TCREUR_Public/070803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 3, 2007, Vol. 8, No. 153

                            Headlines


A U S T R I A

AFFYMETRIX INC: Earns US$1.2-Million in Second Quarter 2007
ALPHA INNENAUSBAU: Claims Registration Period Ends Aug. 22
DANCE-GASTRONOMIE: Linz Court Orders Business Shutdown
DIGHE LLC: Vienna Court Orders Business Shutdown
DK HANDEL: Eisenstadt Court Orders Business Shutdown

HOLYGAST HOTELBETRIEB: Salzburg Court Orders Business Shutdown
INT-TRANS KEG: Claims Registration Period Ends Aug. 22
MIAMI GASTRO: Wels Court Orders Business Closure
SCHUBERT LLC: St. Poelten Orders Business Shutdown


B E L G I U M

CHEMTURA CORP: Closes Organic Peroxides Biz Sale to PERGAN
GOODYEAR TIRE: Matrix Research Downgrades Firm’s Shares to Sell
TIMKEN COMPANY: Earns US$55.6 Million in Second Quarter 2007


F R A N C E

ALCATEL-LUCENT: Incurs EUR336 Mil. Net Loss in Second Quarter
ALCATEL-LUCENT: Dresdner Kleinwort Reaffirms Share Sell Rating
AMERICAN MEDICAL: Earns US$7.3 Mln in Second Qtr. Ended June 30
BELVEDERE S.A.: S&P Affirms B Rating on Deleverage Plan
LAZARD LTD: Buys Australian Fin’l Advisory Firm Carnegie Wylie

OUTIROR: Tours Commercial Court Approves Sisu Capital Purchase
PRIDE INT'L: Unit Buys Lexton Drillship Rights for US$108.5 Mln
RHODIA SA: Earns EUR3 Million in Second Quarter 2007


G E R M A N Y

DAIMLERCHRYSLER: Reports 9% Decrease in U.S. Sales for July 2007
DAIMLERCHRYSLER AG: Chrysler' July 2007 U.S. Sales Drop 1%
DEGETEL GESELLSCHAFT: Claims Registration Ends Oct. 16
FRESENIUS MEDICAL: Earns US$179 Million in Second Quarter 2007
INFO INFORMATIONS: Claims Registration Period Ends Sept. 10

INSERVIO GESELLSCHAFT: Creditors' Meeting Slated for Oct. 12
INSUMMA PROJEKTGESELLSCHAFT: Claims Registration Ends Sept. 1
KIRCHMEIER & BRUECK: Claims Registration Period Ends Aug. 24
KLAUS VON BARGEN: Claims Registration Period Ends Sept. 20
LO ZAPPA: Creditors' Meeting Slated for September 3

SCHIEDER MOEBEL: Managers & Kerkhoff Int'l. Buy MCA Mobel Unit


I T A L Y

ALITALIA SPA: Names Maurizio Prato as New Board Chairman
ALITALIA SPA: Pegs June 30, 2007, Group Net Debt at EUR1.03 Bln
PARMALAT SPA: Allocated Shares Hike Equity Capital by EUR2.4 Mln
WIND TELECOMUNICAZIONI: Posts EUR127 Mln Net Loss for H1 2007


K A Z A K H S T A N

AKBIDAY SK: Proof of Claim Deadline Slated for Sept. 7
OPTIUM-K.J. LLP: Creditors Must File Claims Sept. 5
PETROINVEST CORPORATION: Claims Registration Ends Aug. 31
SAPAR LLP: Claims Filing Period Ends Sept. 6
SPORT JOL: Creditors' Claims Due on Sept. 5

TURGAY-CH LLP: Claims Registration Ends Sept. 5


K Y R G Y Z S T A N

DELICATES SEZ: Creditors Must File Claims by September 7


L U X E M B O U R G

AMERICAN AXLE: Robert W. Baird Keeps Underperform Rating on Firm
EVRAZ GROUP: To Exercise Option to Buy 24.9% Highveld Stake
NOMA LUXEMBOURG: Moody's Withdraws Ba3 Corporate Family Rating


N E T H E R L A N D S

EUROSAIL 2007-I: Fitch Rates Classes E1 and ET Notes at BB
FOOT LOCKER: Taps Lehman to Explore Strategic Options, WSJ Says
FOOT LOCKER: Initiates Steps to Strengthen Business Operations


R O M A N I A

TRACTORUL UTB: Mahindra & Mahindra Mulls Acquisition of Assets


R U S S I A

AGRO-REM-PROM-TEKHNIKA: Names D. Zelepukin as Insolvency Manager
ALLIANCE OF BUILDERS-A: Creditors Must File Claims by Sept. 7
BARABA CJSC: Creditors Must File Claims by Aug. 7
BOGRADSKIY CHEESE: Creditors Must File Claims by Sept. 7
EVRAZ GROUP: To Exercise Option to Buy 24.9% Highveld Stake

GALLERY MEDIA: Moody's Changes Junk Rating Outlook to Positive
KALTUKSKIY DIARY: Creditors Must File Claims by Sept. 7
KUZBASS-RADIO OJSC: Creditors Must File Claims by Aug. 7
LIPOIL OJSC: Creditors Must File Claims by Aug. 7
LONGRAN CJSC: Court Starts Bankruptcy Supervision Procedure

MASPROM CJSC: Creditors Must File Claims by Sept. 7
NOVATEK OAO: Moody's Lifts Corp. Family Rating to Baa3 from Ba2
ORENBURGSKOE PASSENGER: Names V. Prokofyev as Insolvency Manager
ORNES-1 LLC: Creditors Must File Claims by Aug. 7
PARANGINSKIY AGRO-SNAB: Creditors Must File Claims by Sept. 7

POVOLZHSKAYA TRADING: Creditors Must File Claims by Sept. 7
RSC ENERGIA: New Chief Calls for "Emergency Administration"
ROSNEFT OIL: Wins License for Preobrazhensky Hydrocarbon Field
TITOVSKOE LLC: Orenburg Bankruptcy Hearing Slated for Oct. 10
YUKOS OIL: Receiver Wants Court to Extend Bankruptcy Process

YUKOS OIL: Appellate Court Reviews Ruling on PwC Audit Contracts
YUKOS OIL: Ex-Managers Contest Sale of Dutch Unit


S L O V A K I A

U.S. STEEL: Paying US$0.20 Per Share Dividend on Sept. 10


S P A I N

IBERCAJA 1: S&P Puts BB-Rated Class D Notes on Watch Positive
TOWER AUTOMOTIVE: Emerges From Chapter 11 Bankruptcy in New York
TOWER AUTOMOTIVE: Completes US$1B Asset Sale to TA Acquisition


S W E D E N

AVNET INC: Enters Agreement for Magirus Group Acquisition


S W I T Z E R L A N D

HOLWECK LLC: Aargau Court Closes Bankruptcy Proceedings
LUCAS EVENTS: Creditors' Liquidation Claims Due August 15
SALAVINS LLC: Creditors' Liquidation Claims Due August 13
TREUHAND - ZURICH JSC: Zurich Court Closes Bankruptcy Process
WBK LLC: Thurgau Court Starts Bankruptcy Proceedings


U K R A I N E

AFFINIA GROUP: Appoints Josh Russell as VP for Brand Marketing
COMTEX LLC: Creditors Must File Claims by August 4
DIAGON LLC: Creditors Must File Claims by August 4
GROUP MDM: Creditors Must File Claims by August 4
INDUSTRY RESOURCE: Creditors Must File Claims by August 4

KIPAS LLC: Creditors Must File Claims by August 5
NORDIK LLC: Creditors Must File Claims by August 4
POKROVA PLUS: Creditors Must File Claims by August 4
NADBUZHANSKOE LLC: Creditors Must File Claims by August 4
SPECIAL EQUIPMENT-NIK: Creditors Must File Claims by August 4

TSARICHANKA CANNERY: Creditors Must File Claims by August 4
VETUS-2005 LLC: Creditors Must File Claims by August 4
ZHYTKO LLC: Creditors Must File Claims by August 4


U N I T E D   K I N G D O M

A C SEWELL: Brings In Liquidators from Vantis Business Recovery
A-CLASS FINISHERS: Claims Filing Period Ends September 30
ASHTEAD GROUP: Moody's Lifts Corporate Family Rating to Ba3
BAA LTD: Heathrow Seeks Injunction Over Proposed Climate Camp
BALLY TOTAL: Wants to Access Prepetition Cash Collateral

BALLY TOTAL: Inks US$292MM DIP Financing Pact w/ Morgan Stanley
CEVA GROUP: Moody's Rates Proposed US$400 Mln Sr. Notes at (P)B3
CEVA GROUP: S&P Affirms Junk Ratings on EUR730 Million Notes
COMPASS MINERALS: June 30 Balance Sheet Upside-Down by US$48.8MM
DURA AUTOMOTIVE: Files Backstop Rights Purchase Agreement

FLAMES & FIBROUS: Claims Filing Period Ends September 25
FOCUS DIY FINANCE: Fitch Cuts IDR to D and Withdraws Ratings
FORD MOTOR: Shareholders Convert 6.5% Securities to Common Stock
FORD MOTOR: Sales Plunge 19% to 195,245 Vehicles in July
FRERE JACQUES: Claims Filing Period Ends September 30

GENERAL MOTORS: U.S. Sales Drop 18.5% to 320,935 in July
INTERNATIONAL PAPER: Closes CMCP Stake Purchase for US$40 Mil.
ISLE OF CAPRI: Delays 10-K Filing Due to Financial Restatements
ISOFT GROUP: Posts GBP8.8 Mln Net Loss in Year Ended April 30
KELRISE LTD: Claims Filing Period Ends September 30

KILNER LTD: Taps A. Poxon to Liquidate Assets
LPC DEVELOPMENTS: Calls In Liquidators from Moore Stephens
MITEL NETWORKS: S&P Cuts US$330 Mln First-Lien Debt Rating to B+
NATIONWIDE DOORS: Claims Filing Period Ends September 5
REMY INTERNATIONAL: To Begin Vote Solicitation on Prepack Plan

ROADLINER CARS: Appoints Liquidators from Vantis plc
SYNERGY CONSTRUCTION: Names Stephen John Tancock Liquidator
TOWER RECORDS: Chap. 11 Liquidating Plan Gets Court Approval
VIRGIN MEDIA: Appoints Graeme Oxby as Unit’s Managing Director
WHOLE FOODS: Earns US$49.1 Million in Twelve Weeks Ended July 1

* BOOK REVIEW: Financial Planning for High Net Worth Individuals
               (Executive Series)


                            *********


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


AFFYMETRIX INC: Earns US$1.2-Million in Second Quarter 2007
-----------------------------------------------------------
Affymetrix Inc. reported a net income of approximately
US$1.2 million in the second quarter of 2007, a turnaround from
the US$10-million net loss recorded in the second quarter of the
prior year.

The company reported total revenue for the second quarter of
US$88.3 million, as compared to a total revenue of
US$80.1 million in the second quarter of 2006.  Product and
product related revenue was US$81.2 million, product sales to
Perlegen Sciences, Inc. were US$4.4 million and royalties and
other revenue were US$2.7 million for the second quarter of
2007.

