TCREUR_Public/070802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 2, 2007, Vol. 8, No. 152

                            Headlines


A U S T R I A

A & S JAGIELKA: Creditors' Meeting Slated for Aug. 8
AUTOHAUS LIEBENAUERGUERTEL: Claims Registration Ends Aug. 20
BAUSCH & LOMB: AMO Has Until Aug. 3 to Provide Shareholder Info
DONIK-MODE-WOLLE-HANDARBEIT: Claims Registration Ends Aug. 20
EBIBI & KOENIG: Vienna Court Orders Business Shutdown

GREGOR BAUER: Claims Registration Period Ends Aug. 13
KREIBICH LLC: Claims Registration Period Ends Aug. 20
SCHUBERT LLC: Claims Registration Period Ends Aug. 14


B E L G I U M

GENERAL MOTORS: Earns US$891 Million for Second Quarter 2007
GENERAL MOTORS: Anticipates Challenges Despite Q2 Profits
GENERAL MOTORS: Extends Supply Deal in New Pact with Remy Int'l.
GOODYEAR TIRE: Workers' Union Approves Deal With Carlyle Group
LYONDELL CHEMICAL: Earns US$176 Million in Quarter Ended June 30


C Z E C H   R E P U B L I C

ANDREW CORP: Posts US$96 Million Net Loss in 2007 Third Quarter


F I N L A N D

HILTON HOTELS: Paying US$0.04 Per Share Dividend on Sept. 21


F R A N C E

EUROTUNNEL GROUP: General Meetings Approve Group Accounts


G E R M A N Y

BEMT BAUGESELLSCHAFT: Creditors' Meeting Slated for Aug. 28
BUCKEYE TECHNOLOGIES: Obtains New US$200 Million Credit Facility
COREL CORP: May 31 Balance Sheet Upside-Down by US$16 Million
DAIMLERCHRYSLER: W. Bernhard to Head New Chrysler, Report Says
FRESENIUS SE: Fitch Affirms Low-B Ratings on Debt Instruments

INDUSTRIEPLANUNG FISCHER: U.S. Court Grants Relief Under Ch. 15


H U N G A R Y

AES CORP: Shuts Down Two Units at Alamitos Power Station
SUN MICROSYSTEMS: Earns US$329 Million in Quarter Ended June 30


I R E L A N D

COMMSCOPE INC: Second Quarter Net Income Rises to US$61.1 Mln
SIGMA-1 CLO-2007: Fitch Rates EUR19.8 Class F Notes at BB
W.R. GRACE: Delaware Court Terminates Exclusive Periods


I T A L Y

ALITALIA SPA: Berardino Libonati Quits as Chairman
BANCA ITALEASE: Posts EUR387.71 Mln Net Loss for First Half 2007
BANCA ITALEASE: Fitch Cuts Ratings to E on Parent Bank’s Loss
FIAT SPA: Wants to Reacquire TK Aluminum Ltd.
TK ALUMINUM: Receives Acquisition Offer from Fiat SpA


K A Z A K H S T A N

DOSTYK-AGRO LLP: Creditors' Claims Due on Sept. 5


K Y R G Y Z S T A N

POLIGAM 2: Creditors Must File Claims by September 7


L I T H U A N I A

MAZEIKIU NAFTA: Fitch Affirms and Withdraws B IDR


N E T H E R L A N D S

EUROSAIL-NL: Moody's Rates Classes E1 & ET Notes at Low-B
FOOT LOCKER: Kicks Off Plans to Support Business Operations
FRESENIUS FINANCE: Fitch Rates Sr. Unsecured Notes at BB
GETRONICS N.V.: KPN Offer Cues S&P to Watch B- Rating
JUBILEE CDO: S&P Raise Class D Ratings to BB+ as Credit Improves


R U S S I A

BIBIKOVKOE LLC: Court Names D. Zelepukin as Insolvency Manager
CRAFT-V CJSC: Creditors Must File Claims by Sept. 7
DAYUR CJSC: Creditors Must File Claims by Aug. 7
HORIZON OJSC: Creditors Must File Claims by Aug. 7
KUZBASS LLC: Creditors Must File Claims by Sept. 7

KVINTO LLC: Omsk Bankruptcy Hearing Slated for Oct. 30
LIPETSK-AVIA OJSC: Creditors Must File Claims by Aug. 7
MAGNITOGORSK IRON: EGM Scheduled for August 30, 2007
MICHUTINSKOE OJSC: Court Starts Bankruptcy Supervision Procedure
NEVEL-AUTO-TRANS: Court Names S. Alekseev as Insolvency Manager

NOVOTROITSKIY FLAX: Creditors Must File Claims by Sept. 7
POKROVSKAYA NIVA: Creditors Must File Claims by Sept. 7
ROSNEFT OIL: Federal Court Rules Against Yukos Capital's Claim
SISTEMA JSFC: Extraordinary General Meeting Slated for Sept. 17
TNK-BP HOLDING: Selling Buguruslanneft Production Unit

TYUMENSKIY MACHINE-TOOL: Creditors Must File Claims by Sept. 7
YUG-MINIOIL-LABINSK: Names N. Sukhorukova as Insolvency Manager
ZARYA CJSC: Creditors Must File Claims by Sept. 7


S P A I N

AUCTENTIA SLU: U.S. Court Grants Relief Under Chapter 15


S W E D E N

ARVINMERITOR INC: Incurs US$70 Mil. Net Loss in Third Quarter


S W I T Z E R L A N D

BASTEL SHOP: Creditors' Liquidation Claims Due August 31
G. METTLER: Aargau Court Starts Bankruptcy Proceedings
MORO, DURANTE: Creditors' Liquidation Claims Due August 31
NORDINVEST CAPITAL: Creditors' Liquidation Claims Due August 15
PIZZA KURIER: Aargau Court Starts Bankruptcy Proceedings

SAUERESSIG SECURITY: Creditors' Liquidation Claims Due Oct. 11
SCUBIDU JSC: Creditors' Liquidation Claims Due August 9
STEINER TEUFEN: Creditors' Liquidation Claims Due August 12


U K R A I N E

BETVIS 2004: Creditors Must File Claims by August 3
ITAKA-BUILDING CONSTRUCTION: Creditors' Claims by August 3
KIDO LLC: Creditors Must File Claims by August 3
KIEV TECHNICAL: Creditors Must File Claims by August 3
KOMKON LLC: Creditors Must File Claims by August 3

LENINSKAYA KUZNIA: Creditors Must File Claims by August 3
MILINE PLUS: Creditors Must File Claims by August 3
NIKOPOL TUBE: Creditors Must File Claims by August 3
PERVOMAYSKOE CJSC: Creditors Must File Claims by August 3
QUANTA P: Creditors Must File Claims by August 3


U N I T E D   K I N G D O M

ABBEY FURNISHINGS: Creditors' Meeting Slated for Aug. 14
ADVANCED HEATING: Names Jeremiah Anthony O’Sullivan Liquidator
AEROTECH WORLD: C. B. Barrett Leads Liquidation Procedure
ALLIANCE BOOTS: Mike Cutt Quits as Human Resource Chief
AXA INSURANCE: U.S. Court to Hear Chapter 15 Petition on Aug. 15

BAA LTD: Grupo Ferrovial Contemplates Sale of Duty Free Unit
BALLY TOTAL: Files for Chapter 11 Protection in New York
BALLY TOTAL: Case Summary & 50 Largest Unsecured Creditors
BALLY TOTAL: Fails to Agree w/ Shareholders on Alternate Plan
BRITISH AIRWAYS: OFT Imposes GBP121.5 Mln Fine Over Price Fixing

BROOKLANDS 2001-1: Fitch Rates EUR22 Million Class E Notes at B+
BROOKLANDS 2002-1: Fitch Rates Classes E1 and E2 Notes at BB
BROOKLANDS 2004-1: Fitch Affirms Class E Notes at BB
BROOKLANDS 2005-1: Fitch Affirms Class E Notes at BB
ECLIPSE 2005-1: S&P Place Ratings on Watch on Initial Review

CABLE & WIRELESS: Loses Lawsuit Against Digicel
EMI GROUP: Terra Firma Concludes Offer with 90.27% Acceptance
EUROTECHNIX LTD: Brings In Administrators from Vantis Plc
EUROTUNNEL GROUP: General Meetings Approve Group Accounts
FORD MOTOR: Anticipates Challenges Despite 2nd Qtr. Profits

FORD MOTOR: Unveils Amount of Shares Billed in Conversion Offer
GML LTD: Appoints Joint Administrators from BDO Stoy
I FINDA: Brings In Liquidators from Vantis Redhead French
IMPERIAL CHEMICAL: Rejects Akzo’s 650 Pence Per Share Proposal
IMPERIAL CHEMICAL: To Buy Dulux for GBP52 Million from AECI

ISLE OF CAPRI: Calls for Buyback of US$200 Mln 9% Sr. Sub. Notes
MILL FIELD: Taps Michael C. Kienlen to Liquidate Assets
ORIENT SOURCING: Taps Joint Administrators from BDO Stoy
REMY INT'L: Extends Supply Deal in New Pact with General Motors
SALISBURY INT'L: Moody's May Lift Ba1 Ratings After Review

T C & CO: Creditors' Meeting Slated for Aug. 8
TOMEI & MACKLEY: Brings In Administrators from Begbies Traynor
TRINITY INSURANCE: Raises Creditor Recovery to 76.75%
VIRGIN MEDIA: Liberty Global May Join GBP11.3 Bln Bidding Race

* Upcoming Meetings, Conferences and Seminars

                            *********

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


A & S JAGIELKA: Creditors' Meeting Slated for Aug. 8
----------------------------------------------------
Creditors owed money by KEG A & S Jagielka (FN 281257p) are
encouraged to attend the first creditors' meeting at 9:45 a.m.
on Aug. 8.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

The Court will also examine the claims at 12:50 p.m. on Sept. 5,
at the same venue.

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

         Dr. Karl Maier
         Hauptplatz 13
         8720 Knittelfeld
         Austria
         Tel: 03512-83428
         Fax: 03512-83428-50
         E-mail: office@ra-maier.at

Headquartered in Spielberg bei Knittelfeld, Austria, the Debtor
declared bankruptcy on July 4 (Bankr. Case No. 17 S 62/07x).  


AUTOHAUS LIEBENAUERGUERTEL: Claims Registration Ends Aug. 20
------------------------------------------------------------
Creditors owed money by LLC Autohaus Liebenauerguertel (FN
245222x) have until Aug. 20 to file written proofs of claim to
court-appointed estate administrator Heimo Hofstatter at:

         Dr. Heimo Hofstatter
         c/o OEG Hofstatter & Kohlfuerst Rechtsanwalte
         Marburgerkai 47  
         8010 Graz
         Austria
         Tel: 0316/81 54 54-0
         Fax: 0316/81 54 54 -22
         E-mail: Kohlfuerst@hofstaetter.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         Second Floor
         Graz
         Austria

Headquartered in Graz - Liebenau, Austria, the Debtor declared
bankruptcy on July 4 (Bankr. Case No. 40 S 16/07m).  


BAUSCH & LOMB: AMO Has Until Aug. 3 to Provide Shareholder Info
---------------------------------------------------------------
Bausch & Lomb Incorporated sent a letter Sunday to Advance
Medical Optics regarding Advance Medical's bid to acquire
Bausch & Lomb.

Last month, Advanced Medical offered Bausch & Lomb's
shareholders US$45.00 in cash and US$30.00 in AMO stock per
share of Bausch & Lomb stock, which offer Bausch & Lomb is
pressing for revision.

In its letter, Bausch & Lomb stated, among others, that AMO's
proposed US$50 million reverse termination fee is inadequate
given what Bausch & Lomb believes to be substantial uncertainty
with respect to AMO's ability to obtain approval from its
stockholders.

For the same reason, Bausch & Lomb added that it intends to
revoke AMO's designation as an excluded party under Bausch &
Lomb's merger agreement with Warburg Pincus.  However, to permit
AMO to attempt to provide evidence that AMO stockholder approval
can be secured, Bausch & Lomb granted AMO a limited waiver
for AMO to provide information to certain of its stockholders.

Bausch & Lomb expects AMO to provide the required evidence no
later than 12:00 p.m., on Friday, Aug. 3, 2007.

                         Warburg Pincus Deal

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

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

                            FTC Approval

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

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

                         About Bausch & Lomb

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

                          *     *     *

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

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

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

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


DONIK-MODE-WOLLE-HANDARBEIT: Claims Registration Ends Aug. 20
-------------------------------------------------------------
Creditors owed money by LLC Donik-Mode-Wolle-Handarbeit (FN
242673y) have until Aug. 20 to file written proofs of claim to
court-appointed estate administrator Werner Seifried at:

         Mag. Werner Seifried
         Burggasse 40
         8750 Judenburg
         Austria
         Tel: 03572-82127
         Fax: 03572-82127-4
         E-mail: mag.seifried@derAnwalt.or.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:35 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben

Headquartered in Knittelfeld, Austria, the Debtor declared
bankruptcy on July 4 (Bankr. Case No. 17 S 61/07z).  


EBIBI & KOENIG: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered July 2 an order shutting down
the business of LLC Ebibi & Koenig (FN 284381h).

Court-appointed estate administrator Charlotte Boehm 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. Charlotte Boehm
         Taborstrasse 10/2
         1020 Vienna
         Austria
         Tel: 214 77 10/20
         Fax: 214 77 10-16
         E-mail: boehm@EUnet.at  

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


GREGOR BAUER: Claims Registration Period Ends Aug. 13
-----------------------------------------------------
Creditors owed money by LLC Gregor Bauer (FN 96118a) have until
Aug. 13 to file written proofs of claim to court-appointed
estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704266-0
         Fax: 02682/70426615
         E-mail: eisenstadt@kosch-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 26 S 92/07t).  


KREIBICH LLC: Claims Registration Period Ends Aug. 20
-----------------------------------------------------
Creditors owed money by LLC Kreibich (FN 137706i) have until
Aug. 20 to file written proofs of claim to court-appointed
estate administrator Frank Riel at:

         Dr. Frank Riel
         c/o Dr. Frank Eberhart Riel
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on July 4 (Bankr. Case No. 9 S 40/07s).  
Frank Eberhart Riel represents Dr. Riel in the bankruptcy
proceedings.


SCHUBERT LLC: Claims Registration Period Ends Aug. 14
-----------------------------------------------------
Creditors owed money by LLC Schubert (FN 94200f) have until
Aug. 14 to file written proofs of claim to court-appointed
estate administrator Stephan Riel at:

         Dr. Stephan Riel
         Schiessstattring 35/13
         3100 St. Poelten
         Austria
         Tel: 02742/74 731
         Fax: 02742/74 731-22
         E-mail: kanzlei@jsr.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:10 a.m. on Sept. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 14 S 120/07y).  


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


GENERAL MOTORS: Earns US$891 Million for Second Quarter 2007
------------------------------------------------------------
General Motors Corp. has released its preliminary financial
results for the 2007 second quarter, marked by record automotive
revenue driven by strong sales in key growth markets, improved
net income, and solid operating cash flow.

GM reported net income of US$891 million for the second quarter
of 2007, an improvement of US$4.3 billion compared with a
reported net loss of US$3.4 billion in the year-ago quarter.

The results for the second quarter 2007 included US$520 million
in net special items, including US$374 million in charges
associated with GM’s support of the bankruptcy and
reorganization of Delphi and various GM North America  
restructuring-related charges.

GM posted 2007 second-quarter adjusted net income, excluding
special items, of US$1.4 billion compared to US$1.1 billion in
the year-ago quarter.

"We again saw improved results in sales, income and cash flow
this quarter, driven by the continued successful implementation
of our business strategies," said GM Chairman and CEO Rick
Wagoner.  "In particular, our heavy commitment to key growth
markets around the world really paid off in strong growth and
earnings.  In North America we continue to make progress with
our focus on great new products, a disciplined sales and
marketing strategy, and structural cost reduction, although
profitability remains close to break even."

                   GM Automotive Operations

GM’s global automotive net income from continuing operations
totaled US$764 million on an adjusted basis in the second
quarter of 2007 (reported net income from continuing operations
of US$618 million), compared to an adjusted net income of US$367
million (reported net loss from continuing operations of US$3.48
billion) in the second quarter 2006.  Results for GM’s
automotive operations, specifically GMNA, exclude Allison
Transmission which is now classified as a discontinued operation
and an asset held for sale, pending the close of the previously-
announced sale transaction.

GM’s global sales volume surpassed 2.4 million units in the
second quarter, up marginally from the same quarter a year ago.  
Global market share was down slightly at 13.3 percent, compared
to 13.7 percent in the year-ago period, driven by a softer U.S.
market, a reduction in fleet sales, and a disciplined incentive
strategy.  GM market share outside of North America increased to
9.4 percent in the second quarter 2007, compared to 9.2 percent
in the second quarter 2006.

GMNA had adjusted net income from continuing operations of US$78
million in the second quarter 2007 (reported net loss from
continuing operations of US$39 million), compared to adjusted
net loss of US$94 million from continuing operations (reported
net loss from continuing operations of US$3.95 billion) in the
second quarter 2006.  The net income improvements reflect
favorable mix and reduced structural costs.  These savings were
partially offset by lower volume, favorable policy and warranty
adjustments in the prior-year period and unfavorable foreign
exchange.

"It’s true that our North America team has made huge
improvements, and we appreciate everyone’s hard work.  But our
current earnings clearly demonstrate we’ve got more to do,"
Mr. Wagoner said.

"We remain focused on growing revenue in North America by
introducing great new cars and trucks, and enhancing our
revitalized sales and marketing strategy.  At the same time, we
must continue to address our key areas of cost disadvantage such
as healthcare.  Going forward, we need to generate adequate
profitability and cash flow to fund new product and key
technology investments, like bio-fuel and hybrid-powered
vehicles, to better position our business for sustainable
growth." Mr. Wagoner added.

GM Europe posted adjusted net income of US$236 million for the
quarter (reported net income of US$217 million), compared to
US$143 million in the second quarter of 2006 (reported net loss
of US$39 million).  The results mark the best quarterly
performance for GME since the second quarter of 1996.  The
improved earnings were driven by favorable pricing, combined
with solid structural cost performance associated with the
region’s ongoing restructuring.

Despite industry pressures in Germany, Europe’s largest vehicle
market, GME set a quarterly sales record of 574,000 units, up
five percent over the second quarter 2006.  The new Opel Corsa
small car and the Chevrolet Captiva compact SUV continued to
perform especially well.  In addition, GME’s multi-brand
strategy continues to gain momentum. Chevrolet had record sales
of 115,000 units, up 34 percent.  GME growth in key Eastern
European markets was strong, especially in Russia, where unit
sales were up 106 percent over the second quarter 2006, and
share was up 3.9 percentage points.

GM Asia Pacific recorded adjusted net income of US$237 million
in the second quarter (reported net income of US$227 million),
which marks a second-quarter net income record for the region,
and compares with US$164 million in the same quarter a year ago
(reported net income of US$376 million, which included US$212
million from the sale of GM’s equity interest in Isuzu).  The
improvements were largely driven by strong performance at GM
Daewoo and GM China.  GM enjoyed eight percent sales growth in
the Asia Pacific region, and GM China set a new volume record
with 234,000 units in the quarter, up over six percent year-
over-year.  GM sales in South Korea were up 20 percent, and
India was up 46 percent aided by the success of the newly-
introduced Chevrolet Spark.

GM Latin America, Africa and Middle East continued to leverage
explosive regional growth and its traditionally strong position
in the region.  The group posted its best quarterly net income
in a decade with adjusted earnings of US$213 million (reported
net income also US$213 million), compared to US$155 million in
the same quarter last year (reported net income of US$139
million).  Improvements in net income were driven primarily by
volume growth and favorable pricing. It set a volume record for
the quarter, selling over 293,000 units, up 20 percent year-
over-year.  GM sales performance was highlighted by an all-time
sales record in Venezuela, and second quarter records in
Argentina, Brazil, Chile, Colombia, Egypt, and the Middle East
Operations.

"As we head into the second half of the year, we’re optimistic
about continued growth prospects in key emerging markets.  In
the U.S., the economy and auto market outlook remains
challenging, but we’ll continue our future product and
technology investments, while staying focused on growing our
revenue and improving our cost competitiveness," Mr. Wagoner
said.  "We look forward to the U.A.W. negotiations as an
opportunity to continue to address issues that are important to
the company, the union and our employees."

In addition to strong year-over-year performance in automotive
operations, GM also recognized adjusted net income of US$401
million in Corporate Other and Other Financing (reported net
income of US$27 million).  This represents a US$517 million
improvement over the second quarter 2006, principally related to
reductions in income tax contingencies.

