TCREUR_Public/070718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 18, 2007, Vol. 8, No. 141

                            Headlines


A U S T R I A

MEDIPOOL-VITAL LLC: Court Orders Business Shutdown
PFEIFFER LLC: Claims Registration Period Ends Aug. 3
RAUSCHER & LAHER: Claims Registration Period Ends July 24


B E L G I U M

B-ARENA N.V./S.A.: Fitch Affirms Class F Notes at BB


F R A N C E

STEELTECH DBT: Court Extends Receivership Period Until Sept. 12


G E R M A N Y

ALERIS INT'L: Inks Deal to Buy Wabash Alloys for US$194 Million
COFINK BETEILIGUNGSGESELLSCHAFT: Claims Filing Ends Aug. 17
IMMOPLAN IMMOBILIEN: Claims Registration Period Ends Aug. 29
PSIVIDA LIMITED: Inks Definitive Pacts to Sell ADS & Warrants
PSIVIDA LIMITED: Enters Into Evaluation Deal w/ Med. Devise Firm

TS CO.MIT: Fitch Rates EUR5.87 Million Class F Notes at B


I R E L A N D

RITCHIE (IRELAND): Coventry May Bid for Assets, Report Says
LOCKO FINANCE: Fitch Puts B- Rating to Upcoming Loan Issue
TITAN EUROPE: S&P Puts Low-B Ratings to Class F & G Notes


I T A L Y

ALITALIA SPA: AP Holding Seeks More Info on Italy's Stake
ALITALIA SPA: TPG Capital May Rejoin Melee for Italy's Stake
TISCALI S.P.A.: Acquiring Pipex’s Broadband & Voice Service Unit


K A Z A K H S T A N

CASPIAN SERVICE: Proof of Claim Deadline Slated for Aug. 21
DALYA LLP: Creditors Must File Claims Aug. 24
DARHAN & COMPANY: Claims Filing Period Ends Aug. 24
ELEVATOR UZUNKOL: Creditors' Claims Due on Aug. 17
IMANKARA LLP: Creditors' Claims Due on Aug. 24

IRINA LLP: Claims Registration Ends Aug. 22
MEDINA LLP: Proof of Claim Deadline Slated for Aug. 24
RUSTEM LTD: Creditors Must File Claims Aug. 24
STA GROUP: Claims Filing Period Ends Aug. 17
TURANALEM FINANCE: Fitch Puts BB+ Ratings to Upcoming Loan Issue


K Y R G Y Z S T A N

ARHILON LLC: Proof of Claim Deadline Slated for August 24
RIA RECK-CENTRE: Creditors Must File Claims by August 24


L U X E M B O U R G

EVRAZ GROUP: Hikes Highveld Bid by 15%; Extends Offer Period
THIEL LOGISTIK: Moody's Holds Junk Ratings on EUR130 Mln Notes


N E T H E R L A N D S

BASELL AF: Fitch Rates IDR at BB- on Termination of Merger
LISTRINDO CAPITAL: S&P Rates US$425 Mln Sr. Secured Notes at BB-
VICTORIA ACQUISITION: Moody's Withdraws B1 Corp. Family Rating
VICTORIA ACQUISITION: S&P Withdraws B+ Ratings at Request


R U S S I A

AGRO-COMMERCE CJSC: Creditors Must File Claims by Aug. 23
BATEKO HOLDING: Creditors Must File Claims by July 23
COMPANY-AGRO OJSC: Creditors Must File Claims by July 23
DRUZHBA CJSC: Novosibirsk Bankruptcy Hearing Slated for Oct. 10
EUROKOMMERTS HOLDING: Moody's Puts B2 Foreign Currency Ratings

EVRAZ GROUP: Hikes Highveld Bid by 15%; Extends Offer Period
FERTILITY OJSC: Creditors Must File Claims by Aug. 23
GUSELNIKOVSKOE OJSC: Creditors Must File Claims by July 23
IVANOVO-FURNITURE CJSC: Asset Sale Slated for July 25
KASHKHATAUSKIY TINNED-FOOD: Claims Filing Deadline Set Aug. 23

KHARANKHOYSKAYA MINING: Creditors Must File Claims by July 23
KRASNAYA ZARYA: Creditors Must File Claims by July 23
LOCKO BANK: Fitch Rates IDR at B- with Stable Outlook
NADYM-RECH-TRANS: Creditors Must File Claims by July 23
NIKAS LLC: Creditors Must File Claims by July 23

PETROGRAD CJSC: Creditors Must File Claims by Aug. 23
ROSNEFT OIL: To Transport Oil Via ESPO Pipeline by 2009
VOZROZHDENIE LLC: Creditors Must File Claims by July 23
WIMM-BILL-DANN: Moody's Lifts Rating to Ba3 on Good Performance
YUNOST CJSC: Orel Bankruptcy Hearing Slated for Sept. 5


S P A I N

MADRID RMBS: Moody's Rates EUR52.5 Million Series E Notes at Ba3
OWASYS: Private Equity Firms Rescue Company from Receivership


S W E D E N

AVNET INC: Unit Signs Distribution Agreement With Diodes Inc.


S W I T Z E R L A N D

BACCHUS DRINK: Graubunden Court Closes Bankruptcy Proceedings
CARTAROLL JSC: Zurich Court Closes Bankruptcy Proceedings
GYGAX NIK: Bern Court Closes Bankruptcy Proceedings
INDEGO LLC: Lucerne Court Closes Bankruptcy Proceedings
NEUMANN COMMUNICATION: Bern Court Closes Bankruptcy Proceedings

PAUL OLLOZ: Creditors' Liquidation Claims Due July 31
RCCS LLC: Creditors' Liquidation Claims Due July 30
RS’ IMPORT-EXPORT: Creditors' Liquidation Claims Due July 31
SCHOCH-HOLZBAU JSC: Creditors' Liquidation Claims Due July 30
TRIVIT (SCHWEIZ): Creditors' Liquidation Claims Due July 30
WEBMINISTRY LLC: Creditors' Liquidation Claims Due July 30

WEIS + HOTTIGER JSC: Basel Court Closes Bankruptcy Proceedings


U K R A I N E

AGRICULTURAL INVEST: Creditors Must File Claims by July 19
AUGUST LLC: Claims Submission Deadline Set July 19
BRAVI-KHIMEK-SPORT: Claims Submission Deadline Set July 19
COMMUNE HEAT-MACHINERY: Creditors Must File Claims by July 19
DONETS LLC: Claims Submission Deadline Set July 19

GORLOVCHANKA OJSC: Claims Submission Deadline Set July 19
LIMIT LLC: Claims Submission Deadline Set July 19
PRESTIGE TRADE-SERVICE: Claims Submission Deadline Set July 19
SHEPETOVKA MOTORCAR 16807: Creditors Must File Claims by July 19
SODRUZHESTVO LLC: Claims Submission Deadline Set July 19

SOUTH CEREAL: Claims Submission Deadline Set July 19


U N I T E D   K I N G D O M

BARAKA POST: Paul Appleton Leads Liquidation Procedure
BIKE SURGEON: Appoints Ian Bull as Liquidator
COTSWOLD BUSINESS: Taps David Hughes to Liquidate Assets
EMI GROUP: Terra Firma Extends GBP2.4 Bln. Cash Offer to July 19
EMU POINT: Names A. D. Kent Liquidator

EUROSAIL-UK: Moody's Rates Class E1 Mortgage Notes at (P)Ba1
EUROSAIL-UK 07-3: Fitch Rates Classes E1c and ETc Notes at BB+
EUROSAIL-UK 2007-4BL: S&P Gives BB Rating to E1a and E1c Notes
FOPP LTD: Gordon Montgomery In Talks to Buy Back Business
FREESCALE SEMICONDUCTOR: Selling East Kilbride Site

GATEWAY AUTOS: Hires Liquidator from Kay Johnson Gee
GEORGE MAJOR: Brings Ian C. Brown to Liquidate Assets
OAKLAND HOUSE: Calls In Liquidators from Mazars
ORECK CORP: Challenging Liquidity Cues Moody's Junks Rating
PROPERTY SOLUTIONS: Appoints C. B. Barrett as Liquidator

TECHNIC TYRE: Joint Liquidators Take Over Operations
TISCALI S.P.A.: Acquiring Pipex’s Broadband & Voice Service Unit
WILMSLOW EQUIPMENT: Taps Liquidators from O’Hara & Co.

                            *********

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


MEDIPOOL-VITAL LLC: Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Wiener Neustadt entered June 18 an order
shutting down the business of LLC MEDIPOOL-VITAL (FN 225071m).

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

The estate administrator can be reached at:

         Dr. Rupert Schenz
         c/o Mag. Georg Rupprecht
         Enzersdorfer Strasse 4
         2340 Moedling
         Austria
         Tel: 02236/86 53 43
         Fax: 02236/865343-20
         E-mail: schenz@lexacta.com

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 8 (Bankr. Case No 11 S 67/07z).  Georg Rupprecht
represents Dr. Schenz 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 Dr. Heinrich Nagl at:

         Dr. Heinrich Nagl
         c/o Mag. Timo Ruisonger
         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).  Timo Ruisonger
represents Dr. Nagl in the bankruptcy proceedings.


RAUSCHER & LAHER: Claims Registration Period Ends July 24
---------------------------------------------------------
Creditors owed money by OEG Rauscher & Laher (FN 282093v) have
until July 24 to file written proofs of claim to court-appointed
estate administrator Christian Kies at:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs
         Austria
         Tel: 07482/44 222
         Fax: 07482/44 222-4
         E-mail: christian.kies@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Sept. 4 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Kleinpoechlarn, Austria, the Debtor declared
bankruptcy on June 20 (Bankr. Case No. 14 S 116/07k).


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


B-ARENA N.V./S.A.: Fitch Affirms Class F Notes at BB
----------------------------------------------------
Fitch Ratings has upgraded two tranches of Belgian RMBS
transactions and affirmed a further 18 following a satisfactory
performance review.  The upgrades follow generally steady
performance in the sector and growth in credit enhancement.

Specific features of each transaction were taken into
consideration in Fitch's review, including the different
definitions of arrears and defaults, together with the presence
or absence of a reserve fund in each transaction and the levels
of credit enhancement available to each class of notes.

Five of the seven transactions reviewed are well seasoned,
having been issued between 1998 and 2004.  The more recent
deals, B-Arena N.V./S.A and Diamond Mortgage Finance 2006 N.V.,
were issued in 2006. Both upgraded tranches are from the
seasoned transaction, Magritte 2004 B.V. and Permeke 2004 B.V.,
which closed in 2004.

Growth in credit enhancement within some Belgian deals has been
slow, due to the pro-rata pay-down of notes.  Reserve funds
commonly amortize, targeted to be the greater of predefined
percentages of initial or current note balances and the
outstanding junior notes.  This amortization has the effect of
producing a dramatic increase in credit enhancement several
years after deals close.  The exceptions to this are the
relatively new deals Diamond Mortgage Finance, Magritte &
Permeke and B-Arena, whose notes do not amortize pro-rata.  In
these deals, note redemption is often accelerated through excess
spread to account for any defaulted loans in the portfolio,
allowing for the accumulation of a certain degree of over-
collateralization.

Due to the high proportion of fixed-rate loans in the
portfolios, prepayments tend to be steady unless interest rates
are reduced, in which case spikes in the prepayment rate can
occur.  Prepayment penalties exist when borrowers transfer their
mortgage to another lending institution.  In such cases,
borrowers must re-mortgage their loan at a cost of more than
1.5% of the secured amount.  Therefore, increases in prepayments
to date have followed substantial reductions in interest rates.

In May 2007, Fitch affirmed the Kingdom of Belgium's long-term
foreign and local currency Issuer Default Ratings at 'AA+' with
Stable Outlook, reflecting the agency's expectation that the
country will achieve its targeted budget surpluses and its
commitment to further public debt reduction.

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.

Rating actions are:

Magritte 2004 B.V. and Permeke 2004 B.V.:

   -- Class A (XS0197191033) affirmed at 'AAA', Outlook Stable

   -- Class B (XS0197193088) upgraded to 'AA+' from 'AA',
      Outlook revised to Positive from Stable

   -- Class C (ISIN XS0197194565) upgraded to 'A+' from 'A',
      Outlook revised to Positive from Stable

   -- Class D (ISIN XS0197196859) affirmed at 'BBB', Outlook
      Stable

MBS-3 V.B.S.:

   -- Class A3 (ISIN BE0002323922) affirmed at 'AAA', Outlook
      Stable

   -- Class B (ISIN BE0002331032) affirmed at 'AA+', Outlook
      Stable

MBS-4 V.B.S.:

   -- Class A3 (ISIN BE0002330026) affirmed at 'AAA', Outlook
      Stable

   -- Class B (ISIN BE0002331032) affirmed at 'AA+', Outlook
      Stable

EVE - Eerste Vlaamse Effectisering, N.V. Compartment SKV-1:

   --  Class A (ISIN BE0002334069) affirmed at 'AAA', Outlook
      Stable

Compartment SKV-2 of EVE - Eerste Vlaamse Effectisering, N.V.:

   -- Class A (ISIN BE5955393780) affirmed at 'AAA', Outlook
      Stable

Diamond Mortgage Finance 2006 N.V.:

   -- Class A (ISIN BE0002345172) affirmed at 'AAA', Outlook
      Stable

   -- Class B (ISIN BE0002346188) affirmed at 'AA', Outlook
      Stable

   -- Class C (ISIN BE0002347194) affirmed at 'A', Outlook
      Stable

   -- Class D (ISIN BE0002348200) affirmed at 'BBB', Outlook
      Stable

B-Arena N.V./S.A.:

   -- Class A (ISIN BE0002350222) affirmed at 'AAA', Outlook
      Stable
   -- Class B (ISIN BE0002351239) affirmed at 'AA', Outlook
      Stable

   -- Class C (ISIN BE0002352244) affirmed at 'A', Outlook
      Stable

   -- Class D (ISIN BE0002353259) affirmed at 'BBB', Outlook
      Stable

   -- Class E (ISIN BE0002354265) affirmed at 'BBB-' (BBB
      minus), Outlook Stable

   -- Class F (ISIN BE0002355270) affirmed at 'BB', Outlook
      Stable


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


STEELTECH DBT: Court Extends Receivership Period Until Sept. 12
--------------------------------------------------------------
The Commercial Court of Metz has extended the receivership
period of Steeltech DBT until Sept. 12, 2007, Les Echos reports.

Pascal Eisele, a trade union representative, said the extension
will allow Steeltech's 170 employees to finalize an offer to
acquire the company, Les Echos relates.  Mr. Eisele hopes the
commercial court will rule in their favor.

Steeltech filed for bankruptcy at the start of 2007 after its
German shareholder, Bavaria Maschinenbau Holding AG, demanded
EUR9 million in dividend payment.

Headquartered in Creutzwald, France, Steeltech DBT --
http://www.steeltech-france.com/-- manufactures and supplies
hydraulic cylinders, steel structure and products for quarries
and mineral industries.  The company also provides solutions for
stone crushing and transporting plugging and heavy materials.


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


ALERIS INT'L: Inks Deal to Buy Wabash Alloys for US$194 Million
---------------------------------------------------------------
Aleris International Inc. has entered into a definitive
agreement to acquire Wabash Alloys from Connell Limited
Partnership.  Aleris will pay approximately US$194 million, with
certain adjustments for working capital and other items.

Aleris expects the acquisition to be neutral to accretive to its
leverage ratio prior to any benefits from synergies, and
anticipates financing the acquisition from a combination of cash
flows from operations, additional draws of its revolving credit
facility, or the incurrence of additional debt, which may
include term credit facilities or bonds.

"Closing is expected to occur in the third quarter and is
subject to regulatory approvals and customary closing
conditions," Steve Demetriou, chairman and chief executive
officer, stated. "We believe the acquisition of Wabash Alloys
will be an excellent strategic fit with Aleris's existing
specification alloy operations."

"The transaction provides outstanding opportunities to broaden
our customer base, optimize processing capabilities and enhance
our ability to meet the needs of our customers." Mr. Demetriou
added.

                      About Wabash Alloys

Founded in 1958, Wabash Alloys-- http://www.wabashalloys.com/--
produces aluminum casting alloys and molten metal at its eight
plants located in Canada, Mexico and the United States.

                About Aleris International Inc.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 50 production
facilities worldwide, including China, Brazil, Germany, Mexico
and Wales.

                           *    *    *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million. With the add-on, the total amount
of the facility is now US$1.23 billion.


COFINK BETEILIGUNGSGESELLSCHAFT: Claims Filing Ends Aug. 17
-----------------------------------------------------------
Creditors of COFINK Beteiligungsgesellschaft mbH have until
Aug. 17 to register their claims with court-appointed insolvency
manager Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Sept. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Bernd Depping
         Bluecherstrasse 30
         41061 Moenchengladbach
         Germany
         Tel: 021612476710
         Fax: 004921612476711

The District Court of Moenchengladbach opened bankruptcy
proceedings against COFINK Beteiligungsgesellschaft mbH on
July 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         COFINK Beteiligungsgesellschaft mbH
         Attn: Guenter Cordes and Dieter Fink, Managers
         Fuchsberg 4 a
         41363 Juechen
         Germany


IMMOPLAN IMMOBILIEN: Claims Registration Period Ends Aug. 29
------------------------------------------------------------
Creditors of IMMOPLAN Immobilien- und Bautragergesellschaft mbH
have until Aug. 29 to register their claims with court-appointed
insolvency manager Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Strasse 101
         50939 Cologne
         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. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against IMMOPLAN Immobilien- und Bautragergesellschaft mbH on
July 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IMMOPLAN Immobilien- und Bautragergesellschaft mbH
         Attn: Andreas Dworak, Manager
         Holzhausen 2
         51381 Leverkusen
         Germany


PSIVIDA LIMITED: Inks Definitive Pacts to Sell ADS & Warrants
-------------------------------------------------------------
On June 29, 2007, pSivida Limited entered into definitive
agreements to raise approximately US$18.0 million (AU$21.3
million) in gross proceeds in a registered direct offering
through the sale of its NASDAQ-traded ADSs and warrants to
purchase ADSs, including US$6.5 million (AU$7.7 million) to
Pfizer Inc.

Pfizer's investment is pursuant to the terms of the
Collaborative Research and License Agreement, dated as of
April 3, 2007.

The company estimates that net proceeds from the offering will
be approximately US$16.3 million (AU$19.4 million), after
deducting placement agent fees and estimated offering expenses.
pSivida has entered into subscription agreements with primarily
institutional investors pursuant to which it has agreed to sell
a total of 14,402,000 units, for a purchase price of US$1.25
(AU$1.48) per unit.

Each unit consists of:

    (i) one ADS, representing 10 ordinary shares; and
   (ii) one warrant to purchase 0.40 ADSs,

with a warrant exercise price of US$1.65 (A$1.96) per ADS.

Units will not be issued or certificated.  The ADSs and warrants
are immediately separable and will be issued separately.  The
warrants will be exercisable from the date of issuance through
the fifth anniversary of the issuance.

Cowen and Company, LLC, acted as lead placement agent and JMP
Securities LLC acted as co-agent in this offering.

The ADSs and warrants were offered under pSivida's effective
shelf registration statement previously filed with the
Securities and Exchange Commission on March 6, 2007, which
registration statement became effective on March 9, 2007.

            First Tranche of ADS Offering Closed

In a follow-up disclosure on July 6, pSivida said that it closed
the first tranche of its registered direct offering.  Net of
placement agents' commissions, the company received
approximately US$10.7 million (AU$12.5 million) in proceeds from
the first tranche of the offering, which related to 9,202,000
units.

                       About pSivida

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


PSIVIDA LIMITED: Enters Into Evaluation Deal w/ Med. Devise Firm
----------------------------------------------------------------
pSivida Limited entered into an evaluation agreement with an
undisclosed large global medical device company to evaluate
cardiovascular delivery of drugs using pSivida's drug delivery
technologies. The agreement follows the expiration of a previous
evaluation agreement with the same medical device company.

                       About pSivida

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


TS CO.MIT: Fitch Rates EUR5.87 Million Class F Notes at B
---------------------------------------------------------
Fitch Ratings has affirmed TS Co.mit One GmbH's EUR503 million
floating-rate notes due 2013:

   -- EUR379.78 million Class A: 'AAA'
   -- EUR13.985 million Class B: 'AA'
   -- EUR12.959 million Class C: 'A'
   -- EUR9.5 million Class D: 'BBB'
   -- EUR10.5 million Class E: 'BB'
   -- EUR5.87 million Class F: 'B'

This transaction is a cash securitization of loans certified by
certificates of indebtedness to German small- and medium-size
enterprises.  The static portfolio comprises senior unsecured
loan instruments that are either amortizing or have a bullet
maturity.

Fitch carried out a rating review of the transaction and found
the structural protection sufficient to affirm the current
ratings, despite some negative rating migration of the
collateral portfolio and several loans being subject to
principal deficiency events.

During the collection period from March to June 2007, three
loans, equal to 0.34% of the total portfolio balance, were
debited to the principal deficiency ledger.  Two of the PD
events have been triggered by the respective loans being rated
5.8 (the lowest performing rating category) or below, on
originator and servicer Commerzbank AG's internal rating scale,
while the third PD event was triggered by the termination of the
respective loan agreement.  As of the June 2007 payment date the
full balance of the PDL has been repaid.

Additionally, 10.98% of the portfolio shows one or more breaches
of financial covenants.  This does not qualify as a PD event,
but requires the companies to be assessed by Commerzbank for
their ability to continue to pay interest and principal.

To assess the credit quality of the portfolio, Fitch uses a
mapping approach to Commerzbank's internal rating system. Based
on the mapping, Fitch deems the average credit quality of the
SME portfolio to be equivalent to a rating of 'BB+'/'BB', which
is slightly worse than the average credit quality of
'BBB-'/'BB+' at closing.

Further, the reserve account balance stands at EUR150,721
compared to EUR1.5 million at close, providing additional credit
enhancement to the notes.  The reserve fund amount is used
together with interest and principal from the collateral assets
to pay the items in the priority of payments and will be topped
up, if any monies are left over after repaying the PDL debit
balance and filling up the over-collateralization account to its
required balance.

Currently, the pro-rata test, which determines whether the notes
amortize in pro-rata or sequential fashion, is breached. At the
last two payment dates, in March and June 2007, principal
collections have been allocated to Class A notes only.

On the positive side, the portfolio balance represents 87% of
the initial balance as of the June 2007 investor report.  The
notes have been paid down in line with the portfolio
amortization: Class A represents 85% of its initial balance
while Class B to F notes have amortized to 93% of their initial
notional amount.  This has led to an increase in the credit
enhancement available to all notes.


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


RITCHIE (IRELAND): Coventry May Bid for Assets, Report Says
-----------------------------------------------------------
Coventry First LLC is considering a bid for the life-insurance
assets of Ritchie Risk-Linked Strategies Trading (Ireland) Ltd.
and Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II,
the bankrupt funds of Ritchie Capital Management Ltd., Chicago
Tribune says.

Ritchie Capital general counsel Bill Hobbs and Coventry general
counsel Alex Seldin, however, could not be reached for comment.

                  Attorney General Complaint

As reported in the TCR-Europe on June 25, 2007, the Debtors
disclose that in Oct. 26, 2006, the Attorney General for the
State of New York filed a complaint against Coventry First, LLC,
Montgomery Capital, Inc., The Coventry Group, Inc. and Reid S.
Buerger.

The complaint, titled "New York Attorney General v. Coventry
First, LLC, et al." (No. 404620-06 N.Y. Sup. Ct.), alleged that
Coventry engaged in various improper practices in its
acquisition of policies from generally wealthy individuals of at
65 years in age.

The Debtors relate that although they were not named as a party
in the complaint, they had purchased the policies from an
affiliate of Conventry prior to the complaint.

The Debtors contend however, that as a result of the complaint:

    * they were unable to complete the planned securitization
      transaction,

    * their financial status and ability to obtain additional
      funding deteriorated; and

    * they were forced to initiate efforts to restructure their
      obligations and sell the policies.

The Debtors further say that as a result of the complaint,
Ritchie I entered into an amendment to its senior lending
facility with ABN AMRO Bank N.V. providing for an increase in
the Liquidity Facility to fund its monthly operational expenses,
including payment of the Premiums and other amounts due under
the Policies, through May, 2007.

However, since the complaint, the market value of the policies
diminished greatly and thus the Debtors were unable to
successfully market these policies for sale nor to obtain
funding necessary to maintain the policies until their natural
maturation.

                     The Ritchie I Complaint

The Debtors also disclose that on May 2, 2007, a complaint was
filed in the U.S. District Court for the Southern District of
New York alleging that the Debtors and their investors were
defrauded by certain companies and individuals affiliated with
the Coventry-affiliated group of companies.

In the complaint titled "Ritchie Capital Management, L.L.C., et
al. v. Coventry First, LLC, et al." (No. 07-3494 U.S. D. Ct.
S.D.N.Y.), the plaintiffs allege that Coventry partnered with
them to invest in life insurance policies with a view toward re-
selling them through a securitization transaction.  The
complaint further alleges that Coventry concealed from Ritchie
Capital that the defendants were systematically defrauding the
owners of the policies, and then further deceived Ritchie
Capital as to the existence of an investigation by the Attorney
General of New York into the defendants' misconduct.

The complaint also argues that Moody's lost confidence in the
health of the collateral -- i.e., the policies -- because it no
longer believed that representations and warranties could be
made by Ritchie I and Ritchie II to potential investors in the
securitization of the nature and character provided to, and
relied upon by, Ritchie I and Ritchie II in the purchase of the
policies.

Moody's, according to the complaint, no longer believed that the
policies had been purchased in compliance with applicable legal
requirements.

Ritchie Capital is seeking damages of US$700 million against
Coventry First.  Under the Federal RICO Act, these damages could
be three times the actual damages established at the trial and
potentially amount to more than US$2 billion.

                         DIP Financing

Court records further show that contemporaneous with the filing
of their voluntary chapter 11 petitions, the Debtors have
requested for authority to incur DIP financing of up to US$30
million and use the prepition senior lender's cash collateral.

The Debtors say that the DIP Financing and the cash collateral
will be used to make premium payments, pay Life Settlement
Policies' servicing fees and pay other operating expenses.

                         About Coventry

Headquartered in Philadelphia, Pennsylvania, Coventry First LLC
-- http://www.coventry.com/-- is a secondary market leader for
life settlements.

                          About Ritchie

Headquartered in Lisle, Illinois, Ritchie Capital Management
Ltd. - http://www.ritchiecapital.com/-- is a private asset
management firm founded in 1997 by former college football
linebacker Thane Ritchie.  The company has offices in New York
and Menlo Park, California.

                     About Ritchie (Ireland)

Ritchie Risk-Linked Strategies Trading (Ireland), Ltd., and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd., are
Dublin-based funds of hedge fund group Ritchie Capital
Management.

The Debtors were formed as special purpose vehicles to invest in
life insurance policies in the life settlement market.  The
Debtors' acquisition of the policies, and their contractual and
other rights of payment related thereto, are based upon, among
other things, a series of agreements providing for the purchase,
financing, servicing and management of the Policies in
anticipation of a securitization transaction.

Ritchie Risk-Linked Strategies Trading (Ireland), Ltd., and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd., filed
for Chapter 11 protection with the U.S. Bankruptcy Court for the
Southern District of New York on July 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.


LOCKO FINANCE: Fitch Puts B- Rating to Upcoming Loan Issue
----------------------------------------------------------
Fitch Ratings assigned Locko Finance p.l.c.'s upcoming issue of
RUB-denominated limited recourse loan participation notes
expected ratings of Recovery 'RR4' and Long-term 'B-'.

Fitch has also assigned Russia's Locko-Bank a Long-term local
currency Issuer Default Rating of 'B-' with Stable Outlook, in
line with the bank's Long-term foreign currency IDR and Outlook.
Locko Finance p.l.c.'s notes are to be used solely for financing
a loan to Locko, whose other ratings are Short-term 'B',
Individual 'D', Support '5' and National Long-term 'BB+(rus)'.
The National Long-term Outlook is Stable.  Locko has a Support
Rating Floor of 'No Floor'.

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

Locko Finance p.l.c., an Ireland-domiciled public limited
company, will only pay noteholders principal and interest
received from Locko.  It will charge certain rights and
interests under the loan agreement to Deutsche Trustee Company
Limited for the benefit of noteholders under a trust deed.  Its
claims under the loan agreement will rank at least equally with
those of other senior unsecured creditors of Locko, except those
whose claims are preferred by any bankruptcy, insolvency,
liquidation or similar laws of general application.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end of first quarter of
2007, retail deposits accounted for 17% of Locko's total
liabilities, according to the bank's unaudited IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by Locko and its material subsidiaries, as well as
certain transactions between the bank and its affiliates.  It
also contains a cross default clause and a 'negative pledge'
clause, the latter of which allows for up to 20% of the loan
portfolio to be securitized by Locko and its subsidiaries.  If
such transactions are to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  Locko also commits to maintaining minimum total and
Tier 1 Basel capital adequacy ratios of 12% and 8%,
respectively, and a maximum ratio of exposure to any single
borrower to 25% of net assets.

Locko is a Moscow-based bank focusing primarily on SME lending.
It has four full-scale branches, six additional outlets and
eight cash centers in Moscow, as well as 11 regional credit
outlets and four regional sales offices.  The bank is owned by
several individuals, none of whom has a stake of over 20%, and
the IFC (15%) and East Capital Group (11%).


TITAN EUROPE: S&P Puts Low-B Ratings to Class F & G Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR778.82 million commercial mortgage-
backed floating-rate notes to be issued by Titan Europe 2007-3
Ltd., a special purpose entity incorporated in Ireland.

At closing, Titan Europe 2007-3 will use the note issuance
proceeds to acquire 19 loans, secured by real estate assets in
the U.K.  All the loans were originated by Credit Suisse.

Of the loans, five feature additional debt in the form of
subordinated B-notes.

The servicer will make advances where necessary and applicable
to cover shortfalls of interest, principal, and costs of
hedging.

All loans are secured by a comprehensive security package
including first-ranking mortgages, assignment of all rental
income, and other claims and borrower accounts.

The security package will be assigned to the note trustee under
the deed of charge and assignment.  mong others, this will
include a first-ranking fixed charge over the issuer's rights
under the loan agreements, the hedging arrangements, and the
intercreditor deeds, plus a first-ranking floating charge over
the entire business of the issuer.

                          Ratings List

Titan Europe 2007-3 Ltd.
   GBP778.82 Million Commercial Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          Rating          (Mln. EUR)
           -----          ------           --------
            A1             AAA              463.04
            X              AAA                0.05
            A2             AAA              115.76
            B              AA                54.39
            C              A                 52.79
            D              BBB               53.19
            E              BBB-              12.00
            F              BB                23.30
            G              B                  4.25
            V              NR                 0.05


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


ALITALIA SPA: AP Holding Seeks More Info on Italy's Stake
---------------------------------------------------------
AP Holding S.p.A., AirOne S.p.A. and Intesa-San Paolo S.p.A.'s
acquisition vehicle, is seeking additional information relating
to its bid for Italy's 39.9% stake in Alitalia S.p.A., Adrian
Michaels writes for the Financial Times.

AP Holding, FT relates citing government officials, has
requested information regarding conditions that it wishes to
impose should it win the bidding process.

People privy to AirOne told FT that the sough-after information
is critical and includes possible negotiations with Alitalia's
unions.  Among the requested information relates to the ability
to restructure AZ Service, a firm half-owned by Alitalia that
runs maintenance and ground operations.  Bidders have said that
AZ Service would be a heavy drain on any new owner of Alitalia
but has an unclear status in the privatization process.

AP Holding, however, stressed that it is committed to trying to
strike a deal and has been holding talks with Alitalia's.

Sources suggest that even if Italy relays the needed
information, AP Holding might not have enough time to finalize
its bid.

Final bidders for Alitalia have until July 23, 2007, to submit
binding offers.

FT suggests that if AP Holding would not submit its bid on time,
Italy may have to restart the entire sale process under
different conditions.  Bidders had dropped out of the bidding
process apprehensive of the requirements set by the Italian
government.

                          About Alitalia

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

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


ALITALIA SPA: TPG Capital May Rejoin Melee for Italy's Stake
------------------------------------------------------------
The Italian government is holding talks with TPG Capital over a
possible re-bid by the private equity firm for Italy's 39.9%
stake in national carrier Alitalia S.p.A., Kevin Done and Paul
Bompard write for the Financial Times.

As reported in the TCR-Europe on June 1, 2007, the consortium of
TPG Capital, MatlinPatterson Global Advisers LLC and Mediobanca
S.p.A. withdrew its bid for Alitalia, saying it was not "in a
position to comply with all of the requirements."

The consortium described the requirements as "too complex and
cryptic."  A source close to the consortium told the Wall Street
Journal then that the group was apprehensive it could not meet
the July 2 deadline for submission of final offers and business
plan.

TPG Capital, FT reports, told the Italian government it may
rejoin the bidding process if the rules of the process were
changed.

FT suggests that TPG has regrouped with former consortium
partner MatlinPatterson.  The TCR-Europe reported on June 22,
2007, that the Italian Finance Ministry has allowed
MatlinPatterson to submit a binding offer Alitalia.

Italy has extended to July 23, 2007, the deadline for final
bidders to submit binding offers for its 39.9% stake in national
carrier Alitalia, allowing potential buyers to review new
information relating to the national carrier.

As reported in the TCR-Europe on June 29, 2007, the consortium
of OAO Aeroflot and Unicredito Italiano S.p.A. withdrew its bid
for Alitalia after it and its advisors were not allowed access
to "critical information with respect to the commercial and
operational aspects of Alitalia’s business to confidently
formulate a well supported business proposal to successfully
restructure the Italian carrier."

According to the Associated Press, Alitalia’s bidding process
has been marred by concern over a lack of data and shifting
guidelines.  The Finance Ministry, while extending the bids
deadline, reaffirmed the conditions for the sale.

                         Offer Details

As previously reported, the Italian Finance Ministry said the
bids should include:

   -- details on financial sources;
   -- a EUR50 million bank guarantee;
   -- a definitive business plan; and
   -- details on a subsequent offer for minorities.

The ministry also required the bidders to explain how their
ownership structure will maintain access to Alitalia's portfolio
of air traffic rights with other countries, Thomson Financial
adds.

                          Point System

After receiving the bids, the ministry will assess the business
according to the criteria set earlier.

In a TCR-Europe report on Feb. 27, 2007, Alitalia's buyer must:

   -- retain Alitalia as Italy's national carrier for eight
      years, keeping its brand and logo during the period;

   -- keep Alitalia's headquarters in Italy; and

   -- ensure Alitalia has adequate level of local and
      international flights for five years.

The five-year business plan must include job levels and will be
binding for three years and can only be amended with the
government's approval.  The buyer also has to consult Alitalia's
unions and sector trade associations if it wants to amend its
staffing plans.

The ministry will use the point system to assess the plans:
10 points for each of the 12 targets and parameters, including
on growth, yields, and sustainability, Thomson Financial
reports.

A bidder must gain a minimum of 90 points to proceed to the next
phase of tender -- the opening of financial offers for the
Alitalia stake.

The financial offers also have to meet a minimum valuation on
Alitalia shares made by experts hired by the ministry, Thomson
Financial adds.

If the qualified bids are within five percent of each other, the
ministry will allow the bidders to amend their offers.

                          About Alitalia

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

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


TISCALI S.P.A.: Acquiring Pipex’s Broadband & Voice Service Unit
----------------------------------------------------------------
Tiscali S.p.A. and Pipex Communications Plc have entered into an
agreement for the acquisition of the broadband and voice
division of Pipex by Tiscali U.K. Holdings Ltd.  The enterprise
value agreed for the acquisition is GBP210 million.  The final
equity value, which will be determined at closing, is subject to
adjustment for net debt position, the level of working capital.
The acquisition is subject to the approval of Pipex’s
Shareholders and clearance by the U.K. Office of Fair Trading.

The Division was expecting 2007 sales of over GBP300 million and
an EBITDA of over GBP20 million on the basis of 1Q07 results and
of Tiscali’s own estimates.  The Division has in the region of
one million active customers, 650,000 voice customers and
570,000 broadband customers -- of which, 250,000 are dual play
-- and 100,000 are SME business customers and approximately
1,400 employees.  Following the acquisition, Tiscali U.K. will
have 1.9 million broadband customers.  Tiscali U.K. has
unbundled 800 exchanges, reaching 55% of U.K. homes with plans
to extend this network to over 1,000 sites covering at least 65%
of the U.K.’s addressable DSL market.  In addition, Tiscali U.K.
has rolled out an extensive next generation high bandwidth
network to support both its business customers and new IPTV
triple play product.

“The acquisition of Pipex’s broadband and voice division further
cements Tiscali’s position as a fully integrated telecom and
media operator in the top league of the U.K. market and
underlines our reputation as a major investor and innovator in
the full range of broadband services, Tiscali U.K. CEO Mary
Turner said.  ”Significant synergies and efficiencies can be
achieved through this acquisition in particular through network
integration, customer migration and indirect costs efficiencies.
Over a four-year period, we estimate cumulated synergies in the
region of GBP150 million at EBITDA level ca GBP50 million to
secure the synergies and efficiencies.  In addition, we will be
able to offer our new Pipex customers the full range of
Tiscali’s compelling and innovative services including
broadband, telephone and TV.  This acquisition provides us with
an even greater opportunity in rolling out our double and triple
play offers.”

“The Board of Pipex is pleased to agree to the sale of the voice
and broadband division, which we feel recognizes the strong
market position we have built over the last three years.
Tiscali’s commitment to investment in LLU, along with the new TV
services it is introducing will offer our existing customers
value and choice in the future,” Pipex Chairman Peter Dubens.

The acquisition will be financed through a EUR650 million debt
facility underwritten by Intesa Sanpaolo and JP Morgan.  This
facility will replace substantially all outstanding financial
debt of the Tiscali Group and may be partially refinanced by
debt capital markets instruments of approximately EUR400 million
and it could also be partially refinanced by an equity increase
of up to EUR150 million which is expected to be resolved upon in
late September 2007, in all events depending on market
conditions.

“Upon completion of the Tiscali Group’s strategic refocusing and
delivery of the Group’s financial targets, the acquisition of
Pipex’s broadband and voice division represents the first step
in the new development phase,” Tiscali S.p.A. CEO Tommaso Pompei
said.  “In the U.K., our position will become even stronger as
our growth accelerates.  It will increase our broadband market
share to approximately 15%, place Tiscali as one of the largest
alternative broadband, voice and media provider in the U.K. and
further complement the recent acquisition of Video Networks Ltd.
Following the acquisition, the 2008 net income and free cash
flow generation targets are confirmed, with a net financial
position to EBITDA ratio expected to remain under three times.”

Rothschild and Banca IMI acted as financial advisors of Tiscali
in the acquisition of the Division.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As of Dec. 31, 2006, Tiscali had EUR1.23 billion in total
assets, EUR960 million in total liabilities and EUR270 million
in total shareholders' equity.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer
Default rating to 'B-' from 'CCC' and removed it from Rating
Watch Positive.  Fitch said a stable outlook is assigned.


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


CASPIAN SERVICE: Proof of Claim Deadline Slated for Aug. 21
-----------------------------------------------------------
LLP Caspian Service Company has declared insolvency.  Creditors
have until Aug. 21 to submit written proofs of claims to:

         LLP Caspian Service Company
         Amangeldy Str. 1
         Almaty
         Kazakhstan


DALYA LLP: Creditors Must File Claims Aug. 24
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Dalya 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


DARHAN & COMPANY: Claims Filing Period Ends Aug. 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Darhan & Company 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


ELEVATOR UZUNKOL: Creditors' Claims Due on Aug. 17
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared CJSC Elevator Uzunkol insolvent.

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

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


IMANKARA LLP: Creditors' Claims Due on Aug. 24
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Imankara insolvent.

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

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


IRINA LLP: Claims Registration Ends Aug. 22
-------------------------------------------
The Tax Committee of Almaty has declared LLP Irina (RNN
531400001600) insolvent.

Creditors have until Aug. 22 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


MEDINA LLP: Proof of Claim Deadline Slated for Aug. 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Medina insolvent.

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

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


RUSTEM LTD: Creditors Must File Claims Aug. 24
----------------------------------------------
The Tax Committee of Almaty has declared LLP Rustem Ltd. (RNN
531400002246) 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


STA GROUP: Claims Filing Period Ends Aug. 17
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Sta Group insolvent.

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

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


TURANALEM FINANCE: Fitch Puts BB+ Ratings to Upcoming Loan Issue
----------------------------------------------------------------
Fitch Ratings has assigned TuranAlem Finance B.V.'s upcoming
US$-denominated 30-year eurobond issue an expected 'BB+' Long-
term rating.

The issue is to be guaranteed by Kazakhstan's Bank TuranAlem,
rated Long-term foreign currency Issuer Default 'BB+'/Positive
Outlook, Long-term local currency IDR 'BBB-'/Stable Outlook,
Short-term foreign currency IDR 'B', Short-term local currency
IDR 'F3', Individual 'C/D', Support '3' and Support Rating Floor
'BB+'.  The issue is to be made within the framework of BTA's
and TAF's US$8 billion global medium-term note program.

The final rating of the issue is contingent upon the receipt of
final documentation conforming materially to information already
received.

Bank TuranAlem is one of the two largest commercial banks in
Kazakhstan, with top three positions in all major markets
segments.  It has developed a network of affiliate banks in
other CIS countries.  In December 2006 BTA completed the
acquisition of a majority stake in Kazakhstan's Temirbank (IDR
'BB-'/Outlook Stable).  BTA's ownership structure is not yet
transparent, but Fitch understands that the bank is controlled
by several Kazakhstani shareholders.


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


ARHILON LLC: Proof of Claim Deadline Slated for August 24
---------------------------------------------------------
LLC Arhilon (INN 0280720610015) has declared insolvency.
Creditors have until Aug. 24 to submit written proofs of claim
to:

         LLC Arhilon
         Ken-say
         Savay
         Karasuuisky District
         Osh
         Kyrgyzstan


RIA RECK-CENTRE: Creditors Must File Claims by August 24
--------------------------------------------------------
LLC Ria Reck-Centre Video has declared insolvency.  Creditors
have until Aug. 24 to submit written proofs of claim to:

         LLC Ria Reck-Centre Video
         Toktogul Str. 77/104
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-25-00


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


EVRAZ GROUP: Hikes Highveld Bid by 15%; Extends Offer Period
------------------------------------------------------------
Evraz Group S.A., following its disclosure on June 4, 2007, of
an offer to acquire shares in Highveld Steel and Vanadium
Corporation Ltd., has decided to:

   -- increase the consideration payable to Highveld
      shareholders from the ZAR equivalent of US$11.40 per
      Highveld share, to ZAR93, which represents around 15%
      increase to the previous offer price.  Highveld
      shareholders who accepted the offer prior to this
      increase in the consideration will be paid the increased
      consideration.

   -- extend the offer till 5:00 p.m. (South African time) on
      Aug. 6, 2007, unless the date is extended by Evraz in its
      sole and absolute discretion, in accordance with the
      Securities Regulation Code on Takeovers and Mergers and
      any other applicable laws and regulations. All amended
      dates will be released on the Securities Exchange News
      Service of the JSE Limited, over a U.K. Regulatory
      Information Service and in the press.

As reported in TCR-Europe on July 11, 2007, Evraz Group S.A.
extended its offer to buy out shareholders of Highveld Steel &
Vanadium Ltd. until further notice, Carli Lourens and Maria
Kolesnikova wrote for Bloomberg News.

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

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

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

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

The board noted that Evraz's ZAR82.99 per share offer was lower
than the ZAR93 per share valuation made by independent adviser
Standard Bank, Reuters related, citing Highveld's Web site.

                          About Evraz

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


                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


THIEL LOGISTIK: Moody's Holds Junk Ratings on EUR130 Mln Notes
--------------------------------------------------------------
Moody's Investors Service changed the outlook on all ratings of
Thiel Logistik A.G. to stable from negative and at the same time
has affirmed the existing B2 corporate family rating and the
Caa1 (LGD6, 90%) rating on the senior subordinated notes due
2012.

"The rating action is based on the stabilization of the
company's operating performance over recent months and on
Moody's expectation that key credit metrics are likely to remain
at current level for the intermediate term as growth and
operating margins improvements in the Air and Ocean and Delacher
divisions are likely to compensate weaker performances in the
Furniture and Sudkraft divisions", said Paolo Leschiutta, lead
analyst at Moody's Investors Service for Thiel AG.  "Although in
Moody's view, operating margins are likely to remain at lower
levels than previously anticipated allowing only moderate
flexibility to absorb potential shocks in the market as
turnaround is not completed yet, the company should continue to
benefit from a pick up in the German economy and growth trends
in the logistic service business", continued the analyst.

Moody's will continue to monitor the company's operating margins
and cash flow generation development as increasing competition
as a result of continuing consolidation in the market might
cause pressure on the Group's profitability.  Upward momentum on
the rating could arise as a result of sustainable improvement in
operating performance towards industry average and in line with
the company's medium term target of 3%, on an EBIT basis, and an
improvement of the financial leverage, measured as Debt/EBITDA,
below 4x on an ongoing basis.  Contrary, any erosion in
operating performance below current level due to delay in the
restructuring program or increasing negative pressure in the
industry would exert downward pressure on the rating.  In
addition an increase in financial leverage towards 6x, a
deteriorating liquidity profile and/or a contraction of the
company interest coverage, measured as EBIT/Interest towards 1x
would result in a rating downgrade.

Ratings affected by Monday's action are:

   -- Corporate family rating affirmed at B2,

   -- The EUR130 million 8% Senior Subordinated Notes due 2012
      affirmed at Caa1 (LGD6, 90%),

Thiel Logistik AG, based in Grevenmacher, Luxembourg, is a
medium-sized provider of specialist and traditional logistics
services, operating primarily in the Central and Eastern
European markets (Germany, Austria and Switzerland) and Asia
(mainly China).  The group specializes in providing entire
supply chain logistics services and solutions including:
overland road, rail, air transportation services and sea freight
services; warehousing and supply chain management; design and
execution of customized logistics solutions.  Effectively July
1, 2007 Thiel re-organized its management structure and
subsequently bundled its activities in the three segments:
Solutions, Air&Ocean and Road&Rail.  Revenues stood at EUR1,891
million and EUR507,4 at FYE December 2006 and first quarter
ending March 2007, respectively.


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


BASELL AF: Fitch Rates IDR at BB- on Termination of Merger
----------------------------------------------------------
Fitch Ratings affirmed Netherlands-based Basell AF SC's Long-
term Issuer Default Rating at 'BB-', senior secured rating at
'BB+' and senior notes at 'B+' and removed them from Rating
Watch Negative.  The Short-term IDR is affirmed at 'B'.  This
follows Huntsman Corporation's July 12, 2007 termination of its
merger agreement with Basell dated June 26, 2007.  A Stable
Outlook is assigned to the Long-term IDR.

On June 26, 2007, Basell and US-based chemicals and pigments
producer Huntsman jointly announced the signing of a definitive
agreement of Basell to acquire Huntsman.  The transaction was
valued at around US$9.6 billion, including the assumption of
Huntsman's debt.  Following this announcement, Huntsman received
a merger proposal by Hexion Specialty Chemicals, Inc., an entity
owned by an affiliate of Apollo Management L.P., which resulted
in Huntsman terminating the agreement with Basell and in turn
agreeing to a definitive merger agreement with Hexion, based on
a transaction value of US$10.6 billion including assumed debt.

Fitch understands that Basell confirms its offer (and therefore
does not intend to increase its original offer in excess of
Hexion's).  Thus, Basell is entitled to receive a break-up fee
of US$200 million due to the termination of the merger agreement
by Huntsman.

Fitch sees Basell's business performance improving and notes
that the company has de-leveraged its balance sheet
considerably.  However, the ratings are constrained by Fitch's
expectation that Basell will continue to aim for external growth
by acquisitions, as seen in its sizeable bids for GE's Plastics
unit and for Huntsman.  While Fitch views M&A in general as
event risk to be evaluated on a case-by-case basis, Basell's
ambition for external growth increases the likelihood for a re-
leveraging of Basell's balance sheet, which could challenge its
ratings.


LISTRINDO CAPITAL: S&P Rates US$425 Mln Sr. Secured Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating on
the long-term US$425 million senior secured notes to be issued
by Listrindo Capital B.V., a wholly owned subsidiary
incorporated in The Netherlands, established solely for the
purpose of issuing this debt instrument.  The notes will be
irrevocably and unconditionally guaranteed by Cikarang.  The
ratings are subject to final documentation.

At the same time, Standard & Poor's assigned its 'BB-' corporate
credit ratings on Indonesia's PT Cikarang Listrindo, an
Indonesian natural gas-fired electricity power producer.  The
outlook is stable.

The ratings reflect Cikarang's aggressive financial profile and
tariff-related uncertainties.  The ratings also reflect the
company's relatively weak contractual structure and its exposure
to project completion risk.  These weaknesses are somewhat
offset by Cikarang's diverse customer base and by the regulatory
protection that the company enjoys.

Cikarang operates a natural gas-fired combined cycle power plant
with an installed capacity of 409MW.  The company sells
electricity to several off-takers, including PT Perusahaan
Listrik Negara (PLN; foreign currency BB-/Stable/--; local
currency BB/Stable/--) and private industrial estates within a
designated licensed area. For the financial year ended
December 2006, Cikarang reported revenues of IDR1.5 trillion
with net income of about IDR309 billion.

Standard & Poor's recognizes the importance of the new gas
procurement and of the additional electricity off-take contracts
with PLN, and expects such contracts to be eventually signed.
However, if by the end of 2007, the PLN contract is not signed,
in line with the terms and conditions of the existing contract,
Cikarang could be exposed to risks relating to noncontractual
cash flows and potential excess generating capacity.  This could
place a downward pressure on the company's ratings or outlook.


VICTORIA ACQUISITION: Moody's Withdraws B1 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 corporate family
rating assigned to Victoria Acquisition III BV.

Moody's has withdrawn Victoria Acquisition's rating at the
request of the company.  This follows the redemption of the
7.875% Senior Subordinated Notes issued by Victoria Acquisition
III B.V. due 2014.

Based in Amsterdam, the Netherlands, Victoria Acquisition III is
the indirect parent of Maxeda B.V., the leading non-food
retailer in the Netherlands with operations in several other
European countries.


VICTORIA ACQUISITION: S&P Withdraws B+ Ratings at Request
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' long-term
corporate credit rating on Victoria Acquisition III B.V. -- the
parent company of Dutch nonfood retailer Maxeda -- at the
company's request.  The 'B-' rating assigned to the group's
senior unsecured notes maturing 2014 was also withdrawn.  As
part of the group's refinancing, all rated issues have been
delisted.


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


AGRO-COMMERCE CJSC: Creditors Must File Claims by Aug. 23
---------------------------------------------------------
Creditors of CJSC Agro-Commerce (TIN 7404025290) have until
Aug. 23 to submit proofs of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-4961/2007-32-54.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Agro-Commerce
         Zlatoust
         Russia


BATEKO HOLDING: Creditors Must File Claims by July 23
-----------------------------------------------------
Creditors of CJSC Bateko Holding (TIN 7710395010) have until
July 23 to submit proofs of claim to:

         V. Klimenko
         Temporary Insolvency Manager
         Post User Box 21
         121467 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-21112/07-73-99 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Bateko Holding
         Building 1
         Al. Nevskogo Str. 19/25
         125047 Moscow
         Russia


COMPANY-AGRO OJSC: Creditors Must File Claims by July 23
--------------------------------------------------------
Creditors of OJSC Commerce Grain Company-Agro have until July 23
to submit proofs of claim to:

         V. Lyutov
         Insolvency Manager
         Lenina Str. 1a
         Arbuzovka Station
         Pavlovskiy
         659006 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-1378/07-B.

The Debtor can be reached at:

         OJSC Commerce Grain Company–Agro
         Lenina Str. 1a
         Arbuzovka Station
         Pavlovskiy
         Altay
         Russia


DRUZHBA CJSC: Novosibirsk Bankruptcy Hearing Slated for Oct. 10
---------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene on Oct. 10 to
hear the bankruptcy supervision procedure on CJSC Druzhba.
The case is docketed under Case No. A45-2426/07-29/7.

The Temporary Insolvency Manager is:

         Y. Petrushenkov
         Post User Box 153
         630001 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Druzhba
         Sokur
         Moshkovskiy
         633121 Novosibirsk
         Russia


EUROKOMMERTS HOLDING: Moody's Puts B2 Foreign Currency Ratings
--------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Eurokommerz Holding Limited: B2 long-term and Not Prime short-
term foreign currency and local currency issuer ratings.  The
outlook for the long-term ratings is stable.

At the same time, Moody's Interfax Rating Agency has assigned an
A3.ru long-term national scale credit rating to Eurokommerz.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B2/NP global
scale ratings reflect Eurokommerz' global default and loss
expectation, while the A3.ru national scale rating reflects the
standing of the company's credit quality relative to its
domestic peers.

The assigned ratings reflect the company's sound market
positions in its target segments with reasonable growth
potential, management's ability to develop the company and its
market positions, sound profitability, moderate risk appetite,
good asset quality and adequate liquidity management and
capitalization.

However, the ratings are constrained by the potential for rapid
growth to give rise to credit and operational risks, the
company's limited history of operations in its current shape and
competitive operating environment, substantial concentrations on
both sides of the balance sheet, substantial FX and interest
rate risks as well as uncertainty with regard to futures sources
of capitalization over the longer term.  In addition, a high
reliance on wholesale market funding and lack of regulation of
the factoring industry are also negative factors.  The ratings
do not incorporate any element of the support from either the
Russian authorities or the company's shareholders and are
therefore based on the Eurokommerz' baseline credit assessment.

Moody's notes that a positive track record in the competitive
operating environment, with good financial indicators and
franchise development, could have positive implications for the
ratings.  Conversely, significant asset quality problems as a
result of the rapid growth and a potential relaxation of risk
criteria in response to the market competition could lead to a
downgrade.  Liquidity issues related to closure of access to the
wholesale markets would also be likely to exert negative
pressure.  However, it is not expected in the near term.

Based in Moscow, Russia, Eurokommerz is a leading factoring
company which also has a wide distribution network in the
Russian regions.  It reported total consolidated assets of
US$455.7 million and total equity of US$86.9 million under IFRS
at end-first quarter 2007.


EVRAZ GROUP: Hikes Highveld Bid by 15%; Extends Offer Period
------------------------------------------------------------
Evraz Group S.A., following its disclosure on June 4, 2007, of
an offer to acquire shares in Highveld Steel and Vanadium
Corporation Ltd., has decided to:

   -- increase the consideration payable to Highveld
      shareholders from the ZAR equivalent of US$11.40 per
      Highveld share, to ZAR93, which represents around 15%
      increase to the previous offer price.  Highveld
      shareholders who accepted the offer prior to this
      increase in the consideration will be paid the increased
      consideration.

   -- extend the offer till 5:00 p.m. (South African time) on
      Aug. 6, 2007, unless the date is extended by Evraz in its
      sole and absolute discretion, in accordance with the
      Securities Regulation Code on Takeovers and Mergers and
      any other applicable laws and regulations. All amended
      dates will be released on the Securities Exchange News
      Service of the JSE Limited, over a U.K. Regulatory
      Information Service and in the press.

As reported in TCR-Europe on July 11, 2007, Evraz Group S.A.
extended its offer to buy out shareholders of Highveld Steel &
Vanadium Ltd. until further notice, Carli Lourens and Maria
Kolesnikova wrote for Bloomberg News.

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

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

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

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

The board noted that Evraz's ZAR82.99 per share offer was lower
than the ZAR93 per share valuation made by independent adviser
Standard Bank, Reuters related, citing Highveld's Web site.

                          About Evraz

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


                            *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


FERTILITY OJSC: Creditors Must File Claims by Aug. 23
-----------------------------------------------------
Creditors of OJSC Agricultural Company Fertility (TIN
5632006920/561201001) have until Aug. 23 to submit proofs of
claim to:

         D. Pakhomov
         Insolvency Manager
         Gaya Str. 23a
         460000 Russia
         Russia
         Tel: (3532) 78-38-44

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-3284/07-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Company Fertility
         9th January Str. 64
         460046 Orenburg
         Russia


GUSELNIKOVSKOE OJSC: Creditors Must File Claims by July 23
----------------------------------------------------------
Creditors of OJSC Guselnikovskoe have until July 23 to submit
proofs of claim to:

         Y. Gomerov
         Insolvency Manager
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-3687/07-43/23.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Guselnikovskoe
         Guselnikovo
         Iskitinskiy
         Novosibirsk
         Russia


IVANOVO-FURNITURE CJSC: Asset Sale Slated for July 25
-----------------------------------------------------
Sh. Fazailov, the bidding organizer for CJSC Ivanovo-Furniture,
will open a public auction for the company's properties at
10:00 a.m. on July 25 at:

         Sh. Fazailov
         101-V
         Mira Pr.
         Moscow
         Russia

Interested participants have to deposit an amount to:

         CJSC Ivanovo-Furniture
         Settlement Account 40702810217000101383
         Correspondent Account 30101810000000000608
         BIK 042406608
         ACB SB RF 8639

Bidding documents have until July 20 to be submitted to:

         Sh. Fazailov
         Bidding Organizer
         101-V
         Mira Pr.
         Moscow
         Russia

The Debtor can be reached at:

         Sh. Fazailov
         Bidding Organizer
         101-V
         Mira Pr.
         Moscow
         Russia


KASHKHATAUSKIY TINNED-FOOD: Claims Filing Deadline Set Aug. 23
--------------------------------------------------------------
Creditors of CJSC Insurance Company Petrograd have until
Aug. 23 to submit proofs of claim to:

         M. Kushkhov
         Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino Balkariya
         Russia

The Arbitration Court of Kabardino Balkariya commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A20-1202/06.

The Debtor can be reached at:

         M. Kushkhov
         Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino Balkariya
         Russia


KHARANKHOYSKAYA MINING: Creditors Must File Claims by July 23
-------------------------------------------------------------
Creditors of CJSC OJSC Kharankhoyskaya Mining Company have until
July 23 to submit proofs of claim to:

         R. Erbanov
         Insolvency Manager
         Post User Box 2875
         Ulan-Ude
         670033 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A10-5514/06.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         CJSC OJSC Kharankhoyskaya Mining Company
         Khoronkhoj
         Kyakhtinskiy
         Bashkortostan
         Russia


KRASNAYA ZARYA: Creditors Must File Claims by July 23
-----------------------------------------------------
Creditors of OJSC Krasnaya Zarya have until July 23 to submit
proofs of claim to:

         Y. Mesheryakov
         Insolvency Manager
         Apartment 64
         Belyakova Str. 23
         390015 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-489/2004.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Krasnaya Zarya
         Korablino
         Ryazan
         Russia


LOCKO BANK: Fitch Rates IDR at B- with Stable Outlook
-----------------------------------------------------
Fitch Ratings assigned Locko Finance p.l.c.'s upcoming issue of
RUB-denominated limited recourse loan participation notes
expected ratings of Recovery 'RR4' and Long-term 'B-'.

Fitch has also assigned Russia's Locko-Bank a Long-term local
currency Issuer Default Rating of 'B-' with Stable Outlook, in
line with the bank's Long-term foreign currency IDR and Outlook.
Locko Finance p.l.c.'s notes are to be used solely for financing
a loan to Locko, whose other ratings are Short-term 'B',
Individual 'D', Support '5' and National Long-term 'BB+(rus)'.
The National Long-term Outlook is Stable.  Locko has a Support
Rating Floor of 'No Floor'.

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

Locko Finance p.l.c., an Ireland-domiciled public limited
company, will only pay noteholders principal and interest
received from Locko.  It will charge certain rights and
interests under the loan agreement to Deutsche Trustee Company
Limited for the benefit of noteholders under a trust deed.  Its
claims under the loan agreement will rank at least equally with
those of other senior unsecured creditors of Locko, except those
whose claims are preferred by any bankruptcy, insolvency,
liquidation or similar laws of general application.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end of first quarter of
2007, retail deposits accounted for 17% of Locko's total
liabilities, according to the bank's unaudited IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by Locko and its material subsidiaries, as well as
certain transactions between the bank and its affiliates.  It
also contains a cross default clause and a 'negative pledge'
clause, the latter of which allows for up to 20% of the loan
portfolio to be securitized by Locko and its subsidiaries.  If
such transactions are to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  Locko also commits to maintaining minimum total and
Tier 1 Basel capital adequacy ratios of 12% and 8%,
respectively, and a maximum ratio of exposure to any single
borrower to 25% of net assets.

Locko is a Moscow-based bank focusing primarily on SME lending.
It has four full-scale branches, six additional outlets and
eight cash centers in Moscow, as well as 11 regional credit
outlets and four regional sales offices.  The bank is owned by
several individuals, none of whom has a stake of over 20%, and
the IFC (15%) and East Capital Group (11%).


NADYM-RECH-TRANS: Creditors Must File Claims by July 23
-------------------------------------------------------
Creditors of CJSC Nadym-Rech-Trans have until July 23 to submit
proofs of claim to:

         V. Vinogradov
         Temporary Insolvency Manager
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene on
Sept. 18 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A81-1667/07.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous
         Russia

The Debtor can be reached at:

         CJSC Nadym-Rech-Trans
         Naberezhnay  Orudzheva 20, 2
         Nadym
         Yamalo-Nenetskiy
         Russia


NIKAS LLC: Creditors Must File Claims by July 23
------------------------------------------------
Creditors of LLC Zabaykalskoe Timber Industry Company Nikas (TIN
7504001221) have until July 23 to submit proofs of claim to:

         I. Dolgikh
         Insolvency Manager
         Post User Box 604
         672010 Chita
         Russia

The Arbitration Court of Chita commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A78-1599/2007 1-210.

The Debtor can be reached at:

         LLC Zabaykalskoe Timber Industry Company Nikas
         Kurnatovskogo Str. 82
         672012 Chita
         Russia


PETROGRAD CJSC: Creditors Must File Claims by Aug. 23
-----------------------------------------------------
Creditors of CJSC Insurance Company Petrograd 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. A56-34751/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Insurance Company Petrograd
         Premise 5n
         Letter A
         Gorokhovaya 7/15
         St. Petersburg
         Russia


ROSNEFT OIL: To Transport Oil Via ESPO Pipeline by 2009
-------------------------------------------------------
OAO Rosneft Oil Co. will transport 25 million metric tons of oil
through OAO Rosneft's Eastern Siberian-Pacific Ocean pipeline in
2009, Kommersant reports.

Transneft president Semen Vainshtok confirmed receiving
Rosneft's application to pump 25 million tons of oil through
30-million metric ton capacity ESPO in 2009, Kommersant relates.
Transneft will distribute the unused capacity to other firms.

The state-owned companies have yet to concur on the transit
rate, though Rosneft may agree to low profits from ESPO, which
is largely viewed as a political project, Kommersant relates
citing experts.  Experts added that Transneft will charge no
lower than US$54 per metric ton to make profits.

Transneft expects to complete ESPO's construction on December
2007.  The pipeline operator also plans to hike ESPO's capacity
to 36 million metric tons after 2009 in anticipation of higher
demand.

                         About Transneft

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


                          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.

                            *   *   *

As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
Outlook is positive.


VOZROZHDENIE LLC: Creditors Must File Claims by July 23
-------------------------------------------------------
Creditors of LLC Vozrozhdenie (TIN 6164221497) have until
July 23 to submit proofs of claim to:

         V. Zotyev
         Temporary Insolvency Manager
         Nakhichevanskiy Per. 64
         344000 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 11:50 a.m. on
Oct. 12 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A53-4103/07-S1-8.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vozrozhdenie
         Nakhichevanskiy Per. 64
         Rostov-na-Donu
         Russia


WIMM-BILL-DANN: Moody's Lifts Rating to Ba3 on Good Performance
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Wimm-Bill-Dann Foods OJSC to Ba3 from B1.  The outlook is
stable.

The upgrade reflects:

   (i) the company's generally strong operating performance in
       FY 2006, with revenue growth of 26.4% supported by
       organic growth, with selling prices benefiting from the
       sales mix, price inflation and the exchange rate effect;

  (ii) the growth in underlying EBITDA, as reported, by about
       two thirds in FY2006, with reported margins improving to
       13.3% in 2006 versus 10.1% in 2005; and finally

(iii) the company's ability to sustain solid credit metrics in
       spite of a growth in indebtedness, with adjusted leverage
       remaining below 2x and RCF/Net debt reaching 43% in
       FY2006.  The company's growth benefited from
       acquisitions, particularly in the latter half of 2006,
       for new dairy plants improving its regional footprint
       with the growth largely outside the central Moscow
       region.

The ratings remain constrained by a number of factors,
including:

   (i) the company's still high dependence on the Russian
       market, which accounted for 93% of total sales on average
       over the past three years;

  (ii) the company's ongoing exposure to exchange rate risk,
       given that the bulk of its material costs are in dollars,
       while nearly all operating revenues are in roubles;

(iii) growing cost pressure, notably higher raw material costs
       for sugar and oranges over the past two years; and new
       curbs on advertising for broadcasters which are expected
       to lead to further cost increases for advertising.

The company's liquidity position is satisfactory.  Following the
issue of Loan Participation Notes in February 2007, which was
largely used to pay down short-term debt, at March 31, 2007 the
company reported only US$3 million in short-term debt (excluding
vendor financing) and cash and equivalents of US$93.9 million.
However, the company's free cash flow generation is expected to
remain limited due to continued investment activity.  Moody's
notes that the majority of Wimm-Bill-Dann's debt comes due in
May 2008, notably the two US$150 million Loan Participation
Notes, which together represent about two thirds of the
company's outstanding indebtedness.  Moody's will therefore
monitor the company's strategy for refinancing this debt closer
to the maturity date.

Ratings affected include:

   -- Corporate Family Rating and Probability of Default Rating
      upgraded from B1 to Ba3;

   -- B1 rating on the US$150 million 8.5% Loan Participation
      Notes due 2008 upgraded from B1 to Ba3.

The stable outlook reflects Moody's expectation that the
company's future growth will continue to be underpinned by
stable profit margins combined with acquisition activity, and
that the company will maintain a generally conservative
financial policy.  Although not likely in the near term, further
upward movement to the rating or outlook could occur if the
company were to continue to grow both in terms of scale and
margins, while sustaining adjusted leverage below 1x.  The
rating or outlook could be negatively impacted if spending on
acquisitions were not matched by adequate growth in
profitability, resulting in adjusted leverage significantly
exceeding 2.5x on a continued basis.

Wimm-Bill-Dann, headquartered in Moscow, Russia, is a leading
Russian manufacturer of dairy products and juices, as well as
baby foods.  In the 12 months to March 31, 2007, the company
reported US$1,919 million and US$260 million in revenues and
EBITDA (before exceptionals), respectively.


YUNOST CJSC: Orel Bankruptcy Hearing Slated for Sept. 5
-------------------------------------------------------
The Arbitration Court of Orel will convene on Sept. 5 to hear
the bankruptcy supervision procedure on CJSC Agricultural and
Industrial Corporation Yunost.  The case is docketed under Case
No. A48-4998/07-17b.

The Temporary Insolvency Manager is:

         S. Deev
         Post User Box 24
         115569 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         CJSC Agricultural and Industrial Corporation Yunost
         Gagarina Str. 14
         Dolgoe
         303760 Orel
         Russia


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


MADRID RMBS: Moody's Rates EUR52.5 Million Series E Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
seven series of "Bonos de Titulizacion de Activos" to be issued
by Madrid RMBS III Fondo de Titulizacion de Activos, a Spanish
asset securitization fund that has been created by Titulizacion
de Activos, S.G.F.T, S.A.:

   -- Aaa to the EUR658 million Series A1 notes;
   -- Aaa to the EUR1575 million Series A2 notes;
   -- Aaa to the EUR497 million Series A3 notes;
   -- Aa2 to the EUR55.5 million Series B notes;
   -- A2 to the EUR90 million Series C notes;
   -- Baa2 to the EUR72 million Series D notes; and
   -- Ba3 to the EUR52.5 million Series E notes.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire properties located in Spain), originated by Caja Madrid
(Aa1/Prime-1), which will continue to service them.

As of June 2007, the provisional portfolio comprised 17,733
loans for a total amount of EUR3,288,190,061.  The original
weighted average loan-to-value is 94.28%.  The current WALTV is
92.13%. The average loan size is EUR185,427.  The loans were
originated between 1997 and 2006, with a weighted average
seasoning of 1.75 years.  The pool is concentrated in the Madrid
(56%) and Catalonia (21%) regions.

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the notes side
are different, or the risk derived from any amendment in the
terms of the mortgage agreements, the "Fondo" will enter into a
swap agreement with Caja Madrid.  Besides this swap agreement,
the "Fondo" will enter into three option agreements with Caja
Madrid to allow a certain level of additional spread for loans
indexed to IRPH compared to the swapped interest bases
(Euribor), valued at 70 bppa initially.

Moody's ratings address the expected loss posed to investors by
the legal final maturity.  The rating agency believes that the
structure of the Madrid RMBS III notes allows for timely payment
of interest and ultimate payment of principal at par, on or
before the final legal maturity date and not at any other
expected maturity date.  The ratings do not address the full
redemption of the notes on the expected maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on the yield to investors.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure; and

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows and any
       excess spread available to cover losses.

According to Moody's, this deal benefits from strong features,
including:

   (1) strong underwriting and risk control criteria (including
       a robust in-house scoring system);

   (2) a reserve fund that is fully funded up-front to cover a
       potential shortfall in interest and principal;

   (3) a six-month artificial write-off mechanism; and

   (4) the fact that 100% of the loans are secured by
       residential mortgages.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) the collateral consists almost exclusively of loans with
       an LTV greater than 80%;

   (2) the poolcut has a very strong concentration in Madrid;

   (3) the deferral of interest payments on each of Series B, C,
       D and E increases the expected loss on these subordinated
       series;

   (4) the Reserve Fund amortization trigger is slightly above
       the standard figures for the Spanish market;

   (5) the renegotiation limit of the loans on which the
       maturity can be extended is 15%, compared to the standard
       figure of 10% in the Spanish market;

   (6) around 3% of the pool is composed by loans with more than
       three debtors; and

   (7) pro-rata amortization of the Series B, C, D and E notes
       leads to reduced credit enhancement of the senior series
       in absolute terms.  These increased risks were reflected
       in Moody's credit enhancement calculation.


OWASYS: Private Equity Firms Rescue Company from Receivership
-------------------------------------------------------------
Owasys has emerged from temporary receivership after Inversion
en Empresas Digitales, Ingeteam and Vizcaya government-
controlled Seed Capital acquired a 47% stake in the Spanish
mobile communications systems manufacturer, M. Arteche writes
for Expansion.

According to the report, the three private equity firms bought
shares via the conversion of participatory loans extended to
Owasys for EUR1 million.

In 2006, Owasys had turnover of EUR2.6 million.  The company
expects a turnover of EUR3.2 million this year, Expansion
relates.

Headquartered in Vizcaya, Spain, Owasys –-
http://www.owasys.com/--- specializes in the design,
development, production management and international sales of
advanced wireless devices.

Owasys was founded in 2002 by employees of Swedish mobile
handset manufacturer Ericsson's former plant in the Basque
province of Vizcaya.


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


AVNET INC: Unit Signs Distribution Agreement With Diodes Inc.
-------------------------------------------------------------
Avnet, Inc.'s unit SILICA signed a distribution agreement with
Diodes Incorporated, a leading manufacturer and supplier of
high-quality application specific standard products within the
broad discrete and analog semiconductor markets.

SILICA is a highly specialized semiconductor distributor with 36
branch offices throughout Europe providing customers with a
broad portfolio of semiconductor products along with in-depth
technical and logistic support as well as other value-added
services.  With local teams of application engineers and
technology specialists, SILICA is dedicated to supporting its
OEM customers technically and to providing the design-in
expertise needed for customers to compete successfully. As a
division of Avnet Electronics Marketing in Europe, Silica is
supported by Avnet Logistics for warehousing, programming and
other value-added services.

"We are very excited to add SILICA to our European distribution
network," commented Mark A. King, Senior Vice President, Sales &
Marketing of Diodes Incorporated.  "Their specialized focus on
semiconductor products and extensive local presence in Europe
will improve our ability to service our customer's logistic
requirements, enhance our competitiveness and strengthen our
brand recognition."

"Since entering the European market in 2001, we have
consistently grown our sales and expanded our market share,
successfully building our European customer base in the
automotive, communications and industrial end-markets," said Dr.
Keh-Shew Lu, President & Chief Executive Officer of Diodes, Inc.
"Diodes' innovative products have been well received and we
believe that Europe will make an important contribution to
Diodes' long term profitable growth."

"SILICA is very pleased to be associated with Diodes, Inc., a
company that enjoys an excellent reputation for innovation and
quality, and has consistently focused on and introduced leading
edge innovative products.  Their core strengths, combined with
our existing extensive regional distribution network, provide a
strong foundation to meet the needs of existing customers, and
to win new business," said Miguel Fernandez, President of
Silica.

                       About Silica

Silica -- http://www.avnet.com/-- is a specialized distributor
offering a comprehensive range of semiconductor products and
serving all European countries.  Silica is a division of
Phoenix-based Avnet, Inc., one of the largest distributors of
electronic components, computer products and technology services
and solutions with more than 250 locations serving 70 countries
worldwide.  Avnet brings a breadth and depth of capabilities,
such as maximizing inventory efficiency, managing logistics,
assembling products and providing engineering design assistance
for its 100,000 customers, accelerating their growth through
cost-effective, value-added services and solutions.  For the
fiscal year ended July 1, 2006, Avnet generated revenue of
US$14.25 billion.

                    About Diodes Incorporated

Diodes Incorporated -- http://www.diodes.com/-- an S&P SmallCap
600 Index company, is a leading global manufacturer and supplier
of high-quality application specific standard products within
the broad discrete and analog semiconductor markets, serving the
consumer electronics, computing, communications, industrial and
automotive markets.  Diodes products include diodes, rectifiers,
transistors, MOSFETs, protection devices, functional specific
arrays, power management devices including DC-DC switching and
linear voltage regulators, amplifiers and comparators, and Hall-
effect sensors.  The Company has its corporate offices in
Dallas, Texas, with a sales, marketing, engineering and
logistics office in Southern California; design centers in
Dallas, San Jose and Taipei; a wafer fabrication facility in
Missouri; two manufacturing facilities in Shanghai; a fabless IC
plant in Hsinchu Science Park, Taiwan; engineering, sales,
warehouse and logistics offices in Taipei and Hong Kong, and
sales and support offices throughout the world.  With its recent
asset acquisition of APD Semiconductor, a privately held U.S.-
based fabless semiconductor company, Diodes acquired proprietary
SBR(R) technology.  Diodes, Inc.'s product focus is on high-
growth end-user equipment markets such as TV/Satellite set-top
boxes, portable DVD players, datacom devices, ADSL modems, power
supplies, medical devices, wireless notebooks, flat panel
displays, digital cameras, mobile handsets, DC to DC conversion,
Wireless 802.11 LAN access points, brushless DC motor fans, and
automotive applications.

                         About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT)
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.

                           *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


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


BACCHUS DRINK: Graubunden Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Plessur in Graubunden entered June 27
an order closing the bankruptcy proceedings of LLC Bacchus Drink
Store.

The Bankruptcy Service of Plessur can be reached at:

         Bankruptcy Service of Plessur
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC Bacchus Drink Store
         Wiesentalstrasse 7
         7000 Chur
         Plessur GR
         Switzerland


CARTAROLL JSC: Zurich Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Bauma in Zurich entered June 21 an
order closing the bankruptcy proceedings of JSC Cartaroll.

The Bankruptcy Service of Bauma can be reached at:

         Bankruptcy Service of Bauma
         8494 Bauma
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Cartaroll
         Adetswilerstrasse 4
         8344 Baretswil
         Hinwil ZH
         Switzerland


GYGAX NIK: Bern Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Bern entered June 25 an order closing
the bankruptcy proceedings of JSC Gygax Nik Wine & Dine.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Wangen
         3380 Wangen BE
         Switzerland

The Debtor can be reached at:

         JSC Gygax Nik Wine & Dine
         Langenthalstrasse 1
         3367 Thorigen
         Wangen BE
         Switzerland


INDEGO LLC: Lucerne Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Lucerne entered June 18 an order
closing the bankruptcy proceedings of LLC Indego.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         LLC Indego
         Schlosslistrasse 21
         6030 Ebikon LU
         Switzerland


NEUMANN COMMUNICATION: Bern Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Bern entered June 22 an order closing
the bankruptcy proceedings of JSC Neumann Communication Systems.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Seftigen
         3123 Belp
         Seftigen BE
         Switzerland

The Debtor can be reached at:

         JSC Neumann Communication Systems
         Airport Business Center 62
         3123 Belp
         Seftigen BE
         Switzerland


PAUL OLLOZ: Creditors' Liquidation Claims Due July 31
-----------------------------------------------------
Creditors of JSC Paul Olloz have until July 31 to submit their
claims to:

         Paul Olloz
         Liquidator
         Hauptstrasse 131
         4422 Aristorf
         Switzerland

The Debtor can be reached at:

         JSC Paul Olloz
         Giebenach
         Liestal BL
         Switzerland


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

         Urs Hongler
         Liquidator
         St. Gallerstrasse 62
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC RCCS
         Adliswil
         Horgen ZH
         Switzerland


RS’ IMPORT-EXPORT: Creditors' Liquidation Claims Due July 31
------------------------------------------------------------
Creditors of LLC RS’ Import-Export have until July 31 to submit
their claims to:

         Greifengasse 9
         4058 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC RS’ Import-Export
         Basel BS
         Switzerland


SCHOCH-HOLZBAU JSC: Creditors' Liquidation Claims Due July 30
-------------------------------------------------------------
Creditors of JSC Schoch-Holzbau have until July 30 to submit
their claims to:

         Albert Schoch
         Liquidator
         Raad 323
         8498 Gibswil ZH
         Switzerland

The Debtor can be reached at:

         JSC Schoch-Holzbau
         Wald ZH
         Switzerland


TRIVIT (SCHWEIZ): Creditors' Liquidation Claims Due July 30
-----------------------------------------------------------
Creditors of LLC TRIVIT (Schweiz) have until July 30 to submit
their claims to:

         Hardturmstrasse 120
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         LLC TRIVIT (Schweiz)
         Zurich
         Switzerland


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

         Feld 11
         6362 Stansstad NW
         Switzerland

The Debtor can be reached at:

         LLC Webministry
         Stansstad NW
         Switzerland


WEIS + HOTTIGER JSC: Basel Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Basel entered June 19 an order closing
the bankruptcy proceedings of JSC Weis + Hottiger.

The Bankruptcy Service of Basel can be reached at:

         Bankruptcy Service of Basel
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Weis + Hottiger
         Haltingerstrasse 5
         4005 Basel BS
         Switzerland


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


AGRICULTURAL INVEST: Creditors Must File Claims by July 19
----------------------------------------------------------
Creditors of Agricultural LLC Agricultural Invest (code EDRPOU
32881394) have until July 19 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
         Kanev District Kononcha
         19031 Cherkassy
         Ukraine


AUGUST LLC: Claims Submission Deadline Set July 19
--------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/76-07.

Creditors of Dmitry Derevianko have until July 19 to submit
written proofs of claims to:

         Dmitry Derevianko
         Melnikov Str. 8
         61002 Kharkov
         Ukraine

The Court is located at:

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

The debtor can be reached at:

         LLC Firm August
         Osnovianskaya Str. 4
         61085 Kharkov
         Ukraine


BRAVI-KHIMEK-SPORT: Claims Submission Deadline Set July 19
----------------------------------------------------------
Creditors of LLC Bravi-Khimek-Sport (code EDRPOU 32185443) have
until July 19 to submit written proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/250-07.

The debtor can be reached at:

         LLC Bravi-Khimek-Sport
         Kurskaya Str. 147
         Sumy
         Ukraine


COMMUNE HEAT-MACHINERY: Creditors Must File Claims by July 19
-------------------------------------------------------------
Creditors of CJSC Commune Heat-Machinery Plant (code EDRPOU
24903333) have until July 19 to submit written proofs of claim
to:

         Vladimir Zavalniuk
         Temporary Insolvency Manager
         Kozitsky Str. 46
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on May 3.  The case is docketed under
Case No. 10/146-07.

The Court is located at:

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

The debtor can be reached at:

         CJSC Commune Heat-Machinery Plant
         Lenin Str. 67
         Kalinovka
         22400 Vinnica
         Ukraine


DONETS LLC: Claims Submission Deadline Set July 19
--------------------------------------------------
Creditors of Agricultural LLC Donets (code EDRPOU 00705462) have
until July 19 to submit written proofs of claims to:

         Sergey Mishyn
         Liquidator
         Traktorostroiteley Avenue 85
         61123 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-31/02-07.

The Court is located at:

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

The debtor can be reached at:

         Agricultural LLC Donets
         Petrovskoe
         Balakleya District
         Kharkov
         Ukraine


GORLOVCHANKA OJSC: Claims Submission Deadline Set July 19
---------------------------------------------------------
Creditors of OJSC Gorlovchanka (code EDRPOU 05502404) have until
July 19 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.

The debtor can be reached at:

         OJSC Gorlovchanka
         Youth Str. 1
         Gorlovka
         84639 Donetsk
         Ukraine


LIMIT LLC: Claims Submission Deadline Set July 19
-------------------------------------------------
Creditors of LLC Limit (code EDRPOU 32656516) have until July 19
to submit written proofs of claim to:

         Aleksey Shvydkiy
         Liquidator
         Norinsky Quarter 5
         91054 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/35b.

The debtor can be reached at:

         LLC Limit
         Gagarin Str. 24
         Alchevsk
         Lugansk
         Ukraine


PRESTIGE TRADE-SERVICE: Claims Submission Deadline Set July 19
--------------------------------------------------------------
Creditors of LLC Prestige Trade-Service (code EDRPOU 33308536)
have until July 19 to submit written proofs of claim to:

         Elena Zorina
         Liquidator
         Vasiliy Stus Str. 28
         03142 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/192-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 Prestige Trade-Service
         Elena Teliga Str. 39-a
         04086 Kiev
         Ukraine


SHEPETOVKA MOTORCAR 16807: Creditors Must File Claims by July 19
----------------------------------------------------------------
Creditors of OJSC Shepetovka Motorcar Enterprise 16807 (code
EDRPOU 00426458) have until July 19 to submit written proofs of
claim to:

         Vasily Kunashenko
         Temporary Insolvency Manager
         Sheshukov Str. 10
         Shepetovka
         30400 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 4/100-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The debtor can be reached at:

         OJSC Shepetovka Motorcar Enterprise 16807
         Lermontov Str. 2
         Shepetovka
         30400 Hmelnitskiy
         Ukraine


SODRUZHESTVO LLC: Claims Submission Deadline Set July 19
--------------------------------------------------------
Creditors of LLC Industrial-Investment Holding Sodruzhestvo
(code EDRPOU 33401684) have until July 19 to submit written
proofs of claim to:

         LLC Best Prom
         Liquidator
         Bulgakov Str. 16
         03134 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/221-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 Industrial-Investment Holding Sodruzhestvo
         Schors Str. 29
         01133 Kiev
         Ukraine


SOUTH CEREAL: Claims Submission Deadline Set July 19
----------------------------------------------------
Creditors of LLC South Cereal Company (code EDRPOU 31553842)
have until July 19 to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/25/07.

The debtor can be reached at:

         LLC South Cereal Company
         Cosmonauts Str. 56-a
         56018 Nikolaev
         Ukraine


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


BARAKA POST: Paul Appleton Leads Liquidation Procedure
------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed liquidator
of Baraka Post Production Ltd. on June 25 for the creditors’
voluntary winding-up procedure.

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

The company can be reached at:

         Baraka Post Production Ltd.
         Flats 11 Greek Street
         City of Westminster
         London
         W1D 4DJ
         England
         Tel: 020 7734 2227


BIKE SURGEON: Appoints Ian Bull as Liquidator
---------------------------------------------
Ian Bull of Ian Bull & Co. was appointed liquidator of Bike
Surgeon Ltd. on June 7 for the creditors’ voluntary winding-up
procedure.

The company can be reached at:

         Bike Surgeon Ltd.
         Victoria Place
         Brightlingsea
         Colchester
         CO7 0BX
         England
         Tel: 01206 308 555


COTSWOLD BUSINESS: Taps David Hughes to Liquidate Assets
--------------------------------------------------------
David Hughes of Janes was appointed liquidator of Cotswold
Business Furniture Ltd. on June 22 for the creditors’ voluntary
winding-up proceeding.

The company can be reached at:

         Cotswold Business Furniture Ltd.
         Station Road
         Blockley
         Moreton in Marsh
         GL56 9LH
         England
         Tel: 01386 701 199
         Fax: 01386 701 283


EMI GROUP: Terra Firma Extends GBP2.4 Bln. Cash Offer to July 19
----------------------------------------------------------------
Terra Firma Capital Partners Ltd.'s extended until July 19,
2007, the time within which EMI Group Plc shareholders can
accept its GBP2.4 billion cash offer for the UK music group,
published reports say.

The proposed takeover by Maltby Limited, a private equity
buyout vehicle set up by Terra Firma Capital Partners Ltd.,
obtained clearance from the European commission on July 12,
2007.

As of July 12, 2007, being the revised closing date of the
offer, Maltby received valid acceptances totalling 31,010,127
EMI shares or around 3.82% of the existing issued ordinary share
capital of EMI.

EMI's board of directors accepted the offer in May 2007 and
recommended shareholders to do the same.

                         Warner Music

Before the board accepted Terra Firma's offer, Warner Music
sweetened its bid to acquire EMI by offering to pay a break-up
fee of between GBP50 million and GBP100 million in case the
European Commission blocks its planned takeover of the U.K.
music group, Dominic White of The Telegraph related.

EMI, the world's third largest music producer, has been subject
to several takeover bids including from U.S. rival Warner Music
Group Corp. and other equity firms after it suffered losses due
to a shrinking CD market and rampant online piracy.

EMI previously rejected Warner Music's GBP2.1 billion non-
binding takeover bid on March 2, 2007, saying that the price of
260 pence per share in cash for EMI is inadequate.  According to
Mr. White of The Telegraph, EMI also cited concerns that Warner
had not offered to take any of the regulatory risk in relation
to the takeover.

Latest reports reveal that EMI shareholders are waiting to see
if Warner Music will make a counter offer for EMI after it
confirmed last month that it continues to actively consider an
offer for its UK rival, despite its bid being snubbed in favor
of an equity firm.

                       About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over
EUR7 billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                  About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its financial
       year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the group
      as CEO of EMI Group and of EMI Recorded Music and is
      reviewing its balance sheet.


EMU POINT: Names A. D. Kent Liquidator
--------------------------------------
A. D. Kent was appointed liquidator of Emu Point Ltd. on June 21
for the creditors’ voluntary winding-up procedure.

The company can be reached at:

         Emu Point Ltd.
         Unit B Station Approach
         Steppingley Road
         Flitwick
         Bedford
         MK45 1AJ
         England
         Tel: 01525 720 060


EUROSAIL-UK: Moody's Rates Class E1 Mortgage Notes at (P)Ba1
------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the Notes to be issued by Eurosail-UK 2007-4BL PLC:

   -- (P)Aaa to the [31.00]% Class A1 Mortgage Backed Floating
      Rate Notes due [2028];

   -- (P)Aaa to the [23.00]% Class A2 Mortgage Backed Floating
      Rate Notes due [2045];

   -- (P)Aaa to the [30.30]% Class A3 Mortgage Backed Floating
      Rate Notes due [2045];

   -- (P)Aa2 to the [5.20]% Class B Mortgage Backed Floating
      Rate Notes due [2045];

   -- (P)A1 to the [5.50]% Class C Mortgage Backed Floating Rate
      Notes due [2045];

   -- (P)Baa2 to the [3.60]% Class D1 Mortgage Backed Floating
      Rate Notes due [2045]; and

   -- (P)Ba1 to the [1.40]% Class E1 Mortgage Backed Floating
      Rate Notes due [2045];

The Class N Notes are not rated by Moody's.  Class A1, A2, A3,
B, C, D1 and E1 Notes are backed by mortgages and the N Notes
will be paid back by available excess spread.  Classes A1, A2,
A3, B, C, D1 and E1 Notes may be issued in GBP, EUR or USD
depending on market demand.  The final currency denominations
within each separate class of note will rank pari-passu with
each other in all respects.

This is the 8th non-conforming RMBS transaction under the
Eurosail name.  It combines loans originated by Langersal No.2
Limited, Matlock London Limited, Preferred Mortgages Limited,
Southern Pacific Mortgage Limited, and Alliance & Leicester plc.
It features "Prime", "Near Prime" and "Sub Prime" loans of
Langersal, Matlock, Preferred, SPML and A&L.  Capstone Mortgage
Services Limited is the initial primary mortgage servicer and
cash/bond administrator for the transaction.  Specialist
Mortgage Service Limited, a wholly owned subsidiary of
Scarborough Building Society, is the standby mortgage servicer
and cash/bond administrator.  Liquidity facility and GIC will be
provided by banks with a Prime-1 rating.

Substitution will be allowable to the extent of a breach of
representations and warranties and when a borrower ports their
loan to a new property (subject to certain conditions), in lieu
of cash reimbursement to the Issuer by the originator as long as
the substitute loans meet certain eligibility criteria.

The transaction will incorporate at the closing date a cash
reserve of GBP12,000,000 to mitigate the reduced interest rate
on discounted loans during the first two years.  A fixed cash
amount will be withdrawn from the Discounted Margin Reserve
Ledger on each of the first eight Interest Payment Dates and
will flow through the revenue waterfall as available revenue.

The provisional ratings of the A Notes, the B Notes, the C
Notes, the D1 Notes and the E1 Notes are based upon an analysis
of the characteristics of the mortgage pool backing the Notes,
the protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  An additional level of
protection to investors in the Notes will be the Reserve Fund,
which on closing will equal GBP3,285,000 or 0.45% of the
original transaction size(excluding the N Notes).

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.  Moody's
issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes.  A final rating may differ from
a prospective rating.


EUROSAIL-UK 07-3: Fitch Rates Classes E1c and ETc Notes at BB+
--------------------------------------------------------------
Fitch Ratings assigned final ratings to Eurosail-UK 07-3 BL
Plc's GBP650 million (equivalent) mortgage-backed floating-rate
notes due 2027 and 2045:

   -- US$200 million Class A1b, due 2027: 'AAA'
   -- GBP102.5 million Class A1c, due 2027: 'AAA'
   -- EUR64.5 million Class A2a, due 2045: 'AAA'
   -- US$100 million Class A2b, due 2045: 'AAA'
   -- GBP63 million Class A2c, due 2045: 'AAA'
   -- EUR215 million Class A3a, due 2045: 'AAA'
   -- GBP64.5 million Class A3c, due 2045: 'AAA'
   -- EUR15 million Class B1a, due 2045: 'AA'
   -- GBP23 million Class B1c, due 2045: 'AA'
   -- EUR25 million Class C1a, due 2045: 'A-'
   -- GBP10 million Class C1c, due 2045: 'A-'
   -- EUR25.5 million Class D1a, due 2045: 'BBB'
   -- GBP5.525 million Class E1c, due 2045: 'BB+'
   -- GBP9.750 million Class ETc, due 2045: 'BB+'

Each rated Class in this transaction has a Stable Outlook.

This transaction is a securitization of first- and second-charge
near-prime and sub-prime residential mortgages originated and
located in the UK.  The final ratings are based on the quality
of the collateral, available credit enhancement, the
underwriting criteria of Southern Pacific Mortgage Limited,
Preferred Mortgages Limited, Alliance and Leicester Plc, Amber
Homeloans Limited and Matlock Bank Limited (trading under the
London Mortgage company brand), as well as the transaction's
sound legal structure.

Credit enhancement for the Class A notes is initially 13.15%,
provided by the subordination of the Class B notes (5.1%), the
Class C notes (4.15%), the Class D1 notes (2.65%), the Class E1c
notes (0.85%), and an initial and target reserve fund of 0.4%.

The Class ETc notes are to be repaid solely by excess spread
available in the transaction.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated 5 February 2007.  The agency also modeled
cash flows using the results of the default model, with
structural stresses including various prepayment and interest
rate scenarios.  The cash flow tests showed that each Class of
notes could withstand loan losses at a level corresponding to
the related stress scenario without incurring any principal loss
or interest shortfall and can retire principal by legal final
maturity.


EUROSAIL-UK 2007-4BL: S&P Gives BB Rating to E1a and E1c Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP730 million (equivalent) mortgage-
backed floating-rate notes to be issued by Eurosail-UK 2007-4BL
PLC.

Eurosail-UK 2007-4BL will be the eighth transaction under the
Eurosail program.

At closing, Eurosail-UK 2007-4BL will issue the notes and use
part of the proceeds to acquire the loan pool from the sellers,
Southern Pacific Mortgage Ltd. and Preferred Mortgages Ltd.

This loan pool comprises first- and second-ranking mortgages on
properties in England, Wales, and Northern Ireland, and standard
securities on properties in Scotland.  The mortgage loans in the
pool are nonconforming mortgages.

The transaction will feature an interest rate cap agreement
(bullet-cap agreement) to hedge against rising LIBOR, a discount
margin reserve to partially hedge against the risk associated
with reduced rates of interest payable on discounted loans, and
a bullet-cap reserve fund.

A fixed/floating swap will be in place to hedge against certain
interest rate mismatches.  A BBR swap agreement will also be in
place to hedge against mismatch between BBR-linked loans and
LIBOR-based notes.

                          Ratings List

Eurosail-UK 2007-4BL PLC
   GBP730 Million (Equivalent) Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          Rating         (Mln. GBP equiv.)
           -----          ------          ---------------
            A1a            AAA                   TBD
            A1b            AAA                   TBD
            A1c            AAA                226.30
            A2a            AAA                   TBD
            A2b            AAA                   TBD
            A2c            AAA                167.90
            A3a            AAA                   TBD
            A3b            AAA                   TBD
            A3c            AAA                221.19
            B1a            AA                    TBD
            B1b            AA                    TBD
            B1c            AA                  37.96
            C1a            A                     TBD
            C1b            A                     TBD
            C1c            A                   40.15
            D1a            BBB-                  TBD
            D1b            BBB-                  TBD
            D1c            BBB-                26.28
            E1a            BB                    TBD
            E1c            BB                  10.22
            N              NR                    TBD


FOPP LTD: Gordon Montgomery In Talks to Buy Back Business
---------------------------------------------------------
Gordon Montgomery, the founder of music chain Fopp Ltd., is said
to be in talks to reacquire part of the company, William Lyons
writes for The Scotsman.

Sources close to Mr. Montgomery told The Scotsman that the
founder is currently trying to raise the necessary funds for a
repurchase deal.

Sources say he is convinced the business model still works.

Mr. Montgomery refused to comment on the issue.

An Ernst & Young spokeswoman told The Scotsman she is not aware
of Mr. Montgomery's move.  However, she revealed some interested
parties had looked at some of the stores.

As previously reported in the TCR-Europe on July 5, 2007,
approximately 700 jobs at Fopp Ltd. and MZ 2007 Ltd. across the
United Kingdom have been lost due to store closures.  There are
50 Fopp stores and 31 Music Zone stores across the U.K. with
approximately 800 employees.

"It is unfortunate that we have had to make these redundancies
but we are not in a position to re-open the stores until we have
the agreement of suppliers who control the licenses to sell
stock," Colin Dempster, one of the joint administrators,
commented.

Fopp owes about GBP10 million to suppliers, including Universal
Music, Sony BMG, EMI, Plastic Head Music Distribution and ESD
Wholesale, Times Online relates.

On June 29, 2007, Tom Burton and Colin Dempster from Ernst &
Young have been appointed joint receivers of Fopp and joint
administrators to MZ 2007.

Fopp is a retailer of music, film and books in the United
Kingdom that began as a one-man stall in Glasgow, Scotland in
1981.  It has undergone significant store expansion over the
last two years.  Earlier this year it acquired 68 Music Zone
stores out of administration, many of these have subsequently
been closed.


FREESCALE SEMICONDUCTOR: Selling East Kilbride Site
---------------------------------------------------
Freescale Semiconductor Inc. is looking for a buyer for its
East Kilbride site in the United Kingdom, The Scotsman reports.

According to the report, Freescale has already informed the
site's around 900 employees of the sale plan.

The Scotsman notes that many electronics firms are transferring
their countries with lower overheads, which makes the hunt for
East Kilbride site's buyer more difficult.

                         About Freescale

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.  The
company is based in Austin, Texas, and has design, research and
development, manufacturing or sales operations in more than 30
countries, including the Czech Republic, France, Germany,
Ireland, Italy, Romania, Turkey and the United Kingdom.


                            *   *   *

As reported in the TCR-Europe 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.


GATEWAY AUTOS: Hires Liquidator from Kay Johnson Gee
----------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
liquidator of Gateway Autos (Manchester) Ltd. on June 25 for the
creditors’ voluntary winding-up procedure.

The company can be reached at:

         Gateway Autos (Manchester) Ltd.
         Unit 2-6 Trafford Distribution Centre
         Tenax Road
         Trafford Park
         Manchester
         M17 1JT
         England
         Tel: 0161 872 9559
         Fax: 0161 872 9536


GEORGE MAJOR: Brings Ian C. Brown to Liquidate Assets
-----------------------------------------------------
Ian C. Brown was appointed liquidator of George Major Skip Hire
Ltd. (formerly Estatepower Ltd.) on June 18 for the creditors’
voluntary winding-up procedure.

The company can be reached at:

         George Major Skip Hire Ltd.
         SMM Business Park
         Dock Road
         Birkenhead
         CH41 1DT
         England
         Tel: 0151 653 0733
         Fax: 0151 651 2121


OAKLAND HOUSE: Calls In Liquidators from Mazars
-----------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Oakland House Shopfitters Ltd. on June 25
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:

         Oakland House Shopfitters Ltd.
         Oakland House
         Netherfield Road
         Dewsbury
         WF13 3JY
         England
         Tel: 01924 439 505
         Fax: 01924 466 913
         Web site: http://www.oakland-house.com/


ORECK CORP: Challenging Liquidity Cues Moody's Junks Rating
-----------------------------------------------------------
Moody's Investors Service lowered its Corporate Family Rating
and first lien bank loan ratings for Oreck Corporation to Caa1
from B2 and the probability of default rating to Caa2 from B2.
All ratings are under review for a further possible downgrade.

At the same time Moody's withdrew its B1 and Caa1 ratings
previously assigned to the proposed US$150 million first lien
credit facility and the proposed US$50 million second lien
credit facility, respectively as the company does not intend to
proceed with these transactions.

The downgrade resulted from expectations that liquidity of the
company will remain challenged following the company's decision
not to proceed with closing of the previously proposed 1st and
2nd lien credit facilities, which Moody's had anticipated would
provide the company with adequate levels of liquidity.

The company's existing first lien term loan and revolving credit
facilities remain in default of financial covenants and as a
result the company is unable to access the revolving credit
facility.  At the same time the downgrade reflects Moody's
concerns that the pace of recovery of the direct response
business may be more protracted than anticipated and efforts to
improve performance of this business may prove challenging.  At
the same the limited level of liquidity may impede the ability
of the company to increase investment in marketing, product
development as well as facility consolidation.

The ratings have been placed under review for a further possible
downgrade as an inability to reach agreement with the lenders in
its existing credit facilities could further negatively impact
liquidity and reduced liquidity could create challenges for the
company's ongoing operations.  If covenants are not waived and
some form of restructuring becomes more likely ratings could be
lowered further.

These ratings were lowered and assessments were amended:

-- Corporate Family Rating to Caa1 from B2

-- Probability of Default Rating to Caa2 from B2

-- US$20m first lien revolving credit facility to Caa1
    (LGD 3 \u2013 32%) from B2 (LGD 3 -- 31%)

-- US$177 million first lien term loan to Caa1 (LGD 3 -- 32%)
    from B2 (LGD 3 -- 31%)

These ratings have been withdrawn:

-- US$130 million first lien term loan facility (was B1)
-- US$50 million second lien term loan facility (was Caa1)

Oreck Corporation, based in New Orleans, Louisiana, is a leading
manufacturer and marketer of premium priced vacuum cleaners and
air purifiers under the "Oreck" brand name.

Oreck sells throughout the world, including South America, the
United Kingdom and Australia.


PROPERTY SOLUTIONS: Appoints C. B. Barrett as Liquidator
--------------------------------------------------------
C. B. Barrett of Unity Business Services LLP was appointed
liquidator of Property Solutions (North) Ltd. on June 26 for the
creditors’ voluntary winding-up procedure.

The company can be reached at:

         Property Solutions (north) Ltd.
         138a Flixton Road
         Urmston
         Manchester
         M41 5BG
         England
         Tel: 0161 747 9944
         Fax: 0161 749 7111


TECHNIC TYRE: Joint Liquidators Take Over Operations
----------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Ltd. were appointed joint liquidators of Technic Tyre Ltd.
(formerly Technic Tyre Plc and Anguilla Group Plc) on June 6 for
the creditors’ voluntary winding-up procedure.

The company can be reached at:

         Technic Tyre Ltd.
         Wellington Road
         Burton on Trent
         DE14 2TG
         England
         Fax: 01283 527 601


TISCALI S.P.A.: Acquiring Pipex’s Broadband & Voice Service Unit
----------------------------------------------------------------
Tiscali S.p.A. and Pipex Communications Plc have entered into an
agreement for the acquisition of the broadband and voice
division of Pipex by Tiscali U.K. Holdings Ltd.  The enterprise
value agreed for the acquisition is GBP210 million.  The final
equity value, which will be determined at closing, is subject to
adjustment for net debt position, the level of working capital.
The acquisition is subject to the approval of Pipex’s
Shareholders and clearance by the U.K. Office of Fair Trading.

The Division was expecting 2007 sales of over GBP300 million and
an EBITDA of over GBP20 million on the basis of 1Q07 results and
of Tiscali’s own estimates.  The Division has in the region of
one million active customers, 650,000 voice customers and
570,000 broadband customers -- of which, 250,000 are dual play
-- and 100,000 are SME business customers and approximately
1,400 employees.  Following the acquisition, Tiscali U.K. will
have 1.9 million broadband customers.  Tiscali U.K. has
unbundled 800 exchanges, reaching 55% of U.K. homes with plans
to extend this network to over 1,000 sites covering at least 65%
of the U.K.’s addressable DSL market.  In addition, Tiscali U.K.
has rolled out an extensive next generation high bandwidth
network to support both its business customers and new IPTV
triple play product.

“The acquisition of Pipex’s broadband and voice division further
cements Tiscali’s position as a fully integrated telecom and
media operator in the top league of the U.K. market and
underlines our reputation as a major investor and innovator in
the full range of broadband services, Tiscali U.K. CEO Mary
Turner said.  ”Significant synergies and efficiencies can be
achieved through this acquisition in particular through network
integration, customer migration and indirect costs efficiencies.
Over a four-year period, we estimate cumulated synergies in the
region of GBP150 million at EBITDA level ca GBP50 million to
secure the synergies and efficiencies.  In addition, we will be
able to offer our new Pipex customers the full range of
Tiscali’s compelling and innovative services including
broadband, telephone and TV.  This acquisition provides us with
an even greater opportunity in rolling out our double and triple
play offers.”

“The Board of Pipex is pleased to agree to the sale of the voice
and broadband division, which we feel recognizes the strong
market position we have built over the last three years.
Tiscali’s commitment to investment in LLU, along with the new TV
services it is introducing will offer our existing customers
value and choice in the future,” Pipex Chairman Peter Dubens.

The acquisition will be financed through a EUR650 million debt
facility underwritten by Intesa Sanpaolo and JP Morgan.  This
facility will replace substantially all outstanding financial
debt of the Tiscali Group and may be partially refinanced by
debt capital markets instruments of approximately EUR400 million
and it could also be partially refinanced by an equity increase
of up to EUR150 million which is expected to be resolved upon in
late September 2007, in all events depending on market
conditions.

“Upon completion of the Tiscali Group’s strategic refocusing and
delivery of the Group’s financial targets, the acquisition of
Pipex’s broadband and voice division represents the first step
in the new development phase,” Tiscali S.p.A. CEO Tommaso Pompei
said.  “In the U.K., our position will become even stronger as
our growth accelerates.  It will increase our broadband market
share to approximately 15%, place Tiscali as one of the largest
alternative broadband, voice and media provider in the U.K. and
further complement the recent acquisition of Video Networks Ltd.
Following the acquisition, the 2008 net income and free cash
flow generation targets are confirmed, with a net financial
position to EBITDA ratio expected to remain under three times.”

Rothschild and Banca IMI acted as financial advisors of Tiscali
in the acquisition of the Division.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As of Dec. 31, 2006, Tiscali had EUR1.23 billion in total
assets, EUR960 million in total liabilities and EUR270 million
in total shareholders' equity.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer
Default rating to 'B-' from 'CCC' and removed it from Rating
Watch Positive.  Fitch said a stable outlook is assigned.


WILMSLOW EQUIPMENT: Taps Liquidators from O’Hara & Co.
------------------------------------------------------
Peter O’Hara and Simon Weir of O’Hara & Co. were appointed joint
liquidators of Wilmslow Equipment Sales Ltd. on June 20 for the
creditors’ voluntary winding-up proceeding.

The company can be reached at:

         Wilmslow Equipment Sales Ltd.
         Two Gates
         Wood Lane
         Mobberley
         Knutsford
         WA16 7NP
         England
         Tel: 01565 880 127

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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