"We are pleased with the sequential and year-over-year top-line
revenue growth driven by the strong adoption of our new SNP 6.0
genotyping product," said Kevin M. King, president of Affymetrix
Life Sciences.  "The successful launch of this product has
resulted in a number of important new global commercial
agreements."

Second quarter sales included GeneChip consumable revenue of
US$67.2 million, consisting of array revenue of US$41.0 million,
reagent revenue of US$14.2 million, genotyping services revenue
of US$7.6 million and US$4.4 million of Perlegen revenue.
Additionally, the company reported instrument revenue of
US$8.8 million in the second quarter of 2007.  Affymetrix
shipped 38 GeneChip systems in the quarter, bringing its
cumulative systems shipped to around 1630 at the end of the
second quarter.

Cost of product sales and product related revenue were
US$34.7 million in the second quarter of 2007 compared to
US$27.1 million in the same period of 2006.  Product and product
related gross margin was 57.3% in the second quarter of 2007
compared to 64.1% in the second quarter of 2006.

Operating expenses were US$54.8 million for the second quarter
of 2007, which includes restructuring charges of US$1.8 million,
as compared to US$61.0 million in the second quarter of 2006.

                   Financial Outlook for 2007

For fiscal 2007, the company projects total revenue in the range
of US$365 million to US$385 million.  For the full year the
company expects gross margins around 60%, dependent upon revenue
mix.  The company is forecasting total operating expenses of
US$220 million as well as total restructuring charges of US$15
million for the full-year.

As of June 30, 2007, the company's balance sheet recorded total
assets of US$788.6 million and total liabilities of US$220.5
million of total liabilities resulting in a shareholders' equity
of US568 million.

                      Quarterly Highlights

DNA Analysis

   -- Affymetrix announced the launch of its Genome-Wide Human
      SNP Array 6.0, a single microarray that simultaneously   
      measures more than 1.8 million genetic markers.  Developed
      in collaboration with the Broad Institute of Harvard and
      the Massachusetts Institute of Technology, the new array
      offers industry-leading performance which enables
      researchers to increase the size and scope of their
      experiments.

   -- The Children's Research Institute and Affymetrix have
      entered a five year alliance to screen genetic information
      of up to 25,000 patients.  The study will use Affymetrix
      products to generate genetic data for use in developing
      novel diagnostics and screening tests for complex diseases
      affecting children.

   -- The Wellcome Trust Case Control Consortium completed the
      world's largest whole-genome association project.  The
      research team used GeneChip microarray technology to
      analyze the genetic information of more than 17,000
      individuals to find genes associated with seven common
      complex human diseases.  Study details were published in
      the June 7, 2007 issue of Nature.

   -- The National Genome Research Network (NGFN) in Germany has
      selected the Affymetrix SNP Arrays 5.0 and 6.0 to genotype
      more than 17,000 individuals.  With this genetic
      information, researchers will develop treatments for 25
      complex diseases, including Alzheimer's, epilepsy, and
      Parkinson's.

   -- The Republic of Korea's National Institute of Health and
      Center for Disease Control and Prevention will use the
      Affymetrix SNP Array 5.0 for the Korean Association
      Resource project.  This genome-wide association study is
      designed to identify the genetic causes of lifestyle-
      related complex diseases that are prevalent in Korea by
      genotyping 10,000 individuals.

   -- The Genetic Association Information Network will use the
      recently launched SNP Array 6.0 for a series of studies
      designed to identify the genetic causes of common, complex
      diseases such as schizophrenia and bipolar disorder.  GAIN
      researchers will use the Affymetrix technology to analyze  
      8,000 samples with a diverse range of ethnic origins.

   -- Children's Hospital of Philadelphia will use the
      Affymetrix SNP Array 6.0 for whole-genome association
      studies of 7,000 individuals.  "The increased genetic
      coverage, expanded content and affordability of the
      Affymetrix SNP Array 6.0 enables us to perform highly
      powered association and copy number studies, which will
      provide us with a better understanding of the role of
      genes and genetic variants in complex diseases," said
      Hakon Hakonarson, M.D., Ph.D., director of the Center for
      Applied Genomics at Children's Hospital.

RNA Analysis

   -- A team from Affymetrix Laboratories has successfully used
      the company's Tiling Arrays to help redefine the structure
      of the human genome as part of the Encyclopedia Of DNA
      Elements project.  Organized by the National Human Genome
      Research Institute, the ENCODE pilot-phase project was a
      four-year set of studies designed to identify the
      functional elements present in one percent of the human
      genome.  The results of the project were published in a
      set of papers in the June 14th issue of Nature and the
      June issue of Genome Research.

Molecular Diagnostics

   -- Affymetrix Clinical Services Laboratory has signed a co-
      marketing agreement with DOCRO Inc., a leading contract
      research organization that specializes in the
      commercialization of in vitro diagnostic biomarker
      technologies.  The two companies will work together to
      help customers gain clearance or approval of IVD products
      from the U.S. Food and Drug Administration and bring those
      products to market faster than before.

   -- Partners HealthCare and Affymetrix have extended their
      translational research collaboration.  Under the terms of
      the agreement, Affymetrix will create custom microarrays
      based on the recent discovery data from Partners
      researchers.  The arrays will be used to produce molecular
      diagnostic tests, which will then be validated in Partners
      HealthCare's CLIA (Clinical Laboratory Improvement
      Amendments)-certified environments.

Management

   -- Affymetrix appointed John C. Batty to chief financial
      officer and executive vice president, reporting to Stephen
      P.A. Fodor, Ph.D., chairman and CEO. Prior to his
      appointment, Batty served as senior vice president of
      finance and chief financial officer of Credence Systems
      Corporation.

                      About Affymetrix Inc.

Headquartered in Santa Clara, California, Affymetrix Inc. --
http://www.affymetrix.com/-- analyzes complex genetic  
information that are used by pharmaceutical, biotechnology
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia including Singapore,
Japan and China, as well as Australia, Austria, Germany, New
Zealand, Hong Kong, India, Japan, Malaysia, Taiwan, and the
United Kingdom and has about 1,100 employees worldwide.

                          *     *     *

Affymetrix Inc.'s noteholders issued a notice of default on Aug.
17, 2006, under the indenture governing the US$120 million 0.75%
Senior Convertible Notes due 2033 as a result of the company's
failure to file its Form 10-Q for the quarter ended June 30,
2006, with the United States Securities and Exchange Commission.


ALPHA INNENAUSBAU: Claims Registration Period Ends Aug. 22
----------------------------------------------------------
Creditors owed money by LLC ALPHA Innenausbau (FN 31664s) have
until Aug. 22 to file written proofs of claim to court-appointed
estate administrator Peter Pullez at:

         Dr. Peter Pullez
         c/o Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2 (Bankr. Case No. 2 S 87/07t).  Robert Gschwandtner
represents Dr. Pullez in the bankruptcy proceedings.


DANCE-GASTRONOMIE: Linz Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Linz entered July 2 an order shutting down the
business of LLC Dance-Gastronomie (FN 263100m).

Court-appointed estate administrator Markus Weixlbaumer
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

Headquartered in Leonding, Austria, the Debtor declared
bankruptcy on June 25 (Bankr. Case No 38 S 36/07h).


DIGHE LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered July 2 an order shutting down
the business of LLC Dighe (FN 235400b).

Court-appointed estate administrator Johannes Jaksch 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. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 12 (Bankr. Case No 5 S 70/07i).  Stephan Riel represents
Dr. Jaksch in the bankruptcy proceedings.


DK HANDEL: Eisenstadt Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Eisenstadt entered July 2 an order shutting
down the business of LLC DK Handel (FN 166178f).

Court-appointed estate administrator Wilhelm Lackner recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


HOLYGAST HOTELBETRIEB: Salzburg Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Salzburg entered July 3 an order shutting down
the business of LLC Holygast Hotelbetrieb (FN 219253g).

Court-appointed estate administrator Alfred Huetteneder
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


INT-TRANS KEG: Claims Registration Period Ends Aug. 22
------------------------------------------------------
Creditors owed money by KEG INT-TRANS E. ARSLAN (FN 232752h)
have until Aug. 22 to file written proofs of claim to court-
appointed estate administrator Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 2 (Bankr. Case No. 2 S 88/07i).  


MIAMI GASTRO: Wels Court Orders Business Closure
------------------------------------------------
The Land Court of Wels entered June 29 an order closing down the
business of LLC MIAMI Gastro (FN 281577i).

Court-appointed estate administrator Stephan Andreas Binder
recommended the business closure after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


SCHUBERT LLC: St. Poelten Orders Business Shutdown
--------------------------------------------------
The Land Court of St. Poelten entered July 4 an order shutting
down the business of LLC Schubert (FN 94200f).

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

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


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CHEMTURA CORP: Closes Organic Peroxides Biz Sale to PERGAN
----------------------------------------------------------
Chemtura Corporation has completed the sale of its organic
peroxides business and Marshall, Texas manufacturing facility to
German organic peroxides maker PERGAN GmbH in an all-cash
transaction for an undisclosed amount.  Proceeds from the
transaction will be used to reduce debt that was incurred to
fund the recent acquisition of specialty lubricant
producer Kaufman Holdings.

"This divestiture represents additional progress in our ongoing
portfolio refinement plan," said Chemtura Chairman and CEO
Robert L. Wood.  "We are pleased to be transferring this
business to a buyer who is interested in growing it, which
should benefit both customers and affected employees."

Substantially all of the 40 employees at the Marshall facility
are expected to transfer to PERGAN GmbH.  The organic peroxides
business being sold had revenues for 2006 of approximately US$20
million.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

  -- Corporate Family Rating: Ba2 from Ba1

  -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
     LGD4 (53%)

  -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
     Ba1; LGD4 (53%)

  -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
     Ba1; LGD4 (53%)


GOODYEAR TIRE: Matrix Research Downgrades Firm’s Shares to Sell
---------------------------------------------------------------
Matrix Research analysts have downgraded Goodyear Tire & Rubber
Co’s shares to "sell" from "hold," Newratings.com reports.

The analysts said in a research note that the production of
rubber tires by Goodyear Tire would be adversely affected in the
near term by an increase in oil prices.

The analysts told Newratigns.com that demand for Goodyear’s
tires would decrease due to increased gasoline prices.

Goodyear Tires’s "EVA" continued to decline during the 12-month
period ended June 2007.  Its "NOPAT" decreased by over 21%,
Newratings.com states, citing Matrix Research.

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 maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, 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.


TIMKEN COMPANY: Earns US$55.6 Million in Second Quarter 2007
------------------------------------------------------------
The Timken Company reported net income of US$55.6 million for
the second quarter of 2007, compared with net income of US$64.9
million of the second quarter of 2006.

The company reported sales of US$1.35 billion in the second
quarter of 2007, an increase of 4% over the same period a year
ago.  Strong sales in industrial markets were partially offset
by the strategic divestment of the company's automotive steering
and European steel operations.

