TCREUR_Public/070727.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

              Friday, July 27, 2007, Vol. 8, No. 148

                            Headlines


A U S T R I A

B 2000 LLC: Claims Registration Period Ends Aug. 22
DANCE-GASTRONOMIE LLC: Claims Registration Period Ends Aug. 21
EBIBI & KOENIG: Claims Registration Period Ends Aug. 22
EBIH BAU: Claims Registration Period Ends Aug. 22
HERWIG PUSCA: Claims Registration Period Ends Aug. 21

HOLYGAST HOTELBETRIEB: Claims Registration Period Ends Aug. 22
MEDIPROVITAL HANDEL: Claims Registration Period Ends Aug. 16
ROHRINGER & CO: Wels Court Orders Business Shutdown


B E L G I U M

COMPAGNIE EUROPEENNE: Permanent Injunction Hearing Set Aug. 10
GENERAL MOTORS: Will Cut Jobs & Reduce Production in Michigan
HOST HOTELS: Joint Venture Buys Three Properties in Belgium


C Z E C H   R E P U B L I C

LEAR CORP: Terminated Merger Deal Cues S&P to Lift Rating to B+


D E N M A R K

KNOLL INC: Moody's Holds Ba3 Rating & Withdraws Other Ratings


F R A N C E

DELPHI CORP: Plans Opening of New Diesel Plant in Romania
NYLSTAR INC: Hires Glenn Feldmann as Special Counsel


G E O R G I A

CANARGO LIMITED: Unit Sells 8 Million Tethys Petroleum Stake


G E R M A N Y

AUTOWELT AG: Claims Registration Period Ends Sept. 30
BUCKEYE TECHNOLOGIES: Earns US$6.6 Mln in Quarter Ended March 31
DAIMLERCHRYSLER: Banks to Pool Money to Raise Buyout Financing
DISKKOPIE AG: Claims Registration Period Ends Sept. 11
IMMOBILIENGESELLSCHAFT MBH: Claims Registration Ends Aug. 29

SPECTRUM BRANDS: Projects US$200 Mln Debt Reduction for 2007
TUI AG: First Choice Shareholders Okay Tourism Asset Merger
TUI AG: S&P Lowers Ratings to B on Merger Approval


I R E L A N D

BOSTON SCIENTIFIC: Mulling Sale of Fluid Management Business
ELAN CORP: MS Patients on TYSABRI Therapy Reaches 14,000


I T A L Y

ALITALIA SPA: Revised Conditions May Spur AirOne SpA to Re-Bid
FIAT SPA: Buys Back 2.09 Million Ordinary Shares
HOST HOTELS: Joint Venture Buys Three Properties in Belgium
IMAX CORP: March 31 Balance Sheet Upside-Down by US$58.7 Million
PARMALAT SPA: NY Court Grants Final Okay to U$50 Mln Settlement


K A Z A K H S T A N

ALMATY HYDRO-GEOLOGY: Claims Registration Ends Aug. 31
ARPA-XXI VEK: Creditors Must File Claims Aug. 28
FIRM BMW: Claims Filing Period Ends Aug. 28
HOD KONYEM: Creditors' Claims Due on Sept. 4
INALMAZZOLOTO OJSC: Claims Registration Ends Sept. 7

KARABULAK KDS: Proof of Claim Deadline Slated for Sept. 4
KAZAKH GAS: Economic Court Started Bankruptcy Hearing on July 3
KAZAKH MORTGAGE: Moody's Rates US$7.1 Mln Class C Notes at Ba2
POLESYE LLP: Claims Filing Period Ends Aug. 28
WELCOME LTD: Creditors' Claims Due on Sept. 4


K Y R G Y Z S T A N

EVELINA LLC: Creditors Must File Claims by August 29
MEGAFOOD LLC: Proof of Claim Deadline Slated for August 31


N E T H E R L A N D S

BAUSCH & LOMB: Declares Quarterly Dividend of US$0.13 Per Share
CNH GLOBAL: Earns US$228 Million in Second Quarter Ended June 30
ITRON INC: Earns US$7.2 Million in First Quarter Ended March 31
NXP B.V.: S&P Cuts Ratings to BB- on Weak Profits
SABIC INNOVATIVE: Moody's Assigns (P)Ba2 Corporate Family Rating


N O R W A Y

FRONTIER DRILLING: Moody’s Junks Proposed US$100 Million Loan


R U S S I A

CHEREPOVETS-METAL LLC: Creditors Must File Claims by July 30
EXPO-SERVICE CJSC: Creditors Must File Claims by July 30
GAZPROM NEFT: Eyes to Hike Annual Crude Output by 6% in 2010
GROSS PLUS: Creditors Must File Claims by July 30
INVEST-COM LLC: Creditors Must File Claims by July 30

KRASNOURALSKOE CJSC: Names A. Lapuzin as Insolvency Manager
KUBANSKAYA OIL: Court Names E. Leyliyan as Insolvency Manager
MOSCOW STARS: Fitch Rates Class B Notes at BB
NATIONAL RESERVE: Fitch Lifts Ratings to BB+ with Pos. Outlook
NIVA LLC: Creditors Must File Claims by Aug. 30

NIZHNEVOLZSHKAYA COMPANY: Creditors Must File Claims by July 30
NOVONIKOLSKIY: Creditors Must File Claims by Aug. 30
ROS-TEKH-TRANS: Creditors Must File Claims by July 30
ROSNEFT OIL: CEO Sergei Bogdanchikov May Quit if Elected to Duma
RUSFINANCE BANK: Moody's Puts E+ Bank Financial Strength Rating

STRIP MINE: Creditors Must File Claims by July 30
TANTAL-M CJSC: Creditors Must File Claims by Aug. 30
TRAKT-NKH CJSC: Court Names V. Frolov as Insolvency Manager
VICHUGA-CONTRACT: Creditors Must File Claims by July 30


S P A I N

TDA 29: Moody's Junks EUR4.3 Million Series D Notes


S W I T Z E R L A N D

ASG BAUMANAGEMENT: Claims Registration Period Ends August 6
GISE LLC: Claims Registration Period Ends August 9
HALFEN-MOBATEC JSC: Creditors' Liquidation Claims Due August 8
ISIOLO NATURSTEINSTECHNIK: Claims Registration Ends Aug. 6
ISU INFORMATION: Creditors' Liquidation Claims Due August 9

KIES & BETON: Creditors' Liquidation Claims Due August 6
M & B INOVA: Creditors' Liquidation Claims Due August 6
NOVELIS INC: Will Invest US$9 Million in New York Plant
NOVELIS INC: Fitch Holds B Issuer Default Rating w/ Neg. Outlook
PBW PHYSIKALISCHE: Creditors' Liquidation Claims Due August 6

PELIKAN HANDEL: Creditors' Liquidation Claims Due August 6
REUTELER ENGINEERING: Creditors' Liquidation Claims Due August 6
SWISS CALL: Claims Registration Period Ends August 6
WELL GUNDE: Creditors' Liquidation Claims Due August 6


T U R K E Y

* Fitch Affirms Bursa's B+ Currency Ratings with Stable Outlook
* Fitch Affirms Istanbul's Ratings at B with Stable Outlook


U K R A I N E

COMPANY-NOVA LLC: Proofs of Claim Deadline Set July 28
EKSIM-SERVICE-LUX: Proofs of Claim Deadline Set July 28
ELADA PLUS: Proofs of Claim Deadline Set July 28
INCOME PROVISION: Proofs of Claim Deadline Set Juy 28
KERINEYA GRAND: Proofs of Claim Deadline Set July 28

LADA-SERVICE CJSC: Proofs of Claim Deadline Set July 28
ORTEM LLC: Proofs of Claim Deadline Set July 28
PETROLEUM IMPEX: Proofs of Claim Deadline Set July 28
PIVDENNYI BANK: Moody's Rates US$100 Mln Sr. Unsec. Notes at B1
RELIFE LLC: Proofs of Claim Deadline Set July 28

SPALAKH LLC: Proofs of Claim Deadline Set July 28
TRIONIKS LLC: Proofs of Claim Deadline Set July 28


U N I T E D   K I N G D O M

ADVANCED MICRO: S&P Affirms Corporate Credit Rating at B
AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
AXS-ONE INC: Inks Revised Loan Agreement w/ Silicon Valley Bank
AXS-ONE INC: Receives Non-Compliance Notice from AMEX
BRITISH ENERGY: Earns GBP465 Mln in Year Ended March 31, 2007

COMPAGNIE EUROPEENNE: Permanent Injunction Hearing Set Aug. 10
D WALES: Calls In Liquidators from Chantrey Vellacott DFK
DECORPART LTD: Appoints Kroll as Joint Administrators
ECLIPSE 2005-1: Fitch Rates GBP2.83 Million Class E Notes at BB
FKI PLC: Board Confirms Continuing Talks on Potential Offer

FLEET STREET: S&P Affirms BB Rating on Class E Notes
FORD MOTOR: Bidders for Units to Begin Due Diligence in August
FORD MOTOR: Earns US$750 Million Net Profit in Second Quarter
HOME & LEISURE: Taps Begbies Traynor to Administer Assets
HUB TELFORD: Brings In Liquidators from Mazars

JILLAND GROUP: Appoints Liquidators from KPMG
JOHN PORTER: Brings In Administrators from PwC
KAB STAFFING: Taps Liquidators from Baker Tilly
KINGSTON UPON THAMES: Names Keith Aleric Stevens Liquidator
LATINS SECURITY: Claims Filing Period Ends October 15

LINEAR APPLICATIONS: Names Joint Administrators from Menzies
MISYS PLC: May 31 Balance Sheet Upside Down by GBP3.4 Million
MISYS PLC: Disposes Businesses to Rebalance Healthcare Portfolio
NEW INFRASTRUCTURE: Taps Administrators from Smith & Williamson
OVERSEAS SHIPHOLDING: Earns US$84.7 Mln in Qtr. Ended March 31

RALDORS & WINDOWS: Taps Duncan R. Beat to Liquidate Assets
RIVERSIDE PLUMBING: Hires Liquidators from PKF LLP
US ENERGY: Retains Jefferies & Company as Financial Advisor
YELL GROUP: Earns GBP34.3 Million In Three Months Ended June 30

* BOOK REVIEW: Bankruptcy: A Feast for Lawyers

                            *********

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


B 2000 LLC: Claims Registration Period Ends Aug. 22
---------------------------------------------------
Creditors owed money by LLC B 2000 (FN 185446s) have until
Aug. 22 to file written proofs of claim to court-appointed
estate administrator Katharina Pitzal at:

         Mag. Katharina Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12
         Fax: 587 87 50- 50
         E-mail: office@heller-pitzal.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 27 (Bankr. Case No. 2 S 86/07w).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


DANCE-GASTRONOMIE LLC: Claims Registration Period Ends Aug. 21
--------------------------------------------------------------
Creditors owed money by LLC Dance-Gastronomie (FN 263100m) have
until Aug. 21 to file written proofs of claim to court-appointed
estate administrator Markus Weixlbaumer at:

         Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732/776234
         Fax: 0732/77623422
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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 Leonding, Austria, the Debtor declared
bankruptcy on June 25 (Bankr. Case No. 38 S 36/07h).


EBIBI & KOENIG: Claims Registration Period Ends Aug. 22
-------------------------------------------------------
Creditors owed money by LLC Ebibi & Koenig (FN 284381h) have
until Aug. 22 to file written proofs of claim to court-appointed
estate administrator Charlotte Boehm at:

         Dr. Charlotte Boehm
         Taborstrasse 10/2
         1020 Wien
         Austria
         Tel: 214 77 10/20
         Fax: 214 77 10-16
         E-mail: boehm@EUnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 2 S 85/07y).


EBIH BAU: Claims Registration Period Ends Aug. 22
-------------------------------------------------
Creditors owed money by LLC EBIH Bau (FN 273905b) have until
Aug. 22 to file written proofs of claim to court-appointed
estate administrator Hans Rant at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 2 S 84/07a).  Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.


HERWIG PUSCA: Claims Registration Period Ends Aug. 21
-----------------------------------------------------
Creditors owed money by LLC Herwig Pusca (FN 97172a) have until
Aug. 21 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on Sept. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 6 S 78/07y).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


HOLYGAST HOTELBETRIEB: Claims Registration Period Ends Aug. 22
--------------------------------------------------------------
Creditors owed money by LLC Holygast Hotelbetrieb (FN 219253g)
have until Aug. 22 to file written proofs of claim to court-
appointed estate administrator Alfred Huetteneder at:

         Mag. Alfred Huetteneder
         Salzburger Str. 3
         5630 Bad Hofgastein
         Austria
         Tel: 06432/26054
         Fax: 06432/26054-26
         E-mail: office@ra-huetteneder.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Sept. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Bad Hofgastein, Austria, the Debtor declared
bankruptcy on June 26 (Bankr. Case No. 23 S 48/07i).


MEDIPROVITAL HANDEL: Claims Registration Period Ends Aug. 16
------------------------------------------------------------
Creditors owed money by LLC mediprovital Handel (FN 280161b)
have until Aug. 16 to file written proofs of claim to court-
appointed estate administrator Rudolf Woeran at:

         Dr. Rudolf Woeran
         Dr.-Franz-Rehrl-Platz 2
         5020 Salzburg
         Austria
         Tel: 0662/640083
         Fax: 0662/642912-24
         E-mail: office@woeran.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 27 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Bergheim bei Salzburg, Austria, the Debtor
declared bankruptcy on June 22 (Bankr. Case No. 23 S 43/07d).


ROHRINGER & CO: Wels Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Wels entered June 27 an order shutting down
the business of LLC Rohringer & Co. KG (FN 26834m).

Court-appointed estate administrator Heinz Haupl 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. Heinz Haupl
         Stockwinkl 18
         4865 Nussdorf am Attersee
         Austria
         Tel: 07666/8300-0
         Fax: 07666/8300-5
         E-mail: office@anwaltskanzlei-nussdorf.at

Headquartered in Seewalchen am Attersee, Austria, the Debtor
declared bankruptcy on June 18 (Bankr. Case No 20 S 75/07s).


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


COMPAGNIE EUROPEENNE: Permanent Injunction Hearing Set Aug. 10
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Aug. 10, 2007, at 10:00 a.m., to
consider a motion for permanent injunction filed by Clive Paul
Thomas as foreign representative of Compagnie Europeenne
d'Assurances Industrilles S.A.

Mr. Thomas' request is pursuant to a chapter 15 petition
he filed in behalf of Compagnie Europeenne on June 28, 2007
(Bankr. S.D.N.Y. Case No. 07-12009).

Any responses or objections to the motion must be submitted on
or before Aug. 6, 2007, at 4:00 p.m., to:

   a) The Office of the Clerk of Court
      U.S. Bankruptcy Court
      Southern District of New York
      Room 534
      One Bowling Green
      New York, NY 10004-1408

   b) Chadbourne & Parke LLP
      (attorneys for the petitioner)
      Attn: Howard Seife, Esq.
            Francisco Vazquez, Esq.
      30 Rockefeller Plaza,
      New York, NY 10112

Headquartered in Brussels, Belgium and Surrey, England,
Compagnie Europeenne d'Assurances Industrielles S.A. was an
insurance company underwriting a wide array of insurance and
reinsurance business, including marine, transport and aviation,
industrial risks, fire and allied perils, liability, casualty,
private lines and commercial insurance between 1974 and 1994.


GENERAL MOTORS: Will Cut Jobs & Reduce Production in Michigan
-------------------------------------------------------------
General Motors Corp. plans to cut production at its Pontiac,
Michigan, assembly plant from 54.5 vehicles per hour to 45 and
lay off an undisclosed number of workers beginning September,
The Associated Press reports.

The Pontiac plant, which mostly makes heavy-duty GMC Sierra and
Chevrolet Silverado pickups, employs about 2,800 hourly workers,
including 300 temporary employees hired to replace those who
accepted buyout and early retirement offers, AP states.

"There's been a decline in the full-sized pickup market.  We've
seen a decline in the heavy duty side, which prompted the action
we took," AP quotes GM spokesman Tom Wickham as saying.

GM would lay off temporary workers first and they would receive
no benefits, Mr. Wickham said, AP notes.  If it's necessary to
lay off full-time workers, they would receive benefits or would
have the chance to go to other GM plants nearby if there are
openings.  Other plants will not be affected by the changes, he
added.

                      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.


HOST HOTELS: Joint Venture Buys Three Properties in Belgium
-----------------------------------------------------------
Host Hotels & Resorts Inc. reported that its joint venture in
the Netherlands with Stichting Pensioenfonds ABP, the Dutch
pension fund for public employees, and an affiliate of GIC Real
Estate Pte Ltd, the real estate investment company of the
Government of Singapore Investment Corporation Pte Ltd,
completed the purchase of three properties in Brussels, Belgium.

The three properties purchased by the joint venture include the
262-room Renaissance Brussels Hotel, the 218-room Brussels
Marriott Hotel and the Marriott Executive Apartments comprised
of 57 apartments.  In conjunction with the acquisition, the
joint venture closed on a EUR70.5 million mortgage loan with an
interest rate under 5.65% maturing in 2014.

The joint venture now owns ten properties in five countries
including:

    -- Hotel Arts; Barcelona, Spain
    -- The Westin Palace, Madrid; Madrid, Spain
    -- Sheraton Roma Hotel & Conference Center; Rome, Italy
    -- The Westin Palace, Milan; Milan, Italy
    -- The Westin Europa & Regina; Venice, Italy
    -- Sheraton Skyline Hotel & Conference Center; Hayes,
       England
    -- Sheraton Warsaw Hotel & Towers; Warsaw, Poland
    -- Renaissance Brussels Hotel; Brussels, Belgium
    -- Brussels Marriott Hotel; Brussels, Belgium
    -- Marriott Executive Apartments, Brussels, European
       Quarter; Brussels, Belgium

Host Hotels & Resorts, Inc. -- http://www.hosthotels.com/--
(NYSE:HST) is a lodging real estate investment trust and owns
luxury and upper upscale hotels.  The company currently owns 121
properties with approximately 64,000 rooms, and also holds a
minority interest in a joint venture that owns seven hotels in
Europe with approximately 2,700 rooms.  Guided by a disciplined
approach to capital allocation and aggressive asset management,
the company partners with premium brands such as Marriott(R),
Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R),
The Luxury Collection(R), Hyatt(R), Fairmont(R), Four
Seasons(R), Hilton(R) and Swissotel(R) in the operation of
properties in over 50 major markets worldwide, including Mexico
and Italy.

                        *     *     *

As reported in the Troubled Company Reporter on May 7, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Host Hotels to positive from stable.  All ratings on the
company, including the 'BB' corporate credit rating, were
affirmed.


===========================
C Z E C H   R E P U B L I C
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LEAR CORP: Terminated Merger Deal Cues S&P to Lift Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Lear Corp. to 'B+' from 'B' and removed the ratings
from CreditWatch with positive implications where they were
placed on July 17, 2007.

The upgrade follows the termination of the agreement to purchase
Lear by Carl Icahn-controlled American Real Estate Partners,
L.P., which would have added US$1.5 billion of debt to Lear's
balance sheet.  The outlook is negative.

The upgrade reflects S&P’s 2view that absent the increase in
Lear's leverage, the company's credit profile will remain
consistent with the 'B+' rating.  S&P do not expect any near-
term shifts in the company's business or financial strategies
now that Lear will remain independent.  Although S&P do not
expect a second attempt to acquire Lear, S&P note that AREP
currently owns or controls about 20% of Lear, and Carl Icahn's
ability to purchase the remainder without triggering the change
of control language in most of the rated public debt remains in
effect.

The Southfield, Michigan-based auto supplier had total debt of
about US$3.5 billion at March 31, 2007, including the present
value of operating leases and underfunded employee benefit
liabilities.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.


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D E N M A R K
=============


KNOLL INC: Moody's Holds Ba3 Rating & Withdraws Other Ratings
-------------------------------------------------------------
Moody's Investors Service withdrew the Ba3 ratings on Knoll
Inc.'s US$500 million senior secured credit facility, which is
comprised of a revolver and a term loan term loan, following the
refinancing of the facility with an unrated US$500 million
revolving credit facility.

At the same time, Moody's affirmed the company's Ba3 corporate
family rating, but withdrew the B1 probability of default rating
and LGD assessments as these ratings/assessments are only
applicable for speculative grade companies that have rated debt.
The rating outlook is stable.

Knoll's Ba3 rating reflects its strong brand name, diversified
customer, industry leading margins, and distributor base, and a
good market position in its core office systems business with
more than a 15% market share.  The rating further reflects
Knoll's long-standing reputation for product quality and
design/innovation.  The rating also reflects Moody's expectation
of the continuation of favorable demand trends, although the
growth rate is expected to be slower than the last few years.
The ratings are constrained by its modest top line, which is
about two-thirds of the median for similarly rated companies, by
the cyclical and competitive nature of the industry and by high
raw material prices.

The rating was affirmed:

   -- Corporate family rating at Ba3;

These ratings/assessments were withdrawn:

   -- Senior secured revolver at Ba2 (LGD2, 27%);
   -- Senior secured term loan at Ba2 (LGD2, 27%);
   -- Probability of default rating at B1.

Based in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL)
-- http://www.knoll.com/-- designs and manufactures branded
office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal, Singapore, among others.


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F R A N C E
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DELPHI CORP: Plans Opening of New Diesel Plant in Romania
---------------------------------------------------------
In a move to service its growing customer base, Delphi
Corporation is planning to open a new diesel engine management
system components plant.  The facility, to be operated by Delphi
Powertrain Systems division, is scheduled to receive equipment
in late 2007.  The site is in Iasi, in north-east Romania.  The
initial location is a pre-existing industrial site which will
begin the first phase of manufacturing operations before year-
end.

Delphi has well-developed expansion plans that call for several
additional phases of new investment to launch products specified
in already awarded new business contracts.  Each of these future
multi-million dollar phases of investment are for new building,
machinery and equipment and will support attainment of long-
range planned capacity in Iasi.  Subject to Delphi's board of
directors supporting future phases of investment, Delphi's total
presence in Iasi could reach over 1,000 workers and could
accumulate to exceed EUR100 million investment.

"We have recently won a large number of new programmes and new
customers, especially for diesel engine management systems that
are Euro V compatible and we need to support our customers who
are rapidly expanding in Central and Eastern Europe.  We require
additional plant capacity to support our continued growth," Jose
Avila, general manager for Delphi Diesel Systems, said.  "Delphi
is a key player in the global diesel market and this new site
will strengthen our position by providing an efficient new
manufacturing base nearer to our customers."

With this planned site, Delphi will strengthen its extensive
global diesel manufacturing footprint.  The group operates 13
sites dedicated to the diesel engine management system activity
globally and has a presence in Brazil, Korea, India, Turkey,
Mexico, France, Spain and the United Kingdom and now intends to
add Romania to the list of global locations.

As a dedicated diesel site, the Iasi plant would produce high-
precision diesel fuel injection components, mainly pumps and
injectors for common rail systems, and will serve various
customers around the world.

Recruitment to fill jobs at the initial facility has already
started.  According to Michel Stanciu, director of manufacturing
strategy & engineering for Delphi Diesel Systems, workers at the
plant will receive important training.  "Iasi has a deep pool of
well-qualified employees from which we will select," Mr. Stanciu
said.  "To augment those talents, each new employee will go
through an extensive training programme."  Mr. Stanciu, a native
Romanian, was integral in bringing the plant to Romania and
expects mutual benefits to be realized by the company and the
country through the localization of the plant.  "We look forward
to a continued strong partnership with government officials,
economic development agencies and local educational institutions
to finalize our long-range investment and capacity expansion
plans," Mr. Stanciu said.

             Precision Required from Diesel Plants

The manufacturing of diesel fuel injection systems requires an
extremely skilled workforce.  The common rail system working at
a pressure up to 1800 bar requires a high-precision machining
down to a few microns and the assembly operation needs to be
done in a very strictly controlled clean room.

              Delphi's Multec Common Rail System

The Delphi Multec Common Rail Diesel Fuel Injection System is
widely used throughout the industry.  It is a high-value, cost-
competitive servo-hydraulic system that is not only high
performance but simple and robust.  In addition, Delphi's Multec
Common Rail injection is easily packaged, and takes up less
space than competing systems.  Many of the world's top
automakers have chosen this Delphi system over all others.
Customers include familiar names such as: Ford PAG, Hyundai,
Kia, PSA Peugeot Citroen, Renault-Nissan, Ssangyong, Suzuki.

                       Strong expertise

Delphi engineers have extraordinary expertise in air, fuel and
exhaust management systems, because they work with all these
technologies in the Delphi portfolio. Delphi engineers can
easily orchestrate them to work in optimum harmony.  This
flexible, balanced expertise allows them to design the best fuel
injection system solutions to meet car makers' specialized
needs.

                    Delphi Powertrain Systems

Delphi's powertrain technologies provide robust solutions to
complex challenges, helping its customers develop vehicles that
offer outstanding performance, refinement and emissions.  They
include multi point injection and direct injection gasoline
systems, common rail, rotary pump diesel systems in a range of
capacities and, for heavy duty diesel applications, Electronic
Unit Injectors and Electronic Unit Pumps.  All are complemented
by innovative fuel handling, evaporative emissions, engine and
transmission electronic controls, valve train, and after-
treatment solutions.

                      About Delphi Corp.

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

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


NYLSTAR INC: Hires Glenn Feldmann as Special Counsel
----------------------------------------------------
The United States Bankruptcy Court for the Western District of
Virginia gave Nylstar Inc. permission to employ Glenn Feldmann
Darby and Goodlatte as its special counsel.

As the Debtor's special counsel, the firm is expected to
continue to provide representation of the Debtor on general
corporate, collection, commercial financing and tradmark
matters, and discrimination cases.

The Debtor tells the Court that H.M. Darby, Jr., Esq., a
member of the firm, will perform the majority of the work for
the Debtor.  Mr. Darby will charge US$220 per hour for this
engagement.

The firm's professionals billing rates are:

     Designation                Hourly Rate
     -----------                -----------
     Members                       US$220
     Associates                    US$150
     Paralegals                    US$45

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

Mr. Darby can be reached at:

     H.M. Darby, Jr., Esq.
     lenn Feldmann Darby and Goodlatte
     210 1st. Street S.W., Suite 200
     Roanoke, Virginia 24038-4125
     Tel: (540) 224-8000
     Fax: (540) 224-8050
     http://www.gfdg.com/

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

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


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


CANARGO LIMITED: Unit Sells 8 Million Tethys Petroleum Stake
------------------------------------------------------------
CanArgo Energy Corporation's wholly owned subsidiary, CanArgo
Limited, will offer for sale up to 8 million ordinary shares of
Tethys Petroleum Limited held by CanArgo Limited, pursuant to a
Placement Agreement dated July 22, 2007.

The shares of TPL will be sold in brokered transactions on or
after July 31, 2007.  The shares will be offered for sale at
prices not less than CDNUS$2.95.  The shares represent 17.7% of
the shares of TPL outstanding and if all shares are sold,
CanArgo will no longer be a shareholder of TPL.

The net proceeds received from the sale of these shares
estimated at approximately US$21.3 million will be used by
CanArgo to pay down existing indebtedness under its outstanding
Senior Secured Notes due July 25, 2009, and to the extent of any
excess net proceeds, its outstanding Senior Subordinated
Convertible Guaranteed Notes due Sept. 1, 2009.

                     About Tethys Petroleum

Tethys Petroleum Limited (TSX: TPL) is focused on oil and gas
exploration and production activities in Central Asia with
activities currently in the Republic of Kazakhstan and more
recently the Republic of Tajikistan.  This prolific oil and gas
area is developing and Tethys believes that significant
potential exists in both exploration and in discovered deposits.

                      About CanArgo Energy

CanArgo Energy Corp. -- http://www.canargo.com/-- (AMEX: CNR)
(OSLO: CNR) is an oil and gas exploration and production company
operating in the oil and gas provinces of the former Soviet
Union.  CanArgo is currently focused primarily on Georgia in the
Caucasus, and more recently has become involved in the major
hydrocarbon producing country of Kazakhstan.  In Georgia, the
company has been actively exploring for new deposits of oil and
gas, and is currently appraising what could be a substantial new
discovery of oil.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on March 26, 2007,
LJ Soldinger Associates LLC raised substantial doubt about the
ability of CanArgo Energy Corp. to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.   The auditing firm stated that
the company may not have sufficient funds to execute its
business plan.


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


AUTOWELT AG: Claims Registration Period Ends Sept. 30
-----------------------------------------------------
Creditors of Autowelt AG have until Sept. 30 to register their
claims with court-appointed insolvency manager Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 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 Pforzheim
         Hall 310
         Third Floor
         Mannheimer Str. 17
         75179 Pforzheim
         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. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Autowelt AG on July 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Autowelt AG
         Julius-Moser-Str. 4
         75179 Pforzheim
         Germany

         Attn: Peter Siefert, Manager
         Tannenfeldring 48
         76275 Ettlingen
         Germany


BUCKEYE TECHNOLOGIES: Earns US$6.6 Mln in Quarter Ended March 31
----------------------------------------------------------------
Buckeye Technologies Inc. reported net income of US$6.6 million
on net sales of US$193.0 million for the third quarter ended
March 31, 2007, compared with a net loss of US$795,000 on net
sales of US$181.4 million for the same period ended March 31,
2006.

The net income for the 2007 quarter included US$800,000 after
tax in restructuring expenses associated with consolidations
made in the company’s European Sales Offices, Product and Market
Development, and corporate overhead.

Results for the 2006 quarter included US$1.1 million after tax
in restructuring and impairment expenses associated with the
closure of the Glueckstadt, Germany cotton linter pulp plant in
December, 2005.

Buckeye chairman John B. Crowe commented, "Demand for our
products continues to be strong, and our operations are
responding to the challenge of matching production and sales.
Good cash flow generation enabled us to reduce debt by US$13
million during the quarter."

Mr. Crowe went on to say, "The consolidations in our European
Sales Offices, Product and Market Development and corporate
overhead complement the operations consolidations we completed
during the last several years and will provide annual savings of
over US$2 million."

At March 31, 2007, the company’s balance sheet showed
US$929.0 million in total assets, US$621.7 million in total
liabilities, and US$307.3 million in total stockholders’ equity.

Full-text copies of the company’s consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?20e4

                   About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                           *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


DAIMLERCHRYSLER: Banks to Pool Money to Raise Buyout Financing
--------------------------------------------------------------
Bankers for DaimlerChrysler AG's Chrysler Group have deferred a
US$12 billion debt sale to investors as part of a buyout
severing Chrysler from its German parent, The Wall Street
Journal reports.

According to WSJ, rather than fund the operations of the
newly independent auto maker with money raised from loans,
as planned, the underwriters of the deal -- five banks led
by J.P. Morgan Chase & Co. -- will have to provide much of
the money themselves, at least until the market settles down.

Chrysler's bankers -- including J.P. Morgan, Goldman Sachs Group
Inc., Citigroup Inc., Bear Stearns Cos. and Morgan Stanley --
have spent the past month trying to convince investors to buy
US$12 billion in loans for Chrysler's auto business and US$8
billion in loans for its financial arm.  The underwriters of the
debt sale have been discussing plans to take half or more of a
US$10 billion piece of the Chrysler auto loan, WSJ states,
citing people familiar with the matter as its source.

The US$8 billion debt sale for Chrysler Financial, meanwhile, is
still expected to be completed this week, though the interest
that the company would have to pay on the debt has been jacked
up, WSJ relates.

The New York Times notes that executives at the automaker's
parent company said the financing problem will not affect
the purchase of the Chrysler Group by the private equity firm
Cerberus Capital Management, which signed to buy an 80% stake in
the U.S. Arm.

                      About DaimlerChrysler

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

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

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

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

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


DISKKOPIE AG: Claims Registration Period Ends Sept. 11
------------------------------------------------------
Creditors of DISKKOPIE AG have until Sept. 11 to register their
claims with court-appointed insolvency manager Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 23, 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 Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/9394-0
         Fax: 06173/9394-20

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

The Debtor can be reached at:

         DISKKOPIE AG
         Attn: Manfred Kramer, Manager
         Handelstrasse 3
         64859 Eppertshausen
         Germany
         Web site: http://www.diskkopie.de/


IMMOBILIENGESELLSCHAFT MBH: Claims Registration Ends Aug. 29
------------------------------------------------------------
Creditors of Immobiliengesellschaft mbH Gebr. Schmitt i. L. have
until Aug. 29 to register their claims with court-appointed
insolvency manager Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 22, 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/ 877080

The District Court of Mannheim opened bankruptcy proceedings
against Immobiliengesellschaft mbH Gebr. Schmitt i. L. on
July 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Immobiliengesellschaft mbH Gebr. Schmitt i. L.
         Attn: Bruno Schmitt, Liquidator
         Herrlachstr. 1
         68199 Mannheim
         Germany


SPECTRUM BRANDS: Projects US$200 Mln Debt Reduction for 2007
------------------------------------------------------------
Spectrum Brands Inc. provided further information regarding
current expectations for fiscal 2007 financial results.

The company reported that cash on hand at the close of the
quarter ending June 30, 2007, was in excess of US$175 million
and that it expects to generate total operating cash flow of
between US$120 million and US$140 million during the six month
period ending Sept. 30, 2007.  The expected cash flow number
differs from the company's earlier projections due to:

     (1) a previously announced US$20 million shortfall in
         EBITDA as compared to that projected in the 8K filing,
         and

     (2) the fact that US$30 million assumed to be generated in
         the third quarter in the earlier projections was
         instead generated during the company's fiscal second
         quarter ended April 1, 2007.

Net debt at Sept. 30, 2007, is anticipated to be approximately
US$2.4 billion, a reduction of approximately US$200 million as
compared with reported net debt as of April 1, 2007.

As previously announced, Spectrum expects to reduce its
indebtedness under its senior credit facility term loan by the
amount of US$225 million during the fourth quarter through a
combination of cash on hand and positive operating cash flow.

In addition, Spectrum has received financing commitments from
Goldman Sachs and Wachovia Bank to provide the company with a
US$225 million asset based loan facility.  Although Spectrum
does not currently anticipate the need to borrow on the ABL
facility at closing, it will be available for future working
capital needs at lower interest rates than the company's current
term loan.  The ABL facility is expected to close during the
fiscal fourth quarter ending Sept. 30, 2007.

The company currently anticipates that positive operating cash
flow and the available credit under the asset based loan
facility will be sufficient to meet liquidity and working
capital needs for the foreseeable future.

Spectrum Brands reiterated its strategy of reducing indebtedness
and leverage through the strategic sale of assets, including its
Home & Garden business, which is currently being accounted for
as discontinued operations, and potentially other additional
assets.

                     About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company's European headquarters is located at Sulzbach,
Germany.

                           *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  The Outlook remains Negative.


TUI AG: First Choice Shareholders Okay Tourism Asset Merger
-----------------------------------------------------------
TUI AG has welcomed the outcome of the Extraordinary General
Meeting of First Choice shareholders.  The merger of TUI AG’s
tourism activities and First Choice Holidays PLC was approved of
with a great majority.

“This means that, following the go-ahead of the antitrust
authorities, we have cleared the second hurdle on the way to TUI
Travel PLC,” TUI AG Chief Executive Michael Frenzel said.  “We
will be creating one of the most profitable travel groups in the
world.  The biggest tourism platform in Europe will come into
being with TUI Travel.  Customers and shareholders will benefit
from TUI Travel.”

As previously reported in the TCR-Europe on June 6, 2007, the
European Commission has approved the planned merger of TUI AG's
tourism division, excluding certain hotel assets with First
Choice Holidays PLC.  The new leisure travel group will be
called TUI Travel PLC.

Based on the figures of the 2006 financial year, a travel group
with a turnover of around EUR18 billion (GBP12.1 billion) and an
underlying EBITA of around EUR500 million (GBP340 million) will
be created under the umbrella of TUI Travel PLC.  Last year,
around 27 million holidaymakers traveled with the tour operators
and airlines of TUI Travel PLC.  Through the merger, the new
company expects synergy potentials of around EUR150 million
(GBP100 million) per annum, which should take full effect within
three years of completion of the merger.  A major part of the
synergies is down to the British market.

As the companies move towards the merger, the key events are a
final hearing at court on Aug. 31, 2007, the completion of the
transaction, the listing on the London Stock Exchange and the
first day of trading of the new shares on Sept. 3, 2007.

                            About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and
shipping sectors.   The Company's core activities are in the
tourism business, focusing mainly on the markets of Central,
Northern and Western Europe.  TUI AG's shipping and logistics
activities are contained within its Hapag-Lloyd Container Linie
GmbH and CP Ships Ltd. subsidiaries.

                          *     *     *

As reported in the TCR-Europe on May 28, 2007, Moody's Investors
Service assigned a (P)B1 rating to TUI AG's proposed issuance of
convertibles notes of up to EUR715 million.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Germany-based tourism and
shipping group TUI AG to 'BB-' from 'BB', owing to ongoing
adverse operating trends in the tourism and container shipping
markets. The rating was removed from CreditWatch, where it was
placed with negative implications on March 19, 2007.  S&P said
the outlook is negative.

Standard & Poor's also lowered its ratings on the group's senior
unsecured issues to 'B+' from 'BB-' and maintained them on
CreditWatch with negative implications, due to the potential for
increased structural subordination in case of a successful
merger of TUI's tour operator business with U.K.-based tour
operator First Choice Holidays PLC.


TUI AG: S&P Lowers Ratings to B on Merger Approval
--------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
senior unsecured issues of Germany-based tourism and shipping
group TUI AG to 'B' from 'B+' and removed them from CreditWatch,
where they were originally placed with negative implications on
March 19, 2007.

This follows the approval of the merger of its tourism business
with U.K. travel operator First Choice Holidays PLC to TUI
Travel PLC by antitrust authorities and First Choice
shareholders, resulting in increased structural subordination of
the group's senior unsecured indebtedness.  At the same time,
Standard & Poor's affirmed the 'BB-' long-term corporate credit
rating on TUI.  The outlook is negative.

"The rating actions reflect that, although the proposed merger
with First Choice could have a marginally positive impact on the
group's business profile, it has further weakened current
financial debt protection at TUI AG, owing to structural
subordination issues," said Standard & Poor's credit analyst
Michael Seewald.  "The bulk of tourism-related assets will be
transferred to a 51% owned stock-listed entity, while the
group's financial indebtedness will remain at ultimate parent
level.  This offsets mitigants that until now limited the
notching of senior unsecured debt to the corporate credit rating
to one notch."

We assess the enlarged group through the proportional
consolidation of its 51% owned travel unit, irrespective of IFRS
accounting treatment, to better reflect the economic reality.
The pro forma proportional consolidation of TUI Travel for the
fiscal year 2006 leads to an adjusted funds from operations-to-
debt ratio of about 15% for the group.  Given the seasonality of
the tourism business and the potential for ongoing margin
pressure in the 2007 summer season, the group's FFO-to-debt
ratio could slip below 15% at half-year 2007.  The potential for
recovery by fiscal year-end 2007 will depend on the tourism
division's performance during the summer season, ending in
September, and on whether the container-shipping division will
see the expected turnaround in freight rates, notably in the
transatlantic segment.

We consider that the group currently has only limited potential
to sustain enhancements either in its financial risk profile
through the announced merger or ongoing cost-efficiency
programs, given the current uncertainty regarding the turning
point in the container-shipping cycle and the ongoing margin
pressure in the tour-operator industry.

"The negative outlook reflects the increasingly challenging
market conditions in the cyclical shipping industry and the
seasonal tourism industry, which are both exposed to external
risk factors over the near to medium term," said Mr. Seewald.
"Both business models currently require substantial capital
expenditures to maintain market share, which constrains TUI's
capacity to generate free cash flows."


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


BOSTON SCIENTIFIC: Mulling Sale of Fluid Management Business
------------------------------------------------------------
Boston Scientific Corporation has intended to explore the sale
of its fluid management business as part of the company's
ongoing review of its portfolio of assets.  The Boston
Scientific fluid management business, formerly North American
Medical Instruments Corp., produces a range of products used to
manage fluid and measure pressure during angiography and
angioplasty procedures.  A sale would be expected to include the
business as well as the Company's facilities in Glens Falls, New
York and Tullamore, Ireland.

"As we have previously announced, we are conducting a
comprehensive review of our non-strategic assets in an effort to
focus resources on our core businesses and improve our financial
strength," said Paul LaViolette, Chief Operating Officer of
Boston Scientific.  "One result of this review has been the
initiation of a process to explore the sale of our fluid
management business.  This is a very strong business with market
leadership, and we believe it has tremendous potential with the
focused attention and resources of external ownership.  We are
in the early stages of discussions with several potential
acquirers, and we expect the process to take a number of
months."

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 medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the TCR-Europe on July 26, 2007, 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.


ELAN CORP: MS Patients on TYSABRI Therapy Reaches 14,000
--------------------------------------------------------
Biogen Idec and Elan Corporation plc estimate that as of
mid-July 2007 in both commercial use and clinical trials
approximately 14,000 multiple sclerosis patients are currently
on TYSABRI therapy worldwide one year following its return to
market in the US and introduction in the European Union.

