TCREUR_Public/070724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 24, 2007, Vol. 8, No. 145

                            Headlines


A U S T R I A

ANDREEV KEG: Vienna Court Orders Business Closure
HARF LLC: Vienna Court Orders Business Shutdown
KAIBLINGER & STEINNACKER: Claims Registration Ends Aug. 24
MESSNER GRAFIK: Claims Registration Period Ends Aug. 1
NORBERT LANGER: Claims Registration Period Ends July 31

TTL TRANSTYROLOG: Claims Registration Period Ends July 27


B E L G I U M

POLYONE CORP: Inks Canadian Receivables Purchase Agreement


F R A N C E

NYLSTAR INC: Has Until Aug. 17 to File Schedules and Statements
RHODIA SA: Appoints Nicolas Beniere as Group Vice President


G E O R G I A

METROMEDIA INTL: Magticom Unit Earns US$27.34 Mln for Q1 2007


G E R M A N Y

A & V BAUREGIE: Claims Registration Period Ends Sept. 14
BOGS AG: Claims Registration Period Ends August 15
GOETTINGER GRUPPE: Customers Made Investments Thru BHW Loans


H U N G A R Y

* Hungary's New Provisions Change Rules of Insolvency


I R E L A N D

COMMSCOPE INC: Submits Pre-merger Notification Filings


I T A L Y

ANDREW CORP: Submits Pre-merger Notification Filings
ANDREW CORPORATION: Inks Second Amendment to Credit Agreement


K A Z A K H S T A N

ALTYNAI LLP: Proof of Claim Deadline Slated for Aug. 24
CENTER OF WORK JSC: Creditors Must File Claims Aug. 31
DULAT LTD LLP: Claims Filing Period Ends Aug. 31
TALDYKORGAN-MONITORING LLP: Creditors' Claims Due on Aug. 31


K Y R G Y Z S T A N

AKSU JSC: Creditors Must File Claims by August 29
MEDPHARMINFO LLC: Claims Filing Period Ends August 29


N E T H E R L A N D S

CAIRN CLO: Moody's Rates Class E Senior Secured Notes at (P)Ba3
PANTHER CDO V: Fitch Rates EUR4 Million Class D Notes at BB
YUKOS FINANCE: Receiver Eyes Access to Transpetrol Share Docs


P O L A N D

STOCZNIA SZCZECINSKA: Investors Fail to Raise Capital in Meeting


R U S S I A

ASSEMBLY ENTERPRISE 4: Creditors Must File Claims by Aug. 30
BANK FOR RECONSTRUCTION: Fitch Ups IDR to B+ with Stable Outlook
ENERGY CJSC: Vladimir Bankruptcy Hearing Slated for Nov. 1
KAMESHKOVSKIY TIMBER: Creditors Must File Claims by Aug. 23
KHVALYNSKIY CHALK: Creditors Must File Claims by Aug. 30

LIPETSK-STEEL-CONSTRUCTION: Names A. Minin as Insolvency Manager
OIL-TRADE LLC: Creditors Must File Claims by July 30
OUR HOUSE: Creditors Must File Claims by July 30
RED & BLACK: Moody's Affirms Ba2 Rating on US$18.6 Million Notes
RGS-HOLDING CJSC: Creditors Must File Claims by Aug. 30

ROYAL TRADING: Creditors Must File Claims by July 30
RUSSIAN SHIPPING: Creditors Must File Claims by Aug. 30
STROY-DETAIL OJSC: Creditors Must File Claims by Aug. 30
STURGEON LLC: Moscow Bankruptcy Hearing Slated for Sept. 6
TEMKINSKIY FLAX: Creditors Must File Claims by July 30

WOOD-AL LLC: Creditors Must File Claims by July 30
YUKOS OIL: Receiver Eyes Access to Transpetrol Share Certificate


S P A I N

TDA 29: Moody's Junks EUR4.3 Million Series D Notes
TDA 29: Fitch Junks Ratings of EUR4.9 Million Class D Notes


S W I T Z E R L A N D

ADHOC CONSULTANTS: Creditors' Liquidation Claims Due August 2
BERATA JSC: Creditors' Liquidation Claims Due August 6
DACONA JSC: Creditors' Liquidation Claims Due August 2
IDENTIFY SOFTWARE: Creditors' Liquidation Claims Due August 2
MAVIC INVESTMENT: Creditors' Liquidation Claims Due August 2

SUD-PRINT JSC: Creditors' Liquidation Claims Due July 31
TESSAROLO BAUKERAMIK: Creditors' Liquidation Claims Due Aug. 15
UHLSPORT REDLER: Creditors' Liquidation Claims Due August 2
UNLAND JSC: Creditors' Liquidation Claims Due August 2
WOHNBAU JSC: Creditors' Liquidation Claims Due August 2


T U R K E Y

GLOBAL YATIRIM: Fitch Rates US$100 Million Notes at B


U K R A I N E

AUTO-MAX: Claims Submission Deadline Set July 25
BUILDING METAL Claims Submission Deadline Set July 25
IMPORT-GROUP LLC: Claims Submission Deadline Set July 25
KALIUS LLC: Creditors Must File Claims by July 25
LPI-FISH LLC: Claims Submission Deadline Set July 25

MEGAPOLIS XXI: Claims Submission Deadline Set July 25
NIKAS COMPANY: Claims Submission Deadline Set July 25
NIKOPOL BUILDING: Claims Submission Deadline Set July 25
SANTINO PRODUCTION: Claims Submission Deadline Set July 25
TANTAL-TRADE LLC: Claims Submission Deadline Set July 25

VORSKLA LLC: Claims Submission Deadline Set July 25


U N I T E D   K I N G D O M

5 MILES: Brings In Liquidators from BDO Stoy Hayward
ADVANCED MICRO: Posts US$600 Mln Net Loss in Qtr. Ended June 30
AMR CORP: Earns US$317 Million in Second Quarter Ended June 30
AMW ENGINEERING: Neil Hickling Leads Liquidation Procedure
ANGLIA SOFT: Claims Filing Period Ends September 7

AVISTAR COMMS: June 30 Balance Sheet Upside-Down by US$3.5 Mln
BBB CITY: Calls In Liquidators from KPMG
BRACKENS LTD: Claims Filing Period Ends August 14
BRITISH AIRWAYS: Aims to Improve Fuel Efficiency by 25% by 2025
CHYZONS LTD: Names Stephen Robert Cork Liquidator

DEVELOPING DATA: Taps Simon Paterson to Liquidate Assets
EMI GROUP: S&P Keeps Ratings on Watch on Offer Extension
GENERAL MOTORS: Reports Global 2nd Qtr Sales of 2.4 Mln Vehicles
GENERAL MOTORS: Denies Plans to Build Czech Site
GRAMOS APPLIED: Hires Liquidators from BDO Stoy Hayward

MARK NORRIS: Taps Liquidator from UHY Hacker Young
MILLENNIUM MACADAM: Appoints Duncan R. Beat as Liquidator
MOVE HANLEY: J. M. Titley Leads Liquidation Procedure
WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch
WEEKENDERS LOGISTICS: Joint Liquidators Take Over Operations

* United Kingdom Stays Airport Security Measures
* Large Companies with Insolvent Balance Sheet


                            *********


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


ANDREEV KEG: Vienna Court Orders Business Closure
-------------------------------------------------
The Trade Court of Vienna entered June 28 an order closing the business of
KEG Andreev (FN 282287d).

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

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


HARF LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered June 25 an order shutting down the
business of LLC HARF (FN 278764y).

Court-appointed estate administrator Susanne Fruhstorfer 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. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 5776/13
         Fax: 512 5776/50
         E-mail: office@fg-lawyers.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June
14 (Bankr. Case No 4 S 69/07k).  Michael Guenther represents Dr.
Fruhstorfer in the bankruptcy proceedings.


KAIBLINGER & STEINNACKER: Claims Registration Ends Aug. 24
----------------------------------------------------------
Creditors owed money by LLC Kaiblinger & Steinnacker Gastro (FN 266818f)
have until Aug. 24 to file written proofs of claim to court-appointed
estate administrator Ursula Schilchegger-Silber at:

         Mag. Ursula Schilchegger-Silber
         Ringstrasse 14
         4600 Wels
         Austria
         Tel: 07242/41824
         Fax: 07242/4182480
         E-mail: schilchegger@welslaw.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:20 a.m. on Sept. 6 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on June 25
(Bankr. Case No. 20 S 79/07d).


MESSNER GRAFIK: Claims Registration Period Ends Aug. 1
------------------------------------------------------
Creditors owed money by LLC MESSNER Grafik & Design (FN 170814y) have
until Aug. 1 to file written proofs of claim to court-appointed estate
administrator Herbert Felsberger at:

         Dr. Herbert Felsberger
         Waaggasse 17
         9020 Klagenfurt
         Austria
         Tel: 0463/508840
         Fax: 0463/508840-20
         E-mail: avv.felsgaup@aon.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on Aug. 7 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Voelkermarkt, Austria, the Debtor declared bankruptcy on
June 27 (Bankr. Case No. 40 S 34/07a).


NORBERT LANGER: Claims Registration Period Ends July 31
-------------------------------------------------------
Creditors owed money by LLC Norbert Langer & Soehne (FN 110599x) have
until July 31 to file written proofs of claim to court-appointed estate
administrator Georg Dieter at:

         Mag. Georg Dieter
         Friedhofgasse 20
         8020 Graz
         Austria
         Tel: 0316/7085
         Fax: 0316/7085-25
         E-mail: law-office@rath-partner.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:40 a.m. on Aug. 9 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz - Goesting, Austria, the Debtor declared bankruptcy
on June 28 (Bankr. Case No. 26 S 44/07a).


TTL TRANSTYROLOG: Claims Registration Period Ends July 27
---------------------------------------------------------
Creditors owed money by LLC TTL Transtyrolog (FN 168888s) have until July
27 to file written proofs of claim to court-appointed estate administrator
Markus Kostner at:

         Dr. Markus Kostner
         c/o Dr. Otmar Schimana
         Schoepfstrasse 6a
         6020 Innsbruck
         Austria
         Tel: 0512/56 15 70
         Fax: 0512/56157015

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on Aug. 10 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on
June 28 (Bankr. Case No. 7 S 38/07h).  Otmar Schimana represents Dr.
Kostner in the bankruptcy proceedings.


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


POLYONE CORP: Inks Canadian Receivables Purchase Agreement
----------------------------------------------------------
PolyOne Corporation, on Friday, entered into a Canadian Receivables
Purchase Agreement among the company, as servicer, PolyOne Funding Canada
Corporation, as seller, Citicorp U.S.A. Inc., as administrative agent,
National City Business Credit, Inc., as syndication agent, and the banks
and other financial institutions party thereto, as initial purchasers.

In connection with the Purchase Agreement, the company also entered into
the Canadian Receivables Sale Agreement, dated as of July 13, 2007, by and
among the company, as buyer’s servicer, PolyOne Canada Inc. as the seller,
and PolyOne Funding Canada Corp., as the buyer.

Under the Purchase and Sale Agreements, from time to time, PolyOne Canada
Inc. will sell its Canadian receivables to PolyOne Funding Canada Corp.,
which will then sell interests in the receivables to the banks and other
financial institutions party to the Purchase Agreement on the terms and
subject to the conditions of the Purchase Agreement.  The Purchase
Agreement provides up to US$25 million in funding, based on availability
of eligible trade accounts receivable and other customary factors.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/-- provides of specialized polymer materials,
services and solutions.  PolyOne has operations in North America, Europe,
Asia and Australia, and joint ventures in North America and South America.

                            *   *   *

As reported in the Troubled Company Reporter on July 13, 2007, Fitch
Ratings upgraded PolyOne Corporation's Issuer Default Rating to 'BB-' from
'B'; and Senior unsecured debt and debentures rating to 'BB-' from
'B+/RR3'.  The Rating Outlook is Stable.


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


NYLSTAR INC: Has Until Aug. 17 to File Schedules and Statements
---------------------------------------------------------------
The United States Bankruptcy Court for the Western District of Virginia
extended until Aug. 17, 2007, Nylstar Inc.'s deadline to file its
schedules of assets and liabilities and statement of financial affairs.

The Debtor tells the Court that it needs significant amount of time to
prepare and compile the schedules and statements.  During the first few
days of bankruptcy, the Debtor was unable to prepare it schedules and
statements by the required deadline.

The Debtor assures the Court that it notified the U.S. Trustee’s office,
Internal Revenue Service and the secured lenders’ counsel regarding its
request for extension.

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 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.


RHODIA SA: Appoints Nicolas Beniere as Group Vice President
-----------------------------------------------------------
Rhodia S.A. appointed Nicolas Beniere as group vice president industrial
and member of the executive committee.

In his new role, Mr. Beniere will drive the operational excellence and the
optimization of Rhodia's industrial network. He also becomes responsible
for the group's safety and environmental policy.

Mr. Beniere, a graduate in chemical engineering of Ecole Nationale
Superieure des Industries Chimiques and in business administration of
Institut d'Administration des Entreprises, joined Michelin in 1977 to take
up various manufacturing responsibilities in Europe and North America.

He joined Johnson Controls in 1996 to lead the European operations of the
Interior division.  He joined Valeo in 1998 as VP Manufacturing of the
Lighting branch.

He joined Rhodia in 1999 as VP Manufacturing of the Industrial Specialties
division and in 2001 of the Services and Specialties division.  Since 2003
he leads the deployment of World Class Manufacturing for the Group.

                          About Rhodia

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

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

                            *   *   *

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

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

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

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

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

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


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


METROMEDIA INTL: Magticom Unit Earns US$27.34 Mln for Q1 2007
-------------------------------------------------------------
Metromedia International Group Inc. released the preliminary and unaudited
U.S. GAAP financial results for the three months ended March 31, 2007, for
its principal core business, Magticom Ltd.

Magticom posted US$27.34 million in EBITDA on US$43.85 million in net
revenues for the first three months of 2007, compared with US$25.4 million
in EBITDA on US$36.93 million in net revenues for the same period in 2006.

Metromedia does not generate cash flows from operations and is dependent
on the earnings of its business ventures and the distribution or other
payment of these earnings to meet its corporate cash outlay requirements.
As of June 30, 2007, the Company's unrestricted corporate cash balance was
around US$9.7 million and Magticom's unrestricted cash balance, in various
currencies, was around US$9.5 million (at current exchange rates).

During the past several fiscal years, the cash flows generated from
Magticom's operations have been sufficient to enable Magticom to
self-finance its capital expenditure requirements and to fully repay any
outstanding financing obligations. Magticom expended around US$15.2
million in the first quarter 2007 on capital infrastructure expansion or
rehabilitation programs and maintenance of its radio frequency licenses.
Magticom anticipates that it will expend around US$40 million for full
year 2007 on such capital programs and licenses.

At present, Magticom does not have any outstanding debt obligations.

                  External Sources of Liquidity

The Company has a legal obligation to its 7 1/4% Cumulative Convertible
Preferred Stock with respect to their cumulative unpaid dividends of
around US$118 million as of June 30, 2007, and the Preferred Stock is
currently trading at a substantial discount to its per share liquidation
value. These conditions limit the Company's ability to access the capital
markets and to use its common stock as currency for business development
or other purposes.

During the past several years, the Company has relied upon cash receipts
from the sale of certain of its non-core business ventures and, to a
lesser extent, the repatriation of cash from business ventures, in the
form of dividend distributions or the repayment of outstanding loans in
order to meet its outstanding legal liabilities and obligations.  Since
the Company has monetized its interest in all but four of its business
ventures, the Company must now rely on dividends from its business
ventures or outside financing as the principal sources of funding for
further business development.

A material portion of projected dividends will be required to meet future
corporate cash overhead requirements.  Remaining funds may be insufficient
to fund substantial expansion of present businesses or acquisition of new
business interests. This could result in eventual erosion in the value of
the Company's underlying businesses.

                        About Metromedia

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

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

                            *   *   *

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

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

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

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

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

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


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


A & V BAUREGIE: Claims Registration Period Ends Sept. 14
--------------------------------------------------------
Creditors of A & V Bauregie + Planungsgesellschaft mbH have until Sept. 14
to register their claims with court-appointed insolvency manager Ulrich
Wenzel.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Oct. 17, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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. Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings against A & V
Bauregie + Planungsgesellschaft mbH on July 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A & V Bauregie + Planungsgesellschaft mbH
         Behlertstrasse 3a
         14467 Potsdam
         Germany


BOGS AG: Claims Registration Period Ends August 15
--------------------------------------------------
Creditors of BOGS AG have until Aug. 15 to register their claims with
court-appointed insolvency manager Frank Krueger.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Sept. 17, 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 Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         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. Frank Krueger
         Sutthauser Str. 394
         49080 Osnabrueck
         Germany
         Tel: 0541-990330
         Fax: 0541-9903310

The District Court of Osnabrueck opened bankruptcy proceedings against
BOGS AG on July 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BOGS AG
         Hafenringstr. 10
         49090 Osnabrueck
         Germany


GOETTINGER GRUPPE: Customers Made Investments Thru BHW Loans
------------------------------------------------------------
Representatives of BHW Holding AG were reported to have invested funds in
insolvent Goettinger Gruppe Beteiligungs GmbH from building society loans
available to customers who lack funds to invest in Goettinger Gruppe, The
Financial Times Ltd. reports citing Handelsblatt.

According to the report, BHW's building society funds can only be used for
construction and renovation purposes.

A spokesperson for BHW told Handelsblatt that BHW is not aware of this
situation.

As reported in the TCR-Europe, Goettinger filed for insolvency at the
District Court of Charlottenburg on June 8, 2007, after a shareholder
called for the petition.

According to the report, more than 100,000 customers with investments of
around EUR1 billion are affected by the filing.

Over 170 warrants of arrest were issued, including those against board
members Jurgen Rinnewitz and Mariana Gotz, for payments not having been
made to investors.

Headquartered in Hameln, Germany, BHW Holding AG -- http://www.bhw.de/--
is a Germany-based company that offers a comprehensive range of financial
planning services for private clients. The Company has 16 subsidiaries in
Germany, 14 wholly owned and two majority owned. They deal with private
retail banking, home loan banking, life insurance, real estate, pension
funds, investment funds, housing industries and financial consultancy.

Headquartered in Berlin, Germany, Goettinger Gruppe Beteiligungs GmbH –-
http://www.goettinger-gruppe.de/-- is an investment company, offering
savings plans of old age provisions. The company has been trading since
1980.


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


* Hungary's New Provisions Change Rules of Insolvency
-----------------------------------------------------
Hungary's new provisions of the Insolvency Act, effective since July 7,
2007, fundamentally change the rules of insolvency, PricewaterhouseCoopers
says.

According to PwC, as of the July 7, 2007, the court will qualify a debtor
company as insolvent if it:

   -- has not challenged or otherwise disputed the contractual
      fulfillment in writing within 15 days reckoned from the
      due date indicated in the invoice;

   -- has not paid the invoiced amount; and

   -- has not challenged or otherwise disputed the invoice
      between its due date and the day on which a written
      payment notice is received by the debtor.

In such case, the court will simultaneously order the company's liquidation.

The regulation of insolvency status, which entered into force on July 1,
2006, and now superceded, have made it considerably difficult to use
liquidation proceedings against debtors acting in bad faith.

Last year's strengthening of the law seems not to have achieved its goals.
The government package aimed at fighting cross-debt situations now makes
it, once again, a straight forward matter to launch liquidation
proceedings against debtors not meeting their financial obligations on
time, PwC noted.

From an "Insolvency Act perspective", the latest point at which any
invoices may be disputed is on the day preceding the receipt of the
written payment notice calling the debtor for payment.

After this date, the debtor may only avoid liquidation if it settles the
entire debt.  In the event the debtor finds the claim unfounded, but
intends to avoid liquidation, it may settle the entire debt and
simultaneously legally challenge its lawful nature.

Based upon such challenge, the debtor may later on reclaim the remitted
sums in litigation.

The law sets a tough but rebuttable presumption, that for insolvency law
purposes any registered mail shall be deemed to have been received by the
debtor on the fifth working day after it was sent.

Another important new provision bans bankruptcy protection if debts the
same debtor still has outstanding debts from an earlier bankruptcy
proceeding.

The payment moratorium in bankruptcy proceeding was modified from 90 days
to a minimum of 60 and a maximum of 120 days.

Through the new regulations, the government intends to impose more
discipline on the handling outstanding debts, and corporations that do not
pay attention to payment notices may
easily find themselves in the middle of a liquidation procedure.


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


COMMSCOPE INC: Submits Pre-merger Notification Filings
------------------------------------------------------
CommScope Inc. and Andrew Corporation submitted their pre-merger
notification filings as required under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, with respect to the proposed
acquisition by CommScope Inc. of Andrew Corp.

In connection with the proposed merger, CommScope intends to file a
registration statement with the Securities and Exchange Commission on Form
S-4 and CommScope Inc. and Andrew Corp. expect to mail a proxy statement/
prospectus to Andrew Corp.’s stockholders containing information about the
merger.

The registration statement and the proxy statement/prospectus will contain
important information about CommScope Inc., Andrew Corp., the merger, and
related matters.

As reported in the Troubled Company Reporter on June 29, 2007, CommScope
Inc. and Andrew Corporation entered into a definitive agreement on June
27, 2007, unanimously approved by their respective Boards of Directors,
under which CommScope will acquire all of the outstanding shares of Andrew
for US$15.00 per share, at least 90% in cash, creating a global leader in
infrastructure solutions for communications networks.

The transaction, which is valued at approximately US$2.6 billion, is
expected to be accretive to CommScope's cash earnings per share, excluding
special items, in the first full year after closing.  The US$15.00 per
share purchase price represents a premium of approximately 13% over
Andrew's average closing share price for the last 30 trading days, a 21%
premium over Andrew's average closing share price for the last 60 trading
days, and a 16% premium over the closing price of Andrew's common stock on
Tuesday, June 26, 2007.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.
The company serves operators and original equipment
manufacturers from facilities in 35 countries, including, among
others, China, India, Italy, Czech Republic, Argentina, Bahamas,
Belize, Barbados, Bermuda and Brazil.

                         About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.  CommScope has facilities in Brazil, Australia, China
and Ireland.

                            *   *   *

CommScope carries Standard & Poor's Rating Services BB corporate
credit rating with a stable outlook.


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


ANDREW CORP: Submits Pre-merger Notification Filings
------------------------------------------------------
CommScope Inc. and Andrew Corporation submitted their pre-merger
notification filings as required under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, with respect to the proposed
acquisition by CommScope Inc. of Andrew Corp.

In connection with the proposed merger, CommScope intends to file a
registration statement with the Securities and Exchange Commission on Form
S-4 and CommScope Inc. and Andrew Corp. expect to mail a proxy statement/
prospectus to Andrew Corp.’s stockholders containing information about the
merger.

The registration statement and the proxy statement/prospectus will contain
important information about CommScope Inc., Andrew Corp., the merger, and
related matters.

As reported in the Troubled Company Reporter on June 29, 2007, CommScope
Inc. and Andrew Corporation entered into a definitive agreement on June
27, 2007, unanimously approved by their respective Boards of Directors,
under which CommScope will acquire all of the outstanding shares of Andrew
for US$15.00 per share, at least 90% in cash, creating a global leader in
infrastructure solutions for communications networks.

The transaction, which is valued at approximately US$2.6 billion, is
expected to be accretive to CommScope's cash earnings per share, excluding
special items, in the first full year after closing.  The US$15.00 per
share purchase price represents a premium of approximately 13% over
Andrew's average closing share price for the last 30 trading days, a 21%
premium over Andrew's average closing share price for the last 60 trading
days, and a 16% premium over the closing price of Andrew's common stock on
Tuesday, June 26, 2007.

                         About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.  CommScope has facilities in Brazil, Australia, China
and Ireland.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.
The company serves operators and original equipment
manufacturers from facilities in 35 countries, including, among
others, China, India, Italy, Czech Republic, Argentina, Bahamas,
Belize, Barbados, Bermuda and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter on June 29, 2007, Standard &
Poor's Ratings Services lowered its corporate credit
rating on Andrew Corp. to 'BB-' from 'BB' and placed the rating on
CreditWatch with negative implications, following announcement of the
merger.


ANDREW CORPORATION: Inks Second Amendment to Credit Agreement
-------------------------------------------------------------
Andrew Corporation, as of July 13, 2007, entered into a Second Amendment
to Credit Agreement with certain financial institutions named in the
Second Amendment and Bank of America, National Association, as
Administrative Agent, for the Lenders and as L/C Issuer.

The Second Amendment amends in certain respects Andrew’s Credit Agreement
dated as of Sept. 29, 2005, as amended by a First Amendment to Credit
Agreement dated as of June 16, 2006.

The Second Amendment amended the Credit Agreement such that any agreement
entered into by Andrew and CommScope, Inc. in furtherance of the proposed
merger between them would not be taken into account for purposes of
determining if a change of control of Andrew had occurred until the
earlier to occur of the date of the consummation of the CommScope Merger
Transaction and March 31, 2008, unless the agreements concerning the
CommScope Merger Transaction have been previously terminated.

In addition, the Administrative Agent and Lenders also waived any event of
default under the Credit Facility occurring due to a change of control of
Andrew resulting from any agreement entered into between Andrew and
CommScope in furtherance of the CommScope Merger Transaction until the
earlier to occur of the date of the consummation of the CommScope Merger
Transaction and March 31, 2008.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.
The company serves operators and original equipment
manufacturers from facilities in 35 countries, including, among
others, China, India, Italy, Czech Republic, Argentina, Bahamas,
Belize, Barbados, Bermuda and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter on June 29, 2007, Standard &
Poor's Ratings Services lowered its corporate credit
rating on Andrew Corp. to 'BB-' from 'BB' and placed the rating on
CreditWatch with negative implications, following announcement of the
merger.


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


ALTYNAI LLP: Proof of Claim Deadline Slated for Aug. 24
-------------------------------------------------------
The Tax Committee of Almaty has declared LLP Altynai (RNN 092200001635)
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


CENTER OF WORK JSC: Creditors Must File Claims Aug. 31
------------------------------------------------------
The JSC Center Of Work With The Financial Debts and its branches declares
has declared voluntary insolvency.  Creditors have until Aug. 31 to submit
written proofs of claims to:

         The JSC Center of Work
         With The Financial Debts
         Sarybai Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-58
              8 (3272) 67-63-63
              8 (3272) 67-63-56


DULAT LTD LLP: Claims Filing Period Ends Aug. 31
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Dulat Ltd insolvent on June 8.

Creditors have until Aug. 31 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 43-25-52


TALDYKORGAN-MONITORING LLP: Creditors' Claims Due on Aug. 31
------------------------------------------------------------
The Tax Committee of Almaty has declared LLP Taldykorgan-Monitoring (RNN
092200004695) insolvent.

Creditors have until Aug. 31 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
===================


AKSU JSC: Creditors Must File Claims by August 29
-------------------------------------------------
The branch of JSC Aksu in Kyrgyz Republic has declared insolvency.
Creditors have until Aug. 29 to submit written proofs of claim.

Inquiries can be addressed to (0-502) 10-75-61.


MEDPHARMINFO LLC: Claims Filing Period Ends August 29
-----------------------------------------------------
LLC Medpharminfo has declared insolvency.  Creditors have until Aug. 29 to
submit written proofs of claim to:

         LLC Medpharminfo
         Mir Ave. 70-19
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 49-47-11


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


CAIRN CLO: Moody's Rates Class E Senior Secured Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to the Notes
to be issued by Cairn CLO II B.V., a special purpose company established
under the laws of the Netherlands.  The ratings are:

   -- (P)Aaa to the Class A-1E Senior Secured Floating Rate
      Notes due 2022;

   -- (P)Aaa to the Class A-1S Senior Secured Floating Rate
      Notes due 2022;

   -- (P)Aaa to the Class A-1R Senior Secured Revolving Floating
      Rate Notes due 2022;

   -- (P)Aaa to the Class A-2 Senior Secured Floating Rate Notes
      due 2022;

   -- (P)Aa2 to the Class B Senior Secured Floating Rate Notes
      due 2022;

   -- (P)A2 to the Class C Senior Secured Deferrable Floating
      Rate Notes due 2022;

   -- (P)Baa3 to the Class D Senior Secured Deferrable Floating
      Rate Notes due 2022; and

   -- (P)Ba3 to the Class E Senior Secured Deferrable Floating
      Rate Notes due 2022.

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

This transaction is a high yield collateralized loan obligation related to
portfolio comprised of Senior Secured Loans, Second Lien Loans, Mezzanine
Obligations, High Yield Bonds and Structured Finance Securities.

The Class A-1R Notes are revolving and multi-currency. The committed
amount is EUR80 million, out of which a EUR60,000,000 equivalent is
drawable in Sterling and EUR50,000,000 equivalent is drawable in U.S.
dollars.  This portfolio was partially acquired at closing and will be
further ramped-up.

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.  Cairn Financial Products
Limited will act as investment manager for the transaction.  Cairn manages
over US$9.3 billion of investors capital, including two High Grade ABS
CDOs, four Mezzanine ABS CDOs, Corporate CDOs, Long/Short Credit CPPIs, as
well as a credit hedge fund, one ABS investment company and a CLO.


PANTHER CDO V: Fitch Rates EUR4 Million Class D Notes at BB
-----------------------------------------------------------
Fitch has assigned Panther CDO V BV's upcoming issue of
EUR350 million floating-rate notes due 2084 expected ratings.  The
transaction is a managed cash arbitrage securitization of a diverse pool
of assets, including high-yield bonds, property B-notes, private
placements, asset-backed securities, senior loans, second lien loans and
mezzanine loans.

   -- EUR234.5 million Class A1 senior secured floating-rate
      note: 'AAA'

   -- EUR29.75 million Class A2 senior secured floating-rate
      note: 'AAA'

   -- EUR24.5 million Class B senior secured deferrable
      floating-rate note: 'AA'

   -- EUR17.5 million Class C senior secured deferrable
      floating-rate note: '

   -- EUR18 million Class D senior secured deferrable floating-
      rate note: 'BBB-'

   -- EUR4 million Class E senior secured deferrable floating-
      rate note: 'BB'

The expected ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of interest when
due.  For the Class B, C, D and E notes, which can defer interest, the
expected ratings address ultimate payment of principal and interest,
including deferred interest, at maturity.  The final ratings are
contingent upon receipt of final documents conforming to information
already received.

The ratings are based on the quality and diversity of the portfolio of
assets, which are selected by the collateral manager, M&G Investment
Management Limited, subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral manager's
portfolio allocations with respect to obligor, industry and asset class
type.

The expected ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination, structural
protection covenanted by the documents and excess spread.  Credit
enhancement for the Class A1 notes in the form of collateralized
subordination totals 33% and is provided by the Class A2 notes (8.5%), the
Class B notes (7%), the Class C notes (5%), the Class D notes (5.14%), the
Class E notes (1.14%) and the subordinated notes (6.21%).

Panther CDO V BV is a company with limited liability, incorporated under
the laws of The Netherlands.  The proceeds from the note issuance will be
used to purchase a diverse portfolio of assets.  At least 65% of the
issuance proceeds will be initially invested and the remainder will be
invested over the first 12 months of the transaction.  The collateral will
be actively managed by M&G Investment Management Limited over the
seven-year initial reinvestment period.  M&G has an Asset Manager rating
of 'CAM 1-' for leveraged loans and 'CAM 2+' for structured finance
securities.  These ratings were factored into the analysis by reducing the
rating default rate produced by VECTOR according to Fitch's CDO rating
criteria.  However, due to the diverse nature of the portfolio Fitch has
given only partial credit.

A target portfolio proposed by the manager was analyzed using Fitch's CDO
rating criteria.  Portfolio default levels and the applied recovery rate
for each target rating were derived from Fitch's Default Vector Model.
Moreover, the manager will run the Fitch Default Vector Test prior to each
purchase to address risks associated with reinvestment.  This test looks
at the current credit quality of the portfolio plus any un-invested
proceeds and implied excess spread to cover the liabilities of the issuer
at that point in time.  The implied excess spread is primarily interest
diverted through the coverage tests of the structure to pay principal
under the various stress scenarios that make up Fitch's rating criteria.


YUKOS FINANCE: Receiver Eyes Access to Transpetrol Share Docs
-------------------------------------------------------------
Eduard Rebgun, bankruptcy receiver for OAO Yukos Oil Co., wants to gain
custody of Yukos Finance B.V.'s share certificates in Transpetrol,
Interfax News reports citing spokesman Nikolai Lashkevich.

Mr. Rebgun is demanding custody of the certificates currently with Dutch
trust company TMF, which was created by Yukos Finance's former management,
Interfax relates.

"From the point of view of the receiver's representatives, TMF is a
contracted party and it should simply hand over the document to its legal
owner, as it has no right to this certificate," Mr. Lashkevich was quoted
by Interfax.

The Courts of Appeal in Amsterdam, Netherlands, confirmed its May 24
ruling, affirming "the legality of the receivership procedures, the
legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the certificate, saying
the liquidator failed to prove that the absence of the certificate was a
hold-up to participating in the Transpetrol shareholders' meeting in
November 2006, Interfax says.

Mr. Lashkevich said that Mr. Rebgun will either appeal the ruling or file
a new suit.

                         About Yukos Oil

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

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

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

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

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

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


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


STOCZNIA SZCZECINSKA: Investors Fail to Raise Capital in Meeting
----------------------------------------------------------------
The general meeting for shareholders of Stocznia Szczecinska Nowa Ltd.,
held July 16, 2007, failed to resolve its immediate problems in capital,
The Financial Times relates citing the Polish News Bulletin.

"No decision was made.  The shipyard's board was obliged to call another
meeting for August 20, 2007, at the latest," said Roma Sarzynska,
spokesperson of the Industrial Development Agency (ARP), a shareholder in
SSN, the report notes.  Left unchecked, the company's troubles could force
it to stop production as SSN continues to experience problems in taking
out loans.

The delay complicates matters for the ARP, as it has to ensure that the
SSN remains solvent, despite the fact that raising capital for the company
would prove very difficult.  The European Commission could view such aid
as illegal public support and the shipyard would have to return its
funding, according to the report.

                    About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa Ltd. --
http://www.ssn.pl/-- is one of the leading Polish and European shipyards.
In 1999 there was a major downturn in the world economic situation -- as
a result of which there was a substantial reduction of new ship orders, as
well as a sharp price decline.  The financial situation of the Szczecin
shipyard was also aggravated by several years of high exchange rate
between the Polish zloty and US dollar.   All these factors eventually led
to the company's insolvency.  The State Agency of Industrial Development
took over from Stocznia Szczecinska Porta Holding S.A. and on July 17,
2002, the company started operating under the name of Stocznia Szczecinska
Nowa Ltd.


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


ASSEMBLY ENTERPRISE 4: Creditors Must File Claims by Aug. 30
------------------------------------------------------------
Creditors of OJSC Building Assembly Enterprise 4 have until
Aug. 30 to submit proofs of claim to:

         T. Tsibulnikova
         Insolvency Manager
         Marshala Zhukova Str. 56
         Armavir
         352901 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A32-3436/2006-1/47-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Building Assembly Enterprise 4
         Marhsala Zhukova Str. 56
         Armavir
         352901 Krasnodar
         Russia


BANK FOR RECONSTRUCTION: Fitch Ups IDR to B+ with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has upgraded Moscow Bank for Reconstruction and
Development's Long-Term Issuer Default to 'B+' from 'B' and National
Long-term rating to 'A- (rus)' from 'BBB- (rus)'.  The Outlooks for both
ratings are Stable.

Fitch has also affirmed MBRD's Short-term IDR at 'B', Individual rating at
'D/E' and Support rating at '4'.  At the same time, Fitch has upgraded the
ratings on MBRD's Eurobonds due on March 2008 and June 2009 to 'B+' from
'B'.  The Recovery Rating assigned to the bank's issues of 'RR4' is
affirmed.

MBRD's Long-term and Short-term IDRs, Support and National Long-term
ratings are underpinned by the potential support, in case of need, from
AFK Sistema JSFC, the bank's majority shareholder with an approximate 95%
stake.  The latter is a diversified holding company with significant
assets in various sectors, with telecoms being the major one.  The rating
action follows yesterday's upgrade of Sistema's Long-term IDR to 'BB-'
with Stable Outlook.

The future direction of the bank's ratings is likely to depend on
Sistema's Long-term IDR and Fitch's view of the parent's propensity to
support MBRD.

MBRD is a medium-sized Russian bank that ranked 32nd-largest by total
assets in Russia at end-2006.  MBRD's core focus has been on servicing the
needs of Sistema, although it is now seeking to develop third-party
business and diversify into the retail segment.  At end-2006 it had a
network of 110 outlets.


ENERGY CJSC: Vladimir Bankruptcy Hearing Slated for Nov. 1
----------------------------------------------------------
The Arbitration Court of Vladimir will convene on Nov. 1 to hear the
bankruptcy supervision procedure on CJSC Energy (TIN 3301005784).  The
case is docketed under Case No. A11-2208/
2007-K1-66B.

The Temporary Insolvency Manager is:

         M. Chuchman
         Post User Box 14
         Central Post Office
         153000 Ivanovo
         Russia

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Energy
         Lenina Str. 13
         Aleksandrov
         Vladimir
         Russia


KAMESHKOVSKIY TIMBER: Creditors Must File Claims by Aug. 23
-----------------------------------------------------------
Creditors of OJSC Kameshkovskiy Timber Combine have until
Aug. 23 to submit proofs of claim to:

         V. Grigin
         Insolvency Manager
         Room 203
         Elektrozavodskaya Str. 7
         600009 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A11-14266/2006-K1-480B/25B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         V. Grigin
         Insolvency Manager
         Room 203
         Elektrozavodskaya Str. 7
         600009 Vladimir
         Russia


KHVALYNSKIY CHALK: Creditors Must File Claims by Aug. 30
--------------------------------------------------------
Creditors of CJSC Khvalynskiy Chalk (TIN 6448008902) have until
Aug. 30 to submit proofs of claim to:

         R. Perepletov
         Insolvency Manager
         Post User Box 1591
         410028 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A-57-820/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Khvalynskiy Chalk
         Khvalynsk
         Saratov
         Russia


LIPETSK-STEEL-CONSTRUCTION: Names A. Minin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Lipetsk appointed A. Minin as Insolvency Manager
for OJSC Lipetsk-Steel-Construction.  He can be reached at:

         A. Minin
         Post User Box 199
         400050 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A36-2876/2005.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Lipetsk-Steel-Construction
         Ferrosplavnaya Str. 10a
         Lipetsk
         Russia


OIL-TRADE LLC: Creditors Must File Claims by July 30
----------------------------------------------------
Creditors of LLC Oil-Trade have until July 30 to submit proofs of claim to:

         N. Yaruskina
         Insolvency Manager
         Mekhanizatorov Str. 1
         460027 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A47-1667/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Oil-Trade
         Orenburg
         Russia


OUR HOUSE: Creditors Must File Claims by July 30
------------------------------------------------
Creditors of CJSC Our House (TIN 5260019771) have until July 30 to submit
proofs of claim to:

         V. Samsonov
         Temporary Insolvency Manager
         Internatsionalnaya Str. 96
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod will convene at 10:00 a.m. on
Nov. 23 to hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A43-6268/
07 36-4.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Our House
         Ilyinskaya Str. 65
         Nizhniy Novgorod
         Russia


RED & BLACK: Moody's Affirms Ba2 Rating on US$18.6 Million Notes
----------------------------------------------------------------
Moody's Investors Service affirms these ratings of notes issued by Red &
Black Prime Russia MBS No.1 Limited.:

   -- US$173.2 million Class A Notes, A2 affirmed;
   -- US$14.5 million Class B Notes, Baa2 affirmed; and
   -- US$18.6 million Class C Notes, Ba2 affirmed.

Moody's has reviewed the ratings of the notes issued by Red & Black Prime
Russia MBS No.1 Limited in respect of the downgrade of DeltaCredit Bank's
Local Currency Deposit ratings to A3 from A2 following the application of
Moody's revised JDA methodology to all banks rated by Moody's (DeltaCredit
BFSR was simultaneously upgraded from D- to D).

DeltaCredit is the seller and the servicer of the mortgage pool backing
the notes issued by Red & Black.  The review was triggered by the
potential impact of such one notch Local Currency Deposit rating downgrade
on commingling risk in respect of collections from the mortgage pool in
case of default of the seller/servicer.

Affirmations of the notes' ratings are based on:

   (i) Moody's has received updated pool information which show
       a slightly improved scoring result compared to the
       initial pool due to amortization and more seasoning.  The
       amortization has also led to slightly increased relative
       subordination levels for the notes.

  (ii) the downgrade by DeltaCredit by only one notch has only
       marginally increased DeltaCredit's default risk.
       Therefore the incremental risk for the notes in respect
       of the true sale and commingling is limited.  The
       potential impact on the servicing quality in case of the
       servicer's default is further mitigated by the back-up
       serving arrangement that is in place since closing.

Red & Black was closed in April 2007.  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 with respect to the notes by the legal final maturity.


RGS-HOLDING CJSC: Creditors Must File Claims by Aug. 30
-------------------------------------------------------
Creditors of CJSC RGS-Holding have until Aug. 30 to submit proofs of claim
to:

         V. Chenskikh
         Insolvency Manager
         Post User Box 54
         126009 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A41-K2-5395/07.

The Court is located at:

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

The Debtor can be reached at:

         V. Chenskikh
         Insolvency Manager
         Post User Box 54
         126009 Moscow
         Russia


ROYAL TRADING: Creditors Must File Claims by July 30
----------------------------------------------------
Creditors of CJSC Royal Trading House + have until July 30 to submit
proofs of claim to:

         B. Belan
         Temporary Insolvency Manager
         Tsiolkovskogo Str. 2A
         Korolev
         141070 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. A41-K2-7730/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Royal Trading House +
         Tsiolkovskogo Str. 2A
         Korolev
         141080 Moscow
         Russia


RUSSIAN SHIPPING: Creditors Must File Claims by Aug. 30
-------------------------------------------------------
Creditors of LLC Russian Shipping Company (TIN 6317048965) have until Aug.
30 to submit proofs of claim to:

         A. Baskakov
         Insolvency Manager
         Ak. Zhuk Str. 27
         413856 Saratov
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A-55-1411/2007.

The Debtor can be reached at:

         LLC Russian Shipping Company
         Samara
         Russia


STROY-DETAIL OJSC: Creditors Must File Claims by Aug. 30
--------------------------------------------------------
Creditors of OJSC Stroy-Detail have until Aug. 30 to submit proofs of
claim to:

         V. Ivanov
         Insolvency Manager
         Room 129
         Inzhenernaya Str. 62A
         180019 Pskov
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A52-1136/2007.

The Debtor can be reached at:

         OJSC Stroy-Detail
         Sovetskaya Str.  93A
         Pskov
         Russia


STURGEON LLC: Moscow Bankruptcy Hearing Slated for Sept. 6
----------------------------------------------------------
The Arbitration Court of Moscow will convene on Sept. 6 to hear the
bankruptcy supervision procedure on LLC Sturgeon.  The case is docketed
under Case No. A41-K2-4761/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sturgeon
         Tsentralnaya Str. 19
         Grigoryevskoe
         Lukhovitskiy
         140532 Moscow
         Russia


TEMKINSKIY FLAX: Creditors Must File Claims by July 30
------------------------------------------------------
Creditors of LLC Temkinskiy Flax have until July 30 to submit proofs of
claim to:

         A. Starodubkin
         Temporary Insolvency Manager
         Babushkina Str. 1E
         214031 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A62-1660/07.

The Debtor can be reached at:

         LLC Temkinskiy Flax
         Narytka
         Temkinskiy
         215350 Smolensk
         Russia


WOOD-AL LLC: Creditors Must File Claims by July 30
--------------------------------------------------
Creditors of LLC Wood-Al have until July 30 to submit proofs of claim to:

         I. Osipov
         Temporary Insolvency Manager
         4th Zheleznyaka Str. 52-2
         644039 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A19-7344/07-38.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         I. Osipov
         Temporary Insolvency Manager
         4th Zheleznyaka Str. 52-2
         644039 Irkutsk
         Russia


YUKOS OIL: Receiver Eyes Access to Transpetrol Share Certificate
----------------------------------------------------------------
Eduard Rebgun, bankruptcy receiver for OAO Yukos Oil Co., wants to gain
custody of Yukos Finance B.V.'s share certificates in Transpetrol,
Interfax News reports citing spokesman Nikolai Lashkevich.

Mr. Rebgun is demanding custody of the certificates currently with Dutch
trust company TMF, which was created by Yukos Finance's former management,
Interfax relates.

"From the point of view of the receiver's representatives, TMF is a
contracted party and it should simply hand over the document to its legal
owner, as it has no right to this certificate," Mr. Lashkevich was quoted
by Interfax.

The Courts of Appeal in Amsterdam, Netherlands, confirmed its May 24
ruling, affirming "the legality of the receivership procedures, the
legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the certificate, saying
the liquidator failed to prove that the absence of the certificate was a
hold-up to participating in the Transpetrol shareholders' meeting in
November 2006, Interfax says.

Mr. Lashkevich said that Mr. Rebgun will either appeal the ruling or file
a new suit.

                         About Yukos Oil

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

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

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

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

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

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


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


TDA 29: Moody's Junks EUR4.3 Million Series D Notes
---------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to five
series of "Bonos de Titulizacion de Activos" to be issued by TDA 29 Fondo
de Titulizacion de Activos, a Spanish Asset Securitisation Fund that has
been created by Titulizacion de Activos, S.G.F.T, S.A.

Banco Guipuzcoano and Banca March will join forces to issue a residential
mortgage-backed securitisation transaction. Moody's assigned these
ratings:

   -- (P)Aaa to the EUR348.3 million Series A1 notes;
   -- (P)Aaa to the EUR435.0 million Series A2 notes;
   -- (P)A1 to the EUR17.4 million Series B notes;
   -- (P)Baa3 to the EUR9.3 million Series C notes; and
   -- (P)C to the EUR4.3 million Series D notes.

The provisional 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 for series A1, A2, B and C and for
ultimate payment of interest and principal at par on or before the rated
final legal maturity date for Class D.  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

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

   (1) a strong swap agreement, which guarantees 55 bppa excess
       spread;

   (2) a Reserve Fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) a 12-month artificial write-off mechanism;

   (4) The quality of the collateral, traditional mortgages with
       average loan-to-value levels of around 65.40% and a
       relatively good seasoning of 1.64 years

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

   (1) Slight geographical concentration in the Balearic Islands
       (23.10%) and Valencia (13.01%) regions;

   (2) Most of the loans are subject to an interest rate cap,
       and some debtors can have an automatic reduction in their
       margin in cases where they have been cross-sold with
       other originator products, these risks being eliminated
       by the interest rate swap;

   (3) The deferral of interest payments on each of Classes B
       and C benefits the repayment of the series senior to each
       of them, but increases the expected loss on Classes B and
       C themselves.  These increased risks were reflected in
       Moody's Credit Enhancement calculation.

The portfolio comprises 6,405 loans representing a provisional portfolio
of 893,638,625.  The collateral backing the note issuance is entirely
composed of residential mortgage loans.  The loans are originated between
1994 and 2007 with a weighted average seasoning approximately 1.64 years.
The original WALTV is 69.39%.  The current weighted average LTV is 65.40%.
The pool is well diversified across Spain.  7.79% of the portfolio
corresponds to second homes.  51 loans are to second-lien mortgages.  The
purpose of the mortgage loans are the acquisition, construction or
refurbishment of residential properties.  All loans are floating rate and
are linked to several indexes.  The weighted average interest rate is
4.53%.

Moody's based its rating on:

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

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

   (3) the credit quality of the counterparties involved in the
       transaction.

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


TDA 29: Fitch Junks Ratings of EUR4.9 Million Class D Notes
-----------------------------------------------------------
Fitch Ratings has assigned expected ratings to TDA 29, Fondo de
Titulizacion de Activos' notes totaling EUR814.9 million due February
2050:

   -- EUR348.3 million Class A1: 'AAA', Outlook Stable
   -- EUR435 million Class A2: 'AAA', Outlook Stable
   -- EUR17.4 million Class B: 'A+', Outlook Stable
   -- EUR9.3 million Class C: 'BBB', Outlook Stable
   -- EUR4.9 million Class D: 'CCC', Outlook Stable

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

This transaction is a cash-flow securitization of a
EUR810 million static pool of residential mortgage loans granted by Banco
Guipuzcoano (rated 'A'/'F1'/stable) and Banca March, together "the
sellers".  This is the third securitization of residential mortgage loans
originated by both sellers and the second transaction rated by Fitch.

The expected ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and financial
structure, and Titulizacion de Activos, S.G.F.T., S.A.'s administrative
capabilities Initial CE for the Class A to C notes is provided by
subordination and a reserve fund, which will be funded at closing using a
subordinated loan.

The expected ratings address the payment of interest on the notes
according to the terms and conditions of the documentation, subject to a
deferral trigger on the Class B and C notes, as well as the repayment of
principal at legal final maturity.  Should the deferral trigger on the
Class B and C notes be breached, interest on these notes will be deferred
in the priority of payments.  In this instance, interest payments might
not be received for a period of time, but will be received by legal final
maturity.

The fund will be regulated by Spanish Securitization Law 19/1992 and Royal
Decree 926/1998.  Its sole purpose will be to transform a portfolio of
residential mortgage loans composed by mortgage participations and
certificates into fixed-income securities.  The fund will be legally
represented and managed by Titulizacion de Activos, S.G.F.T., S.A., a
limited liability company incorporated under Spanish law, whose activities
are limited to the management of securitization funds.


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


ADHOC CONSULTANTS: Creditors' Liquidation Claims Due August 2
-------------------------------------------------------------
Creditors of JSC Adhoc Consultants have until Aug. 2 to submit their
claims to:

         Erwin R. Fuchs
         Liquidator
         8038 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Adhoc Consultants
         Zurich
         Switzerland


BERATA JSC: Creditors' Liquidation Claims Due August 6
------------------------------------------------------
Creditors of JSC Berata have until Aug. 6 to submit their claims to:

         Rolf Wuthrich
         Liquidator
         Aeschenvorstadt 4
         4010 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Berata
         Zurich
         Switzerland


DACONA JSC: Creditors' Liquidation Claims Due August 2
------------------------------------------------------
Creditors of JSC Dacona have until Aug. 2 to submit their claims to:

         JSC Real Marketing
         Liquidator
         Dufourstrasse 107
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Dacona
         Frauenfeld TG
         Switzerland


IDENTIFY SOFTWARE: Creditors' Liquidation Claims Due August 2
-------------------------------------------------------------
Creditors of LLC Identify Software (Switzerland) have until
Aug. 2 to submit their claims to:

         Dr. Marc Bernheim
         Liquidator
         Staiger, Schwald & Partner
         Genferstrasse 24
         Mail box 2012
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Identify Software (Switzerland)
         Zurich
         Switzerland


MAVIC INVESTMENT: Creditors' Liquidation Claims Due August 2
------------------------------------------------------------
Creditors of JSC Mavic Investment have until Aug. 2 to submit their claims
to:

         Dr. Peter von Planta
         Liquidator
         Wiesliacher 40
         8053 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Mavic Investment
         Zurich
         Switzerland


SUD-PRINT JSC: Creditors' Liquidation Claims Due July 31
--------------------------------------------------------
Creditors of JSC Sud-Print have until July 31 to submit their claims to:

         Jaqueline Risse
         Liquidator
         Casa 4 Venti
         6717 Torre
         Blenio TI
         Switzerland

The Debtor can be reached at:

         JSC Sud-Print
         Cham ZG
         Switzerland


TESSAROLO BAUKERAMIK: Creditors' Liquidation Claims Due Aug. 15
---------------------------------------------------------------
Creditors of LLC Tessarolo Baukeramik have until Aug. 15 to submit their
claims to:

         Lerchenbuhlstrasse 8
         Mail box 48
         6045 Meggen LU
         Switzerland

The Debtor can be reached at:

         LLC Tessarolo Baukeramik
         Meggen LU
         Switzerland


UHLSPORT REDLER: Creditors' Liquidation Claims Due August 2
-----------------------------------------------------------
Creditors of JSC Uhlsport Redler have until Aug. 2 to submit their claims to:

         Industriestrasse 26
         9434 Au SG
         Switzerland

The Debtor can be reached at:

         JSC Uhlsport Redler
         Au SG
         Switzerland


UNLAND JSC: Creditors' Liquidation Claims Due August 2
------------------------------------------------------
Creditors of JSC Unland have until Aug. 2 to submit their claims to:

         Zurcherstrasse 45
         9013 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Unland
         St. Gallen
         Switzerland


WOHNBAU JSC: Creditors' Liquidation Claims Due August 2
-------------------------------------------------------
Creditors of JSC Wohnbau have until Aug. 2 to submit their claims to:

         Erwin Walti
         Liquidator
         JSC Igeha Treuhand
         Marktstrasse 10
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC Wohnbau
         Sarnen OW
         Switzerland


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


GLOBAL YATIRIM: Fitch Rates US$100 Million Notes at B
-----------------------------------------------------
Fitch Ratings has assigned Global Yatirim Holding's
US$100 million 9.25% loan participation notes maturing in 2012 a final
foreign currency senior unsecured rating of 'B' and a final Recovery
Rating of 'RR4'.

The senior unsecured rating of the notes is in line with that of Global's
Long-term foreign currency Issuer Default Rating of 'B'.

The final ratings on the notes follow a review of the final terms and
conditions conforming to information already received when Fitch assigned
the expected ratings of 'B'/'RR4' on
July 4, 2007.

Proceeds of the notes will be used to finance the acquisition of Izmir
port (US$40 million – US$50 million) and for general corporate purposes.
The notes constitute direct, unsecured and unconditional obligations of
Global and rank at least equally with all its other present and future
unsecured and unsubordinated creditors.  The terms and conditions of the
notes include a limitation on Global's debt and a maximum ratio of
financial expenses-to- consolidated EBITDA of 1:1.2.

Fitch notes that there are also restrictions on asset sales by Global, as
well as covenants relating to transactions with affiliates, mergers and
disposals.  The governing law of the notes documentation, including the
guarantees in place, is English law.


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


AUTO-MAX: Claims Submission Deadline Set July 25
------------------------------------------------
Creditors of CJSC Auto-Max (code EDRPOU 31977881) have until July 25 to
submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
6/33/29/42.

The debtor can be reached at:

         CJSC Auto-Max
         Prince Sviatoslav Str. 5
         79016 Lvov
         Ukraine


BUILDING METAL Claims Submission Deadline Set July 25
-----------------------------------------------------
Creditors of LLC Building Metal (code EDRPOU 30264638) have until July 25
to submit written proofs of claim to:

         Vadim Boleyko
         Liquidator
         P.O. Box 40
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. B
11/206-07.

The Court is located at:

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

The debtor can be reached at:

         LLC Building Metal
         Obukhov, Kievskaya Str. 107
         08702 Kiev
         Ukraine


IMPORT-GROUP LLC: Claims Submission Deadline Set July 25
--------------------------------------------------------
Creditors of LLC Import-Group (code EDRPOU 33719241) have until July 25 to
submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. B 26/139/07.

The debtor can be reached at:

         LLC Import-Group
         Truda Avenue 6
         October District
         49000 Dnipropetrovsk
         Ukraine


KALIUS LLC: Creditors Must File Claims by July 25
-------------------------------------------------
Creditors of LLC Kalius (code EDRPOU 23261878) have until
July 25 to submit written proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No. 20/34b.

The debtor can be reached at:

         LLC Kalius
         Pirogov Str. 5
         Lisichansk
         93105 Lugansk
         Ukraine


LPI-FISH LLC: Claims Submission Deadline Set July 25
----------------------------------------------------
Creditors of Rimma Onischenko have until July 25 to submit written proofs
of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. B 26/138/07.

The debtor can be reached at:

         LLC LPI-Fish
         Heroes of Stalingrad Str. 122
         Babushkinsky District
         49000 Dnipropetrovsk
         Ukraine


MEGAPOLIS XXI: Claims Submission Deadline Set July 25
-----------------------------------------------------
Creditors of CJSC Megapolis XXI (code EDRPOU 30218047) have until July 25
to submit written proofs of claim to:

         Andrew Konoplia
         Liquidator
         Novozabarskaya Str. 2/6, of. 103
         04074 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
15/519-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:

         CJSC Megapolis XXI
         Chaadaev Str. 2-b, ap. 2
         Kiev
         Ukraine


NIKAS COMPANY: Claims Submission Deadline Set July 25
-----------------------------------------------------
Creditors of Nikas Company (code EDRPOU 31228920) have until July 25 to
submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

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

The debtor can be reached at:

         Nikas Company
         Kanatnaya Str. 132
         Odessa
         Ukraine


NIKOPOL BUILDING: Claims Submission Deadline Set July 25
--------------------------------------------------------
Creditors of OJSC Nikopol Building (code EDRPOU 01238672) have until July
25 to submit written proofs of claim to:

         Igor Morozov
         Liquidator
         P.O. Box 2734
         49044 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. B 24/284-06.

The Court is located at:

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

The debtor can be reached at:

         OJSC Nikopol Building
         Heroes of Chernobyl Str. 106
         Nikopol
         53200 Dnipropetrovsk
         Ukraine


SANTINO PRODUCTION: Claims Submission Deadline Set July 25
----------------------------------------------------------
Creditors of LLC Santino Production (code EDRPOU 33301389) have until July
25 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.
15/315-b.

The debtor can be reached at:

         LLC Santino Production
         Kikvidze Str. 13
         Kiev
         Ukraine


TANTAL-TRADE LLC: Claims Submission Deadline Set July 25
--------------------------------------------------------
Creditors of LLC Tantal-Trade (code EDRPOU 34366012) have until July 25 to
submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. B 26/140/07.

The debtor can be reached at:

         LLC Tantal-Trade
         Kachalov Str. 1
         Leninsky District
         49000 Dnipropetrovsk
         Ukraine


VORSKLA LLC: Claims Submission Deadline Set July 25
---------------------------------------------------
Creditors of LLC Agricultural Firm Vorskla (code EDRPOU 31601403) have
until July 25 to submit written proofs of claim to:

         Tatiana Nagorneva
         Liquidator
         Gagarin Str. 2
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
6/152-06.

The Court is located at:

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

The debtor can be reached at:

         LLC Agricultural Firm Vorskla
         Lisanov Str. 8
         Maschanka
         Trostinetsk
         Ukraine


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


5 MILES: Brings In Liquidators from BDO Stoy Hayward
----------------------------------------------------
Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy Hayward LLP
were appointed joint liquidators of 5 Miles Inn Ltd. on June 29 for the
creditors’ voluntary winding-up procedure.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance
(audit), corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational institutions,
family businesses, financial services, leisure, and hospitality.  The
company is the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


ADVANCED MICRO: Posts US$600 Mln Net Loss in Qtr. Ended June 30
---------------------------------------------------------------
Advanced Micro Devices Inc. reported second quarter 2007 revenue
of US$1.4 billion, an operating loss of US$457 million, and a net loss of
US$600 million.

These results include an impact of US$130 million from ATI
acquisition-related and integration charges of US$78 million, employee
stock-based compensation expense of US$31 million, severance charges of
US$16 million and debt issuance charges of US$5 million.

In the first quarter of 2007, AMD reported revenue of
US$1.2 billion, net loss of US$611 million, and an operating loss of
US$504 million.  In the second quarter of 2006, AMD reported revenue of
US$1.2 billion, net income of US$89 million, and operating income of
US$102 million.

Second quarter 2007 gross margin was 34%, excluding stock-based
compensation expense, acquisition-related and severance charges,
compared to 31% in the first quarter of 2007 and 57% in the second quarter
of 2006.  The increase from the prior quarter was largely due to increased
microprocessor unit shipments.  The second quarter gross margin was
impacted by a write-off of older
microprocessor inventory of about US$30 million.

At June 30, 2007, the company’s total assets were US$13.2 billion, total
liabilities were US$8.7 billion, and total stockholders’ equity was US$4.5
billion.

"While we made solid progress in the second quarter across a
number of fronts, we must improve our financial results," said
Robert J. Rivet, AMD’s chief financial officer.  "We achieved a
12% sequential revenue increase, improved the gross margin and won back
microprocessor unit and revenue market share.  Strong
distribution channel demand, initial sales to Toshiba, and a
broader adoption of AMD platforms led to a 38% sequential increase in
microprocessor unit shipments.  In addition, our Graphics business gained
momentum at the end of the quarter as we began shipping the new ATI Radeon
HD(TM) 2000 family of graphics processors.

"We continue to focus on realigning our business model and
reducing our capital expenditures and cost structure in the second half of
the year."  In the seasonally up third quarter, AMD expects revenue to
increase in line with seasonality.

                      Additional Highlights

Additional highlights during the second quarter of 2007 include:

    -- Toshiba chose AMD as a strategic supplier for its new
       series of Satellite notebook computers powered by an AMD
       platform featuring AMD Turion(TM) 64 X2 dual-core mobile
       technology and the AMD M690 chipset.

    -- Customers continued to adopt AMD-based solutions across a
       broader portion of their product offerings.

    -- AMD announced that initial revenue shipments of the
       industry's first native x86 quad-core processor,
       "Barcelona," will commence in the third quarter in both
       standard and low-power versions.  AMD broadened its
       portfolio of product offerings in the quarter.

    -- AMD disclosed details of its next-generation platform for
       notebook computing, codenamed "Puma."  The platform pairs
       AMD's next-generation notebook processor, "Griffin," with
       the next-generation AMD "RS780" mobile chipset.  "Puma"
       represents one of the first results of the "new AMD,"
       delivering an optimized mobile solution with extended
       battery life, graphics and video processing enhancements
       and improved overall system performance.

    -- The Italian stock exchange, Borsa Italiana, joined the
       growing roster of global exchange customers running their
       business on AMD Opteron processor based technology,
       including NYSE Group Inc., the International Securities
       Exchange's Stock Exchange, London Stock Exchange,
       Luxembourg Stock Exchange, Montreal Exchange and
       Philadelphia Stock Exchange.

                            About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs
and manufactures microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter on May 2, 2007,
Moody's Investors Service affirmed AMD's B1 corporate family
rating while revising to Ba2 from Ba3 the ratings on both the
currently secured US$390 million notes due 2012 (2012 Note) and the US$1.7
billion remainder of the original US$2.5 billion term loan due 2013.  The
rating outlook remains negative.


AMR CORP: Earns US$317 Million in Second Quarter Ended June 30
--------------------------------------------------------------
AMR Corporation reported a net profit of US$317 million on total operating
revenues of US$5.9 billion for the second quarter of 2007.  The current
quarter results compare to a net profit of
US$291 million on total operating revenues of US$6.0 billion in the second
quarter of 2006.

"Our company overcame exceptional weather challenges and historically high
fuel prices to earn our fifth consecutive quarterly profit and our largest
quarterly net profit since we launched our Turnaround Plan more than four
years ago," said AMR chairman and chief executive officer Gerard Arpey.
"Weather
has been an enormous obstacle this year, but our employees
have stepped up to help take care of customers and continue
our momentum toward long-term success.  Our improved performance has
allowed us to strengthen our balance sheet and reinvest in products and
services to create a stronger company, but we must remain mindful that
painfully high fuel prices and continuing intense competition present
formidable challenges for the remainder of the year and beyond."

                     Operational Performance

American's mainline passenger revenue per available seat mile (unit
revenue) increased by 3.6 percent in the second quarter compared to the
year-ago quarter.

American's mainline load factor - or the percentage of total seats filled
- was a record 83.6 percent during the second quarter, compared to 82.6
percent in the second quarter of 2006. American's second-quarter yield,
which represents average fares, increased 2.3 percent compared to the
second quarter of 2006, its ninth consecutive quarter of year-over-year
yield increases.

AMR reported second quarter consolidated revenues of approximately US$5.9
billion, a decrease of 1.6 percent year over year.  AMR estimates that
severe weather disruptions reduced second quarter consolidated revenue by
nearly US$50 million and reduced its net profit for the second quarter by
approximately US$0.12 per diluted share.

American's mainline cost per available seat mile (unit cost) in the second
quarter increased 2.4 percent year over year, which was 1.2 percentage
points higher than it would have been if not for the significant weather
impact.  Excluding fuel, mainline unit costs in the second quarter
increased by 3.5 percent year over year.

Due to weather impact during the period from April 1 through
June 20, American cancelled 1.8 percent of its scheduled second quarter
mainline departures.  Thereafter, American had more than 1,000
weather-related cancellations during the last 10 days of June, increasing
total weather-related cancellations during the quarter to 2.1 percent of
second quarter scheduled mainline departures.

Mainline capacity, or total available seat miles, in the second quarter
decreased by 4.4 percent compared to the same period in 2006.

"While our year-over-year capacity decline in the second quarter includes
some impact from weather cancellations, we believe that our disciplined
and careful approach to managing capacity has been an important factor in
our improved financial performance," Arpey said.  "This approach has
helped us to improve profitability and generate better returns on our
investments in the business."

                    Balance Sheet Improvement

Mr. Arpey noted that AMR continued to strengthen its balance sheet in the
second quarter by reducing debt and improving its liquidity position.

AMR ended the second quarter with approximately US$6.4 billion in cash and
short-term investments, including a restricted balance of US$470 million,
compared to a balance of US$5.7 billion in cash and short-term
investments, including a restricted balance of US$525 million, at the end
of the second quarter of 2006.

AMR reduced Total Debt, which the company defines as the aggregate of its
long-term debt, capital lease obligations, the principal amount of airport
facility tax-exempt bonds, and the present value of aircraft operating
lease obligations, to US$17.3 billion at the end of the second quarter of
2007, compared to US$19.4 billion a year earlier.  AMR reduced Net Debt
from US$14.2 billion at the end of the second quarter of 2006 to US$11.4
billion at the end of the second quarter of 2007.  The company's interest
expense was
US$235 million in the second quarter of 2007, a 9.6% year-over-year decrease.

AMR contributed US$118 million to its employees' defined benefit pension
plans in the second quarter and contributed an additional US$86 million on
July 13, 2007.  The company has contributed a total of US$266 million to
these plans in 2007 as part of its expected full-year contribution amount
of US$364 million.

                      About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  American is also a
scheduled airfreight carrier, providing freight and mail services to
shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                            *   *   *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million Dallas/Fort Worth
International Airport special facility revenue refunding bonds, series
2007, due 2030.  The bonds are guaranteed by American's parent, AMR Corp.
(B/Positive/B-2), and are secured by payments made by American to the
airport authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating is withdrawn.


AMW ENGINEERING: Neil Hickling Leads Liquidation Procedure
----------------------------------------------------------
Neil Hickling of Smith & Williamson Ltd. was appointed liquidator of AMW
Engineering Ltd. on July 3 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.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


ANGLIA SOFT: Claims Filing Period Ends September 7
--------------------------------------------------
Creditors of Anglia Soft Drinks Ltd. (formerly Korfstone Ltd. and Baldrys
Beverage Co. Ltd.) have until Sept. 7 to send in their full names, their
addresses and descriptions, full particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to:

         T. J. Binyon
         Joint Liquidator
         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England

S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint
liquidators of the company on June 29 for the creditors’ voluntary
winding-up procedure.

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


AVISTAR COMMS: June 30 Balance Sheet Upside-Down by US$3.5 Mln
--------------------------------------------------------------
Avistar Communications Corporation reported total assets of
US$16.1 million and total liabilities of US$19.6 million, resulting in
total stockholders’ deficit of US$3.5 million at June 30, 2007.

As of June 30, 2007, Avistar had cash, cash equivalents and
marketable securities of US$10.1 million.

Revenue for the three months ended June 30, 2007, was
US$5.9 million, compared to revenue of US$2.4 million for the three months
ended March 31, 2007, and US$1.8 million for the three months ended June
30, 2006.

Revenue for the three months ended June 30, 2007, includes
US$4 million in licensing revenue from the recently announced
licensing agreement with Radvision Ltd. Income from settlement and patent
licensing was US$1.1 million for each of the three months ended June 30,
2007, and June 30, 2006.  Income from settlement and patent licensing was
US$13.1 million for the three months ended March 31, 2007.

Avistar reported a net income of US$400,000 for the three months
ended June 30, 2007.  Avistar reported a net income of
US$4.5 million for the three months ended March 31, 2007, and a net loss
of US$3.7 million, for the three months ended June 30, 2006.  Employee
stock compensation expense for equity based compensation required by
Financial Accounting Standard No. 123R was US$600,000 for the three months
ended June 30, 2007, US$700,000 for the three months ended March 31, 2007,
and US$500,000 for the three months ended June 30, 2006.

Revenue for the six months ended June 30, 2007, was US$8.3 million, as
compared to US$3.6 million for the six months ended June 30, 2006.  Income
from settlement and patent licensing for the six months ended June 30,
2007 was US$14.1 million, as compared to US$2.1 million for the six months
ended June 30, 2006.  Avistar reported a net income of US$4.9 million for
the six months ended June 30, 2007.  For the six months ended June 30,
2006, Avistar reported a net loss of US$6.8 million.

"Avistar's most recent results represent the second quarterly
profit this year, and thereby place the company in a profit
position on a year-to-date basis. Both of the first and second
quarter net income results reflect the benefit of our patent
licensing agreements- with the Tandberg litigation settlement
benefiting the first quarter, and our more-recently announced
Radvision licensing agreement influencing the second quarter.
These developments represent Avistar's active licensing program,
whereby we seek to partner with technology companies in the areas of
unified communication and collaboration," stated Gerald J. Burnett,
chairman and chief executive officer of Avistar.

"As a reminder, when Avistar's management evaluates our business
progress, we consider the sum of reported revenue and income from
settlement and patent licensing activities, the latter of which records
proceeds from licenses entered into following the start of litigation.
Using this management perspective, the Tandberg and Radvision licenses
fueled a year-to-date revenue plus income from settlement and patent
licensing total of US$22.4 million.  This result exceeds what we had
accomplished at mid-year 2006, and for the full year of 2006."

Dr. Burnett continued, "Also during the second quarter, our
wholly-owned subsidiary, Collaboration Properties Inc., engaged
Ocean Tomo LLC, a leading appraisal and services firm with
specialized expertise in valuing patents, to conduct an
independent valuation of our intellectual property portfolio.  The results
of this analysis indicate that the potential net present value of
monetizing CPI's intellectual property may represent a multiple of
Avistar's current market capitalization. Although this analysis and
resultant opinion seem to ascribe substantial value to a dimension of
Avistar, it is important to note that it does not represent an offer to
buy CPI's intellectual property by any person, nor guarantee that the
suggested value can in fact be realized."

Dr. Burnett continued, "Avistar has two primary revenue engines,
one which seeks to monetize our extensive intellectual property
portfolio through an active licensing and technology partnering
program, with the second being our product and services business.  In the
latter arena, I would like to once again welcome Simon Moss, who joined
Avistar this week as President, with initial focus on our product and
partnering activities.  Simon's accomplished background is well-suited to
the needs and
opportunities that are present for Avistar.  We expect Simon to
enhance our thought-leadership and position in the growing unified
communications and collaboration marketplace."

                 About Avistar Communications

Avistar Communications Corporation (NASDAQ: AVSR)
-- http://www.avistar.com/-- develops, markets, and supports a
video collaboration platform for the enterprise, all powered by
the AvistarVOS(TM) software.  Founded in 1993, Avistar is
headquartered in Redwood Shores, California, with sales offices in New
York and London.

Collaboration Properties, Inc., a wholly owned subsidiary of Avistar,
holds a current portfolio of 71 patents for inventions in the primary
areas of video and network technology.  CPI pursues patents for
presence-based interactions, desktop video, recorded and live media at the
desktop, multimedia documents, data sharing, and a rich-service network
video architecture that supports Avistar's product suite and customers.
CPI offers licenses to its patent portfolio and Avistar's video-enabling
technologies to companies in the video conferencing, rich-media services,
public networking, and related industries.


BBB CITY: Calls In Liquidators from KPMG
----------------------------------------
Finbarr Thomas O’Connell and Jane Bronwen Moriarty of KPMG LLP were
appointed joint liquidators of BBB City plc (formerly MacRobins plc,
MacRobins Ltd. and Nextleague Ltd.) on July 5 for the creditors’ voluntary
winding-up procedure.

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

The company can be reached at:

         BBB City plc
         Eaton House
         1 Eaton Road
         Coventry
         CV1 2FJ
         England


BRACKENS LTD: Claims Filing Period Ends August 14
-------------------------------------------------
Creditors of The Brackens Ltd. have until Aug. 14 to send their names and
addresses, with particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Tyrone Shaun Courtman and Evelyn Gabrielle Exley
         Liquidators
         Cooper Parry LLP
         3 Centro Place
         Pride Park
         Derby
         DE24 8RF
         England

Tyrone Shaun Courtman and Evelyn Gabrielle Exley of Cooper Parry LLP were
appointed joint liquidators of the company on June 29 for the creditors’
voluntary winding proceeding.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers to private
business.


BRITISH AIRWAYS: Aims to Improve Fuel Efficiency by 25% by 2025
---------------------------------------------------------------
British Airways has set a new target to further improve its fuel
efficiency by 25% by 2025.

Since 1990, BA has improved its fuel efficiency by 28%, cutting over 60
million tons of carbon from the atmosphere.  This is the equivalent of
over three times our annual carbon emissions.  It will be lobbying
governments to improve airspace efficiencies and reduce delays through the
provision of appropriate airport infrastructure such as a third runway at
Heathrow.

According to Press Association, BA will also appoint a head of corporate
responsibility to help oversee its “green” initiatives.

Willie Walsh, chief executive of BA, told investors that the group intends
to reduce power used in its offices, increase its recycling target to 50%
of all waste, as well as looking at how it uses its aircraft in an effort
to reduce carbon emissions.

BA is currently in the process of ordering new longhaul aircraft, each of
which will be more fuel efficient than the aircraft they replace.

BA is replacing 34 of its older aircraft with a new fleet of airport
busses, which meet the highest “Euro 5” standard of environmental
performance, Press Association relates.

Meanwhile, BA Chairman Martin Broughton confirmed that a dividend policy
would be re-introduced this year.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of passengers, freight
and mail, and provides of ancillary services.  The British Airways group
consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
existing non-financial speculative-grade corporate issuers in Europe,
Middle East and Africa, Moody's Investors Service's confirmed its Ba1
Corporate Family Rating for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%


CHYZONS LTD: Names Stephen Robert Cork Liquidator
-------------------------------------------------
Stephen Robert Cork of Smith & Williamson Ltd. was appointed liquidator of
Chyzons Ltd. on June 22 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.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


DEVELOPING DATA: Taps Simon Paterson to Liquidate Assets
--------------------------------------------------------
Simon Paterson of Moore Stephens LLP was appointed liquidator of
Developing Data Ltd. on June 28 for the creditors’ voluntary winding-up
proceeding.

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 liquidator can be reached at:

         Moore Stephens LLP
         First Floor Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England


EMI GROUP: S&P Keeps Ratings on Watch on Offer Extension
--------------------------------------------------------
Standard & Poor's Ratings Services’ 'B+/B' long- and short-term corporate
credit ratings and 'B+' senior unsecured debt ratings on U.K.-based music
major EMI Group PLC remain on CreditWatch with negative implications.

The 'B+' senior unsecured debt ratings on related entities Capitol Records
Inc. and EMI Group Finance (Jersey) Ltd. also remain on CreditWatch
negative.

"The maintenance of the ratings on CreditWatch reflects today's
announcement that Maltby Ltd., a company formed at the direction of
private equity house Terra Firma, further extended its offer for EMI
shares to July 29, 2007," said Standard & Poor's credit analyst Patrice
Cochelin.

The transaction, if successful, will likely entail a substantial increase
in leverage for EMI, as Maltby has secured GBP2.5 billion in term debt and
a GBP350 million revolving credit facility.  At March 31, 2007, EMI had
GBP1.3 billion in gross unadjusted debt.  Although the underlying value of
EMI's music rights and the recorded business can be successfully realized
and developed over time, in the near future the company faces a revenue
shortfall, as growing digital music sales fail to bridge the gap created
by a continuing decline in CD shipments.

"We will review the ratings on EMI as more information on ownership and
potential capital structures becomes available," said Mr. Cochelin.

S&P will review separately the rating implications of a change-of-control
event on the issue ratings.

                       About Terra Firma

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

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

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                            *   *   *

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

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

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

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

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

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


GENERAL MOTORS: Reports Global 2nd Qtr Sales of 2.4 Mln Vehicles
----------------------------------------------------------------
General Motors Corp. sold 2.405 million cars and trucks around the world
in the second quarter of 2007, reporting record sales outside the United
States, according to preliminary sales figures.  GM sold 2.395 million
vehicles in the second quarter last year.

"GM's second quarter sales were driven by exceptionally strong demand in
emerging markets," John Middlebrook, GM vice president, Global Sales,
Service and Marketing Operations, said.  "GM global sales of 4.67 million
vehicles for the first half of the year reflects solid results, in fact
we're on track to have our second-best annual sales performance in our
almost 100-year history.  In the second quarter we experienced record
sales growth around the globe including 20% growth in Latin America,
Africa and the Middle East -- an all-time quarterly record for that
region, and 8% growth in the Asia/Pacific region.  We're also pleased to
see almost 5% growth in Europe where we sold more than 574,000 vehicles."

Chevrolet global sales of 1.13 million vehicles in the second quarter of
2007 were up more than 4,000 vehicles compared with a year ago.  The brand
grew by 34% in Europe, 24% in Latin America, Africa and the Middle East
and 3% in Asia-Pacific.

Saturn sales in the United States and Canada were up 27%, based largely on
the popularity of three new vehicles, the Sky roadster, Aura mid-car and
Outlook mid-utility crossover vehicle.  Saturn is launching the all-new
Vue small utility crossover and soon will introduce the Astra small car.
Saturn has two hybrid offerings in its lineup, the Aura Green Line and Vue
Green Line.

Second quarter sales outside the United States has set a record.  At 1.39
million vehicles, Q2 2007 sales outside of the United States accounted for
about 58% of GM's total global sales, growing at close to 8% compared with
Q2 2006, outpacing the industry average growth rate of 6%.

In the Latin America, Africa and Middle East region, GM sales surged to
293,300 vehicles, up 20% in volume compared with 2006, which set the
industry and GM record for the second quarter.  Sales in Brazil were up
23% for the quarter.

In the Asia/Pacific region, GM sales of 338,000 vehicles were 8% higher
than the previous year's second quarter, and were a record for the
quarter.  GM China sales of 234,000 vehicles posted a more than 6% sales
increase compared with 2006.  GM remained the top-selling automaker in
China.  With these results, GM is on track to become the first
manufacturer in China to exceed one million vehicles sold annually.  GM's
sales in China include sales by SAIC-GM-Wuling, in which GM owns the
maximum permissible interest for a foreign company, 34%.

In Europe, GM also set a quarterly sales record with deliveries of 574,000
vehicles, up 5%.  Growth in Russia, up 106%, led the increase.  Chevrolet
achieved record European sales of 114,900 vehicles, up 34%, and is fueling
GM's growth in Russia.  Vauxhall sales strength in the U.K. helped offset
significant reductions in the German market, keeping Opel/Vauxhall share
in Europe at 7.4% for the first half of the year.

In North America, planned reductions in daily rental sales and softness in
the U.S. market due to increasing fuel prices and concerns about housing,
resulted in sales of 1.2 million vehicles, a decline of 7% compared with a
strong quarter the previous year.  Despite a competitive market for
full-size pickups, GM continues to show pickup truck segment leadership
with share gains in the quarter thanks to the North America Truck of the
Year Chevrolet Silverado and all-new GMC Sierra.  GM's mid-car and
mid-utility crossover segments also saw retail sales gains on the strength
of mid-cars Saturn Aura, Pontiac G6 and Chevrolet Impala, and mid-utility
crossovers GMC Acadia, Saturn Outlook and Buick Enclave.

                     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.

                         *     *     *

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: Denies Plans to Build Czech Site
------------------------------------------------
General Motors Corp. has no plans to construct a car plant in the Czech
Republic for now, contrary to reports circulated by Czech media, The
Financial Times reports, citing a weekly publication, as its source.

According to the report, the carmaker is instead considering locations
further to the east, in Ukraine, Russia and Kazakhstan.  The Czech
Republic is "not attractive" for GM in terms of availability or cost of
labor, the Euro report quotes a source as saying.

Chris Lacey, GM's executive director for central and eastern Europe, after
revealing that GM has abandoned its plan to acquire the Romanian plant of
bankrupt Daewoo, noted that the region was still attractive for GM, FT
relates, quoting the Euro story.

Mr. Lacey mentioned several countries, including the Czech Republic, where
the sale of Chevrolet has grown markedly.  This, the report says, may have
been the jump-off point for the ongoing speculations.

                      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.


GRAMOS APPLIED: Hires Liquidators from BDO Stoy Hayward
-------------------------------------------------------
S. Hopper and C. K. Rayment of BDO Stoy Hayward LLP were appointed joint
liquidators of Gramos Applied Ltd. (formerly Gramos Surface Treatment
Ltd., Laporte Surface Treatment Ltd. and Oakite Ltd.) on June 15 for the
creditors’ voluntary winding-up proceeding.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance
(audit), corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational institutions,
family businesses, financial services, leisure, and hospitality.  The
company is the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


MARK NORRIS: Taps Liquidator from UHY Hacker Young
--------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young turnaround and recovery was
appointed liquidator of Mark Norris Building Services Ltd. on July 4 for
the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         UHY Hacker Young turnaround and recovery
         St. James Building
         79 Oxford Street
         Manchester
         M1 6HT
         England


MILLENNIUM MACADAM: Appoints Duncan R. Beat as Liquidator
---------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of Millennium
Macadam Ltd. on June 15 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
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


MOVE HANLEY: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of Move
(Hanley) Ltd. on June 26 for the creditors’ voluntary winding-up
procedure.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy,
company secretarial services, corporate finance, corporate recovery,
turnaround, forensic accounting, financial services and insurance & risk
management.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. John’s
         Blackburn
         Lancashire
         BB1 8AF
         England


WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings for Warner Music
Group, including the 'BB-' corporate credit rating, remain on CreditWatch
with negative implications.  The ratings have been on CreditWatch because
of S&Ps’ concern about the company's interest in EMI Group PLC.  S&P still
see uncertainty surrounding management's alternate strategies following
WMG's statement that it will not submit a competing bid for EMI.

In addition, year-over-year revenue and EBITDA decreased by roughly 2% and
8%, respectively, in the company's second fiscal quarter ended March 31,
2007.  Declines in recorded music revenue and EBITDA, which reflect tough
release comparisons from the previous year and continued physical sale
declines, were partially offset by gains in publishing.  Debt to EBITDA
was roughly 5.1x, which is somewhat weak for the rating.  S&P expect the
company's third fiscal quarter (ended June 30, 2007) to be relatively
flat, with easier release comparisons coming in the fiscal fourth quarter.

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


WEEKENDERS LOGISTICS: Joint Liquidators Take Over Operations
------------------------------------------------------------
Graham Bushby and Guy Mander of Baker Tilly Restructuring and Recovery LLP
were appointed joint liquidators of Weekenders Logistics Ltd. on July 2
for the creditors’ voluntary winding-up procedure.

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

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         5th Floor
         Exchange House
         446 Midsummer Boulevard
         Milton Keynes
         MK9 2EA
         England


* United Kingdom Stays Airport Security Measures
------------------------------------------------
The British government is keeping the rules restricting passengers to
carry more than one piece of hand luggage would remain in place, published
reports say citing U.K. Transport Minister Ruth Kelly.

"We will not compromise on the safety of passengers, and this means that
the heightened security measures introduced last summer are still
necessary," U.K. Transport Minister Ruth Kelly told airlines including
British Airways plc at a security summit.

Willie Walsh, chief executive of British Airways, reiterated that "the one
piece of hand luggage restriction has no security justification and has
become intensely irritating to customers."

According to Mr. Walsh, "the restriction is also damaging the U.K.'s
reputation around the world from a business perspective."

British Airways Chairman Martin Broughton claimed the one-bag rule caused
problems in Heathrow’s baggage handling system, Mark Milner writes for The
Guardian.

The transport minister, however, said rules could be relaxed in the future
if airlines and airports proved it was feasible.  She revealed an industry
working group will be formed to draw up proposals, but any changes would
not be introduced until autumn at the earliest, The Scotsman states.

"The ball is in the industry's court.  It is up to it to work with us to
develop a process that would enable a change without compromising the
safety and security of passengers," Ms. Kelly said.

Mr. Walsh is optimistic that a compromise will be made.

The one-bag rule, which applies to customers departing the U.K. and
transferring through the U.K., was imposed last August following an
alleged plot to attack transatlantic airliners, The Times relates.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573       210


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

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

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

FRANCE
------
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Groupe Eurotunnel         GET      (2935)        9958    (9345)
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128       22
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35

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

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

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

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

IRELAND
-------
Waterford Wed Ut          WTFU       (145)         897       209

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,482)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)

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

NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)

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

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

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

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

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

UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         587    (1991)

UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music
   Industries Group       EMI      (2266)       2,950      (381)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)        1273     (269)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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 * * *