TCREUR_Public/070719.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

            Thursday, July 19, 2007, Vol. 8, No. 142

                            Headlines


A U S T R I A

ALPENHOF LLC: Claims Registration Period Ends Aug. 9
BEECOM.CC LLC: Claims Registration Period Ends Aug. 10
BUCANY LLC: Claims Registration Period Ends Aug. 7
LA TAINA: Creditors' Meeting Slated for August 13
RASE LLC: Claims Registration Period Ends August 14


B U L G A R I A

PETROL AD: Fitch Affirms IDR at B- on Weak Liquidity


G E O R G I A

METROMEDIA INT'L: Private Equity Firms to Buy All Shares


G E R M A N Y

DUERR GROUP: Signs Framework Agreement with Airbus
INNOVA IMMOBILIEN: Claims Registration Period Ends August 27
RIEMER FLEISCHBEARBEITUNGS: Claims Registration Ends Aug. 15


I R E L A N D

DUNNE CONTRACTING: Creditors Okay Multi-Million Rescue Package
VULCAN LTD: S&P Assigns BB Ratings to EUR3 Million Class G Issue


I T A L Y

ALITALIA SPA: AP Holding Consortium Leaves Bidding Race
ALITALIA SPA: Transport Minister Expects Sale by End of July


K A Z A K H S T A N

AHSIL LLP: Proof of Claim Deadline Slated for Aug. 24
ALTYN JORGA: Creditors Must File Claims Aug. 24
AP LLP: Claims Filing Period Ends Aug. 22
ARUNA LLP: Creditors' Claims Due on Aug. 21
ASTYK LLP: Claims Registration Ends Aug. 22

GARANT LLP: Proof of Claim Deadline Slated for Aug. 21
IKS LLP: Creditors Must File Claims Aug. 22
KAZAKHTELECOM JSC: May Sell 49% Stake in GSM Kazakhstan
KAZAKHTELECOM JSC: To Pay KZT6.17 Billion Dividend for 2006
SUNJA LLP: Claims Filing Period Ends Aug. 24

TURANALEM FINANCE: Fitch Rates US$250 Million Notes at BB+
VIAL LLP: Creditors' Claims Due on Aug. 24
VOZVYSHENSKOYE LLP: Claims Registration Ends Aug. 22


K Y R G Y Z S T A N

SARYOI-INVEST: Creditors Must File Claims by August 24
TENGIZ-CONSULT LLC: Claims Filing Period Ends August 24


L U X E M B O U R G

EVRAZ GROUP: Highveld Steel's Board Accepts Revised Offer


N E T H E R L A N D S

BASELL AF: To Acquire Lyondell Chemical for US$19 Billion Cash
BASELL AF: Moody's May Downgrade Low-B Ratings After Review
BASELL AF: Lyondell Merger Cues Fitch to Watch BB- Rating
LYONDELL CHEMICAL: Basell to Acquire Firm for US$19 Billion Cash
LYONDELL CHEMICAL: Basell Acquisition Cues S&P’s Watch Negative

WOOD STREET VII: S&P Rates EUR13.2 Million Class E Notes at BB
X5 RETAIL: Moody's Changes Outlook on B1 Rating to Positive


N O R W A Y

FRONTIER DRILLING: High Risk Profile Cues S&P’s B- Ratings


R U S S I A

AGRICULTURAL INDUSTRIAL: Court Starts Bankruptcy Supervision
ALFA KHIM-OIL: Rostov Bankruptcy Hearing Slated for Oct. 22
ALROSA- LES-PROM: Creditors Must File Claims by Aug. 23
ATOLL OJSC: Ryazan Bankruptcy Hearing Slated for Oct. 30
BICYCLE FACTORY: Court Names Y. Popova as Insolvency Manager

EDELVEJS WOOD: Court Names A. Kotelnikov as Insolvency Manager
EVRAZ GROUP: Highveld Steel's Board Accepts Revised Offer
FUEL TERMINAL: Court Names L. Chuprova as Insolvency Manager
GAZPROM NEFT: Regulator Extends Lopukhovsky License to 2010
LAN-TEKH CJSC: Court Names A. Zakharov as Insolvency Manager

LINKO CJSC: Court Names A. Rychagov as Insolvency Manager
MARKO-TRADING CJSC: Names N. Tkachenko as Insolvency Manager
NATIONAL BANK: Fitch Affirms B- IDR on Planned IBT Merger
NORTH TRADING: Court Names L. Likhanova as Insolvency Manager
ROSNEFT OIL: Cancels Sale of Dollar-Denominated Bonds

SAKO-ALCO LLC: Volgograd Bankruptcy Hearing Slated for Sept. 27
SAMARSKIY FEED: Creditors Must File Claims by Aug. 23
ZIM AUTO-TRANS: Court Starts Bankruptcy Supervision Procedure


S W I T Z E R L A N D

KOLB IMMOBILIEN: Creditors' Liquidation Claims Due July 31
LEHMANN MESSSYSTEME: Creditors' Liquidation Claims Due August 2
LUTNER JSC: Creditors' Liquidation Claims Due July 27
MAILWARE JSC: Thurgau Court Closes Bankruptcy Proceedings
MARYSSECRETS LLC: Creditors' Liquidation Claims Due July 30

PARTEX PARFUMERIE: Creditors' Liquidation Claims Due July 30
REALKAM JSC: Creditors' Liquidation Claims Due August 1
SANI HANDELS: Aargau Court Starts Bankruptcy Proceedings
VEGAN CENTER: Zug Court Starts Bankruptcy Proceedings
WASTEPOWER JSC: Zug Court Starts Bankruptcy Proceedings


U K R A I N E

CASTELLO-KIEV-ML: Creditors Must File Claims by July 20
DNIPRO BUILDING: Claims Submission Deadline Set July 21
EUROPE-SERVICE LTD: Claims Submission Deadline Set July 20
INDUSTRIAL MECHANIZATION: Creditors Must File Claims by July 20
KARAT LLC: Creditors Must File Claims by July 20

NAFTOGAZ UKRAINY: Consolidates 61% Stake in JSC Ukrtatnafta
POBEDA OJSC: Claims Submission Deadline Set July 20
SATURN PLUS: Creditors Must File Claims by July 20
UKRSIBBANK JSCIB: Fitch Rates US$200 Million HSBC Loan at BB-


U N I T E D   K I N G D O M

ALLIANCE BOOTS: Moody's Cuts Rating to B2 on High Leverage
BAKESENSE BAKERIES: Appoints Deloitte & Touche as Administrators
BARKING DOG: Brings In Administrators from KPMG
BESPOKE PAPER: Appoints Joint Administrators from KPMG
CINQUE PORTS: Claims Filing Period Ends August 31

DAMOVO GROUP: Refinancing Cuts Bondholder Debt to EUR50 Million
DAMOVO GROUP: Disables International Head Office in Glasgow
DEBT ADVISOR: Taps Joint Administrators from PwC
EMI GROUP: Warner Music Backs Out of Bidding Race
FORD MOTOR: Tata Motors Eyes Jaguar & Land Rover

J R CADMAN: Creditors' Meeting Slated for July 26
LEMON LTD: Brings In Joint Administrators from Begbies Traynor
MGB UK: Brings In Liquidators from Vantis
PAPER CONNECT: Appoints KPMG as Joint Administrators
RAILTECH SOLUTIONS: Taps Liquidators from Chantrey Vellacot

SUNQUEST TANNING: Hires Joint Administrators from Kroll
TIENSHAN TRADING: Appoints Joint Administrators from P&A
UNIT HEATING: Names Joint Administrators from Baker Tilly
USP BRANDS: Calls In Liquidators from KPMG
WARNER MUSIC: Drops Plans to Acquire EMI Group

* Upcoming Meetings, Conferences and Seminars


                            *********


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


ALPENHOF LLC: Claims Registration Period Ends Aug. 9
----------------------------------------------------
Creditors owed money by LLC Alpenhof (FN 100145y) have until
Aug. 9 to file written proofs of claim out-of-court settlement
manager Andrea Eisner at:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77 12
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Aug. 23 for out-of-court
settlement conclusion.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor filed for out-of-
court settlement on June 21 (Case No. 6 Sa 4/07s).


BEECOM.CC LLC: Claims Registration Period Ends Aug. 10
------------------------------------------------------
Creditors owed money by LLC Beecom.cc (FN 202407h) have until
Aug. 10 to file written proofs of claim to court-appointed
estate administrator Candidus Cortolezis at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/81 39 73
         Fax: 0316/84 77 97
         E-mail: office@cortolezis.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:25 p.m. on Aug. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 21 (Bankr. Case No. 40 S 15/07i).


BUCANY LLC: Claims Registration Period Ends Aug. 7
--------------------------------------------------
Creditors owed money by LLC BUCANY (FN 270645h) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Georg Freimueller at:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No. 28 S 63/07d).


LA TAINA: Creditors' Meeting Slated for August 13
-------------------------------------------------
Creditors owed money by LLC La Taina (FN 171509w) have until
Aug. 13 to file written proofs of claim to court-appointed
estate administrator Karl F. Engelhart at:

         Dr. Karl F. Engelhart
         c/o Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 27 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 21 (Bankr. Case No. 3 S 87/07z).  Thomas Engelhart
represents Dr. Engelhart in the bankruptcy proceedings.


RASE LLC: Claims Registration Period Ends August 14
---------------------------------------------------
Creditors owed money by LLC RASE (FN 281168h) have until Aug. 14
to file written proofs of claim to court-appointed estate
administrator Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at
                 widhalm-budak@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Aug. 28 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No. 6 S 73/07p).  Katharina Widhalm-
Budak represents Dr. Dallinger in the bankruptcy proceedings.


===============
B U L G A R I A
===============


PETROL AD: Fitch Affirms IDR at B- on Weak Liquidity
----------------------------------------------------
Fitch Ratings has affirmed Bulgaria-based fuel distributor
Petrol AD's Long-term Issuer Default Rating at 'B-' and EUR100
million notes due in 2011 at senior unsecured 'B-'.  The ratings
are removed from Rating Watch Negative.  The Long-term IDR is
assigned a Negative Outlook.  The Recovery Rating 'RR4' is
affirmed.

The resolution of the RWN reflects the reduced risk of a
liquidity crunch after Petrol AD remedied a breached covenant in
its EUR100 million bond.  The group has also communicated to
Fitch that there has been no notice from the bond trustee that
the EUR100 million notes are immediately due and payable.

The Negative Outlook reflects Petrol AD group's weak financial
liquidity and higher-than-expected leverage.  It also takes into
account a more challenging operating environment, including fuel
wholesale and retail margin erosion in Bulgaria, and the fuel
wholesale business's underperformance.  In addition, the
Negative Outlook reflects the adverse impact of Petrol AD's
litigation with its main supplier Lukoil Bulgaria EOOD on the
group's inventory levels.  Failure to improve financial leverage
markedly by FYE07 may lead to a rating downgrade.

Petrol AD's consolidated adjusted net debt-to-EBITDAR
deteriorated to 5.5x at FYE06 from 3.3x at FYE05. In Q107 its
leverage deteriorated further after net debt rose to BGN294
million (EUR150 million) from BGN208 million at FYE06 on the
back of increased inventory levels and payment of excise taxes.

The group has an ambitious capital expenditure program to
refurbish its petrol station network and storage facilities.
Annual capital expenditure is forecast to more than triple in
2007 and 2008 compared to the 2006 figure.

Petrol AD group has limited liquidity.  At end of June 2007, it
had cash of BGN35 million against short-term debt of BGN56
million. Available working capital facilities are of limited use
given the 5% limit on working capital debt-to-consolidated sales
for the latest four quarters in the EUR100 million notes
documentation.  Some additional liquidity is available from
inventory sales as inventory levels are considerably higher than
the levels seen in 2006 due to potential supply interruptions by
Lukoil Bulgaria.


=============
G E O R G I A
=============


METROMEDIA INT'L: Private Equity Firms to Buy All Shares
--------------------------------------------------------
Metromedia International Group Inc. entered into an agreement
pursuant to which affiliates of Salford Georgia and Compound
Capital Ltd. will make a tender offer, expected to commence
before July 20, 2007, for all issued and outstanding shares of
Metromedia common stock at a purchase price of US$1.80 per share
in cash.

The purchase price of US$1.80 per share represents a premium of
around 29% over the closing price of shares of Metromedia common
stock on July 16, 2007, the last trading day before the public
announcement of the tender offer, and a premium of around 18%
over the average closing price of the shares for the last 12
months.