As of mid-July 2007:

   -- In the US, over 8,600 patients are on TYSABRI commercially
      and over 1,800 physicians have prescribed the therapy;

   -- In the EU, over 4,300 patients are on TYSABRI therapy
      commercially; and

   -- In global clinical trials, approximately 1,000 patients
      are on TYSABRI therapy.

"Over the past year I have seen my patients benefit greatly from
TYSABRI.  As expected from clinical trials, TYSABRI is having a
positive impact on their lives.  The compelling efficacy of
TYSABRI offers MS patients hope in the management of their
disease," Dr. Howard Rossman, Medical Director, MS
Center, Michigan Institute for Neurological Disorders in
Farmington Hills, Michigan, and Clinical Professor of Neurology
at Michigan State University, said.  "Increased experience with
TYSABRI will continue to inform us and contribute to our
understanding of the important role of this therapy for people
living with MS."

"TYSABRI has had an incredible effect, and the improvements I
have experienced are very real.  I understand there are
important risks to this therapy, but the benefits of TYSABRI
were far too important for my family and me to overlook," Mike
Lynch, a TYSABRI patient, said.

In July 2006, TYSABRI was reintroduced in the US under the TOUCH
Prescribing Program, a restricted distribution program, and was
also introduced in the EU under a risk management plan.  These
programs were developed due to the increased risk of progressive
multifocal leukoencephalopathy (PML), an opportunistic viral
infection of the brain that usually leads to death or severe
disability.

                       About TYSABRI

TYSABRI is a treatment approved for relapsing forms of MS in the
US and relapsing-remitting MS in the European Union.  According
to data that have been published in the New England Journal of
Medicine, after two years, TYSABRI treatment led to a 68%
relative reduction (p<0.001) in the annualized relapse rate
compared to placebo and reduced the relative risk of disability
progression by 42-54% (p<0.001).

TYSABRI increases the risk of PML.  Other serious adverse events
that have occurred in TYSABRI-treated patients included
hypersensitivity reactions (e.g., anaphylaxis), infections,
depression and gallstones. Serious opportunistic and other
atypical infections have been observed in TYSABRI-treated
patients, some of whom were receiving concurrent
immunosuppressants.  Herpes infections were slightly more common
in patients treated with TYSABRI.  In MS trials, the incidence
and rate of other serious and common adverse events, including
the overall incidence and rate of infections, were balanced
between treatment groups.  Common adverse events reported in
TYSABRI-treated patients include headache, fatigue, infusion
reactions, urinary tract infections, joint and limb pain, lower
respiratory infections, rash, gastroenteritis, abdominal
discomfort, vaginitis, and diarrhea.

TYSABRI is approved in the United States, European Union,
Switzerland, Canada, Australia and Israel.  TYSABRI was
discovered by Elan and is co-developed with Biogen Idec.

                      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
=========


ALITALIA SPA: Revised Conditions May Spur AirOne SpA to Re-Bid
--------------------------------------------------------------
AirOne S.p.A. will submit a binding offer for the Italian
government's 39.9% stake in Alitalia S.p.A. if Italy amends some
conditions of the sale, Chris Staiti writes for Bloomberg News.

AirOne chief executive Carlo Toto confirmed the carrier's
interest in Alitalia before Italy's lower house of parliament,
Bloomberg News relates.

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

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

In a TCR-Europe report on July 25, 2007, Italy said it may
relaunch the process to sell stake in Alitalia on lighter
conditions, Thomson Financial reports citing local daily La
Repubblica.

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

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

Meanwhile, Italian Finance Minister Tommaso Padoa-Schioppa
remains optimistic that the government would find a solution for
the current crisis at Alitalia, Agenzia Giornalistica Italia
reports.  Mr. Padoa-Schioppa will deliver a speech regarding
Alitalia's condition before the Parliament today.

                          About Alitalia

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

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


FIAT SPA: Buys Back 2.09 Million Ordinary Shares
------------------------------------------------
Within the frame of the buy back program announced on April 5,
2007, Fiat S.p.A. purchased 2.085 million Fiat ordinary shares
at the average price of EUR21.999 including fees on July 25.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 13.166 million for
a total invested amount of EUR277.2 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                       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.


HOST HOTELS: Joint Venture Buys Three Properties in Belgium
-----------------------------------------------------------
Host Hotels & Resorts Inc. reported that its joint venture in
the Netherlands with Stichting Pensioenfonds ABP, the Dutch
pension fund for public employees, and an affiliate of GIC Real
Estate Pte Ltd, the real estate investment company of the
Government of Singapore Investment Corporation Pte Ltd,
completed the purchase of three properties in Brussels, Belgium.

The three properties purchased by the joint venture include the
262-room Renaissance Brussels Hotel, the 218-room Brussels
Marriott Hotel and the Marriott Executive Apartments comprised
of 57 apartments.  In conjunction with the acquisition, the
joint venture closed on a EUR70.5 million mortgage loan with an
interest rate under 5.65% maturing in 2014.

The joint venture now owns ten properties in five countries
including:

    -- Hotel Arts; Barcelona, Spain
    -- The Westin Palace, Madrid; Madrid, Spain
    -- Sheraton Roma Hotel & Conference Center; Rome, Italy
    -- The Westin Palace, Milan; Milan, Italy
    -- The Westin Europa & Regina; Venice, Italy
    -- Sheraton Skyline Hotel & Conference Center; Hayes,
       England
    -- Sheraton Warsaw Hotel & Towers; Warsaw, Poland
    -- Renaissance Brussels Hotel; Brussels, Belgium
    -- Brussels Marriott Hotel; Brussels, Belgium
    -- Marriott Executive Apartments, Brussels, European
       Quarter; Brussels, Belgium

Host Hotels & Resorts, Inc. -- http://www.hosthotels.com/--
(NYSE:HST) is a lodging real estate investment trust and owns
luxury and upper upscale hotels.  The company currently owns 121
properties with approximately 64,000 rooms, and also holds a
minority interest in a joint venture that owns seven hotels in
Europe with approximately 2,700 rooms.  Guided by a disciplined
approach to capital allocation and aggressive asset management,
the company partners with premium brands such as Marriott(R),
Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R),
The Luxury Collection(R), Hyatt(R), Fairmont(R), Four
Seasons(R), Hilton(R) and Swissotel(R) in the operation of
properties in over 50 major markets worldwide, including Mexico
and Italy.

                        *     *     *

As reported in the Troubled Company Reporter on May 7, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Host Hotels to positive from stable.  All ratings on the
company, including the 'BB' corporate credit rating, were
affirmed.


IMAX CORP: March 31 Balance Sheet Upside-Down by US$58.7 Million
----------------------------------------------------------------
IMAX Corporation completed its restatement of financial results
covering 2002 through 2005, and will file its Form 10-K for
fiscal 2006 ended December 31, and Form 10-Q for the first
quarter of fiscal 2007 ended March 31.

At March 31, 2007, the company’s balance sheet showed total
assets of US$217.9 million, total liabilities of US$276.6
million, and total stockholders’ deficit of US$58.7 million.

At Dec. 31, 2006, the company had total assets of US$227
million, total liabilities of US$279.2 million, and total
stockholders’ deficit of US$52.1 million.

                        Financial Results

The company recorded a net loss of US$4.9 million for the first
quarter of fiscal 2007, compared to a restated net loss of
US$3.7 million for the first quarter of fiscal 2006.  Net loss
for the fiscal year 2006 was US$16.9 million, compared to a net
income of US$7.8 million for the fiscal year 2005.

For the three months ended March 31, 2007, the company's total
revenues were US$27.2 million, as compared to US$23.3 million
reported for the prior year period.  Systems revenue was US$13.1
million versus US$12.8 million in the prior year period.  The
company recognized revenue on 5 theatre systems which qualified
as either sales or sales-type leases in the first quarter of
2007, compared to 5 in 2006.

For the first quarter of 2007, film revenues were US$9.1
million, as compared to US$6 million in the first quarter of
2006.  This included IMAX DMR(TM) revenues of US$4.6 million,
compared to US$1.1 million in 2006.  Theatre operations revenue
was US$4.5 million in the first quarter of 2007, compared to
US$3.7 million in the first quarter of 2006.

The company's cash and short term investments position was
US$27.4 million as of March 31, 2007, compared to US$27.2
million as of Dec. 31, 2006.

For the year ended Dec. 31, 2006, the company's total revenues
were US$129.3 million, as compared to US$135.3 million reported
for the prior year.  Systems revenue was US$72.1 million versus
US$88.6 million in the prior year, a decrease due principally to
a reduction in settlement revenue for 2006.  The company
recognized revenue on 30 theatre systems which qualified as
either sales or sales-type leases in fiscal 2006, versus 30 in
2005, as restated.

For fiscal 2006, film revenues were US$36.3 million, as compared
to US$26 million in fiscal 2005.  This included IMAX DMR
revenues of US$14.6 million, compared to US$8.9 million in 2005,
an increase of 65%.  Theatre operations revenue decreased to
US$16.9 million in 2006 from US$17.5 million in 2005.  Other
revenue was US$4 million in fiscal 2006, compared to US$3.2
million in fiscal 2005.

During the fourth quarter of fiscal 2006, the company recorded a
write-down of US$3.2 million related primarily to inventories,
property, plant and equipment and accounts receivable.  It also
recorded a deferred tax valuation allowance of US$6.2 million,
which equates to approximately US$0.15 per share, during the
fourth quarter of fiscal 2006.  This tax write down relates to
the company's current assessment that the ultimate utilization
of certain tax assets previously recorded on the balance sheet
may not be realized within a two-year period.

A full-text copy of the company’s first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?21bc

A full-text copy of the company’s fiscal 2007 report is
available for free at http://ResearchArchives.com/t/s?21bd

                      Management’s Comments

IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley
J. Wechsler stated, "We are pleased to complete our restatement
and [file] our 10-K and 10-Q [on July 20, 2007].  In recent
months we have been working very closely with the regulators,
our auditors, counsel, Audit Committee and Board to manage this
process, and are happy to be moving ahead unencumbered by the
overhang of delayed filings.  Most recently, we carefully
evaluated our accounting practices in light of comments received
from the staffs of the U.S. Securities and Exchange Commission
and Ontario Securities Commission, and, during the course of our
interaction with these regulators, decided that we should revise
our accounting policy as it relates to revenue recognition of
theatre systems.  The SEC and OSC inquiries remain ongoing.  As
for our performance to date in 2007, we are pleased to have had
19 signings completed in the first half of the year.  In
addition, our joint venture initiative is being positively
received by exhibitors due principally to the strength of our
film slate and the strong financial performance of the JV's that
have been installed to date.  While the Company navigated
several challenges in fiscal 2006, we believe IMAX is now well
positioned to expand our worldwide network and generate greater
recurring revenues.  Many of the events that impacted the
Company in fiscal 2006 are now behind us, and several compelling
growth opportunities lie ahead."

                         Joint Venture

In 2007 to date, IMAX has signed joint venture agreements for
five theatres: a two-theatre joint venture agreement with Regal
Cinemas in the first quarter and three-theatre deal with Muvico
Theaters in the second quarter.  Three of those five theatres
have since opened and have experienced strong early results, and
numerous discussions are ongoing both domestically and abroad.

During the first quarter, the company signed agreements for
13 IMAX(R) theatre systems, two of which were joint venture
arrangements and three of which were subject to certain
conditions.  The company recognized revenue on four theatre
systems in the first quarter and recognized one additional sale
of an existing system.  The company signed agreements for six
theatre systems in the second quarter of fiscal 2007.

"We are delighted with the ongoing strength of our film slate,
which has now featured five consecutive well-received films:
Happy Feet, Night at the Museum, 300, Spider-Man 3 and last
week's release of Harry Potter and the Order of the Phoenix,
with the finale in unparalleled IMAX(R) 3D.  For the last
several years, we have discussed the impact of the growing
theatre network on our film and other recurring revenues.  The
performance of Harry Potter 5, as well as our other recent
releases, is demonstrating the power of the expanded network.
In its first week, Harry Potter and the Order of the Phoenix
grossed US$11.6 million on 126 IMAX screens, compared to a first
week of US$5.5 million on 75 IMAX screens for Harry Potter and
the Goblet of Fire in 2005.  These increasingly strong results
not only impact our film revenues, but also our joint venture
arrangements, owned & operated theatre performance and ongoing
network royalties.  We have said that the network economics as
the number of global IMAX theatres expands are going to be
increasingly impressive, and this is strong evidence that this
is already happening.  With our terrific film slate, the
positive initial response to our joint venture initiative, and
the company on track to introduce our new digital platform in
late 2008 to mid-2009, we believe IMAX will see even greater
enhanced network growth, improved network economics and
increased recurring revenues going forward," concluded Messrs.
Gelfond and Wechsler.

                    About IMAX Corporation

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


PARMALAT SPA: NY Court Grants Final Okay to U$50 Mln Settlement
---------------------------------------------------------------
The Honorable Lewis Kaplan of the U.S. District Court for the
Southern District of New York gave final approval to a proposed
US$50 million settlement by:

   -- Banca Nazionale del Lavoro S.p.A. (BNL),
   -- Credit Suisse Group,
   -- Credit Suisse,
   -- Credit Suisse International, and
   -- Credit Suisse Securities (Europe) Ltd.

in the matter, "In re Parmalat Securities Litigation, Case No.
04-0030 (LAK)," Reuters reports.

During a July 19 brief hearing, Judge Kaplan approved the
settlement, under which Credit Suisse and Italy's bank BNL will
each pay US$25 million.  BNL of Italy is now owned by France's
BNP Paribas.  The judge also approved a reimbursement of
US$6 million to the plaintiff's attorneys.

The lawsuit alleged that Parmalat and numerous other defendants
participated in a fraudulent financial scheme, resulting in the
understatement of Parmalat's debt by nearly US$10 billion and
the overstatement of its net assets by over US$16 billion.
Parmalat ultimately filed for bankruptcy, and the value of its
stock and bonds dramatically declined.

Though some defendants agreed to settle the case, it will still
proceed against Parmalat S.p.A. (the successor to Parmalat
Finanziaria S.p.A.), financial institutions, two auditing firms,
and certain individuals.

In particular, the defendants not settling, against whom claims
are still pending in the class action, are:

     -- Bank of America Corp.,
     -- Bank of America, N.A.,
     -- Banc of America Securities Ltd.,
     -- Citigroup Inc.,
     -- Citibank N.A.,
     -- Eureka Securitisation plc,
     -- Deloitte Touche Tohmatsu,
     -- Deloitte & Touche USA LLP,
     -- Grant Thornton International,
     -- Grant Thornton LLP,
     -- Pavia e Ansaldo,
     -- Parmalat S.p.A., and
     -- numerous individuals.

In May 2004, the court appointed the law firms of Cohen,
Milstein, Hausfeld & Toll, P.L.L.C, of Washington, D.C., Grant &
Eisenhofer, P.A., of Wilmington, Del., and Spector Roseman &
Kodroff, P.C., of Philadelphia, Pa., to represent the plaintiffs
in the case.  These firms have been litigating this case since
that time, and they negotiated the partial settlement.

The settlement covers all investors, brokers, financial
institutions, and other nominees who bought the common stock or
bonds of Parmalat Finanziaria S.p.A. and its subsidiaries and
affiliates from Jan. 5, 1999, through and including
Dec. 18, 2003.

                        About Parmalat

Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


ALMATY HYDRO-GEOLOGY: Claims Registration Ends Aug. 31
------------------------------------------------------
OJSC Almaty Hydro-Geology has declared insolvency.  Creditors
have until Aug. 31 to submit written proofs of claims to:

         OJSC Almaty Hydro-Geology
         Geologicheskaya Str. 1
         Kargaly
         Jambylsky District
         Almaty
         Kazakhstan
         Tel: 8 (32842) 317-03-84


ARPA-XXI VEK: Creditors Must File Claims Aug. 28
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Arpa-XXI Vek 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


FIRM BMW: Claims Filing Period Ends Aug. 28
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Bmw 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


HOD KONYEM: Creditors' Claims Due on Sept. 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Production Enterprise - Hod Konyem 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


INALMAZZOLOTO OJSC: Claims Registration Ends Sept. 7
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared OJSC Foreign Diamond Gold - Inalmazzoloto insolvent on
June 13.

Creditors have until Sept. 7 to submit written proofs of claims
to:

         OJSC Foreign Diamond Gold – Inalmazzoloto
         Melnikaite Str. 7/1
         Almaty
         Kazakhstan
         Tel: 8 (3272) 29-52-83
              8 700 453 17-85


KARABULAK KDS: Proof of Claim Deadline Slated for Sept. 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Karabulak Kds insolvent on June 12.

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

         LLP Karabulak Kds
         Tauyelsyzdyk Str. 54-10
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-28-49
              8 701 487 22-65


KAZAKH GAS: Economic Court Started Bankruptcy Hearing on July 3
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has begun bankruptcy proceedings against CJSC Trade House Kazakh
Gas on July 3.

Creditors may submit their queries to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seyfullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


KAZAKH MORTGAGE: Moody's Rates US$7.1 Mln Class C Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service affirms these ratings of notes issued
by Kazakh Mortgage-Backed Securities 2007-1 B.V.:

   -- US$123,000,000 Class A Notes, A3 affirmed;
   -- US$11,300,000 Class B Notes, Baa2 affirmed;
   -- US$7,100,000 Class C Notes, Ba2 affirmed.

Moody's has reviewed the ratings of the notes issued by Kazakh
Mortgage-Backed Securities 2007-1 B.V. in respect of the
downgrade of Bank TuranAlem's Foreign Currency Senior Unsecured
Debt Ratings to Baa3 from Baa1 following the application of
Moody's revised JDA methodology to all banks rated by Moody's
(BTA BFSR is unchanged at D- and BTA Foreign Currency Deposit
Rating is unchanged at Ba1).  BTA is the Parent of Originator
and Servicer, BTA Ipoteka (unrated), and the provider of
servicing guarantee for Kazakh Mortgage-Backed Securities 2007-1
B.V.  The review was triggered by the potential impact of such
two notch Foreign Currency Senior Unsecured Debt Rating
downgrade on commingling risk in respect of collections from the
mortgage pool in case of default of the seller/servicer.

Affirmations of the notes' ratings are based on:

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

  (ii) The downgrade by BTA by two notches has marginally
       increased BTA's default risk.  Moody's has analyzed the
       incremental risk for the notes in respect of the true
       sale and commingling and concluded that it was limited.
       The potential impact on the servicing quality in case of
       the servicer's default is further mitigated by the back-
       up serving arrangement (with Halyk Bank as the contracted
       back-up servicer) that is in place since closing.

Kazakh Mortgage-Backed Securities 2007-1 B.V. was closed in
March 2007.  The ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal
final maturity.


POLESYE LLP: Claims Filing Period Ends Aug. 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Polesye 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


WELCOME LTD: Creditors' Claims Due on Sept. 4
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Welcome Ltd 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


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


EVELINA LLC: Creditors Must File Claims by August 29
----------------------------------------------------
LLC Evelina has declared insolvency.  Creditors have until
Aug. 29 to submit written proofs of claim to:

         LLC Evelina
         Micro District Vostok-5, 25-57
         Bishkek
         Kyrgyzstan
         Tel: (0-503) 21-67-46
              (0-502) 36-37-69


MEGAFOOD LLC: Proof of Claim Deadline Slated for August 31
----------------------------------------------------------
LLC Megafood has declared insolvency.  Creditors have until
Aug. 31 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 95- 24-04.


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


BAUSCH & LOMB: Declares Quarterly Dividend of US$0.13 Per Share
---------------------------------------------------------------
Bausch & Lomb Inc. declared a regular quarterly dividend of
US$0.13 per share on the common stock of the company.

The dividend is payable Monday, Oct. 1, 2007, to shareholders of
record at the close of the business day on Tuesday, Sept. 4,
2007.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                            *   *   *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the July
5, 2007 acquisition bid by Advanced Medical Optics Inc.


CNH GLOBAL: Earns US$228 Million in Second Quarter Ended June 30
----------------------------------------------------------------
CNH Global N.V. reported second quarter 2007 net income of
US$228 million, up 55%, compared to net income of US$147 million
in the second quarter of 2006.  Results included restructuring
charges, net of tax, of USUS$19 million in the second quarter of
2007, compared with US$7 million in the second quarter of 2006.
Net income excluding restructuring charges, net of tax, was
US$247 million, up 60%, compared to US$154 million in the prior
year.

First half 2007 net income of US$323 million was up 70%,
compared to net income of US$190 million in the first half of
2006.  Results included restructuring charges, net of tax, of
US$29 million in the first half of 2007, compared with US$10
million in the first half of 2006.  Net income excluding
restructuring charges, net of tax, was US$352 million, up 76%,
compared to US$200 million in the prior year.

                 Net Debt And Operating Cash Flow

Equipment operations net debt/cash position was net cash of
US$531 million on June 30, 2007, compared to net debt of US$6
million on March 31, 2007, and US$263 million on Dec. 31, 2006.

In the quarter, equipment operations net debt decreased by
US$537 million.  Operating activities, primarily from earnings
and changes in other assets and liabilities, generated US$583
million of cash in the quarter.  Working capital, net of
currency variations, decreased by US$12 million in the quarter.
Capital expenditures, in the quarter, were US$51 million.  Year-
to-date, equipment operations net debt has been reduced by
US$794 million, driven by US$913 million of cash generation by
operating activities.

At incurred currency rates, equipment operations working capital
on June 30, 2007, was US$2,105 million, up US$29 million from
US$2 billion at March 31, 2007.

              Case New Holland Inc. Notes Redemption

In June 2007, Case New Holland Inc. announced the redemption of
the full US$1 billion aggregate principal amount of its
outstanding 9-1/4% senior notes due 2011 on Aug. 1, 2007.

Rubin McDougal, CNH's chief financial officer, cited "CNH's
improved industrial and financial performance, high cash
balances, a commitment to improve CNH's balance sheet structure
while reducing interest expense and the continuing support of
the Fiat Group as the principal reasons behind the early
redemption.  We will permanently retire a portion of the notes,"
he said, "and refinance the balance through new term financing
available from Fiat Finance North America."

The redemption will have a net positive earnings impact over
time and will allow CNH to better manage its liquidity.  The
decision to redeem the notes also was facilitated by Standard
and Poor's raising of CNH's credit rating to BB+, with a
positive outlook, at the end of May.  One-time charges to redeem
the notes and write-off remaining unamortized issuance costs
will total approximately US$60 million and are expected to be
recorded in the third quarter of 2007.

Financial services net debt increased by US$1.7 billion to
US$6.7 billion on June 30, 2007, from US$4,977 million on March
31, 2007, driven primarily by financing of higher levels of
receivables.

"Our equipment operations gross margin rose 0.7 percentage
points compared with the second quarter last year -- our eighth
consecutive quarter of year-over-year gross margin improvement.
Our industrial operating margin rose 1.5 percentage points to
10.8%, making it the best quarterly margin in CNH history," said
Harold Boyanovsky, CNH president and chief executive officer.
"Our stronger performance reflects our revitalized brand,
customer and quality focus and stronger worldwide agricultural
and construction equipment industries.  We are reaffirming our
industrial operating margin target of between 7.6% and 8.4% for
the full year."

                         About CNH Global

Headquartered in Amsterdam, the Netherlands, CNH Global N.V.
(NYSE: CNH) -- http://www.cnh.com/-- is engaged in agricultural
and construction equipment businesses.  Supported by about
11,500 dealers in 160 countries, CNH brings together the
knowledge and heritage of its Case and New Holland brand
families with its worldwide commercial, industrial, product
support and finance organizations.  CNH Global N.V. is a
majority-owned subsidiary of Fiat S.p.A. (FIA.MI) (NYSE: FIA).

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on CNH Global N.V. and related entities to 'BB+' from
'BB' following the same rating action taken by Standard & Poor's
on CNH's parent company, Italy-based Fiat SpA.  The outlook is
positive.


ITRON INC: Earns US$7.2 Million in First Quarter Ended March 31
-------------------------------------------------------------
Itron Inc. reported net income of US$7.2 million for the first
quarter ended March 31, 2007, compared with net income of
US$7.1 million for the same period ended March 31, 2006.

Total revenues for the first quarter of 2007 of US$147.9 million
were approximately US$7.6 million, or 5%, lower than 2006 first
quarter revenues of US$155.6 million.

"First quarter revenues were in line with our projections and
our prior discussions about lower revenue expectations in the
first half of the year compared to the second half," said LeRoy
Nosbaum, chairman and chief executive officer.  "We had a tough
comparison this quarter given the exceptional first quarter we
had last year.  As we said coming into 2007, this will be an
interesting year as the industry builds momentum for AMI
(advanced metering infrastructure).  Our AMI development,
conversion to a new ERP system in the first quarter and other
activities produced some higher expenses.  Obviously our
highlight of the quarter was our acquisition of Actaris which
brings us a diversification of revenue and a geographical
platform that should allow for nice growth going forward."

Total gross margin of 41% was two percentage points lower
in the first quarter of 2007 compared with the same period of
2006.

Total operating expenses for the first quarter of 2007 were
US$52 million, an increase of approximately US$4 million
compared with the first quarter of 2006.  Research and
development expenses were higher in 2007 primarily related to
the advanced metering infrastructure (AMI) initiative, OpenWay.
General and administrative expenses were higher in 2007 due to
expenses related to the acquisition of Actaris, increased
professional services and depreciation expense associated with
the new ERP system and higher expenses related to maintaining
two corporate facilities, one of which is held for sale.

Stock-based compensation expenses of US$2.9 million were
US$800,000 higher than the US$2.1 million in 2006.

Interest income of US$6.1 million in the first quarter of 2007
was substantially higher than the US$362,000 in the comparable
period of 2006.

Net cash provided by operating activities was US$9 million for
the first quarter of 2007, compared with US$37 million in the
first quarter of 2006.  The decrease was primarily the result of
an increase in accounts receivable due to delayed invoicing and
decreased collection activity related to our conversion to a new
ERP system on Jan. 1, 2007.  Earnings before interest, taxes,
depreciation and amortization (EBITDA) in the first quarter of
2007, was US$22 million compared with US$29 million for the same
period in 2006.  The lower EBITDA in 2007 was due primarily to
decreased operating income.

At March 31, 2007, the company’s balance sheet showed
US$1.24 billion in total assets, US$606.3 million in total
liabilities, and US$632.8 million in total stockholders’ equity.

Full-text copies of the company’s consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?2027

                         About Itron Inc.

Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- provides
solutions to electric, gas and water utilities worldwide to
enable them to optimize the delivery and use of energy and
water.  Solutions include electric meters, handheld computers,
mobile and fixed network automated meter reading (AMR), advanced
metering infrastructure (AMI), water leak detection and related
software and services.  Additionally, the company sells
enterprise software to manage, analyze and forecast important
utility data.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2007,
Standard & Poor's Ratings Services lowered its ratings on Itron
Inc., including its corporate credit rating to 'B+' from 'BB-',
following the completion of the company's acquisition of Actaris
Metering Systems.


NXP B.V.: S&P Cuts Ratings to BB- on Weak Profits
-------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on The Netherlands-based semiconductor
manufacturer NXP B.V. to 'BB-' from 'BB'.  The outlook is
negative.

"The downgrade reflects the company's high financial leverage,
as its weaker-than-expected operating performance has continued
to affect profitability," said Standard & Poor's credit analyst
Patrice Cochelin.

At June 30, 2007, NXP had debt of EUR4.4 billion. In second-
quarter 2007, revenues declined by 4.8% on a comparable basis
year-on year (notably excluding currency and product
discontinuation impacts).  NXP's EBITDA in second-quarter 2007
was EUR14 million, down from EUR187 in second-quarter 2006.  The
EBITDA drop included the impact of restructuring charges of
EUR97 million in second-quarter 2007. Excluding restructuring
costs, the gross margin fell to 34.4%, from 39.2% in second-
quarter 2006, as factory utilization fell to 74% from 85%.  The
utilization rate was up from 69% in first-quarter 2007, however,
which should support sequential gross margin improvements in the
remainder of 2007.

As a result, debt represented about 5.5x EBITDA excluding
restructuring costs in the 12 months ended June 30, 2007, after
adjusting for operating leases and postretirement benefit
obligations.

"The negative outlook recognizes our limited visibility on the
company's operating prospects amid weak industry conditions,"
said Mr. Cochelin.

If operating performance deteriorates further over the coming
quarters it could result in a further downgrade. If operating
prospects show gradual improvements, however, the outlook could
return to stable.  Although small-sized acquisitions are likely
to be accommodated in the current rating, medium-sized ones, if
executed in the near term, could reduce the company's liquidity
or increase its leverage, which could increase ratings pressure.


SABIC INNOVATIVE: Moody's Assigns (P)Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a provisional corporate
family rating of (P)Ba2 to SABIC Innovative Plastics Holding
B.V., together with provisional ratings of:

   -- (P)Ba1 to the US$6.4 billion Senior Secured Credit
      Facilities; and

   -- (P)B1 to the US$1.95 billion Senior Notes and EUR590
      million Senior Notes both due 2015.

The outlook for all ratings is stable.

The provisional designation for ratings will be removed once
both series of notes have been issued and assuming no material
changes have occurred to the draft documentation reviewed by
Moody's.

On May 21, 2007, Saudi Basic Industries agreed to purchase GE
Plastics from General Electric through its 100%-indirectly owned
subsidiary SABIC Holding Europe B.V., which is the direct parent
of SIPH, for approximately US$11.6 billion, subject to certain
working capital-related adjustments.  The acquisition is
expected to be 70% debt financed with the balance funded through
a US$3.6 billion equity contribution from SABIC.

The (P)Ba2 corporate family rating assigned to SIPH reflects its
global leading positions in many segments of the engineering
thermoplastics market, underpinned by a portfolio of world
scale, cost competitive resin and compounding facilities located
across the three main regions and an extensive commercial and
distribution infrastructure that gives the group a global reach
and ensures proximity to a large and diverse customer base.
SIPH's business position also benefits from the high barriers to
entry that characterize the sector as a result of the high
capital intensity and technology content of the activities as
well as from above average growth prospects, particularly in
China and other emerging markets, fuelled by product
substitution, new requirements from customers keen to reduce
material and process costs, and regulatory developments.

The rating also incorporates significant credit enhancement
derived from the 100%, albeit indirect, ownership of SIPH by
SABIC.  In the context of the group's 2020 strategy pursued with
a view to diversifying its business profile towards specialty
products and capturing additional value along the chemical chain
as well as enhancing its resilience to the volatile
petrochemical cycle, the acquisition of GE Plastics represents a
key strategic move for SABIC.  It will gain access to GE
Plastics' value added technologies and innovation capabilities
as well as be able to leverage its global manufacturing and
commercial infrastructure (particularly in Asia), from which
additional synergies should arise as its Middle East-based Saudi
Kayan polycarbonate and Petrokemya ABS facilities come on stream
in 2010.  The deal will also give SABIC a significant footprint
in the U.S. market.

While, in line with its corporate policy, SABIC does not intend
to provide any guarantee in respect of SIPH's debt, SABIC
management has unequivocally stated that parental support would
be forthcoming for SIPH in the same way as it would for any of
the group's affiliates, should this become required.  It is
committed to ensure that SIPH's financial profile is able to
support its operational and strategic requirements and no
dividend is expected to be upstreamed from SIPH until its
standalone financial leverage has significantly reduced. The
highly strategic nature of the GE Plastics acquisition clearly
supports SABIC management's stance.

On a more cautious note, the rating takes into account SIPH's
inherent exposure to volatile raw materials costs (in particular
benzene and benzene derivatives) despite a certain degree of
backward integration achieved through participations in various
joint ventures, and to the cyclicality of the end-markets it
serves, in particular, automotive, electronics and construction.
That said, the implementation of significant price increases
amid tight supply conditions has, in recent years, helped
mitigate the effect of persistent cost inflation pressures on
the group's operating profitability with its EBITDA margin
remaining in the high teens/low twenties range.

The rating also reflects the significant financial leverage
taken on by SIPH to finance the acquisition as the group's
credit metrics are expected to be relatively weakly positioned
post-closing with Net Debt to EBITDA and FFO interest coverage
at around 7.5 and 1.7 times respectively.

While, in line with SABIC's stated intention, SIPH is expected
to apply 100% of its excess cash flow towards deleveraging, debt
is only forecast to gradually reduce over the intermediate term
and the expected improvement in SIPH's credit metrics will be
largely dependent upon robust EBITDA generation.  That said,
assuming the additional polycarbonate capacity due to come
onstream in the next few years gets absorbed by continuing
strong demand while elevated benzene prices retreats from their
current elevated level (in particular relative to crude oil),
SIPH's profitability should be further supported by the ongoing
strategic shift of its product mix towards higher margin,
innovative specialty products and restructuring action currently
underway.

The (P) Ba1 and (P)LGD assessment of LGD3 (34%) assigned to the
proposed US$5.4 billion senior secured term loan facility and
US$1.0 billion senior secured ABL revolving facility reflects
the significant protection afforded by a comprehensive
collateral package supporting these facilities.  The (P)B1 and
(P)LGD assessment of LGD5 (87%) assigned to the US$ equivalent
2.765 billion proposed senior unsecured notes reflect the
existence of substantial senior secured bank facilities ranking
ahead of the notes, which are expected to be the most junior
debt obligations within SIPH's post-closing liability structure,
ranking pari passu with all other unsecured liabilities of the
issuer.

Moody's has reviewed preliminary documentation with respect to
credit facilities and senior unsecured notes.  This
documentation contains certain carve-outs for the incurrence of
additional indebtedness which are customary for leveraged
companies.  For example there is a carve-out for the incurrence
of a certain type of subordinated debt, which is subordinated in
right of payment to all of the senior debt and must mature later
than the debt being rated.

In addition, this subordinated debt may not generally pay cash
interest until leverage is below a certain threshold.  This debt
may only be issued to SABIC and its affiliates and may be used
to prepay the debt being rated, to finance acquisitions, or
other corporate purposes.

Additionally documentation permits the incurrence of debt (with
limitations) at certain non-guarantor subsidiaries.  This is
designed to permit certain non-guarantor subsidiaries the
ability to finance local working capital needs or local facility
construction.  Moody's however understands from SABIC management
that it has no intention to make use of the flexibility afforded
by these provisions and no material usage of these carve-outs is
factored in the current ratings.

Incorporated in The Netherlands, SABIC Innovative Plastics
Holding B.V. is a global leading manufacturer of engineering
thermoplastics.  Based on the combined financial statements of
GE Plastics, the group had total revenues of US$6.6 billion in
the twelve months ended Dec. 31, 2006.


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


FRONTIER DRILLING: Moody’s Junks Proposed US$100 Million Loan
-------------------------------------------------------------
Moody's Investors Service assigned a Caa1 (LGD 5; 73%) to
Frontier Drilling ASA's proposed US$100 million second-lien
senior secured credit facilities and affirmed the B3 corporate
family rating and the B3 probability of default rating.

Moody's also upgraded the amended and upsized US$350 million
(from US$315 million) existing first-lien senior secured credit
facilities to B1 (LGD 2; 28%).  The outlook remains stable.

Based on Moody's Loss Given Default model, the first-lien senior
credit facilities are rated at B1, two notches above the
corporate family rating of B3 due to the substantial amount of
junior debt present within the capital structure and the fact
that the senior credit facilities have a first lien on all of
the assets of the company.  The Caa1 rating of the second lien
term loan B reflects its contractual subordination to all first
lien senior secured creditors and full guarantees of existing
and future subsidiaries of Frontier Drilling ASA.

The US$350 million of first lien credit facilities consist of a
US$290 million senior secured Term Loan B (upsized from US$265
million), and a US$60 million senior secured revolving credit
facility (upsized from US$50 million).  Both term loans were
used to fund the Discoverer and Deepwater upgrade projects.

Proceeds from the new and amended facilities are used to fund
the upgrading and project cost overruns for Frontier Discoverer
and Frontier Deepwater (P-II), and to pay for the maintenance of
Frontier's fleet.  Both ships are committed to long term
contracts with affiliates of Royal Dutch Shell following
refurbishment.  The Discoverer is currently en route to Alaska
to start working for Shell on a firm three year contract at
US$148,700 day rate.  Deepwater is scheduled for redeployment in
July 2008 also on a three year firm contract for Shell in West
Africa at US$209,270 per day.  Outlook for Frontier Drilling
remains stable.  The ratings are subject to final documentation
of the credit agreement.

The B3 CFR reflects Frontier's considerably higher leverage than
similarly rated oilfield services providers, especially when
incorporating the current and new non-recourse debt at
affiliated companies and the shareholder PIK subordinated notes.
While the debt at the other subsidiaries of FDR Holdings is non-
recourse to ASA and the PIK notes are subordinated to the first
lien facilities, Moody’s have consolidated them for CFR
purposes.  Fully consolidated debt plus shareholder subordinated
PIK notes, Frontier will have more than a US$1 billion of funded
debt.  While Moody's expects the family leverage to remain high
at least for the next 12 to 18 months, the B3 considers the
proximity and sources of the incremental cashflows that will
accommodate the high debt and bring the leverage profile more in
line with the B3 peer group over the next 12 to 18 months.
However, retention of the B3 CFR will depend on future
additional newbuilds being backed by firm contracts with major
oil and gas producers and sufficient junior capital to support
them.

The B3 also considers the ongoing risks associated with the
upgrade programs and the potential for further cost overruns
and/or delays which if experienced, could pressure liquidity and
the financial profile of the company if additional funding is
required or debt reduction is materially delayed.  In addition,
the ratings reflect the company's relatively specialized use and
aged drillship fleet and the inherently volatile offshore
contract drilling markets that could affect Frontier's ability
to rollover expiring contracts at comparable dayrates especially
in light of a significant number of newly built, high
specification semi-submersible rigs and drillships which are
expected to enter the market over the next couple of years
exerting pressure on the current strong fundamentals.

The B3 Corporate Family Rating is supported by Frontier's
position as a niche provider of offshore contract drilling and
production services to the oil and gas industry with some
vessels that have Arctic drilling capabilities; the firm, long-
term contracts for the upgraded drillships with affiliates of
Royal Dutch Shell provide visible cash flows for the ensuing
three years for each contract and also appear to contain certain
protections of cashflows against cancellation; the current
contracts for its two currently operating ships with Petronas,
and Petrobras, which provide cash flows to service the debt
while the upgrade of the Deepwater is completed and the
scheduled commencement of the Discoverer this month under its
contract with Shell; and the favorable outlook for the offshore
drilling market at least over the next year which should help in
supporting asset values.

The stable outlook assumes that the upgrade of the Deepwater (P-
II) vessel which is going to work under contract with Shell will
be done on time and within current budget and does not require
material additional funding ahead of cash flows.  The stable
outlook also assumes the continued supportive outlook for the
offshore drilling market fundamental; and the expectation that
Frontier obtains a new contract by the end of 2007 on Frontier's
Duchess drillship beyond the current contract due to end in
Q2'08, which will in turn provide additional cash flow
visibility through the next three to four years.

The credit facilities are issued at the Frontier Drilling ASA
entity a subsidiary of the parent FDR Holdings Ltd.  The credit
facilities are recourse to FDR but non-recourse to two other FDR
subsidiaries.  However, in terms of use of proceeds the debt is
non-transferable to FDR or any other subsidiaries.  The excess
cash flow sweep at Frontier Drilling ASA is structured that 75%
of the excess cash flow is required to pay down debt until
Debt/EBITDA falls below 2.0x, at which point the sweep falls to
50%.  There are no further step downs beyond the 50% level.  The
covenants are designed for rapid de-leveraging once all
contracted cashflow commence.  Currently FDR is engaged on two
major projects within two other subsidiaries.  Frontier
Drillships Ltd. is building the Bully, a newbuilt deepwater
drillship to be completed by the end of 2009.  Frontier Driller
Ltd, which owns and operates the vessel "Frontier Driller" is
another separate wholly owned subsidiary of FDR and currently
carries a non-recourse
US$230 million dollar credit facility unrated by Moody's,
however, the debt and associated cashflows have been
incorporated into the B3 CFR.

Frontier Drilling ASA is incorporated in Norway, however,
maintains its administrative offices in Houston, Texas.


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


CHEREPOVETS-METAL LLC: Creditors Must File Claims by July 30
------------------------------------------------------------
Creditors of LLC Cherepovets-Metal have until July 30 to submit
proofs of claim to:

         N. Ryabishin
         Insolvency Manager
         Office 302
         Lenina Str. 80
         Cherepovets
         162600 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13-2494/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Cherepovets-Metal
         Lenina Str. 80
         Cherepovets
         Vologda
         Russia


EXPO-SERVICE CJSC: Creditors Must File Claims by July 30
--------------------------------------------------------
Creditors of CJSC Expo-Service have until July 30 to submit
proofs of claim to:

         I. Shteynikov
         Insolvency Manager

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-669/05-24 B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Expo-Service
         Lugovaya Str. 6-a
         308015 Belgorod
         Russia


GAZPROM NEFT: Eyes to Hike Annual Crude Output by 6% in 2010
------------------------------------------------------------
OAO Gazprom Neft forecasts a six-percent increase in annual
crude oil production to over 35 million metric tons by 2010, RIA
Novosti reports.

The company plans to produce 33 million metric tons of oil this
year, RIA Novosti.  Gazprom Neft plans to stem oil output
decline this year and aims steady crude production growth.

Gazprom Neft has budgeted around RUR64.4 billion for its long-
term projects aimed at:

   -- developing the company's own electric power capacity;

   -- holding geological and seismic surveys at deposits;

   -- increasing resource base; and

   -- modernizing refineries.

                       About Gazprom Neft

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

                            *   *   *

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

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


GROSS PLUS: Creditors Must File Claims by July 30
-------------------------------------------------
Creditors of CJSC Gross Plus (TIN 7811127554) have until July 30
to submit proofs of claim to:

         B. Remnev
         Insolvency Manager
         Shpalernaya Str. 60
         191015 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-8572/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Gross Plus
         Voroshilova Str. 2
         193318 St. Petersburg
         Russia


INVEST-COM LLC: Creditors Must File Claims by July 30
-----------------------------------------------------
Creditors of LLC Invest-Com have until July 30 to submit proofs
of claim to:

         I. Yas’ko
         Temporary Insolvency Manager
         Post User Box 5973
         350007 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene on Nov. 10 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A-32-7057/07-38-220-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Invest-Com
         Uralskaya Str. 144
         350088 Krasnodar
         Russia


KRASNOURALSKOE CJSC: Names A. Lapuzin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kurgan appointed A. Lapuzin as
Insolvency Manager for CJSC Krasnouralskoe.  He can be reached
at:

         A. Lapuzin
         Myagotina Str. 179-29
         664002 Kurgan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-2204/05.

The Debtor can be reached at:

         CJSC Krasnouralskoe
         Kr.Uralets
         Yurgamskiy
         Kurgan
         Russia


KUBANSKAYA OIL: Court Names E. Leyliyan as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnodar appointed E. Leyliyan as
Insolvency Manager for OJSC Kubanskaya Oil and Gas Company.  He
can be reached at:

         E. Leyliyan
         Office 428
         Krasnaya Str. 180
         Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-28650/2006-2/2672-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Kubanskaya Oil and Gas Company
         Zoi Kosmodemyanskoj Str. 1
         Krasnodar
         Russia


MOSCOW STARS: Fitch Rates Class B Notes at BB
---------------------------------------------
Fitch Ratings has assigned Moscow Stars B.V., Class A and Class
B final ratings of 'BBB' and 'BB', respectively, with Stable
Outlooks.  The Class C notes are unrated.

The transaction is a securitization of first-ranking residential
mortgage loans denominated in US$, together with their ancillary
rights.  The loans are secured on properties located in the
Russian Federation (rated 'BBB+'/'F2'/Stable Outlook).

The originator and seller of the mortgage portfolio is
Moskommertsbank, a bank incorporated under the laws of Russia.
The transaction totals US$184.4 million and represents the first
publicly rated RMBS transaction from this Russian bank.

"Fitch expects further activity from the leading banks in Russia
to support the continued expansion of the banking sector and,
more specifically, the high growth that has been seen in this
asset class and is expected to continue for the foreseeable
future," says Antonio Corbi, Associate Director in Fitch's
Emerging Markets Structured Finance team.

The final ratings are based on the quality of the collateral,
the available credit enhancement, the underwriting and servicing
capabilities of MKB, and the integrity of the legal structure of
the transaction.  The ratings address timely payment of interest
and ultimate payment of principal in accordance with the terms
of the notes.

Initial credit enhancement of 16.4% for the Class A notes has
been provided by subordination of the Class B notes (9%) and the
Class C notes (2.5%) and a reserve fund equating to 5.5% of the
initial principal amount outstanding of the notes.

The underlying loans and the notes are both denominated in US$
and therefore the transaction does not need a foreign currency
exchange swap.  To mitigate the interest rate mismatch between
the fixed-rate US$ assets and the floating US$ Libor payable on
the notes, the issuer has entered into a full balance guaranteed
fixed-to-floating swap with Barclays Bank PLC, (rated
'AA+'/'F1+'/Outlook Negative) and Raiffeisen Zentralbank
Osterreich AG (rated Support '1').

Although the transaction does not need to provide coverage for
transfer and convertibility risk since it is rated below the
Country Ceiling of the originator, the transaction may be
vulnerable to other event risks such as government intervention
- including the expropriation of property and a possible
redenomination of the currency in which the assets are
denominated.  These factors become more risky when the rating is
above the sovereign and Country Ceiling, as the government
concerned is deemed to be in a very difficult situation at such
a time.  However, in Fitch's view, these risks are not
associated with the final ratings of the notes.

Legal opinions for the transaction confirmed that the essential
components of a true sale were achieved under the transaction
documents, but carry some qualifications.  While the structural
features of the transaction adequately mitigate these
uncertainties, the final ratings are nonetheless partly credit-
linked to the originator.

MKB is majority-owned and controlled by Kazkommertsbank (rated
'BB+'/'F3'/Outlook Positive), a bank incorporated under the laws
of the Republic of Kazakhstan and one of the largest commercial
banks in the country.


NATIONAL RESERVE: Fitch Lifts Ratings to BB+ with Pos. Outlook
--------------------------------------------------------------
Fitch Ratings has upgraded Russia-based National Reserve Bank's
National Long-term rating to 'BB+(rus)' from 'BB(rus)'.
Following the upgrade, the Outlook is now positive.  At the same
time, Fitch affirmed NRB's Long-term Issuer Default Rating 'B-',
Short-term IDR 'B', Individual 'D/E' and Support '5'.  The
Outlook on the IDR is revised to Positive from Stable.

"The upgrade and the Positive Outlooks reflect a continued and
expected ongoing decline in the market risk driven by planned
reductions in the bank's large Gazprom stock position," says
Dmitri Angarov, Associate Director of Fitch's Financial
Institutions team in Moscow.  "Fitch also positively views the
gradual development of NRB's commercial franchise, especially in
the mortgage and large corporate lending businesses, which
should help to reduce business concentrations and improve core
earnings quality."  The ratings also continue to reflect strong
capitalization and the bank's healthy liquidity profile.  At the
same time, the ratings also factor in NRB's high single equity
risk exposure, lack of commercial franchise and low-quality
income due to volatile trading gains.

NRB continued to reduce its Gazprom position according to its
shareholders' plan in 2005 and 2006 and budgeted for a further
reduction in 2007. However, this may change should any
opportunity for stock price appreciation arise.  NRB's loan book
also displayed significant growth in 2006 (55%, excluding client
repurchase transactions and promissory notes).  In H107, it grew
by a further 32%, largely driven by corporate and mortgage
lending businesses.  As a result, the customer loans/assets
ratio grew to 26% at end-2006, up from 16% at end-2005.  The
interest income mostly earned on plain vanilla loans began to
contribute a larger proportion of bank's operating revenues in
2006, allowing the bank to break even if gains from Gazprom
stock were excluded.

The prudent allocation of funds released from further reductions
in equity positions, including continuous expansion of the
bank's franchise, driving the diversification of its core
revenues and the balance sheet, are positive factors in NRB's
ratings.  Downside pressure is not likely, but might arise from
weakened capitalization driven by stock market disruptions
and/or very large distributions to shareholders.

NRB is a part of the larger National Reserve Corporation that is
owned by the three business partners: Mr. Lebedev (70% in NRC),
currently the deputy of the ruling party in the Russian State
Duma; Mr. Kudimov (15%), NRB's current president; and Mr.
Danilitsky (15%).  NRB's long-term strategic focus envisions
reduction of its single-equity risk exposure and gradual
development of its commercial franchise, including expansion
into new regions, faster growth of loans to large corporates and
medium-sized regional customers, and more conservative mortgage
lending.


NIVA LLC: Creditors Must File Claims by Aug. 30
-----------------------------------------------
Creditors of LLC Niva have until Aug. 30 to submit proofs of
claim to:

         A. Khludentsov
         Insolvency Manager
         Apartment 17
         Michurinskaya Str. 106
         392018 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A08-669/05-24 B.

The Debtor can be reached at:

         LLC Niva
         Khlebnaya Str. 1
         Sarymovka
         Morshanskiy
         Tambov
         Russia


NIZHNEVOLZSHKAYA COMPANY: Creditors Must File Claims by July 30
---------------------------------------------------------------
Creditors of CJSC Nizhnevolzshkaya Company have until July 30 to
submit proofs of claim to:

         S. Zelenchenkov
         Insolvency Manager
         Office 24
         Lenina Pr. 64
         Volzhskiy
         404110 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-6839/07-s58.

The Debtor can be reached at:

         CJSC Nizhnevolzshkaya Company
         Puskina Str. 39
         Zolzhskiy
         Volgograd
         Russia


NOVONIKOLSKIY: Creditors Must File Claims by Aug. 30
----------------------------------------------------
Creditors of Statee Enterprise Breeding Factory Novonikolskiy
have until Aug. 30 to submit proofs of claim to:

         V. Zorin
         Insolvency Manager
         Post User Box 4608
         656049 Barnaul
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene at 9:30 a.m. on Oct. 10 to hear the bankruptcy
supervision procedure.  The case is docketed under Case No. AO3-
225/07-B.

The Debtor can be reached at:

         Statee Enterprise Breeding Factory Novonikolskiy
         Parkovaya Str. 25
         Nikolsk
         Zmeinogorskiy
         658464 Altay
         Russia


ROS-TEKH-TRANS: Creditors Must File Claims by July 30
-----------------------------------------------------
Creditors of LLC Ros-Tekh-Trans have until July 30 to submit
proofs of claim to:

         S. Volkhov
         Temporary Insolvency Manager
         Post User Box 6952
         614068 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A50-6275/2007-B2.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Ros-Tekh-Trans
         Khasana Str. 1
         614000 Perm
         Russia


ROSNEFT OIL: CEO Sergei Bogdanchikov May Quit if Elected to Duma
----------------------------------------------------------------
Sergei Bogdanchikov, chief executive of OAO Rosneft Oil Co., may
resign from his post if he is elected to the State Duma in the
December elections, Vedomosti reports.

The pro-Kremlin United Russia party has listed Mr. Bogdanchikov
and Nikolai Borisenko as possible candidates for Sakhalin
representative posts, Vedomosti relates.

United Russia will decide on a final list of candidates for
Russia's parliament by September, Vedomosti said.

Vedomosti suggests that Mr. Bogdanchikov's popularity may help
hike United Russia's ratings in Sakhalin.

                          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.
S&P said the outlook is positive.


RUSFINANCE BANK: Moody's Puts E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned these ratings to Rusfinance
Bank (Russia):

   -- Baa2 long-term and Prime-2 short-term local and foreign
      currency deposit ratings;

   -- E+ bank financial strength rating;

   -- Aaa.ru long-term National Scale Rating.

The outlooks on all global scale ratings are stable, while the
bank's NSR carries no specific outlook.

Moody's global scale deposit ratings reflect global default and
loss expectations, while the national scale Aaa.ru rating (NSR)
reflects the standing of the bank's credit quality relative to
its domestic peers.

According to Moody's, the E+ BFSR assigned to Rusfinance Bank
reflects its growing franchise in retail lending and its good
geographical coverage, which ensures wide customer reach and
allows it to compete with targeted market leaders in the car
finance and express lending segments.  Rusfinance Bank's BFSR
also benefits from the wide-ranging assistance of its parent and
ultimate controlling shareholder, Societe Generale (Aa1/Prime-
1/B), in the areas of IT, risk management and staffing at senior
management level.

At the same time, Moody's cautions that the rating is
constrained by the bank's short track record, relatively modest
scale of operations, high reliance on a single business line and
by the fierce competition in Russia's consumer finance segment.
Additionally, the bank's high reliance on wholesale funding
sources and, to date, volatile financial performance further
constrain the E+ BFSR.

Moody's explains that Rusfinance Bank's Baa2/Prime-2 local
currency deposit ratings incorporate the very high probability
of parental support from Societe Generale, resulting in a five-
notch uplift from the bank's Baseline Credit Assessment of B1.
Moody's assessment of a very high probability of parental
support for the bank is based on:

   (i) management control of RFB by Societe Generale;

  (ii) RFB's close association with Societe Generale's brand
       name; and

(iii) the strategic fit and level of commitment of its parent.

RFB, the consumer funding arm of Societe Generale's business in
Russia, has operated since 2005 via Rusfinance SAS (a consumer
credit company, not rated).  During 2005 and 2006, the French
group acquired majority stakes in Samara-based Promek Bank and
Moscow-based SKT Bank, both specializing in car financing.  The
transfer of the car loan activity from SKT to Rusfinance Bank (a
descendant of Promek Bank) was achieved in 2006.

Rusfinance Bank now operates in over 55 regions and plans to
expand to 70 of Russia's 86 regions by 2008.  As at year-end
2006, Rusfinance Bank reported total IFRS consolidated assets of
US$835 million and was among the top-four banks in the lines of
business in which it specializes: car lending and point-of-sale
lending.


STRIP MINE: Creditors Must File Claims by July 30
-------------------------------------------------
Creditors of OJSC Ureyskiy Coal Strip Mine have until July 30 to
submit proofs of claim to:

         A. Glagolev
         Temporary Insolvency Manager
         Post User Box 852
         672051 Chita-51
         Russia

The Arbitration Court of Chita commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A78-1686/2007-B-214.

The Debtor can be reached at:

         OJSC Ureyskiy Coal Strip Mine
         Kirova Str. 4
         Duldurga
         Aginskiy Buryatskiy
         Russia


TANTAL-M CJSC: Creditors Must File Claims by Aug. 30
----------------------------------------------------
Creditors of CJSC Tantal-M have until Aug. 30 to submit proofs
of claim to:

         A. Elgaev
         Insolvency Manager
         Office 302
         Chernyshevskogo Str. 94 B
         410056 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-15308/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Tantal-M
         50 Let Oktyabrya Pr. 110 A
         410040 Saratov
         Russia


TRAKT-NKH CJSC: Court Names V. Frolov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Voronezh appointed V. Frolov as
Insolvency Manager for CJSC Trakt-NKH.  He can be reached at:

         V. Frolov
         Post User Box 4
         394008 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-7503-2005 48/7b.

The Court is located at:

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

The Debtor can be reached at:

         V. Frolov
         Post User Box 4
         394008 Voronezh
         Russia


VICHUGA-CONTRACT: Creditors Must File Claims by July 30
-------------------------------------------------------
Creditors of OJSC Vichuga-Contract of Ivanovo Region (TIN
3717000144) have until July 30 to submit proofs of claim to:

         I. Borzov
         Temporary Insolvency Manager
         Office 207
         Bagaeva Str. 17
         Ivanovo
         Russia

The Arbitration Court of Ivanovo commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A17-1920/07-1-B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vichuga-Contract of Ivanovo Region
         Komsomolskaya Str. 1
         Staraya Vichuga
         Vichugskiy
         Ivanovo
         Russia


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


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

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

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

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final legal
maturity date for series A1, A2, B and C and for ultimate
payment of interest and principal at par on or before the rated
final legal maturity date for Class D.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors

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

   (1) a strong swap agreement, which guarantees 55 bp p.a of
       excess spread;

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

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

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

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

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

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

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

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

Moody's based its rating on:

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

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

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


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


ASG BAUMANAGEMENT: Claims Registration Period Ends August 6
-----------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against LLC ASG Baumanagement on May 10.

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

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         LLC ASG Baumanagement
         Buhlstrasse 1
         6038 Gisikon LU
         Switzerland


GISE LLC: Claims Registration Period Ends August 9
--------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC GISE on June 12.

Creditors have until Aug. 9 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC GISE
         Hauptstrasse 18
         8564 Engwilen
         Switzerland


HALFEN-MOBATEC JSC: Creditors' Liquidation Claims Due August 8
--------------------------------------------------------------
Creditors of JSC Halfen-Mobatec have until Aug. 8 to submit
their claims to:

         JSC HPF Revision und Wirtschaftsberatung
         Liquidator
         Dynamostrasse 5
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Halfen-Mobatec
         Otelfingen
         Dielsdorf ZH
         Switzerland


ISIOLO NATURSTEINSTECHNIK: Claims Registration Ends Aug. 6
----------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Isiolo Natursteinstechnik on June 13.

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

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8026 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Isiolo Natursteinstechnik
         Heinrichstrasse 208
         8005 Zurich
         Switzerland


ISU INFORMATION: Creditors' Liquidation Claims Due August 9
-----------------------------------------------------------
Creditors of JSC ISU Information Systems Unlimited have until
Aug. 9 to submit their claims to:

         Kurt Walter
         Liquidator
         J.C. Fischerstrasse 16
         8200 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC ISU Information Systems Unlimited
         Schaffhausen
         Switzerland


KIES & BETON: Creditors' Liquidation Claims Due August 6
--------------------------------------------------------
Creditors of JSC Kies & Beton have until Aug. 6 to submit their
claims to:

         Armin Muhlebach
         Liquidator
         Untermuhlestrasse 24
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Kies & Beton
         Uster ZH
         Switzerland


M & B INOVA: Creditors' Liquidation Claims Due August 6
-------------------------------------------------------
Creditors of LLC M & B Inova have until Aug. 6 to submit their
claims to:

         Hiltmann Bruno
         Liquidator
         Sagi 3
         8833 Samstagern
         Switzerland

The Debtor can be reached at:

         LLC M & B Inova
         Ernen
         Goms VS
         Switzerland


NOVELIS INC: Will Invest US$9 Million in New York Plant
-------------------------------------------------------
Novelis Inc. is investing approximately US$9 Million in its
plant Oswego, New York, to increase production of aluminum sheet
ingot, the starter stock for the rolling process.  The
investment will include the installation of an aluminum melting
furnace with industry-leading technology that will provide
increased energy efficiency and reduced cycle time.  The new
ingot production will be brought on line within 12 months.

This investment is part of Novelis' ongoing program to secure
long-term, low-cost sheet ingot supply for its operations.

"This announcement follows the recent acquisition of Novelis by
Hindalco Industries Limited and demonstrates our new owner's
strategic commitment to our business," said Kevin Greenawalt,
President of Novelis North America.  "Our customers will benefit
as we become ever more flexible in meeting their requirements
for high-value aluminum products, such as those produced with
our Novelis Fusion(TM) technology."

Buddy Stemple, Vice President, Specialty Products for Novelis
North America, said: "The investment will unlock capacity in our
existing ingot casting operations, and will improve our ability
to switch between alloy types and manage our product mix.  It
will reduce production bottlenecks and help accelerate delivery
times to our customers."

The Oswego plant is Novelis' largest wholly owned aluminum
fabrication facility.  Equipped for aluminum recycling and
remelting, ingot casting, and hot and cold rolling, the plant
generates premium aluminum sheet products used by the
automotive, appliance, beverage can, building and construction,
commercial transportation and industrial markets.  The plant
currently employs approximately 700 people.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.


NOVELIS INC: Fitch Holds B Issuer Default Rating w/ Neg. Outlook
----------------------------------------------------------------
Fitch Ratings affirmed the Issuer Default Rating for Novelis,
Inc. and Novelis, Corp. at 'B' and assigned a negative rating
outlook.

The company's previous senior secured bank debt ratings have
been withdrawn.  Ratings for the new credit facility of 'BB'
were assigned and the senior unsecured debt ratings have been
affirmed as:

Novelis, Inc.

    -- IDR 'B';
    -- Senior secured asset-based revolver 'BB/RR1';
    -- Senior secured term loan B 'BB/RR1';
    -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

    -- IDR 'B';
    -- Senior secured asset-based revolver 'BB/RR1';
    -- Senior secured term loan B 'BB/RR1'.

The rating outlook is negative.  About US$2.4 billion of debt is
affected by the ratings.

The ratings action resolves Fitch's Rating Watch Negative for
Novelis.  Novelis' ratings were placed on rating watch negative
following the company's announcement that it had reached an
agreement to be acquired by Hindalco Industries Limited.  The
transaction has been completed, and total debt currently
outstanding at Novelis is substantially similar to the amount
outstanding pre-transaction.

Fitch notes that given the expiration of the change-of-control
offer for the senior unsecured notes, the notes no longer
benefit from the credit protection offered by the change-of-
control provision, and therefore carry greater credit risk,
although the ratings on the notes remain unchanged.  Novelis
made the requisite change-of-control offer for the notes at 101%
of par, and US$841,000 of the notes were tendered.

The negative outlook reflects the adverse impact of contractual
price ceilings on Novelis' financial performance over the past
several quarters, which is likely to continue through at least
the first half of 2007.  Improved financial performance stemming
from a reduction or elimination of the price ceilings over the
next few quarters could contribute to a review of the Outlook.

Fitch also has concerns about the permanent financing structure
of the special purpose vehicle Hindalco created in Canada to
fund the purchase of Novelis' equity, and how the SPV's debt
will be serviced.  Although certain of the notes' covenants
limit the extent of potential withdrawals by the parent, Fitch
believes credit risk is present due to the potential for this or
similar such actions.  Fitch recognizes the resolution of
several internal control issues, key leadership vacancies and
other concerns associated with the company's public filing
status that had previously contributed to the negative outlook.

Novelis' current ratings are supported by the company's leading
market position, strong and flexible asset base, emphasis on
innovation and value-added applications, and solid cash-
generating potential.  Ratings concerns focus on high leverage,
inflexible contract pricing with some customers, near-term cash
flow constraints, high and volatile aluminum prices and some
remaining material weaknesses in internal controls.

While Novelis is strategically important to Hindalco, Fitch does
not expect to link Novelis' ratings to Hindalco's ratings if
Hindalco is assigned an international rating in the future.
Fitch believes the credit linkages between Novelis and Hindalco
are weak to moderate due to a low level of expected operational
integration, a lack of formal credit support, and restrictions
on upstream dividends.

The different jurisdictions of the two companies also support
separate ratings.  These factors outweigh Hindalco's ownership
of Novelis and the presence of several Hindalco representatives
on Novelis' Board of Directors.  A factor that could change
Fitch's position on linkages between the two companies is the
final financing structure of the SPV Hindalco created in Canada
to fund the purchase of Novelis' equity.  The SPV is currently
funded with US$3.0 billion of bank facilities with terms of 18
months.

Fitch rates the debt of Hindalco Industries Ltd. 'AAA (ind)' on
a national ratings basis in India.  The ratings have been placed
on Rating Watch with Negative implications.  Fitch expects to
resolve the Rating Watch as Hindalco's financing details are
further finalized.  Hindalco's current ratings denote the best
credit risk relative to all other issuers or issues in the
country.  This rating is therefore not directly comparable to
the North American ratings on Novelis.


PBW PHYSIKALISCHE: Creditors' Liquidation Claims Due August 6
-------------------------------------------------------------
Creditors of JSC PBW Physikalische Therapie have until Aug. 6 to
submit their claims to:

         Esther Wittwer
         Liquidator
         Eygassli 16
         3550 Langnau
         Signau BE
         Switzerland

The Debtor can be reached at:

         JSC PBW Physikalische Therapie
         Bern
         Switzerland


PELIKAN HANDEL: Creditors' Liquidation Claims Due August 6
----------------------------------------------------------
Creditors of JSC Pelikan Handel have until Aug. 6 to submit
their claims to:

         Peter Wursch
         Liquidator
         JSC Wursch Treuhand
         Sonnenbergstrasse 23
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Pelikan Handel
         Hergiswil NW
         Switzerland


REUTELER ENGINEERING: Creditors' Liquidation Claims Due August 6
----------------------------------------------------------------
Creditors of JSC Reuteler Engineering have until Aug. 6 to
submit their claims to:

         Christoph Reuteler
         Liquidator
         Rigiweg 5
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Reuteler Engineering
         Hergiswil NW
         Switzerland


SWISS CALL: Claims Registration Period Ends August 6
----------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Swiss Call Kommunikationsfabrik on March 30.

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

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Swiss Call Kommunikationsfabrik
         Feldeggstrasse 5
         8008 Zurich
         Switzerland


WELL GUNDE: Creditors' Liquidation Claims Due August 6
------------------------------------------------------
Creditors of LLC Well Gunde have until Aug. 6 to submit their
claims to:

         R. Mosimann
         Liquidator
         Baarerstrasse 12
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Well Gunde
         Zug
         Switzerland


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


* Fitch Affirms Bursa's B+ Currency Ratings with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed Turkish Metropolitan Municipality of
Bursa's Long-term foreign and local currency ratings at 'B+'.
The Outlook is Stable.

The ratings reflect the municipality's high capital expenditure
on the light railway extension and landmark projects, which may
result in a budget deficit, and large un-hedged foreign-currency
exposure.  The ratings also reflect Bursa's strong fiscal
performance, economic out-performance compared to the national
economy and relatively debt-free public sector.  The Stable
Outlook reflects that, in spite of an expected rise in debt,
higher revenue from a forecast out-performance of the local
economy should result in higher revenue growth, allowing for
debt coverage ratios to remain satisfactory.

Bursa's economy has become more diversified and the increase in
value-added production has compensated somewhat for the large
population inflows in the last decade, which have stabilized
recently.  Operating balance has grown to an average of 52.8% of
operating revenue in 2006 from 50.7% in 2002-2006.  However, in
the light of the ambitious capital expenditure program
implemented in 2006, the municipality posted a deficit before
debt variation.  Although this translated into a minor overall
budget deficit for the first time since 2002, the
administration's ability to adjust expenditure to revenue growth
as it had done in 2003-2005 provides some comfort in this
regard.

The metropolitan municipality of Bursa is located in north-west
Turkey and is one of the largest of the country's 16
metropolitan areas.  It has a population of around 2 million and
accounts for 4% of national GNP.  The administration's main
responsibilities are investment-driven, primarily in
infrastructure, as well as the provision of metropolitan
services such as public transport.


* Fitch Affirms Istanbul's Ratings at B with Stable Outlook
-----------------------------------------------------------
Fitch Ratings has affirmed the Metropolitan Municipality of
Istanbul's ratings at Long-term foreign and local currency 'BB-'
and Short-term foreign currency 'B'.  The Outlook is Stable.

The ratings reflect Istanbul's ongoing strong operating
performance, wide expenditure flexibility given the large
proportion of capital expenditure in its budget and stronger-
than-national average socio-economic profile.  The ratings also
take into account the municipality's limited revenue flexibility
and the considerable indirect risk stemming from municipal
companies and entities.  The ratings and Outlook are in line
with those of the Republic of Turkey ('BB-'/'B'/Outlook Stable).
Fitch expects that the strong operating balance of the
municipality should help maintain its comfortable debt coverage
ratios despite an expected increase in direct and indirect risk.

MMI continues to post strong operating surpluses.  However,
given the municipality's continued significant investments, MMI
has recorded overall budget surpluses in four of the past five
years.  Operating performance in 2006 was also strong and
operating margins in excess of 50% were among the highest of all
the Turkish municipalities rated by Fitch.  Projections indicate
continued robust operating performance, but large strategic
investment plans will result in overall budget deficits

The municipality benefits from wide expenditure flexibility,
reflecting its significant capital expenditure component in the
budget.  Nevertheless, flexibility on the revenue side is
limited as a large proportion of its taxes are received through
tax-sharing, which is set and controlled by the central
government.  Therefore, the municipality's credit profile can be
directly negatively affected by the central government's
policies and actions through changes in the percentage
allocation under the national tax-sharing scheme.

Istanbul plays a key role in Turkey's economy as its GDP
accounts for close to 23% of the national total and for around
43% of national tax collection.  In addition, income per capita
in Istanbul was 43% higher than the national average in 2006.

MMI has significant indirect risk, as the overall public sector
debt rises considerably when municipal companies and entities
are included.  Furthermore, as the bulk of the indirect debt is
in unhedged foreign currency, this poses considerable foreign
exchange risk to the municipality.  The municipality plans to
accelerate its investment plan in the area of urban transport
and forecasts to take on significant debt in the medium-term.
However, the debt burden is projected to remain low, with a debt
payback of less than one year, given the expected dynamic
revenue growth.

Istanbul is both a province and a city. With over 11.7 million
inhabitants, it plays a key role in Turkey's economy, as it is
the country's main financial centre. The responsibilities of MMI
are focused on investment, primarily in infrastructure and also
in the provision of metropolitan services such as public
transport and water.


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


COMPANY-NOVA LLC: Proofs of Claim Deadline Set July 28
------------------------------------------------------
Creditors of LLC Company-Nova (code EDRPOU 31839582) have until
July 28 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. 15/121-b.

The Debtor can be reached at:

         LLC Company-Nova
         Patrice Lumumba Str. 3
         01042 Kiev
         Ukraine


EKSIM-SERVICE-LUX: Proofs of Claim Deadline Set July 28
-------------------------------------------------------
Creditors of LLC Eksim-Service-Lux (code EDRPOU 33103623) have
until July 28 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. 23/228-b.

The Debtor can be reached at:

         LLC Eksim-Service-Lux
         Shchors Str. 29
         Kiev
         Ukraine


ELADA PLUS: Proofs of Claim Deadline Set July 28
------------------------------------------------
Creditors of LLC Elada Plus EA (code EDRPOU 33096999) have until
July 28 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. 15/176-b.

The Debtor can be reached at:

         LLC Elada Plus EA
         Vozdukhoflotsky Avenue 21-2
         03049 Kiev
         Ukraine


INCOME PROVISION: Proofs of Claim Deadline Set Juy 28
-----------------------------------------------------
Creditors of LLC Income Provision (code EDRPOU 34287905) have
until July 28 to submit written proofs of claim to:

         Denis Maliuska
         Liquidator
         Apartment 48
         Lukianovskaya Str. 63
         04071 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/232-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Income Provision
         Apartment 175
         Zabolotny Str. 126/1
         03127 Kiev
         Ukraine


KERINEYA GRAND: Proofs of Claim Deadline Set July 28
----------------------------------------------------
Creditors of LLC Kerineya Grand (code EDRPOU 33830314) have
until July 28 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. 23/227-b.

The Debtor can be reached at:

         LLC Kerineya Grand
         Kikvidze Str. 13
         Kiev
         Ukraine


LADA-SERVICE CJSC: Proofs of Claim Deadline Set July 28
-------------------------------------------------------
Creditors of CJSC Lada-Service (code EDRPOU 05795197) have until
July 28 to submit written proofs of claim to:

         Vitaly Bolkhovitin
         Liquidator
         Apartment 411
         Hmelnickiy Highway Str. 2
         Vinnica
         Ukraine

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

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lada-Service
         Mechnikov Str. 4
         Vinnica
         Ukraine


ORTEM LLC: Proofs of Claim Deadline Set July 28
-----------------------------------------------
Creditors of LLC Ortem (code EDRPOU 33297619) have until July 28
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. 23/226-b.

The Debtor can be reached at:

         LLC Ortem
         Krasnotkatskaya Str. 78
         Kiev
         Ukraine


PETROLEUM IMPEX: Proofs of Claim Deadline Set July 28
-----------------------------------------------------
Creditors of LLC Petroleum Impex (code EDRPOU 32340170) have
until July 28 to submit written proofs of claim to:

         Igor Kapeliushny
         Liquidator
         P.O. Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/275-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Petroleum Impex
         Rileyev Str. 10
         Kiev
         Ukraine


PIVDENNYI BANK: Moody's Rates US$100 Mln Sr. Unsec. Notes at B1
---------------------------------------------------------------
Moody's Investors Service, Inc. assigned a rating of B1 on
July 23, 2007 to US$100 million Loan Participation Note due 2010
issued by Standard Bank Plc on a limited recourse basis for the
sole purpose of funding an unsecured and unsubordinated loan to
Bank Pivdennyi.  The outlook on the rating is stable.

Moody's notes that holders of the notes will be relying for
repayment solely and exclusively on the ability of Pivdennyi to
make payments under the loan agreement.  Moody's B1 rating is
based on the fundamental credit quality of Pivdennyi and is not
constrained by Ukraine's Ba3 (positive outlook) foreign currency
sovereign ceiling for bonds.

The obligations of Pivdennyi to make payments under the loan
agreement will rank at all times at least pari-passu in right of
payment with the claims of all its other unsecured creditors,
save those whose claims are preferred by any relevant law.
According to Ukrainian legislation, accounts of individuals are
ranked senior in right of payment to the claims under the loan
agreement.  The loan agreement contains covenants such as
negative pledge, cross default, maintenance of NBU required
capital adequacy, limitations on mergers, disposals,
transactions with affiliates and restriction on payments of
dividends.

Bank Pivdennyi is headquartered in Odesa, Ukraine and as of Dec.
31, 2006 reported total IFRS assets of US$4,410 million and
US$14.2 million of net profit for 2006.


RELIFE LLC: Proofs of Claim Deadline Set July 28
------------------------------------------------
Creditors of LLC Relife (code EDRPOU 33833954) have until
July 28 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. 23/225-b.

The Debtor can be reached at:

         LLC Relife
         Pestel Str. 11
         Kiev
         Ukraine


SPALAKH LLC: Proofs of Claim Deadline Set July 28
-------------------------------------------------
Creditors of LLC Spalakh (code EDRPOU 30462592) have until
July 28 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. B 11/186-07.

The Debtor can be reached at:

         LLC Spalakh
         Apartment 49
         Sholudenko Str. 8
         Vyshgorod
         07330 Kiev
         Ukraine


TRIONIKS LLC: Proofs of Claim Deadline Set July 28
--------------------------------------------------
Creditors of LLC Trioniks (code EDRPOU 33830314) have until
July 28 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. 23/227-b.

The Debtor can be reached at:

         LLC Trioniks
         Kikvidze Str. 13
         Kiev
         Ukraine


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


ADVANCED MICRO: S&P Affirms Corporate Credit Rating at B
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B–'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.

"The ratings on AMD reflect subpar execution of the company's
business plans, highly aggressive market conditions, and ongoing
substantially negative free cash flows, only partly offset by
plans to monetize assets and supported by the company's
currently adequate operating liquidity," said Standard & Poor's
credit analyst Bruce Hyman.  AMD is the second-largest supplier
of microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.

Following competitor Intel Corp.'s (A+/Stable/A-1+) product line
refresh in mid-2006, AMD's earlier technology lead and its
profitability dwindled, while the partly cash-funded acquisition
of ATI Technologies Inc. also reduced AMD's financial
flexibility to deal with marketplace challenges.  EBITDA was
negative $200 million in the combined March and June 2007
quarters.  The company generated about $600 million negative
free cash flows in the June quarter, and over $2 billion
negative free cash flows in the past four quarters.  The company
has financed its recent operating losses and capital
expenditures with a US$2.2 billion note sale in April 2007, and
intends to monetize US$1 billion in assets in the near term.
Cash balances stood at US$1.6 billion on June 30, 2007.

Debt was US$5.8 billion at June 30, 2007, or about 17x trailing
12 months' EBITDA, and leverage will rise very substantially in
September.  The company believes new products and ongoing
manufacturing advances later this year would benefit operating
profitability by the seasonally strong December quarter.  Still,
S&P do not expect leverage metrics to be representative of the
current ratings until the latter part of 2008.

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

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


AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
-------------------------------------------------------------
Avaya Inc. reported net income of US$55 million for the third
fiscal quarter of 2007.  In the third fiscal quarter of 2006,
the company reported net income of US$44 million.

Avaya's third fiscal quarter 2007 revenues decreased 1.6% to
US$1.3 billion, over revenue for the same period last year.
Sales of products declined 1.6%, rental and managed services
revenues declined 7.1%, and services revenues were flat.
Foreign exchange benefited revenues by approximately US$30
million, primarily in Europe.  U.S. revenues declined 8%.  EMEA
revenues were relatively flat, with growth outside of Germany
offset by declines within Germany.  Asia Pacific revenues grew
by 33%.  Revenues in the Americas, non-U.S., grew by 11%, driven
by performance in Latin America.

The company's total gross margin was 46.8% for the third fiscal
quarter of 2007 compared to 45.3% in the prior year.

Selling, general and administrative expense and research and
development expense were both lower compared to the prior year,
contributing to the year-over-year income improvement.

The company reported operating income for the third fiscal
quarter of 2007 of US$70 million.  In the third fiscal quarter
of 2006, the company reported operating income of US$28 million.

Avaya's effective tax rate was 31.3% for the third quarter of
fiscal 2007.

Avaya generated US$202 million in operating cash flow during the
third fiscal quarter of 2007 compared to US$181 million in the
third fiscal quarter of 2006.  Avaya's cash balance at the end
of the third quarter of fiscal 2007 was US$1.1 billion, compared
with US$899 million as of Sept. 30, 2006.

                 Fiscal 2007 Year-To-Date Results

For the first nine months of fiscal 2007, the company earned net
income of US$183 million, compared to net income of US$153
million for the first nine months of fiscal 2006.  Operating
income for the first nine months of fiscal 2007 was US$241
million compared to US$188 million for the first nine months of
fiscal 2006.  Revenues for the first nine months of fiscal 2007
were US$3.9 billion, compared to US$3.784 billion last year.
Operating cash flow for the first nine months of fiscal 2007 was
US$424 million compared to US$456 million last year.

At June 30, 2007, the company reported total assets of
US$5.5 billion, total liabilities of US$3.1 billion, and total
stockholders' equity of US$2.4 billion.

                    About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.


AXS-ONE INC: Inks Revised Loan Agreement w/ Silicon Valley Bank
---------------------------------------------------------------
AXS-One Inc. has signed a revised loan agreement with Silicon
Valley Bank providing the company with increased borrowing
flexibility and financial covenant improvements.  The loan
provides for borrowing up to US$2.5 million based on 80% of
eligible accounts receivable.

The loan expires on April 1, 2008, bears interest at an annual
rate of prime plus 0.25% and includes a collateral handling fee
of 0.25% per month of the average monthly financed receivable
balance. This loan amendment replaces all prior financial
covenants with one covenant based on quarterly net loss levels.

"We're pleased to be able to strengthen our balance sheet with
this revised US$2.5 million bank financing along with our
recently-completed US$5 million debt financing," Bill Lyons,
chairman and CEO of AXS-One, commented.  "These transactions
provide us with additional flexibility to fund our operations
and grow our business."

                        About AXS-One Inc.

Headquartered in Rutherford, New Jersey, AXS-One (AMEX: AXO) --
http://www.axsone.com/-- is a provider of high performance
Records Compliance Management solutions.  The AXS-One Compliance
Platform enables organizations to implement secure, scalable and
enforceable policies that address records management for
corporate governance, legal discovery and industry regulations
such as SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot
Act and Gramm-Leach Bliley.  Founded in 1979, AXS-One has
offices worldwide including in the United States, Australia,
Singapore, United Kingdom, and South Africa.

                          Bank Waiver

On March 6, 2007, the company entered into a Fourth Loan
Modification Agreement with the Bank effective as of Feb. 15,
2007 to amend and supplement its Amended and Restated Loan and
Security Agreement dated as of Sept. 13, 2005 between the
company and the Bank, as amended by the First Loan Modification
Agreement dated as of March 14, 2006, the Second Loan
Modification Agreement dated as of Oct. 31, 2006, and the Third
Loan Modification Agreement dated as of Nov. 11, 2006.

On May 15, 2007, the Bank waived violations to the agreement and
agreed to forbear until June 15, 2007, from exercising its
rights and remedies with respect to the default of the company
for failure to comply with the tangible net worth covenant.  The
company is currently in the process of seeking to secure
additional financing.  Upon receipt of such additional
financing, the Bank has preliminarily agreed to provide new
financial covenants acceptable to the company.


AXS-ONE INC: Receives Non-Compliance Notice from AMEX
-----------------------------------------------------
AXS-One Inc. received notice from the American Stock Exchange
that it was not in compliance with a second AMEX continued
listing standard.

On July 17, 2007, the AMEX notified the company that
shareholders' equity as of Dec. 31, 2006 was less than US$4
million and losses from continuing operations or net losses were
incurred in three of the four most recent fiscal years which is
not in compliance with Section 1003(a)(ii) of the AMEX Company
Guide.

The recent notice is based on a review by the AMEX of AXS-One
Inc.'s 10-Q filing for the quarter ended March 31, 2007.

Previously, on Oct. 6, 2006, the AMEX notified the company that
shareholders' equity as of June 30, 2006, was less than US$2
million and losses from continuing operations or net losses were
incurred in two of the three most recent fiscal years which is
not in compliance with Section 1003(a)(i) of the AMEX Company
Guide.

The company submitted a plan to the AMEX in November 2006
describing the actions it would take to come into compliance
with the listing standards by April 6, 2008, and in January 2007
the AMEX accepted the company's plan.

When this plan was filed, it was anticipated that the company
would not be in compliance with Section 1003(a)(ii) of the AMEX
Company Guide, given that it expected to report an operating
loss for 2006.  Now that the results for 2006 have been
reported, the AMEX has issued this formal notice of additional
noncompliance.

The company's current 18 month plan submitted to the AMEX, if
achieved, will bring the company into compliance with both
Section 1003(a)(i) and 1003(a)(ii) by April 6, 2008.  During the
plan period, the company must continue to provide the AMEX staff
with updates regarding initiatives set forth in its plan of
compliance. The company will be subject to periodic review by
the AMEX staff during the plan period.

If the company is not in compliance with the continued listing
standards on April 6, 2008, or the company does not make
progress consistent with the plan during the plan period, then
the AMEX may initiate immediate delisting proceedings.

                        About AXS-One Inc.

Headquartered in Rutherford, New Jersey, AXS-One (AMEX: AXO) --
http://www.axsone.com/-- is a provider of high performance
Records Compliance Management solutions.  The AXS-One Compliance
Platform enables organizations to implement secure, scalable and
enforceable policies that address records management for
corporate governance, legal discovery and industry regulations
such as SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot
Act and Gramm-Leach Bliley.  Founded in 1979, AXS-One has
offices worldwide including in the United States, Australia,
Singapore, United Kingdom, and South Africa.

                          Bank Waiver

On March 6, 2007, the company entered into a Fourth Loan
Modification Agreement with the Bank effective as of Feb. 15,
2007 to amend and supplement its Amended and Restated Loan and
Security Agreement dated as of Sept. 13, 2005 between the
company and the Bank, as amended by the First Loan Modification
Agreement dated as of March 14, 2006, the Second Loan
Modification Agreement dated as of Oct. 31, 2006, and the Third
Loan Modification Agreement dated as of Nov. 11, 2006.

On May 15, 2007, the Bank waived violations to the agreement and
agreed to forbear until June 15, 2007, from exercising its
rights and remedies with respect to the default of the company
for failure to comply with the tangible net worth covenant.  The
company is currently in the process of seeking to secure
additional financing.  Upon receipt of such additional
financing, the Bank has preliminarily agreed to provide new
financial covenants acceptable to the company.


BRITISH ENERGY: Earns GBP465 Mln in Year Ended March 31, 2007
-------------------------------------------------------------
British Energy Group plc released its financial results for the
year ended March 31, 2007.

British Energy reported net profit of GBP465 million on GBP3
billion of revenues for the year ended March 31, 2007, compared
with net profit of GBP430 million on GBP2.6 billion of revenues
for the same period in 2006.

At March 31, 2007, the company’s balance sheet showed GBP10
billion in total assets, GBP7.3 billion in total liabilities and
GBP2.6 billion in total shareholders' equity.

"Output from our nuclear stations last year was disappointing,
at 51.2TWh - some 9TWh lower than last year," Sir Adrian
Montague CBE, chairman of British Energy Group plc, said.

"Output was significantly challenged by the boiler issues at
Hinkley Point and Hunterston, and by the failure of essential
cooling water pipework at Hartlepool, which gave rise to
prolonged outages.  I am pleased to report, however, that we
have returned the four units at Hinkley Point and Hunterston to
service at reduced power, as agreed with the Regulator, although
we have encountered some teething problems during the process of
raising load.  But this is only to be expected following such a
prolonged period of shutdown of the plant and the operation of
the units at reduced power levels."

"Operating the units at the reduced power level of approximately
70% power requires fine tuning of the boilers and the balancing
of temperature differentials across the boilers.  To allow for
additional work on balancing the water flows in the boilers we
decided last week to take down one unit at Hunterston for a
short outage.  We anticipate that this work will take
approximately 2 weeks.  We may also need to undertake similar
additional work on other units at Hunterston and Hinkley Point,"
Mr. Montague continued.

"We are also considering the longer term potential to increase
power above the 70% level in due course, and will take this into
account in our forthcoming decisions regarding life extension of
these stations.  Delivering increased power levels will not be
straightforward.  Work is continuing to deliver increased power,
but I have to say that returning to 100% power is unlikely," Mr.
Montague added.

BE completed a total of GBP290 million of investment in plant,
projects, major repairs and strategic spares last year, a slight
increase on the GBP283 million investment last year.  It expects
to invest towards the higher end of the range GBP250 million to
GBP300 million this financial year, 2007/08, and will continue
to focus the investment on the most likely areas of loss.

During the year, the NII completed its Periodic Safety Reviews
for Hinkley Point and Hunterston.  BE has an agreed scope of
work that when completed to the NII's satisfaction will not
require another PSR until 2017.  It is also continuing to work
on graphite and boiler issues at these stations.

BE has now commenced its technical and economic evaluation of
the prospect for life extension of these two stations.

BE has initiated a process to seek partners for new nuclear
build that has attracted significant interest from utilities,
suppliers, customers and financial investors.  The company hopes
in due course to cement one or more partnerships.  It believes
that is well placed to secure a valuable role in any new nuclear
program as a result of owning sites suitable for new
construction and the skills and experience of its staff in
operating nuclear plant.

The Board has agreed to recommend the payment of a base dividend
of 13.6p per ordinary share.  This is the first dividend since
the company was re-listed.  In line with the stated dividend
policy, payment of an additional dividend in respect of
financial year 2006/07 in early 2008 will be considered after
taking account of the company’s financial condition at that
time.

                       About the Company

Headquartered in South Lanarkshire, British Energy Group plc --
http://www.british-energy.com/-- is the U.K.'s largest producer
of electricity.  With a workforce of about 6,000, it produces
around one-sixth of the nation's electricity.

                          *     *     *

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody’s with a stable
outlook.

S&P rates British Energy’s long-term foreign and local issuer
credit at BB+ with negative outlook.

As reported in the TCR-Europe on March 1, 2007, Fitch Ratings
affirmed the 'BB' rating of British Energy Holdings plc's
amortizing bonds, guaranteed by the group's material operating
subsidiaries.  The Issuer Default ratings of BEH and British
Energy Group plc are affirmed at 'BB+'.  Fitch said the Outlooks
are Stable.


COMPAGNIE EUROPEENNE: Permanent Injunction Hearing Set Aug. 10
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Aug. 10, 2007, at 10:00 a.m., to
consider a motion for permanent injunction filed by Clive Paul
Thomas as foreign representative of Compagnie Europeenne
d'Assurances Industrilles S.A.

Mr. Thomas' request is pursuant to a chapter 15 petition
he filed in behalf of Compagnie Europeenne on June 28, 2007
(Bankr. S.D.N.Y. Case No. 07-12009).

Any responses or objections to the motion must be submitted on
or before Aug. 6, 2007, at 4:00 p.m., to:

   a) The Office of the Clerk of Court
      U.S. Bankruptcy Court
      Southern District of New York
      Room 534
      One Bowling Green
      New York, NY 10004-1408

   b) Chadbourne & Parke LLP
      (attorneys for the petitioner)
      Attn: Howard Seife, Esq.
            Francisco Vazquez, Esq.
      30 Rockefeller Plaza,
      New York, NY 10112

Headquartered in Brussels, Belgium and Surrey, England,
Compagnie Europeenne d'Assurances Industrielles S.A. was an
insurance company underwriting a wide array of insurance and
reinsurance business, including marine, transport and aviation,
industrial risks, fire and allied perils, liability, casualty,
private lines and commercial insurance between 1974 and 1994.


D WALES: Calls In Liquidators from Chantrey Vellacott DFK
---------------------------------------------------------
D. J. Oprey and K. W. Touhey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of D Wales Plant Hire Ltd. on June 7
for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Chantry Vellacottt DFK LLP
         16/17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


DECORPART LTD: Appoints Kroll as Joint Administrators
-----------------------------------------------------
Adrian John Woltsenholme and Simon Wilson of Kroll were
appointed joint administrators of Decorpart Ltd. (Company Number
01319648) on July 17.

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

Headquartered in Nelson, England, Decorpart Ltd. --
http://www.decorpart.co.uk/-- is engaged in metal fabrication.


ECLIPSE 2005-1: Fitch Rates GBP2.83 Million Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings has upgraded Aquila (Eclipse 2005-1) plc's notes
due October 2016:

   -- GBP287.96 million Class A (XS02137559425) affirmed at
      'AAA', Outlook Stable;

   -- GBP16.88 million Class B (XS0213759854) upgraded to 'AAA'
      from 'AA+'; Outlook remains Stable;

   -- GBP17.3 million Class C (XS0213759938) affirmed at 'A+',
      Outlook Stable;

   -- GBP16.71 million Class D (XS0213760274) affirmed at 'BBB'
      Outlook Stable and

   -- GBP2.83 million Class E (XS0213760431) affirmed at 'BB'
      Outlook Stable.

At close, this was a transaction of 10 commercial mortgage
loans.  January and April 2007 saw the Access and Vantage House
loans prepay, respectively.  The impact of the prepayments on
the overall portfolio has been limited.  The Vantage House loan
was a very small proportion of the total portfolio (0.9% at
close), while the Access loan was bigger at 14% at close.

The latest loan to prepay, however, is the largest at almost 30%
of the total portfolio, or GBP98.2 million.  This loan was in
category one, which means that prepayment receipts were
allocated to the Class A noteholders.  Given this, the levels of
credit enhancement have improved.  Consequently, Fitch has
upgraded the Class B tranche.

Of the eight loans remaining in the portfolio, the One Leicester
Square loan is still being watch-listed by the servicer
(Barclays Capital Mortgage Servicing Limited, rated 'CPS2-').
However, there appears to have been noticeable improvement.  The
vacant space on floors 3, 4 and 5 have been re-let to another
leisure operator and rent is now being received from this
tenant.

In terms of the other tenant on floors 6 to 8, rent arrears have
now been cleared.  When confronted with the borrower taking
action to forfeit the lease in April 2007, the tenant cleared
all rent arrears.  The April 2007 investor report shows that
this property is now fully occupied, compared to a high 26.53%
vacancy rate, by estimated rental value, in July 2006.  However,
given the historical payment weakness and the on-going
requirement to hold rent escrow, the loan continues to be watch-
listed.

The music channel MTV, which occupies the first and second
floors of the building, is moving out and will sub-let the space
to another tenant.  At loan origination, the sponsor provided a
rental guarantee in the event that the break option is exercised
under this lease.  This equates to GBP625,000 per annum.  If
they failed to honor this guarantee, enforcement proceedings
could be brought against CLS Holdings plc.

The Great Victoria loan, the second-largest in the pool at
close, was a 50% loan-to-value loan, secured by five office and
retail properties located in London.  The quarter to April has
seen an improved weighted average interest coverage ratio
following a couple of quarters' decline.  The improvement is due
to the fitting out and letting of one of the properties.

All the loans are performing in line with expectations.  The
overall portfolio has experienced an increase in WA ICR in the
quarter to April to 1.68 from 1.60 in the previous quarter,
while the debt service coverage ratio has increased to 1.57 from
1.50 in the quarter.  WA LTV has decreased to 60.8% from 61.2%.

Rating Outlooks have been introduced for European Structured
Finance tranches to provide more forward-looking information to
the market.  An Outlook indicates the likely direction of any
rating change over a one- to two-year period.


FKI PLC: Board Confirms Continuing Talks on Potential Offer
-----------------------------------------------------------
FKI Plc gave an update on the status of the 130 pence per
ordinary share offer it received on May 31, 2007.  The Board
confirmed that discussions are continuing but reiterates that
there can be no certainty that any offer will be made for the
company or as to the terms on which such offer would be made.

The Board remains focused on implementing the conclusions of the
strategic review announced at the time of the full year results.

This announcement is being made without the approval of the
potential bidder.


                  Interim Management Statement

FKI Plc issued July 24, 2007, an interim management statement
covering the period since the start of the financial year and
included the trading for the three months to June 30, 2007.

According to the company, overall performance in the year to
date is consistent with the trading outlook for the current year
as set out in the announcement of the preliminary results on
June 7, 2007.  The group remains well positioned to deliver
improved performance in all business groups this year, although
reported results are expected to be impacted by higher financing
costs and potentially, further adverse currency translation
effects.

FKI announced the cessation of manufacturing activity at its FKI
Switchgear plant in Rochdale and the consequent transfer of
assembly activity to its plant in South Wales.  This program is
expected to cost around GBP4 million and progressively deliver
benefits from the second half of the year onwards.

Results for FKI Logistex for the first quarter were below the
comparable period last year with the rescheduling of some major
projects impacting sales volumes.  However, recent order intake
and prospects for the remainder of the year are positive and
full year performance is consequently anticipated to be in line
with expectations.

The Hardware division continued to experience difficult market
conditions following the ongoing decline in housing starts in
North America.  Turnover, at constant currency, was c 6% lower
in the quarter than in the comparable period last year with
significant volume reductions partially offset by price
increases driven by commodity cost rises.

As anticipated, sales margin performance was below that of the
comparable period last year but above that of the second half.
In response to these challenging market conditions, the Group
has announced the closure of its window hardware facility in
West Hazelton, Pennsylvania at a cost of around GBP2 million,
with manufacturing activities being transferred to Truth's
primary facility in Owatonna, Minnesota.

In other respects, there have been no significant changes in the
financial position of the Group since the start of the financial
year.

                          About FKI PLC

Headquartered in Loughborough, England, FKI PLC --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

As reported in the TCR-Europe on July 12, 2007, Standard &
Poor's Ratings Services revised its outlook on U.K.-based
engineering group FKI PLC to negative from stable.  At the same
time, the 'BB' long-term and 'B' short-term corporate credit
ratings were affirmed.

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
rating agency confirmed its Ba2 Corporate Family Rating FKI plc.

Moody's also assigned a Ba2 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.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   EUR600M 6.625%
   Senior Unsecured
   Regular Bond/Debenture
   Due 2010                     Ba2     LGD4      58%


FLEET STREET: S&P Affirms BB Rating on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised the ratings on the class C
and D notes issued by Fleet Street Finance One PLC.  At the same
time, the class E notes were removed from CreditWatch positive
and affirmed.  The ratings on the class A and B notes were also
affirmed.

The rating action follows a review of the transaction based on
data provided by the servicer, Capmark Services (Ireland) Ltd.,
up to and including April 2007.  The class C, D, and E notes
were placed on CreditWatch positive on July 2, 2007.

The transaction closed in August 2005 and was originally backed
by three loans secured on 156 commercial real-estate properties
in the U.K.  It was the first European securitization launched
by Goldman Sachs International under its Fleet Street Finance
mortgage conduit platform.

Of the original loan pool, two loans (Four Seasons and Swift)
prepaid at the October 2006 and January 2007 interest payment
dates, respectively.  The remaining loan, Queens Moat House, had
an outstanding balance of GBP130.80 million at the most recent
IPD in April 2007.  It was originally secured by a portfolio of
28 hotels located throughout the U.K.  To date, there are 15
hotels in the portfolio with principal repayments from asset
sales totaling GBP91.1 million.

The prepayments have resulted in improved LTV ratios and credit
enhancement levels and, subsequently, the raising of the
ratings.

Standard & Poor's contacted the servicer to ascertain the
effects of the recent flooding on the remaining hotels securing
the Queens Moat House loan.  The servicer understands that two
hotels, Reading and Stratford, were affected by the flooding,
but remain operational.  In both instances, the servicer also
understands that the properties are fully insured and the loss
adjusters have approved the remedial works.

                           Ratings List

Fleet Street Finance One PLC
   GBP659.25 Million Commercial Mortgage-Backed Floating- And
   Variable-Rate Notes

           Class                  Rating
                       To                        From

                          Ratings Raised

           C           AAA                   AA-/Watch Pos
           D           A                     BBB+/Watch Pos

                         Ratings Affirmed

           A           AAA
           B           AAA
           E           BB                    BB/Watch Pos


FORD MOTOR: Bidders for Units to Begin Due Diligence in August
--------------------------------------------------------------
Ford Motor Company plans to let prospective bidders begin due
diligence on its Jaguar and Land Rover brands next month, adding
that it was pleased with the expressions of interest it had
received in the brands, and in the “strength and quality” of the
interested parties, as its efforts to sell the two brands
continue to progress, The Financial Times reports.

Ford CEO Alan Mulally told the Financial Times that the company
remains "open to different options," including retaining a
minority stake in both operations.  He stressed, however, that
he prefers a joint sale as both brands were so highly
integrated.

Mr. Mulally also confirmed that Ford was "conducting a strategic
review of Volvo," the Swedish carmaker, which could be sold
separately from the other luxury brands.  The chief executive
said Volvo had generated significant interest among potential
bidders but Ford has not yet appointed financial advisers,
although he expects that the company will reach a decision by
year-end, FT notes.

According to the report, bidders that include private equity
groups Ripplewood Holdings, One Equity Partners, TPG Capital,
and Cerberus Capital Management, as well as India's Tata Motors
and Mahindra & Mahindra submitted indicative offers for Land
Rover and Jaguar last week.  Ford has hired Goldman Sachs, HSBC
and Morgan Stanley to act as advisors.

The carmaker's advisors have contacted at least six buyout
groups that expressed preliminary interest in Ford's UK luxury
marques.  They are expected to get access to financial and
operational data, FT states, citing people close to the sale as
its source.

Ford is expected to ask for binding offers by September, with
the aim of completing the sale by the end of the year, FT
suggests.

                      About Ford Motor Co.

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

                          *    *    *

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

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


FORD MOTOR: Earns US$750 Million Net Profit in Second Quarter
-------------------------------------------------------------
Ford Motor Company reported a net profit of US$750 million for
the second quarter of 2007, compared with a net loss of US$317
million in the second quarter of 2006.

Ford's second-quarter revenue was US$44.2 billion, up from
US$41.9 billion a year ago.  The increase primarily reflected
currency exchange, mix and net pricing improvements, partially
offset by lower volume.

Ford's second-quarter profit from continuing operations,
excluding special items, was 13 cents per share, or US$258
million, compared with a loss of 6 cents per share, or US$118
million, in the same period a year ago.

Special items -- which primarily reflected the sale of Aston
Martin and the recognition of previously deferred gains on
certain hedges at Jaguar and Land Rover -- increased pre-tax
results by US$443 million in the second quarter.

With regard to Jaguar and Land Rover, the company confirmed it
is currently exploring in greater detail the potential sale of
the combined business and is in discussions with selected
parties who have expressed interest.  The company also is
conducting a strategic review of Volvo that likely will conclude
prior to year-end.

"We continue to focus on the four priorities of our plan --
restructuring the business to operate profitably, accelerating
the development of new products that our customers want and
value, funding our plan and improving our balance sheet, and
working even more effectively together as one global Ford team,
leveraging our assets," said Ford President and CEO Alan
Mulally.  "Our team is very encouraged by the significant
progress we are making.  We recognize the challenges that lie
ahead and remain fully committed to delivering our plan."

                    Automotive Sector

On a pre-tax basis, worldwide Automotive sector profits in the
second quarter were US$378 million.  This compares with a pre-
tax loss of US$716 million during the same period a year ago.
The improvements were more than explained by favorable net
pricing and cost reductions, partially offset by unfavorable
currency exchange.

Vehicle wholesales in the second quarter were 1,773,000, down
from 1,806,000 a year ago.  Worldwide Automotive revenue for the
second quarter was US$40.1 billion, up from US$37.8 billion in
the same period last year.  The increase primarily reflected
currency exchange, mix and net pricing improvements, partially
offset by lower volume.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities, loaned securities and short-term VEBA
assets, was US$37.4 billion at June 30, 2007, up from US$35.2
billion at the end of the first quarter.

Ford North America: In the second quarter, Ford North America
reported a pre-tax loss of US$279 million, compared with a pre-
tax loss of US$789 million a year ago.  The improvement
primarily reflected favorable net pricing and cost reductions,
partially offset by lower volume net of mix.  Revenue was
US$18.8 billion, down from US$19.1 billion for the same period a
year ago.

Ford South America: Ford South America reported a second-quarter
pre-tax profit of US$255 million, compared with a pre-tax profit
of US$99 million a year ago.  The improvement was primarily
explained by favorable net pricing and volume.  Second quarter
revenue improved to US$1.8 billion from US$1.3 billion in 2006.

Ford Europe: Ford Europe's second-quarter pre-tax profit was
US$262 million, compared with a pre-tax profit of US$185 million
during the same period in 2006.  The improvement was more than
explained by favorable net pricing and higher volumes, partially
offset by higher manufacturing costs, primarily to support
increased volumes.  During the second quarter of 2007, Ford
Europe's revenue was US$9.2 billion, compared with US$7.5
billion during the second quarter of 2006.

Premier Automotive Group: PAG reported a pre-tax profit of
US$140 million for the second quarter, compared with a pre-tax
loss of US$162 million for the same period in 2006.  All PAG
brands improved compared with the same period in 2006.  The
improvement was more than explained by favorable cost
performance across all brands, including the non-recurrence of
adverse 2006 adjustments to warranty accruals.  Favorable net
pricing was more than offset by the effect of the continued
weakening of the U.S. dollar against key European currencies.
Second-quarter 2007 revenue was US$8.4 billion, compared with
US$7.8 billion a year ago.

Ford Asia Pacific and Africa:  For the second quarter, Ford Asia
Pacific and Africa reported a pre-tax profit of US$26 million,
compared with a pre-tax profit of US$4 million a year ago.  The
improvement reflected strong cost performance, including
restructuring savings, and improved results in China.  These
factors were partially offset by lower volume and adverse mix,
more than explained by Australia and Taiwan, and unfavorable
currency exchange.  Revenue was US$1.7 billion for the second
quarter of 2007, compared with US$1.8 billion in 2006.

Mazda: For the second quarter, Ford earned US$81 million from
its investment in Mazda and associated operations, compared with
US$32 million during the same period a year ago.

Other Automotive: Second-quarter results included a pre-tax loss
of US$107 million, compared with a loss of US$85 million a year
ago.  The year-over-year decline was more than explained by
higher interest expense associated with financing actions taken
in the fourth quarter of 2006.  This was partially offset by
increased interest income.

                   Financial Services Sector

For the second quarter, the Financial Services sector earned a
pre-tax profit of US$105 million, compared with a pre-tax profit
of US$425 million a year ago.

Ford Motor Credit Company:  Ford Motor Credit Company reported
net income of US$62 million in the second quarter of 2007, down
US$242 million from earnings of US$304 million a year earlier.
On a pre-tax basis from continuing operations, Ford Motor Credit
earned US$112 million in the second quarter compared with US$435
million in the previous year.  The decrease in earnings
primarily reflected higher borrowing costs, lower credit loss
reserve reductions, higher depreciation expense for leased
vehicles and higher net losses related to market valuation
adjustments from derivatives.  Lower expenses, primarily
reflecting improved operating costs, were a partial offset.

In the second quarters of 2007 and 2006, pre-tax earnings were
US$428 million and US$667 million, excluding the net losses
related to market valuation adjustments from derivatives, which
were US$316 million and US$232 million, respectively.

Ford expects Ford Motor Credit to earn on a pre-tax basis US$1.3
billion to US$1.4 billion this year, excluding the impact of
gains and losses related to market valuation adjustments from
derivatives, up from the previous estimate of US$1.2 billion.

                      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.


HOME & LEISURE: Taps Begbies Traynor to Administer Assets
---------------------------------------------------------
Robert Michael Young and Paul Finnity of Begbies Traynor were
appointed joint administrators of Home & Leisure Direct Ltd.
(Company Number 04170011) on July 9.

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

The company can be reached at:

         Home & Leisure Direct Ltd.
         Main Road
         Anwick
         Sleaford
         NG34 9SJ
         England
         Tel: 01526 830 836
         Fax: 01526 830 836


HUB TELFORD: Brings In Liquidators from Mazars
----------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of The Hub Telford Ltd. (t/a The
Habit (Bridgnorth) Ltd.) on July 12 for the creditors’ voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


JILLAND GROUP: Appoints Liquidators from KPMG
---------------------------------------------
Richard Dixon Fleming and Howard Smith of KPMG LLP were
appointed joint liquidators of Jilland Group Ltd. on July 11 for
the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


JOHN PORTER: Brings In Administrators from PwC
----------------------------------------------
Edward Klempka and Nicholas Edward Reed of
PricewaterhouseCoopers LLP were appointed joint administrators
of John Porter Dorsets Ltd. (Company Number 05536474) on
July 16.

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

Headquartered in Tyne and Wear, England, John Porter Doorsets
Ltd. manufactures doorsets, builders' merchants, carpentry and
joinery.


KAB STAFFING: Taps Liquidators from Baker Tilly
-----------------------------------------------
Adrian David Allen and Philip Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of KAB Staffing Agency Ltd. (formerly Kirton Freight Ltd.) on
July 10 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


KINGSTON UPON THAMES: Names Keith Aleric Stevens Liquidator
-----------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of Kingston Upon Thames Royal British Legion Club Ltd. on July 9
for the creditors’ voluntary winding-up proceeding.

The liquidator can be reached at:

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


LATINS SECURITY: Claims Filing Period Ends October 15
-----------------------------------------------------
Creditors of Latins Security Ltd. have until Oct. 15 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Stewart Trevor Bennett and James Preston Bradney
         Joint Liquidators
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London
         N3 1XW
         England

Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint Liquidators of the company on
July 9 for the creditors’ voluntary winding-up procedure.


LINEAR APPLICATIONS: Names Joint Administrators from Menzies
------------------------------------------------------------
Jason James Godefroy and Paul David Williams of Menzies
Corporate Restructuring were appointed joint administrators of
Linear Applications Ltd. (Company Number 05678055) on July 18.

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

The company can be reached at:

         Linear Applications Ltd.
         Granville Way
         Bicester
         OX26 4JT
         England
         Tel: 01869 247 610


MISYS PLC: May 31 Balance Sheet Upside Down by GBP3.4 Million
-------------------------------------------------------------
Misys plc released its financial results for the year ended
May 31, 2007.

Misys reported net profit of GBP15 million on revenues of
GBP562.8 million for the year ended May 31, 2007, compared with
net profit of GBP213.1 million on revenues of GBP583.3 million
for the year ended May 31, 2006.

At May 31, 2007, the company’s balance sheet showed GBP567.2
million in total assets, GBP570.6 million in total liabilities
and GBP3.4 million in stockholders’ deficit.

The company’s May 31 balance sheet also showed strained
liquidity with GBP294.6 million in total current assets
available to pay GBP372.4 million in total liabilities coming
due within the next 12 months.

"We have a strategy in place to turn Misys around and deliver
improved returns to shareholders," Misys Chief Executive Mike
Lawrie commented.  "Revenue is flat and this is largely
consistent with first half results, but our cost take out work
is proceeding to plan and this is helping to drive increased
profitability."

"Operationally our Treasury & Capital Markets and Core Banking
businesses are making progress, particularly with our work
around Misys BankFusion, but we still have much to do," Mr.
Lawrie said.

"In Healthcare performance remains poor and we are taking action
to address that.  Our core competence is in the ambulatory and
connected community market and we have re-aligned the
organization so we can target our resources on the higher growth
areas.  The disposal of our hospital businesses that we
announced demonstrate that we are determined to take the tough
actions necessary to get focused and deliver increased
shareholder value," Mr. Lawrie added.

"Our strategy is in place, the new senior management team is in
place and now execution is the next critical step," Mr. Lawrie
concluded.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software
serving the international banking and healthcare industries and
the U.K. general insurance industry.


MISYS PLC: Disposes Businesses to Rebalance Healthcare Portfolio
----------------------------------------------------------------
Misys plc is rebalancing its Healthcare portfolio and disposing
of businesses which are not consistent with its strategy.

In order to improve performance and focus on its stated core
competency in Healthcare, Misys will re-align the business
around its established position in the ambulatory space.

"Our strategy in Healthcare is to focus on our core competency
in the ambulatory space.  These disposals rebalance our
portfolio and enable us to accelerate execution of our strategy.
In addition we have signed commercial agreements with the
purchasers that open new distribution channels for our solutions
and support our strategy of connecting communities in the higher
growth ambulatory sector," Misys Chief Executive said Mike
Lawrie.

             Diagnostic Information Business

Misys will sell its Diagnostic Information Business to Vista
Equity Partners for US$381.5m (approximately GBP186 million) in
cash. Gross assets of the Diagnostic Information business at May
31, 2007 are GBP155 million, with revenue in the year ended May
31, 2007 of GBP79 million and operating profit of GBP23 million.
The business is based in Tucson, Arizona and employs 750 people.

The Diagnostic Information Business is a supplier of systems
which automate the processes of hospital departments by managing
and classifying large volumes of clinical data.  In contrast,
Misys is focused on driving value for customers in the
ambulatory and connected community setting and therefore this
disposal is in line with the Misys strategy announced on March
8, 2007.

Due to its size, this disposal is a Class 1 transaction under
the U.K. Listing Rules and therefore requires the approval of
Misys Shareholders.  Approval will be sought at an Extraordinary
General Meeting, notice of the EGM, and a related Circular, will
be sent to shareholders in due course.

                         CPR Business

Misys has agreed to sell its CPR Business, a system for
collecting and sharing data within hospitals, to QuadraMed
Corporation, for US$33 million (approximately GBP16 million) in
cash. Gross assets of CPR were GBP6.9 million at May 31, 2006,
with revenue generated of GBP15.2 million and a loss before tax
of GBP4.2 million in the year.  The business is based in San
Bernardino, California and employs 50 people.

                    Commercial Agreements

Misys will enter into commercial agreements with both
purchasers, who will act as re-sellers of Misys Connect, the
innovative Misys technology that connects hospitals with
physicians and other venues of care in the healthcare market.
In addition, Vista will also market the Misys Electronic Medical
Record (EMR) product as their preferred EMR solution for
ambulatory physicians.  The commercial agreements will come into
effect following completion of each transaction.

            Use of Proceeds from the Transactions

Proceeds from the disposals will be used to pay down debt and
for general corporate purposes.  In addition, the proceeds will
provide Misys with the financial flexibility to consider other
uses, including potential acquisitions or a share buy back
program.

UBS Investment Bank is acting as exclusive financial advisor and
Allen & Overy LLP is acting as legal counsel to Misys on the
disposal of the Diagnostic Information Business.  Kilpatrick
Stockton LLP is acting as legal counsel to Misys on the disposal
of the CPR Business.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software
serving the international banking and healthcare industries and
the U.K. general insurance industry.

At May 31, 2007, the company’s balance sheet showed GBP567.2
million in total assets, GBP570.6 million in total liabilities
and GBP3.4 million in stockholders’ deficit.

The company’s May 31 balance sheet also showed strained
liquidity with GBP294.6 million in total current assets
available to pay GBP372.4 million in total liabilities coming
due within the next 12 months.


NEW INFRASTRUCTURE: Taps Administrators from Smith & Williamson
---------------------------------------------------------------
Robert William and Leslie Horton of Smith & Williamson Ltd. and
Andrew Gordon Stoneman of Menzies Corporate Restructuring were
appointed joint administrators of New Infrastructure Services
Group Ltd. (Company Number 03591505) on July 13.

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

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

The company can be reached at:

         New Infrastructure Services Group Ltd.
         Coliseum Business Centre
         Riverside Way
         Camberley
         GU15 3YL
         England
         Tel: 01276 676 969
         Fax: 01276 676 755


OVERSEAS SHIPHOLDING: Earns US$84.7 Mln in Qtr. Ended March 31
--------------------------------------------------------------
Overseas Shipholding Group Inc. reported net income of
US$84.7 million on shipping revenues of US$275.3 million for the
first quarter ended March 31, 2007, compared with net income of
US$128.4 million on shipping revenues of US$291 million for the
same period ended March 31, 2006.

For the quarter ended March 31, 2007, Time Charter Equivalent
revenues were US$259.2 million, down from US$280.1 million in
2006.  The decrease was principally due to a decrease in average
daily TCE rates for VLCCs.  EBITDA for the quarter decreased to
US$146.1 million from US$180.1 million in 2006.  The 2007
quarter benefited from the sale of 4.6 million shares of Double
Hull Tankers, Inc., in which OSG holds a minority interest,
resulting in a gain of approximately US$15.0 million.  The
results for the first quarter of 2006 included a gain on sale of
securities of US$5 million.

Morten Arntzen, president and chief executive officer of OSG,
stated, "We generated solid earnings and cash flow despite
challenging business conditions in the first quarter of 2007,
while simultaneously investing in our business to enhance future
profitability.  Our results are testimony to the scale,
diversification and global platforms we have in our Crude Oil
transportation and Product Carrier businesses, now combined with
our market-leading Jones Act franchise."

Arntzen continued, "Our balanced growth strategy is working and
delivering superior results for our shareholders.  We closed on
the acquisition of Heidmar Lightering on April 20, 2007, and are
excited about the opportunities we see to improve and expand
this business in cooperation with our Aframax International and
Panamax International commercial pool partners.  We believe OSG
Lightering will allow us to provide both better service for our
lightering customers and enhance the performance of our vessels
that operate in the two pools."  Arntzen further stated, "Five
months after closing, the integration of Maritrans is on track.
Our confidence in the U.S. Flag segment market dynamics and in
the capabilities of OSG's U.S. Flag personnel now operating out
of our offices adjacent to the Port of Tampa, allowed us to go
forward with additional newbuild commitments of up to six
Product Carriers and three ATBs announced in the first quarter
of 2007."

Income from vessel operations was US$77.4 million in the first
quarter of 2007, compared with US$129.5 million in the same
period a year earlier.  For the quarter ended March 31, 2007,
total operating expenses increased US$36.4 million to US$197.9
million from US$161.5 million in the corresponding quarter in
2006.  This increase included an US$11.9 million increase in
vessel expenses and an US$8.1 million increase in depreciation
and amortization, principally as a result of the addition of the
former Maritrans fleet.  Time and bareboat charter hire expense
increased US$6.2 million, principally as the result of the sale
and charter back of two Handysize Product Carriers during the
quarter and the delivery of four additional chartered-in vessels
(three time chartered-in Handysize Product Carriers and the
Overseas Houston). General and administrative expenses increased
US$5 million in the first quarter of 2007 principally due to
expenses of the Tampa and Philadelphia offices associated with
the Maritrans acquisition, which closed on Nov. 28, 2006.

At March 31, 2007, stockholders' equity exceeded US$2.2 billion
and liquidity, including undrawn bank facilities, was more than
US$2.2 billion.  Total long-term debt as of March 31, 2007 was
US$1.1 billion compared with US$1.3 billion at Dec. 31, 2006.

At March 31, 2007, the company’s balance sheet showed
US$4.04 billion in total assets, US$1.82 billion in total
liabilities, and US$2.22 billion in total stockholders’ equity.

Full-text copies of the company’s consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?20e0

                     About Overseas Shipholding

Overseas Shipholding Group Inc. (NYSE: OSG) --
http://www.osg.com/ -- is a tanker company that offers global
energy transportation services for crude oil and petroleum
products in the U.S. and International Flag markets.  The
company is a customer-focused marine transportation company,
with offices in Athens, Houston, London, Manila, Montreal,
Newcastle, New York City, Philadelphia, Singapore and Tampa.

                          *     *     *

To date, Overseas Shipholding Group Inc. still carries Moody's
Investors Service Ba1 long-term corporate family rating and
senior unsecured debt ratings issued on Feb. 8, 2005.  The
ratings outlook remains stable.

Also, the company still carries Standard & Poor's BB+ long-term
foreign and local issuer credit ratings issued on Feb. 11, 2005.


RALDORS & WINDOWS: Taps Duncan R. Beat to Liquidate Assets
----------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Raldors & Windows Ltd. on July 6 for the creditors’ voluntary
winding-up proceeding.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


RIVERSIDE PLUMBING: Hires Liquidators from PKF LLP
--------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were
appointed joint liquidators of Riverside Plumbing & Heating Ltd.
on June 6 for the creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


US ENERGY: Retains Jefferies & Company as Financial Advisor
-----------------------------------------------------------
U.S. Energy Systems Inc. has retained Jefferies & Company Inc.,
completing its search for an independent third party financial
advisor to assist USEY in its evaluation of its existing
financing as well as other strategic alternatives available to
the company.

U.S. Energy Systems Inc. -- http://www.useyinc.com/-- (Nasdaq:
USEY) owns of green power and clean energy and resources.  USEY
owns and operates energy projects in the United States and
United Kingdom that generate electricity, thermal energy and gas
production.

The company has a 100% interest in U.S. Energy Biogas Corp.,
which owns and operates 23 landfill gas to energy projects in
the United States, 20 of which produce electricity and three of
which sell landfill gas as an alternative to natural gas.  The
company also has a 100% interest in Plymouth Envirosystems Inc.,
which owns a 50% interest in Plymouth Cogeneration Limited
Partnership.  Plymouth Cogeneration Limited Partnership owns and
operates a combined heat and power plant in Massachusetts that
produces 1.2MWs of electricity and 7 MWs of heat.  The company
further has a 79% interest in GBGH LLC, which owns energy assets
and mineral rights in the United Kingdom including a 42MW gas-
fired power plant and gas licenses for about 100,000 acres of
onshore natural gas properties and mineral rights in North
Yorkshire, England.  GBGH is the parent company of UK Energy
Systems Ltd.

                          *     *     *

As reported in the Troubled Company Reporter on June 26, 2007,
U.S. Energy Systems Inc. had reported that it has insufficient
funds to make certain capital contributions required under the
UK financing arrangements between September and December of
2007.

If the UK financing parties were to declare the UK financing
arrangements in default and exercise remedies, such action could
involve foreclosure on substantially all of the company's assets
and would have a material adverse effect on the company.  In
that circumstance, the company is unable to provide assurances
that it would be able to avoid bankruptcy or insolvency
proceedings.


YELL GROUP: Earns GBP34.3 Million In Three Months Ended June 30
---------------------------------------------------------------
Yell Group plc released unaudited financial results for the
three months ended June 30, 2007.

Yell reported net profit of GBP34.3 million on revenues of
GBP441.1 million for the three months ended June 30, 2007,
compared with net profit of GBP21.3 million on revenues of
GBP371.9 million for the same period in 2006.

At June 30, 2007, the group's balance sheet showed GBP6.3
billion in total assets GBP4.8 billion in total liabilities and
GBP1.5 billion in stockholders' equity.

                  Yell U.K. Operations

U.K. revenue increased 4.1% to GBP175.1 million driven entirely
by a 53.5% increase in revenue by Yell.com, which more than
offset a 3.4% decline in print.

Yell reiterated full year guidance in the U.K. of 3% revenue
growth and a stable EBITDA margin of around 35%.

                  Yellow Book USA Operations

US revenue fell 8.6% to GBP186.2 million, or 1.4% at a constant
exchange rate in line with expectations.  Growth was 4.1% before
the 5.5% reduction in revenue from rescheduling directories from
the first quarter into later quarters as part of integration of
acquired directories.  The average exchange rate was
approximately US$1.99: GBP1.00 against US$1.83: US£1.00 in the
same period last year.

Yell reiterated full year guidance of 3% organic growth.  In
addition, it expects around US$30 million revenue from the
publication of directories acquired.

                 Yell Publicidad Operations

As expected, revenue for the three months was GBP79.8 million,
representing around 1/6th of guided full year revenue due to the
seasonally low publication schedule.  The average exchange rate
was approximately EUR1.47: GBP1.00 during the period.

Yell reiterated full year guidance of 5% revenue growth and 37%
EBITDA margins for Yell Publicidad with both revenue and EBITDA
weighted to the second half.

"We have made a vigorous start to the year and integration is
progressing well in Spain.  Our online businesses are delivering
very good growth in both the U.K. and US," Yell Chief Executive
Officer John Condron said.  "While trading in the first quarter
has been demanding, particularly in the US, we are confident
looking forward that our actions to address competition in the
US market are beginning to take effect for directories
publishing in the second half of the year.  In the U.K., we are
putting plans in place to take full advantage of the more even-
handed regulatory environment in the next financial year.  In
Spain integration is continuing apace with our investment to
generate usage and drive revenue growth."

"Yell's first quarter performance gives us confidence that we
are on track to meet full year guidance," Yell Chief Financial
Officer John Davis said.  "As we guided, the first quarter's
lower earnings reflect the consolidation for the first time of
Yell Publicidad's seasonally low first quarter revenue, the
planned rescheduling of directories in the US from the first
quarter to later quarters and the weaker US dollar.  Without
these factors, underlying earnings per share growth was 12.5%.
Cash flow remains strong with conversion in line with guidance."

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.

                            *   *   *

As reported in the TCR-Europe on April 20, 2007, Moody's
confirmed its Ba3 corporate family rating for Yell Group plc.
It also assigned a B1 Probability-of-Default rating to the
company.

Standard & Poor's rates Yell's long-term foreign issuer credit
and long-term local issuer credit at BB- with a stable outlook.


* BOOK REVIEW: Bankruptcy: A Feast for Lawyers
----------------------------------------------
Author:     Sol Stein
Publisher:  Beard Books
Paperback:  341 pages
List Price: $34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122123/internetbankrupt

Described by the Chicago Tribune as a "latter-day version of
Dicken's Bleak House," this book is a shattering indictment of
bankruptcy law by a CEO who lived through the experience of a
Chapter 11.

The author exposes a system that is supposed to provide an
opportunity for troubled companies to reorganize, but kills more
than 70 percent of the businesses that take refuge in it while
enriching legions of lawyers.

In the nightmare world of Chapter 11, the gainers are seldom the
creditors or the debtor company, but rather the bankruptcy bar,
impeached in this book by its own conduct and the condemnation
of its ethical brethren.

Besides his own experience, the author draws examples from
diverse industries including trucking, food, real estate, oil
and publishing.

Sol Stein, the author of this book, was the former CEO of now-
defunct Stein and Day, one of the last independent American
publishing houses operating in the 1980s.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *