TCREUR_Public/070730.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 30, 2007, Vol. 8, No. 149

                            Headlines


A U S T R I A

ASBOECK – HAIRLINES: Claims Registration Period Ends Aug. 24
D.S. KREDITVERMITTLUNG: Vienna Court Orders Business Shutdown
KAIBLINGER & STEINACKER: Claims Registration Period Ends Aug. 24
MIAMI GASTRO: Claims Registration Period Ends Aug. 24
SKILIFTE UNKEN-HEUTAL: Claims Registration Period Ends Sept. 5

WIENERMATIK LLC: Claims Registration Period Ends Aug. 23
WMS METALLSYSTEME: Korneuburg Court Orders Business Shutdown


B E L G I U M

ARVINMERITOR INC: To Close Ontario Assembly Operations
METHANEX CORP: Earns US$35.7 Million in Second Quarter 2007


F R A N C E

ALCATEL-LUCENT: Forms Joint Venture with Aruba Networks
DELPHI CORPORATION: IUE-CWA Intends to Terminate Contracts
EUTELSAT COMMUNICATIONS: Pier Francesco Guarguaglini Joins Board


G E R M A N Y

BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid
BETREUTES WOHNEN: Opens Insolvency Proceedings in Dresden
EUROHOME MORTGAGES: Moody's Rates EUR6.9 Million Notes at Ba2
HEAD NV: Moody's Junks HTM Sport's Sr. Unsecured Debt Rating
KDL GESELLSCHAFT: Claims Registration Period Ends Sept. 1

SPECTRUM BRANDS: Global Operations President K. Biller to Retire


I C E L A N D

SAKS INCORPORATED: Baugur Groups Acquires 8.08% Stake


I T A L Y

DANA CORP: Court Approves USW & UAW Settlement Agreements
IMAX CORP: S&P Affirms Ratings & Removes CreditWatch Negative
PARMALAT SPA: Parma Court Indicts Ex-CEO & 60 Others


K A Z A K H S T A N

AKTOBE LLP: Proof of Claim Deadline Slated for Sept. 5
ALGABAS-98 LLP: Creditors Must File Claims Sept. 7
ASIA 3579: Claims Filing Period Ends Sept. 5
ENERGY RESOURCES: Creditors' Claims Due on Sept. 7
JULDYZ LLP: Claims Registration Ends Sept. 5

KAZ ATK: Creditors Must File Claims Sept. 7
KAZKOMMERTSBANK JSC: Increases Stake in Two Pension Funds
KAZPHARM LLP: Claims Filing Period Ends Sept. 7
NORD OIL: Creditors' Claims Due on Sept. 5
USPEH LTD: Claims Registration Ends Sept. 4


K Y R G Y Z S T A N

COSMOS CORPORATION: Creditors Must File Claims by September 7


L U X E M B O U R G

EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months


N E T H E R L A N D S

HEAD NV: Moody's Cuts Corporate Family Rating to B3
INVISTA BV: S&P Raises Senior Unsecured Debt Rating to BB-
X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility


P O L A N D

STOCZNIA SZCZECINSKA: Seeks Capital from Shareholders


R U S S I A

CENTRE OF INDUSTRIAL: Bankruptcy Hearing Slated for Oct. 16
CENTRE-OIL CJSC: Court Names B. Vasilyev as Insolvency Manager
GAZAVTOREMONT OJSC: Kursk Bankruptcy Hearing Slated for Oct. 3
INTER-REGIONAL TRADING: Creditors Must File Claims by Aug. 30
KAMENSKIY DIARY: Asset Sale Slated for August 10

KAMENSKIY GRINDING: Names D. Moskovskiy as Insolvency Manager
EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months
MAYSKOE CJSC: Bidding Deadline Slated for Aug. 3
NOVATEK OAO: Hikes Gas Production to 4.1% in 2007 First Half
NOVOTROITSKOE LLC: Court Starts Bankruptcy Supervision Procedure

OIL-CAPITAL LLC: Court Names V. Boldin as Insolvency Manager
OROTUKANSKOE BUILDING: Names A. Dutov as Insolvency Manager
PROMNERUD OJSC: Creditors Must File Claims by Aug. 30
SHOSHINSKOE LLC: Bankruptcy Hearing Slated for Oct. 12
SUKHOBEZVODNENSKIY BAKERY: Creditors Must File Claims by Aug. 30

SYZRANSKIY FEED: Court Starts Bankruptcy Supervision Procedure
TANTAL-GALVANIKA CJSC: Creditors Must File Claims by Aug. 30
TSIVILSKIY BACON: Creditors Must File Claims by Aug. 30
X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility


S P A I N

PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes


S W I T Z E R L A N D

ACCEL INSTRUMENTS: Creditors' Liquidation Claims Due August 9
EGLI IMMOBILIEN: Creditors' Liquidation Claims Due August 15
ENTSO TECH: Creditors' Liquidation Claims Due August 17
HTN BETEILIGUNG: Creditors' Liquidation Claims Due August 9
MUTESA JSC: Zug Court Starts Bankruptcy Proceedings

ROLAND WALSER: Creditors' Liquidation Claims Due August 9
SOFIR JSC: Creditors' Liquidation Claims Due August 10
TYPHOON SECURITY: Creditors' Liquidation Claims Due August 8
UTM LLC: Schwyz Court Starts Bankruptcy Proceedings
WILMAR JSC: Creditors' Liquidation Claims Due August 6


U K R A I N E

ALFA BANK: Moody's Rates Domestic Bond Issue at Ba3/NP/Aa1.ua
GRATE TRADING: Proofs of Claim Deadline Set July 31
INGUL OJSC: Proofs of Claim Deadline Set August 2
JARVIS PLC: Trading and Cost Cutting In Line With Expectations
NIKA LLC: Creditors Must File Claims by August 2

QUEST LLC: Proofs of Claim Deadline Set July 31
SMARZHYNETSKOE LLC: Proofs of Claim Deadline Set July 31
SOLOMON LLC: Proofs of Claim Deadline Set August 2
SPECIAL MOTORCAR: Creditors Must File Claims by August 2
STEPANOVSKAYA LLC: Proofs of Claim Deadline Set August 2

TESKO LLC: Proofs of Claim Deadline Set July 31
TSARICHANKA CANNERY: Proofs of Claim Deadline Set August 2


U N I T E D   K I N G D O M

ALLIANCE BOOTS: KKR's Banks Defer GBP5.5 Bln Senior Debt Sale
ALPHA PACKAGING: Taps Liquidators from BDO Stoy Hayward
ARLO IV: Moody's Cuts Rating to Ba2 on EUR20 Mln Class B Notes
AVOCA CLO II: S&P Lifts Rating on Class D Notes to BB+
BRYANSTON INSURANCE: Administrator Lifts Payment to 59 Percent

CAIRN EURO: Fitch Rates EUR6.475 Million Class C Notes at BB-
DJ ABBOTT: Brings In Liquidators from Tenon Recovery
EDDIE WALTON: Appoints Michael C. Kienlen as Liquidator
EIRLES TWO: S&P Raise Ratings on Series 19 CDO Notes to BB-
EXPERT PRINT: Claims Filing Period Ends October 15

FORD MOTOR: Tata to Begin Due Diligence as Deripaska Joins Fray
HMV GROUP: Brings In Gerry Johnson as New Executive Director
I.C.P. LTD: Names Keith Aleric Stevens Liquidator
SOUTHERN POULTRY: Calls In Liquidators from Baker Tilly
STRAWINSKY I PLC: S&P Rates EUR10.27 Mln Class E Notes at BB+

TRADITIONAL SUITE: Nigel Price Leads Liquidation Procedure
XEROX CORP: Earns US$266 Million in Quarter Ended June 30

* Tenon Group Acquires Hurst Morrison Thomson Corporate Recovery

* BOND PRICING: For the Week July 23 to July 27, 2007

                            *********

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


ASBOECK – HAIRLINES: Claims Registration Period Ends Aug. 24
------------------------------------------------------------
Creditors owed money by LLC Asboeck – Hairlines (FN 219871s)
have until Aug. 24 to file written proofs of claim to court-
appointed estate administrator Stefan Weidinger at:

         Mag. Stefan Weidinger
         Dr. Koss-Strasse 3
         4600 Wels
         Austria
         Tel: 07242/67354-0
         Fax: 07242/67354-50
         E-mail: kanzlei@holme.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 20 S 80/07a).


D.S. KREDITVERMITTLUNG: Vienna Court Orders Business Shutdown
-------------------------------------------------------------
The Trade Court of Vienna entered June 25 an order shutting down
the business of LLC D.S. Kreditvermittlung (FN 238340a).

Court-appointed estate administrator Romana Weber-Wilfert
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. Romana Weber-Wilfert
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 533 24 55
         Fax: 533 24 55-24
         E-mail: office@weber-wilfert.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 12 (Bankr. Case No 5 S 62/07p).


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

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

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

The meeting of creditors will be held at:

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

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


MIAMI GASTRO: Claims Registration Period Ends Aug. 24
-----------------------------------------------------
Creditors owed money by LLC MIAMI Gastro (FN 281577i) have until
Aug. 24 to file written proofs of claim to court-appointed
estate administrator Stephan Andreas Binder at:

         Mag. Stephan Andreas Binder
         Eisenhowerstrasse 40
         4600 Wels
         Austria
         Tel: 07242/47024
         Fax: 07242/47167
         E-mail: s.binder@kapo.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 20 S 78/07g).


SKILIFTE UNKEN-HEUTAL: Claims Registration Period Ends Sept. 5
--------------------------------------------------------------
Creditors owed money by LLC Skilifte Unken-Heutal & Co KG (FN
26017k) have until Sept. 5 to file written proofs of claim to
court-appointed estate administrator Wolfgang Kleibel at:

         Dr. Wolfgang Kleibel
         Erzabt-Klotz-Strasse 4
         5020 Salzburg
         Austria
         Tel: 0662/84 22 81
         Fax: 0662-842281-29
         E-mail: wolfgang.kleibel@k-b-k.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

Headquartered in Unken, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 44 S 21/07y).


WIENERMATIK LLC: Claims Registration Period Ends Aug. 23
--------------------------------------------------------
Creditors owed money by LLC WIENERMATIK (FN 211730v) have until
Aug. 23 to file written proofs of claim to court-appointed
estate administrator Maria Brandstetter at:

         Dr. Maria Brandstetter
         Stephansplatz 4
         Stiege VI
         Second Floor
         1010 Vienna
         Austria
         Tel: 513 85 12
         Fax: 513 85 12/20
         E-mail: office@rechtsberaterin.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 5 S 80/07k).


WMS METALLSYSTEME: Korneuburg Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Korneuburg entered June 25 an order shutting
down the business of LLC WMS Metallsysteme (FN 164253z).

Court-appointed estate administrator Herwig Ernst 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. Herwig Ernst
         c/o Dr. Robert Zauchinger
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel: 02262/723 17
         Fax: 02262/756 57
         E-mail: lawoffice@mack-ernst.at
                 zauchinger@mack-ernst.at

Headquartered in Groissenbrunn, Austria, the Debtor declared
bankruptcy on June 14 (Bankr. Case No 36 S 84/07f).  Robert
Zauchinger represents Dr. Ernst in the bankruptcy proceedings.


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


ARVINMERITOR INC: To Close Ontario Assembly Operations
------------------------------------------------------
ArvinMeritor Inc. would close its Commercial Vehicle Systems
assembly operation in St. Thomas, Ontario, Canada by Nov. 23,
2007.

The closure is part of restructuring actions in North America
and Europe which the company expects to affect 13 plants and
2,800 employees, resulting in an estimated annual run rate
savings of US$130-$140 million by 2012.

The facility in St. Thomas employs 17 people, and serves as an
assembly site of the company's drivelines. Operations based in
St. Thomas will be transferred to ArvinMeritor's facility in
Laurinburg, North Carolina.

Employees were advised of the closure today during a meeting at
the facility.  ArvinMeritor will offer outplacement support and
severance and benefits packages to affected employees.

"Actions like these are never easy, but are necessary because of
the highly competitive nature of the motor vehicle industry,"
Wayne Watson, general manager, Operations, North America, said.
"The company must have a global manufacturing footprint that
optimizes capacity, reduces costs, and creates the greatest
level of customer service."

"The closure of St. Thomas is in no way a reflection of our fine
workforce,” Brad Ducharme, site manager at the St. Thomas
facility said.  Our employees are talented and highly skilled
individuals who have worked hard to support our customers."

                      About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarket.  ArvinMeritor employs approximately 29,000
people at more than 120 manufacturing facilities in 25
countries.  These countries are: China, India, Japan, Singapore,
Thailand, Australia, Venezuela, Brazil, Argentina, Belgium,
Czech Republic, France, Germany, Hungary, Italy, Netherlands,
Spain, Sweden, Switzerland, United Kingdom, among others.
ArvinMeritor common stock is traded on the New York Stock
Exchange under the ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 28, 2007,
Moody's Investors Service has upgraded ArvinMeritor's senior
secured bank debt rating to Baa3, LGD2, 13% from Ba1, LGD2, 20%
and affirmed the company's Corporate Family Rating of Ba3,
Speculative Grade Liquidity rating of SGL-2, and stable outlook.


METHANEX CORP: Earns US$35.7 Million in Second Quarter 2007
-----------------------------------------------------------
For the second quarter of 2007, Methanex Corp. realized revenue
of US$466.4 million and net income of $35.7 million.  The
company had revenue of US$461 million and net income of US$83
million for the second quarter of 2006.

Total sales volumes for the three months ended June 30, 2007,
were 1.7 billion, down from 1.8 billion for the three months
ended June 30, 2006.

At June 30, 2007, the company had total assets of US$2.4
billion, total liabilities of US$1.2 billion, and total
stockholders’ equity of US$1.2 billion.

                  Liquidity and Capital Resources

Cash flows from operating activities before changes in non-cash
working capital in the second quarter of 2007 were US$67 million
compared with US$129 million for the same period in 2006.

During the second quarter of 2007, the company repurchased for
cancellation a total of 3.2 million common shares at an average
price of US$24.79 per share, totaling US$79 million.  This
includes 1.9 million common shares repurchased under a normal
course issuer bid that expired May 16, 2007, and 1.3 million
common shares repurchased under a new normal course issuer bid
that commenced May 17, 2007.

On closing of the normal course issuer bid that expired at May
16, 2007, the company had repurchased a total of 7.5 million
common shares at an average price of US$23.85 per share,
totaling US$179 million.  On May 7, 2007, the new normal course
issuer bid was approved.  This bid commenced May 17, 2007, and
expires May 16, 2008, and allows the company to repurchase for
cancellation up to 8.7 million common shares.

Also during the second quarter of 2007, the company’s Board of
Directors approved a 12% increase in our regular quarterly
dividend to shareholders, from US$0.125 per share to US$0.14 per
share.  During the second quarter of 2007, the company paid
quarterly dividends of about US$14 million.

In May 2007, the company reached financial close for the
company’s project to construct a 1.3 million tonne per year
methanol facility at Damietta on the Mediterranean Sea in Egypt.
The company is developing the project through a joint venture in
which it has a 60% interest.  The joint venture has secured
limited recourse debt of US$530 million.

The company expects commercial operations from the methanol
facility to begin in early 2010 and it will purchase and sell
100% of the methanol from the facility. The total estimated
future costs to complete the project over the next three years,
excluding financing costs and working capital, are expected to
be about US$800 million.  The company’s 60% share of future
equity contributions, excluding financing costs and working
capital, over the next three years is estimated to be about
US$215 million and it expects to fund these expenditures from
cash generated from operations and cash on hand.

Cash balance at June 30, 2007 was US$484 million and the company
has a strong balance sheet with an undrawn US$250 million credit
facility.  Its planned capital maintenance expenditure program
directed towards major maintenance, turnarounds and catalyst
changes is currently estimated to total about US$90 million for
the period to the end of 2009.

Bruce Aitken, president and chief executive officer of Methanex,
commented, "Our average realized price in the second quarter was
US$286 per tonne, similar to our Q2-2006 average realized price
of US$279 per tonne.  We commented at the end of the first
quarter that our pre-tax earnings would be lower in the second
quarter by  US$35 million as a result of selling higher cost
opening inventory.  This fact, together with the disappointing
level of production from our assets in Chile, reduced earnings
below what we would regard as normal in the current positive
operating environment in the methanol industry."

Mr. Aitken added, "While our operational performance in Chile
during the second quarter was disappointing, our production
outlook for the second half of the year looks much better.  As
recent technical issues impacting gas supply are currently being
resolved, we expect to restart our plants in Chile on a staged
basis and have all four production plants operating by the
fourth quarter."

Mr. Aitken continued, "Industry fundamentals continue to be
positive, with markets expected to remain balanced under a
normal industry operating environment.  As expected, under the
current price environment, China reverted back to being a net
importer of methanol during the second quarter.  Industry
pricing remains healthy, with July posted contract prices
averaging approximately US$300 per tonne in all of the major
regions.  Overall, the global demand outlook for traditional
chemical derivatives remains strong, as does the longer-term
outlook for significant new methanol demand growth from emerging
energy related uses including biodiesel, DME, and fuel
blending."

Mr. Aitken concluded, "With US$124 million in cash flow from
operations generated during the second quarter, we continue to
be in a very strong financial position with liquidity to meet
the financial requirements related to our methanol project in
Egypt, pursue opportunities to accelerate gas development in
southern Chile, pursue other strategic growth initiatives, and
continue to deliver on our commitment to return excess cash to
shareholders."

                       About Methanex Corp.

Headquartered in Vancouver, British Columbia, Methanex Corp. --
http://www.methanex.com/-- is a publicly traded company engaged
in the worldwide production and marketing of methanol.  The
marketing and logistics offices in Waterloo, Belgium, and Tees,
United Kingdom, oversee the management and administration of all
Methanex's sales and distribution operations in Europe.

                           *     *     *

Methanex Corp. carries Moody's Investors Service’s Ba1 long-term
corporate family, senior unsecured debt, and probability-of-
default ratings.  The ratings outlook remains stable.


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


ALCATEL-LUCENT: Forms Joint Venture with Aruba Networks
-------------------------------------------------------
Alcatel-Lucent and Aruba Networks Inc. will establish a joint
venture focused on developing next-generation wired and wireless
solutions for the enterprise.

Together, the two companies will drive a new phase of business-
critical enterprise infrastructure for a new generation of
business users.  The solution will be designed to identify,
authenticate, and manage users regardless of the means by which
they access the network, something no other enterprise system
provides today.

The joint venture will focus on the design and delivery of
hardware and software modules that add secure wireless LAN
switching to Alcatel-Lucent’s next generation products.  These
modules, used in combination with Alcatel-Lucent platforms, will
address the growing need for pervasive secure mobility in
Enterprises of any size.

Alcatel-Lucent will market and sell a best-of-class mobility
solution that combines Aruba’s secure mobile technology with
Alcatel-Lucent’s wired network infrastructure and
communication/collaboration applications suite.  The resulting
platform will be designed to allow enterprises to experience the
many benefits of secure mobility, including unparalleled mobile
communication and collaboration user experience, without
comprising the integrity of their business critical network
traffic.

Aruba’s user-centric networking technology securely extends
enterprise networks and applications to users, regardless of
their locale and independent of the network over which they
communicate.  By associating security policies with users,
instead of ports or hardware, the policies can be enforced
independently of how or where a user accesses the network.  This
unique follow-me security capability provides unprecedented
mobility for users while ensuring that security is always
enforced.

"Integrating Aruba’s user-centric networking technology with
Alcatel-Lucent’s next-generation of LAN switches, unified
messaging and teleconferencing systems, and mobile access
switches will usher in a new class of converged mobility
infrastructure," said Dominic Orr, Aruba’s president and CEO.
"The resulting solution will deliver best-of-class connectivity
and switching, enhance the productivity of mobile users, and
ensure the reliable delivery of business-critical applications
within even the largest enterprises."

"This venture will combine Alcatel-Lucent’s award winning
infrastructure with Aruba’s strength in secure mobility
solutions to create network solutions for the new business
generation -— ones which are capable of meeting the needs of an
‘always on communications’ generation who want access anywhere,
any time," said Tom Burns, president of Alcatel-Lucent’s
Enterprise Solutions activities.  "In creating a new class of
infrastructure, our companies will deliver a faster, denser,
business critical mobile solution that enterprises need to
transform their networks for a technological competitive edge."

Alcatel-Lucent was among the first major enterprise players to
market a fixed mobile convergence solution that seamlessly
switches between enterprise Wi-Fi networks and public mobile
phone networks.  The company’s comprehensive communication
application suite encompasses data, voice, video, LAN, and
public switched networking solutions.

                      About Aruba Networks

Based in Sunnyvale, California, Aruba Networks Inc.  --
http://www.arubanetworks.com/-- provides access to enterprise
data, voice and video applications across wired and wireless
LAN, WAN, and carrier networks without compromising security or
mobility.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                            *   *   *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


DELPHI CORPORATION: IUE-CWA Intends to Terminate Contracts
----------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers Division of the Communications
Workers of America notified Delphi Corp. of its intent to
terminate its local and national contracts with the auto parts
maker in a July 18, 2007 letter.  The action comes as talks over
a new national agreement have dragged on concerning key issues,
including job security, wages, and benefits.

"Delphi has not delivered proposals that meet our members'
needs," said IUE-CWA President Jim Clark.  "From the start we
have stated that IUE-CWA members want both their jobs and
dignity intact at the end of the process.  We are tired of
spinning our wheels in negotiations while Delphi falls short of
these basic demands."

The termination notice is the first step toward a national
strike by the IUE-CWA at Delphi.  Under the terms of the
national agreement, the notice allows the locals to strike
effective 12:01 a.m. on Oct. 13, 2007.

"There is still much time to change our course," said IUE-CWA
Automotive Conference Board Chairman Willie Thorpe.  "But we
cannot sit back and be unprepared.  In our estimation, given the
current state of talks, a strike is a real possibility and we
need to act accordingly."

As part of the termination notice, IUE-CWA also revoked its
permission for Delphi to continue to use temporary employees in
IUE-CWA represented facilities.

"The union had allowed temporary workers as a goodwill gesture
as long as talks toward an acceptable contract were progressing.
Hopefully with this action progress may improve," explained Mr.
Clark.

According to the IUE-CWA, Delphi has the option of reducing
production output or hiring the workers as permanent.  In most
cases, the cut-off takes place in two weeks.

The IUE-CWA represents more than 2,000 Delphi workers.

                        About Delphi Corp.

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

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

(Delphi Corporation Bankruptcy News, Issue No. 77; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


EUTELSAT COMMUNICATIONS: Pier Francesco Guarguaglini Joins Board
----------------------------------------------------------------
Pier Francesco Guarguaglini has joined Eutelsat Communications’
Board of Directors.

Mr. Guarguaglini is chairman and CEO of Finmeccanica, the main
Italian industrial group operating globally in the aerospace,
defense and security sectors, and a world-leading group in the
fields of helicopters and defense electronics.  Quoted on the
Milan Stock Exchange, Finmeccanica generated consolidated
revenues of 12.5 billion euros in 2006 and has 58,000 employees.

The decision to co-opt Mr. Guarguaglini to the Board follows the
resignation of Frank Dangeard, Chairman and CEO of Thomson.

The Board has also co-opted Jean-Luc Archambault, CEO of Lysios
and Bertrand Mabille, chief operating Officer of SFR Entreprises
as directors following the resignations of Patrick Sayer,
chairman of the Executive Board of Eurazeo and Gilbert Saada,
director of Investments and Executive Board member of Eurazeo.
Proposed to the Board by the Caisse des Depots et Consignations,
Mr. Archambault and Mr. Mabille bring over 20 years of expertise
from the public sector via previous functions in ministries of
the French government and from the private sector.

“We are very pleased to welcome Pier Francesco Guarguaglini to
our Board as a new independent director,” Giuliano Berretta,
chairman and CEO of Eutelsat Communications, said.  “His
outstanding experience in building successful organizations and
the solid track records of Jean-Luc Archambault and Bertrand
Mabille bring a wealth of knowledge and expertise that will
strengthen our corporate governance and complement our overall
leadership team as we pursue our growth objectives.”

These appointments will be submitted for ratification at the
next ordinary general meeting, to be scheduled for November
2007.  The mandates of Mr. Archambault and Mr. Mabille are valid
to the ordinary general meeting of shareholders examining the
accounts for the 2010-2011 financial year.  The mandate of Mr.
Guarguaglini is valid until the ordinary general meeting of
shareholders examining the accounts for the 2011-2012 financial
year.  Eutelsat Communications’ Board comprises 10 directors, of
which two are independent directors, Lord Birt and Pier
Francesco Guarguaglini.

                        About Eutelsat

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  The Group is one of the world's three leading
satellite operators in terms of revenues.  Its satellites are
used for broadcasting nearly 1,800 TV and 900 radio stations to
more than 120 million cable and satellite homes.  The Group also
provides TV contribution services, corporate networks, mobile
positioning and communications, Internet backbone connectivity
and broadband access for terrestrial, maritime and inflight
applications.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 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
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


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


BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid
---------------------------------------------------------
William H. Waltrip, the chairman of a special committee of the
Board of Directors of Bausch & Lomb Incorporated, sent a letter
Tuesday asking Advanced Medical Optics to revise its offer to
buy Bausch & Lomb.

In July 2007, Advanced Medical proposed to acquire 100% of the
outstanding shares of Bausch & Lomb in a merger in which Bausch
& Lomb's shareholders would receive, per share of Bausch & Lomb
stock, US$45.00 in cash and US$30.00 in AMO stock.

In his letter, Mr. Waltrip noted that "without further
assurances as to value and certainty of consummation and, in
particular, without concrete, credible evidence that holders of
a significant percentage of the outstanding AMO shares would
affirmatively support the proposed acquisition of Bausch & Lomb
by AMO, the Special Committee and the Board intend to revoke
AMO’s designation as an excluded party under [a merger agreement
with] Warburg Pincus."

Mr. Waltrip also emphasized that any proposed increase in the
fee that would be payable by AMO in the event the transaction
did not close due to failure to obtain AMO shareholder approval
should be accompanied by an opinion of counsel that such fee is
legally payable in light of the known opposition of at least one
significant shareholder to the proposed transaction.

Bausch & Lomb is expecting additional information from AMO no
later than 12:00 p.m., Eastern time, today, July 27, 2007.

                      Warburg Pincus Deal

In May 2007, Bausch & Lomb entered into a definitive merger
agreement with Warburg Pincus, pursuant to which Warburg Pincus
agreed to acquire 100% of the outstanding shares of Bausch &
Lomb for US$65.00 per share in cash.

Pursuant to the Warburg Pincus merger agreement, AMO has been
designated as an "excluded party," thus permitting Bausch &
Lomb, subject to certain conditions, to continue negotiating
with AMO with respect to the AMO proposal despite the end of the
"go shop" period, so long as AMO remains an "excluded party."

                          FTC Approval

Reuters said in a July 10, 2007 report that affiliates of
Warburg Pincus have received U.S. antitrust approval to acquire
Bausch & Lomb.

Citing the U.S. Federal Trade Commission, Reuters said antitrust
authorities completed their review of the deal without taking
any action to block it.

                       About Bausch & Lomb

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.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


BETREUTES WOHNEN: Opens Insolvency Proceedings in Dresden
---------------------------------------------------------
Ruediger Wienberg was appointed provisional administrator of
Betreutes Wohnen in der Landeshauptstadt Dresden e.V. after the
organization applied for insolvency proceedings to the District
Court of Dresden on July 17, 2007.

According to the Financial Times, Mr. Wienberg told Die Welt
that the 400 elderly people taking shelter in Betreutes Wohnen
will continue to receive care.

Headquartered in Dresden, Germany, Betreutes Wohnen in der
Landeshauptstadt Dresden e.V. is an organization for sheltered
accommodation set up in 1994.  It operates nine institutions in
Dresden and Neusalza-Spremberg.

The provisional administrator can be reached at:

         Ruediger Wienberg
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de/


EUROHOME MORTGAGES: Moody's Rates EUR6.9 Million Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes issued by Eurohome Mortgages 2007-1 p.l.c.:

   -- Aaa to the EUR262,500,000 Class A Mortgage Backed Floating
      Rate Notes due August 2050;

   -- Aa2 to the EUR15,000,000 Class B Mortgage Backed Floating
      Rate Notes due August 2050;

   -- A1 to the EUR12,000,000 Class C Mortgage Backed Floating
      Rate Notes due August 2050;

   -- Baa2 to the EUR6,300,000 Class D Mortgage Backed Floating
      Rate Notes due August 2050;

   -- Ba2 to the EUR4,200,000 Class E Mortgage Backed Floating
      Rate Notes due August 2050;

   -- Ba2 to the EUR2,700,000 Class X Mortgage Backed Floating
      Rate Notes due August 2050.

Moody's has also assigned definitive ratings to the Certificates
issued by Eurohome Mortgages 2007-1 p.l.c.:

   -- Aaa to the Italian Mortgage Early Repayment Certificates
      due August 2050;

   -- Aaa to the German Mortgage Early Repayment Certificates
      due August 2050.

Eurohome Mortgages 2007-1 p.l.c. is the first transaction
securitizing mortgage loans originated by Deutsche Bank's newly
set-up mortgage lending platforms "Sofia" in Italy and "topimmo"
in Germany.  About 65% of the final pool are represented by
Italian mortgages loans while the remaining 35% are German
mortgage loans.  The two sub-pools are fully cross
collateralized.  Both pools have a limited average seasoning of
3 months since the origination by both lending platforms was
just recently started.  The servicing of the loan portfolios
will be done by dedicated servicing teams embedded in the
lending platforms in the two countries.

The issuance proceeds from the Classes A, B, C, D and E Notes
are used by the Issuer to purchase Italian and German mortgage
loans.  The Class X Notes fund the initial balance of the
Reserve Account and a portion of the Issuer's initial expenses.
The Reserve Account is funded at 0.5% of the initial pool
balance and increases to the required level of 1.1% by trapping
excess spread after closing of the transaction.

Once the Reserve Account has reached its target level, the
available excess spread will be used to be repay the Class X
Notes.  The Class A to E Notes will start to amortize in
sequential order starting with the Class A Notes.  Once the
relative subordination of Class A has doubled, the Notes will
switch to pro-rata amortization subject to certain performance
triggers.

The issuer entered into interest swap agreements in order to
hedge its interest rate exposure due to the mismatch of the
interest received under the securitized loans and the floating
interest payments due under the Notes.


HEAD NV: Moody's Junks HTM Sport's Sr. Unsecured Debt Rating
------------------------------------------------------------
Moody's Investors Service downgraded Head NV's corporate family
rating to B3 from B2 and the senior unsecured rating on the
notes issued by HTM Sport- und Freizeitgerate AG to Caa1/LGD4
(65%) from B3.  The outlook on the ratings has been changed to
negative.  The rating action concludes the review initiated on
the April 30, 2007.

The rating downgrade reflects the expectation that company's
operating performance during the current financial year is
likely to remain under pressure following a poor winter
June/July seasons.

"The extent of the downturn in order volumes during the current
year is likely to dent the company's profitability that is
expected to be at breakeven at EBIT level at best for FYE 2007,
adding pressure to the liquidity profile of the company," Paolo
Leschiutta, lead analyst at Moody's Investors Service for Head
said.  "Despite the company's effort in improving operating
leverage flexibility by means of increasing production in low
costs countries over recent years, the downturn in the winter
sport division and ongoing competition across all business
segments is likely to results in credit metrics below those
required for a B3 rating over the short term," the analyst added

The negative outlook reflects Moody's view that the company's
operating performances are likely to remain subdued beyond 2007
and Moody's concerns on the company's limited availability under
Head's liquidity resources.  The ratings could be further
downgraded if the company's top line and profitability remains
under pressure beyond 2007 due to ongoing weakening market
situation or adverse weather conditions or if the company's
liquidity profile had to deteriorate quickly.  The ratings could
also be downgraded if financial leverage measured as Debt to
EBITDA had to remain above 7x over the next 12 to 18 months and
EBITA interest cover below 1x. Although it is unlikely that the
ratings could be upgraded over the short term, upward pressure
could arise in case of restored profitability, improved
liquidity and market conditions that would lead to credit
metrics in line with those showed at year end 2006 with
financial leverage around 5x and RCF to Net Debt in the mid
teens on a sustainable basis.

Ratings downgraded are as follow:

   -- Head NV's Corporate Family Rating downgraded to B3 from
      B2;

   -- Senior unsecured rating on the EUR135 million notes due
      2014 issued by HTM Sport- und Freizeitgerate AG downgraded
      to Caa1 from B3.

Incorporated under Dutch Law, Head N.V. is a leading global
manufacturer of branded sporting goods focusing on winter,
diving and racquet sports.  For the financial year ended
Dec. 31, 2006, the company reported consolidated revenues and
EBITDA of EUR366.8 million and EUR34.1 million, respectively. It
operates in Austria, Italy, Germany, France, Switzerland, the
Netherlands, Spain, the United Kingdom, North America, and Asia.


KDL GESELLSCHAFT: Claims Registration Period Ends Sept. 1
---------------------------------------------------------
Creditors of KDL Gesellschaft fuer kaufmannische
Dienstleistungen mbH have until Sept. 1 to register their claims
with court-appointed insolvency manager Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Oct. 4, 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

The District Court of Kaiserslautern opened bankruptcy
proceedings against KDL Gesellschaft fuer kaufmannische
Dienstleistungen mbH on July 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KDL Gesellschaft fuer kaufmannische
         Dienstleistungen mbH
         Attn: Christoph J. Queling, Manager
         Europaallee 10
         67657 Kaiserslautern
         Germany


SPECTRUM BRANDS: Global Operations President K. Biller to Retire
----------------------------------------------------------------
Kenneth V. Biller, President of Global Operations of Spectrum
Brands, Inc., disclosed his retirement from the company
effective Sept. 30, 2007.  Mr. Biller's responsibilities will be
assumed by other members of Spectrum's senior management team.

"Ken is completing a distinguished 35 year career with Spectrum
Brands during which he was integral to the company's growth from
a locally owned Midwestern battery manufacturer to a global,
multi-brand consumer products company," Kent Hussey, Chief
Executive Officer, said.  "His expertise and leadership were
instrumental to the successful integration of our acquisitions,
and he most recently spearheaded the consolidation of Spectrum
Brands' Global Operations division into our Global Batteries &
Personal Care, Home & Garden and Global Pet Supplies business
units.  Throughout his years at the company, Ken has been a
relentless advocate of quality, efficiency and superior
technology, and a mentor to many of our senior managers.  We
wish Ken all the best in his well-earned retirement."

Mr. Biller, 59, joined Rayovac Corporation in 1972 and held a
series of management positions in technology and manufacturing
operations.  He was appointed Senior Vice President of
Operations in 1998 and a year later was named Executive Vice
President of Operations.  In 2005 he became President of Global
Operations, with responsibility for nearly 6000 employees around
the globe.  His many accomplishments include the integration and
consolidation of technology, manufacturing and supply chain
operations acquired along with VARTA AG in Germany in 2002,
Remington Products LLC in 2003, Brazilian battery manufacturer
Microlite S.A. and Ningbo Baowang China Battery Company in 2004,
and United Industries and Tetra GmbH in 2005.

Mr. Biller currently serves on the Dean's Advisory Board for the
University of Wisconsin's School of Business and in recent years
has served as a member of the Advisory Board for the University
of Wisconsin Operations and Technology Management program.  He
holds a Bachelor of Science in chemical engineering and a
Masters of Business Administration from the University of
Wisconsin.

                     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 in 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 $700 million 7-3/8% senior subordinated note due 2015
and its CCC- rating of the company's $350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  The Outlook remains Negative.


=============
I C E L A N D
=============


SAKS INCORPORATED: Baugur Groups Acquires 8.08% Stake
-----------------------------------------------------
Baugur Group hf. has bought a total of 11.5 million shares in
Saks Incorporated, representing an 8.08% stake in the company,
Tom Braithwaite and Jonathan Birchall write for The Financial
Times.

According to a filing with the U.S. Securities and Exchange
Commission, dated July 23, 2007, Baugur purchased the shares as
part of its global investment portfolio and believes them to
represent a sound acquisition.  Although Baugur has no current
intention to seek to influence or participate in the
formulation, determination or direction of the basic business
decisions of Saks, it is anticipated that Baugur may from time
to time seek to have discussions with management, the board of
directors and other shareholders of the company.

Baugur’s beneficial ownership arises through Icelandic forward
contracts that it has entered into with Landsbanki.

FT says Baugur paid only US$22 for each share, or about
US$250 million.

                           About Baugur

Baugur -- http://www.baugurgroup.com/-- is a privately owned,
international investment firm focusing on investments within
retail, property and media in Iceland, the United Kingdom,
Scandinavia and the United States.  Since its formation in 1998
in Iceland, Baugur has continually grown its investment
portfolio.

                     About Saks Incorporated

Based in Birmingham, Alabama, Saks Incorporated (NYSE: SKS) --
http://www.saksincorporated.com/-- operates Saks Fifth Avenue
Enterprises, which consists of 54 Saks Fifth Avenue stores, 49
Saks Off 5th stores, and Saks.com.  The company also operates 39
Parisian stores and 57 Club Libby Lu specialty stores.

                            *   *   *

As reported in the Troubled Company Reporter on June 1, 2007,
Fitch Ratings has affirmed its Issuer Default Rating of Saks
Incorporated at 'B' and its rating of the company's secured bank
credit facility at 'BB/RR1'.  In addition, Fitch has upgraded
the company's senior unsecured notes to 'B+/RR3' from 'B/RR4'.
Fitch said the Rating Outlook has been revised to Stable from
Negative.


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


DANA CORP: Court Approves USW & UAW Settlement Agreements
---------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York granted approval of the
settlement agreements between Dana Corporation and each of the
United Steel Workers and the United Auto Workers, as well as an
investment agreement with Centerbridge Capital Partners, L.P.,
for a major investment in the company.

As reported in the Troubled Company Reporter on July 9, 2007,
the agreements consist of:

   -- A settlement agreement with each of the United Steel
      Workers and the United Auto Workers, which will lower
      Dana's labor costs and replace the company's health care
      and long-term disability obligations for retirees and
      employees represented by these unions with Voluntary
      Employees' Beneficiary Association trusts to which Dana
      will contribute in aggregate approximately US$700 million
      in cash, less certain benefit payments made prior to the
      effective date of the company's plan of reorganization,
      and approximately $80 million in common stock of the
      reorganized Dana;

   -- An agreement with Centerbridge Capital Partners, L.P., and
      its affiliates on the terms under which the firm will
      invest up to US$500 million in cash for convertible
      preferred stock in the reorganized Dana and facilitate an
      additional investment by other investors of up to US$250
      million in convertible preferred stock; and

   -- A plan support agreement with the USW, the UAW, and
      Centerbridge, under which these parties will support a
      plan of reorganization filed by Dana that includes both
      the labor settlements and the Centerbridge investment
      agreement.

The judge also approved a plan support agreement with the USW,
the UAW, and Centerbridge, under which these parties will
support a plan of reorganization filed by Dana that includes
both the labor settlements and the Centerbridge investment
agreement.

Under terms of the investment agreement, Centerbridge will
purchase up to US$500 million of convertible preferred stock of
the reorganized Dana and facilitate an additional investment of
up to US$250 million in convertible preferred stock.

"We are pleased with the Court's approval of these agreements,
which we believe preserves significant value for all of our
constituents," Dana Chairman and CEO Mike Burns said.  "The
developments support Dana's long-term success and keep our
company on the path to file our reorganization plan by the
beginning of September and to emerge from bankruptcy by year end
as a competitive and sustainable business."

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.


IMAX CORP: S&P Affirms Ratings & Removes CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'CCC+' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch.

The ratings were originally placed on CreditWatch with negative
implications on April 2, 2007, with a revision to developing
implications occurring on July 5, 2007.  The rating action
follows the company's filing of its SEC Form 10-Q for the first
quarter of 2007 and its 2006 Form 10-K, which should put the
company in compliance with its filing requirement under its bond
indenture and alleviate the risk of a near-term acceleration.

"The positive outlook reflects solid system signings in the
first quarter and good box office performance of IMAX films this
year, which could lead to new system signings," said Standard &
Poor's credit analyst Tulip Lim.

As of March 31, 2007, the company had US$160 million of debt.

The rating reflects the modest size and uncertain long-term
earnings potential of the company's niche market relative to its
debt burden, weak discretionary cash flow, and limited
liquidity.  These concerns overshadow IMAX's position as a
specialized provider of giant-screen projection, camera, and
sound systems; the recurring revenue provided by the installed
base of 283 IMAX theater systems; and a measure of near-term
revenue visibility provided by the company's backlog of pending
system installations.

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: Parma Court Indicts Ex-CEO & 60 Others
----------------------------------------------------
The Hon. Domenico Truppa of the Parma Bankruptcy Court has
indicted Parmalat S.p.A. founder and former chief executive
Calisto Tanzi and around 60 others on charges of fraudulent
bankruptcy in relation to the food concern’s collapse in
December 2003, various reports say.

Aside from Mr. Tanzi, other indicted persons are:

   -- Fausto Tonna, former Parmalat chief financial officer;

   -- Cesare Geronzi, Capitalia S.p.A. (formerly Banca di Roma)
      and Mediobanca S.p.A. chairman; and

   -- Matteo Arpe, former Capitalia chief executive.

The indictments came after a two-year investigation and a
preliminary hearing in 2006 involving around 90 personalities.
Judge Truppa accepted 16 guilty pleas, Bloomberg News reports.

The executives and consultants may face up to 15 years in prison
if found guilty of the charges, the Associated Press relates.
Trial commences March 14, 2008.

"Considering the number of defendants, the complexity and the
dimension of the case, I think we are at a good point," Mr.
Laguardia, chief prosecutor for the case, told AP.

Mr. Laguardia revealed to AP that more than 130 people were
investigated relating to the case.  The number, however, was cut
by half through plea bargain agreements and expedited trial
procedures.

"The most interesting development from [the] hearing is that the
judge said one can see clearly from reading the company's
balance sheets from 1994 that the company was deteriorating,"
Giampiero Biancolella, Tanzi's lawyer, told Bloomberg News.
"This has important implications for the responsibility of third
parties."

                          Capitalia Role

The indictments against Messrs. Geronzi and Arpe and six other
Capitalia executives center on a condition set by the bank for
providing loan to Parmalat.

Prosecutors accuse the bankers of forcing Parmalat to acquire
Ciappazzi, owned by a firm close to Banca di Roma, above its
market value in exchange for granting a credit line to
Parmatour, the food group's bankrupt tour unit.

Geronzi's lawyer, Ennio Amodio, vowed to appeal the indictment,
claiming the judge had transgressed his role and went beyond
issuing an indictment "by writing a conviction."

Capitalia, meanwhile, reiterated its support for its chairman,
saying that there is no proof that Mr. Geronzi abetted
Parmalat's collapse.

"Capitalia was a victim of fraud that affected the national and
international banking system," the firm told Bloomberg News.

Capitalia added it would seek damages against Mr. Tanzi and
other Parmalat executives charged in the case.

Luisa Mazzola, Mr. Arpe's lawyer, stressed that the indictment
doesn't indicate guilt.

"Mr. Arpe's role will certainly be re-examined, considering he
opposed the financing," Mr. Mazzola said.

According to the Financial Times, a credit committee meeting
chaired by Mr. Arpe refused to provide the loan, but approved it
later at a meeting held in his absence.

                    EUR40 Million Damages

Judge Truppa also awarded EUR40 million in provisional
compensation for "moral damage" suffered by bondholders in
Parmalat's bankruptcy.

                        About Parmalat

Headquartered 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
===================


AKTOBE LLP: Proof of Claim Deadline Slated for Sept. 5
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Trade Firm Aktobe insolvent.

Creditors have until Sept. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ALGABAS-98 LLP: Creditors Must File Claims Sept. 7
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Algabas-98 insolvent on May 28.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Pushkin Str. 76
         Lugovaya Station
         Jambyl
         Kazakhstan


ASIA 3579: Claims Filing Period Ends Sept. 5
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Company Asia 3579 insolvent.

Creditors have until Sept. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ENERGY RESOURCES: Creditors' Claims Due on Sept. 7
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Energy Resources insolvent on June 14.

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

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


JULDYZ LLP: Claims Registration Ends Sept. 5
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Juldyz insolvent on May 7.

Creditors have until Sept. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 (3292) 41-58-26
              8 701 537 15-58


KAZ ATK: Creditors Must File Claims Sept. 7
-------------------------------------------
Branch of JSC Kaz Atk After Tynyshbayev (West Kazakhstan
Colledge) has declared insolvency.  Creditors have until Sept. 7
to submit written proofs of claims to:

         Branch of JSC Kaz Atk After Tynyshbayev
         West Kazakhstan Colledge
         Smagulov Str. 5v
         Aktobe
         Aktube
         Kazakhstan


KAZKOMMERTSBANK JSC: Increases Stake in Two Pension Funds
---------------------------------------------------------
JSC Kazkommertsbank has increased its stake in the share capital
of the Accumulative Pension Fund Ular Umit and CB
Moskommertsbank.

On July 24, 2007, Kazkommertsbank completed the acquisition of a
52.11% stake in the share capital of CB Moskommertsbank.  The
shares were acquired from Moskommertsbank's shareholders.

On July 17, 2007, Kazkommertsbank acquired 327 ordinary shares
of the JSC Accumulative Pension Fund Ular Umit, representing
8.175% of total voting shares.  As a result, Kazkommertsbank's
stake in the share capital of the Fund has increased from
41.175% to 49.35%.

"We are delighted to announce our increased holdings in Ular
Umit and CB Moskommertsbank," Alexander Barsukov, managing
director, said.  These two transactions reflect our strategy for
growth in financial services markets through affiliates and
subsidiaries."

Ular Umyt Pension Fund is one of the largest funds in
Kazakhstan, with a market share of 18% of the total pension
assets.  As of 1 July 2007, the size of the pension assets of
the fund was KZT178.6 billion with a client base of more than
1.3 million.  The accrued investment profit of the fund as at
July 1, 2007 exceeded KZT49.5 billion.  In addition to
Kazkommertsbank, the Fund's other shareholders include
Vneshinvest Company Ltd., Terminal Ltd. Investment management of
the Fund is carried out by JSC OCOPAIM Zhetysu.

CB Moskommertsbank was established in 1991 and has been a
strategic partner of JSC Kazkommertsbank in Russia.  Since 2003
the bank adheres to MSFO accounting standards.  In June 2005,
Moskommertsbank successfully entered the deposit insurance
system.  With a credit portfolio of US$1 billion, the Bank is
ranked third in the mortgage market in Russia, ahead of some of
the leading mortgage banks.

Assets of Moskommertsbank as of July 1, 2007 were US$1.8
billion, with a credit portfolio of US$ 1.46 billion (corporate:
US$0.34 billion, retail: US$1.13 billion).  The Bank has six
offices in Moscow and three in St. Petersburg, with branches in
Volgograd, Kaliningrad, Novosibirsk and Chelyabinsk.

                   About Kazkommertsbank

Kazkommertsbank –- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on June 26, 2007, Moody's
Investors Service downgraded these ratings of Kazkommertsbank of
Kazakhstan:

   -- senior unsecured debt in foreign currency to Baa2/P-2 from
      Baa1/P-2;

   -- foreign currency backed subordinated debt to Baa3 from
      Baa2; and

   -- foreign currency backed junior subordinated debt to Ba1
      from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.

In February 2007, Fitch Ratings affirmed Kazakhstan-based
Kazkommertsbank's ratings at foreign currency Issuer Default
'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D'
and Support '3'.

Fitch said The Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.


KAZPHARM LLP: Claims Filing Period Ends Sept. 7
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kazpharm insolvent on June 15.

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

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


NORD OIL: Creditors' Claims Due on Sept. 5
------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Trans Nord Oil insolvent on June 13.

Creditors have until Sept. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


USPEH LTD: Claims Registration Ends Sept. 4
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Uspeh 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
===================


COSMOS CORPORATION: Creditors Must File Claims by September 7
-------------------------------------------------------------
CJSC Cosmos Corporation has declared insolvency.  Creditors have
until Sept. 7 to submit written proofs of claim to:

         CJSC Cosmos Corporation
         Tretya Liniya Str. 25/1
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months
-------------------------------------------------------------
Evraz Group S.A. may hike its stake in Highveld Steel & Vanadium
Ltd. to around 80% percent these coming months, Carli Lourens
writes for Bloomberg News.

Evraz CEO Alexander Frolov said the company may exercise an
option to buy Credit Suisse's 24.9% stake in Highveld.  The
company holds a 54.2% stake in the South African group.

As reported in the TCR-Europe on July 19, 2007, Highveld's board
of directors has recommended that shareholders accept an
improved buyout offer from Evraz.  Evraz has increased its
buyout offer to Highveld shareholders by 15% from ZAR82.99 per
share to ZAR93 per share.  The company also extended the offer
until 5:00 p.m. South African time on Aug. 6, 2007.

"We're making significant progress [with the offer]," Mr. Frolov
was quoted by Bloomberg News as saying.  "This is absolutely the
final offer."

"The likelihood of getting over 80% is fairly high," Chief
Financial Officer Pavel Tatyanin said.  "The possibility of
delisting is on the cards."

                         Highveld Plans

Mr. Tatyanin revealed that Evraz might review Highveld's
dividend policy and change its "random" capital-expenditure
program.

"On both sides there are question marks over sustainability of
earnings," Mr. Frolov said. "Our impression is that steelmaking
is in quite questionable conditions."

Mr. Frolov said Highveld is small, complex and in need of
"substantial investment," adding that the unit's spending might
be increased to expand its operations.

                         About Evraz

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

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

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

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


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


HEAD NV: Moody's Cuts Corporate Family Rating to B3
---------------------------------------------------
Moody's Investors Service downgraded Head NV's corporate family
rating to B3 from B2 and the senior unsecured rating on the
notes issued by HTM Sport- und Freizeitgerate AG to Caa1/LGD4
(65%) from B3.  The outlook on the ratings has been changed to
negative.  The rating action concludes the review initiated on
the April 30, 2007.

The rating downgrade reflects the expectation that company's
operating performance during the current financial year is
likely to remain under pressure following a poor winter
June/July seasons.

"The extent of the downturn in order volumes during the current
year is likely to dent the company's profitability that is
expected to be at breakeven at EBIT level at best for FYE 2007,
adding pressure to the liquidity profile of the company," Paolo
Leschiutta, lead analyst at Moody's Investors Service for Head
said.  "Despite the company's effort in improving operating
leverage flexibility by means of increasing production in low
costs countries over recent years, the downturn in the winter
sport division and ongoing competition across all business
segments is likely to results in credit metrics below those
required for a B3 rating over the short term," the analyst added

The negative outlook reflects Moody's view that the company's
operating performances are likely to remain subdued beyond 2007
and Moody's concerns on the company's limited availability under
Head's liquidity resources.  The ratings could be further
downgraded if the company's top line and profitability remains
under pressure beyond 2007 due to ongoing weakening market
situation or adverse weather conditions or if the company's
liquidity profile had to deteriorate quickly.  The ratings could
also be downgraded if financial leverage measured as Debt to
EBITDA had to remain above 7x over the next 12 to 18 months and
EBITA interest cover below 1x. Although it is unlikely that the
ratings could be upgraded over the short term, upward pressure
could arise in case of restored profitability, improved
liquidity and market conditions that would lead to credit
metrics in line with those showed at year end 2006 with
financial leverage around 5x and RCF to Net Debt in the mid
teens on a sustainable basis.

Ratings downgraded are as follow:

   -- Head NV's Corporate Family Rating downgraded to B3 from
      B2;

   -- Senior unsecured rating on the EUR135 million notes due
      2014 issued by HTM Sport- und Freizeitgerate AG downgraded
      to Caa1 from B3.

Incorporated under Dutch Law, Head N.V. is a leading global
manufacturer of branded sporting goods focusing on winter,
diving and racquet sports.  For the financial year ended
Dec. 31, 2006, the company reported consolidated revenues and
EBITDA of EUR366.8 million and EUR34.1 million, respectively. It
operates in Austria, Italy, Germany, France, Switzerland, the
Netherlands, Spain, the United Kingdom, North America, and Asia.


INVISTA BV: S&P Raises Senior Unsecured Debt Rating to BB-
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Invista B.V. to positive from stable and raised its senior
unsecured debt rating on the company to 'BB-' from 'B+'.

At the same time, S&P affirmed our 'BB' corporate credit rating,
'BBB-' senior secured bank loan rating and '1' recovery rating.

"The outlook revision reflects the ongoing strength of Invista's
global fibers and chemical intermediates franchise, successful
and very significant cost reduction since the 2004 acquisition
of the former DuPont Textiles & Interiors business of E.I.
DuPont de Nemours & Co., and financial policies that could
support a slightly higher rating," said Standard & Poor's credit
analyst Cynthia Werneth.

Ms. Werneth added, "The one-notch upgrade of the senior
unsecured debt to one notch below the corporate credit rating
was warranted because the ratio of priority liabilities to
adjusted total debt has improved and is expected to remain at a
level consistent with the revised senior unsecured ratings."

At March 31, 2007, total debt was about US$3.1 billion, adjusted
to include capitalized operating leases, asset retirement
obligations, and unfunded postretirement obligations totaling
roughly US$500 million.

"We believe INVISTA's solid business risk profile could support
a slightly higher rating if financial policies remain
unchanged," Ms. Werneth said.  "Therefore, S&P could raise the
ratings by one notch during the next few quarters if overall
earnings remain relatively stable in the face of weakness in the
polyethylene terephthalate packaging resins and U.S. housing
markets and still-volatile raw material costs, if management
maintains its disciplined approach to growth, and if debt
leverage does not increase materially.  On the contrary, S&P
could revise the outlook to stable or negative or lower the
ratings in the event of greater-than-expected earnings
volatility or unforeseen business challenges; a large, debt-
financed acquisition; or unexpectedly large shareholder
rewards."


X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility
-------------------------------------------------------
X5 Retail Group N.V. has successfully closed its latest loan
facility with a further six financial institutions joining the
transaction as Mandated Lead Arrangers.  The facility is for
US$1 billion with a final maturity of one year.  The initial
mandated lead arrangers and bookrunners of the facility are
Goldman Sachs International and Citigroup Global Markets
Limited, each participating in the facility post syndication.

The facility was oversubscribed in senior syndication and the
general syndication was cancelled.  The loan will pay a margin
of 0.75% over LIBOR, significantly lower than previous
facilities.  The new loan will be used entirely to refinance
existing debt.

The new participants in the facility are:

   -- ABN Amro N.V.
   -- BNP Paribas
   -- Commerzbank Aktiengesellschaft
   -- ING
   -- Raiffeisen Zentralbank Oesterreich AG
   -- WestLB AG

                       About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.x5.ru/en/
-- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                           *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service changed the outlook on the B1 corporate family
rating of X5 Retail Group N.V. to positive from
stable.

At the same time, Standard & Poor's Ratings Services revised its
outlook on X5 Retail Group N.V., owner of Russia's largest
grocery retail network, and its subsidiaries to stable from
negative, reflecting expectations that X5's financial
performance will continue to improve.  At the same time, the
'BB-' long-term corporate credit rating was affirmed.

Standard & Poor's also assigned its 'BB-' long-term corporate
credit and 'ruAA-' Russia national scale ratings to financing
vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350
million) senior unsecured bonds.


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


STOCZNIA SZCZECINSKA: Seeks Capital from Shareholders
-----------------------------------------------------
Stocznia Szczecinska Nowa Ltd. sought capital from its
shareholders -- the Industrial Development Agency (ARP) and
Korporacja Polskie Stocznie (KPS), an entity created by ARP to
support Polish shipyards, Polish News Bulletin reports.

According to the report, when the trade unions threatened to go
on strike, ARP raised SSN's capital to PLN100-200 million on
conditions that the company's management provide a modified
restructuring blueprint and reviews its contracts.

SSN borrowed PLN34 million from ARP but was turned down.  ARP
offered to buy assets from KPS and pass them to the shipyard.
The offer is subject to Treasury Ministry and EC approval,
Polish News relates.

                    About Stocznia Szczecinska

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


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


CENTRE OF INDUSTRIAL: Bankruptcy Hearing Slated for Oct. 16
-----------------------------------------------------------
The Arbitration Court of Saratov will convene at 10:05 a.m. on
Oct. 16 to hear the bankruptcy supervision procedure on CJSC
Centre of Industrial Technologies.  The case is docketed under
Case No. A-57-4607/07-31.

The Temporary Insolvency Manager is:

         A. Vasilyev
         Apartment 1b
         Volskaya Str. 11a
         410028 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Centre of Industrial Technologies
         Vishnevaya Str. 26
         Saratov
         Russia


CENTRE-OIL CJSC: Court Names B. Vasilyev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Sakha-Yakutiya appointed B. Vasilyev as
Insolvency Manager for CJSC Centre-Oil.  He can be reached at:

         B. Vasilyev
         Post User Box 75
         Yakutsk
         677027 Sakha-Yakutiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-8867/06.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         B. Vasilyev
         Post User Box 75
         Yakutsk
         677027 Sakha-Yakutiya
         Russia


GAZAVTOREMONT OJSC: Kursk Bankruptcy Hearing Slated for Oct. 3
--------------------------------------------------------------
The Arbitration Court of Kursk will convene on Oct. 3 to hear
the bankruptcy supervision procedure on OJSC Gazavtoremont.
The case is docketed under Case No. A35-2270/07 g.

The Temporary Insolvency Manager is:

         D. Pakhtusov
         Seregina Str. 20
         305018 Kursk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Gazavtoremont
         Lenina Str. 104
         Oboyan
         Oboyanskiy
         306230 Kursk
         Russia


INTER-REGIONAL TRADING: Creditors Must File Claims by Aug. 30
-------------------------------------------------------------
Creditors of CJSC Inter-Regional Trading Company have until
Aug. 30 to submit proofs of claim to:

         A. Astakhov
         Insolvency Manager
         Post User Box 12676
         660021 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-5313/2007g.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Inter-Regional Trading Company
         Sovetskaya Str. 2
         Tura
         Evenkijskij
         648000 Krasnoyarsk
         Russia


KAMENSKIY DIARY: Asset Sale Slated for August 10
------------------------------------------------
A. Reuk, the insolvency manager and bidding organizer for OJSC
Kamenskiy Diary, will open a public auction for the company's
properties at noon on Aug. 10 at:

         A. Reuk
         Mosvkoskaya Str. 68
         Rostov-na-Donu
         Russia

Interested participants have until Aug. 7 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC KAMENSKIY DIARY
         Settlement Account 40702810352000104405
         Correspondent Account 301018
         BIK 046015602
         Yugo-Zapadnij Bank of Sberbank RF

Bidding documents must be submitted to:

         A. Reuk
         Mosvkoskaya Str. 68
         Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Kamenskiy Diary
         Astakhovskiy Per. 89
         Kamensk-Shakhtuinskiy
         Rostov
         Russia


KAMENSKIY GRINDING: Names D. Moskovskiy as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Saratov appointed D. Moskovskiy as
Insolvency Manager for OJSC Kamenskiy Grinding-Sorting Factory.
He can be reached at:

         D. Moskovskiy
         Post User Box 478
         410031 Saratov-31
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-107b/06-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         D. Moskovskiy
         Post User Box 478
         410031 Saratov-31
         Russia


EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months
-------------------------------------------------------------
Evraz Group S.A. may hike its stake in Highveld Steel & Vanadium
Ltd. to around 80% percent these coming months, Carli Lourens
writes for Bloomberg News.

Evraz CEO Alexander Frolov said the company may exercise an
option to buy Credit Suisse's 24.9% stake in Highveld.  The
company holds a 54.2% stake in the South African group.

As reported in the TCR-Europe on July 19, 2007, Highveld's board
of directors has recommended that shareholders accept an
improved buyout offer from Evraz.  Evraz has increased its
buyout offer to Highveld shareholders by 15% from ZAR82.99 per
share to ZAR93 per share.  The company also extended the offer
until 5:00 p.m. South African time on Aug. 6, 2007.

"We're making significant progress [with the offer]," Mr. Frolov
was quoted by Bloomberg News as saying.  "This is absolutely the
final offer."

"The likelihood of getting over 80% is fairly high," Chief
Financial Officer Pavel Tatyanin said.  "The possibility of
delisting is on the cards."

                         Highveld Plans

Mr. Tatyanin revealed that Evraz might review Highveld's
dividend policy and change its "random" capital-expenditure
program.

"On both sides there are question marks over sustainability of
earnings," Mr. Frolov said. "Our impression is that steelmaking
is in quite questionable conditions."

Mr. Frolov said Highveld is small, complex and in need of
"substantial investment," adding that the unit's spending might
be increased to expand its operations.

                         About Evraz

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

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

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

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


MAYSKOE CJSC: Bidding Deadline Slated for Aug. 3
------------------------------------------------
A. Kornienko, the insolvency manager and bidding organizer for
CJSC Mayskoe, will set to a repeated auction for the company's
properties at 1:00 p.m. on Aug. 7 at:

         CJSC Mayskoe
         Tsentralnaya Str. 10
         Mayskoe
         Pestravskiy
         446178 Samara
         Russia

Interested participants have until Aug. 3 to deposit an amount
equivalent to 10% of the starting price to:

         A. Mitusov
         Personal Account 42307810754191701108
         Correspondent Account 30101810200000000607
         BIK 043601607
         TIN 7707083893
         Povolzhskiy Bank SB
         Bolsheglushitskiy Branch 4249

Bidding documents must be submitted to:

         A. Kornienko
         Tsentralnaya Str. 10
         Mayskoe
         Pestravskiy
         446178 Samara
         Russia

The Debtor can be reached at:

         CJSC Mayskoe
         Tsentralnaya Str. 10
         Mayskoe
         Pestravskiy
         446178 Samara
         Russia


NOVATEK OAO: Hikes Gas Production to 4.1% in 2007 First Half
------------------------------------------------------------
OAO Novatek reported preliminary production data for the second
quarter and first half 2007.

Gross production for the second quarter totaled 7.29 billion
cubic meters of natural gas and 593,000 tons of liquids (gas
condensate and crude oil).  Gross natural gas production
increased by 230 million cubic meters, or by 3.3%, and gross
liquids production decreased by 40 thousand tons, or by 6.3%, as
compared with the corresponding gross production in the second
quarter 2006.

In the first half 2007, gross production for Novatek totaled
14.90 billion cubic meters of natural gas and 1.21 million tons
of liquids.  Natural gas production increased by 580 million
cubic meters, or by 4.1%, whereas gross liquids production
decreased by 59 thousand tons, or by (4.6%) as compared with the
corresponding gross production in the first half 2006.

Total gross liquids production in the 2007 periods was in line
with Company forecasts and takes into account the natural
decline in the concentration of gas condensate, due to
decreasing reservoir pressure at the current gas condensate
producing horizons, at the East-Tarkosalinskoye and
Khnacheyskoye fields and the temporary production stoppage in
June 2007 due to planned maintenance and repair work at these
fields.

In the second quarter and first half 2007, Novatek processed 500
and 1,020 thousand tons, respectively, of unstable gas
condensate at the Purovsky Gas Condensate Processing Plant.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek –
http://www.novatek.ru/-- -- engages in the exploration,
production and processing of natural gas and liquid
hydrocarbons.  The Company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                            *   *   *

As of July 28, 2007, OAO Novatek carries Ba2 Corporate Family
Probability-of-Default ratings.

The company also carries BB- long-term foreign and local
issuer credit ratings with a stable outlook from Standard &
Poor's.


NOVOTROITSKOE LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Amur commenced bankruptcy supervision
procedure on LLC Novotroitskoe (TIN 2817004084, KPP 281701001).
The case is docketed under Case No. A04-3372/07-6/173 B.

The Temporary Insolvency Manager is:

         A. Dovlatbekov
         Room 202
         Svyatitlya Innokentiya Per. 13
         675000 Amur
         Russia

The Debtor can be reached at:

         LLC Novotroitskoe
         Sovetskaya Str., 55
         Novotroitskoe
         Konstantinovskiy
         Amur
         Russia


OIL-CAPITAL LLC: Court Names V. Boldin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khabarovsk appointed V. Boldin as
Insolvency Manager for LLC Oil-Capital (TIN 2721111511).  He can
be reached at:

         V. Boldin
         Post User Box 101/5
         680023 Khabarovsk-23
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-4805/3007-9 B.

The Debtor can be reached at:

         LLC Oil-Capital
         Gogolya Str. 27
         680030 Khabarovsk
         Russia


OROTUKANSKOE BUILDING: Names A. Dutov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Magadan appointed A. Dutov as
Insolvency Manager for OJSC Orotukanskoe Building-Assembly
Enterprise (TIN 4908000933).  He can be reached at:

         A. Dutov
         Post User Box 95
         Proletarskaya Str., 10
         685000 Magadan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-718/07-12B.

The Debtor can be reached at:

         OJSC Orotukanskoe Building-Assembly Enterprise
         Pervomayskaya Str. 4
         Orotukan
         Yagodninskiy
         686210 Magadan
         Russia


PROMNERUD OJSC: Creditors Must File Claims by Aug. 30
-----------------------------------------------------
Creditors of OJSC Promnerud have until Aug. 30 to submit proofs
of claim to:

         M. Baymurzaev
         Insolvency Manager
         Kizilyurt
         Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A15-1069/2006.

The Debtor can be reached at:

         OJSC Promnerud
         Kizilyurt
         Dagestan
         Russia


SHOSHINSKOE LLC: Bankruptcy Hearing Slated for Oct. 12
------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene on Oct. 12 to
hear the bankruptcy supervision procedure on LLC Shoshinskoe
(TIN 2455019591, OGRN 1022401540920).  The case is docketed
under Case No. A33-5496/2007.

The Temporary Insolvency Manager is:

         A. Astakhov
         Post User Box 12676
         660021 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Shoshinskoe
         Shoshino
         Minusinskij
         Krasnoyarsk
         Russia


SUKHOBEZVODNENSKIY BAKERY: Creditors Must File Claims by Aug. 30
----------------------------------------------------------------
Creditors of LLC Sukhobezvodnenskiy Bakery (TIN 5228007669) have
until Aug. 30 to submit proofs of claim to:

         N. Rykova
         Insolvency Manager
         Chkalova Str., 9v-19
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-35304/2006-36-1114.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sukhobezvodnenskiy Bakery
         Sovetskaya Str.
         Sukhobezvodnoe
         Semenovskiy
         Nizhniy Novgorod
         Russia


SYZRANSKIY FEED: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on OJSC Syzranskiy Feed Mill (TIN 6325003083).
The case is docketed under Case No. A55-4252/2007.

The Temporary Insolvency Manager is:

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

The Debtor can be reached at:

         OJSC Syzranskiy Feed Mill
         Samara
         Russia


TANTAL-GALVANIKA CJSC: Creditors Must File Claims by Aug. 30
------------------------------------------------------------
Creditors of CJSC Tantal-Galvanika 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-57-13345/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

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


TSIVILSKIY BACON: Creditors Must File Claims by Aug. 30
-------------------------------------------------------
Creditors of OJSC Tsivilskiy Bacon have until Aug. 30 to submit
proofs of claim to:

         Y. Golnev
         Insolvency Manager
         Prosvesheniya Str. 19
         Tsivilsk
         429900 Chuvashiya
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-1001/2007.

The Debtor can be reached at:

         OJSC Tsivilskiy Bacon
         Taushkary
         Tsivilskiy
         Chuvashiya
         Russia


X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility
-------------------------------------------------------
X5 Retail Group N.V. has successfully closed its latest loan
facility with a further six financial institutions joining the
transaction as Mandated Lead Arrangers.  The facility is for
US$1 billion with a final maturity of one year.  The initial
mandated lead arrangers and bookrunners of the facility are
Goldman Sachs International and Citigroup Global Markets
Limited, each participating in the facility post syndication.

The facility was oversubscribed in senior syndication and the
general syndication was cancelled.  The loan will pay a margin
of 0.75% over LIBOR, significantly lower than previous
facilities.  The new loan will be used entirely to refinance
existing debt.

The new participants in the facility are:

   -- ABN Amro N.V.
   -- BNP Paribas
   -- Commerzbank Aktiengesellschaft
   -- ING
   -- Raiffeisen Zentralbank Oesterreich AG
   -- WestLB AG

                       About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.x5.ru/en/
-- operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

                           *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service changed the outlook on the B1 corporate family
rating of X5 Retail Group N.V. to positive from
stable.

At the same time, Standard & Poor's Ratings Services revised its
outlook on X5 Retail Group N.V., owner of Russia's largest
grocery retail network, and its subsidiaries to stable from
negative, reflecting expectations that X5's financial
performance will continue to improve.  At the same time, the
'BB-' long-term corporate credit rating was affirmed.

Standard & Poor's also assigned its 'BB-' long-term corporate
credit and 'ruAA-' Russia national scale ratings to financing
vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350
million) senior unsecured bonds.


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


PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes
-----------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt to be issued by "PYME Valencia 1, FTA", a
securitization of loans to small- and medium-sized enterprises
carried out by Banco de Valencia:

   -- Aaa to the EUR180.0 million Series A1 notes;
   -- Aaa to the EUR574.8 million Series A2 notes;
   -- A3 to the EUR47.6 million Series B notes;
   -- Baa3 to the EUR34.0million Series C notes;
   -- Ba3 to the EUR13.6 million Series D notes;
   -- C to the EUR15.3 million Series E notes.

In Moody's view, strong features within this deal include, among
others:

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

   (2) a strong swap agreement guaranteeing an excess spread of
       0.65% and covering the servicing fee; and

   (3) election of the least concentrated securitized pool at
       closing.

The weaknesses of this deal include:

    (1) Some limitations on the historical information submitted
        by the originator;

    (2) around 30% of bullets loans included in the pool;

    (3) high debtor, region and industry concentration;

    (4) the pro-rata amortization of the notes; and


    (5) the negative impact of the interest deferral trigger on
        the subordinated series.  These increased risks were
        reflected in the credit enhancement calculation.

As of June 2007, the provisional portfolio comprised 3,786 loans
and 3,172 borrowers.  The loans have been originated by Banco de
Valencia in its normal course of business between 2003 and
December 2006, with a weighted average seasoning of 1.73 years
and a weighted average remaining term of 7.86 years.  The
longest loan matures in January 2037.  The interest rate is
floating for 95.58% of the pool and fixed for the rest, with a
weighted average interest rate of 4.83% for the fixed-rate loans
and a weighted average margin of 1.01% for the floating-rate
loans.  The majority of the loans pay through monthly (61.97%)
or quarterly (31.70%) installments.  The rest of the loans pay
through semi-annual (3.20%) or annual (3.13%) installments. In
terms of amortization pattern, 30.69% of the pool corresponds to
non-amortizing loans.  Apart from this, 15.27% of the pool has a
grace period on principal payments (the average length of the
grace period being 0.8 years).  Around 73% of the outstanding of
the portfolio is secured by a first-lien mortgage guarantee over
different types of properties.  The total weighted average loan-
to-value is 63.72%.  Geographically, the pool is concentrated in
Valencia (62%), Murcia (15%) and Madrid (7%).  Around 60% of the
portfolio is concentrated in the "buildings and real estate"
sector according to Moody's industry classification.  In terms
of debtor concentration, the pool includes exposures up to 1.57%
of the issuance amount.

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

  (v) the legal and structural integrity of the transaction.

The definitive ratings address the expected loss posed to
investors by the legal final maturity (March 2040).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A1, A2, B, C and D at
par on or before the rated final legal maturity date, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Class E.  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.


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


ACCEL INSTRUMENTS: Creditors' Liquidation Claims Due August 9
-------------------------------------------------------------
Creditors of LLC ACCEL Instruments have until Aug. 9 to submit
their claims to:

         OTT Treuhandburo
         Liquidator
         Burgstrasse 10
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         LLC ACCEL Instruments
         Netstal GL
         Switzerland


EGLI IMMOBILIEN: Creditors' Liquidation Claims Due August 15
------------------------------------------------------------
Creditors of JSC Egli Immobilien & Beteiligungen have until
Aug. 15 to submit their claims to:

         Rohrhaldenstrasse 12
         8712 Stafa
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Egli Immobilien & Beteiligungen
         Stafa
         Meilen ZH
         Switzerland


ENTSO TECH: Creditors' Liquidation Claims Due August 17
-------------------------------------------------------
Creditors of JSC ENTSO TECH have until Aug. 17 to submit their
claims to:

         Jean-Pierre Remund
         Liquidator
         JSC Kastli Bauunternehmung
         Grubenstrasse 12
         3072 Ostermundigen BE
         Switzerland

The Debtor can be reached at:

         JSC ENTSO TECH
         Sissach BL
         Switzerland


HTN BETEILIGUNG: Creditors' Liquidation Claims Due August 9
-----------------------------------------------------------
Creditors of JSC HTN Beteiligung have until Aug. 9 to submit
their claims to:

         JSC Buchhaltung und Revision
         Liquidator
         Bundesstrasse 3
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC HTN Beteiligung
         Zug
         Switzerland


MUTESA JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Mutesa on June 19.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Mutesa
         Neugasse 6
         6300 Zug
         Switzerland


ROLAND WALSER: Creditors' Liquidation Claims Due August 9
---------------------------------------------------------
Creditors of LLC Roland Walser Plattenbelage have until Aug. 9
to submit their claims to:

         Helena Walser-Fuglistaler
         Liquidator
         Rummelstrasse 27
         5610 Wohlen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Roland Walser Plattenbelage
         Wohlen
         Bremgarten AG
         Switzerland


SOFIR JSC: Creditors' Liquidation Claims Due August 10
------------------------------------------------------
Creditors of JSC Sofir have until Aug. 10 to submit their claims
to:

         Mandataria Treuhand
         Liquidator
         Bahnhofstrasse 23
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Sofir
         Zug
         Switzerland


TYPHOON SECURITY: Creditors' Liquidation Claims Due August 8
------------------------------------------------------------
Creditors of JSC Typhoon Security Technologies have until Aug. 8
to submit their claims to:

         Walter Villiger
         Liquidator
         Paradiesstrasse 25
         8645 Jona
         See-Gaster SG
         Switzerland

The Debtor can be reached at:

         JSC Typhoon Security Technologies
         Zug
         Switzerland


UTM LLC: Schwyz Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of March in Schwyz commenced bankruptcy
proceedings against LLC UTM on March 15.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC UTM
         Burgerheimstrasse 3
         8853 Lachen
         March SZ
         Switzerland


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

         Aemattlihof 105
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Wilmar
         Stans NW
         Switzerland


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


ALFA BANK: Moody's Rates Domestic Bond Issue at Ba3/NP/Aa1.ua
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
long-term senior unsecured debt rating as well as an Aa1.ua
long-term National Scale Rating to the local currency-
denominated Series F bonds amounting to UAH290 million; and a
Ba3/Not-Prime global local currency long- and short- term senior
unsecured debt rating as well as an Aa1.ua long-term NSR to UAH
denominated Series G bonds amounting to UAH310 million, planned
to be issued by Alfa Bank Ukraine.

The bonds will represent a senior unsecured claim on the bank.
Both series will be issued with a final maturity of five years.
The outlook for the global rating is stable, while the NSR
carries no specific outlook.

According to Moody's, the Ba3 global scale local currency rating
reflects global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
Aa1.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's Ba3 rating for the bonds is based on ABU's fundamental
credit quality and factors in the bank's ability to fulfill both
its long-term and short-term obligations.  The latter
obligations include those associated with the put option that
the bondholders will, according to the terms of the issue, be
able to exercise in order to sell the bonds back to the bank on
the first, second, third and fourth anniversaries of the Series
F notes issue and on a semi-annual basis for the Series G notes
issue. Moody's notes that if the bank's credit quality were to
deteriorate at these times, exercise of the put options might
exert additional pressure on its financial condition.

Moody's notes that Ukraine is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

Headquartered in Kiev, Ukraine, ABU reported total IFRS assets
of US$1.2 billion as at year-end 2006 and net income of US$1.6
million for the year 2006.


GRATE TRADING: Proofs of Claim Deadline Set July 31
---------------------------------------------------
Creditors of LLC Grate Trading (code EDRPOU 34296600) have until
July 31 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. 23/223-b.

The Debtor can be reached at:

         LLC Grate Trading
         Apartment 272
         Sviatoshynskaya Square 1
         03115 Kiev
         Ukraine


INGUL OJSC: Proofs of Claim Deadline Set August 2
-------------------------------------------------
Creditors of State Enterprise Ingul-Trans OJSC Ingul (code
EDRPOU 24787163) have until August 2 to submit written proofs of
claim to:

         Jury Andriushchenko
         Liquidator
         Gmirev Str. 8
         54028 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/344/07.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Ingul-Trans OJSC Ingul
         Gmirev Str. 8
         54028 Nikolaev
         Ukraine


JARVIS PLC: Trading and Cost Cutting In Line With Expectations
--------------------------------------------------------------
Jarvis plc said trading results for the first quarter of 2007
have been in line with expectations.

The Board set out its objectives for the strategic repositioning
of the Group at last year's Annual General Meeting and the
targets underpinning the delivery of this strategy continue to
be met.

Consent for the termination of the three significantly loss-
making facilities management contracts, announced on June 4,
2007, has been agreed with the relevant local authority
committees and responsibilities will transfer to the new service
providers in August.  Following the termination of these
contracts the overall facilities management business will be
profitable at the contract level.

The program of cost savings has commenced following successful
completion of the Placing and Open Offer and is progressing in
line with management expectations.

Jarvis Rail Ltd. and Fastline Ltd. have announced contract
awards of GBP50 million and GBP40 million respectively in recent
weeks.  Fastline Ltd.'s contract award from E.ON UK Plc is a
significant step in the development of its freight business and
commences in April 2008.

The Jarvis Rail contract awards demonstrate the anticipated
pick-up in workload as reported in the preliminary results
statement on June 12, 2007.  The impact of the increased
workload is expected to be fully seen in the second half of the
financial year.

Network Rail has delayed their decision on the four successful
track renewal contractors, originally scheduled for August,
until September.  The rail business of Jarvis continues to
perform well on the key performance indicators on which it
understands the decision will largely be based.

Headquartered in York, England, Jarvis plc --
http://www.jarvis-uk.com/jarvisplc/-- operates in a number of
markets delivering solutions for the public sector, specifically
rail services and plant hire operations.  It has more than 4,500
employees across a nationwide network of facilities.

At April 2, 2007, the company's balance sheet showed GBP187.2
million in total assets, GBP201.5 million in total liabilities
and GBP14.3 million in equity shareholders' deficit.

The company's balance sheet at April 2, 2007, also showed
strained liquidity with GBP118 million in total current assets
available to pay GBP139.5 million in total current liabilities.


NIKA LLC: Creditors Must File Claims by August 2
------------------------------------------------
Creditors of LLC Agricultural Firm Nika (code EDRPOU 30481531)
have until August 2 to submit written proofs of claim to:

         Anatoly Ageyev
         Temporary Insolvency Manager
         Mstislavskaya Str. 9
         Chernigov

The Economic Court of Chernigov commenced bankruptcy supervision
procedure on the company.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Nika
         1st May Str. 150
         Mena
         15600 Chernigov
         Ukraine

QUEST LLC: Proofs of Claim Deadline Set July 31
-----------------------------------------------
Creditors of LLC Trading Group Quest (code EDRPOU 34352235) have
until July 31 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. 23/220-b.

The Debtor can be reached at:

         LLC Trading Group Quest
         Apartment 272
         Sviatoshynskaya Square 1
         03115 Kiev
         Ukraine


SMARZHYNETSKOE LLC: Proofs of Claim Deadline Set July 31
--------------------------------------------------------
Creditors of Agricultural LLC Smarzhynetskoe (code EDRPOU
03729954) have until July 31 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/263-07.

The Debtor can be reached at:

         Agricultural LLC Smarzhynetskoe
         Smarzhyntsi
         Pogrebishchensky District
         22212 Vinnica
         Ukraine


SOLOMON LLC: Proofs of Claim Deadline Set August 2
--------------------------------------------------
Creditors of LLC Legal Firm Solomon (code EDRPOU 31002736) have
until August 2 to submit written proofs of claim to:

         Vladimir Senko
         Liquidator
         P.O. Box 4050
         69114 Zaporozhye
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/302-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 Legal Firm Solomon
         Apartment 56
         Turovskaya Str. 18/20
         04080 Kiev
         Ukraine


SPECIAL MOTORCAR: Creditors Must File Claims by August 2
--------------------------------------------------------
Creditors of LLC Special Motorcar Transport (code EDRPOU
32054770) have until August 2 to submit written proofs of claim
to:
         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/175-07.

The Debtor can be reached at:

         LLC Special Motorcar Transport
         Vatutin Str. 174
         Vinnica
         Ukraine


STEPANOVSKAYA LLC: Proofs of Claim Deadline Set August 2
--------------------------------------------------------
Creditors of LLC Poultry Factory Stepanovskaya (code EDRPOU
32276781) have until August 2 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. 10/27-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Poultry Factory Stepanovskaya
         Oberevsky Str. 1
         Stepanovka
         Vinnica
         Ukraine


TESKO LLC: Proofs of Claim Deadline Set July 31
-----------------------------------------------
Creditors of LLC Trading-Service Company Tesko (code EDRPOU
34295722) have until July 31 to submit written proofs of claim
to:

         LLC Westresource
         Liquidator
         Okhtyrka Lane 3
         03022 Kiev
         Ukraine

The Court is located at:

         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. 23/222-b.

The Debtor can be reached at:

         LLC Trading-Service Company Tesko
         Apartment 414
         Gnat Jury Str. 9
         03148 Kiev
         Ukraine


TSARICHANKA CANNERY: Proofs of Claim Deadline Set August 2
----------------------------------------------------------
Creditors of OJSC Tsarichanka Cannery (code EDRPOU 00374031)
have until August 2 to submit written proofs of claim to:

         Natalie Chesnova
         Liquidator
         a/b 2047
         49033 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/29/212/04.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tsarichanka Cannery
         Kirov Str. 168
         Tsarichanka
         51000 Dnipropetrovsk
         Ukraine


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


ALLIANCE BOOTS: KKR's Banks Defer GBP5.5 Bln Senior Debt Sale
-------------------------------------------------------------
The banks financing Kohlberg Kravis Roberts & Co.'s GBP11
billion leveraged buyout of Alliance Boots Plc, has postponed
the sale of a GBP5.05 billion loan tranche until this week,
various reports say.

"Market conditions drove our decision to withdraw the senior
[debt] at this time", a source told Reuters.

Deutsche Bank AG, JPMorgan Chase & Co., UniCredit S.p.A. and
three other banks, however, will continue selling:

   -- GBP1 billion in second-lien loans at 96% of face value
      with 425 basis points interest margin; and

   -- GBP750 million in mezzanine debt at 95% of face value with
      650 basis points interest margin.

The banks will use their own fee income to pay for the discount,
Bloomberg News reports citing a source privy to the banks.

According to the Wall Street Journal, the banks had pitched
investors a number of sweeteners, including higher interest
payments, but failed to secure deals.

Headquartered in London, United Kingdom, Alliance Boots Plc --
http://www.allianceboots.com/-- operates as a high street
retailer, pharmacist and pharmaceuticals wholesaler.

The company operates in the U.K., Norway, The Netherlands,
Ireland, Italy Switzerland, Czech Republic, France, Russia,
Spain, Germany and Thailand.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service downgraded the long term unsecured rating of
Alliance Boots plc to B2 from Baa2.  The rating remains on
review for possible downgrade, where it was placed on March 13,
2007.  A Corporate Family Rating for Alliance Boots has been
assigned at B1 and is also on review for possible downgrade.

The TCR-Europe reported on July 10, 2007, that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Alliance Boots PLC to 'BB-' from 'BBB', reflecting a dramatic
change of financial structure for the expanded group.

The ratings remain on CreditWatch with negative implications
where they were placed on March 12, 2007, following the
announcement that Kohlberg Kravis Roberts & Co., a private-
equity firm, and Stefano Pessina, the executive deputy chairman
of Alliance Boots, had made a friendly approach to buy the
group.


ALPHA PACKAGING: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint liquidators of Alpha Packaging Films Ltd.
on July 13 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


ARLO IV: Moody's Cuts Rating to Ba2 on EUR20 Mln Class B Notes
--------------------------------------------------------------
Moody's Investors Service downgrades to Ba2 from Baa3 the Series
2005 EUR20 million Class B Notes due 2013 issued by Arlo IV
Limited.

This downgrade is the result of a credit migration in the
underlying pool.


AVOCA CLO II: S&P Lifts Rating on Class D Notes to BB+
------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
the class A-2, B, and D notes and the class Q combo notes issued
by Avoca CLO II B.V. At the same time, the class A-1, C-1, and
C-2 notes and the class P, R, S, and T combo notes were
affirmed.

Avoca II is an arbitrage cash flow CLO managed by Avoca Capital
that closed in November 2004.  The portfolio comprises senior
and mezzanine loans from issuers mainly incorporated in Western
Europe.  The transaction is still in its reinvestment period,
which ends in January 2010.

Standard & Poor's has observed the gradual increase in the total
par amount since the closing date.  This coupled with healthy
performance under the weighted-average spread and weighted-
average recovery rate tests, prompted the review for an upgrade
of the transaction.

Standard & Poor's has conducted an updated cash flow analysis
under its latest cash flow criteria comparing the breakeven
default rates generated using different default patterns,
default timings, and interest rate scenarios to the scenario
default rates produced by CDO Evaluator version 3.3 at the
relevant rating levels.

This credit and cash flow analysis illustrated that credit
enhancement levels are now consistent with higher rating levels
for the class A-2, B, and D notes and the class Q combo notes.

                          Ratings List

           Class                      Rating
                         To                          From

Avoca CLO II B.V.
   EUR368.2 Million Floating- And Fixed-Rate Notes

                          Ratings Raised

           A-2           AAA                         AA
           B             A+                          A
           D             BB+                         BB
           Q Combo       BBB+                        BBB

                          Ratings Affirmed

           A-1           AAA
           C-1           BBB
           C-2           BBB
           P Combo       BBB
           R Combo       BB
           S Combo       BBB
           T Combo       BB+


BRYANSTON INSURANCE: Administrator Lifts Payment to 59 Percent
--------------------------------------------------------------
The scheme administrator of Bryanston Insurance Co. Limited,
Paul Evans of PricewaterhouseCoopers LLP, raised the payment
percentage a further 12% to 59%, following his review of the
company's latest financial position.

The change sees creditors' benefit with a substantial increase
to the initial 10% of established liabilities set in 2004.

"The latest dividend payment is expected to be the last
significant increase in payment percentage which sees creditors
benefiting from a 12% raise.  I am very pleased with the
progress being made on the Bryanston estate in bringing this
scheme towards finality," Mr. Evans disclosed.

"PricewaterhouseCoopers has led the way in developing schemes of
arrangement for books of business of both solvent and insolvent
insurance companies and we are committed to working with
policyholders, cedants and shareholders so that transparently
fair schemes of arrangement continue to be proposed where
appropriate," Mr. Evans added.

Whittington Insurance Services Limited, the run-off management
company for Bryanston, will be processing the additional
payments to scheme creditors in the next few weeks.  Any queries
surrounding claims' agreement and payment should be directed to:

         Bryanston Insurance Company Limited
         c/o Omni Whittington Insurance Services Limited
         Omni Whittington Court
         Whitfield Street
         Gloucester
         GL1 1NA
         England
         Tel: +44 (0)1452 428 100

Bryanston Insurance Co. Limited's  --
http://www.bryanstoninsurance.co.uk/-- original scheme of
arrangement became effective on April 13, 1994 after receiving
High Court sanction.  Bryanston’s special resolution, which
introduced a mechanism to allow claims from scheme creditors to
be finalized and valued, bringing the affairs of Bryanston to a
close quicker than would be the case under the original scheme
(a run-off scheme), became effective on June 26, 2003.

The initial payment percentage was set at 10% in December 2004
and has been increased in various stages to 47% by July 2006.
Bryanston had paid scheme creditors a total of US$90.3 million
by the end of 2006.  This included scheme payments of US$81.7
million and commutation payments of US$8.6 million.


CAIRN EURO: Fitch Rates EUR6.475 Million Class C Notes at BB-
-------------------------------------------------------------
Fitch Ratings has assigned Cairn Euro ABS CDO I PLC's issue of
EUR350 million floating-rate notes due 2087 expected ratings.
The transaction is a managed securitization of structured
finance assets, primarily consisting of European mezzanine
residential and commercial mortgage-backed securities and CDOs:

   -- EUR262.5 million Class A1S floating-rate notes: 'AAA'

   -- EUR13.3 million Class A1J floating-rate notes: 'AAA'

   -- EUR24.5 million Class A2 floating-rate notes: 'AA'

   -- EUR19.25 million Class A3 deferrable floating-rate notes:
      'A-'

   -- EUR10.85 million Class B deferrable floating-rate notes:
      'BBB-'

   -- EUR6.475 million Class C deferrable floating-rate notes:
      'BB-'

The EUR13.125 million subordinated notes are not rated.

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

The Class A1S, A1J and A2 notes expected ratings address the
ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  The Class A3, B and C notes expected ratings address the
ultimate payment of principal and interest, including deferred
interest, at maturity according to the terms of the notes.

Credit enhancement for the Class A1S notes, in the form of
subordination, will total 24.63%, and will be provided by the
Class A1J notes (3.82%), Class A2 notes (7.03%), the Class A3
notes (5.53%), the Class B notes (3.12%), the Class C notes
(1.86%) and the subordinated notes (3.28%).

The expected ratings also take into account the quality and
diversity of the portfolio of assets, which are selected by the
collateral manager, Cairn Financial Products Limited, subject to
the guidelines outlined in the collateral management agreement.
The guidelines limit the collateral manager's portfolio
allocations with respect to obligor, sector and asset type.
Fitch assigned a CDO Asset Manager Rating of 'CAM2-' for
structured finance CDOs to Cairn Financial Products Limited on
July 13, 2007, based primarily on Cairn's highly successful,
albeit recently established, business franchise, the deep
experience of the executive management team, and the
demonstrated commitment to the core CDO platforms.

Approximately 95% of the target par amount of EUR348.3 million
is currently ramped and the portfolio is comprised of 77 assets
with a weighted average rating factor of 5.28 (commensurate with
a weighted average rating of 'BBB'/'BBB-').  The structured
finance securities include mainly cash and synthetically-
referenced RMBS, CMBS, consumer ABS and CLO securities.  The
current weighted average life is 6.3 years.  Amortizing proceeds
will only be reinvested over the first five years following the
ramp-up period.


DJ ABBOTT: Brings In Liquidators from Tenon Recovery
----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of DJ Abbott Ltd. on July 17
for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


EDDIE WALTON: Appoints Michael C. Kienlen as Liquidator
-------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Eddie Walton Ltd. on July 18 for the creditors’ voluntary
winding-up proceeding.

The liquidator can be reached at:

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


EIRLES TWO: S&P Raise Ratings on Series 19 CDO Notes to BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
credit rating on the series 19 synthetic CDO notes issued by
Eirles Two Ltd.

The EUR40 million zero-coupon credit-linked secured notes are
backed by a linear portfolio of underlying obligors.

This rating action is due to a change in the rating on an
underlying obligor.


EXPERT PRINT: Claims Filing Period Ends October 15
--------------------------------------------------
Creditors of Expert Print & Promotions 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
         BKL Business Recovery LLP
         35 Ballards Lane
         London
         N3 1XW
         England

Stewart Trevor Bennett and James Preston Bradney of BKL Business
Recovery LLP were appointed joint liquidators of the company on
July 13 for the creditors’ voluntary winding-up proceeding.


FORD MOTOR: Tata to Begin Due Diligence as Deripaska Joins Fray
---------------------------------------------------------------
Senior officials of India's Tata Motors Ltd. are already in
London and may start due diligence this week to acquire Ford
Motor Company's Jaguar and Land Rover brands, Reuters reports,
citing the Hindustan Times as its source.

According to the Hindustan Times, Citigroup has been roped in to
be Tata's advisor while Arun Gandhi, a Tata group director
involved in Tata Steel's acquisition of Corus Group Plc, is
expected to lead the team of negotiators, Reuters notes.

Concurrently, billionaire tycoon Oleg Deripaska, the head of
Russian automaker GAZ has also expressed interest in Ford's
premium British brands, Reuters relates, quoting a report
published by German business weekly WirtschaftsWoche on
Saturday.  Mr. Deripaska may also bid for Volvo should Ford put
the Swedish brand on the block.

The TCR-Europe reported on July 27, 2007, that bidders,
including private equity groups Ripplewood Holdings, One Equity
Partners, TPG Capital, and Cerberus Capital Management, as well
as India's Tata Motors and Mahindra & Mahindra had submitted
indicative offers for Land Rover and Jaguar.  Ford has hired
Goldman Sachs, HSBC and Morgan Stanley to act as advisors.  The
auto maker plans to let prospective bidders begin due diligence
on its Jaguar and Land Rover brands in August.

                      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.


HMV GROUP: Brings In Gerry Johnson as New Executive Director
------------------------------------------------------------
HMV Group plc has appointed of Gerry Johnson, managing director
of Waterstone's, as an executive director effective immediately.

“We are delighted to welcome Gerry Johnson as a new Executive
Director,” HMV Chairman Carl Symon commented.  “Gerry has led
the Waterstone's team through the successful integration of
Ottakar's, and the continuing re-shaping of our books business.
His leadership of these activities, together with his experience
prior to joining Waterstone's in 2005, will make for a broad
contribution to the Group Board.”

Gerry Johnson was appointed as Managing Director of Waterstone's
on Oct. 1, 2005, and led the company through the acquisition and
successful integration of Ottakar's.  He joined the Group from
Booker plc, where he was managing director and a main Board
director of its parent company, Big Food Group plc.  He began
his career in retail with Tesco, joining its management trainee
program from school, and rose to become Manager of a Tesco
superstore in 1985.  He furthered his career by joining Allied
Maples, part of the Asda Group, initially in a field management
position, and progressed through the company to become a member
of the Allied Maples Executive Board.  In 1994 he moved to
Wickes, where he ran the company's highly successful renewal
programme, which was a key element in the company's turnaround.
At Booker, he spent four years in charge of the GBP3.5 billion
Booker wholesale operation, where he oversaw a successful change
management program and the collaborative rebuilding of the
supply chain for the benefit of the company and its suppliers.

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.

                            *   *   *

At April 28, 2007, HMV Group plc’s balance sheet showed GBP637.8
million in total assets, GBP651 million in total liabilities and
GBP13.2 million in stockholders’ deficit.

The company’s April 28 balance sheet also showed strained
liquidity with GBP358.1 million in total current assets
available to pay GBP627.4 million in total liabilities coming
due within the next 12 months.


I.C.P. LTD: Names Keith Aleric Stevens Liquidator
-------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of I.C.P. (London) Ltd. on July 17 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

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


SOUTHERN POULTRY: Calls In Liquidators from Baker Tilly
-------------------------------------------------------
Andrew White and Susan Maund of Baker Tilly were appointed joint
liquidators of Southern Poultry Ltd. on July 17 for the
creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Baker Tilly
         International House
         Queens Road
         Brighton
         BN1 3XE
         England


STRAWINSKY I PLC: S&P Rates EUR10.27 Mln Class E Notes at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR271.4 million senior secured floating-
rate notes and EUR28.6 million subordinated notes to be issued
by Strawinsky I PLC, a special purpose entity.

The portfolio of senior, second-lien, and mezzanine loans is
expected to be diversified across several countries and
industries.

The portfolio quality will be monitored closely during the
reinvestment period, using Standard & Poor's CDO Monitor model.

This will be the first European CLO transaction managed by
Faxtor Securities B.V.  This transaction features multicurrency
revolving liabilities intended to match the euro- and non- euro-
denominated assets.

                           Ratings List

Strawinsky I PLC
   EUR271.4 Million Senior Secured Floating-Rate Notes And
   EUR28.6 Million Subordinated Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          -----             --------
            A1-T           AAA                105.50
            A1-R(1)        AAA                 58.63
            A2             AAA                 43.00
            B              AA                  23.00
            C              A                   19.00
            D              BBB                 12.00
            E              BB+                 10.27
            F              NR                  28.60

(1) The class A1 revolver will be drawable in euros, U.S.
    dollars, and British pound sterling.  The interest due under
    the class A1-R tranche will comprise a commitment fee
    calculated on the undrawn portion of the class and an
    interest rate based on the six-month EURIBOR rate, six-month
    U.S. dollar LIBOR rate, six-month British pound sterling
    LIBOR rate plus a margin on the portion of the class A1-R
    drawn in euros, U.S. dollars, and British pound sterling
    respectively.

NR — Not rated.


TRADITIONAL SUITE: Nigel Price Leads Liquidation Procedure
----------------------------------------------------------
Nigel Price of Moore Stephens LLP was appointed liquidator of
Traditional Suite Centre Ltd. (t/a Abbey Furniture) on July 3
for the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

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


XEROX CORP: Earns US$266 Million in Quarter Ended June 30
---------------------------------------------------------
(UK)
Xerox Corporation's net income increased 2% to US$266 million
for the three months ended June 30, 2007 from net income of
US$260 million for the three months ended June 30, 2006.

Total revenues also increased 6% to US$4,208 million for the
three months ended June 30, 2007 from total revenues of US$3,977
million for the three months ended June 30, 2006.

Post-sale and financing revenue increased 7 percent.  Both total
revenue and post-sale revenue included a currency benefit of
2 percentage points as well as the benefit from Xerox’s
acquisition of Global Imaging Systems, which was completed in
early May.

The company's balance sheet at June 30, 2007 showed total assets
of US$23,006 million, total liabilities of US$15,457 million,
and total common shareholders’ equity of US$7,549 million.

"Our results in the second quarter reflect the strategic
importance of annuity and acquisitions flowing through to boost
revenue and strengthen our position in the marketplace," said
Anne M. Mulcahy, Xerox chairman and chief executive officer.
"With the Global Imaging team now on board, we’ve increased our
reach to U.S. small and mid-size businesses by 50 percent.  At
the same time, our investment in delivering the industry’s
broadest portfolio of color technology is paying off with the
annuity from our color business increasing 16 percent.  And,
Xerox’s global relationships with large customers are
contributing to annuity growth from our consulting and managed
services business.”

During the second quarter, the company's install activity
increased 54% for its color multifunction devices that print,
copy, fax and scan.  In addition, activity grew for color
production systems as more commercial printers and graphic arts
customers installed Xerox digital presses to meet their clients’
demand for personalization, book publishing and promotional
marketing materials.

Price declines and the mix of products sold continued to put
pressure on equipment sales revenue.  Xerox reported a 3%
increase in equipment sales revenue, which includes a 2-point
benefit from currency.

Since the beginning of the year, Xerox has introduced 28 new
products, 10 of which are color devices, doubling the 14 total
product launches in 2006.  More than two-thirds of Xerox’s
equipment sales revenue comes from products launched in the past
two years.

Revenue from color grew 12 percent in the second quarter and now
represents 38 percent of Xerox’s total revenue, up 4 points from
the second quarter of 2006.  Xerox color presses produce the
highest volume of pages in the industry and last year more than
30 billion color pages were printed on Xerox technology.  In the
second quarter, the number of color pages grew 30 percent, and
now represent 12 percent of total pages, up 3 points from the
prior year.  Color performance excludes Global Imaging Systems.

Through multiyear, multimillion dollar contracts, the company’s
document management services generated more than US$1.6 billion
in annuity revenue in the first half of the year, an 8 percent
increase in post-sale revenue from services.  Xerox recently
signed its largest services contract to date, finalizing a
seven-year deal with the United Kingdom’s Department for Work
and Pensions for a Xerox-led group to serve as the department’s
primary supplier of print and related services, supporting more
than 2,000 DWP offices across the U.K.

Gross margins were 40.3 percent, a less than one point decline
from second quarter of 2006.  Selling, administrative and
general expenses were 25.7 percent of revenue, about the same as
the prior year.  Xerox generated operating cash flow of US$388
million in the second quarter and closed the quarter with US$870
million in cash and short-term investments.

Since launching its stock buyback program in October 2005, the
company to date has repurchased about 117 million shares,
totaling US$1.8 billion of its US$2.5 billion program.

Xerox expects third-quarter 2007 earnings in the range of
24-26 cents per share.  The company increased its range of
earnings expectations for full-year 2007 to US$1.16-US$1.18.

                           About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. (NYSE: XRX)
-- http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, and the United Kingdom, among others.

                             *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Fitch Ratings placed Xerox Corp.'s trust preferred securities
rating at 'BB' with a stable outlook.  The rating still applies
to date.


* Tenon Group Acquires Hurst Morrison Thomson Corporate Recovery
----------------------------------------------------------------
Tenon Group PLC has acquired Hurst Morrison Thomson Corporate
Recovery in the Thames Valley.

HMT CR is a prominent Corporate Recovery and Insolvency
specialist in the region, with turnover in excess of GBP1.5
million generated by three equity partners.  Financial
incentives relating to the maintenance and improvement of
performance and the retention of the partners have been given as
part of the transaction.

The main business of HMT CR directly integrates with Tenon's
national Recovery and Insolvency business which, after this
acquisition and those of Unity and JJC announced on July 10,
2007, will have expected annualized income in excess of GBP27
million from prominent locations throughout England and
Scotland.

Immediately after completion HMT CR will relocate to a new
Reading base, becoming the core of Tenon's operations in this
rapidly growing economic center.

The new office will complement Tenon's existing offices in
Windsor and Basingstoke and will provide a full range of
services for clients.  Andrew Jupp, Tenon's recently appointed
Head of Tax, who for many years has been prominent in the Thames
Valley professional community and until recently, was a partner
in a Big 4 firm, will be based in the new office.

“We continue to grow our Insolvency and Recovery team and to use
this specialism to help us extend the business and geographical
reach of all our services,” Tenon Chief Executive Andy Raynor
said.  “Our recent acquisitions, our entry into Reading and our
new senior appointments are all part of a clear strategy to
enable further profit growth.”

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


* BOND PRICING: For the Week July 23 to July 27, 2007
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.93
                          0.250    10/14/26     CDN      37.98
Republic of Austria       4.000    06/22/22     EUR      72.53
                          7.000    08/04/25     EUR      65.79
                          5.000    10/10/25     EUR      62.17


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.68
                          0.500    04/26/13     AUD      70.94
                          1.000    11/21/16     NZD      58.12
                          0.500    09/24/20     CDN      55.62
                          0.250    06/28/40     CDN      19.81

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      63.46
Alcatel S.A.              4.750    01/01/11     EUR      16.92
Altran Technologies S.A.  3.750    01/01/09     EUR      12.46
BNP Paribas               0.250    12/20/14     US$      68.38
CAP Gemini S.A.           2.500    01/01/10     EUR      58.15
                          1.000    01/01/12     EUR      57.80
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.23
                          4.375    11/01/10     EUR      57.44
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      73.10
Havas S.A.                4.000    01/01/09     EUR      10.80
Infogrames
   Entertainment S.A.     1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      20.33
Maurel & Prom             3.500    01/01/10     EUR      21.81
Publicis Group            0.750    07/17/08     EUR      33.15
                          1.000    01/18/18     EUR      43.38
Rallye                    3.750    01/01/08     EUR      51.66
Rhodia S.A.               0.500    01/01/14     EUR      47.93
Scor S.A.                 4.125    01/01/10     EUR       2.32
Soc Air France            2.750    04/01/20     EUR      35.40
Soitec                    4.625    12/20/09     EUR      13.08
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.33
Valeo                     2.375    01/01/11     EUR      50.01
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.31
Wendel Invest S.A.        2.000    06/19/09     EUR      53.81

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.18
                          0.500    12/19/17     EUR      67.20
                          5.000    05/23/20     EUR      73.88
                          1.250    07/07/20     EUR      70.75
                          6.000    07/21/25     EUR      67.64
                          8.000    08/10/30     EUR      65.45
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.38
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.27

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      69.92
Hellenic Republic         0.990    07/07/24     EUR      66.45
Hellenic Republic         6.000    07/06/24     EUR      71.55

ICELAND
-------
Kaupthing Bank            7.500    02/01/45     EUR      64.77
Kaupthing Bank            6.500    02/03/45     EUR      69.00

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.02
                          0.250    07/08/33     CDN      26.95
Irish Perm Plc            6.125    02/15/35     EUR      66.22
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.32

LUXEMBOURG
----------
Carrier1 Int'l S.A.      13.250    02/15/09     US$       0.88
Teksid Aluminum S.A.     12.375    07/15/11     EUR      32.42

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      60.65
                          0.500    02/24/25     CDN      45.96
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.17
Energy Group O/S          7.425    10/15/17     US$      35.00
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      61.85
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      74.23
                          8.250    03/16/35     EUR      62.85
                          7.000    05/17/35     EUR      69.56
                          7.250    10/05/35     EUR      63.51
                          6.000    11/02/35     RUT      66.78
Ned Waterschapbk          6.000    06/01/35     EUR      73.73
                          6.500    08/15/35     EUR      65.13
Rabobank Groep N.V.       5.360    07/15/15     EUR      67.65
                          6.000    04/08/20     EUR      72.00
                          3.100    11/15/24     US$      74.17
                          6.000    02/22/35     EUR      71.98
                          2.000    02/23/35     EUR      62.80
                          7.000    02/28/35     EUR      70.06
                          7.000    03/23/35     EUR      66.17
                          6.000    05/09/35     EUR      72.91

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.95

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.27

SWITZERLAND
-----------
UBS AG                    1.000     12/21/11    NZD      75.08
                          1.000     01/25/12    NZD      74.68
                          1.000     02/27/12    NZD      74.31
                          1.000     03/28/12    NZD      73.95
                          1.000     06/28/12    NZD      72.95

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      54.82
HBOS Treasury
   Services Plc           6.000    02/07/35     EUR      72.72
National Grid Gas Plc     1.754    10/17/36     GBP      46.12
                          1.771    03/30/37     GBP      46.02
Royal BK Scotland Plc     0.250    03/27/14     US$      72.03
                          7.000    06/09/25     EUR      65.07
TXU Eastern Finance Plc   6.750    05/15/09     US$       5.63
Wessex Water Finance Plc  1.369    07/31/57     GBP      30.87


                            *********

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 * * *