TCREUR_Public/070723.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

             Monday, July 23, 2007, Vol. 8, No. 144

                            Headlines


A U S T R I A

B & R ELEKTROBAU: Administrator Declares Insufficient Assets
DONAURESTAURANT LLC: Claims Registration Period Ends Aug. 29
ESTRICHBOERSE PENZENSTADLER: Court Orders Business Shutdown
GABRIEL PLANUNG: Creditors' Meeting Slated for July 30
MBR INSTALLATIONS: Vienna Court Orders Business Shutdown

STAHL BETON: Creditors' Meeting Slated for July 30
WEGA F. GAMSJAGER: Feldkirch Court Orders Business Shutdown


B E L G I U M

GENERAL MOTORS: Will Acquire 50% Equity Interest in VM Motori
GENERAL MOTORS: Labor Talks to Aid Turnaround of U.S. Business
GENERAL MOTORS: To Invest US$500 Million in Argentina & Brazil


F I N L A N D

HILTON HOTELS: Signs Management Agreement with RAK Properties


F R A N C E

CASINO GUICHARD-PERRACHON: Fitch Rates EUR600 Mln Loan at BB+
DELPHI CORP: Inks New Plan Framework Agreement with Appaloosa
NYLSTAR INC: Can Use Bear Stearns' Cash Collateral
NYLSTAR INC: Section 341(a) Creditors Meeting Set on August 1
POLYMER GROUP: Appoints Two Executives on Global Positions


G E O R G I A

BANK OF GEORGIA: Fitch Lifts Currency IDRs to BB+
MAUSER BETEILIGUNGS: Moody's Withdraws Junk & B2 Ratings
PROCREDIT BANK: Sovereign Ratings Cue Fitch’s BB- IDR
S-CORE 2007-1: Moody's Rates Classes E & F Notes at Low-B
TBC BANK: Fitch Upgrades IDR to B+ on Possible Support

VTB BANK: Sovereign Ratings Cue Fitch’s BB- IDR Upgrade


G E R M A N Y

ATS GROUP: Production Continues at Werdohl Plant
FENORE BETREUUNGS: Claims Registration Period Ends August 30
DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
KLOECKNER & CO: S&P Puts B+ Rating on Proposed EUR325 Mln Bonds

PROFIDENT HANDELSGESELLSCHAFT: Claims Registration Ends Aug. 28
VICTORIA VERWALTUNGS: Claims Registration Period Ends Aug. 28


I T A L Y

COREL CORP: Reports US$2.3-Mil. Net Income for Qtr. Ended May 31
TEKSID ALUMINUM: Gets Necessary Consents to Amend Indenture


K A Z A K H S T A N

ALTAY-A LLP: Proof of Claim Deadline Slated for Aug. 24
ALTYN BURGY: Creditors Must File Claims Aug. 24
CREDO-99 LLP: Claims Filing Period Ends Aug. 24
ENERGOSTROY-21 VEK: Court Started Bankruptcy Hearings on June 18

KARAKTAU LLP: Claims Registration Ends Aug. 24
LIKANTE LLP: Proof of Claim Deadline Slated for Aug. 24
REMSTROYINVEST-XXI LLP: Creditors Must File Claims
ROSTSELMASH LLP: Claims Filing Period Ends Aug. 24
TALDYKORGANSKY ZAOCHNY: Creditors' Claims Due on Aug. 24

TEKSHE LLP: Claims Registration Ends Aug. 24


K Y R G Y Z S T A N

KERBEN SARAY: Creditors Must File Claims by August 31


L U X E M B O U R G

EVRAZ GROUP: Enhanced Business Profile Cues Fitch’s B IDR
KLOECKNER & CO: S&P Puts B+ Rating on Proposed EUR325 Mln Bonds


N E T H E R L A N D S

GLOBAL POWER: Exclusive Plan-Filing Period Extended to August 22
HARBOURMASTER CLO 3: Fitch Rates EUR15 Mln Class B2 Notes at BB
OCI EURO: Moody's Rates Class E Sr. Sec. Deferrable Notes at Ba3


P O R T U G A L

NOBLE GROUP: Acquires 30% Stake in Brazilian Miner for US$60MM


R U S S I A

AMAL CJSC: Court Starts Bankruptcy Supervision Procedure
AMUR-LES-PROM–TIMBER: Bankruptcy Hearing Slated for Sept. 6
BELEV-SEL-KHOZ-KHIMIYA: Asset Sale Slated for August 1
BULGARIAN SEWING: Creditors Must File Claims by August 23
DALNEVOSTOCHNAYA FOOD: Creditors Must File Claims by Aug. 23

DRUG KRESTYANINA: Creditors Must File Claims by August 23
GRATA CJSC: Creditors Must File Claims by August 23
GRES-2 OJSC: Creditors Must File Claims by Aug. 23
HARVEST LLC: Court Names R. Abdullin as Insolvency Manager
ISKRA LLC: Udmurtiya Bankruptcy Hearing Slated for Aug. 27

KRYLOVSKIY OJSC: Asset Sale Slated for July 30
LENINGRADSKIY SHIPYARD: Bankruptcy Hearing Slated for Dec. 6
LENINOGORSKIY INSTRUMENT: Creditors Must File Claims by Aug. 23
MOSCOW STARS: Moody's Rates US$16.2 Mln Class B Notes at Ba2
MOTOR TRANSPORT: Court Names M. Lepin as Insolvency Manager

PROM-SERVICE CJSC: Creditors Must File Claims by August 23
ROSNEFT OIL: Losses Cue VSNK Unit to Rule Out Dividends
SEVERSTAL OAO: Names Ivan Bobrov as Safety Unit Head
SISTEMA: Fitch Hikes IDR to BB- on Strong Cash Flow Generation
TRANSPORT-BUILDING: Bankruptcy Hearing Slated for August 17


S W I T Z E R L A N D

CDT CREATIVE: Claims Registration Period Ends July 29
CF COMMERCIAL: Claims Registration Period Ends July 29
FLUBACHER TAFEL: Creditors' Liquidation Claims Due August 1
HB WERBUNG: Creditors' Liquidation Claims Due August 10
HERCULES INC: Enters Into H2H Innovations Venture with Heartland
INTEGRY MANAGEMENT: Creditors' Liquidation Claims Due August 2

INTEGRY TRUSTEES: Creditors' Liquidation Claims Due August 2
LUNCH STATION: Creditors' Liquidation Claims Due July 27
NOLEX JSC: Graubunden Court Closes Bankruptcy Proceedings
SCRETI PLATTENBELAGE: Creditors' Liquidation Claims Due August 2
VOGT REPROTECHNIK: Thurgau Court Closes Bankruptcy Proceedings

WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion


T U R K E Y

* Moody's Puts B1 Local & Foreign Currency Rating to Gaziantep


U K R A I N E

AFT LTD: Claims Submission Deadline Set July 24
ALFA-SERVICE LLC: Claims Submission Deadline Set July 24
BASTION LLC: Claims Submission Deadline Set July 24
BELAYA TSERKOV 505: Creditors Must File Claims by July 24
BUKOVINA FLAX: Claims Submission Deadline Set July 24

CONTEX LLC: Claims Submission Deadline Set July 24
GALON-K LLC: Claims Submission Deadline Set July 24
MADLENA LLC: Claims Submission Deadline Set July 24
SNIATIN HEAT: Claims Submission Deadline Set July 24
WHOLESALE TRADE: Claims Submission Deadline Set July 24


U N I T E D   K I N G D O M

ASHTON HIRE: Names Ian William Kings Liquidator
ASTRAL CONSERVATORY: Joint Liquidators Take Over Operations
AVIATION INTEGRATED: Taps Liquidators from Berg Kaprow Lewis
BAA LTD: Tony Douglas Steps Down as Divisional Director
BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders

BALLY TOTAL: Forbearance Period Extended to July 31
BALLY TOTAL: Inks Confidentiality Pacts with Some Shareholders
BCCL REALISATIONS: Creditors' Meeting Slated for July 25
BUREAU SUPPORT: Brings In Liquidators from Berg Kaprow Lewis
BURGUNDY GLOBAL: Creditors' Meeting Slated for July 25

CABLE & WIRELESS: Digicel Files Claims for Unlawful Behavior
COLLINS & AIKMAN: C&A Automotive Canada Files CCAA Petition
ENRON CORP: Receives US$149 Million in Litigation Settlement
FORD MOTOR: TPG Capital, Others Bid for Jaguar & Land Rover
FORD MOTOR: To Invest EUR675 Million in Romanian Plant

GOODYEAR TIRE: Deadline to Convert 4% Senior Notes is Sept. 28
GRAPHOPRINT LTD: Brings In Joint Administrators from KPMG
GSC REALISATIONS: Creditors' Meeting Slated for July 25
IKASU LTD: Appoints Michael C. Kienlen as Liquidator
MEDIAFABRIK LTD: Taps Liquidators from Moore Stephens

METRONET RAIL: S&P Keeps BB+ Ratings on Watch on PPP Admin Order
MIKEY LTD: Calls In Liquidators from Tenon Recovery
NCO GROUP: Launches Exchange Offers for $365 Million Sr. Notes
SANITEC INDUSTRIES: Section 341(a) Meeting Scheduled on Aug. 14
SHAW GROUP: Secures US$1.29 Billion EPC Pact from Duke Energy

TATA MOTORS: Enters Saudi Arabi's Passenger Car Market
TATA MOTORS: Thailand Venture Invests in Pickup Production
TATA STEEL UK: Fitch Rates Foreign Currency Issuer Default at BB
WILMSLOW WINDOWS: Hires Liquidators from PKF (U.K.)
ZAIKHA LTD: Taps Stephen John Tancock to Liquidate Assets

* BOND PRICING: For the Week July 16 to July 20, 2007


                            *********


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


B & R ELEKTROBAU: Administrator Declares Insufficient Assets
------------------------------------------------------------
Dr. Georg Kahlig, the court-appointed estate administrator for
LLC B & R Elektrobau (FN 243937g), declared June 22 that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna ordered the shutdown of the business
on the same day.

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

The estate administrator can be reached at:

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


DONAURESTAURANT LLC: Claims Registration Period Ends Aug. 29
-------------------------------------------------------------
Creditors owed money by LLC Donaurestaurant (FN 279023d) have
until Aug. 29 to file written proofs of claim to court-appointed
estate administrator Karl F. Engelhart at:

         Dr. Karl F. Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 01/712 33 30-0
         Fax: 01/712 33 30 30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Kritzendorf, Austria, the Debtor declared
bankruptcy on June 21 (Bankr. Case No. 36 S 86/07z).  Clemens
Richter represents Dr. Engelhart in the bankruptcy proceedings.


ESTRICHBOERSE PENZENSTADLER: Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Ried im Innkreis entered June 25 an order
shutting down the business of LLC Estrichboerse Penzenstadler &
Co KG (FN 236643f).

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

The estate administrator can be reached at:

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

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


GABRIEL PLANUNG: Creditors' Meeting Slated for July 30
------------------------------------------------------
Creditors owed money by LLC Gabriel Planung und Einrichtung (FN
95761a) are encouraged to attend the creditors' meeting at noon
on July 30 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Strau, Austria, the Debtor declared bankruptcy
on June 26 (Bankr. Case No. 41 S 58/07p).  Dr. Valentin Kakl
serves as the Debtor's court-appointed estate administrator

The estate administrator can be reached at:

         Dr. Valentin Kakl
         8.Mai-Strasse 20/1
         9020 Klagenfurt
         Austria
         Tel: 0463/56 8 20
         Fax: 0463/516250-22
         E-mail: office@kakl.at


MBR INSTALLATIONS: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered June 26 an order shutting down
the business of LLC MBR Installations (FN 210615d).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No 3 S 81/07t).  Erwin Senoner represents
Dr. Freimueller in the bankruptcy proceedings.


STAHL BETON: Creditors' Meeting Slated for July 30
--------------------------------------------------
Creditors owed money by LLC STAHL BETON (FN 263618z) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
July 30 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on June 26 (Bankr. Case No. 41 S 57/07s).  Dr.
Alexandra Slama serves as the Debtor's court-appointed estate
administrator

The estate administrator can be reached at:

         Dr. Alexandra Slama
         Herrengasse 12
         Second Floor
         9020 Klagenfurt
         Austria
         Tel: 0463/50 80 00
         Fax: 0463/50 80 00-2
         E-mail: dr.slama@aon.at


WEGA F. GAMSJAGER: Feldkirch Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Feldkirch entered June 26 an order shutting
down the business of LLC Wega F. Gamsjager (FN 214323g).

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

The estate administrator can be reached at:

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

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


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


GENERAL MOTORS: Will Acquire 50% Equity Interest in VM Motori
-------------------------------------------------------------
General Motors Corp. reached a joint venture agreement with
Penske Corporation to purchase 50% equity of VM Motori S.p.A, a
designer and manufacturer of diesel engines based in Cento,
Italy.

This investment builds on GM's existing relationship with VM
Motori, GM's diesel expertise worldwide, and its strong
relationship with Isuzu.

"Diesel engines have a very important role in GM's global
advanced propulsion strategy," Tom Stephens, group vice
president, GM Global Powertrain and Quality, said.  "We are
leveraging expertise and resources within our company and
through technology partners to ensure we develop the world's
best powertrains."

GM disclosed at the Geneva Motor Show that it will jointly
develop a new 2.9-liter V-6 turbo diesel engine with VM Motori
that is scheduled to launch in the Cadillac CTS in Europe in
2009.  GM Powertrain Europe will focus on the development of the
first industry application of a clean combustion process called
closed-loop combustion control, electronic engine control and
exhaust-gas aftertreatment, as well as calibration and
integration into GM vehicles.  VM Motori plans to build the new
unit at its plant in Cento, Italy, and is responsible for the
mechanical aspects of the engine's design, development and
testing.

Penske Corporation, based in Bloomfield, Michigan, is a
transportation services company that encompasses retail
automotive sales and services, truck leasing, supply chain
logistics management, transportation components manufacturing,
and high-performance racing.

VM Motori, founded in 1947, specializes in engine design and
production for a variety of uses, including light commercial
vehicles.

GM currently offers 17 diesel engine variants in 45 vehicle
lines around the world.  GM sells more than one million diesel
engines annually, with products that offer a range of choices
from the 1.3L four-cylinder diesel engine sold in the Opel Agila
and Corsa, up to the 6.6L V-8 Duramax diesel sold in full-size
vans, heavy duty pickups and medium duty trucks in the U.S.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs
about 280,000 people around the world.  With global manufactures
its cars and trucks in 33 countries.  In 2006, nearly 9.1
million GM cars and trucks were sold globally under the
following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others.  It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 17, 2007, that Fitch affirmed General Motors' Issuer
Default Rating at 'B' and removed the company from Rating Watch
Negative.

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative.


GENERAL MOTORS: Labor Talks to Aid Turnaround of U.S. Business
--------------------------------------------------------------
General Motors Corp. expects labor negotiations with unions to
help boost its struggling business in the U.S. as both parties
explore ways to cut costs, Reuters reports, quoting GM Chief
Executive Rick Wagoner.

"We will improve results in the United States faster than people
think," Mr. Wagoner said after disclosing new investment plans
in Brazil and Argentina, Reuters notes.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs
about 280,000 people around the world.  With global manufactures
its cars and trucks in 33 countries, including Brazil and India.
In 2006, nearly 9.1 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM's OnStar subsidiary is the industry leader in
vehicle safety, security and information services.

                            *   *   *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


GENERAL MOTORS: To Invest US$500 Million in Argentina & Brazil
--------------------------------------------------------------
General Motors Corp. will invest US$500 million in its
operations in Argentina and Brazil for the development of a new
generation of small vehicles for Latin America and other
emerging markets.  The investment also includes the expansion of
GM's Brazilian product development center.

The investment includes two major elements:

    -- Development of a new family of small vehicles that will
       be built in Argentina and Brazil.  This will include
       upgrades to GM's plants in Rosario, Argentina and Sao
       Caetano do Sul, Brazil.  It also includes product
       development work to be done at the GM Brazil product
       development center in Sao Caetano do Sul.

    -- Expansion of GM's product development center in Brazil,
       including a new engineering building in Sao Caetano do
       Sul and new equipment and infrastructure to support the
       growing role of GM Brazil in the company's global product
       development process.

"With the improved economic environment in Argentina and Brazil,
we are proceeding with our next phase of investments to support
our continued growth in Latin America and around the world,"
said Mr. Wagoner.  "GM has a rich history in the Mercosul
region, and we look forward to continuing our growth for many
years to come."

This investment supports the important role GM Brazil is playing
in the company's global product development process --
especially focused on the growing emerging markets.

"We have been growing our engineering resources in key emerging
markets like Brazil, China and India -- not only for development
of vehicles for their own markets, but for other emerging
markets as well," Mr. Wagoner said.  "This investment will
enable us to take full advantage of the expertise we have in
Brazil and support our planned local and global sales growth."

GM sales have been very strong in Latin America.  Through the
first two quarters of 2007, GM sales in Brazil and Argentina are
up 18 and 16 percent respectively versus the same period in
2006.  Both GM Argentina (75,000) and GM Brazil (410,000) set
all-time sales records in 2006.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs
about 280,000 people around the world.  With global manufactures
its cars and trucks in 33 countries, including Brazil and India.
In 2006, nearly 9.1 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM's OnStar subsidiary is the industry leader in
vehicle safety, security and information services.

                            *   *   *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


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HILTON HOTELS: Signs Management Agreement with RAK Properties
-------------------------------------------------------------
Hilton Hotels Corporation disclosed the signing of a management
agreement with RAK Properties that will see a new integrated
lifestyle development, Hilton Mina Al Arab Resort, open in Ras
Al Khaimah in the United Arab Emirates in the first quarter of
2010.

"The Arabian Peninsula is a key development market for us; there
is so much potential that is untapped.  Ras Al Khaimah
epitomises this situation, and we are pleased to be able to
bring out its most inviting qualities.  This new Worldwide
Resort in Ras Al Khaimah is integral to our development strategy
in the Middle East, where we plan to double our current
portfolio of 34 hotels within the next five years," said Jean-
Paul Herzog, President, Hilton Hotels, Middle East & Africa.

Hilton Mina Al Arab Resort will be Hilton's third property in
the Emirate; all 400 rooms will face the Arabian Sea set onto a
natural beach spanning 300 metres, while its design incorporates
the distinctive Venetian style of arched doorways, neutral tones
and mosaic friezes.

Mohammed Sultan Al Qadi, Managing Director of RAK Properties
said: "We are proud to be driving the development of Ras Al
Khaimah's tourism infrastructure through path-breaking projects
and productive partnerships.  To partner with Hilton is to gain
the backing of a world-renowned company with considerable
international experience, a proven track record in emerging
markets, and a reputation for sustainable destination
management."

Mina Al Arab, an AED10 billion freehold development, has been
designed as a gated, waterfront resort community where homes and
hotels will be set amidst lush landscaping, protected coastal
wetlands, pristine beaches and world-class amenities.

The new Hilton resort will raise tourism standards in the
Emirate in the same way that the Hilton Ras Al Khaimah and the
newly opened Hilton Ras Al Khaimah Resort & Spa have done.  Ras
Al Khaimah has all the elements of a world-class destination:
the mountains, the ocean, proximity to international airports,
and now the hotel properties to bring these elements together.

Additional Hilton properties are under development in the U.A.E,
with the Residence, Beach Club and Conrad - all in Dubai, and in
Abu Dhabi with its first Conrad, in addition to Qatar, Kuwait,
Lebanon and Jordan.  Furthermore, the new-look Hilton Luxor
Resort & Spa will open after a complete facelift in 2008.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


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F R A N C E
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CASINO GUICHARD-PERRACHON: Fitch Rates EUR600 Mln Loan at BB+
-------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's Long-
term Issuer Default Rating and senior unsecured rating at 'BBB-'
and Short-term IDR at 'F3'.  Fitch also affirmed Casino's
EUR600 million perpetual preferred constant maturity swap
securities 'BB+' rating.  The Outlook for the Long-term IDR
remains Stable.

"Casino's ratings reflect continuing significant improvement in
the group's financial profile with EUR1.9 billion of asset
disposals already achieved following the company's strategic
review announcement in March 2006," says Johnny Da Silva,
Director in Fitch's European Retail Leisure Consumer Products
team.  "However, the business profile is still constrained by
the competitive environment in France, which is particularly
affecting its discount stores, Franprix/Leader Price, which the
group took operational control of in April 2007 from the Baud
family".

Despite the May 2007 acquisition of the Colombian food retailer
Exito SA, Fitch expects Casino to undertake further asset
disposals to meet its target ratio of consolidated net
debt/EBITDA of 2.5x by end of December 2007.

The French food retail market continues to be difficult due to
competition in term of products, price deflation on national
brands and promotional activity among competitors.  Casino aims
to develop a selective price investment strategy and its private
label to limit margin erosion.

In Fiscal Year Ended 2006, the group achieved a 10.4% increase
in sales to EUR22.5 billion and a slight decline in its EBIT
margin to 4.6% (Fiscal Year Ended 2005: 4.7%).  Negative like-
for-like sales growth in 2006 at its Franprix/Leader Price hard
discount format was compensated by better performance at Geant
Hypermarket, Casino Supermarket, Monoprix and other operations,
including Mercyalis, Cafetaria Casino and C-Discounts.  However,
key challenges remain for Casino's French operations, including
the necessity to re-launch LFL sales growth at its hard discount
formats to improve profit margins.  Fitch does not expect a
material improvement in operating performance to materialize
before 2008, as the group will first have to reposition FP/LP's
price competitiveness and renew its expansion program.  For its
Hypermarkets Geant formats, the group is developing a more
targeted and differentiated non-food offerings, a heavily
competitive area due to the increase in specialist retailers.

For its international portfolio, Casino has refocused its
portfolio mainly towards Brazil, Colombia and Thailand, which
are markets where the group enjoys the number one or number two
positions.  Acquiring the majority control of Exito SA in May
2007 is in line with this strategy.  Key challenges for the
group's international portfolio include consolidating leading
positions and managing the various country risks.

Casino's financial profile is improving mainly due to asset
disposals since March 2007.  The group's lease-adjusted net
debt/EBITDAR improved to 3.8x in Fiscal Year Ended 2006 (Fiscal
Year Ended 2005: 4.5x). These ratios include EUR137 million of
adjustment for the group's securitized assets, EUR300 million
related to the deeply subordinated notes and EUR283 million of
annual operating leases that Fitch capitalizes.  Fitch also
computes an all-in coverage ratio encompassing all of Casino's
off-balance sheet obligations (mainly put options), which
improved to 4.3x at Fiscal Year Ended 2006 (Fiscal Year Ended
2005: 4.8x).


DELPHI CORP: Inks New Plan Framework Agreement with Appaloosa
-------------------------------------------------------------
Delphi Corp. has accepted a new proposal for an Equity Purchase
and Commitment Agreement with affiliates of lead investor
Appaloosa Management L.P.; Harbinger Capital Partners Master
Fund I, Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS
Securities LLC; Goldman Sachs & Co.; and Pardus Capital
Management, L.P., to invest up to US$2.55 billion in preferred
and common equity in the reorganized Delphi to support the
company's transformation plan announced on March 31, 2006 and
its plan of reorganization.

As reported in the Troubled Company Reporter on July 11, 2007,
Delphi formally terminated the Equity Purchase and Commitment
Agreement and related Plan Framework Support Agreement it
entered into in December 2006 with Cerberus Capital Management,
L.P. and other plan investors.

Delphi will file motions seeking an expedited hearing and
approval of the agreement with the U.S. Bankruptcy Court for the
Southern District of New York.  The company said the new
investment agreement is supported by both of Delphi's Statutory
Committees as well as General Motors Corp.

"[Wednes]day's equity purchase and commitment agreement -- and
the support that it has received from our statutory committees
and GM -- represents additional progress in our transformation
and provides further evidence to customers and other
stakeholders that Delphi should receive the financial support
necessary to emerge successfully from Chapter 11
reorganization," said John Sheehan, Delphi chief restructuring
officer.  "With the recent ratification of the UAW/Delphi/GM
memorandum -- still subject to court approval later this week --
Delphi is now focusing on reaching labor agreements with its
remaining U.S. unions and finalizing a settlement agreement with
GM.  We're pleased with our recent momentum.  We now expect to
file our plan of reorganization before the end of the third
quarter and to emerge from Chapter 11 reorganization by the end
of the year."

"We are happy to have a consensual agreement and are looking
forward to working with Delphi in the future," said David A.
Tepper, president of Appaloosa.

The proposed Equity Purchase and Commitment Agreement, which is
subject to Court approval, outlines the terms of the investment
and the expected treatment of the company's stakeholders in its
anticipated plan of reorganization and provides a framework for
several other aspects of the company's Chapter 11
reorganization.  The investment agreement also incorporates
Delphi's earlier commitment to preserve its salaried and hourly
defined benefit U.S. pension plans and will include an
arrangement to fund required contributions to the plans that
were not made in full during the Chapter 11 process.

                      Equity Investment

Under the terms of the Equity Purchase and Commitment Agreement,
the Plan Investors will commit to purchase US$800 million of
convertible preferred stock and approximately US$175 million of
common stock in the reorganized company.  Additionally, the Plan
Investors will commit to purchasing any unsubscribed shares of
common stock in connection with an approximately US$1.6 billion
rights offering that will be made available to existing common
stockholders subject to approval of the Bankruptcy Court and
satisfaction of other terms and conditions.  The rights offering
would commence following confirmation of Delphi's plan of
reorganization and conclude 30 days thereafter prior to Delphi's
emergence from Chapter 11 reorganization.  Altogether, the Plan
Investors could invest up to US$2.55 billion in the reorganized
company.

Unlike the prior terminated investment agreement, closing
conditions in the new agreement with the Plan Investors are not
subject to the completion of due diligence and the Plan
Investors no longer have the ability to make determinations
under the agreement in their sole discretion.  However, the
investment agreement is subject to the satisfaction or waiver of
numerous conditions and the non-exercise by either Delphi or the
Plan Investors of certain termination rights, all of which are
more fully described in the Equity Purchase and Commitment
Agreement.

              Plan of Reorganization Framework

The Equity Purchase and Commitment Agreement further outlines
Delphi's proposed framework for a plan of reorganization, which
includes distributions to be made to creditors and shareholders,
the treatment of GM's claims, and the corporate governance of
the reorganized company.  These provisions had been the subject
of a separate plan framework support agreement between Delphi,
GM and the plan investors in the earlier terminated transaction.
The company previously reported that its discussions with GM on
a comprehensive global settlement agreement have entered the
documentation phase and that it expected that a settlement with
GM will be incorporated into the company's plan of
reorganization rather than filed with the Bankruptcy Court for
separate approval.

The proposed treatment of claims and interests in Delphi's
Chapter 11 plan of reorganization is, subject to adjustment for
allowed accrued interest after June 30, 2007:

    --  All senior secured debt would be refinanced and paid in
        full and all allowed administrative and priority claims
        would be paid in full.

    --  Trade and other unsecured claims and unsecured funded
        debt claims (exclusive of subordinated debt claims)
        would be satisfied in full with US$3.0 billion of common
        stock (66.7 million out of a total of 147.6 million
        shares) in the reorganized Delphi, at a deemed value of
        US$45 per share, and approximately US$1.2 billion in
        cash.  The framework requires that the amount of allowed
        trade and unsecured claims (other than funded debt
        claims and post-petition accrued interest claims) not
        exceed US$1.7 billion.

    --  In exchange for GM's financial contribution to Delphi's
        transformation plan, and in satisfaction of GM's claims
        against the company, GM will receive US$2.7 billion in
        cash, and an unconditional release of any alleged estate
        claims against GM.  In addition, as with other
        customers, certain GM claims would flow-through the
        Chapter 11 cases and be satisfied by the reorganized
        company in the ordinary course of business.  The plan
        framework anticipates that GM's financial contribution
        to Delphi's transformation plan would be consistent with
        the items identified in Delphi's former framework
        agreement announced on Dec. 18, 2006.  While the actual
        value of the potential GM contribution cannot be
        determined until the Delphi-GM global settlement
        agreement and master restructuring agreement are
        finalized, Delphi is aware that GM has publicly
        estimated its potential exposure related to Delphi's
        Chapter 11 filing.

    --  All subordinated debt claims would be allowed and
        satisfied with US$478 million of common stock (10.6
        million out of a total of 147.6 million shares) in the
        reorganized Delphi at a deemed value of US$45 per share.

    --  The equity securities class in Delphi's plan of
        reorganization would receive:

         1) US$66 million of common stock (1.5 million out of a
            total of 147.6 million shares) in the reorganized
            Delphi (at a deemed value of US$45 per share);

         2) warrants to purchase an additional 5 percent of the
            common stock of reorganized Delphi during a five-
            year period (at an exercise price of US$45 per
            share);

         3) rights to purchase approximately 41 million shares
            of common stock in the reorganized Delphi for
            US$1.6 billion at a deemed exercise price of
            approximately US$38 per share; and

         4) rights to purchase US$572 million of common stock
           (at an exercise price of US$45 per share), which will
            result in adjustments to the stock and cash
            distributions to be made to the unsecured creditors
            and Appaloosa.

Delphi cautioned that nothing in the plan investment agreement,
the Court or regulatory filings being made in connection with
the agreements or the company's public disclosures (including
this press release) shall be deemed a solicitation to accept or
reject a plan in contravention of the Bankruptcy Code nor an
offer to sell or a solicitation of an offer to buy any
securities of the company.

           Emergence Corporate Governance Structure

The Equity Purchase and Commitment Agreement also includes
certain corporate governance provisions for the reorganized
Delphi.  Under the terms of the proposed plan, the reorganized
Delphi would be governed by a nine-member Board of Directors
including an Executive Chairman and the company's CEO.  Subject
to certain conditions, a majority of the directors (6 of 9)
would be required to be independent of reorganized Delphi under
applicable exchange rules and independent of the Plan Investors.

A five-member selection committee will select the company's
post-emergence Executive Chairman, have veto rights over all
directors nominated by the plan investors and statutory
committees, and appoint directors to all Board committees.  The
selection committee will consist of John D. Opie, Delphi Board
of Directors' lead independent director, a representative of
each of Delphi's two statutory committees and a representative
from Appaloosa and one of the other co-investors.  Appaloosa,
through its proposed Series A-1 preferred stock ownership, would
have certain veto rights regarding extraordinary corporate
actions such as change of control transactions and acquisitions
or investments in excess of US$250 million in any twelve-month
period.

Executive compensation for the reorganized company must be on
market terms, must be reasonably satisfactory to the lead plan
investor, and the overall executive compensation plan design
must be described in the company's disclosure statement and
incorporated into the plan of reorganization.

                       About Delphi Corp.

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

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


NYLSTAR INC: Can Use Bear Stearns' Cash Collateral
--------------------------------------------------
The Honorable William E. Anderson of the U.S. Bankruptcy Court
for the Western District of Virginia gave Nylstar Inc.
permission to use Bear Stearns Investment Products Inc.'s cash
collateral.

Specifically, the Debtor intends to use Bear Stearns' cash
collateral to pay certain prepetition operating expenses,
including, among other things:

   a. payments to suppliers for goods ordered but not yet
      received before the Debtor's bankruptcy filing, to ensure
      an uninterrupted supply of inventory; and

   b. payments of prepetition salaries wages and benefits to and
      processing and payment of prepetition workers'
      compensation claims of the Debtor's employees.

The Debtor tells the Court that it doest not have available
sources of capital to carry on the operation of its business
without the use of cash collateral.  Additionally, the Debtor's
ability to maintain business relationships with its customers
and supplier is essential to its continued viability.

As adequate protection, the Debtor granted Bear Stearns
replacement first priority security interest and lien upon
postpetition accounts and proceeds.

The Debtor reminds the Court that Bear Stearns holds a majority
of Nylstar Inc. and its subsidiary, Nylstar N.V.'s non-U.S. debt
at present.

Headquartered in Ridgeway, Virginia, Nylstar Inc.
-- http://www.nylstar.com/-- manufactures nylon fibers.  The
company filed for Chapter 11 protection on July 5, 2007 (Bankr.
W.D. Va. Case No.: 07-61227).  Richard C. Maxwell, Esq., at
Woods, Rogers & Hazlegrove, P.L.C., represents the Debtor in
its restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date on this case.  When the
Debtor filed for bankruptcy, its listed estimated assets and
debts between $50 million and $100 million.

The company's subsidiary, Nysltar France, was placed into
voluntary administration or redressement judiciaire on July 6,
2007, by the President of the Arras Commercial Court.  This is
the French equivalent of the United States' chapter 11 process.


NYLSTAR INC: Section 341(a) Creditors Meeting Set on August 1
-------------------------------------------------------------
The U.S. Trustee for Region 4 will convene a hearing of
creditors of Nylstar Inc., on Aug. 1, 2007, at 10:00 a.m., at
210 First Street, First Campbell Square, Room 120 in Roanoke,
Virginia.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Ridgeway, Virginia, Nylstar Inc.
-- http://www.nylstar.com/-- manufactures nylon fibers.  The
company filed for Chapter 11 protection on July 5, 2007 (Bankr.
W.D. Va. Case No.: 07-61227).  Richard C. Maxwell, Esq., at
Woods, Rogers & Hazlegrove, P.L.C., represents the Debtor in
its restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date on this case.  When the
Debtor filed for bankruptcy, its listed estimated assets and
debts between $50 million and $100 million.

The company's subsidiary, Nysltar France, was placed into
voluntary administration or redressement judiciaire on July 6,
2007, by the President of the Arras Commercial Court.  This is
the French equivalent of the United States' chapter 11 process.


POLYMER GROUP: Appoints Two Executives on Global Positions
----------------------------------------------------------
Polymer Group, Inc., as part of its growth as a global company,
disclosed a new leadership structure that establishes key
corporate functions, including operations and research and
development, on a worldwide basis.

The company has named two veteran executives to the newly
created global positions of chief operating officer and vice
president of research and development.  Under the leadership of
chief executive officer Veronica "Ronee" M. Hagen, who was
appointed in April 2007, the new structure positions PGI for its
next stage of growth.

"This new structure takes a more global view of our business and
brings our strong regional business units closer together to
drive cost efficiency, share best practices, and optimize global
customer and supplier strategies," said Mr. Hagen.  "It will
organize PGI for future strong growth, foster greater innovation
and manufacturing excellence, and give us an advantage over
regional competitors as we continue our pursuit of industry
leadership."

Mike Hale, who has been with the company for 35 years, has been
named COO and will manage operations for all of PGI's regional
businesses in the U.S., Europe, Latin America, Canada and Asia.
He most recently was vice president and general manager for U.S.
and Europe.

Bob Dale, with PGI for 16 years, has been tapped as vice
president of research and development and will lead the
company's R&D activities and customer-focused innovation
strategies taking place around the world.  He previously was
vice president of sales and marketing for U.S. Nonwovens.

The company also established a new position of vice president of
global marketing, with responsibility for global coordination of
the company's marketing initiatives.  PGI is actively in the
process of filling this executive leadership role.

Additionally, PGI named company veteran Fernando Espinosa to the
position of senior vice president and general manager, Europe
reporting to the COO.  In this role, Mr. Espinosa will bring
over 30 years of industry experience in PGI's fastest growing
region of Latin America to the European region with a focus on
market leadership and growth.

Polymer Group, Inc. -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision followed several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


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


BANK OF GEORGIA: Fitch Lifts Currency IDRs to BB+
-------------------------------------------------
Fitch Ratings has upgraded the ratings of four Georgian banks --
ProCredit Bank Georgia, JSC VTB Bank (Georgia), Bank of Georgia
and TBC Bank.  This action follows the assignment by Fitch of
Long-term foreign and local currency Issuer Default Ratings of
'BB-'/Stable Outlook to the Georgian sovereign.

The upgrades of all four banks reflect the greater probability
of support being forthcoming in case of need.  In the cases of
PCG and VTBG, this is because of Fitch's revised view of
Georgian country risks, in particular transfer and
convertibility risks, as reflected in the Georgian Country
Ceiling of 'BB-'.  This in turn implies a greater probability
that PCG and VTBG will be able to receive, convert and pay out
to creditors financial support from their majority shareholders.
PCG is 91% owned by Germany's ProCredit Holding AG (Long-term
IDR 'BBB-'/Outlook Stable), while VTBG is 53% owned by Russia's
VTB Bank (Long-term foreign and local currency IDRs
'BBB+'/Outlook Stable).  VTBG and PCG are the third- and fourth-
largest banks in Georgia, respectively, with market shares in
total assets of 9% and 8% at end-June 2007.

In the cases of BOG and TBC, the upgrades reflect the greater
probability of support from the Georgian sovereign, reflected in
Georgia's Long-term IDRs.  In Fitch's view, the Georgian
authorities would likely have a high propensity to support BOG
and TBC because of their systemic importance in the national
banking sector.  As of June 30, 2007, BOG was the largest bank
in Georgia with 32% of assets and 25% of retail deposits, while
TBC was the second-largest with 23% of assets and 29% of retail
deposits.

ProCredit Bank Georgia:

   -- Long-term foreign currency IDR upgraded to 'BB-'from 'B'

   -- Long-term local currency IDR upgraded to 'BB' from 'B+',
      Support rating upgraded to '3' from '4'. The Outlooks for
      the Long-term IDRs are Stable.

   -- Short-term foreign and local currency IDRs affirmed at 'B'
      Individual rating affirmed at 'D/E'

JSC VTB Bank (Georgia):

   -- Long-term foreign currency IDR upgraded to 'BB-'from 'B'
      Support rating upgraded to '3' from '4'.  The Outlook for
      the foreign currency Long-term IDR is Stable.

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D/E'

Bank of Georgia:

   -- Long-term foreign and local currency IDRs upgraded to 'B+'
      from 'B'

   -- Support rating upgraded to '4' from '5'

   -- The Outlooks for the Long-term IDRs are Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term foreign and local currency IDRs affirmed at 'B'

   -- Individual rating affirmed at 'D'

TBC Bank:

   -- Long-term foreign currency IDR upgraded to 'B+' from 'B-'

   -- Support rating upgraded to '4' from '5'

   -- The Outlook for the Long-term foreign currency IDR is
      Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D'


MAUSER BETEILIGUNGS: Moody's Withdraws Junk & B2 Ratings
--------------------------------------------------------
Moody's Investors Service has withdrawn the corporate family
rating of Mauser Beteiligungs GmbH for business reasons, at the
request of the issuer.

Moody's has also withdrawn the rating on the EUR185 million
senior notes of Mauser Beteiligungs GmbH following the
settlement of those.

These ratings were withdrawn:

Outlook Actions:

   * Issuer: Mauser Beteiligungs GmbH

   -- Outlook, Changed To Rating Withdrawn From Rating Under
      Review

Withdrawals:

   * Issuer: Mauser Beteiligungs GmbH

   -- Corporate Family Rating, Withdrawn, previously rated B2;

   -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
      previously rated Caa1.

Mauser is a global leader in rigid plastics for industrial
customers with reported fiscal year 2006 sales of EUR846
million.  The company operates in five main segments: Plastics
(46.1% of revenues in FY 2006), Metal (28.5%), Intermediate Bulk
Containers (IBC) (18.6%), Reconditioning (6.0%) and Machinery
(0.8%).  Mauser's main markets are Europe (51.5% of revenues in
2006) and, North America (43.1%) with an increasing share of
sales from Asia and Latin America.


PROCREDIT BANK: Sovereign Ratings Cue Fitch’s BB- IDR
-----------------------------------------------------
Fitch Ratings has upgraded the ratings of four Georgian banks,
ProCredit Bank Georgia, JSC VTB Bank (Georgia), Bank of Georgia
and TBC Bank.  This action follows the assignment by Fitch of
Long-term foreign and local currency Issuer Default Ratings of
'BB-'/Stable Outlook to the Georgian sovereign.

The upgrades of all four banks reflect the greater probability
of support being forthcoming in case of need.  In the cases of
PCG and VTBG, this is because of Fitch's revised view of
Georgian country risks, in particular transfer and
convertibility risks, as reflected in the Georgian Country
Ceiling of 'BB-'.  This in turn implies a greater probability
that PCG and VTBG will be able to receive, convert and pay out
to creditors financial support from their majority shareholders.
PCG is 91% owned by Germany's ProCredit Holding AG (Long-term
IDR 'BBB-'/Outlook Stable), while VTBG is 53% owned by Russia's
VTB Bank (Long-term foreign and local currency IDRs
'BBB+'/Outlook Stable).  VTBG and PCG are the third- and fourth-
largest banks in Georgia, respectively, with market shares in
total assets of 9% and 8% at end-June 2007.

In the cases of BOG and TBC, the upgrades reflect the greater
probability of support from the Georgian sovereign, reflected in
Georgia's Long-term IDRs.  In Fitch's view, the Georgian
authorities would likely have a high propensity to support BOG
and TBC because of their systemic importance in the national
banking sector.  As of June 30, 2007, BOG was the largest bank
in Georgia with 32% of assets and 25% of retail deposits, while
TBC was the second-largest with 23% of assets and 29% of retail
deposits.

ProCredit Bank Georgia:

   -- Long-term foreign currency IDR upgraded to 'BB-' from 'B'

   -- Long-term local currency IDR upgraded to 'BB' from 'B+',
      Support rating upgraded to '3' from '4'. The Outlooks for
      the Long-term IDRs are Stable.

   -- Short-term foreign and local currency IDRs affirmed at 'B'
      Individual rating affirmed at 'D/E'

JSC VTB Bank (Georgia):

   -- Long-term foreign currency IDR upgraded to 'BB-'from 'B'
      Support rating upgraded to '3' from '4'.  The Outlook for
      the foreign currency Long-term IDR is Stable.

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D/E'

Bank of Georgia:

   -- Long-term foreign and local currency IDRs upgraded to 'B+'
      from 'B'

   -- Support rating upgraded to '4' from '5'

   -- The Outlooks for the Long-term IDRs are Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term foreign and local currency IDRs affirmed at 'B'

   -- Individual rating affirmed at 'D'

TBC Bank:

   -- Long-term foreign currency IDR upgraded to 'B+' from 'B-'

   -- Support rating upgraded to '4' from '5'

   -- The Outlook for the Long-term foreign currency IDR is
      Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D'


S-CORE 2007-1: Moody's Rates Classes E & F Notes at Low-B
---------------------------------------------------------
Moody's Investors Service assigned these provisional ratings in
respect of the notes to be issued by S-CORE 2007-1 GmbH:

   -- (P)Aaa to the EUR454.8 million Class A Floating Rate Asset
      Backed Notes;

   -- (P)Aa1 to the EUR8.85 million Class B Floating Rate Asset
      Backed Notes;

   -- (P)Aa3 to the EUR9.6 million Class C Floating Rate Asset
      Backed Notes;

   -- (P)A3 to EUR12.4 million Class D Floating Rate Asset
      Backed Notes;

   -- (P)Ba2 to EUR19.7 million Class E Floating Rate Asset
      Backed Notes;

   -- (P)B3 to EUR4.3 million Class F Floating Rate Asset Backed
      Notes.

The ratings address the expected loss posed to investors by the
legal final maturity in April 2014.

The portfolio comprises loan receivables governed by German law
and denominated in EUR.  The debtors are German small to medium
sized companies.  The loan receivables provide for:

   (i) fixed interest rate payments; and
  (ii) repayment in one single amount at maturity.

Generally, the loan receivables are not secured by any
collateral.  In case insolvency proceedings are opened against a
debtor, S-CORE would rank just pari passu to other senior
unsecured creditors of such debtor.  Overall, the portfolio
consists of 157 loan receivables owed by 154 debtors.

S-CORE, the issuer, incorporated in Germany as a limited
liability company under the shield of the TSI, will issue six
classes of rated Notes: Class A, Class B, Class C, Class D,
Class E and Class F Notes (the latter being used to initially
fund the Reserve Account).  The Notes have quarterly interest
payment dates and will pay a margin over 3 months EURIBOR.  The
interest rate mismatch between fixed rate portfolio assets and
floating rate liabilities will be hedged using an interest rate
swap.  All classes are expected to mature on the date falling
approximately seven years after the issue date (which is in
April 2014).  In case not all Notes are redeemed in full on the
expected maturity date, the maturity of the Notes will extend
until the legal maturity in April 2016.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.


TBC BANK: Fitch Upgrades IDR to B+ on Possible Support
------------------------------------------------------
Fitch Ratings has upgraded the ratings of four Georgian banks,
ProCredit Bank Georgia, JSC VTB Bank (Georgia), Bank of Georgia
and TBC Bank.  This action follows the assignment by Fitch of
Long-term foreign and local currency Issuer Default Ratings of
'BB-'/Stable Outlook to the Georgian sovereign.

The upgrades of all four banks reflect the greater probability
of support being forthcoming in case of need.  In the cases of
PCG and VTBG, this is because of Fitch's revised view of
Georgian country risks, in particular transfer and
convertibility risks, as reflected in the Georgian Country
Ceiling of 'BB-'.  This in turn implies a greater probability
that PCG and VTBG will be able to receive, convert and pay out
to creditors financial support from their majority shareholders.
PCG is 91% owned by Germany's ProCredit Holding AG (Long-term
IDR 'BBB-'/Outlook Stable), while VTBG is 53% owned by Russia's
VTB Bank (Long-term foreign and local currency IDRs
'BBB+'/Outlook Stable).  VTBG and PCG are the third- and fourth-
largest banks in Georgia, respectively, with market shares in
total assets of 9% and 8% at end-June 2007.

In the cases of BOG and TBC, the upgrades reflect the greater
probability of support from the Georgian sovereign, reflected in
Georgia's Long-term IDRs.  In Fitch's view, the Georgian
authorities would likely have a high propensity to support BOG
and TBC because of their systemic importance in the national
banking sector.  As of June 30, 2007, BOG was the largest bank
in Georgia with 32% of assets and 25% of retail deposits, while
TBC was the second-largest with 23% of assets and 29% of retail
deposits.

ProCredit Bank Georgia:

   -- Long-term foreign currency IDR upgraded to 'BB-'from 'B'

   -- Long-term local currency IDR upgraded to 'BB' from 'B+',
      Support rating upgraded to '3' from '4'. The Outlooks for
      the Long-term IDRs are Stable.

   -- Short-term foreign and local currency IDRs affirmed at 'B'
      Individual rating affirmed at 'D/E'

JSC VTB Bank (Georgia):

   -- Long-term foreign currency IDR upgraded to 'BB-'from 'B'
      Support rating upgraded to '3' from '4'.  The Outlook for
      the foreign currency Long-term IDR is Stable.

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D/E'

Bank of Georgia:

   -- Long-term foreign and local currency IDRs upgraded to 'B+'
      from 'B'

   -- Support rating upgraded to '4' from '5'

   -- The Outlooks for the Long-term IDRs are Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term foreign and local currency IDRs affirmed at 'B'

   -- Individual rating affirmed at 'D'

TBC Bank:

   -- Long-term foreign currency IDR upgraded to 'B+' from 'B-'

   -- Support rating upgraded to '4' from '5'

   -- The Outlook for the Long-term foreign currency IDR is
      Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D'


VTB BANK: Sovereign Ratings Cue Fitch’s BB- IDR Upgrade
-------------------------------------------------------
Fitch Ratings has upgraded the ratings of four Georgian banks,
ProCredit Bank Georgia, JSC VTB Bank (Georgia), Bank of Georgia
and TBC Bank.  This action follows the assignment by Fitch of
Long-term foreign and local currency Issuer Default Ratings of
'BB-'/Stable Outlook to the Georgian sovereign.

The upgrades of all four banks reflect the greater probability
of support being forthcoming in case of need.  In the cases of
PCG and VTBG, this is because of Fitch's revised view of
Georgian country risks, in particular transfer and
convertibility risks, as reflected in the Georgian Country
Ceiling of 'BB-'.  This in turn implies a greater probability
that PCG and VTBG will be able to receive, convert and pay out
to creditors financial support from their majority shareholders.
PCG is 91% owned by Germany's ProCredit Holding AG (Long-term
IDR 'BBB-'/Outlook Stable), while VTBG is 53% owned by Russia's
VTB Bank (Long-term foreign and local currency IDRs
'BBB+'/Outlook Stable).  VTBG and PCG are the third- and fourth-
largest banks in Georgia, respectively, with market shares in
total assets of 9% and 8% at end-June 2007.

In the cases of BOG and TBC, the upgrades reflect the greater
probability of support from the Georgian sovereign, reflected in
Georgia's Long-term IDRs.  In Fitch's view, the Georgian
authorities would likely have a high propensity to support BOG
and TBC because of their systemic importance in the national
banking sector.  As of June 30, 2007, BOG was the largest bank
in Georgia with 32% of assets and 25% of retail deposits, while
TBC was the second-largest with 23% of assets and 29% of retail
deposits.

ProCredit Bank Georgia:

   -- Long-term foreign currency IDR upgraded to 'BB-'from 'B'

   -- Long-term local currency IDR upgraded to 'BB' from 'B+',
      Support rating upgraded to '3' from '4'. The Outlooks for
      the Long-term IDRs are Stable.

   -- Short-term foreign and local currency IDRs affirmed at 'B'
      Individual rating affirmed at 'D/E'

JSC VTB Bank (Georgia):

   -- Long-term foreign currency IDR upgraded to 'BB-' from 'B'
      Support rating upgraded to '3' from '4'.  The Outlook for
      the foreign currency Long-term IDR is Stable.

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D/E'

Bank of Georgia:

   -- Long-term foreign and local currency IDRs upgraded to 'B+'
      from 'B'

   -- Support rating upgraded to '4' from '5'

   -- The Outlooks for the Long-term IDRs are Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term foreign and local currency IDRs affirmed at 'B'

   -- Individual rating affirmed at 'D'

TBC Bank:

   -- Long-term foreign currency IDR upgraded to 'B+' from 'B-'

   -- Support rating upgraded to '4' from '5'

   -- The Outlook for the Long-term foreign currency IDR is
      Stable

   -- Support Rating Floor changed to 'B+' from 'B-'

   -- Short-term IDR affirmed at 'B'

   -- Individual rating affirmed at 'D'


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


ATS GROUP: Production Continues at Werdohl Plant
------------------------------------------------
ATS Group continues to manufacture wheels at its Werdohl plant
despite the insolvency of holding company ATS
Beteiligungsgesellschaft mbH and subsidiary ATS Stahlschmidt &
Maiworm, The Financial Times reports citing Handeslblatt as its
source.

According to the report, the plant produced around 2.2 million
wheels in 2006.

ATS Beteiligungsgesellschaft mbH filed for insolvency at the
District Court of Neustadt a. d. Wstr. on July 16, 2007.  Tobias
Hoefer serves as insolvency manager for the holding company.

ATS Stahlschmidt & Maiworm GmbH filed for insolvency at the
District Court of Hagen on July 16, 2007.  The court appointed
Dr. Winfrid Andres as insolvency manager for the ailing unit.

The group, which generated turnover of EUR400 million last year,
struggled with rising raw material costs, over-capacities and
dropping sales prices as a result of the price war in the
automotive industry, FT relates.

ATS supplies aluminium wheels.  The group has manufacturing
plants in Poland, South Africa and the U.S.  It employs
approximately 2,500 workers.


FENORE BETREUUNGS: Claims Registration Period Ends August 30
------------------------------------------------------------
Creditors of FENORE, Betreuungs- und Dienstleistungsgesellschaft
mbH have until Aug. 30 to register their claims with court-
appointed insolvency manager Lothar Staab.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Lothar Staab
         Wermbachstr. 36-48
         63739 Aschaffenburg
         Germany
         Tel: 06021/448870
         Fax: 06021/4488799

The District Court of Aschaffenburg opened bankruptcy
proceedings against FENORE, Betreuungs- und
Dienstleistungsgesellschaft mbH on July 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FENORE, Betreuungs- und Dienstleistungsgesellschaft mbH
         Glockenturm 7
         63814 Mainaschaff
         Germany


DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
----------------------------------------------------------------
Wall Street banks that are arranging financing for Cerberus
Capital Management LP's acquisition of DaimlerChrysler AG units
Chrysler Corporation LLC and Chrysler Financial Services LLC are
seeking more perks on the loans' terms, as uncertainty in the
debt market lingers, the Wall Street Journal reports, citing
Standard & Poor's Leveraged Commentary & Data as its source.

According to the report, bankers marketed a US$10 billion loan
for Chrysler's auto business at 3.75 percentage points above the
London Interbank Offered Rate, compared to the 3.25 percentage
points discussed when the road show kicked off about three weeks
ago.

Meanwhile, another US$2 billion in financing for the auto
company is now being marketed at seven percentage points above
the London interbank offered rate, compared to the original six
percentage points.  The banks are also offering to sell those
loans at less than 100 cents on the dollar in a bid to further
entice investors to the deal, WSJ reveals, quoting the S&P
report.

Pricing for US$8 billion in loans for Chrysler Financial is also
expected to change, Standard & Poor's said, WSJ notes.  Of that
US$8 billion, a US$6 billion loan is now being marketed at three
percentage points above the London interbank offered rate,
compared to the 2.75 percentage points of the original terms.
Another US$2 billion in financing could see terms raised by as
much as 5.5 percentage points above the London interbank offered
rate, compared to the original five percentage points.

The TCR-Europe reported on July 20, 2007, that investors are
wary of Chrysler's US$22 billion loans as they continue to
monitor similar indicators of the industry's health in the wake
of fallout from problems in the market for U.S. subprime
mortgage-related debt and a repricing of risk by investors.

J.P. Morgan Chase & Co., Bear Stearns Cos., Goldman Sachs Group
Inc., Citigroup Inc. and Morgan Stanley launched a road show
last month to raise money to finance Cerberus Capital's
acquisition of Chrysler.  The deal requires Cerberus to raise
about US$62 billion in debt.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
----------------------------------------------------------------
Chrysler Group has abandoned plans to manufacture a luxury sedan
that would have represented a bigger, heavier and less-fuel-
efficient version of its Chrysler 300C model, published reports
say.

According to the reports, Chrysler blames its decision on high
gasoline prices and tougher fuel regulations currently on the
table in Washington that could push U.S. automakers to increase
vehicle fuel mileage.

Chrysler is the first carmaker to revise production plans in
response to the push in Congress that requires vehicles sold in
the U.S. to consume less gasoline, the New York Times reveals.
The Senate passed a bill last month calling for automakers to
raise their average fuel mileage to at least 35 miles a gallon
by 2020; a proposal in the House would hold manufacturers to the
same standard by 2018.

The company had previously informed Canadian Auto Workers that
the Imperial was slated to go into production at Chrysler's
Brampton, Ontario, plant in 2009 for release in 2010.  However,
union officials in Canada were briefed earlier this month on the
company's decision to scrap the plan, Reuters relates, citing
Chrysler spokesman Dave Elshoff as its source.

The Imperial would have been built on a rear-wheel-drive
platform shared with Daimler's Mercedes.  It would also have
added a gas-guzzling sedan to Chrysler's line-up at a time when
it is looking to respond to consumer demands for improved fuel
efficiency and facing tougher U.S. government regulations,
Reuters observes.

"We decided in an era of US$3 gas and more regulations headed
this way that it didn't amount to a good business case -- a
profitable business case," the Times report quotes Chrysler
spokesman Ed Saenz as saying.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


KLOECKNER & CO: S&P Puts B+ Rating on Proposed EUR325 Mln Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to the proposed convertible bonds of
EUR325 million, due on July 27, 2012, issued by Luxembourg-based
Kloeckner & Co. Finance International S.A., a finance subsidiary
of Germany-based metal distributor Kloeckner & Co. AG
(BB/Positive/--), which is guaranteeing the bonds.  The rating
is subject to final documentation.

The debt rating on the proposed bonds is two notches lower than
the long-term corporate credit rating on Kloeckner & Co. AG.
This reflects its structural subordination to operating
subsidiaries' liabilities, including the drawings under the
EUR600 million multicurrency revolving credit facilities and
EUR480 million debtor securitization facilities.  The ratio of
priority liabilities to total assets is above 30%, which is
above our threshold warranting the two-notch differential.

Standard & Poor's expects Kloeckner to use the proceeds of the
bond issue to refinance a part of the drawings under its
revolving credit and securitization facility.


PROFIDENT HANDELSGESELLSCHAFT: Claims Registration Ends Aug. 28
---------------------------------------------------------------
Creditors of ProfiDent Handelsgesellschaft mbH have until
Aug. 28 to register their claims with court-appointed insolvency
manager Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 25, 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23
         D 06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against ProfiDent Handelsgesellschaft mbH on
July 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ProfiDent Handelsgesellschaft mbH
         Attn: Georg Schatzberg, Manager
         Ludwigstr. 1
         06110 Halle
         Germany


VICTORIA VERWALTUNGS: Claims Registration Period Ends Aug. 28
-------------------------------------------------------------
Creditors of Victoria Verwaltungs GmbH have until Aug. 28 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Sept. 13, 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 Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         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:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Schweinfurt opened bankruptcy proceedings
against Victoria Verwaltungs GmbH on July 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Victoria Verwaltungs GmbH
         Kurgarten 5
         97688 Bad Kissingen
         Germany


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


COREL CORP: Reports US$2.3-Mil. Net Income for Qtr. Ended May 31
----------------------------------------------------------------
Corel Corporation reported financial results for its second
quarter ended May 31, 2007.  Revenues in the second quarter of
fiscal 2007 were US$65.0 million, an increase of 47% over
revenues of US$44.2 million in the second quarter fiscal 2006.
GAAP net income in the second quarter of fiscal 2007 was US$2.3
million compared to a GAAP net loss of US$4.0 million in 2006.

Non-GAAP adjusted net income for the second quarter fiscal 2007
was US$9.8 million compared to non-GAAP adjusted net income for
the second quarter of fiscal 2006 of US$8.4 million.  Non-GAAP
adjusted EBITDA in the second quarter of 2007 was US$15.2
million, compared to US$13.7 million in the second quarter of
fiscal 2006.

"We are pleased with our performance in the second quarter, as
we continue to execute our key strategies and demonstrate our
ability to g enerate attractive financial returns for our
shareholders," said David Dobson, CEO of Corel Corporation.  "We
are realizing many of the anticipated benefits from the
acquisition of InterVideo and Ulead, including increased revenue
contribution from a broader mix of OEM partners as well as a
more diverse mix of revenue by geography.  I am pleased with the
progress we have made so far as we continue to execute on our
core strategic initiatives and expand into the digital media
market."

Revenues for the six months ended May 31, 2007 were US$117.7
million, an increase of 33% over revenues of US$88.5 million for
the six months ended May 31, 2006.  GAAP net loss for six months
ended May 31, 2007 was US$9.6 million compared to a GAAP net
loss of US$5.6 million for the six months ended May 31, 2006.

Non-GAAP adjusted net income for the six months ended May 31,
2007, was US$12.6 million compared to non-GAAP adjusted net
income for the six months ended May 31, 2006, of US$15.3
million.  Non-GAAP adjusted EBITDA for the six months ended
May 31, 2007, was US$24.0 million, compared to US$28.1 million
for the six months ended May 31, 2006.

A reconciliation of GAAP net income to non- GAAP adjusted net
income and non-GAAP adjusted EBITDA is provided in the notes to
the financial statements included in this press release.

Third Quarter Fiscal 2007 Guidance

Corel provided guidance for the third quarter ending
Aug. 31, 2007.  The Company currently expects:

-- Revenue in the range of US$60 million to US$62 million;

-- GAAP net loss of US$0.5 million to net income US$1.0
    million and non-GAAP adjusted net income in the range of
    US$7.0 million to US$8.5 million;

-- GAAP earnings per share in the range of US$(0.02) to
    US$0.04 and non-GAAP earnings per share in the range of
    US$0.27 to US$0.33.

                      Fiscal 2007 Guidance

Corel provided guidance for the year ending November 30, 2007.

The company currently expects:

  -- Revenue in the range of US$247 million to US$253 million;

  -- GAAP net loss of US$4.0 million to US$2.0 million and non-
     GAAP adjusted net income of US$34 million to US$36
     million;

  -- GAAP loss per share of US$(0.15) to US$(0.08) and non-GAAP
     earnings per share of US$1.30 to US$1.40.

                     About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.


TEKSID ALUMINUM: Gets Necessary Consents to Amend Indenture
-----------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A disclosed that
that, as of 12:00 p.m., New York City time (5:00 p.m., London
time), on Wednesday, July 18, 2007, consents representing
approximately 85% of the EUR205,598,000 aggregate principal
amount of its outstanding 11-3/8% Senior Notes due 2011 have
been validly delivered pursuant to its previously announced
solicitation of consents to implement certain proposed
amendments to the indenture governing the Senior Notes and to
give effect to a waiver of any Default or Event of Default
arising from and any claims relating to the Company's failure to
comply with the sixth paragraph of Section 11.15(b)(i) of the
Indenture.

Consequently, the Company, the note guarantors and the trustee
executed a supplemental indenture on Tuesday, July 17, 2007.
Accordingly, the proposed amendments have become operative in
accordance with their terms and the Waiver has become effective.

The consent solicitation expired on Thursday, July 18, 2007 at
10:00 a.m., New York City time (3:00 p.m., London time).

The indenture amendments:

   (a) extend the time by which offers to purchase Senior Notes
       after the sale of each of Teksid Aluminum Poland S.p.
       z.o.o., the Company's indirectly held minority equity
       interest in Nanjing Teksid Aluminum Foundry and the
       Company's equity interest in Cevher Dokum Sanayi A.S.
       are to be made to no later than Aug. 15, 2007,

   (b) extend the time by which offers to purchase Senior Notes
       with each of the Fiat Payment and the Escrow Amount are
       to be made to no later than ten (10) business days after
       receipt of each such payment, but in no event prior to
       Aug. 15, 2007, and

   (c) allow the payment of the interest due and unpaid on the
       Senior Notes on or about July 15, 2007, together with
       required interest on such unpaid interest to be deducted
       from the proceeds to be used to fund such tender offers.
       The Company expects to make an interest payment in the
       amount of EUR12,735,555.28 on July 19, 2007.

                      About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR SpA and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
now owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                          *     *     *

As reported in The TCR-Europe on May 9, 2007, Moody's Investors
Service confirmed the Caa3 Corporate Family Rating of Teksid
Aluminum Ltd. as well as the Ca rating of the company's senior
notes at Teksid Aluminum Luxembourg Sarl SCA with a stable
outlook.


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


ALTAY-A LLP: Proof of Claim Deadline Slated for Aug. 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Altay-A insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building Of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-14-58


ALTYN BURGY: Creditors Must File Claims Aug. 24
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Altyn Burgy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-43-90


CREDO-99 LLP: Claims Filing Period Ends Aug. 24
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Credo-99 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


ENERGOSTROY-21 VEK: Court Started Bankruptcy Hearings on June 18
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
begun bankruptcy proceeding against LLP Construction Company
Energostroy-21 Vek on June 18, 2007.


KARAKTAU LLP: Claims Registration Ends Aug. 24
----------------------------------------------
LLP Joint Kazakh-Arabian Enterprise Karaktau has declared
insolvency.  Creditors have until Aug. 24 to submit written
proofs of claims to:

         LLP Joint Kazakh-Arabian Enterprise Karaktau
         Akademik Bartold Str. 127a
         Almaty
         Kazakhstan


LIKANTE LLP: Proof of Claim Deadline Slated for Aug. 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Likante insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Melnikaite Str. 7/1
         Almaty
         Kazakhstan
         Tel: 8 (3272) 29-52-83
              8 700 453 17-85


REMSTROYINVEST-XXI LLP: Creditors Must File Claims
--------------------------------------------------
LLP Corporation Remstroyinvest-XXI has declared insolvency.
Creditors have until Aug. 24 to submit written proofs of claims
to:

         LLP Corporation Remstroyinvest-XXI
         Erubayev Str. 50
         Karaganda
         Kazakhstan


ROSTSELMASH LLP: Claims Filing Period Ends Aug. 24
--------------------------------------------------
Branch of LLP Combining Factory Rostselmash has declared
insolvency.  Creditors have until Aug. 24 to submit written
proofs of claims to:

         Branch of LLP Combining Factory Rostselmash
         Office 7/1
         Micro District Samal 12
         Astana
         Kazakhstan
         Tel: 8 (3172) 59-18-01
              8 (3172) 59-18-02


TALDYKORGANSKY ZAOCHNY: Creditors' Claims Due on Aug. 24
--------------------------------------------------------
The Tax Committee of Almaty has declared LLP Taldykorgan
Correspondance Institute - Taldykorgansky Zaochny Institut
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


TEKSHE LLP: Claims Registration Ends Aug. 24
--------------------------------------------
The Tax Committee of Almaty has declared LLP Tekshe 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


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


KERBEN SARAY: Creditors Must File Claims by August 31
-----------------------------------------------------
JSC Kerben Saray has declared insolvency.  Creditors have until
Aug. 31 to submit written proofs of claim to:

         JSC Kerben Saray
         Chernyshevsky Str. 20
         Balykchy
         Issyk-Kul
         Kyrgyzstan


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


EVRAZ GROUP: Enhanced Business Profile Cues Fitch’s B IDR
---------------------------------------------------------
Fitch Ratings has affirmed Luxembourg-based Evraz Group S.A.'s
Long-term Issuer Default and senior unsecured ratings at 'BB'
and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Limited, a 100%-owned subsidiary of Evraz that controls the
group's Russia-based assets, at Long-term IDR 'BB' and Short-
term IDR 'B'.  Evraz Securities S.A.'s senior unsecured rating
is affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

"The ratings reflect Evraz's enhanced business profile, solid
credit metrics as well as a track record of successful
consolidation of acquired assets", says Angelina Valavina,
Director of Fitch's Industrials team.  Through recent
acquisitions, the group has expanded its geographic reach into
the US and European markets.  It has also increased its presence
in the international flat-products markets and gained a
footprint in the vanadium markets.  Furthermore, Fitch notes
that Evraz has enhanced its vertical integration through
improved self-sufficiency in main raw materials; this will help
limit the group's exposure to high and volatile raw material
prices.

As a consequence, Evraz's profitability compares favorably with
that of its international and Russian steel peers; FY06 EBITDAR
margin was 31.4% versus an average EBITDAR margin of 33.2% for
Russian steel producers and 20.2% for international steel
companies.  Nonetheless, the acquisitive strategy of the group
resulted in fiscal year 2006 leverage of 1x, which, although in
line with international steel peers' (average leverage of 1.6x),
is higher than that of under-leveraged Russian steel producers
(0.5x).

In Fitch's view, the recent M&A activity of the group underlines
the future acquisitive trajectory.  The agency notes that
Evraz's strong cash flows could absorb small-to-medium scale
acquisitions without putting its credit metrics under pressure.
With respect to large-scale acquisitions, Fitch gains comfort
from Evraz's prudent financial policy so far; it has an internal
financial leverage target (total debt/EBITDA) of below 1.5x and
would consider equity financing for large acquisitions.

Fitch believes that Evraz is not immune from rising labor and
energy costs although it has successfully managed them until
now.  In addition, the consolidation of Oregon Steel Mills, Inc.
(USA), which has lower profitability, will require further
improvements in operating efficiency.  Fitch also notes a high
capital intensity of the group.


KLOECKNER & CO: S&P Puts B+ Rating on Proposed EUR325 Mln Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to the proposed convertible bonds of
EUR325 million, due on July 27, 2012, issued by Luxembourg-based
Kloeckner & Co. Finance International S.A., a finance subsidiary
of Germany-based metal distributor Kloeckner & Co. AG
(BB/Positive/--), which is guaranteeing the bonds.  The rating
is subject to final documentation.

The debt rating on the proposed bonds is two notches lower than
the long-term corporate credit rating on Kloeckner & Co. AG.
This reflects its structural subordination to operating
subsidiaries' liabilities, including the drawings under the
EUR600 million multicurrency revolving credit facilities and
EUR480 million debtor securitization facilities.  The ratio of
priority liabilities to total assets is above 30%, which is
above our threshold warranting the two-notch differential.

Standard & Poor's expects Kloeckner to use the proceeds of the
bond issue to refinance a part of the drawings under its
revolving credit and securitization facility.


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


GLOBAL POWER: Exclusive Plan-Filing Period Extended to August 22
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
extended Global Power Equipment Group Inc. and its debtor-
affiliates' exclusive period to file for a Chapter 11 Plan of
Reorganization until August 22, 2007, and not on Oct. 1, 2007,
as the Debtors requested, Bill Rochelle of Bloomberg News
reports.

As reported in the Troubled Company Reporter on June 14, 2007,
the Debtors asked for the extension citing that it was in talks
with the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders.  The Debtors
contended that the extension would allow them additional time to
better formulate a consensual chapter 11 reorganization plan.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of $381,131,000 and total debts of
US$123,221,000.


HARBOURMASTER CLO 3: Fitch Rates EUR15 Mln Class B2 Notes at BB
---------------------------------------------------------------
Fitch has assigned final ratings to Harbourmaster Pro-Rata CLO 3
B.V's issue of EUR612 million floating-rate notes due 2023.  The
transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans and the 12th European CLO managed by Harbourmaster Capital
Limited.

   -- EUR153 million Class A1-VF floating-rate notes: 'AAA'
   -- EUR201.7 million Class A1-T floating-rate notes: 'AAA'
   -- EUR95 million Class A2 floating-rate notes: 'AAA'
   -- EUR52 million Class A3 floating-rate notes: 'AA'
   -- EUR32 million Class A4 floating-rate notes: 'A'
   -- EUR21.3 million Class B1 floating-rate notes: 'BBB'
   -- EUR15 million Class B2 floating-rate notes: 'BB'
   -- EUR42 million Class C subordinated notes: not rated
   -- EUR14.8 million Class S1 combination notes: 'AAA'
   -- EUR2.5 million Class S2 combination notes: 'BBB'
   -- EUR10 million Class S3 combination notes: 'BBB'
   -- EUR10 million Class S4 combination notes: 'A-'

The final ratings are based on the credit enhancement provided
to the various classes of notes, structural protection
covenants, excess spread and legal structure.  Credit
enhancement in the form of subordination for the Class A1 notes
totals 40.69%, and is provided by the Class A2 (15.89%), Class
A3 (8.7%), Class A4 (5.35%), Class B1 (3.56%), Class B2 (2.51%)
and Class C subordinated notes (4.68%).  Some of the EUR42
million proceeds from the subordinated notes will be used to pay
certain initial expenses of the issuer and will therefore not be
available as subordination.

The ratings of the Class A1 and A2 notes address the ultimate
repayment of principal at maturity and timely payment of
interest, according to the terms of the notes.  The ratings of
the Class A3, A4, B1 and B2 notes address the likelihood that
investors will receive ultimate interest payments and ultimate
repayment of principal by the legal final maturity date
according to the conditions of the notes.

The Class S1 combination note rating is credit-linked to the
rating assigned to the sovereign debt of the French Republic and
addresses the ultimate return of principal and timely payment of
0.25% per annum of the rated balance.  These payments come from:


   a) interest and principal proceeds of the Class C component;

   b) the repayment of the French Obligation Assimilable
      du Tresor strip component; and

   c) distributions from the cash collateral account.

The ratings assigned to the Class S2, Class S3 and Class S4
combination notes address the ultimate receipt of the Rated
Balance (as defined in the terms and conditions of the notes)
from funds received on their components (interest and principal)
by the legal final maturity date according to conditions of the
notes.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance will be used to purchase a portfolio of at least
EUR598m of primarily European senior secured loans and to fund
certain initial expenses.

From the closing date, the issuer may invest up to 15% of the
portfolio notional in non-euro obligations denominated in an
"applicable currency" if these obligations are revolvers or
delayed draw down loans, and denominated in GBP or US$ if these
are term loans.  These assets will be naturally hedged by a
corresponding drawing in the same currency on the multi-currency
Class A1-VF notes.  However, in certain situations, this natural
hedge will not fully cover the foreign exchange risk.  In
addition, the issuer may purchase a further 15% of non-euro
obligations that will be asset-swapped with one of the hedging
counterparties.

The final ratings also take into account the quality and
diversity of the portfolio of assets, which are selected by the
collateral manager, Harbourmaster Capital Limited, subject to
the guidelines outlined in the collateral management agreement.
The guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Harbourmaster Capital Limited's CDO Asset Manager Rating of
'CAM2' for leveraged loans was affirmed in November 2006, based
on the manager's strong credit underwriting and workout
experience.


OCI EURO: Moody's Rates Class E Sr. Sec. Deferrable Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the notes to be issued by OCI Euro Fund I B.V., a special
purpose company established under the laws of the Netherlands.
The ratings are:

   -- Aaa to the Class A1 Senior Secured Floating Rate Variable
      Funding Notes due 2024;

   -- Aaa to the Class A2 Senior Secured Floating Rate Notes due
      2024;

   -- Aaa to the Class A3 Senior Secured Floating Rate Notes due
      2024;

   -- Aa2 to the Class B Senior Secured Deferrable Floating Rate
      Notes due 2024;

   -- A2 to the Class C Senior Secured Deferrable Floating Rate
      Notes due 2024;

   -- Baa3 to the Class D Senior Secured Deferrable Floating
      Rate Notes due 2024;

   -- Ba3 to the Class E Senior Secured Deferrable Floating Rate
      Notes due 2024;

   -- Aaa to the Class P Combination Notes due 2024;

EUR26,500,000 Class F Subordinated Notes will be issued, but are
not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The rating of the Class P Combination
Notes addresses the expected loss posed to investors by the
legal final maturity as a proportion of the Rated Balance, where
the Rated Balance is equal, at any time, to the principal amount
of the Combination Notes on the closing date minus the aggregate
of all payments made from the closing date to such date, either
through interest or principal payments.

This transaction is a high yield collateralized loan obligation
related to a portfolio comprised primarily of European senior
and mezzanine loans (with a predominance of senior secured
loans).  The investments may also include high yield bonds,
structured finance securities such as CLOs and whole business
securitizations and synthetic securities.  The Class A1Variable
Funding Notes provide for drawings denominated either in GBP,
USD or EUR.  This portfolio was partially acquired at closing
and will be further ramped-up during the twelve month period
following the closing date.  Thereafter, the portfolio of debt
obligations will be actively managed and the investment manager
will be able to buy or sell debt obligations on behalf of the
Issuer.  Any addition or removal of debt obligations will be
subject to a number of portfolio criteria. Octagon Credit
Investors (UK) Limited will act as investment manager for the
transaction. This is the investment manager's first European
CLO.

The transaction was arranged by Deutsche Bank AG, London Branch.


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


NOBLE GROUP: Acquires 30% Stake in Brazilian Miner for US$60MM
--------------------------------------------------------------
Noble Group bought a 30% stake in Brazilian iron ore miner, Mhag
Servicos E Mineracao, for US$60 million, reports say, citing the
company's statement.

"With estimated reserves of 3.8 billion tons in five areas in
the states of Rio Grande do Norte and Paraiba, MHAG is becoming
a substantial producer of iron ore for export," Noble was quoted
by news agencies as saying in a statement.

In addition, the Brazilian miner has plans to increase,
immediately, production of iron ore to 3.6 million tons per
year, with output to reach 10 million tons per year by 2009, it
said.

"The acquisition represents another significant step in the
implementation of Noble Group's pipeline strategy, which extends
to the purchase of the physical assets needed to supply
commodities to end users," Noble said.

Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries
including Argentina, Brazil, Canada, Italy, Portugal, Spain,
Switzerland, Turkey, and the United States.

The Troubled Company Reporter-Asia Pacific reported on May 21,
2007, that Moody's Investors Service affirmed the Ba1 corporate
family rating and senior unsecured bond rating of Noble Group
Ltd.  The outlook on both ratings is stable.

The affirmation follows Noble's announcement of its plan to
issue about US$200 million of zero coupon convertible bonds.
Proceeds from the bonds will mainly be used to refinance
existing short-term debt.

In addition, on June 7, 2007, the TCR-AP reported that Standard
& Poor's Ratings Services, on June 5, 2007, assigned a 'BB+'
rating to a US$250 million zero coupon convertible bond issue
due 2014 by Noble Group Ltd.


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


AMAL CJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Adygeya commenced bankruptcy
supervision procedure on CJSC Amal.  The case is docketed under
Case No. A01-B654/2007-3.

The Temporary Insolvency Manager is:

         A. Dolzhenko
         Office 525
         Lenina Str. 392
         355006 Stavropol
         Russia

The Debtor can be reached at:

         CJSC Amal
         Adygejsk
         Adygeya
         Russia


AMUR-LES-PROM–TIMBER: Bankruptcy Hearing Slated for Sept. 6
-----------------------------------------------------------
The Arbitration Court of Amur will convene on Sept. 6 to hear
the bankruptcy supervision procedure on OJSC Amur-Les-Prom–
Timber Industry Holding Company (TIN 2801013012).  The case is
docketed under Case No. A04-1683/07-6/61 B.

The Temporary Insolvency Manager is:

         M. Pintusov
         Shimanovskogo Str. 36-81
         Blagoveshensk
         675000 Amur
         Russia

The Debtor can be reached at:

         OJSC Amur-Les-Prom–Timber Industry Holding Company
         Relochnyj Per. 3
         Blagoveshensk
         675000 Amur
         Russia


BELEV-SEL-KHOZ-KHIMIYA: Asset Sale Slated for August 1
------------------------------------------------------
G. Kazakbaev, the insolvency manager and bidding organizer for
OJSC Belev-Sel-Khoz-Khimiya, will open a public auction for the
company's properties at 11:00 a.m. on Aug. 1 at:

         G. Kazakbaev
         Rabochaya Str. 105a
         Belev
         Tula
         Russia

Interested participants have until July 30 to deposit an amount
to:

         OJSC Belev-Sel-Khoz-Khimiya
         Settlement Account 40702810400000002762
         Correspondent Account 30101810300000000713
         BIK 04290713
         TIN 7122004069
         KPP 712201001
         KF AKB Lefko-bank
         Kaluga
         Russia

Bidding documents must be submitted to:

         G. Kazakbaev
         Insolvency Manager, Bidding Organizer
         Rabochaya Str. 105a
         Belev
         Tula
         Russia

The Debtor can be reached at:

         OJSC Belev-Sel-Khoz-Khimiya
         Belev
         Tula
         Russia


BULGARIAN SEWING: Creditors Must File Claims by August 23
---------------------------------------------------------
Creditors of OJSC Bulgarian Sewing Factory have until Aug. 23 to
submit proofs of claim to:

         F. Kuleev
         Insolvency Manager
         Kripichnikova Str. 14a
         Kazan
         420029 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A65-18731/2006-sg4-27.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Bulgarian Sewing Factory
         Spasskiy
         Tatarstan
         Russia


DALNEVOSTOCHNAYA FOOD: Creditors Must File Claims by Aug. 23
------------------------------------------------------------
Creditors of CJSC Dalnevostochnaya Food Company have until
Aug. 23 to submit proofs of claim to:

         D. Gumirov
         Insolvency Manager
         Lenina Str., 191
         Blagoveshensk
         Amur
         Russia

The Arbitration Court of Amur commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A04-518/07-10/84 B.

The Debtor can be reached at:

         CJSC Dalnevostochnaya Food Company
         Pervomayskaya Str. 17
         Blagoveshensk
         Amur
         Russia


DRUG KRESTYANINA: Creditors Must File Claims by August 23
---------------------------------------------------------
Creditors of CJSC Drug Krestyanina (TIN 5222001396) have until
Aug. 23 to submit proofs of claim to:

         I. Oreshkin
         Insolvency Manager
         Post User Box 602
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-33872/2006 18-657.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Drug Krestyanina
         Lenkovo
         Lyskovskiy
         Nizhniy Novgorod
         Russia


GRATA CJSC: Creditors Must File Claims by August 23
---------------------------------------------------
Creditors of CJSC Grata (TIN 6367011174) have until Aug. 23 to
submit proofs of claim to:

         E. Dulnev
         Insolvency Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-3152/2007.

The Debtor can be reached at:

         E. Dulnev
         Insolvency Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia


GRES-2 OJSC: Creditors Must File Claims by Aug. 23
--------------------------------------------------
Creditors of OJSC Gres-2 have until Aug. 23 to submit proofs of
claim to:

         M. Kushkhov
         Temporary Insolvency Manager
         Lenina Pr. 36
         360022 Kabardiono-Balkariya
         Russia

The Arbitration Court of Kabardiono-Balkariya commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A20-1202/06.

The Debtor can be reached at:

         M. Kushkhov
         Temporary Insolvency Manager
         Lenina Pr. 36
         360022 Kabardiono-Balkariya
         Russia


HARVEST LLC: Court Names R. Abdullin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Orenburg appointed R. Abdullin as
Insolvency Manager for LLC Harvest (TIN 5633003086).  He can be
reached at:

         R. Abdullin
         Apartment 25
         Duvanskiy Avenue 30
         450106 Ufa
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-47-11124/2006-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Harvest
         Kurmanaevka
         Kurmanaevskiy
         Orenburg
         Russia


ISKRA LLC: Udmurtiya Bankruptcy Hearing Slated for Aug. 27
----------------------------------------------------------
The Arbitration Court of Udmurtiya will convene at 1:00 p.m. on
Aug. 27 to hear the bankruptcy supervision procedure on LLC
Iskra.  The case is docketed under Case No. A71-009461/2006-G2.

The Temporary Insolvency Manager is:

         R. Farrakhov
         Post User Box 97
         420094 Kazan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Iskra
         Bayteryakovo
         Alnashskiy
         Udmurtiya
         Russia


KRYLOVSKIY OJSC: Asset Sale Slated for July 30
----------------------------------------------
V. Dolgov, the insolvency manager and bidding organizer for OJSC
Feed Mill Krylovskiy, will open a public auction for the
company's properties at 11:00 a.m. on July 30 at:

         Koltsevaya Str. 1
         Novosergievskaya St.
         Krylovskiy
         Krasnodar
         Russia

The company has set a RUR4,572,213 KOP 75 starting price for the
auctioned assets.

Interested participants have to deposit an amount equivalent to
20% of the starting price to:

         OJSC Feed Mill Krylovskiy
         Settlement Account 40702810330130106191
         TIN 2338000413
         KPP 233801001
         OGRN 1022304104712
         Pavlovskiy OSB 1813
         Pavlovskaya St.
         Russia

Bidding documents must be submitted to:

         V. Dolgov
         Insolvency Manager, Bidding Organizer
         Khleborobnyj Per. 21
         Vyselki St.
         Krasnodar
         Russia

The Debtor can be reached at:

         V. Dolgov
         Insolvency Manager, Bidding Organizer
         Khleborobnyj Per. 21
         Vyselki St.
         Krasnodar
         Russia


LENINGRADSKIY SHIPYARD: Bankruptcy Hearing Slated for Dec. 6
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on Dec. 6 to hear the bankruptcy supervision procedure
on OJSC Leningradskiy Shipyard.  The case is docketed under Case
No. A56-13344/2007.

The Temporary Insolvency Manager is:

         K. Mikhaylov
         Post User Box 159
         196084 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Leningradskiy Shipyard
         Elevatornaya area 10
         198096 St. Petersburg
         Russia


LENINOGORSKIY INSTRUMENT: Creditors Must File Claims by Aug. 23
---------------------------------------------------------------
Creditors of OJSC Leninogorskiy Instrument Factory (TIN
1649008773, KPP 164901001) have until Aug. 23 to submit proofs
of claim to:

         I. Satdykov
         Insolvency Manager
         Post User Box 533
         Kazan
         420014 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-18695/2006-SG4-27.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Leninogorskiy Instrument Factory
         Charkovskogo Str. 30
         Leninogorsk
         Russia


MOSCOW STARS: Moody's Rates US$16.2 Mln Class B Notes at Ba2
------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes issued by Moscow Stars B.V.:

   -- Baa2 to the US$159,000,000 Class A Mortgage-Backed
      Floating Rate Notes Due 2034; and

   -- Ba2 to the US$16,200,000 Class B Mortgage-Backed Floating
      Rate Notes Due 2034.

Moody's has not assigned ratings to the Class C Notes.

Moody's previously assigned provisional ratings to the notes on
June 8, 2007.  This transaction is the eighth public RMBS
transaction in Russia.  Moscow Stars B.V., an SPV incorporated
under the laws of The Netherlands, issued three classes of US
dollar-denominated notes to fund the purchase of receivables
arising from Russian mortgage loans originated by
Moskommertsbank.  The transfer of the receivables and the
related collateral is governed by Russian law, while the
remaining transaction documents are governed by English law.

The ratings of the notes are inter alia based on:

   (i) favorable pool characteristics such as the moderate
       weighted average LTV of 67.29%;

  (ii) the sound legal structure including the notification to
       borrowers; and

(iii) the credit enhancement provided by excess spread, Reserve
       Fund and notes subordination.

The pool consists of fixed rate loans, denominated in US dollars
and secured by mortgages on properties in Moscow and Moscow
region.  The servicing is done by Moskommertsbank, while ZAO
Raiffeisenbank Austria is the designated back-up servicer for
the transaction.  The SPV entered into two interest rate swaps
agreement with Barclays Bank PLC and Raiffeisen Zentralbank
Osterreich AG in order to hedge its exposure due to the mismatch
of the fixed rate interest received under the mortgage pool and
the floating rate interest payments due under the notes.

The notes are supported by a Reserve Fund of US$9.88 million
(5.5% of the initial note balance).  Subject to certain
conditions being met, the reserve fund may amortize down to a
floor of 1.50% of the original note balance.  This transaction
features a Principal Deficiency Ledger mechanism which is
debited once the loans are in arrears for more than 90 days,
which allows for stronger and earlier excess spread trapping
mechanism than if it were debited on the occurrence of losses.
The notes amortize sequentially.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the final legal maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


MOTOR TRANSPORT: Court Names M. Lepin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed M. Lepin as
Insolvency Manager for LLC Motor Transport Enterprise.  He can
be reached at:

         M. Lepin
         Svobody Str. 76-2
         454091 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 47-494/2007-48-9.

The Court is located at:

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

The Debtor can be reached at:

         LLC Motor Transport Enterprise
         60 Let Oktyabrya Str. 11
         Miass
         Chelyabinsk
         Russia


PROM-SERVICE CJSC: Creditors Must File Claims by August 23
----------------------------------------------------------
Creditors of CJSC Prom-Service have until Aug. 23 to submit
proofs of claim to:

         B. Stepanov
         Insolvency Manager
         Post User Box 28377
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A33-4778/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Prom-Service
         Komsomolskaya Str. 28
         Balakhta
         Krasnoyarsk
         Russia


ROSNEFT OIL: Losses Cue VSNK Unit to Rule Out Dividends
-------------------------------------------------------
Shareholders of East Siberian Oil and Gas Co. (VSNK), a unit of
OAO Rosneft Oil Co., have agreed not to receive dividend
payments for the years 2004 to 2006, RosBusinessConsulting
reports.

VSNK is not paying dividends for 2004-2006 since the company
incurred losses during the period.

VSNK's shareholders, during its annual general meeting, also
approved its financial statements for 2004-2006 and elected a
new set of Board of Directors.

Shareholders, however, neither appointed a company auditor nor
elected members for the supervisory board.

Rosneft acquired VSNK in May 2007 during the auction for the
assets of bankrupt OAO Yukos Oil Co.

                          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.


SEVERSTAL OAO: Names Ivan Bobrov as Safety Unit Head
----------------------------------------------------
OAO Severstal has appointed Ivan Bobrov as Head of the Health,
Environmental & Safety Department.

Mr. Bobrov will be responsible for the development of
Severstal’s corporate policy, the implementation of corporate
standards, programs and initiatives in HES.

Mr. Bobrov graduated from the Donetsk Technical State University
(Ukraine) with major in mining engineering; he also obtained PhD
degree in occupational and industrial safety.

                        About Severstal

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

                            *   *   *

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

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

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

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


SISTEMA: Fitch Hikes IDR to BB- on Strong Cash Flow Generation
--------------------------------------------------------------
Fitch Ratings has upgraded Russia-based Sistema Joint Stock
Financial Corp.'s Long-term foreign and local currency Issuer
Default Ratings to 'BB-' from 'B+'.  Following the upgrade the
Outlooks are now Stable.  Fitch also upgraded the Eurobonds and
Medium-Term Notes program issued by Sistema Capital S.A. and
Sistema Finance S.A. and both guaranteed by Sistema, to 'BB-'
from 'B+'.

"The recent upgrade reflects a transition to a more mature stage
in Sistema's business cycle and a strong free cash flow
generation at MTS, Sistema's largest subsidiary," says Nikolay
Lukashevich, Director with Fitch's TMT team.  "The Stable
Outlooks reflect challenges of expansion into new segments,
higher than average acquisition risks and not very strong cash
flow generation in Sistema's key subsidiaries other than MTS."

Although their operating profile is strengthening, expected
improvements are unlikely to lead to a rating upgrade in the
short-to-medium term.