"Timken gained further momentum in the second quarter, as demand
remained strong in our major industrial market sectors," James
W. Griffith, Timken's president and chief executive officer,
said.  "We expect enhanced performance going forward as we drive
operations improvements, realize pricing across selected market
sectors, bring new capacity online and complete our
restructuring efforts."

During the quarter, the company:

   -- completed the first major U.S. implementation of Project
      O.N.E., a program designed to improve business processes
      and systems;

   -- made further progress on key additions to Industrial Group
      capacity in Asia and North America;

   -- advanced its restructuring initiatives within its
      Automotive and Industrial Groups; and

   -- completed the closure of its steel tube manufacturing
      operations in Desford, England.

Total debt at June 30, 2007, was US$598.5 million, or 26.5
percent of capital.  Net debt at June 30, 2007, was US$525.2
million, or 24.1% of capital, compared to US$567.7 million, or
26.7% of capital, at March 31, 2007.  The company expects to end
2007 with lower net debt and leverage than last year, providing
additional financial capacity to pursue strategic investments.

For the first half of 2007, sales were US$2.63 billion, an
increase of 3% from the same period in the prior year.  Special
items in the first half of 2007 totaled US$43.5 million of
pretax expense, compared to US$25.8 million in the same period a
year ago.  During the first six months of 2007, the company
benefited from strong industrial market demand and record Steel
Group performance, which were countered by lower demand from the
company's North American automotive customers.

                     About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The Company has
operations in 27 countries and employs 27,000 employees.  It has
operations in the following countries: New Zealand, Canada,
Chile, Belgium, Japan, United Kingdom, among others.

                          *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  The Outlook is Stable.


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


ALCATEL-LUCENT: Incurs EUR336 Mil. Net Loss in Second Quarter
-------------------------------------------------------------
Alcatel-Lucent recorded revenues at EUR4.33 Billion, up 13%
sequentially and 0.5% Year-Over Year at Constant Euro/USD
Exchange Rate.  Adjusted Operating Loss at EUR19 million,
Including EUR34 million from a litigation settlement.

The company posted an adjusted net loss (Group Share) at EUR336
million (EUR0.15 Per Diluted Share), including a net impact of
EUR176 million (EUR0.08) from several significant items.

                  Executive Commentary

Patricia Russo, CEO commented: "This quarter, our revenues
sequentially grew by a solid 13% at a constant Euro/USD exchange
rate, with the strongest performance in the wireline and
services businesses.  From a regional perspective, we saw strong
growth in Asia Pacific.  We are seeing the benefits of the
merger with momentum building in our order flow for the second
consecutive quarter.  As a result, our order backlog at the end
of the second quarter 2007 continues to improve compared to
first quarter 2007.  We are also seeing the benefits of revenue
synergies through the combined company's strengths.  For
example, Reliance Communications selected us for both their GSM
and CDMA network expansions, marking our entry into the GSM
portion of Reliance's network and we have also been selected by
Telecom New Zealand to deploy our W-CDMA technology, along
with our existing CDMA contract."

"As we have said, 2007 is clearly a transition year for the
company as we continue to execute on our integration plans in a
rapidly changing industry.  During the quarter, we reduced our
cost structure, in areas such as IS/IT and R&D.  Additionally,
we reduced approximately 1,900 positions, before the impact of
new managed services contracts and acquisitions (approximately
400 positions) are taken into account.  Year to date we have
reduced headcount by 3,800 people which is 30% of the 3-year
12,500 target.  Again, this is before the impact of managed
services contracts and acquisitions.  Based on this progress and
the ongoing efforts underway, we are planning to achieve our
synergy related pre-tax savings of EUR600 million this year.  
However during 2007, we are strategically reinvesting our gross
margin savings to position the company for the long term, while
achieving most of our operating expense savings on a comparable
basis."

"In the second quarter 2007, the gross margin was lower than we
would have liked and was negatively impacted by continued
significant investments in key markets, an unfavorable product
and geographic mix as well as some impact from product related
transition costs as customers migrate their networks.  We
believe the gross margin level this quarter is not indicative of
the business going forward."

"Finally, we anticipate sequential revenue growth as the year
progresses, which implies a strong ramp-up in the second half
2007.  Looking forward to the full year 2007, we continue to
expect revenues to increase on a percentage basis at the carrier
market growth rate of mid single digits at a constant Euro/USD
exchange rate."

                     Reported Results

In accordance with regulatory reporting requirements, the second
quarter 2007 reported results include the non-cash impacts from
purchase price allocation entries following the merger with
Lucent Technologies.  The global Thales transaction has been
closed during the second quarter 2007 and all activities, which
have been contributed to Thales as of June 30, 2007 (space
activity on April 10, 2007 and railway signaling and integration
and services activities for mission-critical systems on Jan. 5,
2007) are not included in second quarter 2007 results.

For the second quarter 2007, Alcatel-Lucent's reported revenues
amounted to EUR4,326 million.  The reported gross profit was
EUR1,397 million, including the impacts from purchase price
allocation entries of EUR50 million.  Reported operating loss
was EUR206 million, including the impact from purchase price
allocation entries of EUR187 million.  For the quarter, reported
net loss (group share) was EUR586 million or EUR0.26 per diluted
share (US$0.35 per ADS), including the impact from purchase
price allocation entries of EUR250 million.

                     Adjusted Results

In addition to the reported results Alcatel-Lucent is providing
adjusted financial results in order to provide meaningful
comparable information, which exclude the main non-cash impacts
from purchase price allocation entries.  The global Thales
transaction has been closed during the second quarter 2007 and
all activities which have been contributed to Thales as of
June 30, 2007 (space activity on April 10, 2007 and railway
signaling and integration and services activities for mission-
critical systems on Jan. 5, 2007) are not included in second
quarter 2007 results.  Prior period results refer to the
adjusted pro forma combined operations for Alcatel-Lucent as of
Jan. 1, 2006.

For the second quarter, Alcatel-Lucent's revenues were
EUR4,326 million, compared to a pro-forma EUR4,491 million in
the year-ago quarter, a 0.5% increase at a constant Euro/USD
exchange rate, or a 4% decline at current rate.  The adjusted
gross profit was EUR1,447 million, 33.4% of sales, including a
positive impact of EUR34 million from a litigation settlement,
compared to an adjusted pro-forma gross profit of EUR1,711
million in the year-ago quarter.  Adjusted operating loss was
EUR19 million, 0.4% of sales, compared with an adjusted pro-
forma operating loss of EUR252 million in the year-ago quarter.  
For the quarter, adjusted net income (group share) was
EUR336 million, or EUR0.15 per diluted share (US$0.20 per ADS).  
The adjusted pro-forma net income (group share) was EUR302
million, or EUR0.13 per diluted share (US$0.18 per ADS), in the
second quarter 2006.

The adjusted net income (group share) for the second quarter
2007 included three significant items:

  -- a positive pre & post-tax impact of EUR42 million from a
     litigation settlement,

  -- a positive pre-tax impact of EUR265 million, or post-tax
     of EUR80 million, reflecting an amendment of the OPEB
     liabilities,

  -- a negative pre and post-tax impact EUR298 million from a
     one-time impairment charge related to W-CDMA assets
     following our annual impairment assessment of each
     business division's assets;

Together all three items total EUR176 million or EUR0.08 per
diluted share (US$0.11 per ADS).

The net (debt)/cash position was EUR221 million as of
June 30, 2007, compared with EUR48 million as of March 31, 2007.

                   Business Commentary

The following business comments are based on a year over year
comparison,unless otherwise stated.  Business trend comparisons
are based on variations at a constant Euro/USD exchange rate.

                 Carrier Business Segment

For the second quarter 2007, revenue for the carrier business
segment was EUR3,104 million compared to EUR3,367 million in the
year-ago quarter, a 5% decline at a constant Euro/USD exchange
rate, or an 8% decline at current rate.  Adjusted operating loss
was EUR73 million, a (2.4)% operating margin.

Key Highlights:

  * Reliance Communications, India's largest integrated telecom
    service provider, selected Alcatel-Lucent to expand its
    wireless network to more than 20,000 towns and 600,000
    villages.  In a contract valued at more than US$400
    million, Alcatel-Lucent will deploy an IP-based next-
    generation CDMA and GSM network expansion, extending the
    range of wireless solutions Alcatel-Lucent provides to
    Reliance Communications.

  * As part of a EUR168 million mobile network investment,
    Telecom New Zealand selected Alcatel-Lucent as its
    technology partner for a new 3G W-CDMA network upgrade, in
    addition to the recent contract award for CDMA EVDO
    Revision A upgrade.

  * LGS, Alcatel-Lucent's subsidiary dedicated to serving the
    US Government, is part of a team led by Qwest which was
    awarded a stake in the Networx Universal contract.

                         Wireline

For the second quarter 2007, revenue for the wireline business
group was EUR1,505 million compared to EUR1,460 million in the
year-ago quarter, a 7% increase at a constant Euro/USD exchange
rate, or a 3% increase at current rate.

Key Highlights:

  * Revenues were solid in access, with strong growth in the
    IP-based DLSAM and Fiber-to-the premises businesses.  This
    quarter marked the highest ever quarterly performance in
    DSL with 9.6 million lines delivered, and for the first
    time more than half of the volume from the IP-based DSLAM
    platform.  The GPON momentum continued in North America and
    in Western Europe where the GPON standard gained ground
    over competitive technologies to support very high speed
    services.  Verizon completed a definitive agreement with
    Alcatel-Lucent to supply equipment for their next major
    advancement in GPON-based FiOS services.

  * Revenue was somewhat lower for the data business compared
    to the second quarter 2006, which included particularly
    strong results in MSWAN.  The IP/MPLS service routing
    business recorded the tenth consecutive quarter of growth,
    with increasing traction and presence in the Asia Pacific
    region and worldwide growth faster than the market,
    confirming our #2 market position.

  * Revenues were very strong in optics, with robust growth in
    both terrestrial and submarine transport.  The strong
    growth in the quarter was fueled by metro and long haul
    DWDM, OMSN and cross-connects to support high bandwidth
    requirements for IP video services.

  * Alcatel-Lucent won several new contracts for the Triple
    Play Service Delivery Architecture to support IP video
    services: Portugal Telecom, Vodafone Portugal and Kenya
    Data Network.

                         Wireless

For the second quarter 2007, revenue for the wireless business
group was EUR1,237 million compared to EUR1,396 million in the
year-ago quarter, a 8% decline at a constant Euro/USD exchange
rate, or a 11% decline at current rate.

Key Highlights:

  * The wireless revenue decline was largely driven by low
    volumes, particularly in 2G GSM radio in Africa and Eastern
    Europe.  By comparison, shipments were strong in South East
    Asia and in China where the company has improved its market
    share.  The refreshed 2G product offerings (Twin TRX and
    ATCA BSC) gained traction as mobile operators migrate to
    all-IP architectures.  As a result of softness in the 2G
    business, the wireless transmission business also recorded
    a slight decline in the quarter.

