TCREUR_Public/070726.mbx T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 26, 2007, Vol. 8, No. 147

                            Headlines


A U S T R I A

AMR LLC: Claims Registration Period Ends Aug. 21
BELUGA GASTRO: Claims Registration Period Ends Aug. 21
DORNFELD IT-CONSULTING: Creditors' Meeting Slated for Aug. 8
FRITZ MLADOSEVITS: Claims Registration Period Ends Aug. 21
LEUPRECHT RECHTSANWALT: Claims Registration Period Ends Aug. 31

MIKU – VERMOEGENSANLAGEN: Claims Registration Ends Aug. 13
POPESCU VERSPACHTELUNGEN: Steyr Court Orders Business Shutdown
TEAM BAU: Steyr Court Orders Business Closure


B E L G I U M

GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit


C Z E C H   R E P U B L I C

SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook


F I N L A N D

HILTON HOTELS: Completes Sale of Eight European Hotels


F R A N C E

BOSTON SCIENTIFIC: Moody's Cuts Sr. Unsecured Debt Rating to Ba2
CROWN HOLDINGS: June 30 Balance Sheet Upside-down by US$388 Mln


G E R M A N Y

CRESCO OIL: Claims Registration Period Ends Sept. 28
GOETTINGER GRUPPE: Authorities Arrest Founder in Netherlands
INFRAKOM AG: Claims Registration Period Ends Sept. 28
MFT-LOGISTIK: Claims Registration Period Ends Sept. 21
RHEINBODEN AG: Sells Property Loan Portfolio to MuenchenerHyp

ZAPF CREATION: Secures New Financing with Banks & Shareholders


H U N G A R Y

AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter
AES CORP: Finalizes Joint Dev't & Equipment Pact with Altair


I R E L A N D

CORSAIR FINANCE: S&P Cuts Ratings on Series 7 Notes to BB-
ELAN CORP: Seeks Re-Examination of Negative Opinion on TYSABRI


I T A L Y

FIAT SPA: Earns EUR1 Billion for First Half Ended June 30, 2007
FIAT SPA: Appoints New Members to Board of Directors
HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas


K A Z A K H S T A N

AIBOLAT LLP: Proof of Claim Deadline Slated for Aug. 29
AKTOBE ONIMDERI-2007: Creditors Must File Claims Aug. 28
ELJAN &K LLP: Claims Filing Period Ends Aug. 28
EUROSTROY LLP: Creditors' Claims Due on Sept. 4
FLORA-ALTYN LLP: Creditors Must File Claims Aug. 28

HEFTEGAZOVAYA ENERGETICHESKAYA: Claims Registration Ends Aug. 28
JANAT LLP: Claims Filing Period Ends Aug. 29
MAN LLP: Creditors' Claims Due on Sept. 4
PROMREMSERVICE LLP: Claims Registration Ends Aug. 29
TIMEKS-N LLP: Proof of Claim Deadline Slated for Aug. 28


K Y R G Y Z S T A N

MARKGRAF LLC: Creditors Must File Claims by August 31


N E T H E R L A N D S

SABIC INNOVATIVE: High Leverage Cues S&P’ BB Rating
SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President


N O R W A Y

OSLO REINSURANCE: Chapter 15 Petition Summary


P O L A N D

POLSKA GRUPA: Acquiring Stakes in Limedica & Gintarine Vastine
POLSKA GRUPA: Fitch Puts BB+ Rating on Watch Negative


R U S S I A

AGRO-DON OJSC: Court Names D. Zelepukin as Insolvency Manager
BOLSHEKHOMUTETSKOE OJSC: Creditors Must File Claims by July 30
CHEREMNOVSKIY SEED: Creditors Must File Claims by Aug. 30
EAR OJSC: Court Names D. Zelepukin as Insolvency Manager
EVRAZ GROUP: Releases Second Quarter 2007 Operational Results

LOCKO FINANCE: Fitch Puts B- Rating to RUR3 Billion Notes
MILLION LLC: Creditors Must File Claims by July 30
ROSNEFT OIL: Gets US$3 Billion Loan to Refinance Debt
RUSSIAN WOOD: Voronezh Bankruptcy Hearing Slated for Sept. 20
SAKHALIN-COAL-1: Creditors Must File Claims by July 30

SEVKAV-AGRO CJSC: Court Names V. Goncharov as Insolvency Manager
SMOLINSKOE LLC: Creditors Must File Claims by July 30
STROYMONTAZH LLC: Creditors Must File Claims by Aug. 30
TALITSKOE CJSC: Creditors Must File Claims by July 30
TAMBOV-MONOLITH-STROY: Creditors Must File Claims by Aug. 30

TNK-BP HOLDING: Earns US$1.37 Billion for Second Quarter 2007
TRANS-STROY-TORG: Creditors Must File Claims by July 30
TRANS-SVYAZ LLC: Creditors Must File Claims by July 30
TYUMEN-GEOL-SNAB-SERVICE: Creditors Must File Claims by Aug. 30


S W I T Z E R L A N D

ACUME JSC: Graubunden Court Closes Bankruptcy Proceedings
BERINGER ENGINNERING: Zug Court Closes Bankruptcy Proceedings
BOYCE ENTERPRISES: Zurich Court Closes Bankruptcy Proceedings
CONSIMPEX JSC: Creditors' Liquidation Claims Due August 3
F. A MARCA BIEL: Lucerne Court Closes Bankruptcy Proceedings

I-T - TEXTIL: Zurich Court Closes Bankruptcy Proceedings
ITUBAG JSC: Creditors' Liquidation Claims Due August 3
KVS JSC: Schwyz Court Closes Bankruptcy Proceedings
LIFESTYLE BETEILIGUNG: Zug Court Closes Bankruptcy Proceedings
MALER – UND TAPEZIERERGESCHAFT: Court Closes Bankruptcy Process

NETTO-NETTO: Zurich Court Closes Bankruptcy Proceedings
POLSTERMOBELFABRIK ROSENTAL: Court Closes Bankruptcy Proceedings
THERMATEX SCHWEIZ: Appenzell Court Closes Bankruptcy Proceedings
TRANSCOOL JSC: Zug Court Closes Bankruptcy Proceedings
WOLF SNACK: Creditors' Liquidation Claims Due August 2


T U R K E Y

TURKIYE IS BANKASI: Fitch Affirms Short-term IDRs at B

* S&P Affirms BB- Credit Rating on City of Istanbul


U K R A I N E

ALFA-EAST-TRADING: Creditors Must File Claims by July 27
BAKHMUT-PLASTER CJSC: Claims Submission Deadline Set July 27
BISHAY-GROUP LLC: Claims Submission Deadline Set July 27
ELITA TAVRII: Claims Submission Deadline Set July 27

ETRIS LLC: Claims Submission Deadline Set July 27
INTERPIPE LTD.: Fitch Rates US$200 Million Notes at B+
PROMIN LLC: Claims Submission Deadline Set July 27
REBIR-UKRAINE LLC: Claims Submission Deadline Set July 27
SUPPLY LLC: Creditors Must File Claims by July 27

TECHNICAL INVEST: Claims Submission Deadline Set July 27

U N I T E D   K I N G D O M

BANBURY BUILDING: Names Philip Michael Lyon Liquidator
BLANDFORD DIRECT: Taps Liquidators from BDO Stoy Hayward
BRYAN INDUSTRIES: Brings In Liquidator from Mazars
CABLE & WIRELESS: Says Digicel's Complaint Has No Basis
COLLINS & AIKMAN: Court Confirms Amended Ch. 11 Liquidation Plan

COSMOS MOTOR: Appoints David A. Butler as Liquidator
CROSSCO 1018: Calls In Liquidators from BDO Stoy Hayward
DECO 16: S&P Rates GBP15.6 Million Class G Notes at BB
FORD MOTOR: Seeks Concessions as Labor Talks With UAW Start
GENERAL MOTORS: Deal Hits Snag as Firms Shelve US$3.1B Debt Sale

GENERAL MOTORS: Seeks Concessions as Labor Talks With UAW Start
GENERAL MOTORS: Reports Global 2Q Sales of 2.4 Mln Vehicles
GRIFF WOODWORK: Hires Liquidators from Wilkins Kennedy
GT GLASS: Appoints Liquidators from Tenon Recovery
FEDERAL-MOGUL: Earns US$4 Mln in Second Quarter Ended June 30

HOMEBUY GROUP: Management Buyout Cues Administration Exit
HOUSE OF EUROPE: Fitch Affirms BB Ratings on Class C Notes
HUSH RITUALS: A. Poxon Leads Liquidation Procedure
ISOFT GROUP: CompuGROUP Makes GBP160 Million Cash Offer
JOY FOOK: Joint Liquidators Take Over Operations

KORUS SERVICES: Claims Filing Period Ends August 15
LEVEL 3: European Markets Group Inks Network Deal with Joost
MAXIM ARCHITECTURAL: Taps Colin Prescott to Liquidate Assets
QUINTEK DISTRIBUTION: Calls In Liquidators from Grant Thornton
SCOTTISH RE: Names George Zippel as President & Global CEO

SERVICEMASTER CO: Moody's Rates US$1.15 Mln Sr. Term Loan at B3
SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended
UNIVERSAL AERIAL: Taps Liquidators from KPMG
VIRGIN MEDIA: Auction Slated for Next Month
WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AMR LLC: Claims Registration Period Ends Aug. 21
------------------------------------------------
Creditors owed money by LLC AMR (FN 102804h) have until Aug. 21
to file written proofs of claim to court-appointed estate
administrator Petra Klingenschmid at:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at

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

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Kottingbrunn, Austria, the Debtor declared
bankruptcy on June 22 (Bankr. Case No. 11 S 76/07y).


BELUGA GASTRO: Claims Registration Period Ends Aug. 21
------------------------------------------------------
Creditors owed money by LLC Beluga Gastro (FN 238046v) have
until Aug. 21 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
         Fax: 0732/776234 22
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 28 (Bankr. Case No. 38 S 39/07z).  Markus Weixlbaumer
represents Dr. Hackl in the bankruptcy proceedings.


DORNFELD IT-CONSULTING: Creditors' Meeting Slated for Aug. 8
------------------------------------------------------------
Creditors owed money by LLC Dornfeld IT-Consulting (FN 272642w)
are encouraged to attend the first creditors' meeting at 11:30
a.m. on Aug. 8.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

The Court will also examine the claims at 11:20 a.m. a.m. on
Sept. 5, at the same venue.

Creditors have until Aug. 20 to file written proofs of claim to
court-appointed estate administrator Michael Kropiunig at:

         Dr. Michael Kropiunig
         Max-Tendler-Strasse 28
         8700 Leoben
         Austria
         Tel: 03842/45 6 57
         Fax: 03842/45019-30
         E-mail: office@ra-kropiunig.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 26 (Case No. 17 S 47/07s).


FRITZ MLADOSEVITS: Claims Registration Period Ends Aug. 21
----------------------------------------------------------
Creditors owed money by LLC Fritz Mladosevits (FN 95021m) have
until Aug. 21 to file written proofs of claim to court-appointed
estate administrator Maria-Christina Nau at:

         Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail:  office@viehboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Maria Enzersdorf am Gebirge, Austria, the
Debtor declared bankruptcy on June 22 (Bankr. Case No. 11 S
75/07a).


LEUPRECHT RECHTSANWALT: Claims Registration Period Ends Aug. 31
---------------------------------------------------------------
Creditors owed money by LLC Leuprecht Rechtsanwalt (FN 227092i)
have until Aug. 31 to file written proofs of claim to court-
appointed estate administrator Wolfgang Offer at:

         Dr. Wolfgang Offer
         Museumstrasse 16
         6020 Innsbruck
         Austria
         Tel: 0512/582833
         Fax: 0512/570484
         E-mail: office@kanzlei-offer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall N214
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on June 25 (Bankr. Case No. 9 S 13/07x).


MIKU – VERMOEGENSANLAGEN: Claims Registration Ends Aug. 13
----------------------------------------------------------
Creditors owed money by LLC MIKU – Vermoegensanlagen (FN 85331m)
have until Aug. 13 to file written proofs of claim to court-
appointed estate administrator Norbert Abel at:

         Mag. Norbert Abel
         c/o Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 27 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 28 (Bankr. Case No. 3 S 91/07p).  Johanna Abel-Winkler
represents Mag. Abel in the bankruptcy proceedings.


POPESCU VERSPACHTELUNGEN: Steyr Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Steyr entered June 22 an order shutting down
the business of LLC Popescu Verspachtelungen (FN 241192w).

Court-appointed estate administrator Wolfgang Strasser
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. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/ 52437
         Fax: 5243721
         E-mail: st-valentin@advocat24.at

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on June 20 (Bankr. Case No 14 S 24/07p).


TEAM BAU: Steyr Court Orders Business Closure
---------------------------------------------
The Land Court of Steyr entered June 28 an order closing the
business of LLC TEAM BAU (FN 169633k).

Court-appointed estate administrator Erhard Hackl recommended
the business closure after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


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


GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit
---------------------------------------------------------
Goodyear Tire & Rubber Company's unit, Goodyear Jamaica Limited,
will launch the Wrangler line of tyres to the Jamaican market,
the Jamaican Gleaner reports.

According to The Gleaner, Goodyear Jamaica is trying new
strategies to rebuild sales.

The product would be fully on the market by September 2007,
which is the end of the third calendar quarter for this year,
The Gleaner notes, citing Goodyear Jamiaca General Manager
Steven Miller.

Mr. Miller told The Gleaner, "As business managers, part of our
responsibility is sourcing and selling an optimal set of
products for this market.  We have distilled what the consumer
needs and we are working to match those needs with the proper
offerings from Goodyear."

The Gleaner relates that the Wrangler features SilentArmor
technology, with these zones:

         -- one armored for strength, and
         -- one for a smooth and quiet ride.

The report says that the armor zone is composed of two high-
tensile steel belts and a layer made with Dupont Kevlar, which
is five times stronger than steel.

The Wrangler tyres also have durawall sidewall compound, "which
resist cuts and punctures in the sidewall area of the tyre and a
rugged rim guard that protects expensive wheels against
accidental damage," according to The Gleaner.

The Gleaner says that the quiet zone, also made of Kevlar, helps
soak up road noise.

Mr. Miller admitted to The Gleaner that Goodyear Jamaica still
has to determine the price of the range -- four sizes are
already being tested here.

The company also needs to determine the full suite of which will
be rolled out, Goodyear Jamaca told The Gleaner.

"The package will include a 50,000-mile/80,000-kilometre tread
life limited warranty, 30-day no-obligation trial period,
nationwide warranty service, and off-road assistance."  The
Wrangler tyres are for light trucks and sport-utility vehicles,
The Gleaner states, citing Mr. Miller.


           About The Goodyear Tire & Rubber Company

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


===========================
C Z E C H   R E P U B L I C
===========================


SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Milwaukee, Wis.-based Sensient Technologies Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
'BB+' corporate credit and senior unsecured debt ratings on the
company.  Approximately US$508 million of debt was outstanding
as of June 30, 2007.

"The revised outlook is based on the company's improved
operating performance, and its total debt to EBITDA improving to
below 3 times, from 3.7 times in fiscal 2005," said Standard &
Poor's credit analyst Patrick Jeffrey.  This improvement was
driven by the company's focus on improving operating
efficiencies and utilizing free cash flow to reduce debt.  "We
expect the company will continue to reduce leverage over the
near term and manage any acquisition activity in line with the
current ratings," said Mr. Jeffrey.

The ratings on Sensient reflect the company's position as:

  * a leading industrial marketer of value-added flavors,
    fragrances, and colors;

  * its improved operating performance over the past 18 months
    following several years  of inconsistent performance; and

  * its still moderately high debt leverage.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.

In Europe, Sensient maintains operations facilities and/or sales
offices in Belgium, Bosnia, Croatia, Cyprus, Czech Republic,
Germany, United Kingdom, France, Estonia,  Macedonia, Poland,
Romania, Serbia and Montenegro, Turkey, Ukraine, and Wales.  In
Latin America, it has operations in Argentina, Bolivia, Brazil,
Colombia, Costa Rica, Chile, Mexico, Peru, Uruguay and
Venezuela.  The company also has operations in Australia,
Bangladesh, Cambodia, China, Emirates, Hong Kong, India,
Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, New Zealand,
Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand,
Vietnam.


