TCREUR_Public/070725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 25, 2007, Vol. 8, No. 146

                            Headlines


A U S T R I A

ALPHA-BAU LLC: Claims Registration Period Ends July 27
BEECOM.CC: Graz Court Orders Business Shutdown
D.G. DURMAZ: Claims Registration Period Ends Sept. 5
FBH FARBEN: Claims Registration Period Ends July 27
HELMUT REINDL: Claims Registration Period Ends Aug. 10

MARKETING FOR EVENTS: Claims Registration Period Ends Aug. 13
TEAM BAU: Claims Registration Period Ends Aug. 7
V. SP LLC: Claims Registration Period Ends Aug. 10


F R A N C E

COOPER-STANDARD: Moody's Affirms B2 Corporate Family Rating
COOPER-STANDARD: S&P Affirms B Rating & Revises Outlook to Pos.
DELPHI CORPORATION: Moves Bid Deadline to July 31
NYLSTAR INC: Court Approves Woods Rogers as Counsel


G E R M A N Y

DAIMLERCHRYSLER: Chrysler Aims to Cut Costs as Labor Talks Begin
KABELGESELLSCHAFT FISCHTEICHWEG: Claims Filing Ends Aug. 20
LOH & SOEHNE: Claims Registration Period Ends Sept. 3
LSH LOESSAUER: Claims Registration Period Ends Sept. 7
REGENT FILM: Claims Registration Period Ends Sept. 24


H U N G A R Y

MALEV ZRT: Russian Owner Wants Turnaround Within One Year


I T A L Y

ALITALIA SPA: Italian Government May Revive Stake Sale Process
IMAX CORP: Moody's Junks Rating on High Financial Risk


K A Z A K H S T A N

BLOCK LLP: Proof of Claim Deadline Slated for Aug. 31
BRANT-TALDYKORGAN LLP: Creditors Must File Claims Aug. 24
EAGLES LLP: Claims Filing Period Ends Aug. 31
ELECTROLUX-COMPLECT LLP: Creditors' Claims Due on Aug. 31
K-T PAVLODAR: Claims Registration Ends Aug. 31

MADIYI 93 LLP: Proof of Claim Deadline Slated for Aug. 31
RAZREZ OJSC: Creditors Must File Claims Aug. 31
REGION-KTS LLP: Claims Filing Period Ends Aug. 31
SENIM LLP: Creditors' Claims Due on Aug. 31
STROYSERVICE-KTS LLP: Claims Registration Ends Aug. 31

TRAIN-PV: Creditors Must File Claims Aug. 31
UG SERVICE: Claims Filing Period Ends Aug. 31
UGNEFTEGASSTROY JSC: Creditors' Claims Due on Aug. 28
VARGUS-PV LLP: Claims Registration Ends Aug. 31


K Y R G Y Z S T A N

KUDRAT COMPANY: Creditors Must File Claims by August 29


R U S S I A

ABSOLUT BANK: Moody's May Lift Ba3 Rating after Review
ASLAKH LLC: Tatarstan Bankruptcy Hearing Slated for Nov. 20
BASH-PROM-SERVICE: Creditors Must File Claims by July 30
CRANE-SERVICE OJSC: Names D. Zelepukin as Insolvency Manager
EAST OIL-LOADING: Creditors Must File Claims by Aug. 30

EVRAZ OREGON: Moody's Puts B1 Rating to Proposed US$1.2 Bln Loan
GAVAN-BREAD OJSC: Creditors Must File Claims by July 30
MITINO-WOOD LLC: Creditors Must File Claims by July 30
ROSTE-GAS CJSC: Creditors Must File Claims by Aug. 30
SAVINSKOE OJSC: Yaroslavl Bankruptcy Hearing Slated for Aug. 22

SISTEMA-HALS: Moody's Assigns B1 Corporate Family Rating
SISTEMA-HALS JSC: Fitch Assigns B+ IDR on Lead Market Position
TASHLINSKOE CJSC: Creditors Must File Claims by Aug. 30
TATAR INNOVATION: Creditors Must File Claims by July 30

TERMINAL OJSC: Court Names A. Zakharov as Insolvency Manager
VEHICLE REPAIR: Creditors Must File Claims by July 30
VYAZNIKI-SEK-KHOZ-KHIMIYA: Creditors Must File Claims by Aug. 30
YUZHNOE OJSC: Creditors Must File Claims by Aug. 30


S W I T Z E R L A N D

BIENZ GEBAUDEREINIGUNGE: Claims Registration Period Ends Aug. 6
CASWAL ARCHITEKTEN: Creditors' Liquidation Claims Due August 6
COWI-FOODART JSC: Claims Registration Period Ends August 6
GASTRO CHAI: Creditors' Liquidation Claims Due August 6
GERBER FLEISCHPRODUKTE: Bern Court Starts Bankruptcy Proceedings

INFAPLAN LLC: Creditors' Liquidation Claims Due August 3
MINUTEPLANET LLC: Creditors' Liquidation Claims Due August 6
MKA LLC: Creditors' Liquidation Claims Due August 6
PIUS WICKI: Claims Registration Period Ends August 6
SACHEM LLC: Claims Registration Period Ends August 9

SJ MEDIA: Zurich Court Starts Bankruptcy Proceedings
ZANI JSC: Creditors' Liquidation Claims Due August 6


U K R A I N E

DANIEL GOLTS: Claims Submission Deadline Set July 26
KLIUSHNIKOVSKOE LLC: Creditors Must File Claims by July 26
KOPEYEVSKOE LLC: Claims Submission Deadline Set July 26
OBERIG-AGRO LLC: Claims Submission Deadline Set July 26
POKROVITSA LLC: Claims Submission Deadline Set July 26

PRAVOBEREZHNY LTD: Claims Submission Deadline Set July 26
PIVDENNYI BANK: Fitch Rates US$100 Million Loan at B-
SUZIRIYA LLC: Claims Submission Deadline Set July 26
TULCHIN INTER-REGIONAL: Claims Submission Deadline Set July 26
VICTORIYA LLC: Claims Submission Deadline Set July 26

VOSTOCHNY OJSC: Creditors Must File Claims by July 26
VOYTOVTSY BREADRECEIVING: Creditors Must File Claims by July 26

* Fitch Assigns B Rating with Stable Outlook for City of Odessa


U N I T E D   K I N G D O M

365 RECRUITMENT: Appoints Michael C. Kienlen as Liquidator
ARC SYSTEMS: Claims Filing Period Ends August 6
AVOCA CLO V: Fitch Puts Low-B Ratings to Class E & F Notes
BRIDGEN ENTERPRISES: Taps Liquidators from Smith & Williamson
CAPTIVE DISTRIBUTION: Taps Joint Administrators from Mazars

DAMOVO GROUP: Moody's Withdraws Junk Ratings Upon Request
DENNE & SEYMOUR-KING: Names Keith Aleric Stevens Liquidator
DI-AL EXTRUSION: Brings In Liquidator from Hazlewoods
EMI GROUP: Terra Firma Extends GBP2.4 Bln Offer to July 29
GAVCO 196: Calls In Liquidators from Baker Tilly

GILMAC BUILDING: Brings In Grant Thornton as Administrators
GLOBAL CROSSING: S&P Affirms B- Ratings with Stable Outlook
GLOBAL OFFICE: Appoints Liquidators from KPMG
H.P.H. PRINT: Hires Liquidators from Menzies Corporate
HUMBER REFRIGERATION: Appoints Joint Administrators from PwC

INTER LINK: McCambridge Group Buys Business from Administrators
ISLE OF CAPRI: Virginia McDowell Appointed as President and CEO
LEONARD STALL: Joint Liquidators Take Over Operations
LUTON SPRAYING: Claims Filing Period Ends August 8
METRONET RAIL: Administrators Secure Funding to Ensure Tube Work

METRONET RAIL: Renewal Works at the Tube Continue
MOTION PICTURE: Moody's Puts Low-B Ratings to Credit Facilities
NRG VICTORY: Withdraws Proposed Scheme; Chapter 15 Closes
ONE TV: Brings In Liquidators from Smith & Williamson
RICHARDSONS MOSS: Taps Liquidators from BDO Stoy Hayward

RJR PLANT: J. M. Titley Leads Liquidation Procedure
TUNING GROUP: Appoints Liquidators from Moore Stephens

                            *********

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


ALPHA-BAU LLC: Claims Registration Period Ends July 27
------------------------------------------------------
Creditors owed money by LLC ALPHA-BAU (FN 42431z) have until
July 27 to file written proofs of claim to a court-appointed
estate administrator from:

         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/71 800 7
         E-mail: mail@hochstaffl-rupprechter.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:45 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 Ebbs, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 7 S 37/07m).


BEECOM.CC: Graz Court Orders Business Shutdown
----------------------------------------------
The Land Court of Graz entered June 27 an order shutting down
the business of LLC Beecom.cc (FN 202407h).

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

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


D.G. DURMAZ: Claims Registration Period Ends Sept. 5
----------------------------------------------------
Creditors owed money by KEG D.G. Durmaz & Co (FN 234998k) have
until Sept. 5 to file written proofs of claim to court-appointed
estate administrator Robert Klein at:

         Dr. Robert Klein
         c/o Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 01/513 99 39
         Fax: 01/513 99 39 30
         E-mail: klein@lawcenter.at
                 deschka@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on June 25 (Bankr. Case No. 36 S 87/07x).  Thomas
Deschka represents Dr. Klein in the bankruptcy proceedings.


FBH FARBEN: Claims Registration Period Ends July 27
---------------------------------------------------
Creditors owed money by LLC FBH Farben- und Heimwerkebedarf
Handels & Co. KG (FN 18426y) have until July 27 to file written
proofs of claim to court-appointed estate administrator Peter
Bruendl at:

         Dr. Peter Bruendl
         Burggraben 6
         4780 Scharding
         Austria
         Tel: 07712/2746
         Fax: 07712/2746 - 22
         E-mail: bruendl-rachbauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 8 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Florian am Inn, Austria, the Debtor
declared bankruptcy on June 25 (Bankr. Case No. 17 S 21/07f).


HELMUT REINDL: Claims Registration Period Ends Aug. 10
------------------------------------------------------
Creditors owed money by KEG Helmut Reindl (FN 264818p) have
until Aug. 10 to file written proofs of claim to court-appointed
estate administrator Stefan Langer at:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 26 (Bankr. Case No. 28 S 69/07m).


MARKETING FOR EVENTS: Claims Registration Period Ends Aug. 13
-------------------------------------------------------------
Creditors owed money by LLC Marketing for Events (FN 217448b)
have until Aug. 13 to file written proofs of claim to court-
appointed estate administrator Martin Hengstschlager at:

         Mag. Martin Hengstschlager
         c/o Mag. Rene Lindner
         Fadingerstrasse 9/2
         4020 Linz
         Austria
         Tel: 78 40 80-0
         Fax: 78 40 80-4
         E-mail: office@hengstschlaeger-lindner.at

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

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 26 (Bankr. Case No. 12 S 56/07h).  Rene Lindner
represents Mag. Hengstschlager in the bankruptcy proceedings.


TEAM BAU: Claims Registration Period Ends Aug. 7
------------------------------------------------
Creditors owed money by LLC TEAM BAU (FN 169633k) have until
Aug. 7 to file written proofs of claim to court-appointed estate
administrator Erhard Hackl at:

         Dr. Erhard Hackl
         c/o Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732/776234, 776235
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Aug. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 14 S 25/07k).  Markus Weixlbaumer
represents Dr. Hackl in the bankruptcy proceedings.


V. SP LLC: Claims Registration Period Ends Aug. 10
--------------------------------------------------
Creditors owed money by LLC V. SP (FN 258755y) have until
Aug. 10 to file written proofs of claim to court-appointed
estate administrator Romana Weber-Wilfert at:

         Dr. Romana Weber-Wilfert
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 24 55 24
         E-mail: office@weber-wilfert.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 28 S 68/07i).


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


COOPER-STANDARD: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family and
Probability of Default Ratings of Cooper-Standard Automotive
Inc. and its wholly-owned Canadian subsidiary Cooper-Standard
Automotive Canada Limited.

Moody's also assigned a Ba2 rating to Cooper-Standard's
incremental senior secured term loan which will be used to
finance a portion of the announced acquisition of the Metzeler
Automotive Profile Systems sealing systems operations from
Automotive Sealing Systems S.A for $134 million.  MAPS
operations are located in Germany, Italy, Poland and Belgium,
including joint venture interests in India and China.

The financing for the transaction will consist of a USD$
equivalent 87 million incremental term loan, drawings under an
amended revolving credit facility, and a $30 million equity
infusion from Cooper-Standard's equity sponsors.  In a related
action Moody's raised the ratings of the existing senior secured
bank credit facilities to Ba2 from Ba3, affirmed the B3 rating
on the guaranteed senior unsecured notes, and affirmed the Caa1
rating on the guaranteed senior subordinated notes.  The
Speculative Grade Liquidity rating was raised to SGL-2.  The
ratings outlook was changed to stable from negative.