                              GMAC

As a standalone company, GMAC Financial Services reported net
income of US$293 million for the second quarter 2007, compared
to US$787 million in the second quarter 2006 which included a
one-time gain on the sale of a regional homebuilder of US$259
million.  GM recognized US$139 million in net income
attributable to GMAC as a result of its 49 percent equity
interest as well as accrued preferred dividends.  Financial
performance at GMAC represents a US$598 million improvement over
the first quarter 2007, which was significantly affected by
pressures in the U.S. nonprime mortgage market.

"We’re pleased that GMAC returned to profitability in the second
quarter, with significantly better results than the first
quarter.  GMAC’s auto financing and insurance businesses
continues to post strong results while the company continues to
progress in addressing the challenging conditions in the
residential mortgage market," Mr. Wagoner said.

GMAC's automotive finance, insurance and other operations,
excluding Residential Capital, LLC (ResCap), generated more than
twice the net income of these same operations in the year-ago
period.  Despite continued challenges in the residential
mortgage industry, ResCap significantly reduced losses in the
second quarter.

                      Cash and Liquidity

GM generated adjusted operating cash flow of US$1.1 billion in
the second quarter of 2007, up from US$600 million in the year-
ago quarter, and continues to maintain a strong liquidity
position.

Cash, marketable securities, and readily-available assets of the
Voluntary Employees’ Beneficiary Association trust totaled
US$27.2 billion as of June 30, 2007, up from US$24.7 billion on
March 31, 2007.  The balance includes US$1.4 billion net cash
raised through a convertible debt offering in May 2007, which
replaced US$1.1 billion in convertible debt that was redeemed in
March 2007.

As announced in June 2007, the sale of the Allison Transmission
business will further bolster GM’s liquidity, with proceeds of
approximately US$5.6 billion.  The sale is expected to close in
the third quarter 2007.

                      About General Motors

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

                         *     *     *

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

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


GENERAL MOTORS: Anticipates Challenges Despite Q2 Profits
---------------------------------------------------------
General Motors Corp. and Ford Motor Company, which posted
combined quarterly net earnings of US$1.65 billion, have warned
the UAW that a number of challenges still loom in the second
half of the year, despite of the positive results, as labor
talks continue, Dow Jones Newswires reports.

GM CFO Fritz Henderson said the company needs to push for health
care cost relief within the workforce so it can reach its goal
of sustained earnings growth and positive cash flow in North
America, Dow Jones notes.  GM faces an estimated US$50 billion
in long-term health care liabilities although Mr. Henderson
claims that GM already has US$19 billion set aside in company-
managed trusts that could potentially be used to lower the
burden.

GM reported net income of US$891 million for the second quarter
of 2007, an improvement of US$4.3 billion compared with a
reported net loss of US$3.4 billion in the same period last
year.

Concurrently, Ford CEO Alan Mulally said the second half will be
"difficult" as Ford faces cash outflows and races to reduce
capacity to match falling sales in the U.S., Dow Jones relates.  
Ford also sees a tough pricing environment in the second half in
the U.S.

Ford Motor Company reported a net profit of US$750 million for
the second quarter of 2007, compared with a net loss of US$317
million in the second quarter of 2006.

                      About Ford Motor Co.

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

                      About General Motors

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

                         *     *     *

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

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


GENERAL MOTORS: Extends Supply Deal in New Pact with Remy Int'l.
----------------------------------------------------------------
Remy International, Inc. has reached agreements with General
Motors Corp. with respect to the extension and enhancement of
Remy's existing supply relationship with GM.

The new GM arrangement is an important development in the
furtherance of Remy's financial restructuring.  While certain
aspects of the arrangement will be implemented immediately, the
agreement will become fully effective upon the consummation of
Remy's financial restructuring.

"We are extremely pleased to have reached agreement with GM on a
comprehensive restructuring of our commercial arrangement.  We
look forward to a long and mutually beneficial relationship with
GM," said John Weber, Remy's chief executive officer.

Remy also obtained a binding commitment from Barclays Capital,
the investment banking division of Barclays Bank PLC, to provide
debtor-in-possession financing of up to US$225 million and
US$330 million of long-term exit financing, subject to certain
closing conditions and documentation.

As a result of finalizing these two critical aspects of its
financial restructuring, Remy will commence a solicitation of
votes on its prepackaged chapter 11 by mid-August.  As
previously announced, the terms of its consensual financial
restructuring with its noteholders contemplates that all trade
creditors, employees and suppliers will continue to be paid in
the ordinary course of business.

                     About Remy International

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.

Remy has operations in the United Kingdom, Brazil and Korea.

                      About General Motors

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

                         *     *     *

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

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


GOODYEAR TIRE: Workers' Union Approves Deal With Carlyle Group
--------------------------------------------------------------
The union representing workers at Goodyear Tire & Rubber Co.'s
engineered-products division said it ratified a contract with
the Carlyle Group, resolving outstanding issues the union cited
last week, Terry Kosdrosky writes for The Wall Street Journal.

According to the report, the outstanding issues include the
creation of a secure trust for retiree health care separate from
the one at Goodyear as well as an extension of the cost of
living adjustment to 2012.

Goodyear said in March 2007 that it is selling substantially all
of its engineered products business to EPD Inc., an entity
sponsored by Carlyle Group, for US$1.475 billion.

The sale is expected to close in the third quarter, WSJ says.

The company anticipates using the proceeds for purposes
including reducing debt, addressing legacy obligations and
supporting business growth.

                     About The Carlyle Group

The Carlyle Group is one of the world's largest private equity
firms with US$54.5 billion under management, investments in more
than 185 companies and 750 employees in 16 countries. In the
aggregate, Carlyle portfolio companies have more than US$68
billion in revenue and employ more than 200,000 people around
the world.

                         About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

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

                         *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.


LYONDELL CHEMICAL: Earns US$176 Million in Quarter Ended June 30
----------------------------------------------------------------
Lyondell Chemical Company disclosed on Thursday its results for
the second quarter ended June 30, 2007.

The company reported net income of US$176 million on sales and
other operating revenues of US$7.48 billion for the second
quarter 2007, compared with net income of US$160 million on
sales and other operating revenues of US$4.71 billion for the
second quarter 2006.  Income from continuing operations for the
second quarter 2007 was US$271 million, compared to income from
continuing operations of US$129 million for the second quarter
2006.   

For the first six months of 2007, net income was US$195 million
on sales and other operating revenues of US$13.27 billion,
compared with net income of US$450 million on sales and other
operating revenues of US$9.13 billion for the first six months
of 2006.  Forthe first six months of 2007, net income from
continuing operations was US$277 million, compared with US$415
million for the first six months of 2006.

Second-quarter 2007 results from continuing operations of
US$271 million improved versus income from continuing operations
of US$6 million for the first quarter 2007 primarily due to
record refining segment results coupled with strong fuels
(MTBE/ETBE) performance.  Ethylene segment results continued to
reflect good volumes and operating rates with modest margin
improvement.  In the propylene oxide segment, chemical product
results declined primarily due to increased raw material costs;
however, these were more than offset by the strength in fuels
(MTBE/ETBE).

The inorganic chemicals business is accounted for as a
discontinued operation as it was sold midway through the quarter
for a total transaction value of approximately US$1.3 billion.
After-tax cash proceeds of approximately US$1.05 billion were
used to repay debt.

"The strength in our refining operations was quite clear during
the quarter and demonstrated the way in which the segment
complements our chemical operations and provides balance within
our portfolio.  While our refining and fuel products benefited
from the strong fuel markets, similar dynamics within the energy
markets pressured our chemical products.  In fact, ethylene
segment raw material costs on average increased by approximately
20 percent.  Consequently, despite a relatively strong market
and several price increases, margin improvement in this segment
was quite modest," said Dan F. Smith, chairman, president and
chief executive officer of Lyondell Chemical Company.  "The
strong refining results were complemented by the sale of our
inorganics business, which enabled us to accelerate our debt
repayment program providing additional value to our investors."

                         Debt Reduction

During the second quarter, debt repayment, including scheduled
amortization of term loans and debt of discontinued operations,
totaled US$1.3 billion. Millennium debt repayment was US$436
million, Equistar repaid US$600 million, and LCC repaid US$274
million.

As of June 30, 2007, Lyondell's receivable facility was
unutilized and Equistar's receivable facility was utilized by
US$155 million.

At June 30, 2007, the company's unaudited balance sheet showed
US$16.79 billion in total assets, US$13.34 billion in total
liabilities, US$117 million in minority interests, and US$3.33
billion in total stockholders' equity.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is a leading global  
producer of petrochemicals and plastics, and owns a refinery
with the unique ability to process 100% heavy sour crude oil
from Venezuela.  Lyondell produces propylene oxide, MTBE, ETBE
and butanediol, as well as co-product styrene.   

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

Equistar Chemicals LP and Millennium Chemicals Inc. are wholly
owned subsidiaries of Lyondell.  Equistar is a leading North
American producer of commodity petrochemicals and plastics.   
Millennium Chemicals is a single-site producer of acetic acid
and vinyl acetate monomer and small producer of turpenes.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Fitch Ratings expects to assign a 'BB-' rating to
Lyondell Chemical Company's US$500 million announced offering of
senior unsecured notes due 2017.  Proceeds from this offering
are expected to fully repay the existing US$500 million, 10.875%
senior subordinated notes due 2009.

Fitch also affirmed other ratings:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured credit facility and term loan at 'BB+';
   -- Senior secured notes at 'BB+';
   -- Senior unsecured notes at 'BB-';
   -- Debentures at 'BB-';

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Standard & Poor's Ratings Services assigned its
'B+' rating to the proposed Lyondell Chemical Co.'s US$500
million of unsecured notes due 2017, issued pursuant to
Lyondell's Rule 415 shelf registration.

S&P also affirmed its corporate credit rating on Lyondell
(BB-/Stable/B-1).  S&P said the outlook was stable.


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


ANDREW CORP: Posts US$96 Million Net Loss in 2007 Third Quarter
---------------------------------------------------------------
Andrew Corporation reported total sales of US$546 million for
the third quarter fiscal 2007, compared to US$551 million in the
prior year third quarter.  Wireless Infrastructure sales were
US$523 million, compared to US$524 million in the prior year
third quarter, due to ongoing challenges in the North American
market, which were partially offset by strong growth in emerging
markets.

On a GAAP basis, the company reported a net loss of US$96
million, or US$0.61 per share for the third quarter, including
US$0.72 per share of significant items, compared to net income
of US$7 million, or US$0.04 per share, including US$0.05 per
share of significant items in the prior year third quarter.   
Excluding significant items, non-GAAP earnings were US$0.11 per
share for the third quarter, compared to US$0.09 per share for
the prior year third quarter.

"Andrew continued to benefit from record sales growth in several
emerging markets such as India, however, demand in the North
American market remained sluggish during our third quarter due
to ongoing weaker spending from a key operator and an original
equipment manufacturer (OEM) customer in this region," said
Ralph Faison, president and chief executive officer, Andrew
Corporation.  "Consistent with our comments throughout fiscal
2007, we have seen a reduction in sales from these two key
customers, and year-to-date, sales to these customers decreased
by approximately US$200 million year over year.  However, we are
confident that we have maintained our market position with these
customers and anticipate that they will increase their level of
spending in future periods.  Overall, we are pleased with the
sequential improvement in sales in the quarter, and our book-to-
bill as we entered our fourth quarter was positive."

Due to the significant losses generated by the Base Station
Subsystems segment in the first six months of fiscal 2007, the
company had previously determined that an indicator of goodwill
impairment existed as of March 31, 2007.  Based on the
completion of required "step-two" impairment testing, the
company recognized a non-cash goodwill impairment loss of US$108
million during the quarter.  The Base Station Subsystems segment
had approximately US$412 million of goodwill as of March 31,
2007.

"Our results in Base Station Subsystems have been significantly
impacted by customer consolidation over the past several
quarters," said Mr. Faison.  "While we believe that our customer
relationships and product technology in this segment will help
deliver sustainable improvement in future quarters, due to the
amount of recorded goodwill, recognizing an impairment loss was
required upon completion of our analysis.  We continue to strive
to generate an adequate return from all of our product lines and
anticipate that the pending transaction with CommScope will
provide further opportunity to continue to rationalize our
overall product portfolio."

                Third Quarter Financial Summary

Wireless Infrastructure sales decreased slightly to US$523
million from US$524 million due to weaker sales of certain base
station components, which was partially offset by strong demand
for antenna and cable products, the implementation of price
increases on cable products and a favorable foreign exchange
impact.

Total orders of US$568 million decreased 6% from the prior year
third quarter due mainly to a reduction in orders for active
products, which was partially offset by an increase in orders
for antenna and cable products.  Orders were down in North
America, partially offset by strong orders in Asia Pacific and
Latin America.  Ending backlog was US$312 million compared to
US$367 million in the prior year third quarter.

The company completed its transition from the Orland Park
facility to its new Joliet, Illinois cable facility during the
quarter.  Approximately US$5 million of relocation and start-up
costs were incurred during the quarter, which reduced gross
margin by approximately 90 basis points.  The total Joliet
relocation and start-up costs in the second and third quarters
were below the company’s previous forecast by approximately US$3
million due to lower unabsorbed overhead than was originally
expected.  Gross margin was 20.7% in the third quarter.
Excluding these costs, non-GAAP gross margin was 21.6%, compared
to 22.1% in the prior year third quarter, primarily as a result
of a less favorable product line and geographic sales mix
significantly impacted by a year-to-date reduction of
approximately US$200 million in revenues from two key North
American customers.

Operating loss for the quarter was US$85.7 million, or (15.7)%
of sales, compared to operating income of US$18.0 million, or
3.3% of sales in the prior year third quarter.  Excluding
significant items, non-GAAP operating income for the quarter was
US$28.0 million, or 5.1% of sales, compared to US$27.6 million,
or 5.0% of sales, in the prior year third quarter.

Research and development expenses were US$29.0 million, or 5.3%
of sales, in the third quarter, compared to US$28.4 million, or
5.2% of sales, in the prior year third quarter.  Sales and
administrative expenses decreased to US$60.9 million, or 11.1%
of sales, in the third quarter, compared to US$65.6 million, or
11.9% of sales, in the prior year third quarter.  Sales and
administrative expenses decreased in absolute dollars and as a
percentage of sales due mainly to the company’s sale of its
broadband cable business in April 2007, lower provisions for bad
debts and reduced incentive compensation.

Intangible amortization decreased to US$4.6 million in the third
quarter, compared to US$4.7 million in the prior year third
quarter and other expenses decreased to US$3.2 million in the
third quarter, compared to US$3.8 million in the prior year
third quarter.

Gain on sale of assets increased to US$6.0 million, compared to
US$0.3 million in the prior year third quarter due primarily to
a real estate transaction and a gain on the company’s sale of
its broadband cable business to Andes Industries in April 2007.

The reported tax provision for the third quarter was US$6.8
million.  The tax provision for the third quarter was
unfavorably impacted by losses in the U.S. and Italy for which
the company cannot record current tax benefits.  Although the
company continues to experience losses in the U.S. and Italy,
there was a more favorable mix of earnings and losses by taxing
jurisdiction during the third quarter compared to the first half
of fiscal 2007.  The reported tax provision for the prior year
third quarter was US$7.3 million.

Average shares outstanding decreased to approximately 156
million from approximately 160 million in the prior year third
quarter primarily due to shares that have been repurchased by
the company.  The company has repurchased 4.4 million shares
over the last twelve months.

                      Goodwill Impairment

As a result of the significant losses generated by Base Station
Subsystems in the first six months of fiscal 2007, the company
determined that a potential indicator of impairment had occurred
and an interim test for impairment was required.  The company
performed "step one" of the goodwill impairment test, in
accordance with Statement of Financial Accounting Standards 142,
on this reporting unit as of March 31, 2007.  Based on that
test, the company determined that the fair value of the
reporting unit was less than the carrying value of its net
assets.  The company has completed "step two" of the impairment
test and has recognized a non-cash impairment loss of US$108
million in the third quarter to write down the carrying value of
goodwill.

             Balance Sheet & Cash Flow Highlights

Cash flow from operations was US$12.2 million in the third
quarter, compared to US$24.5 million in the prior year third
quarter.  Accounts receivable were US$552 million and days’
sales outstanding (DSOs) were 89 days at June 30, 2007, compared
to US$512 million and 90 days at March 31, 2007.  Inventories
were US$389 million and inventory turns were 4.5x at June 30,
2007, compared to US$398 million and 4.0x at March 31, 2007.   
Inventories decreased and inventory turns improved compared to
the prior quarter due partially to increased sales and the
completed relocation of the company’s Orland Park, Illinois
facility to Joliet, Illinois.

Capital expenditures decreased to US$14.4 million in the third
quarter compared to US$17.7 million in the prior year third
quarter primarily due to the completion of two significant cable
and antenna facility moves during fiscal 2007.

Cash and cash equivalents were US$119 million at June 30, 2007,
compared to US$127 million at March 31, 2007.  Cash and cash
equivalents decreased from the prior quarter due mainly to the
reduction of approximately US$16 million in outstanding debt.

Total debt outstanding and debt to capital were US$351 million
and 19.6% at June 30, 2007, compared to US$366 million and 19.5%
at March 31, 2007.

                   Fiscal 2007 Sales Outlook

Due to the pending acquisition of Andrew by CommScope, Inc.
(NYSE:CTV), which was announced on June 27, 2007, the company is
providing the following sales guidance, but will not be
providing any other guidance.  Accordingly, previous estimates
of future financial or operational performance should be
considered obsolete.

Sales are now anticipated to range from US$2.15 billion to
US$2.20 billion for fiscal 2007, compared to the previous
guidance of US$2.20 billion to US$2.30 billion.  The revised
sales guidance is primarily due to anticipated continuation of
reduced spending by two key customers, compared to previous
expectations, in the fourth quarter.

                     About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       *    *    *

The Troubled Company Reporter – Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on Aug. 10,
2006.


=============
F I N L A N D
=============


HILTON HOTELS: Paying US$0.04 Per Share Dividend on Sept. 21
------------------------------------------------------------
Hilton Hotels Corporation has declared a dividend of US$0.04 per
share, payable in cash on Sept. 21, 2007.  The dividend is
payable to stockholders of record at the close of business on
Sept. 7, 2007.

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

                          *     *     *

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

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

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


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


EUROTUNNEL GROUP: General Meetings Approve Group Accounts
---------------------------------------------------------
The general meetings of Eurotunnel P.L.C. and Eurotunnel SA,
subsidiaries of Groupe Eurotunnel SA have on July 27, 2007:

   -- approved the 2005 and 2006 accounts;

   -- adopted the change of name of the Eurotunnel P.L.C. and
      Eurotunnel SA to TNU PLC and TNU SA respectively; and

   -- been informed of the de-listing in London of EPLC and ESA
      units effective July 30, 2007.

The combined Ordinary and Extraordinary General Meeting of
Eurotunnel SA and the Annual General Meeting of Eurotunnel
P.L.C., which were held in Coquelles, France, brought together
2,516 shareholders, representing 93.15% of the capital, of whom
40 were present for the meeting.

The resolutions presented by the Board were all approved by a
majority of 99.9%.

The ordinary general meeting of Eurotunnel SA approved the
annual accounts, the combined accounts and the results for the
2005 and 2006 financial years, ratified the appointment as
directors of Colette Neuville and Pierre Bilger and re-appointed
as directors Jacques Gounon, Colette Neuville, the Association
de Defense des Actionnaires Eurotunnel (ADACTE), Pierre Bilger,
Robert Rochefort and Henri Rouanet, for a term of three years.

The annual general meeting of Eurotunnel P.L.C. received the
2005 and 2006 reports and accounts, approved the Directors'
remuneration report and re-elected as directors, Colette
Neuville, Tim Yeo, Jacques Gounon and Robert Rochefort.

The extraordinary general meeting of Eurotunnel SA and the
annual general meeting of Eurotunnel P.L.C. adopted the name
changes for Eurotunnel PLC and Eurotunnel SA which will now be
called TNU PLC and TNU SA respectively to avoid any confusion
with the new parent company Groupe Eurotunnel SA, of which they
have become subsidiaries.

The extraordinary general meeting of Eurotunnel SA also decided
that the number of directors aged over 75 could not be greater
than one third of the Directors at any given time.  The
company's constitutional documents have been modified
accordingly.

             Delisting of Eurotunnel Units in London

Following Eurotunnel's application to cancel the listing of the
Units and their admission to trading on the London Stock
Exchange, notice of which was duly given to shareholders, the
U.K. Listing Authority has confirmed that delisting will be
effective on July 30, 2007.

"The accounts for 2005 and 2006 which have just been approved by
the AGMs of TNU PLC and TNU SA reflect the past debt and show a
heavy deficit.  The recapitalization of these companies will
lead to an almost total dilution of the shareholders who did not
tender their shares to the ETO: from now on, the future of
Eurotunnel is with Groupe Eurotunnel SA," Mr. Gounon, chairman
and CEO of Groupe Eurotunnel disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle  
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


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


BEMT BAUGESELLSCHAFT: Creditors' Meeting Slated for Aug. 28
-----------------------------------------------------------
The court-appointed insolvency manager for BEMT Baugesellschaft
mbH, Joachim Heitsch will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45
a.m. on Aug. 28.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on Dec. 18 at the same venue.

