TCREUR_Public/070801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, August 1, 2007, Vol. 8, No. 151

                            Headlines


A U S T R I A

BUCANY HANDEL: Vienna Court Orders Business Shutdown
DENTALLABOR ELMER: Claims Registration Period Ends Sept. 17
DK HANDEL: Claims Registration Period Ends Aug. 13
JELINEK & PARTNER: Vienna Court Orders Business Shutdown
STEIGER KEG: Claims Registration Period Ends Aug. 3

TFW MEDIA: Estate Administrator Declares Insufficient Assets
WALK- UND STRICKMODEN: Claims Registration Period Ends Aug. 3
WCM LLC: Claims Registration Period Ends Aug. 6


C Z E C H   R E P U B L I C

SETUZA A.S.: Selling Assets to Pay Debts & Avoid Bankruptcy


F R A N C E

GENERAL CABLE: Completes Sr. Floating Rate Notes Exchange Offer


G E R M A N Y

AVAGO TECH: Will Reduce 600 Employees in Southeast Asia
CELANESE CORP: Posts US$117 Million Second Quarter 2007 Net Loss
DEWOBAU WOHNBAUGESELLSCHAFT: Claims Registration Ends Sept 14
KYNAST BIKE: Appoints Andreas Sontopski as Receiver
ONYX-VERTRIEBSGESELLSCHAFT: Claims Registration Ends Sept. 14


I R E L A N D

MERCATOR CLO: Moody's Rates EUR10.9 Mln Sr. Sec. Notes at (P)Ba3


I T A L Y

ALITALIA SPA: Italy Rules Out Private Talks with Possible Buyers
ALITALIA SPA: Wants Italy to Commence Capital Increase
CASSA DI RISPARMIO: Fitch Affirms Individual C/D Rating


K A Z A K H S T A N

ABZ-CONSTRUCTION LLP: Claims Deadline Slated for Sept. 5
AMBAMORZASHITA LLP: Creditors Must File Claims Sept. 5


K Y R G Y Z S T A N

ARSHIL LLC: Creditors Must File Claims by September 6


L U X E M B O U R G

AMERICAN AXLE: Earns US$34 Mln in Second Quarter Ended June 30


N E T H E R L A N D S

GETRONICS N.V.: KPN to Make EUR766 Mln Recommended Cash Offer
GETRONICS NV: Moody's May Lift Junk & B2 Ratings After Review
SENSATA TECH: Moody's Holds B2 Rating on Term Loan Issuance
ZINIFEX LTD: Posts 5% Downslide in Total Production for FY2006


N O R W A Y

CLEAR CHANNEL: Earns US$236 Million in Second Quarter 2007


R U S S I A

ATAMANSKOE CJSC: Creditors Must File Claims by Sept. 7
BULANASH CJSC: Court Names E. Gavrilets as Insolvency Manager
CAUCASIA-TOUR CJSC: Bankruptcy Hearing Slated for Sept. 21
IMPULSE OJSC: Creditors Must File Claims by Aug. 7
KEDR BANK: Moody's Changes Outlook on B2 Rating to Positive

KRUTINSKOE GRAIN: Creditors Must File Claims by Sept. 7
MDM BANK: Channels US$20 Million Loan to Fund Energy Projects
MERIDIAN LLC: Bankruptcy Hearing Slated for Sept. 5
MIASS CJSC: Court Names A. Kostromin as Insolvency Manager
MILL PLUS: Creditors Must File Claims by Aug. 7

PETERBURGSKIY JEWELER: Creditors Must File Claims by Aug. 7
PTICHYE LLC: Court Names S. Kudashev as Insolvency Manager  
RODINA OJSC: Court Names M. Strizhov as Insolvency Manager
ROSNEFT OIL: Submits Buyout Offer for Hermes-Moscow, Report Says
ROSTEKH CJSC: Rostov Bankruptcy Hearing Slated for Nov. 14

RUSSIAN STANDARD: Fitch Rates US$400 Million Loan at BB
SHUMIKHINSKIY ELEVATOR: Creditors Must File Claims by Aug. 7
SHUNGIZIT OJSC: Court Names M. Andreev as Insolvency Manager


S P A I N

ANDBANC: Fitch Rates Support Rating at BB+ on Integration Plan
BILBAO BIZKAIA: Fitch Affirms Support Ratings at BB+


S W I T Z E R L A N D

SICPA HOLDING: S&P Withdraws BB- Rating on Full Bond Redemption


T U R K E Y

ALTERNATIFBANK A.S.: Fitch Keeps BB- IDR on Watch Positive


U K R A I N E

AGREGAT LLC: Creditors Must File Claims by August 2
DIZE PLATO: Creditors Must File Claims by August 2
GRABAROVSKOE BREADRECEIVING: Creditors' Claims Due August 2  
HEAT MECHANICAL: Proofs of Claim Filing Deadline Set August 2
KALINOVY KUST: Creditors Must File Claims by August 3

METAL-PRO LLC: Creditors Must File Claims by August 2
OSNOVA CJSC: Creditors Must File Claims by August 2
STAR LLC: Creditors Must File Claims by August 2
TAVIUGTEKT LLC: Creditors Must File Claims by August 2
VECTOR-SERVICE LLC: Proofs of Claim Filing Deadline Set August 2


U N I T E D   K I N G D O M

ACXIOM(R) CORP: Posts US$11.5 Million Net Loss for Q1 2008
AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
BALL CORP: Earns US$105.9 Million in Second Quarter 2007
BALLY TOTAL: Obtain Required Votes for Pre-Packaged Ch. 11 Plan
BRIT-CO LTD: Brings In Liquidators from Moore Stephens

CORUS GROUP: Tata Steel to Increase Buyout Share to US$7.4 Bln
DYNAMOTIVE ENERGY: Posts US$3.2MM Net Loss in Qtr. Ended Mar 31
ESSENTIAL KITCHEN: Names John Arthur Kirkpatrick Liquidator
FIRST 4: Calls In Liquidators from Moore Stephens
G A TYPE: Taps Liquidator from Wilkins Kennedy

GEORGICA PLC: To Complete Disposal of Two Units on August 28
GEORGICA PLC: To Redeem GBP60 Mln Sr. Secured Notes on Aug. 28
GEORGICA PLC: S&P Holds Junks Ratings with Positive Outlook
GLOBAL 20: Hires Liquidator from Tenon Recovery
HMV GROUP: Selling Japanese Unit to DSM for GBP70 Million

JACKSTONE FROSTER: Claims Filing Period Ends August 17
KRISPY KREME: Moody's Puts Caa1 Rating on Weak Operating Profit
ONEIDA LTD: S&P Holds 'B' Corporate Credit Rating
PRIME LINE: Appoints Liquidators from Tenon Recovery
PROTON HOLDINGS: New Sedan Model to Drive Results Back to Black

                            *********

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


BUCANY HANDEL: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered July 2 an order shutting down
the business of LLC BUCANY Handel (FN 270645h).

Court-appointed estate administrator Georg Freimueller
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. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No 28 S 63/07d).


DENTALLABOR ELMER: Claims Registration Period Ends Sept. 17
-----------------------------------------------------------
Creditors owed money by KEG Dentallabor Elmer (FN 148149t) have
until Sept. 17 to file written proofs of claim to court-
appointed estate administrator Peter Heigenhauser at:

         Dr. Peter Heigenhauser
         Wiesinger Strasse 3
         4820 Bad Ischl
         Austria
         Tel: 06132/25581
         Fax: 06132/25581 5
         E-mail: dr.peter.heigenhauser@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Sept. 27 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 Bad Ischl, Austria, the Debtor declared
bankruptcy on July 4 (Bankr. Case No. 20 S 88/07b).  


DK HANDEL: Claims Registration Period Ends Aug. 13
--------------------------------------------------
Creditors owed money by LLC DK Handel (FN 166178f) have until
Aug. 13 to file written proofs of claim to court-appointed
estate administrator Wilhelm Lackner at:

         Mag. Wilhelm Lackner
         Esterhazyplatz 6a
         7000 Eisenstadt
         Austria
         Tel: 02682/64044
         Fax: 02682/6404430
         E-mail: ra.schreiner@aon.at  

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

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Donnerskirchen, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 26 S 87/07g).  


JELINEK & PARTNER: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered June 29 an order shutting down
the business of LLC Jelinek & Partner (FN 126631y).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 18 (Bankr. Case No 38 S 32/07v).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


STEIGER KEG: Claims Registration Period Ends Aug. 3
---------------------------------------------------
Creditors owed money by KEG Steiger (FN 258234g) have until
Aug. 3 to file written proofs of claim to court-appointed estate
administrator Erik Kroker at:

         Dr. Erik Kroker
         Schmerlingstrasse 2
         6020 Innsbruck
         Austria
         Tel: 0512/58 30 74
         Fax: 0512/58 30 74 18
         E-mail: kroker@kanzlei-tirol.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Aug. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Rum, Austria, the Debtor declared bankruptcy on
July 5 (Bankr. Case No. 19 S 72/07x).  


TFW MEDIA: Estate Administrator Declares Insufficient Assets
------------------------------------------------------------
Dr. Franz Stefan Pechmann, the court-appointed estate
administrator for LLC TFW Media (FN 128100h), declared July 5
that the Debtor's property is insufficient to cover creditors'
claim.

The Trade Court of Vienna ordered the closure of Debtor's
business on the same day.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 11 (Bankr. Case No. 28 S 61/07k).

The estate administrator can be reached at:

         Dr. Franz Stefan Pechmann
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 503 19 95
         Fax: 503 19 95 12
         E-mail: office@pechmann.cc


WALK- UND STRICKMODEN: Claims Registration Period Ends Aug. 3
-------------------------------------------------------------
Creditors owed money by LLC Walk- und Strickmoden S. Scheiber
(FN 220278p) have until Aug. 3 to file written proofs of claim
to court-appointed estate administrator Peter Petzer at:

         Dr. Peter Petzer
         Unterer Stadtplatz 24
         6330 Kufstein
         Austria
         Tel: 05372/64 553
         Fax: 05372/6455318
         E-mail: kanzlei@zpm.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Aug. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in St. Johann in Tirol, Austria, the Debtor
declared bankruptcy on July 3 (Bankr. Case No. 19 S 70/07b).  


WCM LLC: Claims Registration Period Ends Aug. 6
-----------------------------------------------
Creditors owed money by LLC WCM (FN 244377d) have until Aug. 6
to file written proofs of claim to court-appointed estate
administrator Michael Ruhdorfer at:

         Dr. Michael Ruhdorfer
         Paulitschgasse 17/II/4
         9020 Klagenfurt
         Austria
         Tel: 0463/55520
         Fax: 0463/55520-20
         E-mail: kanzlei@ruhdorfer.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on July 4 (Bankr. Case No. 41 S 60/07g).  


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


SETUZA A.S.: Selling Assets to Pay Debts & Avoid Bankruptcy
-----------------------------------------------------------
Setuza a.s. plans to sell up to CZK2.4 billion in assets in
order to avert a possible bankruptcy or liquidation procedure
due to the recent distraint on the company, the Prague Daily
Reports citing Czech news agency CTK as its source.

The company decided at Friday's general meeting that it will
raise money to meet its long-term obligations and boost further
development through the sale of buildings, machinery and
equipment to Setuza Development and to other leasing companies.  
It will then rent the buildings and buy back the machinery on
hire purchase, CTK relates.

A district court in Usti nad Labem placed Setuza under distraint
in November 2006 after it owed more than CZK4 billion to the
state.

A distraint is a remedy for non-payment of a debt, which
involves the seizure of a Debtor's property to compel a payment.

The distraint was lifted on the proposal of state-owned Farming
and Forestry Support and Guarantee fund PGRLF after Setuza's new
owners paid about CZK1.1 billion to the Czech government at the
beginning of July 2007 under a settlement agreement entered by
the parties on June 1, 2007, CTK adds.  The court ruling,
however, is yet to take effect.

Under the settlement agreement, PGRLF will get CZK1.01 billion
for its claim plus CZK100 million as additional payment from
Cesky olej relating to a transfer of Setuza shares to Cesky, CTK
discloses.  Setuza will pay CZK50 million in costs PGRLF
incurred in the exaction of the claim.

Setuza's deputy chairman Radovan Macek told shareholders that
the distraint affected the company's bad results.

Setuza posted a CZK62.12 million loss in the first quarter of
2007 and projects further losses for the end of the year.  It
posted CZK801.9 million in losses in 2006, while it reported a
CZK84.7 million loss in 2005.

Headquartered in Usti nad Labem in Czech Republic, SETUZA a.s.
-- http://www.setuza.cz/en/-- processes oil seeds and produces  
edible plant oil and fats on the Czech market (70 % market
share).  It also supplies the market with washing agents, toilet
and washing soaps, tooth pastes and dentifrice, cologne water
and face lotion.  Technical and oleochemical products represent
15 % of the production volume and these are supplied to other
industrial clients or as fundamental raw material in the
production of ecological fuels and lubricants.

Campaspol Holding owns 90.7 percent of Setuza's shares through
Cesky olej. Campaspol Holding is owned by Via Chem Group,
Germany's Campa-Biodiesel and PPF Investments.


===========
F R A N C E
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GENERAL CABLE: Completes Sr. Floating Rate Notes Exchange Offer
---------------------------------------------------------------
General Cable Corporation has completed its offer to exchange an
aggregate principal amount of US$125 million of its Senior
Floating Rate Notes due 2015, and an aggregate principal amount
of US$200 million of its 7.125% Senior Fixed Rate Notes Due
2017, which was registered under the Securities Act of 1933, as
amended for all of its US$125 million principal amount
restricted Senior Floating Rate Notes due 2015, and all of its
US$200 million principal amount restricted 7.125% Senior Fixed
Rate Notes due 2017, from the registered holders thereof.

This Offer to Exchange was effected pursuant to the terms of a
registration rights agreement entered into by the company and
Goldman Sachs& Co., as representative for the Holders of the Old
Notes, in connection with the private placement of the Old Notes
in March 2007.

The Offer to Exchange expired at 5:00 p.m., Eastern Standard
Time, on July 26, 2007.  Based on information provided by U.S.
Bank National Association, the agent for the exchange offer,
US$325 million of General Cable's US$325 million principal
amount Old Notes were validly tendered and not withdrawn
pursuant to the Offer to Exchange.

This amount represents 100% of the outstanding principal amount
of Old Notes.  General Cable has accepted for exchange all of
the Old Notes outstanding.  General Cable intends to issue the
New Notes for all such exchanged Old Notes as soon as
practicable.

Holders of the Old Notes may obtain further information on
Exchange Offer by calling the exchange agent at (800) 934-6802.

                  About General Cable Corporation

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes       
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).  
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Moody's Investors Service assigned a rating of B1 to the
US$325 million senior unsecured notes of General Cable
Corporation consisting of US$125 million of floating rate notes
and US$200 million fixed rate notes.  Concurrently, Moody's
affirmed all other ratings for this issuer.  The rating outlook
remains stable.


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


AVAGO TECH: Will Reduce 600 Employees in Southeast Asia
-------------------------------------------------------
Avago Technologies said it will reduce its workforce in
Southeast Asia by approximately 600 employees.  At the same
time, the company will resume its manufacturing outsourcing
program.  Accordingly, the company expects to record a cash
charge of approximately US$6 million to US$8 million during its
third fiscal quarter, ending July 31, 2007.

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--    
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service revised these ratings
for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on
      2013,from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due
      on 2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


CELANESE CORP: Posts US$117 Million Second Quarter 2007 Net Loss
----------------------------------------------------------------
Celanese Corporation reported net loss of US$117 million for the
three months ended June 30, 2007.  The quarter net loss included
about US$265 million in pre-tax expenses primarily related to
the company's debt refinancing transaction completed in the
second quarter.  The company had net earnings of US$103 million
a year ago.

Net sales of US$1.5 billion, a 7% increase from the prior year,
including sales from the acquisition of the acetate flake, tow
and film business of Acetate Products Limited.  Operating profit
decreased to US$71 million from US$152 million in the same
period last year.  

Increased pricing in acetyls on continued strong global demand,
the successful startup of the company's acetic acid unit in
Nanjing, China, ongoing growth in Ticona's advanced engineered
materials business, and positive currency effects helped to
offset the impact related to an unplanned acetic acid production
outage at the company's Clear Lake, Texas facility that occurred
in May 2007.  

This year's results included US$105 million of other expenses
primarily related to a long-term management compensation program
payable upon the exit of the company's private equity sponsor,
and previously announced revitalization plans for the company's
emulsions and polyvinyl alcohol businesses.

                          First Half 2007

Net sales for the first six months of 2007 were US$3.1 billion,
an 8% increase from the same period last year, due to the
inclusion of sales from the APL acquisition, higher volumes in
Ticona, favorable currency impacts, and higher pricing in
acetyls on continued strong global demand.  Operating profit was
US$277 million, a decrease of 10% from the prior year, driven by
other expenses in the second quarter of 2007.  affiliate income,
and strong first quarter 2007 operating results.  Net earnings
for the second quarter of 2007 were US$84 million, compared with
net earnings for the second quarter of 2006 of US$220 million.

As of June 30, 2007, the company's balance sheet showed total
assets of about US$7.4 billion, total liabilities of US$6.7
billion, an total stockholders' equity of US$656 million.

"The loss of acetic acid production at our Clear Lake facility
regrettably affected our customers and had an impact on our
earnings," said David Weidman, chairman and chief executive
officer.  "However, the solid performance of our specialty
businesses in the quarter demonstrates the underlying strength
of these global franchises and the successful startup of our
Nanjing, China facility positions the company well for future
growth."

                        Recent Highlights

  -- Closed debt refinancing transaction, which will increase
     the company's operational and financial flexibility and
     lower interest expense by US$10 million to US$15 million
     per quarter versus 2006.

  -- Announced restructuring plans for the U.K. operations of
     its recently acquired APL business to capture synergies         
     related to its integration with the Acetate Products
     business.

  -- Completed the US$330 million stock repurchase program
     authorized by its board of directors in June 2007.  Under
     the program, purchased a total of about 8.5 million of its
     Series A common shares at an average price of US$38.88 per
     share.  Through June 30, 2007, the company had repurchased
     about US$258 million, or 7.3 million shares.

  -- Named Sandra Beach Lin executive vice president of Celanese
     and president of Ticona, the company's advanced engineered
     materials business.  She replaces Lyndon Cole, who has
     announced his retirement.

  -- Named John J. Gallagher III executive vice president and
     president, Acetyls and Celanese Asia.

  -- Named Steven M. Sterin senior vice president and chief
     financial officer.

  -- Completed ownership transition with the final sale of
     shares from funds affiliated with The Blackstone Group L.P.

  -- Transitioned to a fully independent board of directors with
     the election of Farah M. Walters; also announced the
     resignations of Anjan Mukherjee and James A. Quella, both
     with The Blackstone Group L.P.

                            Cash Flow

During the first six months of 2007, the company generated
approximately US$79 million in cash flow from operations
compared with US$167 million in the prior year period.

During the second quarter, the company used US$706 million in
cash primarily associated with its comprehensive
recapitalization plan which includes debt repayments of US$211
million, debt refinancing costs of US$240 million and share
repurchases of US$258 million.

Cash and cash equivalents at the end of the period were
US$470 million, a decrease of US$321 million from the end of
2006, and a decrease of US$645 million from the end of the first
quarter of 2007.  Net debt at the end of the second quarter was
US$2.9 billion, an increase of US$208 million and US$541
million, compared to the fourth quarter of 2006 and the first
quarter of 2007, respectively.

                            Outlook

"The underlying fundamentals of our business are strong.  Global
demand remains robust and our growth strategies are on track to
deliver on our commitments to increase shareholder value," said
Weidman.  "Unfortunately, due to uncertainty regarding the
timeline of repair and expected restart date of the Clear Lake
acetic acid unit, we are unable to provide short-term financial
guidance at this time."

                    About Celanese Corporation

Celanese Corporation – http://www.celanese.com/-- offers  
products found in consumer and industrial applications that are
manufactured in North America, Europe and Asia.  Net sales
totaled US$6.7 billion in 2006, with over 60% generated outside
of North America.  Based in Dallas, Texas, the company employs
about 8,900 employees worldwide.

                         *     *     *

As reported in the Troubled Company Reporter on March 9, 2007,
Standard & Poor's Ratings Services revised the outlook on
Celanese US Holdings LLC, a subsidiary of Celanese Corp., to
positive from stable.  It also affirmed the 'BB-' corporate
credit and 'B' unsecured debt ratings.

At the same time, based on preliminary terms and conditions,
Standard & Poor's assigned a 'BB-' senior secured bank loan
rating and a recovery rating of '3' to Celanese US Holdings'
pending US$3.628 billion senior secured credit facilities.


DEWOBAU WOHNBAUGESELLSCHAFT: Claims Registration Ends Sept 14
-------------------------------------------------------------
Creditors of dewobau Wohnbaugesellschaft mbH have until Sept. 14
to register their claims with court-appointed insolvency manager
Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich
         Germany         
         Tel: 089/24217737
         Fax: 089/24217738

The District Court of Munich opened bankruptcy proceedings
against dewobau Wohnbaugesellschaft mbH on July 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         dewobau Wohnbaugesellschaft mbH
         Attn: Martin Decker, Manager
         Gartenstr. 9
         85598 Baldham
         Germany


KYNAST BIKE: Appoints Andreas Sontopski as Receiver
---------------------------------------------------
Kynast bike GmbH applied for insolvency on June 28, 2007, and
appointed Andreas Sontopski as its receiver, Bike Europe
reports.

The insolvency, various sources say, resulted after the regional
state of Lower Saxony decided not to extend a state debt
guarantee to the company in light with European Union
regulations, Bike Europe relates.

According to the report, Kynast's financial manager Jan Huering
blamed losses, which severely affected the company's EUR1.5
million equity.

Headquartered in Quakenbrueck, Germany, Kynast bike GmbH employs
around 50 people, compared to the 2,800 workers it previously
employed when it was still the biggest bike factory in Europe.   
It had planned to report about EUR3 million in turnover before
it filed for insolvency.


ONYX-VERTRIEBSGESELLSCHAFT: Claims Registration Ends Sept. 14
-------------------------------------------------------------
Creditors of ONYX-Vertriebsgesellschaft mbH have until Sept. 14
to register their claims with court-appointed insolvency manager
Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting on Sept. 26, 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 Bochum
         Hall A 27
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Udo Claes-Hellmich
         Overwegstrasse 47
         45879 Gelsenkirchen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against ONYX-Vertriebsgesellschaft mbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ONYX-Vertriebsgesellschaft mbH
         Bochumer Str. 231
         45661 Recklinghausen
         Germany


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


MERCATOR CLO: Moody's Rates EUR10.9 Mln Sr. Sec. Notes at (P)Ba3
----------------------------------------------------------------
Moody's assigned provisional credit ratings to five classes of
notes to be issued by Mercator CLO III Limited, a special
purpose company incorporated under the laws of Ireland.  The
ratings are:

   -- (P)Aaa to the EUR199,500,000 Class A-1 Senior Secured
      Floating Rate Notes, due 2024;

   -- (P)Aa2 to the EUR31,500,000 Class A-2 Senior Secured
      Floating Rate Notes due 2024;

   -- (P)A2 to the EUR18,000,000 Class A-3 Deferrable Senior
      Secured Floating Rate Notes due 2024;

   -- (P)Baa3 to the EUR18,000,000 Class B-1 Deferrable Senior
      Secured Floating Rate Notes due 2024; and

   -- (P)Ba3 to the EUR10,900,000 Class B-2 Deferrable Senior
      Secured Floating Rate Notes due 2024.

The provisional ratings address the expected loss posed to
investors by the legal final maturity in 2024.

These provisional ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The overcollateralization of the Notes;

   4. The proposed currency swap and forex option transactions,
      which insulate the Issuer from the volatility of the
      foreign currency exchange rates in respect of non-Euro
      denominated obligations;

   5. The expertise of NAC Management (Cayman) Limited as a
      collateral manager and New Amsterdam Capital Management
      LLP as a collateral adviser; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR300
million, comprised primarily of European senior secured, second
lien and mezzanine obligations (with a predominance of senior
secured loans) and senior bonds.  This portfolio is dynamically
managed by NAC Management (Cayman) Limited as collateral manager
to the Issuer and New Amsterdam Capital Management LLP as
collateral adviser to the collateral manager.  This portfolio
will be partially acquired at closing date and partially
acquired during the nine months ramp-up period in compliance
with portfolio guidelines.  Thereafter, the portfolio of loans
will be actively managed by the collateral manager, pursuant to
the advice of the collateral adviser to buy or sell assets in
the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.

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


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


ALITALIA SPA: Italy Rules Out Private Talks with Possible Buyers
----------------------------------------------------------------
The Italian government will not sell its stake in Alitalia
S.p.A. via private talks with potential buyers, Deepa Babington
writes for Reuters citing finance minister Tomasso Padoa-
Schioppa.

As previously reported in the TCR-Europe, Italy is reviewing
whether to restart the bidding process on less restrictive
conditions or hold direct negotiation with possible buyers.

Mr. Padoa-Schioppa said a sale through private talks is not
feasible as Italy may face legal hurdles, Reuters relates.

"This the state cannot do, I can't do it as the economy
minister," Mr. Padoa-Schioppa was quoted by Reuters as saying.
"The audit courts won't allow it.  The judges would begin to
investigate the motive with which I began to negotiate with
buyer X instead of buyer Y."

Mr. Padoa-Schioppa, however, stressed that Alitalia will not go
bankrupt and it would recover without undergoing "traumatic"
moves.

"A slow descent into an ever more critical situation in which
there was a chronic lag in understanding that this was a
prosperous, protected company that did not have competitors, was
always under much less competition than in other countries," the
minister said.

The minister blamed politics, unions, management and the entire
system within which Alitalia operates for the carrier's near-
demise.

                          About Alitalia

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

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


ALITALIA SPA: Wants Italy to Commence Capital Increase
------------------------------------------------------
Alitalia S.p.A. may ask its shareholders to launch a capital
increase to salvage the carrier from possible bankruptcy,
various reports say.

Italian finance minister Tommaso Padoa-Schioppa confirmed
receiving a request from Alitalia for a capital increase, which
would be used to cover the carrier's losses and restructure its
finances, Reuters reports.

Mr. Padoa Schioppa said the capital increase will be launched
after Alitalia's board of directors approve its business plan,
Thomson Financial relates.

Should a capital hike occurs, the minister notes, Italy would
sell its rights to additional shares, effectively diluting its
stake, Thomson Financial relates.

Thomson Financial suggests that a capital increase may be more
viable than injecting state aid into Alitalia, which would
violate the European Commission's "one time, last time"
principle.  

The "one time, last time" principle is designed to prevent
repeated granting of rescue or restructuring aid that keeps
firms artificially in business.  According to the rule, Alitalia
cannot claim further restructuring aid since it received such
aid in 1996-1997.

"We need to rethink the alternatives and see if we can combine
the flexibility advantages of private talks and the transparency
of the competitive bid," Mr. Padoa Schioppa was quoted by
Reuters as saying.

The minister added that Italy could make Alitalia more
attractive to investors by relaxing its bidding conditions,
easing penalty clauses and allowing greater flexibility.

Mt. Tommaso Padoa-Schioppa said he personally had opposed the
job level requirements in the auction.  According to Thomson
Financial, bidders had feared they might have not full
discretion to cut Alitalia's workforce.

                          About Alitalia

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

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


CASSA DI RISPARMIO: Fitch Affirms Individual C/D Rating
-------------------------------------------------------
Fitch Ratings has affirmed Italy-based Cassa di Risparmio della
Provincia di Chieti's ratings at Long-term Issuer Default Rating
'BBB-' Stable Outlook, Short-term IDR 'F3', Individual 'C/D',
Support '3' and Support Rating Floor 'BB-' and simultaneously
withdrawn them.  Fitch will no longer provide ratings or
analytical coverage of CariChieti.