  * The 3G business recorded good growth, primarily driven by
    TD-SCDMA in China, where Alcatel Shanghai Bell and its
    partner Datang Mobile deployed network solutions for China
    Mobile in Shanghai and Guangzhou.  Activity in W-CDMA,
    which grew sequentially, was driven by Western Europe and
    South Korea.  CDMA revenues increased in North America,
    with continued EVDO Rev A upgrades and growth in the
    subscriber base while investment in CDMA in China and Latin
    America declined.

  * With 2 new WiMAX trials announced during the second
    quarter, Alcatel-Lucent had more than 70 trials deployed.
    As an example, Alcatel-Lucent signed a two-year contract
    with SHD (a corporate joint venture between SFR and Neuf
    Cegetel in France) for the supply and installation of the
    first next-generation WiMAX network, using standard
    802.16e-2005.

  * Alcatel-Lucent won several new contracts in GSM/EDGE
    including: Indonesia (Indosat and Excelcommindo), UAE
    (Etisalat), Kenya (Celtel), China (China Mobile) and
    Pakistan (CMPak/China Mobile).

                       Convergence

For the second quarter 2007, revenue for the convergence
business group was EUR362 million compared to EUR511 million in
the year-ago quarter, a 27% decline at a constant Euro/USD
exchange rate, or a 29% decline at current rate.

Key Highlights:

  * In a continued competitive market, classic core switching
    revenue, in both wireline and wireless, continued to
    decline in line with the market rate.  While the company
    continues to make progress in growing the next generation
    core business, revenues do not yet offset the declines in
    classic core networking.  The company continues to make
    significant R&D investments in advance of the market impact
    resulting from the IP network transformations that are
    underway.

  * Revenues were strong in the IMS business, albeit on a small
    base, with investments being carried out to deliver multi
    access and -device, and multimedia applications in a
    converged Internet protocol environment.

  * In the multimedia and payment businesses, revenues were
    negatively impacted by a declining market in pre-paid
    payment solutions.  Investments continued in order to
    evolve IPTV capabilities.

  * Alcatel-Lucent has been selected by TerreStar to support
    their build of an integrated mobile satellite and land-
    based communications network in North America, using IMS to
    deliver universal access and personalized services over
    standard wireless devices.

  * Alcatel-Lucent has been selected by Portugal Telecom for
    its IPTV commercial service meo, which includes broadcast
    HD-TV, and video on demand.

               Enterprise Business Segment

For the second quarter 2007, revenue for the enterprise business
segment was EUR376 million compared to EUR368 million in the
year-ago quarter, a 5% increase at a constant Euro/USD exchange
rate, or a 2% increase at current rate.  Adjusted operating
income was EUR23 million, a 6.1% operating margin.

Key Highlights:

  * Revenues showed strength across all parts of the enterprise
    business, with a strong performance in Western and Eastern
    Europe.  The voice and data business contributed to the
    segment's growth with good momentum in IP telephony
    migration pulling infrastructure upgrades as for small,
    medium and large businesses.  Alcatel-Lucent continued
    further investment and effort in channel development and
    achieved positive results, with an 18% increase in service
    provider channel sales over the previous quarter, globally.

  * In addition, Alcatel-Lucent acquired privately held
    NetDevices, which delivers a market recognized, innovative
    and flexible enterprise networking platform known as a
    Unified Service Gateway which is designed to reduce the
    cost and complexity of managing branch office networks.

  * Alcatel-Lucent also entered into an agreement with NCR
    Corporation to provide on-site installation and maintenance
    services for Alcatel-Lucent enterprise communications
    customers in North America.

  * Alcatel-Lucent continued to innovate and target growth
    markets like security during the quarter.  Alcatel-Lucent
    released two new products in this area: the OmniAccess 3500
    Nonstop Laptop Guardian, and the OmniAccess SafeGuard.

  * The Alcatel-Lucent contact center activity, led by Genesys,
    continued to scale its market presence and executed
    extremely well in its core market of large enterprises,
    while extending its market reach via capabilities for
    managed services.  Genesys reported strong growth in Europe
    and Australia, reinforcing their #1 position in CTI
    (Computer Telephony Integration).

                 Services Business Segment

For the second quarter 2007, revenue for the services business
segment was EUR750 million compared to EUR699 million in the
year-ago quarter, a 11% increase at a constant Euro/USD exchange
rate, or a 7% increase at current rate.  Adjusted operating
income was EUR29 million, a 3.9% operating margin.

Key Highlights:

  * The Services Business Segment continued to focus on the
    strategic growth areas of IP transformation, applications
    integration, multi vendor maintenance, and network
    operations.

  * Network operations and hosted services registered a strong
    performance, with significant wins including a three year
    contract with Vivo in Brazil, the largest mobile operator
    in the Southern hemisphere and a turnkey build out of a
    carrier network operations center with Shanghai Telecom in
    China.  In addition Alcatel-Lucent won a contract to supply
    Network Operations Support Center services for Nextgen
    Networks optical network.

  * Multi vendor maintenance revenue continued to grow based on
    new orders such as the win with Global Crossing to oversee
    the maintenance of multi-vendor optical and transport
    equipment.

  * IPTV remains a major driver of Internet protocol network
    transformation.  Alcatel-Lucent further penetrated the
    market with a key win in Portugal Telecom.  In Internet
    protocol transformation, Alcatel-Lucent will assist BT in
    ensuring the 21CN migration control center is operational
    to migrate 20 million customers over to the new all-
    Internet protocol network.

  * Alcatel-Lucent continued to add new customers in the
    Enterprise and Government vertical markets.  A contract
    with Transpower New Zealand to deliver, operate and
    maintain a new IP-based private communications network
    connecting 192 sites across New Zealand was signed.  And, a
    multi-million Euro contract by RTE, the French electricity
    network operator, to deploy an additional fiber-optic
    network was also secured.

                   About Alcatel-Lucent

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

                       *     *     *

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

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

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


ALCATEL-LUCENT: Dresdner Kleinwort Reaffirms Share Sell Rating
--------------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has reaffirmed his
"sell" rating on Alcatel-Lucent’s shares, Newratings.com
reports.

Newratings.com relates that the target price for Alcatel-
Lucent’s shares was set at EUR8.

Mr. Lindberg said in a research note that Alcatel-Lucent’s
interim report was "soft."

Mr. Lindberg told Newratings.com that Alcatel-Lucent’s sales
have surpassed expectations.  However, the company’s income
dropped on a "like-for-like" basis.

"Cost synergies from the merger are being largely offset by
pricing pressure," Newratings.com states, citing Dresdner
Kleinwort.

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

                       *     *     *

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

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

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


AMERICAN MEDICAL: Earns US$7.3 Mln in Second Qtr. Ended June 30
---------------------------------------------------------------
American Medical Systems Holdings Inc. reported a US$7.3 million
net income for the second quarter of 2007.  The prior year's
second quarter had a reported net loss of US$8.1 million that
included the US$28.1 million of in-process research and
development charges from the BioControl and Solarant Medical
acquisitions completed during that quarter, and US$7 million of
financing charges from bridge financing commitments related to
the Laserscope acquisition.  Net income for the second quarter
of 2006, adjusted to exclude the effect of these charges, was
US$14.6 million.

The company reported revenues of US$116.5 million for the second
quarter of 2007, a 48% increase over sales of US$78.8 million in
the comparable quarter of 2006.  The second quarter of 2007
included US$28.4 million of revenue from the Laserscope
business, acquired in July 2006.  Excluding Laserscope revenue,
AMS second quarter revenue was US$88.1 million, a 12% growth
rate over the same quarter last year.  Adjusted for foreign
exchange, the company's base business growth rate was 10%.

The company's balance sheet as of June 30, 2007, reflected total
assets of US$1.1 billion, total liabilities of US$796.5 million,
and total stockholders' equity of US$316.2 million.

Martin J. Emerson, president and chief executive officer, noted,
"We are pleased with the progress made during the quarter to
address the supply issues encountered earlier in the year and
have exited the quarter with inventory and service levels near
our expectations.  We also are pleased by the significant
rebound in our male continence business in the second quarter
which confirms the enthusiastic acceptance of our recently
introduced Advance(TM) Male Sling System.  As well, the early
physician response to MiniArc(TM), our newest solution for
treating female stress incontinence, has been extremely
positive."

Mr. Emerson further stated, "We continue to make steady progress
addressing Laserscope integration issues, and recorded
sequential revenue increases in our U.S. laser therapy business
and in our global fiber sales.  However, we are behind schedule
in reestablishing revenue momentum for our laser therapy
business in Europe, and we also continue to encounter higher
than expected costs related to the manufacture of HPS consoles.
We now expect these challenges to affect our financial results
into the second half of 2007.  While the timeframe for resolving
these issues has been extended, we firmly believe that we have
the corrective actions in place to exit 2007 in a manner that
will position us for a very successful and profitable 2008 and
beyond."

                              Outlook

For the year 2007, the company has updated its expected revenue
range to US$470 million to US$482 million, from the previous
guidance of US$475 million to US$500 million.  Revenue projected
for the third quarter of 2007 ranges from US$111 million to
US$117 million.

                       About American Medical

American Medical -- http://www.americanmedicalsystems.com/--   
develops and delivers medical devices and procedures to cure
erectile dysfunction, benign prostatic hyperplasia,
incontinence, menorrhagia, prolapse and other pelvic disorders
in men and women pelvic health products for both men and women.  
AMS has operations in Australia, Austria, Brasil, Canada,
Deutschland, Benelux, France, Iberica, Portugal, the United
Kingdom, and the USA.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2007, that Moody's Investors Service confirmed its B1
Corporate Family Rating for American Medical Systems Inc.  
Additionally, Moody's revised its probability-of-
default ratings and assigned loss-given-default ratings on the
company's senior secured revolver due 2012 from Ba3 to Ba2
(LGD2, 22%) and senior secured term loan B due 2012 from Ba3 to
Ba2 (LGD2, 22%).


BELVEDERE S.A.: S&P Affirms B Rating on Deleverage Plan
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on France-based spirits and wine
producer and supplier Belvedere S.A. and removed it from
CreditWatch where it was placed with developing implications on
July 9, 2007.  The outlook is positive.

"The rating action follows the successful placement of the
interest in Belvedere, previously held by Trinidad & Tobago-
based CL Financial, among institutional investors, as well as
the company's announcement that it will deleverage the group's
balance sheet through a series of asset divestments to be
executed by year-end 2007," said Standard & Poor's credit
analyst Michael Seewald.

The successful closing of the transaction may result in an
improved financial risk profile for the company, which could
have a positive impact on the ratings.  However, S&P expects
that the proceeds from the planned asset divestments may not
immediately be used to pay back debt and that despite an
improved net debt position at fiscal year-end 2007, Belvedere's
total debt figure would not be materially different from today's
levels.

The rating on Belvedere reflects its highly leveraged financial
profile following the acquisition of France-based wine and
spirits producer and supplier Marie Brizard & Roger
International in 2006.  It also reflects the combined group's
exposure to the highly competitive, mature, and consolidating
French and Polish spirit and wine industries and its positioning
in the low and medium market segments, accounting for high
exposure to retailer bargaining power.  These negative rating
factors are partially mitigated by Belvedere's increased
diversification in terms of product mix and geography following
the acquisition, and ownership of some brands with leading
market shares in the Polish and French core markets.