CaucusCom Ventures L.P., a British Virgin Islands limited
partnership and a joint venture between Salford and Compound,
and CaucusCom Mergerco Corp., a Delaware corporation and wholly
owned subsidiary of Parent, entered into a definitive merger
agreement with Metromedia, dated as of July 17, 2007, pursuant
to which Purchaser will make a tender offer to acquire any and
all of the issued and outstanding shares of Metromedia common
stock, par value US$0.01, for US$1.80 per share in cash, net to
the seller.

The merger agreement also provides that, subject to the
satisfaction of certain conditions, the tender offer will be
followed by a second-step merger, in which Purchaser will be
merged with and into the Company, with the Company as the
surviving corporation.  In the merger, all shares of Metromedia
common stock not tendered in the tender offer will be canceled
and converted into the right to receive the price of US$1.80 per
share in cash.  The Company's 7.25% cumulative convertible
preferred stock will remain outstanding following consummation
of the tender offer and the merger. In connection with the
merger, holders of Metromedia common stock and preferred stock
will have the right to seek appraisal under Delaware law.

In addition to customary conditions, consummation of Purchaser's
tender offer is subject to the condition that, as of the
expiration date of the tender offer, there shall have been
tendered at least 63,300,000 shares of common stock (which
represents around 61.3% of the presently issued and outstanding
shares of Metromedia common stock), plus all shares of common
stock issued or issuable between the date of the merger
agreement and the expiration date of the tender offer in
response to any election to exercise an option or warrant or to
convert shares of Metromedia's preferred stock into shares of
common stock.

Purchaser is permitted on a single occasion to lower the minimum
number of shares described above to a level not less than
56,182,474 shares of common stock (which represents around 54.4%
of the presently issued and outstanding shares of Metromedia
common stock) plus 50% of all shares of common stock issued or
issuable between the date of the merger agreement and the
expiration date of the tender offer in response to any election
to exercise an option or warrant or to convert shares of
Metromedia's preferred stock into shares of common stock.

If, following consummation of the tender offer, Purchaser owns
at least 90% of the outstanding shares of Metromedia common
stock or is able to exercise an option granted by the Company to
purchase additional shares of Metromedia common stock authorized
but not issued as of the completion of the tender offer in a
number which would bring Purchaser's ownership to at least 90%
of the outstanding shares of common stock, then Purchaser will
immediately undertake the second-step merger pursuant to
Delaware's short-form merger statute.

If these conditions are not satisfied, Purchaser will
nonetheless own more than a majority of the outstanding shares
of Metromedia common stock and, as promptly as reasonably
practicable following the Company becoming current with respect
to the filing of all outstanding periodic reports required to be
filed with the U.S. Securities and Exchange Commission, or
having received a waiver from the SEC with respect thereto, the
Company will prepare and file with the SEC a proxy or
information statement with respect to the merger and will hold a
meeting of its stockholders for the purpose of obtaining
approval of the merger agreement and the merger.  In the
meeting, Purchaser's vote of its majority of Company common
stock would be sufficient to secure such approval.

The tender offer will be open for 20 business days following its
commencement, subject to Purchaser's rights and obligations to
extend the tender offer in certain circumstances.  In addition,
if Purchaser reduces the minimum tender condition as described
above and, as of the expiration date of the tender offer, the
total number of shares of common stock acquired by Purchaser is
less than the original minimum tender condition, then Purchaser
is obligated to commence a subsequent offering period of not
less than ten or more than twenty business days to acquire
additional shares of common stock.  During such subsequent
offering period, shares of common stock not tendered during the
initial offering period may be tendered to Purchaser for the
same offer price per share paid for shares tendered during the
initial offering period.

The transaction was approved by Metromedia's Board of Directors.
In connection with the execution of the merger agreement,
Purchaser, Parent and certain Metromedia stockholders holding,
beneficially or of record, around 35,581,072 shares of common
stock in the aggregate, this being around 34.5% of all common
shares presently issued and outstanding, entered into a tender
and support agreement, dated as of July 17, 2007, pursuant to
which such Metromedia stockholders have agreed, among other
things and subject to certain termination rights, to tender
their shares of common stock pursuant to the tender offer and to
vote their shares of common stock in favor of the merger and
against any alternative acquisition proposal.

"We are delighted with the value that the Salford/Compound
group's proposal presents to the Company's common stockholders.
Following initial presentation of this proposal some months ago,
the Company's board of directors undertook a comprehensive
process to assess alternatives for maximizing stockholder
value," Mark Hauf, Chairman, Chief Executive Officer and
President of Metromedia, said.

"We concluded that the agreement with the Salford/Compound group
offers excellent value to Metromedia's common stockholders and
delivers such value quickly by means of the cash tender offer.
Furthermore, although the Salford/Compound group does not
presently contemplate a tender for the Company's preferred
stock, if the merger is consummated, our preferred stockholders
will have the right to seek appraisal of the fair value of
preferred shares.  In all other respects, the present rights of
preferred stockholders are not altered, and we believe that
Metromedia's financial prospects will not be adversely affected
by the Salford/Compound transaction."

Evercore Group L.L.C. is acting as financial advisor to
Metromedia, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Richards, Layton & Finger, P.A. are acting as its legal counsel.
Debevoise & Plimpton LLP and Potter Anderson & Corroon LLP are
acting as legal advisors to the Salford/Compound group.

Metromedia will file a current report on Form 8-K with the SEC
containing a copy of the merger agreement that Metromedia has
entered into with the Salford/Compound group.

                      About Salford Georgia

Salford Georgia is the local Georgian office of Salford Capital
Partners Inc., an international private equity and investment
management firm focused on developing markets; primarily the
Commonwealth of Independent States and Central and Eastern
Europe.

                   About Compound Capital Ltd.

Compound Capital Ltd. is an international private investment
firm based in Bermuda.  Compound's investment strategy is to
identify investment opportunities within developing markets or
out of favor sectors of the economy.  An inherent part of the
Compound investment activity is to take an active part in the
ongoing management of its investments.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                            *   *   *

In October 2006, Metromedia said it is filing a Chapter 11 Plan
in the U.S. after receiving a binding offer to acquire all of
the Company's business interests in Georgia for a cash price of
US$480 million from an investment group comprised of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


DUERR GROUP: Signs Framework Agreement with Airbus
--------------------------------------------------
EDAG and Duerr AG, internationally active partners to the
automotive and aviation industry, have bundled their capacities
to carry out a joint project for Airbus and will develop and
construct the assembly line for the new Airbus plant in Tianjin,
China.

The Prime Contractor Consortium has signed a framework agreement
with Airbus and its Chinese joint venture partner.  This
framework agreement regulates the cooperation between Airbus,
the Chinese joint venture partner, and EDAG and Duerr.

Airbus and its Chinese partner will be successively awarding the
supply contracts for the individual stages of the assembly line.
The total volume of the project will presumably come to more
than EUR80 million, whereby about 60% of the volume will be
handled by EDAG and 40% by Duerr.

The assembly line in Tianjin, China is scheduled for completion
by the middle of 2009.  Aircrafts of the A320 family will be
assembled for the Chinese market in the first Airbus plant
outside of Europe.

EDAG and Duerr in China will cooperate with European and local
companies for the realization of the final assembly line for the
aircraft modules produced in Europe.  In addition to their
recognized expertise for the development and construction of
complete production facilities, the many years of experience
both companies have had on the Chinese market were an important
argument for the selection of the consortium.  Moreover, EDAG
and Duerr have subsidiaries in Shanghai and Beijing which can
provide onsite capacities for local support of the project.

"The consortium PCC bundles perfectly the professional expertise
of our companies in plant development, plant construction, and
international project management," emphasized Dr. Klaus Blickle,
CEO at EDAG Engineering + Design AG, and Ralf Dieter, CEO at
Duerr AG, in unison.  "Duerr and EDAG have successfully handled
numerous projects for Airbus in the past independently of each
other. Working as partners, we will be even more productive."
The two German companies are positioned as key players on the
global market.

               About EDAG Engineering + Design AG

Headquartered in Fulda, Germany, EDAG Engineering + Design AG
-- http://www.edag.de/-- develops tailor-made concepts and
solutions ready for production to meet the mobility requirements
of the future.  The development of complete modules, vehicles,
derivatives, and production plants is just as much a part of the
service portfolio as the construction of models, prototypes,
special vehicles, and small-series production.  Besides
development performance, EDAG offers the realization of complete
production systems for white body construction and vehicle
assembly from a single source.  EDAG is represented at 34
locations in 17 countries and on 5 Continents worldwide.  EDAG
focuses on the automotive and aviation industries as well as on
other partners from the international mobility industry.  The
Group had turnover of more than half a billion euros in 2006 and
employs a worldwide workforce of 4,300.

                      About The Duerr Group

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/company.html-- supplies products,
systems, and services for automobile manufacturing.  Its range
embraces important stages in the vehicle production process.  As
a systems supplier, Duerr designs and builds paint shops and
final assembly plants.  Duerr also supplies cleaning and
filtration equipment used in the production of engine and
transmission components as well as balancing and diagnostic
systems for vehicle components.  Business with automobile
manufacturers and their suppliers accounts for about 90% of
consolidated sales.  Other important customer groups are the
mechanical engineering sector and the chemical, pharmaceutical,
coating, and aviation industries.

Duerr has been rigorously expanding its business with assembly
plants for the aviation industry in recent years.  The largest
customer in this segment is Airbus.  Duerr has been awarded a
number of contracts for plants in Germany, France, and Great
Britain by the German-French manufacturer in recent years.

                         *     *     *

As reported in the TCR-Europe on June 22, 2007, Moody's upgraded
the outlook for Duerr AG's corporate credit rating from negative
to stable.  Duerr AG's corporate credit rating continues to
stand at B2.

As of April 10, 2007, Duerr AG carries Moody's Long-term
Corporate Family rating of B2, Senior Subordinated Debt rating
of Caa1.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


INNOVA IMMOBILIEN: Claims Registration Period Ends August 27
------------------------------------------------------------
Creditors of Innova Immobilien- und Hausbaugesellschaft mbH have
until Aug. 27 to register their claims with court-appointed
insolvency manager Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Sept. 27, 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         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:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026137

The District Court of Munich opened bankruptcy proceedings
against Innova Immobilien- und Hausbaugesellschaft mbH on
July 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Innova Immobilien- und Hausbaugesellschaft mbH
         Sommerstr. 1 b
         81543 Munich
         Germany


RIEMER FLEISCHBEARBEITUNGS: Claims Registration Ends Aug. 15
------------------------------------------------------------
Creditors of Riemer Fleischbearbeitungs- und Handelsgesellschaft
mbH have until Aug. 15 to register their claims with court-
appointed insolvency manager Helmut Hetzelt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bamberg
         Meeting Hall 317
         Synagogenplatz 1
         96047 Bamberg
         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:

         Helmut Hetzelt
         Geisfelder Str. 14
         96050 Bamberg
         Germany
         Tel: 0951/91787-0
         Fax: 0951/9178729

The District Court of Bamberg opened bankruptcy proceedings
against Riemer Fleischbearbeitungs- und Handelsgesellschaft mbH
on July 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Riemer Fleischbearbeitungs- und Handelsgesellschaft mbH
         Hoehenweg 12
         96149 Breitenguessbach-Zueckshut
         Germany


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


DUNNE CONTRACTING: Creditors Okay Multi-Million Rescue Package
--------------------------------------------------------------
Dunne Contracting Ltd. is expected to come out of examinership
and resume trading after creditors agreed to a multi-million
euro rescue package prepared by court-appointed examiner Michael
McAteer, Ian Kehoe writes for The Post.

According to the report, Mr. McAteer restructured Dunne
Contracting's EUR4 million debt and secured payment of money
owed to the company instead of seeking outside investment.

In April 2007, Dunne Contracting went to the High Court in
Dublin to seek protection from its creditors as it attempts to
recover money owed.  It struggled with cashflow problems after
the payments were delayed, The Post relates.

The rescue package is yet to be approved by the High Court.

The Post says under the scheme of arrangement, preferential
creditors will recover all their money while unsecured creditors
will receive the bulk of their outstanding debts through a
series of payments.

Headquartered in Dublin, Ireland, Dunne Contracting Ltd. --
http://www.dunnecontracting.com/-- is a construction company
that specializes in carrying contracts for local authorities and
state agencies.  The company has annual revenues of EUR20
million.  It is owned by Colette and Eamon Dunne.