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


ABZ-CONSTRUCTION LLP: Claims Deadline Slated for Sept. 5
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Abz-Construction insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


AMBAMORZASHITA LLP: Creditors Must File Claims Sept. 5
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Ambamorzashita insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


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


ARSHIL LLC: Creditors Must File Claims by September 6
-----------------------------------------------------
LLC Arshil has declared insolvency.  Creditors have until
Sept. 6 to submit written proofs of claim to:

         LLC Arshil
         Chon-Alysh Str. 105- A
         Naryn
         Kyrgyzstan


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


AMERICAN AXLE: Earns US$34 Mln in Second Quarter Ended June 30
--------------------------------------------------------------
American Axle & Manufacturing Holdings Inc.'s earnings in the
second quarter of 2007 were US$34 million.  This compares to
earnings of US$20.4 million in the second quarter of 2006.

The company's earnings in the second quarter of 2007 reflect the
impact of special charges and other non-recurring operating
costs of US$7 million, primarily related to incremental
attrition program activity.  Its second quarter earnings in 2007
also reflect the impact of an additional US$5.5 million charge,
for the write-off of unamortized debt issuance costs and other
costs related to the prepayment of the US$250 million term loan
due 2010.

Earnings in the second quarter of 2006 included a one-time non-
cash charge of US$2.4 million, to write off unamortized debt
issuance costs related to the cash conversion of approximately
US$128.4 million of the company's senior convertible notes due
in 2024.  The company's earnings in the second quarter of 2006
also reflect the impact of an unfavorable tax adjustment of
US$2.6 million, related to the settlement of foreign
jurisdiction tax liabilities.

Earnings in the first half of 2007 were US$49.4 million,
compared wit earnings in the fist half of 2006 of US$29.1
million.

Net sales in the second quarter of 2007 were US$916.5 million as
compared to US$874.6 million in the second quarter of 2006.
Customer production volumes for the full-size truck and SUV
programs AAM currently supports for GM and The Chrysler Group
were approximately the same as compared to the prior year.  The
company estimates that customer production volumes for its mid-
sized truck and SUV programs were down 18% in the quarter on a
year-over-year basis.  Non-GM sales represented approximately
24% of The company's total sales in the second quarter of 2007.

Net sales in the first half of 2007 were US$1.7 billion,
approximately the same as the first half of 2006. Gross margin
was 11.5% in the first half of 2007 as compared to 9% for the
first half of 2006. Operating income for the first half of 2007
was US$94.8 million or 5.5% of sales as compared to US$55.5
million or 3.2% of sales for the first half of 2006.

Net cash provided by operating activities in the first half of
2007 was US$234.6 million as compared to US$99.7 million in the
first half of 2006.  Capital spending in the first half of 2007
was down US$80.5 million on a year-over-year basis to US$75.5
million. Reflecting the impact of this activity and dividend
payments of US$15.8 million, the company's free cash flow of
US$143.3 million in the first half of 2007 represents an
improvement of US$215.1 million as compared to the first half of
2006.

Balance sheet as of June 30, 2007, listed US$3 billion total
assets, US$2.1 billion total liabilities, and US$856.5 million
total stockholders' equity.

                       Management's Comments

"Through the first half of 2007, AAM is on track to achieve its
annual objectives for sales growth, margin expansion and free
cash flow generation," said the company's Co-Founder, Chairman
of the Board & chief executive officer Richard E. Dauch.  "Our
solid operating performance and strong cash flow in the second
quarter of 2007 reflects [the company]'s continuing emphasis on
productivity gains, process efficiencies and structural cost
reductions.  We will continue to focus on these and other
initiatives as part of our long-term strategic commitment to
achieving sustainable global cost competitiveness."

"[The company]'s world-class quality, warranty, delivery and
launch performance, and advanced technology are major
differentiators in today's global automotive supply market,"
said Mr. Dauch.  "The continued expansion of [the company]'s new
business backlog is evidence that we are successfully delivering
on our long-term strategic goals of expanding our product
portfolio, served markets, customer base and global
manufacturing footprint.  We are especially pleased with the
growth in our backlog of orders from new customers in fast-
growing global markets."

                 About American Axle & Manufacturing

American Axle & Manufacturing Holdings Inc. (NYSE: AXL) --
http://www.aam.com/-- manufactures, engineers, designs and  
validates driveline and drive train systems and related
components and modules, chassis systems and metal-formed
products for light trucks, sport utility vehicles and passenger
cars.  In addition to locations in the United States (in
Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea, and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on July 3, 2007,
Fitch Ratings has affirmed American Axle & Manufacturing
Holdings' Inc. 'BB' Issuer Default Rating.  At the same time,
Fitch affirmed American Axle & Manufacturing Inc.'s Issuer
Default Rating at 'BB'; Senior unsecured revolving credit
facility at 'BB'; Senior unsecured term loan at 'BB'; and Senior
unsecured notes at 'BB'.  The Rating Outlook has been revised to
Stable from Negative.


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


GETRONICS N.V.: KPN to Make EUR766 Mln Recommended Cash Offer
-------------------------------------------------------------
Royal KPN N.V. intends to make a recommended cash offer of
EUR6.25 per ordinary share for Getronics N.V.

    * KPN intends to make a recommended cash offer of EUR6.25
      per ordinary share for Getronics, or EUR766 million in
      total; KPN is able to finance the offer from its existing
      financial resources, while remaining within the boundaries
      of its self-imposed financial framework

    * The offer price represents a 23% premium to Getronics'
      closing price on July 27, 2007

    * The combination of KPN and Getronics will have outstanding
      capabilities in both IT and telecommunication services and
      provides the skills to become a prime contractor for
      converged ICT services

    * The transaction fits with KPN's stated ICT strategy of
      transforming its business segment into an end-to-end ICT
      services provider

    * KPN will continue Getronics' stated strategy to focus on
      the core operations in the Netherlands, Belgium, United
      Kingdom and North America, and global service delivery
      capabilities, to transfer the owned operations into
      partnerships, which Getronics currently has in progress
     (Iberia, and Hong Kong/China) and to evaluate the future of
      the other operations

    * Getronics' Supervisory Board and Management Board
      unanimously support the intended offer

KPN and Getronics jointly announced that the expectation is
justified that agreement can be reached in connection with a
public offer by KPN for all the issued and outstanding ordinary
shares in Getronics at an offer price of EUR6.25 in cash,
inclusive of any dividend payable for the financial year 2007
per ordinary share.  Taking into account all organizational,
social and financial aspects, the Supervisory Board and
Management Board of Getronics believe that the Offers are in the
best interest of all stakeholders.  The Boards will unanimously
recommend that Getronics shareholders accept the Offer.  KPN
further intends to make all-cash offers for all of the issued
and outstanding senior notes convertible into ordinary shares in
the capital of the Company, as well as for the cumulative
preference shares issued by Getronics.

Last twelve months, Getronics has reported revenue and EBITAE of
EUR2.2 billion and EUR60.5 million respectively for continued
operations, all as per the reporting definitions of Getronics.

                    Rationale for the Offer

Getronics has strong competences in workspace management and
application services.  Therefore, the proposed acquisition of
Getronics will reinforce the stated ICT strategy of KPN's
business segment and further transform KPN from a communication
service provider to an end-to-end provider of ICT services.  Key
benefits of combining Getronics with KPN are:

   -- combination becomes the prime contractor to provide end-
      to-end,integrated ICT services, with enhanced time-to-
      market and product development capabilities;

   -- significant cross-and up-selling opportunities to one
      another's client bases;

   -- strong platform to benefit from the relatively untapped
      and fast growing SME market segment, leveraging the KPN
      sales force;

   -- expected synergies of at least EUR50 million per annum as
      of 2009; and

   -- opportunity to use Getronics' tax losses carry forward
      with NPV of over EUR100 million.

“Telecommunications and IT services are increasingly becoming
two sides of the same coin,” KPN CEO Mr. Scheepbouwer said.
“More and more companies are converging their telecoms and IT
requirements, sourcing all services from a single end-to-end
vendor.  Combining Getronics' business with our own will
immediately add value and be transformational for our existing
ICT business.  It will give us in one step real critical mass
and significant expertise, enhancing our opportunity to become
the ICT partner of choice for our widened client-base in our key
territories.”

“This creates a unique opportunity to implement a joint
complementary strategy that will provide instant financial
stability to our business and a strong platform to further
strengthen our position as a successful provider in converged
ICT services in our key geographies,” Getronics CEO Mr. Wagenaar
said.  This proposal puts fair value on our craftsmanship, our
rich client base comprising of many multinational and national
clients, the high level of client satisfaction that we
consistently achieve, our global service delivery and our
outstanding competences in workspace management and application
services.”

                       Offer Highlights

The intended Offer would be a cash offer for all the issued and
outstanding ordinary shares of Getronics.  Based on the intended
Offer Price of EUR 6.25 per ordinary share inclusive of any
dividend payable for the financial year 2007, Getronics' issued
and outstanding capital is valued at approximately EUR766
million.  The Offer Price of EUR6.25 per ordinary share
represents an excellent opportunity to Getronics shareholders to
sell their interest in Getronics and implies a 23% premium to
Getronics' closing price on July 27, 2007.

                  Convertible Bonds Getronics

KPN further intends to make offers for:

   (i) the EUR100,000,000 5.5% listed unsubordinated convertible
       bonds due 2008, of which EUR10,869,000 is still
       outstanding, at a price of EUR1,040 in cash plus accrued
       interest per EUR1,000 in principal amounts of the Bonds
       2008,

  (ii) the EUR150,000,000 2.75% listed unsubordinated
       convertible bonds due 2010 at a price of EUR50,500 in  
       cash plus accrued interest per EUR50,000 in principal
       amounts of the Bonds 2010 and

(iii) the EUR 95,050,000 3.875% listed unsubordinated  
       convertible bonds due 2014 at a price of EUR52,500 in
       cash plus accrued interest per EUR50,000 in principal
       amounts of the Bonds 2014.

             Strategy, Governance and Organization

KPN intends to continue Getronics' strong global delivery
capability for future-ready workspace management and related
consulting and transformation services, supported by
international partnerships.  Therefore KPN will retain the
international infrastructure required to service multinational
customers.  To optimize the benefits of the combination, KPN
intends to integrate its own ICT and corporate solutions
business into Getronics.  It is expected that the Getronics
brand name will be maintained as it is highly regarded by its
customers and KPN actively pursues a multi-brand strategy.  
Going forward, KPN will review activities that are
insufficiently linked.

Getronics' Dutch and Belgian activities are at the core of KPN's
ICT strategy because KPN has significant activities in these
countries already.  As a consequence, KPN intends to rationalize
central and group functions post-closing of the Offer.
Redundancies are currently expected to be limited.  KPN will
also maintain Getronics' sales and delivery capabilities in the
U.K. and North America, which in turn supports serving
Getronics' international client base.

In line with Getronics' stated strategy in Getronics' Dec. 1,
2006 company update, KPN intends to evaluate, in due course,
non-core operations outside of the Netherlands, Belgium, United
Kingdom and North America, while maintaining the strong global
delivery capability for multinational customers.  Furthermore,
KPN intends to continue the intended transactions of the Iberia
and Hong Kong/China operations that Getronics currently has in
process, to the extent such transactions have not been completed
upon the closing of the intended Offers.

If the Offers are declared unconditional, KPN intends to
terminate Getronics' listing on Euronext Amsterdam N.V. as soon
as possible.  Furthermore, subject to the necessary threshold
being reached, KPN expects to initiate the statutory squeeze-out
procedure in accordance with the Dutch Civil Code in order to
acquire all shares held by minority shareholders or take such
other steps to terminate the listing and/or acquire all shares
that will not have been tendered, including effecting a legal
merger (juridische fusie).  Upon closing of the proposed Offers,
KPN intends to appoint a new Getronics Board of Management and
Supervisory Board, as the existing Boards will step down in
mutual agreement on settlement.

“As the Company now enters in to a new phase, we feel we should
leave ample room for new leadership to further build on the
strong position of the new combination,” Getronics CEO Mr.
Wagenaar said.

                       Conditions Precedent

The commencement of the Offers is subject to the satisfaction or
waiver of certain pre-offer conditions customary for a
transaction of this kind, such as no revocation of the
recommendation of the Offers by the Boards of Getronics, the
absence of a material adverse effect on the business of the
Getronics group, obtaining regulatory approvals, obtaining the
advice of Getronics' and KPN's works councils and concluding the
discussion with the trade unions.  The launch of the Offers is
further subject to the (waivable) condition precedent that the
holders of depositary receipts in respect of the cumulative
preference shares commit irrevocably to the Offer or not to
exercise conversion rights and to tender the depositary receipts
(all under the condition precedent of the Offers being honored).

The honoring of the Offers (gestanddoening) will be subject to
certain customary conditions for a transaction of this type
including, but not limited to the conditions that:

   (i) at least 80% (on a fully diluted basis but excluding
       conversion of Bonds 2008, Bonds 2010 or of the cumulative
       preference shares) of Getronics' issued and outstanding
       ordinary share capital has been tendered,

  (ii) approval by the relevant competition authorities has been
       obtained, and

(iii) no material adverse change with respect to the business
       of Getronics has occurred.

KPN is entitled to a break fee of EUR7 million in the event that
the Getronics board recommends a competing proposal.

                        Further Process

KPN and Getronics expect to reach full agreement on the intended
Offers over the next weeks, including as to the composition of
the Boards post-settlement of the Offers.  The offer memorandum
containing the terms and conditions of the Offers is currently
expected to be published in September 2007, and the Offers will
thereafter be discussed in an extraordinary general meeting of
shareholders of Getronics.

The Netherlands Authority for the Financial Markets (Autoriteit
Financiele Markten), Euronext Amsterdam N.V. and the Social
Economic Council (Sociaal Economische Raad), and the relevant
anti-trust authorities have been or will be informed of the
intended Offers.  The relevant trade unions have been duly
notified.  The works councils of Getronics and KPN will be
requested for advice.

                            Advisors

ING Corporate Finance acts as financial advisor to KPN. ABN Amro
acts as financial advisor to Getronics.  Rabo Securities acts as
financial advisor to the Supervisory Board of Getronics. Allen &
Overy LLP acts as legal advisor to KPN.  Stibbe acts as legal
advisor to Getronics.

                      About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in the TCR-Europe on April 11, 2007, in connection
with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors, the rating agency
confirmed its B2 Corporate Family Rating for Getronics N.V.

Moody's also assigned a B2 probability-of-default-rating to the
company.

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

                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   5.5% Senior Unsecured
   Conv./Exch. Bond/Debenture
   Due 2008                    Caa1     LGD5      79%


GETRONICS NV: Moody's May Lift Junk & B2 Ratings After Review
-------------------------------------------------------------
Moody's Investors Service affirmed the Baa2/Prime-2 senior
unsecured and the Baa3 subordinated debt ratings of Koninklijke
KPN NV (KPN). The outlook on all ratings is stable.

At the same time, Moody's placed the B2 corporate family rating
of Getronics NV on review for possible upgrade.  These rating
actions follow the announcement that KPN intends to make a
recommended cash offer of EUR766 million for Getronics subject
to certain conditions precedent.

These KPN ratings were affirmed:

* Koninklijke KPN NV -- ratings for senior unsecured debt at
   Baa2/Prime-2; and for subordinated debt at Baa3.

These Getronics ratings were placed on review for possible
upgrade:

* Getronics NV -- the B2 corporate family rating and the Caa1
   rating on the EUR11 million senior unsecured convertible    
   Dutch bonds due 2008.

Moody's said the affirmation of KPN's ratings reflected its view
that the planned acquisition is consistent with the Group's
strategy, in common with several of its telecom incumbent peers,
to develop its ICT capacity within the converging business
telecommunications and IT services markets. The integration of
KPN and Getronics should create a leading position within the
Benelux workspace management market.  The rating affirmation
also reflects Moody's view that KPN retains the financial
flexibility to accommodate the acquisition, including assumed
debt and pension deficit liabilities, at the Baa2 rating level.

Moody's said that the review for possible upgrade of Getronics'
ratings is driven by the probability that the company will be
acquired by a much larger, better capitalized and financially
stronger group. Terms of the proposed acquisition include a
reduction in absolute debt levels at Getronics through the
redemption of outstanding convertible bonds.

The review for possible upgrade will be concluded in conjunction
with the closing of the transaction. Getronic's rating will be
driven by clarification of the terms of the acquisition, the
manner in which Getronics will be integrated, the level of
financial support to be provided by KPN, changes in its business
risk profile under the new ownership and financial credit
metrics.

Koninklijke KPN NV (KPN), which is headquartered in the Hague
and is the leading telecommunications company in the
Netherlands, generated revenues of EUR12 billion in the year to
December 2006.

Getronics, headquartered in Amsterdam, The Netherlands, is a
leading international Information and Communications Technology
provider.  For the 12 months ended Dec. 31, 2006, Getronics
reported total revenues of around EUR2.6 billion.


SENSATA TECH: Moody's Holds B2 Rating on Term Loan Issuance
-----------------------------------------------------------
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family rating in response to the company's issuance
of EUR141 million (US$195 million) senior subordinate term loan
and use of cash on hand to acquire Airpax Holdings, Inc. for
US$276 million, including fees and expenses.

At the same time, Moody's upgraded Sensata's senior secured
credit facility to Ba3 and its US$450 million unsecured notes to
B3.  The rating of the subordinate notes remains at Caa1.  The
outlook is negative.

Sensata's B2 corporate family rating reflects its strong
competitive position, long-standing customer relationships,
significant barriers to competitive entry, and stable free cash
flow generation.  The company continues to benefit from the
favorable trends in increased sensor content per unit for many
of its customers' products.  Yet, these strengths are balanced
against the company's high leverage.  For 2006 adjusted
debt/revenues was almost 200%.  While the Airpax acquisition
will increase the company's revenue and earnings, it will also
increase the company's debt levels.  Sensata's increasing levels
of debt and cash interest payments could stress its credit
metrics and hinder the company's financial flexibility in a
downturn.

The negative outlook reflects Sensata's willingness to pursue
relatively large debt-financed acquisitions that add
significantly more incremental debt while increasing the
company's overall leverage.  This strategy is a departure from
Moody's expectations incorporated into the existing B2 corporate
family rating, which included small to modest acquisitions.
Furthermore, Sensata must contend with integrating a sizeable
company in addition to its previous acquisitions while operating
as a stand-alone entity.  Additionally, correcting material
weaknesses identified by management in order to comply with SEC
filing requirements adds additional uncertainty.

The ratings for the company's debt instruments reflect the
overall probability of default of the company, to which Moody's
assigns a probability of default rating of B2.  The one notch
upgrade of the company's senior secured credit facility and
unsecured notes reflects a lower expected loss driven largely by
the additional junior capital provided by the EUR195 million
term loan; on a relative basis, the existing debt has a more
senior position in the company's capital structure because of
the increase in subordinate debt.  The term loan will have
substantially the same terms and conditions as the company's
existing subordinate notes.  Moody's does not rate this term
loan.

These ratings/assessments were affected by this action:

   -- Corporate family rating affirmed at B2;

   -- Probability-of-default rating affirmed at B2;

   -- US$1.5 billion (equivalent) senior secured credit facility
      upgraded to Ba3 (LGD2, 29%) from B1 (LGD3, 33%);

   -- US$450 million senior unsecured notes due 2014 upgraded to
      B3 (LGD5, 75%) from Caa1 (LGD5, 82%);

Ratings affirmed/LGD assessments revised:

   -- EUR245 million senior subordinate notes due 2016 at Caa1
      (LGD6, 91%) from Caa1 (LGD6, 93%).

The company's speculative grade liquidity rating of SGL-2 is
unchanged.

Sensata, incorporated under the laws of The Netherlands and
headquartered in Attleboro, Massachusetts, designs and
manufactures sensors and electronic controls.  Sensata operates
in many countries with manufacturing operations in the Americas,
Europe and Asia.


ZINIFEX LTD: Posts 5% Downslide in Total Production for FY2006
--------------------------------------------------------------
Zinifex Limited released its financial result for the fiscal
year ending June 30, 2007, revealing a production loss of 5% or
1,488,850 tons as compared with the previous fiscal year's
1,575,129 tons.

Overall zinc production for last year's financial year totaled
635,079 tons, a 3% boost from last year's 614,564 tons.   

Total lead production for FY2006 slumped 18% to 207,460 tons
from 253,693 tons which according to a company statement is a
result of lower lead grades in ore.

                     Fourth Quarter Results

Fourth quarter production for fiscal year 2006 totaled 398,666
tons, as compared with the same period as last year's 396,612
tons, a slight increase of 0.52%.

Zinc production for the fourth quarter increased to 158,102 tons
compared to fourth quarter production of FY2005 which totaled
155, 010 tons.

Lead production for the fourth quarter of FY06 decreased to
64,123 tons, from the same period last year of 67,547 tons.

Consistent with their strategy, Zinifex is increasing its
commitment to exploration and development.  The company
anticipates that expenditure 2008 financial year will rise to
AU$100 million on the Dugald River feasibility study, further
extending the resources at Rosebery, Izok Lake and High Lake and
increased exploration activity globally.

A comprehensive financial result for the fiscal year 2006 can be
viewed for free at: http://ResearchArchives.com/t/s?21eb

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385 million).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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


CLEAR CHANNEL: Earns US$236 Million in Second Quarter 2007
----------------------------------------------------------
Clear Channel Communications Inc. reported revenues of
US$1.8 billion in the second quarter ended June 30, 2007, an
increase of 5% from the US$1.7 billion reported for the second
quarter of 2006.  Included in the company's revenue is a
US$29 million increase due to movements in foreign exchange;
excluding the effects of these movements in foreign exchange,
revenue growth would have been 4%.

Clear Channel's operating expenses increased 6% to US$1.1
billion during the second quarter of 2007, compared to 2006.
Included in the company's 2007 expenses is a US$24.3 million
increase due to movements in foreign exchange; excluding the
effects of these movements in foreign exchange, growth in
expenses would have been 3%.

Clear Channel's net income increased 19% to US$236 million in
the second quarter 2007, as compared to US$197.5 million in the
second quarter of 2006.

The company's OIBDAN was US$636.8 million in the second quarter
of 2007, a 6% increase from 2006.  The company defines OIBDAN as
net income adjusted to exclude non-cash compensation expense and
the following line items presented in its Statement of
Operations: Discontinued operations, Minority interest, net of
tax; Income tax benefit (expense); Other income (expense) - net;
Equity in earnings of nonconsolidated affiliates; Interest
expense; Gain on disposition of assets - net; and, D&A. See
reconciliation of OIBDAN to net income at the end of this press
release.

                Liquidity and Financial Position

For the six months ended June 30, 2007, cash flow from operating
activities was US$659 million, cash flow used by investing
activities was US$201.3 million, cash flow used by financing
activities was US$566.7 million, and net cash provided by
discontinued operations was US$84.8 million for a net decrease
in cash of US$24.2 million.

As of June 30, 2007, 73% of the company's debt bears interest at
fixed rates while 27% of the company's debt bears interest at
floating rates based upon LIBOR.  The company's weighted average
cost of debt at June 30, 2007, was 6.2%.

As of July 26, 2007, the company had about US$873 million
available on its bank credit facility.

As of June 30, 2007, the company had total assets of
US$18.8 billion, total liabilities of US$10.5 billion, and total
stockholders' equity of US$8.3 billion.

Mark P. Mays, chief executive officer of Clear Channel
Communications, commented, "Our second quarter radio revenues
were ahead of the industry, while our outdoor unit continued to
post solid growth.  We continue to make progress in
strengthening our diverse portfolio of out-of-home media
properties.  Our focus remains on transitioning our assets to
meet the shifting demands of our audiences, as well as our
advertisers by offering compelling content, expanding our
distribution capabilities and investing in our brands."

                    Proposed Merger Transaction

On May 17, 2007, the company amended its agreement to be
acquired by a group of private equity funds led by Bain Capital
Partners, LLC and Thomas H. Lee Partners L.P. to provide for an
increase to US$39.20 per share in the price shareholders will
receive in cash for each share of common stock they hold.  As an
alternative to receiving the US$39.20 per share cash
consideration, the company's unaffiliated shareholders will be
offered the opportunity, on a purely voluntary basis, to
exchange some or all of their shares of common stock on a one-
for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire the
company.

In addition, each shareholder will be entitled to receive
additional per share consideration, if the merger closes after
Jan. 1, 2008.  The stock election is subject to both individual
and aggregate caps. The maximum number of shares of Class A
common stock of the new corporation that may be issued in the
merger is about 30.6 million.  If all these shares are issued,
they will represent about 30% of the outstanding voting
securities of the new corporation immediately following the
closing of the merger.

The merger is subject to shareholder approval, antitrust
clearances, FCC approval and other customary closing conditions.
The company's shareholders of record as of 5 p.m. Eastern
Daylight Savings Time on July 27, 2007, will be entitled to vote
on the merger at a special meeting.  The date and time of the
special meeting has not yet been set.

                   Cash Dividend on Common Stock

Clear Channel Communications announced today that its Board of
Directors declared a quarterly cash dividend of US$0.1875 per
share on its Common Stock.  The dividend is payable on Oct. 15,
2007, to shareholders of record at the close of business on
Sept. 30, 2007.

                 Radio and Television Divestitures

On April 20, 2007, the company entered into a definitive
agreement to sell its Television Group.  The company estimates
net proceeds after taxes and customary transaction costs will be
about US$1.1 billion.  The results of operations for the
Television Group are reported as assets and liabilities from
discontinued operations in the consolidated balance sheet and as
discontinued operations in the consolidated statements of
operations.  The Television Group's 2006 revenue and operating
expenses were US$359.3 million and US$272.4 million,
respectively.  The transaction is expected to close in the
fourth quarter of 2007, subject to regulatory approvals and
other customary closing conditions.

Clear Channel previously is also attempting to divest 448 radio
stations in 88 markets.  As of June 30, 2007, the company had
entered into definitive agreements to sell 389 radio stations in
77 markets for a total consideration of about US$871.5 million.  
To date, the company has completed the sale of 29 of these radio
stations for total consideration of US$75.8 million.  The
company expects the remaining transactions to close during the
second half of 2007.  The company estimates that aggregate net
proceeds after taxes and customary transaction costs for these
389 stations will be about US$781 million.

Subsequent to June 30, 2007, the company has entered definitive
agreements to sell 13 radio stations in 2 markets for a total
consideration of about US$4 million.  The company continues to
pursue the divestiture of 46 radio stations in 9 markets.  These
remaining stations that are not under definitive agreements had
OIBDAN of about US$7 million in 2006.  There can be no assurance
that any or all of these stations will ultimately be divested
and the company reserves the right to terminate the sales
process at any time.

For the consolidated company, current management forecasts show
corporate expenses of US$180 million to US$190 million for the
full year 2007, excluding costs associated with the pending
merger transaction.

The company currently forecasts overall capital expenditures for
2007 of US$325 million to US$350 million, excluding any capital
expenditures associated with new contract wins the Company may
have during 2007.

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media    
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


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


ATAMANSKOE CJSC: Creditors Must File Claims by Sept. 7
------------------------------------------------------
Creditors of CJSC Atamanskoe (TIN 6121007097) have until Sept. 7
to submit proofs of claim to:

         S. Potapenko
         Insolvency Manager
         Office 19
         Sotsialisticheskaya Str. 74
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-17643/06-S1-51.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Atamanskoe
         Shiroko-Atamanskiy
         Morozovskiy
         347200 Rostov
         Russia


BULANASH CJSC: Court Names E. Gavrilets as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed E. Gavrilets as
Insolvency Manager for CJSC Engineering Plant Bulanash.  He can
be reached at:

         E. Gavrilets
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-24144/2002-S1.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Engineering Plant Bulanash
         Bulanashskiy engineering plant
         Bulanash
         Artemovskiy
         623794 Sverdlovsk
         Russia


CAUCASIA-TOUR CJSC: Bankruptcy Hearing Slated for Sept. 21
----------------------------------------------------------
The Arbitration Court of Adygeya will convene on Sept. 21 to
hear the bankruptcy supervision procedure on OJSC Caucasia-Tour.
The case is docketed under Case No. A01-B-50-2007-11.