At the end of the first quarter of fiscal 2007, Belvedere's
total adjusted financial indebtedness amounted to
EUR531 million, not taking into account cash position of
EUR70 million.

"The positive outlook reflects our expectation that, through the
planned deleveraging exercise, the company will be able to
achieve and sustain financial metrics that are above our
expectations for the current ratings," said Mr. Seewald.  "We
also expect that Belvedere will generate positive free operating
cash flow of at least EUR20 million per year under its new
operating parameters, and that further restructurings or
acquisitions will not have a negative impact on Belvedere's
leverage."


LAZARD LTD: Buys Australian Fin’l Advisory Firm Carnegie Wylie
--------------------------------------------------------------
Lazard Ltd. has acquired Carnegie, Wylie & Company, Australia’s
leading independent financial advisory firm, for a combination
of cash and stock, effective immediately.  Carnegie Wylie,
located in Melbourne, Sydney and Brisbane, provides mergers and
acquisitions advisory services in Australia and the Asia Pacific
region, and has a successful and expanding private equity
business.

"The acquisition of Carnegie Wylie is another important step in
our five-year strategy to expand our financial advisory business
by geographies, and reinforces our commitment to provide premium
service to clients," said Charles G. Ward III, President of
Lazard.  "Acquiring Carnegie Wylie will allow us to bring
Australia’s top banking talent into the Lazard fold, to build on
our existing Australian business faster, inherit an established
presence and premier brand in Melbourne, Sydney and Brisbane,
and strengthen our access in the important Asia Pacific region."

The current Sydney-based Lazard Financial Advisory team will
join with Carnegie Wylie, under the leadership of Carnegie Wylie
co-founder and principal John Wylie.  Carnegie Wylie co-founder
and principal Mark Carnegie will become CEO of Lazard’s
Australian Private Equity business.  Lazard Asset Management’s
Australian business will continue to be managed separately,
under its current leadership in Sydney.

"We are proud of our firm’s achievements in the Australian
market.  However, we recognise that more and more opportunities
are cross-border and require the access and expertise of a
premium global firm," said Mr. Wylie.  "It is a compelling
combination.  With Lazard, we preserve our integrity and
maintain our independent business model, which has proven
successful with clients. Now we can deliver an international
network."

Lazard’s Paul Binsted and Brian Wilson, Managing Directors in
Sydney said: "We admire and respect the tremendous success of
Carnegie Wylie and we are delighted to be working with John
Wylie and his team.  We regard John as one of Australia’s
outstanding investment bankers and he has developed a
superb team. This acquisition catapults the Lazard Australian
business forward."

"Having known the Lazard management for years, I respect their
culture and professional approach to providing trusted,
independent advice with a long-term view.  Perhaps one of the
most exciting aspects of this deal is the potential to attract
more of Australia’s best investment bankers to advise our ever-
expanding, international client base," added Mr. Wylie.

Both Messrs. Wylie and Carnegie have worked in the investment
banking industry for more than twenty years in New York, the UK
and Australia.  Prior to co-founding Carnegie Wylie in 2000,  
Mr. Wylie was Head of Investment Banking at Credit Suisse First
Boston in Australia.  He has advised on a wide range of mergers
and acquisitions, and equity and debt capital raisings for
companies and governments, and has led teams in a number of
Australia’s largest advisory transactions, including BHP
Billiton’s AUS$9.2 billion acquisition of WMC Resources, Toll on
its AUS$7.4 billion takeover of Patrick, Alinta on its proposed
AUS$13.5 billion sale to a Babcock and Brown/Singapore Power
consortium, the Coles Group on its pending AUS$22 billion sale
to Wesfarmers, the AUS$1.4 billion sale of its Myer business to
TPG and the three stages of the Telstra privatization.

Mr. Carnegie, an entrepreneur and career investor, was a
principal consultant for San Francisco-based private equity
group Hellman & Friedman in Australia and Southeast Asia for
almost a decade.  Amongst other investments he has been a
participant in groups that acquired major stakes in the Courage
Pub Estate, John Fairfax Holdings, Hoyts Cinemas, Formula
One Holdings, SCTV, Macquarie Radio Network and Lonely Planet
Publications.

Over the past three months, Lazard has continued to invest in
its Financial Advisory business for future growth in vibrant
markets.  The firm recently announced plans to acquire 50
percent of MBA Banco de Inversiones, extending Lazard’s reach
across Central and South America, and signed a cooperation
agreement with Raiffeisen Investment, the M&A advisory business
for Austria’s largest banking group, strengthening its
footprint across Russia, Central and Eastern Europe.  In July,
Lazard announced its planned acquisition of Goldsmith Agio
Helms, a U.S. middle-market advisory firm, which will serve as
the core of a new growth initiative focused on advising U.S.
mid-sized private companies.

                    About Carnegie Wylie

John Wylie and Mark Carnegie founded Carnegie Wylie in
January 2000.  Over the past seven years, the firm, with 23
professionals, has become one of Australia’s premier independent
advisors for mergers and acquisition transactions, advising on
six out of ten of the most recent, largest M&A transactions in
the Australian market.  Recent corporate advisory clients
include Telstra, the Coles Group, BHP Billiton, Qantas, Toll,
Newcrest Mining, Suncorp, Bluescope Steel, Origin Energy, Lend
Lease, Sigma and Hastings Funds Management.  Carnegie Wylie
Australian government advisory clients include the Commonwealth
Government and the State Governments of Victoria and New South
Wales.  The firm also has a successful and expanding private
equity investment business, including the recently established
private equity fund with leading Queensland institution,
Sunsuper.
                    About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and Brazil.  With origins dating back to
1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.

The company has locations in Australia, China, France, Germany,
India, Japan, Korea, and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


OUTIROR: Tours Commercial Court Approves Sisu Capital Purchase
--------------------------------------------------------------
The French Commercial Court of Tours approved the acquisition of
Outiror by Sisu Capital, a U.K. investment fund, on July 27,
2007, Financial Times Ltd. reports citing Les Echos as its
source.

According to the report, Sisu Capital stated that it will
safeguard 138 jobs at Outiror, and will add further 60 jobs, 30
of which will be transferred to a site in the Calvados region in
France.

Headquartered in Saint-Cyr-on-Loire, France, Outiror is a mobile
retailer of DIY and gardening tools.  Outiror employed 230
people. It went into receivership in May 2007, with a deficit of
EUR28 million.


PRIDE INT'L: Unit Buys Lexton Drillship Rights for US$108.5 Mln
---------------------------------------------------------------
A subsidiary of Pride International entered into a novation
agreement pursuant to which, for consideration of US$108.5
million, it acquired the rights and obligations of Lexton
Shipping Ltd. under a contract for the construction and sale of
an ultra-deepwater drillship by Samsung Heavy Industries Co.,
Ltd.

The drillship contract provides for the delivery of the
drillship on or before Feb. 28, 2010, and for the subsidiary's
right to rescind the contract for delays exceeding certain
periods.  The drillship contract novated to the Pride subsidiary
provides for remaining payments by the subsidiary of about
US$540 million, which takes into account amounts previously paid
by Lexton under the contract, subject to adjustment for change
orders and payable in installments during the construction
process.

In connection with the novation agreement, Pride executed
performance guarantees guaranteeing the obligations of its
subsidiary under the drillship contract and the novation
agreement.

                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides      
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                         *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.  

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2. The
outlook is stable.


RHODIA SA: Earns EUR3 Million in Second Quarter 2007
----------------------------------------------------
Rhodia S.A. reported a total of EUR3 million in Net Profit Group
Share for the second quarter ended June 30, 2007, compared to a
profit of EUR77 million in the second quarter of 2006, which was
favorably impacted by a EUR60 million recognition of US deferred
tax assets.

Net Sales rose strongly by 6.8% to EUR1,293 million in the
second quarter of 2007, from EUR1,211 million a year earlier.  
This increase was driven by 7% volume growth and a 5% positive
impact from price increases.  Foreign exchange had a 4% negative
impact, due to the continued weakness of the US Dollar.

Recurring EBITDA climbed 22% to EUR203 million, including EUR29
million of recurring EBITDA generated by Certified Emission
Reduction sales.  The recurring EBITDA margin rose to 15.7% in
the second quarter of 2007 from 13.8% in the second quarter of
2006; chemical business margins were at 13.9% versus 13.8% a
year earlier.  Recurring EBITDA margins grew strongly in
Novecare, Silcea and Organics.  Polyamide's recurring EBITDA
margin was impacted by the major maintenance shutdown at
Chalampé, France, which was successfully completed during the
quarter.  Acetow's recurring EBITDA margin was impacted by the
decline of the US Dollar.

Operating Profit increased by 32% to EUR119 million, benefiting
from the strong growth in recurring EBITDA.  The Financial
Result totaled a negative EUR85 million, being impacted by non-
recurring costs of EUR34 million relating to the reimbursement
of all outstanding high cost High Yield debt.

The Net Profit Group Share for the second quarter of 2007
included the above items and an exceptional charge of EUR26
million related to Nylstar.

Operating Cash Flow totaled EUR136 million in the second quarter
of 2007.  The ratio of Working Capital Requirements on total
sales stood at 12.9%.  Capital Expenditure totaled EUR76 million
in the second quarter.  Free Cash Flow was EUR83 million, versus
EUR(32) million in the second quarter of 2006.  Consolidated Net
Debt totaled EUR 1,648 million on June 30, 2007, a EUR144
million decrease from March 31, 2007.

Delisting of ADRs from the New York Stock Exchange

Rhodia intends to apply for the voluntary delisting of its
American Depositary Receipts from the NYSE and the voluntary
deregistration of its ADRs and USD bonds under the US Securities
Exchange Act of 1934.  It is expected that the delisting should
occur in the fall of 2007.

The Group will maintain a “Level 1” ADR program which trades in
the US Over-the-Counter market.  This will enable investors to
retain ADR holdings.

Rhodia remains committed to developing its communication with
North American investors who represent a significant part of its
shareholder structure.  Rhodia will continue to apply high
standards of financial reporting and will maintain and enforce
strict levels of internal control throughout the Group.

Outlook

The level of demand remains favorable, with strong volumes and a
solid pricing power, in an environment still influenced by high
raw material and energy costs and the weakness of the US dollar.

Rhodia confirms its 2007 outlook of strong growth in recurring
EBITDA and generation of positive Free Cash Flow.

"The growth momentum of our recurring EBITDA has continued in
the second quarter, driven by strong sales across most of our
businesses" said Rhodia CEO Jean-Pierre Clamadieu.  "We expect
demand levels to remain favorable for the rest of the year in a
context of high raw material costs and an unfavorable foreign
exchange environment.  We are confident that we will deliver our
2007 objectives," he added.

                           About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals   
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable.  Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
Investors Service upgraded Rhodia S.A. corporate family rating
to Ba3 and assigned Probability-of-Default rating for the group
at Ba3; Moody's also upgraded senior secured notes at Rhodia
S.A. to B1 and assigned LGD assessment at LGD4 (69%).  The
proposed convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


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


DAIMLERCHRYSLER: Reports 9% Decrease in U.S. Sales for July 2007
----------------------------------------------------------------
DaimlerChrysler AG reported total group sales of 156,314
passenger vehicles in the U.S. for July 2007, a 9 percent
decrease compared to July 2006.

Chrysler Group, consisting of the Chrysler, Jeep and Dodge
brands, posted sales of 137,728 vehicles in the U.S., an 8
percent decline in July.  Driven by the Chrysler Sebring Sedan
and Sebring Convertible, total Chrysler brand car sales
increased 32 percent year-over-year.  In addition, the New
Chrysler Lifetime Powertrain Warranty -- the first from an OEM
and the longest in the industry -- is a statement of confidence
in the reliability of Chrysler products, and provides worry-free
ownership for new Chrysler, Jeep and Dodge customers as long as
they own their vehicles.

Following its most aggressive product launch in company history
of 10 all-new vehicles in 2006, Chrysler Group continues its
product offensive with the launch of eight all-new vehicles in
2007.

MBUSA recorded 18,586 new car sales for July, bringing its year-
to-date total to 136,826 units, a 0.2 percent increase compared
to the same period last year and marking the best year-to-date
sales volume in its history.

Highlights for the month include a 12 percent increase in sales
of Mercedes- Benz high-end vehicles and a 23 percent increase
(3,015 vs. 2,446 units) for the company's M-Class SUV model
line.  July 2007 had 24 selling days and July 2006 had 25
selling days.

                      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.


DAIMLERCHRYSLER AG: Chrysler' July 2007 U.S. Sales Drop 1%
----------------------------------------------------------
Chrysler Group reported sales for June 2007 of 183,347 units;
down 1 percent compared to June 2006 with 185,946 units.

"In a challenging market, Chrysler Group had softer sales in
June than a year ago.  We saw strong customer interest in our
newly launched, fuel efficient models," said Darryl Jackson,
Vice President of U.S. Sales.  "Supported by the fuel economy
message of our 'Maximize Your Miles' program, Chrysler continued
to show strong car sales with an increase of 55 percent over the
previous year."

Chrysler brand car sales in June were up 104 percent year-over-
year, while Dodge brand car sales increased 30 percent.  
Chrysler Group's offerings in the car segment include the
Chrysler Sebring Sedan and Sebring Convertible, the Chrysler
300, the Dodge Avenger, Dodge Caliber and Dodge Charger.

Jeep brand sales continued to increase in June and posted a gain
of 19 percent over the previous year.  This result was again
driven by the continuously strong Jeep Wrangler and Jeep
Patriot.  Jeep Wrangler and Wrangler Unlimited posted sales of
10,952 units, up 93 percent compared to June 2006 with 5,674
units.  The Jeep Patriot also kept its momentum and finished
June with sales of 4,633 units, up 3 percent from May 2007.  The
vehicle is one of Chrysler Group's recently introduced models
that achieve 30 miles per gallon or better in highway driving.  
In addition, the Jeep Grand Cherokee also posted a gain of 3
percent year-over-year.

The Chrysler Sebring Convertible finished the month with sales
of 3,759 units which is 22 percent over May 2007.  The recently
launched redesigned model offers what no other convertible has
offered before -- three automatically latching convertible top
options: vinyl, cloth and a body-color painted steel retractable
hard top, all of which can be retracted with a push of a button
on the key fob.  Sales of the Dodge Charger increased in June by
19 percent with 11,529 units compared to 9,710 units in the
previous year.

"As our strong car sales in May and June demonstrate, our
'Maximize Your Miles' program resonated well with customers,"
said Michael Keegan, Vice President of Volume Planning and Sales
Operations.  "Moving forward, Chrysler Group will extend its
low-rate financing plus additional bonus cash in July, with a 0%
APR offering for 60 months on select models.  These great value
packages were successful in the recent months as well."

Chrysler Group finished the month with 485,429 units of
inventory, or a 71-day supply.  Inventory is down by 25 percent
compared to June 2006 when it was at 647,695 units.

Posting its highest month ever of sales outside of North America
and sustaining 25 consecutive months of year-over-year sales
gains; Chrysler Group's International monthly sales increased 21
percent to 22,901 units in June 2007 compared to 18,971 units in
June 2006.

"The strength of our new product portfolio coupled with the
support of our dealer network outside North America is driving
the growth we have seen so far this year," said Thomas Hausch -
Vice President of International Sales.  "We expect to maintain
the double digit growth this year, including record export
numbers, and continue to strategically grow production volumes
and sales outlets outside North America for all three brands."

                      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.


DEGETEL GESELLSCHAFT: Claims Registration Ends Oct. 16
------------------------------------------------------
Creditors of DEGETEL Gesellschaft fuer Telekommunikation mbH
have until Oct. 16 to register their claims with court-appointed
insolvency manager Friedrich Elsholz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Nov. 13, at the same venue.

The insolvency manager can be reached at:

         Friedrich Elsholz
         Agathaplatz 1
         63739 Aschaffenburg
         Germany
         Tel: 06021/386850
         Fax: 06021/3868555

The District Court of Aschaffenburg opened bankruptcy
proceedings against DEGETEL Gesellschaft fuer Telekommunikation
mbH on Aug. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         DEGETEL Gesellschaft fuer Telekommunikation mbH
         Lieferung von Telekommunikationsgeraten
         Schneebergstr. 1
         63743 Aschaffenburg
         Germany


FRESENIUS MEDICAL: Earns US$179 Million in Second Quarter 2007
--------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA disclosed its results for
the second quarter and first half ended June 30, 2007.  Net
income for the second quarter 2007 was US$179 million, an
increase of 38%.  Net income increased by 30% when compared to
the second quarter 2006 excluding the effects of one-time items
in 2006.

Net revenue for the second quarter 2007 increased by 11% to
US$2,404 million compared to the second quarter 2006.  Organic
revenue growth worldwide was 8%.  Dialysis Services revenue grew
by 9% to US$1,796 million in the second quarter of 2007.  
Dialysis Product revenue increased by 18% to US$608 million in
the same period.

North America revenue increased by 6% to US$1,660 million.  
Dialysis Services revenue grew by 5% to US$1,499 million.  
Excluding effects of the divestiture of the perfusion business,
Dialysis Service revenue increased by 6%.

International revenue was US$744 million, an increase of 23%
compared to the second quarter of 2006.  Dialysis Services
revenue reached US$296 million, an increase of 32%.  Dialysis
Product revenue rose by 17% to US$448 million, led by strong
sales of hemodialysis machines, peritoneal dialysis products and
dialyzers.

                        First Half 2007

The operations of Renal Care Group are included in the Company’s
consolidated statements of income and cash flows from April 1,
2006, therefore, the current first half year results are not
directly comparable with the results of the first six months for
2006.

For the first half of 2007, net income was US$339 million, up
38% from the first half of 2006.  Net income for the first half
of 2007 increased by 29% compared to the first half of 2006
excluding the effects of one-time items in 2006.

Net revenue was US$4,725 million, up 21% from the first half of
2006.  At constant currency, net revenue rose by 19%. Organic
growth was 8% in the first six months of 2007.

As of June 30, 2007, Fresenius Medical Care treated 171,687
patients worldwide, which represents a 6% increase in patients
compared to last year.  North America provided dialysis
treatments for 120,270 patients, an increase of 2%.  Including
32 clinics managed by Fresenius Medical Care North America, the
number of patients in North America was 122,199.  The
International segment served 51,417 patients, an increase of 17%
over last year.

As of June 30, 2007, the Company operated a total of 2,209
clinics worldwide.  This is comprised of 1,581 clinics in North
America, an increase of 3%, and 628 clinics in the International
segment, an increase of 17%.

Fresenius Medical Care delivered approximately 13.0 million
dialysis treatments worldwide during the first six months of
2007.  This represents an increase of 16% year over year. North
America accounted for 9.08 million treatments, an increase of
16%, and the International segment delivered 3.92 million
treatments, an increase of 17% over last year.

As of June 30, 2007, Fresenius Medical Care had 60,031 employees
(full-time equivalents) worldwide compared to 56,803 employees
at the end of 2006. The increase of 3,228 employees is primarily
due to acquisitions in Asia and continued organic growth in the
U.S.

                    Outlook for 2007 Upgraded

Based on the strong operational performance in the first half of
2007, the Company raises its outlook for the full year 2007 and
now expects to achieve revenue of more than US$9.5 billion.  
This represents an increase of at least 12%. Previously, the
Company expected revenue of approximately US$9.4 billion.

Net income is now projected to be in the range of US$685 million
to US$705 million in 2007.  This represents an increase of
between 19% and 23% on an adjusted basis as compared to 2006
after one-time effects.  On a reported basis, this translates
into an increase in net income of between 28% and 31%.  
Previously, the Company expected net income in the range of
US$675 million to US$695 million.

In addition, the Company still expects spending on capital
expenditures and acquisitions to be approximately US$650 million
in 2007.  The debt/EBITDA ratio is projected to be below 3.0 by
the end of 2007.

Fresenius Medical Care CEO Ben Lipps commented: "We are pleased
to report excellent financial results for the second quarter and
six months ending June 30, 2007.  Contributing to the financial
results, we have achieved an organic growth rate of 8%.  In
addition we readjusted our service portfolio focusing on
profitability and expanded our product base in Asia-Pacific."

"We continue to see many growth opportunities and upgraded our
guidance which reflects our confidence in the further profitable
growth of our company particularly in the international region.  
We remain focused on providing quality care for our patients,
working on all fronts to ensure that they achieve the best
possible clinical outcomes to maximize their overall health and
well being."

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
(Frankfurt Stock Exchange: FME, FME3) (NYSE: FMS, FMS/P) --
http://www.fmc-ag.com/-- provides products and services for  
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,500,000
individuals worldwide.  Fresenius Medical Care also provides
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Through its network of around
2,194 dialysis clinics in North America, Europe, Latin America,
Asia-Pacific and Africa, Fresenius Medical Care provides
dialysis treatment to around 128,200 patients around the globe.
Fresenius AG holds around 37% of Fresenius Medical Care AG & Co.
KgaA's capital.

The company also operates facilities in Australia, Brazil,
Canada, China, France, Korea, Mexico, Portugal and Sweden, among
others.

                           *     *     *

The company carries Moody's Investors Service's Ba2 corporate
family rating.


INFO INFORMATIONS: Claims Registration Period Ends Sept. 10
-----------------------------------------------------------
Creditors of INFO Informations- und Beweissicherungsgesellschaft
mbH have until Sept. 10 to register their claims with court-
appointed insolvency manager Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 221
         Marienring 13
         76829 Landau in der Pfalz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13 -16
         68161 Mannheim
         Germany
         Tel: 0621 - 12078-0

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against INFO Informations- und
Beweissicherungsgesellschaft mbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         INFO Informations- und Beweissicherungsgesellschaft mbH
         Attn: Ingo Heimbrodt, Manager
         Westbahnstr. 8
         76829 Landau in der Pfalz
         Germany


INSERVIO GESELLSCHAFT: Creditors' Meeting Slated for Oct. 12
------------------------------------------------------------
The court-appointed insolvency manager for Inservio Gesellschaft
fuer logistische Dienstleistungen fuer Presse und Vertrieb mbH,
Knut Rebholz will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:50 a.m. on
Oct. 12.

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 10:40 a.m. on Dec. 14 at the same venue.

Creditors have until Nov. 12 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Inservio Gesellschaft fuer logistische
Dienstleistungen fuer Presse und Vertrieb mbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Inservio Gesellschaft fuer logistische Dienstleistungen
         fuer Presse und Vertrieb mbH
         Alt-Moabit 91 d
         10559 Berlin
         Germany


INSUMMA PROJEKTGESELLSCHAFT: Claims Registration Ends Sept. 1
-------------------------------------------------------------
Creditors of INSUMMA Projektgesellschaft mbH have until Sept. 1
to register their claims with court-appointed insolvency manager
Michael Wirth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Sept. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 126/I
         Flaschenhofstr. 35
         Nuremberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Wirth
         Martin-Luther-Strasse 20
         91207 Lauf
         Germany
         Tel: 09123/9720-0
         Fax: 09123/9720-20

The District Court of Nuremberg opened bankruptcy proceedings
against INSUMMA Projektgesellschaft mbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         INSUMMA Projektgesellschaft mbH
         Attn: Josef Schleifer, Manager
         Neudoerfer Strasse 3
         90402 Nuremberg
         Germany


KIRCHMEIER & BRUECK: Claims Registration Period Ends Aug. 24
------------------------------------------------------------
Creditors of Kirchmeier & Brueck Architekten BDA
Planungsgesellschaft mbH have until Aug. 24 to register their
claims with court-appointed insolvency manager S. Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 6
         Judicial Center
         Rudolfstrasse 46
         99092 Erfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         S. Nolte
         Peterstrasse 5
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Kirchmeier & Brueck Architekten BDA Planungsgesellschaft
mbH on June 26.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kirchmeier & Brueck Architekten BDA          
         Planungsgesellschaft mbH
         Marktstrasse 14
         99423 Weimar
         Germany


KLAUS VON BARGEN: Claims Registration Period Ends Sept. 20
----------------------------------------------------------
Creditors of Klaus von Bargen Handelsgesellschaft mbH have until
Sept. 20 to register their claims with court-appointed
insolvency manager Stephanie Pidun.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stephanie Pidun
         Jungfernstieg 51
         20354 Hamburg
         Germany
         Tel: 040-808136282
         Fax: 040-808136374

The District Court of Stade opened bankruptcy proceedings
against Klaus von Bargen Handelsgesellschaft mbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Klaus von Bargen Handelsgesellschaft mbH
         Sunder Strasse 33
         21726 Oldendorf
         Germany


LO ZAPPA: Creditors' Meeting Slated for September 3
---------------------------------------------------
The court-appointed insolvency manager for Lo Zappa
Textileinzelhandelsgesellschaft mbH, Petra Gerlach will present
her first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m. on Sept. 3.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Oct. 1 at the same venue.

Creditors have until Sept. 17 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Petra Gerlach
         Kaiserstr. 25a
         66111 Saarbruecken
         Germany
         Tel: 0681-306410
         Fax: 0681-399249

The District Court of Saarbruecken opened bankruptcy proceedings
against Lo Zappa Textileinzelhandelsgesellschaft mbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lo Zappa Textileinzelhandelsgesellschaft mbH
         Attn: Ellen Voelke-Dinia, Manager
         Tuerkenstr. 4
         66111 Saarbruecken
         Germany


SCHIEDER MOEBEL: Managers & Kerkhoff Int'l. Buy MCA Mobel Unit
--------------------------------------------------------------
Two managers of Schieder Moebel Holding GmbH, in cooperation
with furniture sales company Kerkhoff International, have
acquired Schieder subsidiary MCA Mobel-Agentur in a management
buyout, The Financial Times reports, citing Die Welt as its
source.

The buyers paid an undisclosed sum for MCA Mobel, which imports
dining and living room furniture and will begin trading as MCA
furniture, the report says.

A number of financial and strategic investors have shown
interest in various areas of Schieder's business units,  Die
Welt quotes a company source as saying, FT notes.

According to the report, Schieder's business has reportedly
stabilized, as production continues and orders continue to rise.  
A major order financed by a bank has delayed the opening of
insolvency procedures by one month to September 1, 2007.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- is one of the leading furniture  
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold on June 22, 2007, after incurring debts of
nearly EUR300 million due to high capital costs.

The insolvency now affects all of Schieder's factories and
distribution centers in Germany.  Schieder, which has 11,000
staff and 5,000 customers in 60 different countries, now faces
being broken up into various parts.


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


ALITALIA SPA: Names Maurizio Prato as New Board Chairman
--------------------------------------------------------
The board of directors of Alitalia S.p.A. has appointed
Maurizio Prato as new chairman, replacing Berardino Libonati,
various reports say.

The board also vested Mr. Prato with representative and
managerial powers, Agenzia Giornalistica Italia reports.

The finance ministry headed by Tommaso Padoa-Schioppa nominated
Mr. Prato, who it described as someone with "many years of
managerial experience at primary companies, including those in
the air transport sector as well as in company restructuring and
privatization."

As reported in the TCR-Europe on Aug. 2, 2007, Mr. Libonati
resigned as chairman and director, following the failed sale
process initiated by the Italian government, which holds a 49.9%
stake in the national carrier.

Meanwhile, Alitalia's board postponed the approved of Alitalia's
business plan to Aug. 30, 2007, to allow Mr. Prato to review the
carrier's strategic options, The Associated Press relates.

                          About Alitalia

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

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


ALITALIA SPA: Pegs June 30, 2007, Group Net Debt at EUR1.03 Bln
---------------------------------------------------------------
The Alitalia Group’s net debt as of June 30, 2007, amounted to
EUR1.034 billion, showing a decrease in net indebtedness of
EUR18 million (-1.7%) compared to the situation on May 31, 2007.

The net debt of the parent company Alitalia S.p.A. including
short-term net financial credits for subsidiaries on
June 30, 2007, amounted to EUR1.018 billion, a decrease of
EUR4 million (-0.4%) compared to net debt as of May 31, 2007.

The Group’s cash-to-hand and short-term financial credits as of
June 30, 2007, at the Group level and for Alitalia, amounted to
EUR612 million and EUR635 million respectively.

It should be noted that as of June 30, 2007, there were several
leasing contracts at the Group level, whose capital share,
including lease closure value, amounted to EUR102 million.  By
comparison, the same figure as of May 31, 2007, amounted to
EUR103 million; the corresponding figures for the parent company
on May 31, 2007, amounted to EUR89 million and EUR11 million
respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During June 2007, repayments were made of medium/long-term
financing amounting to about EUR20 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on June 30, 2007, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on June 30, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to an
airport management company for disputed debts amounting to a
total of EUR87 million as of June 30, 2007.  Regarding that, it
should be pointed that during June 2007, it has been formalized
a transaction agreement, under implementation, which settled the
dispute.

In addition, regardless of the mentioned transaction agreement,
the decisions are still pending for the petitions filed by
Alitalia regarding:

   a) an injunction related to supposed different pricing
      policies has been issued by a carrier for EUR2.6 million;

   b) an other injunction has been issued by supplier of on-
      board movies by around EUR909,000;

   c) a further injunction has been issued by an IT services
      supplier for about EUR812,000;

   d) an injunction has been issued by an Italian subsidiary of
      an air carrier Bankruptcy for EUR288,000; and

   e) injunctions issued by suppliers for a total of around
      EUR405,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of June 30, 2007, nor are
there any threats by suppliers to suspend operations.

                          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.


PARMALAT SPA: Allocated Shares Hike Equity Capital by EUR2.4 Mln
----------------------------------------------------------------
Parmalat S.p.A. disclosed that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR2,431,323 to EUR1,651,836,034 from EUR1,649,404,711.

The share capital increase is due to the assignation of
2,248,047 shares and to the exercise of 183,276 warrant.

The latest status of the share allotment is:

   -- 36,718,583 shares representing approximately 2.2% of the
      share capital are still in a deposit account c/o Parmalat,
      of which:

      -- 13,814,582 or 0.8% of the share capital, registered in
         the name of individually identified commercial
         creditors, are still deposited in the intermediary
         account of Parmalat centrally managed by Monte Titoli
         (compared with 12,632,878 shares as at June 29, 2007);
         and

      -- 22,904,001 or 1.4% of the share capital registered in
         the name of the Foundation, called Fondazione Creditori
         Parmalat, of which:

         -- 120,000 shares representing the initial share
            capital of Parmalat (unchanged); and

         -- 22,784,001 or 1.4% of the share capital that pertain
            to currently undisclosed creditors (compared with  
            23,900,301 shares as at June 29, 2007).

                        About Parmalat

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

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

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

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

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

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


WIND TELECOMUNICAZIONI: Posts EUR127 Mln Net Loss for H1 2007
-------------------------------------------------------------
Wind Telecomunicazioni S.p.A. posted EUR127 million in net
losses on EUR2.61 billion in net revenues for the first half of
2007, compared with EUR16 million in net profit on
EUR2.43 billion in net revenues for the same period in 2006.

Wind posted EUR132 million in net losses on EUR1.34 billion in
net revenues for the second quarter of 2007, compared with
EUR2 million in net profit on EUR1.27 billion in net revenues
for the same period in 2006.

The company attributed the half-year net loss to a EUR206
million income tax bill, EUR168 million of which were incurred
in the second quarter of 2007.

Wind also posted EUR158 million in one-time write-off of tax
assets in light of lower growth expected as a result of recent
regulatory developments.

                  About Wind Telecomunicazioni

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/--  operates integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.

                            *   *   *

As reported in the TCR-Europe on July 9, 2007, Standard & Poor's
Ratings Services affirmed its 'B+' long-term corporate credit
rating Wind Telecomunicazioni SpA.  The outlook is stable.

TCR-Europe also reported on July 5, 2007, Fitch Ratings placed
Wind Telecomunicazioni S.p.A.'s long-term Issuer Default rating
of 'BB-' and senior notes rating of 'BB' on Rating Watch
Negative.  The Short-term IDR is affirmed at 'B'.  The ratings
of the senior secured and second lien instruments are affirmed
at 'BB+'.

As reported in the TCR-Europe on July 9, 2007, Moody's Investors
Service affirmed Wind Telecomunicazioni S.p.A.'s Corporate
Family Rating at Ba3 following the company's announcement that
it plans to enter into new senior credit facilities in order to
refinance outstanding under its existing senior and second lien
facilities and to repay the EUR1.8 billion PIK loan at Wind
Acquisition Holdings Finance S.p.A.

Concurrently, Moody's has affirmed the Ba2 rating on Wind's
senior secured facility, the B1 rating on Wind Finance SL S.A.'s
second lien facility and the B2 ratings on Wind Acquisition
Finance SA's EUR950 million 9.75% senior notes due 2015 and
US$650 million 10.75% senior notes due 2015.  The outlook on the
ratings is stable.


