TCREUR_Public/070717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 17, 2007, Vol. 8, No. 140

                            Headlines


A U S T R I A

AUTOGLAS LLC: Claims Registration Period Ends Aug. 7
ESTRICHBOERSE LLC: Claims Registration Period Ends July 27
G. U. M. MOCK: Claims Registration Period Ends July 31
GINDL SRO: Claims Registration Period Ends July 31
LEOPOLD ZEHETNER: Claims Registration Ends Aug. 2

MAIER POETTINGER: Claims Registration Period Ends Aug. 6
PFEIFFER LLC: Claims Registration Period Ends Aug. 3
WEGA F. GAMSJAGER: Claims Registration Period Ends July 30


D E N M A R K

KALMAR STRUCTURED: Moody's May Cut Ba3 Rating After Review


F R A N C E

AEROFLEX INC: Revised Buyout Offer Cues S&P to Remove Neg. Watch
BCBG MAX: Moody's Cuts Rating to B3 Due to Waning Profitability


G E R M A N Y

ACTUM AG: Claims Registration Period Ends August 31
COCHSTEDT AIRPORT: Draws 10 Bidders from Asia and the Near East
EHRCO TIEF: Claims Registration Period Ends August 22


I R E L A N D

RITCHIE (IRELAND): Court Gives Interim Nod on LeBoeuf as Counsel


K A Z A K H S T A N

CONSULTING-B LLP: Proof of Claim Deadline Slated for Aug. 24
EUROSTAR FREE: Creditors Must File Claims Aug. 21
JAS ARNA: Claims Filing Period Ends Aug. 22
ODAK SOUZ: Creditors' Claims Due on Aug. 24
SEVASH LLP: Claims Registration Ends Aug. 22

SHEDEVR-KOKSHE LLP: Proof of Claim Deadline Slated for Aug. 24
TURMYS OJSC: Creditors Must File Claims Aug. 22


K Y R G Y Z S T A N

ACHEKEY MOBIL: Creditors Must File Claims by August 10


S P A I N

SEQUA CORP: Inks US$2.7 Billion Merger Deal with Carlyle Group
SEQUA CORP: Carlyle Agreement Cues Moody's to Review Ratings
SEQUA CORP: S&P Puts Neg. Watch on US$2.7 Billion Carlyle Deal
SEQUA CORP: Fitch Puts B+ Issuer Default Rating on Neg. Watch


P O L A N D

INTERNATIONAL PAPER: Declares US$0.25 Quarterly Dividend


R U S S I A

ASTRONIKS CJSC: Creditors Must File Claims by Aug. 23
BALTIC METAL: Creditors Must File Claims by Aug. 23
BALT-OIL-PRODUCT-SERVICE: Creditors Must File Claims by Aug. 23
IBERDSKIY DISTILLERY: Asset Sale Slated for July 25
KRASNOYARSK-GRAIN-PRODUCT: Creditors Must File Claims by July 23

KUBAN': Krasnodar Court Names A. Udachin as Insolvency Manager
MODUL CJSC: Creditors Must File Claims by Aug. 16
NOVGOROD CJSC: Creditors Must File Claims by Aug. 23
NOVOSILSKOE LLC: Creditors Must File Claims by Aug. 16
ROSNEFT OIL: Acquires Lot 17 in Yukos Oil Auction

ROSNEFT OIL: Board of Directors Reviews First Half Results
SENEMI CJSC: Krasnodar Bankruptcy Hearing Slated for Oct. 10
SEVERSTAL OAO: Eyes Controlling Stake in OAO Power Machines
SEVERSTAL OAO: Earns US$396 Million for First Quarter 2007
SEVERSTAL OAO: To Build Steel Mill at Saratov Oblast

TAMBOV-AGRO-PROM-SERVICE: Court Starts Bankruptcy Supervision
TRANS-SERVICE OJSC: Court Starts Bankruptcy Supervision Process
URAL LLC: Udmurtiya Bankruptcy Hearing Slated for Sept. 27
VOTUM-SAINT-PETERSBURG: Creditors Must File Claims by Aug. 23
YUKOS OIL: State to Auction Finance Unit on Aug. 15


S W I T Z E R L A N D

BARO INVEST: Creditors' Liquidation Claims Due July 30
C/S-SERVICES LLC: Creditors' Liquidation Claims Due July 30
DIRI INVEST: Creditors' Liquidation Claims Due July 30
DROGERIE & PARFUMERIE: Creditors' Liquidation Claims Due July 30
FINE SERVICES: Zug Court Starts Bankruptcy Proceedings

HAMMER GOURMET: Creditors' Liquidation Claims Due July 30
HERKULES KUNSTSTOFF: Creditors' Liquidation Claims Due July 30
PENSIUN TGESA: Creditors' Liquidation Claims Due July 30
PRUSAK LLC: Creditors' Liquidation Claims Due July 30
STYCO HANDELS: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

PETKIM PETROKIMYA: Russian-Kazakh Consortium Wins 51% Stake


U K R A I N E

A.L.S. 2006: Claims Submission Deadline Set July 18
AGRICULTURAL INVEST: Creditors Must File Claims by July 18
ARTIKOLI INVEST: Claims Submission Deadline Set July 18
COMPSERVICE GROUP: Claims Submission Deadline Set July 18
ENERGYRESOURCES LLC: Claims Submission Deadline Set July 18

ENGINEERING TECHNOLOGY: Claims Submission Deadline Set July 18
GEOCENTER LLC: Creditors Must File Claims by July 18
KONSTANTA LLC: Claims Submission Deadline Set July 18
REPAIR SPECIAL: Claims Submission Deadline Set July 19
SAVINGS BANK: Moody's Assigns E+ Bank Financial Strength Rating

TECHNOLOGY-QUATRO: Claims Submission Deadline Set July 18
TOR-STAY LLC: Claims Submission Deadline Set July 18
TRAYLER AUTODELIVERY: Claims Submission Deadline Set July 18


U N I T E D   K I N G D O M

AMC ENTERTAINMENT: Appoints Four New Associates
ARCOMMS LTD: Brings In Liquidators from Mazars
COMPUTER COMPONENT: Brings In Begbies Traynor as Administrators
DARK LIME: Joint Liquidators Take Over Operations
DAVID SHARP: Creditors' Meeting Slated for July 27

EDWARDS HOSPITALITY: K. T. Brown Leads Liquidation Procedure
ELX REALISATIONS: Taps Liquidators from Deloitte & Touche
EUROPEAN BAKERIES: Creditors' Meeting Slated for July 25
EXPRESS HEATING: Names Robert James Thompson Liquidator
FORD MOTOR: Dismisses Speculations on Possible Volvo Sale

FORMARK SCAFFOLDING: Appoints Martin C. Armstrong as Liquidator
FREESCALE SEMICONDUCTOR: Launches Exchange Offers for Sr. Notes
FREESCALE SEMI: First Minister Eyes Job Rescue at Scottish Plant
ISOFT GROUP: Considers IBA Offer Until Aug. 7
MEDITERRANEAN IMPORTS: Hires Administrators from Tenon Recovery

MOORGATE PAPER: Appoints Joint Administrators from KPMG
MZ 2007: Taps Joint Administrators from Ernst & Young
PENICUIK HOME: Bank of Scotland Hires BDO Stoy to Find Buyer
TFJ NET: Appoints KPMG to Administer Assets
XIMECH PLC: Calls In Liquidators from Kroll

ZAMAN TRADING: Appoints Liquidators from Wilson Field

* Large Companies with Insolvent Balance Sheet                             


                            *********

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


AUTOGLAS LLC: Claims Registration Period Ends Aug. 7
----------------------------------------------------
Creditors owed money by LLC Autoglas (FN 172866s) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Susanne Poeltenstein-Rosenegger at:

         Mag. Susanne Poeltenstein-Rosenegger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 512 40 13
         Fax: 512 4013 22
         E-mail: poeltenstein@anwaltsteam.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 28 S 64/07a).  


ESTRICHBOERSE LLC: Claims Registration Period Ends July 27
----------------------------------------------------------
Creditors owed money by LLC Estrichboerse (FN 236643f) have
until July 27 to file written proofs of claim to court-appointed
estate administrator Maria Weidlinger at:

         Dr. Maria Weidlinger
         Rossmarkt 1
         4910 Ried im Innkreis
         Austria
         Tel: 07752/82038
         Fax: 07752/82038-20
         E-mail: ra-has-stra@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 29 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Geinberg, Austria, the Debtor declared
bankruptcy on June 21 (Bankr. Case No. 17 S 19/07m).  


G. U. M. MOCK: Claims Registration Period Ends July 31
------------------------------------------------------
Creditors owed money by OEG G. u. M. MOCK (FN 239123b) have
until July 31 to file written proofs of claim to court-appointed
estate administrator Elisabeth Simma at:

         Dr. Elisabeth Simma
         Kaiserfeldgasse 15/II
         8010 Graz
         Austria
         Tel: 0316/827720
         Fax: 0316/827720-28
         E-mail: office@simma-stoff.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 9 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 21 (Bankr. Case No. 26 S 42/07g).  


GINDL SRO: Claims Registration Period Ends July 31
--------------------------------------------------
Creditors owed money by GINDL s.r.o. (Vienna branch) (FN
261303w) have until July 31 to file written proofs of claim to
court-appointed estate administrator Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Aug. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No. 4 S 70/07g).  


LEOPOLD ZEHETNER: Claims Registration Ends Aug. 2
-------------------------------------------------
Creditors owed money by LLC Leopold Zehetner (FN 98594t) have
until Aug. 2 to file written proofs of claim to out-of-court
settlement manager Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at     

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 16, for out-of-court
settlement conclusion.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor filed for out-of-
court settlement on June 20 (Bankr. Case No. 5 Sa 2/07i).  


MAIER POETTINGER: Claims Registration Period Ends Aug. 6
--------------------------------------------------------
Creditors owed money by LLC Maier Poettinger (FN 225568v) have
until Aug. 6 to file written proofs of claim to court-appointed
estate administrator Michael Neuhauser at:

         Mag. Michael Neuhauser
         c/o Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.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 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 18 (Bankr. Case No. 3 S 86/07b).  Stefan Jahns
represents Mag. Neuhauser in the bankruptcy proceedings.


PFEIFFER LLC: Claims Registration Period Ends Aug. 3
----------------------------------------------------
Creditors owed money by LLC PFEIFFER (FN 40030v) have until
Aug. 3 to file written proofs of claim to court-appointed estate
administrator Heinrich Nagl at:

         Dr. Heinrich Nagl
         Pfarrgasse 5
         3580 Horn
         Austria
         Tel: 02982/2278
         Fax: 02982/4479
         E-mail: dr.nagl.horn@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Aug. 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Horn, Austria, the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 9 S 28/07a).  


WEGA F. GAMSJAGER: Claims Registration Period Ends July 30
----------------------------------------------------------
Creditors owed money by LLC Wega F. Gamsjager (FN 214323g) have
until July 30 to file written proofs of claim to court-appointed
estate administrator Karl Ruemmele at:

         Dr. Karl Ruemmele
         Marktstrasse 18a/3
         6850 Dornbirn
         Austria
         Tel: 05572/28580
         Fax: 05572/28580-4
         E-mail: kanzlei@ruemmele-breinbauer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Aug. 9 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on June 19 (Bankr. Case No. 14 S 26/07x).  


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


KALMAR STRUCTURED: Moody's May Cut Ba3 Rating After Review
----------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade three classes of notes issued by Kalmar Structured
Finance A/S:

   -- Class B1 EUR6,015,000 Secured Credit-Linked Floating Rate
      Notes due 2011, currently rated Baa2;

   -- Class B2 SEK65,000,000 Secured Credit-Linked Floating Rate
      Notes due 2011, currently rated Baa2;

   -- Class C EUR8,255,000 Secured Credit-Linked Floating Rate
      Notes due 2011, currently rated Ba3.

This review for downgrade is the result of credit migration in
the underlying pool.


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


AEROFLEX INC: Revised Buyout Offer Cues S&P to Remove Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services removed its 'B' corporate
credit rating on Plainview, New York-based Aeroflex Inc. from
CreditWatch, where it was placed with negative implications on
May 30, 2007.  The 'B' corporate credit rating is affirmed; the
outlook is negative.  The rating action follows a review of a
revised buyout offer for the company from a private equity
consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a US$60 million revolving
credit and a $500 million term loan," said Standard & Poor's
credit analyst Lucy Patricola.  The '2' recovery rating
indicates that lenders can expect substantial (70%-90%) recovery
of principal in the event of payment default.  The 'B+' rating
is one notch higher than the 'B' corporate credit rating on
Aeroflex.  All ratings are based on preliminary offering
statements and are subject to review upon final documentation.

The ratings reflect the company's niche product positions, high
leverage at inception and nominal cash flow.  Partial offsets
include stable operating trends, good revenue visibility, and
barriers to entry protecting the company's markets.

Headquartered in Plainview, NY, Aeroflex Inc. is a specialty
provider of microelectronics and test and measurement products
to the aerospace, defense, wireless, broadband and medical
markets.  For the twelve months ended March 31, 2007, revenues
were US$577 million.  Aeroflex has offices in China, France,
Germany, and Argentina.


BCBG MAX: Moody's Cuts Rating to B3 Due to Waning Profitability
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of BCBG Maz Azria Group, Inc., to B3 from B1 and assigned a
negative outlook.

The downgrade reflects the company's significant decline in
profitability as a result of the operating losses and cash burn
generated by the Max Rave division (nearly 24% of sales), which
has resulted in sizable erosion in cash flow from operations.
The downgrade with a negative outlook also reflects the
company's inability to provide its bank group with its fiscal
year 2006 financial statements and Moody's expectation that the
company will likely need an amendment to or waiver of its
financial covenants.  In addition, Moody's withdrew the rating
on two of BCBG's credit facilities which have been replaced with
new, unrated facilities.

These ratings have been downgraded:

   -- Corporate family rating to B3 from B1;

   -- Probability of default rating to B3 from B1;

   -- US$159.5 million senior secured term loan B to B3; LGD3-
      47% from B1; LGD3-48%.

These ratings have been withdrawn:

   -- US$150 million senior secured revolving credit facility at
      Ba2; LGD2-20%;

   -- US$80 million senior secured third lien term loan at B3;
      LGD5-76%.

BCBG acquired the assets of Max Rave (formerly G+G Retail) in
February 2006 after the company had undergone a distressed debt
exchange and a bankruptcy filing.  The acquisition was financed
with approximately 38% equity and 62% debt.  Since the
acquisition has closed, the Max Rave division has been
generating significant operating losses versus original
expectations of turning profitable during 2006.

As a result of the purchase accounting requirements surrounding
the Max Rave acquisition, the new US$150 million second lien
financing (unrated), and the new US$200 million Asset Based
Revolving credit facility (unrated), the company's completion of
its 2006 audited statements has been delayed.  The company has
received the necessary waivers to extend the filing of its
audited statements with the bank group until July 31, 2007.
However, given its performance trend, Moody's expects that BCBG
will likely need an additional amendment or waiver to its
financial covenants as well.

The B3 corporate family rating reflects the underperformance of
the company's Max Rave division, which has resulted in a
significant cash burn at the company and significant
deterioration in credit metrics, including Debt/EBITDA that
Moody's estimates to be over six times and negative free cash
flow.  The rating category also reflects the company's very high
business risk as a fashion forward women's apparel retailer, as
well as its high seasonality and small scale.  While
profitability has eroded due to the underperformance of Max
Rave, BCBG continues to generate margins ahead of its peer group
as a result of the continued solid performance of the BCBG core
business.  In addition, the company continues to maintain a
credible market position as reflected by its stable of well
recognized brand names.  The ratings also consider the company's
strong reliance on its founder Max Azria, as well as BCBG's
status as a private company, which excludes it from SEC
requirements such as Sarbanes-Oxley and the reporting of
material events.

The negative outlook reflects Moody's expectation that the
company will likely need an additional waiver or amendment as a
result of a violation of its financial covenants, as well as the
risk that the company will be unable to reduce the cash flow
drain as a result of the operating losses at Max Rave.  Given
the negative outlook, it is highly unlikely that ratings would
be upgraded over the near term.  However, the rating outlook
could be stabilized should the company successfully obtain an
amendment or waiver to its financial covenants while evidencing
an ability to turn around the cash burn at the Max Rave
division.

Headquartered in Vernon, California, BCBG Max Azria Group, Inc.
-- http://www.bcbg.com/-- is an apparel retailer and  
wholesaler.  It operates over 530 retail stores, 57 factory
stores, and 102 partnership shops in the United States primarily
under the BCBG and Max Rave nameplates.  In addition, it
distributes to over 400 wholesale doors under the BCBGMaxAzria,
TO THE MAX, Maxime, dorothee bis, Herve Leger, BCBGirls,
Parallel, and maxandcleo brand names.  Revenues for the LTM
period ended Sept. 30, 2006 were approximately US$645 million.  

The company has international offices in Japan, Canada and
France.


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G E R M A N Y
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ACTUM AG: Claims Registration Period Ends August 31
---------------------------------------------------
Creditors of ACTUM AG have until Aug. 31 to register their
claims with court-appointed insolvency manager Jan Markus
Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 11, 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 Friedberg (Hessen)
         Room 235
         Second Floor
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt (Main)
         Germany
         Tel: (069) 96 23 34-0
         Fax: (069) 96 23 34-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against ACTUM AG on July 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ACTUM AG
         Attn: Ottmar Hau, Manager
         Niedergrund 3
         63679 Schotten
         Germany


BENQ CORP: AU Optronics Taps European Factory to Create LCM
-----------------------------------------------------------
AU Optronics Corp. will begin to contract BenQ Corp.'s European
factory to build liquid-crystal display modules in the fourth
quarter of this year Economic News Service reports.  AUO has
since outsourced its manufacturing to BenQ's mainland Chinese
factory since the second quarter.

According to the report, AUO originally planned to open
facilities in Eastern Europe to handle the manufacturing
considering the 14% tariff the European Union imposes on
imported LCD TVs.  However, it aborted the plan and decided to
contract BenQ's factory in Czech to make the modules for it
after the two companies, which are under the same chairman,
adjusted their management team.

BenQ's Czech factory is currently staffed with 400 workers to
make LCD monitors, the Chinese paper relates.  BenQ previously
rent a factory near the monitor factory to produce LCD TVs, but
has since moved its TV production to the monitor factory since
the second quarter.  The Czech factory's output has increased
sharply due to strong demands for monitors and TVs, the report
notes.

Sheaffer Lee, BenQ\u2019s president was quoted by China Economic
News as saying that the Czech factory will work closer with AUO
and play a weighing role in BenQ's global manufacturing
deployment mainly on LCM contracts.

In addition, Hui Hsiung, the newly appointed president of Qisda
Corp., pointed out that his company and AUO will work together
given the rising trend of outsourcing LCM contract.  Qisda is a
pure manufacturer recently spilt from BenQ, which retains brand-
name operation, the report says.

Mr. Hsiung, which is also concurrently the executive vice
president of AUO, noted that AUO will lower investments in the
labor-intensive LCM manufacturing and center its investments on
front-end equipment stressing technology and capital.  He added
that AUO's outsourcing LCM production will not exceed 10% of its
output, the report adds.  

BenQ announced the plan of separating contract manufacturing
operation from brand-name operation in April this year as part
of its plan to improve finance, China Economic News recounts.  
The spin-off will take effect on September 1 this year.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


COCHSTEDT AIRPORT: Draws 10 Bidders from Asia and the Near East
---------------------------------------------------------------
Germany's Cochstedt Airport, which became insolvent in 2002, has
10 potential bidders from Asia and the Near East, AFX News
reports citing Mitteldeutsche Zeitung as its source.

However, the identity and respective offer of the investors
remain undisclosed.

According to the report, Saxony-Anhalt's state government favors
Cochstedt’s integration into German airport operator
Mitteldeutsche Flughafen AG.

                        About Cochstedt

Cochstedt is a former Soviet air base located near Magdeburg in
the eastern German state of Saxony-Anhalt.


EHRCO TIEF: Claims Registration Period Ends August 22
-----------------------------------------------------
Creditors of EHRCO Tief- und Strassenbaugesellschaft mbH have
until Aug. 22 to register their claims with court-appointed
insolvency manager Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 19, 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 Leipzig
         Hall 145
         First Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Nikolaus Schmidt
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199
         E-mail: Dr.Frenzel.u.Kollegen@t-online

The District Court of Leipzig opened bankruptcy proceedings
against EHRCO Tief- und Strassenbaugesellschaft mbH on July 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EHRCO Tief- und Strassenbaugesellschaft mbH
         Grosspoetzschau 4a
         04579 Espenhain
         Germany


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RITCHIE (IRELAND): Court Gives Interim Nod on LeBoeuf as Counsel
----------------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York gave his interim approval for
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. to
employ LeBoeuf, Lamb, Greene & MacRae LLP as their general
counsel.

As reported in the Troubled Company Reporter on June 28, 2007,
LeBoeuf Lamb is expected to:

     (a) advise the Debtors with respect to their powers and
         duties as debtors-in-possession in the continued
         operation of their businesses;

     (b) advise the Debtors with respect to all general
         bankruptcy matters;

     (c) prepare on behalf of the Debtors all necessary
         applications, answers, orders, reports, and papers in
         connection with the administration of their estates;

     (d) represent the Debtors at all critical hearings on
         matters relating to their affairs and interests as     
         debtors-in-possession before this Court, any federal or
         state courts or administrative panels, any appellate
         courts, the United States Supreme Court, and protecting
         the interests of the Debtors;

     (e) prosecute and defending litigated matters that may
         arise during these cases, including such matters as may
         be necessary for the protection of the Debtors' rights,
         the preservation of estate assets, or the Debtors'
         successful reorganization;

     (f) prepare and file the disclosure statement and
         negotiate, present and implement a plan of
         reorganization;

     (g) negotiate appropriate transactions and preparing any
         necessary related documentation;

     (h) advise, assist and negotiate the sale of all or part of
         the Debtors' assets pursuant to Section 363 of the
         Bankruptcy Code or a chapter 11 plan of reorganization;

     (i) represent the Debtors on matters relating to the
         assumption or rejection of executory contracts and
         unexpired leases;

     (j) advise the Debtors with respect to corporate,
         securities, real estate, litigation, labor, finance,
         insurance, regulatory, tax, healthcare and other legal
         matters which may arise during the pendency of these
         cases; and

     (k) perform all other legal services that are necessary for
         the efficient and economic administration of these
         cases.

The Debtors will pay the LLGM based on these hourly rates:

    Professional                 Designation        Hourly Rate
    ------------                 -----------        -----------
    Lewis Rosenbloom, Esq.       Partner                US$750
    Peter Ivanick, Esq.          Partner                US$750
    David Cleary, Esq.           Partner                US$650
    Maria Dantas, Esq.           Partner                US$650
    Dean Gramlich, Esq.          Counsel                US$550
    Mohsin Khambati, Esq.        Counsel                US$550
    Allison Weiss, Esq.          Counsel                US$550
    Thomas Augspurger, Esq.      Associate              US$495
    Sarah Trum, Esq.             Associate              US$445
    June Kim, Esq.               Associate              US$395
    Sandy Holstrom               Paralegal              US$260
    Amelie de Richemont          Paralegal              US$170

About May 21, 2007, LLGM received an advance payment retainer
totaling US$450,000.  On June 20, 2007, LLGM submitted an
invoice and was paid for professional fees and expenses incurred
for periods through June 20, 2007, in the sum of US$91,196.  
After deduction of the US$91,196 from the US$450,000 advance
payment, there is the sum of US$358,804 remaining.  The Debtors
and LLGM have agreed that the US$358,804 retainer will be held
and applied against LLGM's final post-petition billings and will
not be placed in a separate account.

The Debtors and LLGM agree that all services provided by LLGM
will be allocated by LLGM and paid by the Debtors in these
manner: Ritchie I will be responsible for 84.6% and Ritchie II
for 15.4% of the joint invoice.

To the best of the Debtors' knowledge, LLGM neither represents
nor holds any interest adverse to the interests of the estates
or any class of creditors or equity security holders.

The firm can be reached at:

             Allison H. Weiss, Esq.
             Peter A. Ivanick, Esq.
             LeBoeuf, Lamb, Greene & MacRae LLP
             125 West 55th Street
             New York, NY 10019
             Telephone: (212) 424-8000
             Facsimile: (212) 424-8500
             http://www.llgm.com/  

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


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


CONSULTING-B LLP: Proof of Claim Deadline Slated for Aug. 24
------------------------------------------------------------
The Tax Committee of Almaty region has declared LLP CONSULTING-B
(RNN 092200004195) insolvent.

Creditors have until Aug. 24 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


EUROSTAR FREE: Creditors Must File Claims Aug. 21
-------------------------------------------------
Representation of Eurostar Free Zone Company has declared
insolvency.

Creditors have until Aug. 21 to submit written proofs of claims
to:

         Representation of Eurostar
         Free Zone Company
         Office 6
         Nemirovich-Danchenko Str. 26
         Almaty
         Kazakhstan


JAS ARNA: Claims Filing Period Ends Aug. 22
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Jas Arna insolvent.

Creditors have until Aug. 22 to submit written proofs of claims
to:

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


ODAK SOUZ: Creditors' Claims Due on Aug. 24
-------------------------------------------
The Tax Committee of Almaty has declared LLP Odak Souz (RNN
531400000492) insolvent.

Creditors have until Aug. 24 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (32822) 24-19-77


SEVASH LLP: Claims Registration Ends Aug. 22
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Sevash insolvent.

Creditors have until Aug. 22 to submit written proofs of claims
to:

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


SHEDEVR-KOKSHE LLP: Proof of Claim Deadline Slated for Aug. 24
--------------------------------------------------------------
AThe Specialized Inter-Regional Economic Court of Akmola has
declared LLP Shedevr-Kokshe insolvent.

Creditors have until Aug. 24 to submit written proofs of claims
to:

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


TURMYS OJSC: Creditors Must File Claims Aug. 22
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared OJSC Turmys insolvent.

Creditors have until Aug. 22 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 45-32-17


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


ACHEKEY MOBIL: Creditors Must File Claims by August 10
------------------------------------------------------
LLC Achekey Mobil (INN 01402200110184) has declared insolvency.
Creditors have until Aug. 10 to submit written proofs of claim
to:

         LLC Achekey Mobil                   
         Abdrahmanov Str. 144
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-60-03


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


SEQUA CORP: Inks US$2.7 Billion Merger Deal with Carlyle Group
--------------------------------------------------------------
Sequa Corporation, a diversified manufacturer with seven
discrete operating units, and global private equity firm The
Carlyle Group announced the execution of a definitive merger
agreement under which Carlyle will acquire Sequa in a
transaction valued at US$2.7 billion.

Under the terms of the merger agreement, Carlyle will acquire
all of the outstanding Class A and Class B shares of Sequa for
US$175.00 per share in cash, a premium of 54% to the closing
prices of Sequa's Class A and Class B shares on July 6, 2007.

Gail A. Binderman, Chairman of the Board of Sequa, said,
"Today's announcement is the result of a careful and thorough
analysis conducted by our Board of Directors and a Transaction
Committee of independent directors established by the Board to
oversee the evaluation process. This Company, which was created
by my father, Norman E. Alexander, more than five decades ago,
has thrived by following the principles he established and the
standards he set. Consistent with his ideals and his lifelong
commitment to this Company, we made this decision because we
felt that it was the best way to deliver maximum value to our
stockholders. Carlyle has a demonstrated track record of
investing in and improving the companies it acquires and has
great financial and operational expertise. Our Board unanimously
supports becoming a part of the Carlyle family and recommends
that our stockholders vote in favor of this transaction."

Dr. Martin Weinstein, Chief Executive Officer, said, "On behalf
of the Board and senior management, I would like to thank the
employees of Sequa for enabling us to achieve excellence in so
many areas. Carlyle will help us take Sequa to the next level as
we continue to offer our customers the great service they've
come to expect."

Peter Clare, Carlyle Managing Director and Head of the Global
Aerospace and Defense sector team, stated, "Sequa is an
outstanding business thanks to the solid foundation the
Alexander family has created and due to the high quality of the
Company's existing management team. We look forward to working
with Marty Weinstein and the rest of the senior management team
to continue Sequa's growth."

Adam Palmer, Carlyle Managing Director, added, "We are impressed
by the advanced technology and industry leadership positions
Sequa maintains in multiple sectors. Carlyle is uniquely
positioned with deep industry expertise across these various
businesses to support the future plans of the Company. We have a
proven track record of working with diversified companies and
are committed to working with Sequa to extend its market reach
through both internal and external growth strategies."

The Board of Directors of Sequa and the Transaction Committee
unanimously approved the transaction and recommend that Sequa
stockholders adopt the merger agreement with Carlyle. A special
meeting of Sequa's stockholders will be held as soon as
practicable after the preparation and filing of a proxy
statement with the Securities and Exchange Commission.

The executors of the estate of Norman E. Alexander and certain
entities owned or controlled by them, holding in the aggregate
Class A and Class B shares representing approximately 54% of the
outstanding voting power of the Company, have entered into a
voting agreement under which they have agreed to vote all of
their shares in favor of the transaction. Subsequent to the
completion of the transaction, the estate expects that
substantially all of the net sale proceeds received by the
estate will fund a charitable trust.

The merger is subject to the approval of Sequa stockholders and
customary closing conditions and regulatory approvals, including
expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976. Under the terms of the
merger agreement, Sequa may solicit acquisition proposals from
third parties until August 23, 2007. The transaction is expected
to close in the fourth quarter of 2007. The acquisition will be
financed through a combination of equity contributed by
investment funds affiliated with Carlyle and external debt
financing provided by Lehman Brothers, Citigroup and JP Morgan.
The completion of the transaction is not contingent upon Carlyle
obtaining financing.

Evercore Group L.L.C. is acting as financial advisor to Sequa,
and Cahill Gordon & Reindel is acting as legal advisor to the
Company. Lehman Brothers, Citigroup and JPMorgan are acting as
financial advisors to Carlyle, and Latham & Watkins is acting as
Carlyle's legal advisor. Debevoise & Plimpton and Hartman &
Craven are acting as legal advisors to the Alexander family.

                  About The Carlyle Group

The Carlyle Group -- http://www.carlyle.com/-- is a global  
private equity firm with US$58.5 billion under management.  
Carlyle invests in buyouts, venture and growth capital, real
estate and leveraged finance in Asia, Europe and North America,
focusing on aerospace & defense, automotive & transportation,
consumer & retail, energy & power, healthcare, industrial,
infrastructure, technology & business services and
telecommunications & media.  Since 1987, the firm has invested
$28.3 billion of equity in 636 transactions for a total purchase
price of $132.0 billion.  The Carlyle Group employs more than
800 people in 18 countries.  In the aggregate, Carlyle portfolio
companies have more than $87 billion in revenue and employ more
than 286,000 people around the world.

                      About Sequa Corp.

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.


SEQUA CORP: Carlyle Agreement Cues Moody's to Review Ratings
------------------------------------------------------------
Moody's Investors Service reviews the ratings of Sequa
Corporation for possible downgrade in response to the
announcement that the Carlyle Group entered into an agreement to
purchase the publicly traded company for about US$2.7 billion or
US$175 per share.

The company announced that the acquisition will be financed
through a combination of equity and external debt provided by
Carlyle.  Sequa has a Corporate Family Rating of B1.

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 senior unsecured notes, US$498 million 9% due 2009 and US$199
million 8.875% due April 2008.  

The notes' indentures provide a put option to holders in the
event of a change in control.  If these bonds are redeemed in
their entirety, Moody's will withdraw all ratings at the close
of the transaction, expected in the fourth quarter.  The company
also has a small unrated bank credit facility held by certain
foreign subsidiaries consisting of a term loan and letter of
credit facility due 2010.

                      About Sequa Corp.

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.


SEQUA CORP: S&P Puts Neg. Watch on US$2.7 Billion Carlyle Deal
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB-' corporate credit rating, on Sequa Corp. on CreditWatch
with negative implications.  About $700 million of debt is
affected.

"The CreditWatch placement follows Sequa's announcement that it
will be acquired by private equity firm Carlyle Group in a
transaction valued at $2.7 billion, including $700 million of
debt," said Standard & Poor's credit analyst Roman Szuper.  "The
acquisition, expected to close in the fourth quarter of 2007, is
likely to result in a more leveraged capital structure."

If Sequa's outstanding senior unsecured notes ($498 million 9%
due 2009 and $199 million 8 7/8% due 2008) are redeemed, S&P
will withdraw its 'BB-' ratings on the notes.

New York, New York-based Sequa is a diversified industrial
company providing repair and remanufacture of blades, vanes, and
other components of gas turbine engines, particularly those used
on commercial aircraft (45%-50% of revenues), with the balance
derived from several nonaerospace businesses.


SEQUA CORP: Fitch Puts B+ Issuer Default Rating on Neg. Watch
-------------------------------------------------------------
Fitch Ratings has placed Sequa Corporation and its subsidiaries
on Rating Watch Negative following the announced acquisition by
The Carlyle Group, as:

  * Sequa Corporation:

    -- Issuer Default Rating 'B+';
    -- Senior unsecured notes 'BB/RR2'.

  * Warwick International Group Ltd.
  * Chromalloy UK Ltd.
  * Chromalloy Holland B.V.

    -- Senior secured bank credit facility 'BB+/RR1'.

The ratings cover approximately $750 million of outstanding
debt.  The senior secured bank credit facility is an obligation
of several of SQA's subsidiaries, and it is guaranteed by SQA.

The rating actions follow SQA's July 9 announcement that it has
reached an agreement to be acquired by The Carlyle Group, a
private equity firm, for approximately $2.7 billion.  Under the
terms of the agreement, Sequa has until Aug. 23, 2007 to solicit
other bids from third parties.  If consummated, the transaction
is expected to close in the fourth quarter of 2007.

The Negative Rating Watch reflects uncertainty regarding the
final financing arrangements and potential changes to SQA's
capital structure which could meaningfully increase leverage.  
Possible changes in the company's operating and financial
strategy are also a consideration.  The Negative Rating Watch
will be resolved following Fitch's assessment of these factors
before or concurrent with the consummation or termination of the
transaction.

Fitch notes that holders of both the 8.875% senior notes due
2008 ($199.1 million), and the 9.0% senior notes due 2009 ($498
million) benefit from change-of-control put provisions in the
indentures which allow them to tender their notes at 101% of
par.  These provisions limit some of the credit risk related to
the proposed transaction.

SQA's ratings reflect the company's improving operating results,
healthy commercial aerospace environment, liquidity, and fully
funded pension plans.  SQA has a highly diversified portfolio of
subsidiaries across products and geographies, reducing the
concentration risk of individual operating businesses.  Fitch's
concerns are focused on high leverage and negative free cash
flow since 2002.


===========
P O L A N D
===========


INTERNATIONAL PAPER: Declares US$0.25 Quarterly Dividend
--------------------------------------------------------
International Paper declared a regular quarterly dividend of
US$0.25 per share for the period from July 1, 2007, to Sept. 30,
2007, inclusive, on its common stock.  This dividend is payable
on Sept. 17, 2007, to holders of record at the close of business
on Aug. 15, 2007.

The company also declared a regular quarterly dividend of US$1
per share for the period from July 1, 2007, to Sept. 30, 2007,
inclusive, on its preferred stock.  This dividend is also
payable on Sept. 17, 2007, to holders of record at the close of
business on Aug. 15, 2007.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia. Its
Asian operations is specifically located in China.  In
Europe, the company has offices in the United Kingdom, Poland,
Russia, among others.  

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


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


ASTRONIKS CJSC: Creditors Must File Claims by Aug. 23
-----------------------------------------------------
Creditors of CJSC Astroniks have until Aug. 23 to submit proofs
of claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         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. A56-34732/2006.

The Court Region 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 Astroniks
         Lesnoj Pr. 73
         St. Petersburg
         Russia


BALTIC METAL: Creditors Must File Claims by Aug. 23
---------------------------------------------------
Creditors of CJSC Baltic Metal have until Aug. 23 to submit
proofs of claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         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. A56-34907/2006.

The Court Region 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 Baltic Metal
         Premise 5n
         Letter A
         Gorokhovaya 7/15
         St. Petersburg
         Russia


BALT-OIL-PRODUCT-SERVICE: Creditors Must File Claims by Aug. 23
---------------------------------------------------------------
Creditors of LLC Balt-Oil-Product-Service have until Aug. 23 to
submit proofs of claim to:

         N. Popov
         Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21-4180/2006.

The Court is located at:  

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Balt-Oil-Product-Service
         Sportivnaya Str. 5
         Chernyakhovsk
         Kaliningrad
         Russia


IBERDSKIY DISTILLERY: Asset Sale Slated for July 25
---------------------------------------------------
LLC Consult-Market, the bidding organizer for OJSC Iberdskiy
Distillery, will open a public auction for the company's
properties at 12:30 p.m. on July 25 at:

         LLC Consult-Market
         Letter O'
         Mayakovskogo Str. 1A
         Ryazan
         Russia

The company has set a RUR1,107,472 starting price for the
auctioned assets.

Interested participants have to deposit an amount of RUR221,494
to:

         LLC Consult-Market
         Settlement Account 40702810900000000186
         Correspondent Account 30101810800000000709
         FOJSC Gazenergoprombank
         Ryazan
         Russia

Bidding documents have until July 23 to be submitted to:

         LLC Consult-Market
         Letter O'
         Mayakovskogo Str. 1A
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Iberdskiy Distillery
         Iberdskiy
         Korablinskiy
         Ryazan
         Russia


KRASNOYARSK-GRAIN-PRODUCT: Creditors Must File Claims by July 23
----------------------------------------------------------------
Creditors of LLC Krasnoyarsk-Grain-Product have until July 23 to
submit proofs of claim to:

         V. Lebedev
         Temporary Insolvency Manager
         Post User Box 4
         Berezovka
         Berezovskiy
         662521 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk will convene on Aug. 8 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A33-5740/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Krasnoyarsk-Grain-Product
         Moskovskaya Str. 9
         Ilyichevo
         Shushenskiy
         662773 Krasnoyarsk
         Russia


KUBAN': Krasnodar Court Names A. Udachin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar appointed A. Udachin as
Insolvency Manager for State Joint-Stock Timber Industry Company
Kuban'.  He can be reached at:

         A. Udachin
         Pushkina Str. 47/1
         350063 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-29872/2006-38/2724-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         State Joint-Stock Timber Industry Company Kuban'
         Krasnodar
         Russia


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

         E. Savilova
         Insolvency Manager
         Post User Box 1515
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-3282/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Modul
         Novonikolaevka
         Gayskiy
         462617 Orenburg
         Russia


NOVGOROD CJSC: Creditors Must File Claims by Aug. 23
----------------------------------------------------
Creditors of CJSC Novgorod have until Aug. 23 to submit proofs
of claim to:

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

The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21-6465/2006.

The Court is located at:  

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         CJSC Novgorod
         Sportivnaya Str. 5
         Chernyakhovsk
         Kaliningrad
         Russia


NOVOSILSKOE LLC: Creditors Must File Claims by Aug. 16
------------------------------------------------------
Creditors of LLC Novosilskoe have until Aug. 16 to submit proofs
of claim to:

         V. Zhurikhin
         Insolvency Manager
         Post User Box 195
         Central Post Office
         394000 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-16745-2006/234/27b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Novosilskoe
         Sokolova Str. 5
         Novosilskoe
         Semilukskij
         Voronezh
         Russia


ROSNEFT OIL: Acquires Lot 17 in Yukos Oil Auction
-------------------------------------------------
OAO Rosneft Oil Co. was declared the winner of an auction for
Lot 17 of the OAO Yukos Oil Co. assets that were sold in
connection with the company’s bankruptcy proceedings.

After an opening price of RUR5,732,930,000, Rosneft offered the
winning bid of RUR5,847,588,000.

Lot 17 consists of property and property rights at licensed
blocks in the:

   -- Khanty-Mansiysk Autonomous District (Sredne-Balyksky,
      Vstrechny, Vostochno-Salymsky and Chupalsky blocks),

   -- Evenkia (Ayavinsky, Dzhelindukonsky, Oskobinsky, and
      Tersko-Kamovsky blocks), and

   -- Samara Region (Malaninsky block)

Rosneft’s management believes that the acquisition of these
assets will allow the Company to strengthen its position in
these strategically important regions.

                          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.


ROSNEFT OIL: Board of Directors Reviews First Half Results
----------------------------------------------------------
The board of directors of OAO Rosneft Oil Co. approved the
Company’s preliminary operational results for the first half of
2007 and noted a number of significant events that have taken
place over this period.

At the end of the first half of 2007, Rosneft successfully held
its first general annual meeting of shareholders as a publicly
traded company.  During the accounting period, Rosneft became
the top-ranked public oil and gas company by proved liquid
hydrocarbon reserves (according to an audit performed by
DeGolyer and MacNaughton).

Daily oil production at the Sakhalin-1 project reached the
planned level. Regarding the processing of associated gas and
sales of resulting production, a memorandum of mutual
cooperation was signed with SIBUR.

The Belokamenka floating oil tanker transshipped its 10
millionth ton of oil, while Tuapsenefteprodukt commissioned a
complex capable of transshipping 3 million tons of fuel oil per
year from rail to marine transport vessels.  

At the Komsomolsk Refinery, the reconstruction of a primary oil
refining installation was completed, which guarantees refining
capacity of 7 million tons per year with a potential increase to
8-8.5 million tons per year.

A shareholding and operating agreement was signed with the
Chinese Petroleum and Chemical Company (Sinopec), which concerns
joint exploration and development at the Veninsky block of the
Sakhalin-3 project.  A declaration of intentions was signed on
constructing the endpoint of the East Siberia -— Pacific Ocean
pipeline.  Finally, the largest rating agencies -— Moody’s,
Fitch and S&P —- increased the Company’s ratings (and
forecasts), respectively, to Baa1 (forecast — stable), BBB-
(positive) and BB+ (positive).

In the first half of 2007, the Company took out a US$22 billion
bridge loan at the lowest interest rate ever obtained by a
Russian borrower. The Company used the loan for activities at
various producing, refining and marketing assets, the number of
which increased from 102 to 230. Now all Company’s assets are
located in 45 regions across Russia. Especially noteworthy was
the Company’s acquisition of five large oil refineries and more
than 1,000 service stations. The total number of Rosneft
employees increased from 81,000 to 132,000.

During the first six months of the year, Rosneft held the
leading positions among Russian oil and gas companies in terms
of market capitalization, level of reserves and oil production.
According to preliminary figures, the Company achieved the
results outlined in its business plan, which was brought about
by increased effectiveness in all areas of operation, as well as
by a favorable pricing situation on the global oil market.

In comparison to the same period of 2006, preliminary data
(according to Russian Accounting Standards) indicate that
Rosneft increased oil and gas condensate production by 14.6% to
44.5 million tons (including 100% of Polar Lights and
Udmurtneft).  Taking into account the assets recently acquired
in 2007, this figure stands at 19%.  Gas production, according
to preliminary data, increased by 10.6% to 7.5 billion cubic
meters (by 13% including newly acquired assets). Rosneft’s share
of total Russian oil production stood at 19%, as opposed to
16.4% in the same period of 2006.

Organic growth in oil production was achieved by the drilling
and commissioning of new wells at Yuganskneftegaz, Purneftegaz,
Severnaya Neft and Sakhalinmorneftegaz, as well as by completing
workover programs at Yuganskneftegaz, Purneftegaz, Severnaya
Neft, Udmurtneft and Krasnodarneftegaz. Increased oil production
from these measures was obtained chiefly at Purneftegaz and
Krasnodarneftegaz.

In the first half of 2007, preliminary data indicate that the
Company refined 15.2 million tons of oil, which is a 29.1%
increase over the same period in 2006.  Excluding new
acquisitions, oil refining reached 13.5 million tons, which is
14.8% more than in the first half of 2006.  Total output of oil
products was 14.4 million tons (12.8 million tons, excluding new
assets). Oil refining depth (including new assets) increased to
62.3%, as opposed to 58.3% last year.

Total oil product sales in the first half of 2007, according to
preliminary results, were 14.8 million tons, which is 11% above
the planned level and a 28.2% increase over 2006.  Preliminary
results show that 7.42 million tons of oil products were
exported (109.9% of the level exported in the first half of 2006
and 102.2% of the planned level).  The same volume of oil
products were sold on the domestic market (153.8% of the same
period in 2006 and 121.4% of the planned level).  The Company
sold 3.7 million tons of oil products through its marketing
subsidiaries.

In addition to examining the Company’s preliminary results for
the first half of the year, the Board of Directors also approved
Rosneft’s obtainment of a RUB 8.4 billion line of credit from
VTB, as well as a five-year loan of US$3.25 billion from a
syndicate of Western banks.

                          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.


SENEMI CJSC: Krasnodar Bankruptcy Hearing Slated for Oct. 10
------------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 2:50 p.m. on
Oct. 10 to hear the bankruptcy supervision procedure on CJSC
Senemi.  The case is docketed under Case No. A-32-4570/
2007-27/157-B.

The Temporary Insolvency Manager is:

         A. Orlova
         Post Use Box 305
         Belorechensk
         352632 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Senemi
         Garazhnaya Str. 67
         350020 Krasnodar
         Russia


SEVERSTAL OAO: Eyes Controlling Stake in OAO Power Machines
-----------------------------------------------------------
OAO Severstal's chief executive Alexey Mordashov is holding
talks with OAO RAO UES of Russia and Interros Co. to acquire a
controlling stake in OAO Power Machines for around US$600
million, Kommersant reports citing an unidentified source.

Mr. Mordashov is eyeing UES' 25% and Interros' 30% stake in the
Russian turbine manufacturer, Kommersant reports, adding that
the Severstal chief executive has filed an application to buy
the holdings with the Federal Anti-Monopoly Service.

Kommersant, citing its source, said Mr. Mordashov will acquire
the stake in two phases:

   -- UES to buy Interros’ share in Power Machines; and
   -- acquire UES' stake in the turbine maker.

The source told Kommersant source that the acquisition will
proceed after Power Machines issue additional shares.

The source further told Kommersant that Mr. Mordashov would have
to outbid Russian billionaire Oleg Deripaska, who owns Basic
Element, to acquire Power Machines.

                      About Power Machines

Headquartered in Moscow, Russia, Power Machines --
http://english.power-m.ru/-- designs, manufactures and supplies  
equipment for steam, nuclear, hydro, and gas turbine power
plants.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                            *   *   *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

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

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


SEVERSTAL OAO: Earns US$396 Million for First Quarter 2007
----------------------------------------------------------
OAO Severstal posted US$396 million in net income on
US$3.68 billion in net revenues for the first quarter of 2007,
compared with US$217 million in net revenues on US$2.73 billion
in net revenues for the same period in 2006.

Severstal attributed its strong year-on-year growth to favorable
prices across all geographies and markets and to higher raw
materials, energy and labor costs passed on to customers.

The company also attributed the 82.5% hike in first quarter net
profit to:

   -- strong Russian domestic market for steel and iron ore
      products;

   -- sustainable growth of Steel prices in Russia and Europe;

   -- strong performance in the mining business: EBITDA up 50.0%
      year-on-year; and

   -- Significant improvement in Lucchini S.p.A. unit.

"I am pleased to report that Severstal has made a positive start
to the new financial year with continued growth," Alexei
Mordashov, CEO of OAO Severstal, said.  "We are building
successfully on the changes we made last year to provide us with
a strong platform for the future."

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                            *   *   *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

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

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


SEVERSTAL OAO: To Build Steel Mill at Saratov Oblast
----------------------------------------------------
OAO Severstal and the administration of the Saratov Oblast
signed a Memorandum of Intent to construct of a new reinforcing
steel mill in the region.

The Governor of the Saratov Oblast, Pavel Ipatov, and Anatolyi
Kruchinin, General Director of OAO Severstal’s Cherepovests Iron
and Steel Work, signed on July 18 in Saratov a framework
Agreement of assistance in the implementation of a project for
the construction of a reinforcing steel mini mill in the
municipal unit Bykovo-Otgorskoe, located 160 km from Saratov.

The annual output of the new enterprise to be commissioned in
2010 will be 1 MT of bar sections.  Around 400 new jobs will be
created in the region as a result.  Projected investments will
be about $500 million.  The mini mill will use metal scrap as a
feedstock eliminating the first “black” processing cycle, which
will practically reduce the environmental impact to zero.  
Logistics of the production process and supplies under the new
project will be presented at the Investment Committee of the
Saratov Oblast in late July.

"The location of the construction of this plan was not chosen by
chance," Mr. Kruchinin said.  "The Russian construction market
keeps growing. Over the last year alone, the use of
reinforcement in Russia increased by 30%.  The Saratov region
and the Privolzhsky market have a shortage of bar product.
Severstal’s experience of producing quality reinforcing steel at
the Cherepovests Iron and Steel Work enables this problem to be
resolved in the future.  Even today quality heat strengthened
reinforcing steel, grade A 500 C, which is in maximum demand on
the market, accounts for about 80% of total shipments to Russian
construction companies."

According to Mr. Kruchinin, sales to the construction sector in
Russia’s domestic market are seen as strategic by Severstal. OAO
Severstal Russian steel makers -– CherMK Severstal and Trade
House Severstal-Invest -– supplied about 1.5 million tons of
metal products to the construction market in 2006.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                            *   *   *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

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

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


TAMBOV-AGRO-PROM-SERVICE: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Tambov commenced bankruptcy supervision
procedure on OJSC Tambov-Agro-Prom-Service.  The case is
docketed under Case No. A43-5354/2007, 27-150.

The Temporary Insolvency Manager is:

         V. Mikhaylenko
         Office 2
         Moskovskoe Str. 85
         410012 Saratov
         Russia

The Debtor can be reached at:

         OJSC Tambov-Agro-Prom-Service
         Pushkarskaya Str. 45
         392018 Tambov
         Russia


TRANS-SERVICE OJSC: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Ulyanovsk commenced bankruptcy
supervision procedure on OJSC Trans-Service.  The case is
docketed under Case No. A72-2563/07-22/35-b.

The Temporary Insolvency Manager is:

         L. Yakovlev
         Engelsa Str., 19
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Trans-Service
         Dovatora Str. 1
         Ulyanovsk
         Russia


URAL LLC: Udmurtiya Bankruptcy Hearing Slated for Sept. 27
----------------------------------------------------------
The Arbitration Court of Udmurtiya will convene on Sept. 27 to
hear the bankruptcy supervision procedure on LLC Agricultural
Company Ural (TIN 1808204832).  The case is docketed under Case
No. A71-2880/2007 G29.

The Temporary Insolvency Manager is:

         D. Krutov
         Office 804v
         Svobody Str. 173
         Izhevsk
         426011 Udmurtiya
         Russia

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Ural
         Klubnaya Str. 18
         Novyj Senteg
         Zavyalovskiy
         427016 Udmurtiya
         Russia


VOTUM-SAINT-PETERSBURG: Creditors Must File Claims by Aug. 23
-------------------------------------------------------------
Creditors of CJSC Insurance Company Votum-Saint-Petersburg have
until Aug. 23 to submit proofs of claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         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. A56-34895/2006.

The Court Region 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 Insurance Company Votum-Saint-Petersburg
         Vzletnaya 7
         St. Petersburg
         Russia


YUKOS OIL: State to Auction Finance Unit on Aug. 15
---------------------------------------------------
The Russian Federal Property Fund will continue taking bids for
Yukos Finance BV through Aug. 13 after it opened bids for OAO
Yukos Oil Co.'s Dutch subsidiary yesterday, July 16, published
reports reveal, citing Rossiiskaya Gazeta as their source.

Yukos Finance's main assets, currently possessed by
Yukos'creditors, include:

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion; and

  -- a 49% stake in Transpetrol, worth between $100 million and
     US$200 million.

The lot, which has been approved by Yukos creditors, carries a
RUR7.6 billion (US$299 million) starting price.

"A decision has been made that the shares will be sold at an
auction.  The sales terms contain all essential information for
buyers under Dutch law," Nikolai Lashkevich was quoted by RIA
Novosti as saying.

On May 24, 2007, Yukos receiver Eduard Rebgun obtained a Dutch
court ruling recognizing him as the sole legal representative of
Yukos Finance, and permitting him to sell the bankrupt company's
foreign assets.

Moscow plans to sell the stake to a Russian firm to strengthen
its large influence on energy in the region, The Moscow Times
relates.

Slovakia, which owns the remaining 51% stake in Transpetrol,
indicated last March that it intends to repurchase the 49% stake
from Yukos.  The Slovakian government sold the Transpetrol
shares to Yukos Finance in 2002.  Under terms of the deal,
Slovakia retains the right to block the sale of these shares
until April 2007.  The Slovak Spectator had previously reported,
citing Slovak Prime Minister Robert Fico, that the state will
not veto the stake sale if the buyer is a Russian firm.

Slovakia's ministry spokesman declined to comment Friday whether
Slovakia was still interested in acquiring the stake, the Moscow
Times adds.

According to Rossiiskaya Gazeta, the Aug. 15 auction will
include Yukos' RUR13.7 billion of accounts receivable for an
RUR11.5 billion starting price.

As reported in the TCR-Europe on June 29, 2007, Mr. Rebgun said
Yukos has started the repayment of arrears on the company's
principal RUR400 billion debt to third-ranking creditors.  The
Yukos receiver is repaying debt claims to all registered
creditors in proportion to the size of their claims.

As of Jan. 31, 2007, claims against Yukos filed by 68 creditors
reached RUR709 billion (US$26.8 billion).  The company's largest
creditors include:

                                     Claim Amount

   Creditor                   (RUR)              (US$)
   --------               -------------      ------------
   Federal Tax Service    429.3 billion      16.3 billion
   Rosneft                264.6 billion        10 billion
   Tomskneft               12.2 billion       465 million
   Samaraneftegaz           1.9 billion        70 million
   Siberian Service Co.   228.4 million       8.7 million

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


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


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

         Ruth Felder
         Liquidator
         Sumpfstrasse 15
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC BARO Invest
         Steinhausen ZG
         Switzerland


C/S-SERVICES LLC: Creditors' Liquidation Claims Due July 30
-----------------------------------------------------------
Creditors of LLC C/S-Services Ot have until July 30 to submit
their claims to:

         Rene Schelling
         Liquidator
         Holbeinstrasse 19
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC C/S-Services
         Basel BS
         Switzerland


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

         Dr. Urs Felder
         Liquidator
         Claridenstrasse 25
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC DIRI Invest
         Zurich
         Switzerland


DROGERIE & PARFUMERIE: Creditors' Liquidation Claims Due July 30
----------------------------------------------------------------
Creditors of JSC Drogerie & Parfumerie Neumarkt have until
July 30 to submit their claims to:

         Rudolf Kugeli
         Liquidator
         Hohenstrasse 20
         9032 Engelburg
         Switzerland

The Debtor can be reached at:

         JSC Drogerie & Parfumerie Neumarkt
         St. Gallen
         Switzerland


FINE SERVICES: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC FINE Services on April 17.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC FINE Services
         Alte Steinhauserstrasse 19
         6330 Cham ZG
         Switzerland


HAMMER GOURMET: Creditors' Liquidation Claims Due July 30
---------------------------------------------------------
Creditors of LLC Hammer Gourmet Service have until July 30 to
submit their claims to:

         Susan Hammer-Blunier
         Liquidator
         Wurzenrain 3
         6013 Eigenthal
         Switzerland

The Debtor can be reached at:

         LLC Hammer Gourmet Service
         Buchs AG
         Switzerland


HERKULES KUNSTSTOFF: Creditors' Liquidation Claims Due July 30
--------------------------------------------------------------
Creditors of JSC Herkules Kunststoff have until July 30 to
submit their claims to:

         Heinz Kindler
         Liquidator
         Hapferigweg 9
         3425 Koppigen
         Burgdorf BE
         Switzerland

The Debtor can be reached at:

         JSC Herkules Kunststoff
         Menziken
         Kulm AG
         Switzerland


PENSIUN TGESA: Creditors' Liquidation Claims Due July 30
--------------------------------------------------------
Creditors of JSC Pensiun Tgesa Piz Ot have until July 30 to
submit their claims to:

         Gisep Thoni
         Liquidator
         Purgira
         7459 Stierva
         Albula GR
         Switzerland

The Debtor can be reached at:

         JSC Pensiun Tgesa Piz Ot
         Stierva
         Albula GR
         Switzerland


PRUSAK LLC: Creditors' Liquidation Claims Due July 30
-----------------------------------------------------
Creditors of LLC Prusak have until July 30 to submit their
claims to:

         JSC Rosenberg Treuhand & Revisions
         Liquidator
         Rosenbergstrasse 72
         9000 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Prusak
         Eggersriet SG
         Switzerland


STYCO HANDELS: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Styco Handels on May 29.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Styco Handels
         6300 Zug
         Switzerland


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


PETKIM PETROKIMYA: Russian-Kazakh Consortium Wins 51% Stake
-----------------------------------------------------------
A consortium of Kazakh and Russian companies made the highest
bid to buy a 51% stake in PETKIM Petrokimya Holding A.S.,
Turkish Daily News reports.

According to the report, TransCentralAsia Petrochemical Holding
outbid seven other conglomerates by agreeing to pay US$2.05
billion for the company.

Opposition parties accused the Turkish government of selling
Petkim's majority stake to a Russian-Kazakh consortium who are
yet to identify its owners, Turkish Daily relates.

"If elected, the Republican People's Party (CHP) will stop the
selling process," CHP's Deniz Baykal was quoted by Turkish Daily
as saying.

"Petkim is very important to Turkey.  We don't know who bought
it.  The seller is known but the buyer is not," Mr. Baykal
added.

The leader of the Nationalist Movement Party (MHP), Devlet
Bahceli criticized the AKP for speeding up Petkim's sale before
the elections, Turkish Daily relates.

As reported in the TCR-Europe on April 11, 2007, The Turkish
Privatization Administration (OIB) announced on Feb. 8, 2007, a
privatization tender of 51% of Petkim shares through a block
sale.

The administration owns 54% of Pektim and the Republic of
Turkey, State Pension Fund holds 7%.  Currently, 39% of Petkim
shares are traded on the Istanbul Stock Exchange.

Headquartered in Turkey, Petkim Petrokimya Holding A.S. --
http://www.petkim.com.tr/-- is a petrochemical company.  It was  
founded in 1965 as a state-owned entity in Turkey.

                         *     *     *

As reported in the TCR-Europe on July 11, 2007, Fitch Ratings
has put Turkey-based PETKIM Petrokimya Holding A.S.'s Long-term
local and foreign currency Issuer Default ratings of 'BB' and
National Long-term rating of 'AA(tur)' on Rating Watch Negative.

The RWN reflects Fitch's concerns that the sale of 51% of Petkim
by the Turkish Privatization Administration to TransCentralAsia  
Petrochemical Holding for US$2.05 billion may negatively affect  
Petkim's credit profile.  


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


A.L.S. 2006: Claims Submission Deadline Set July 18
---------------------------------------------------
Creditors of LLC Firm A.L.S. 2006 (code EDRPOU 34330515) have
until July 18 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/144-07.


AGRICULTURAL INVEST: Creditors Must File Claims by July 18
----------------------------------------------------------
Creditors of Agricultural LLC Agricultural Invest (code EDRPOU
32881394) have until July 18 to submit written proofs of claim
to:

         Alexander Bilyk
         Temporary Insolvency Manager
         Konev Str. 13
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
14/2457.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The debtor can be reached at:

         Agricultural LLC Agricultural Invest
         Kononcha
         Kanev District
         19031 Cherkassy
         Ukraine


ARTIKOLI INVEST: Claims Submission Deadline Set July 18
-------------------------------------------------------
Creditors of LLC Artikoli Invest (code EDRPOU 34833295) have
until July 18 to submit written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine         
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/255-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Artikoli Invest
         Bulgakov Str. 15
         03134 Kiev
         Ukraine


COMPSERVICE GROUP: Claims Submission Deadline Set July 18
---------------------------------------------------------
Creditors of LLC Compservice Group have until July 18 to submit
written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine         
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/251-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Compservice Group
         Vozdukhoflotsky Avenue 54
         03151 Kiev
         Ukraine  


ENERGYRESOURCES LLC: Claims Submission Deadline Set July 18
-----------------------------------------------------------
Creditors of LLC Energyresources (code EDRPOU 31459025) have
until July 18 to submit written proofs of claim to:

         Maxim Vdovin
         K. Marks Str. 83/61
         49070 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/141-07.

The Court is located at:

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

The debtor can be reached at:

         LLC Energyresources
         Donetsk Highway 4
         49000 Dnipropetrovsk
         Ukraine         


ENGINEERING TECHNOLOGY: Claims Submission Deadline Set July 18
--------------------------------------------------------------
Creditors of LLC Company Building Engineering Technology (code
EDRPOU 34353092) have until July 18 to submit written proofs of
claim to:

         Sergey Benediuk
         Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/249-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Company Building Engineering Technology
         Vozdukhoflotsky Avenue 54
         03151 Kiev
         Ukraine


GEOCENTER LLC: Creditors Must File Claims by July 18
----------------------------------------------------
Creditors of LLC Agricultural Firm Geocenter (code EDRPOU
25523578) have until July 18 to submit written proofs of claim
to:

         Vladislav Tishkevich
         Temporary Insolvency Manager
         P.O. Box 216
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on March 5.  The case is
docketed under Case No. B 29/82-07.

The Court is located at:

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

The debtor can be reached at:

         LLC Agricultural Firm Geocenter
         Grigorovka
         Soloniansky District
         52452 Dnipropetrovsk
         Ukraine


KONSTANTA LLC: Claims Submission Deadline Set July 18
-----------------------------------------------------
Creditors of LLC Company Konstanta (code EDRPOU 33789298) have
until July 18 to submit written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine         

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/253-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Company Konstanta
         Gnat Jury Str. 9
         03148 Kiev
         Ukraine


REPAIR SPECIAL: Claims Submission Deadline Set July 19
------------------------------------------------------
Creditors of LLC Repair Special Assembly (code EDRPOU 23499137)
have until July 19 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/183-b.

The debtor can be reached at:

         LLC Repair Special Assembly
         Otradny Avenue 30-A
         03126 Kiev
         Ukraine


SAVINGS BANK: Moody's Assigns E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned an E+ bank financial strength
rating, Baa2/Prime-2 global local currency deposit ratings and
B2/NP long-term and short-term foreign currency deposit ratings
to Savings Bank of Ukraine.

The long-term foreign currency deposit rating of B2 carries a
positive outlook, while all other ratings carry stable outlooks.
At the same time, Moody's has also assigned a Aaa.ua National
Scale Rating to Saving Bank's local currency deposits. The NSR
carries no specific outlook.  The Aaa.ua national scale rating
reflects the standing of the bank's credit quality relative to
its domestic peers.

According to Moody's, Savings Bank's ratings are underpinned by
the bank's full ownership by the state, which implies a very
high probability of systemic support, as well as the bank's
social importance for the country.  These factors result in a
multi-notch uplift from the bank's Baseline Credit Assessment of
B2.

The bank's ratings are further supported by:

   (i) its position as one of the largest banks in the country;

  (ii) its good and strengthening franchise in retail on the
       back of its privileged position as the country's only
       bank whose household deposits are fully guaranteed by the
       state;

(iii) its established cooperation with the country's largest
       state entities, which offers good prospects for cross-
       selling;

  (iv) its widespread branch network, which, although currently
       excessively large, may improve the bank's access to
       retail customers;

   (v) the bank's substantial market shares in Ukraine's
       fragmented market; and

  (vi) its good profitability.

However, Moody's cautions that Savings Bank's E+ financial
strength rating remains constrained by:

   (i) some corporate governance issues;

  (ii) the government's ability to interfere in the bank's
       business as has been the case in the past;

(iii) the bank's high risk appetite, as reflected by
       concentration in its loan book;

  (iv) its poor liquidity position, asset quality (attributable
       to past performance) and efficiency;

   (v) the rapid growth in its loan book, which is associated
       with higher credit risks that may become evident when the
       loans season;

  (vi) its untested risk management practices;

(vii) the growing competition in the market;

(viii) the bank's franchise value, which, despite its
       development, still remains focused on close cooperation
       with state entities; and

  (ix) the potential risk of costly strategic mistakes given the
       bank's rapid recent growth.

The bank was originally established in 1991 as a branch of the
former Soviet State Savings Bank of Ukraine.  Today, the bank
holds the status of a specialized savings bank due to the
structure of its liabilities, of which over 50% must represent
retail deposits.

Headquartered in Kiev, Ukraine, Savings Bank of Ukraine reported
total assets and shareholders' equity of US$2.2 billion and
US$285 million, respectively, under IFRS (audited) as at the end
of December 2006.


TECHNOLOGY-QUATRO: Claims Submission Deadline Set July 18
---------------------------------------------------------
Creditors of LLC Agricultural Technology-Quatro (code EDRPOU
34484494) have until July 18 to submit written proofs of claim
to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine         
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/254-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Agricultural Technology-Quatro
         Vozdukhoflotsky Avenue 54
         03151 Kiev
         Ukraine


TOR-STAY LLC: Claims Submission Deadline Set July 18
----------------------------------------------------
Creditors of LLC Tor-Stay (code EDRPOU 34293772) have until
July 18 to submit written proofs of claim to:

         Sergey Benediuk
         Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/248-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Tor-Stay
        Obolon Str. 7
         04071 Kiev
         Ukraine


TRAYLER AUTODELIVERY: Claims Submission Deadline Set July 18
------------------------------------------------------------
Creditors of LLC Trayler Autodelivery (code EDRPOU 33740378)
have until July 18 to submit written proofs of claim to:

         Sergey Benediuk
         Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/252-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Trayler Autodelivery
         Vossoedineniya Avenue 7-A
         02160 Kiev
         Ukraine


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


AMC ENTERTAINMENT: Appoints Four New Associates
-----------------------------------------------
AMC Entertainment Inc. has hired four new associates: Stann
Tate, Justin Scott, Chad Novak and Andy Traub.  They bring more
than 60 years of collective experience in their respective
fields to the Kansas City-based theatrical exhibition company.

"We're excited to welcome these new directors into our AMC
family," said Keith Wiedenkeller, AMC's senior vice president of
human resources.  "Each one brings a wealth of diverse
experience from an impressive list of companies."

Mr. Tate is the director of community relations, a newly created
position at AMC that focuses on community outreach.  He joins
AMC from the Kansas Speedway where he was the director of public
relations since 2000.  Drawing from his involvement on boards of
several local non-profit organizations, Mr. Tate will create a
strategic cause-marketing program to give back to the
communities where AMC operates.  Mr. Tate currently serves on
the boards of The Leukemia & Lymphoma Society's Mid-America
Chapter and the Big Brothers Big Sisters of Greater Kansas City.  
He holds a bachelor's degree in communications and a master's
degree in sports administration from Ohio University in Athens,
Ohio.

Mr. Scott also fills a newly created position as the director of
corporate communications, overseeing internal, external and
financial communications.   Mr. Scott comes to AMC from Cerner
Corp. where he directed public relations and creative services
teams since 2003.  He currently serves on the board of the
Kansas City chapter of the International Association of Business
Communicators.  Mr. Scott graduated from St. Lawrence University
in Canton, New York, with bachelor's degrees in English and
sociology.  He also holds a master's degree in journalism from
Temple University in Philadelphia.

Mr. Novak is the new director of hosted services in AMC's
technology and systems department, where he will specialize in
information technology and network security as well as support
services such as e-mail and theatre workforce scheduling.  He
joins AMC from NovaStar Financial Group where he provided
information and network security services for a firm with more
than 2,400 employees nationwide.  Mr. Novak also has spent more
than 23 years as a member of the United States Army Reserve.  He
graduated from the University of Maryland in College Park, Md.,
with a bachelor's degree in management information systems and
holds a master's degree in computer resources and information
management from Webster University in St. Louis.

Mr. Traub is AMC's new director of recruitment in human
resources, where he will develop strategically targeted
campaigns designed to attract associates by demonstrating how
AMC is an employer of choice.  Before joining AMC, Mr. Traub
managed recruitment at Bartlett and Company since 2001.  Mr.
Traub is active in the Society for Human Resource Management
both nationally and locally.  He graduated from Kansas State
University where he earned a bachelor's degree in elementary
education with an emphasis in social sciences.

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
Hong Kong, Brazil and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 13, 2007, Standard & Poor's Ratings Services assigned a 'B'
corporate credit rating and stable outlook to AMC Entertainment
Holdings Inc., the new super-holding company of Marquee Holdings
Inc. and ultimate parent of operating company AMC Entertainment
Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings
Inc.'s proposed US$400 million senior unsecured pay-in-kind term
loan facility due 2012 and a 'CCC+' rating to its 364-day US$275
senior unsecured PIK term loan due 2008.

  
ARCOMMS LTD: Brings In Liquidators from Mazars
----------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Arcomms Ltd. on June 15 for the creditors’
voluntary winding-up procedure.

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.

The company can be reached at:

         Arcomms Ltd.
         Plantagenet Trading Estate
         Warwick Road
         Kineton
         Warwick
         CV35 0HU
         England
         Tel: 01926 647 877
         Fax: 01926 647 879


COMPUTER COMPONENT: Brings In Begbies Traynor as Administrators
---------------------------------------------------------------
Paul Stanley and Richard William Traynor of Begbies Traynor were
appointed joint administrators of Computer Component Marketing
Plc (Company Number 02702820) on July 6.

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

The company can be reached at:

         Computer Component Marketing Plc
         Unit 1A Altrincham Business Park
         Cheshire
         WA14 5GJ
         England
         Tel: 0161 929 3000
         Fax: 0161 929 9125


DARK LIME: Joint Liquidators Take Over Operations
-------------------------------------------------
Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business
Solutions Ltd. were appointed joint liquidators of Dark Lime
Design Ltd. on June 13 for the creditors’ voluntary winding-up
procedure.

The company can be reached at:

         Dark Lime Design Ltd.
         Unit 46 Barkston House
         Croydon Street
         Leeds
         LS11 9RT
         England
         Tel: 0113 245 4991


DAVID SHARP: Creditors' Meeting Slated for July 27
--------------------------------------------------
Creditors of David Sharp Ltd. (Company Number 01281267) will
meet at 10:00 a.m. on July 27 at:

         KPMG LLP
         St. Nicholas House
         Park Row
         Nottingham  
         NG1 6FQ
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 26 at:

         Richard James Philpott
         Joint Administrator
         KPMG LLP
         St. Nicholas House
         Park Row
         Nottingham  
         NG1 6FQ
         England

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


EDWARDS HOSPITALITY: K. T. Brown Leads Liquidation Procedure
------------------------------------------------------------
K. T. Brown of Marriotts LLP was appointed liquidator of Edwards
Hospitality Services Ltd. (t/a Edwards Hospitality Services) on
June 14 for the creditors’ voluntary winding-up procedure.

The company can be reached at:

         Edwards Hospitality Services Ltd.
         West Portway
         Andover
         SP10 3LF
         England
         Tel: 01264 353 330
         Fax: 01264 352 561


ELX REALISATIONS: Taps Liquidators from Deloitte & Touche
---------------------------------------------------------
Neville Barry Kahn and Nicholas Guy Edwards of Deloitte & Touche
LLP were appointed joint liquidators of Elx Realisations Plc
(formerly Elonex Plc) on June 4 for the creditors’ voluntary
winding-up procedure.

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

The company can be reached at:

         Elx Realisations Plc
         2 Apsley Way
         Brent
         London
         NW2 7LF
         England
         Tel: 020 8452 4444
         Fax: 020 8452 6422


EUROPEAN BAKERIES: Creditors' Meeting Slated for July 25
--------------------------------------------------------
Creditors of European Bakeries Ltd. (Company Number 02355622)   
will meet at 11:00 a.m. on July 25 at:

         New Connaught Rooms
         61-65 Great Queen Street
         Covent Garden
         London  
         WC2B 5DA
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 24 at:

         L.A. Manning and N.G. Edwards
         Joint Administrators
         Deloitte & Touche LLP
         PO Box 810
         66 Shoe Lane
         London  
         EC4A 3WA
         England

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


EXPRESS HEATING: Names Robert James Thompson Liquidator
-------------------------------------------------------
Robert James Thompson of Rendell Thompson was appointed
liquidator of Express Heating & Plumbing Ltd. on June 8 for the
creditors’ voluntary winding-up procedure.

The company can be reached at:

         Express Heating & Plumbing Ltd.
         46 Sherborne Avenue
         Luton
         LU2 7BD
         England
         Tel: 01582 493 030


FORD MOTOR: Dismisses Speculations on Possible Volvo Sale
---------------------------------------------------------
Ford Motor Company is reviewing the future of its European
operations and is considering selling its Volvo Cars business in
a deal that could be worth GBP3.9 billion or US$8 billion,
published reports claim, quoting people familiar to the matter.

One of the company's spokespeople is quick to dismiss the
speculations, however, saying: "Ford is not in discussions with
any companies in relation to selling Volvo.  As we've been
saying since last year, we continue to assess all of our
operations and are looking at our strategic options."  A Volvo
spokesman in Sweden referred questions about Volvo's future
ownership status to company spokesmen at Ford headquarters in
Dearborn, Michigan, the Wall Street Journal relates.

Ford had previously sold its Aston Martin luxury nameplate for
US$848 million and is currently entertaining offers for its
Jaguar and Land Rover brands.  Those brands, along with Volvo,
made up Ford's Premier Automotive Group, which has suffered
losses of US$4.8 billion since 2004, WSJ states.

A source in London has revealed that deliberations on Volvo's
sale were still at an early stage and may not even result in a
sale.  News about the potential sale of the Swedish brand, which
Ford has repeatedly denied, leaked into the British media over
the weekend, reports say.

According to the Scotsman, speculation about a Volvo takeover
was fuelled by an interview in a German newspaper with BMW CFO
Stefan Krause, who had not ruled out takeovers of other
carmakers or brands, although he said any talk of a bid for
Volvo Cars was "pure speculation.”

The TCR-Europe reported on June 13, 2007, that the company has
hired investment banks including Goldman Sachs, HSBC and Morgan
Stanley to explore the sale of its two British luxury brands,
which lost US$12.6 billion last year.

Ford Motor Company has set July 19, 2007, as the deadline for
bidders to present indicative bids for its Jaguar and Land Rover
car brands.

                      About Ford Motor Co.

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

                          *    *    *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


FORMARK SCAFFOLDING: Appoints Martin C. Armstrong as Liquidator
---------------------------------------------------------------
Martin C. Armstrong of Turpin Barker Armstrong was appointed
liquidator of Formark Scaffolding Ltd. on for the creditors’
voluntary winding-up procedure.

The company can be reached at:

         Formark Scaffolding Ltd.
         Frant Road
         Thornton Heath
         CR7 7JU
         England
         Tel: 020 8665 0848
         Fax: 020 8665 0782


FREESCALE SEMICONDUCTOR: Launches Exchange Offers for Sr. Notes
---------------------------------------------------------------
Freescale Semiconductor has launched its offer to exchange:

   a) US$500 million aggregate principal amount of its Senior
      Floating Rate Notes due 2014;

   b) US$1.5 billion aggregate principal amount of its 9-1/8%
      and 9-7/8% Senior PIK-Election Notes due 2014;

   c) US$2.35 billion aggregate principal amount of its 8-7/8%
      Senior Fixed Rate Notes due 2014; and

   d) US$1.6 billion aggregate principal amount of its 10-1/8%
      Senior Subordinated Notes due 2016 for any and all of its
      outstanding Senior Floating Rate Notes due 2014, 9-1/8%
      and 9-7/8% Senior PIK-Election Notes due 2014, 8-7/8%
      Senior Fixed Rate Notes due 2014, and 10-1/8% Senior
      Subordinated Notes due 2016.

The Exchange Notes are substantially identical in all material
respects to the Existing Notes, except that the issuance of the
Exchange Notes was registered with the Securities and Exchange
Commission under the Securities Act of 1933 as amended, and are
not subject to the transfer restrictions and registration rights
relating to the Existing Notes.

The exchange offer will expire at 5:00 p.m. New York City time
on Aug. 6, 2007, unless extended.  The exchange offer is not
conditioned upon any minimum principal amount of Existing Notes
being tendered for exchange.  Any Existing Notes not tendered
will remain subject to existing transfer restrictions.

The Existing Notes were issued in a private placement in
compliance with Rule 144A and Regulation S under the Securities
Act.  

The Bank of New York will serve as the exchange agent for the
exchange offer.

                    About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
Semiconductor became a publicly traded company in July 2004.  
The company has design, research and development, manufacturing
or sales operations in more than 30 countries.  In Latin
America, Freescale Semiconductor has operations in Argentina,
Brazil and Mexico.  In Europe, the company has operations in
Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey
and the United Kingdom.  Revenues for the 12 months ended
March 31, 2007 were US$6.2 billion.

                           *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Moody's Investors Service affirmed these ratings of Freescale
Semiconductor Inc. and changed the outlook to negative: Ba3
corporate family rating; Ba3 probability of default rating; B1
rating of US$2.85 billion senior unsecured notes due 2014; B1
rating of US$1.50 billion senior unsecured toggle notes due
2014; and B2 rating of US$1.60 billion senior subordinated
unsecured  notes due 2016.


FREESCALE SEMI: First Minister Eyes Job Rescue at Scottish Plant
----------------------------------------------------------------
Scotland's First Minister Alex Salmond believes there is still
time to save the 900 jobs threatened by the possible closure of
Freescale Semiconductor Inc. plant in East Kilbridge, the
Scotsman reports.

"My officials are helping the company with their strategic plans
and were doing everything possible to retain and protect the
jobs in Scotland.  The firm has spoken to their employees in
terms of their plans, but it would be far too early to write off
the manufacturing prospects of the company in Scotland," Mr.
Salmond was quoted by the Scotsman as saying.

According to the report, East Kilbridge's MP Adam Ingram stated
that he is ready to go to the United States to discuss the plant
and the GBP3 million regional selective assistance grant
Freescale accepted in March 2007.

                    About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
Semiconductor became a publicly traded company in July 2004.  
The company has design, research and development, manufacturing
or sales operations in more than 30 countries.  In Latin
America, Freescale Semiconductor has operations in Argentina,
Brazil and Mexico.  In Europe, the company has operations in
Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey
and the United Kingdom.  Revenues for the 12 months ended
March 31, 2007 were US$6.2 billion.

                           *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Moody's Investors Service affirmed these ratings of Freescale
Semiconductor Inc. and changed the outlook to negative: Ba3
corporate family rating; Ba3 probability of default rating; B1
rating of US$2.85 billion senior unsecured notes due 2014; B1
rating of US$1.50 billion senior unsecured toggle notes due
2014; and B2 rating of US$1.60 billion senior subordinated
unsecured  notes due 2016.


ISOFT GROUP: Considers IBA Offer Until Aug. 7
---------------------------------------------
The U.K. Office of Fair Trading has extended the deadline for
consideration for IBA Health Ltd.’s acquisition of iSOFT Group
plc to Aug. 7, 2007, Thomson Financial says citing AFX News as
its source.

As previously reported in the TCR-Europe on July 10, 2007, the
shareholder resolutions to approve the recommended offer for
iSOFT, by a wholly owned subsidiary of IBA, IBA U.K. Holdings
Ltd., to be effected by means of a scheme of arrangement, were
duly passed at the Court Meeting and the Extraordinary General
Meeting held on July 6, 2007.

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

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

Implementation of the Offer remains subject to the High Court of
Justice for England and Wales sanctioning the Scheme at the
Court Hearing which is expected to take place on July 25, 2007
and confirming the associated reduction of iSOFT's share capital
at the Court Hearing which is expected to take place on July 27,
2007.  Subject to the Scheme receiving the sanction and
confirmation of the Court on those dates, the effective date of
the Scheme is expected to be July 30, 2007.  It is also expected
that if the Scheme becomes effective on July 30, 2007, listing
of the iSOFT Shares will be cancelled at or about 8:00 a.m. on
July 30, 2007.  

                          About iSOFT

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

                            *   *   *

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

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

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

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

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

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

                      Going Concern Doubt

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


MEDITERRANEAN IMPORTS: Hires Administrators from Tenon Recovery
---------------------------------------------------------------
Martin A. Shaw and Charles M. Brook of Tenon Recovery were
appointed joint administrators of The Mediterranean Imports Co.
Ltd. (Company Number 05036783) on July 6.

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

The company can be reached at:

         The Mediterranean Imports Co. Ltd.
         Unit 14
         Blencathra Business Centre
         Threlkeld
         Keswick
         CA12 4TR
         England
         Tel: 017687 799 99


MOORGATE PAPER: Appoints Joint Administrators from KPMG
-------------------------------------------------------
David John Crawshaw and Myles Antony Halley of KPMG LLP were
appointed joint administrators of Moorgate Paper Ltd. (Company
Number 03133173) on July 5.

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

The company can be reached at:

         Moorgate Paper Ltd.
         8 Morson Road
         Riverside Industrial Estate
         Enfield
         EN3 4NQ
         England
         Tel: 0845 890 1111
         Fax: 0845 890 1112


MZ 2007: Taps Joint Administrators from Ernst & Young
-----------------------------------------------------
C.P. Dempster and T.M. Burton of Ernst & Young LLP were
appointed joint administrators of MZ 2007 Ltd. (Company Number
06030772) on June 29.

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

The company can be reached at:

         MZ 2007 Ltd.
         346-348 Chiswick High Road
         Hounslow
         London
         W4 5TA
         England


PENICUIK HOME: Bank of Scotland Hires BDO Stoy to Find Buyer
------------------------------------------------------------
The Bank of Scotland has called in receivers BDO Stoy Hayward to
find a buyer for Penicuik Home Improvement Ltd. within two weeks
or close it down, sealing the fate of thousands of homeowners
who have previously ordered millions of pounds worth of work,
The Scotsman reports.

"Penicuik has been operating in a highly competitive market for
a number of years and has suffered from trading losses, which
has led to the cashflow difficulties," said BDO Stoy Hayward
joint receiver James Stephen.  "Having completed an initial
business review, we have regrettably had to make 59
redundancies."

"It is a regrettable situation for people to have been made
redundant, but we are optimistic with the company's name and
reputation and an attractive orders book that we will be able to
sell it on as a going concern.  If we are unable to sell it,
then the rest of the workforce would also be made redundant.  
Anyone who has already placed an order with the company will be
refunded as that money has been ring-fenced," Mr. Stephen added.

Meanwhile, The Scotsman relates that there may be about GBP2
million worth of outstanding orders for windows on the company's
books, including deposits paid by several customers at GBP1,000
each.  Penicuik has contacted its clients with the promise to
complete the work.  It will be unable to offer guarantees,
however, unless a new buyer saves the company.

"As far as we are aware, Penicuik Home Improvement Ltd.
warranties were not insurance backed or underwritten, therefore
the decision on whether to take on any existing warranties would
rest with any potential new owners," said Midlothian Councilor
Russell Imrie.

The company had been suffering losses the past few years.  The
directors' report for the year ending March 2005 revealed a pre-
tax loss of GBP2.1 million.  The firm also lost more than GBP2
million in the previous financial year.  The report showed that
Penicuik owed nearly GBP13 million to creditors two years ago,
including almost GBP11 million in bank loans and overdrafts, The
Scotsman states.

                         About Penicuik

Headquartered in Midlothian, Scotland, Penicuik Home Improvement
Ltd. -- http://www.penicuik.com/-- is a double-glazing company  
that also builds extensions and conservatories.  The firm had
sales of about GBP8 million per year, and had around GBP2.1
million worth of existing orders on the books stretching until
October 2007.


TFJ NET: Appoints KPMG to Administer Assets
-------------------------------------------
David John Crawshaw and Myles Antony Halley of KPMG LLP were
appointed joint administrators of TFJ Net Ltd. (Company Number
01738513) on July 5.

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

The company can be reached at:

         TFJ Net Ltd.
         3 Drysdale Street
         London
         N1 6ND
         England  
         Tel: 020-8534-9222


XIMECH PLC: Calls In Liquidators from Kroll
-------------------------------------------
D. J. Whitehouse and S. Wilson of Kroll were appointed joint
liquidators of Ximech plc (formerly Chemix plc) on June 13 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:

         Ximech plc
         32B Vauxhall Industrial Estate
         Greg Street
         Stockport
         SK5 7BR
         England
         Tel: 0161 480 3487
         Fax: 0161 480 2394


ZAMAN TRADING: Appoints Liquidators from Wilson Field
-----------------------------------------------------
Claire Louise Foster and Lisa Hogg of Wilson Field Ltd. Were
appointed joint liquidators of Zaman Trading Ltd. on June 14 for
the creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Zaman Trading Ltd.
         Unit 30
         National Works
         Bath Road
         Hounslow
         TW4 7EA
         England
         Tel: 020 8577 5979
         Fax: 0870 803 1347


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

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

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


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


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


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


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


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


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

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


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

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


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


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


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


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

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


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


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


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


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (286)         587    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         595        5)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music              
   Industries Group       EMI      (2266)       2,950      (381)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)

                            *********

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

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

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

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

                            *********


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

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

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

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