The Temporary Insolvency Manager is:

         R. Khagundokov
         Post User Box 15
         Krasnooktyabrskaya Str. 10
         Maykop
         385000 Adygeya
         Russia

The Debtor can be reached at:

         R. Khagundokov
         Post User Box 15
         Krasnooktyabrskaya Str. 10
         Maykop
         385000 Adygeya
         Russia


IMPULSE OJSC: Creditors Must File Claims by Aug. 7
--------------------------------------------------
Creditors of OJSC Impulse have until Aug. 7 to submit proofs of
claim to:

         A. Slobodchikov
         Insolvency Manager
         Office 303
         Pichugina Str. 15
         640018 Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A34-1894/2007.

The Court is located at:

         Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         OJSC Impulse
         Komsomolskaya Str. 49
         Barino
         Shatrovskiy
         641981 Kurgan
         Russia


KEDR BANK: Moody's Changes Outlook on B2 Rating to Positive
-----------------------------------------------------------
Moody's Investors Service changed the outlook on Kedr Bank's B2
long-term local and foreign currency deposit ratings to positive
from stable.

Moody's has also affirmed Kedr's E+ bank financial strength
rating and Not-Prime short-term deposit rating.  The outlook on
the BFSR is stable.

At the same time, Moody's Interfax Rating Agency upgraded to
A3.ru from Baa1.ru the bank's long-term national scale credit
rating (NSR).  Moscow-based Moody's Interfax is majority-owned
by Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax, the outlook change
and the NSR upgrade reflect:

   (i) material improvement in Kedr's capitalisation, including
       signifcant growth of the share of "free" capital after
       the acquisition of 18.75% stakes in the bank by the
       European Bank for Reconstruction and Development and East
       Capital Group (an asset manager specializing in Eastern
       European financial markets and headquartered in
       Stockholm);

  (ii) Kedr's increasing franchise value, particularly growing
       geographical diversification of business - the bank has
       recently opened a branch in Athens, Greece, to focus on
       servicing former Russian citizens of Greek ethnic origin,
       as well as branches in Moscow, Southern Russia (Rostov
       and Krasnodar), Siberia (Kemerovo region) and in the
       country's Far East (Vladivostok); and

(iii) better risk positioning, notably a more diversified loan
       book in terms of single-party exposures, and progress in
       corporate governance following equity participation by
       foreign investors.

However, in Moody's opinion, the bank's still fairly low
economic capitalization and its high burden of non-interest
expenses remain the most important constraints on the evolution
of its long-term deposit ratings.  Moody's notes that any
possible future upgrade of Kedr's B2 long-term deposit rating is
contingent on the bank's ability to demonstrate sustainable
progress in these areas, and to manage the potentially high
credit and operational risks of expansion far beyond its home
territory.

Kedr is headquartered in Krasnoyarsk, Russian Federation.  The
bank reported total assets of RUR12.0 billion (US$456 million)
and shareholders' equity of RUR1.5 billion (US$55 million) under
IFRS as of Dec. 31, 2006.


KRUTINSKOE GRAIN: Creditors Must File Claims by Sept. 7
-------------------------------------------------------
Creditors of CJSC Krutinskoe Grain Receiving Enterprise of
Krutinskiy Region of Omsk Region (TIN 5518005945) have until
Sept. 7 to submit proofs of claim to:

         V. Ratkovskiy
         Insolvency Manager
         Floor 13th
         K. Libknekhta Str. 35
         644043 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. K/E-372/05.

The Debtor can be reached at:

         CJSC Krutinskoe Grain Receiving Enterprise of
         Krutinskiy Region of Omsk Region
         im.Lenina Str. 66
         Krutinka
         Krutinskiy
         646130 Omsk
         Russia


MDM BANK: Channels US$20 Million Loan to Fund Energy Projects
-------------------------------------------------------------
OJSC MDM Bank said its would draw out US$20 million from its
US$100 million credit facility provided by International Finance
Corp. to finance energy-efficient technologies, RIA Novosti
reports.

As reported in the TCR-Europe on March 27, 2007, IFC granted  
MDM a US$100-million eight-year credit facility, which the
company will use to expand availability of residential mortgages
and SME loans primarily in the regions outside Moscow.

Michel Perhirin, MDM's board chairman, said the remaining
US$80 million would be used to finance its mortgage program and
small and medium business lending, RIA Novosti relates.  The
bank plans to grant loans a term of five to seven years to small
and medium businesses.

The chairman revealed that MDM-Bank mortgage loan portfolio may
reach US$450 million to US$500 million by the end of 2007.

                           Stake Sale

The bank is also selling a five-percent stake to IFC for around
US$184 million, RIA Novsoti relates citing Yulia Kochetygova,
MDM's corporate relations chief.

                            About MDM

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/-- provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                            *   *   *

As of Aug. 1, 2007, MDM carries a Ba1 Long-Term Bank Deposit and
Senior Unsecured Debt ratings from Moody's Investor Service.  
The company also carries Ba2 Subordinated Debt and D+ Bank
Financial Strength ratings.  Moody's said the outlook is stable.

MDM carries BB Long-Term Issuer Credit and B Short-Term Issuer
Credit ratings from Standard & Poor's.  S&P said the outlook is
stable.

The bank also carries BB- Long-Term Issuer Default and Senior
Unsecured Debt ratings from Fitch Ratings.  The company also
carries B+ Subordinated Debt and B Short-Term Issuer Default
ratings.  Fitch said the outlook is Positive.


MERIDIAN LLC: Bankruptcy Hearing Slated for Sept. 5
---------------------------------------------------
Creditors of LLC Meridian have until Sept. 5 to submit proofs of
claim to:

         V. Fedichev
         Temporary Insolvency Manager
         Premise 10n
         Letter A
         Bolshoj Pr. P.S. 79
         197022 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad will
convene on Sept. 5 to hear the company's bankruptcy supervision
procedure on LLC Meridian.  The case is docketed under Case No.
A56-49364/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Meridian
         Marshala Govorova Str. 29A
         198097 St. Petersburg
         Russia


MIASS CJSC: Court Names A. Kostromin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kurgan appointed A. Kostromin as
Insolvency Manager for CJSC Miass.  He can be reached at:

         A. Kostromin
         Volodarskogo Str., 57-416
         640000 Kurgan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-2763/2006.

The Debtor can be reached at:

         CJSC Miass
         Sokolovo
         Kargapolskiy
         Kurgan
         Russia


MILL PLUS: Creditors Must File Claims by Aug. 7
-----------------------------------------------
Creditors of LLC Sinegorskiy Timber Mill Plus (TIN 4319003010)
have until Aug. 7 to submit proofs of claim to:

         S. Sizikov
         Temporary Insolvency Manager
         Bolshevikov Str. 66
         610002 Kirov
         Russia

The Arbitration Court of Kirov will convene at 10:00 a.m. on
Sept. 11 to hear the company's  bankruptcy supervision procedure
on LLC Sinegorskiy Timber Mill Plus (TIN 4319003010).  The case
is docketed under Case No. A28-91/07-23/24.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Sinegorskiy Timber Mill Plus
         Oktyabrskaya Str. 24
         Sinegorye
         Nagorskiy
         613255 Kirov
         Russia


PETERBURGSKIY JEWELER: Creditors Must File Claims by Aug. 7
-----------------------------------------------------------
Creditors of LLC Peterburgskiy Jeweler (TIN 7826672087) have
until Aug. 7 to submit proofs of claim to:

         D. Balakshin
         Insolvency Manager
         Post User Box 80
         Post Office 406
         Malyj Pr., 70
         199406 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-2049/2002.

The Court is located at:

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

The Debtor can be reached at:

         D. Balakshin
         Insolvency Manager
         Post User Box 80
         Post Office 406
         Malyj Pr. 70
         199406 St. Petersburg
         Russia


PTICHYE LLC: Court Names S. Kudashev as Insolvency Manager  
----------------------------------------------------------
The Arbitration Court of Kurgan appointed S. Kudashev as
Insolvency Manager for LLC Ptichye.  He can be reached at:

         S. Kudashev
         Post User Box 106
         620000 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-10661/05.

The Court is located at:

         The Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         LLC Ptichye
         Ptichye
         Shumikhinskiy
         Kurgan
         Russia


RODINA OJSC: Court Names M. Strizhov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Ryazan appointed M. Strizhov as
Insolvency Manager for OJSC Rodina (TIN 6219002176).  He can be
reached at:

         M. Strizhov
         Office 615
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-5383/2006.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Rodina
         Ilyinka
         Skopinskiy
         391822 Ryazan
         Russia


ROSNEFT OIL: Submits Buyout Offer for Hermes-Moscow, Report Says
----------------------------------------------------------------
OAO Rosneft Oil Co., through its LLC Neft-Aktiv unit, submitted
a binding offer to buyout the remaining shareholders of former
OAO Yukos Oil Co. unit Hermes-Moscow, Interfax News reports.

Rosneft, which acquired 82.8% of Hermes-Moscow during a Yukos
bankruptcy auction, is offering to buy the remaining shares at
RUR349.92 per share.

The offer commenced on July 13, 2007, and expires in 75 days.

                          About Rosneft

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

                            *   *   *

As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
Outlook is positive.Neft-Aktiv, in which Rosneft indirectly owns
100%, made an offer on July 16 to buy Vostsibneftegaz common
shares at 3.1 rubles per share. Neft-Aktiv acquired 70.78% of
Vostsibneftegaz in May at a Yukos bankruptcy auction.


ROSTEKH CJSC: Rostov Bankruptcy Hearing Slated for Nov. 14
----------------------------------------------------------
The Arbitration Court of Rostov will convene on Nov. 14 to hear
the bankruptcy supervision procedure on CJSC Industrial Group
Rostekh.  The case is docketed under Case No. A53-5126/07-S1-36.

The Temporary Insolvency Manager is:

         S. Tutynin
         Post User Box 251
         400005 Volgograd
         Russia

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Industrial Group Rostekh
         Tekstilnaya Str. 19-429
         Shakhty
         Rostov
         Russia


RUSSIAN STANDARD: Fitch Rates US$400 Million Loan at BB
-------------------------------------------------------
Fitch Ratings has assigned Russian Standard Finance S.A.'s
US$400 million 8.485% issue of limited recourse loan
participation notes due 2010 a final Long-term 'BB' rating.  
This is the fifth issue under its US$2.5 billion loan
participation notes program.

The proceeds are to be used solely for financing a loan to JSC
Russian Standard Bank, rated Long-term Issuer Default 'BB' with
a Stable Outlook, Short-term Issuer Default 'B', Support '5',
Individual 'C/D' and Support Rating Floor 'No Floor'.

RSB is a leading consumer finance bank in Russia.  The bank's
distribution network includes 113 offices in Moscow and the
regions, 13 regional centers, 182 representative offices in
major cities and more than 50,000 retail outlets, covering some
93% of the Russian population.  At end-2006, RSB was the 11th-
largest bank by assets in Russia and held second place, after
Sberbank, in retail loans.  Roustam Tariko indirectly owns 99.9%
of RSB's shares.


SHUMIKHINSKIY ELEVATOR: Creditors Must File Claims by Aug. 7
------------------------------------------------------------
Creditors of OJSC Shumikhinskiy Elevator have until Aug. 7 to
submit proofs of claim to:

         V. Suvorova
         Temporary Insolvency Manager
         Shosse Tselinnoe Str. 8
         Shumikha
         641100 Kurgan
         Russia

The Arbitration Court of Kurgan will convene on Oct. 3 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A34-1936/2007.

The Debtor can be reached at:

         OJSC Shumikhinskiy Elevator
         Shosse Tselinnoe Str. 8
         Shumikha
         Kurgan
         Russia


SHUNGIZIT OJSC: Court Names M. Andreev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Murmansk appointed M. Andreev as
Insolvency Manager for OJSC Shungizit (TIN 5192800021).  He can
be reached at:

         M. Andreev
         Office 21
         Knipovicha Str. 45
         183039 Murmansk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-4755/2006.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Shungizit
         Severnaya Promzona
         Murmansk
         Russia


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


ANDBANC: Fitch Rates Support Rating at BB+ on Integration Plan
--------------------------------------------------------------
Fitch Ratings has affirmed Andbanc's ratings at Long-term Issuer
Default Rating 'A' with Stable Outlook, Short-term IDR 'F1',
Support '3' and Support Rating Floor 'BB+', following its
announcement to integrate with Banca International d'Andorra,
which is the second largest Andorran banking group.  

At the same time, Andbanc's Individual rating 'A/B' has been
placed on Watch Negative, reflecting several risks associated
with the integration process, including managerial, operational
and integration risks.

While the rating action highlights Fitch's view that Andbanc
will be challenged to integrate with a bank of similar size,
Fitch also notes the positive aspects of creating a new group
Grup Andbanc Mora that will become the largest bank in Andorra
with leading market shares in most business segments.  The IDRs
and Individual rating of Andbanc reflect its solid domestic
franchise, stable and strong underlying profitability, ample
liquidity and capital adequacy, modest credit risk profile and
dynamic management.  They also take into account the bank's
size, geographic and risk concentration and exposure to
operational and reputational risks.

The integration is driven by the need to attain greater critical
mass in Andorra's challenging banking environment as well as
build a stronger platform from which to expand its international
private banking franchise.  GAM would have had total assets of
around EUR5.5 billion at end-June 2007 (EUR14.7 billion on- and
off-balance sheet customer managed funds) and very strong market
shares of around 41% for loans and 50% for total customer funds
under management. Based on pro-forma figures presented by
Andbanc, the combination of the two banks is likely to reduce
risk concentration levels in the retail and money market
activities.  Asset quality indicators should remain healthy with
an estimated impaired/total loans ratio of 0.7% (coverage of 87%
at end-June 2007).  The new group is expected to be comfortably
compliant with regulatory limits in relation to liquidity and
capital adequacy (estimated solvency ratio of around 20% at end-
June 2007).  The operation will be done through an exchange of
shares between BIA's current shareholders - largely an Andorran
family group - and Andbanc's shareholders -another two Andorran
family groups - so that control over the new legal entity will
be evenly split among them. Minority shareholders will only
retain 9% of its capital.