Creditors have until Oct. 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BEMT Baugesellschaft mbH on July 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BEMT Baugesellschaft mbH
         Otto-Franke-Str. 105
         12489 Berlin
         Germany


BUCKEYE TECHNOLOGIES: Obtains New US$200 Million Credit Facility
----------------------------------------------------------------
Buckeye Technologies Inc. established a new US$200 million
senior secured revolving credit facility.

The maturity date on the new revolver is July 2012, and the
facility includes an increase option for an additional
US$50 million.  This facility amends and restates the company's
existing credit facility, which consisted at the closing date of
an undrawn US$70 million revolver and a US$30 million balance on
an original US$150 million term loan.

The company plans to use the proceeds from this facility to
refinance its existing senior credit facilities, to refinance up
to US$20 million of its 8.0% senior subordinated notes having a
maturity date of October 2010, to refinance the remaining US$60
million of its 9.25% senior subordinated notes in September 2007
(one year ahead of maturity), and for general corporate
purposes.  The company expects to reduce interest expense by
about US$2 million per year on a going basis as a result of this
refinancing.

[UTF-8?]Buckeye Chairman John B. Crowe commented, “Over the
past 5 years, we have made tremendous progress in reducing our
debt.  This new facility allows us to take advantage of our
improved credit position and the favorable market conditions to
reduce our interest costs and achieve more operating flexibility
than we had under our existing credit facility.  In addition,
this new facility gives us the ability to continue our debt
reduction while maintaining sufficient operating liquidity to
support our business.  We appreciate the leadership provided by
Bank of [UTF-8?]America as lead arranger for this facility.”

                 About Buckeye Technologies

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

                       *     *     *

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


COREL CORP: May 31 Balance Sheet Upside-Down by US$16 Million
-------------------------------------------------------------
Corel Corporation reported total assets of US$260.6 million,
total liabilities of US$276.6 million, and total stockholders'
deficit of US$16 million as of May 31, 2007.

Revenues for the second quarter of fiscal 2007 were US$65.
million, an increase of 47% over revenues of US$44.2 million in
the second quarter fiscal 2006.  Net income in the second
quarter of fiscal 2007 was US$2.3 million, compared to a net
loss of US$4 million in 2006.

Revenues for the six months ended May 31, 2007 were
US$117.7 million, an increase of 33% over revenues of US$88.5
million for the six months ended May 31, 2006.  Net loss for six
months ended May 31, 2007, was US$9.6 million, compared to a net
loss of US$5.6 million for the six months ended May 31, 2006.

"We are pleased with our performance in the second quarter, as
we continue to execute our key strategies and demonstrate our
ability to g enerate attractive financial returns for our
shareholders," said David Dobson, chief executive offier of
Corel Corporation.  "We are realizing many of the anticipated
benefits from the acquisition of InterVideo and Ulead, including
increased revenue contribution from a broader mix of OEM
partners as well as a more diverse mix of revenue by geography.  
I am pleased with the progress we have made so far as we
continue to execute on our core strategic initiatives and expand
into the digital media market."

A full-text copy of the company's second quarter report is
available for free at http://researcharchives.com/t/s?21f7

             Third Quarter Fiscal 2007 Guidance

Corel provided guidance for the third quarter ending Aug. 31,
2007.  The company currently expects revenue in the range of
US$60 million to US$62 million and net loss of US$500,000 to net
income US$1 million.

                     Fiscal 2007 Guidance

Corel provided guidance for the year ending Nov. 30, 2007.  The
company currently expects revenue in the range of US$247 million
to US$253 million and net loss of US$4 million to US$2 million.

                    About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.


DAIMLERCHRYSLER: W. Bernhard to Head New Chrysler, Report Says
--------------------------------------------------------------
Wolfgang Bernhard is set to become the chairman of the new
Chrysler once Cerberus Capital Management LP completes its
purchase of the automaker from DaimlerChrysler AG, the New York
Times reports, quoting a person familiar with the company’s
plans.

According to the report, Thomas W. LaSorda will remain as
Chrysler’s chief executive, a position he has held since the
beginning of 2006.  Chrysler is also expected to name the
members of two boards, one for the auto company and another for
a holding company that will be created when the sale is
completed, which may be as early as this week.

Mr. Bernhard left Chrysler to become the head of Mercedes-Benz
in the spring of 2004, but he clashed with DaimlerChrysler
executives who felt his efforts to cut costs were too
aggressive.  Mr. Bernhard became chairman of the Volkswagen
brand a year later but left as part of a management shake-up
earlier this year, the Times states.  Cerberus asked him to be
one of its advisors in its efforts to acquire Chrysler.

The TCR-Europe reported on July 27, 2007, that bankers for
Chrysler have deferred a US$12 billion debt sale to investors as
part of a buyout severing the unit from its German parent.  
Rather than fund the operations of the newly independent auto
maker with money raised from loans, as planned, the underwriters
of the deal -- five banks led by J.P. Morgan Chase & Co. -- will
have to provide much of the money themselves, at least until the
market settles down.

Executives at the automaker's parent company were quick to
reassure investors that the financing problem will not affect
the purchase of the Chrysler Group by private equity firm
Cerberus, which had signed to buy an 80% stake in the U.S. Arm.

                      About DaimlerChrysler

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

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

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

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

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


FRESENIUS SE: Fitch Affirms Low-B Ratings on Debt Instruments
-------------------------------------------------------------
Fitch Ratings has affirmed Germany-based healthcare group,
Fresenius SE (fka Fresenius AG) and its entities and their
respective debt instruments:

* Fresenius Medical Care Capital Trusts:

   -- Subordinated rating for the guaranteed trust preferred
      securities 'B+'

* Fresenius SE:

   -- Long-term Issuer Default rating 'BB'/Stable Outlook

   -- Short-term IDR 'B'

   -- Senior unsecured debt rating 'BB'

* Fresenius Finance B.V.:

   -- Senior unsecured debt rating for the guaranteed senior
      notes 'BB'

* Fresenius Medical Care AG & CO. KGaA:

   -- Long-term IDR 'BB'/Stable Outlook
   -- Short-term IDR 'B'
   -- Senior unsecured debt rating 'BB'

The ratings are supported by Fresenius's excellent market
positioning in the non-cyclical, steady- growth dialysis market
with stable and relatively predictable cash flow generation.  
The ratings also reflect the group's vertical integration into
the manufacturing of hemodialysis machines and supplies and
peritoneal dialysis products and accompanying cost advantages,
which allow the group to build on its reputation for quality
services.  The ratings are constrained by Fresenius's over-
reliance on just one disease area, exposure to private insurers'
and governments' reimbursement policies and appetite for
acquisitions.  Despite the improvement in debt protection
measures seen during fiscal year 2006, the Stable Outlook takes
into consideration the likelihood of further debt-funded
acquisitions.  Fitch will assess the impact of any large
acquisitions focusing on their strategic fit and funding mix.

As the largest globally operating dialysis service and product
provider, FMC benefits from a geographical broad network of
dialysis clinics.  As 70% of group's EBITDA is derived from
dialysis, Fresenius is over reliant on one treatment area and
thus exposed to potential substitution and technology changes.
It is furthermore reliant on private insurers' and governments'
reimbursement policies.  Although legislative or reimbursement
practice changes may have a negative effect on Fresenius's
profitability, Fitch expects no dramatic changes in legislation
in the medium term.

Fresenius's EBITDA margin had remained fairly stable at about
16% since 2002 before it increased to 17.1% in FY06, driven by
the Renal Care Group acquisition.  In fiscal year 2006 Fresenius
SE managed to reduce its net debt-to- EBITDA leverage ratio to
3x, which was about what it had targeted for 2008 of under 3x.  
The group's FY06 net adjusted debt/EBITDAR was, however, still
high at 3.9x (2.8x de-consolidating FMC and only including
dividends and payments for services and leases from Fresenius
Medical Care to Fresenius SE).  At YE06, operating EBITDAR/net
interest plus rents ratio stood at 2.9x (FY05: 3.1x) for the
group and at 4.8x on a de-consolidated basis.  While Fresenius
Kabi business is expected to remain highly cash generative,
Fresenius ProServe's cash flows are likely to remain weak due to
capital expenditure requirements and planned acquisitions.

The 'BB' unsecured rating for Fresenius SE and FMC reflects
Fitch's view of average recovery prospects on default.  While
the US$500 million senior notes issued by FMC benefit from
unsecured guarantees provided by certain FMC's top operating
subsidiaries, any claims from FMC's creditors will rank after
its secured bank loan creditors. The senior notes issued by
Fresenius Finance B.V. benefit from senior unsecured guarantees
provided by Fresenius Kabi and Fresenius ProServe and are
supported by the economic value of Fresenius SE's 36% equity in
FMC.


INDUSTRIEPLANUNG FISCHER: U.S. Court Grants Relief Under Ch. 15
---------------------------------------------------------------
The Hon. William R. Sawyer of the U.S. Bankruptcy Court for the
Middle District of Alabama issued an order granting
IndustriePlanung Fischer Aktiengesselschaft relief under
Chapter 15 of the U.S. Bankruptcy Code.

The order recognizes the Debtor's foreign proceedings pending in
the District Court of Bad Hombrg v.d. Hoehe in Germany as a
foreign main proceeding.  The order enjoins creditors and other
parties from commencing any actions that would disrupt the
orderly administration of the Debtor's estate.

The German court initiated bankruptcy proceedings against the
Debtor on June 30, 2006, pursuant to the German Bankruptcy Act,
and appointed Angelika Amend as insolvency administrator.  

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-U.S. proceedings
might obtain relief, including injunctive relief, in the United
States, expands the powers of U.S. Bankruptcy Courts, and
enhances the rights of both U.S. and non-U.S. creditors.

Headquartered in Friedrichsdorf, Germany, Industrieplanung
Fischer Aktiengesselschaft provides engineers for general
contracting operations.  Angelika Amend, in her capacity as
foreign representative for the Debtor, filed a chapter 15
petition under the U.S. Bankruptcy Court for the Middle District
of Alabama in Montgomery (Bankr. M.D. Al. Case No. 07-30662) on
May 9, 2007.  Robert Wayne Hendrick, Esq., of Hendrick &
Hendrick, represents Ms. Amend in the proceedings.  As of
petition date, the Debtor's estimated assets and debts is
between US$1 million to US$10 million.


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


AES CORP: Shuts Down Two Units at Alamitos Power Station
--------------------------------------------------------
The California Independent System Operator said in a report that
The AES Corporation has closed down its 485-megawatt Unit 5 and
335-megawatt Unit 4 at its Alamitos natural gas-fired power
station in California for unplanned work.

Reuters relates that the 1,997-megawatt Alamitos plant is in
Long Beach in the Los Angeles County.  It has six units,
including:

         -- 175-megawatt Unit 1,
         -- 175-megawatt Unit 2,
         -- 332-megawatt Unit 3,
         -- 335-megawatt Unit 4,
         -- 485-megawatt Unit 5, and
         -- 495-megawatt Unit 6.

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

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

                       *     *     *

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


SUN MICROSYSTEMS: Earns US$329 Million in Quarter Ended June 30
---------------------------------------------------------------
Sun Microsystems Inc. reported financial results for its fourth
quarter and full fiscal year, which ended June 30, 2007,
exceeding its operating margin target, improving gross margin
and delivering another sequential quarter of profit.

Net income for the fourth quarter of fiscal 2007 on a GAAP basis
was US$329 million, or US$0.09 per share on a diluted basis.   
For the full fiscal year, net income was US$473 million, or
US$0.13 per share, on a diluted basis, as compared with a net
loss of US$864 million, or (US$0.25) per share, for fiscal 2006.

Revenues for the fourth quarter of fiscal 2007 were US$3.835
billion.  For the full fiscal year, the Company reported
revenues of US$13.873 billion, an increase of 6.2 percent over
fiscal year 2006.  Total gross margin as a percent of revenues
for the fourth quarter was 47.2 percent, and gross margin for
the full fiscal year was 45.2 percent, an increase of 2.1
percentage points over fiscal year 2006.  Operating margin for
the fourth quarter was 8.5 percent.

Cash generated from operations for the fourth quarter of fiscal
2007 was US$564 million, and cash and marketable debt securities
balance at the end of the quarter was approximately US$5.9
billion.

"With a solid strategy and consistent execution, we delivered on
our commitment to achieve at least 4 percent operating margin in
the fourth quarter.  This milestone marks significant progress
toward our longer-term growth plan of at least 10 percent
operating margin for the full fiscal year 2009," said Jonathan
Schwartz, president and CEO of Sun Microsystems.  "The
Solaris(TM) 10 Operating System continues to fuel opportunity
for us and our partners, allowing customers to leverage built-in
virtualization to harvest more value from their datacenters,
without the unnecessary expense of separate software licenses."

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network    
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.   

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                       *     *     *

Moody's Investors Service confirmed its Ba1 Corporate Family
Rating for Sun Microsystems Inc. in connection with Moody's
Investors Service's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the U.S.
Technology Hardware sector.

Sun Microsystems, Inc.'s 7.65% Senior Notes due Aug. 15, 2009,
carry Moody's Investors Service's Ba1 rating and Standard &
Poor's BB+ rating.


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


COMMSCOPE INC: Second Quarter Net Income Rises to US$61.1 Mln
-------------------------------------------------------------
CommScope Inc. recorded second quarter sales of US$519.1 million
and net income of US$61.1 million, or US$0.83 per diluted share.

For the second quarter of 2006, CommScope reported sales of
US$411.9 million and net income of US$46.6 million, or US$0.65
per diluted share.  The reported second quarter 2006 net income
included an after-tax gain of US$18.6 million related to the
recovery on a note receivable from OFS BrightWave, LLC and
after-tax charges of US$2.6 million related to restructuring
costs.  Excluding these special items, adjusted earnings were
US$30.6 million, or US$0.43 per diluted share.

"We are pleased to deliver another record quarter as we expand
our global leadership in infrastructure solutions for
communications networks," said CommScope Chairman and Chief
Executive Officer, Frank M. Drendel.  "We believe that customer
demand for bandwidth remains strong and we look forward to
building upon positive industry fundamentals.

"We are also excited about the pending acquisition of Andrew
Corporation, which we announced last month.  We are moving
forward and continue to expect the transaction to close before
the end of 2007," Mr. Drendel added.

                         Sales Overview

Sales for the second quarter of 2007 increased 26.0 percent year
over year, driven by increased customer demand across all
business segments and price increases in the Enterprise and
Broadband segments due to higher material costs, which were
implemented in the first half of 2006.  The company experienced
particularly strong sales growth in the Carrier segment.

Enterprise segment sales rose 16.7 percent year over year to
US$239.4 million, primarily due to higher sales volume,
favorable mix and price increases implemented in 2006 in
response to higher costs.  CommScope continues to experience
success with its high-performance and industry-leading products,
including the SYSTIMAX(R) GigaSPEED(R) X10D unshielded twisted
pair cabling solution and the innovative iPatch(R) Real Time
Infrastructure Management System, as enterprises upgrade their
networks to manage expected bandwidth requirements.  Enterprise
sales grew in all geographic regions.

Broadband segment sales rose 19.7 percent year over year to
US$163.4 million, primarily due to higher sales volumes, price
increases implemented in the first half of 2006 in response to
higher material costs and the positive impact of the Signal
Vision, Inc. acquisition, which closed on May 1, 2007.   
Competition between cable television and telephone companies has
resulted in ongoing investment in their networks to support
expanded video, data and voice services, which has stimulated
Broadband sales.  Broadband sales growth in the quarter was
strongest in the Latin American and North American regions.

Carrier segment sales increased 64.4 percent year over year to
US$116.7 million.  This robust growth is primarily the result of
large domestic wireline carriers continuing to deploy broadband
services to their customers.  The Carrier segment has been
CommScope's fastest growing and most volatile segment.

Total international sales for the second quarter of 2007 rose
20.5 percent year over year to US$160.1 million, or
approximately 30.8 percent of total company sales.

External orders booked in the second quarter of 2007 were
US$548.3 million, up 12.2 percent from the year-ago quarter.

                      Andrew Acquisition

On June 27, 2007, CommScope and Andrew Corporation announced a
definitive agreement, unanimously approved by their respective
Boards of Directors, under which CommScope will acquire all of
the outstanding shares of Andrew for US$15.00 per share, at
least 90 percent in cash.  The combined company will be a global
leader in infrastructure solutions for communications networks,
including:

  * structured cabling solutions for the business enterprise;

  * broadband cable and apparatus for cable television
    applications; and

  * antenna and cable products, base station subsystems,
    coverage and capacity systems, and network solutions for
    wireless applications.

"With this acquisition, we are advancing CommScope's position as
a worldwide leader in 'last mile' solutions and are creating
important cost reduction and growth opportunities that we
believe will drive increased shareholder value," Mr. Drendel
stated.  "We intend to build upon the complementary global
product offerings to provide customers with a broader array of
infrastructure solutions for video, voice, data and mobility."

The total transaction value is approximately US$2.6 billion,
based on Andrew's estimated 176 million shares outstanding on a
fully diluted basis, which includes shares associated with
Andrew's existing convertible notes.  CommScope expects to fund
the cash portion of the purchase price through a combination of
new credit facilities and available cash on hand.  CommScope has
obtained customary fully underwritten debt financing commitment
letters from Bank of America and Wachovia Bank, N.A. (and their
respective affiliates).  The transaction is expected to close
before the end of 2007 and is not conditioned on receipt of
financing by CommScope.

The transaction is subject to completion of customary closing
conditions, including effectiveness of a registration statement
on Form S-4, approval by Andrew's stockholders, clearance under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and any other applicable laws or regulations.  On
July 16, 2007, CommScope and Andrew submitted their pre- merger
notification filings as required under the Hart-Scott-Rodino
Act.

"Our revised revenue guidance reflects expectations of continued
strength across all of our business segments," said Executive
Vice President and Chief Financial Officer, Jearld L. Leonhardt.   
"However, material costs continue to rise and we may not be able
to fully recover these costs in the short term.  As a result of
this volatility, we expect operating margin in the second half
of 2007 to be lower than the first half of the year.   
Nonetheless, we are pleased to raise 2007 guidance and to be in
a position to achieve record calendar year financial
performance."

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last    
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

-- Corporate Family Rating, Ba2
-- US$250 million Convertible Senior Subordinated Debentures
    due 2024, Ba3


SIGMA-1 CLO-2007: Fitch Rates EUR19.8 Class F Notes at BB
---------------------------------------------------------
Fitch Ratings has assigned EUR66.3 million of SIGMA-1 CLO-2007
Ltd.'s issue of EUR109.5 million floating-rate notes, due 2017,
final ratings:

   -- EUR0.5 million Class A secured floating-rate notes (ISIN:
      XS0313508672): 'AAA'

   -- EUR6.15 million Class B secured floating-rate notes
      (ISIN: XS0313508755): 'AA+'

   -- EUR17.6 million Class C secured floating-rate notes
      (ISIN: XS0313508839): 'A+'

   -- EUR6.8 million Class D secured floating-rate notes
      (ISIN: XS0313509134): 'A-'

   -- EUR15.45 million Class E secured floating-rate notes
      (ISIN: XS0313509480): 'BBB'

   -- EUR19.8 million Class F secured floating-rate notes
      (ISIN:  XS0313509647): 'BB'

The Class G and H notes, totaling EUR33.2 million and
EUR10 million, respectively, are not rated.

The transaction is a partially-funded synthetic CDO referencing
a predominantly German portfolio (80%) of senior unsecured
German law governed obligations of medium and large corporate
entities arising from loans (including syndicated loans),
facilities, letters of credit or guarantees originated and
credit-assessed by Dresdner Bank AG.

The ratings of the notes are based on the available credit
enhancement, the credit quality of the reference portfolio and
available collateral, the strength of the guarantee
counterparties and the sound financial and legal structure of
the transaction.  Credit enhancement of the Class A notes,
totaling 5%, is provided by the Class B notes (0.28%), Class C
notes (0.81%), Class D notes (0.31%), Class E notes (0.71%),
Class F notes (0.91%) and the unrated Class G and H notes
(together 1.98%).

At closing, Dresdner Bank AG entered into a loss guarantee with
the issuer.  Under the guarantee, the issuer sold credit
protection against losses of up to EUR109.5 million on the
EUR2.18 billion reference portfolio to Dresdner Bank AG.  The
issuer hedged itself by issuing credit-linked notes.  The issuer
invested the note issuance proceeds in cash collateral deposited
at Dresdner Bank AG.

The transaction features a three-year replenishment period,
subject to the eligibility and replenishment criteria, which
include a weighted average life covenant, as well as country-
specific and rating-dependent debtor group concentration limits.
The country-specific concentration criteria ensure that at least
80% of the reference portfolio notional is represented by German
claims.  Replenishments are subject to the Fitch VECTOR test.

The final ratings address the ultimate repayment of principal at
maturity and timely payment of interest according to the terms
and conditions of the notes.

SIGMA-1 CLO-2007 Ltd. is a bankruptcy-remote SPV incorporated in
Ireland and domiciled in Dublin.


W.R. GRACE: Delaware Court Terminates Exclusive Periods
-------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware notes that despite more than six years of
exclusivity, W.R. Grace & Co. and its 61 debtor affiliates have
not been able to forge an agreement to achieve a consensus with
respect to asbestos personal injury liabilities and certain
asbestos-related property damage claims, notwithstanding their
filing of a disclosure statement and a plan of reorganization on
November 13, 2004.

The Plan and Disclosure Statement were amended on January 13,
2005, after vehement opposition by representatives of Personal
Injury Claimants, the Future Claims Representative, and other
constituents, Judge Fitzgerald relates.

The Plan amendments resolved certain issues but failed to
resolve some issues relating to Asbestos Personal Injury
Liabilities, the Court points out.  Those issues remain
unresolved and litigation is ongoing regarding PI Liabilities
estimation and there are numerous discovery disputes, including,
but not limited to, those concerning the PI Questionnaires
propounded by the Debtors, the reliability of x-rays and B-
reads, confidentiality and sources of information, evidentiary
matters, and Daubert issues.

No further amendments to the Plan and Disclosure Statement have
been filed since January 2005.

In their latest request, the Debtors emphasized to the Court
that the estimation trial for their PI Liabilities must first be
concluded so that the results can be incorporated into the Plan.

Various counsel have argued, and Judge Fitzgerald finds, that
without an agreement as to the Asbestos PI Liabilities, the PI
Estimation Trial must conclude and rulings must be issued before
a plan of reorganization can be confirmed.  The PI Estimation
Trial is currently set for January through April 2008.

"The Debtors have had sufficient exclusive time to control
negotiations with creditors and to propose and confirm a
feasible plan," Judge Fitzgerald holds.  "[Yet they] have failed
to establish that extending exclusivity will result in advancing
their case towards resolution."

Accordingly, Judge Fitzgerald terminates the period by which the
Debtors may exclusively file a plan and solicit votes of that
plan.

Termination of the Debtors' exclusivity will facilitate moving
their bankruptcy cases toward conclusion by changing the
dynamics for negotiation while permitting the Debtors to
continue to operate their business, resolve claims, and
participate in negotiations, Judge Fitzgerald opines.

Termination of exclusivity will not prejudice any party or
adversely affect the progress of the case pending estimation,
the Court adds.

In light of the Court's ruling, any creditor now has the right
to file a competing plan in the Debtors' cases.

"Grace is disappointed in the ruling, but was happy to see Judge
Fitzgerald reaffirms her commitment to the estimation process
and endorse the way the company is being run," Grace spokesman
Greg Euston told Bloomberg News.

                     About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica  
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.   
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.   
(W.R. Grace Bankruptcy News, Issue No. 135; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


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


ALITALIA SPA: Berardino Libonati Quits as Chairman
--------------------------------------------------
Berardino Libonati has resigned as Alitalia S.p.A.'s chairman
and director, various reports say.

Alitalia said in statement that Mr. Libonati's resignation was
related to the sale process initiated by the Italian government,
which holds a 49.9% stake in the national carrier.

According to the statement, Mr. Libonati resigned after the sale
process failed to locate a buyer for Italy's 39.9% stake, with a
view to find "more appropriately operative solutions."

Mr. Libonati, who held no managerial powers while at Alitalia,
said the carrier needs people with "managerial experience and
abilities and familiarity with the sector."

                             Nominee

Following Mr. Libonati's resignation, the Finance Ministry
nominated Maurizio Prato as Alitalia's next chairman holding
managerial powers.

"This is also in consideration of the many years of managerial
experience at primary companies of Mr. Prato, including those in
the air transport sector, as well as in company restructuring
and privatization," Agenzia Giornalistica Italia reports.

The ministry, AGI relates, hopes that Alitalia's new management
could find qualified buyers for the government's stake in the
carrier.

"These subjects must work to promote the rehabilitation,
development and promotion of Alitalia, taking into account the
profiles of general interest believed to be inseparable by the
Government in view of a continuity and adequacy of air transport
service in Italy," the Finance Ministry said in a statement.

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

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

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

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

                          About Alitalia

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

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


BANCA ITALEASE: Posts EUR387.71 Mln Net Loss for First Half 2007
----------------------------------------------------------------
Banca Italease S.p.A. posted EUR387.71 million in net losses and
EUR613.67 million in operating losses for the first half of
2007, compared with EUR73.39 million in net profit and
EUR100.19 million in operating profit for the same period in
2006.

Total assets increased from EUR19.0 billion as of Dec. 31, 2006,
to EUR21.2 billion as of June 30, 2007, mainly due to an
increase in customer receivables from EUR16.2 billion to EUR17.8
billion.

Taking into account the net loss for the first half, the
company's shareholders' equity decreased from EUR1.04 billion as
of Dec. 31, 2006, to EUR877.6 million as of June 30, 2007.

Headquartered in Milan Italy, Banca Italease S.p.A. --
http://www.italease.it/-- provides retail, corporate and  
subsidized leasing services, medium and long-term lending,
insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.


BANCA ITALEASE: Fitch Cuts Ratings to E on Parent Bank’s Loss
-------------------------------------------------------------
Fitch Ratings has downgraded Banca Italease's Individual rating
to 'E' from 'D/E'.  The bank's other ratings are affirmed at
Long-term Issuer Default Rating 'BBB-' with Stable Outlook,
Short-term IDR 'F3' and Support '2'.  The bank's EUR150 million
trust preferred securities are affirmed at 'BB', in line with
Fitch's notching methodology for issuers whose Long-term IDR is
derived from institutional support.

The downgrade of Italease's Individual rating follows
management's announcement on July 27, 2007 that the group's
parent bank had made an operating loss of EUR614 million for
H107, which means that Italease will require external support.  
Italease's Long-term IDR remains at its Long-term rating floor
and reflects support from its main shareholders, who have
confirmed their commitment to the bank and will participate in
the planned rights issue of up to EUR700 million.  Fitch expects
that support would be extended until Italease's situation has
stabilized.

Italease's H107 loss was primarily caused by a EUR686 million
impairment charge on the bank's credit exposure arising from
derivative products sold to customers, accounted for as a
trading loss.  At end-June 2007 Italease's gross client exposure
arising from derivative products amounted to EUR920.4 million,
which the bank has written down to EUR132.4 million.  In
addition the parent bank booked a EUR33 million loan impairment
charge on its exposure to the defaulted Coppola group.  While
net interest revenue at the parent bank increased 27% in H107,
net commission income dropped sharply as a result of the trading
losses in derivatives.  As a result of its EUR388 million net
loss, the parent bank's equity fell to EUR877.6 million at end-
June 2007.  The loss has weakened Italease's capitalization
significantly.  But it does not, in Fitch's opinion, necessarily
imply that the bank would have defaulted if Italease's
shareholders had decided against providing support.  Therefore,
based on the information available, Fitch does not consider
Italease to have failed.  Should further losses materialize that
would have effectively depleted the bank's capital in the
absence of support, Fitch will downgrade Italease's Individual
rating to 'F' as it would have failed according to the agency's
definitions.  To meet the agency's definition of failure, a bank
must either have defaulted, or in Fitch's opinion, would have
defaulted if it had not received external support.

Fitch will continue to monitor developments at the bank and
notes that its Individual rating could benefit from a sufficient
capital increase, improved controls and from a sustainable
business model for its new business.


FIAT SPA: Wants to Reacquire TK Aluminum Ltd.
---------------------------------------------
Fiat S.p.A. submitted an offer to reacquire former subsidiary
TK Aluminum Ltd., the Financial Times reports citing people
close to the talks.

Until September 2002, Teksid Aluminum, currently TK Aluminum's
operating arm, was a division of Teksid S.p.A., which was owned
by Fiat.  

Through a series of deals completed between Sept. 30, 2002 and
Nov. 22, 2002, Teksid S.p.A. sold its aluminum foundry business
to a consortium of investment funds led by equity investors that
include affiliates of each of Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR SpA and AIG
Global Investment Corp.  

As a result of the sale, Teksid Aluminum is now owned by its
equity investors through TK Aluminum Ltd., a Bermuda holding
company.

According to FT, Fiat has yet to hear from 15 investment groups
involved with Questor.  FT suggests that the bid price is likely
to be very low given TK's financial problem.  The newspaper adds
that if a deal was accepted, TK would be the third supplier that
Fiat has acquired this year.

                       About TK Aluminum

Headquartered in Carmagnola, Italy, TK Aluminum Ltd. --
http://www.teksidaluminum.com/-- manufactures cast aluminum  
components for the auto industry through its Teksid Aluminum
unit.  Questor Management Company owns 53% of TK Aluminum; JP
Morgan Chase owns 28% through subsidiary JPMP Capital.

                         About Fiat SpA

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

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

                          *    *    *

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

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

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


TK ALUMINUM: Receives Acquisition Offer from Fiat SpA
-----------------------------------------------------
TK Aluminum Ltd. received an acquisition offer from former owner
Fiat S.p.A., the Financial Times reports citing people close to
the talks.

Until September 2002, Teksid Aluminum, currently TK Aluminum's
operating arm, was a division of Teksid S.p.A., which was owned
by Fiat.  

Through a series of deals completed between Sept. 30, 2002 and
Nov. 22, 2002, Teksid S.p.A. sold its aluminum foundry business
to a consortium of investment funds led by equity investors that
include affiliates of each of Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR SpA and AIG
Global Investment Corp.  

As a result of the sale, Teksid Aluminum is now owned by its
equity investors through TK Aluminum Ltd., a Bermuda holding
company.

According to FT, Fiat has yet to hear from 15 investment groups
involved with Questor.  FT suggests that the bid price is likely
to be very low given TK's financial problem.  The newspaper adds
that if a deal was accepted, TK would be the third supplier that
Fiat has acquired this year.

                         About Fiat SpA

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

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

                       About TK Aluminum

Headquartered in Carmagnola, Italy, TK Aluminum Ltd. --
http://www.teksidaluminum.com/-- manufactures cast aluminum  
components for the auto industry through its Teksid Aluminum
unit.  Questor Management Company owns 53% of TK Aluminum; JP
Morgan Chase owns 28% through subsidiary JPMP Capital

                            *   *   *

As of Aug. 1, 2007, TK Aluminum Ltd. carries Caa3 long-term
corporate family rating from Moody's Investors Service.  Outlook
is stable.


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


DOSTYK-AGRO LLP: Creditors' Claims Due on Sept. 5
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Dostyk-Agro insolvent on June 8.

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

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


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


POLIGAM 2: Creditors Must File Claims by September 7
----------------------------------------------------
LLC Poligam 2 has declared insolvency.  Creditors have until
Sept. 7 to submit written proofs of claim to:

         LLC Poligam 2
         Fuchik Str. 3
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-85-48


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Fitch Affirms and Withdraws B IDR
-------------------------------------------------
Fitch Ratings has affirmed Lithuanian oil refining company
Mazeikiu Nafta AB's Long-term Issuer Default rating at 'B+' with
a Positive Outlook and Short-term IDR at 'B' and simultaneously
withdrawn them.  Fitch will no longer provide separate rating
coverage of MN given that the company is now an integral part of
the Polski Koncern Naftowy ORLEN S.A. group.

MN is the largest oil refining company in the Baltic States.  It
is majority owned by Poland-based oil refining and marketing
company PKN.


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


EUROSAIL-NL: Moody's Rates Classes E1 & ET Notes at Low-B
---------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
six classes of notes issued by Eurosail-NL 2007-1 B.V.:

   -- Aaa to EUR306,250,000 Class A Mortgage-Backed Notes due
      April 2040;

   -- Aa1 to EUR14,525,000 Class B Mortgage-Backed Notes due
      April 2040;

   -- Aa3 to EUR14,000,000 Class C Mortgage-Backed Notes due
      April 2040;

   -- Baa2 to EUR12,775,000 Class D Mortgage-Backed Notes due
      April 2040;

   -- Ba2 to EUR2,450,000 Class E1 Mortgage-Backed Notes due
      April 2040; and

   -- Ba3 to EUR11,200,000 Class ET Notes due April 2040.

The ET Notes are not backed by mortgage collateral but will be
paid back by available excess spread.  Interest payments on the
ET Notes rank pari passu with payments to the E1 Notes.

Moody's previously assigned provisional ratings to these notes
on June 29, 2007.

Eurosail-NL 2007-1 B.V. is the first transaction backed by a
pool of non-conforming mortgages in the Netherlands.  The
transaction includes loans originated by ELQ Portefeuille-I
B.V., a Dutch subsidiary of Lehman Brothers, to borrowers with
current and cured arrears registrations with the Dutch credit
bureau ("Bureau Krediet Registratie"), borrowers who self
certify their income, and combinations of the above categories.
Moody's believes that these products are riskier than products
which do not exhibit these characteristics, and that there is
some uncertainty as to how the pool would perform during an
economic downturn.

25.2% of borrowers have at least one current arrears
registration at the Dutch credit bureau, and 66.6% of borrowers
have at least one cured arrears registration.  12.5% of loans in
the portfolio were provided to borrowers with an arrears
registration on a previous mortgage loan.  2.5% of loans in the
portfolio were provided to borrowers who restructured their
personal debt under the law "Schuldsanering".  48.7% of
borrowers self certified their income.  This includes borrowers
with current and/or cured arrears registrations at the BKR.  The
enhancement levels address the uncertainty as to how the pool
would perform during an economic downturn.

The transaction benefits from a fixed-to-floating swap, which
hedges the interest rate risk on the fixed rate mortgages.
Additionally the transaction benefits from a swap hedging the
basis risk between the floating rate mortgages and the notes
interest.

Credit enhancement is provided by the excess spread, to cover
losses and to replenish the Reserve Fund if needed. Further
credit enhancement is provided by the Reserve Fund, which is
fully funded at closing, at EUR3,500,000 (1.0 per cent of the
initial Class A -- E1 notes balance) and the subordination of
the notes.  There is a liquidity facility in place of 5.5 per
cent of the initial Class A-E1 Notes balance amortizing at 8 per
cent of the outstanding balance.

The master servicer for the transaction is ELQ Hypotheken N.V.
Transaction payment services are sub contracted to STATER
Nederland B.V., which also serves as a backup servicer.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for the timely payment of interest and ultimate payment of
principal by the legal final maturity.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


FOOT LOCKER: Kicks Off Plans to Support Business Operations
-----------------------------------------------------------
Foot Locker Inc. has initiated several steps during the second
quarter that are designed to strengthen its business operations.   
Among those actions are:

  -- Merchandise Inventory Reduced through Aggressive Clearance
     Strategy

  -- Additional U.S. Stores Identified for Potential Early
     Closure

  -- More Aggressive Store Opening Plans Being Developed for
     Foot Locker Europe

  -- Senior Division Management Changes

The company updated its financial forecast for its second
quarter 2007 primarily to reflect the impact of the merchandise
inventory clearance activity.  As a result of that and other
actions, the company currently expects to report a loss in a
range of US$0.17-to-US$0.20 per share.  This range reflects
increased markdowns in the company's U.S. stores of
approximately US$55 million at cost, or approximately US$0.22
per share, versus the same period last year to liquidate slow-
selling merchandise.  The company's estimate for the second
quarter that was provided at the beginning of the period was net
income of US$0.15-to-US$0.20 per share.  The company also
updated its financial forecast for the second quarter to reflect
that its comparable-store sales are expected to decrease 7-to-8
percent.

"During the second quarter, we made the strategic decision to
liquidate slower-selling merchandise in our U.S. stores more
aggressively than we had planned at the beginning of the
quarter, with an objective of improving our inventory position
before the start of the fall season," stated Matthew D. Serra,
Foot Locker, Inc.'s Chairman and Chief Executive Officer.  "The
financial impact of implementing this important strategy was the
primary reason for the projected net loss for the second quarter
of 2007.  We expect our international units will produce a
double-digit division profit increase versus last year's
comparable period."

The company's financial position continued to strengthen during
the second quarter, as its cash position, net of debt, is
expected to increase by approximately US$50 million from the
same time last year.  Merchandise inventory at the end of the
second quarter is expected to be lower than at the same period
last year.  During the first six months of the year, the company
repurchased 2.3 million shares of its common stock for
US$50 million under a three-year US$300 million share repurchase
program.  Additional shares may be purchased this year based on
market conditions and other factors.

Through an extensive review of its store base, the company
identified a number of unproductive domestic stores that it is
pursuing to close over the next several months.  Depending on
the success in negotiating settlements with its landlords, a
total of up to 250 stores will be closed in 2007.  This is
approximately twice the number of stores that the company had
originally planned to close in 2007 and, as a result of this
action, it is expected that the profitability of the company's
U.S. store base will be enhanced, beginning in 2008.

At the same time, the company is in the process of developing
plans to open additional Foot Locker stores more aggressively in
the European and surrounding markets.  During 2008, the company
currently expects to open up to 30 new stores in this region
that will be managed by the Foot Locker Europe management team.

Three key management changes were also announced, effective
Aug. 6, 2007.  Keith Daly, currently President and CEO of Foot
Locker Europe since 2005, was promoted to President and CEO of
Foot Locker U.S. with responsibility for the company's Foot
Locker, Footaction and Kids Foot Locker stores in the U.S.
Mr. Daly will be replaced by Dick Johnson, who has been
President and CEO of Footlocker.com since 2003.  An executive
search is currently being conducted to identify a suitable
candidate to replace Mr. Johnson.  Dowe Tillema was promoted to
Executive Vice President of Footlocker.com and will continue in
his role as Chief Financial Officer of this division.

The company also confirmed that it had retained Lehman Brothers
as an advisor to work with the company to evaluate strategic
alternatives, including inquiries received from private equity
firms.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and  
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services said its
ratings, including the 'BB+' corporate credit rating, on New
York City-based specialty footwear retailer Foot Locker Inc.
remain on CreditWatch with negative implications.  This rating
action follows the announcement that Genesco (BB-/Watch
Developing/--) accepted an offer from The Finish Line Inc. for
US$1.53 billion (US$54.50 per share) on June 18, 2007.  Foot
Locker made two bids for Genesco earlier this year, but they
were subsequently rejected after Genesco's board concluded the
proposals were not in the best interest of its shareholders.


FRESENIUS FINANCE: Fitch Rates Sr. Unsecured Notes at BB
--------------------------------------------------------
Fitch Ratings has affirmed Germany-based healthcare group,
Fresenius SE (fka Fresenius AG) and its entities and their
respective debt instruments:

Fresenius Finance B.V.:

   -- Senior unsecured debt rating for the guaranteed senior
      notes 'BB'

Fresenius SE:

   -- Long-term Issuer Default rating 'BB'/Stable Outlook

   -- Short-term IDR 'B'

   -- Senior unsecured debt rating 'BB'

Fresenius Medical Care AG & CO. KGaA:

   -- Long-term IDR 'BB'/Stable Outlook
   -- Short-term IDR 'B'
   -- Senior unsecured debt rating 'BB'

Fresenius Medical Care Capital Trusts:

   -- Subordinated rating for the guaranteed trust preferred
      securities 'B+'

The ratings are supported by Fresenius's excellent market
positioning in the non-cyclical, steady- growth dialysis market
with stable and relatively predictable cash flow generation.  
The ratings also reflect the group's vertical integration into
the manufacturing of hemodialysis machines and supplies and
peritoneal dialysis products and accompanying cost advantages,
which allow the group to build on its reputation for quality
services.  The ratings are constrained by Fresenius's over-
reliance on just one disease area, exposure to private insurers'
and governments' reimbursement policies and appetite for
acquisitions.  Despite the improvement in debt protection
measures seen during fiscal year 2006, the Stable Outlook takes
into consideration the likelihood of further debt-funded
acquisitions.  Fitch will assess the impact of any large
acquisitions focusing on their strategic fit and funding mix.

As the largest globally operating dialysis service and product
provider, FMC benefits from a geographical broad network of
dialysis clinics.  As 70% of group's EBITDA is derived from
dialysis, Fresenius is over reliant on one treatment area and
thus exposed to potential substitution and technology changes.
It is furthermore reliant on private insurers' and governments'
reimbursement policies.  Although legislative or reimbursement
practice changes may have a negative effect on Fresenius's
profitability, Fitch expects no dramatic changes in legislation
in the medium term.

Fresenius's EBITDA margin had remained fairly stable at about
16% since 2002 before it increased to 17.1% in FY06, driven by
the Renal Care Group acquisition.  In fiscal year 2006 Fresenius
SE managed to reduce its net debt-to- EBITDA leverage ratio to
3x, which was about what it had targeted for 2008 of under 3x.  
The group's FY06 net adjusted debt/EBITDAR was, however, still
high at 3.9x (2.8x de-consolidating FMC and only including
dividends and payments for services and leases from Fresenius
Medical Care to Fresenius SE).  At YE06, operating EBITDAR/net
interest plus rents ratio stood at 2.9x (FY05: 3.1x) for the
group and at 4.8x on a de-consolidated basis.  While Fresenius
Kabi business is expected to remain highly cash generative,
Fresenius ProServe's cash flows are likely to remain weak due to
capital expenditure requirements and planned acquisitions.

The 'BB' unsecured rating for Fresenius SE and FMC reflects
Fitch's view of average recovery prospects on default.  While
the US$500 million senior notes issued by FMC benefit from
unsecured guarantees provided by certain FMC's top operating
subsidiaries, any claims from FMC's creditors will rank after
its secured bank loan creditors. The senior notes issued by
Fresenius Finance B.V. benefit from senior unsecured guarantees
provided by Fresenius Kabi and Fresenius ProServe and are
supported by the economic value of Fresenius SE's 36% equity in
FMC.


GETRONICS N.V.: KPN Offer Cues S&P to Watch B- Rating
-----------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its 'B-' long-term corporate credit
rating on Dutch IT services group Getronics N.V.

The CreditWatch placement reflects Dutch telecom operator
Koninklijke KPN N.V.'s (BBB+/Negative/A-2) intention to make a
cash offer for Getronics' shares and public debt, including its
preferred notes.

"If the offer is launched and successful, Getronics could be
upgraded to the level of KPN," said Standard & Poor's credit
analyst Patrice Cochelin.

KPN has not stated its intentions with regard to Getronics'
EUR215 million senior secured revolving credit facility.  S&P
have nevertheless put the bank loan rating on CreditWatch
because we have assumed that the loan would either be refinanced
or, if it stays in place, would benefit from Getronics' enhanced
credit profile as a KPN subsidiary.  At Dec. 31, 2006, Getronics
had EUR460 million of on-balance-sheet debt.

The rating on Getronics reflects ongoing margin pressure in the
company's core managed-services operations, a weak free cash
flow track record, and aggressive debt measures.  Getronics is a
leading player in network and desktop outsourcing.  Pressure on
pricing and on contract renewal is ongoing, but medium-term
contracts and established relationships provide some revenue
visibility.


JUBILEE CDO: S&P Raise Class D Ratings to BB+ as Credit Improves
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
the class A-2, B, and D notes and the class R and S combo notes
issued by Jubilee CDO III B.V.  At the same time, the class A-1
and C notes were affirmed.
  
Jubilee CDO III is an arbitrage cash flow CLO managed by
Alcentra Ltd.  The deal closed in January 2004. The portfolio
consists of senior secured and mezzanine loans from issuers
incorporated in Western Europe and the U.S.  The transaction is
still in its reinvestment period, which ends in April 2009.
  
The break-even default rates generated by the cash flow model at
different default patterns, default timings, and interest rate
scenarios were compared to the scenario default rates produced
by Standard & Poor's credit model, CDO Evaluator 3.3.
  
This credit and cash flow analysis illustrated that credit
enhancement levels are now consistent with higher rating levels
for the class A-2, B, and D notes, and the class R and S combo
notes.

                          Ratings List
  
Jubilee CDO III B.V.
   EUR350.6 Million Floating-Rate And Deferrable Floating-Rate
   Notes
  
              Class              Rating
                            To            From
  
                         Ratings Raised
  
               A-2           AAA           AA
               B             A             A-
               D             BB+           BB
               R combo       BBB-          BB+
               S combo       BBB-          BB+
  
                       Ratings Affirmed

               A-1           AAA
               C             BBB


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


BIBIKOVKOE LLC: Court Names D. Zelepukin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tambov appointed D. Zelepukin as
Insolvency Manager for LLC Bibikovkoe.  He can be reached at:

         D. Zelepukin
         Post User Box 21
         394038 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-2123/05-18.

The Debtor can be reached at:

         LLC Bibikovkoe
         Umetskiy
         Tambov
         Russia


CRAFT-V CJSC: Creditors Must File Claims by Sept. 7
---------------------------------------------------
Creditors of CJSC Craft-V (TIN5603006308) have until Sept. 7 to
submit proofs of claim to:

         M. Abrosimov
         Insolvency Manager
         Proletarskaya Str. 216
         460035 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-3056/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         M. Abrosimov
         Insolvency Manager
         Proletarskaya Str. 216
         460035 Orenburg
         Russia


DAYUR CJSC: Creditors Must File Claims by Aug. 7
------------------------------------------------
Creditors of OJSC Agricultural Company Pokrovskaya Niva have
until Aug. 7 to submit proofs of claim to:

         M. Serzhantov
         Insolvency Manager
         Razina 14
         Cheboksary
         Chuvashiya
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-3769/2007.

The Debtor can be reached at:

         CJSC Dayur
         Moskovskiy 27
         Cheboksary
         Chuvashiya
         Russia


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

         S. Artamonov
         Temporary Insolvency Manager
         Post User Box 223
         241051 Bryansk
         Russia

The Arbitration Court of Bryansk will convene at 10:00 a.m. on
Oct. 15 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A09-3427/07-28.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Horizon
         Office 65
         S. Perovskoj Str. 57
         Bryansk
         Russia


KUZBASS LLC: Creditors Must File Claims by Sept. 7
--------------------------------------------------
Creditors of LLC Mine Building Company Kuzbass have until
Sept. 7 to submit proofs of claim to:

         E. Struk
         Insolvency Manager
         Oktyabrya Pr. 36g-16
         650023 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-18525/06-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Mine Building Company Kuzbass
         Komissarovskaya Str. 17
         Prokopyevsk
         653000 Kemerovo
         Russia


KVINTO LLC: Omsk Bankruptcy Hearing Slated for Oct. 30
------------------------------------------------------
The Arbitration Court of Omsk will convene at 10:00 a.m. on
Oct. 30 to hear the bankruptcy supervision procedure on LLC
Omskaya Knitting Factory Kvinto.  The case is docketed under
Case No. A46-3869/2007.

The Temporary Insolvency Manager is:

         O. Shilova
         Post User Box 4599
         644052 Omsk-52
         Russia

The Debtor can be reached at:

         LLC Omskaya Knitting Factory Kvinto
         Mira Pr. 185
         644085 Omsk
         Russia


LIPETSK-AVIA OJSC: Creditors Must File Claims by Aug. 7
-------------------------------------------------------
Creditors of OJSC Lipetsk-Avia have until Aug. 7 to submit
proofs of claim to:

         A. Kravtsov
         Temporary Insolvency Manager
         Office 11
         P. Velikogo Square 5
         398001 Lipetsk
         Russia
         Tel/Fax: 8(4742) 22-20-85, 74-68-53

The Arbitration Court of Lipetsk will convene on Oct. 25 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A36-1157/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Lipetsk-Avia
         Airport
         Kuzminskoeie Itverzhki
         398501 Lipetsk
         Russia


MAGNITOGORSK IRON: EGM Scheduled for August 30, 2007
----------------------------------------------------
OJSC Magnitogorsk Iron and Steel Works will hold an
Extraordinary General Shareholders’ Meeting on Aug. 30, 2007.

The agenda of the EGM include:

   -- approval of dividends for the first six months of the 2007
      financial year;

   -- approval of MMK reorganization by a merger of ZAO MMK-
      Kapital into OJSC MMK; and

   -- approval of a major transaction.

On July 13, 2007, MMK Board of Directors made a recommendation
to the extraordinary general shareholder's meeting that
dividends be paid in the amount of RUR0,418 per ordinary share
for the period of six months 2007.

The list of persons entitled to participate in the EGM is
prepared on the basis of the MMK Shareholders' Register as of
July 16, 2007 (3:00 p.m. Moscow time).

The information pertaining to the EGM is available at the
Company's Web site
http://www.mmk.ru/eng/invrelations/Meet/index.wbp

                          About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC Magnitogorsk Iron
and Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

In a TCR-Europe report on April 27, 2007, Moody's Investor's
Service upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.

Moody's said the outlook for both ratings is stable.  The
Moody's Interfax Rating Agency has upgraded the national scale
rating for MMK to Aa2.ru from Aa3.ru.

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.

The US$300 million guaranteed senior unsecured medium term
notes, issued by MMK Finance SA, are also rated at Ba2 (Loss
Given Default Assessment LGD4, 50%), at the same level as the
Corporate Family Rating, reflecting the benefit of a senior
guarantee from the operating company MMK which positions the
notes at the same level as the approx. US$600 million bank loans
and US$572 million trade claims of MMK, based on nine months
2006 results.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MICHUTINSKOE OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Tomsk commenced bankruptcy supervision
procedure on OJSC Michutinskoe (TIN 7005005510).  The case is
docketed under Case No. A67-1955/07.

The Temporary Insolvency Manager is:

         I. Gorn
         Post User Box 1530
         634006 Tomsk
         Russia

The Debtor can be reached at:

         OJSC Michutinskoe
         Mishutino
         Zyryanskiy
         6636852 Tomsk
         Russia


NEVEL-AUTO-TRANS: Court Names S. Alekseev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Pskov appointed S. Alekseev as
Insolvency Manager for CJSC Nevel-Auto-Trans (TIN 600900856).  
He can be reached at:

         S. Alekseev
         Pulkovskoe Shosse 7-2-161
         St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-4198/2006.

The Debtor can be reached at:

         CJSC Nevel-Auto-Trans
         Mametovoj Str. 110
         Nevel
         Pskov
         Russia


NOVOTROITSKIY FLAX: Creditors Must File Claims by Sept. 7
---------------------------------------------------------
Creditors of Municipal Enterprise Novotroitskiy Flax-Scutching
Mill (TIN 4337002179) have until Sept. 7 to submit proofs of
claim to:

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

The Arbitration Court of Kirov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A28-731/06-134/10.

The Court is located at:

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

The Debtor can be reached at:

         Municipal Enterprise Novotroitskiy Flax-Scutching Mill
         Sozinova Str. 20
         Novotroitskoe
         Shabalinskiy
         Kirov
         Russia


POKROVSKAYA NIVA: Creditors Must File Claims by Sept. 7
-------------------------------------------------------
Creditors of OJSC Agricultural Company Pokrovskaya Niva have
until Sept. 7 to submit proofs of claim to:

         R. Kogan
         Insolvency Manager
         Office 59a
         M. Gorkogo Str. 45
         302040 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-2136/07-16b6.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Pokrovskaya Niva
         Zelenyj Proezd Str. 2
         Pokrovkoe
         Pokrovskiy
         Orel
         Russia


ROSNEFT OIL: Federal Court Rules Against Yukos Capital's Claim
--------------------------------------------------------------
The Moscow District Federal Arbitration Court quashed a ruling
by an international commercial arbitration court ordering
Yuganskneftegaz, a unit of OAO Rosneft Oil Co., to pay
RUR13 billion to Yukos Capital S.a.r.l., RIA Novosti reports.

In 2006, Yukos Capital filed a claim with an international
commercial arbitrage at Russia's industry and commerce chamber
alleging that Yuganskneftegaz had failed to repay a
RUR11.2 billion loan plus interest, RIA Novosti reports.

In September 2006, the arbitrage court ordered Yuganskneftegaz
to pay the principal, plus RUR1.7 billion in interest and
US$850,000 in arbitration fees.

Rosneft, which acquired Yuganskneftegaz shortly after the former
Yukos unit was bought by Baikalfinansgroup in December 2004,
deemed the arbitrage court's ruling as illegitimate and filed a
petition with the Moscow Arbitration Court.

Aside from quashing the arbitrage court's decision, the Moscow
Arbitration Court also accepted claims filed by Rosneft.

                          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.


SISTEMA JSFC: Extraordinary General Meeting Slated for Sept. 17
---------------------------------------------------------------
JSFC Sistema’s Board of Directors has convened an Extraordinary
General Meeting of Sistema shareholders, which will be held on
Sept. 17, 2007.  Shareholders registered as at the record date
of Aug. 5, 2007, will be eligible to participate in the meeting.
Details about how to register for the meeting can be found on
the Company's Web site at http://www.sistema.com/  

The agenda for the meeting will comprise the Board's proposal to
subdivide the nominal value of Sistema's ordinary shares by
1,000 times.  As a result, the Company's share capital would
comprise 9,650,000,000 ordinary shares with a par value of
RUR0.09 per share.  In addition, the Board of Directors will
propose that the Company's Charter be amended to reflect the
changes in the Company's share capital.

"The proposed subdivision will help us to stimulate trading
liquidity in the Company's securities and is intended to boost
the level of interest in our shares in the market," JSFC Sistema
Chief Financial Officer Alexey Buyanov commented.

                          About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006.  Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).

                        *     *     *

As reported in the TCR-Europe on Jan. 17, 2007, Fitch Ratings
assigned Sistema Capital S.A.'s guaranteed debt issuance program
a final B+ rating.  The program, guaranteed by JSFC Sistema, has
a maturity of 30 years and may issue up to US$3 billion.  This
rating action follows a review of the final terms and
conditions, confirming information already received when Fitch
assigned an expected rating of B+ on Dec. 12, 2006.

In November 2006, Standard & Poor's Ratings Services raised its
long-term debt rating to 'B+' from 'B' on the senior unsecured
debt issued by Sistema Capital S.A. and OJSC Sistema Finance
Investments, and on the senior secured debt issued by Sistema
Finance S.A.  All three companies are financing vehicles for
Russian Telecommunications and industrials holding group Sistema
(JSFC) (BB-/Stable/--), which guarantees the debt.


TNK-BP HOLDING: Selling Buguruslanneft Production Unit
------------------------------------------------------
TNK-BP Holding Ltd. will sell its Buguruslanneft oil production
unit, RIA Novosti reports.

TNK-BP said the proceeds from the sale will be used to acquire
other oil assets and licenses as part of its plan to boost oil
production, RIA Novosti adds.

Orenburg governor Alexey Chernyshev said the regional government
is willing to work with Buguruslanneft's buyer regarding the
social package for the site's 2019 employees.

Buguruslanneft accounts for around 4% of TNK-BP's output in the
Orenburg region, producing between 670,000 tons and 680,000 tons
of oil yearly.

The company is currently reviewing the market in preparation for
the sale.

TNK-BP, meanwhile, plans to boost crude oil exploration,
production and refining in Orenburg, TNK-BP president Robert
Dudley told Kommersant.  TNK-BP has allotted over US$500 million
in investment in Orenburg this year.

                          About TNK-BP

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

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

                            *   *   *

As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long-
term foreign and local currency ratings and B -short-term
foreign and local currency ratings from Standard & Poor's.


TYUMENSKIY MACHINE-TOOL: Creditors Must File Claims by Sept. 7
--------------------------------------------------------------
Creditors of OJSC Tyumenskiy Machine-Tool Plant (TIN 7202000207)
have until Sept. 7 to submit proofs of claim to:

         P. Vagin
         Insolvency Manager
         Kopeyskoe Shosse, 38
         454010 Chelyabinsk
         Russia
         Tel/Fax: (351) 259-91-63

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-35165/2006-S11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tyumenskiy Machine-Tool Plant
         Stantsionnaya Str. 12
         Kushva
         624300 Sverdlovsk
         Russia


YUG-MINIOIL-LABINSK: Names N. Sukhorukova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar appointed N. Sukhorukova as
Insolvency Manager for CJSC Yug-Minioil-Labinsk.  She can be
reached at:

         N. Sukhorukova
         Kalinina Str. 74
         Dinskaya St.
         356025 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-24162/05-38/347-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Yug-Minioil-Labinsk
         Severnaya Promzona
         Labinsk
         352500 Krasnodar
         Russia


ZARYA CJSC: Creditors Must File Claims by Sept. 7
-------------------------------------------------
Creditors of CJSC Zarya (TIN 7426001856, OGRN 1037401479587)
have until Sept. 7 to submit proofs of claim to:

         T. Vysotskaya
         Insolvency Manager
         Rossiyskaya Str. 279
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-6882/01-48-148.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zarya
         Yaratkulova
         Agayashskiy
         456896 Chelyabinsk
         Russia


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


AUCTENTIA SLU: U.S. Court Grants Relief Under Chapter 15
--------------------------------------------------------
The Hon. James. M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York issued an order granting
Auctentia, S.L.U., relief under Chapter 15 of the U.S.
Bankruptcy Code.

Javier Diaz Galvez and Benito Aguera Marin, in their capacities
as foreign representatives, filed the Chapter 15 petition on
behalf of Auctentia on April 24, 2007.

The order recognizes the Debtor's foreign proceedings in the
Mercantile Court No. 1 in Madrid, Spain, as a foreign main
proceeding under Section 1517 of the Bankruptcy Code.  The order
also grants the foreign representatives injunctive relief that
will enjoin parties from taking action against the Debtor's
property.

Headquartered in Madrid, Spain, Auctentia SLU is a wholly owned
subsidiary of Afinsa Bienes Tangibles, S.A., wholesaler and
retailer of stamps, coins, art works and other collectibles.
Javier Diaz Galvez and Benito Aguera Marin filed for Chapter 15
petition on behalf of Auctentia SLU on April 24, 2007 (S.D. N.Y.
Case No. 07-11173).  Thomas L. Kent, Esq., at Paul, Hastings,
Janofsky & Walker LLP, in New York City, represents the
petitioners.  When the petitioners filed for chapter 15
petition, it estimated the Debtor's assets and debts between
US$1 million and US$100 million.


===========
S W E D E N
===========


ARVINMERITOR INC: Incurs US$70 Mil. Net Loss in Third Quarter
-------------------------------------------------------------
ArvinMeritor, Inc. posted a US$70 million net loss for the third
quarter ended June 30, 2007, compared to US$20 million of net
income for the same period in 2006.

"As we continue to work our way through a challenging operating
environment, we are making solid progress in implementing our
strategic initiatives," said Chairman, CEO and President Chip
McClure.  "As a result of the restructuring activities underway
at ArvinMeritor and a focus on improving our operational
performance, our CVS business maintained respectable margins
despite the decline in the North American heavy truck market,
and we saw continued margin improvement in our LVS business."

Mr. McClure continued, "Also during the quarter, we moved
forward with plans to optimize our manufacturing footprint,
announced new military contracts, and entered into a significant
joint venture with Chery Motors in China.  Although we continue
to face the challenges we anticipated, we are taking the
necessary actions to manage through the rough seas while
competitively positioning ourselves for 2008 and 2009."

            Fiscal Year 2007 Third-Quarter Results

For the third quarter of fiscal year 2007, ArvinMeritor posted
sales of US$1.7 billion, a 4-percent decrease from the same
period last year.  The primary factor that drove this decrease
was the downturn in the North American Class 8 market, partially
offset by strong Western Europe and Asia Pacific volumes.

Operating income in the third quarter of 2007, before special
items, was US$45 million, down 31 percent, compared to US$65
million in the prior year's third quarter.  EBITDA, before
special items, was US$85 million, down US$16 million from the
same period last year, reflecting lower commercial vehicle sales
volume in North America.

Income from continuing operations, excluding special items, was
US$18 million, or US$0.25 per diluted share, compared to US$31
million, or US$0.44 per diluted share, a year ago. Special items
primarily included restructuring charges and totaled US$22
million net of related tax benefits.

For the third quarter of fiscal year 2007, ArvinMeritor reported
negative free cash flow of US$156 million.  Free cash flow was a
positive US$155 million in the third quarter of fiscal year
2006.  The decline in free cash flow reflects increases in
working capital of discontinued operations prior to the sale of
the Emissions Technologies business group, a portion of which
will be recovered in post-closing purchase price adjustments.   
Also contributing to the negative free cash flow was increases
in working capital outside of North America, resulting from the
strong commercial vehicle volumes in Western Europe and Asia
Pacific.

        Third-Quarter Performance Plus Accomplishments

As previously announced, ArvinMeritor expects restructuring and
cost reductions resulting from its Performance Plus initiatives
to generate US$150 million in savings by 2009.  The company
remains on track to achieve that goal.  Accomplishments this
quarter include:

  -- Achieved growth in specialty business through contracts
     with International Military and Government, LLC, a wholly
     owned subsidiary of International Truck & Engine
     Corporation, and Armor Holdings, which represent 58
     percent of the total Mine Resistant Ambush Protected
     Vehicles (MRAP) business awarded to date.

  -- Entered into significant joint venture with Chery Motors
     in China to produce light vehicle chassis products in
     Wuhu, China, which the company expects to represent
     US$150 million of business by 2010 when related door and
     wheel businesses launch.

  -- Announced the closure of three plants in Brussels,
     Belgium; Frankfurt, Germany; and St. Thomas, Ontario,
     Canada.

  -- Implementing lean manufacturing across the company to
     build a stronger culture of operational excellence.

            Fourth-Quarter & Full-Year 2007 Outlook

The company's fiscal year 2007 outlook for light vehicle
production in North America is 15.1 million vehicles, down from
15.3 million vehicles in the previous forecast, and 16.5 million
vehicles in Western Europe, up from the company's prior forecast
of 16.1 million vehicles.

The outlook for North American Class 8 truck production is
238,000 units in fiscal year 2007, up from 224,000 units in the
previous forecast.  The company's fiscal year 2007 forecast for
medium and heavy truck production in Western Europe is 510,000
units, up from 475,000 units in the previous forecast.

The company now expects sales from continuing operations in
fiscal year 2007 to be in the range of US$6.2 to US$6.3 billion,
up from US$6.0 to US$6.2 billion, and is narrowing its outlook
for full-year earnings per share from continuing operations to
be in the range of US$0.75 to US$0.80.  This guidance excludes
gains or losses on divestitures, restructuring costs, and other
special items, including potential extended customer shutdowns
or production interruptions.

In addition, free cash flow guidance is being lowered for fiscal
year 2007 to a range of US$50 million to US$100 million outflow,
due to working capital increases outside of North America driven
by higher commercial vehicle volumes and the use of cash by the
Emissions Technologies business prior to sale.

"Although we anticipated that the third fiscal quarter of 2007
would be a challenge, we were pleased to report positive results
of US$0.25 per share, before special items," said Mr. McClure.   
"Going forward, we will build on the strength of our global
leadership team and the Performance Plus initiatives we are
implementing to continually improve shareowner value."

                     About ArvinMeritor Inc.

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

                       *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007
Dominion Bond Rating Service assigned a rating of BB (low) to
the USUSUS$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  DBRS says the trend is stable.

As reported on on Feb. 6, 2007, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

   -- Corporate Family Rating to Ba3 from Ba2

   -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
      LGD-2, 18%

   -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
      LGD-4, 64%

   -- Probability of Default to Ba3 from Ba2

   -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
      LGD-4, 64%

Arvin Capital I

   -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

   -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
      LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

   -- Speculative Grade Liquidity rating, SGL-2


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


BASTEL SHOP: Creditors' Liquidation Claims Due August 31
--------------------------------------------------------
Creditors of JSC Bastel Shop Acklin have until Aug. 31 to submit
their claims to:

         Philippart + Co
         Liquidator
         Bachmatt 3
         5073 Gipf-Oberfrick
         Laufenburg AG
         Switzerland

The Debtor can be reached at:

         JSC Bastel Shop Acklin
         Frick
         Laufenburg AG
         Switzerland


G. METTLER: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC G. Mettler on July 9.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC G. Mettler
         Bozbergstrasse 154
         5075 Hornussen
         Laufenburg AG
         Switzerland


MORO, DURANTE: Creditors' Liquidation Claims Due August 31
----------------------------------------------------------
Creditors of LLC Moro, Durante & Riggio have until Aug. 31 to
submit their claims to:

         Sevogelstrasse 79
         4132 Muttenz
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Moro, Durante & Riggio
         Muttenz
         Arlesheim BL
         Switzerland


NORDINVEST CAPITAL: Creditors' Liquidation Claims Due August 15
---------------------------------------------------------------
Creditors of JSC Nordinvest Capital Partner have until Aug. 15
to submit their claims to:

         Benno P. Hafner
         Liquidator
         Hafner & Hochstrasser
         General-Guisan-Quai 30
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Nordinvest Capital Partner
         Lucerne
         Switzerland


PIZZA KURIER: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Pizza Kurier Baden on July 6.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Pizza Kurier Baden
         Stadtturmstrasse 13
         5400 Baden AG
         Switzerland


SAUERESSIG SECURITY: Creditors' Liquidation Claims Due Oct. 11
--------------------------------------------------------------
Creditors of LLC Saueressig Security International (SSI) have
until Oct. 11 to submit their claims to:

         Chamerstr. 12c
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Saueressig Security International (SSI)
         Zug
         Switzerland


SCUBIDU JSC: Creditors' Liquidation Claims Due August 9
-------------------------------------------------------
Creditors of JSC Scubidu have until Aug. 9 to submit their
claims to:

         JSC Interis
         Liquidator
         Lowenstrasse 20
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Scubidu
         Zurich
         Switzerland


STEINER TEUFEN: Creditors' Liquidation Claims Due August 12
-----------------------------------------------------------
Creditors of JSC Steiner Teufen have until Aug. 12 to submit
their claims to:

         Werner Gramm
         Liquidator
         JSC Toggenburger
         Schlossackerstr. 20
         8404 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Steiner Teufen
         Freienstein-Teufen
         Bulach ZH
         Switzerland


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


BETVIS 2004: Creditors Must File Claims by August 3
---------------------------------------------------
Creditors of LLC Betvis 2004 (code EDRPOU 33133951) have until
August 3 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/187-07.

The Debtor can be reached at:

         LLC Betvis 2004
         Vatutin Str. 36
         Bolshaya Alekxandrovka
         Borispol District
         Kiev
         Ukraine


ITAKA-BUILDING CONSTRUCTION: Creditors' Claims by August 3
----------------------------------------------------------
Creditors of LLC Itaka-Building Construction (code EDRPOU
34047319) have until August 3 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 23/262-b.

The Debtor can be reached at:

         LLC Itaka-Building Construction
         Predslavinskaya Str. 34-B
         03150 Kiev
         Ukraine


KIDO LLC: Creditors Must File Claims by August 3
------------------------------------------------
Creditors of LLC Kido (code EDRPOU 24267587) have until August 3
to submit written proofs of claim to:

         Yaroslav Vanzhula
         Liquidator
         Apartment 18
         Bogomolets Str. 4
         01601 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/247-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kido
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


KIEV TECHNICAL: Creditors Must File Claims by August 3
------------------------------------------------------
Creditors of OJSC Kiev Technical Delivery (code EDRPOU 32918115)
have until August 3 to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/378-b.

The Debtor can be reached at:

         OJSC Kiev Technical Delivery
         Kikvidze Str. 41-A
         01103 Kiev
         Ukraine


KOMKON LLC: Creditors Must File Claims by August 3
--------------------------------------------------
Creditors of LLC Komkon (code EDRPOU 32670656) have until
August 3 to submit written proofs of claim to:
         
         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/282-b.

The Debtor can be reached at:

         LLC Komkon
         Reytarsaya Str. 34-A
         03150 Kiev
         Ukraine


LENINSKAYA KUZNIA: Creditors Must File Claims by August 3
---------------------------------------------------------
Creditors of CJSC Trading House Leninskaya Kuznia (code EDRPOU
30757111) have until August 3 to submit written proofs of claim
to:

         Nikolay Titarenko
         Liquidator
         Apartment 18
         Saksagansky Str. 24
         01030 Kiev Ukraine         

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/128-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trading House Leninskaya Kuznia
         Electricians Str. 26
         04176 Kiev
         Ukraine


MILINE PLUS: Creditors Must File Claims by August 3
---------------------------------------------------
Creditors of LLC Miline Plus (code EDRPOU 33130264) have until
August 3 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/178-07.

The Debtor can be reached at:

         LLC Miline Plus
         Shpili
         Ivanovsky District
         Kiev
         Ukraine


NIKOPOL TUBE: Creditors Must File Claims by August 3
----------------------------------------------------
Creditors of State Enterprise Nikopol Tube Plant (code EDRPOU
32289481) have until August 3 to submit written proofs of claim
to:

         Alexander Novikov
         Liquidator
         a/b 1809
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/77-07.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Nikopol Tube Plant
         Herson Str. 396
         Nikopol
         53220 Dnipropetrovsk
         Ukraine


PERVOMAYSKOE CJSC: Creditors Must File Claims by August 3
---------------------------------------------------------
Creditors of CJSC Pervomayskoe (code EDRPOU 30619413) have until
August 3 to submit written proofs of claim to:

         Igor Morozov
         Liquidator
         a/b 2734
         49044 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. B 15/177/05.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Pervomayskoe
         Plekhanov Str. 8
         49000 Dnipropetrovsk
         Ukraine


QUANTA P: Creditors Must File Claims by August 3
------------------------------------------------
Creditors of LLC Quanta P (code EDRPOU 33011166) have until
August 3 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/179-07.

The Debtor can be reached at:

         LLC Quanta P
         Lenin str.
         Museyki
         Ivanovsky District
         Kiev
         Ukraine


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


ABBEY FURNISHINGS: Creditors' Meeting Slated for Aug. 14
--------------------------------------------------------
Creditors of Abbey Furnishings Ltd. (Company Number 05584701)
will meet at 10:00 a.m. on Aug. 14 at:

         Smith & Williamson Ltd.
         25 Moorgate
         London  
         EC2R 6AY
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 13 at:

         Anthony Cliff Spicer and Henry Anthony Shinners
         Joint Administrators
         Smith & Williamson Ltd.
         25 Moorgate
         London  
         EC2R 6AY
         England
  
Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.  


ADVANCED HEATING: Names Jeremiah Anthony O’Sullivan Liquidator
--------------------------------------------------------------
Jeremiah Anthony O’Sullivan of Bishop Fleming was appointed
liquidator of Advanced Heating Systems Ltd. on July 19 for the
creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Bishop Fleming
         21 Highnam Business Centre
         Highnam
         Gloucester
         GL2 8DN
         England


AEROTECH WORLD: C. B. Barrett Leads Liquidation Procedure
---------------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of
Aerotech World Trade Ltd. (formerly Aviquipo of Britain Ltd.) on
July 18 for the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


ALLIANCE BOOTS: Mike Cutt Quits as Human Resource Chief
-------------------------------------------------------
Mike Cutt has resigned as Alliance Boots Plc's human resources
chief following the company's sale to a consortium led by
Kohlberg Kravis Roberts & Co., Richard Fletcher writes for the
Telegraph.

Mr. Cutt joined Richard Baker, Boots' former chief executive,
and Scott Wheway, Boots the Chemist's managing director, in the
list of executives who left Alliance Boots following KKR's
takeover, Telegraph relates.  

According to the Telegraph, Mr. Baker is understood to have been
concerned on the role he would play at the now privately owned
business.  

Alex Gourlay was appointed to replace Mr. Wheway, who had been
tipped as a possible successor to Mr. Baker.

The Telegraph relates that Alliance's former directors are now
holding almost all of the senior positions at Alliance Boots --
with Alliance founder Stefano Pessina sitting as chairman and
Ornella Barra as wholesale and commercial affairs director.

                      About Alliance Boots

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

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

                            *   *   *

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

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

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


AXA INSURANCE: U.S. Court to Hear Chapter 15 Petition on Aug. 15
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 9:45 a.m. Eastern Time on Aug. 15,
2007, to consider the Chapter 15 petition filed by Philip
Heitlinger, as foreign representative of Axa Insurance UK PLC,
Ecclesiastical Insurance Office Plc, GLOBAL General and
Reinsurance Company Limited, and MMA IARD Assurances Mutuelles.

Responses to the petition are due Aug. 8, 2007.

The Debtors had written reinsurance business in the London
market through a reinsurance pool that went into a run-off on
Nov. 1, 2002.  

Reinsurance pools that enter into a run-off, typically completes
in 20 or more years, cease underwriting new business and seek to
determine, settle and pay all liquidated claims of their
insureds as they rise.  To shorten the run-off and reduce
administrative cost, the Debtors have each entered into a scheme
of arrangement under English Law (collectively, the "Schemes".  
The Schemes apply to all business written by the companies
within the pool.

On Feb. 28, 2007, the companies met with Scheme Creditors, after
being allowed by the High Court in the UK on Dec. 12, 2006.  The
High Court also confirmed that Mr. Heitlinger has authority to
request recognition and a permanent injunction order under
Chapter 15 of the Bankruptcy Code on the December 12 order.  

On July 9, 2007, the High Court sanctioned the Schemes, which
were voted in favor of by the requisite majorities of Scheme
Creditors.  

Lawyers at Chadbourne & Parke LLP in New York City represent
the Foreign Representative in this case.

The jointly administered cases were filed on June 9, 2007
(Bankr. S.D. N.Y. Case Nos. 07-12110 and 07-12113).  The
Debtors' Chapter 15 filing has been reported in the Troubled
Company Reporter on July 11, 2007.


BAA LTD: Grupo Ferrovial Contemplates Sale of Duty Free Unit
------------------------------------------------------------
Grupo Ferrovial SA is considering selling BAA Ltd.’s World Duty
Free franchise to pay down debt used to acquire the British
airports operator, Rhys Blakely writes for Times Online.

According to Nicolas Villen, Grupo Ferrovial’s finance director,
the World Duty Free, which has 65 shops and annual sales of
GBP300 million, is "not a strategic asset for us".  The group is
selling off non-strategic assets to help curb financing costs.

Banks including NM Rothschild and Citigroup have pitched to
advice on a possible sale.

Possible bidders for the unit, which could fetch up to GBP500
million, include Dufry, the Swiss travel retailer, Times Online
relates.

Mr. Villen said a GBP10 billion asset-backed bond offering to
refinance debt after the BAA acquisition is "going ahead slowly
but surely".  However, he emphasized it’s a very complex
operation.

Ferrovial attained a sizeable increase in all income statement
line items in the first half of 2007, basically as a result of
integrating airport manager BAA, which has helped transform the
company's profile.

Net profit in the first half of 2007 amounted to EUR756 million,
219% more than in the same period of 2006.  This rapid growth
was underpinned by recurring businesses and enhanced by capital
gains on the sale of Sydney and Budapest airports.

EBITDA increased by 132.1% to EUR1.5 billion.  80% of EBITDA was
obtained in other countries, with only 20% coming from
activities in Spain.  The U.K. is Ferrovial's second "domestic"
market, having contributed 59% of EBITDA in the first half.  BAA
contributed EUR767.7 million in EBITDA, 52% of the total.

EBIT amounted to EUR916.8 million, a 112.4% increase.

Net sales totaled EUR7.1 billion, 44.8% more, due to BAA's
contribution of EUR1.9 billion.  Revenues increased by 23.8% in
Toll Roads and Car Parks, 9.7% in Services and 3.5% in
Construction.  The latter area is still the Group's largest
source of revenues: EUR2.5 billion in the first half.

                           About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world’s leading construction groups, specializing in
four strategic lines of business – airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                           *   *   *

As of July 20, 2007, BAA Ltd. (fka BAA plc) carries an issuer
rating of Ba1 from Moody’s.


BALLY TOTAL: Files for Chapter 11 Protection in New York
--------------------------------------------------------
Bally Total Fitness Holding Corp. filed a Chapter 11 petition
with the U.S. Southern District of New York in Manhattan after
obtaining requisite number of votes in favor of its pre-packaged
chapter 11 plan.

Under the company's pre-packaged plan, these claims are expected
a 100% recovery:

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

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

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

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

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

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

Holders of Senior Notes, with claims estimated at $235,000,000,
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 $323,041,667, 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 $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:

               http://ResearchArchives.com/t/s?214a   

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates 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.


BALLY TOTAL: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Bally Total Fitness Holding Corporation
            8700 West Bryn Mawr, 2nd Floor
            Chicago, IL 60631

Bankruptcy Case No.: 07-12396

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                      Case No.
       ------                                      --------
Bally Total Fitness of Greater New York, Inc.      07-12395
Bally Total Fitness Holding Corporation            07-12396
Bally Total Fitness of Connecticut Coast, Inc.     07-12397
BTF Cincinnati Corporation                         07-12398
BTF Europe Corporation                             07-12399
Bally Total Fitness of Connecticut Valley, Inc.    07-12400
BTF Indianapolis Corporation                       07-12401
BTF Minneapolis Corporation                        07-12402
Bally Total Fitness of Colorado, Inc.              07-12403
B.T.F./C.F.I., Inc.                                07-12404
Bally Total Fitness of California, Inc.            07-12404
B.T.F.C.C., Inc.                                   07-12406
B.T.F.F. Corporation                               07-12407
Bally Total Fitness International, Inc.            07-12408
Greater Philly No. 1 Holding Company               07-12409
Bally Total Fitness Franchising, Inc.              07-12410
Greater Philly No. 2 Holding Company               07-12411
Health & Tennis Corporation of New York            07-12412
Bally Total Fitness Corporation                    07-12413
Bally Sports Clubs, Inc.                           07-12414
Holiday Health Clubs of the East Cost, Inc.        07-12415
Bally A.R.A. Corporation                           07-12416
Holiday/Southeast Holding Corporation              07-12417
Bally Fitness Franchising, Inc.                    07-12418
Bally Franchise R.S.C., Inc.                       07-12419
Jack LaLanne Holding Corp.                         07-12420
Bally Franchising Holdings, Inc.                   07-12421
New Fitness Holding Co., Inc.                      07-12422
Nycon Holding Co., Inc.                            07-12423
Bally Real Estate I, L.L.C.                        07-12424
Rhode Island Holding Company                       07-12425
Bally REFS West Hartford, L.L.C.                   07-12426
Tidelands Holiday Health Clubs, Inc.               07-12427
U.S. Health, Inc.                                  07-12428
Bally Total Fitness of the Southeast, Inc.         07-12429
Bally Total Fitness of the Midwest, Inc.           07-12430
Bally Total Fitness of Toledo, Inc.                07-12431
Bally Total Fitness of Minnesota, Inc.             07-12432
Bally Total Fitness of Rhode Island, Inc.          07-12433
Bally Total Fitness of Upstate New York, Inc.      07-12434
Bally Total Fitness of Philadelphia, Inc.          07-12435
Bally Total Fitness of the Mid-Atlantic, Inc.      07-12436
Bally Total Fitness of Missouri, Inc.              07-12437

Type of business: The Debtors (Pink Sheets: BFTH.PK) operate
                  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.  The Debtors offer
                  a unique platform for distribution of a wide
                  range of products and services targeted to
                  active, fitness-conscious adult consumers.
                  See http://www.ballyfitness.com/   

Chapter 11 Petition Date: July 31, 2007

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Joseph Furst, III, Esq.
                 Latham & Watkins, L.L.P.
                 885 Third Avenue
                 New York, NY 10022
                 Tel: (212) 906-1200
                 Fax: (212) 751-4864

Debtors' financial condition as of December 31, 2006:

  Total Assets: US$396.771 million

  Total Debts:  US$761.347 million

Debtors' Consolidated List of their 50 Largest Unsecured
Creditors:

     Entity Amount                   Nature of Claim     
     -------------                   ---------------     
   HSBC Bank USA, N.A.               9-7/8% Series B&D     
   US$321,618,229
   Corporate Trust and Loan Agency   Senior Subordinated
   Indenture Trustee                 Notes
   Robert Conrad
   452 Fifth Avenue
   New York, NY 10018-2706

   U.S. Bank N.A.                    10-1/2% Senior         
   US$246,309,375
   Indenture Trustee                 Unsubordinated
   Patricia J. Kapsch                Notes
   Assistant Vice President
   60 Livingston Avenue
   St. Paul, MN 55107
   Tel: (651) 495-3960

   Harry Schwartz                    Professional Fees     
   US$2,096,649
   10859 Emerald Coast
   Parkway West, Unit #4-404
   Destin, FL 32550

   El Segundo Plaza, L.P.            Trade Debt               
   US$1,179,318
   11101 Lakewood Boulevard
   Downey, CA 90241

   Grupo Gallegos                    Trade Debt              
   US$846,312
   Julie Beall
   401 East Ocean Boulevard
   6th Floor
   Long Beach, CA 90802
   Tel: (562) 256-3600

   Vornado Forest Plaza, LLC         Trade Debt              
   US$705,833
   c/o Skyline Management Corp.
   600 Old Country Road, Suite 425
   Garden City, NY 11530

   750 Sunrise Associates            Trade Debt              
   US$640,556
   c/o Allan Kozich
   1220 Northeast 4th Avenue
   Fort Lauderdale, FL 33304

   The Morris Rochlin                Trade Debt              
   US$621,866
   Trust UAD 3/3/94
   613 Rue Du Lac
   West Bloomfield, MI 48323

   Jenner & Block LLP                Professional Fees         
   US$618,377
   Jody Lucey
   330 North Wabash Avenue
   Chicago, IL 60611
   Tel: (312) 222-9350

   Rancon Realty Fund V              Trade Debt              
   US$600,087
   Subsidiary LLC
   P.O. Box 6022
   Hicksville, NY 11802-6022

   David Mandelbaum                  Professional Fees        
   US$500,000
   80 Main Street
   West Orange, NJ 07052-5497

   Cuyahoga County Real Estate Tax   Trade Debt              
   US$491,244
   Real Estate Tax
   James Rokakis
   P.O. Box 94547
   Cleveland, OH 44101-4547

   California Personal               Trade Debt              
   US$421,984
   Property Tax
   P.O. Box 54027
   Los Angeles, CA 90054-0027

   119 Sixty Street LLC              Trade Debt              
   US$393,005
   3611 North Kedzie Avenue
   Chicago, IL 60618

   TXU Energy                        Trade Debt              
   US$380,429
   P.O. Box 660161
   Dallas, TX 75266-0161

   S&T Investments - Clearwater      Trade Debt              
   US$376,144
   Partnership
   c/o Boulder Venture
   2226 State Road 580
   Clearwater, FL 33763

   Ozburn-Hessey Logistics           Trade Debt               
   US$367,707
   Vivian Harris
   P.O. Box 692192
   Cincinnati, OH 45269-2192
   Tel: (615) 880-4865

   AT&T Corporation                  Trade Debt              
   US$363,525
   Opus Billing Department
   P.O. Box 198401
   Atlanta, GA 30384-8401
   Tel: (800) 262-3589

   H.E.C. Holding Company            Trade Debt              
   US$357,338
   c/o Jay Stahler
   50 Schrieffer
   P.O. Box 1526
   South Hackensack, NJ 7606

   Bluemound Office Company          Trade Debt              
   US$347,917
   c/o Dennis Klein
   16985 West Bluemound Road
   Brookfield, WI 53005

   R.H. Construction and             Trade Debt              
   US$347,312
   Dal-Tile
   11720 Warfield
   San Antonio, TX 78216

   Starcom Worldwide Inc.            Trade Debt              
   US$341,278
   Division of Leo Burnett USA, Inc.
   12076 Collecitons Center Drive
   Chicago, IL 60693

   State of Texas                    Trade Debt              
   US$325,000
   Department of Licensing and
   Regulation
   P.O. Box  12157
   Austin, TX 78711
   Tel: (512) 463-5522

   Standard Funding Corp.            Trade Debt               
   US$310,386
   P.O. Box 9011
   Syosset, NY 11791
   Tel: (516) 364-0200

   Conedison Solutions               Trade Debt               
   US$309,347
   Jaf Station
   P.O. Box 1702
   New York, NY 10116-1702

   Commonwealth Edison               Trade Debt              
   US$283,295
   Bill Payment Center
   Chicago, IL 60668

   Woolbright Coral                  Trade Debt              
   US$281,271
   Springs II, LLC
   c/o American Realty Investors
   598 Riverside Drive
   Coral Springs, FL 33071

   BMS Realty Company                Trade Debt                 
   US$276,722
   100 Cedar Avenue
   Hewlett Bay Park, NY 11557

   California SUI Tax                Trade Debt              
   US$276,344
   Employment Development
   P.O. Box 82604
   Sacramento, CA 94230-6204

   Bowne of Chicago                  Trade Debt              
   US$248,100

   Cook County Real Estate Tax       Trade Debt              
   US$238,719

   Michigan State Tax                Trade Debt              
   US$230,000

   Florida Sales Tax                 Trade Debt              
   US$219,497

   Texas Sales Tax                   Trade Debt              
   US$216,866

   Ernst & Young LLP                 Trade Debt              
   US$209,100

   Federal Taxes -                   Trade Debt              
   US$204,374
   Internal Revenue Service

   Southern California               Trade Debt              
   US$203,442
   Edison Co.

   Orlando Partnership               Trade Debt               
   US$198,376

   California Workmans Comp.         Trade Debt              
   US$189,387

   Qwest                             Trade Debt              
   US$187,929

   Ohio Workmans Compensation        Trade Debt              
   US$181,006

   Sentry Insurance                  Trade Debt              
   US$180,216

   Washington Sales Tax              Trade Debt              
   US$179,308

   W.W. Grainger Inc.                Trade Debt              
   US$177,982

   Pacific Gas & Electric Co.        Trade Debt              
   US$157,317

   The Analysis Group                Trade Debt              
   US$157,025

   Verizon - Northwest               Trade Debt              
   US$153,965

   DTE Energy                        Trade Debt              
   US$152,820

   Randolph Investment, LLC          Trade Debt              
   US$151,084

   FPL                               Trade Debt              
   US$144,552


BALLY TOTAL: Fails to Agree w/ Shareholders on Alternate Plan
-------------------------------------------------------------
Bally Total Fitness Holding Corp. was unable to reach an
agreement on an alternative restructuring plan proposed by a
group of shareholders, Reuters reports.

As reported in the Troubled Company Reporter on July 9, 2007,
the company received a letter from current shareholders
Liberation Investments, L.P., Liberation Investments, Ltd.,
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P., which proposes an
alternate chapter 11 plan of reorganization for the company.

The company further said that it was in discussions with these
shareholders and, subject to the execution of confidentiality
agreements, will provide due diligence access to these
shareholders for the purposes of their proposal being further
refined and proposed definitive documentation being provided to
the Board for review and consideration.  The shareholders agreed
to complete their due diligence by July 20, 2007.

The company has already received the required number of votes
favoring its pre-packaged chapter 11 plan.

                    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.


BRITISH AIRWAYS: OFT Imposes GBP121.5 Mln Fine Over Price Fixing
----------------------------------------------------------------
British Airways plc has admitted collusion over the price of
"long-haul passenger fuel surcharges" and will pay a penalty of
GBP121.5 million to be imposed by the U.K. Office of Fair
Trading, thus enabling the OFT to close its civil investigation
and resolve this case.  The penalty will be the highest ever
imposed by the OFT for infringements of competition law, and
demonstrates the determination of the OFT to deal vigorously
with anti-competitive behavior.

British Airways has admitted that between August 2004 and
January 2006, it colluded with Virgin Atlantic over the
surcharges which were added to ticket prices in response to
rising oil prices.  Over that period, the surcharges rose from
GBP5 to GBP60 per ticket for a typical BA or Virgin Atlantic
long-haul return flight.

Virgin Atlantic is not expected to pay any penalty as it
qualifies in principle for full immunity under the OFT's
leniency policy.  Under this policy, a company which has been
involved in cartel conduct and which is the first to give full
details about it to the OFT will qualify for immunity from
penalties in relation to that conduct.  In addition, any company
staff involved in the price fixing disclosed will qualify for
immunity from criminal prosecution in relation to that conduct.
The OFT's investigation was prompted after Virgin Atlantic came
forward with information about price fixing with BA over the
surcharges.  British Airways has also provided full co-operation
with the OFT's investigation under the leniency program and this
is reflected in the penalty announced today.

British Airways accepts the OFT's finding that on at least six
occasions the two companies discussed and/or informed each other
about proposed changes to the level of the surcharges, rather
than setting levels independently as required under clear and
well-established competition law principles.

The OFT's investigation was conducted in parallel with a similar
case brought by the United States Department of Justice.  The
investigations by the OFT and DoJ were separate but the two
agencies have consulted each other closely throughout.

In addition to the investigation into British Airways' corporate
conduct under civil competition law, the OFT is also conducting
a criminal investigation into whether any individuals
dishonestly fixed the levels of the surcharges - an offence
under the Enterprise Act.  The corporate admission by British
Airways that it infringed civil competition law does not imply
that any individuals dishonestly fixed prices contrary to the
Enterprise Act.  The criminal investigation is ongoing and no
conclusions have been reached as to whether criminal proceedings
against individuals can or should be brought.

The OFT's infringement decision against BA will be taken and
published in due course.  It will record the full findings in
this case and the basis for the calculation of the penalty to be
imposed on British Airways.

"This case, and the substantial penalty imposed, will send an
important message to corporate boards and business leaders about
our intention to enforce the law, and serves to remind companies
of the substantial risks involved if they are found to engage in
such behavior," OFT Chairman Philip Collins said.  "It also
illustrates how the OFT's leniency program enables companies to
eliminate or reduce their exposure to penalties by taking prompt
and effective action.  On a broader front, the OFT is committed
to strong and effective competition law enforcement, especially
in relation to price fixing and other hardcore infringements.  
Our commitment to enforcement emphasizes the importance of
effective and comprehensive competition law compliance led by
boards and senior management and supported by effective risk
management systems and corporate governance."

In a TCR-Europe report on May 22, 2007, British Airways said it
has a long-standing, clear and comprehensive competition
compliance policy.  This policy requires all staff
to comply with the law at all times.  It has become apparent
that there have been breaches of this policy in relation to
discussions about these surcharges with competitors.  As a
result, it is appropriate for the company to make a
provision, under IAS 37, of GBP350 million in its full year
accounts.  The provision represents the best estimate of the
amount to settle all competition authority and civil claims at
the Balance Sheet date.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa, Moody's Investors
Service's confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%


BROOKLANDS 2001-1: Fitch Rates EUR22 Million Class E Notes at B+
----------------------------------------------------------------
Fitch has affirmed Brooklands Euro Reference-Linked Notes 2001-1
following a satisfactory performance review:

   -- EUR50 million Class A notes (ISIN XS0132520098): 'AAA'
   -- EUR50 million Class B notes (ISIN XS0132520841): 'AA-'
   -- EUR32 million Class C notes (ISIN XS0132521575): 'BBB'
   -- EUR12.5 million Class D notes (ISIN XS0132521906): 'BBB-'
   -- EUR22 million Class E notes (ISIN XS0132525725): 'B+'

The affirmation reflects the transaction's relatively stable
performance and adequate credit enhancement levels.  Although
the Weighted Average Fitch Factor has improved slightly to the
current 5.52 from 6.25 in October 2006, it has remained within
the 'BBB'/'BBB-' rating category.  Speculative-grade entities
represent 18.7% of the portfolio, compared to 19.7% in October
2006.  Exposure to U.S sub-prime RMBS reference entities
accounts for 1.13% of the reference portfolio.  All are 2004
vintage and have experienced no rating migration.  As a part of
this review, these entities were subjected to additional stress
testing that included multiple-notch downgrades.  Even under
these conditions, there continues to be sufficient credit
enhancement available to support the ratings.

The ratings of the Class A to D notes address the full and
timely payment of interest and ultimate payment of principal.  
The rating of the Class E notes addresses a total return of
13.5% p.a.

The issuer, Brooklands, is a special purpose vehicle
incorporated with limited liability under the laws of the Cayman
Islands.  Brooklands provides protection to UBS AG, London
Branch (rated 'AA+'/Outlook Stable/'F1+') on a portfolio of
reference credits with a notional value of EUR1 billion.  
Further to the WorldCom Inc credit event that led to a loss of
EUR1.29 million, the amount of credit protection purchased has
been reduced to EUR998.719 million.


BROOKLANDS 2002-1: Fitch Rates Classes E1 and E2 Notes at BB
------------------------------------------------------------
Fitch has affirmed Brooklands Euro Reference-Linked Notes 2002-1
following a satisfactory performance review:

   -- EUR100 million Class A+ (ISIN XS0238513344): 'AAA'
   -- EUR75 million Class A (ISIN XS0148886913): 'AAA'
   -- EUR16.7 million Class B1 (ISIN XS0148887481): 'AA'
   -- EUR1.3 million Class B2 (XS0148887721): 'AA'
   -- EUR31 million Class C (ISIN XS0148887994): 'BBB'
   -- EUR10 million Class D (ISIN XS0148888372): 'BBB-'
   -- EUR11 million Class E1 (ISIN XS0148888703): 'BB'
   -- EUR1 million Class E2 (XS0148889180): 'BB'
   -- EUR2 million Class G1 (ISIN XS0148948291): 'AA'
   -- EUR3 million Class G2 (ISIN XS0148948705): 'BBB'

The affirmation reflects the transaction's relatively stable
performance and adequate credit enhancement levels. The Weighted
Average Fitch Factor is currently at 4.64, little changed from
4.52 in November 2006 and has remained within the 'BBB'/'BBB-'
(BBB minus) rating category. Speculative-grade entities
represent 13.5% of the portfolio, compared to 13.2% in November
2006. Exposure to U.S sub-prime RMBS reference entities accounts
for 5.3% of the reference portfolio. All of these are 2004 or
2005 vintage and have experienced no rating migration. As a part
of this review, these entities were subjected to additional
stress testing that included multiple-notch downgrades. Even
under these conditions, there continues to be sufficient credit
enhancement available to support the ratings.

Brooklands is a special purpose vehicle incorporated with
limited liability under the laws of the Cayman Islands.
Brooklands provides protection to UBS AG, London Branch
(rated 'AA+'/Outlook Stable/'F1+') on a portfolio of reference
credits with a notional value of EUR1 billion.

The ratings of the Class A+ to E notes address the full and
timely payment of interest and ultimate payment of principal.
The ratings of the Class G notes address the ultimate payment of
principal and a total return of 1% p.a.


BROOKLANDS 2004-1: Fitch Affirms Class E Notes at BB
----------------------------------------------------
Fitch has affirmed Brooklands Euro Reference-Linked Notes 2004-1
following a satisfactory performance review:

   -- Class A1-a (ISIN XS0193140901): 'AAA';
   -- Class A1-b (ISIN XS0193141388): 'AAA';
   -- Class A2 (ISIN XS0193141891): 'AAA';
   -- Class B (ISIN XS0193142436): 'AA';
   -- Class C-E (ISIN XS0193142782): 'A';
   -- Class C-Y (ISIN XS0193142865): 'A';
   -- Class D (ISIN XS0193143590): 'BBB' and
   -- Class E (ISIN XS0193143913): 'BB'.

The affirmation reflects the transaction's relatively stable
performance and adequate credit enhancement levels.  The
Weighted Average Fitch Factor has deteriorated slightly to the
current 4.18 from 4.00 in November 2006 but has remained within
the 'BBB'/'BBB-' rating category.  Speculative-grade securities
represent 9.25% of the portfolio, down from 10.75% in November
2006.  Exposure to U.S sub-prime RMBS reference entities
accounts for 3% of the reference portfolio.  All of these are
2004 or 2005 vintage, and one name has experienced rating
migration to 'BBB-' from 'BBB'.  As a part of this review, these
entities were subjected to additional stress testing that
included multiple-notch downgrades.  Even under these
conditions, there continues to be sufficient credit enhancement
available to support the ratings.

The transaction represents a synthetic securitisation of asset-
backed securities and corporate debt.  Brooklands has entered
into a credit swap with UBS AG, London Branch
(rated 'AA+'/Outlook Stable/'F1+') and issued the notes listed
above.  These are collateralized by 'AAA'-rated securities,
which have been purchased pursuant to a repurchase agreement
with UBS.  Under the credit swap, Brooklands agreed to make
payments to UBS of up to a maximum of EUR187.5 million plus the
interest on the unrated Class F notes for losses on a
substitutable portfolio of publicly and privately rated ABS
reference securities and corporate reference entities with a
notional amount of EUR750 million.

The ratings of the Class A to E notes address the full and
timely payment of interest and ultimate payment of principal by
the final maturity.


BROOKLANDS 2005-1: Fitch Affirms Class E Notes at BB
----------------------------------------------------
Fitch has affirmed Brooklands Euro Reference-Linked Notes 2005-1
following a satisfactory performance review:

   -- Class A1 (ISIN XS0226765807): 'AAA';
   -- Class A2 (ISIN XS0226770559): 'AAA';
   -- Class B (ISIN XS0226771102): 'AA';
   -- Class C (ISIN XS0226776911): 'A';
   -- Class D1 (ISIN XS0226777133): 'BBB';
   -- Class D2 (ISIN XS0226777216): 'BBB' and
   -- Class E (ISIN XS0226777729): 'BB'.

The affirmation reflects the transaction's relatively stable
performance and adequate credit enhancement levels. The Weighted
Average Fitch Factor has deteriorated slightly to the current
4.73 from 4.47 in November 2006 but has remained within the
'BBB'/'BBB-' rating category.  Speculative-grade securities
represent 12.25% of the portfolio, up from 11.5% in November
2006.  The current portfolio does not reference U.S sub-prime
RMBS.  There have been no credit events to date.

Brooklands is a special purpose vehicle incorporated under the
laws of the Cayman Islands.  Brooklands entered into a credit
default swap with UBS AG, London Branch (rated 'AA+'/Outlook
Stable/'F1+') and issued the notes listed above.  These notes
are collateralized by 'AAA'-rated securities purchased pursuant
to a repurchase agreement with UBS.  Under the credit default
swap, Brooklands agreed to make payments to UBS (up to a maximum
of EUR200 million plus the interest accrued on the unrated Class
F notes) for losses on a substitutable portfolio of corporate
reference entities and ABS reference securities with a notional
amount of EUR1 billion.

The ratings of the Class A to E notes address the full and
timely payment of interest and ultimate payment of principal by
the final maturity.


ECLIPSE 2005-1: S&P Place Ratings on Watch on Initial Review
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the class B, C, D,
and E notes issued by AQUILA (ECLIPSE 2005-1) PLC.
  
The CreditWatch placements follow an initial review of the most
recent transaction information received by Standard & Poor's.  
This analysis showed that the likelihood of a positive rating
action has increased due to the prepayment of the largest loan,
HFO2 (26% of the Day 1 balance) at the July interest payment
date.
  
As a consequence of the loan prepayment, the transaction's LTV
ratios and credit enhancement have improved.
  
At the July 2007 IPD, there were seven loans remaining of the 10
that comprised the original portfolio, with an aggregate
outstanding pool balance of GBP242.99 million.
    
Standard & Poor's will now carry out a more detailed
transactional analysis to investigate whether any or all of
these notes can attain a higher rating.  The results of this
review and any rating changes are expected within a month of
this media release.
  
AQUILA (ECLIPSE 2005-1) closed in March 2005 and was the first
transaction to be undertaken by Barclays Bank PLC in the ECLIPSE
commercial mortgage program.  The notes were originally backed
by 10 loans originated by Barclays Bank.  The loans were secured
on 44 diverse properties located across the U.K.  There are
currently 18 properties remaining in the portfolio.

                          Ratings List
  
AQUILA (ECLIPSE 2005-1) PLC
   GBP440.65 Million Commercial Mortgage-Backed Floating-Rate
   Notes
  
           Class                  Rating
                       To                        From
  
    Ratings Placed On CreditWatch With Positive Implications
  
            B           AA/Watch Pos              AA
            C           A/Watch Pos               A
            D           BBB/Watch Pos             BBB
            E           BB/Watch Pos              BB


CABLE & WIRELESS: Loses Lawsuit Against Digicel
-----------------------------------------------
Cay Compass News Online reports that Cable & Wireless has lost a
lawsuit against Digicel.

Cay Compass relates that Chief Justice Anthony Smellie of the
Grand Court of the Cayman Islands rejected Cable & Wireless'
attempts to challenge a December 2006 decision of the
Information and Communications Technology Authority.  The
company was fined.

According to Cay Compass, Cable & Wireless was seeking to
challenge the Mobile Termination Rate agreement it has with
Digicel.  

Cay Compass notes that the ICTA rejected Cable & Wireless'
request for determination of various matters relating to the
MTR.  The company sought to judicially review this decision of
ICTA and made an "ex-parte application to the Grand Court in
February 2007.  Leave was granted to Cable & Wireless at the ex-
parte stage by the Justice Smellie."  The leave allowed the
company to challenge ICTA's decision through the courts.

The report says that the ICTA and Digicel "issued summonses,"
asking the court to cancel the leave granted to Cable &
Wireless.  The ICTA and Digicel claimed that Cable & Wireless
failed "to make full disclosure of material information to the
court at the ex-parte stage."  They also said that Cable &
Wireless lacked a credible case to seek to challenge the ICTA
decision.  They accused the company of delay in seeking judicial
review on matters that date back to July 2004.

Digicel Cayman Chief Executive Officer John D. Buckley said in a
press release, "Digicel is very pleased that the Grand Court has
ruled in favor of Digicel and the Authority and has rejected
C&W's [Cable & Wireless] application which sought to challenge
an agreement freely entered into between Digicel and C&W in July
2004 and one that C&W have relied on to their own ends on
numerous occasions subsequently."

Cay Compass says that the court ruled that Cable & Wireless
failed in material disclosure and it had no "arguable case."  
The court also determined that Cable & Wireless was guilty of
delay as maintained by ICTA and Digicel.

Cable & Wireless said in a press release, "We are disappointed
with the decision made by the court and believe it is not in the
best interest of our landline and mobile customers who will
continue to pay the high prices and interconnection rates
advocated by Digicel.  We believe in giving customers the best
possible deal and we will continue to look for avenues to
address this matter."

Cable and Wireless will continue to seek ways to challenge an
ICTA decision that was upheld in Grand Court, Cay Compass
states.

                      About Cable & Wireless

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

                          *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


EMI GROUP: Terra Firma Concludes Offer with 90.27% Acceptance
-------------------------------------------------------------
Terra Firma Capital Partners Ltd. concluded its GBP2.4 billion
cash offer for EMI Group Plc on Aug. 1, 2007, after securing
90.27% backing from EMI's shareholders.

As of Aug. 1, 2007, the proposed takeover by Maltby Limited, a
private equity buyout vehicle set up by Terra Firma, had
received valid acceptances totaling 732,158,295 EMI shares.

Terra Firma's offer was extended five times through Aug. 1,
2007.

EMI's board of directors accepted Maltby's offer in May 2007 and
recommended shareholders to do the same.  Shareholders, however,
delayed acceptances hoping that Warner Music Group Inc. would
make a counter offer for EMI.

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

In a report by Lionel Laurent for Forbes, there had been press
speculation that the deadline extensions for the offer's
acceptance were worrying Citigroup, the investment bank that put
up GBP2.5 billion to help Terra Firma deal with EMI's GBP800
million debt.

"There were no talks on the structure, there were no worries
about the financing," a Terra Firma spokesperson was quoted by
Mr. Laurent as saying.

"Terra Firma certainly has the access to capital to do it,
whereas EMI on their own didn't," Patrick Yau, analyst with
Bridgewell Securities told Forbes.  "And taking the company off
the public market means they have the freedom to push through
with it."
    
                     About Terra Firma

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

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

                         About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

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

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

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

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


EUROTECHNIX LTD: Brings In Administrators from Vantis Plc
---------------------------------------------------------
Frank Wessely and Peter Hughes-Holland of Vantis Plc were
appointed joint administrators of Eurotechnix Ltd. (Company
Number 02885522) on July 18.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Eurotechnix Ltd.
         5 Langley Business Court
         Worlds End
         Beedon
         Newbury
         RG20 8RY
         England  
         Tel: 01635 247 100
         Fax: 01635 247 142


EUROTUNNEL GROUP: General Meetings Approve Group Accounts
---------------------------------------------------------
The general meetings of Eurotunnel P.L.C. and Eurotunnel SA,
subsidiaries of Groupe Eurotunnel SA have on July 27, 2007:

   -- approved the 2005 and 2006 accounts;

   -- adopted the change of name of the Eurotunnel P.L.C. and
      Eurotunnel SA to TNU PLC and TNU SA respectively; and

   -- been informed of the de-listing in London of EPLC and ESA
      units effective July 30, 2007.

The combined Ordinary and Extraordinary General Meeting of
Eurotunnel SA and the Annual General Meeting of Eurotunnel
P.L.C., which were held in Coquelles, France, brought together
2,516 shareholders, representing 93.15% of the capital, of whom
40 were present for the meeting.

The resolutions presented by the Board were all approved by a
majority of 99.9%.

The ordinary general meeting of Eurotunnel SA approved the
annual accounts, the combined accounts and the results for the
2005 and 2006 financial years, ratified the appointment as
directors of Colette Neuville and Pierre Bilger and re-appointed
as directors Jacques Gounon, Colette Neuville, the Association
de Defense des Actionnaires Eurotunnel (ADACTE), Pierre Bilger,
Robert Rochefort and Henri Rouanet, for a term of three years.

The annual general meeting of Eurotunnel P.L.C. received the
2005 and 2006 reports and accounts, approved the Directors'
remuneration report and re-elected as directors, Colette
Neuville, Tim Yeo, Jacques Gounon and Robert Rochefort.

The extraordinary general meeting of Eurotunnel SA and the
annual general meeting of Eurotunnel P.L.C. adopted the name
changes for Eurotunnel PLC and Eurotunnel SA which will now be
called TNU PLC and TNU SA respectively to avoid any confusion
with the new parent company Groupe Eurotunnel SA, of which they
have become subsidiaries.

The extraordinary general meeting of Eurotunnel SA also decided
that the number of directors aged over 75 could not be greater
than one third of the Directors at any given time.  The
company's constitutional documents have been modified
accordingly.

             Delisting of Eurotunnel Units in London

Following Eurotunnel's application to cancel the listing of the
Units and their admission to trading on the London Stock
Exchange, notice of which was duly given to shareholders, the
U.K. Listing Authority has confirmed that delisting will be
effective on July 30, 2007.

"The accounts for 2005 and 2006 which have just been approved by
the AGMs of TNU PLC and TNU SA reflect the past debt and show a
heavy deficit.  The recapitalization of these companies will
lead to an almost total dilution of the shareholders who did not
tender their shares to the ETO: from now on, the future of
Eurotunnel is with Groupe Eurotunnel SA," Mr. Gounon, chairman
and CEO of Groupe Eurotunnel disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle  
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


FORD MOTOR: Anticipates Challenges Despite 2nd Qtr. Profits
-----------------------------------------------------------
General Motors Corp. and Ford Motor Company, which posted
combined quarterly net earnings of US$1.65 billion, have warned
the UAW that a number of challenges still loom in the second
half of the year, despite of the positive results, as labor
talks continue, Dow Jones Newswires reports.

GM CFO Fritz Henderson said the company needs to push for health
care cost relief within the workforce so it can reach its goal
of sustained earnings growth and positive cash flow in North
America, Dow Jones notes.  GM faces an estimated US$50 billion
in long-term health care liabilities although Mr. Henderson
claims that GM already has US$19 billion set aside in company-
managed trusts that could potentially be used to lower the
burden.

GM reported net income of US$891 million for the second quarter
of 2007, an improvement of US$4.3 billion compared with a
reported net loss of US$3.4 billion in the same period last
year.

Concurrently, Ford CEO Alan Mulally said the second half will be
"difficult" as Ford faces cash outflows and races to reduce
capacity to match falling sales in the U.S., Dow Jones relates.  
Ford also sees a tough pricing environment in the second half in
the U.S.

Ford Motor Company reported a net profit of US$750 million for
the second quarter of 2007, compared with a net loss of US$317
million in the second quarter of 2006.

                      About General Motors

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

                      About Ford Motor Co.

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

                          *    *    *

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

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


FORD MOTOR: Unveils Amount of Shares Billed in Conversion Offer
---------------------------------------------------------------
Ford Motor Company disclosed the number of shares of Ford common
stock that will constitute the premium to be paid in connection
with its conversion offer related to the outstanding 6.50%
Cumulative Convertible Trust Preferred Securities of Ford's
wholly owned subsidiary trust, Ford Motor Company Capital Trust
II.   

The premium represents the amount of shares of Ford common stock
determined by dividing (i) US$14.25 by (ii) US$8.1576, the
volume-weighted average of the reported sales prices on the New
York Stock Exchange of Ford common stock during the three
trading-day period of July 25, July 26, and July 27, 2007.

Accordingly, each trust preferred security validly tendered and
accepted for conversion will be converted into an aggregate of
4.5717 shares of Ford's common stock, which includes the premium
of 1.7468 shares and 2.8249 shares of Ford common stock issuable
pursuant to the conversion terms of the trust preferred
securities.

On July 2, 2007, Ford commenced an offer to pay a premium to
holders of any and all trust preferred securities who elect to
convert their trust preferred securities to shares of Ford
common stock subject to the terms of the offer.  The offer is
scheduled to expire at 5:00 p.m., New York City time, on July
31, 2007, unless extended or earlier terminated, and is expected
to settle on August 3, 2007.  If all trust preferred securities
that were outstanding as of the commencement of the offer were
validly tendered and accepted for conversion, Ford would issue
an aggregate of 457,163,141 shares of Ford common stock,
including approximately 282,485,762 shares pursuant to the
conversion terms of the trust preferred securities, plus an
aggregate premium of 174,677,379 shares of Ford common stock.

The conversion offer is being made pursuant to an offering
circular dated July 2, 2007, as amended on July 13, 2007, and
related documents.  The completion of the offer is subject to
conditions described in the conversion offer documents.  Subject
to applicable law, Ford may waive the conditions applicable to
the offer or extend, terminate or otherwise amend the offer.

                     About Ford Motor Co.

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

The company has operations in Japan in the Asia Pacific region.   
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *    *    *

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

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


GML LTD: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------
Shay Bannon and David Harry Gilbert of BDO Stoy Hayward LLP were
appointed joint administrators of GML (U.K.) Ltd.(Company Number
01544044) on July 18.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         GML (U.K.) Ltd.
         28 Purfield Drive
         Wargrave
         Reading
         RG10 8AR
         England
         Fax: 0118 940 4036


I FINDA: Brings In Liquidators from Vantis Redhead French
---------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were
appointed joint liquidators of I Finda Services Europe Ltd.
(formerly 118 Services Europe Ltd.) on July 24 for the
creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


IMPERIAL CHEMICAL: Rejects Akzo’s 650 Pence Per Share Proposal
--------------------------------------------------------------
Imperial Chemical Industries plc confirmed that it received a
further indicative proposal from Akzo Nobel NV under which it
would acquire ICI for 650 pence per share in cash.  The proposal
was subject to a number of pre-conditions, including completion
of due diligence.

The Board of ICI considered this revised proposal and
unanimously rejected it on the grounds that it failed to
recognize the full strategic value of ICI.

Subsequently, ICI met with Akzo to advise that the proposal was
rejected and to explore whether it could be increased.  This
meeting did not result in an improved proposal.  Discussions are
continuing, however, ICI has not granted Akzo access to due
diligence information.

ICI's results for the six months ended June 30, 2007 will be
released today, Aug. 2, 2007.  The Board of ICI remains
confident in the Group's strategy and growth prospects.

Meanwhile, Akzo Nobel continues to believe that ICI would
represent a highly attractive addition to its coatings business.  
Akzo Nobel's increased proposal would provide ICI shareholders
with a 40% premium to ICI's share price of 464.25 pence on
March 9, 2007, the last business day prior to Akzo Nobel's
announcement in relation to the disposal of Organon BioSciences.

Akzo Nobel is evaluating its options.  While discussions
continue, Akzo Nobel will remain financially disciplined.

There can be no certainty that the approach by Akzo will lead to
an offer being made for ICI or as to the terms on which any
offer might be made.

                           About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.


IMPERIAL CHEMICAL: To Buy Dulux for GBP52 Million from AECI
-----------------------------------------------------------
Imperial Chemical Industries Plc has reached an agreement to
buy the Dulux business from South African corporation AECI for
GBP52 million in cash.

In addition to buying the Dulux assets in South Africa, ICI is
acquiring AECI's shares in the Dulux subsidiaries in Botswana,
Zambia, Swaziland, Malawi and Namibia.  Completion is expected
in the second half of 2007, subject to approval by the
regulatory authorities.

Dulux is one of the leading decorative paints brands in the
growing South African market, where an expanding economy and a
rapidly growing construction market have contributed to Dulux
Pty.'s continuing sales growth.  In the year ended 2006, Dulux
Pty. sales grew 19% to GBP55.3 million, trading profits were
GBP5.0 million, net assets were GBP17.8 million and the business
employed 650 people, including 400 in South Africa.

Accelerating profitable growth is one of ICI’s strategic
objectives, announced in February 2007.  As part of this, a key
performance indicator for the Group is to grow its revenues in
developing markets, which already account for around a third of
ICI’s sales, at an average of three times the rate of growth of
global GDP.

"Dulux gives ICI a strong presence in southern Africa.  We are
delighted with this acquisition as it is absolutely consistent
with our focus on fast growing developing markets," said ICI CEO
John McAdam.

                            About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and  
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.


ISLE OF CAPRI: Calls for Buyback of US$200 Mln 9% Sr. Sub. Notes
----------------------------------------------------------------
Isle of Capri Casinos Inc. has called for mandatory redemption
of all US$200 million principal amount of its 9% Senior
Subordinated Notes due 2012, at a redemption price of 104.50%
plus accrued and unpaid interest to the redemption date.  The
redemption date is Aug. 29, 2007.

The redemption price will be drawn from the company's new senior
secured credit facility, entered into on July 26, 2007.

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

                           *     *     *

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


MILL FIELD: Taps Michael C. Kienlen to Liquidate Assets
-------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Mill Field (U.K.) Ltd. on July 23 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

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


ORIENT SOURCING: Taps Joint Administrators from BDO Stoy
--------------------------------------------------------
Dermot Justin Power and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of Orient Sourcing
Services Ltd. (Company Number 03093932) on July 18.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Orient Sourcing Services Ltd.
         Crossley Park
         Crossley Road
         Heaton Chapel
         Stockport
         SK4 5BF  
         England
         Tel: 0161 431 9111
         Fax: 0161 431 9222


REMY INT'L: Extends Supply Deal in New Pact with General Motors
---------------------------------------------------------------
Remy International, Inc. has reached agreements with General
Motors Corp. with respect to the extension and enhancement of
Remy's existing supply relationship with GM.

The new GM arrangement is an important development in the
furtherance of Remy's financial restructuring.  While certain
aspects of the arrangement will be implemented immediately, the
agreement will become fully effective upon the consummation of
Remy's financial restructuring.

"We are extremely pleased to have reached agreement with GM on a
comprehensive restructuring of our commercial arrangement.  We
look forward to a long and mutually beneficial relationship with
GM," said John Weber, Remy's chief executive officer.

Remy also obtained a binding commitment from Barclays Capital,
the investment banking division of Barclays Bank PLC, to provide
debtor-in-possession financing of up to US$225 million and
US$330 million of long-term exit financing, subject to certain
closing conditions and documentation.

As a result of finalizing these two critical aspects of its
financial restructuring, Remy will commence a solicitation of
votes on its prepackaged chapter 11 by mid-August.  As
previously announced, the terms of its consensual financial
restructuring with its noteholders contemplates that all trade
creditors, employees and suppliers will continue to be paid in
the ordinary course of business.

                      About General Motors

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

                     About Remy International

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.

Remy has operations in the United Kingdom, Brazil and Korea.

                           *    *    *

The TCR-Europe reported on June 25, 2007, that Standard & Poor's
lowered its rating on Remy's US$145 million senior unsecured
notes to 'D' from 'CC' because Remy elected to not make the June
15, 2007, interest payment.  At the same time, S&P lowered the
rating on Remy's US$165 million senior subordinated notes to 'D'
from 'CC' because these notes are expected to be converted into
100% of common equity of the reorganized company.


SALISBURY INT'L: Moody's May Lift Ba1 Ratings After Review
----------------------------------------------------------
Moody's Investors Service places under review for possible
upgrade five classes of notes issued by Salisbury International
Investments Limited (Sphaera II):

   -- Series 2006-03 US$9,000,000 Floating Rate Portfolio Credit
      Linked Notes due 2011, currently rated Ba1;

   -- Series 2006-04 EUR1,000,000 Floating Rate Portfolio Credit
      Linked Notes due 2011, currently rated Ba1;

   -- Series 2006-05 US$3,000,000 Floating Rate Portfolio Credit
      Linked Notes due 2011, currently rated Baa1;

   -- Series 2006-13 EUR2,500,000 Floating Rate Portfolio Credit
      Linked Notes due 2011, currently rated Baa1;

   -- Series 2006-15 EUR10,000,000 Floating Rate Portfolio
      Credit Linked Notes due 2011, currently rated A1.

This review for upgrade is the result of credit migration in the
underlying pools and reduced time to maturity.


T C & CO: Creditors' Meeting Slated for Aug. 8
----------------------------------------------
Creditors of T C & CO. (Electrical Wholesalers) Ltd. (Company
Number 04392592) will meet at 10:00 a.m. on Aug. 8 at:

         Begbies Traynor
         65 St Edmunds Church Street
         Salisbury
         Wiltshire  
         SP1 1EF
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 7 at:

         Julie Anne Palmer  
         Joint Administrator
         Begbies Traynor
         65 St Edmunds Church Street
         Salisbury
         Wiltshire  
         SP1 1EF
         England

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


TOMEI & MACKLEY: Brings In Administrators from Begbies Traynor
--------------------------------------------------------------
Colin David Wilson and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of Tomei
& Mackley Architects Ltd. (Company Number 03340779) on July 18.

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

The company can be reached at:

         Tomei & Mackley Architects Ltd.
         Ivy Mill House
         Ivy Mill Lane
         Godstone
         RH9 8NR
         England
         Tel: 01883 740 011
         Fax: 01883 744 119


TRINITY INSURANCE: Raises Creditor Recovery to 76.75%
-----------------------------------------------------
Paul Evans and Nigel Rackham of PricewaterhouseCoopers LLP,
scheme administrators of Trinity Insurance Co. Ltd. stated that
the payment percentage for the company has been raised to
76.75%, after consulting with the company's creditors'
committee.

This final payment percentage, which follows a review by PwC,
will see creditors benefiting from a further 6.75% of their
established liabilities above the current payment level of 70%.
This payment will be the last for the Trinity scheme of
arrangement and sees the scheme successfully bought to a close.

In addition, the U.S.-based policyholders who are beneficiaries
of the U.S. Trust Fund set up for them by Trinity will receive
payment on their established liabilities up to 93%.

"I am very pleased with the progress in bringing the Trinity
estate towards closure.  This final percentage payment increase
sees creditors benefiting from a total of 76.75% of their
established liabilities and is a result which has been achieved
much quicker through a cut-off scheme of arrangement than it
might have been through continuing a traditional run-off," Mr.
Evans disclosed.

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

Whittington Insurance Services Limited, the run-off management
company for Trinity, will be processing the additional payments
to scheme creditors very shortly.  Any queries surrounding
payment should be directed to WIS on
+44 (0)1452 428 000.

Trinity Insurance Co. Ltd.’s --
http://www.trinityinsurance.co.uk/-- original Scheme of  
Arrangement became effective on March 18, 1993, after receiving
High Court sanction.  Trinity's amending scheme of arrangement,
which introduced as a mechanism to allow claims from scheme
creditors to be finalized and valued, bringing the affairs of
Trinity to a close quicker than would be the case under the
original scheme (a run-off scheme), became effective on Dec. 16,
2003.

The initial payment percentage was set at 10% in January 1994
and had been increased in various stages to 70% by August 2005.
Trinity had paid Scheme creditors a total of US$184.3 million by
May 2007.


VIRGIN MEDIA: Liberty Global May Join GBP11.3 Bln Bidding Race
--------------------------------------------------------------
Liberty Global Inc. is contemplating a bid for Virgin Media Inc.
(fka NTL Inc.), published reports say.

John Malone, chairman of Liberty Global, told the Financial
Times that his interest was at an exploratory stage and that  
the group was "doing our homework" on a bid.

According to The Times, the recent turmoil in the leveraged
finance markets could force the US$23 billion (GBP11.3 billion)
Virgin Media auction to be put on hold as the prospect of a
private equity-style leveraged takeover has receded.

However, the situation would make Liberty Global an attractive
partner for a private equity bidder, FT says, citing analysts.

US private equity group TPG earlier pulled out of the bidding
race because of concerns over the British cable operator’s
business model, Elizabeth Judge and Siobhan Kennedy write for
The Times.

As previously reported in the TCR-Europe, Virgin Media Inc.,
which has an enterprise value of GBP11 billion, is expected to
be auctioned off this month.

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

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

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

Last month, Virgin Media confirmed it has received a takeover
proposal but declined to divulge the identity of the offeror.  

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

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

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

The bidders could break down into three or four consortia.

                       About Virgin Media

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

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

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

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

                            *   *   *

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Apr. 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
    26th Annual Spring Meeting
       The Renaissance, Washington, District of Columbia
          Contact: http://www.abiworld.org/

Apr. 25-27, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Spring Seminar
       Eldorado Hotel & Spa, Santa Fe, New Mexico
          Contact: http://www.nabt.com/

May 1-2, 2008
AMERICAN BANKRUPTCY INSTITUTE
    Debt Symposium
       Hilton Garden Inn, Champagne/Urbana, Illinois
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    24th Annual Bankruptcy & Restructuring Conference
       J.W. Marriott Spa and Resort, Las Vegas, Nevada
          Contact: http://www.airacira.org/

June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
    15th Annual Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: http://www.abiworld.org/

July 10-13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    16th Annual Northeast Bankruptcy Conference
       Ocean Edge Resort
          Brewster, Massachussets
             Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
    4th Annual Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay
          Cambridge, Maryland
             Contact: http://www.abiworld.org/

Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
    13th Annual Southeast Bankruptcy Workshop
       Ritz-Carlton, Amelia Island, Florida
          Contact: http://www.abiworld.org/

Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
    NABT Convention
       Captain Cook, Anchorage, Alaska
          Contact: http://www.nabt.com/

Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
    National Conference of Bankruptcy Judges
       Scottsdale, Arizona
          Contact: http://www.ncbj.org/

Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott New Orleans, Louisiana
          Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
    20th Annual Winter Leadership Conference
       Westin La Paloma Resort & Spa
          Tucson, Arizona
             Contact: http://www.abiworld.org/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
          National Harbor, Maryland
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
2006 BACPA Library  
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com;
             http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
[UTF-8?]  Deepening Insolvency – Widening Controversy:
   Current Risks, Latest Decisions
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Claims Trading
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Market Opportunities
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
    Code
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
    Restructuring Issues  
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
    Hospitals Across the U.S.
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
[UTF-8?]  Reverse Mergers—the New IPO?
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
    and Records Management for Bankruptcy Practitioners
       and Litigators
          Audio Conference Recording
             Contact: 240-629-3300;
                http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today's Legal
   Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Twenty-Day Claims  
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
       Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
  
                            *********

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

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

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

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

                            *********


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

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

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

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 * * *