VULCAN LTD: S&P Assigns BB Ratings to EUR3 Million Class G Issue
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.084 billion commercial mortgage-
backed variable- and floating-rate notes to be issued by Vulcan
(European Loan Conduit No. 28) Ltd., a special purpose entity
incorporated in Ireland.

On the closing date, the issuer will issue the notes and use the
note issuance proceeds to acquire eight German loans and one
Dutch loan from Morgan Stanley Bank International Ltd. (the
originator).

It will also subscribe for the French notes to be issued by the
French issuer (Vulcan (Intermediate) FCC).  The latter will use
the proceeds of the subscription of the French notes to purchase
from the originator the right to receive payments of interest
and repayment of principal for the six French loans, together
with the related security.

All of the loans were originated by Morgan Stanley Bank
International between July 2006 and April 2007 for terms of
between four and seven years and are secured on 88, mostly
commercial properties located throughout Germany,
France, and The Netherlands.  Of the 88 properties, 61 are
office properties, representing 81.2% of the portfolio by market
value.

Six of the loans have subordinated debt in the form of B-notes
that do not form part of the securitization.  The relationship
between the senior lenders and the subordinated lenders will be
governed by intercreditor deeds, which will be entered into on
or before the closing date.

Three of the loans have a capex facility that ranks pari passu
to the senior loan.  One loan has a junior loan (made to a
different borrower) that is subordinated to the securitized loan
and capex facility.

                          Ratings List

Vulcan (European Loan Conduit No. 28) Ltd.
   EUR1.084 Billion Commercial Mortgage-Backed Variable- And
   Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------            --------
            A              AAA               856.25
            X(1)           AAA                 0.05
            B              AAA                22.75
            C              AA                 76.50
            D              A                  76.50
            E(2)           BBB                45.85
            F(2)           BBB-                3.00
            G(2)           BB                  3.00

(1) Excess spread in the transaction will be monetized via the
    class X notes.

(2) Subject to an available funds cap mechanism. Holders of the
    class E, F, and G notes may receive a variable interest
    coupon in the event of certain loan prepayment scenarios.


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


ALITALIA SPA: AP Holding Consortium Leaves Bidding Race
-------------------------------------------------------
AP Holding S.p.A., a consortium of AirOne S.p.A. and Intesa-San
Paolo S.p.A., has withdrawn its bid to acquire the Italian
government's 39.9% stake in Alitalia S.p.A., a few days before
the bidding deadline, Thomson Financial reports.

AP Holding said that after reviewing the terms and conditions of
the sale, it will not submit a binding offer for the stake.

The consortium is the latest to drop out from the bidding melee
after the team of OAO Aeroflot and Unicredit Italiano S.p.A.
left the bidding process.  A consortium of TPG Capital,
MatlinPatterson Global Advisers LLC and Mediobanca S.p.A. had
also pulled out from the race before MatlinPatterson re-entered
with its own bid.

MatlinPatterson Global is the only remaining bidder for Italy's
stake, as the July 23, 2007, bidding deadline looms.  The
Financial Times had suggested that TPG Capital may re-enter the
race and regroup with MatlinPatterson for a joint bid.

As reported in the TCR-Europe on July 18, 2007, AP Holding had
sought additional information relating to its bid.  AP Holding,
The Financial Times reported 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 sought-after information
is critical and includes possible negotiations with Alitalia's
unions.

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

                         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.


ALITALIA SPA: Transport Minister Expects Sale by End of July
------------------------------------------------------------
Italian Transport Minister Alessandro Bianchi expressed
confidence that national carrier Alitalia S.p.A. would be sold
by the end of July, ANSA reports.

The Italian government has set a July 23, 2007, deadline for
submission of binding offers for at least 39.9% of its stake in
Alitalia.

As reported in TCR-Europe on July 17, 2007, TPG Capital was
holding talks with the Italian government over a possible
reentry into the bidding process.

The TCR-Europe reported on June 1, 2007, that 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."

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.

                         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.


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


AHSIL LLP: Proof of Claim Deadline Slated for Aug. 24
-----------------------------------------------------
The Tax Committee of Almaty has declared LLP Ahsil (RNN
092200006196) 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 (3282) 24-19-77


ALTYN JORGA: Creditors Must File Claims Aug. 24
-----------------------------------------------
The Tax Committee of Almaty has declared LLP Altyn Jorga (RNN
092200004926) 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 (3282) 24-19-77


AP LLP: Claims Filing Period Ends Aug. 22
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agro Industrial Company (AP) insolvent.

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

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


ARUNA LLP: Creditors' Claims Due on Aug. 21
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aruna insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Valihanov Str. 46-38
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-45-80
              8 (3272) 56-98-06
              8 701 516 69-72


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

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District 4, 1-89
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-55-26


GARANT LLP: Proof of Claim Deadline Slated for Aug. 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Garant insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Valihanov Str. 46-38
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-45-80
              8 (3272) 56-98-06
              8 701 516 69-72


IKS LLP: Creditors Must File Claims Aug. 22
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Trade Industrial Company Iks insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District 4, 1-89
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-55-26


KAZAKHTELECOM JSC: May Sell 49% Stake in GSM Kazakhstan
-------------------------------------------------------
JSC Kazakhtelecom may sell its 49% stake in mobile-phone firm
GSM Kazakhstan to finance its expansion, Nariman Gizitdinov and
Lyubov Pronina of Bloomberg News report citing board member
Askar Dostiyarov.

"This year, early next year we plan to decide on a possible
sale," Mr. Dostiyarov was quoted by Bloomberg News as saying.

Mr. Dostiyarov said that Kazakhtelecom is looking for an
international investment bank or a group of banks to advice on
the deal.

Mr. Dostiyarov added that depending on the banks' advice,
Kazakhtelecom may offer to buy out the remaining stake in GSM
Kazakhstan held by Fintur Holding B.V.

Kazakhtelecom plans to invest KZT35 billion (US$287 million) to
develop and upgrade its network, Bloomberg News relates.  The
company also plans to acquire telecom operators close to
Kazakhstan and in central Asia.

Kazakhtelecom will decide by the end of 2007 on the acquisitions
and financing schemes, which may include issuance of euro-
denominated bonds, Mr. Dostiyarov told Bloomberg News.

                     About Kazakhtelecom

Headquartered in Astana, Kazakhstan, JSC Kazakhtelecom --
http://www.telecom.kz/-- provides a wide range of
telecommunication services that include traditional telephony
and telegraph, data communication and Internet access,
intelligent and satellite networks and many others.
Kazakhtelecom also maintains close cooperation with 154 overseas
operators and 23 operators in the CIS and Baltic states,
ensuring communication with more than 230 countries across the
world.

                            *   *   *

As of July 17, 2007, JSC Kazakhtelecom carries BB long-term
local and foreign Issuer credit ratings from Standard & Poor's
Rating Services.  Outlook is Stable.

Kazakhtelecom also carries BB long-term Issuer Default, Foreign
Currency Long-Term Debt, and Currency Short-Term Debt ratings
from Fitch.  The company also carries a B short-term Issuer
Default rating.  Outlook is positive.


KAZAKHTELECOM JSC: To Pay KZT6.17 Billion Dividend for 2006
-----------------------------------------------------------
JSC Kazakhtelecom disclosed of the payment of dividends for 2006
on ordinary shares in amount of KZT544,79 per share.  Payment of
additional dividends for 2006 on preferred shares will also be
made until Aug. 29, 2007.

This decision was made at the JSC Kazakhtelecom’s annual general
shareholders’ meeting.

These items made up the Agenda of the meeting:

   -- approval of the audited annual financial statement of JSC
      Kazakhtelecom for 2006 prepared in accordance with the
      International Financial Reporting Standards (IFRS);

   -- distribution of net revenue for 2006, approval of the size
      and payment of dividends on ordinary shares for 2006; and

   -- introduction of changes and amendments to the JSC
      Kazakhtelecom’s Charter and changes to the JSC
      Kazakhtelecom’s Board of directors.

The total amount of dividends payment of KZT6,170,329,675 on
ordinary and preferred shares for 2006 was approved at this
shareholder’s meeting.

The amount of KZT544,79 is determined as the size of dividends
payment for 2006 for one ordinary share.  Aug. 29, 2007, and
Sept. 28, 2007, are the approved dates of dividends payment on
ordinary shares.  July 30, 2007, is determined as the date of
registration of those shareholders who are entitled to receiving
dividends on ordinary shares.  The dividends will be paid in
cash.

Pursuant to the decision made by the JSC Kazakhtelecom’s
shareholders’ meeting the amount of dividends for one preferred
share is also set at KZT544,79.  Given that earlier, in first
quarter 2007, JSC Kazakhtelecom paid out dividends on preferred
shares in amount of KZT300.00 per share, the decision was made
to pay out additional dividends on preferred shares for 2006 in
amount of KZT244.79 per share.  July 30, 2007, is determined as
the date of registration of those shareholders who are entitled
to receiving dividends on preferred shares.

The majority shareholding of JSC Kazakhtelecom in amount of
51.0% (out of ordinary shares of JSC Kazakhtelecom) is held by
JSC Kazakhstani holding on management of state assets Samruk set
up in January 2006 to manage the state share of participation in
a number of large companies of Kazakhstan.

To date there are 10,922,876 ordinary shares and 403,194
preferred shares of JSC Kazakhtelecom being in circulation.
Consolidated net revenue of JSC Kazakhtelecom in 2006 made up
35,259 billion, which is 14% higher compared to 2005.

JSC Kazakhtelecom intends to become full member on international
market by meeting the standards of leading telecommunication
operators worldwide and being attractive to investors for its
high profitability, financial efficiency and transparency.

                     About Kazakhtelecom

Headquartered in Astana, Kazakhstan, JSC Kazakhtelecom --
http://www.telecom.kz/-- provides a wide range of
telecommunication services that include traditional telephony
and telegraph, data communication and Internet access,
intelligent and satellite networks and many others.
Kazakhtelecom also maintains close cooperation with 154 overseas
operators and 23 operators in the CIS and Baltic states,
ensuring communication with more than 230 countries across the
world.

                            *   *   *

As of July 17, 2007, JSC Kazakhtelecom carries BB long-term
local and foreign Issuer credit ratings from Standard & Poor's
Rating Services.  Outlook is Stable.

Kazakhtelecom also carries BB long-term Issuer Default, Foreign
Currency Long-Term Debt, and Currency Short-Term Debt ratings
from Fitch.  The company also carries a B short-term Issuer
Default rating.  Outlook is positive.


SUNJA LLP: Claims Filing Period Ends Aug. 24
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Sunja 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


TURANALEM FINANCE: Fitch Rates US$250 Million Notes at BB+
----------------------------------------------------------
Fitch Ratings has assigned TuranAlem Finance B.V.'s issue of
US$250 million 8.25% notes due January 2037 with a put option a
Long-term rating of 'BB+'.  The issue is consolidated and forms
a single series with the US$750 million notes due January 2037,
also with a put option, which were issued in January 2007.

The issue is 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', and Support '3'.  It has a Support
Rating Floor 'BB+'.  The issue is made within the framework of
BTA's and TAF's US$8 billion global medium-term note program.

BTA 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,
and in December 2006 it acquired a majority stake in
Kazakhstan's Temirbank (IDR 'BB-'/Outlook Stable).  BTA's
ownership structure is not transparent, but Fitch understands
that the bank is controlled by several Kazakhstani shareholders.


VIAL LLP: Creditors' Claims Due on Aug. 24
------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Vial 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


VOZVYSHENSKOYE LLP: Claims Registration Ends Aug. 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Vozvyshenskoye insolvent.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


SARYOI-INVEST: Creditors Must File Claims by August 24
------------------------------------------------------
LLC Saryoi-Invest has declared insolvency.  Creditors have until
Aug. 24 to submit written proofs of claim to:

         LLC Saryoi-Invest
         Lenin Str. 7
         Saryoy
         Issyk-Kulsky District
         Issyk-Kul
         Kyrgyzstan
         Tel: (0-503) 35-70-62


TENGIZ-CONSULT LLC: Claims Filing Period Ends August 24
-------------------------------------------------------
LLC Tengiz-Consult has declared insolvency.  Creditors have
until Aug. 24 to submit written proofs of claim to:

         LLC Tengiz-Consult
         Oshsky Side Street 13
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 26-27-41


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


EVRAZ GROUP: Highveld Steel's Board Accepts Revised Offer
---------------------------------------------------------
Highveld Steel & Vanadium Ltd.'s board of directors has
recommended that shareholders accept an improved buyout offer
from Evraz Group S.A., Carli Lourens and Yuriy Humber write for
Bloomberg News.