Fitch takes comfort from Andbanc's good management and
successful integration in 2000 of the then third- and fourth-
largest banks in Andorra to form the current Andbanc.  Also,
integration will be facilitated by the two banks' strong
performance.  As such, the integration exercise is not expected
to adversely affect the new group's profitability and cost
efficiency, as shown in an estimated operating profit-to-total
funds under management ratio of 1.44% and cost/income ratio of
35% on a pro-forma basis at end-June 2007.  Future profitability
should be supported by expected synergies, particularly on the
cost side, and some rise in business volumes, by leveraging the
new group's stronger franchise.

BIA will become the holding company and the legal entity of the
resulting group.  BIA will maintain 100% of the share capital of
Andorran Banca Mora, which will include the combined business of
the former BIA and Banca Mora, and will eventually hold 100% of
Andbanc.  For the time being, Andbanc's and Banca Mora's branch
network will also remain separated but operate under the common
GAM brand name to take advantage of the valuable brand name and
franchise of both banks in Andorra.  The new group will have
Board of Directors and senior management with common membership.  
While the integration process is likely to be completed in six
months, critical areas such as IT systems, group risk management
and operational policies are in the process of being established
and homogenized.

Ratings will be assigned to the new holding legal entity once
all the legal and formal regulatory requirements have been
completed, which are expected to be received in less than two
months.  Andbanc's ratings will then be withdrawn. Based on the
information provided to Fitch, the agency anticipates that the
new entity's ratings are likely to be Long-term IDR 'A' with
Stable Outlook, Short-term IDR 'F1', Support '3' and Support
Rating Floor 'BB+'.  The Support rating will reflect Fitch's
opinion that support would be provided by its major shareholders
in the first instance, but ultimately there is a moderate
probability that this is likely to come from the Andorran
financial authorities given the importance of the new group in
the domestic banking system.  Depending on the success in
integrating both banks and the new group's risk profile, the
Individual rating is likely to be 'A/B' or 'B'.

BIA and Andbanc share a similar business profile by offering a
wide range of financial services, principally domestic retail
and private/personal banking activities through their 11 and 13
branches, respectively.


BILBAO BIZKAIA: Fitch Affirms Support Ratings at BB+
----------------------------------------------------
Fitch Ratings has affirmed Bilbao Bizkaia Kutxa's ratings at
Long-term Issuer Default 'A+', Short-term IDR 'F1', Individual
'A/B' and Support '3'. Its Support Rating Floor has been also
affirmed at 'BB+'.  The Long-term IDR Outlook is Stable.

BBK's IDRs and Individual rating reflect its strong local
franchise and capital base, track record of good profitability,
healthy asset quality and good management.  They also consider
its appetite for equity investments and risk concentration from
combined equity and credit risks.  The Stable Outlook reflects
Fitch's view that BBK should maintain its good profitability.

Size and high risk concentration constrain upward rating
potential. Downside risk would result from higher concentration
and/or risks from equity investments, combined with weaker
capital.  A sudden slowdown in the Spanish housing market could
present risks, although these are mitigated by BBK's modest
exposure to the real estate sector and prevailing low interest
and unemployment rates in Spain.

BBK's 2004-2007 strategic plan is focused on business growth
with individuals and medium- to large-sized companies. However,
equity investments remain an important business for BBK (17% of
end-2006 total assets).  Branch expansion and the continued
health of the Spanish economy have supported strong loan growth.  
The latter has been key to further boosting BBK's net interest
revenue.  In addition, rising commissions, good cost control and
capital gains from the sale of equity investments have
underpinned the bank's good profitability.  In 2006 operating
profits also benefited from higher dividends and equity-
accounted earnings.  All these developments offset higher loan
impairment charges, most of which were generic.

While BBK's main risk is credit-related, the caja also has large
equity investments.  This leads to high risk concentration from
combined equities and credit risks, but within regulatory
limits.  Risk concentration is partly mitigated by active
management, sizeable positive valuation adjustments and risk
diversification, the latter of which has brought about a high
share of residential mortgages (58% of total loans at end-2006).  
Asset quality is healthy, reflected in a low impaired-to-total
loan ratio of 0.4% and a coverage ratio of 376%.  Despite its
market risk profile and concentration, BBK is well capitalized,
helped by high internal capital generation.  Its Tier 1 capital
ratio was 12.8% at end-2006.

BBK was Spain's ninth-largest savings bank (15th-largest banking
group) by total assets at end-2006.  It enjoys leading market
shares in its Basque home province of Vizcaya, where it has a
large proportion of its 354 branches.  Its core business is
deposit-taking and mortgage and corporate lending.


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


SICPA HOLDING: S&P Withdraws BB- Rating on Full Bond Redemption
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB-' long-
term corporate credit rating on Switzerland-based inks
manufacturer SICPA Holding S.A., at the company's request and
since no rated debt is outstanding.  This follows full
redemption, earlier in July, of the 'B+' rated bond issued by
SICPA's parent company Noma Luxembourg S.A.  SICPA called the
bond well ahead of 2011 maturity to refinance at better terms
and conditions.

SICPA remains the No. 1 independent (non-bank-owned) seller of
inks for bank notes, with an estimated 90% market share of the
open market (excluding banks' in-house production).  SICPA also
provides inks for other sensitive documents, such as passports
and lottery tickets, as well as inks and systems for
authentication, tracking, and security, mostly for government
agencies and tobacco companies.


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


ALTERNATIFBANK A.S.: Fitch Keeps BB- IDR on Watch Positive
----------------------------------------------------------
Fitch Ratings is maintaining Alternatifbank A.S.'s Long-term
foreign currency Issuer Default Rating 'BB-', LT local currency
IDR 'BB' and National LT 'AA(tur)' rating on Rating Watch
Positive.  At the same time, it has affirmed the bank's other
ratings at ST foreign and local currency IDR 'B', Individual 'D'
and Support '3'.

ABank's LT IDRs, National LT and Support ratings reflect the
moderate support from its majority shareholder, the Anadolu
Group, in case of need.  The Watch Positive status was put in
place in November 2006 following Alpha Bank's (rated 'A-'/'F2',
Stable Outlook) announcement that it was in talks with the
Anadolu Group with a view to establishing a 50/50 holding
company.  This company would ultimately control all the
financial assets of Anadolu Group, including ABank.  Should this
transaction occur, with finalization anticipated within 2007,
Fitch believes ABank's foreign and local currency IDRs and
National Long-term ratings could benefit from additional support
available from Alpha.  Upside potential on the FC IDR will,
however, be constrained by Turkey's 'BB' Country Ceiling and the
LC IDR is likely to be rated two notches higher than the
Sovereign Rating.

ABank's Individual rating reflects the risks related to the
rapid loan growth in a volatile operating environment, the
bank's concentrated loan portfolio and limited franchise.  These
are counterbalanced by its improving asset quality and sound
profitability.

ABank saw its assets grow 36% in 2006, mainly through a rapid
51% increase in loans.  Although ABank is growing faster than
its peers, Fitch believes that any adverse impact of such growth
is likely to be limited, as asset quality, margins and risk
measures are also improving. Contrary to its peers and the rest
of the sector, ABank's net interest margin improved in 2006 to
6.8% from 5.9%, due to a favorable asset mix and variable-rate
lending.  Asset quality measures also improved with non-
performing loans declining to 2.73% of loans (2005: 4.62%) with
the sale of NPLs to Anadolu Group.

ABank is 77%-controlled by Anadolu Endustri Holding and 17% by
other Anadolu Group companies, with the balance publicly quoted.  
AEH is the holding company for a large part of the Anadolu
Group's operating subsidiaries, including two rated
subsidiaries, namely Anadolu Efes Biracilik ve Malt Sanayii A.S.
('BB'/Outlook Stable) and Coca-Cola Icecek ('BB'/Outlook
Stable).


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


AGREGAT LLC: Creditors Must File Claims by August 2
---------------------------------------------------
Creditors of LLC Agregat (code EDRPOU 23326655) have until
August 2 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-31/65-06.

The Debtor can be reached at:

         LLC Agregat
         Independency Str. 2
         Lozovaya
         Kharkov
         Ukraine


DIZE PLATO: Creditors Must File Claims by August 2
--------------------------------------------------
Creditors of LLC Dize Plato (code EDRPOU 34595864) have until
August 2 to submit written proofs of claim to:

         Oleg Shestopalov
         Liquidator
         Apartment 48
         Gavrilov Str. 5
         69118 Zaporozhje
         Ukraine         

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/144/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dize Plato
         Lakhtinskaya Str. 9-A/59
         69097 Zaporozhje
         Ukraine


GRABAROVSKOE BREADRECEIVING: Creditors' Claims Due August 2  
------------------------------------------------------------
Creditors of CJSC Grabarovskoe Breadreceiving Enterprise (code
EDRPOU 30080593) have until August 2 to submit written proofs of
claim to:

         Fedor Lazarev
         Liquidator
         R. Luxembourg Str. 36
         36039 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/222.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Grabarovskoe Breadreceiving Enterprise
         Davidovka
         Piriatin District
         Poltava
         Ukraine


HEAT MECHANICAL: Proofs of Claim Filing Deadline Set August 2
-------------------------------------------------------------
Creditors of LLC Heat Mechanical Repair (code EDRPOU 31152967)
have until August 2 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on June 16.  The case is docketed under
Case No. B-19/126-06.


The Debtor can be reached at:

         LLC Heat Mechanical Repair
         Apartment 82
         Krasnodarskaya Str. 171-D
         61176 Kharkov
         Ukraine


KALINOVY KUST: Creditors Must File Claims by August 3
-----------------------------------------------------
Creditors of LLC Kalinovy Kust (code EDRPOU 32449133) have until
August 3 to submit written proofs of claim to:

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/1893.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Kalinovy Kust
         Khizhyntsy
         Lisiansky District
         Cherkassy
         Ukraine


METAL-PRO LLC: Creditors Must File Claims by August 2
-----------------------------------------------------
Creditors of LLC Metal-Pro (code EDRPOU 33610472) have until
August 2 to submit written proofs of claim to:

         Alexander Klimenko
         Liquidator
         Office 33
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine         

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/118/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Metal-Pro
         Lugansk Str. 29
         69083 Zaporozhje
         Ukraine


OSNOVA CJSC: Creditors Must File Claims by August 2
---------------------------------------------------
The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/135-4/217.

Creditors of CJSC Osnova (code EDRPOU 30387238) have until
August 2 to submit written proofs of claim to:

         Vladimir Chuyev
         Liquidator
         79044 Lvov Ukraine Kokorudza Str. 12/8
         
The Court is located at:

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

The Debtor can be reached at:

         CJSC Osnova
         Industrial Str. 50/52
         79024 Lvov
         Ukraine


STAR LLC: Creditors Must File Claims by August 2
------------------------------------------------
Creditors of LLC Star (code EDRPOU 25678507) have until August 2
to submit written proofs of claim to:

         Alexander Klimenko
         Liquidator
         Office 33
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine         
         
The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/124/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Star
         Tsiolkovsky Str. 12
         Volniansk
         70002 Zaporozhje
         Ukraine


TAVIUGTEKT LLC: Creditors Must File Claims by August 2
------------------------------------------------------
Creditors of LLC Taviugtekt (code EDRPOU 346412) have until
August 2 to submit written proofs of claim to:

         Oleg Shestopalov
         Liquidator
         Apartment 48
         Gavrilov Str. 5
         69118 Zaporozhje
         Ukraine         
         
The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/145/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Taviugtekt
         Lakhtinskaya Str. 9-A/59
         69097 Zaporozhje
         Ukraine


VECTOR-SERVICE LLC: Proofs of Claim Filing Deadline Set August 2
----------------------------------------------------------------
Creditors of LLC Vector-Service (code EDRPOU 24670314) have
until August 2 to submit written proofs of claims to:

         Eugene Sevostianov
         Temporary Insolvency Manager
         Universitetskaya Str. 9
         61003 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on May 30.  The case is docketed under
Case No. B-31/110-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vector-Service
         Tselinogradskaya Str. 50-G
         61202 Kharkov
         Ukraine


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


ACXIOM(R) CORP: Posts US$11.5 Million Net Loss for Q1 2008
----------------------------------------------------------
Acxiom(R) Corporation reported financial results for the first
quarter of fiscal 2008 ended June 30, 2007.

Details of Acxiom's first-quarter performance include:

Revenue of US$338.2 million, an increase of 0.4% compared to
US$336.7 million in the first quarter of 2006.  

Income from operations of US$4.1 million, a 88.6% decrease
compared to US$36.3 million in the first quarter of 2006.

Net loss of US$11.5 million compared to net earnings of US$17.8
million in the first quarter of fiscal 2007.

Unusual items that added US$20.6 million in expenses in the
quarter includes cost related to the pending transaction with
Silver Lake and ValueAct Capital of US$15.1 million, which are
non-deductible for tax purposes, and US$5.5 million
predominantly related to the write-off of certain long-term
assets related to an amended contract with an information
technology outsourcing client.  

Operating cash flow of US$39.1 million and negative free cash
flow available to equity of US$9.8 million.  

                 New Organizational Alignment

Acxiom in fiscal 2008 implemented a new organizational alignment
with three operating divisions. First-quarter revenue by
division was:

Services Division:

Revenue for the quarter was US$181 million, up 4% compared to
the first quarter a year ago.

Information Products Division:

Revenue for the quarter was US$96.7 million, a 2% increase over
the same quarter last year.

Infrastructure Management Division:

Revenue for the quarter was US$113.5 million, down 6% from the
same quarter last year.

                    First Quarter Recognition

Computerworld magazine again named Acxiom one of the 100 Best
Places to Work in Information Technology, the fourth time in the
last six years the company has received the honor.

Wells Fargo & Company named Acxiom the winner of the "First
Choice" award as part of its Vendor Recognition Program.  Acxiom
was one of four business partners that Wells Fargo's Technology
Information Group recognized during its annual vendor summit in
April.

Charles D. Morgan, Acxiom's company leader and chairman of the
board stated, "We remain focused on operating results while we
advance the acquisition process with Silver Lake and ValueAct
Capital.  We continue to believe that successfully completing
this deal is in the best interests of Acxiom and its
constituents."

                          About Acxiom

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

                          *     *     *

Acxiom Corp. carries Moody's Investor Services' 'Ba2' long-term
corporate family rating and 'Ba3' probability of default rating.

The company's long-term foreign and local credit is rated 'BB'
by Standard and Poor's.


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

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

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

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

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

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

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

                Fiscal 2007 Year-To-Date Results

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

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

                          About Avaya

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

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


BALL CORP: Earns US$105.9 Million in Second Quarter 2007
--------------------------------------------------------
Ball Corporation reported second quarter earnings of
US$105.9 million on sales of US$2.03 billion, compared to
US$129.8 million in 2006 when second quarter results included a
US$45.2 million after-tax gain for property insurance recovery
from a fire in a manufacturing facility in Germany.

For the first six months of 2007, Ball's earnings were
US$187.1 million on sales of US$3.73 billion.  First half 2006
results, which included the property insurance gain, were
earnings of US$174.2 million on sales of US$3.21 billion.

During the fourth quarter of 2006, Ball changed its method of
inventory accounting for certain inventories from the last-in,
first-out method to the first-in, first-out method.  Results for
2006 have been adjusted to reflect the accounting change.

"Operating earnings for both the second quarter and the first
half were up compared to a year ago," said R. David Hoover,
chairman, president and chief executive officer.  "Operating
earnings in all business segments except plastic packaging,
Americas, were ahead of last year through the first six months."

                      Operation Highlights

Earnings for the quarter in the metal beverage packaging,
Americas, segment were US$82.6 million on sales of US$816.7
million.

The metal food and household products packaging, Americas,
segment second quarter results were earnings of US$11.1 million
on sales of US$284 million, compared to US$4.8 million on sales
of US$295.2 million in 2006.

Earnings in the plastic packaging, Americas, segment for the
second quarter of 2007 were US$7.1 million on sales of
US$198.7 million, compared to US$8.8 million on sales of
US$197.5 million in 2006.

Earnings in the aerospace and technologies segment were
US$15.6 million on sales of US$194.1 million during the second
quarter of 2007, compared to US$8.3 million on sales of US$175.4
million in the same period a year ago.

                            Outlook

Raymond J. Seabrook, executive vice president and chief
financial officer, said it now appears the company's planned
fourth quarter payment into its North American pension funds
will be smaller than earlier anticipated.

"Because of good pension asset performance, we believe the
amount needed to fund the North American pension plans to the
95% level will be in the range of US$45 million, or US$27
million after-tax, rather than the US$70 million we initially
estimated," Mr. Seabrook said.

"We have been focused on free cash flow, as can be seen from our
results through the first half, and we now expect adjusted full-
year free cash flow to be at least US$400 million," Mr. Seabrook
said.  "The higher free cash flow estimate includes a forecast
of US$300 million for capital spending, net of insurance
recoveries. The increase in the capital spending estimate is
related in part to 2008 capacity additions for Europe, where we
are essentially sold out this year and next."

"The first six months of 2007 were the best half-year in Ball
Corporation's 127-year history in terms of sales and earnings,"
Hoover said.  "In recent years our second half performance
typically has been better than our first half, but this year we
do not expect that will be the case, though our overall outlook
remains positive.

"We will continue business integration activities to improve
our metal food and household products packaging segment.  We
expect both the metal food and household products packaging and
the plastic packaging segments to be much better in the second
half," Hoover said.  "We have several beverage can growth
opportunities internationally.  Our aerospace and technologies
segment has had a stellar first half of 2007, and the long-term
outlook for that segment is positive.

"We are working hard on the opportunities and challenges in
2007, and when the year is over, we believe that it will be
viewed as another excellent year for Ball Corporation," Mr.
Hoover said.

                         About Ball Corp.

Headquartered in Broomfield, Colorado, Ball Corporation (NYSE:
BLL) -- http://www.ball.com/-- is a supplier of high-quality   
metal and plastic packaging products and owns Ball Aerospace &
Technologies Corp., which develops sensors, spacecraft, systems
and components for government and commercial customers.  The
company employs 15,500 people worldwide.  The company employs
15,500 people worldwide including Argentina, Hong Kong, China,
France, Germany, and the United Kingdom.

                          *     *     *

As of July 30, 2007, the company holds Moody's Ba1 long-term
corporate family rating, bank loan debt, senior unsecured debt,
and probability of default rating.  The outlook is stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB+ with a stable outlook.

Fitch also rates the company's bank loan debt at BB+ and long-
term issuer default rating and senior unsecured debt at BB.  The
outlook is stable.


BALLY TOTAL: Obtain Required Votes for Pre-Packaged Ch. 11 Plan
---------------------------------------------------------------
Bally Total Fitness Holding Corp. disclosed Friday that it
received the requisite number of votes in favor of its pre-
packaged chapter 11 plan, Reuters reports.

With the receipt of the required votes, the company is expected
to file its pre-packaged chapter 11 plan with the U.S.
Bankruptcy Court for the Southern District of New York.

                        Treatment of Claims

As reported in the Troubled Company Reporter on June 29, 2007,
under the company's pre-packaged chapter 11 plan, these claims
are expected a 100% recovery:

     * Administrative Claims, estimated at US$24,704,600;

     * Priority Tax Claims, estimated at US$17,904,440;

     * Non-Tax Priority Claims, estimated at US$25,265,635;

     * Other Secured Claims, estimated at US$15,040,312;

     * Unimpaired Unsecured Claims, estimated at US$107,222,660;
       and

     * Lenders Claims, estimated at US$262,400,000.

Holders of Senior Notes, with claims estimated at US$235 million
on the effective date, will receive the Prepetition Senior Notes
Indenture Amendment Fee and the New Senior Second Lien Notes,
which alter their contractual rights as set forth in the New
Senior Second Lien Notes Indenture.

Holders of Prepetition Senior Subordinated Notes, owed an
estimated US$323.04 million and Holders of Rejection Claims
against Bally Total will receive:

    (a) New Subordinated Notes with a principal amount equal to
        24.8% of the amount of such Allowed Claim,

    (b) New Junior Subordinated Notes with a principal amount
        equal to 21.7% of the amount of such Allowed Claim,

    (c) 0.00093 shares of New Common Stock per US$1.00 of
        Allowed Claim and

    (d) Rights to purchase Rights Offering Senior Subordinated
        Notes with a principal amount equal to 27.9% of the
        Amount of such Allowed Claim.

Holders of Rejection Claims against any of Bally's affiliates,
at the company's option, will receive either:

    (a) cash in an amount equal to the amount of the Claim,

    (b) other less favorable treatment to which the Holder and
        the Debtors agree or

    (c) quarterly installments over a 5 year period equal to the
        amount of the Claim plus interest at 12-3/8% per annum.

Holders of Subordinated Claims will receive nothing under the
plan.

On the Effective Date, the Old Equity Interests of Bally will be
canceled and the Holders will receive no distribution.

The Reorganized Debtors will retain the Interests they hold in
Affiliate Debtors.

A full-text copy of the Pre-Packaged Chapter 11 Plan and
Disclosure Statement may be viewed for free at:

                     About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China, the United Kingdom, and the Caribbean under the Bally
Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BRIT-CO LTD: Brings In Liquidators from Moore Stephens
------------------------------------------------------
Nigel Price and Mustafa Abdulali of Moore Stephens LLP were
appointed joint liquidators of Brit-Co (Stoke) Ltd. on July 16
for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

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


CORUS GROUP: Tata Steel to Increase Buyout Share to US$7.4 Bln
--------------------------------------------------------------
Tata Steel Ltd has disclosed that its board of directors, at its
meeting held on July 30, 2007, approved the increased
contribution of the company or Tata Steel Asia Ltd in the
acquisition of Corus Group Ltd, UK.

Recently, Tata Steel, through its wholly owned subsidiary, Tata
Steel Asia Holdings Pte Ltd, completed the acquisition of Corus
Group Limited of U.K. at a total cost of about US$13 billion.   
At the board meeting on July 30, 2007, it was decided to
increase the contribution from Tata Steel/Tata Steel Asia
Holdings Pte Ltd. from US$6.7 billion to about US$7.4 billion.

According to the company, the increase will essentially be
covered by increasing the amount of the Rights Issue of 2%
Convertible Preference Shares from INR4,350 crore up to about
INR6,000 crore.  The other detailed terms of this issue will be
finalized closer to the time of the issue.  The Rights Issue of
Equity Shares will remain the same i.e. in the ratio of 1:5 at a
price of INR300 per share.

Apart from the funds raised through equity capital in the last
12 months and the proposed Rights Issue of Equity Shares and
Convertible Preference Shares and long-term debt already raised
by the company, the balance of the funds required would be
raised through appropriately structured issues in the foreign
markets within the amounts approved by the shareholders at the
Annual General Meeting held on July 5, 2006, and the approval
sought at the forthcoming Annual General Meeting scheduled on
Aug. 29, 2007.  The overall objective of the financing package
would be to raise the required resources in the most cost-
effective manner for Tata Steel/Tata Steel Asia Holdings and
well within the ability of the Tata Steel Group to service the
total investment.

                       About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                        About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'/
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


DYNAMOTIVE ENERGY: Posts US$3.2MM Net Loss in Qtr. Ended Mar 31
---------------------------------------------------------------
For the three months ended March 31, 2007, Dynamotive Energy
Systems Corp. reported a net loss of US$3.2 million, compared
with a net loss of US$3.3 million for the same period a year
earlier.  When stock-based compensation is excluded,
Dynamotive's first quarter net loss was US$2.4 million, compared
with US$2.0 million during 2006.  The slightly lower loss for
the quarter is due mainly to the lower stock based compensation,
largely offset by increased activity in most business areas.

As at March 31, 2007, the company had cash and cash equivalents
of US$4.4 million, compared to US$11.7 million at March 31,
2006.  The lower cash level is mainly due to capital
expenditures for building the new, modular intermediate
BioOil(R) production plant at Guelph, Ontario, and upgrading the
established West Lorne, Ontario, facility.

Commenting on the company's activities during the quarter
president and chief executive officer Andrew Kingston said: "We
continued our steady progress in the first quarter of 2007 with
the commissioning of our Guelph plant under way and work on West
Lorne accelerating.  We have now completed our initial
production run of intermediate-grade biofuel - BioOil Plus - at
Guelph and we expect to have both plants operational in the
third quarter; signalling full commercial operation.  
Furthermore, our activities in Europe, the U.S., Latin America
and China continued at an increased pace, with commercial
project prospects in each of these markets.

"Strategically, we continue to have constructive discussions
with Mitsubishi, and we are consolidating our partnerships with
Consensus Business Group, Evolution Biofuels and Tecna.
Internally, we continue to grow our capabilities in every area
of the Dynamotive organization, and our progress can be easily
monitored through our website, which we update regularly,"
continued Kingston.

At March 31, 2007, the company's consolidated balance sheet
showed US$44.3 million in total assets, US$7.3 million in total
liabilities, US$1.3 million in non-controlling interest, and
US$33.7 million in total stockholders' equity.

The company's consolidated balance sheet at March 31, 2007, also
showed strained liquidity with US$6.6 million in total current
assets available to pay US$6.7 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?21e0   

                      Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards which do not permit
a reference to conditions and events casting substantial doubt
about the company's ability to continue as a going concern when
these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.

                    About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider  
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.


ESSENTIAL KITCHEN: Names John Arthur Kirkpatrick Liquidator
-----------------------------------------------------------
John Arthur Kirkpatrick of Wilkins Kennedy was appointed
liquidator of The Essential Kitchen Co. Ltd. on July 17 for the
creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England


FIRST 4: Calls In Liquidators from Moore Stephens
-------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint liquidators of First 4 Brokers Ltd. on July 20 for the
creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


G A TYPE: Taps Liquidator from Wilkins Kennedy
----------------------------------------------
John Arthur Kirkpatrick of Wilkins Kennedy was appointed
liquidator of G A Type Printers and Stationers Ltd. on July 17
for the creditors’ voluntary winding-up proceeding.

The liquidator can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England


GEORGICA PLC: To Complete Disposal of Two Units on August 28
------------------------------------------------------------
Georgica plc provided an update on various transactions entered
into on July 27, 2007.

Georgica's wholly owned cue sports subsidiary, Rileys Limited,
and its wholly owned bowling subsidiary, Tenpin Limited, each
contracted to sell and lease back 44 and 9 freehold and long
leasehold properties for a cash consideration of GBP28 million
and GBP43 million respectively before the costs of the
disposals.  The sale prices together represent a yield of 6.3%
before costs of disposal.  Completion is to take place on
Aug. 28, 2007.

Georgica gave notice to holders of its GBP60 million Floating
Rate Notes due 2012 that repayment will take place on Aug. 28,
2007.

Georgica agreed to sell its wholly owned cue sports subsidiary,
Rileys Limited, for GBP34.1 million cash payable on completion,
including agreed balance sheet adjustments, to Crucible
Acquisitions Limited, a new company formed to make this
acquisition by Greenhill Capital Partners Europe LLP (the
European private equity arm of Greenhill & Co., Inc.) and North
Atlantic Value LLP.  Completion is to take place on Aug. 28,
2007.

Taking the disposal of the freehold properties owned by Rileys
and the disposal of Rileys itself together, Georgica will
receive GBP62.1 million for this business while retaining 8
properties formerly owned by Rileys for redevelopment or sale.

For the year ended Dec. 31, 2006, Rileys Limited EBITDA amounted
to GBP9.5 million and Rileys Limited pro forma EBITDA, adjusted
solely for the rent that would have been paid had the sale and
leaseback been effected on Jan. 1, 2006, amounted to GBP7.3
million.  As a result of the smoking ban which, became
effective in England on July 1, 2007, Georgica’s board expects
that the EBITDA for Rileys Limited for the year ending Dec. 30,
2007 will be materially lower than in 2006.

North Atlantic Value LLP, being a substantial shareholder of
Georgica, is a related party for the purposes of the AIM Rules
and, under the AIM Rules, the disposal of Rileys Limited is a
related party transaction.  Having consulted with Cenkos
Securities plc, Georgica's nominated adviser, the directors of
Georgica consider that the terms of the disposal are fair and
reasonable insofar as its shareholders are concerned.

Following the transactions, Georgica will comprise its bowling
subsidiary, Tenpin Limited, 8 properties formerly owned by
Rileys and now held by Georgica for redevelopment or sale and 2
properties owned by Tenpin held for redevelopment or sale.  Bank
debt will be reduced to approximately GBP3 million.

Current trading continues to be robust.

Georgica has received a number of approaches from parties
interested in acquiring the whole of Georgica following
satisfactory completion of the transactions.

Georgica now intends to explore such approaches.

                      About Georgica plc

Headquartered in London, England, Georgica plc provides leisure
activities, including pool and snooker clubs (cue sports), ten
pin bowling centers and the operation of franchised restaurants.

                          *     *     *

As reported in the TCR-Europe on May 7, 2007, in connection with
Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Gaming, Lodging and Leisure,
Manufacturing, and Energy sectors, the rating agency confirmed
its B2 Corporate Family Rating for Georgica Plc.

Moody's also assigned a B2 Probability-of-Default rating to the
company.

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

                                            Projected
                           Debt     LGD     Loss-Given
   Debt Issue              Rating   Rating  Default
   ----------              -------  ------  ----------
   Senior Secured
   Regular Bond/
   Debenture Due 2012      Caa1     LGD5     77%

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K. leisure group Georgica
PLC to 'CCC+' from 'B-' and placed the rating on CreditWatch
with negative implications, reflecting the rating agency's
concerns about the company's increased leverage and the
forthcoming smoking bans in England and Wales.

At the same time, Standard & Poor's lowered its debt rating on
Georgica's GBP60 million senior secured second-lien floating-
rate notes due 2012 to 'CCC' from 'CCC+' and also placed this
rating on CreditWatch with negative implications.


GEORGICA PLC: To Redeem GBP60 Mln Sr. Secured Notes on Aug. 28
--------------------------------------------------------------
Georgica plc will redeem all GBP60 million of its outstanding
Senior Second Secured Floating Rate Notes Due 2012 on Aug. 28,
2007 pursuant to Section 3.08 of the Indenture and Paragraph 7
of the Notes.

The Indenture dated as of June 30, 2005, was among Georgica, the
Subsidiary Guarantors named therein, The Bank of New York,
London Branch, as trustee and The Bank of New York, Brussels
Branch, as registrar.

The Redemption Price will be 106% of the principal amount at
maturity of the Notes.  Accrued and unpaid interest from
July 2, 2007 (the most recent quarterly interest payment date)
to but not including the Redemption Date of GBP20.30 per
GBP1,000 principal amount of the Notes will also be payable on
the Redemption Date.  Unless the Issuer and any Subsidiary
Guarantors default in making the redemption payment, interest on
the Notes will cease to accrue on and after the Redemption Date.

Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price and accrued interest at:

         The Bank of New York
         Attn: Corporate Trust
         One Canada Square
         London
         E14 5AL
         England
         Tel: +44 207 964 7588
         Fax: +44 207 964 2536

                      About Georgica plc

Headquartered in London, England, Georgica plc provides leisure
activities, including pool and snooker clubs (cue sports), ten
pin bowling centers and the operation of franchised restaurants.

                          *     *     *

As reported in the TCR-Europe on May 7, 2007, in connection with
Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Gaming, Lodging and Leisure,
Manufacturing, and Energy sectors, the rating agency confirmed
its B2 Corporate Family Rating for Georgica Plc.

Moody's also assigned a B2 Probability-of-Default rating to the
company.

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

                                            Projected
                           Debt     LGD     Loss-Given
   Debt Issue              Rating   Rating  Default
   ----------              -------  ------  ----------
   Senior Secured
   Regular Bond/
   Debenture Due 2012      Caa1     LGD5     77%

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K. leisure group Georgica
PLC to 'CCC+' from 'B-' and placed the rating on CreditWatch
with negative implications, reflecting the rating agency's
concerns about the company's increased leverage and the
forthcoming smoking bans in England and Wales.

At the same time, Standard & Poor's lowered its debt rating on
Georgica's GBP60 million senior secured second-lien floating-
rate notes due 2012 to 'CCC' from 'CCC+' and also placed this
rating on CreditWatch with negative implications.


GEORGICA PLC: S&P Holds Junks Ratings with Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including its 'CCC+' long-term corporate credit rating, on U.K.-
based leisure operator Georgica PLC.  The ratings were removed
from CreditWatch with negative implications, where they had been
placed on Dec. 14, 2006.  The outlook is positive.

The affirmation follows news of the company's proposed
refinancing and asset sales.  Georgica has just given notice of
early redemption, on Aug. 28, 2007, of its GBP60 million
floating-rate notes due 2012.  At the same date, the company
will put in place a series of sale-and-leaseback transactions
for the majority of its freehold property for a cash
consideration of GBP71.0 million, as well as a sale of its
wholly owned cue sports subsidiary Rileys Ltd. for a cash
consideration of GBP34.1 million.  Regulatory consents for the
demerger have been obtained.  Discussions with interested
parties regarding a sale of Georgica's remaining business will
be initiated on satisfactory completion of these transactions.

Georgica was on CreditWatch owing to uncertainties related to
its proposed demerger, weak trading performance, and aggressive
financial policy.  By selling Rileys, Georgica significantly
reduces its exposure to the smoking ban introduced in England on
July 1, 2007, and raises funds to put toward an early redemption
of its bonds.

"The sale-and-leaseback deals on 44 Rileys and nine Tenpin
freehold and long leasehold properties, while raising the
company's operating rental commitments, will, assuming
satisfactory completion and alongside the sale of
Rileys, provide the funds required to redeem the bonds early and
will reduce leverage very significantly," said Standard & Poor's
credit analyst Philip Temme.  

The positive outlook reflects the likelihood that the recently
announced transactions, provided they complete according to
plan, would improve the group's credit profile, enabling
Georgica's remaining business to meet the existing target of
lease-adjusted total debt to EBITDA of 6x.  Standard & Poor's
will await satisfactory completion of these measures and a
review with management of its plans for the remaining business
and the rating prior to determining a revised medium-term rating
for the smaller but less-leveraged Georgica that could emerge.


GLOBAL 20: Hires Liquidator from Tenon Recovery
-----------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Global 20 Plc on July 13 for the
creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


HMV GROUP: Selling Japanese Unit to DSM for GBP70 Million
---------------------------------------------------------
HMV Group plc has agreed to sell its HMV Japan business, which
operates 62 stores and through the hmv.co.jp website, to DSM
Investments catorce Co., Ltd. for approximately GBP70 million.

                    Transaction Highlights


    * Cash consideration, on a debt and cash-free basis of
      JPY17 billion (approximately GBP70 million), subject to
      post closing adjustments

    * Sale price represents a multiple of 9.0x historic EBITDA
      for HMV Group's financial year ended April 28, 2007

    * Completion is expected to occur by the end of August 2007

“Following recent consolidation in the market for entertainment
retailing in Japan, and our review of the strategic options for
HMV Japan, we have decided that this sale represents the best
value for our shareholders,” HMV Group plc Chief Executive Simon
Fox said.  “The sale of HMV Japan enables the Group to focus on
the markets where it has market-leading positions.  The proceeds
will be used to pay down the Group's debt, which is an important
step towards meeting our medium term leverage targets.”

Shinsei Bank Limited served as the financial advisor to HMV
Group plc.

                        About HMV Japan

The first HMV store was established in Japan in Shibuya, Tokyo
in 1990.  Today, HMV Japan consists of 62 stores, attracting
over 40m visitors per annum, and is the country's number three
entertainment retailer in terms of market share.  HMV Japan also
operates a sector leading online business, which contributed 24%
of sales in 2006/07.

For the year ended April 28, 2007, HMV Japan generated sales of
JPY47 billion, EBITDA of JPY1.9 billion, operating profit of
JPY745 million and operated with gross assets of JPY14.8
billion.

The HMV Japan business comprises HMV Japan KK and HMV Retail
Limited, together with HMV's right to use the HMV name in Japan

                       About DSM Investments

DSM Investments catorce Co.,  Ltd. is a special purpose company
of Daiwa Securities SMBC Principal Investments Co. Ltd., which
is 100% owned by Daiwa Securities SMBC Co. Ltd., a joint venture
established by Daiwa Securities Group Inc. and Sumitomo Mitsui
Financial Group, Inc.

                           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.


JACKSTONE FROSTER: Claims Filing Period Ends August 17
------------------------------------------------------
Creditors of Jackstone Froster (Holdings) Ltd. have until
Aug. 17 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

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

T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of the company on July 6.


KRISPY KREME: Moody's Puts Caa1 Rating on Weak Operating Profit
---------------------------------------------------------------
Moody's Investors Service assigned a first-time corporate family
rating of Caa1 to Krispy Kreme Doughnuts Corp. and a B3
(LGD2,18%) rating to its US$160 million senior secured credit
facilities, which consist of a US$110 million term loan due 2014
and a US$50 million revolving facility due 2013.  The outlook is
stable.

Moody's concurrently assigned a speculative grade liquidity
rating of SGL-3 and probability of default rating of Caa3 to
Krispy Kreme.  The company used the proceeds primarily to
refinance its existing debt and related transaction fees and
expenses.

"The Caa1 corporate family rating reflects Krispy Kreme's very
weak operating profit stemming from continued declining revenues
and escalating cost pressure, limited scale and product offering
and also the event risk related to Krispy Kreme's legacy
litigation and government investigation issues," says the rating
agency.

Moody's says Krispy Kreme's internal control system also remains
a concern given the ten outstanding Sarbanes-Oxley section 404
material weaknesses and the company's recent history of
restatement and delayed filings. However the ratings also
incorporate the company's strong brand recognition and modest
geographic diversification.

The SGL-3 rating reflects adequate liquidity, supported by
approximately US$30 million cash on the balance sheet as of
April 29, 2007, and projected marginally positive free cash flow
that will be sufficient to cover working capital fluctuations,
capital expenditures, term loan amortization, and other internal
investments over the next twelve months. Nevertheless, the
rating also recognizes the company's weakening covenant cushion
resulting from its continuing trend of weak cash flow
generation.

The stable outlook reflects Moody's expectation that Krispy
Kreme will decisively manage its restructuring program in an
effort to improve debt protection metrics, actively enhance its
internal control system, and minimize any potential
deterioration in liquidity.

The ratings for the senior secured credit facilities reflect
both the overall probability of default of the company, to which
Moody's has assigned a PDR of Caa3, and a loss given default of
LGD2. The B3 assigned to the secured credit facilities is one
notch higher than the Caa1 corporate family rating reflecting
the expectation of substantial recovery with collateral excess
in a distress scenario. The B3 rating of the credit facilities
also reflects the first-lien security on substantially all
property and assets including a stock pledge of domestic
subsidiaries in addition to full guarantees of the same entities
and a considerable amount of junior debt and other unsecured
obligations such as leases and guaranteed debt in the capital
structure.

These ratings are assigned:

* Krispy Kreme Doughnut Corporation

   -- Corporate Family Rating -- Caa1

   -- Probability of Default Rating -- Caa3

   -- US$110 million senior secured bank credit facility due
      2014 -- B3

   -- US$50 million senior secured revolving bank credit
      facility due 2013 -- B3

   -- Speculative Grade Liquidity rating -- SGL-3

   -- Rating outlook -- Stable

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded   
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating system-wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea, and the United Kingdom.

For the LTM period ended April 29, 2007, Krispy Kreme generated
net sales of US$452.7 million.


ONEIDA LTD: S&P Holds 'B' Corporate Credit Rating
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Oneida, New York-based Oneida, Ltd.  At the
same time, Standard & Poor's withdrew the 'B+' and '2' recovery
ratings on Oneida's proposed senior secured bank loan due 2014.
     
"This action follows the company's announcement that the deal
had been terminated due to market conditions," said Standard &
Poor's credit analyst Bea Chiem.
     
S&P said the outlook is negative.
     
The ratings reflect Oneida's high leverage, aggressive financial
policy, weak operating history, and vulnerability to changes in
consumer preference and potential declines in the foodservice
and/or leisure industries.  Leverage following the canceled
refinancing and proposed leveraged dividend remains high in the
4x area.  S&P expect the company to continue to pursue a more
aggressive financial policy over the near to intermediate term
and remain concerned with the company's ability to improve
operating margins and cash flow.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and   
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.  
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the United
Kingdom, and Australia.


PRIME LINE: Appoints Liquidators from Tenon Recovery
----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Prime Line Components Ltd.
on July 19 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         White Rose Way
         Doncaster
         DN4 5JH
         England


PROTON HOLDINGS: New Sedan Model to Drive Results Back to Black
---------------------------------------------------------------
Proton Holdings Bhd expects to return to the black for financial
year ending March 31, 2008, from the expected brisk sales of its
latest sedan to be launched in August, Asia Pulse reports,
citing the company's managing director, Syed Zainal Abidin.  

According to Mr. Abidin, the new car is Proton's "pride and
joy," and said that "this car will make a difference, we will be
back in the black despite a tough first quarter," the report
relates.

Asia Pulse, quoting Mr. Abidin, notes that a significant portion
of Proton's pre-tax losses of MYR619.866 million
(US$179.2 million) in Financial Year 2007 was a "legacy issue
rather than operational losses."  "Our journey (towards
profitability) will start when the sedan is launched," the
managing director told the news agency.

"It is much more roomy and spacious.  It is the right car at the
right price and launched at the right time before the Hari Raya
holidays," Mr. Abidin described the new sedan.

About 2,000 cars would have been manufactured by the launch
date, the report reveals.

The car will available in both manual and auto and is the most
competitively-priced for a 1,600 cc car as its indicative price
ranges from MYR45,000 to MYR55,000.

Mr. Abidin also told the paper that the company invested some
MYR110 million in the new car compared with the MYR500-MYR600
million for Gen.2, with the big reduction in investment due to
carryover or commonality.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.

  
                            *********

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 * * *