The ratings reflect the expected neutral immediate impact on
Cooper-Standard's credit metrics resulting from the
acquisition's purchase price along with the equity infusion.
The acquisition will further increase Cooper-Standard's
geographic and customer diversity, and further strengthen the
company's sealing systems capabilities.  Synergies are expected
to be nominal as a result of minimal overlapping operations and
customers in the MAPS' operating region.

The ratings also reflect the company's pro forma high leverage,
moderate interest coverage, and acquisitive nature.  Following
the transaction Cooper-Standard will continue to have about 54%
revenue exposure to the Big-3 and have to contend with agreed
upon price concessions to OEM customers and high raw material
cost.

The stable outlook reflects Cooper-Standard's demonstrated
ability to maintain credit metrics consistent with a B2 rating
subsequent to the acquisition of ITT's Fluid Handling Systems
Division in the first quarter of 2006 and the expectation that
this ability will continue following the MAPS acquisition.  The
equity infusion from the company's sponsors mitigates the
acquisition's impact on credit metrics.

Cooper-Standard may experience additional industry pressure from
negotiated price concessions, raw material costs, and market
share challenges of its OEM customers.  However, the company's
ongoing restructuring efforts, and integration history, should
lessen the impact of these challenges.  The acquisition provides
further business diversification both geographically and on a
customer basis which are stabilizing factors.


The SGL-2 Speculative Grade Liquidity rating reflects Moody's
expectation that the company will maintain good liquidity over
the next 12 months from internal cash generation, cash on hand,
and availability under committed borrowing facilities.  The
amended bank credit facilities will eliminate the interest
coverage financial covenant and amend the leverage covenant to a
senior secured leverage test which will incorporate sufficient
cushion over the next 12 months.

The assigned rating is:

-- Ba2 (LDG2, 21%) rating for the new add-on USD87MM equivalent
    senior secured term loan at Cooper-Standard

The raised ratings are:

-- senior secured credit agreement for borrowers Cooper-
    Standard and Cooper-Standard Canada to Ba2 (LGD2, 21%) from
    Ba3 (LDG2, 24%), consisting of:

-- guaranteed senior secured revolving credit (US$ denominated)
    at Cooper-Standard, due December 2010;

-- guaranteed senior secured revolving credit (US$ or CND$
    denominated) at Cooper-Standard Canada, due December 2010;

-- guaranteed senior secured term loan A (CND$ denominated) at
    Cooper-Standard Canada, due December 2010;

-- guaranteed senior secured term loan B (US$ denominated) at
    Cooper-Standard Canada, maturing December 2011;

-- guaranteed senior secured term loan C (US$ denominated) at
    Cooper-Standard, maturing December 2011;

-- guaranteed senior secured term loan D (US$ and Euro
    denominated) at Cooper-Standard, maturing December 2011;

-- Speculative Grade Liquidity rating of Cooper-Standard to
    SGL-2 from SGL-3

These ratings were affirmed:

-- B3 (LGD4 60%) for the guaranteed senior unsecured notes
    maturing December 2012;

-- Caa1(LGD5 86%) for the guaranteed senior subordinated
    unsecured notes maturing December 2014

-- B2 Corporate Family Rating

-- B2 Probability of Default Rating

The last rating action was on Sept. 22, 2006 when the LGD
methodology was applied.

For the LTM period ending March 31, 2007, Cooper-Standard's
EBIT/interest expense was approximately 1.1x.  Total Debt/EBITDA
was approximately 4.8x.  Cooper-Standard had positive free cash
flow of $105 million for the LTM period ending March 31, 2007.
At March 31, 2007 the company had $51 million of cash on its
balance sheet and an additional $109 million of borrowing
capacity under its revolving credit facility, net of letters of
credit.

Pro Forma for the MAPS transaction, Debt/EBITDA and
EBIT/Interest levels as the accretive purchase price multiple
and equity infusion is offset by increased debt and the
additional pension liabilities assumed.  Availability under the
revolving credit is expected to decrease by about $23 million
due to funding of the MAPS transaction.  However, these amounts
are expected to be repaid in the near term given the company
free cash flow generation capacity.

Future events that could improve Cooper-Standard's outlook or
ratings include the realization of incremental new business
awards from both domestic transplants and foreign OEMs that will
serve to diversify and globalize the customer base, rising
average content per vehicle, stabilized raw material costs
resulting in increased margins, and permanent debt reduction at
a faster pace than projected.  Consideration for an improved
outlook or rating upgrade could arise if any combination of
these factors were to reduce leverage consistently under 4x or
increase EBIT/interest coverage approaching 2x.

Future events that could result in pressure on Cooper-Standard's
outlook or ratings include material reductions in OEM production
volumes that adversely affect the company's business outlook, a
failure by the company to realize material lean manufacturing
and restructuring savings sufficient to offset customer price
concessions and other operating cost increases, rising raw
materials prices which cannot be offset by customer surcharges
and price increases, lost market share, insufficient
availability under the revolving credit facility, additional
announcements of a material acquisition, or plans for buybacks
of common stock or a dividend payment to the common
shareholders.  Consideration for lower ratings could arise if
any combination of these factors were to increase leverage over
5.5x, or lower existing EBIT/interest.

Cooper-Standard Automotive, Inc., headquartered in Novi,
Michigan, is a portfolio company of The Cypress Group and
Goldman Sachs Capital Partners.  It is a leading global
manufacturer of fluid handling systems (about 53% of revenues);
and body sealing, and noise, vibration, and harshness control
systems (about 47%) for automotive vehicles.  The company sells
about 80% of its products directly to automotive original
equipment manufacturers.  Annual revenues currently about $2.2
billion.

In Europe, the company maintains operations in the United
Kingdom, France, Spain, Germany and Czech Republic.


COOPER-STANDARD: S&P Affirms B Rating & Revises Outlook to Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Cooper-Standard Automotive Inc. and revised the
outlook to positive from stable.  At the same time, S&P assigned
a 'B+' bank loan rating and '2' recovery rating to Cooper-
Standard's proposed add-on of a EUR65 million senior secured
term loan due 2011.  The bank loan rating and the recovery
rating together indicate that lenders could expect substantial
(70%-90%) recovery of principal in the event of a payment
default.

"The outlook revision reflects the auto-supplier's improved
operating and financial performance and the potential to sustain
these results and enhance credit measures in the next two
years," said Standard & Poor's credit analyst Nancy C. Messer.

In 2006, the company improved gross margins and leverage
relative to 2005, despite challenging industry dynamics.
Furthermore, Cooper-Standard's EBITDA margins have been less
volatile that many of its peers in the auto supplier group, and
the company has generated positive free cash flow since it
became a stand-alone company.  The planned acquisition of
Metzeler Automotive Profile Systems (MAPS) is slightly de-
leveraging since it will be funded in part by an equity
contribution from the sponsors and the multiple of EBITDA being
paid is a low 3.7x.  S&P believes the acquisition will enhance
Cooper-Standard's business position, since it expands the
company's geographic reach, improves the customer diversity, and
brings value-add technology.

Novi, Michigan-based Cooper-Standard makes fluid-handling
systems, body-and chassis sealing systems, and vibration control
components and systems for the global automotive light vehicle
market.  Following the MAPS acquisition, Cooper-Standard will
have pro forma total balance sheet debt of US$1.1 billion at
March 31, 2007. Privately held Cooper-Standard is controlled by
unrated GS Capital Partners 2000 and The Cypress Group LLC.

While earnings and cash flow prospects have diminished with
recent production volume cuts and continuing margin pressures.
Cooper-Standard's proven ability to generate free cash flow in a
difficult market should enable it to endure challenging
automotive industry fundamentals.  The ratings could be raised
if Cooper-Standard is able to sustain EBITDA expansion and
generate sufficient cash flow to meaningfully and permanently
reduce debt in the next two years.  S&P could revise the outlook
to stable or negative if Cooper-Standard's free cash flow turns
meaningfully negative or if a worse-than-expected EBITDA
shortfall significantly depletes availability on the revolving
credit facility.  An outlook revision could also result if the
company's expansion into low-cost countries and its new business
fail to mitigate the negative effect of ongoing industry
challenges.  The company has very little debt capacity at the
current rating for acquisitions, so an outlook revision could
also occur if the company undertakes another material
acquisition before it is able to integrate MAPS and reduce debt.


DELPHI CORPORATION: Moves Bid Deadline to July 31
-------------------------------------------------
Delphi Corporation and its debtor-affiliates extend to:

  (i) July 31, 2007, at 11:00 a.m., prevailing Eastern time, the
      deadline for a Qualified Bidder to submit a Qualified
      Bid for the assets used in the Catalyst Business; and

(ii) August 8, 2007, at 10:00 a.m., prevailing Eastern time,
      the date on which they will conduct an auction, if
      necessary, for the sale of the Catalyst Business Assets.

In addition, the Debtors delivered to the U.S. Bankruptcy Court
for the Southern District o new York, on July 18, 2007, a
modified list of the executory contracts and unexpired leases
that they intend to assume and assign in connection with the
sale of the Catalyst Business.

A 51-page list of the Contracts and Leases is available for free
At http://ResearchArchives.com/t/s?21b9

As reported in Troubled Company Reporter on June 7, 2007, the
Debtors entered into a sale and purchase agreement with Umicore
for the sale of its global OE and aftermarket catalyst business.
Subject to the terms and conditions of the agreement, the
aggregate purchase price for the assets related to the catalyst
business is $55.6 million, subject to adjustments.  The Debtors,
as part of their transformation plan, identified the catalyst
business as a non-core business line that would be better
positioned within another firm.

                           Objections

(1) A-1 Specialized Services & Supplies

A-1 Specialized Services & Supplies, Inc., contests the Debtors'
assignment of the parties' contracts to Umicore S.A., the
stalking horse bidder.

A-1 supplies the Debtors with platinum, palladium, and rhodium,
which the Debtors use in the production of automotive
components.  A-1 also reclaims PGM from the Debtors' industrial
manufacturingscrap.

Ashok Kumar, owner of A-1, points out that Umicore and A-1 are
major competitors in the supply and reclamation of PGM.  He
notes that when Umicore acquired PGM-related assets in 2003, the
transaction was identified by the European Commission as having
a potential anti-competitive impact, and A-1 was specifically
identified and questioned by the EC with regard to that impact
due to A-1's status as a competitor.

The A-1 Contracts, with their inter-relationship between PGM
reclamation and subsequent availability of PGM supply, have
involved very frequent discussions of price and market
availability, and inventory repurchases by A-1, with consequent
adjustments and pricing decisions, Mr. Kumar tells Judge Drain.
He contends that the A-1 Contracts, if assigned to Umicore,
would be:

  (1) revealing of confidential business practices;

  (2) subject to substantial manipulation in world markets;

  (3) inappropriate; and

  (4) a probable violation of European and U.S. anti-trust laws.

Umicore has more than sufficient resources to fully supply the
manufacturing needs and fully service the reclamation needs of
the Debtors' PGM catalyst manufacturing operations, Mr. Kumar
says.  He avers that the Debtors and Umicore will not be harmed
if the the A-1 Contracts will not be assigned to Umicore.

A-1 also objects to the Debtors' proposed $430,384 cure amount
in connection with the assumption and assignment of the A-1
Contracts.  Mr. Kumar asserts that the prepetition arrearages
due A-1 are the metals that were in the possession of the
Debtors as of the date of the petition, namely:

  * platinum – 500 troy ounces;
  * palladium – 4,000 troy ounces; and
  * rhodium – 300 troy ounces.

Mr. Kumar relates that A-1 set off those prepetition arrearage
metals in the Debtors' possession against metals that were, at
the Petition Date, in its possession.

(2) Maricopa County Treasurer

The Maricopa County Treasurer objects to the sale of the Debtors
property located in Maricopa County, Arizona, on personal
property parcel 949-65-352 to the extend that the tax
liabilities associated with the property are not fully paid at
closing from the proceeds of the Sale in accordance with A.R.S.
Section 42-17153 (1999).

The Maricopa Property is encumbered with a fully perfected tax
lien aggregating $2,628 plus accruing interest for a 2006 tax
liability, Barbara Lee Caldwell, Esq., at Hebert Schenk, P.C.,
in Phoenix, Arizona, informs the Court.

Under Arizona law, the County has a valid lien that is prior and
superior to all other liens and encumbrances on the Property,
Ms. Caldwell asserts.  It is also unlawful for the Debtors to
knowingly sell or transfer the Property until all taxes are
paid, Ms. Caldwell contends, citing A.R.S. Section 42-19107(A).

By this objection, the Maricopa County Treasurer asks the Court
to direct the Debtors to pay the taxes associated with the
Property before it is transferred.

(3) Corning Inc.

Corning Incorporated informs Judge Drain that it simply cannot,
at this time, agree to the Debtors' proposed $2,126,000 cure
amount for the assumption and assignment of the parties' four
contracts, represented by Purchase Order Nos. 50186, 50187,
50188, and 50189.  Corning believes that additional amounts may
be due.

Due to the limited time between the delivery of the Debtors'
lease assumption notice and the deadline to object to that
notice, however, Corning was not able to identify the Contracts,
nor form an opinion as to the assumption of the Contracts.

Corning thus asks the Court to:

  (a) disapprove the assumption of the Corning Contracts and the
      proposed cure amounts; and

  (b) schedule a hearing to consider its objection.

Prior to any hearing on its objection, Corning assures the Court
that it will endeavor to further review its books and records
and correspond with the Debtors to amicably resolve any cure
amount and assumption issues.

                        About Delphi Corp.

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

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

(Delphi Corporation Bankruptcy News, Issue No. 76; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


NYLSTAR INC: Court Approves Woods Rogers as Counsel
---------------------------------------------------
The United States Bankruptcy Court for the Western District of
Virgina gave Nylstar Inc. authority to employ Woods Rogers PLC
as its counsel.

The firm is expected to:

    a. give the Debtor legal advice with respect to its powers
       and duties as debtor-in-possession in the continued
       operation of its business and management of its property
       and concerning the rights and remedies of the Debtor with
       regard to assets of the estate and the claims of secured,
       preferred and unsecured creditors and other parties-in-
       interest;

    b. assist the Debtor in the preparation of its statement of
       affairs and schedules and related documents;

    c. prepare on behalf of the Debtor necessary applications,
       answers, orders, reports and other legal papers;

    d. appear for, prosecute, defend and represent the interest
       of the Debtor in suits arising in or related to the
       Debtor's case;

    e. investigate and prosecute any actions arising held by the
       Debtor;

    f. develop, negotiate, and draft a disclosure statement and
       plan; and

    g. perform all other legal services for Debtor which may be
       necessary;

The firm's professionals billing rates:

    Designations              Hourly Rate
    ------------              ------------
    Partners                  $180 - $370
    Associates                $130 - $180
    Paralegals                 $75 - $100

    Professionals             Designations   Hourly Rate
    -------------             ------------   -----------
    Richard C. Maxwell, Esq.  Partner            $275
    Nicholas C. Conte, Esq.   Partner            $275
    B. Webb King, Esq.        Associate          $180
    Heather M. Hale           Paralegal          $100

To the Debtor's best knowledge the firm does not hold any
interest adverse to the Debtor's estate and is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Court.

The firm's attorneys can be reached at:

    Wood Rogers PLC
    Wachovia Tower, Suite 1400
    10 South Jefferson Street
    P.O. Box 14125
    Roanoke, Virginia 24038-4125
    Tel: (540) 983-7600
    Fax: (540) 983-7711

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).  No Official Committee of
Unsecured Creditors has been appointed to date on this case.
When the Debtor filed for bankruptcy, its listed estimated
assets and debts between $50 Million and $100 Million.

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


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


DAIMLERCHRYSLER: Chrysler Aims to Cut Costs as Labor Talks Begin
----------------------------------------------------------------
Chrysler Group and the United Auto Workers union have officially
begun contract negotiations through which the DaimlerChrysler AG
unit is hoping to get new concessions on pay and conditions to
narrow the efficiency gap with Japanese carmakers, the BBC
reports.

"It's been four years since our last round of negotiations with
the UAW, and since then, a lot has changed for our industry, and
for Chrysler," Chrysler Group President and CEO Tom LaSorda said
in a statement.  "Today, the domestic auto industry faces
unprecedented challenges, and we can no longer afford to conduct
‘business as usual.’  Our circumstances demand that we re-think
our approach to our business and achieve true change."

The union and Chrysler have already been in negotiations over
retiree health care costs, initially aimed at giving the
automaker a cost-saving deal similar to the ones granted to Ford
and GM because of their own deteriorating finances, Reuters
relates.

Chrysler's hourly labor costs are an industry-leading US$75.86,
higher than GM at US$73.26 or Ford at US$70.51, according to
data compiled by the automaker.  Chrysler also pays its 26,000
UAW-represented workers over US$30 per hour more than Japan's
own Big Three -- Toyota Motor Corp., Honda Motor Co. and Nissan
Motor Co. -- pay their American workers, Reuters reveals.

The difference is made even more significant by higher pensions
and retiree health care costs.  These issues are expected to be
at the center of negotiations meant to cement a new contract
that shall replace the current four-year deal expiring at
midnight on September 14, 2007, Reuters states.  Many analysts
expect the UAW to consider establishing a union-aligned trust
fund for retiree health care, if it can reach an agreement with
the automakers on how fully to fund it.

Meanwhile, Mr. LaSorda said in a statement that Cerberus Capital
Management L.P. has managed to gather the funds required to complete
its purchase of an 80-percent stake in Chrysler and the deal is almost
complete.

"Finding answers to close the competitive gaps are crucial to
the U.S. auto industry," Cerberus Chairman John Snow told
reporters last week.  "If it's going to survive and prosper, we
need to close the gap.  That's for sure."

                      About DaimlerChrysler

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

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

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

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

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


KABELGESELLSCHAFT FISCHTEICHWEG: Claims Filing Ends Aug. 20
------------------------------------------------------------
Creditors of Kabelgesellschaft Fischteichweg mbH have until
Aug. 20 to register their claims with court-appointed insolvency
manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Sept. 18, 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 Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Udo Mueller
         Georgstr. 50
         30159 Hannover
         Germany
         Tel: 0511 36698-0
         Fax: 0511 36698-33

The District Court of Hannover opened bankruptcy proceedings
against Kabelgesellschaft Fischteichweg mbH on July 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kabelgesellschaft Fischteichweg mbH
         Attn: Friedrich Baumgarte, Manager
         Heinescher Hof 4
         30419 Hannover
         Germany


LOH & SOEHNE: Claims Registration Period Ends Sept. 3
-----------------------------------------------------
Creditors of Loh & Soehne Fleischgrosshandelsgesellschaft mbH
have until Sept. 3 to register their claims with court-appointed
insolvency manager Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 15, 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt (Main)
         Germany
         Tel: 069/71701-300
         Fax: 069/71701-40-410

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Loh & Soehne Fleischgrosshandelsgesellschaft
mbH on July 20.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Loh & Soehne Fleischgrosshandelsgesellschaft mbH
         Carl-Benz-Strasse 16
         60386 Frankfurt (Main)
         Germany

         Attn: Notker Loh, Manager
         Taunusstrasse 16
         63674 Alt-Rodenbach
         Germany


LSH LOESSAUER: Claims Registration Period Ends Sept. 7
------------------------------------------------------
Creditors of LSH Loessauer Speditions- & Handelsgesellschaft mbH
have until Sept. 7 to register their claims with court-appointed
insolvency manager Kaufmann Dirk Halbauer.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on Oct. 9, 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Kaufmann Dirk Halbauer
         Blankenburger Str. 3
         07318 Saalfeld
         Germany

The District Court of Gera opened bankruptcy proceedings against
LSH Loessauer Speditions- & Handelsgesellschaft mbH on July 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LSH Loessauer Speditions- & Handelsgesellschaft mbH
         Attn: Ramona Schulze, Manager
         Dorfstr. 66
         07907 Schleiz/Loessau
         Germany


REGENT FILM: Claims Registration Period Ends Sept. 24
-----------------------------------------------------
Creditors of Regent Film und Fernsehgesellschaft mbH have until
Sept. 24 to register their claims with court-appointed
insolvency manager Stephan Ammann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Stephan Ammann
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089/8589633
         Fax: 089/85896350

The District Court of Munich opened bankruptcy proceedings
against Regent Film und Fernsehgesellschaft mbH on July 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Regent Film und Fernsehgesellschaft mbH
         Kopernikusstr. 2
         81679 Munich
         Germany


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


MALEV ZRT: Russian Owner Wants Turnaround Within One Year
---------------------------------------------------------
Boris Abramovich, owner of Malev Zrt., has given chief executive
Lloyd Paxton one year to stem its losses, Bloomberg News reports
citing daily Napi Gazdasag.

Malev is in a very critical state and management can't afford to
make mistakes, Mr. Abramovich told journalists at a press
conference, Bloomberg notes.

According to the report, Mr. Abramovich plans to increase the
number of routes and boost passenger traffic, and wants a
medium-term strategy plan ready by the end of August.  Former
Malev CEO Janos Gonci will remain on the board of directors in
an advisory capacity.

AirBridge Zrt, Mr. Abramovich's local investment unit, agreed to
acquire the firm in February 2007.

Headquartered in Budapest, Hungary, Malev Zrt. --
http://www.malev.hu/-- operates scheduled passenger, cargo and
charter services in Central-Eastern Europe.  Malev has its own
offices and general sales agents in 34 countries.

Malev has been posting losses for the previous years.  Available
data shows Malev posted losses of HUF7.51 million in 2001;
HUF2.78 million in 2002; HUF13.49 million in 2003;
HUF4.91 million in 2004; HUF1.27 million in 2005; and
HUF10.5 million in 2006.


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


ALITALIA SPA: Italian Government May Revive Stake Sale Process
--------------------------------------------------------------
The Italian government may relaunch the process to sell its
39.9% stake in Alitalia S.p.A. on lighter conditions, Thomson
Financial reports citing local daily La Repubblica.

According to La Repubblica, if Italy relaunches the sale
process, it may impose lesser conditions, though it may still
require the buyer to inject fresh capital into Alitalia.

Former bidders TPG Capital, MatlinPatterson Global Advisers LLC
and Mediobanca S.p.A., The Times relates, reaffirmed their
interest to acquire Italy's stake but only if the government
relaxes its conditions.

The private equity firms also outlined several conditions for it
to revive its bid, The Times reports.  The conditions include:

   -- flexibility to close non-profitable routes and open
      others;

   -- clearance to invite more Italian partners so that 51% of
      the new Alitalia is owned by Italian shareholders, thus
      keeping existing landing rights intact.

The private equity firms are also seeking permission to hold
talks with Alitalia's unions before submitting an offer.

The government terminated the sale process after AP Holding
S.p.A., a consortium of AirOne S.p.A. and Intesa-San Paolo
S.p.A., withdrew its bid to acquire the stake.  AP Holding said
that after reviewing the terms and conditions of the sale, it
will not submit a binding offer for the stake.

FT had suggested that TPG Capital may re-enter the race and
regroup with MatlinPatterson for a joint bid.  Government
officials, however, revealed to FT that MatlinPatterson was no
longer involved in the bidding.

The bidders had been apprehensive of the bidding conditions set
by the Italian government and had cited these requirements as
reasons for their withdrawal.

Italian Prime Minister Romano Prodi told FT that Alitalia's sale
process was not concluded as the government expected, adding
that they are currently reviewing options to salvage the
carrier.

                          About Alitalia

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

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


IMAX CORP: Moody's Junks Rating on High Financial Risk
------------------------------------------------------
Moody's Investors Service confirmed the Caa1 corporate family
and the Caa1 probability of default ratings for IMAX Corporation
as well as the Caa2 rating on its senior unsecured bonds.

The ratings confirmation follows the company's successful filing
of its Form 10-K for 2006 and its Form 10-Q for March 2007,
which cures the default and alleviates the risk of bondholder
acceleration due to the previous breach of the company's
financial reporting covenant.

In addition, fundamental operating metrics such as systems
signings and film performance suggest the ability of IMAX to
manage the business and the willingness of both studios and
exhibitors to sign new contracts despite the overhang of
accounting problems.

Moody's also changed the outlook to positive from under review
for downgrade, reflecting the potential for an upgrade over the
near to intermediate term.  This action concludes the review
commenced July 2.

A summary of actions:

   * IMAX Corporation

   -- Corporate Family Rating, Confirmed at Caa1;
   -- Probability of Default Rating, Confirmed at Caa1;
   -- Senior Unsecured Bonds, Confirmed at Caa2, LGD 4, 59%;
   -- Outlook, Changed To Positive From Rating Under Review.

The Caa1 corporate family rating reflects the lack of visibility
regarding IMAX's long term cash flow prospects, high financial
risk, as well as execution risk related to the strategic
transition to increased use of joint ventures and the
development of the new digital system.  Adequate liquidity from
balance sheet cash and its revolving credit facility, a highly
enforceable backlog of signed contracts, and the value of the
IMAX brand support the ratings.

Headquartered jointly in New York City and Toronto, Canada, IMAX
Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of
the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.


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


BLOCK LLP: Proof of Claim Deadline Slated for Aug. 31
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Block insolvent on June 18.

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

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


BRANT-TALDYKORGAN LLP: Creditors Must File Claims Aug. 24
---------------------------------------------------------
The Tax Committee of Almaty has declared LLP Brant-Taldykorgan
(RNN 531400003145) 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


EAGLES LLP: Claims Filing Period Ends Aug. 31
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Eagles insolvent on June 5.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


ELECTROLUX-COMPLECT LLP: Creditors' Claims Due on Aug. 31
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Electrolux-Complect insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


K-T PAVLODAR: Claims Registration Ends Aug. 31
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP K-T Pavlodar insolvent on June 7.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 53-84-02


MADIYI 93 LLP: Proof of Claim Deadline Slated for Aug. 31
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Madiyi 93 insolvent.

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


RAZREZ OJSC: Creditors Must File Claims Aug. 31
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared OJSC Maykubensky Open-Pit Mine Razrez insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 53-84-02


REGION-KTS LLP: Claims Filing Period Ends Aug. 31
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Region-Kts insolvent on June 12.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


SENIM LLP: Creditors' Claims Due on Aug. 31
-------------------------------------------
Te Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Senim insolvent on June 5.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


STROYSERVICE-KTS LLP: Claims Registration Ends Aug. 31
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company Stroyservice-Kts insolvent on
June 12.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


TRAIN-PV: Creditors Must File Claims Aug. 31
--------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Train-Pv insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 53-84-02


UG SERVICE: Claims Filing Period Ends Aug. 31
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Shymkent Ug Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


UGNEFTEGASSTROY JSC: Creditors' Claims Due on Aug. 28
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared JSC South Oil Gas Construction Ugneftegasstroy
insolvent on June 7.

Creditors have until Aug. 28 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Hangeldin Str. 50
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-15-73
              8 (32422) 23-37-56
              8 705 950 24-27


VARGUS-PV LLP: Claims Registration Ends Aug. 31
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Vargus-Pv insolvent on June 7.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 53-84-02


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


KUDRAT COMPANY: Creditors Must File Claims by August 29
-------------------------------------------------------
LLC Kudrat Company has declared insolvency.  Creditors have
until Aug. 29 to submit written proofs of claim to:

         LLC Kudrat Company
         Erkindik Ave. 10
         Bishkek
         Kyrgyzstan
         Tel: (0-502) 57-84-68


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


ABSOLUT BANK: Moody's May Lift Ba3 Rating after Review
------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
these global scale ratings of Absolut Bank:

   -- Ba3 long-term and Not Prime short-term local and foreign
      currency deposit ratings; and

   -- Ba3 long-term foreign currency senior unsecured debt
      rating.  The D- bank financial strength rating was
      affirmed with stable outlook.

Concurrently, Moody's Interfax Rating Agency placed the bank's
Aa3.ru long-term national scale rating on review for possible
upgrade.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax, this rating action
follows the announcement by the Belgian KBC Group that it would
acquire a 92.5% in the Absolut Bank for US$925 million, subject
to regulatory and other approvals.  The transaction is expected
to close during the third quarter of 2007.

Moody's said that the review for possible upgrade of Absolut
Bank's deposit and debt ratings reflects its view of prospective
level of parental support for the bank on the part of the new
shareholder which is driven by KBC's far-looking market
expansion plans as concerns the Central and Eastern Europe,
including Russia.  The bank's current Ba3/NP deposit ratings do
not factor any possible shareholder support, since its scope and
timeliness are somewhat uncertain, or any systemic support in
the event of need.  Thus, the bank's deposit and debt ratings
incorporate the bank's Ba3 Baseline Credit Assessment and the
seniority of the deposits and debt.

Commenting further on the BFSR, Moody's added that it does not
expect any immediate effect of the acquisition on Absolut Bank's
intrinsic financial strength.  The rating agency therefore
reaffirmed Absolut Bank's BFSR at D- with stable outlook.  The
D- BFSR is constrained by the operating and regulatory
environment in Russia, the uncertainty relating to the bank's
ability to increase its market share and the still concentrated
nature of its loan portfolio.  However, it is supported by the
ongoing strengthening of the bank's franchise and its sound
financial performance over recent years.

KBC Bank NV is rated Aa2/P-1/B- (A1 Baseline Credit Assessment)
for bank deposits/BSFR with stable outlook.  Having established
a strong presence in a number of first- and second-wave EU-
accession countries, KBC is now entering the Russian market.
Along with 2.5% bought out recently by KBC from IFC this
purchase will make up a 95% stake in Absolut Bank owned by KBC.
The remaining 5% of Absolut Bank shares is still owned by IFC
and this is not expected to change in the nearest future.

Headquartered in Moscow, Russian Federation, Absolut Bank
reported total consolidated assets in accordance with IFRS of
RUR66.3 billion (US$2.5 billion) as of Dec. 31, 2006.


ASLAKH LLC: Tatarstan Bankruptcy Hearing Slated for Nov. 20
-----------------------------------------------------------
The Arbitration Court of Tatarstan will convene on Nov. 20 to
hear the bankruptcy supervision procedure on LLC Liquor and
Vodka Distillery Aslakh (OGRN 1401616016727).  The case is
docketed under Case No. A65-10870/2007-SG4-16.

         I. Nurutdinov
         Temporary Insolvency Manager
         Post User Box 92
         Naberezhnye Chelny
         423818 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Liquor and Vodka Distillery Aslakh
         Plodovoovoshnoj Kombinat
         Promkozona
         423800 Tatarstan
         Russia


BASH-PROM-SERVICE: Creditors Must File Claims by July 30
--------------------------------------------------------
Creditors of CJSC Bash-Prom-Service (TIN 0266016954) have until
July 30 to submit proofs of claim to:

         F. Zaripov
         Temporary Insolvency Manager
         Post User Box 639
         OPS 7
         Tuymazy
         452750 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-7-325/07-G-GIA.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Bash-Prom-Service
         Krasnoarmeyskaya Str. 12
         Salavat
         453250 Bashkortostan
         Russia


CRANE-SERVICE OJSC: Names D. Zelepukin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kursk appointed D. Zelepukin as
Insolvency Manager for OJSC Crane-Service (TIN 4630016014).  He
can be reached at:

         D. Zelepukin
         Post User Box 21
         394038 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-8043/05 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Crane-Service
         Privokzalnaya Str. 1
         Kursk
         Russia


EAST OIL-LOADING: Creditors Must File Claims by Aug. 30
-------------------------------------------------------
Creditors of CJSC East Oil-Loading Terminal have until Aug. 30
to submit proofs of claim to:

         E. Teslenko
         Insolvency Manager
         Post User Box 10
         Vladivostok
         690014 Primorye
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-4827/2006 16-96B.

The Debtor can be reached at:

         CJSC East Oil-Loading Terminal
         Vrangel-1
         Nakhodka
         Primorye
         Russia


EVRAZ OREGON: Moody's Puts B1 Rating to Proposed US$1.2 Bln Loan
----------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Evraz Oregon Steel Mills, Inc.

At the same time, Moody's assigned a B1 rating to the company's
proposed US$1.2 billion, 7-year senior secured term loan and a
B1 probability of default rating.  Proceeds from the term loan,
net of transaction costs, will be used to refinance a portion of
EOSM's existing senior unsecured intercompany loans from its
parent, Evraz Group S.A. (Ba3, positive outlook).

This is the first time Moody's has rated the debt of EOSM since
the company, formerly Oregon Steel Mills, Inc., redeemed all of
its outstanding rated debt in July 2006, prior to being acquired
by Evraz Group S.A in January 2007.  The ratings assume that
documentation for the term loan will close on the basis
indicated to Moody's.  The ratings outlook is stable.

EOSM's B1 corporate family rating is weakly positioned in its
rating category reflective of its high degree of financial
leverage (including intercompany loans over 5.5x on a pro-forma
basis for LTM March 31, 2007, using Moody's standard
adjustments), its substantial interest burden relative to its
earnings capacity through a normalized business cycle, its
exposure to cyclical end markets, its modest scale, and its
limited free cash flow relative to outstanding debt.  The rating
also incorporates EOSM's vulnerability to the cyclical nature of
the steel industry, which subjects it to downward pricing
pressure attributable to a number of factors, including product
demand weakness, excess global capacity and other trade factors.

Positive factors supporting the ratings acknowledge the EOSM's
strong positions in its markets served, including commodity and
specialty plate, large-diameter line pipe, specialty rod, and
rail.  EOSM is also the only US plate producer in the western
United States and thus enjoys a favorable geographic niche.
Moody's believes that the company has been able to institute a
more variable cost structure into its operations since closing
the melt shop at its Portland mill in 2003; the correlation
between slab and finished goods prices should help maintain
relatively stable margins over the long term in its Oregon Steel
Division.

Moody's also notes that the company is experiencing very strong
demand trends from a number of key end markets, including rail,
commercial and public construction, and energy production, which
helps bolster volumes for its high margin pipe and tubular
products.  The rating also considers the importance of EOSM to
the Evraz Group, and its inclusion as a material subsidiary in
the Evraz Group US$750 million guaranteed notes due 2015
documentation, which contains cross acceleration language to
payment defaults at material subsidiaries among other things.

The stable outlook reflects Moody's view that EOSM will continue
to demonstrate solid earnings and positive cash flow generation
over the next 12 to 15 months as the fundamentals for end
markets served, particularly rail and energy, remain robust.
While solid demand trends are expected to persist over the near
term, Moody's views the current price environment as
unsustainably high.  As such, the outlook also captures Moody's
expectation that EOSM will look to aggressively reduce its
outstanding term loan debt with free cash flow while pricing and
volumes remain at peak levels.

EOSM operates two steel minimills with finishing facilities,
four pipe mills, and a structural tube facility, all located in
the western U.S. and Canada.  The company is one of North
America's leading producers of rail, commodity and specialty
plate, and large-diameter line pipe products.  Principal end
markets include steel service centers, oil & gas, construction,
heavy equipment manufacturers, and rail transportation.  In
2006, the company shipped approximately 1.6 million tons of
steel products and generated revenues of around US$1.5 billion.
Moody's notes that the company's Canadian subsidiary, part of
Camrose Pipe Corporation, located in Alberta Canada, will not be
a guarantor on the new US$1.2 billion senior secured term loan
nor are its assets available to provide security.  However, this
subsidiary represents only approximately 10% of consolidated LTM
March 31, 2007 EBITDA.  This mill primarily produces ERW and
large-diameter pipe, which, while notoriously volatile, has
experienced very favorable pricing conditions due to the strong
energy demand.

The B1 rating on the senior secured term loan reflects the
application of Moody's loss given default methodology and is at
the corporate family level reflective of the support provided by
the approximately US$430 million in intercompany loans from
Evraz, which is treated as subordinated debt.  In addition, due
to the deficiency in the PP&E and collateral values securing the
term loan, its ratings do not receive any upward notching to the
corporate family rating.

Assignments:

   * Issuer: Evraz Oregon Steel Mills, Inc.

   -- Probability of Default Rating, Assigned B1;
   -- Corporate Family Rating, Assigned B1;
   -- Senior Secured Bank Credit Facility, Assigned B1,
      LGD4, 54%.

Evraz Group S.A. is Russia's largest vertically integrated steel
company (by volume and assets), producing 16.1 million tons of
crude steel in 2006.

Headquartered in Portland, Oregon, EOSM shipped approximately
1.6 million tons of steel products and generated revenues of
US$1.5 billion in 2006.


GAVAN-BREAD OJSC: Creditors Must File Claims by July 30
-------------------------------------------------------
Creditors of OJSC Gavan-Bread (TIN 2704004020) have until
July 30 to submit proofs of claim to:

         A. Krylov
         Temporary Insolvency Manager
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-4803/2007-39.

The Debtor can be reached at:

         OJSC Gavan-Bread
         Griboedova Str. 1
         Sovetskaya Gavan
         Khabarovsk
         Russia


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

         N. Kazakov
         Insolvency Manager
         Sovetskiy Pr. 6-218
         160000 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13-10545/2006-25.

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         LLC Mitino-Wood
         Vozhegodskiy
         Vologda
         Russia


ROSTE-GAS CJSC: Creditors Must File Claims by Aug. 30
-----------------------------------------------------
Creditors of CJSC Holding Company Roste-Gas (TIN 7801109235)
have until Aug. 30 to submit proofs of claim to:

         O. Shakhova
         Insolvency Manager
         Office 502
         Lenina Pr. 21V
         454091 Chelyabinsk
         Russia
         Tel: 8(351)775-46-57

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-14034/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Holding Company Roste-Gas
         Letter B
         Uralskaya Str. 12
         St. Petersburg
         Russia


SAVINSKOE OJSC: Yaroslavl Bankruptcy Hearing Slated for Aug. 22
---------------------------------------------------------------
The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on
Aug. 22 to hear the bankruptcy supervision procedure on OJSC
Savinskoe (TIN 7609001349).  The case is docketed under Case No.
A82-16040/06-3-B/551.

The Temporary Insolvency Manager is:

         V. Dorofeeva
         Post User Box 239
         Lenina Pr. 2
         Cheboksary
         428000 Chuvashiya
         Russia

The Debtor can be reached at:

         OJSC Savinskoe
         Rostov
         Russia


SISTEMA-HALS: Moody's Assigns B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a B1 foreign currency
corporate family rating to Sistema-Hals, a real estate
development company based in Moscow.  The outlook on the rating
is stable.

Concurrently, Moody's Interfax Rating Agency has assigned an
A1.ru national scale rating to the company.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

Sistema-Hals ranks among the top five premium class office
developers in Moscow and holds strong positions in the
construction of retail and mixed-use premises, as well as
business class housing.  As part of the Sistema group of
companies, Sistema-Hals benefits from a number of joint
projects, such as the redevelopment of MGTS offices following
network digitalization and reconstruction of the Detsky Mir
flagship store and Hotel Peking.

The ratings reflect:

   (i) the company's leading position in the Moscow metropolitan
       area - the largest and fastest growing real estate market
       in Russia;

  (ii) concentration on the A-class office construction and
       business class residential construction segments, which
       are expected to experience a deficit in supply over the
       coming three years;

(iii) diversification into related businesses, such as project
       management, asset management for owned properties, and
       facility management;

  (iv) further diversification into other Russian regions, with
       a particular focus on cities with a population over
       1 million;

   (v) the company's effective business strategy of maintaining
       cooperative relationships with the city authorities,
       facilitating active participation in a number of
       important city infrastructure projects as a project
       manager, from which further unrelated business
       opportunities often also develop; and

  (vi) synergies derived from being part of the larger Sistema
       group.

The ratings also take into account these considerations:

   (i) the company's relatively small size;

  (ii) its relatively high degree of exposure to the Moscow
       metropolitan area, albeit the most profitable in Russia;

(iii) the execution risk associated with the large number of
       complex infrastructural projects under the company's
       management which require significant management resource
       allocation;

  (iv) the overall cyclical nature of the real estate business;

   (v) the limited track record of sustainable operating
       performance during the less favorable stages of the
       industry cycle; and

  (vi) the potential sensitivity of the company in the future to
       its reliance upon maintaining good relationships with the
       Moscow city authorities for a portion of its business.

The agency also notes positively the company's proven track
record of successful development and expertise, its solid
project pipeline and relatively conservative financial policies
with regard to leverage parameters (Debt to Capitalization of
47.8%), and liquidity (Cash to Debt of 84.3%).  The company
refrained from distributions to the shareholders over the period
of 2003-2006 in favor of the reinvestment of profits.

Sistema-Hals, a 71.1% subsidiary of Sistema JSFC (rated B1 by
Moody's) and headquartered in Moscow, Russia, is one of the
leading property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kyiv in the Ukraine.  In addition to its real estate
development business activities, the company is involved in a
number of large-scale governmental infrastructural projects in
the capacity of project manager.  During fiscal year of 2006,
Sistema-Hals reported revenue of US$282.9 million and EBITDA of
US$94.9 million.


SISTEMA-HALS JSC: Fitch Assigns B+ IDR on Lead Market Position
--------------------------------------------------------------
Fitch Ratings has assigned Russia-based real estate developer
JSC Sistema-Hals Long-term Issuer Default Rating 'B+', Short-
term IDR 'B' and National Long-term rating 'A-(rus)'.  The
Outlooks for the Long-term IDR and National Long-term rating are
Stable.

The ratings reflect Sistema-Hals's leading position in the
buoyant Moscow real estate market and high profit margins when
compared to international peers, although these factors are
offset by the still limited scale of operations.  The Stable
Outlooks reflect Fitch's expectation that Sistema-Hals will
maintain a steady credit profile over the coming 12 months as it
executes its growth plans to take advantage of strong market
conditions in the Moscow and regional real estate markets.

In assessing the credit profile of Sistema-Hals, Fitch has used
its methodology for rating entities within a corporate group
structure.  Fitch has factored in limited support from 71%
shareholder Sistema JS Financial Corp ('BB-'/Outlook Stable).
While the parent company will not guarantee Sistema-Hals's debt
going forward, Fitch believes operational linkage as well as
potential financial support in case of need merits this
approach.

The stand-alone credit profile of Sistema-Hals is characterised
by the company's business as a property developer in the Russian
market, engaging partly in speculative projects.  These
activities entail a high level of business and financial risk,
including construction and letting risk.  The project portfolio
has moderate diversification by project but is highly focused on
Moscow and the surrounding region, although Fitch notes that the
company intends to diversify its sales so that approximately
one-third will be derived from non-Moscow regions by 2011.
Further, there is a limited developed property portfolio
providing stability and predictability through rental income,
giving rise to risks of over-trading due to the aggressive
expansion and investment plan.  However, the company's leading
market position and strong structural demand growth in the
Moscow regional real estate market are important credit
positives.

A substantial part of the projects in Sistema-Hals's portfolio
are at the early stages of development or have not been started.
Fitch understands that Sistema-Hals does not yet have all the
required approvals and permissions to launch and complete these
projects.  Failure to receive the approvals may lead to delays
or stoppages of the projects.  While financial performance in
2006 was good, including strong profit margins by international
standards, Sistema-Hals still has a limited scale of operations
compared to international peers.  Sistema-Hals is aiming to
adhere to best international corporate governance standards,
implementing practices above the average for Russian
corporations.

In 2006 Sistema Hals reported revenues and EBITDA of
US$283 million and US$90 million, respectively.  Its activities
in the construction sector include residential and commercial
development, real estate asset management and facilities
management.


TASHLINSKOE CJSC: Creditors Must File Claims by Aug. 30
-------------------------------------------------------
Creditors of CJSC Tashlinskoe have until Aug. 30 to submit
proofs of claim to:

         Y. Ustimova
         Insolvency Manager
         Parkovaya Str. 13
         Prigorodnyj
         460507 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-10202/06-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tashlinskoe
         Pridolinnyj
         Tashlinskiy
         Orenburg
         Russia


TATAR INNOVATION: Creditors Must File Claims by July 30
-------------------------------------------------------
Creditors of CJSC Tatar Innovation Oil and Chemical Company have
until July 30 to submit proofs of claim to:

         R. Khismatov
         Temporary Insolvency Manager
         Post User Box 59
         Kazan
         420049 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 10:40 a.m. on
Sept. 27 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A65-4746/2004-SG4-31.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tatar Innovation Oil and Chemical Company
         Shugurovo
         Leninogorskiy
         Tatarstan
         Russia


TERMINAL OJSC: Court Names A. Zakharov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy appointed A. Zakharov
as Insolvency Manager for OJSC Terminal.  He can be reached at:

         A. Zakharov
         Post User Box 14
         109443 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A81-2449/2006.

The Court is located at:

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

The Debtor can be reached at:

         A. Zakharov
         Post User Box 14
         109443 Moscow
         Russia


VEHICLE REPAIR: Creditors Must File Claims by July 30
-----------------------------------------------------
Creditors of LLC Vehicle Repair have until July 30 to submit
proofs of claim to:

         A. Mosyakin
         Temporary Insolvency Manager
         Post User Box 901
         Syktuvkar
         167000 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A29-3081/2007.

The Court can be reached at:

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

The Debtor can be reached at:

         LLC Vehicle Repair
         Sysolskoe Shosse 33
         Syktyvkar
         167000 Komi
         Russia


VYAZNIKI-SEK-KHOZ-KHIMIYA: Creditors Must File Claims by Aug. 30
----------------------------------------------------------------
Creditors of Agricultural Chemical Company OJSC Vyazniki-Sek-
Khoz-Khimiya have until Aug. 30 to submit proofs of claim to:

         Y. Babkin
         Insolvency Manager
         Post User Box 5
         600015 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-11-14271/2006-K1-479B/24B.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural Chemical Company OJSC Vyazniki-Sek-Khoz-
         Khimiya
         Vyazniki
         Vladimir
         Russia


YUZHNOE OJSC: Creditors Must File Claims by Aug. 30
---------------------------------------------------
Creditors of OJSC Yuzhnoe (YIN 5622003920, KPP 562201001) have
until Aug. 30 to submit proofs of claim to:

         O. Shevtsova
         Insolvency Manager
         Komsomolskaya Str. 126-51
         460006 Orenburg
         Russia
         Tel: (3532) 73-25-68
         Fax: (3532) 36-13-37

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-32/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Yuzhnoe
         Tsentralnaya Str. 2
         Krasnogorskiy
         Asekeevskiy
         461716 Orenburg
         Russia


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


BIENZ GEBAUDEREINIGUNGE: Claims Registration Period Ends Aug. 6
---------------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Bienz Gebaudereinigunge on Aug. 6.

Creditors have until June 6 to file their written proofs of
claim.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Bienz Gebaudereinigunge
         Hochstrasse 69
         8044 Zurich
         Switzerland


CASWAL ARCHITEKTEN: Creditors' Liquidation Claims Due August 6
--------------------------------------------------------------
Creditors of JSC Caswal Architekten have until Aug. 6 to submit
their claims to:

         Dorfstrasse 13/Vasterhus
         6264 Pfaffnau
         Willisau LU
         Switzerland

The Debtor can be reached at:

         JSC Caswal Architekten
         Pfaffnau LU
         Switzerland


COWI-FOODART JSC: Claims Registration Period Ends August 6
----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC COWI-foodart on Aug. 6.

Creditors have until March 26 to file their written proofs of
claim.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC COWI-foodart
         Industriestrasse 135
         9200 Gossau SG
         Switzerland


GASTRO CHAI: Creditors' Liquidation Claims Due August 6
-------------------------------------------------------
Creditors of LLC Gastro Chai have until Aug. 6 to submit their
claims to:

         Seilergraben 13
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Gastro Chai
         Zurich
         Switzerland


GERBER FLEISCHPRODUKTE: Bern Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings
against JSC Gerber Fleischprodukte on June 22.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         3082 Schlosswil
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         JSC Gerber Fleischprodukte
         Gerbergasse 3
         3506 Grosshochstetten
         Konolfingen BE
         Switzerland


INFAPLAN LLC: Creditors' Liquidation Claims Due August 3
--------------------------------------------------------
Creditors of LLC INFAPLAN have until Aug. 3 to submit their
claims to:

         Kirchstasse 52
         6473 Silenen UR
         Switzerland

The Debtor can be reached at:

         LLC INFAPLAN
         6473 Silenen UR
         Switzerland


MINUTEPLANET LLC: Creditors' Liquidation Claims Due August 6
------------------------------------------------------------
Creditors of LLC Minuteplanet have until Aug. 6 to submit their
claims to:

         R. van der Ploeg
         Liquidator
         In der Luberzen 25
         8902 Urdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Minuteplanet
         Zug
         Switzerland


MKA LLC: Creditors' Liquidation Claims Due August 6
---------------------------------------------------
Creditors of LLC MKA have until Aug. 6 to submit their claims
to:

         Memet Kaya
         Liquidator
         Wilenhalde 16
         9100 Herisau AR
         Switzerland

The Debtor can be reached at:

         LLC MKA
         Herisau AR
         Switzerland


PIUS WICKI: Claims Registration Period Ends August 6
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Pius Wicki on Aug. 6.

Creditors have until June 25 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Pius Wicki
         Rigackerstrasse 23
         5610 Wohlen AG
         Switzerland


SACHEM LLC: Claims Registration Period Ends August 9
----------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC Sachem on Aug. 9.

Creditors have until June 19 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Sachem
         Friedbergstrasse 11
         8280 Kreuzlingen TG
         Switzerland


SJ MEDIA: Zurich Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against LLC SJ Media on June 26.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC SJ Media
         Schweizergasse 10
         8001 Zurich
         Switzerland


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

         Patrik A. Haberlin, LL.M.
         Liquidator
         Seestrasse 9
         8274 Gottlieben
         Kreuzlingen TG
         Switzerland

The Debtor can be reached at:

         JSC Zani
         Frauenfeld TG
         Switzerland


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


DANIEL GOLTS: Claims Submission Deadline Set July 26
----------------------------------------------------
Creditors of LLC Daniel Golts Group (code EDRPOU 33833781) have
until July 26 to submit written proofs of claim to:

         Taras Popovchenko
         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 11/205-07.

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 Daniel Golts Group
         Kievskaya Str. 150
         Obukhov
         08702 Kiev
         Ukraine


KLIUSHNIKOVSKOE LLC: Creditors Must File Claims by July 26
----------------------------------------------------------
Creditors of Agricultural LLC Kliushnikovskoe (code EDRPOU
03772499) have until July 26 to submit written proofs of claim
to:

         Jury Teleshun
         Temporary Insolvency Manager
         Independency Square 1-B
         36003 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on June 7.  The case is docketed under
Case No. 18/44.

The Court is located at:

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

The debtor can be reached at:

         Agricultural LLC Kliushnikovskoe
         Kliushnikovka
         Mirgorod District
         Poltava
         Ukraine


KOPEYEVSKOE LLC: Claims Submission Deadline Set July 26
-------------------------------------------------------
Creditors of Agricultural LLC Kopeyevskoe (code EDRPOU 03734429)
have until July 26 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/134-07.

The debtor can be reached at:

         Agricultural LLC Kopeyevskoe
         Lenin Str. 1
         Kopeyevka
         Tulchin District
         Vinnica
         Ukraine


OBERIG-AGRO LLC: Claims Submission Deadline Set July 26
-------------------------------------------------------
Creditors of LLC Oberig-Agro (code EDRPOU 33279998) have until
July 26 to submit written proofs of claim to:

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

The debtor can be reached at:

         LLC Oberig-Agro
         Illinetsky District
         Pavlovka
         Pervomayskaya Str. 18
         22713 Vinnica
         Ukraine


POKROVITSA LLC: Claims Submission Deadline Set July 26
------------------------------------------------------
Creditors of LLC Pokrovitsa (code EDRPOU 33749171) have until
July 26 to submit written proofs of claim to:

         LLC Ladvers
         Liquidator
         S. Khokhlovyh Str. 6-B
         04119 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/246-b.

The Court is located at:

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

The debtor can be reached at:

         LLC Pokrovitsa
         Vyborgskaya Str. 18/20
         03056 Kiev
         Ukraine


PRAVOBEREZHNY LTD: Claims Submission Deadline Set July 26
---------------------------------------------------------
Creditors of LLC Trade-Production Firm Pravoberezhny Ltd. (code
EDRPOU 01559525) have until July 26 to submit written proofs of
claim to:

         Dmitry Gerashchenko
         Liquidator
         P.O. Box 7611
         69002 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/146/07.

The Court is located at:

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

The debtor can be reached at:

         LLC Trade-Production Firm Pravoberezhny Ltd.
         Vinter Boulevard 30
         69015 Zaporozhje
         Ukraine


PIVDENNYI BANK: Fitch Rates US$100 Million Loan at B-
-----------------------------------------------------
Fitch Ratings has assigned Standard Bank Plc's US$100 million
10.25% issue of limited recourse loan participation notes final
ratings of Long-term 'B-' and Recovery 'RR4'.  The notes are due
in August 2010.

The limited recourse notes are to be used solely for financing a
loan to Ukraine-based Pivdennyi Bank.  PB is rated Long-term
Issuer Default 'B-'with a Stable Outlook, Short-term IDR 'B',
Individual 'D/E' and Support '5'.  PB's Support Rating Floor is
'No Floor'.  The structure of the deal as well as covenants
(negative pledge, mergers and disposals, financial covenants,
etc.) remains.

At end of first quarter of 2007, PB was the 18th-largest bank in
Ukraine, holding over 1% of system assets according to the NBU,
with 16 branches and 83 other outlets.  At March 31, 2007 PB's
principal shareholders; Yuriy O. Rodin, Mark I. Bekker, Vadim V.
Morokhovskiy, their respective family members and any entities,
organizations, trusts or similar arrangements controlled by
them, owned an aggregate of 97% stake (including 10% held by the
family of the bank's Chairman of the Board Vadim Morokhovskiy).


SUZIRIYA LLC: Claims Submission Deadline Set July 26
----------------------------------------------------
Creditors of LLC Suziriya (code EDRPOU 30814195) have until
July 26 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/116-07.

The debtor can be reached at:

         LLC Suziriya
         Chernovtsy
         24100 Vinnica
         Ukraine


TULCHIN INTER-REGIONAL: Claims Submission Deadline Set July 26
--------------------------------------------------------------
Creditors of OJSC Tulchin Inter-Regional Movable Building-
Erecting Enterprise (code EDRPOU 01350989) have until July 26 to
submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/105-07.

The debtor can be reached at:

         OJSC Tulchin Inter-Regional Movable
         Building-Erecting Enterprise
         Tulchin, Pestel Str. 61
         23600 Vinnica
         Ukraine


VICTORIYA LLC: Claims Submission Deadline Set July 26
-----------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/173-07.

Creditors of Agricultural LLC Victoriya (code EDRPOU 03731945)
have until July 26 to submit written proofs of claim to:

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

The debtor can be reached at:

         Agricultural LLC Victoriya
         Mazurovka
         Chernovtsy
         24106 Vinnica
         Ukraine


VOSTOCHNY OJSC: Creditors Must File Claims by July 26
-----------------------------------------------------
Creditors of OJSC Vostochny (code EDRPOU 00856310) have until
July 26 to submit written proofs of claim to:

         Ivan Sevriukov
         Temporary Insolvency Manager
         P.O. Box 145
         73034 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company on May 23.  The case is docketed under
Case No. 12/103-B-07.

The debtor can be reached at:

         OJSC Vostochny
         Soviet Str. 3
         Vostochnoe
         Belozersky District
         Herson
         Ukraine


VOYTOVTSY BREADRECEIVING: Creditors Must File Claims by July 26
---------------------------------------------------------------
Creditors of OJSC Voytovtsy Breadreceiving Enterprise (code
EDRPOU 00956804) have until July 26 to submit written proofs of
claim to:

         Andrew Klimenko
         Temporary Insolvency Manager
         Dovzhenko Str. 3
         Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 2/147-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         OJSC Voytovtsy Breadreceiving Enterprise
         Soviet Str. 21
         Voytovtsy
         Volochisk District
         31256 Hmelnitskij
         Ukraine


* Fitch Assigns B Rating with Stable Outlook for City of Odessa
---------------------------------------------------------------
Fitch Ratings has assigned the Ukrainian City of Odessa a
National Long-term rating of 'AA-(ukr)' with Stable Outlook.
The city has Long-term foreign and local currency ratings of
'B+', also with Stable Outlook, and Short-term foreign currency
rating of 'B'.

The ratings reflect Odessa's strong and diversified local
economy that allows for stable budgetary performance, as well as
the city's high capital spending and improved debt structure.
They also reflect significant budget rigidity and heavy reliance
on a single revenue source for financing capital investments.
The Stable Outlook reflects Fitch's expectations that economic
growth will further drive operating and capital revenue gains to
compensate for expected operating expenditure pressures,
providing the city with sufficient capital expenditure funding.

In 2006 the city recorded high operating (14.8%) and current
margins (13.4%) despite central government's initiatives to
increase public salaries.  Higher gas charges and utility costs
were balanced by increased utility tariffs and central
government transfers initiated in 2006.  The city has maintained
tight control over the transfers made, whose share of operating
expenditure has declined to 34.3% in 2006 from 51.6% in 2003.
Debt has declined to just 16.6% of current revenue in 2006 from
40% in 2001.

The ratio of interest-to-operating revenue remained below 1.5%
in 2001-2005.  Total debt of the city decreased in 2005-2006,
but due to a planned private placement in 2007, debt is forecast
to rise to 30.1% of current revenue and interest-to-operating
revenue will increase to 2.3%.  Nevertheless, debt burden will
remain manageable.  This is because the maturity of outstanding
obligations will increase as the city redeems early its 2005
municipal bond and OdesGas obligations.

However, Odessa has significant expenditure rigidity, with
protected items accounting for 40% of total spending.  Staff
costs increased to 33.7% of operating expenditure in 2006 from
23.8% in 2001.  At the same time the city has limited tax-
setting power, with local taxes contributing only 2% of total
revenue, and the SME tax set by the city's council contributing
another 3%.  A large proportion of capital expenditure is
financed by capital revenues derived from land and property
sales (75.4% in 2006).  Despite growing land and property
prices, the reliance on a single large income source leaves the
city's investment programs vulnerable to land and real estate
price fluctuation in the region.

The City of Odessa is located in south-western Ukraine, on the
shore of the Black Sea.  It accounted for 5% (in 2005) of
Ukraine's gross domestic product and 2% of its population.


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


365 RECRUITMENT: Appoints Michael C. Kienlen as Liquidator
----------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of 365 Recruitment Ltd. on July 5 for the creditors’ voluntary
winding-up proceeding.

The liquidator can be reached at:

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


ARC SYSTEMS: Claims Filing Period Ends August 6
-----------------------------------------------
Creditors of Arc Systems (U.K.) Ltd. have until Aug. 6 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:

         Edward T. Kerr
         Joint Liquidator
         PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England

Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of the company on July 6 for the creditors’
voluntary winding-up proceeding.

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


AVOCA CLO V: Fitch Puts Low-B Ratings to Class E & F Notes
----------------------------------------------------------
Fitch has affirmed Avoca CLO V plc's EUR506 million notes due
2022:

   -- EUR237.5 million Class A1A (ISIN: XS0256535567): 'AAA'
   -- EUR66 million Class A1B (ISIN: XS0256536029): 'AAA'
   -- EUR46.5 million Class A2 (ISIN: XS0256536532): 'AAA'
   -- EUR34.5 million Class B (ISIN: XS0256536888): 'AA'
   -- EUR23.5 million Class C1 (ISIN: XS0256537423): 'A'
   -- EUR9.5 million Class C2 (ISIN: XS0256538157): 'A'
   -- EUR22.5 million Class D (ISIN: XS0256538405): 'BBB'
   -- EUR22 million Class E (ISIN: XS0256539122): 'BB'
   -- EUR10 million Class F (ISIN: XS0256539635): 'B'

The affirmation reflects the steady performance of the
portfolio.  Since the transaction closed in June 2006, the
results of both the over-collateralization and interest coverage
tests have continued to exceed their minimum levels by
substantial margins.  The portfolio, which consists
predominantly of senior secured leveraged loans with a small
number of mezzanine loans and bonds, has seen no defaults since
close.  In addition, the weighted average rating, currently 'B',
has changed little since close.  All portfolio quality tests
remain in compliance.

Avoca Capital Holdings, the portfolio asset manager, has a
collateralized debt obligation Asset Manager rating of 'CAM2',
affirmed in February 2007.

The ratings on the Class A notes address ultimate repayment of
principal at maturity and timely payment of interest when due
according to the terms and conditions of the notes.  For all
other Classes of notes, the ratings address ultimate payment of
principal and interest, including deferred interest, at
maturity.


BRIDGEN ENTERPRISES: Taps Liquidators from Smith & Williamson
-------------------------------------------------------------
Anthony Murphy, Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of Bridgen
Enterprises Ltd. on July 10 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 joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         GU1 4RA
         England


CAPTIVE DISTRIBUTION: Taps Joint Administrators from Mazars
-----------------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed joint administrators of Captive Distribution
Ltd. (Company Number 04946573) on July 12.

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

Headquartered in Poole, England, Captive Distribution Ltd.
Distributes I.T. components.


DAMOVO GROUP: Moody's Withdraws Junk Ratings Upon Request
---------------------------------------------------------
Moody's Investors Service withdrew the Caa3 corporate family
rating of Damovo Group S.A. and the Ca rating on senior secured
notes at Damovo III S.A.

The company announced on April 30, 2007 that Ernst & Young LLP
had been appointed as administrators over Damovo.  Ratings
actions follow a request from the administrators to remove
ratings.

These ratings have been withdrawn:

   -- Caa3 corporate family rating at Damovo Group S.A.;
   -- Ca rating on senior secured notes at Damovo III S.A.

Headquartered in Glasgow, Scotland, Damovo is a provider of
information and communications technology and services to public
service organizations and larger private sector companies.


DENNE & SEYMOUR-KING: Names Keith Aleric Stevens Liquidator
-----------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of Denne & Seymour-King Ltd. (t/a DSK Networks) on July 5 for
the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77-79 High Street
         Egham
         TW20 9HY
         England


DI-AL EXTRUSION: Brings In Liquidator from Hazlewoods
-----------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed liquidator of
Di-al Extrusion Tools Ltd. on July 2 for the creditors’
voluntary winding-up procedure.

Hazlewoods -- http://www.hazlewoods.co.uk-- offers a service
that sets it apart from other chartered accountancy firms.   Its
highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.

The liquidator can be reached at:

         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         Gloucester
         GL4 3RT
         England


EMI GROUP: Terra Firma Extends GBP2.4 Bln Offer to July 29
----------------------------------------------------------
Terra Firma Capital Partners Ltd. extended for the fourth time,
its GBP2.4 billion cash offer for EMI Group Plc until July 29,
2007.

As of July 19, 2007, the proposed takeover by Maltby Limited, a
private equity buyout vehicle set up by Terra Firma, had
received valid acceptances totaling 212,400,879 EMI shares or
around 26.19% of the existing issued ordinary share capital of
EMI.

According to Terra Firma, the offer will not be extended after
July 29, 2007 and will lapse.

On July 17, 2007, Warner Music Group Corp. confirmed its
decision not to make a counterbid for EMI, but reserved the
right to make an offer or to participate in a takeover bid if
another party, other than Terra Firma, will make an offer for
the U.K.-based company.

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

                       About Terra Firma

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

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

                  About Warner Music Group

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

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

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

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

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

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


GAVCO 196: Calls In Liquidators from Baker Tilly
------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Gavco 196 Ltd. on July 3 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
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


GILMAC BUILDING: Brings In Grant Thornton as Administrators
-----------------------------------------------------------
Daniel Smith and Martin Ellis of Grant Thornton U.K. LLP were
appointed joint administrators of Gilmac Building Services Ltd.
(Company Number 02638618) on July 12.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Gilmac Building Services Ltd.
         Unit 21
         Cranford Way
         Haringey
         London
         N8 9DG
         England
         Tel: 020 8348 0123
         Fax: 020 8348 2444


GLOBAL CROSSING: S&P Affirms B- Ratings with Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on U.K.-based managed network
communications services provider Global Crossing (U.K.)
Telecommunications Ltd., following a review of the company's
performance and trading prospects.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'B-' senior
secured debt rating on the US$200 million and GBP157 million
notes issued by related entity Global Crossing (U.K.) Finance
PLC.  The recovery rating of '4' was also affirmed, indicating
our expectation of average (30%-50%) recovery for senior secured
noteholders in the event of a payment default.

The ratings are constrained by GCUK's high leverage and
aggressive financial policy.  A substantial portion of the cash
generated by the company is upstreamed in the form of dividends
and/or loans to its 100% owner, U.S.-based Global Crossing
Limited, which has lower credit quality than that of GCUK.  The
ratings are also constrained by the competitiveness of the
U.K. telecommunications market, the company's dependence on a
relatively low number of customers, and substantial foreign
exchange risk.

The ratings are supported by the company's 60% owned, virtually
complete, and Internet protocol ready U.K. fiber-optic network;
positive, although decreasing in recent years, free operating
cash flow generation; creditworthy customer base; and a
relatively favorable regulatory environment.

"Standard & Poor's expects that GCUK will successfully integrate
Fibernet Group Ltd., will not lose an important contract without
replacing it, and will maintain adequate operating margins and
sufficient cash flow generation to meet higher interest payments
on its notes in a fierce competitive environment," said Standard
& Poor's credit analyst Karim Nadji.

"We also expect GCL's EBITDA and cash flow profile to improve
significantly in the next few quarters, reflecting the
contribution of Fibernet and Impsat after completion of their
integration," Mr. Nadji added.  "This should lower its
requirements to upstream cash from GCUK, enabling the latter to
start accumulating sufficient liquidity to meet bullet debt
repayments of about GBP257 million in 2014."

A deterioration of GCUK's liquidity position, excessive
leverage, or operating underperformance due to the loss of
significant clients could put downward pressure on the ratings.
Alternatively, improved operating margins and FOCF, if combined
with lower financial leverage, could lead to the outlook being
revised to positive.


GLOBAL OFFICE: Appoints Liquidators from KPMG
---------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Global Office Solutions 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 joint liquidators can be reached at:

         KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


H.P.H. PRINT: Hires Liquidators from Menzies Corporate
------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint liquidators of
H.P.H. Print Ltd. on July 4 for the creditors’ voluntary
winding-up proceeding.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


HUMBER REFRIGERATION: Appoints Joint Administrators from PwC
------------------------------------------------------------
MarkDavid Arthur Loftus and Edward Klempka of
PricewaterhouseCoopers LLP were appointed joint administrators
of Humber Refrigeration Ltd. (Company Number 00530914) on
July 11.

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

The company can be reached at:

         Humber Refrigeration Ltd.
         86-88 Lorraine Street
         Hull
         HU8 8EQ
         England
         Tel: 01482 326 001
         Fax: 01482 324 250


INTER LINK: McCambridge Group Buys Business from Administrators
---------------------------------------------------------------
The joint administrators from Deloitte LLP sold the business and
assets of Inter Link Foods Plc to McCambridge Group Plc,
immediately following the grant of the administration order for
the company.

According to the Scotsman, the company's 13 manufacturing sites
and other assets were believed to be worth GBP75 million.

At least 90% of Inter Link's 1,800 staff is expected to keep
their jobs under the new ownership, although its head office
will be transferred to Ireland from the U.K.

Bill Dawson and Nick Dargan of Deloitte LLP were appointed joint
administrators of company and its subsidiaries on July 20, 2007,
after the company requested for an administration order.

Ian Croxford, Colin Davies and Jeremy Hamer resigned as Inter
Link's directors and Brewin Dolphin have resigned as the
company's nominated adviser and broker.

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

Headquartered in Blackburn, England, Inter Link Foods Plc --
http://www.interlinkfoods.co.uk/-- is the holding company for a
group of companies that manufacture and sell own label cakes and
products.


ISLE OF CAPRI: Virginia McDowell Appointed as President and CEO
---------------------------------------------------------------
Isle of Capri Casinos Inc. appointed Virginia McDowell as the
company's president and chief operating officer, and elected
James B. Perry as a member of the company's board of directors.

Mr. Perry's appointment to the board is effective immediately,
while Ms. McDowell is expected to assume her new position on
July 30, 2007.  Both appointments are subject to regulatory
approval.

Ms. McDowell's 26-year career in gaming has spanned a wide range
of disciplines and areas of expertise, including marketing,
operations, and technology.

"With significant experience in both regional and destination
markets, and her vast experience in virtually every aspect of
our business, Virginia McDowell is exactly the right person to
help lead our company as we focus on increasing the efficiency
of our operations while continuing to stress financial
discipline and targeted growth opportunities," Bernard
Goldstein, chairman and chief executive officer, said.

"Our board of directors unanimously chose Virginia for the
position of president and chief operating officer because she
knows our business, knows our customers and knows our
markets,\u201d Mr. Goldstein continued.  \u201cThroughout her
career she has consistently exhibited the leadership and vision
needed to continue the growth and development of our company."

Recently, Ms. McDowell served as executive vice president and
chief information officer of Trump Entertainment Resorts Inc.
Prior to joining Trump Entertainment Resorts, Ms. McDowell spent
eight years at Argosy Gaming Company in Alton, Illinois, joining
the company as vice president of sales and marketing, and
ultimately holding the position of senior vice president of
operations.  She began her gaming career in Atlantic City,
holding a variety of executive positions over a 16-year time
period.

"Isle of Capri has a strong base of existing properties, a
sizeable database and a variety of exciting new projects that
contribute to a growing brand portfolio,\u201d Ms. McDowell
said.
\u201cI am very optimistic that by building on the company's
unique "Isle Style" culture, focusing on our operating
fundamentals, continuing to develop and implement new technology
initiatives and creating exciting new entertainment experiences
for our customers, we can improve the company's performance and
strengthen the Isle of Capri Casinos' brands.  I look forward to
joining a very talented team."

Mr. Perry, the gaming industry's executives, is recognized for
engineering the turnaround of Argosy Gaming Company beginning in
1997.  During Mr. Perry's tenure at Argosy, the company was
considered an industry leader in EBITDA margins, and was
recognized by several leading financial publications for
financial stability, record growth and creation of shareholder
value.

With nearly 30 years of experience leading major gaming
operations and companies in regional and destination markets,
Mr. Perry recently served as the president, chief executive
officer and a member of the board of directors of Trump
Entertainment Resorts, Inc. where he oversaw the renovation and
expansion of the company's three Atlantic City properties.  Mr.
Perry resigned from these positions effective July 1, 2007.

"We are pleased to welcome these two respected and talented
executives to the Isle of Capri Casinos team at this exciting
time in our history, when we have recently brought several major
projects online, and we look forward to the significant
contributions that they will make to a company already
recognized as a leading developer, owner and operator of
regional branded gaming facilities,\u201d Mr. Goldstein
commented."

Ms. McDowell resides in St. Louis, Missouri with her husband and
two children.  She is active in community and charitable
endeavors, currently serving as the founding board chair and
president of Gilda's Club St. Louis, and serves as a member of
the presidents advisory board of Temple University in
Philadelphia, Pennsylvania, where she earned her undergraduate
degree in communications.

Mr. Perry resides in Santa Barbara, California with his wife and
three children.

                   About Isle of Capri Casinos

Based in Biloxi, Missippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport and Marquette,
Iowa; Kansas City and Boonville, Missouri and a casino and
harness
track in Pompano Beach, Florida.  The company also operates and
has a 57 percent ownership interest in two casinos in Black
Hawk,
Colorado.  Isle of Capri Casinos' international gaming interests
include a casino that it operates in Freeport, Grand Bahama and
a
two-thirds ownership interest in casinos in Dudley and
Wolverhampton, England.

                            *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.


LEONARD STALL: Joint Liquidators Take Over Operations
-----------------------------------------------------
D. J. Oprey and K. W. Touhey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of Leonard Stall Publications Ltd.
(t/a Medialab) on June 19 for the creditors’ voluntary winding-
up procedure.

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

The joint liquidators can be reached at:

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


LUTON SPRAYING: Claims Filing Period Ends August 8
--------------------------------------------------
Creditors of Luton Spraying Ltd. have until Aug. 8 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:

         Steven Draine
         Joint Liquidator
         Moore Stephens LLP
         3-5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England

Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of the company on July 3 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.


METRONET RAIL: Administrators Secure Funding to Ensure Tube Work
----------------------------------------------------------------
The administrators of The Metronet Rail Group have secured
hundreds of millions of pounds in funding from Transport for
London to ensure Tube maintenance and renewal activities could
continue while a rescue plan is being drawn up, BBC News
reports.

According to Time O’Toole, managing director of London
Underground, TfL is willing to renegotiate some contracts where
necessary.

"We did not walk away from this lightly, but the amount of money
needed was very significant indeed,” Metronet boss Graham
Pimlott was quoted by BBC as saying.

However, Mr. O'Toole said "for me it's about getting the money
to finish this."

The losses incurred by shareholders stemming from Metronet’s
problems is estimated to be at least GBP300 million, BBC
relates.

Meanwhile, the European Investment Bank, which loaned
GBP600 million to Metronet, has indicated that it will not force
TfL to shoulder the GBP2 billion debt of the group, Dan Milmo
writes for The Guardian.

EIB revealed it has participated in talks aimed at finding an
acceptable solution that’s also in the interest of the tube
upgrade.

The Guardian says TfL intends to refinance the loans.

Last month, a bank syndicate led by EIB earlier refused to grant
a second waiver to Metronet that would allow it to access more
funding to renew the Tube.

As previously reported in the TCR-Europe, should Metronet
becomes insolvent, London Underground, TfL's tube operation, is
obliged to pay back 95% of the debt if it fails to sell on the
contracts covering the maintenance work to a new owner.

Tube Lines is expected to bid for only one of Metronet’s public-
partnership contracts, The Guardian relates.

The proceeds will be used to pay back the GBP750 million of
emergency TfL funding.

Tube Lines declined to comment on the issue.

                       About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies -- these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., the companies responsible for the maintenance and renewal
of the Bakerloo, Central, Victoria, and Waterloo & City lines
(BCV) and Circle, District, Metropolitan, Hammersmith & City and
East London lines (SSL), entered Administration.

Under the Public Private Partnership contracts and the Greater
London Authority Act 1999, Alan Bloom, Maggie Mills, Roy Bailey
and Stephen Harris, partners and directors of Ernst & Young LLP,
have been appointed PPP Administrators.

The purpose of the Administration is to ensure the continuation
of both BCV and SSL's maintenance and renewal activities pending
the transfer of the companies' activities to a new operating
company with the intention that there should be no noticeable
impact on the Tube network or passenger services.

On July 18, 2007, the Boards of Metronet Rail BCV Limited and
Metronet Rail SSL Limited had asked the Mayor to seek the
appointment of a PPP Administrator for both companies following
a period of financial uncertainty.

On July 16, 2007, Chris Bolt, the statutory Arbiter for the
London Underground PPP Agreements, revealed that his draft
Interim Direction, as part of an Extraordinary Review process
which commenced for Metronet Rail BCV at the end of June, would
result in an increase in the Infrastructure Service Charge (ISC)
to be received by that company of GBP121 million, beginning in
January 2008.

Metronet Rail BCV requires additional funding to enable it to
carry out its contractual obligations during the period of the
Extraordinary Review.

This company has now established that it has no access to such
further funds.  Metronet Rail BCV will therefore be unable to
carry out its contract and has asked the Mayor to seek the
appointment of a PPP Administrator.

Applying the logic of the PPP Arbiter's draft direction to the
circumstances of Metronet Rail SSL, the Board of this
infrastructure company has come to the conclusion that any
application for Extraordinary Review and Interim Determination
would come to a similar position.  It has therefore also asked
the Mayor to seek the appointment of a PPP Administrator for
Metronet Rail SSL.

                     Extraordinary Review

On June 29, 2007, The PPP Arbiter confirmed that he has received
a reference from Metronet for an Extraordinary Review of the PPP
Agreement covering the BCV lines.

In an Extraordinary Review, the Arbiter is asked to address two
questions:

   -- what level of costs would be incurred (and what level of
      performance revenue earned) by an Infraco in performing
      its obligations in an overall efficient and economic
      manner and in accordance with Good Industry Practice over
      the first 7-1/2 years of the contract? and

   -- in the light of that, what change in the amount and timing
      of ISC payable by London Underground is appropriate?

In February 2007, Mr. Livingstone called for Metronet to seek an
Extraordinary Review by the PPP Arbiter, to try to resolve the
issue of massive cost overruns.

The Mayor also made clear that he would not allow the cost of
Metronet's inefficient performance to fall on London by bailing
them out.  It is also crucial that the upgrade and renewal of
the London Underground, also known as the Tube, vital to
London's future prosperity and growth, must proceed as planned
and cannot suffer any delay.

In November 2006, the PPP Arbiter published his first Annual
Review of Metronet's performance.  The report concluded that
overall, Metronet has not performed in an economic and efficient
manner, or in line with Good Industry Practice.

The Mayor's call for an Extraordinary Review follows advice from
London Underground Managing Director Tim O'Toole that
Metronet's financial performance has not improved and that the
cost overruns have not been brought under control.

A TCR-Europe report relates the financial overrun is higher than
the projected GBP750 million in November 2006.  It is said to
have escalated to around GBP1 billion.

                          Write-Offs

* Bombardier

Bombardier has decided to write-off its investment in Metronet
following the release of the PPP Arbiter’s draft directions on
interim ISC for Metronet Rail BCV Ltd. issued on July 16, 2007.
Given the uncertainties regarding Metronet’s funding position
following the Arbiter’s draft directions, Bombardier will record
a write-off of approximately US$164 million (GBP82 million) in
the second quarter of fiscal year 2008.

Bombardier’s turnkey supply contracts with Metronet, currently
valued at approximately GBP3.3 billion (US$6.7 billion), are for
new trains, signaling, refurbishment of trains and fleet
maintenance activities.  These supply contracts are progressing
well and Bombardier will continue to work on them as per the
requirements contained in its contracts.  Bombardier remains
fully committed to deliver a world class, safe and reliable Tube
for London.

* Balfour Beatty

In its 2007 interim trading update on June 26, 2007, at which
time the Metronet concessions were going concerns, Balfour
Beatty, which has a 20% interest in of Metronet BCV Ltd. and
Metronet SSL Ltd., disclosed that there would be an exceptional
charge of approximately GBP100 million in its half-year accounts
in respect of its interest in Metronet.  This arose in the light
of the level of unanticipated costs associated with Metronet’s
capital programs and Metronet’s funding position at that time.
The charge comprised, largely, the write-off of Metronet equity
and the write-back of profits in respect of the equity
investment, recognized in previous years.  In the light of this
application, the exceptional charge may be higher, with the
final sum reflecting the extent to which day-to-day trading
balances between Balfour Beatty operating and affiliate
companies and Metronet are recovered.

Balfour Beatty will work closely with Metronet, London
Underground and the Administrator in order to ensure that the
daily operations of the tube remain unaffected over the coming
period.  The company remains committed to the creation of a
world-class underground system for London and will continue to
provide such services to London Underground as required and
requested under the new ownership structure which succeeds
Metronet.

* WS Atkins

WS Atkins plc, one of the five shareholders of The Metronet Rail
Group, said its financial results for the year ended March 31,
2007 and was adversely impacted by an exceptional loss of
GBP121.3 million (GBP120.1 million after tax) in relation to the
Metronet Enterprise.  This loss includes an impairment write-
down which reduces the carrying value of the Group's investment
in Metronet to GBPnil.

As previously reported in the TCR-Europe on July 13, 2007, Keith
Clarke, chief executive of WS Atkins, is hesitant to
commit the company to providing further equity for The Metronet
Rail Group after results for the year ended March 31, 2007, were
adversely impacted by an exceptional loss of GBP121.3 million on
the PPP consortium, Sarah Richardson writes for weekly
construction magazine Building.

                          *     *     *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investors Service downgraded to B1 from Ba2 the senior secured
un-guaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance Plc.


METRONET RAIL: Renewal Works at the Tube Continue
-------------------------------------------------
Renewal works continued at Metronet Rail with planned
engineering work completed as scheduled at the weekend.

In addition, the 52nd refurbished District line train is back in
London ready to return to service.

Two major possessions were taken at the weekend, with track
closed for a mixture of engineering duties on the Metropolitan
and District lines.

Metronet and its supply chain partner Balfour Beatty renewed
half a kilometer of track, on the northbound local line between
North Harrow junction and Pinner.  In the same possession,
between Croxley and Watford, Metronet's in-house contractor re-
railed 300 meters of track and carried out 50 thermic welds.

Surveys were also carried out on earth structures, signaling
upgrade works were undertaken at Chorleywood and improvements
made to an electricity substation.

On the District line 75 meters of track was renewed either side
of a set of points that was renewed between Tower Hill and
Aldgate.

Over two-thirds of the train stock has now been refurbished on
this line, with the 52nd train being returned to service by
Metronet this week.  Passengers benefit from completely renewed
interiors with enhanced access, public information and security.
The GBP 1million-a-train refurbishments are being completed at
the rate of one a fortnight and the program is over half a year
ahead of schedule.

"Our staff remain committed to the important role Metronet has
of renewing London's Tube," a Metronet spokesman said.

As previously reported in the TCR-Europe, Metronet Rail BCV Ltd.
and Metronet Rail SSL Ltd., the companies responsible for the
maintenance and renewal of the Bakerloo, Central, Victoria, and
Waterloo & City lines (BCV) and Circle, District, Metropolitan,
Hammersmith & City and East London lines (SSL), entered
Administration on July 18, 2007.

Under the Public Private Partnership contracts and the Greater
London Authority Act 1999, Alan Bloom, Maggie Mills, Roy Bailey
and Stephen Harris, partners and directors of Ernst & Young LLP,
have been appointed PPP Administrators.

The purpose of the Administration is to ensure the continuation
of both BCV and SSL's maintenance and renewal activities pending
the transfer of the companies' activities to a new operating
company with the intention that there should be no noticeable
impact on the Tube network or passenger services.

                       About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies -- these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investors Service downgraded to B1 from Ba2 the senior secured
un-guaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance Plc.


MOTION PICTURE: Moody's Puts Low-B Ratings to Credit Facilities
---------------------------------------------------------------
Moody's Investors Service rated Motion Picture Distribution
Finco's first lien credit facilities Ba3.  At the same time, the
company's second lien credit facilities were rated B3.  The
company was assigned a B2 corporate family rating.  The rating
outlook is stable.

First lien credit facilities consist of a CDN$50 million 6-year
secured revolving term loan and a CDN$260 million 7.5-year
secured term loan B.  Second lien facilities are comprised of a
CDN$100 million 8-year secured term loan that is due in a single
payment at maturity.

Assignments:

   * Issuer: Motion Picture Distribution Finco

   -- Corporate Family Rating, Assigned B2;
   -- Senior Secured Bank Credit Facility, Assigned Ba3;
   -- Second Lien Term Loan, Assigned B3.

MPD has a relatively strong business profile.  This is a
function of its substantial market share, proportionate scale
(in the Canadian context), and established relationships with
both content providers and exhibitors.  However, these strengths
have been exploited by way of an aggressive debt structure.
Opening leverage approximates 5.8x LTM adjusted EBITDA, some 67%
of the enterprise value.  De-levering depends on maintaining
cash flow expansion that is expected in the second half of 2007.
This is by no means assured.  In addition, the business faces
several near term risks as key content acquisition contracts
come up for renewal late in each of 2007 and 2008.  Failure to
renew the contracts would cause new release volumes to decline,
which would be followed by cash flow declines.  Given the
limited roster of appropriate motion picture production studios
that could act as suitable alternatives, replacing a lost
contract may prove to be quite difficult.  While the long cash
flow tail related to motion picture distribution likely implies
that cash flow would decline only gradually upon the content
pipeline shrinking, de-levering capability would be much
diminished in this circumstance.

All credit facilities benefit from upstream guarantees of key
subsidiary companies.  The guarantees are, in turn, supported by
asset pledges that convey security and negate any potential
structural subordination by way of debt at operating companies.
The first lien facilities are rated Ba3, two notches above the
company's B2 CFR.  The second lien facility is rated one notch
below the B2 CFR at B3.

Headquartered in Toronto, Ontario, Canada, Motion Picture
Distribution Finco is a single purpose company formed to hold
the motion picture distribution business currently owned by
Movie Distribution Income Fund (MDIF, a publicly traded Toronto-
based income trust).  This is the largest independent
distributor of motion pictures in Canada and has operations in
the United Kingdom through its Momentum subsidiary and in Spain
through its Aurum subsidiary.  MDIF will be reorganized into a
corporation (OpCo), and through MPD, will be privately held by
Goldman Sachs Capital Partners (GSCP, part of Goldman Sachs'
Principal Investment Area, one of the world's largest private
equity and mezzanine investors) and EdgeStone Capital Partners
(EdgeStone, one of Canada's premier private capital managers).


NRG VICTORY: Withdraws Proposed Scheme; Chapter 15 Closes
---------------------------------------------------------
Further to the meeting of Scheme Creditors which was opened on
May 23, 2006 and then adjourned, the directors of NRG Victory
Reinsurance Limited (fka Victory Insurance Company Limited and
The Victory Reinsurance Company Limited) have decided to
withdraw the proposed scheme of arrangement.  The Company, will
therefore, continue its ordinary course run-off pending the
conclusion for a strategic review by the Company and its
shareholders.

The purpose of the Creditors' Meeting had been to consider, and
if thought fit to approve (with or without modification) a
scheme of arrangement proposed to be made between the Company
and the Scheme Creditors pursuant to Section 425 of the
Companies Act 1985.

Accordingly, the Company has withdrawn the Scheme proceedings in
England and the Order Recognizing English Proceeding as Foreign
Main Proceeding and Scheduling Permanent Injunction Hearing,
entered by the United States Bankruptcy Court in the Company's
case commenced under chapter 15 of the United States Bankruptcy
Code, was terminated by an order approved by the United States
Bankruptcy Code on July 12, 2007.  The Chapter 15 case has now
been closed.  In addition, the Company will shortly be
withdrawing the related recognition proceedings which it had
initiated in the Canadian Courts.

Any policyholder who has any questions should contact:

         The Scheme Company
         Attn: Alan Boyce
         NRG Victory Management Services Limited
         Charter House
         Park Street
         Ashford, Kent
         TN24 8EQ
         United Kingdom
         Tel: +44 (0) 1233 722 600
         Fax: +44 (0) 1233 722 602
         E-mail: alan.boyce@nrgv.co.uk

Headquartered in Ashford, England, NRG Victory Reinsurance Ltd.
operated a reinsurance company but ceased underwriting
operations in 1993.  Alan Boyce, in his capacity as foreign
representative for the company, filed a chapter 15 petition on
May 12, 2006 (Bankr. S.D.N.Y. Case No. 06-11052).  Sara M.
Tapinekis, Esq., Andrew P. Brozman, Esq., David A. Sullivan,
Esq., at Clifford Chance US LLP, represents Mr. Boyce in the
U.S. proceedings.  As of the petition date, the Debtor estimated
more than US$100 million in assets and debts.


ONE TV: Brings In Liquidators from Smith & Williamson
-----------------------------------------------------
Robert Horton and Roger Tulloch of Smith & Williamson Ltd. were
appointed joint liquidators of One TV plc on June 29 for the
creditors’ voluntary winding-up proceeding.

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 joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         GU1 4RA
         England


RICHARDSONS MOSS: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint liquidators of Richardsons Moss
Litter Co. Ltd. on Feb. 26 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
         1 City Square
         Leeds
         LS1 2DP
         England


RJR PLANT: J. M. Titley Leads Liquidation Procedure
---------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
RJR Plant Hire Ltd. on June 22 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
         BB1 8AF
         England


TUNING GROUP: Appoints Liquidators from Moore Stephens
------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of Tuning Group Ltd. on July 6 for
the creditors’ voluntary winding-up procedure.

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

The joint liquidators can be reached at:

         Moore Stephens LLP
         3-5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England

                            *********

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.


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