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F I N L A N D
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HILTON HOTELS: Completes Sale of Eight European Hotels
------------------------------------------------------
Hilton Hotels Corporation has completed the sale of eight hotels
in Europe to a fund managed by Morgan Stanley Real Estate.

Completion of the sale of two further hotels (Hilton Brussels
and Hilton Zurich) to the same purchaser is expected by the end
of the third quarter 2007.

The gross proceeds from the sale of all 10 properties are
expected to be approximately EUR566 million.

The eight European properties are:

  -- Hilton Dresden,
  -- Hilton Dusseldorf,
  -- Hilton Weimar,
  -- Hilton Charles de Gaulle,
  -- Hilton Strasbourg,
  -- Hilton Luxembourg,
  -- Hilton Barcelona and
  -- Los Zocos Club Resort in the Canary Islands.

An agreement to sell the ten hotels was previously announced on
April 26.

                       About Hilton Hotels

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

                          *     *     *

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

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

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


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F R A N C E
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BOSTON SCIENTIFIC: Moody's Cuts Sr. Unsecured Debt Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded the credit ratings of
Boston Scientific Corporation.  The company's senior unsecured
debt rating was downgraded to Ba2 from Baa3 and its short term
debt rating was downgraded to Not Prime from Prime-3.

At the same time, Moody's assigned a Ba1 Corporate Family Rating
to the company.  The rating outlook is negative.  This concludes
Moody's rating review that was initiated on May 9, 2007.

This rating action primarily reflects these concerns:

   (1) second quarter results continue to show lower than
       expected cash flows;

   (2) the lack of definitive action related to material asset
       sales, which could provide financial flexibility;

   (3) the potential for regulatory and litigation matters to
       further impinge on liquidity; and

   (4) the potential for covenant violations under its bank
       agreement over the next twelve months.

"Boston Scientific's cash flows no longer comfortably support
its high debt levels, resulting in a downgrade to below
investment grade," Diana Lee, a Senior Credit Officer at Moody's
said.

"Persistent weakness in the DES market and inability to gain
consistent traction in ICD sales contribute to Moody's concerns
regarding the company's cash flows," said Lee.

The negative outlook reflects concerns that uncertain sales
recovery in key product lines and heightened competition in 2008
could contribute to even lower operating cash flows.  The
negative outlook also considers the possibility that Boston
Scientific may face greater liquidity challenges as upcoming
cash payments (including litigation, bank amortization and
milestone payments) may occur at the same time that the company
faces potential covenant violations.

The US senior unsecured notes held at Boston Scientific
Corporation are structurally subordinated to the (unrated) non-
US bank debt held at its foreign subsidiary.  Before this rating
action, Moody's did not heavily weigh the issue of structural
subordination in its rating of Boston Scientific's US senior
notes; however, the effects of structural subordination are now
reflected in the company's ratings because of the application of
Moody's LGD Rating Methodology.  Using our LGD analysis, the
senior unsecured notes are now notched below the Ba1 CFR.

Ratings assigned:

   * Boston Scientific Corporation:

   -- Ba1 Corporate Family Rating
   -- Ba1 PDR
   -- SGL-3 Speculative Grade Liquidity Rating

Ratings downgraded:

Boston Scientific Corporation:

   -- Sr. Unsecured Notes to Ba2, LGD5, 75% from Baa3
   -- Senior Shelf to (P)Ba2 from (P) Baa3
   -- Subordinated Shelf to (P)Ba2 from (P)Ba1

Short-term rating to Not-Prime from Prime-3 (This rating will be
withdrawn subsequent to the downgrade.)

Rating confirmed:

Boston Scientific Corporation:

   -- Preferred Stock Shelf at (P)Ba2

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional and cardiac rhythm management
devices.  The company has offices in Argentina, France, Germany,
and Japan, among others.


CROWN HOLDINGS: June 30 Balance Sheet Upside-down by US$388 Mln
---------------------------------------------------------------
Crown Holdings Inc.'s consolidated balance sheet at June 30,
2007, showed US$6.79 billion in total assets and US$7.18 billion
in total liabilities, resulting in a US$388 million total
shareholders' deficit.

The company reported net income of US$88 million for the second
quarter ended June 30, 2007, compared with net income of
US$50 million for the same period ended June 30, 2006.

Net sales in the second quarter rose to US$1.99 billion, up
11.7% over the US$1.78 million in the second quarter of 2006.
The increase was primarily the result of higher sales unit
volumes across most product lines and geographies, the pass-
through of higher raw material costs and favorable foreign
currency translation.  Approximately 71% of sales were generated
outside the U.S. in both the second quarter of 2007 and 2006.

Second quarter gross profit grew 15.5% to US$283 million over
the US$245 million in the 2006 second quarter.  As a percentage
of net sales, gross profit expanded to 14.2% in the second
quarter from 13.8% in the second quarter last year.  Stronger
sales unit volumes, increased operating efficiencies and
productivity gains drove the improvements.

Selling and administrative expense in the second quarter was
US$93 million compared to US$74 million in last year's second
quarter.  The increase is attributable to a higher accrual for
incentive compensation costs, foreign currency translation and
general inflationary increases.

Segment income (a non-GAAP measure defined by the company as
gross profit less selling and administrative expense) grew to
US$190 million in the second quarter, up 11.1% over the US$171
million in the 2006 second quarter.  Segment income as a
percentage of net sales was 9.5% in the second quarter compared
to 9.6% in the second quarter last year.

Commenting on the results, John W. Conway, chairman and chief
executive officer, stated, "The company continued to build
momentum in the second quarter through a combination of positive
factors.  In our Americas Beverage business, volumes and margins
are returning to their 2005 levels due to sales unit recovery in
North America, strong Latin American results and an increase in
specialty cans in our overall sales mix.  Equally important,
margin recovery in our European Beverage business is on plan.
At the same time, our North America Food business continues to
improve.  The company remains on plan to generate strong free
cash flow in 2007, which will be available to pay down debt and
repurchase shares.  Looking ahead, our new beverage can plant in
Cambodia will begin operating in the third quarter.  This will
further expand and diversify our world class manufacturing
portfolio with entry into another fast growing emerging market."

Interest expense in the second quarter was US$77 million
compared to US$70 million in the second quarter of 2006.  The
increase reflects the impact of higher average short-term
borrowing rates and foreign currency translation.

Net income from continuing operations in the second quarter was
US$88 million, compared to US$74 million in the second quarter
of 2006.

Included within net income from continuing operations, the
company recorded a net gain of US$4 million reflecting a net
gain of US$8 million related to gain on sale of assets offset by
a net loss of US$4 million related to restructuring actions.  In
last year's second quarter, the company reported a net gain of
US$2 million related to financial foreign exchange gains offset
by restructuring charges.

At June 30, 2007, the company's consolidated balance sheet
showed US$6.79 billion in total assets and US$7.18 billion in
total liabilities, resulting in a US$388 million total
shareholders' deficit.

                       About Crown Holdings

Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK)
-- http://www.crowncork.com/-- through its affiliated
companies, supplies packaging products to consumer marketing
companies around the world.  In Latin America, the Company has
operations in Mexico, and in South and Central America.  The
Company also maintains operations in Europe, particularly in the
United Kingdom and France. In the Asia-Pacific region, the
Company has an office in Singapore.


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


CRESCO OIL: Claims Registration Period Ends Sept. 28
----------------------------------------------------
Creditors of Cresco Oil Handelsgesellschaft mbH have until
Sept. 28 to register their claims with court-appointed
insolvency manager Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Oct. 24, 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Andreas Schafft
         Charlottenstr. 7
         99096 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Cresco Oil Handelsgesellschaft mbH on July 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cresco Oil Handelsgesellschaft mbH
         Attn: Carmen Eisenbach, Manager
         Schuetzenstrasse 2
         98527 Suhl
         Germany


GOETTINGER GRUPPE: Authorities Arrest Founder in Netherlands
------------------------------------------------------------
Authorities in the Netherlands have arrested Erwin Zacharias,
one of the founders of insolvent Goettinger Gruppe Beteiligungs
GmbH, and later extradited him to Germany, The Financial Times
reports, citing Frankfurter Allgemeine Zeitung as its source.

According to the report, Mr. Zacharias received a 16-month
suspended sentence at the beginning of 2006 for tax evasion.  He
was required to pay a fine of EUR400,000 as a condition of the
sentence but this was not actually paid.

The company's latest figures show that up to 270,000 investors
were affected by the insolvency of Gottinger Gruppe and its main
subsidiary, Securenta, the report says.

                     About Goettinger Gruppe

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

Goettinger filed for insolvency at the District Court of
Charlottenburg on June 8, 2007, after a shareholder called for
the petition.  The District Court of Goettingen opened
insolvency proceedings against Securenta AG, an investment
company arm of Goettinger Gruppe Beteiligungs GmbH, on June 11,
2007.


INFRAKOM AG: Claims Registration Period Ends Sept. 28
-----------------------------------------------------
Creditors of Infrakom AG have until Sept. 28 to register their
claims with court-appointed insolvency manager Gerald Bittner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Oct. 24, 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof, 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:

         Gerald Bittner
         Kreuzsteinstr. 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

The District Court of Hof opened bankruptcy proceedings against
Infrakom AG on July 24.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Infrakom AG
         Attn: Reinhard Hilpert, Manager
         Schneebergstr. 7
         95709 Troestau
         Germany


MFT-LOGISTIK: Claims Registration Period Ends Sept. 21
------------------------------------------------------
Creditors of MFT-Logistik + Speditionsgesellschaft mbH have
until Sept. 21 to register their claims with court-appointed
insolvency manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against MFT-Logistik + Speditionsgesellschaft mbH on July 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MFT-Logistik + Speditionsgesellschaft mbH
         Holsterntal 7
         44319 Dortmund
         Germany

         Attn: Mike Fabian, Manager
         Kiehlkamp 93
         44319 Dortmund
         Germany


RHEINBODEN AG: Sells Property Loan Portfolio to MuenchenerHyp
-------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG has sold a portfolio of
private residential property loans to Muenchener Hypothekenbank
eG as part of a true buy transaction.

The portfolio consists of approximately 16,800 performing loans
with a total volume of about EUR715 million.  The loans were
made by AHBR to finance private housing in Germany.

"The portfolio has good regional diversity, with a slight
emphasis on North Rhine-Westphalia, and complements our current
inventory of loans," said Erich Roedel, chairman of
MuenchenerHyp’s board of management.  The loans in the portfolio
have low loan-to-value ratios, and 98% of the portfolio consists
of first mortgage loans. The purchase of the portfolio
reinforces and expands MuenchenerHyp’s core business of
residential property finance.  The acquisition of the portfolio
will also make sense for the bank’s business strategy following
a possible merger between MuenchenerHyp and DG HYP.

MuenchenerHyp’s main focus in the area of private housing loans
is providing financing for loans brokered by cooperative banks.
The acquisition of the new portfolio will not change this
situation although the transaction will significantly increase
the volume of the bank’s direct customer business.

"Thanks to our efficient loan processing capabilities we’ll also
be able to fully concentrate on meeting the needs of our new
customers and provide them with attractive financial solutions,"
added Mr. Roedel.

"This transaction marks the successful conclusion of another
step in our efforts to reduce our retail portfolio. We are
within our timetable and are confident that we will be able to
shed the rest by the end of the year," noted Dr. Claus Nolting,
chairman of Allgemeine HypothekenBank Rheinboden’s board of
management.

AHBR’s main business focus is commercial property finance.
Following in-depth restructuring in 2006, which also included
the closing of its private housing loan business, the bank has
been doing business under the name COREALCREDIT since the fall
of 2006 and has become a specialist bank for professional
property investors in its core German market.  In comparison to
the start of 2006, when the AHBR had about EUR10 billion in
private housing loans on its books, the bank will only have
about EUR1.4 billion of these loans left on its books after the
current transaction is completed.

The technical transfer of the loan portfolio from AHBR to
MuenchenerHyp will take place without delay. Refinancing of the
loans will be primarily achieved using MuenchenerHyp’s
collateral pool.

                           About AHBR

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.
                            *   *   *

In a TCR-Europe report on April 2, 2007, Standard & Poor's
Ratings Services lowered its long-term counterparty credit
rating on Allgemeine HypothekenBank Rheinboden AG to 'BB-' from
'BB', following a review of the bank's progress in implementing
its new business model.

At the same time, the 'B' short-term rating was affirmed.  The
outlook is negative.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


ZAPF CREATION: Secures New Financing with Banks & Shareholders
--------------------------------------------------------------
Zapf Creation AG has reached agreement with an international
syndicate of banks and the major shareholders of the company,
MGA Entertainment, Inc. and its CEO Isaac Larian, Nicolas Mathys
and Gustavo Perez regarding the long-term follow-up financing
for the company.

The new financing plan calls for a new, long-term syndicated
loan of EUR65 million.  This loan is based on the condition
precedent that an equity contribution of EUR30 million is made
by October 31, 2007 in a way to be determined by the
shareholders.  The major shareholders will make the equity
contribution possible.  They have already assured the company in
writing that they will support the equity contribution in the
amount of EUR30 million.

The previous syndicate of banks of Zapf Creation has agreed to
allow repayment of the credit lines used in the amount of around
EUR45 million, which has been due since June 30, 2007, to be
deferred until October 31, 2007.  To finance peak capital needs
in the course of the company's operations, the lead manager of
the new syndicate of banks has also agreed to providing interim
financing of up to EUR20 million until October 31, 2007.  These
funds can be utilized as defined and depending on the equity
contributions made at such a time.

All agreements are subject to the provision that there is no
material adverse change to the economic situation of the Zapf
Creation Group until October 31, 2007.  Furthermore, they are
subject to signature of the final documents.

The Company underlines that this positive solution would not
have been possible without the extraordinary support of MGA
Entertainment, Inc and its CEO Mr. Larian and of the other major
shareholders who have all assumed additional risks in connection
with the now planned capital increase of Zapf Creation.

"This is good news for Zapf Creation.  With the new financing
model, we managed to establish a sustainable, long-term capital
base for the Group after intense negotiations.  The willingness
of MGA Entertainment, Inc. and of the other major shareholders
to provide additional capital has been instrumental in reaching
the agreements. Based on the secure financing, we can now focus
on further pushing ahead with the development of the operational
business of the Zapf Creation Group," Jens U. Keil, CFO of Zapf
Creation disclosed.

Headquartered in Roedental/Coburg, Germany, Zapf Creation AG --
http://www.zapf-creation.com/-- markets branded play concepts
including dolls and a wide range of accessories.  The company's
most popular brands are Baby Born, Baby Annabell and Chou Chou.

Zapf Creation AG incurred EUR3.4 million in net losses on
EUR13.3 million in net sales for the first quarter of 2007,
compared with EUR5.3 million in net losses on EUR15.4 million in
net sales for the same period in 2006.

At March 31, 2007, the company's balance sheet showed EUR77
million in total assets, EUR75.1 million in total liabilities
and EUR1.9 million in equity.

The company's balance sheet also showed strained liquidity with
EUR51.5 million in total current assets available to pay EUR74.9
million in total liabilities coming due within the next 12
months.


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


AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter
--------------------------------------------------------------
The AES Corporation reported strong first quarter 2007 results.
Revenues increased 11% to US$3.1 billion compared to US$2.8
billion for the first quarter of 2006, while net cash from
operating activities increased 14% to US$581 million compared to
US$509 million last year.

First quarter income from continuing operations was US$119
million, or US$0.18 earnings per diluted share.  The quarterly
results were in line with the company's expectations excluding a
non-cash charge of US$35 million, or US$0.05 impact on diluted
earnings per share, due to an impairment of a minority
investment, and a charge of US$22 million, or US$0.03 impact on
diluted earnings per share, relating to a litigation reserve as
a result of a court ruling at its subsidiary in Kazakhstan.

Adjusted earnings per share (a non-GAAP financial measure) were
US$0.24 for the quarter and include the US$0.03 charge at its
subsidiary in Kazakhstan.  These results compare to 2006 first
quarter income from continuing operations of US$330 million, or
US$0.49 earnings per diluted share, and adjusted earnings per
share of US$0.39.  First quarter 2006 results included a one-
time US$87 million gain or US$0.13 positive impact on diluted
earnings per share associated with the sale of Kingston in
Ontario and the sale of an additional US$39 million or US$0.05
positive impact on diluted earnings per share in excess emission
sales.

As anticipated and previously disclosed, the company recognized
an impairment charge of approximately US$638 million, or US$0.94
impact on diluted earnings per share, in connection with the
sale of its equity stake in its Venezuelan subsidiary C.A. La
Electricidad de Caracas, now included in discontinued
operations.  Including these charges, the company incurred a net
loss of US$455 million, or US$0.67 diluted loss per share.  This
compares to net income of US$348 million, or US$0.52 earnings
per diluted share in first quarter 2006.

During the quarter, AES continued to execute its growth plans.
The Company signed a Memorandum of Understanding and
subsequently entered into a partnership with GE Energy Financial
Services to develop greenhouse gas emission reduction projects
in the United States.  The Company also acquired two new power
plants with long-term power agreements in Tamuin, Mexico
totaling 460 MW of capacity.

"The quarter reflected strong revenues, cash flow and underlying
operating performance," said Paul Hanrahan, AES President and
CEO.  "We continued to implement its growth strategy focusing on
meeting increasing demand for energy in fast-growing markets
while expanding our presence in renewables and the growing
market for emission offsets."

First Quarter 2007 Consolidated Highlights:

   -- Revenues increased by US$304 million to US$3.1 billion,
      reflecting higher prices and increased demand primarily in
      Latin America, the acquisition of two new facilities in
      Mexico and the consolidation of Itabo, one of the
      company's businesses in the Dominican Republic, and
      favorable foreign currency translation.

   -- Gross margin decreased by US$49 million to US$868 million,
      primarily due to the benefit of higher emission sales of
      US$39 million recorded in first quarter 2006 and
      US$32 million cost recoveries related to prior periods in
      the first quarter of 2006 at Eletropaulo in Brazil.  This
      was partially off-set by favorable foreign currency
      translation, contributions from the two new facilities in
      Mexico and the consolidation of Itabo, and improved
      operating performance at various subsidiaries.

   -- General and administrative expense increased US$28 million
      to US$85 million, largely from higher spending related to
      the strengthening of the company's financial organization,
      completion of its recent restatement and increased
      business development activities to support its growth
      initiatives.

   -- Interest expense increased by US$4 million to US$422
      million, reflecting debt at recently acquired businesses,
      including the two new facilities in Mexico, interest on
      regulatory liabilities in Brazil and losses on interest
      rate derivatives.  These increases were partially offset
      by debt retirements and lower interest rates at its Brazil
      subsidiaries.

   -- Other expense decreased US$37 million to US$41 million,
      largely due to costs associated with debt retirements at
      the parent company and at its businesses in El Salvador
      during the first quarter of 2006, partially offset by a
      US$22 million charge in first quarter of 2007 related to a
      court ruling at its subsidiary in Kazakhstan.

   -- Gain on sale of investment decreased by US$86 million due
      to the sale of AES Kingston, a 110 MW power plant in
      Ontario, Canada that resulted in a gain of US$87 million
      in the first quarter of 2006.

   -- Other non-operating expense increased by US$39 million to
      US$39 million, largely due to a US$35 million impairment
      in the company's minority investment in AgCert
      International.  An impairment was determined to exist due
      to the application of accounting rules relating to an
      "other than temporary" decline in AgCert's stock price
      performance during the first quarter of 2007.

   -- The effective tax rate during the quarter was 41% as
      compared to 31% in 2006.  This increase was primarily due
      to a change in tax law in China, unfavorable tax impacts
      of the charges associated with the impairment of its
      investment in AgCert and with the court ruling in
      Kazakhstan, and a favorable impact in the first quarter of
      2006 associated with the non-taxable sale of Kingston,
      offset by a tax benefit recorded upon the release of a
      valuation allowance at one of its subsidiaries in
      Argentina.

   -- Income from continuing operations for the first quarter of
      2007 was US$119 million, or US$0.18 diluted earnings per
      share, versus US$330 million, or US$0.49 diluted earnings
      per share for the first quarter of 2006.  Adjusted
      earnings per share for the first quarter of 2007 were
      US$0.24 compared to US$0.39 in first quarter 2006.

   -- During the quarter, free cash flow (a non-GAAP financial
      measure) increased by US$68 million to US$377 million,
      primarily due to decreases in net working capital, lower
      cash tax payments and contributions from the two new
      facilities in Mexico and the consolidation of Itabo.

First Quarter 2007 Segment Highlights:

   -- Latin America Generation revenue increased by US$139
      million to US$738 million, primarily due to higher
      contract and spot prices at Gener in Chile, the
      consolidation of Itabo in the Dominican Republic, and
      increased energy prices in Argentina.  Gross margin
      decreased by US$9 million to US$250 million, primarily due
      to increased purchased electricity and fuel costs at
      Uruguaiana in Brazil and Gener in Chile and higher fixed
      costs at Gener, partially offset by the consolidation of
      Itabo and variable margin on the increased revenues in
      Argentina.

   -- Latin America Utility revenue increased by US$73 million
      to US$1.2 billion, primarily due to the positive impact of
      foreign currency translation in Brazil and higher tariff
      rates at Eletropaulo and Sul in Brazil and CAESS-EEO in El
      Salvador.  Gross margin decreased by US$19 million to
      US$210 million, primarily due to prior period costs
      recovered through the tariff in first quarter 2006 at
      Eletropaulo in Brazil, partially offset by favorable
      foreign currency translation and the favorable tariff
      rates at Sul and CAESS-EEO.

   -- North America Generation revenue increased by US$17
      million to US$510 million, primarily due to the
      acquisition of the two new facilities in Mexico, higher
      spot prices at Eastern Energy in New York and planned
      outages at Warrior Run in Maryland and AES Hawaii in first
      quarter 2006.  These gains were mostly offset by lower
      emission sales in New York and outages at Merida in Mexico
      and at Deepwater in Texas.  Gross margin decreased by
      US$20 million to US$154 million, primarily due to lower
      emission sales at Eastern Energy in New York.

   -- North America Utility revenue increased by US$8 million to
      US$263 million, primarily due to higher volumes at IPL in
      Indiana.  Gross margin increased by US$17 million to
      US$81 million primarily due to higher volume and lower
      maintenance costs associated with generation unit
      overhauls in first quarter of 2006 at IPL.

   -- Europe & Africa Generation revenue increased by
      US$44 million to US$252 million, primarily due to higher
      volume and prices in Kazakhstan, favorable foreign
      currency translation and higher volume and prices in
      Hungary.  Gross margin increased by US$10 million to
      US$90 million, primarily due to higher revenues in
      Kazakhstan and favorable foreign currency translation,
      partially offset by lower emission sales at Bohemia in
      Czech Republic.

   -- Europe & Africa Utility revenue increased by US$14 million
      to US$166 million, primarily due to higher tariff rates in
      Ukraine and foreign currency translation gains.  Gross
      margin decreased by US$19 million to US$17 million due to
      reduced rainfall in Cameroon which led to increased fuel
      costs and an unfavorable derivative mark-to-market
      variance at AES SONEL in Cameroon.  Additionally, AES
      SONEL experienced higher fixed costs related to increased
      staffing and higher depreciation.

   -- Asia Generation revenue increased by US$18 million to
      US$212 million, primarily due to higher volume in Pakistan
      and an outage at Ras Laffan in Qatar in 2006, partially
      offset by lower volumes in Sri Lanka.  Gross margin
      decreased by US$5 million to US$58 million, primarily due
      to lower volumes in Sri Lanka and higher planned
      maintenance costs at Barka in Oman.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary. AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORP: Finalizes Joint Dev't & Equipment Pact with Altair
------------------------------------------------------------
The AES Corporation has finalized a joint development and
equipment purchase agreement related to Altairnano's battery
technology and energy storage products with Altair
Nanotechnologies Inc.

Earlier this year, AES completed a US$3-million strategic
investment in Altairnano.

Under the terms of the deal, Altairnano and AES will jointly
develop a suite of energy storage solutions specifically for
AES.  These energy storage products are expected to deliver in
excess of one megawatt of power and 500-kilowatt hours of
energy.  Altairnano is working with AES to apply these products
and systems at strategic points within the electrical grid to
more efficiently deal with congestion, peak energy consumption,
and real-time fluctuations in electricity demand.  The quick
response time, extended life, and power profile of the
Altairnano batteries and energy storage products are well suited
to improving performance in these areas with lower environmental
impact than traditional generation solutions.

Delivery to AES of the prototype Altairnano energy storage
products is scheduled for the end of the year.

"This agreement demonstrates the unique product performance of
Altairnano's technology to improve the operation of the
electrical grid, one of the most critical infrastructures in the
world," said Altairnano President and Chief Executive Officer
Alan J. Gotcher, PhD.  "We are very proud to work with the AES
Corporation in these market applications and we look forward to
jointly creating solutions for their businesses around the
globe."

                 About Altair Nanotechnologies

Altairnano – http://www.altairnano.com/-- is an innovator and
supplier of advanced novel, ceramic nanomaterials.  A seasoned
management team complements Altairnano's leading edge
scientists, with substantial experience in commercializing
innovative, disruptive technologies.  The company has developed
nanomaterials for the alternative energy, life sciences and
performance materials markets based on its proprietary
manufacturing process.  This process also provides the
foundation for its innovative AHP pigment process.  Altairnano
is a manufacturer of advanced battery pack systems which are
used in stationary power applications and electric and hybrid-
electric vehicles.

                          About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary. AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


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


CORSAIR FINANCE: S&P Cuts Ratings on Series 7 Notes to BB-
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch with negative implications its credit rating on the
series 7 synthetic CDO notes issued by Corsair Finance (Ireland)
No. 6 Ltd. to 'BB-/Watch Neg' from 'BBB'.

The EUR39 million floating-rate secured credit-linked notes are
backed by a linear portfolio of reference entities.

This rating action is due to a lowering of the rating on a
reference entity to 'BB-/Watch Neg'.


ELAN CORP: Seeks Re-Examination of Negative Opinion on TYSABRI
--------------------------------------------------------------
Elan Corporation plc and Biogen Idec have been informed by the
European Medicines Agency that the Committee for Medicinal
Products for Human Use has adopted a negative opinion on the
marketing application for the use of natalizumab in patients
with Crohn's disease.

In accordance with European regulations, Elan and Biogen Idec
plan to apply for a re-examination of the negative opinion
through the appeal procedure.  A decision on the appeal is
expected by the first quarter of 2008.

“Without natalizumab, European patients with severely active
disease who failed other therapies and who are suffering from
continuous symptoms may be offered surgery, with its potential
complications, intravenous nutritional therapies or clinical
trials with unproven experimental agents, depending upon on the
patients' condition,” Professor Jean-Frederick Colombel,
University of Lille, said.  “There is a need for new therapies
for this very difficult disease.”

An application for approval of TYSABRI(R) (natalizumab) for
treatment of moderate to severe Crohn's disease was filed in the
US on Dec. 15, 2006.  The FDA is holding an advisory committee
to discuss the application on July 31, 2007.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                         *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


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


FIAT SPA: Earns EUR1 Billion for First Half Ended June 30, 2007
---------------------------------------------------------------
Fiat S.p.A. posted EUR1 billion in net profit on EUR28.86
billion in net revenues for the first half of 2007, compared
with EUR481 million in net profit on EUR26.16 billion in net
revenues for the same period in 2006.

The company also posted EUR627 million in net profit on
EUR15.18 billion in net revenues for the second quarter of 2007,
compared with EUR330 million in net profit on EUR13.61 billion
in net revenues for the same period in 2006.

Net industrial debt decreased from EUR1.8 billion at Dec, 31,
2006, end to EUR900 million at June 30, 2007, mainly reflecting
positive net industrial cash flow of approximately EUR1.4
billion net of dividends paid and share buy-back of more than
EUR0.5 billion.

                             Outlook

The Group’s first half results are fully in line with its 2007
targets and provide a solid base to pursue the growth and margin
expansion path set out in the 2007-2010 industrial plan.

In particular, the Group confirms that it expects to reach the
upper end of all the 2007 target ranges announced in November
2006.

The Group expects:

   -- consolidated trading profit of approximately EUR2.7
      billion (5% trading margin);

   -- net income between EUR1.6 and EUR1.8 billion; and

   -- earnings per share between EUR1.25 and EUR1.40.

In addition, strong industrial cash flow generation in the first
half of the year enables the Group to move its year-end net
industrial debt target to around EUR600 million (excluding the
impact of additional share buy-backs).

The Group will continue to implement its strategy of targeted
alliances, in order to optimize capital commitments and reduce
risks.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                            *   *   *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FIAT SPA: Appoints New Members to Board of Directors
----------------------------------------------------
Fiat S.p.A.'s board of director has accepted the resignation
tendered by member Hermann-Josef Lamberti due to his increasing
commitments and thanked him on behalf of the entire Fiat Group
for his precious cooperation throughout these years.

The Board co-opted Rene Carron, Chairman of Credit Agricole, as
new board member.  Considering the size of the Credit Agricole
Group, the Board determined that the relations existing between
the French banking group and the Fiat Group are not material and
therefore that Mr. Carron meets the requirements for
independence.

The Board of Directors also appointed Gian Maria Gros-Pietro as
component of the Internal Control Committee in replacement of
Mr. Lamberti and resolved to split the Nominating and
Compensation Committee into two separate committees in order to
better conform to corporate governance best practices, as well
as the other recommendations set forth on the issue in the
Corporate Governance Code.

* Internal Control Committee

    Mario Zibetti Chairman
    Gian Maria Gros-Pietro
    Vittorio Mincato

* Nominating and Corporate Governance Committee

    John Elkann Chairman
    Luca Garavoglia
    Gian Maria Gros-Pietro

* Compensation Committee

    Roland Berger Chairman
    Luca Garavoglia
    Mario Zibetti

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                            *   *   *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas
-------------------------------------------------------------
Huntsman Corporation has reached an agreement with RBF Port
Neches LLC to operate a newly-constructed biodiesel plant to be
located at Huntsman's Port Neches, Texas site.

Under the arrangement, RBF will design, finance, build and own
the new plant, which will have an initial capacity of 89 million
gallons of biodiesel per year, with plans to expand to nearly
180 million gallons per year of production.  The new plant is
expected to be operational in mid-2008 after which the facility
will be operated and maintained by Huntsman, while RBF will be
responsible for the marketing of the output of the plant.

"RBF chose Huntsman for its industry-leading expertise in
operating multiple process technologies and the Port Neches site
for its superior logistics," said Don Stanutz, President of
Huntsman's Performance Products division.  "This alliance will
enable each company to take advantage of synergies in our
respective operations and to spread fixed costs across both
businesses."

With Huntsman's option to purchase crude glycerin produced as a
by-product at the biodiesel plant, the agreement also represents
an important step in Huntsman's recently announced plan to
commercialize its proprietary process for manufacturing
propylene glycol from glycerin, a renewable raw material.
Huntsman also continues to develop other glycerin-based
technologies at its Advanced Technology Center in The Woodlands,
Texas.

"The need for sustainable options is a critical challenge facing
today's world and we're proud to be at the forefront of
sustainable chemistry," said CEO Peter Huntsman.  "With our
proprietary process to make bio-based propylene glycol and our
broader commitment to find new developments in the field of
sustainable chemistry, we intend to be an industry leader in
addressing this challenge."

Examples of Huntsman's other sustainable chemistry products
include propylene carbonate-based solvents that reduce toxicity
in applications from agriculture to industrial cleaning agents,
carbonates that reduce volatile organic compounds in paints,
wood preservatives that replace a known human carcinogen,
waterborne paint primers, non-brominated flame retardants and
catalysts that eliminate emissions from insulation foams.

Affiliates of MatlinPatterson will hold a significant portion of
the equity interest in RBF Port Neches, LLC.

                       About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global
manufacturer of differentiated and commodity chemical products.
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.

The Troubled Company Reporter - Asia Pacific reported on Apr 02,
2007, Moody's Investors Service upgraded the corporate family
rating for Huntsman Corporation and Huntsman International LLC,
a subsidiary of Huntsman, to Ba3 from B1, and upgraded other
ratings as appropriate.

The ratings on recently redeemed debt have been withdrawn.  The
outlook for Huntsman's ratings was moved to stable from
developing.

Summary of the ratings activity:

Upgrades:

   * Huntsman Corporation

     -- Corporate Family Rating, Upgraded to Ba3 from B1

   * Huntsman International LLC

     -- Corporate Family Rating, Upgraded to Ba3 from B1

     -- Senior Secured Bank Credit Facility, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from B3, LGD5, 89%

   * Huntsman LLC

     -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B2, LGD4, 57%

Outlook Actions:

   * Huntsman Corporation

     -- Outlook, Changed To Stable From Developing

   * Huntsman International LLC

     -- Outlook, Changed To Stable From Developing

   * Huntsman LLC

     -- Outlook, Changed To Stable From Developing

Withdrawals:

   * Huntsman International LLC

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated B3

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated B2


On Jan. 23, 2007 Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating and other ratings on Salt Lake
City, Utah-based chemicals producer Huntsman Corp. and its
subsidiary Huntsman International LLC.


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


AIBOLAT LLP: Proof of Claim Deadline Slated for Aug. 29
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Aibolat insolvent on June 4.

Creditors have until Aug. 29 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Office 13
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


AKTOBE ONIMDERI-2007: Creditors Must File Claims Aug. 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe Onimderi-2007 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


ELJAN &K LLP: Claims Filing Period Ends Aug. 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Eljan &K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


EUROSTROY LLP: Creditors' Claims Due on Sept. 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Construction Company Eurostroy insolvent.

Creditors have until Sept. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Room 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


FLORA-ALTYN LLP: Creditors Must File Claims Aug. 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Flora-Altyn insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Al-Farabi ave. 119-303
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 53-63-21


HEFTEGAZOVAYA ENERGETICHESKAYA: Claims Registration Ends Aug. 28
----------------------------------------------------------------
LLP Heftegazovaya Energeticheskaya Kompaniya has declared
insolvency.  Creditors have until Aug. 28 to submit written
proofs of claims to:

         LLP Heftegazovaya Energeticheskaya Kompaniya
         Rabochaya Str. 43
         Shuchinsk
         Akmola
         Kazakhstan


JANAT LLP: Claims Filing Period Ends Aug. 29
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Janat insolvent on June 8.

Creditors have until Aug. 29 to submit written proofs of claims
to:

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


MAN LLP: Creditors' Claims Due on Sept. 4
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Man insolvent.

Creditors have until Sept. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Room 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


PROMREMSERVICE LLP: Claims Registration Ends Aug. 29
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Promremservice insolvent on June 5.

Creditors have until Aug. 29 to submit written proofs of claims
to:

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


TIMEKS-N LLP: Proof of Claim Deadline Slated for Aug. 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Timeks-N insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Al-Farabi ave. 119-303
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 53-63-21


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


MARKGRAF LLC: Creditors Must File Claims by August 31
-----------------------------------------------------
LLC Juridical Company Markgraf has declared insolvency.
Creditors have until Aug. 31 to submit written proofs of claim
to:

         LLC Juridical Company Markgraf
         Manas Ave. 16-9
         Bishkek
         Kyrgyzstan


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


SABIC INNOVATIVE: High Leverage Cues S&P’ BB Rating
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Netherlands-based specialty plastics
producer SABIC Innovative Plastics Holding B.V., reflecting a
highly leveraged capital structure, mitigated primarily by an
expectation of support from its parent Saudi Basic Industries
Corp. (A+/Stable/A-1) and by its strong business risk profile.
The outlook is stable.

The ratings reflect a very aggressive capital structure and weak
cash flow metrics, with funds-from-operations--to-debt ratio of
about 5%-10% in the coming years and initial peak leverage with
debt to EBITDA of 7.9x according to Standard & Poor's
calculations.

"The aggressiveness of the financial profile is the result of
SABIC's proposed leveraged acquisition of GE Plastics for a
total consideration of US$11.6 billion excluding fees and
expenses, which will be 70% debt financed," said Standard &
Poor's credit analyst Tobias Mock.  The acquisition is expected
to close in the third quarter of 2007 and is still subject to
regulatory approvals.  Total unadjusted debt will reach
US$8.3 billion at closing.

"Standard & Poor's has given one category of uplift to the
stand-alone rating, as we have factored in implicit support from
SABIC in the case of unexpected operating challenges," said Mr.
Mock.  Factors considered in our analysis of the
parent/subsidiary relationship include SABIC's 100% (indirect)
ownership of the new entity, strong strategic fit, access to key
end markets, important customer relationships, and the long-term
value of technologies for SABIC.  This was illustrated by the
significant investment and strategic premium price SABIC paid
for these assets.  SABIC Innovative Plastics had US$6.6 billion
in sales and an adjusted EBITDA of US$1,172 million for the
twelve months ending April 1, 2007.

"The stable outlook reflects Standard & Poor's expectation that
SABIC Innovative Plastics will remain 100% owned by SABIC and
continue to benefit from solid economic growth prospects in the
coming years, allowing for some de-leveraging and gradual
improvement in key credit protection ratios," said Mr. Mock.
The company is expected to balance investments, acquisitions,
and dividends to achieve FFO to debt of about 10% and debt to
EBITDA of about 5.5x for the assigned rating.  A stronger-than-
expected de-leveraging trend, better business performance, or
equity injections from SABIC would be positive for the rating.
A significant weakening in economic activity, significant
increase in Benzene prices, and a failure to pass on these
higher costs to customers, as well as significant acquisitions
or a change in ownership could further weaken the credit metrics
and put pressure on the ratings.


SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President
----------------------------------------------------------------
Sensata Technologies Inc. has named Chief Financial Officer Jeff
Cote as a member of the board of directors and executive vice
president.

Sensata Technologies Chief Executive Officer and Chairman of the
Board Tom Wroe said, "We are pleased to recognize Jeff's ongoing
contribution to Sensata with this promotion.  His expertise in
the areas of financial reporting and investor relations has been
especially valuable to Sensata as we establish ourselves as a
stand-alone company."

Mr. Cote joined Sensata as a senior vice president and CFO in
January 2007.  Previously, he was the Chief Operating Officer at
Ropes & Gray LLP where he was responsible for the firm's
administrative and operational initiatives, including finance,
information technology, facilities management, human resources,
marketing and business development.  Mr. Cote also served as
Chief Operating, Financial and Administrative Officer for
Digitas, Inc., where he had similar responsibilities.

He has a breadth of experience with mergers and acquisitions,
regulatory and filing requirements and initial public offerings
and holds a bachelor's and master's degree in Accounting.  He is
a Certified Public Accountant in Florida and Massachusetts.

                   About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Standard & Poor's Ratings Services revised its
outlook on Sensata Technologies B.V. to negative from stable.
The outlook revision follows the company's announcement that it
will acquire Airpax Holdings Inc. for US$276 million plus fees
and expenses using a combination of cash and debt.  All of its
ratings on Sensata, including S&P's 'B+' corporate credit
rating, have been affirmed.


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


OSLO REINSURANCE: Chapter 15 Petition Summary
---------------------------------------------
Petitioner: Jan C.H. Endresen
            Sidley Austin LLP
            787 Seventh Avenue
            New York, NY 10019
            212 839-5300

Debtor: Oslo Reinsurance Company ASA
        fdba Storebrand-Norden Reinsurance Company Limited AS
        fdba Uni Storebrand International Insurance AS
        fdba Storebrand Reinsurance Company Limited AS
        fdba Storebrand International Reinsurance Company
          Limited AS
        fdba Storebrand International Insurance AS
          Ruselokkveien 14
        0251 Oslo, Norway

Case No.: 07-12212

Type of Business: The Debtor is a European insurance company.

Chapter 15 Petition Date: July 19, 2007

Court: Southern District of New York (Manhattan)

Petitioner's Counsel: Geoffrey T. Raicht, Esq.
                      Sidley Austin LLP
                      787 Seventh Avenue
                      New York, NY 10019
                      Tel: (212) 839-5300
                      Fax: (212) 839-5599

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million


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


POLSKA GRUPA: Acquiring Stakes in Limedica & Gintarine Vastine
--------------------------------------------------------------
Polska Grupa Farmaceutyczna S.A. has signed a Framework
Agreement opening up an opportunity for equity investments in
Lithuania.

The Framework Agreement, with appendixes which contain other
agreements between the parties to be signed in the future,
defines the manner in which PGF will invest in a special-purpose
company in Lithuania, through which it will take control of a
number of companies operating in the sector of wholesale and
retail distribution of pharmaceuticals in Lithuania; the
establishment of the special-purpose company is a condition for
the parties to be bound by the Framework Agreement.

The investment of PGF involves the purchase from various owners
of a number of wholesale and retail distributors of
pharmaceuticals operating in Lithuania, the major of which are:

     * Limedica – pharmaceutical wholesaler
     * Gintarine Vastine – operator of a chain of pharmacies

                     Transaction Value

EUR22.5 million (enterprise value) in the first stage to be
completed by acquiring majority stakes in the Lithuanian
companies.

                Data on the Target Companies

Limedica – the third largest pharmaceutical wholesaler with a
            market share of approximately 18%

    * 2006 sales – EUR74 million
    * 2006 net profit – EUR3.4 million

                Data on the Retail Companies

Gintarine Vastine - the largest of the target companies

    * 2006 total sales – EUR25 million
    * 2006 total net loss – EUR1 million

                      Legal Basis

Art. 56.1.1 of the Public Offering Act

                          About PGF

Polska Grupa Farmaceutyczna S.A. -- http://www.pgf.com.pl/-- is
Poland's largest distributor of pharmaceuticals and healthcare
products to pharmacies and hospitals.  PGF commands about 20% of
the Polish wholesale pharmaceuticals market, and its
distribution network covers the entire country.  It is also the
largest player in the retail segment, representing about 3% of
the market.


POLSKA GRUPA: Fitch Puts BB+ Rating on Watch Negative
-----------------------------------------------------
Fitch Ratings has placed Poland's largest pharmaceutical
distributor Polska Grupa Farmaceutyczna S.A.'s National Long-
term rating of 'BB+(pol)' on Rating Watch Negative.  The
National Short-term rating was affirmed at 'B(pol)'.

The RWN action reflects the company's announcement of PGF's
debt-funded acquisition of a controlling stake in a group of
pharmaceutical wholesale and retail distribution companies in
Lithuania for EUR22.5 million (PLN85 million).  This
acquisition, likely to close at end of third quarter of 2007,
together with two smaller acquisitions of pharmacies in Poland
(for PLN30 million) announced in late June, are expected to
increase PGF's lease-adjusted net debt by some PLN115 million or
almost 40%.  As a result, PGF's financial leverage is likely to
deteriorate to a level considered as high for the current
rating.  The RWN is likely to be resolved in the next three to
six months once post-acquisition financial and business strategy
become available.

Under the acquisition agreement, PGF will acquire more than a
50% stake in a special purpose vehicle, which will control UAB
Limedika, Lithuania's third-largest pharmaceutical wholesaler
with an 18% market share, Gintarine Vastine, a retail network
comprising 350 owned or franchised pharmacies together with some
smaller distribution companies.  According to PGF, the
Lithuanian pharmaceuticals market has high growth potential
underpinned by a solid, growing national economy and relatively
strong central budget, resulting in a higher drug reimbursement
rate than in Poland.  Fitch notes that this acquisition follows
a consolidation trend in the European distribution market, where
wholesalers become increasingly active in the pharmacies
segment.  In the longer term, if the Lithuania business is
successfully integrated into the PGF group, this acquisition may
decrease the group's business risk.  It may also reduce PGF's
over-reliance on the difficult Polish market, which leaves
limited room for expansion, especially in the retail segment.

The ratings reflect PGF's aggressive financial policy, as
evidenced by its high financial leverage and considerable
dividend payments.  This aggressive policy is mitigated by the
company's leading position in the growing Polish pharmaceuticals
wholesale and retail distribution market, resulting in an above
average EBITDA margin.  In 2006, PGF managed to reverse the
negative trend in its profitability and free cash flow.

PGF commands about 20% of the Polish wholesale pharmaceuticals
market, and its distribution network covers the entire country.
It is also the largest player in the retail segment,
representing about 3% of the market.  Owned pharmacies, together
with affiliated independent pharmacies totalling 1,600 retail
outlets, operate under one nationwide brand within the loyalty
programme. In 2006, PGF reported EBITDA of PLN96m (EUR25m) on
revenues of PLN4bn (EUR1bn).


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


AGRO-DON OJSC: Court Names D. Zelepukin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Voronezh appointed D. Zelepukin as
Insolvency Manager for OJSC Agro-Don.  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.
A14-7116/2006 166/20b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Agro-Don
         Staraya Khvorostan
         Liskinskiy
         Voronezh
         Russia


BOLSHEKHOMUTETSKOE OJSC: Creditors Must File Claims by July 30
--------------------------------------------------------------
Creditors of OJSC Bolshekhomutetskoe have until July 30 to
submit proofs of claim to:

         G. Larionov
         Temporary Insolvency Manager
         Office 202
         Dovatora Str. 12
         398024 Lipetsk
         Russia

The Arbitration Court of Lipetsk will convene at 3:00 p.m. on
Oct. 11 to hear the company's bankruptcy supervision procedure
on OJSC Bolshekhomutetskoe.  The case is docketed under Case No.
A36-1192/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bolshekhomutetskoe
         Bolshak Str. 21
         B. Khomutets
         Dobrovskiy
         399170 Lipetsk
         Russia


CHEREMNOVSKIY SEED: Creditors Must File Claims by Aug. 30
---------------------------------------------------------
Creditors of OJSC Cheremnovskiy Seed Mill have until Aug. 30 to
submit proofs of claim to:

         M. Polyakov
         Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. AO3-1855/04-B.

The Debtor can be reached at:

         OJSC Cheremnovskiy Seed Mill
         Cheremnoe
         Pavlovskiy
         659020 Altay
         Russia


EAR OJSC: Court Names D. Zelepukin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Voronezh appointed D. Zelepukin as
Insolvency Manager for OJSC Ear.  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.
A14-8233-2005 84/20b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Ear
         Panino
         Paninskiy
         Voronezh
         Russia


EVRAZ GROUP: Releases Second Quarter 2007 Operational Results
-------------------------------------------------------------
Evraz Group S.A. released its second quarter 2007 operational
results as:

Production Volumes
------------------
Product, '000                   2Q 2007/       2Q 2007/ 1H 2007/
tonnes unless       2Q    2Q    2Q 2006   1Q   1Q 2007  1Q 2007
otherwise stated    2007  2006  change*   2007 change*  change*
----------------    ----  ----  -------   ---- -------  -------
Steel division
--------------
Pig iron           3,188 3,310  (3.7)%    3,293 (3.2)%  1.6%

Crude steel        4,139 4,159  (0.5)%    4,287 (3.5)%  5.3%

Rolled products,
net of re-rolled
volumes            3,828 3,721  2.9%      3,892 (1.6)%  8.3%

Semi-finished
products           904   1,616  (44.1)%   1,434 (37.0)% (26.9)%

Construction
products           1,273 1,057  20.4%     1,104 15.3%    23.2%

Railway products   597   394    51.6%     485   23.2%    41.9%
Flat-rolled
products           569   441    29.0%     460   23.6%    25.5%

Tubular products   126   4      n/a       98    28.8%    n/a
Other steel
products           360   209    71.8%     311   15.7%    63.0%


Mining division
---------------
Iron ore (saleable products)
--------
Concentrate        1,020 585    74.3%     647   57.6%    53.7%

Sinter             1,841 2,249  (18.1)%   2,235 (17.6)%  (5.1)%

Pellets            1,617 1,484  9.0%      1,557 3.8%     7.3%

Coal [3]
----
Coking coal
(mined)            515   194     165.0%   142   263.0%   64.2%

Steam coal (mined) 461   15      n/a      58    n/a      n/a

Concentrate
(production)       232   n/a     n/a      n/a   n/a      n/a


Vanadium
(tonnes of V) [4]
------------
Vanadium in slag
(saleable)         3,055  3,340   (8.5)%   2,888 5.8%     0.9%

Vanadium in
alloys and
chemicals          3,057  n/a     n/a      1,385 120.7%   n/a


* Percentage changes may not be exact due to rounding.

[1] Operational results of Evraz Oregon Steel Mills are
    consolidated into the Group since 12 January 2007.

[2] Operational results of Highveld Steel and Vanadium
    Corporation are consolidated since May 2007.

[3] Evraz Group held a 50% interest in ZAO Yuzhkuzbassugol until
    June 8, 2007 and consolidated its results on an equity
    basis.  Since June 8, 2007 the operational results of
    Yuzhkuzbassugol are fully consolidated into the Group.

[4] Calculated in pure vanadium equivalent.  Include operational
    results of Strategic Minerals Corporation consolidated into
    the Group since September 2006 and of Highveld Steel and
    Vanadium Corporation consolidated since May 2007.

[5] Evraz Group holds a 40% beneficial interest in OAO
    Raspadskaya.

                         About Evraz

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

                           *   *   *

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


LOCKO FINANCE: Fitch Puts B- Rating to RUR3 Billion Notes
---------------------------------------------------------
Fitch Ratings assigned Locko Finance p.l.c.'s RUR3 billion 10.5%
issue of limited recourse loan participation notes due 2009 a
final of Long-term 'B-' rating and Recovery Rating 'RR4'.

The notes are to be used solely for financing a loan to Locko-
Bank.  Locko is rated Long-term Foreign and Local Currency
Issuer Default 'B-', Short-term IDR 'B', Individual 'D', Support
'5' and National Long-term 'BB+(rus)'.  The Outlooks for the
Foreign and Local Currency Long-term IDR and National Long-term
rating are Stable.  The Support Rating Floor remains at 'No
Floor'.

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


MILLION LLC: Creditors Must File Claims by July 30
--------------------------------------------------
Creditors of LLC Million have until July 30 to submit proofs of
claim to:

         T. Dautov
         Temporary Insolvency Manager
         Post User Box 8218
         454084 Chelyabinsk
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A60-5035/2007-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         LLC Million
         Building A
         Lenina Pr. 60
         620075 Ekaterinburg
         Russia


ROSNEFT OIL: Gets US$3 Billion Loan to Refinance Debt
-----------------------------------------------------
OAO Rosneft Oil Co. has raised over US$3 billion in a five-year
syndicated loan facility, RosBusinessConsulting reports citing a
banking source told RBC.

Rosneft plans to use the amount to repay its existing debt, RBC
relates.  The company initially planned to avail of a US$2
billion loan.

According to RBC, Rosneft had hired ABN AMRO, Barclays,
BayernLB, BNP Paribas, Calyon, Citibank, Goldman Sachs,
J.P.Morgan, Morgan Stanley, and Societe Generale as co-lead
managers for the loan.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                            *   *   *

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


RUSSIAN WOOD: Voronezh Bankruptcy Hearing Slated for Sept. 20
-------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
Sept. 20 to hear the bankruptcy supervision procedure on LLC
Trading Company Russian Wood.  The case is docketed under Case
No. A14-3901/2007 26/20b.

The Temporary Insolvency Manager is:

         A. Kondrashov
         Nikitinskaya Str. 8a
         394036 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Trading Company Russian Wood
         Dorozhnaya Str. 22b
         Voronezh
         Russia


SAKHALIN-COAL-1: Creditors Must File Claims by July 30
------------------------------------------------------
Creditors of LLC Sakhalin-Coal-1 have until July 30 to submit
proofs of claim to:

         V. Glik
         Temporary Insolvency Manager
         Room 24
         Pobedy Pr. 65
         693008 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A59-553/07-S4.

The Debtor can be reached at:

         LLC Sakhalin-Coal-1
         Tsentralnaya Str. 50
         Vakhrushev
         Poronajskij
         693000 Sakhalin
         Russia


SEVKAV-AGRO CJSC: Court Names V. Goncharov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Stavropol appointed V. Goncharov as
Insolvency Manager for CJSC Sevkav-Agro (TIN 2634024968).  He
can be reached at:

         V. Goncharov
         Kholzunova Str. 19-9
         400123 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-4049/02-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Sevkav-Agro
         Lenina Str. 1
         Stavropol
         Russia


SMOLINSKOE LLC: Creditors Must File Claims by July 30
-----------------------------------------------------
Creditors of LLC Smolinskoe have until July 30 to submit proofs
of claim to:

         N. Shalaev
         Insolvency Manager
         Office 82
         Komsomolskiy Pr. 11
         454008 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
Court will convene on Nov. 20 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No. A76-
3444/02007-34-58.

The Court is located at:

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

The Debtor can be reached at:

         LLC Smolinskoe
         Michurina Str. 10b
         Sagazy
         Sosnosvkiy
         456531 Chelyabinsk
         Russia


STROYMONTAZH LLC: Creditors Must File Claims by Aug. 30
-------------------------------------------------------
Creditors of LLC Stroymontazh (OGRN 1023601073935) have until
Aug. 30 to submit proofs of claim to:

         G. Dudkin
         Temporary Insolvency Manager
         Dzerzhinskogo Str. 188
         Boguchar
         396790 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A14-3747/2007 25/33b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Stroymontazh
         Boguchar
         Voronezh
         Russia


TALITSKOE CJSC: Creditors Must File Claims by July 30
-----------------------------------------------------
Creditors of CJSC Talitskoe have until July 30 to submit proofs
of claim to:

         A. Chepurnov
         Temporary Insolvency Manager
         9th Maya Str. 14a
         398017 Lipetsk
         Russia

The Arbitration Court of Lipetsk will convene at 2:30 p.m. on
Oct. 11 to hear the company's bankruptcy supervision procedure
The case is docketed under Case No. A36-1170/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Talitskoe
         Talitsa
         Eletskiy
         399761 Lipetsk
         Russia


TAMBOV-MONOLITH-STROY: Creditors Must File Claims by Aug. 30
------------------------------------------------------------
Creditors of CJSC Tambov-Monolith-Stroy (TIN 6832027855) have
until Aug. 30 to submit proofs of claim to:

         A. Pustovalov
         Insolvency Manager
         Post User Box 22
         Post Office
         392000 Tambov
         Russia


The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-5812/06-18.

The Debtor can be reached at:

         CJSC Tambov-Monolith-Story
         Zoi Kosmodemyanskoj Str. 1
         Tambov
         Russia


TNK-BP HOLDING: Earns US$1.37 Billion for Second Quarter 2007
-------------------------------------------------------------
TNK-BP Holding Ltd. posted US$1.37 billion in net profit for the
second quarter of 2007, compared with US$1.29 billion for the
same period in 2006, Torrey Clark and Stephen Voss of Bloomberg
News report citing parent BP Plc's statement.

TNK-BP also posted US$2.03 billion in EBIT for the second period
of 2007, compared with US$2.17 billion in EBIT for the same
period in 2006, Bloomberg News adds.  The company paid
US$376 million in taxes during the period.

BP received US$686 million as share of the joint venture's
income for the quarter.

TNK-BP attributed the plunge to declining output, which fell
8.6% to 1.8 million barrels a day of oil equivalent in the
period.

The company also did not book reserves attributable to its
former gas field in Kovykta, which control was ceded to OAO
Gazprom in June.

Andy Inglis, BP's head of exploration and production, forecasted
that TNK-BP's output will be broadly "flat" until the end of the
decade before new oil and gas projects begin to contribute
additional supply,

TNK-BP plans to invest about US$4 billion this year to improve
output and expand overseas.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP
on Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


TRANS-STROY-TORG: Creditors Must File Claims by July 30
-------------------------------------------------------
Creditors of CJSC Trans-Stroy-Torg (TIN 7709020480) have until
July 30 to submit proofs of claim to:

         Y. Safonov
         Temporary Insolvency Manager
         Building 1
         Luchnikov Per. 4
         101000 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
Nov. 13 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A40-23255/07-74-93 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trans-Stroy-Torg
         Building 1
         Tovarisheskiy Per. 7
         109004 Moscow
         Russia


TRANS-SVYAZ LLC: Creditors Must File Claims by July 30
------------------------------------------------------
Creditors of LLC Trans-Svyaz (TIN 2315071961) have until July 30
to submit proofs of claim to:

         A. Kamenskiy
         Insolvency Manager
         Balakhninskaya Str. 4
         400001 Volgogorad
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-5641/2007-60/200-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Trans-Svyaz
         K. Marksa Str. 6
         Novorossijsk
         353900 Krasnodar
         Russia


TYUMEN-GEOL-SNAB-SERVICE: Creditors Must File Claims by Aug. 30
---------------------------------------------------------------
Creditors of OJSC Tyumen-Geol-Snab-Service (TIN 7202086123) have
until Aug. 30 to submit proofs of claim to:

         P. Sidor
         Insolvency Manager
         Mostrostroitelej 8-20
         Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70-971/3-2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tyumen-Geol-Snab-Service
         Sudostroitelej Str. 2
         625034 Tyumen
         Russia


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


ACUME JSC: Graubunden Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Landquart in Graubunden entered
June 29 an order closing the bankruptcy proceedings of JSC
Acume.

The Bankruptcy Service of Landquart can be reached at:

         Bankruptcy Service of Landquart
         7205 Zizers
         Landquart GR
         Switzerland

The Debtor can be reached at:

         JSC Acume
         Davoserweg 365 C
         7302 Landquart GR
         Switzerland


BERINGER ENGINNERING: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug entered June 29 an order closing
the bankruptcy proceedings of JSC Beringer Engineering.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Beringer Engineering
         Bosch 73
         6331 Hunenberg ZG
         Switzerland


BOYCE ENTERPRISES: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zurich entered June 29 an order
closing the bankruptcy proceedings of LLC Boyce Enterprises.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Boyce Enterprises
         Talstrrasse 82
         8001 Zurich
         Switzerland


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

         Dr. Eric Pierre Bornand
         Liquidator
         Teienstrasse 31
         8706 Feldmeilen
         Switzerland

The Debtor can be reached at:

         JSC CONSIMPEX
         Meilen ZH
         Switzerland


F. A MARCA BIEL: Lucerne Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Lucerne entered June 26 an order
closing the bankruptcy proceedings of LLC F. a Marca Biel.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         LLC F. a Marca Biel
         Obergrundstrasse 17
         6002 Lucerne
         Switzerland


I-T - TEXTIL: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Thalwil in Zurich entered July 4 an
order closing the bankruptcy proceedings of JSC I-T - Textil.

The Bankruptcy Service of Thalwil can be reached at:

         Bankruptcy Service of Thalwil
         8800 Thalwil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC I-T - Textil
         Bohnirainstrasse 9
         8800 Thalwil
         Horgen ZH
         Switzerland


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

         Bernhard Latsch
         Liquidator
         Ausstellungsstrasse 88
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         JSC ITUBAG
         Zurich
         Switzerland


KVS JSC: Schwyz Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Schwyz entered July 4 an order closing
the bankruptcy proceedings of JSC KVS.

The Bankruptcy Service of Schwyz can be reached at:

         Bankruptcy Service of Schwyz
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC KVS
         Alpenblickstr. 9
         8853 Lachen
         March SZ
         Switzerland


LIFESTYLE BETEILIGUNG: Zug Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Zug entered June 29 an order closing
the bankruptcy proceedings of JSC Lifestyle Beteiligung.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Lifestyle Beteiligung
         Grabenstrasse 25
         6340 Baar ZG
         Switzerland


MALER – UND TAPEZIERERGESCHAFT: Court Closes Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Zurich entered June 21 an order
closing the bankruptcy proceedings of LLC Maler- und
Tapezierergeschaft Isenschmid.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Maler- und Tapezierergeschaft Isenschmid
         Leonhard Ragaz-Weg 3
         8055 Zurich 3
         Switzerland


NETTO-NETTO: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zurich entered June 27 an order
closing the bankruptcy proceedings of JSC netto-netto Posten-
Discount.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8622 Wetzikon
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC netto-netto Posten-Discount
         Zurcherstrasse 71
         8620 Wetzikon
         Hinwil ZH
         Switzerland


POLSTERMOBELFABRIK ROSENTAL: Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Thurgau entered June 29 an order
closing the bankruptcy proceedings of JSC Polstermobelfabrik
Rosental.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Polstermobelfabrik Rosental
         Wilerstrasse 55
         9545 Wangi
         Munchwilen TG
         Switzerland


THERMATEX SCHWEIZ: Appenzell Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Appenzell entered July 4 an order
closing the bankruptcy proceedings of LLC Thermatex Schweiz.

The Bankruptcy Service of Appenzell can be reached at:

         Bankruptcy Service of Appenzell
         9050 Appenzell AI
         Switzerland

The Debtor can be reached at:

         LLC Thermatex Schweiz
         Weissbadstrasse 1
         9050 Appenzell AI
         Switzerland


TRANSCOOL JSC: Zug Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug entered June 25 an order closing
the bankruptcy proceedings of JSC Transcool.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Transcool
         Buhlstrasse 45
         6314 Unterageri ZG
         Switzerland


WOLF SNACK: Creditors' Liquidation Claims Due August 2
------------------------------------------------------
Creditors of LLC Wolf Snack 2000 have until Aug. 2 to submit
their claims to:

         Daniel Geiser
         Liquidator
         Industriestrasse 43
         3612 Steffisburg
         Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Wolf Snack 2000
         Steffisburg
         Thun BE
         Switzerland


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


TURKIYE IS BANKASI: Fitch Affirms Short-term IDRs at B
------------------------------------------------------
Fitch Ratings has affirmed Turkiye Is Bankasi A.S.'s ratings at
Long-term foreign currency Issuer Default Rating 'BB', LT local
currency IDR 'BB+', ST foreign and local currency IDR 'B',
National LT 'AA+(tur)' , Individual 'C' and Support '4'.

The Outlooks on the LT foreign and local currency IDRs and on
National LT rating remain Stable.  The Support Rating Floor is
affirmed at 'B+'.  The LT foreign currency IDR is constrained by
Turkey's 'BB' Country Ceiling.  The LT local currency IDR is
rated two notches above the sovereign's due to the bank's stand-
alone financial strength.

Isbank's IDRs are driven by its intrinsic financial strength.
The Individual rating reflects the bank's strong franchise
within Turkey, improving asset quality trends, good efficiency,
stable core funding and adequate capitalization.  This is
balanced by lower profitability, rapid loan growth and a
volatile operating environment.

Like its peers', Isbank's profitability declined in 2006 as a
result of narrower margins due to higher funding costs.  This
can be traced to the hike in interest rates in financial markets
in H106 and repricing mismatch between the bank's assets and
liabilities.  Isbank's operating profitability remained weaker
than its peers' as a result of a higher proportion of non-
earning assets, despite better efficiency.  Gross loans grew by
a further 36% in 2006 before slowing to a 3% increase in first
quarter of 2007, in line with sector in Turkey.   Asset quality
continued to improve as non-performing loans, totaling 3.72% of
gross loans at end of first quarter of 2007, were fully covered
by reserves.  Although Isbank's Tier 1 ratio continued to
decline to 21.5% at first quarter of 2007 from 24.02% at end-
2006 due to growth in risk-weighted assets, it remained adequate
and amongst the highest in Turkey's private banks.

Isbank's Stable Outlook reflects that of the sovereign.  An
upgrade in the Sovereign rating is likely to trigger an upgrade
in Isbank's LT local and foreign currency IDRs.  There is
limited upside potential for the Individual rating, given the
volatile operating environment.  Prolonged deterioration of
capitalization and asset quality could result in a weakening of
the Individual rating, although this is considered unlikely at
present.

Isbank was established as Turkey's first private commercial bank
to support economic development.  It was Turkey's largest bank
by assets (with 15.51% share) at end-2006.  Isbank Group's core
business is financial services; the bank provides retail,
corporate, commercial and private banking services through its
907 domestic and 11 foreign branches.  Whereas its financial
participations provide a wide range of financial services, the
group also has non-core strategic participations, mainly in
glass and telecommunications.


* S&P Affirms BB- Credit Rating on City of Istanbul
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit rating on the city of Istanbul, located in the
Republic of Turkey (foreign currency BB-/Stable/B; local
currency BB/Stable/B; Turkish national scale trAA+/--/trA-1).
The outlook is stable.

"The rating reflects the city's role as Turkey's financial and
commercial center, with a rapidly growing economy and consequent
fast budget revenue growth," said Standard & Poor's credit
analyst Boris Kopeykin.

The rating also factors in a strong operating performance and
low debt service levels.  The uncertainties related to future
intergovernmental reforms, the city's minimal revenue
flexibility, expected debt accumulation, and developing
reporting systems constrain the rating, however.

Istanbul's direct debt is a low 16% of operating revenues,
although we expect this to increase to 40%-50% by 2010 due to
planned investments.

"The stable outlook balances our expectation of Istanbul's
strengthening economy and growing budget revenues against
anticipated growth in the city's debt burden," said
Mr. Kopeykin.

Should the future reforms or continued expenditure pressures
lead to deterioration of the city's financial performance, with
deficits after capital expenditures greater than 15%, and a debt
increase at levels higher than S&P expects, the rating on
Istanbul might come under pressure.  Moreover, increasing
foreign currency risks, with accumulation of foreign currency-
denominated direct debt of more than 25%-30% of operating
revenues, could threaten the rating.

Positive developments in the ratings on the sovereign could
drive positive developments in that on Istanbul, but will also
depend on the city's ability to keep debt and debt service at
manageable levels, as well as on improvements in reporting and
transparency of accounts.


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


ALFA-EAST-TRADING: Creditors Must File Claims by July 27
--------------------------------------------------------
Creditors of Alfa-East-Trading (code EDRPOU 30280309) have until
July 27 to submit written proofs of claim to:

         Maxim Sivolobov
         Temporary Insolvency Manager
         Tsupov Land 22
         91002 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
20/39b.

The Court is located at:

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

The debtor can be reached at:

         Alfa-East-Trading
         Gagarin Avenue 5
         91000 Lugansk
         Ukraine


BAKHMUT-PLASTER CJSC: Claims Submission Deadline Set July 27
------------------------------------------------------------
Creditors of CJSC Bakhmut-Plaster (code EDRPOU 30756254) have
until July 27 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/89 B.

The debtor can be reached at:

         CJSC Bakhmut-Plaster
         Mir Avenue 8
         83015 Donetsk
         Ukraine


BISHAY-GROUP LLC: Claims Submission Deadline Set July 27
--------------------------------------------------------
Creditors of LLC Bishay-Group (code EDRPOU 32613006) have until
July 27 to submit written proofs of claim to:

         Tatiana Rudenko
         Liquidator
         Lazurnaya Str. 50
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 5/397/07.

The Court is located at:

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

The debtor can be reached at:

         LLC Bishay-Group
         Shevchenko Str. 27
         Nikolaev
         Ukraine


ELITA TAVRII: Claims Submission Deadline Set July 27
----------------------------------------------------
Creditors of LLC Elita Tavrii (code EDRPOU 30352425) have until
July 27 to submit written proofs of claim to:

         Ivan Sevriukov
         Liquidator
         P.O. Box 145
         73034 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/67-B-07.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The debtor can be reached at:

         LLC Elita Tavrii
         Lenin Str. 30
         Khrestovka
         Tchaplinsky District
         Herson
         Ukraine


ETRIS LLC: Claims Submission Deadline Set July 27
-------------------------------------------------
Creditors of Etris LLC have until July 27 to submit written
proofs of claims to:

         Constantine Kociuruba
         Akhsarov Str. 19, ap. 5
         61051 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/149-07.

The Court is located at:

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


INTERPIPE LTD.: Fitch Rates US$200 Million Notes at B+
------------------------------------------------------
Fitch Ratings has assigned Interpipe Limited's US$200 million
8.75% notes due in 2010 final senior unsecured 'B+' and Recovery
'RR4' ratings.  The senior unsecured rating is in line with
Interpipe's 'B+' Long-term Issuer Default rating.  The final
ratings on the notes follow a review of the final terms and
conditions conforming to information already received when Fitch
assigned the expected ratings of 'B+'/'RR4' on July 5, 2007.

The proceeds from the loan are used to refinance short-term
debt, pay a special dividend to adjust the capital structure and
fund capital expenditure.  The notes are governed by English
law.  The transaction is structured in the form of a loan by
Interpipe, a private company with limited liability incorporated
in Cyprus, to the joint borrower group (OJSC Interpipe
Nizhnedneprovsky Tube Rolling Plant, CJSC Interpipe Nikopolsky
Seamless Tubes Plant ("Niko Tube") and LLC Interpipe Ukraine),
representing 80% of consolidated EBITDA, net profit and net
assets of the group. NTRP, Niko Tube and Interpipe Ukraine act
as sureties on a joint and several basis.  The notes are subject
to a trust deed.

Covenants in the loan agreement include, among others, an equal
ranking of the loan with present or future unsecured obligations
of Interpipe and a negative pledge.  Interpipe also has a
leverage ceiling of 3.5x.  With fiscal year 2006 total
debt/EBITDA ratio of 0.5x, the company has significant headroom
under the above-mentioned covenant.  In addition, dividend
payments are limited to 75% of the cumulative consolidated net
income.  The special dividend forms part of Interpipe's
financial strategy to raise shareholder return by increasing
debt to 50% of total capital, as mentioned in the Rating Action
Commentary dated June 22, 2007.

On June 22, 2007 Interpipe was assigned a Long-term IDR of 'B+'
with Stable Outlook and Short-term IDR of 'B'.  It is Ukraine's
leading pipe and wheel producer as well as the third-largest
producer of forged wheels and the tenth-largest producer of
seamless steel pipes in the world.  Revenue reached
UAH7.3 billion (US$1.4 billion) in 2006.


PROMIN LLC: Claims Submission Deadline Set July 27
--------------------------------------------------
Creditors of Agricultural LLC Promin (code EDRPOU 03772536) have
until July 27 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/18.

The debtor can be reached at:

         Agricultural LLC Promin
         Bilyki
         Mirgorod District
         Poltava
         Ukraine


REBIR-UKRAINE LLC: Claims Submission Deadline Set July 27
---------------------------------------------------------
Creditors of LLC Rebir-Ukraine have until July 27 to submit
written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/161-b.

The debtor can be reached at:

         LLC Rebir-Ukraine
         Grechko Str. 14-a
         04136 Kiev
         Ukraine


SUPPLY LLC: Creditors Must File Claims by July 27
-------------------------------------------------
Creditors of LLC Don Subsidiary Supply (code EDRPOU 32138765)
have until July 27 to submit written proofs of claim to:

         Maxim Sivolobov
         Temporary Insolvency Manager
         Tsupov Land 22
         91002 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
20/40b.

The Court is located at:

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

The debtor can be reached at:

         LLC Don Subsidiary Supply
         Lenin Komsomol Block 7-A
         91000 Lugansk
         Ukraine


TECHNICAL INVEST: Claims Submission Deadline Set July 27
--------------------------------------------------------
Creditors of LLC Agricultural Technical Invest (code EDRPOU
25474259) have until July 27 to submit written proofs of claim
to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/12/07.

The debtor can be reached at:

         LLC Agricultural Technical Invest
         Uralskaya Str. 61
         69068 Zaporozhje
         Ukraine


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


BANBURY BUILDING: Names Philip Michael Lyon Liquidator
------------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
Banbury Building Systems Ltd. on July 4 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


BLANDFORD DIRECT: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy
Hayward LLP were appointed joint liquidators of Blandford Direct
Retail Ltd. on July 11 for the creditors’ voluntary winding-up
procedure.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         1 City Square
         Leeds
         LS1 2DP
         England

The company can be reached at:

         Blandford Direct Retail Ltd.
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M1 1BD
         England


BRYAN INDUSTRIES: Brings In Liquidator from Mazars
--------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
Bryan Industries Two Thousand Ltd. on July 10 for the creditors’
voluntary winding-up proceeding.

The liquidator can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


CABLE & WIRELESS: Says Digicel's Complaint Has No Basis
-------------------------------------------------------
Cable & Wireless said in a statement that it is positive that
Digicel's claim against the firm is without foundation.

As reported in the Troubled Company Reporter-Asia Pacific on
July 24, 2007, Digicel said it filed a lawsuit against rival
Cable & Wireless for illegally delaying its entry into Caribbean
markets.  Digicel said it is seeking "multimillion pound" in
damages.  Digicel claims that former Cable & Wireless, a former
monopoly in the Caribbean and Central American markets, tried to
prevent the company from launching competing mobile phone
networks in eight markets, which include St. Lucia, Grenada,
Barbados, Cayman Islands, and Trinidad & Tobago.  According to
Digicel, the obstructions happened between 2002 and 2006,
causing the company substantial losses.

Cable & Wireless told Reuters that it would defend itself
against a claim for damages from a rival in the Caribbean.

                      About Digicel Group

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

                     About Cable & Wireless

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


COLLINS & AIKMAN: Court Confirms Amended Ch. 11 Liquidation Plan
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
has confirmed Collins & Aikman Corporation and its debtor-
affiliates Amended Joint Plan of Liquidation.

The Amended Plan provides for the full recovery by holders of
secured claims aggregating $913,000,000, majority of which
conveyed support for the Plan.  Proceeds from the wind down and
asset sales contemplated in Plan will be used to pay the secured
creditors.

Noteholders in Classes 6 and 7, however, voted against the plan,
in contrast to other impaired classes who overwhelmingly cast
ballots in favor of the Plan, which included holders of general
unsecured claims in Class 5.  Bondholders and holders of
$539,000,000 in unsecured claims will be paid based on asset
sales and future litigation trust awards.  Holders of shares of
stock will receive zero recovery.

At the confirmation hearing, the Debtors stepped Judge Rhodes
through the 13 statutory requirements of Section 1129(a) of the
Bankruptcy Code.  The Debtors claimed that they have satisfied
the requirements for confirmation, including the "cram-down"
requirements under Section 1129(b) with respect to Classes 6 and
7.

According to Bloomberg News, the Court overruled the objections
of investment banker Third Avenue Trust and autosupplier Noble
International Ltd.

Third Avenue Trust, which had resigned as chair of the Official
Committee of Unsecured Creditors, had expressed dissent about
how the Debtors' managed their Chapter 11 cases.  Third Avenue
had complained why the Debtors had to languish in bankruptcy for
more than two years and further deplete their assets only to
liquidate, instead of emerging as a viable enterprise.  Third
Avenue had previously won Court approval for an appointment of a
fee examiner tasked to review the fees of professionals which,
the investment banker claimed, charged "excessive fees".

As previously reported, several objections have been resolved
before the confirmation hearing.  The Ohio Department of
Taxation also withdrew its objection.

David Youngman, Collins & Aikman Corporation spokesman, relates
that Collins will operate until at least August 31, 2007, when
supply agreements with DaimlerChrysler AG and General Motors
Corp. expire.

Mr. Youngman states that of Collins' 87 plants when it filed for
Chapter 11, 26 have been sold and another 30 are pending sale.
Due to lack of buyers' interest, 24 plants have been closed.
Collins intends to shut down another seven facilities.

With respect to the sale of certain of the Debtors' facilities,
Cadence Innovation LLC, recently announced that it "continues
its efforts to acquire certain assets and operations" of the
Debtors' Plastics Business.  Cadence agreed in May to buy nine
of the Debtors' facilities for $68,000,000.  However, a dispute
slowed down transaction and scared off some customers, Erik
Larsonmsg of Bloomberg News reports.

Sixteen plants from the Debtors' Soft Trim Business is being
purchased by Wilbur Ross's International Automotive Components
Group North America Inc.  The Debtors' Hermosillo, Mexico plant,
which manufactures parts for Ford, is also being sold to IAC.

Flex-n-Gate will purchase three exterior plastics plants for
$10,400,000.

                     About Collins & Aikman

Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtors
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.  (Collins & Aikman Bankruptcy
News,  Issue No. 69; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COSMOS MOTOR: Appoints David A. Butler as Liquidator
----------------------------------------------------
David A. Butler of Nunn Hayward was appointed liquidator of
Cosmos Motor Products Ltd. on June 20 for the creditors’
voluntary winding-up proceeding.

The liquidator can be reached at:

         Nunn Hayward
         Eastgate House
         46 Wedgewood Street
         Aylesbury
         Buckinghamshire
         HP19 7HL
         England


CROSSCO 1018: Calls In Liquidators from BDO Stoy Hayward
--------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy
Hayward LLP were appointed joint liquidators of Crossco (1018)
Ltd. (formerly Penny Plain Ltd.) on July 11 for the creditors’
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         1 City Square,
         Leeds
         LS1 2DP
         England

The company can be reached at:

         Crossco (1018) Ltd.
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M1 1BD
         England


DECO 16: S&P Rates GBP15.6 Million Class G Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP646.594 million commercial mortgage-
backed floating-rate notes to be issued by DECO 16 – UK 5 PLC, a
public company with limited liability incorporated in England
and Wales.

At closing, the issuer will use the note issuance proceeds to
purchase two loans secured against 267 commercial properties
located throughout the U.K. the largest loan accounts for 50.7%
of the pool.

The transaction is the fifth DECO U.K. CMBS securitization to be
undertaken by Deutsche Bank AG and will use a similar structure
to previous transactions in the series.

                          Ratings List

DECO 16 – UK 5 PLC
   GBP646.594 Million Commercial Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. GBP)
           -----          ------            --------
            A1             AAA               295.000
            A2             AAA               137.000
            B              AA                 61.000
            C              A                  61.000
            D              BBB+               38.000
            E              BBB                20.000
            F              BBB-               19.000
            G              BB                 15.594


FORD MOTOR: Seeks Concessions as Labor Talks With UAW Start
-----------------------------------------------------------
General Motors Corp. and Ford Motor Company officially opened
contract negotiations with the United Auto Workers on Monday,
seeking to win concessions that would reduce labor costs as they
grapple with rising health care expenses and stiff competition,
particularly from Japanese carmakers, Reuters reports.

DaimlerChrysler AG unit Chrysler Group started labor talks with
the UAW on Friday.

The TCR-Europe reported on June 14, 2007, that the car companies
are trying to deal with health care costs that GM CEO Rick
Wagoner says cost them a combined US$12 billion in 2006.
Providing health care to 2 million employees, retirees and
dependents contributed to losses at each of the U.S. automakers
last year, while Japanese rivals posted record profits.  The
difference is made even more significant by higher pensions and
retiree health care costs.

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.

GM and Ford hourly labor costs -- US$73.26 and US$70.51,
respectively -- are about US$30 an hour higher than those paid
by Japanese competitors operating U.S. plants, Reuters states,
referring to data compiled by the automakers.

The UAW's current four-year contract with the "Big Three"
automakers expires September 14, 2007, Reuters relates.  UAW
President Ron Gettelfinger said a strike was still possible if
the parties could not reach an agreement.
                      About Ford Motor Co.

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

                          *    *    *

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

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


GENERAL MOTORS: Deal Hits Snag as Firms Shelve US$3.1B Debt Sale
----------------------------------------------------------------
General Motors Corp.'s plan to sell Allison Transmission is
facing a major hurdle after Wall Street firms postponed a sale
of US$3.1 billion in loans that would pay for the leveraged
buyout of the unit by private-equity firms, the Wall Street
Journal relates.

The TCR-Europe reported on July 2, 2007, that GM had reached a
definitive agreement to sell its Allison Transmission commercial
and military business to The Carlyle Group and Onex Corporation
for about US$5.6 billion.  The deal is being financed by US$3.5
billion in corporate loans and US$1.1 billion in junk bonds.

Allison is expected to have debt that represents about seven
times its annual cash flow, according to Standard & Poor's
Leveraged Commentary & Data, WSJ notes.

Underwriters that include Citigroup, Lehman Brothers and Merrill
Lynch were planning to sell, or syndicate, US$3.1 billion of the
loans to investors, the report says.  The firms will now try to
distribute the loan among a small group of banks, WSJ quotes a
person familiar with the matter as saying.

Investors have been avoiding sales of junk bonds and similarly
rated corporate loans for several weeks.  Debt investors have
become more cautious after seeing the losses that have struck
bonds backed by risky subprime mortgage debt, WSJ states.

The snag reflects difficult conditions in the market for risky
corporate loans and bonds and raises questions about the
prospects of other buyout-related debt financings that need to
be completed this summer, Serena Ng and Gina Chon of WSJ
observe.

                      About General Motors

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

                            *   *   *

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

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


GENERAL MOTORS: Seeks Concessions as Labor Talks With UAW Start
---------------------------------------------------------------
General Motors Corp. and Ford Motor Company officially opened
contract negotiations with the United Auto Workers on Monday,
seeking to win concessions that would reduce labor costs as they
grapple with rising health care expenses and stiff competition,
particularly from Japanese carmakers, Reuters reports.

DaimlerChrysler AG unit Chrysler Group started labor talks with
the UAW on Friday.

The TCR-Europe reported on June 14, 2007, that the car companies
are trying to deal with health care costs that GM CEO Rick
Wagoner says cost them a combined US$12 billion in 2006.
Providing health care to 2 million employees, retirees and
dependents contributed to losses at each of the U.S. automakers
last year, while Japanese rivals posted record profits.  The
difference is made even more significant by higher pensions and
retiree health care costs.

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.

GM and Ford hourly labor costs -- US$73.26 and US$70.51,
respectively -- are about US$30 an hour higher than those paid
by Japanese competitors operating U.S. plants, Reuters states,
referring to data compiled by the automakers.

The UAW's current four-year contract with the "Big Three"
automakers expires September 14, 2007, Reuters relates.  UAW
President Ron Gettelfinger said a strike was still possible if
the parties could not reach an agreement.

                      About General Motors

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

                            *   *   *

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

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


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

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

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

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

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

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

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

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

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

                     About General Motors

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

                         *     *     *

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

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


GRIFF WOODWORK: Hires Liquidators from Wilkins Kennedy
------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of Griff Woodwork Co.
Ltd. on July 3 for the creditors’ voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England


GT GLASS: Appoints Liquidators from Tenon Recovery
--------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of GT Glass Technology
U.K. Ltd. on July 6 for the creditors’ voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

The company can be reached at:

         GT Glass Technology U.K. Ltd.
         Unit 16
         Highcroft Industrial Estate
         Enterprise Road
         Horndean
         Waterlooville
         Hampshire
         PO8 0BT
         England


FEDERAL-MOGUL: Earns US$4 Mln in Second Quarter Ended June 30
-------------------------------------------------------------
Federal-Mogul Corporation reported its financial results for the
three and six month periods ended June 30, 2007.

Federal-Mogul reported net income of $4,000,000 for the quarter
ended June 30, 2007, compared to a net loss of $17,000,000 for
the second quarter of 2006.  For the six months ended June 30,
2007, the company reported net income of $9,000,000, compared to
a net loss of $85,000,000 for the comparable period of 2006.
These results reflect an 8% increase in sales, improved gross
margin and reduced selling, general and administrative expenses.

Federal-Mogul reported net sales of $1,763,000,000 for the
quarter ended June 30, 2007, an increase of $131,000,000, or 8%,
compared to the second quarter of 2006.  The most significant
factors impacting sales were increased volumes of $77,000,000
and favorable foreign currency of $56,000,000.  For the six-
month period ended June 30, 2007, net sales increased by
$248,000,000 to $3,480,000,000, of which $119,000,000 is due to
increased volumes, $51,000,000 is due to the May 2006
acquisition of Federal-Mogul Goetze India and $116,000,000 is
due to favorable foreign currency.  These favorable impacts were
partially offset by customer pricing.

Gross margin for the three and six months ended June 30, 2007,
increased by $18,000,000 and $41,000,000, respectively, over the
comparable periods of 2006.  Improvements in gross margin
resulted from a combination of the October 2006 settlement of
the U.K. pension plans, productivity in excess of labor and
benefits inflation, increased volumes, and favorable foreign
currency.   These favorable impacts were partially offset by
increased raw materials costs and customer pricing.

Selling, general and administrative expense for the three and
six months ended June 30, 2007, improved by $5,000,000 and
$26,000,000, respectively, when compared to the comparable
periods of 2006.  Reductions in SG&A resulted from a combination
of cost reduction actions in excess of labor and benefits
inflation, and the settlement of the U.K. pension plans.  These
favorable impacts were partially offset by increased SG&A from
the acquisition of FMG and adverse foreign currency.

Federal-Mogul reported income before income taxes for the three-
month period ended June 30, 2007, of $25,000,000, an improvement
of $13,000,000 over the comparable period of 2006.  For the six
month period ended June 30, 2007, the company's income before
income taxes improved by $88,000,000 compared to the same period
of 2006, largely derived from the $67,000,000 of improvements in
gross margin and selling, general and administrative expenses,
and $30,000,000 in reduced impairment and restructuring charges.

Management believes that Operational EBITDA most closely
approximates the cash flow associated with the operational
earnings of the company and uses Operational EBITDA to measure
the performance of its operations.  Operational EBITDA is
defined to include discontinued operations and exclude
impairment charges, Chapter 11 and U.K. Administration expenses,
restructuring costs, income tax expense, interest expense,
depreciation and amortization.

The company reported Operational EBITDA for the three and six
months ended June 30, 2007, of $212,000,000 and $412,000,000,
respectively, representing improvements of $37,000,000 and
$92,000,000, respectively, over the comparable periods of 2006.
This improvement is largely due to the improvements reported
within gross margin and reduced SG&A expenses.  A reconciliation
of Operational EBITDA to the company's earnings before income
taxes for the three months ended June 30, 2007, has been
provided.

Combining cash provided from operating activities with cash used
by investing activities, the company generated positive cash
inflows of $79,000,000 for the six months ended June 30, 2007,
compared with $30,000,000 for the comparable period of 2006.

"Federal-Mogul remains fully committed to exiting from Chapter
11, while wholly dedicated to our strategy for sustainable
global profitable growth, providing our valued customers with
service excellence, quality products, leading technology and
innovation at competitive cost," said chairman, president and
chief executive officer Jose Maria Alapont.  "The results
achieved during the first half of 2007 reflect the company's
commitment to consistently improve our operational performance."

                       About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing on that plan began on
June 18, 2007, and is expected to conclude on Oct. 1, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 144; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).

HOMEBUY GROUP: Management Buyout Cues Administration Exit
---------------------------------------------------------
Homebuy Group plc, a leading national supplier of electrical and
household goods that reached a market capitalization of more
than GBP100 million before plummeting into administration, is
back in business following a GBP22 million management buyout.

The deal was supported by substantial investment from Endless
LLP, the buyout and turnaround fund, and Landsbanki Commercial
Finance.  The buyout, which was arranged by corporate finance
advisers Orbis Partners, means that Homebuy will recommence
trading immediately, saving 400 jobs.

The agreement sees the re-emergence of a substantial, profitable
and growing business serving approximately 60,000 households,
with a workforce of 400 people and annual turnover of GBP35
million.  The Walsall headquarters is supported by a national
distribution centre in Manchester and a further eight service
depots around the U.K. - in Belfast, Chester Le Street, Dundee,
Glasgow, Rotherham, Sevenoaks, Walsall and Wigan.

Homebuy is a leading supplier of electrical products, household
goods and cash loans using personal credit facilities.
Customers pay home-visit collectors every four weeks from a coin
meter attached to their televisions.  Formed in 2003, Homebuy
Group floated on the AIM market of the London Stock Exchange in
April 2004, subsequently acquired Telebank and invested heavily
in new channels, diversifying into retail stores.  The company
was considered a star performer, reaching a market valuation of
more than GBP100 million.  However, Administrators were
appointed to Homebuy in September 2006 after a fall in cash
collection combined with spiraling costs to force the company
quickly into insolvency.

The new management team, led by the Managing Director Phil Goad
and Steven Banks, Finance Director, has developed a robust
business plan focused on supporting its approximately 60,000
loyal existing customers.  With the backing of Endless, the
company is poised for a return to growth through providing high-
quality products and loan services to the sub-prime market
place.

"Our investment alongside management will preserve employment
and reinvigorate the business.  This is the first of many
investments we will deliver in the Midlands and I am delighted
that it is such a significant transaction.  Turnaround is a
challenging market and needs the right combination of timely
funding, support and expertise," Nick Leitch, Investment
Director of Endless, said.

"There's been significant negative press directed at the private
equity industry and this deal demonstrates how a supportive and
proactive equity investor can secure the future of a business
and its workforce.  Endless were quick to recognize the
opportunity and commit considerable resource, expertise and
speed to completing the deal," James Grenfell at Orbis Partners
said.

"The Homebuy management team and staff have collectively been
working hard to maintain what we have always known to be an
excellent business and deliver this deal.  We were especially
impressed by the ability of the Birmingham-based funders and
advisers to act quickly and commercially in providing advice,
support and funding.  Having such expertise on the ground here
in the Midlands was vital in getting the right deal and
achieving success," Phil Goad said.

Paul Hayward and Tom Durrant of HBJ Gateley Wareing advised
Endless while Graham Muth and Mark Gibson of Cobbetts advised
the management team.


HOUSE OF EUROPE: Fitch Affirms BB Ratings on Class C Notes
----------------------------------------------------------
Fitch Ratings has affirmed all classes of House of Europe
Funding I, Ltd. notes following a satisfactory performance
review:

  -- EUR880 million Class A due 2015: affirmed at 'AAA'

  -- EUR65 million Class B due 2047: affirmed at 'AAA'

  -- EUR50 million Class C due 2047: affirmed at 'BBB-'

  -- EUR50 million Class C additional interest (interest only)
     due 2047: affirmed at 'BB'

  -- EUR5 million certificates due 2047: affirmed at 'AAA'

HOE I is a collateralized debt obligation that was restructured
in June 2005.  HOE I's collateral pool consists primarily of
European commercial mortgage-backed securities, residential
mortgage-backed securities, as well as some CDOs.  The
transaction is managed by Collineo Asset Management GmbH (rated
'CAM 2' for structured finance CDO asset management).  The
transaction will exit the reinvestment period in March 2008.

The affirmations reflect the portfolio's stable performance to
date.  As of the June 2007 trustee report, the portfolio's
credit quality has slightly improved.  The Weighted Average
Fitch Factor is now at 0.54, little changed from 0.56
(equivalent to 'AAA'/'AA+') in July 2006.  There are no
underlying securities in the portfolio rated less than 'A-'.
The transaction continues to pass all coverage tests; however,
the transaction remains undercollateralized with very limited
excess spread.  The future performance of the Class C notes is
dependent on the asset manager's ability to build credit
enhancement through trading gains.  Since the restructuring in
June 2005, the manager has improved the Class C's
overcollateralization ratio by 14 basis points to 99.6%.
Derivative Fitch will carefully monitor this trend.

The ratings on the Class A and B notes address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date.  The rating on the Class C notes
addresses the ultimate repayment of principal and the ultimate
payment of interest at a rate equal to EURIBOR by the stated
maturity date.  The rating on the Class C additional interest
addresses the ultimate payment of Class C interest at a rate
equal to 1.3% per annum.  The rating on the certificates
addresses the ultimate repayment of principal only by the stated
maturity date.


HUSH RITUALS: A. Poxon Leads Liquidation Procedure
--------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of Hush
Rituals Ltd. (formerly Paulela Ltd.) on July 10 for the
creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury
         BL9 8AT
         England


ISOFT GROUP: CompuGROUP Makes GBP160 Million Cash Offer
-------------------------------------------------------
The boards of CompuGROUP U.K. Ltd. and iSOFT Group plc have
agreed on the terms of a recommended offer, to be effected by
means of a scheme of arrangement, pursuant to which CompuGROUP
will acquire the entire issued and to be issued ordinary share
capital of iSOFT.

The Offer will be at a price of 66 pence in cash for each iSOFT
Share, valuing the fully diluted share capital of iSOFT at
approximately GBP160 million.

The price of 66 pence in cash for each iSOFT Share represents:

   1. a premium of approximately 18.9% to the implied
      value of the IBA Offer on July 19, 2007, being the last
      Business Day prior to the date of this announcement; and

   2. a premium of approximately 18.4% to the closing mid-market
      price of 55.75 pence per iSOFT Share on Oct. 16, 2006,
      being the last Business Day prior to the announcement by
      iSOFT that it was reviewing its options with respect to
      the long term capital needs of its business and that it
      had received a number of expressions of interest.

CompuGROUP is a newly-incorporated company which has been formed
for the purpose of effecting the Scheme and is a wholly owned
subsidiary of CompuGROUP Holding AG.  The CompuGROUP Directors
believe that CompuGROUP Holding is one of the leading e-health
companies in Europe.  Its products aim to provide efficient
communication, cost-effective organization and secure
documentation, as well as enhancing quality levels within
healthcare and providing medical expert systems.  The company's
software and communication solutions support around 255,000
doctors, dentists, hospitals, associations and networks as well
as other service providers across Europe.  More than 50
subsidiaries in 9 countries operate under the CompuGROUP
umbrella and the company employs approximately 1,500 people.
CompuGROUP Holding is listed on the Frankfurt Stock Exchange and
as at July 19, 2007 had a market capitalization of approximately
EUR875 million.

CompuGROUP will finance the Offer and repayment of iSOFT's
existing bank facilities, which are repayable upon a change of
control of iSOFT, and the ongoing working capital requirements
of the Enlarged Group, through a combination of CompuGROUP
Holding's existing cash resources and committed New Debt
Facilities of GBP285,000,000.  The New Debt Facilities have been
arranged and underwritten by SEB AG.

CompuGROUP Holding has reached agreement with Computer Sciences
Corp. on a mutually satisfactory solution which will enable CSC,
if the Scheme becomes effective, to take full control of certain
of its obligations in respect of the National Programme for IT
project whilst giving greater certainty to CompuGROUP Holding in
respect of iSOFT's ongoing operations and limiting liability for
iSOFT on historic and future NPfIT related issues.  In addition,
CSC has agreed that it will not withhold its consent to the
change of control of iSOFT which will occur on the Scheme
becoming effective.

Following the announcement by iSOFT on July 6, 2007 that the
resolutions proposed in connection with the IBA Scheme at both
the Court meeting and extraordinary general meeting of iSOFT
Shareholders had been passed by the requisite majorities, on
July 19, 2007 the iSOFT Directors received an unsolicited
definitive proposal from CompuGROUP comprising an all cash offer
for the entire issued and to be issued share capital of iSOFT.

In accordance with their fiduciary duties to iSOFT Shareholders,
the iSOFT Directors have considered this proposal and concluded
that the Offer represents better value to iSOFT Shareholders
than the IBA Offer.  The Offer is conditional only on approval
by iSOFT Shareholders and the Court sanctioning the Scheme and
confirming the Capital Reduction.  The iSOFT Directors have
therefore withdrawn their recommendation of the IBA Offer and
intend to apply for an adjournment of the Court hearing to
sanction the IBA Scheme scheduled for July 25, 2007.  iSOFT has
agreed that it will serve notice on IBA terminating the IBA
Implementation Agreement, which will trigger an obligation on
iSOFT to pay to IBA an inducement fee of GBP1,397,137.  The
CompuGROUP Directors believe that the combination of CompuGROUP
Holding and iSOFT will create one of the world's leading
healthcare software companies, with operations in over 16
countries.  The increased geographic breadth and range of
products will enable the combined company to leverage the
respective strengths of CompuGROUP Holding and iSOFT to the
expected benefit of all stakeholders.

"We are delighted that iSOFT has decided to recommend our
proposed offer,” Frank Gotthardt, President and CEO of
CompuGROUP Holding, said.  “It is a further defining moment for
CompuGROUP following our recent successful public offering.
CompuGROUP has developed over the last few years via both
organic and acquisitory growth and the offer for iSOFT is seen
as the next step in this impressive story.”

"The fit between CompuGROUP and iSOFT is strong with
complementary geographic footprints and significant
opportunities to leverage industry know how and technical
expertise across the enlarged group leading to significant value
creation,” Mr. Gotthardt continued.

"CompuGROUP has agreed with CSC a mutually attractive solution
to service the National Programme for IT which fits into
CompuGROUP's focused business model to ensure that it maintains
its position as one of the world's leading healthcare software
companies," Mr. Gotthardt added.

"CompuGROUP's Offer represents, in the view of the board,
superior value for iSOFT Shareholders compared with the offer by
IBA.  It underlines the fundamental value inherent in the
business, and the strengthening position which the management
team has brought over the last year.  We therefore have no
hesitation in recommending it," John Weston, chairman and acting
CEO of iSOFT, said.

                         About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


JOY FOOK: Joint Liquidators Take Over Operations
------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were
appointed joint liquidators of Joy Fook Chinese Restaurant Ltd.
on July 9 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


KORUS SERVICES: Claims Filing Period Ends August 15
---------------------------------------------------
Creditors of Korus Services Ltd. have until Aug. 15 to send
their full names, 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 6 for the
creditors’ voluntary winding-up proceeding.


LEVEL 3: European Markets Group Inks Network Deal with Joost
------------------------------------------------------------
The European Markets Group of Level 3 Communications Inc. has
been selected by Joost(TM) to support its broadcast-quality
Internet television service.  Under the terms of the agreement,
Level 3 will provide Joost with network solutions including high
speed Internet access and colocation services in North America
and Europe.

"Level 3's unparalleled global infrastructure and extensive
local connectivity make them a logical network partner for
Joost," Fredrik de Wahl, chief strategy officer of Joost, said.
"We have developed the next generation of television for
viewers, content owners and advertisers on a global scale and we
are confident that the Level 3 network, with its ability to
scale and the quality it delivers, can support our growth well
into the future."

Joost provides a new way of watching TV that combines the best
of full-screen television entertainment with online interactive
and community tools such as channel-specific chat rooms and
instant messaging.  This all brings a broad selection of on-
demand video content to subscribers anywhere they have a
broadband connection.  Joost is based on an advanced, secure,
peer-to-peer streaming technology.  Connecting to Level 3's
global Internet Protocol (IP) backbone, one of the world's
largest, enables Joost to bring its service closer to end users.

"Joost offers the next generation of television viewing and
advertising," Brady Rafuse, president and chief executive
officer of Level 3 European Markets, said.  "We look forward to
supporting their current and future needs for network
connectivity and continuing to enable their delivery of high-
quality programming that is redefining television
entertainment."

Level 3 continues to invest in its network, and with one of the
world's largest IP backbones, the company provides reliable,
high capacity bandwidth to meet growing traffic demand from
customers with rich media applications.  Level 3 offers Internet
connectivity in over 175 markets in addition to a comprehensive
suite of network services that provide building blocks for its
customers' diverse service offerings.  Level 3 has the scale,
performance and service portfolio to support content delivery
solutions as its customers' network needs evolve.

                        About Level 3

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an
international communications company.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol (IP) services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.  In
Europe, Level 3 maintains operations in the United Kingdom,
France, Germany, Ireland, France and Switzerland.

                            *   *   *

Level 3 Communications Inc. and wholly owned subsidiary, Level 3
Financing Inc. carry Standard & Poor's Rating Services' 'B-'
corporate credit rating.  The outlook is stable.

The company's new US$1 billion term loan carries Moody's
Investors Service's B1 rating and the company's US$1 billion
fixed and floating rate notes at its Financing subsidiary carry
Moody's B3 rating.  It also bears Moody's Caa1 corporate family
rating with a stable outlook.


MAXIM ARCHITECTURAL: Taps Colin Prescott to Liquidate Assets
------------------------------------------------------------
Colin Prescott of Moore Stephens was appointed liquidator of
Maxim Architectural Aluminium Ltd. on July 5 for the creditors’
voluntary winding-up proceeding.

The liquidator can be reached at:

         Moore Stephens
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


QUINTEK DISTRIBUTION: Calls In Liquidators from Grant Thornton
--------------------------------------------------------------
Nigel Morrison and Trevor Patrick O’Sullivan of Grant Thornton
U.K. LLP were appointed joint liquidators of Quintek
Distribution Ltd. on July 11 for the creditors’ voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         11-13 Penhill Road
         Cardiff
         CF11 9UP
         Wales

The company can be reached at:

         South Wales Distribution Centre
         Kenfig Industrial Estate
         Port Talbot
         SA13 2PE
         Wales


SCOTTISH RE: Names George Zippel as President & Global CEO
----------------------------------------------------------
Scottish Re Group Limited has appointed George Zippel as
President and Global Chief Executive, effective Aug. 10, 2007.

He will be joining the company immediately, serving in a
transition role.  Mr. Zippel will be based at the company's
Hamilton, Bermuda headquarters.

Paul Goldean, who has been serving as President and Chief
Executive Officer for the past year, will continue with Scottish
Re, assuming the role of Chief Administrative Officer, effective
Aug. 10.

Mr. Zippel was most recently President and CEO of Genworth
Financial's Protection segment, which included the company's
life insurance, long-term care insurance, employee benefit, and
payment protection insurance businesses.  In this role, he was
responsible for 4,000 employees in 17 countries, and in 2006,
oversaw efforts that resulted in over US$6 billion in revenue
and US$600 million in operating net income.

"George has an impressive background and proven track record
with broad and significant experience in the insurance
industry," Jonathan Bloomer, a Scottish Re Board of Directors
member noted.  "He will be a tremendous asset for our future
growth and we look forward to his contributions to the company."

"I'm excited to be joining Scottish Re and look forward to
working with the team to drive disciplined management processes
that will help us satisfy client needs and meet our financial
targets," Mr. Zippel commented.  "The company has been through a
challenging year, but has strong capabilities that we can build
on for our future."

Prior to joining Genworth as part of its initial public offering
in May 2004, Mr. Zippel held various senior management,
operations and financial roles with the General Electric
Company.  He joined GE Financial in 1999 as President and CEO of
First Colony Life Insurance Company.

A native of Westbury (Long Island), New York, Mr. Zippel holds a
B.A. in Economics from Hamilton College.  He was most recently a
board member of the American Council of Life Insurers and served
on the Boards of Directors of Centra Health, Amazement Square --
The Rightmire Children's Museum, STEP with Links, and the NAILBA
Charitable Foundation.

At the Scottish Re Board of Directors meeting scheduled for
Aug. 1, it is expected that Mr. Zippel will also be named to the
Board.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                            *   *   *

As reported on June 8, 2007, Fitch Ratings has upgraded Scottish
Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary
operating subsidiaries to 'BBB-' from 'BB+'.  Fitch has removed
the ratings from watch positive and assigned a stable outlook.

As of July 26, 2007, Scottish Re Group Ltd. carries a Ba3 Senior
Unsecured Debt rating and a B2 Preferred Stock rating.  Outlook
is Positive.

The company also carries a B+ Long-Term Local Issuer Credit
rating from Standard & Poor's.


SERVICEMASTER CO: Moody's Rates US$1.15 Mln Sr. Term Loan at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the US$1.15
billion senior unsecured interim term loan (bridge facility) of
The ServiceMaster Company and withdrew the B3 rating on the
US$1.15 billion proposed senior unsecured note offering, which
was cancelled.

The proceeds from the bridge facility, along with secured
financing and an equity contribution, were utilized to finance
the leveraged buyout of ServiceMaster that closed on July 24,
2007.

Moody's also downgraded to Caa1 from Baa3 US$585 million in
aggregate principal amount of existing senior notes with
maturity dates ranging from 2007 to 2038, since such notes were
not redeemed at the time of the closing of the buyout.  These
rating actions conclude a review for possible downgrade
initiated on March 19, 2007 following the announcement that the
company had entered into a definitive agreement to be acquired
by an investment group led by Clayton, Dubilier & Rice, Inc.
The rating outlook is stable.

The leveraged buyout financing package included a US$2.65
billion senior secured term loan, a US$1.15 billion bridge
facility and an equity contribution of approximately US$1.43
billion.  The US$2.65 billion term loan includes a US$240
million delayed draw tranche that may be used within 45 days of
the closing to fund the redemption of US$179 million in senior
unsecured notes due 2009, which were called for redemption on
July 24, 2007, and to repay US$49 million in senior unsecured
notes with a maturity date in August 2007.

Moody's also affirmed the B2 Corporate Family Rating, B2
Probability of Default Rating and B1 rating on the US$3.3
billion senior secured credit facility. The credit facility
consists of the US$2.65 billion senior secured term loan, a $500
million senior secured revolver and a pre-funded US$150 million
synthetic letter of credit facility (downsized from US$200
million).  The US$500 million revolving credit facility was
undrawn and fully available at closing.

The downgrade of the US$585 million of existing senior notes of
ServiceMaster to Caa1, one notch below the bridge facility,
reflects a lack of subsidiary guarantees which effectively
subordinates such notes to the bridge facility.  The US$585
million principal amount of downgraded senior notes includes
US$179 million in senior unsecured notes due 2009 and US$49
million in senior unsecured notes with a maturity date in August
2007.

The B2 Corporate Family Rating is constrained by weak credit
metrics pro forma for the buyout, significant competition from
local, regional and national competitors and potential earnings
cyclicality.  The ratings are supported by leading market
positions and brands in large end-markets, favorable geographic
and service line diversification and stable financial
performance.  In addition, strategic initiatives to reduce costs
and improve retention rates should drive performance
improvements in the intermediate term.

Moody's took these rating actions with respect to The
ServiceMaster Company (Old):

   -- Downgraded US$49 million senior unsecured notes due 2007,
      to Caa1(LGD6, 95%) from Baa3;

   -- Downgraded US$79 million senior unsecured notes due 2018,
      to Caa1(LGD6, 95%) from Baa3;

   -- Downgraded US$195 million senior unsecured notes due 2027,
      to Caa1(LGD6, 95%) from Baa3;

   -- Downgraded US$83 million senior unsecured notes due 2038,
      to Caa1(LGD6, 95%) from Baa3;

   -- Downgraded US$179 million senior unsecured notes due 2009,
      to Caa1(LGD6, 95%) from Baa3 (ratings expected to be
      withdrawn upon closing of the redemption);

   -- Downgraded US$300 million medium term note program, to
      Caa1(LGD6, 95%) from Baa3; and

   -- Downgraded senior unsecured shelf registration, to
      (P)Caa1(LGD6, 95%) from (P)Baa3.

Moody's took these rating actions with respect to The
ServiceMaster Company (CDRSVM Acquisition Co., Inc. merged into
The ServiceMaster Company in connection with the closing of the
buyout):

   -- Assigned US$1.15 billion senior unsecured interim term
      loan facility, B3 (LGD5, 73%);

   -- Affirmed US$2.65 billion 7 year senior secured term loan
      B, B1 (LGD3, 34%);

   -- Affirmed US$500 million 6 year senior secured revolving
      credit facility, B1 (LGD3, 34%);

   -- Affirmed US$150 million (downsized from US$200 million)
      7 year senior secured synthetic letter of credit facility,
      B1 (LGD3, 34%);

   -- Affirmed Corporate Family Rating, B2;

   -- Affirmed Probability of Default Rating, B2; and

   -- Withdrew US$1.15 billion 8 year senior unsecured toggle
      notes, B3 (LGD5, 74%).

The stable outlook anticipates moderate organic revenue growth
and EBITDA improvement (excluding non-recurring charges) over
the next 12-18 months.  Cash flow, leverage and interest
coverage are expected to remain weak for the rating category
during this period.

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.


SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended
--------------------------------------------------------
Solutia Inc. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's to further extend
their exclusive right to file a chapter 11 Plan of
Reorganization to Dec. 31, 2007.  The Debtors also want their
exclusive period to solicit acceptances of that plan extended to
Feb. 29, 2007.

The Debtors' current exclusive period to file a plan of
reorganization ends on July 30, 2007, and the period of time to
solicit acceptances of that plan ends on September 28, 2007.

The Debtors filed their First Amended Plan and related
disclosure statement, as it has been or may be amended, on May
16, 2007.  The modified Plan enjoys the support of many of
Solutia Inc.'s significant stakeholders, including the Official
Committee of Unsecured Creditors, Official Committee of
Solutia's retirees, Monsanto Company, and the Ad Hoc Committee
of Trade Claims Creditors.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Plan is premised on two settlements -- a
settlement between Solutia and Monsanto, and a settlement
between Solutia and the Retirees Committee, Monsanto and the
Creditors Committee.  The Settlements achieve a reallocation of
legacy liabilities and are the cornerstones of Solutia's Plan,
therefore, they must be approved before or in conjunction with
the confirmation of Solutia's Plan.  The Settlements will be
heard on September 5, 2007.

Solutia is revising its Disclosure Statement and drafting the
necessary additional disclosures to comply with the Court's
directions.  In addition, Solutia is preparing for the Sept. 5,
2007 hearing on the Settlements .  Solutia believes that the
Settlements readily meet the standards for approval under
Bankruptcy Rule 9019.

Mr. Henes says that extension of the Exclusive Periods is
necessary to ensure that the Debtors will not be placed in a
position where it is prosecuting the Plan, but due to the
termination of the Exclusive Filing Period, the confirmation
process is disrupted by a recalcitrant stakeholder filing a
competing plan.  That situation could have a material, adverse
impact on the Solutia, its operation and all parties-in-
interest, he tells the Court.

Solutia has acted as the honest broker throughout the Chapter 11
cases in an effort to resolve the differences among its
stakeholder groups and has made significant strides towards a
consensual plan, Mr. Henes relates.  If, however, Solutia cannot
preserve its exclusive right to prosecute the Plan, he points
out that the balance that has permitted the relevant parties-in-
interest to work together towards a consensual plan will be
upset and further progress will be jeopardized.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide,
including in Malaysia.  The company and 15 debtor-affiliates
filed for chapter 11 protection on Dec. 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2007, the Debtors filed their Reorganization Plan
and Disclosure Statement explaining that plan.  On May 16, 2007,
they filed an Amended Reorganization Plan and on July 9, 2007,
filed their Second Amended Reorganization Plan.  The hearing to
consider the adequacy of the Debtors' Disclosure Statement began
on July 10, 2007, and was continued to July 26, 2007.  (Solutia
Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


UNIVERSAL AERIAL: Taps Liquidators from KPMG
--------------------------------------------
Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were
appointed joint liquidators of Universal Aerial Platforms Ltd.
(formerly Tasteward Ltd.) on July 11 for the creditors’
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England


VIRGIN MEDIA: Auction Slated for Next Month
--------------------------------------------
Virgin Media Inc.(fka NTL Inc.), which has an enterprise value
of GBP11 billion, is expected to be auctioned off this August,
published reports say.

According to The Sunday Times, indicative bids will have to be
filed within the first week of next month.

There have been 11 expressions of interest for Virgin Media, The
Sunday Times relates.

The Sunday Times says the company’s cashflow, which can service
debts of GBP6 billion, makes it attractive to private equity
firms.

As previously reported in the TCR-Europe on July 4, 2007, Virgin
Media confirmed it has received a takeover proposal but declined
to divulge the identity of the offeror.

The company said it has not engaged in negotiations with the
offeror.

Prior to the receipt of the proposal, Virgin Media's Board
of Directors had initiated a review of strategic alternatives
with Goldman Sachs, including a process for a possible sale of
the company.  The proposal will be considered as part of the
review

Published reports have cited Carlyle Group to have made a
preliminary offer of between US$33 and US$$35 per share for the
telecoms company.  Virgin Media, however, declined to comment on
the matter.

Other bidders include Providence Equity Partners, Blackstone,
Kohlberg Kravis Roberts and Apax, Nic Fildes writes for The
Sunday Times.

The bidders could break down into three or four consortiums.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

Virgin Media posted GBP120.3 million in net losses against GBP1
million in revenues for the first quarter ended March 31, 2007,
compared with GBP119.9 million in net losses against GBP611.4
million in revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, showed strained
liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Virgin Media Inc.

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

As reported in the TCR-Europe on March 23, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' senior secured debt
rating and '1' recovery rating on Virgin Media Investment
Holdings Ltd.'s GBP4.98 billion senior secured facilities.


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

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

                   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.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.


                            *********

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.

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