Sistema's creditworthiness is driven by the credit quality of
its operating subsidiaries ("opcos"), the holding company's
ability to move cash around the group and issues of structural
subordination to creditors at the opco level.  A positive
development has been that Sistema's key businesses no longer
require substantial cash contribution from the parent.  Telecoms
are expected to dominate Sistema's operating and financial
profiles, although the holding company may gradually diversify
into other segments.  Sistema's strategic ambitions have
changed, as it recently identified new, potentially interesting
segments.  However, expansion to new industries is likely to be
gradual, which limits the risk that it may diversify into
industries where it lacks experience.  Fitch notes that Sistema
is facing higher than average M&A risks that may be mitigated by
an option to dispose of many assets from its portfolio.

Although group leverage remains modest in absolute terms at 1.6x
of Net Debt/EBITDA at end-2006, it is a material increase from
1x at end-2004.  Debt and leverage have been rising on the back
of aggressive expansion into new segments, acquisition of a non-
controlling stake in Svyazinvest and high capital expenditure in
the key subsidiaries.  Capital expenditure is likely to decrease
as a percentage of revenues.  A sustained tolerance to a higher
leverage may become a credit constraining factor.

Sistema is planning to participate in a number of large
acquisitions that may change its credit profile.  Fitch views
these acquisitions as an event risk.  The holding company has
valuable non-consolidated assets on its balance sheet, which
significantly increases its financial flexibility.  Fitch
believes that Sistema is well equipped to move cash around the
group using a number of options, including regular dividends,
change of capital structure of opcos and redistribution of cash
via Moscow Bank for Reconstruction and Development (rated
'B'/'B'/Outlook Positive), its banking subsidiary.

In February 2007, Sistema sold nearly its entire stake in Rosno,
its insurance subsidiary, to Allianz, its strategic partner in
this joint venture, for US$750 million.  This action
significantly increased the amount of liquidity on Sistema's
balance sheet.  However, as an active investment company,
Sistema is facing higher than average M&A risks, which implies a
high volatility of its liquidity and net debt position at the
holdco level.


TRANSPORT-BUILDING: Bankruptcy Hearing Slated for August 17
-----------------------------------------------------------
The Arbitration Court of Stavropol will convene on Aug. 17 to
hear the bankruptcy supervision procedure on LLC Transport-
Building Company.  The case is docketed under Case No.
A55-3124/07.

The Temporary Insolvency Manager is:

         A. Kochetkov
         Sennaya Square 15
         603024 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Transport-Building Company
         Vokzalnaya 46
         Russkaya Borkovka
         Stavropol
         Russia


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


CDT CREATIVE: Claims Registration Period Ends July 29
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC CDT Creative Design Team on April 17.

Creditors have until July 29 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC CDT Creative Design Team
         Gartenstrasse 2
         6304 Zug
         Switzerland


CF COMMERCIAL: Claims Registration Period Ends July 29
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC CF Commercial Factoring on June 5.

Creditors have until July 29 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC CF Commercial Factoring
         Allmendstrasse 11
         6312 Steinhausen ZG
         Switzerland


FLUBACHER TAFEL: Creditors' Liquidation Claims Due August 1
-----------------------------------------------------------
Creditors of LLC Flubacher Tafel- & Brennobst have until Aug. 1
to submit their claims to:

         Monika Flubacher-Thommen
         Liquidator
         Hauptstrasse 40
         4431 Bennwil
         Waldenburg BL
         Switzerland

The Debtor can be reached at:

         LLC Flubacher Tafel- & Brennobst
         Bennwil
         Waldenburg BL
         Switzerland


HB WERBUNG: Creditors' Liquidation Claims Due August 10
-------------------------------------------------------
Creditors of LLC HB Werbung & Promotion have until Aug. 10 to
submit their claims to:

         Haller Patrick
         Liquidator
         Gaswerkstr. 5
         5610 Wohlen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC HB Werbung & Promotion
         Wohlen
         Bremgarten AG
         Switzerland


HERCULES INC: Enters Into H2H Innovations Venture with Heartland
----------------------------------------------------------------
Hercules Incorporated and Heartland Resource Technologies LLC
announced a new research and development venture called H2H
Innovations.  H2H Innovations plans to leverage existing soy-
based adhesive technologies from both companies to accelerate
the development of new adhesive products for the wood products
industry.

Development efforts will focus on cost competitive,
formaldehyde-free resins for decorative plywood, wood flooring,
particleboard, and medium density fiberboard markets.  The
venture will also offer technologies for oriented strand board
manufacturers that allow traditional phenolic resins to be
extended, resulting in lower cost adhesives with reduced
formaldehyde content.

H2H Innovations, which will be 51% owned by Hercules, will
utilize technical resources of both Hercules and Heartland.
Wood adhesive products developed by H2H Innovations will be
manufactured and sold by Hercules and may also be licensed to
third parties.

Commenting on the venture, Craig Rogerson, President and Chief
Executive Officer of Hercules, said, "The combined resources of
both companies should allow Hercules to offer novel adhesive
technologies to the wood products industry and accelerate the
growth of our business.  Customers will benefit from this union
as H2H Innovations delivers new and improved technologies that
address industry needs."

Frank Trocino, Chief Executive Officer of Heartland Resource
Technologies, said, "This collaborative relationship is
complementary and mutually beneficial - both strategically and
synergistically - for Heartland and Hercules.  The building
products industry should expect important developments from H2H
Innovations in the near future."

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


INTEGRY MANAGEMENT: Creditors' Liquidation Claims Due August 2
--------------------------------------------------------------
Creditors of JSC Integry Management Services have until Aug. 2
to submit their claims to:

         Urs Steiger
         Liquidator
         Im Staffel 28
         9450 Altstatten
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         JSC Integry Management Services
         Zurich
         Switzerland


INTEGRY TRUSTEES: Creditors' Liquidation Claims Due August 2
------------------------------------------------------------
Creditors of JSC Integry Trustees Services have until Aug. 2 to
submit their claims to:

         Urs Steiger
         Liquidator
         Im Staffel 28
         9450 Altstatten
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         JSC Integry Trustees Services
         Zurich
         Switzerland


LUNCH STATION: Creditors' Liquidation Claims Due July 27
--------------------------------------------------------
Creditors of LLC Lunch Station have until July 27 to submit
their claims to:

         Schwarz + Neuenschwander
         Liquidator
         Neuengasse 25
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC Lunch Station
         Koniz BE
         Switzerland


NOLEX JSC: Graubunden Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Maloja in Graubunden entered June 25
an order closing the bankruptcy proceedings of JSC Nolex.

The Bankruptcy Service of Maloja can be reached at:

         Bankruptcy Service of Maloja
         7503 Samedan
         Maloja GR
         Switzerland

The Debtor can be reached at:

         JSC Nolex
         7500 St. Moritz
         Maloja GR
         Switzerland


SCRETI PLATTENBELAGE: Creditors' Liquidation Claims Due August 2
----------------------------------------------------------------
Creditors of LLC Screti Plattenbelage have until Aug. 2 to
submit their claims to:

         Philipp Halter
         Liquidator
         Bachmatteli 3
         6072 Sachseln OW
         Switzerland

The Debtor can be reached at:

         LLC Screti Plattenbelage
         Sachseln OW
         Switzerland


VOGT REPROTECHNIK: Thurgau Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Thurgau entered June 13 an order
closing the bankruptcy proceedings of LLC Vogt Reprotechnik.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Vogt Reprotechnik
         Bahnhofstrasse 19
         8575 Burglen TG
         Switzerland


WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion
--------------------------------------------------------------
West Corporation's balance sheet at June 30, 2007, showed total
assets of US$3 billion, total liabilities of US$4.1 billion,
minority interest of US$11 million, class L common stock of
US$969.3 million, resulting in a stockholders' deficit of US$2.1
billion.

Revenues of US$520.2 million for the second quarter ended
June 30, 2007, compared to US$461.7 million for the same quarter
last year, an increase of 12.7%.  Revenue from acquired entities
accounted for US$28.7 million of the US$58.5 million increase
during the second quarter and US$100.9 million of the US$142.4
million year-to-date increase.

Net income for the second quarter ended June 30, 2007, was
US$2.5 million, compared with US$37.8 million for the same
quarter last year.

                           Liquidity

At June 30, 2007, West Corporation had cash and cash equivalents
totaling US$281.3 million and working capital of US$189.3
million.  Second quarter depreciation expense was US$25.8
million and amortization expense was US$19 million.  Cash flow
from operating activities was US$45.3 million and was impacted
by interest expense of US$83.5 million.

"During the quarter, we invested US$25.7 million in capital
expenditures primarily for telecom and computer network
equipment," stated Paul Mendlik, chief financial officer of West
Corporation.  "The company also expanded its term credit
facility by US$135 million to fund the Omnium acquisition."

"We are pleased with this quarter's results and the closing of
the Omnium acquisition on May 4," said Thomas B. Barker, chief
executive officer of West Corporation.

                         About West Corp.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com/--
provides outsourced communication solutions to many of the
world's largest companies, organizations and government
agencies.  West helps its clients communicate effectively,
maximize the value of their customer relationships and drive
greater profitability from every interaction.  The company's
integrated suite of customized solutions includes customer
acquisition, customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.

The company also has operations in Australia, Canada, China,
Hong Kong, India, Philippines, Singapore, Switzerland and the
United Kingdom.

At March 31, 2007, the company's balance sheet showed US$2.7
billion in total assets and US$3.9 billion in total liabilities
resulting in a stockholders' deficit of US$2.1 billion.  The
balance sheet however also that the company is liquid with
US$692 million in total current assets and US$535 million in
total current liabilities.


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


* Moody's Puts B1 Local & Foreign Currency Rating to Gaziantep
--------------------------------------------------------------
Moody's Investors Service assigned issuer ratings of Baa2.tr
Turkey National Scale and B1 Global Scale, local and foreign
currency, with stable outlook, to the Metropolitan Municipality
of Gaziantep.

The ratings on GMM take into account the positive albeit uneven
operating margins, in the context of the very limited revenue
flexibility available to municipalities, mitigated by some
degree of expenditure flexibility.

However, the ratings also reflect GMM's high debt burden and
potential financing requirements for investments.  The financial
and operating environment shows lingering uncertainties,
although the gradual promotion of higher accountability at the
local level is expected to foster improvements in budgetary
management.

During the five-year period analyzed (2002-2006), GMM's budget
has progressively expanded.  "In the context of the very limited
revenue flexibility available to municipalities, GMM has been
able to manage the increase in operating expenditures associated
with enlarged responsibilities and a steadily growing population
mainly through outsourcing initiatives, whilst maintaining
positive albeit uneven operating margins averaging about 20% of
its operating income," comments Francesco Soldi, Moody's lead
analyst for GMM.  Budgetary balances have followed the volatile
trend in capital expenditure, reflecting in part the rapid
evolution in the operating environment, with frequent changes in
Turkey's intergovernmental arrangements, and its impact on
municipalities' planning capacity.

"From a long-term perspective, Moody's identifies the
substantial investment needs for infrastructure as a factor
exerting potential pressure on municipal finances, as revenues
are not expected to match the growing trend of the past few
years going forward.  In this regard, borrowing regulations in
place mitigate the risk that the municipality will resort
extensively to financial leeway to finance investments in the
near future," adds Francesco Soldi.

GMM shows a high financial exposure compared to that of other
national and international peers, with foreign currency debt
stock with the Treasury representing 128% of its operating
revenues or YTL173 million, at the end of 2006.  This financial
exposure does not include any domestic borrowing with local
intermediaries or internal borrowing from the affiliated water
company GASKI.  "While the water company is deemed to be self-
supporting and should not require operating contributions from
the municipality, Moody's understands that GASKI's budget is
strongly integrated with that of GMM," says Francesco Soldi.  In
Moody's view, exogenous shocks affecting inflation, exchange and
interest rates may negatively affect GMM's liquidity profile and
debt-service capacity going forward, especially in view of its
short debt maturities.

Gaziantep is an important economic centre in the south-eastern
region of Anatolia and the sixth-largest industrial city in
Turkey.  With 1.2 million inhabitants, GMM accounts for
approximately 2% of Turkey's GDP.  GMM is the region's hub for
industrial production, trade and commerce, with its four
Organized Industrial Zones hosting a large number of enterprises
working in sectors including textiles, food, machinery, plastic
and chemical products.  GMM is also the most important centre in
a Free Trade Zone including more than 20 cities and villages.
Prospects for economic growth in GMM may depend on its
attractiveness to foreign investors.

GMM's B1/Baa2.tr issuer ratings and stable outlook also reflect
the application of Moody's Joint-Default Analysis methodology,
which incorporates a moderate likelihood of extraordinary action
from the central government should the municipality approach a
default situation.


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


AFT LTD: Claims Submission Deadline Set July 24
-----------------------------------------------
Creditors of LLC AFT Ltd. (code EDRPOU 32228853) have until
July 24 to submit written proofs of claim to:

         Viacheslav Drumiretsky
         Liquidator
        Morekhodnaya Str. 14
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/18/07.

The Court is located at:

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

The debtor can be reached at:

         LLC AFT Ltd.
         Lenin Avenue 71
         54017 Nikolaev
         Ukraine


ALFA-SERVICE LLC: Claims Submission Deadline Set July 24
--------------------------------------------------------
Creditors of LLC Alfa-Service (code EDRPOU 31409367) have until
July 24 to submit written proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/122-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Alfa-Service
         Melnikov Str. 12
         04050 Kiev
         Ukraine


BASTION LLC: Claims Submission Deadline Set July 24
---------------------------------------------------
Creditors of LLC Bastion (code EDRPOU 32963094) have until
July 24 to submit written proofs of claim to:

         Viacheslav Rabushko
         Liquidator
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/120/07.

The Court is located at:

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

The debtor can be reached at:

         LLC Bastion
         50 Years of Victory Avenue 22
         Melitopol
         72312 Zaporozhje
         Ukraine


BELAYA TSERKOV 505: Creditors Must File Claims by July 24
---------------------------------------------------------
Creditors of OJSC Belaya Tserkov Specialized Mechanize Column
505 (code EDRPOU 01354496) have until July 24 to submit written
proofs of claim to:

         Ivan Gusar
         Temporary Insolvency Manager
         P.O. Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B11/122-07.

The Court is located at:

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

The debtor can be reached at:

         OJSC Belaya Tserkov Specialized Mechanize Column 505
         Pavlichenko Str. 45-a
         Belaya Tserkov
         09100 Kiev
         Ukraine


BUKOVINA FLAX: Claims Submission Deadline Set July 24
-----------------------------------------------------
Creditors of OJSC Bukovina Flax (code EDRPOU 02128299) have
until July 24 to submit written proofs of claim to:

         Victor Rabaniuk
         Liquidator
         Zalozetsky Str. 38/1
         58022 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/3/B.

The Court is located at:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The debtor can be reached at:

         OJSC Bukovina Flax
         Glybotsk District Tarashany
         60430 Chernovcy
         Ukraine


CONTEX LLC: Claims Submission Deadline Set July 24
--------------------------------------------------
Creditors of LLC Contex (code EDRPOU 16285335) have until
July 24 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/218-b.

The debtor can be reached at:

         LLC Contex
         Vyborgskaya Str. 103
         03067 Kiev
         Ukraine


GALON-K LLC: Claims Submission Deadline Set July 24
---------------------------------------------------
Creditors of State Enterprise Galon-K LLC Bastion (code EDRPOU
33284369) have until July 24 to submit written proofs of claim
to:

         Viacheslav Rabushko
         Liquidator
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/129/07.

The Court is located at:

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

The debtor can be reached at:

         State Enterprise Galon-K LLC Bastion
         Karl Marks Str. 1-A
         Melitopol
         72312 Zaporozhje
         Ukraine


MADLENA LLC: Claims Submission Deadline Set July 24
---------------------------------------------------
Creditors of LLC Madlena (code EDRPOU 32959292) have until
July 24 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/207-b.

The debtor can be reached at:

         LLC Madlena
         Alisher Navoya Avenue 76
         02125 Kiev
         Ukraine


SNIATIN HEAT: Claims Submission Deadline Set July 24
----------------------------------------------------
Creditors of State Commune Enterprise Sniatin Heat Energy (code
EDRPOU 22199278) have until July 24 to submit written proofs of
claim to:

         Vitaly Gumeniuk
         Liquidator
         Privokzalnaya Str. 9/81
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/113.

The debtor can be reached at:

         State Commune Enterprise Sniatin Heat Energy
         Sniatin, Stefanik Str. 2
         Ivano-Frankovsk
         Ukrain


WHOLESALE TRADE: Claims Submission Deadline Set July 24
-------------------------------------------------------
Creditors of LLC Wholesale Trade Group-2004 (code EDRPOU
33102504) have until July 24 to submit written proofs of claim
to:
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/18/07.

The debtor can be reached at:

         LLC Wholesale Trade Group-2004
         Kropivnitsky Str. 1
         01020 Kiev
         Ukraine


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


ASHTON HIRE: Names Ian William Kings Liquidator
-----------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Ashton Hire Ltd. on July 3 for the creditors’ voluntary winding-
up procedure.

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

The liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


ASTRAL CONSERVATORY: Joint Liquidators Take Over Operations
-----------------------------------------------------------
J. C. Heath and D. J. Oprey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of Astral Conservatory Systems Ltd.
on June 11 for the creditors’ voluntary winding-up procedure.

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:

         Chantrey Vellacott DFK LLP
         16/17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


AVIATION INTEGRATED: Taps Liquidators from Berg Kaprow Lewis
------------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint liquidators of Aviation
Integrated Solutions Ltd. on June 28 for the creditors’
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London
         N3 1XW
         England


BAA LTD: Tony Douglas Steps Down as Divisional Director
---------------------------------------------------------
Tony Douglas, the divisional director of BAA Ltd. (fka BAA plc)
and chief executive of Heathrow Airport, is leaving the company
to join the Laing O'Rourke Group as its chief operating officer.
Mr. Douglas has been with BAA for nine years in a number of
senior roles.

“Tony's outstanding achievement for BAA had been the development
of Terminal 5, one of Europe's largest building projects, which
remains on time and on budget,” Stephen Nelson, chief executive
officer of BAA, said.  “He has also secured outline planning
permission for a new terminal, Heathrow East.  I would like to
thank Tony for his tremendous contribution and wish him every
success in his new role.”

Mark Bullock, managing director of Heathrow, assumes
responsibility for the running of the airport.

                        About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                           *   *   *

As of July 20, 2007, BAA Plc carries an issuer rating of Ba1
from Moody’s.


BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
---------------------------------------------------------------
Holders of a majority of Bally Total Fitness Holding Corp.'s
10-1/2% Senior Notes due 2011 and more than 80% of its 9-7/8%
Senior Subordinated Notes due 2007 have entered into a
Restructuring Support Agreement agreeing to, following receipt
of a disclosure statement, vote in favor of a plan of
reorganization.

The company says that the Plan will further enhance its
liquidity by increasing the rights offering to US$90 million and
by allowing the company to retain the cash which would have been
used for the July 15, 2007 interest payment due on the Senior
Notes.  With its Restructuring Support Agreement in place, the
company believes it has sufficient support from its noteholders
to proceed to implement the Plan through appropriate bankruptcy
proceedings and expects to make its Chapter 11 filing in the
near future.  The company plans to continue normal club
operations during the pendency of the anticipated bankruptcy
case and will seek to emerge from bankruptcy as quickly as
possible.

Don R. Kornstein, Interim chairman and Chief Restructuring
Officer, stated, "We are pleased to have such strong support for
the Plan from both our senior and senior subordinated
noteholders. The Restructuring Support Agreement will enable us
to expedite our work on restoring the strength of our balance
sheet in the shortest time possible, and positioning Bally Total
Fitness to compete over the long term.  We look forward to
emerging from bankruptcy with a greater ability to invest in and
continue upgrading our fitness centers and to focus on building
the Bally brand."

Pursuant to the Restructuring Support Agreement, the Plan will
provide that:

   * The Senior Notes will be modified, including an increase in
     the annual interest rate to 12-3/8% effective from
     July 16, 2007.  The cash interest payment on the Senior
     Notes due July 15, 2007 will not be made.  Upon
     effectiveness of the Plan, the new principal amount of the
     outstanding Senior Notes will be US$247,337,500, with the
     increase distributed pro rata to the holders of the Senior
     Notes.  The maturity and guarantees of the Senior Notes
     would remain the same.  Upon effectiveness of the Plan,
     holders of the Senior Notes would receive a fee equal to 2%
     of the face value of their notes on the date of the filing
     of the Chapter 11 cases.

   * The Senior Note Indenture would be amended to provide the
     holders with a "silent" second lien on substantially all
     assets of the company and the subsidiary guarantors.  Under
     the amended Senior Note Indenture, the company would have a
     permitted debt basket for the senior credit facility of
     US$292 million, with a reduction for proceeds of asset
     sales completed after June 15, 2007 that are used to
     permanently pay down indebtedness under its senior credit
     facilities and are not reinvested in replacement assets
     within 360 days after the applicable asset sale.

     The Senior Note Indenture will also permit Bally to issue
     after emergence from bankruptcy and in addition to the
     securities referred to below, an additional US$90 million
     of pay-in-kind senior subordinated notes.  The amended
     Senior Note Indenture also increases by US$50 million to a
     total of US$100 million the permitted debt basket for
     purchase money indebtedness and capital leases (with a
     US$50 million capital lease sublimit).

     The optional redemption schedule in the Senior Notes would
     be amended to permit the company to redeem the Senior Notes
     prior to July 15, 2008 at a:

        -- T+50 make whole premium (including all interest due
           and payable through July 15, 2008) based upon a
           redemption on July 15, 2008 at 106.25%;

        -- optional redemption at 106.25% until July 14, 2009;

        -- 102.50% until July 14, 2010; and

        -- 100% after July 14, 2010.

     The amended Senior Note Indenture would eliminate any
     requirement for filing of SEC reports, but would require
     the company to provide to investors and prospective
     investors SEC equivalent audited annual and unaudited
     quarterly financials, including MD&A and footnotes, and 8-K
     reportable events.


   * Consistent with the terms of the previously announced
     restructuring proposal, holders of Senior Subordinated
     Notes would receive, in exchange for their claims, new
     subordinated notes in the principal amount of US$150
     million, representing 50% of the principal amount of their
     claims, and shares of common stock representing 100% of the
     equity in the reorganized company (subject to reduction for
     common stock to be issued to holders of certain other
     claims).

     The New Subordinated Notes would mature five years and nine
     months after the effective date of the Plan and would bear
     interest payable annually at 135/8% per annum if paid in
     kind or 12% per annum if paid in cash, at the company's
     option, subject to satisfaction of a toggle covenant based
     on specified cash EBITDA and minimum liquidity thresholds.

   * In addition, the holders of Senior Subordinated Notes would
     receive non-detachable rights to participate in a US$90
     million rights offering of new senior subordinated notes.
     The Rights Offering Senior Subordinated Notes would rank
     senior to the New Subordinated Notes but otherwise have the
     same terms.

   * Holders of certain other claims against the company will be
     given the opportunity to participate in the rights
     offering, which, if exercised, would generate incremental
     proceeds beyond the US$90 million to be funded by electing
     Senior Subordinated Noteholders.

   * The company and its subsidiaries may reject selected leases
     and other contracts in the bankruptcy.

   * All existing equity would be cancelled for no
     consideration.

   * Effectiveness of the Plan is conditioned upon, among other
     things, the company having filed its Annual Report on Form
     10-K for the year ended Dec. 31, 2006.

A copy of the Restructuring Support Agreement will be included
as an exhibit to a Current Report on Form 8-K that the company
will file with the SEC.

Tennenbaum Capital Partners, LLC and Anschutz Investment
Company, through certain of their affiliates, and Goldman Sachs
& Co., who collectively hold more than 80% of the Senior
Subordinated Notes, have agreed in principle to subscribe for
their pro rata share of the Rights Offering Senior Subordinated
Notes and to purchase any Rights Offering Senior Subordinated
Notes not subscribed for by other holders of Senior Subordinated
Notes.  As a result of these backstop provisions, the company
will be assured of having US$90 million in additional cash
availability upon the effectiveness of the Plan.

Houlihan Lokey Howard & Zukin Capital acts as financial advisor
and Akin Gump Strauss Hauer & Feld, LLP is counsel to the Ad Hoc
Committee of Senior and Senior Subordinated Noteholders.

                     About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China, the United Kingdom, and the Caribbean under the Bally
Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BALLY TOTAL: Forbearance Period Extended to July 31
---------------------------------------------------
Bally Total Fitness Holding Corporation has secured extensions
of existing forbearance arrangements until July 31, 2007, from
beneficial holders of in excess of a majority in principal
amount of its 9-7/8% Senior Subordinated Notes due 2007 and its
10-1/2% Senior Notes due 2011 and from the lenders under its
US$284 million senior secured credit facility.

The extension agreements prohibit any enforcement action by the
parties thereto but permit the senior noteholders to declare the
Senior Notes due and payable so long as no other enforcement
action is taken.  The company will not pay any fees in
connection with these extensions.

Separately, the company continues to solicit votes for approval
from its noteholders for the previously proposed prepackaged
chapter 11 plan of reorganization.  Holders of 63% of its Senior
Notes and more than 80% of its Senior Subordinated Notes have
agreed to vote for the plan.  The voting deadline for that
solicitation is 4:00 p.m. ET on July 27, 2007.

The company also has entered into confidentiality agreements
with Liberation Investments and Harbinger Capital Partners,
proponents of an alternative restructuring proposal, and has
begun to engage in due diligence discussions with these
shareholders.  These shareholders have agreed to complete their
due diligence by July 20, 2007, and the Company has asked that
proposed definitive documentation be negotiated by that date.
There are no assurances that any agreement will be reached with
the shareholders.

The company will continue normal club operations during the
solicitation period and throughout the pendency of the
anticipated bankruptcy case.

                     About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China, the United Kingdom, and the Caribbean under the Bally
Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BALLY TOTAL: Inks Confidentiality Pacts with Some Shareholders
--------------------------------------------------------------
Bally Total Fitness Holding Corporation has entered into
confidentiality agreements with Liberation Investments and
Harbinger Capital Partners, proponents of an alternative
restructuring proposal, and has begun to engage in due diligence
discussions with these shareholders.

These shareholders have agreed to complete their due diligence
by July 20, 2007, and the company has asked that proposed
definitive documentation be negotiated by that date.  There are
no assurances that any agreement will be reached with the
shareholders.

As reported in the Troubled Company Reporter on July 9, 2007,
the company's Board of Directors received a letter from current
shareholders Liberation Investments, L.P., Liberation
Investments, Ltd., Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund
L.P., which proposes an alternate chapter 11 plan of
reorganization for the company.

                     About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China, the United Kingdom, and the Caribbean under the Bally
Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BCCL REALISATIONS: Creditors' Meeting Slated for July 25
--------------------------------------------------------
Creditors of BCCL Realisations Ltd. (Company Number 00944645)
will meet at 11:00 a.m. on July 25 at:

         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         England

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

         Geoffrey Paul Rowley
         Joint Administrator
         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         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.


BUREAU SUPPORT: Brings In Liquidators from Berg Kaprow Lewis
------------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint liquidators of Bureau Support
Services Ltd. on June 29 for the creditors’ voluntary winding-up
procedure.

The joint liquidators can be reached at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London
         N3 1XW
         England


BURGUNDY GLOBAL: Creditors' Meeting Slated for July 25
------------------------------------------------------
Creditors of Burgundy Global Ltd. (Company Number 03282395) will
meet at 10:30 a.m. on July 25 at:

         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         England

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

         Geoffrey Paul Rowley
         Joint Administrator
         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         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.


CABLE & WIRELESS: Digicel Files Claims for Unlawful Behavior
------------------------------------------------------------
Cable and Wireless plc confirmed that it received a claim from
Digicel Group Ltd. for unspecified damages.

However, C&W believes the claim is without foundation and it
will be vigorously defended.

C&W is gaining market share in the Caribbean where it is a
market leader in 10 out of 14 of its markets.

It believes that the claim is no more than a deliberate spoiling
tactic by Digicel.

On July 19, 2007, Digicel issued a claim in the English High
Court against C&W and various of its subsidiaries, seeking
multi-million pound damages.

Digicel claims that C&W was engaged in illegal behavior by
impeding and delaying Digicel’s entry into various
telecommunications markets in the English-speaking Caribbean.

Digicel also believes that it has been the victim of a co-
ordinated effort on C&W’s part to prevent and delay Digicel
launching competing mobile telephone networks in St. Lucia, St.
Vincent & the Grenadines, Grenada, Barbados, the Cayman Islands,
Trinidad & Tobago and the Turks and Caicos Islands.

The obstructions and delays by C&W, between 2002 and 2006, have
resulted in substantial damages and as a result Digicel’s claim
covers:

    * Losses of revenue, profits and market share;

    * Restitutionary damages from C&W for the gains and benefits
      made by C&W as a result of its unlawful conduct and;

    * Exemplary damages (compensation in excess of actual
      damages) and interest.

The damages sought by Digicel should amount to several hundreds
of millions of pounds.

It is expected that the claim will come to the High Court in
2008.

“We are extremely frustrated with the continual illegal
obstructions that we have encountered from C&W,” Digicel
Chairman Denis O’Brien said.  “We believe that a successful
claim will not only compensate Digicel for the losses it has
suffered but also that it will put an end to the anti-
competitive practices of C&W.  This will be of undoubted benefit
to all network operators and more importantly all mobile users
in the Caribbean.”

                        About Digicel

Digicel Group Ltd. -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

                  About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%


COLLINS & AIKMAN: C&A Automotive Canada Files CCAA Petition
-----------------------------------------------------------
Collins & Aikman Corporation disclosed Thursday that Collins &
Aikman Automotive Canada Inc. applied for creditor protection
under the Companies' Creditors Arrangement Act (Canada) in the
Ontario Superior Court of Justice.

The CCAA filing for Collins & Aikman's Canadian Plastics
operations is a necessary step in completing its restructuring
efforts.

"This CCAA filing will allow the company to complete any
potential sale transactions involving our Canadian Plastics
operations," said John Boken, Collins & Aikman's Chief
Restructuring Officer. "Similar to our previous filing involving
our Soft Trim operations, we expect to work closely with our
customers, suppliers and employees, as well as the US and
Canadian courts to complete our restructuring efforts."

In connection with the filing, Collins & Aikman sought and
obtained orders staying creditors and other third parties from
terminating agreements with the companies or otherwise taking
enforcement steps.

Collins & Aikman's Canadian Plastics entities will continue
operations in the ordinary course during the CCAA proceedings
under the leadership of their existing management team.  The
Company has arranged for DIP financing that will provide the
necessary funding during the CCAA proceedings.  Ernst & Young
Inc. was appointed by the Court as the Monitor in the CCAA
proceedings.

                     About Collins & Aikman

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

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

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.

As reported in the Troubled Company Reporter on July 16, 2007,
the Court confirmed the Debtors' Amended Joint Plan of
Liquidation.


ENRON CORP: Receives US$149 Million in Litigation Settlement
------------------------------------------------------------
Enron Creditors Recovery Corp. (fka Enron Corp.) received US$149
million in settlement of litigation against certain of the
defendants, including Lehman Commercial Paper Inc., The Northern
Trust Company, Allstate Life Insurance Company and The
Prudential Insurance Company of America, in connection with
claims brought by Enron to recover payments made by Enron in
connection with Enron's commercial paper before Enron's
bankruptcy filing in 2001.

The allocation of the payment among the defendants has not been
disclosed.

"We are pleased to have resolved our differences with the
settling defendants and believe this to be a significant
milestone in the recovery process and our efforts to provide
maximum value to creditors," John J. Ray III, Enron's president
and chairman of the board, said.  "We are hopeful that we can
reach resolution with the remaining defendants."

This settlement resolves claims against only some of the parties
who received Enron commercial paper payments.  Enron is
continuing to prosecute this lawsuit against other defendants
who also received similar payments.

Enron commenced adversary proceedings in November 2003 to
recover commercial paper payments from approximately 180
defendants, so that such funds may be shared equally and ratably
by all similarly situated creditors of its estate.

The settlement remains subject to the approval of the United
States Bankruptcy Court for the Southern District of New York.
Enron is represented in this matter by Venable LLP and Togut,
Segal & Segal, LLP.

                    About Enron Corporation

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.


FORD MOTOR: TPG Capital, Others Bid for Jaguar & Land Rover
-----------------------------------------------------------
Private-equity firm TPG Capital, in a surprise move, has
submitted a proposal to purchase Jaguar and Land Rover, which
Ford Motor Company is selling, The Financial Times reports.

The carmaker has confirmed that a number of firms have come
forward with various offers.  Ford is currently evaluating the
level of interest in the two marques although it has declined to
disclose more details on the potential bidders or the timeline
for any sale, Reuters states.

"We're not ruling anything in or anything out in terms of
options for Jaguar and Land Rover," said John Gardiner, a Ford
spokesman in London, the New York Times notes.  He added that
the whole process was in a "very preliminary" stage and that "no
final decisions have been made."

The TCR-Europe reported on July 20, 2007, that Ford was expected
to receive six indicative bids for Jaguar and Land Rover from
interested parties that include Cerberus Capital Management,
Ripplewood Holdings and One Equity Partners.  Indian carmaker
Tata Motors was believed to be in the early stages of evaluating
a bid for Jaguar and Land Rover.  FT observes that Tata Motors
seems to be the most likely contender for the assets.

The potential bidders have not been given detailed information
about Jaguar and Land Rover, the Times relates, citing a person
taking part in the process as its source.  Ford may reveal the
final list of bidders this week, after which, the finalists may
be given tours of the companies' operations and the opportunity
to interview senior management.  Once the group is narrowed,
Ford would like to move quickly in choosing the winning bidder,
the Times reports, quoting the same source.

                      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.


FORD MOTOR: To Invest EUR675 Million in Romanian Plant
------------------------------------------------------
Ford Motor Company plans to develop the Craiova manufacturing
plant in Romania into one of the major facilities supporting
Ford of Europe's vehicle and engine production requirements, the
company said in a statement.

The TCR-Europe reported on July 12, 2007, that Ford had
submitted a bid for the Automobile Craiova assembly plant in
Romania and forwarded its proposal to he Romanian Authority for
State Assets Recovery.

If the company’s bid is successful, the company would commit to
investing EUR675 million in the site to upgrade and modernize
the plant in line with global Ford Motor Company standards.

Ford’s plans also include increasing employment levels from
3,900 now to 7,000 -– and potentially up to 9,000.

The existing and additional workforce would be producing 300,000
vehicles a year, together with a further 300,000 engines
annually, according to Ford’s plans.  In 2006, the plant made
24,000 vehicles and 116,000 engines.

Ford’s strategy for the Craiova plant was discussed at meetings
in Bucharest with Ford of Europe President and CEO John Fleming,
Romania Prime Minister Calin Popescu-Tariceanu and members of
the privatization committee for Automobile Craiova.

"By 2012, we would expect to be spending around EUR1 billion a
year in Romania to support the Craiova plant," said Mr. Fleming.

"We are excited about the opportunity for Craiova.  But there
is still much hard work to be done before a final agreement
is reached.  During our negotiations with the privatization
committee, we will be emphasizing how important the Craiova
plant is to Ford’s long-term strategic manufacturing plans,"
Mr. Fleming added.

                      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.


GOODYEAR TIRE: Deadline to Convert 4% Senior Notes is Sept. 28
--------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed that its 4%
Convertible Senior Notes due June 15, 2034, are now convertible
at the option of the holders and will remain convertible through
Sept. 28, 2007, the last business day of the current fiscal
quarter.

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on July 17,
2007 (the 11th trading day of the current fiscal quarter), was
greater than 120 percent of the conversion price in effect on
such day. The notes have been convertible in previous fiscal
quarters.

The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered on or prior to
Sept. 28, 2007.  If shares are delivered, cash will be paid in
lieu of fractional shares only.  Issued in June 2004, the notes
are currently convertible at a rate of 83.0703 shares of common
stock per $1,000 principal amount of notes, which is equal to a
conversion price of $12.04 per share.

There is approximately $350 million in aggregate principal
amount of notes outstanding.

If all outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately 29 million.  The notes could be convertible after
Sept. 30, 2007, if the sale price condition described above is
met in any future fiscal quarter or if any of the other
conditions to conversion set forth in the indenture governing
the notes are met.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world and employs more than 80,000
people worldwide.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.


GRAPHOPRINT LTD: Brings In Joint Administrators from KPMG
---------------------------------------------------------
Paul Andrew Flint, Brian Green and David Costley-Wood of KPMG
LLP were appointed joint administrators of Graphoprint Ltd.
(Company Number 01808699) on June 15.

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:

         Graphoprint Ltd.
         Parkway
         Deeside Industrial Park
         Deeside
         CH5 2NS
         Wales
         Tel: 01244 833 700
         Fax: 01244 288 645


GSC REALISATIONS: Creditors' Meeting Slated for July 25
-------------------------------------------------------
Creditors of GSC Realisation Ltd. (Company Number 05588934) will
meet at 10:00 a.m. on July 25 at:

         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         England

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

         Geoffrey Paul Rowley
         Joint Administrator
         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         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.


IKASU LTD: Appoints Michael C. Kienlen as Liquidator
----------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Ikasu Ltd. on June 27 for the creditors’ voluntary winding-up
procedure.

The liquidator can be reached at:

         Armstrong Watson
         Central House
         47 St Paul’s Street
         Leeds
         LS1 2TE
         England


MEDIAFABRIK LTD: Taps Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Mediafabrik Ltd. on June 22
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.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


METRONET RAIL: S&P Keeps BB+ Ratings on Watch on PPP Admin Order
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' long-term and
underlying debt ratings on the GBP1.620 billion combined senior
secured bank loans and debt issued by U.K.-based underground
rail infrastructure financing companies Metronet Rail BCV
Finance PLC and Metronet Rail SSL Finance PLC on CreditWatch
with negative implications, where they were placed on
May 22, 2007.

This follows the public-private partnership administration order
granted over Metronet Rail BCV Ltd. and Metronet Rail SSL Ltd.
(the Infracos) on July 18, 2007.

At the same time, Standard & Poor's affirmed its 'AAA' insured
rating on the GBP165 million index-linked bonds and
GBP350 million fixed-rate bonds outstanding at Metronet BCV,
reflecting the unconditional and irrevocable guarantee of
payment of interest and principal by Financial Security
Assurance U.K. Ltd. (AAA/Stable/--) and Ambac Assurance U.K.
Ltd. (Ambac; AAA/Stable/--), respectively.  In addition,
Standard & Poor's affirmed its 'AAA' insured rating on the
GBP165 million index-linked bonds and GBP350 million fixed-rate
bonds outstanding at Metronet SSL, reflecting the unconditional
and irrevocable guarantee of payment of interest and principal
by Ambac and FSA, respectively.

"The CreditWatch status reflects the risks and uncertainties
regarding both the PPP administration process and the ultimate
restructuring of the Infracos to deliver their responsibilities
under their respective service contracts," said Standard &
Poor's credit analyst Jonathan Manley.  "The PPP administration
process is untested and the outcome is therefore uncertain."

Standard & Poor's believes that the most likely outcome of the
PPP administration process is that new Infraco operating
companies will be created to take over the PPP service contract
responsibilities.  The timing of such an outcome is uncertain,
however, and will rely on a number of key factors, including: an
alternative competent owner being identified; a full
understanding of the contractual requirements of the PPP service
contracts going forward and the new owner having a credible
delivery strategy; clarity regarding the ongoing infrastructure
service charge to be paid to the Infracos; and the likely
support and role of the various parties to the PPP service
contract, including the Statutory Arbiter, Transport for London,
London Underground Ltd., and the U.K. Department of Transport.

"Standard & Poor's will resolve the CreditWatch as the PPP
administration process develops and the likely outcome becomes
clear," Mr. Manley added.  "The long-term and underlying debt
ratings would be lowered if there was a significant downturn in
the Infracos' operating performance or it became clear that
existing senior debtholders would not be kept whole in any new
Infraco structure."

In particular, we will focus on the ongoing performance of the
Infracos during the PPP administration as significant
performance-related deductions from the ISC may result in a
deterioration in credit quality.  In addition, S&P will monitor
the ongoing process of negotiations between the relevant parties
including TfL and DoT to understand the potential ownership and
capital structure of any new Infraco that will assume the PPP
service contract responsibilities.

Standard & Poor's will also review the likely treatment of
senior debtholders within any new capital structure to ensure
that they receive full and timely payment of debt service
obligations and that any restructuring proposal does not result
in any loss of value to the debtholders.

If, as part of the PPP service contract restructuring process,
the various debt obligations of the Metronet companies are
assumed by TfL -- prior to a final restructuring solution being
implemented -- the long-term and underlying debt ratings could
be raised.


MIKEY LTD: Calls In Liquidators from Tenon Recovery
---------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Mikey Ltd. on June 27 for the creditors’
voluntary winding-up proceeding.

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

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


NCO GROUP: Launches Exchange Offers for $365 Million Sr. Notes
--------------------------------------------------------------
NCO Group Inc. has commenced an offer to the holders of its:

   -- Floating Rate Senior Notes due 2013 (CUSIP No. 144A:
      628858 AE 2, ISIN No. 144A: US628858AE21); and

   -- 11.875% Senior Subordinated Notes due 2014 (CUSIP No.
      144A: 628858 AF 9, ISIN No. 144A: US628858AF95; CUSIP No.
      Reg. S: U6376M AC 5, ISIN No. Reg. S: USU6376MAC56)

to exchange the Outstanding Notes for like principal amount of
its US$165 million principal amount Floating Rate Senior Notes
due 2013 and its US$200 million principal amount 11.875% Senior
Subordinated Notes due 2014, which have been registered under
the Securities Act of 1933, as amended.

The Outstanding Notes were sold in a private placement by the
company, which was completed in November 2006.  The company was
required to carry out the Exchange Offer under the terms of
agreements entered into in the private placement.

The Exchange Offer is scheduled to expire at 5:00 p.m., New York
City time, on Aug. 15, 2007, unless extended by the company.
The exchange agent for the exchange offer is The Bank of New
York.

Holders of the Outstanding Notes may obtain further information
by calling The Bank of New York at 212-815-5098, or by facsimile
at 212-298-1915.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.

                          *     *     *

NCO Group carries Moody's Investor Service's B2 long term
corporate family rating and probability of default rating.  The
outlook is stable.

The company also carries Standard & Poor's B+ long term foreign
and local issuer credit rating.


SANITEC INDUSTRIES: Section 341(a) Meeting Scheduled on Aug. 14
---------------------------------------------------------------
The U.S. Trustee for Region 16 will convene a hearing of
creditors of Sanitec Industries Inc., on Aug. 14, 2007, at 9:00
a.m., at 21051 Warner Center Lane, Room 105 in Woodland,
California.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Sun Valley, California, Sanitec Industries Inc.
-- http://www.sanitecindustries.com/-- is the global patent
holder for the Sanitec(R) Microwave Healthcare Waste
Disinfection System(TM).  The company's facilities that are
operating both at hospitals and at regional waste treatment
centers in the United States and in six foreign countries
(Brazil, England, Canada, Japan, Korea, and Saudi Arabia),
process infectious medical waste.

The company filed for Chapter 11 protection on July 5, 2007
(Bankr. C.D. Calif. Case No. 07-12307).  Jeffry A. Davis, Esq.,
in San Diego, California, represents the Debtor in its
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date in this case.  When the
Debtor filed for bankruptcy, its listed estimated assets and
debts between US$1 million and US$100 million.


SHAW GROUP: Secures US$1.29 Billion EPC Pact from Duke Energy
-------------------------------------------------------------
The Shaw Group Inc. has been awarded an engineering, procurement
and construction contract by Duke Energy Carolinas, LLC, a unit
of Duke Energy, as part of the Cliffside modernization project,
to build a new 800-megawatt supercritical coal-fired electric
generating plant and a flue gas desulfurization system at Duke's
existing Cliffside Steam Station in Rutherford and Cleveland
counties, North Carolina.

Supercritical clean coal technology allows for exceptional
operational reliability, efficiency and fuel flexibility,
thereby providing an economic and environmental benefit.  The
state-of-the-art FGD system, to be built at Unit 5 of the
existing Cliffside Steam Station, will be shared with the new
800-megawatt supercritical unit.  The value of Shaw's EPC
contract is valued at approximately $1.29 billion.

"We are excited to continue support Duke's clean energy
expansion strategy with this significant EPC contract,” J.M.
Bernhard, Jr., chairman, president and chief executive officer
of Shaw, said.  “The supercritical pulverized clean coal
technology is more advanced and efficient than conventional coal
combustion technologies currently in operation and we are ready
to deliver this important generating facility and air quality
control system for our longtime client."

                   About Duke Energy Corp.

Headquartered in Charlotte, North Carolina, Duke Energy Corp.
(NYSE:DUK) -- http://www.duke-energy.com/-- is an electric and
natural gas company.

                       About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the $100 million increase to the company's revolving credit
facility.


TATA MOTORS: Enters Saudi Arabi's Passenger Car Market
------------------------------------------------------
Tata Motors is foraying into Saudi Arabia's passenger car market
with the launch of its 2008 car models -- Tata Indica, Tata
Indigo and Tata Marina, the Press Trust of India reports.

Tata launched the three models at a price range of SR30,000-
35,000, PTI says, citing Arab News.

According to the report, the company has appointed Mohamed A
Alhamrani & Co Intertrade Ltd as its sole distributor in the
Kingdom and set up an alliance network consisting of 35 service
points to cater to the different needs of their customers.

                       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.

                          *    *    *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Thailand Venture Invests in Pickup Production
----------------------------------------------------------
Tata Motor (Thailand) Co., the 70-30 joint venture between Tata
Motor of India and Thonburi Auto Assembly, has started its
THB1.3 billion investment in Thailand for pickup production, KGI
Securities Web site relates.  The investment sees the
manufacture of 35K one-ton pickups per year in Samut Prakan.

According to KGI, Tata's pickups will use 54% local content
worth THB3.9 billion per year.

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.

                          *    *    *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA STEEL UK: Fitch Rates Foreign Currency Issuer Default at BB
----------------------------------------------------------------
Fitch Ratings has assigned Tata Steel U.K. Ltd -- a wholly owned
subsidiary of India-based Tata Steel Ltd and the new
intermediate holding company for the Corus Group Plc with assets
in the UK and Netherlands -- a Long-term Foreign Currency Issuer
Default rating of 'BB'.

Fitch has also assigned a 'BB+' instrument rating to the GBP3.67
billion of senior secured bank facilities issued by TSUK and its
subsidiaries, and used to fund the acquisition of CS.  The
Outlook on the Long-term IDR is Stable.

The ratings reflect TSUK's strong market presence in the UK and
European construction and automotive sectors, which is
underpinned by its established distribution network.  While
Fitch does not expect that TSL will supply CS with either steel-
making raw materials or semi-finished steel products from India
over the next one to two years, the ratings do factor in a
strengthening of CS's business profile by way of higher
production capacity, efficiency/cost reduction measures, and a
higher value-added product mix.  The expected strengthening of
the group's business profile is, however, offset by a
significant increase in post-acquisition debt levels with
starting net leverage of around 3.2x based on Fitch estimates,
with only gradual de-leveraging expected over the next two years
of the transaction.

Key risks to the future performance of TSUK are the potential
cyclicality of steel prices, although Fitch expects these to
remain at favorable levels over the next 12-18 months, together
with further raw material price pressures (particularly in iron
ore).  While the new TSUK facilities are legally non-recourse to
TSL, Fitch recognizes the strong management and strategic ties
between TSL and CS and has factored in a degree of parental
support into TSUK's ratings.

The new senior secured bank facilities for TSUK include
GBP3.09 billion of term loans, a GBP500 million revolving credit
facility and a GBP80 million loan note guarantee facility.  The
rating of these facilities is a notch above the Long-term IDR,
reflecting Fitch's assessment that the security package
available to lenders provides above-average recovery prospects,
offset in part by the higher than average level of senior
leverage at TSUK.  Facilities at TSUK will benefit from a pledge
over the assets of CS's UK operations and over the shares of
Corus Nederland.  Material subsidiaries, with the exception of
the Corus Nederlands entities, will act as guarantors.  Fitch
notes that no decision has yet been reached regarding the
sharing of security with CS's UK pension funds.  The senior debt
ratings also factor in Fitch's expectation that TSL will make a
tender offer for the outstanding bonds at CS and Corus Finance
in the coming months.

TSL is India's second-largest steel manufacturer with revenues
of INR251.2bn (US$5.8 billion) and net income of INDR41.7
billion (US$962 billion) for the year ended March 31, 2007.  CS
is Europe's second-largest steel producer with an output of 18.3
million tons, turnover of GBP9.7 billion and net income of
GBP223 million at end-2006.  Based on a combined 2006 production
volume of 25 million tons, TSL and CS rank as the world's sixth-
largest steel producer.


WILMSLOW WINDOWS: Hires Liquidators from PKF (U.K.)
---------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were
appointed joint liquidators of Wilmslow Windows Ltd. on June 28
for the creditors’ voluntary winding-up procedure.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Ltd.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


ZAIKHA LTD: Taps Stephen John Tancock to Liquidate Assets
---------------------------------------------------------
Stephen John Tancock of Smith & Williamson Ltd. was appointed
liquidator of Zaikha Ltd. on June 20 for the creditors’
voluntary winding-up procedure.

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

The liquidator can be reached at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


* BOND PRICING: For the Week July 16 to July 20, 2007
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.24
                          0.250    10/14/26     CDN      37.96
Republic of Austria       4.000    06/22/22     EUR      71.98
                          7.000    08/04/25     EUR      65.78
                          5.000    10/10/25     EUR      62.25


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.96
                          0.500    04/26/13     AUD      70.51
                          1.000    11/21/16     NZD      57.07
                          0.500    09/24/20     CDN      55.22
                          0.250    06/28/40     CDN      19.78

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      68.66
Alcatel S.A.              4.750    01/01/11     EUR      17.02
Altran Technologies S.A.  3.750    01/01/09     EUR      12.45
BNP Paribas               0.250    12/20/14     US$      67.45
CAP Gemini S.A.           2.500    01/01/10     EUR      60.75
                          1.000    01/01/12     EUR      62.49
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.32
                          4.375    11/01/10     EUR      57.30
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      71.81
Havas S.A.                4.000    01/01/09     EUR      10.81
Infogrames
   Entertainment S.A.     4.000    01/01/09     EUR       0.50
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      22.30
Maurel & Prom             3.500    01/01/10     EUR      22.07
Publicis Group            0.750    07/17/08     EUR      33.42
                          1.000    01/18/18     EUR      43.45
Rallye                    3.750    01/01/08     EUR      53.21
Rhodia S.A.               0.500    01/01/14     EUR      49.20
Scor S.A.                 4.125    01/01/10     EUR       2.36
Soc Air France            2.750    04/01/20     EUR      36.13
Soitec                    4.625    12/20/09     EUR      13.81
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.16
Valeo                     2.375    01/01/11     EUR      50.92
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.93
Wavecom S.A.              1.750    01/01/14     EUR      33.96
Wendel Invest S.A.        2.000    06/19/09     EUR      53.99

GERMANY
-------
Deutsche Bank AG          5.360    12/23/15     EUR      74.16
KfW Bankengruppe          0.500    10/30/13     AUD      67.09
                          0.347    05/17/16     EUR      76.64
                          0.500    12/19/17     EUR      65.96
                          5.000    05/23/20     EUR      73.49
                          1.250    07/07/20     EUR      69.77
                          5.000    07/29/20     EUR      70.40
                          6.000    07/21/25     EUR      66.22
                          5.000    09/01/25     EUR      74.41
                          8.000    08/10/30     EUR      64.85
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      41.92
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.20

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      70.78
Hellenic Republic         0.990    07/07/24     EUR      65.87
Hellenic Republic         6.000    07/06/24     EUR      71.69

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

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.26
                          0.250    07/08/33     CDN      26.90
Irish Perm Plc            6.125    02/15/35     EUR      66.10
Magnolia Finance IV Plc   1.050    12/20/45     US$      26.42

LUXEMBOURG
----------
Carrier1 Int'l S.A.      13.250    02/15/09     US$       0.88
Teksid Aluminum S.A.     12.375    07/15/11     EUR      33.42

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      60.17
                          0.500    02/24/25     CDN      45.52
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.21
Energy Group O/S          7.425    10/15/17     US$      35.00
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.90
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      74.23
                          8.250    03/16/35     EUR      62.62
                          7.000    05/17/35     EUR      69.56
                          7.250    10/05/35     EUR      63.69
Ned Waterschapbk          6.000    06/01/35     EUR      72.90
                          6.500    08/15/35     EUR      65.24
Rabobank Groep N.V.       5.360    07/15/15     EUR      67.66
                          6.000    04/08/20     EUR      71.66
                          3.100    11/15/24     US$      72.52
                          6.000    02/22/35     EUR      70.31
                          2.000    02/23/35     EUR      62.71
                          7.000    02/28/35     EUR      69.98
                          7.000    03/23/35     EUR      66.16
                          6.000    05/09/35     EUR      72.86

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.07

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.85

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      53.84
HBOS Treasury
   Services Plc           6.000    02/07/35     EUR      73.03
National Grid Gas Plc     1.754    10/17/36     GBP      45.18
                          1.771    03/30/37     GBP      45.12
Royal BK Scotland Plc     0.250    03/27/14     US$      70.65
                          7.000    04/04/25     US$      67.20
                          7.000    06/09/25     EUR      64.96
                          7.000    06/29/30     EUR      60.68
TXU Eastern Finance Plc   6.750    05/15/09     US$       5.63
Wessex Water Finance Plc  1.369    07/31/57     GBP      30.09


                            *********

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 * * *