Evraz, in a statement sent to Bloomberg News, revealed that
Highveld director-shareholders have expressed readiness to
accept the offer.

"The interests of Highveld shareholders would be best served by
accepting the offer," Highveld's board was quoted by Evraz in
the statement.  "If Highveld shareholders are able to sell their
shares on the market for a higher price, then they should
consider doing so."

Evraz this week increased its buyout offer to Highveld
shareholders by 15% from ZAR82.99 per share to ZAR93 per share.
The company also extended the offer until 5:00 p.m. South
African time on Aug. 6, 2007.

As reported in the TCR-Europe on July 11, 2007, Evraz said
shareholders holding 57,647 of Highveld shares, representing
0.1% of the South African firm's total stock, had accepted the
offer.

Highveld's board of directors had rejected the offer and had
advised shareholders to do the same, noting that Evraz's
previous 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.

"I don't think ZAR93 is a bad price," Troye Brady of Nedcor
Securities told Bloomberg News.  "My fair value is around the
low 90s."

                         About Evraz

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

                           *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


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


BASELL AF: To Acquire Lyondell Chemical for US$19 Billion Cash
--------------------------------------------------------------
Basell AF signed a definitive agreement pursuant to which Basell
will acquire Lyondell Chemical Company’s outstanding common
shares for US$48 per common share in an all cash transaction
with a total enterprise value of approximately US$19 billion,
including the assumption of debt.

The purchase price per share represents a 45% premium to
Lyondell’s closing share price on May 10, 2007, the day prior to
the disclosure by Access Industries, the industrial group that
owns Basell, of its potential interest in Lyondell, and a 20%
premium to Lyondell’s closing share price on July 16, 2007.  The
transaction was unanimously approved by the Boards of Directors
of Basell and Lyondell.

The Lyondell transaction will create one of the sector’s largest
companies.  Lyondell’s three business segments -- ethylene, co-
products and derivatives; propylene oxide and related products;
and refining -- will complement and significantly strengthen
Basell’s polyolefins business. Basell and Lyondell together
would have had combined 2006 revenues of approximately US$34
billion and 15,000 employees around the world.

Len Blavatnik, Chairman and Founder of U.S.-based Access
Industries, said: “The combination of Basell and Lyondell
creates one of the top chemical companies in the world.  This
combination further strengthens Access’ long-term strategic
position in the global petrochemical industry.”

Commenting on the transaction, Volker Trautz, Chief Executive
Officer of Basell, said: “Lyondell’s competitively positioned
assets, access to raw material and refining capacity are
excellent complements to Basell’s diversified portfolio.”

“We believe this transaction offers significant value for
Lyondell’s shareholders,” said Dan F. Smith, Chairman, President
and Chief Executive Officer of Lyondell.  “We are very pleased
that Basell recognizes the value and fit of our portfolio of
chemical and refining assets.  Basell and Lyondell share a
common vision for continued success, and the combination of our
companies will enhance our opportunities.”

The transaction is subject to customary closing conditions,
including regulatory approvals and the approval of Lyondell
shareholders.  This transaction is expected to close within the
next several months and is not subject to financing.

                   Huntsman Merger Termination

As widely reported, Huntsman Corporation ended a merger
agreement with Basell AF dated June 26, 2007, in a transaction
valued at around US$9.6 billion, including the assumption of
Huntsman's debt.  Huntsman has subsequently agreed to a deal
with Hexion Specialty Chemicals, Inc., an Apollo Management,
L.P. portfolio company, pursuant to which Hexion will acquire
Huntsman in a transaction with a total value of approximately
US$10.6 billion, including the assumption of debt.

                          About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company,
-- http://www.lyondell.com/-- is North America's third-largest
independent, publicly traded chemical company.  Lyondell is a
manufacturer of chemicals and plastics, a refiner of heavy,
high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

Lyondell has operations in South Korea, Brazil and The
Netherlands.

                           About Basell

Headquartered in Hoofddorp, Netherlands, Basell
-- http://www.basell.com/-- is a producer of polypropylene and
advanced polyolefin products; a supplier of polyethylene and
catalysts, and leads in licensing polypropylene and polyethylene
processes, including providing technical services for its
proprietary technologies.  It is privately owned by Access
Industries.

Basell, together with its joint ventures, has manufacturing
facilities in 19 countries and sells products in more than 120
countries.  It has regional offices in Belgium, Germany, the
United States, Brazil and Hong Kong, as well as sales offices in
the major markets around the globe.


BASELL AF: Moody's May Downgrade Low-B Ratings After Review
-----------------------------------------------------------
Moody's Investors Service maintains all ratings of Basell group
under review for downgrade following the announcement by the
company on July 17, 2007 that it has signed a definitive
agreement to acquire Lyondell (Ba3/stable outlook) in a
transaction valued at approximately US$19 billion, including the
assumption of debt.

Moody's has initially placed ratings of Basell under review for
downgrade on June 26, 2007 following its agreement to acquire
Huntsman Corporation (Ba3/Stable).  Huntsman has subsequently
accepted another offer by Hexion Specialty Chemicals Inc. and
has terminated the agreement with Basell (resulting in US$200
million termination fee to be paid to Basell).

Moody's notes that the successful acquisition of Lyondell which
is expected to be substantially debt funded, would lead to some
significant increase in the group's indebtedness and
deterioration in its credit metrics in the near to intermediate
term. The review will therefore focus on:

   (a) the strategic rationale underpinning the acquisition and
       complementarity of the two groups' business portfolios;

   (b) the execution risks involved in integrating the two
       businesses and possible synergies;

   (c) the assessment of the evolving fundamental credit
       characteristics of the enlarged business within the
       global chemical sector;

   (d) the structure of the acquisition finance; and

   (e) the group's future financial policy and in particular the
       prospects for balance sheet deleveraging over the medium
       term.

The transaction was unanimously approved by the Boards of
Directors of Basell and Lyondell.  It is however subject to
customary conditions and regulatory approvals with closing
expected in the fourth quarter.

These ratings remain under review:

Basell AF SCA:

   -- Corporate Family Rating -- Ba3/PD rating - Ba3;

   -- EUR500 million and US$615 million 2015 senior secured
      guaranteed notes - B2/LGD5 (84%);

Basell Finance Company:

   -- US$300 million senior g-teed notes - B2/LGD5 (84%);

Basell AF SCA and its subsidiaries:

   -- Senior secured bank facilities - PD at Ba2 and LGD2 (29%).

Basell is the world's largest producer of polypropylene and
advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and
licensing of polypropylene and polyethylene processes and
related catalyst sales.  In 2006, the Company reported revenues
of EUR10.5 billion and EBITDA of EUR1.1 billion.

Basell, together with its joint ventures, has manufacturing
facilities around the world and sells products in more than 120
countries.  With research and development activities in Europe,
North America and the Asia-Pacific region, Basell is continuing
a technological heritage that dates back to the beginning of the
polyolefins industry.

Lyondell Chemical Company is a leading global producer of
petrochemicals and plastics, and owns a refinery with the unique
ability to process 100% heavy sour crude oil from Venezuela.
Lyondell produces propylene oxide, MTBE, ETBE and butanediol, as
well as co-product styrene.  Equistar Chemicals LP and
Millennium Chemicals Inc. are wholly owned subsidiaries of
Lyondell.  Equistar is a leading North American producer of
commodity petrochemicals and plastics.  Millennium Chemicals is
a single-site producer of acetic acid and vinyl acetate monomer
and small producer of turpenes (aroma chemicals).


BASELL AF: Lyondell Merger Cues Fitch to Watch BB- Rating
---------------------------------------------------------
Fitch Ratings has placed Netherlands-based Basell AF SCA's
ratings on Rating Watch Negative, following the company's
announcement of its definitive agreement to acquire US-based
Lyondell Chemical Company (rated 'BB-').  Basell's Short-term
Issuer Default Rating is affirmed at 'B'.

Basell's ratings are:

   -- Long-term IDR: 'BB-' on RWN
   -- Senior secured: 'BB+' on RWN
   -- Senior notes: 'B+' on RWN

This follows the announcement that Basell will acquire
Lyondell's outstanding common shares for US$48 per common share
in an all cash transaction with a total enterprise value of
approximately US$19 billion, including the assumption of debt.
Fitch expects a re-leveraging of Basell's balance sheet as
customary for sponsor-driven transactions, which is likely to
result in a downgrade of Basell's Long-term IDR by at least one
notch.  Fitch expects to resolve the RWN upon the closure of the
transaction and review of the financing plan.

The transaction will create one of the world's largest chemicals
companies with combined revenues (FY06) of around US$34 billion
and around 15,000 employees around the world.  The transaction
is subject to regulatory approvals and the approval of
Lyondell's shareholders.  Basell expects the transaction to
close within the next several months.

Fitch will publish a separate announcement on the impact of the
proposed transaction on Lyondell's ratings.

The transaction was unanimously approved by the Boards of
Directors of Basell and Lyondell.  This offer follows two recent
bids for Huntsman Corp and GE Plastics, which Basell both lost
to higher bidders (Hexion Specialty Chemicals, Inc. and SABIC,
respectively).

                          About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company,
-- http://www.lyondell.com/-- is North America's third-largest
independent, publicly traded chemical company.  Lyondell is a
manufacturer of chemicals and plastics, a refiner of heavy,
high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

Lyondell has operations in South Korea, Brazil and The
Netherlands.

                           About Basell

Headquartered in Hoofddorp, Netherlands, Basell
-- http://www.basell.com/-– is a producer of polypropylene and
advanced polyolefin products; a supplier of polyethylene and
catalysts, and leads in licensing polypropylene and polyethylene
processes, including providing technical services for its
proprietary technologies.  It is privately owned by Access
Industries.

Basell, together with its joint ventures, has manufacturing
facilities in 19 countries and sells products in more than 120
countries.  It has regional offices in Belgium, Germany, the
United States, Brazil and Hong Kong, as well as sales offices in
the major markets around the globe.


LYONDELL CHEMICAL: Basell to Acquire Firm for US$19 Billion Cash
----------------------------------------------------------------
Basell AF signed a definitive agreement pursuant to which Basell
will acquire Lyondell Chemical Company’s outstanding common
shares for US$48 per common share in an all cash transaction
with a total enterprise value of approximately US$19 billion,
including the assumption of debt.

The purchase price per share represents a 45% premium to
Lyondell’s closing share price on May 10, 2007, the day prior to
the disclosure by Access Industries, the industrial group that
owns Basell, of its potential interest in Lyondell, and a 20%
premium to Lyondell’s closing share price on July 16, 2007.  The
transaction was unanimously approved by the Boards of Directors
of Basell and Lyondell.

The Lyondell transaction will create one of the sector’s largest
companies.  Lyondell’s three business segments -- ethylene, co-
products and derivatives; propylene oxide and related products;
and refining -- will complement and significantly strengthen
Basell’s polyolefins business. Basell and Lyondell together
would have had combined 2006 revenues of approximately US$34
billion and 15,000 employees around the world.

Len Blavatnik, Chairman and Founder of U.S.-based Access
Industries, said: “The combination of Basell and Lyondell
creates one of the top chemical companies in the world.  This
combination further strengthens Access’ long-term strategic
position in the global petrochemical industry.”

Commenting on the transaction, Volker Trautz, Chief Executive
Officer of Basell, said: “Lyondell’s competitively positioned
assets, access to raw material and refining capacity are
excellent complements to Basell’s diversified portfolio.”

“We believe this transaction offers significant value for
Lyondell’s shareholders,” said Dan F. Smith, Chairman, President
and Chief Executive Officer of Lyondell.  “We are very pleased
that Basell recognizes the value and fit of our portfolio of
chemical and refining assets.  Basell and Lyondell share a
common vision for continued success, and the combination of our
companies will enhance our opportunities.”

The transaction is subject to customary closing conditions,
including regulatory approvals and the approval of Lyondell
shareholders.  This transaction is expected to close within the
next several months and is not subject to financing.

                   Huntsman Merger Termination

As widely reported, Huntsman Corporation ended a merger
agreement with Basell AF dated June 26, 2007, in a transaction
valued at around US$9.6 billion, including the assumption of
Huntsman's debt.  Huntsman has subsequently agreed to a deal
with Hexion Specialty Chemicals, Inc., an Apollo Management,
L.P. portfolio company, pursuant to which Hexion will acquire
Huntsman in a transaction with a total value of approximately
US$10.6 billion, including the assumption of debt.

                           About Basell

Headquartered in Hoofddorp, Netherlands, Basell
-- http://www.basell.com/-- is a producer of polypropylene and
advanced polyolefin products; a supplier of polyethylene and
catalysts, and leads in licensing polypropylene and polyethylene
processes, including providing technical services for its
proprietary technologies.  It is privately owned by Access
Industries.

Basell, together with its joint ventures, has manufacturing
facilities in 19 countries and sells products in more than 120
countries.  It has regional offices in Belgium, Germany, the
United States, Brazil and Hong Kong, as well as sales offices in
the major markets around the globe.

                          About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company,
-- http://www.lyondell.com/-- is North America's third-largest
independent, publicly traded chemical company.  Lyondell is a
manufacturer of chemicals and plastics, a refiner of heavy,
high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

Lyondell has operations in South Korea, Brazil and The
Netherlands.


LYONDELL CHEMICAL: Basell Acquisition Cues S&P’s Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit ratings on U.S.-based Lyondell Chemical Co. and Equistar
Chemicals L.P., its 'B+' rating on  Millennium Chemicals Inc.,
and ratings on Lyondell's other related entities on CreditWatch
with negative implications, in connection with the planned
acquisition by Basell AF S.C.A.

The 'BB-' long-term corporate credit rating on Basell AF SCA and
the ratings on related entities remain on CreditWatch with
negative implications, where they were placed on June 26, 2007.

"The CreditWatch listings reflect the definitive agreement under
which Basell plans to acquire Lyondell Chemical Co. for a total
enterprise value of about US$19 billion in an all-cash
transaction paying US$48 per common share," said Standard &
Poor's credit analyst Tobias Mock.  The transaction is subject
to regulatory approvals and the approval of Lyondell
shareholders.

S&P expects Basell to finance the purchase largely with debt,
which will result in a very aggressive capital structure with an
estimated debt to EBITDA of about 5x. Standard & Poor's expects
only moderate implications for Basell's business risk profile
due to an improved product mix and better diversification, while
the exposure to the petrochemical cycle will remain high.
Therefore, the volatility of cash flows is expected to remain
meaningful depending upon the balance of supply and demand for
key petrochemical products, raw material cost trends, and
overall economic conditions.

"We will resolve the CreditWatch placements after meeting with
management to evaluate in detail the financial policies and
strategy for the combined company and the impact of such a
combination on the business and financial risk profiles," said
Mr. Mock.

                           About Basell

Headquartered in Hoofddorp, Netherlands, Basell  --
http://www.basell.com/-– is a producer of polypropylene and
advanced polyolefin products; a supplier of polyethylene and
catalysts, and leads in licensing polypropylene and polyethylene
processes, including providing technical services for its
proprietary technologies.  Basell is privately owned by Access
Industries.

Basell, together with its joint ventures, has manufacturing
facilities in 19 countries and sells products in more than 120
countries.  It has regional offices in Belgium, Germany, the
United States, Brazil and Hong Kong, as well as sales offices in
the major markets around the globe.

                         About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company, --
http://www.lyondell.com/-- is North America's third-largest
independent, publicly traded chemical company.  Lyondell is a
manufacturer of chemicals and plastics, a refiner of heavy,
high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

Lyondell has operations in South Korea, Brazil and The
Netherlands.


WOOD STREET VII: S&P Rates EUR13.2 Million Class E Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR295.8 million senior secured floating-
rate notes to be issued by Wood Street CLO VI B.V., a special
purpose entity.

In addition, Wood Street CLO VI will issue a class of unrated
notes of EUR30 million.

At closing, Wood Street CLO VI will issue floating-rate notes,
the proceeds of which, after paying transaction fees and
expenses, will be invested in a portfolio of predominantly
senior-secured leveraged loans.  The transaction has a seven-
year reinvestment period.  The collateral manager will be
Alcentra Ltd.

Wood Street CLO VI B.V. is a private company with limited
liability ("besloten vennootschap met beperkte
aansprakelijkheid") incorporated under Dutch law on April 2,
2007.  It is expected to comply with Standard & Poor's
insolvency-remoteness criteria.

This will be the 15th European CDO transaction managed by
Alcentra.  Earlier transactions were Blue Eagle CDO I S.A.
(involving mainly high-yield bonds), Hamlet I Leveraged Loan
Fund B.V., the Jubilee CDO I-VII and 1-R transactions (comprised
predominantly of senior and mezzanine loans), and the Wood
Street CLO I-V transactions.

                          Ratings List

Wood Street CLO VI B.V.
   EUR325.8 Million Senior Secured Floating-Rate Notes

                             Prelim.        Prelim. Amount
           Class             Rating           (Mln. EUR)
           -----             ------            --------
            A                  AAA              225.0
            B                  AA                23.7
            C                  A                 18.4
            D                  BBB               15.5
            E                  BB                13.2
            Subordinated
            securities         NR                30.0

       NR — Not rated.


X5 RETAIL: Moody's Changes Outlook on B1 Rating to Positive
-----------------------------------------------------------
Moody's Investors Service changed the outlook on the B1
corporate family rating of X5 Retail Group N.V. to positive from
stable.

The change in outlook incorporates:

   (i) X5's strengthened positions in the Russian food retail
       market as reflected in the company's 2006 strong
       operating results, following the swift execution of the
       merger last year of Perekrestok and Pyaterochka, and

  (ii) its improved ability to benefit from this rapidly growing
       market, as well as

(iii) the company's intention to de-leverage its business
       starting from this year as planned.

X5's ambitious growth plans should strengthen its leading
position in the discount and supermarket markets amidst a still
very fragmented Russian market.  Given its strong positions in
Moscow and St. Petersburg and good presence in promising
regional markets supported by a competitive product offering and
a tightly controlled efficient supply chain, the company plans
to grow without a significant deterioration in margins and
increase its operating cash flow generation ability.

However, the company's huge investments, though largely
discretionary, will continue to drive negative free cash flow
and needs for external finance.  As a result of the 2006 merger
and the continuing capital expenditure into store growth, the
company's financial profile remains very aggressive (2006 pro
forma debt to EBITDA ratio is 4.8) and is not expected to
improve from the company's internally generated cash flow.
Therefore the US$1 billion equity offering planned by the
company for this autumn is regarded as an important step on the
way to de-leveraging.  Given its growth plans and acquisitive
strategy, in particular an option to buy the Karusel hypermarket
chain by the middle of 2008, funding needs will most likely
exceed significantly the expected proceeds of the equity
offering and therefore continue to pressure X5's leverage.
However, Moody's expects the company to manage its financial
profile in line with its plan and have the debt to EBITDA ratio
down to 4.0x by the end of 2007 and to about 3.0x by the end of
2008.  This should be followed by improvements in debt and
interest coverage, with EBITA/interest and RCF/Net Debt to
exceed 3x and 20%.

In view of the company's significant growth plans, the
sufficiency of liquidity will remain a cornerstone to the
rating.  Currently, the company has US$600 million undrawn and
committed mostly short-term bilateral bank facilities and US$250
million of cash, including US$200 million of proceeds from the
US$1 billion 12-month bridge loan not used to retire the old
syndicated facility.  X5 recently placed a domestic Rbl9 billion
7-year bond largely to refinance circulating domestic bonds and
some short-term loans, contributing to the extension of its debt
maturities.  However, given the short-term nature of the US$1
billion bridge loan, the positive outlook is predicated on the
company's successful arrangement of sufficient alternative
liquidity also for the bridge loan should financial markets
necessitate a delay or cancellation of the planned equity
offering later this year.

Provided that liquidity is maintained at sufficient levels,
upward rating pressure could result from the company's ability
to de-leverage its balance sheet while maintaining its planned
growth rate, which is seen as important to maintain its market
shares in this evolving market.  While the equity offering will
be an important element to reduce leverage and improve liquidity
and therefore a key element driving upward rating pressure, as
indicated by the positive outlook, any further rating
development will also take into consideration the company's
operating performance and leverage development over the next 12
to 18 months.

Headquartered in the Netherlands, X5 Retail Group N.V is the
leading multi-format Russian food retailer operating a large
store network largely covering the Moscow region and St.
Petersburg but also with a good presence in other Russian
regions. X5 Retail Group N.V. (previously named Pyaterochka
Holding N.V.) was formed in 2006 as a result of merger of
Pyaterochka Holding N.V., one of the largest discount food
retailer in Russia at that moment, and Perekrestok Holdings
Limited, the leading supermarket chain in the country. X5's pro
forma 2006 net revenues were US$3.6 billion, a 50% above its
pro-forma 2005 level of US$2.4 billion.


===========
N O R W A Y
===========


FRONTIER DRILLING: High Risk Profile Cues S&P’s B- Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Frontier Drilling ASA, a drillship and floating
production storage and offloading operator.

At the same time S&P raised their 'B' rating on Frontier
Drilling's US$350 million senior secured credit facilities,
after the proposed US$25 million add-on, to 'B' (one notch above
the corporate credit rating) from 'B-'.  S&P affirmed the '2'
recovery rating, which indicates substantial (70%-90%) recovery
of principal in the event of a payment default.

The first-lien facilities now consist of a US$60 million
revolving credit facility and US$290 million term loan B.  S&P
assigned a 'CCC' issue rating (two notches below the corporate
credit rating) and '6' recovery rating, indicating negligible
(0%-10%) recovery in the event of payment default, to the
proposed US$100 million second-lien term loan.  Ratings are
based on preliminary terms and conditions.  The outlook is
stable.

Frontier Drilling will use proceeds from the new financings to
fund higher-than-expected costs on the recently completed
Discoverer drillship upgrade and ongoing Deepwater drillship
upgrade project and to prefund planned dry-docking and
maintenance costs for the FPSO Seillean.  The Seillean is
expected to be in the yard for 90 days starting in the third
quarter of 2008 for its periodic statutorily required class
survey and for equipment replacement (estimated costs are
US$38 million).

Pro forma the new financings, Bergen, Norway-based Frontier
Drilling will have about US$530 million in total debt (including
US$141 million in outstanding pay-in-kind subordinated
securities that Standard & Poor's treats as debt-like).

"The ratings on Frontier Drilling reflect a highly leveraged
financial risk profile, a limited number of currently operating
offshore units, rising upgrade project costs, and weak credit
metrics," said Standard & Poor's credit analyst Jeffrey
Morrison.

These concerns are not fully offset by Frontier
Drilling's favorable intermediate-term backlog of contract
revenues, successful completion of the Discover upgrade project,
consistent operating and cash flow performance from the Seillean
and Duchess offshore units over the past year, and adequate
near-term liquidity.

The stable outlook reflects our expectation that Frontier
Drilling will maintain adequate near-to–intermediate-term
liquidity to fund spending associated with its Deepwater upgrade
project, planned maintenance and drydock costs for the Seillean
in 2008, and to service debt.  Positive ratings actions will be
limited until Frontier Drilling can complete its Deepwater
upgrade and begin to deleverage in late 2008.  Conversely, S&P
could take negative rating actions if the company faces
additional sizable near-term cost overruns, significant project
delays, or operating issues that constrain liquidity.


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


AGRICULTURAL INDUSTRIAL: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Orel commenced bankruptcy supervision
procedure on CJSC Agricultural Industrial Financial Company.
The case is docketed under Case No. A48-1954/07-206.

The Temporary Insolvency Manager is:

         P. Klimenko
         Office 607
         Moskovskoe Shosse 137
         Orel
         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 Industrial Financial Company
         Shepnaya Square 1
         Orel
         Russia


ALFA KHIM-OIL: Rostov Bankruptcy Hearing Slated for Oct. 22
-----------------------------------------------------------
The Arbitration Court of Rostov will convene on Oct. 22 to hear
the bankruptcy supervision procedure on LLC Alfa Khim-Oil.
The case is docketed under Case No. A53-3214/07-S1-51.

The Temporary Insolvency Manager is:

         N. Khizhikhanova
         Post User Box 229
         344000 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Alfa Khim-Oil
         Dolomanovskiy Per. 130
         Rostov-na-Donu
         Russia


ALROSA- LES-PROM: Creditors Must File Claims by Aug. 23
-------------------------------------------------------
Creditors of OJSC Alrosa- Les-Prom have until Aug. 23 to submit
proofs of claim to:

         K. Chernyavskij
         Insolvency Manager
         Post User Box 1
         Novaya Basmannaya Str. 2
         107174 Moscow
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-1045/05.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Alrosa-Les-Prom
         Obyezdnaya Str. 7
         Lensk
         678140 Sakha-Yakutiya
         Russia


ATOLL OJSC: Ryazan Bankruptcy Hearing Slated for Oct. 30
--------------------------------------------------------
The Arbitration Court of Ryazan will convene on Oct. 30 to hear
the bankruptcy supervision procedure on OJSC Atoll.  The case is
docketed under Case No. A54-1875/2007-S20.

The Temporary Insolvency Manager is:

         E. Malykhin
         Post User Box 5
         GOS 6
         Griboedova 3
         390006 Ryazan
         Russia

The Court is located at:

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

The Debtor can be reached:

         OJSC Atoll
         Building 27
         Yuzhnyj Promuzel 6
         390011 Ryazan
         Russia


BICYCLE FACTORY: Court Names Y. Popova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Bryansk appointed Y. Popova as
Insolvency Manager for LLC Bicycle Factory.  She can be reached
at:

         Y. Popova
         Krivetskaya Str. 74
         305019 Kursk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-1065/07-8.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         LLC Bicycle Factory
         Apartment 1
         Peresveta Str. 18
         Bryansk
         Russia


EDELVEJS WOOD: Court Names A. Kotelnikov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Perm appointed A. Kotelnikov as
Insolvency Manager for LLC Edelvejs Wood.  He can be reached at:

         A. Kotelnikov
         Office 305
         Mira Str. 45a
         614095 Perm
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-19548/2006-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Edelvejs Wood
         Sovetskaya Str. 51
         614000 Perm
         Russia


EVRAZ GROUP: Highveld Steel's Board Accepts Revised Offer
---------------------------------------------------------
Highveld Steel & Vanadium Ltd.'s board of directors has
recommended that shareholders accept an improved buyout offer
from Evraz Group S.A., Carli Lourens and Yuriy Humber write for
Bloomberg News.

Evraz, in a statement sent to Bloomberg News, revealed that
Highveld director-shareholders have expressed readiness to
accept the offer.

"The interests of Highveld shareholders would be best served by
accepting the offer," Highveld's board was quoted by Evraz in
the statement.  "If Highveld shareholders are able to sell their
shares on the market for a higher price, then they should
consider doing so."

Evraz this week increased its buyout offer to Highveld
shareholders by 15% from ZAR82.99 per share to ZAR93 per share.
The company also extended the offer until 5:00 p.m. South
African time on Aug. 6, 2007.

As reported in the TCR-Europe on July 11, 2007, Evraz said
shareholders holding 57,647 of Highveld shares, representing
0.1% of the South African firm's total stock, had accepted the
offer.

Highveld's board of directors had rejected the offer and had
advised shareholders to do the same, noting that Evraz's
previous 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.

"I don't think ZAR93 is a bad price," Troye Brady of Nedcor
Securities told Bloomberg News.  "My fair value is around the
low 90s."

                         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+.


FUEL TERMINAL: Court Names L. Chuprova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tyumen appointed L. Chuprova as
Insolvency Manager for CJSC Fuel Terminal (TIN 7203153799).  She
can be reached at:

         L. Chuprova
         Shirotnaya Str. 25-71
         Tyumen
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-2649/3-2007.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         CJSC Fuel Terminal
         Respubliki Str. 207
         625014 Tyumen
         Russia


GAZPROM NEFT: Regulator Extends Lopukhovsky License to 2010
-----------------------------------------------------------
Russia's Federal Subsoil Use Agency (Rosnedra) has extended
until 2010 the geological license of TNK-Sakhalin, a unit of OAO
Gazprom Neft, for the Lopukhovsky Block, Kommersant reports
citing sources close to the licensing bureau.

Rosnedra extended the license, which expired on June 1, 2007, to
allow Gazprom Neft to develop the block with Norwegian fuel
giant Statoil ASA, Kommersant adds.

Rosnedra, along with the Federal Natural Resources Oversight
Agency (Rosprirodnadzor), warned Gazprom Neft in 2006 of a
possible license non-renewal if the company fails to complete
the survey Lopukhovsky Block.

To address its exploration problems, Gazprom Neft invited
Statoil to participate in the project on April 2007, Kommersant
relates.

As reported on June 11, 2007, OAO Gazprom Neft and Statoil ASA
signed a memorandum of understanding on the realization of joint
geological survey and extraction projects in Russia and abroad.

Under the deal, Statoil will contribute its offshore technology,
especially in exploration, Arctic developments and in the
execution of projects, Kommersant says.

Russian analysts, Kommersant relates, said Statoil will also
provide financing for the early stages of the projects.

                         About Statoil

Headquartered in Stavanger, Norway, -- http://www.statoil.com/
-- Statoil ASA explores, develops and produces oil and natural
gas from the Norwegian Continental Shelf.  It operates through
four segments: Exploration and Production Norway, International
Exploration and Production, Natural Gas, and Manufacturing and
Marketing.

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets,produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                            *   *   *

As of May 28, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Outlook is
positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  Outlook
is positive.


LAN-TEKH CJSC: Court Names A. Zakharov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kemerovo appointed A. Zakharov as
Insolvency Manager for CJSC Lan-Tekh.  He can be reached at:

         A. Zakharov
         10th location, 13-16
         Prokopyevsk
         653052 Kemerovo
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-16470/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Lan-Tekh
         Stroitelej Pr. 26-3
         Mezhdurechensk
         Kemerovo
         Russia


LINKO CJSC: Court Names A. Rychagov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Ivanovo appointed A. Rychagov as
Insolvency Manager for CJSC Linko.  He can be reached at:

         A. Rychagov
         B. Vorobyevskaya Str. 26-49
         153000 Ivanovo
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1931/07-1-B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Linko
         Dzherzhinskogo Str. 8
         163026 Ivanovo
         Russia


MARKO-TRADING CJSC: Names N. Tkachenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed N. Tkachenko as
Insolvency Manager for CJSC Marko-Trading.  He can be reached
at:

         N. Tkachenko
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-28245/06-95-433 B.

The Court is located at:

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

The Debtor can be reached at:

         N. Tkachenko
         Orlovskiy Per. 5
         129110 Moscow
         Russia


NATIONAL BANK: Fitch Affirms B- IDR on Planned IBT Merger
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Russia-based National
Bank Trust at Long-term Issuer Default 'B-', Short-term Issuer
Default 'B', Individual 'D/E', Support '5'.  At the same time,
the Outlook on the Long-term IDR has been changed to Positive
from Stable.  The Support Rating Floor is unchanged at 'No
Floor'.

The change in Outlook reflects the anticipated improvements in
capitalization and franchise as a result of the planned merger
of NBT with its sister institution Investment Bank TRUST.  The
Positive Outlook also reflects gradual improvements in core
profitability and ongoing diversification of the funding base at
NBT.  At the same time, the ratings continue to reflect NBT's
still modest profitability, risks associated with ongoing rapid
asset growth, significant loan impairment to date, moderate loan
impairment coverage and at present modest capitalization.

The main focus of the merged entity will remain NBT's current
core business of high-yield retail and SME lending, to be
supported by IBT's investment banking product offering.  IBT's
proprietary trading business has been significantly reduced
during the second quarter of 2007 and will not be substantial in
the merged bank.

IBT has a larger equity base and higher capital ratios than NBT.
This, combined with a RUB3.4 billion equity injection currently
being made into NBT, should ensure that capital ratios are
stronger at the merged bank than at NBT pre-merger.  At end of
first quarter of 2007, NBT's Basel I Tier 1 and total capital
adequacy ratios were 10.6% and 14.7%, respectively, which is
modest in light of moderate loan impairment coverage and ongoing
growth.

The merged bank will pursue a strategy of fast growth, mainly on
the back of expanding retail and SME-lending.  The combined loan
book of the two banks is forecast to grow by some 83% between
end of first quarter of 2007 and end of 2007, and by a further
68% in 2008.  Loan impairment levels were significant in NBT's
retail book at end of first quarter of 2007, while underwriting
and collections will be further tested by continued rapid
growth.  Effective asset quality and cost controls (the latter
in light of continued network expansion to end of 2008) will be
necessary to improve performance.

The successful completion of the merger, which is expected by
end of first quarter of 2008, coupled with improvements in
capitalization and profitability and a better asset quality
track record, could result in an upgrade.

NBT was bought by managers of IBT from the shareholders of Group
Menatep (who were also the main shareholders of Yukos) in 2004.
Post merger, the shareholder structure will not change
significantly, with the three largest beneficiary owners (Ilya
Yurov, Sergey Belyaev and Nikolay Fetisov) to jointly control
over 90% of the merged bank.  The merged bank will retain NBT's
brand.  As of July 2007, NBT had 142 sales offices in 92 cities
of Russia.


NORTH TRADING: Court Names L. Likhanova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Komi appointed L. Likhanova as
Insolvency Manager for CJSC Company North Trading House.  She
can be reached at:

         L. Likhanova
         K. Marksa Str. 166, 53
         Syktyvkar
         Komi
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene on Dec. 6 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A4457/2006-3B.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         CJSC Company North Trading House
         Lesoparkovaya Str. 32/1
         Syktyvkar
         Komi
         Russia


ROSNEFT OIL: Cancels Sale of Dollar-Denominated Bonds
-----------------------------------------------------
OAO Rosneft Oil Co. cancelled plans to sell dollar-denominated
bonds, Steve Rothwell of Bloomberg News reports citing bankers
organizing the offering.

According to Bloomberg News, Rosneft had hired ABN Amro Holding
N.V., Barclays Capital, Citigroup Inc. and Morgan Stanley to
arrange the sale.  Rosneft also hired BNP Paribas S.A., Calyon,
JPMorgan Chase & Co. and Goldman Sachs Group Inc. as the
offering's organizers.

                          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.


SAKO-ALCO LLC: Volgograd Bankruptcy Hearing Slated for Sept. 27
---------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 9:00 a.m. on
Sept. 27 to hear the bankruptcy supervision procedure on LLC
Sako-Alco (TIN 34430466151).  The case is docketed under Case
No. A12-7529/07-s58.

The Temporary Insolvency Manager is:

         O. Berezin
         Post User Box 1957
         400050 Volgograd
         Russia

The Debtor can be reached at:

         LLC Sako-Alco
         Aviatorov Shosse 8A (11)
         400048 Volgograd
         Russia


SAMARSKIY FEED: Creditors Must File Claims by Aug. 23
-----------------------------------------------------
Creditors of CJSC Samarskiy Feed Mill (TIN 6317020744) have
until Aug. 23 to submit proofs of claim to:

         I. Madzhuga
         Insolvency Manager
         Office 40
         Br. Korostelevykh Str. 268
         443001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-1165/06.

The Debtor can be reached at:

         CJSC Samarskiy Feed Mill
         Khlebnaya Square 6
         443099 Samara
         Russia


ZIM AUTO-TRANS: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on OJSC Zim Auto-Trans.  The case is docketed under
Case No. A55-2652/2007.

The Temporary Insolvency Manager is:

         E. Kasatkin
         Post User Box 5601
         443081 Samara
         Russia

The Debtor can be reached at:

         OJSC Zim Auto-Trans
         Novo-Sadovaya Str. 106
         Samara
         Russia


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


KOLB IMMOBILIEN: Creditors' Liquidation Claims Due July 31
----------------------------------------------------------
Creditors of JSC Kolb Immobilien have until July 31 to submit
their claims to:

         Richard Kolb
         Liquidator
         Hauptstrasse 50/52
         4107 Ettingen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Kolb Immobilien
         Ettingen
         Arlesheim BL
         Switzerland


LEHMANN MESSSYSTEME: Creditors' Liquidation Claims Due August 2
---------------------------------------------------------------
Creditors of JSC Lehmann Messsysteme have until Aug. 2 to submit
their claims to:

         Werner Frieden
         Liquidator
         Rankmattweg 20

         4900 Langenthal
         Aarwangen BE
         Switzerland

The Debtor can be reached at:

         JSC Lehmann Messsysteme
         Baden AG
         Switzerland


LUTNER JSC: Creditors' Liquidation Claims Due July 27
-----------------------------------------------------
Creditors of JSC Lutner have until July 27 to submit their
claims to:

         Alpenstrasse 14
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Lutner
         Zug
         Switzerland


MAILWARE JSC: Thurgau Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Thurgau entered June 11 an order
closing the bankruptcy proceedings of JSC MailWare.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC MailWare
         Redingstrasse 2
         8280 Kreuzlingen TG
         Switzerland


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

         Platzliweg 4
         8303 Bassersdorf
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Maryssecrets
         Dubendorf
         Uster ZH
         Switzerland


PARTEX PARFUMERIE: Creditors' Liquidation Claims Due July 30
------------------------------------------------------------
Creditors of JSC Partex Parfumerie- und Textil-Vertriebs have
until July 30 to submit their claims to:

         Ana Voellmin
         Liquidator
         Schwertstrasse 1
         5401 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Partex Parfumerie- und Textil-Vertriebs
         Zurich
         Switzerland


REALKAM JSC: Creditors' Liquidation Claims Due August 1
-------------------------------------------------------
Creditors of JSC Realkam have until Aug. 1 to submit their
claims to:

         A. Friedrichs
         Liquidator
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Realkam
         Lucerne
         Switzerland


SANI HANDELS: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Sani Handels on June 22.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Sani Handels
         Erlenweg 5
         4310 Rheinfelden AG
         Switzerland


VEGAN CENTER: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Vegan Center on June 5.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Vegan Center
         Untermuli 6
         6300 Zug
         Switzerland


WASTEPOWER JSC: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Wastepower on June 15.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Wastepower
         Dammstrasse 19
         6301 Zug
         Switzerland


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


CASTELLO-KIEV-ML: Creditors Must File Claims by July 20
-------------------------------------------------------
Creditors of LLC Castello-Kiev-ML (code EDRPOU 30942231) have
until July 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B14/162-07.

The debtor can be reached at:

         LLC Castello-Kiev-ML
         Irpen
         08200 Kiev
         Ukraine


DNIPRO BUILDING: Claims Submission Deadline Set July 21
-------------------------------------------------------
Creditors of LLC Firm Dnipro Building Investment (code EDRPOU
31224858) have until July 21 to submit written proofs of claim
to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 24/239-07.

The debtor can be reached at:

         LLC Firm Dnipro Building Investment
         Topol 3
         Dwelling District
         49041 Dnipropetrovsk
         Ukraine


EUROPE-SERVICE LTD: Claims Submission Deadline Set July 20
----------------------------------------------------------
Creditors of LLC Europe-Service Ltd. (code EDRPOU 32475844) have
until July 20 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/40/467-06.

The debtor can be reached at:

         LLC Europe-Service Ltd.
         Parkovaya Str. 4A
         Novoalexandrovka
         52070 Dnipropetrovsk
         Ukraine


INDUSTRIAL MECHANIZATION: Creditors Must File Claims by July 20
---------------------------------------------------------------
Creditors of Vinnik Sergey have until July 20 to submit written
proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
01/1880.

The debtor can be reached at:

         OJSC Regional Agricultural Industrial Mechanization
         Lenin Str. 13
         Kamianka
         20800 Cherkassy
         Ukraine


KARAT LLC: Creditors Must File Claims by July 20
------------------------------------------------
Creditors of LLC Karat (code EDRPOU 19278614) have until July 20
to submit written proofs of claim to:

The Court is located at:

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

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

The debtor can be reached at:

         LLC Karat
         Shevchenko Str. 11
         Orekhov
         70545 Zaporozhje
         Ukraine


NAFTOGAZ UKRAINY: Consolidates 61% Stake in JSC Ukrtatnafta
-----------------------------------------------------------
NAK Naftogaz Ukrainy has consolidated a 61.35% stake in JSC
Ukrtatnafta, Interfax News reports.

"The national shareholder company Naftogaz of Ukraine has
regained state control over Ukrtatnafta on the level of
shareholder capital," the company's press service told Interfax.

Interfax News relates that Naftogaz had been locked in a control
dispute over Ukrtatnafta with shareholders Seagroup
International Inc., Amruz Trading AG and OAO Tatneft.  The
company also accused Tatneft in May 2007 of seeking to wrest
control of Kremenchugsky Refinery and demanded that equality be
restored among the shareholders in managing the refinery.

Naftogaz, Analytical Information Agency reports, is using the
consolidation to gain access to Ukrtatnafta's management.  The
company, however, stressed it has no intention to monopolize
Ukrtatnafta.

The company, AK&M adds, said it will restore the parity of the
shareholders in the managing board and modernize the refinery.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                            *   *   *

As of June 14, 2007, NAK Naftogaz Ukraine carries a Ba3
Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and
a Ba3 Probability-of-Default rating from Moody's.  Outlook is
stable.

The company also carries a B+ Issuer Default Rating from Fitch.
Outlook is stable.


POBEDA OJSC: Claims Submission Deadline Set July 20
---------------------------------------------------
Creditors of OJSC Pobeda (code EDRPOU 00845714) have until
July 20 to submit written proofs of claim to:

         Alexander Tereschenko
         Liquidator
         Independancy Square 1-B
         36003 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/226.

The Court is located at:

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

The debtor can be reached at:

         OJSC Pobeda
         Mikhaylovka
         Velikobagachansky District
         38312 Poltava
         Ukraine


SATURN PLUS: Creditors Must File Claims by July 20
--------------------------------------------------
Creditors of LLC Saturn Plus (code EDRPOU 33158981) have until
July 20 to submit written proofs of claim to:

         Alexander Kholostoy
         Temporary Insolvency Manager
         Vernigora Str. 28, ap. 8
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/2253.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The debtor can be reached at:

         LLC Saturn Plus
         Karashyna
         Korsun-Shevchenkovsky District
         19400 Cherkassy
         Ukraine


UKRSIBBANK JSCIB: Fitch Rates US$200 Million HSBC Loan at BB-
-------------------------------------------------------------
Fitch Ratings has assigned HSBC Bank plc's US$200 million 7.375%
limited recourse loan participation notes due July 2010 a final
Long-term 'BB-' rating.

The notes are to be used solely for financing a loan to JSCIB
'UkrSibbank' (rated foreign currency Long-term Issuer Default
'BB-'/Positive Outlook, local currency Long-term IDR
'BB'/Positive Outlook, Short-term IDR 'B', Support '3',
Individual 'D', National Long-term 'AAA(ukr)'/Stable Outlook)
under a loan agreement.  HSBC only pays noteholders principal
and interest, if any, received from UkrSib under the loan
agreement.

According to the National Bank of Ukraine, at end of first
quarter of 2007 UkrSib was the third-largest Ukrainian bank with
US$4.9 billion in assets, holding roughly 6.6% of system assets.
UkrSib is a universal bank with principal activities in retail
and corporate banking in Ukraine.  The bank operates one of the
largest nationwide branch networks, consisting of about 1,000
outlets and points of sales in more than 190 cities and towns
throughout Ukraine.  A controlling 51% stake is held by France-
based BNP Paribas (Long-term IDR 'AA'/Outlook Stable, Short-term
IDR 'F1+', Individual 'A/B', Support '1' and Support Rating
Floor 'A-' A minus), with substantially all of the remaining 49%
controlled by two Ukrainian shareholders, Oleksandr Yaroslavskyy
and Ernest Galiyev, who also own a number of large industrial
assets in Ukraine.  Currently, UkrSib is undergoing a transition
process, which should result in the full integration of its
major functions and products into BNP's systems.


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


ALLIANCE BOOTS: Moody's Cuts Rating to B2 on High Leverage
----------------------------------------------------------
Moody's Investors Service downgraded the long term unsecured
rating of Alliance Boots plc to B2 from Baa2.  The rating
remains on review for possible downgrade, where it was placed on
March 13, 2007.  A Corporate Family Rating for Alliance Boots
has been assigned at B1 and is also on review for possible
downgrade.

The rating action reflects the expectation of a highly leveraged
capital structure post completion of the financing for the
acquisition of Alliance Boots by AB Acquisitions Ltd., a company
jointly controlled by Kohlberg Kravis Roberts & Co. Ltd. and
Stefano Pessina, Alliance Boots' current Chairman.  Although
complete details of the capital structure are not fully in
place, Moody's believes that based on the very significant
indebtedness being assumed by the company, it is highly unlikely
to be rated higher than B1, and could be rated lower.

The transaction is being financed with secured term debt
facilities amounting to GBP8.2 billion and a GBP 820 million
revolving credit facility.  The one notch differential between
the Corporate Family Rating and the Senior Unsecured rating
reflects Moody's view that this will be the minimum notching to
be expected once the capital structure is finalized.

Ratings affected by the action are:

   -- Corporate Family Rating assigned at B1;
   -- Senior unsecured rating downgraded to B2 from Baa2.

Alliance Boots plc was created in July 2006 through the merger
of Boots Group PLC and Alliance UniChem Plc.  In the fiscal year
ending March 31, 2007, the group reported pro forma revenues and
trading profit of GBP14.6 billion and GBP641 million,
respectively.


BAKESENSE BAKERIES: Appoints Deloitte & Touche as Administrators
----------------------------------------------------------------
Debbie Marie Young and Ian Brown of Deloitte & Touche LLP were
appointed joint administrators of Bakesense Bakeries Ltd.
(Company Number 06030771) on July 10.

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

Headquartered in Wimslow, England, BakeSense Bakeries --
http://www.bakesense.com/-- supplies sales, marketing, product
development expertise and technical support to the bakery
industry.


BARKING DOG: Brings In Administrators from KPMG
-----------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Barking Dog Ltd. (Company Number
4112060) on July 2.

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

The company can be reached at:

         Barking Dog Ltd.
         Merchant House
         Market Street
         Rugby
         Warwickshire
         CV21 3HF
         England
         Tel: 01788 556900
         Fax: 01788 556912


BESPOKE PAPER: Appoints Joint Administrators from KPMG
------------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Bespoke Paper Services Ltd. (Company
Number 03829603) on July 2.

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

The company can be reached at:

         Bespoke Paper Services Ltd.
         PO Box 29
         Cheadle Hulme
         Cheadle
         SK8 6DT
         England
         Fax: 0161 490 7680


CINQUE PORTS: Claims Filing Period Ends August 31
-------------------------------------------------
Creditors of Cinque Ports Ltd. have until Aug. 31 to send their
full names, address and descriptions, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on June 27 for the creditors’ voluntary winding-up
procedure.

Moore Stephens -- http://www.moorestephens.co.uk-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


DAMOVO GROUP: Refinancing Cuts Bondholder Debt to EUR50 Million
---------------------------------------------------------------
Damovo Group S.A. has successfully completed its refinancing
under which bondholder debt has been reduced from EUR358 million
to EUR50 million.  As a result Damovo has significantly
strengthened its financial position and this gives the Group a
firm platform to support profitable growth.

At the same time Damovo Group has appointed new executive
management team members.  Mike Parton joins as Chairman and
Chief Executive Officer along with Salim Alam as Chief Financial
Officer.  Both Mike Parton and Salim Alam bring strength and
experience to the business and will lead Damovo Group in
building on its established footprint in the ICT sector.

“The fragmented nature of the market, with few strong players
provides the opportunity for Damovo to further strengthen its
leading position.  Financially secure, with supportive
shareholders committed to growth, Damovo can focus on enhancing
its extensive solutions and services offerings for its clients,"
Mike Parton said.

As previously reported in the TCR-Europe, the telecom services
group deferred on its EUR18.9-million semi-annual coupon payment
due on Oct. 30, 2006, under the EUR350 million senior secured
notes issued by subsidiary Damovo III S.A.

Damovo Group S.A. -- http://www.damovo.com/-- is a provider of
information and communications technology (ICT) and services to
public service organizations and larger private sector
companies.  The company also maintains operations in Belgium,
Brazil, Czech Republic, Germany, Ireland, Italy, Mexico, Poland,
Switzerland and the United Kingdom.

                         *     *     *

As reported in the TCR-Europe on Feb. 1, 2007, Standard & Poor's
Ratings Services withdrew its 'D' long-term corporate credit
rating on U.K.-based telecommunication services provider Damovo
Group S.A., and 'D' senior secured debt ratings and '4' recovery
rating on subsidiary Damovo III S.A.

In November 2006, Moody's Investors Service downgraded the
corporate family rating of Damovo Group S.A. to Caa3 from Caa1
following the non-payment of a semi-annual interest coupon due
on Oct. 30, 2006, on the company's 2012 senior notes and the
announcement of its intention to undertake a financial
restructure.  Moody's has concurrently downgraded the rating on
the senior notes, which are issued at Damovo III S.A. to Ca from
Caa2.  Moody's said the outlook is negative.  The rating actions
conclude a review initiated on Oct. 16, 2006.


DAMOVO GROUP: Disables International Head Office in Glasgow
-----------------------------------------------------------
Mike Parton, the new chairman and chief executive officer of
Damovo Group S.A., revealed the company will no longer retain
its international head office in Glasgow, Scotland, Douglas
Friedli writes for The Scotsman.

According to Mr. Parton, currently Damovo does not maintain an
international head office as power is devolved to each of its
nine national markets.

"We have a small number of people in Glasgow now, I think we are
down to single figures.  We have no plans to move them.  I spend
most of my time on an aeroplane.  I have no desk or office in
the U.K.," Mr. Parton was quoted by The Scotsman as saying.

In 2001, Damovo founding executive Pearse Flynn chose Glasgow as
the location for its head office, The Scotsman relates.

Damovo Group S.A. -- http://www.damovo.com/-- is a provider of
information and communications technology (ICT) and services to
public service organizations and larger private sector
companies.  The company also maintains operations in Belgium,
Brazil, Czech Republic, Germany, Ireland, Italy, Mexico, Poland,
Switzerland and the United Kingdom.

                         *     *     *

As reported in the TCR-Europe on Feb. 1, 2007, Standard & Poor's
Ratings Services withdrew its 'D' long-term corporate credit
rating on U.K.-based telecommunication services provider Damovo
Group S.A., and 'D' senior secured debt ratings and '4' recovery
rating on subsidiary Damovo III S.A.

In November 2006, Moody's Investors Service downgraded the
corporate family rating of Damovo Group S.A. to Caa3 from Caa1
following the non-payment of a semi-annual interest coupon due
on Oct. 30, 2006, on the company's 2012 senior notes and the
announcement of its intention to undertake a financial
restructure.  Moody's has concurrently downgraded the rating on
the senior notes, which are issued at Damovo III S.A. to Ca from
Caa2.  Moody's said the outlook is negative.  The rating actions
conclude a review initiated on Oct. 16, 2006.


DEBT ADVISOR: Taps Joint Administrators from PwC
------------------------------------------------
Russel Stewart Cash and Michael Horrocks of
PricewaterhouseCoopers LLP were appointed joint administrators
of The Debt Advisor Ltd. (Company Number 05761180) on July 6.

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

The company can be reached at:

         The Debt Advisor Ltd
         Warwick House
         Hollins Brook Way
         Bury
         BL9 8RR
         England


EMI GROUP: Warner Music Backs Out of Bidding Race
-------------------------------------------------
Warner Music Group Corp. confirmed July 17, 2007, its decision
not to make an offer for EMI Group Plc.

According to the United Press International, WMG executives
decided they could not justify an offer of more than 299 pence-
per-share (US$6.15) -- an amount they believed would have been
required to beat Maltby Limited's offer, which had a 265 pence-
per-share offer (US$5.43).

However, WMG reserves the right to make an offer or to
participate in a takeover bid for EMI if another party, other
than Terra Firma Capital Partners Ltd., will make an offer for
the U.K.-based company.

Terra Firma extended until July 19, 2007, the deadline within
which EMI shareholders can accept its GBP2.4 billion cash offer
for the UK music group.

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.

UPI said it is possible that WMG will buy EMI Music from Terra
Firma on the notion that the private-equity firm will only keep
EMI's publishing business.

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.

                       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.


FORD MOTOR: Tata Motors Eyes Jaguar & Land Rover
------------------------------------------------
Indian carmaker Tata Motors is in the early stages of evaluating
a bid for Jaguar and Land Rover, which, if successful, could
potentially be one of India's biggest overseas takeover deals,
The Daily Telegraph relates.

According to the report, Tata Motors has instructed advisers to
study the merits of a joint offer for the two brands, which Ford
Motor Company recently put on the block.  People familiar with
the matter say, however, that Tata Motors' evaluation of a bid
was at an "exploratory" stage and may not lead to a formal
offer.  One source said that Tata Motors had recently signed a
confidentiality agreement with Ford.

A spokesman for Tata Motors said the group did "not comment on
speculation about mergers and acquisitions," The Telegraph
notes.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  Tata Motors has operations in Russia, and
the United Kingdom.

                      About Ford Motor Co.

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

                          *    *    *

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

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


J R CADMAN: Creditors' Meeting Slated for July 26
-------------------------------------------------
Creditors of J.R. Cadman Lamps Ltd. (Company Number 03492584)
will meet at 11:00 a.m. on July 26 at:

         Vantis Plc
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on July 25 at:

         Frank Wessely
         Joint Administrator
         Vantis Plc
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

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


LEMON LTD: Brings In Joint Administrators from Begbies Traynor
--------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of Lemon
Ltd. (Company Number 05006105) on July 10.

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

The company can be reached at:

         Lemon Ltd.
         Weltech Centre
         Ridgeway
         Welwyn Garden City
         Herts
         AL7 2AA
         England
         Tel: 01707 871521
         Web site: http://www.thelemon.co.uk/


MGB UK: Brings In Liquidators from Vantis
-----------------------------------------
G. Mummery and P. Atkinson of Vantis Business Recovery Services
were appointed joint liquidators of MGB (U.K.) Ltd. on June 26
for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         G. Mummery
         P. Atkinson
         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


PAPER CONNECT: Appoints KPMG as Joint Administrators
----------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Paper Connect Ltd. (Company Number
5365508) on July 2.

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

The company can be reached at:

         Paper Connect Ltd.
         Unit 3
         Meadowhall Road
         Sheffield
         S9 1BW
         England
         Tel: 0114 243 7979
         Fax: 0114 243 1818


RAILTECH SOLUTIONS: Taps Liquidators from Chantrey Vellacot
-----------------------------------------------------------
David Anthony Ingram and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint liquidators of Railtech
Solutions Ltd. on June 27 for the creditors’ voluntary winding-
up proceeding.

Chantrey Vellacott DFK -- http://www.cvdfk.com/-- is one of the
oldest firms of chartered accountants in the United Kingdom.  It
provides accounting, taxation and related advisory services.

The joint liquidators can be reached at:

         David Anthony Ingram
         Kevin Anthony Murphy
         Chantrey Vellacott DFK LLP
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England


SUNQUEST TANNING: Hires Joint Administrators from Kroll
-------------------------------------------------------
S. Wilson and A. O'Keefe of Kroll Ltd. were appointed joint
administrators of Sunquest Tanning Systems Ltd. (Company Number
03653008) on July 6.

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

The company can be reached at:

         Sunquest Tanning Systems Ltd
         254 Castle Street
         Dudley
         DY1 1LQ
         England
         Tel: 01384 451 330


TIENSHAN TRADING: Appoints Joint Administrators from P&A
--------------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of The Tienshan
Trading Co. Ltd. (t/a The Table Top Company)(Company Number
03166568) on July 3.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         The Tienshan Trading Co. Ltd.
         Observatory Way
         Kirkby-In-Ashfield
         Nottingham
         NG17 7RD
         England
         Tel: 01623 517 912


UNIT HEATING: Names Joint Administrators from Baker Tilly
---------------------------------------------------------
John David Ariel and Andrew White of Baker Tilly Restructuring
and Recovery LLP were appointed joint administrators of Unit
Heating Systems Ltd. (Company Number 00674040) on July 5.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Unit Heating Systems Ltd
         61 Queensway
         Petts Wood
         Orpington
         BR5 1DQ
         England
         Tel: 01689 839 424
         Fax: 01689 831 334


USP BRANDS: Calls In Liquidators from KPMG
------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of USP Brands Ltd. on June 25 for
the creditors’ voluntary winding-up procedure.

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

The company can be reached at:

         USP Brands Ltd.
         Clayton Works
         Pepper Road
         Leeds
         LS10 2EU
         England
         Tel: 0113 387 7700
         Fax: 0113 387 7701


WARNER MUSIC: Drops Plans to Acquire EMI Group
----------------------------------------------
Warner Music Group Corp. confirmed July 17, 2007, its decision
not to make an offer for EMI Group Plc.

According to the United Press International, WMG executives
decided they could not justify an offer of more than 299 pence-
per-share (US$6.15) -- an amount they believed would have been
required to beat Maltby Limited's offer, which had a 265 pence-
per-share offer (US$5.43).

However, WMG reserves the right to make an offer or to
participate in a takeover bid for EMI if another party, other
than Terra Firma Capital Partners Ltd., will make an offer for
the U.K.-based company.

Terra Firma extended until July 19, 2007, the deadline within
which EMI shareholders can accept its GBP2.4 billion cash offer
for the UK music group.

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.

UPI said it is possible that WMG will buy EMI Music from Terra
Firma on the notion that the private-equity firm will only keep
EMI's publishing business.

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.

                      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 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.

                    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.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
June 8, 2007, while it is currently uncertain whether Warner
Music Group Corp. (Warner; IDR rated 'BB-' with a Stable Outlook
by Fitch) will make a competing bid for EMI Group Plc (EMI), any
theoretical bid for EMI would likely result in a Rating Watch
Negative for Warner's ratings and its subsidiaries, according to
Fitch Ratings.

In a TCR-Europe report on May 25, 2007, Standard & Poor's
Ratings Services said that its ratings on New York City-based
Warner Music Group Corp., including its 'BB-' corporate credit
rating, remain on CreditWatch with negative implications, where
they were initially placed on Feb. 22, 2007, following the
company's statement that it was exploring a possible merger
agreement with EMI Group PLC (B+/Watch Neg/B).


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mystic Blue Boat Cruise
         Navy Pier, Chicago, Illinois
            Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Night of Excellence
         Petersen Automotive Museum, Los Angeles, California
            Contact: 310-458-2081 or http://www.turnaround.org/

July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mystic Blue Boat Cruise
         Navy Pier, Chicago, Illinois
            Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Networking Event
         Location TBA, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Charity Networking Event
         Loews Hotel, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Event Fundraiser
         Loews Hotel, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23-24, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Financial Restructuring 101 & 102
         The Flatotel, New York, New York
            Contact: http://www.frallc.com/

July 25, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Brown Bag Lunch
            Reid & Riege, New Haven, Connecticut
               Contact: http://www.iwirc.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         TBA, Arizona
            Contact: http://www.turnaround.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Social Event
         Crystal Lake Golf Club, Lakeville, Minnesota
            Contact: 612-708-0258 or http://www.turnaround.org/

July 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Golf Tournament
         Kings Deer Golf Club, Monument, Colorado
            Contact: 303-847-5026 or http://www.turnaround.org/

July 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lake Tahoe Cruise: Getting to Know Your Nevada
         Associations
            Zephyr Cove, Lake Tahoe, Nevada
               Contact: 702-952-2480 or
                  http://www.turnaround.org/

July 31, 2007
   BEARD AUDIO CONFERENCES
      Non-Traditional Lenders and the Impact of
         Loan-to-Own Strategies on the
            Restructuring Process
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-SA Board Meeting
         Deloitte Place, Sandton, South Africa
            Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007
   BEARD AUDIO CONFERENCES
      Technology as a Competitive Advantage For Today’s Legal
         Processes
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 9, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Brown Bag Lunch
            Blum Shapiro & Co., West Hartford, Connecticut
               Contact: http://www.iwirc.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Olympics Sportsman's Lunch
         Sofitel, Brisbane, Queensland, Australia
            Contact: 1300 303 863 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Brew Pub & Pool Social
         Wynkoop Brewing Company, Denver, Colorado
            Contact: 303-847-5026 or http://www.turnaround.org/

Aug. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Networking Event
         TBA, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

Aug. 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
                     http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Networking at the Yards
         Oriole Park at Camden Yards, Baltimore, Maryland
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      14th Annual Connecticut Children's Medical Center
         Fundraiser Golf Outing
            Woodbridge Country Club, Woodbridge, Connecticut
               Contact: 203-265-2048 or
                  http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lean Transformation at Current and Other Case Studies
         Denver Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         TBA, Arizona
            Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
               http://www.turnaround.org/

Oct. 5, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC "Views from the Bench"
         Georgetown University Law Center
            Washington, District of Columbia

Oct. 9-10, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC Annual Fall Conference
            Orlando, Florida
               Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Winn Dixie Bankruptcy
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Presentation by George F. Will: The Political Argument
            Today
               Orlando, Florida
                  Contact: www.ardent-services.com

Oct. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Educational Program at NCBJ
         Orlando World Marriott, Orlando, Florida
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 23, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Seattle, Washington
            Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 26, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hotel Adlon Kempinski, Berlin, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees, Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
               http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333; http://www.turnaround.org/

Nov. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Mixer
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Aloha Airlines Story
         Bankers Club, Miami, Florida
            Contact: http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia 4th Annual Conference and Gala Dinner
          Hilton, Sydney, Australia
            Contact: http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495; http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver, British Columbia
            Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Holiday Gala
            Yale Club, New York, New York
               Contact: http://www.iwirc.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         TBD, New Jersey
            Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         Hilton, Sydney, Australia
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
               http://www.turnaround.org/

Mar. 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Apr. 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com;
               http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *