cost of continuing wages
and severance payments would be approximately EUR374,000,000.

In the course of the Concurso process, DAS Espana commenced
negotiations on a social plan and a collective lay off procedure
-- an "ERE" -- related to the separation allowance with the
Cadiz Unions.  Absent an agreement by DAS Espana to fund and
implement a social plan on behalf of the affected employees by
July 31, 2007, the Spanish Court could dismiss the ERE, Mr.
Butler points out.  According to the DAS Espana Receivers, the
Spanish Court might order the implementation of the terms of
2005 Industrial Plan.  Regardless of the ultimate imposed
alternative, salaries will accrue for the time period during
which the Spanish Court is resolving the issue at a cost of
approximately EUR5,000,000 per month.

On July 4, 2007, DAS Espana, the Receivers, and the Cadiz
workers councils, assemblies and Unions, based on the efforts of
the Spanish Court, reached a settlement on a social plan funded
with EUR120,000,000 for a separation allowance of approximately
45 days of salary per year of service to each employee.  The
Separation Plan was approved by 89.4% of the Cadiz workers.

In consideration for providing the funds and subject to certain
conditions, the DAS Espana Receivers agree to release the
Debtors from any liability related to or arising out of DAS
Espana and its Concurso application.  In addition, each Cadiz
worker who accepts payment under the Separation Plan will be
required to confirm that his payment is in full satisfaction of
any claims he may have against the Debtors.

To fund the Separation Plan, DAS Espana requires EUR120,000,000
from its sole shareholder, DAS Holding, Mr. Butler tells Judge
Drain.

To protect their global credit reputation, particularly in
Europe, the Debtors have concluded that it is in their best
interest to provide EUR10,000,000 in additional funds for the
purpose of funding payment of the claims of DAS Espana's
suppliers and non-labor creditors.  DASHI will only furnish the
EUR10,000,000 only if DAS Espana's assets are insufficient to
fully fund payment of the supplier and non-labor claims.

Mr. Butler relates that the EUR130,000,000 Funding will come
from the repatriation of dividends from cash currently on hand
at non-Debtor entities in Asia and Europe.  The funds, he
assures the Court, will not come from the Debtors' DIP financing
facility.

The separation allowance to be paid under the Separation Plan,
Mr. Butler adds, is at the low end of Spanish automotive
industry standard.

Moreover, the consummation of the Separation Plan will reduce
the risk of costly and contentious litigation.  DASE believes
that if it does not accept the terms of the Separation Plan, the
Spanish court may dismiss the ERE.  If the Spanish court
dismisses the ERE, DAS Espana will be exposed to claims by the
affected employees for termination indemnities, or for claims
for breach of the 2005 Industrial Plan.  DAS Espana's creditors,
Mr. Butler points out, may assert damages claims against the DAS
Espana's directors for their conduct in creating or aggravating
DAS Espana's economic condition, which claims would be borne by
the Debtors.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global
supplier of vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.
The company's technology and products are present in more than
75 million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007. (Delphi Corporation Bankruptcy News, Issue No.
75; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EUROTUNNEL GROUP: Posts GBP252 Mln Revenues in First Half 2007
--------------------------------------------------------------
Eurotunnel Group posted a 7% increase in total revenue for the
first half of 2007 at GBP252 million compared to the GBP236
million total revenue in the first half of 2006.

During the first six months of the year, Eurotunnel has recorded
an increase in revenues from its core activity, the transport of
trucks and passenger vehicles on board its Shuttles: this is up
to GBP162 million, an improvement of 8% compared to the GBP150
million in 2006 at a constant exchange rate.

Revenues from railway operators, which no longer include the
payments guaranteed under the Minimum Usage Charge (MUC), were
GBP86 million.  Excluding the MUC, these revenues have increased
by 6% in the first six months.  For comparison, the MUC payments
for the first half of 2006 were GBP37 million.

Revenues from non-transport activities remained marginal, at
GBP4 million.

The ending of the minimum payment from the railways should have
led to a mechanical reduction in total revenues of 14%.  In fact
revenues have only decreased by 8%.

                         Shuttle traffic

The quality of service offered by Eurotunnel, the speed, ease
and reliability of its transport system, which is also more
environmentally friendly than its competitors for crossing the
Channel, have led to even more customers choosing to use the
service during the first half of 2007.

The number of trucks carried rose to 707,422, an increase of 9%
over the first half of 2006, which has a total of 649,596
trucks.  The number of cars transported (955,510) rose by a
similar amount (8%), or 68,046 vehicles.

                        Railways traffic

A total of 3,913,283 people traveled on Eurostar* during the
first half of 2007, an increase of 5% even though the final
section of the high speed line to London, High Speed 1, will not
come into service until November 2007.

By contrast, railway freight trains traveling through the Tunnel
during the first half of 2007 carried only 680,531 tons of
goods, a decrease of 14% compared to the first half of 2006.
This traffic remains significantly below the original forecasts
and the capacity of the Channel Tunnel.

Eurotunnel is working hard with its partners Fret SNCF, EWS and
BRB to re-launch this activity.

"Having succeeded in restructuring its finances, Eurotunnel has
now completed its return to the cross-Channel market with
significant growth in its main traffic.  It is clearly market
leader," Groupe Eurotunnel chairman and CEO Jacques Gounon
disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


KAUFMAN & BROAD: Prices EUR150 Million Notes Offer
--------------------------------------------------
Kaufman & Broad S.A. disclosed purchase price for its cash
tender offers for its outstanding EUR150 million 8-3/4% senior
notes due 2009.  The notes will be purchased for a price of
107.35% of their principal amount, or 103.85% of their principal
amount, in the case of notes tendered after 5 p.m., London time,
on June 21, 2007.

If all of the notes are validly tendered, the aggregate purchase
price to be paid by the company, excluding accrued interest,
will be EUR160.7 million.

Settlement is currently expected to occur on July 11, 2007.  The
tender offer remains subject to conditions that include:

     (i) the closing of the acquisition by Financiere Gaillon 8,
         a company fully owned by PAI partners, of a majority of
         the company's outstanding share capital; and

    (ii) certain other conditions described in the offer to
         purchase and consent solicitation statement dated
         June 7, 2007.

Kaufman & Broad had changed the settlement date from July 10,
2007, to July 11, 2007, for the cash tender offer for its notes.
The change is due to technical issues relating to settlement, to
permit the flow of funds to be coordinated with the closing of
the acquisition by Financiere Gaillon 8.

                    About Kaufman & Broad S.A.

For nearly 40 years, Kaufman & Broad S.A. (Paris: KOF) has been
designing, building and selling single-family homes and
apartments, as well as office properties on behalf of third
parties in France.

                          *     *     *


As reported in the Troubled Company Reporter on May 29, 2007,
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on Kaufman & Broad S.A., one of the
largest residential property developers in France, on
CreditWatch with negative implications.  The 'BB' senior
unsecured debt rating on KBSA's EUR150 million notes was also
placed on CreditWatch with negative implications.

This follows the announcement that the parent KB Home
(BB+/Negative/--) has entered into an exclusivity period to sell
its entire 49% ownership interest in KBSA to PAI Partners, a
private equity investor, for a consideration of about
EUR600 million.  The transaction is subject to approval from the
antitrust authorities and is expected to be closed in the third
quarter 2007.


RHODIA SA: Will Record EUR30 Million Cost for 2Q 2007 Bad Debts
---------------------------------------------------------------
Rhodia SA will enter a EUR30 million cost on its second quarter
2007 accounts to make provision for bad debts, The Financial
Times reports, citing Les Echos as its source.

According to the report, the company wants its accounts to
reflect the fact that its former subsidiary Nylstar, which it
still supplies, has gone into receivership.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable.  Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
Investors Service upgraded Rhodia S.A. corporate family rating
to Ba3 and assigned Probability-of-Default rating for the group
at Ba3; Moody's also upgraded senior secured notes at Rhodia
S.A. to B1 and assigned LGD assessment at LGD4 (69%).  The
proposed convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.  At the same time,
Standard & Poor's assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


SR TELECOM: Inks Pact with Lenders for New US$45 Million Loan
-------------------------------------------------------------
SR Telecom Inc. entered into an agreement with a syndicate of
lenders comprised of shareholders and lenders of the company
providing for a term loan of up to US$45 million, of which
US$35 million was drawn on July 3, 2007.  An additional US$10
million will be available for drawdown for a period of up to one
year from closing, subject to certain conditions.

The term loan has a five-year term and is subject to the same
security as the existing loans under the company's existing
credit facility, but ranking senior to the existing loans.  The
term loan bears cash interest at a rate equal to the greater of
6.5% or the three-month US dollar LIBOR rate plus 3.85% and
additional interest that may be paid in cash or in kind, at the
option of the Company, at a rate equal to the greater of 7.5% or
the three-month US dollar LIBOR rate plus 4.85%.  The cash
portion of the interest will be payable in kind until December
2008.  A payout fee of 5% of the term loan will be paid to
lenders upon repayment or maturity of the loan.

"The level of support we have received from our shareholders
and lenders is a strong indication of their ongoing belief in SR
Telecom, its people, its products and its WiMAX strategy," said
Serge Fortin, SR Telecom's president and chief executive
officer.  "While it is clear that much remains to be done for SR
Telecom to regain positive and sustainable momentum, these
additional funds will enable us to execute on our growth
strategy even though the delay in finalizing today's
announcement has had a negative impact on manufacturing
schedules and deliveries, and will have an unfavourable effect
on second and third quarter results."

                       Amendments to terms

In connection with entering into this new term loan, the
syndicate of lenders has agreed to amend some of the terms of
the initial advances under the credit facility and the
convertible term loan.  The maturity date has been amended to
match the maturity date of this new financing and the cash
portion of the interest will be payable in kind until December
2008.

In addition, amendments were also made to the terms of the
credit facility and the convertible term loan for the portion of
the debt held by two of the lenders, who are not company
insiders, whereby their respective portions would be convertible
into common shares of the company at a price of $0.114 per
share.  As well, the conversion price of the portion of the
convertible term loan held by one of the lenders was amended to
the same price.

As some of the parties participating in the financing are
related parties of the company, as defined by applicable
securities legislation in Quebec and Ontario, the financing is
considered a related-party transaction.  However, it is exempt
from the valuation and minority approval requirements, as it is
a loan to the company obtained on reasonable commercial terms
that are no less advantageous to the company than if the loan
had been obtained from persons that were dealing at arm's length
with the company.

The company will file a material change report less than 21 days
prior to the closing date of the financing, a shorter period
that is reasonable and necessary under the circumstances, which
will allow the company to complete the transaction in a timely
manner in order to finance its operations and execute on its
growth strategy.

                    Status update on results

The company intends to update its financial statements and
accompanying management's discussion and analysis for the
periods ended Dec. 31, 2006, and March 31, 2007, in the coming
days.

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the uncertainty
concerning the outcome of the company's financing initiatives
and because of the company's losses for the current and prior
years, negative cash flows, reduced availability of supplier
credit and lack of operating credit facilities.

For the quarter ended March 31, 2007, the company realized a net
loss of CDN$12.2 million and used cash of CDN$12.4 million in
its continuing operating activities.  The company had a net loss
of CDN$115.6 million and used cash of CDN$45.2 million in its
continuing operations for the year ended Dec. 31, 2006.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

                          *     *     *

SR Telecom's long-term credit rating carries Standard & Poor's
Ratings Services' D rating.


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


ARINC INC: Carlyle Agreement Cues Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service is reviewing the ratings of Arinc for
possible downgrade in response to the announcement that the
Carlyle Group entered into an agreement to purchase Arinc
Incorporated from the consortium of airlines.  Arinc has a
Corporate Family Rating of Ba3.

Moody's review will focus on the impact the proposed transaction
will have on the entity's future capital structure, financial
strategy and credit metrics.  The review will also assess the
degree to which the company's operating strategy will be able to
sustain earnings, cash flow generation and liquidity to support
the new capital structure, which may be comprised of
significantly more debt.  The current debt is primarily composed
of bank debt -- a revolving line of credit and a term loan B.
Moody's expects that Arinc's existing bank credit facility will
be repaid upon close.  If the bank debt is redeemed in its
entirety, Moody's will withdraw all ratings at the close of the
transaction, expected late in the third quarter.

On review for possible downgrade:

Issuer: Arinc Incorporated

   -- Probability of Default Rating, placed on review for
      possible downgrade, currently Ba3

   -- Corporate Family Rating, placed on review for possible
      downgrade, currently Ba3

   -- Senior Secured Bank Credit Facility, placed on review for
      possible downgrade, currently 48 - LGD3

Outlook Actions:

Issuer: Arinc Incorporated

   -- Outlook, changed to rating under review from stable

Annapolis, Maryland-based, ARINC Inc. -- http//www.arinc.com/ --
provides communications and IT services to the global aviation
industry and the U.S. military and other government agencies.

The company has locations in Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


ARINC INC: Company Sale Cues S&P to Revise Watch to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'BB' corporate credit rating and other
ratings on ARINC Inc. to negative from developing.

"The revision follows the announcement that ARINC will be sold
to the Carlyle Group," said Standard & Poor's credit analyst
Christopher DeNicolo.  Although the financial terms were not
disclosed, the positive scenario of an IPO or minority equity
investment is no longer possible and leverage could increase.
The transaction is subject to customary regulatory approvals and
is expected to close in the third quarter of 2007.  ARINC is
currently owned primarily by several large U.S. airlines.
Ratings could be withdrawn if rated debt is repaid.

Annapolis, Maryland-based ARINC is a leading provider of
mission-critical communications and IT services to the global
aviation industry (40%-45% of revenues) and engineering services
to the U.S. military and other government agencies (55%-60%).
ARINC networks carry more than half of all air-ground messages
in the world between commercial aircraft and airline operations
centers.  Other commercial transportation products include
airport check-in and boarding systems, flight display and
information systems, commuter rail control and information
systems, and mobile private digital networks and ground
communications systems.  ARINC is granted the exclusive right by
the FCC to manage and license the radio frequencies used by the
airlines.  This function has been transferred to a separate
legal entity that will continue to be owned by the U.S.
airlines.

The company has operations in Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


DURA AUTOMOTIVE: To Sell Atwood Mobile Unit for US$160 Million
--------------------------------------------------------------
DURA Automotive Systems Inc. entered into an asset purchase
agreement with Atwood Acquisition Co., LLC for the sale of
DURA's Atwood Mobile Products division, headquartered in
Elkhart, Indiana.

The agreement provides for the acquisition of Atwood Mobile
Products for an aggregate cash consideration of US$160.2
million.  Closing of the transaction is subject to the approval
of the United States Bankruptcy Court for the District of
Delaware, which has jurisdiction over DURA's Chapter 11
reorganization proceedings; government regulatory approvals; and
customary closing conditions.  Dura was advised by Miller
Buckfire and Kirkland & Ellis in connection with the
transaction.

As a standard element of the bankruptcy process, DURA has filed
a motion with the Bankruptcy Court seeking approval of
procedures that will provide an opportunity for competitive bids
on Atwood Mobile Products before the sale is approved by the
Court.  DURA expects to complete the bidding process and to
secure the regulatory approvals in time to close the sale by the
end of August.

"Atwood is a strong, profitable and growing business, and we are
extremely satisfied with the interest we have received in the
business," said Larry Denton, DURA's chairman and chief
executive officer.  "This agreement is a major milestone in our
restructuring efforts as it enables the company to position
itself to exit Chapter 11 and finish implementing financial and
operational strategies to improve our core automotive parts
business."

                     About Atwood Acquisition

Atwood Acquisition Co., LLC offers a broad range of products to
the recreation vehicle (RV), specialty vehicle and manufactured
housing markets.  The division's products encompass windows and
doors, specialty glass, hardware appliances and electronics.
Founded in 1909, Atwood was acquired by automotive supplier
Excel Industries, which was then acquired by DURA in 1999.

                      About Miller Buckfire

Miller Buckfire in New York -- http://www.millerbuckfire.com/--
is an independent investment bank providing strategic and
financial advisory services focusing on complex restructuring
transactions, mergers and acquisitions, and equity and debt
financing.

                       About Atwood Mobile

Atwood Mobile Products Inc. designs and manufactures window,
glass, aluminum, appliance and electronic products for
recreation vehicles (RVs), specialty vehicles, manufactured
housing and associated niche markets.  Atwood's core products
include windows, doors, specialty glass products, water heaters,
furnaces, ranges, electronic control systems, converters and
seating systems designed to meet specific customer demands.
Atwood provides its products to customers including Thor
Industries, Fleetwood, Jayco, Gulfstream, Winnebago,
Freightliner and Leer.  Atwood also supplies to the RV,
specialty vehicle and manufactured housing industries, and
markets under its Atwood, Creation, Kemberly, Wedgewood, Spec-
Temp, Duraleg and Levelegs brands.  Atwood has about 1,900
employees.

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia, namely in China, Japan
and Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.


HAUSBAU PARTNER: Claims Registration Period Ends Aug. 27
--------------------------------------------------------
Creditors of Hausbau Partner AG have until Aug. 27 to register
their claims with court-appointed insolvency manager Rainer
Eckert.

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 his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Hausbau Partner AG on July 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hausbau Partner AG
         Richard-Wagner-Str. 14
         30177 Hannover
         Germany

         Attn: Frank G. Mehlhase, Manager
         Halberstadtweg 19
         30659 Hannover
         Germany


KABEL DEUTSCHLAND: Fitch Affirms IDR at BB- on High Leverage
------------------------------------------------------------
Fitch Ratings has affirmed Kabel Deutschland Vertrieb und
Service GmbH & Co's Long-term Issuer Default Rating at 'BB-'
with Stable Outlook and affirmed its senior secured bank
facilities at 'BB+'.  At the same time, Fitch has affirmed the
holding company Kabel Deutschland GmbH's senior notes at 'BB-'.

The Long-term IDR reflects KDS's high leverage and weaker free
cash flow (defined as cash flow from operations less capital
investment and dividends).  The latter is likely to be impaired
in fiscal years ending March 31, 2007 and then break-even in
2008 due to the sizeable capital spending required to continue
the fast roll-out of digital basic CATV, pay-TV, high speed
internet and telephony services.  The rating also reflects the
strength of KDS's core CATV business, which continues to deliver
low but predictable average revenue per user and strong take-up
in pay-TV and HSI/telephony services so far.

The Stable Outlook reflects that despite the expectation that
KDS's leverage will remain somewhat high over the next two
years; its cash generative capacity will continue to rely for a
large part on the stable CATV business.

"Although the current triple-play strategy is likely to
constrain free cash flow generation in the next year, we
continue to believe that KDS is taking the necessary actions to
protect its core business and take advantage of the increased
demand in bundled services," says Richard Petit, Associate
Director in Fitch's European TMT team.  "A large proportion of
KDS' capital spending is success-driven, therefore limiting
financial downside risks.  So long as margins hold up, higher
success-related capital spend would be a confirmation that the
group's strategy shift is a good decision."

In the nine months to December 2006, the group delivered solid
revenue growth of 8% to EUR813 million, driven by customers'
adoption of its pay-TV and HSI/telephony services.  However,
EBITDA was 6.2% lower at EUR290 milliom as KDS incurred higher
costs to promote its new services and upgrade the network, with
some of this investment expensed through the profit & loss
account.  As a result EBITDA margin was lower at 35.7% compared
to 41.1% a year ago.  Free cash flow for the period turned
negative at EUR11 million, reflecting the step-up in capital
spend.

The last published results provide early indications that KDS's
triple-play strategy is gaining traction.  Pay-TV and
HSI/telephony services, which were almost non-existent three
years ago, now account for an estimated 12.6% of subscription
revenues.  The group has capitalized on its 9.5 million basic
customers to up-sell its pay-TV product to 660,000 subscribers
at end-December 2006 (an increase of 259,000 on the year).  Its
HSI and telephony products attracted 115,000 and 108,000 new
subscribers respectively over the same period from a low base.
KDS continued to upgrade the network at a fast pace with about
56% of total homes passed upgraded at December 2006 or 8.6
million (compared to only 3.8 million at December 2005).

At December 2006, the group had EUR1.241 billion of senior
secured debt outstanding at the KDS level and EUR677 million of
2014 senior subordinated notes at the KDG level.  The strength
of the security package on the senior secured facility, the
relatively low leverage at the senior level and the expected
resilience in a distressed situation support the two-notch
uplift from the Long-term IDR.  The subordinated notes have a
second ranking share pledge and Fitch anticipates average
recoveries on theses notes.  Last 12 months senior leverage to
December 2006 was 2.9x and total cash pay leverage was 4.9x.


=============
H U N G A R Y
=============


* Bankruptcy Cases May Set New Records This Year
------------------------------------------------
The number of companies filing for bankruptcy may reach a new
peak in 2007, Napi Gazdasag reports citing a study by credit
service firm Coface Hungary Kft.

Hungarian authorities commenced liquidation proceedings against
9,390 companies in the first half of 2007, 29% more than the
same period in 2006, Napi Gazdasag relates.  With around two
percent of companies unable to pay their bills in the first six
months of 2007, Coface expects four percent of the firms to go
bust by yearend.

According to Coface’s study, companies from the retail and
construction industries were hit hardest by liquidation
procedures, adding that some industries may have around 10% of
its members go bankrupt in the second half of 2007, Napi
reports.


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


IMAX CORP: Cede & Co. Issues Default Notice Under Sr. Indenture
---------------------------------------------------------------
IMAX Corporation was issued on July 2, 2007, a notice of default
by Cede & Co., the nominee of the Depository Trust Company, on
behalf of Catalyst Fund Limited Partnership II, a significant
holder of 9.625% senior notes due Dec. 1, 2010, issued by IMAX.

Cede stated in the notice that DTC is informed by Mellon Trust
of New England, N.A., its participant, that US$62,237,000
principal amount of the notes are beneficially owned by Catalyst
Fund.  The notice further added that Catalyst Fund's ownership
of the notes represents more than 25% of the outstanding notes
under the indenture.

The notice states that defaults have occurred and continue to
occur under Sections 1019 and 1021 of the indenture governing
the senior notes, in that IMAX has failed to comply with
financial reporting requirements and failed to deliver timely
and accurate officer certificates.

IMAX has failed to file its quarterly report for the first
quarter of 2007.  IMAX also has failed to file its annual report
for the period ended Dec. 31, 2006.

The defaults under Section 1019 were the subject of a prior
consent solicitation by IMAX, which IMAX claimed resulted in a
waiver of its defaults and an extension of its time to file its
required financial reports.

Catalyst disputes that the consent solicitation was valid or
effective.  The defaults under Section 1021, which were not the
subject of the prior consent solicitation, require unanimous
consent, which IMAX has not requested or obtained.

Cede demanded through the notice, on behalf of the beneficial
owner, that all the defaults be remedied.

This is the third notice of default sent to IMAX in the last two
months.  Separate notices with respect to these defaults were
sent to IMAX on May 3, 2007, and June 4, 2007.  The July 2, 2007
notice was sent on the first day following the expiration of
IMAX's claimed, though disputed, extension of time to file its
financial statements under Section 1019.

                      About IMAX Corporation

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


IMAX CORP: Default Notice Prompts S&P to Junk Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on IMAX Corp. to 'CCC+' from
'B-'.  The ratings remain on CreditWatch, with implications
revised to developing from negative, to indicate possible upward
or downward movement of the ratings.  The ratings were
originally placed on CreditWatch with negative implications on
April 2, 2007.

The rating and CreditWatch actions follow the issuance of a
notice of defaults with respect to IMAX's $160 million 9.625%
convertible senior notes due 2010.  The notice relates to the
company's failure to file its SEC Form 10-K for 2006 and Form
10-Q for the first quarter of 2007.  IMAX now has a 30-day cure
period (through July 31, 2007) to make the filing.  If IMAX is
unable to file during that time frame or obtain a waiver,
maturity on the notes may be accelerated.  In a press release
issued by IMAX on June 29, 2007, the company indicated that it
expects shortly to be able to file its 2006 Annual Report on
Form 10-K and quarterly report on Form 10-Q for the quarter
ended March 31, 2007.

"Standard & Poor's believes that these financial risks have the
potential to lead to an eventual payment default," said Standard
& Poor's credit analyst Tulip Lim.  "However, we will raise the
ratings if IMAX is able to resolve this situation either through
a timely filing or a receipt of waivers by noteholders."


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


CROMPUS-2004 LLP: Proof of Claim Deadline Slated for Aug. 17
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Crompus-2004 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


ERSANA LLP: Creditors Must File Claims Aug. 17
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Ersana insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 32-38-46


EUROASIA-2000 LLP: Claims Filing Period Ends Aug. 17
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Euroasia-2000 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


GUNN LLP: Creditors' Claims Due on Aug. 17
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Gunn insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


KAZCOOPTAGRO-INVEST LLP: Claims Registration Ends Aug. 10
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Investment Company Kazcooptagro-Invest insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Krasnogvardeysky Tract 294
         Almaty
         Kazakhstan


OBLPEMBYTTECHNIKA LLP: Claims Deadline Slated for Aug. 17
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Regional Repair Technics Oblpembyttechnika
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Krasin Str. 8/1-25b
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03
              8 (3232) 22-19-10


PATHALOGICAL-ANATOMICAL CENTRE: Claims Registration Ends Aug. 17
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Pathalogical-Anatomical Centre insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


TRANS TECHNO: Claims Filing Period Ends Aug. 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Trans Techno Oil insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 11 37-137
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (2392) 60-09-90


VOSTOKPRODTORG LLP: Creditors' Claims Due on Aug. 14
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostokprodtorg insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Krasin Str. 8/1-25b
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03
              8 (3232) 22-19-10


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


RED FOX: Creditors Must File Claims by August 10
------------------------------------------------
LLC Dance Club Red Fox has declared insolvency.  Creditors have
until Aug. 10 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 62-16-35.


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


CEVA LTD: S&P Junks US$1.4 Billion Sr. Unsecured Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
the new US$1.4 billion million senior unsecured notes issued by
CEVA Group PLC, the holding company of Netherlands-based
contract logistics group Ceva Ltd. to finance the acquisition of
U.S. based EGL Logistics Inc. (EGL; not rated).

In addition, we assigned a 'BB-' senior secured debt rating to
the US$425 million proposed first-lien six-year senior secured
loan issued by CEVA Group.

A recovery rating of '1' was assigned to this loan, reflecting
our expectation of very high recovery (90%-100%) in the event of
a payment default.  The ratings remain subject to final
documentation.

Furthermore, we raised the senior secured rating to 'BB-' from
'B+' on CEVA Group's senior secured facilities, equivalent to a
total EUR805 million, and raised the recovery rating to '1' from
'2', due to higher expected recovery.

At the same time, the 'B' long-term corporate credit rating on
CEVA Group was affirmed.  The outlook is negative.

"The notes are rated two notches lower than the corporate credit
rating on CEVA Group, due to their subordination to a
significant level of priority liabilities, including the
US$1.5 billion senior secured debt," said Standard & Poor's
credit analyst Eve Greb.  The notes benefit from the same
guarantee package as the senior secured facilities.

"The negative outlook reflects Standard & Poor's concerns that
CEVA Group might not improve its credit protection measures to
levels in line with the rating category in the range of debt to
EBITDA of 6x to 7x by end of 2008," said Ms. Greb.  Exceptional
transition costs during 2007 are likely to limit the potential
for ratio improvements in the short term.  Given the relatively
low expectations of free cash flow during 2007, there is limited
rating upside potential in the short term.  If CEVA Group cannot
achieve these targets in the medium term, or the group's
liquidity does not remain sufficient, or it fails to comply with
financial covenants, the ratings would come under pressure.  For
a revision of the outlook to stable, CEVA Group would need to
reach and maintain the long-term expectations for the ratings.


LAURELIN II: Fitch Rates EUR17 Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings has assigned final ratings to Laurelin II B.V.'s
issue of fixed and floating-rate notes, due 2023.  The
transaction is a securitization of leveraged loans, primarily
senior secured loans with the flexibility to purchase, amongst
others, second lien loans, mezzanine loans and high-yield bonds.

   -- EUR147.25 million Class A-1E senior secured floating-rate
      notes: 'AAA'

   -- EUR90 million Class A-1R senior secured revolving
      floating-rate notes: 'AAA'

   -- GBP30.405 million Class A-1S senior secured floating-rate
      notes: 'AAA'

   -- EUR15.75 million Class A-2 senior secured floating-rate
      notes: 'AAA'

   -- EUR26 million Class B-1 senior secured floating-rate
      notes: 'AA'

   -- EUR15 million Class B-2 senior secured fixed-rate notes:
      'AA'

   -- EUR26 million Class C senior secured deferrable floating-
      rate notes: 'A'

   -- EUR12.5 million Class D-1 senior secured deferrable
      floating-rate notes: 'BBB'

   -- EUR10.5 million Class D-2 senior secured deferrable fixed-
      rate notes: 'BBB'

   -- EUR17 million Class E senior secured deferrable floating-
      rate notes: 'BB'

   -- EUR17.5 million Class X combination note: 'BBB'

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

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

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement for
the Class A-1E, A-1R and A-1S notes in the form of subordination
totals 35.56%, and is provided by the Class A-2 notes (3.6%),
Class B-1 and B-2 notes (9.36%), Class C notes (5.94%), Class D-
1 and D-2 notes (5.25%), Class E notes (3.88%) and equity class
of notes (7.53%).

Laurelin II B.V. is a limited liability company incorporated
under the laws of the Netherlands.  On closing, the issuer had
purchased approximately 75% of the target portfolio. After
closing, a further 12-month period is available for the manager
to fully invest the portfolio.


===============
P O R T U G A L
===============


BEARINGPOINT INC: Dec. 31 Balance Sheet Upside-Down by US$177MM
---------------------------------------------------------------
BearingPoint Inc. reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders' deficit
of US$177.3 million as of Dec. 31, 2006.

The company filed its financial reports with the Securities and
Exchange Commission for the year 2006 on Form 10-K and the three
quarters of 2006 on Forms 10-Q in the last week of June 2007.

BearingPoint’s chief executive officer, Harry You, stated, "By
filing our full year 2006 financials, we have taken another
significant step toward returning to timely filing our periodic
reports with the SEC.  The business is strong and we continue to
see great demand for our services."

                         2006 Highlights

The company’s revenue for 2006 was US$3.4 billion, an increase
of US$55.1 million, or 1.6%, over 2005 revenue of US$3,388.9
million.

The company’s gross profit for 2006 was US$550.5 million,
compared to US$358 million for 2005.  Gross profit as a
percentage of revenue increased to 16% during 2006 from 10.6%
during 2005.

In 2006, the company realized a net loss of US$213.4 million,
compared to a net loss of US$721.6 million in 2005.

Contributing to the net loss for 2006 were US$48.2 million of
losses related to the previously mentioned settlements with
telecommunication clients, US$57.4 million for bonuses payable
to its employees, US$53.4 million of non-cash compensation
expense related to the vesting of stock-based awards, US$29.6
million of lease and facilities restructuring charges and the
previously mentioned US$33.6 million year-over-year increase in
external costs related to the closing of the company’s financial
statements.

New contract bookings for 2006 were US$3.1 billion, a slight
decrease from new contract bookings of US$3.1 billion for 2005.

Commercial Services bookings were significantly lower when
compared year-over-year, primarily due to 2005 bookings in
excess of US$100 million related to the signing of its contract
with Hawaiian Telcom Communications Inc, one of the largest
contracts in its history.  New contract bookings for the three
months ended March 31, 2007, were about US$709.5 million,
compared with new contract bookings of US$804.6 million for the
three months ended March 31, 2006.

A copy of the company's first quarter 2006 report is available
for free at http://ResearchArchives.com/t/s?216e

                          Other Ventures

During 2006 and 2007, the company worked with Hawaiian Telcom
Communications Inc., a telecommunications industry client, to
resolve issues relating to the company’s delivery of services
for the design, build and operation of various information
technology systems.  On Feb. 8, 2007, the company entered into a
settlement agreement and transition agreement with HT.  Pursuant
to the settlement agreement, the company paid US$52 million,
US$38 million of which was paid by certain of the company’s
insurers.

In addition, the company waived about US$29.6 million of
invoices and other amounts otherwise payable by HT to the
company.  The transition agreement governed the company’s
transitioning of the remaining work under the HT Contract to a
successor provider, which has been completed.  In 2006 and 2005,
the company incurred losses of US$28.2 million and US$111.7
million, respectively, under the HT Contract.

On June 18, 2007, the company entered into a settlement with a
telecommunications industry client resolving the client’s claims
under a client-initiated "audit" of certain of the company’s
time and expense charges relating to an engagement that closed
in 2003.  While this settlement provides the company with the
opportunity to perform services for this client in the future,
the dispute will likely continue to negatively affect the level
of new bookings anticipated from this client in 2007.

On May 22, 2007, the company settled certain disputes with KPMG
that had arisen between companies related to the February 2001
Transition Services Agreement.  KPMG had asserted that the
companies were liable to it for about US$31 million under the
Transition Services Agreement for certain technology service
termination costs.  The further settlement involves cash
payments by the company to KPMG of US$5 million over a three-
year time frame.

                      Q1 2007 Key Metrics

BearingPoint reported key business metrics for the first quarter
ended March 31, 2007, which were driven by solid performance in
the company’s core business and continued traction in the
marketplace.

Highlights include:

   i. Bookings of US$709.5 million for the first quarter of this
      year, a modest sequential increase over US$699 million in
the
      fourth quarter of 2006 and a decrease from US$804.6
million in
      the first quarter 2006, with the decline primarily
      attributable to growth in newly signed, but unfunded
Federal
      contracts which BearingPoint does not include in bookings
      until related appropriations are approved.

  ii. Voluntary total employee turnover of 23.9% an increase
from
      21.2% in the fourth quarter of 2006 and a slight
improvement
      from 24.2% in the first quarter 2006.

iii. Total workforce utilization of 76.6% down slightly from
      77.4% in the fourth quarter of 2006 and a solid increase
      from 73.4% in the first quarter 2006.

  iv. Billable headcount of about 15,200, a slight decline from
      about 15,300 in the fourth quarter of 2006 and 15,400 in
the
      first quarter of 2006.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.


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


HERMES TRADE: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Hermes Trade.  The case is docketed under Case
No. A41-K2-4208/07.

The Temporary Insolvency Manager is:

         A. Kocheshkov
         Office 76
         Vorkutinskaya Str. 14
         160032 Vologda
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Hermes Trade
         Vishnevyj Avenue 1a
         Klin
         Moscow
         Russia


KUZNETSK-SHOES OJSC: Names A. Felinskiy as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Penza appointed A. Felinskiy as
Insolvency Manager for OJSC Kuznetsk-Shoes.  He can be reached
at:

         A. Felinskiy
         Sverdlova Str. 134
         Kuznetsk
         442530 Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-7337/2005-126b/26.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Kuznetsk-Shoes
         Sverdlova Str. 134
         Kuznetsk
         Penza
         Russia


MILYUTINSKOE CJSC: Creditors Must File Claims by Aug. 16
--------------------------------------------------------
Creditors of CJSC Milyutinskoe (TIN 6120000109, OGRN
1026101258061) have until Aug. 16 to submit proofs of claim to:

         I. Shirshov
         Insolvency Manager
         Apartment 103
         Enruziastov Str. 7
         Belaya Kalitva
         347042 Rostov
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-16638/06-S2-36.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Milyutinskoe
         Obraztsov
         Milyutinskiy
         347120 Rostov
         Russia


MIXED FODDER: Court Names M. Kiyamov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Samara appointed M. Kiyamov as
Insolvency Manager for LLC Mixed Fodder.  He can be reached at:

         M. Kiyamov
         Lugovaya Str. 26
         Nadezhdino
         Koshkinskiy
         446802 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-1925/05.

The Debtor can be reached at:

         LLC Mixed Fodder
         Klyavlino
         Samara
         Russia


NEMSKIY OJSC: Kirov Bankruptcy Hearing Slated for Oct. 4
--------------------------------------------------------
The Arbitration Court of Kirov will convene at 9:00 a.m. on
Oct. 4 to hear the bankruptcy supervision procedure on OJSC
Butter Making Plant Nemskiy (TIN 4320000511, KPP 432001001).
The case is docketed under Case No. A28-150/07-95/20.

The Temporary Insolvency Manager is:

         A. Klabukov
         Uritskogo Str. 12
         610002 Kirov
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Butter Making Plant Nemskiy
         Zavodskaya Str. 3
         Nema
         613470 Kirov
         Russia


NOVOCHERKASSKIY LIQUOR: Court Start External Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Rostov commenced external management
bankruptcy procedure on OJSC Novocherkasskiy Liquor-Vodka
Distillery.  The case is docketed under Case No. A53-16737/
06-S1-8.

The External Insolvency Manager is:

         S. Kozlov
         Bujnakskaya Str. 2/56
         344037 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novocherkasskiy Liquor-Vodka Distillery
         Ermaka Pr. 5
         Novocherkassk
         346429 Rostov
         Russia


ORANZHEREJNOE OJSC: Bankruptcy Hearing Slated for Sept. 11
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
10:40 a.m. on Sept. 11 to hear the bankruptcy supervision
procedure on OJSC Oranzherejnoe.  The case is docketed under
Case No. A43-5354/2007, 27-150.

The Temporary Insolvency Manager is:

         E. Potanina
         Torgovaya Str. 14
         603001 Nizhniy Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Oranzherejnoe
         1st Oranzherejnaya Str. 28a-112
         Nizhniy Novgorod
         Russia


PODOSINOVETS-AGRO-LES: Names V. Shabalin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kirov appointed V. Shabalin as
Insolvency Manager for LLC Podosinovets-Agro-Les.  He can be
reached at:

         V. Shabalin
         Office 26
         Bolshevikov Str. 89a
         610000 Kirov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-728/06-380/24.

The Court is located at:

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

The Debtor can be reached at:

         LLC Podosinovets-Agro-Les
         Lisya Slobodka
         Podosinovskiy
         613911 Kirov
         Russia


RODINSKIY MALT: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Altay commenced bankruptcy supervision
procedure on LLC Rodinskiy Malt.  The case is docketed under
Case No. A03-3510/07-B.

The Temporary Insolvency Manager is:

         N. Grineva
         Post User Box 3077
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         LLC Rodinskiy Malt
         Rodino
         Rodinskiy
         Altay
         Russia


ROSNEFT OIL: May Form Fuel Venture with OAO Aeroflot
----------------------------------------------------
OAO Rosneft Oil Co. and OAO Aeroflot may form a joint venture to
service the latter’s fuel needs, Lyubov Pronina and Torrey Clark
write for Bloomberg News.

The companies inked a sales agreement that permits Rosneft to
set up jet-fuel stations at Russian airports to allow Aeroflot
to reduce costs, Bloomberg reports.  Aeroflot spent around
US$920 million on fuel in 2006, equivalent to 35% its total
costs.

Aeroflot spokeswoman Irina Dannenberg told Bloomberg News that
the companies have formed working groups to study the projects.

                          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.


SATURN CJSC: Creditors Must File Claims by Aug. 16
--------------------------------------------------
Creditors of CJSC Saturn 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. A56-32201/2006.

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 Saturn
         1st Liniya 44
         St. Petersburg, V.O.
         Russia


SHUJSKAYA FURNITURE: Bankruptcy Hearing Slated for Oct. 17
----------------------------------------------------------
The Arbitration Court of Ivanovo will convene at 9:45 a.m. on
Oct. 17 to hear the bankruptcy supervision procedure on CJSC
Shujskaya Furniture Factory.  The case is docketed under Case
No. A17-1934/07-14B.

The Temporary Insolvency Manager is:

         V. Churyumov
         Post User Box 115
         603000Nizhnij Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         CJSC Shujskaya Furniture Factory
         1st Nagornaya 1/3
         Shuja
         155902 Ivanovo
         Russia


SIB-TRANS-VZRYV: Creditors Must File Claims by Aug. 16
------------------------------------------------------
Creditors of CJSC Sib-Trans-VZRYV have until Aug. 16 to submit
proofs of claim to:

         S. Makletsov
         Insolvency Manager
         Apartment 148
         Kirova Str. 103
         Abakan
         655000 Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A74-42/2007.

The Debtor can be reached at:


         CJSC Sib-Trans-VZRYV
         Kotovskogo Str. 136
         Abakan
         655009 Khakasiya
         Russia


TANDEM CJSC: Creditors Must File Claims by Aug. 16
--------------------------------------------------
Creditors of CJSC Tandem have until Aug. 16 to submit proofs of
claim to:

         S. Suvorov
         Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-9740/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tandem
         Apartment 3
         Marosejka Str. 7/8
         Moscow
         Russia


URANBASHSKOE OJSC: Court Names K. Garkanov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg appointed K. Garkanov as
Insolvency Manager for OJSC Uranbashskoe.  He can be reached at:

         K. Garkanov
         Post User Box 4166
         443110 Samara-110
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-11797/2005-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Uranbashskoe
         Uranbash
         Oktyabrskiy
         Orenburg
         Russia


VOSTOCHNY EXPRESS: Moody's Rates Loan Participation Notes at B3
---------------------------------------------------------------
Moody's Investors Service assigned a rating of B3 to the Loan
Participation Notes to be issued on a limited recourse basis by
Orient Express Finance Limited, a special purpose vehicle
incorporated under laws of Ireland, for the sole purpose of
financing a senior unsecured loan to Vostochny Express Bank.

The outlook for the rating is stable.  Denominated in Russian
roubles, the notes will be worth RUR5.4 billion and have a tenor
of two years.

Moody's notes that the rating for the LPNs is based on the
fundamental credit quality of VE, the ultimate obligor under the
transaction.  VE is currently rated B3/Not Prime for long- and
short-term foreign- and local-currency deposits, and E+ for
financial strength, all with stable outlook.  The obligations of
VE to make payments under the loan agreement will rank at all
times at least pari-passu with the claims of all other unsecured
creditors of the borrower.

According to the terms and conditions of the loan agreement, VE
must comply with a number of covenants such as negative pledge,
limitations on mergers, disposals and transactions with
affiliates.  Moody's notes, however, that a merger would not
constitute a put event provided the ratings assigned to the
surviving entity immediately following such merger were not
lower than the ratings assigned to VE.

With regard to the financial covenants, VE is obliged to
maintain a ratio of capital to risk-weighted assets and its
shareholders' equity at a minimum pre-specified level of 12% and
US$50 million, respectively.

Headquartered in Khabarovsk, Russia, Vostochny Express Bank
reported total assets and shareholders' equity of RUR9.54
billion (US$362.6 million) and RUR1.518 billion (US$57.65
million), respectively, under IFRS as of Dec. 31, 2006.  Its
largest shareholder Mr. Igor Kim is also the largest shareholder
of URSA Bank (rated Ba3/NP/D- with stable outlook), which
assisted VE in its lending expansion during 2006 through
acquiring large portions of VE's retail loan book.  URSA Bank is
currently considering a potential merger, acquisition or other
form of business combination with VE.


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


AYT GENOVA: Fitch Rates EUR14.7 Million Class D Notes at BB
-----------------------------------------------------------
Fitch Ratings has assigned final ratings to AyT Genova
Hipotecario X, Fondo de Titulizacion Hipotecaria's mortgage-
backed floating-rate notes totaling EUR1.05 billion due in March
2040:

   -- EUR220.5 million Class A1: 'AAA'; Outlook Stable
   -- EUR787.5 million Class A2: 'AAA'; Outlook Stable
   -- EUR15.75 million Class B: 'AA-'; Outlook Stable
   -- EUR11.55 million Class C: 'BBB'; Outlook Stable
   -- EUR14.7 million Class D: 'BB'; Outlook Stable

This transaction is a cash flow securitiztion of a EUR1.05
billion static pool of first-ranking residential mortgage loans
originated by Barclays Bank, S.A., an entity 99.7%-owned by
Barclays Bank PLC (rated 'AA+'/'F1+'/Outlook Negative).

The final ratings are based on the quality of the underlying
collateral, the underwriting and servicing of the mortgage
loans, available credit enhancement and the sound legal and
financial structure of the transaction.  They also address the
timely payment of interest on each payment date and repayment of
the principal during the life of the transaction according to
the terms and conditions of the documentation, which include
interest deferral triggers on the Class B, C and D notes.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
securities the mortgage participations ("participaciones
hipotecarias") acquired from BBSA.  The PHs were subscribed by
Ahorro y Titulizacion, S.G.F.T., S.A., whose sole function is to
manage asset-backed notes on behalf of the fund.

This is the 10th residential mortgage securitization to be
conducted by BBSA through the "Genova" program and the eighth to
be rated by Fitch.  As in previous Genova transactions, BBSA
originated the securitized mortgages and will continue to
service the portfolio.

The securitized pool comprises "Hipoteca Remunerada" loans, an
amortizing mortgage product bearing a margin of 45bp over 12-
month Euribor.  All loans are paid via direct debit since the
Hipoteca Remunerada product is marketed along with an interest-
bearing bank account.  Since Hipoteca Remunerada is primarily
targeted at high-net-worth Spanish clients, the average value of
the properties backing the mortgages is over EUR320,000 and many
of them fall into the high-end of the Spanish property market,
where demand may slow in an economic downturn.  Fitch addressed
this risk in its recovery rate calculations by increasing the
market value decline assumptions for these high-value properties
through application of a jumbo stress between 15% and 25%.


DELPHI CORP: Seeks Court OK on DAS Espana Severance Deal
--------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the Honorable Robert
D. Drain of the U.S. Bankruptcy Court for the Southern District
of New York to authorize, but not direct, DAS Holding to provide
up to EUR130,000,000 to Delphi Automotive Systems Espana S.L.
through an equity contribution or other transaction.

As previously reported, DAS Espana announced in February 2007
the closure of its non-core automotive component plant at the
Puerto Real site in Cadiz, Spain, as part of the Debtors' global
portfolio and manufacturing realignment.  DAS Espana is a
wholly-owned, Spanish, non-debtor subsidiary of Debtor Delphi
Automotive Systems (Holding), Inc.  The Cadiz Plant, which has
approximately 1,600 employees, is the primary asset and
liability of DAS Espana.

On March 20, 2007, DAS Espana filed a "Concurso" application for
a Spanish insolvency proceeding.  The Spanish Court subsequently
appointed Enrique Bujidos, Adalberto Canadas Castillo, and
Fernando Gomez Martin as receivers of DAS Espana.  The role of
the DAS Espana Receivers is to, among other things, address the
legal interests of employees, suppliers, and any other parties
affected by the closure of the Cadiz Plant; supervise and
approve expenditures of funds by DAS Espana during Concurso; and
provide consultation and support for DAS Espana's plan of
reorganization in Concurso.

John Wm. Butler, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, informs Judge Drain that under
Spanish law, Delphi Corp. must provide employees affected by the
closure of the Cadiz Plant with a separation allowance.  The
minimum separation payment under Spanish law is 20 days of
salary per year of service.  The Cadiz workers councils,
assemblies, and the unions representing the affected employees,
however, assert that Spanish automotive industry standard is
approximately 45 to 60 days of salary per year of service, which
would cost DAS Espana between EUR115,000,000 and EUR155,000,000.

Mr. Butler notes that in late 2005, DAS Espana entered into a
labor agreement that provided for 60-day severance packages for
certain employees and continued jobs for the remaining 1,600
employees through the end of 2010.  Were the 2005 Industrial
Plan to be enforced, he relates, the cost of continuing wages
and severance payments would be approximately EUR374,000,000.

In the course of the Concurso process, DAS Espana commenced
negotiations on a social plan and a collective lay off procedure
-- an "ERE" -- related to the separation allowance with the
Cadiz Unions.  Absent an agreement by DAS Espana to fund and
implement a social plan on behalf of the affected employees by
July 31, 2007, the Spanish Court could dismiss the ERE, Mr.
Butler points out.  According to the DAS Espana Receivers, the
Spanish Court might order the implementation of the terms of
2005 Industrial Plan.  Regardless of the ultimate imposed
alternative, salaries will accrue for the time period during
which the Spanish Court is resolving the issue at a cost of
approximately EUR5,000,000 per month.

On July 4, 2007, DAS Espana, the Receivers, and the Cadiz
workers councils, assemblies and Unions, based on the efforts of
the Spanish Court, reached a settlement on a social plan funded
with EUR120,000,000 for a separation allowance of approximately
45 days of salary per year of service to each employee.  The
Separation Plan was approved by 89.4% of the Cadiz workers.

In consideration for providing the funds and subject to certain
conditions, the DAS Espana Receivers agree to release the
Debtors from any liability related to or arising out of DAS
Espana and its Concurso application.  In addition, each Cadiz
worker who accepts payment under the Separation Plan will be
required to confirm that his payment is in full satisfaction of
any claims he may have against the Debtors.

To fund the Separation Plan, DAS Espana requires EUR120,000,000
from its sole shareholder, DAS Holding, Mr. Butler tells Judge
Drain.

To protect their global credit reputation, particularly in
Europe, the Debtors have concluded that it is in their best
interest to provide EUR10,000,000 in additional funds for the
purpose of funding payment of the claims of DAS Espana's
suppliers and non-labor creditors.  DASHI will only furnish the
EUR10,000,000 only if DAS Espana's assets are insufficient to
fully fund payment of the supplier and non-labor claims.

Mr. Butler relates that the EUR130,000,000 Funding will come
from the repatriation of dividends from cash currently on hand
at non-Debtor entities in Asia and Europe.  The funds, he
assures the Court, will not come from the Debtors' DIP financing
facility.

The separation allowance to be paid under the Separation Plan,
Mr. Butler adds, is at the low end of Spanish automotive
industry standard.

Moreover, the consummation of the Separation Plan will reduce
the risk of costly and contentious litigation.  DASE believes
that if it does not accept the terms of the Separation Plan, the
Spanish court may dismiss the ERE.  If the Spanish court
dismisses the ERE, DAS Espana will be exposed to claims by the
affected employees for termination indemnities, or for claims
for breach of the 2005 Industrial Plan.  DAS Espana's creditors,
Mr. Butler points out, may assert damages claims against the DAS
Espana's directors for their conduct in creating or aggravating
DAS Espana's economic condition, which claims would be borne by
the Debtors.

                       About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global
supplier of vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.
The company's technology and products are present in more than
75 million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007. (Delphi Corporation Bankruptcy News, Issue No.
75; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


LUSITANO MORTGAGES 6: Fitch Puts BB Ratings to Class E Notes
------------------------------------------------------------
Fitch Ratings assigned Lusitano Mortgages No.6 Limited's
residential mortgage-backed floating-rate notes expected
ratings:

   -- EUR943.25 million Class A: 'AAA', Outlook Stable
   -- EUR65.45 million Class B: 'AA', Outlook Stable
   -- EUR41.8 million Class C: 'A', Outlook Stable
   -- EUR17.6 million Class D: 'BBB', Outlook Stable
   -- EUR31.9 million Class E: 'BB', Outlook Stable

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

This EUR1.1 billion transaction is the sixth securitization of
residential mortgage loans originated by Banco Espirito Santo
S.A.

The expected ratings are based on the quality of the collateral,
the underwriting and servicing capability of BES, available
credit enhancement, and the sound legal and financial structure.
The ratings address the likelihood of investors receiving timely
payments of interest in accordance with the legal documentation
and ultimate repayment of principal on all classes of notes by
legal final maturity in March 2060.

At closing, credit enhancement for the Class A notes will total
16.25% and will be provided by the subordination of the Class B
notes (5.95%), Class C notes (3.8%), Class D notes (1.6%), Class
E notes (2.9%) and the reserve fund equating to 2% of the
initial notes balance.  In addition to subordination and the
reserve fund, the transaction will also benefit from excess
spread.

The pool consists entirely of high-LTV loans, falling in the
80%-100% bucket. Senior offer loans (7.4%) and promotional loans
(7.8% in the promotion phase at cut-off date) are also included
in the pool.

===========
S W E D E N
===========


ASTORIA CINEMAS: Files for Bankruptcy in Stockholm
--------------------------------------------------
Swedish cinema chain Astoria Cinemas AB has filed for bankruptcy
at the Stockholm district court after struggling to modernize
its cinema facilities, published reports say.

According to the Financial Times, citing Swedish news agency TT,
the chain also failed to obtain enough big movies.

As previously reported in the TCR-Europe on May 25, 2007, rival
SF Bio acquired Astoria's Biopalatset mutiplexes in Stockholm
and Goteborg after a majority of creditors agreed to write off
75% of its US$8.9 million debt, Sreendaily.com relates.

SF Bio earlier took control of all Astoria theaters outside the
key cities of Stockholm, Goteborg and Malmo.

In October 2006, Astoria applied for creditor protection at the
court with US$11 million in debt, including US$957,000 owed to
the Swedish Film Institute, Gunnar Rehlin writes for Variety.


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


ALLENSPACH & CO: Solothurn Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Wangen bei Olten in Solothurn commenced
bankruptcy proceedings against JSC Allenspach & Co. on June 15.

The Bankruptcy Service of Wangen bei Olten can be reached at:

         Bankruptcy Service of Wangen bei Olten
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC Allenspach & Co.
         Untere Dunnernstrasse 33
         4612 Wangen bei Olten SO
         Switzerland


ARMAGROUP JSC: Creditors' Liquidation Claims Due July 30
--------------------------------------------------------
Creditors of JSC ARMAGROUP have until July 30 to submit their
claims to:

         Worblaufenstrasse 188
         3048 Worblaufen
         Switzerland

The Debtor can be reached at:

         JSC ARMAGROUP
         Ittigen BE
         Switzerland


CF FACTORING: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC CF Factoring Holding on June 14.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC CF Factoring Holding
         Allmendstrasse 11
         6312 Steinhausen ZG
         Switzerland


FABIAN EGOLF: Creditors' Liquidation Claims Due July 30
-------------------------------------------------------
Creditors of JSC Fabian Egolf Gartenbau have until July 30 to
submit their claims to:

         Heinz Egolf
         Liquidator
         Bahnhofstrasse 126
         8620 Wetzikon
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC Fabian Egolf Gartenbau
         Wetzikon
         Hinwil ZH
         Switzerland


FOOTFIN (FOOTBALL FINANCE): Liquidation Claims Due July 30
----------------------------------------------------------
Creditors of JSC FOOTFIN (Football Finance) have until July 30
to submit their claims to:

         Kaspar Hofmann
         Liquidator
         Haldenstrasse 36
         8134 Adliswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC FOOTFIN (Football Finance)
         Zurich
         Switzerland


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


AKBANK: Fitch Affirms Foreign Currency IDR at BB
------------------------------------------------
Fitch Ratings has affirmed the ratings for Akbank at Long-term
foreign currency Issuer Default Rating 'BB', Short-term foreign
currency IDR 'B'.  Fitch has also affirmed Akbank's LT local
currency IDR at 'BB+', ST local currency IDR at 'B'.  Akbank's
other ratings are affirmed at National LT 'AA+(tur)' with Stable
Outlook, Individual 'C' and Support '4'.

The Outlook for Akbank's LT IDRs is Stable.  The LT foreign
currency IDR is constrained by Turkey's 'BB' Country Ceiling.
The LT local currency IDR is rated two notches higher than the
sovereign's due to the bank's stand-alone financial strength.

Akbank's IDRs are driven by its intrinsic financial strength
which, in turn, reflects solid capital adequacy ratios (end-2006
Tier 1 ratios at 19.45%), a good deposit market share (11.4%)
and dynamic loan growth.  The bank has maintained sound asset
quality (impaired loans at just 2% of total loans at end-2006).
Management's ability to expand while retaining prudent risk
policies and good cost control is also positive.  The bank will
be developing new business in conjunction with Citigroup (rated
'AA+'), a strategic partner controlling a 20% stake since
January 2007.

Akbank's balance sheet is shifting towards lending away from
government securities (still high at 34% of assets).  Loans now
make up half the bank's assets; management's medium-term target
is to reach 60%.  Akbank's loan book is split 31% each to
corporate and consumer, 21% to SMEs and 17% to commercial
(middle market).

There is limited upside potential for the Individual rating
given the volatile operating environment in Turkey.  Downside
pressure could arise from adverse asset quality trends or a
significant worsening of profitability, although this is
considered unlikely at present.

Akbank, Turkey's second-largest private sector bank, provides a
full range of banking services through 687 domestic branches.
Incorporated in 1948, the bank is 54.41% owned by Sabanci
Holding, its subsidiaries and the Sabanci family.  One board
member is appointed by Citigroup in a non-executive position;
numerous areas of business development are being worked on
between the two groups.


GARANTI BANKASI: Fitch Affirms Foreign Currency IDR at BB
---------------------------------------------------------
Fitch Ratings has affirmed Turkiye Garanti Bankasi A.S.'s
ratings at Long-term foreign currency Issuer Default Ratings
'BB', Short-term foreign currency IDR 'B', LT local currency IDR
'BB+' and ST local currency IDR 'B'.  ts other ratings are
affirmed at National LT 'AA+(tur)' with Stable Outlook ,
Individual 'C' and Support '3'.

The Outlook for Garanti's LT IDRs is Stable and is likely to
remain so unless the Outlook on the sovereign rating changes.
The LT foreign currency IDR is constrained by Turkey's 'BB'
Country Ceiling; the LT local currency IDR is rated two notches
higher than the sovereign's due to the bank's stand-alone
financial strength.

Garanti's IDRs are driven by its intrinsic financial strength
which, in turn, reflects its improving profitability, spurred by
strong expansion into retail segments, good growth prospects
given Turkey's dynamic operating environment and improved market
shares.  Loan growth remains more rapid than sector averages but
steps have been taken to protect Tier 1 capital through asset
sales and management of the securities portfolio to minimize
mark to market impact on equity.  Garanti's structural maturity
mismatch and potential liquidity risks are mitigated by its
diversified funding base, solid reputation and good retail
deposit share (9.7%).

Since December 2005, GE Consumer Finance has held a strategic
25.5% stake in Garanti and provides managerial and operational
support to the bank. Should it be required, the bank would look
to its shareholders, GECF and Dogus Group, a leading diversified
Turkish conglomerate, for support.  Fitch views the potential
for support from GECF as moderate given Turkey's 'BB' Country
Ceiling.

Garanti, Turkey's third-largest privately-owned commercial bank,
provides a full range of financial services through 478 domestic
branches.  Garanti is 25.9%-owned by the Dogus Group, 25.5% by
GECF, with the remainder publicly-traded.


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


BUSINESS LINE: Claims Submission Deadline Set July 16
-----------------------------------------------------
Creditors of LLC Business Line (code EDRPOU 31513160) have until
July 16 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. 43/175.

The debtor can be reached at:

         LLC Business Line
         40 Years of October Str. 11, ap. 26
         03039 Kiev
         Ukraine


DDT LLC: Claims Submission Deadline Set July 16
-----------------------------------------------
Creditors of LLC DDT (code EDRPOU 20010710) have until July 16
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/231-b.

The debtor can be reached at:

         LLC DDT
        Shakhterskaya Str. 5
         04074 Kiev
         Ukraine


ELECTRO MACHINE: Creditors Must File Claims by July 16
------------------------------------------------------
Creditors of LLC Electro Machine Industry (code EDRPOU 32434483)
have until July 16 to submit written proofs of claim to:

         Gregory Starodub
         Temporary Insolvency Manager
         Mir Avenue 8
         83015 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
42/96B.

The Court is located at:

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

The debtor can be reached at:

         LLC Electro Machine Industry
         Liashenko Str. 9
         83117 Donetsk
         Ukraine


GRIF LLC: Claims Submission Deadline Set July 16
------------------------------------------------
Creditors of LLC Grif (code EDRPOU 34295738) have until July 16
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. 43/265.

The debtor can be reached at:

         LLC Grif
         Gnat Jury Str. 9, ap. 414
         03148 Kiev
         Ukraine


LIZARD-UKRAINE LLC: Claims Submission Deadline Set July 16
----------------------------------------------------------
Creditors of LLC Lizard-Ukraine (code EDRPOU 31865282) have
until July 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/188-b.

The debtor can be reached at:

         LLC Lizard-Ukraine
         Druzhby narodov Square 8, ap. 33
         04210 Kiev
         Ukraine


MECHATRONIC DEVICES: Claims Submission Deadline Set July 16
-----------------------------------------------------------
Creditors of LLC Science-Research and Project Institute of
Mechatronic Devices (code EDRPOU 31749342) have until July 16 to
submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/296-b.

The debtor can be reached at:

         LLC Science-Research and Project Institute of
         Mechatronic Devices
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


NITAY LLC: Claims Submission Deadline Set July 16
-------------------------------------------------
Creditors of LLC Nitay have until July 16 to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/295-b.

The debtor can be reached at:

         LLC Nitay
         Rokosovsky Str. 8
         04201 Kiev
         Ukraine



POGERTSOVSKOE LLC: Claims Submission Deadline Set July 16
---------------------------------------------------------
Creditors of Agricultural LLC Pogertsovskoe (code EDRPOU
30553768) have until July 16 to submit written proofs of claim
to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/296-8/283.

The debtor can be reached at:

         Agricultural LLC Pogertsovskoe
         Ssambor District Pogertsy
         81445 Lvov
         Ukraine


QUAZAR AGRO: Claims Submission Deadline Set July 16
---------------------------------------------------
Creditors of LLC Quazar Agro (code EDRPOU 32593446) have until
July 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/294-b.

The debtor can be reached at:

         LLC Quazar Agro
         Obolon Avenue 14-g
         04205 Kiev
         Ukraine


TAIR-72 LLC: Claims Submission Deadline Set July 16
---------------------------------------------------
Creditors of LLC Tair-72 (code EDRPOU 32453705) have until
July 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/230-b.

The debtor can be reached at:

         LLC Tair-72
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


TAS-KOMMERZBANK: Moody's Lifts Debt % Deposit Ratings to Ba2
------------------------------------------------------------
Moody's Investors Service upgraded the long-term local currency
debt and deposit ratings of TAS-Kommerzbank and its wholly owned
subsidiary TAS-Investbank to Ba2 from B2 and their national
scale ratings to Aa1.ua from A2.ua (in the case of TKB) and
A3.ua (in the case of TIB).

Both banks' Not Prime short-term local currency ratings were
affirmed.  The outlook on all ratings is stable, with the
exception of TAS-Kommerzbank's long-term local currency deposit
rating, which has a positive outlook.

These rating actions conclude the review process that was
initiated on Feb. 12, 2007 following the announcement by one of
Sweden's leading banks, Swedbank, of its intention to acquire a
100% stake in TKB and TIB.  This transaction has now been
completed and the upgrade of both banks' local currency deposit
ratings and TIB's local currency debt ratings is based on
Moody's assumptions regarding Swedbank's strong commitment and
high probability of support for TKB and TIB.

Moody's also affirmed both banks' B2/Not Prime long- and short-
term foreign currency deposit ratings, with their existing
positive outlook, and their E+ bank financial strength ratings
with stable outlook.

The foreign currency deposit ratings are constrained by
Ukraine's B2/NP ceiling, with positive outlook, for such
deposits and are expected to follow any future movements in this
ceiling.  On the upside they could move up to a level
commensurate with the banks' fundamental credit strength (Ba2),
which will primarily depend on Swedbank's ratings, their own
Baseline Credit Assessments (which map from their BFSRs) and the
level of implicit support from the banks' strategic shareholder.

Moody's expects that the alignment of the Ukrainian banks'
policies with those of Swedbank will result in positive
developments in the areas of corporate governance and risk
management that in turn would enhance both banks' intrinsic
strengths, thus exerting upward pressure on their BCAs.  At
present, TKB's E+ BFSR maps to a BCA of B2, while the E+ BFSR of
TIB maps to a BCA of B3.

The positive outlook on TKB's Ba2 long-term local currency
deposit rating reflects the potential for a further uplift in
this rating from a higher BCA.  However, Moody's views TIB as an
intrinsically weaker bank than its parent, TKB, and therefore
the upward potential for its BCA would not be sufficient to
provide any further uplift for this entity's Ba2 long-term local
currency deposit and debt ratings -- hence their stable outlook.
This view assumes that the high probability of parental support
and the ratings of Swedbank will remain unchanged.

Headquartered in Kyiv, Ukraine, TAS-Kommerzbank reported total
IFRS consolidated assets of US$1 billion and total capital funds
of US$149 million as of Dec. 31, 2006.

Headquartered in Kyiv, Ukraine, TAS-Investbank is a 100%
subsidiary of TAS-Kommerzbank and is a different legal entity
operating under a separate banking licence with total IFRS
assets of US$308 million and total capital funds of US$53
million reported under IFRS as of Dec. 31, 2006.


TULIGOLOVSKOE LLC: Claims Submission Deadline Set July 16
---------------------------------------------------------
Creditors of LLC Tuligolovskoe (code EDRPOU 30647505) have until
July 16 to submit written proofs of claim to:

         Olga Naumova
         Liquidator
         Kirov Str. 25
         40012 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/590-06.

The Court is located at:

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

The debtor can be reached at:

         LLC Tuligolovskoe
         Tuligolovo
         Krolevetsky District
         Sumy
         Ukraine


UNICODE TECHNOLOGY: Claims Submission Deadline Set July 16
----------------------------------------------------------
Creditors of LLC Unicode Technology (code EDRPOU 3574569) have
until July 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/297-b.

The debtor can be reached at:

         LLC Unicode Technology
         Kurenevskaya Str. 2-b
         04073 Kiev
         Ukraine


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


A.C.C. LAUNDRY: Taps Zafar Igbal to Liquidate Assets
----------------------------------------------------
Zafar Iqbal of Cooper Young was appointed liquidator of A.C.C.
Laundry Services Ltd. on June 15 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         A.C.C. Laundry Services Ltd.
         Tudor Estate
         Abbey Road
         Brent
         London
         NW10 7UN
         England
         Tel: 020 8838 0099


ACTUANT CORPORATION: Acquires BH Electronics for US$30 Million
--------------------------------------------------------------
Actuant Corporation acquired BH Electronics for US$30 million in
cash.  Funding for the transaction came from the company’s
revolving credit facility.

BHE will operate within Actuant’s Electrical Segment.

Mark Goldstein, chief operating officer of Actuant, stated: “BHE
is a great addition to our global marine platform.  BHE’s strong
relationships with major recreational boat builders in the U.S.,
coupled with the products provided through our existing brands
such as Marinco, BEP, Ancor, and Guest, will enable us to
further develop our strategy of providing systems solutions to
the OEM market.  We are also excited about the prospects for
introducing BHE’s products and solutions to OEMs in other
markets where Actuant has a significant presence, such as RV and
off-highway vehicles.”

                            About BHE

Headquartered in Munford, Tennessee, BH Electronics produces
dashboard control panels and electronic assembly systems,
primarily for the marine market.  BHE generated US$35 million in
sales in 2006, and has about 450 employees.

                          About Actuant

Based in Butler, Wisconsin, Actuant Corporation (NYSE:ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries, including Brazil,
Korea and the United Kingdom.  The Actuant businessesare market
leaders in highly engineered position and motioncontrol systems
and branded hydraulic and electrical tools andsupplies.  Since
its creation through a spin-off in 2000, Actuant has grown its
sales from US$482 million to over US$1.3 billion and its market
capitalization from US$113 million to over US$1.3 billion.  The
company employs a workforce of more than 6,700 worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating
to Actuant Corporation's proposed US$250 million senior
unsecured
notes due2017.  The proceeds from the notes will be principally
used to repay a portion of borrowings under the company's senior
credit facility due 2009.


ACTUANT CORP: Promotes Mark Goldstein as Chief Operating Officer
----------------------------------------------------------------
Actuant Corporation has promoted Mark Goldstein to the newly
created position of Chief Operating Officer.  Prior to this
appointment, Mr. Goldstein was serving as Executive Vice
President, Tools & Supplies.  He will continue to report to
Robert Arzbaecher, Actuant's Chief Executive Officer.

Mr. Goldstein will be responsible for managing the company's
four business segments, taking advantage of the existing
synergies among them, maximizing their contribution to the
company's results and identifying and developing profitable
organic and acquisition growth opportunities.

Mr. Arzbaecher stated, "We are immensely proud of Actuant's
success since it's spin-off in August 2000.  We've grown our
sales from under US$500 million to US$1.4 billion for fiscal
2007.  In our quest to continue our track record of profitable
growth long into the future, I recognized the need to create the
Chief Operating Officer role to support me in managing the
complexity that results from our diversified business model.
Mark has played an instrumental role in providing strategic
insights, operational focus and team-building skills to the
Tools & Supplies businesses over the past six years and I look
forward to working with him to extend those proven leadership
capabilities across the entire organization."

Mr. Goldstein joined Actuant in 2001 as President of Gardner
Bender and was promoted to Executive Vice President of Tools &
Supplies in January 2003.  He joined Actuant from The Stanley
Works where he spent 22 years, both in Stanley Tools as well as
Stanley Door Systems.  He holds a Bachelors Degree in Economics
from the University of Rochester (New York).

                          About Actuant

Based in Butler, Wisconsin, Actuant Corporation (NYSE:ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries, including Brazil,
Korea and the United Kingdom.  The Actuant businessesare market
leaders in highly engineered position and motioncontrol systems
and branded hydraulic and electrical tools andsupplies.  Since
its creation through a spin-off in 2000, Actuant has grown its
sales from US$482 million to over US$1.3 billion and its market
capitalization from US$113 million to over US$1.3 billion.  The
company employs a workforce of more than 6,700 worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating
to Actuant Corporation's proposed US$250 million senior
unsecured
notes due2017.  The proceeds from the notes will be principally
used to repay a portion of borrowings under the company's senior
credit facility due 2009.


ACTUANT CORP: Earns US$29.6 Million in Third Quarter 2007
---------------------------------------------------------
Actuant Corporation reported results for its third quarter ended
May 31, 2007.  Including restructuring charges, third quarter
fiscal 2007 net earnings and diluted earnings per share were
US$29.6 million and US$0.95, respectively, compared to prior
year net earnings and EPS of US$26.8 million and US$0.86,
respectively.

Fiscal 2007 third quarter results include a US$0.4 million
charge covering a portion of the Company's previously announced
restructuring of its European Electrical business.  Fiscal 2006
third quarter results include a US$2.6 million one-time tax
benefit.  Excluding the restructuring charge and prior year tax
benefit, third quarter EPS increased 23% year-over-year from
US$0.78 to US$0.96.

Third Quarter 2007 Highlights:

   * 23% improvement in EPS, excluding restructuring and prior
     year tax benefit, representing largest quarterly EPS growth
     of the year.

   * Record sales of US$385 million, a 22% increase over the
     prior year.

   * Strong cash flow resulting in third quarter net debt
     reduction of US$88 million.  Year-to-date free cash flow of
     US$98 million, a 138% conversion of net income.

   * Sequential and year-over-year operating profit and EBITDA
     margin improvement.

   * Completed acquisition of T.T. Fijnmechanica B.V.,
     broadening the Industrial Segment product offering.

   * Announced US$250 million Senior Notes offering (completed
     June 12).

Robert Arzbaecher, President and CEO of Actuant commented, "We
are pleased with our performance in the third quarter which
added to our track record of consistent, profitable growth.
With the exception of the expected year-over-year sales decline
in the Actuation Systems segment, we saw continued core sales
growth in our other three segments.  These results reinforce the
benefits of Actuant's customer, market and geographic
diversification.  In addition, acquisitions contributed US$42
million or 13% of the sales improvement in the third quarter and
highlight the success of adding to growth opportunities in our
existing businesses via acquisitions."

                      Consolidated Results

Third quarter sales increased 22% to US$385 million from US$317
million in the prior year, reflecting the combination of core
growth, business acquisitions and the weaker US dollar.
Excluding the impact of foreign currency rate changes (5%) and
acquisitions (13%), core sales growth was 4%.  The Industrial
Segment once again generated double-digit core sales growth
while the Actuation Systems Segment reported a year-over-year
sales decline due to prior year convertible top launches and the
North American heavy-duty truck pre-buy.

The third quarter operating margin was 13.7%, excluding
restructuring charges, an increase of 20 basis points versus the
prior year resulting from improvements in both gross profit
margin and selling, administrative and engineering spending,
partially offset by higher acquisition related amortization
expense.  These improvements reflect the Company's strategic
sourcing and Lean Enterprise Across Discipline (LEAD)
activities.

Sales for the nine months ended May 31, 2007 were US$1.069
billion, or 22% higher than the US$877 million in the comparable
prior year period.  Excluding the impact of foreign currency
rate changes and sales from acquired businesses, core sales
increased 7%.

Earnings for the nine months ended May 31, 2007, excluding the
restructuring charge, rose 19% to US$77.1 million, or US$2.48
per diluted share, compared to US$64.8 million, or US$2.11 for
the comparable prior year period (excluding the tax benefit).
Year-to-date fiscal 2007 results include US$0.10 per diluted
share of European Electrical restructuring charges while fiscal
2006 included an US$0.08 favorable tax adjustment (see attached
reconciliation of earnings).

Third quarter fiscal 2007 Industrial Segment sales increased 36%
to US$113 million, resulting from increased demand, the weaker
US dollar and sales from acquired businesses.  Excluding
currency translation and sales from acquired businesses,
Industrial Segment sales increased approximately 15% from the
comparable prior year period, driven by continued strong demand
in both the high-force hydraulic tool and joint integrity
product lines.  Third quarter operating profit margins expanded
370 basis points to 29.3% due primarily to the benefit of higher
volume and operating efficiencies.

Fiscal 2007 third quarter Electrical Segment sales increased 17%
to US$128 m0illion, reflecting 3% core sales growth, favorable
foreign currency exchange rate changes and the August 2006
acquisition of Actown.  The Electrical Segment operating profit
margin declined from 10.2% in the third quarter of fiscal 2006
to 8.1% in fiscal 2007, excluding restructuring charges,
primarily due to restructuring related inefficiencies in the
European Electrical operations, product buyback and reset costs
and unfavorable sales and acquisition mix.  The company expects
to substantially complete the previously announced restructuring
of its European Electrical operations by the end of calendar
2007.

Fiscal 2007 third quarter Engineered Products Segment sales more
than doubled to US$32.9 million reflecting both 5% core sales
growth and the acquisition of Maxima in December 2006.
Operating profit increased to US$4.3 million from US$2.1 million
while margins declined 120 basis points.

                       Financial Position

Quarter-end net debt (total debt of US$555 million less US$74
million of cash) was US$481 million, a decrease of US$88 million
from the beginning of the quarter.  Actuant's free cash flow in
the quarter was approximately US$92 million driven by strong
earnings conversion, improved working capital management and the
timing of certain cash payments.  Approximately US$23 million of
cash was used in business acquisitions which nearly offset the
US$20 million increase in accounts receivable securitization
proceeds in the quarter.

                           Outlook

The Company updated its fiscal year 2007 guidance to reflect
both the TTF acquisition and third quarter results.  Full year
fiscal 2007 EPS is expected to be in the range of US$3.38-3.43
(excluding European Electrical restructuring charges) on sales
of US$1.430-1.440 billion.  Fourth quarter EPS (excluding
restructuring charges) is projected to be in the US$0.90-0.95
range.
Actuant also provided its preliminary outlook for fiscal 2008,
which reflects the continued execution of its dual strategy of
organic growth and tuck-in business acquisitions.  The company
is targeting approximately 10-15% EPS growth (excluding future
acquisitions), above the mid-point of its fiscal 2007 EPS
guidance. Diluted EPS is projected to be in the US$3.70-3.90
range, excluding European Electrical restructuring charges.
The company currently anticipates that next year's sales will be
in the US$1.530-1.550 billion range, an increase of 6-8% over
fiscal 2007.

Mr. Arzbaecher commented, "We are very pleased with the way
fiscal 2007 has developed and expect 2008 to follow a similar
pattern.  Our 2007 EPS guidance from last June anticipated 9-14%
growth because, similar to our preliminary 2008 guidance, it
didn't include the benefit of future acquisitions.  As a result
of acquisitions and base business performance, fiscal 2007 EPS
is currently forecasted to grow 17-18% above the prior year. We
are excited about the prospects for the upcoming year.  There
are growth opportunities in all our segments and the pipeline
for additional acquisitions remains very active.  Our focus on
LEAD, including Asian sourcing, will continue to drive margin
enhancement opportunities.  We expect continued strong
performance in 2008."

                          About Actuant

Based in Butler, Wisconsin, Actuant Corporation (NYSE:ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries, including Brazil,
Korea and the United Kingdom.  The Actuant businessesare market
leaders in highly engineered position and motioncontrol systems
and branded hydraulic and electrical tools andsupplies.  Since
its creation through a spin-off in 2000, Actuant has grown its
sales from US$482 million to over US$1.3 billion and its market
capitalization from US$113 million to over US$1.3 billion.  The
company employs a workforce of more than 6,700 worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating
to Actuant Corporation's proposed US$250 million senior
unsecured notes due 2017.  The proceeds from the notes will be
principally used to repay a portion of borrowings under the
company's senior credit facility due 2009.


COLLINS & AIKMAN: Court Approves Deal with Customers & JPMorgan
---------------------------------------------------------------
The Honorable Steven W. Rhodes approved a Post-June 30, 2007
Agreement among Collins & Aikman Corp. and its debtor-
affiliates, JPMorgan Chase Bank, N.A., and as agent to the
senior, secured prepetition lenders, and the Debtors' major
customers, including DaimlerChrysler Company LLC, General Motors
Corporation, Ford Motor Company, and Auto Alliance
International, Inc.

                   Post-June 30, 2007 Agreement

In December 2006, in connection with their sales process, the
Debtors worked with JPMorgan Chase Bank, N.A., and the Debtors'
major customers, to negotiate an agreement to address numerous
issues that benefited the Debtors' estates.

In conjunction with the Customer Agreement negotiations, the
Debtors, Agent and certain of the Customers agreed that, if
certain Customers required production from certain of the
Debtors' operations after June 30, 2007, the parties would
resume negotiations for any necessary post-June 30, 2007
production and other relevant issues.

The Debtors have been in discussions to extend funding for the
Debtors' Plastics and Convertibles operations beyond June 30,
2007.  The Agent's legal and financial advisors have been
intimately involved in the negotiations.

DCC and GM have requested that the Debtors produce certain
component parts in the Debtors' Plastics and Convertibles
division after June 30.  An agreement will allow the Debtors to
maximize the value of their assets by closing certain sales that
have been approved by the Court, as well as facilitating
remaining sales, preserving the maximum number of jobs related
to the business lines and allowing the Debtors to wind-down in
an orderly fashion, Ray C. Schrock, Esq., at Kirkland & Ellis
LLP, in New York, said.

In the absence of an agreement, the Debtors may be forced to
cease operations at their plastics and convertibles plants,
which would likely cause a material disruption in North American
automobile manufacturing and cause significant harm to the
Debtors, GM and DCC, Mr. Schrock stated.

To avoid these results, the Debtors, Agent, GM and DCC have
completed negotiations and reached an agreement for post-June
30, 2007 production.  The significant terms of the Post-June 30,
2007 Agreement include:

   (a) The parties agree that the provisions of the Customer
       Agreement will continue to be applicable among them with
       respect to production after June 30, 2007, subject to
       certain changes;

   (b) The budget for the Plastics & Convertibles production
       payments and obligations to the Customer Agreement will
       be amended to account for production of GM and DCC during
       the  period from July 1, 2007, through the production end
       date.  GM and DCC will be responsible for all costs and
       liabilities relating to the extended production and
       payment of any amounts due under purchase orders issued
       by the Debtors and certain non-Debtor affiliates --
       suppliers -- in connection with the extended production
       and open as of the production end date, regardless of
       whether the cost and liabilities are correctly estimated
       or described in the extended production budget.

       The production end date occurs on the earliest of the
       exit date for the plant; if the plant is a Cadence
       Innovation LLC Plant, the closing under the Cadence asset
       purchase agreement; and Aug. 31, 2007;

   (c) The budget for administration expenses for the Debtors'
       and Agent's professional fees and expenses will be
       amended to reflect the parties' allocation of
       administrative expenses with respect to the period from
       July 1, 2007, through Aug. 31, 2007.

       If conditions with Cadence are satisfied and the sale of
       the Carpets & Acoustics Division has not closed, DCC and
       GM will pay their allocable share of 100% of the
       administration expenses and professional fees allocable
       to the Plastics & Convertibles Division.  The maximum
       amount allocable to the Supplier for any month during the
       extended administration period will not exceed $250,000;

       If the Cadence Condition is satisfied and the Carpets &
       Acoustics Division has closed, DCC and GM will pay all of
       the administration expenses and the professional fees,
       which accrue thereafter and related to periods during the
       extended administration period, other than non-allocable
       administration expenses, except that the supplier will
       pay $250,000 per month in the aggregate of professional
       fees during the extended administration period.

       If the Cadence Condition is not satisfied, DCC and GM
       will pay all of the administration expenses and the
       professional fees relating to the extended administration
       period, other than non-allocable administration expenses.

   (d) The Debtors, DCC, GM and the Agent agree that the
       document relating to a sale process, exhibit G to the
       Customer  Agreement, will be amended, and the
       determination date has not occurred for certain plants;

   (e) Notwithstanding anything to the contrary in the Customer
       Agreement, the Debtors will have no obligation to make
       any further capital expenditures funded by DCC or GM
       after June 30.  After June 30, either GM or DCC may elect
       to make a "Cap-Ex Advance" directly, at their own risk,
       by purchasing the subject equipment.  In the event DCC or
       GM does make a Cap-Ex Advance after June 30, the Customer
       will be entitled to a "PMSI," "Junior Security Interest"
       or administrative claim;

   (f) DCC agrees to resolve its outstanding tooling payables to
       and commercial issues with the Debtors;

   (g) The parties agree that the "true-ups" referenced in the
       Customer Agreement will be performed for each plant as of
       the earliest of the termination of all production at the
       plants; the sale of the plant pursuant to a purchase
       request or option; and Aug. 31, 2007; and

   (h) The Debtors may request and the Customer may purchase
       certain of the Debtors' facilities under specified
       conditions on or before Aug. 31, 2007.  If the parties
       exercise this option, they will follow certain
       procedures.

The Option Rights procedures are:

   -- The Debtors will serve a written sale notice, which will
      include the identify the facility being sold, the
      purchaser of the assets, the purchase price, and the
      significant terms of the sale; and

   -- If no written objections are filed by the sale notice
      parties within 10 days of the date the notice is sent, the
      Debtors are authorized to immediately consummate the
      transaction.

The Post-June 30, 2007 Agreement will become effective upon
execution and delivery by each of the parties and the Court's
approval of the agreement.

A copy of the Post-June 30, 2007 Agreement is available for free
at http://ResearchArchives.com/t/s?2169

                            Objections

(1) UAW

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America is the collective
bargaining representatives of the Debtors' bargaining unit
employees at nine facilities and party to a series of collective
bargaining agreements with the Debtors.

Niraj R. Ganatra, Esq., associate general counsel to the UAW, in
Detroit, Michigan, pointed out that the Debtors sought to
continue the ability of their Customers, senior secured
prepetition lenders, and others to accrue economic benefits from
the Debtors' liquidation while the very workers who allow for
continued operation of the working assets and thereby facilitate
the liquidation to occur are left with nothing.

The UAW related that despite lengthy and prolonged discussions
over several months with the Debtors and certain Customers
concerning fair and equitable severance pay for the affected
hourly employees, no meaningful proposal has been tendered by
the Debtors.

Mr. Ganatra argued that the Debtors do not meet the business
judgment standard set forth in Section 363(b) of the Bankruptcy
Code.  The Debtors' failure to settle severance issues at
affected plants, while simultaneous seeking Court approval for a
global economic settlement with GM and DCC related to wind down
and liquidation of plants, demonstrates inattention to the
potential consequences of resolving all financial issues related
to wind down of UAW-represented plants without inclusion of a
severance settlement, he said.

(2) H.S. Die

H.S. Die and Engineering, Inc., H.S. Die Rantoul Mold Service,
LLC, and their affiliates, previously objected to the Customer
Agreement.  H.S. Die's objection was resolved by the inclusion
of certain language providing that nothing contained in the
Customer Agreement or the order approving it would prejudice the
rights of H.S. Die with respect to H.S. Die's tooling or its
liens and security interests with respect to the tooling.

H.S. Die requested that the protections granted to it under the
Customer Agreement order remain intact and are in no way
prejudiced by the Debtors' request.

To the extent the Debtors are attempting to prejudice the rights
and protections of H.S. Die under the initial order approving
the Customer Agreement, H.S. Die had asked the Court to deny the
Debtors' request.

                       Judge's Decree

Judge Rhodes rules that the rights, remedies or obligations of
Ford or AAI under the Customer Agreement approved on a final
basis on Jan. 11, 2007, will not be waived, altered, modified,
amended or otherwise affected.

Nothing in the motion, Customer Agreement or order will conflict
with or otherwise impair the rights of General Electric Capital
Corporation under a settlement agreement with Debtors.  The
Debtors are not purporting to sell, nor will they be authorized
to sell, any assets to which GECC has an interest.

                     About Collins & Aikman

Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.

The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co.,
LLC, provides the Debtors with investment banking services.
Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed $3,196,700,000 in total assets and
$2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.  The Court has adjourned the
hearing to consider confirmation of the Amended Joint Plan to
July 12, 2007.  (Collins & Aikman Bankruptcy News, Issue No. 67;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EUROTUNNEL GROUP: Posts GBP252 Mln Revenues in First Half 2007
--------------------------------------------------------------
Eurotunnel Group posted a 7% increase in total revenue for the
first half of 2007 at GBP252 million compared to the GBP236
million total revenue in the first half of 2006.

During the first six months of the year, Eurotunnel has recorded
an increase in revenues from its core activity, the transport of
trucks and passenger vehicles on board its Shuttles: this is up
to GBP162 million, an improvement of 8% compared to the GBP150
million in 2006 at a constant exchange rate.

Revenues from railway operators, which no longer include the
payments guaranteed under the Minimum Usage Charge (MUC), were
GBP86 million.  Excluding the MUC, these revenues have increased
by 6% in the first six months.  For comparison, the MUC payments
for the first half of 2006 were GBP37 million.

Revenues from non-transport activities remained marginal, at
GBP4 million.

The ending of the minimum payment from the railways should have
led to a mechanical reduction in total revenues of 14%.  In fact
revenues have only decreased by 8%.

                         Shuttle traffic

The quality of service offered by Eurotunnel, the speed, ease
and reliability of its transport system, which is also more
environmentally friendly than its competitors for crossing the
Channel, have led to even more customers choosing to use the
service during the first half of 2007.

The number of trucks carried rose to 707,422, an increase of 9%
over the first half of 2006, which has a total of 649,596
trucks.  The number of cars transported (955,510) rose by a
similar amount (8%), or 68,046 vehicles.

                        Railways traffic

A total of 3,913,283 people traveled on Eurostar* during the
first half of 2007, an increase of 5% even though the final
section of the high speed line to London, High Speed 1, will not
come into service until November 2007.

By contrast, railway freight trains traveling through the Tunnel
during the first half of 2007 carried only 680,531 tons of
goods, a decrease of 14% compared to the first half of 2006.
This traffic remains significantly below the original forecasts
and the capacity of the Channel Tunnel.

Eurotunnel is working hard with its partners Fret SNCF, EWS and
BRB to re-launch this activity.

"Having succeeded in restructuring its finances, Eurotunnel has
now completed its return to the cross-Channel market with
significant growth in its main traffic.  It is clearly market
leader," Groupe Eurotunnel chairman and CEO Jacques Gounon
disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


KENNETH HORNE: Claims Filing Period Ends September 14
-----------------------------------------------------
Creditors of Kenneth Horne Family Holdings Ltd. have until
Sept. 14 to send in their full names and addresses, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Anthony Malcolm Cork
         Joint Liquidator
         Wilkins Kennedy
         Bridge House
         London Bridge
         London
         SE1 9QR
         England

Stephen Paul Grant and Anthony Malcolm Cork of Wilkins Kennedy
were appointed joint liquidators of the company on May 26.


NORTHWEST EXPRESS: Claims Filing Period Ends July 30
----------------------------------------------------
Creditors of Northwest Express (Haulage) Ltd. have until July 30
to send their names and addresses with particulars of the debts
or claims, to:

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

David Moore and Gary Lee of Begbies Traynor were appointed joint
liquidators of the company on June 18.

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


ODYSSEY EXPERIENCE: Brings In Liquidators from Harrisons
--------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of The Odyssey Experience Ltd. on June 8 for
the creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         The Odyssey Experience Ltd.
         Odyssey House
         311 High Street
         Cheltenham
         GL50 3HW
         England
         Tel: 01242 224 482
         Fax: 01242 253 078


PATTERN FASTENERS: Names Eileen T. F. Sale Liquidator
-----------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
liquidator of Pattern Fasteners Manufacturing Ltd. on June 15
for the creditors’ voluntary winding-up procedure.

The company can be reached at:

         Pattern Fasteners Manufacturing Ltd.
         Drews Lane
         Birmingham
         B8 2SL
         England
         Tel: 0121 328 0198
         Fax: 0121 328 0255


QUARTZ CRYSTAL: Paul Appleton Leads Liquidation Procedure
---------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed liquidator
of The Quartz Crystal Co. Ltd. on June 18 for the creditors’
voluntary winding-up procedure.

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:

         The Quartz Crystal Co. Ltd.
         Quartz Crystal Works
         Wellington Crescent
         New Malden
         KT3 3NQ
         England
         Fax: 020 8949 6045


SAFE PALLET: Calls In Liquidators from Kroll
--------------------------------------------
P. F. Duffy and S. Wilson of Kroll were appointed joint
liquidators of Safe Pallet Distribution Ltd. on June 15 for the
creditors’ voluntary winding-up procedure.

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

The company can be reached at:

         Safe Pallet Distribution Ltd.
         Unit B7
         Broadlands
         Heywood Distribution Park
         Heywood
         OL10 2TS
         England
         Tel: 0161 761 4555
         Fax: 01706 649 256


SAMSONITE CORP: Inks US$1.7 Billion Merger Deal with CVC Capital
----------------------------------------------------------------
Samsonite Corporation entered into a definitive merger agreement
to be acquired by funds managed and advised by CVC Capital
Partners, a private equity firm.  The all-cash transaction is
valued at approximately US$1.7 billion, including the assumption
of debt.

Under the terms of the agreement, CVC will acquire all of the
outstanding common stock of Samsonite for US$1.49 per share in
cash.

The transaction was unanimously approved by the Board of
Directors of Samsonite.

Entities controlled by Ares Management LLC, Bain Capital
Partners, LLC and Teachers' Private Capital, the private
investment arm of Ontario Teachers' Pension Plan, who
collectively own approximately 85% of Samsonite's common stock,
have agreed to approve the transaction and have entered into a
written consent and voting agreement with CVC in this regard.
The written consent and voting agreement provides, among other
things, that the Principal Shareholders will deliver written
consents approving the merger.

The transaction is expected to close during the fourth quarter
of 2007 and is subject to customary closing conditions,
including regulatory review in the US and Europe.  CVC has
received certain funds debt financing commitments from third-
party financing sources and, accordingly, closing is not subject
to the receipt of financing.

"We believe that this transaction delivers excellent value to
all our shareholders,” Marcello Bottoli, CEO of Samsonite, said.
“I am excited to continue our successful journey to create the
world's leading travel lifestyle brand together with CVC Capital
Partners."

"Ares Management LLC, Bain Capital and Ontario Teachers' Pension
Plan would like to thank Marcello Bottoli, the rest of the
management team and the employees of Samsonite for their
significant efforts during our ownership period in transforming
the company into the world's leading premium, global travel
brand," a representative for the Principal Shareholders
commented.  "We wish Samsonite and its new owners continued
success."

"CVC Capital Partners is delighted to have reached agreement to
acquire Samsonite, the world's leading travel lifestyle brand,"
Hardy McLain and Luigi Lanari of CVC stated.  "We look forward
to working with Marcello Bottoli and his team to realise the
full potential of the brand.  China and India present
particularly interesting opportunities for growth."

Merrill Lynch International acted as financial advisor and
Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal
advisor to Samsonite in connection with the transaction.
Kirkland & Ellis LLP acted as legal advisor to the Principal
Shareholders in connection with the transaction.  UBS and Lehman
Brothers Inc. acted as financial advisors and Paul, Weiss,
Rifkind, Wharton & Garrison LLP and SJ Berwin LLP acted as legal
advisors to CVC.

Samsonite Corporation (OTC Bulletin Board: SAMC.OB) --
http://www.samsonite.com/-- manufactures, markets and
distributes luggage and travel-related products.  The company's
owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland,
are sold globally through external retailers and 284 company-
owned stores.  Executive offices are located in London, England.
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

Samsonite Corporation's balance sheet, as of April 30, 2007,
showed total assets of $643.8 million and total liabilities of
$843 million, resulting in a $224.7 million stockholders'
deficit.

                       *     *     *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investors Service placed all ratings of Samsonite
Corporation under review for possible downgrade.

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

Ratings placed under review for possible downgrade are:

* Samsonite Corporation

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

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

   -- Corporate Family Rating at B1; and

   -- Probability of Default rating at B2.


SANDUCT LTD: Joint Liquidators Take Over Operations
---------------------------------------------------
Filippa Connor and Jeffrey Mark Brenner of B & C Associates were
appointed joint liquidators of Sanduct Ltd. on June 11 for the
creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Sanduct Ltd.
         Unit 6 Phase 1
         Grace Road
         New Road Industrial Estate
         Sheerness
         ME12 1DB
         England
         Tel: 01795 667 009
         Fax: 01795 669 041


STEVENS UPHOLSTERY: Appoints Anthony David Kent as Liquidator
-------------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed liquidator of
Stevens Upholstery Ltd. on June 14 for the creditors’ voluntary
winding-up procedure.

The company can be reached at:

         Stevens Upholstery Ltd.
         29 The Fairways
         New River Trading Estate
         Cheshunt
         Waltham Cross
         EN8 0NL
         England
         Tel: 01992 623 933


SUNDERLAND BOWLING: Hires Liquidator from Tenon Recovery
--------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Sunderland Bowling Ltd. on June 13 for the creditors’ voluntary
winding-up procedure.

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

The company can be reached at:

         Sunderland Bowling Ltd.
         Newcastle Road
         Sunderland
         SR5 1HX
         England
         Tel: 0191 565 6001
         Fax: 0191 510 2379


WALNUT TREE: Calls In Liquidators from Harrisons
------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of The Walnut Tree Inn Ltd. on June 12 for the
creditors’ voluntary winding-up proceeding.

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

The company can be reached at:

         The Walnut Tree Inn Ltd.
         32 Cornhill
         City of London
         London
         EC3 V3BT
         England
         Tel: 01873 852 797
         Fax: 01873 859 764


WALTER HALES: Brings In Liquidator from Parkin S. Booth & Co.
-------------------------------------------------------------
Paul J. Fleming of Parkin S. Booth & Co. was appointed
liquidator of Walter Hales (Fruit Merchants) Ltd. on June 14 for
the creditors’ voluntary winding-up procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

The company can be reached at:

         Walter Hales (Fruit Merchants) Ltd.
         Bridle Way
         Bridle Rd
         Merseyside
         L30 4UW
         England
         Fax: 0151 521 6214


WINDOWS DIRECT: Taps Liquidator from Kay Johnson Gee
----------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
liquidator of Windows Direct (Shropshire) Ltd. (formerly W.D.
Window Fabrications Ltd.) on June 19 for the creditors’
voluntary winding-up proceeding.

The company can be reached at:

         Windows Direct (Shropshire) Ltd.
         The Broadway
         Dudley
         DY1 4PY
         England
         Tel: 0845 601 8251


* Tenon Recovery Acquires Unity Chartered & Jacksons Jolliffe
-------------------------------------------------------------
Unity Chartered Accountants and Corporate Recovery specialists
was acquired by Tenon Accountants & Business Advisers,
confirming Tenon’s position as the largest business of its type
serving the entrepreneurial marketplace in the North West.  This
is the second acquisition made by Tenon in the region in the
last two weeks following the acquisition of Bowmans Chartered
Accountants.

Unity employs more than 80 staff in Bolton and has grown
significantly in recent years.  Turnover from Unity’s Bolton
premises is GBP6 million and includes specialisms in Corporate
and Personal Recovery and Insolvency as well as audit,
accountancy, corporate finance, business advice and financial
planning.  Unity has a track record of consistently helping
clients to grow, mirroring the skills of Tenon in the North
West.

"Tenon's core values are closely matched with ours and joining
forces will enable our existing clients and trading partners to
access a wider range of services, while still benefiting from
the levels of personal attention they are familiar with," Peter
Donnelly, managing partner at Unity commented.

Martin Kirby, regional managing director for Tenon North West
disclosed, "Tenon is delighted to be working with Unity, who
have an excellent reputation in the region as business advisers
and Recovery specialists.  This acquisition significantly
expands our North West network and our prominent national
Recovery business. We’re now one of the largest Recovery
specialists in our region."

"From the outset we have worked closely with the management team
and know that the 'fit' between Unity and Tenon is right. Tenon
in the North West is now a GBP25 million business," Mr. Kirby
addred.

The North West operations are growing rapidly, with an increase
in turnover of 15% in the last reported year and more to come.
This acquisition consolidates their position as the key adviser
to SME’s and entrepreneurs in the region.  The offices within
the region now include Bolton, Kendal, Preston, Manchester,
Chorley, Rochdale and Bacup.

               Jacksons Jolliffe Cork joins Tenon

Tenon also completed on July 10, its acquisition of Jacksons
Jolliffe Cork, a business associated with Unity and marks its
entry into the Yorkshire marketplace.

JJC is now a GBP2.5 million practice with over 40 personnel in
seven offices across the region in Grimsby, York, Middlesbrough,
Doncaster, Wakefield, Harrogate and Hull.  The acquisition will
complement Tenon’s other 15 recovery offices across the U.K.

"Tenon is delighted to acquire Jacksons Joliffe Cork, who have
an excellent reputation in the region.  We now have excellent
representation in a very important region and intend to expand
the business even further.  From the outset we have worked
closely with the management team and know that the union between
JJC and Tenon Recovery is right," Tenon's Head Carl Jackson
disclosed.

"We are very excited by the opportunity to join Tenon at a
significant period of growth in their business.  We know that we
will compliment and enhance their operations and accelerate our
own growth.  I am looking forward also to working with my new
colleagues," Liam Cotter commented.

Following both these acquisitions, Tenon Recovery nationally is
now a GBP25 million operation with 22 offices, and has said it
plans to grow further.

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


* Pierre-Nicolas Ferrand Joins Shearman & Sterling in Paris
-----------------------------------------------------------
Pierre-Nicolas Ferrand is joining Shearman & Sterling as a
partner in the European Finance Group in the firm's Paris
office.  Pierre-Nicolas Ferrand's practice is primarily focused
on banking and structured finance, including property, asset and
acquisition financing, for French and international financial
institutions and investors.  He also has extensive experience in
debt restructuring and insolvency matters.

Emmanuel Gaillard, Managing Partner of the firm's Paris office
said: "We are very pleased to add Pierre-Nicolas Ferrand to our
Paris office's European Finance Group.  His experience will be
an ideal complement to the firm's leading leveraged finance
practice.  His addition, combined with Martin Lebeuf's
expertise, will further strengthen the Paris office's capability
to handle the full range of financing transactions as well as
restructuring and insolvency related matters.”

Mr. Ferrand holds a DEA in Business and Economic Law as well as
a Doctorate from the Universite Pantheon Assas (Paris II), and
an LL.M from the University of Chicago.

He is a member of the French Institute of Bankruptcy
Practitioners and the French Law Doctors Association.  He is
cited yearly in Chambers Global as one of the best banking &
finance as well as restructuring/insolvency lawyers in France.
He was formerly a partner at Jones Day.

                   About Shearman & Sterling

Shearman & Sterling LLP is a global law firm with approximately
1,000 lawyers in 20 offices in 12 countries around the world.
The firm is a leader in mergers and acquisitions, capital
markets, project development and finance, complex business
litigation and international arbitration, asset management and
tax.


* BOND PRICING: For the Week July 9 to July 13, 2007
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.08
                          0.250    10/14/26     CDN      37.93
Republic of Austria       4.000    06/22/22     EUR      71.86
                          7.000    08/04/25     EUR      66.63
                          5.000    10/10/25     EUR      62.28


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.92
                          0.500    04/26/13     AUD      70.16
                          1.000    11/21/16     NZD      55.75
                          0.250    06/28/40     CDN      19.76
                          0.500    09/24/20     CDN      54.93

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      71.66
Alcatel S.A.              4.750    01/01/11     EUR      17.01
Altran Technologies S.A.  3.750    01/01/09     EUR      12.43
BNP Paribas               0.250    12/20/14     US$      66.83
CAP Gemini S.A.           2.500    01/01/10     EUR      60.24
                          1.000    01/01/12     EUR      61.36
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.42
                          4.375    11/01/10     EUR      57.69
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      71.31
Havas S.A.                4.000    01/01/09     EUR      10.80
Infogrames
   Entertainment S.A.     4.000    01/01/09     EUR       0.50
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      23.38
Maurel & Prom             3.500    01/01/10     EUR      22.24
Publicis Group            0.750    07/17/08     EUR      33.89
                          1.000    01/18/18     EUR      43.61
Rallye                    3.750    01/01/08     EUR      53.67
Rhodia S.A.               0.500    01/01/14     EUR      49.65
Scor S.A.                 4.125    01/01/10     EUR       2.36
Soc Air France            2.750    04/01/20     EUR      35.99
Soitec                    4.625    12/20/09     EUR      13.76
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.15
Valeo                     2.375    01/01/11     EUR      50.67
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.25
Wendel Invest S.A.        2.000    06/19/09     EUR      57.71

GERMANY
-------
Deustche Bank London      6.250    07/27/15     EUR      74.43
                          5.360    08/04/15     EUR      66.14
                          5.360    12/23/15     EUR      73.63
KfW Bankengruppe          0.500    10/30/13     AUD      66.71
                          0.500    12/19/17     EUR      65.42
                          5.000    05/23/20     EUR      73.55
                          5.000    07/07/20     EUR      69.36
                          5.000    07/29/20     EUR      70.10
                          6.000    07/21/25     EUR      66.02
                          5.000    09/01/25     EUR      74.25
                          8.000    08/10/30     EUR      64.26
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      41.58
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      55.85

GREECE
------
Hellenic Republic         0.990    07/07/24     EUR      66.93
                          6.000    07/06/25     EUR      71.93

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      69.00

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.09
                          0.250    07/08/33     CDN      26.88
Irish Perm Plc            6.125    02/15/35     EUR      67.02
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.74

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      32.42

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      59.56
                          0.500    02/24/25     CDN      45.18
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.21
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.71
Lehman Bros TSY B.V.      2.892    06/13/17     EUR      83.67
                          6.000    02/15/35     EUR      74.27
                          8.250    03/16/35     EUR      62.76
                          7.000    05/17/35     EUR      69.46
                          7.250    10/05/35     EUR      63.59
Ned Waterschapbk          3.250    05/08/23     US$      74.56
                          6.000    06/01/35     EUR      73.38
                          6.500    08/15/35     EUR      65.11
Rabobank Groep N.V.       5.360    07/15/15     EUR      67.58
                          4.000    02/25/20     EUR      82.95
                          6.000    04/08/20     EUR      72.13
                          3.100    11/15/24     US$      71.48
                          6.000    02/22/35     EUR      70.01
                          2.000    02/23/35     EUR      62.71
                          7.000    02/28/35     EUR      68.52
                          7.000    03/23/35     EUR      66.16
                          6.000    05/09/35     EUR      72.82

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.76

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.49

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      53.37
HBOS Treasury
   Services Plc           6.000    02/07/35     EUR      73.03
National Grid Gas Plc     1.754    10/17/36     GBP      45.41
                          1.771    03/30/37     GBP      45.39
Royal BK Scotland Plc     0.250    03/27/14     US$      70.14
                          7.000    04/04/25     US$      67.12
                          7.000    06/09/25     EUR      64.42
                          7.000    06/29/30     EUR      60.40
                          6.500    02/23/45     EUR      63.81
TXU Eastern Funding Plc   6.750    05/15/09     US$       5.63
Wessex Water Finance Plc  1.369    07/31/57     GBP      29.77

                            *********

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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