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


AKBIDAY SK: Proof of Claim Deadline Slated for Sept. 7
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Akbiday Sk insolvent on June 18.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


OPTIUM-K.J. LLP: Creditors Must File Claims Sept. 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Optium-K.J. insolvent.

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

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


PETROINVEST CORPORATION: Claims Registration Ends Aug. 31
---------------------------------------------------------
Representation of Company Petroinvest Corporation Limited has
declared insolvency.  Creditors have until Aug. 31 to submit
written proofs of claims to:

         Representation of Company
         Petroinvest Corporation Limited
         Office 604
         Dostyk ave. 188
         Business Centre Kulan
         Almaty
         Kazakhstan


SAPAR LLP: Claims Filing Period Ends Sept. 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Sapar insolvent on June 12.

Creditors have until Sept. 6 to submit written proofs of claims
to:


         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tel: 8 (7252) 52-19-32


SPORT JOL: Creditors' Claims Due on Sept. 5
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sport Jol insolvent on June 20.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 705 205 30-32


TURGAY-CH LLP: Claims Registration Ends Sept. 5
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Turgay-Ch insolvent on June 6.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 705 205 30-32



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


DELICATES SEZ: Creditors Must File Claims by September 7
--------------------------------------------------------
LLC Delicacy Free Economic Zone Delicates Sez has declared
insolvency.  Creditors have until Sept. 7 to submit written
proofs of claim to:

         LLC Delicacy Free Economic Zone Delicates Sez
         Mir Ave. 303
         Bishkek
         Kyrgyzstan


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


AMERICAN AXLE: Robert W. Baird Keeps Underperform Rating on Firm
----------------------------------------------------------------
Robert W. Baird analysts have kept their "underperform" rating
on American Axle & Manufacturing’s shares, Newratings.com
reports.

Newratings.com relates that the target price for American Axle
was set at US$24.

The analysts said in a research note that American Axle reported
its second quarter 2007 GAAP earnings per share ahead of the
estimates, due to higher-than-expected revenues.

The analysts told Newratings.com that American Axle continues to
see "market share contraction of its mid-size SUVs and pickups."   
It would have to increase spending for launching new business in
2009 to 2012.

The earnings per share estimate for fiscal year 2008 was
increased to US$1.65 from US$1.60, Newratings.com states.

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

                       *     *     *

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


EVRAZ GROUP: To Exercise Option to Buy 24.9% Highveld Stake
-----------------------------------------------------------
Evraz Group S.A.'s board of directors approved the company's
plan to acquire a 24.9% stake in Highveld Steel and Vanadium
Corp. Ltd. Credit Suisse International for US$219 million,
various reports say.

As reported in the TCR-Europe on July 30, 2007, Evraz CEO
Alexander Frolov said the company may exercise an option to buy
Credit Suisse's 24.9% stake in Highveld, with a view to hike its
stake in Highveld to around 80% percent these coming months.  
The company holds a 54.2% stake in the South African group.

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

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


NOMA LUXEMBOURG: Moody's Withdraws Ba3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service withdrew the Ba3 corporate family
rating of NOMA Luxembourg SA, and the Baa3 rating on CHF50
million senior secured credit facilities at SICPA Holdings S.A.

The rating action follows the company's announcement on July 25,
2007 that the EUR160 million senior notes due 2011 at NOMA
Luxembourg SA had been fully redeemed.  As a result, the ratings
are being withdrawn for business reasons and at the company's
request.

These ratings have been withdrawn:

   * NOMA Luxembourg S.A.:

   -- Ba3 Corporate Family rating;

   * SICPA Holding S.A.:

   -- Baa3 rating on CHF50 million senior secured credit
      facilities.

NOMA Luxembourg S.A. is the holding company of SICPA Holding
S.A.  Headquartered in Lausanne, Switzerland, SICPA has an 80
year history and is a world leading provider of security inks
for bank notes, value documents and track and trace solutions.


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


EUROSAIL 2007-I: Fitch Rates Classes E1 and ET Notes at BB
----------------------------------------------------------
Fitch Ratings has assigned final ratings to Eurosail-NL 2007-I
B.V.'s EUR350 million floating-rate notes due 2040:

   -- EUR306.25 million Class A mortgage-backed notes: 'AAA'
   -- EUR14.525 million Class B mortgage-backed notes: 'AA'
   -- EUR14 million Class C mortgage-backed notes: 'A'
   -- EUR12.775 million Class D mortgage-backed notes: 'BBB-'
   -- EUR2.45 million Class E1 mortgage-backed notes: 'BB'
   -- EUR11.2 million Class ET non-collateralised notes: 'BB'

Each rated class in this transaction has a Stable Outlook.

Eurosail is the first securitization of non-conforming
residential mortgages loans in the Netherlands.  Loans are
originated by ELQ Hypotheken N.V. and sold by ELQ Portefeuille I
B.V., a special purpose entity wholly-owned by ELQ.  The primary
servicing of the loans will be performed by Stater (rated
'RPS2NL'/'RSS3+NL'), while special servicing will be retained in
house by ELQ.  ELQ is an indirect wholly-owned subsidiary of
Lehman Brothers International (Europe) (rated 'AA'/'F1+'/Outlook
Stable).  The portfolio consists of first-ranking fixed- and
floating-rate residential mortgages to credit-impaired
individuals and those who are unable to meet the usual income
verification requirements of conforming lenders.

The ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of ELQ, the liquidity
facility, the guaranteed investment contract in place, as well
as the interest rate swap and bullet agreements provided by
Lehman Brothers Special Financing Inc. (guaranteed by Lehman
Brothers Holding Inc., rated 'AA-'/'F1+'/Outlook Stable).  At
closing, credit enhancement provided by subordination will be
13.5% for the Class A notes, 9.35% for the Class B notes, 5.35%
for the Class C notes, 1.7% for the Class D notes and 1% for the
class E1 notes.  A reserve fund will be initially funded at 1%
of the initial collateralized notes balance with part of the
proceeds from the issuance of the class ET notes. The credit
enhancement for each class of notes is provided by
subordination, the reserve fund and the available excess spread.


FOOT LOCKER: Taps Lehman to Explore Strategic Options, WSJ Says
---------------------------------------------------------------
Foot Locker Inc. has retained Lehman Brothers Holdings Inc. to
advise it in strategic alternatives, including inquiries from
private-equity firms, The Wall Street Journal said on its Web
site yesterday.

The company, WSJ says, plans to reduce its U.S. inventory, close
more U.S. stores than expected and increase its presence in
Europe.

"Having taken a closer look, we realize it's something we should
do now to enhance our business," a company spokesman was cited
by WSJ as saying.

                      Failed Genesco Bid

In June 2007, in light of Genesco Inc.'s rejection of its
acquisition proposal, Foot Locker disclosed that it was no
longer pursuing its proposal.

The company confirmed that it had made a proposal to Genesco to
acquire all of the outstanding common stock of Genesco for
$51 per share.

In consultation with its financial advisor, Goldman Sachs & Co.,
the Board of Directors of Genesco considered the proposal and,
following a thorough review, unanimously rejected the proposal
having concluded that it was not in the best interests of
Genesco's shareholders.

The Board of Directors of Genesco invited Foot Locker to
participate in the company's process on the same terms as other
interested parties to date, but Foot Locker has declined to do
so.

                       S&P Takes Action

The failed Genesco Bid prompted Standard & Poor's Ratings
Services to retain its negative creditwatch on Foot Locker's
ratings including the company's 'BB+' corporate credit rating.

"The CreditWatch listing continues to reflect Standard & Poor's
concern that the range of matters for which Evercore Partners
was hired in 2006 could include shareholder-friendly initiatives
that could potentially weaken protection measures for
bondholders if there are changes in the company's financial
policy," said Standard & Poor's credit analyst David Kuntz.

                         About Genesco Inc.

Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE:GCO)
-- http://www.genesco.com/-- retails branded footwear, licensed  
and branded headwear, and wholesaler of branded footwear.  As of
June 9, 2006, it operated a total of 1,773 stores: 1,755 stores
throughout the United States and Puerto Rico, and 18 stores in
Canada.

                         About Foot Locker
     
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.


FOOT LOCKER: Initiates Steps to Strengthen Business Operations
--------------------------------------------------------------
Foot Locker Inc. has initiated several steps during the second
quarter that were designed to strengthen its business
operations. Among those actions were:

    -- 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; and
   
    -- senior division management changes

"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," Matthew D. Serra, Foot
Locker Inc.'s chairman and chief executive officer, stated.  
"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."

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
US 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.

                        Management Changes

Three key management changes were also disclosed, 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.

                         About Foot Locker

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 on June 21, 2007,
Standard & Poor's Ratings Services said its ratings, including
the 'BB+' corporate credit rating, on Foot Locker Inc. remain on
CreditWatch with negative implications.


=============
R O M A N I A
=============


TRACTORUL UTB: Mahindra & Mahindra Mulls Acquisition of Assets
--------------------------------------------------------------
Mahindra & Mahindra Ltd. is considering the acquisition of some
of the assets of Tractorul UTB S.A., currently in liquidation,
following an offer from the company's new private equity owner,
business daily The Economic Times reports.

"The assets, including the factory, foundry, and land, were then
auctioned off and bought by a local entity," the paper cites
Anjou Choudhri, president of M&M's farm division as saying.  
"They are now selling pieces of it and we have been approached
as to whether we would be interested and we will look at it."

According to the report, M&M had previously bid for Tractorul
after the Romanian government put it on the block due to
Tractorul's debt liability of EUR180 million.  The deal
unraveled, however, when the European Union Competition Council
objected to the debt write-off given by the local government as
part of the deal.

                         About Tractorul

Based in Brasov, Romania, Tractorul UTB SA -- http://www.utb.ro/
-- manufactures industrial and farming tractors, spare parts,
engines, and components.


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


AGRO-REM-PROM-TEKHNIKA: Names D. Zelepukin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Belgorod appointed D. Zelepukin as
Insolvency Manager for OJSC Agro-Rem-Prom-Tekhnika (TIN
366505677673).  He can be reached at:

         D. Zelepukin
         Post User Box 21
         394038 Voronezh
         Russia

The Court commenced bankruptcy proceeding against the company
after finding it insolvent.  The case is docketed under Case No.
A08-8149/06-24B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Agro-Rem-Prom-Tekhnika
         Kooperativnaya Str. 40
         Novyj Oskol
         Belgorod
         Russia


ALLIANCE OF BUILDERS-A: Creditors Must File Claims by Sept. 7
-------------------------------------------------
Creditors of CJSC Alliance Of Builders-A have until Sept. 7 to
submit proofs of claim to:

         T. Grishpitenko
         Insolvency Manager
         Post User Box 75
         630033 Novosibirsk-33
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceeding against the company after finding it insolvent.  The
case is docketed under Case No. A45 16408/05 10/269.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         T. Grishpitenko
         Insolvency Manager
         Post User Box 75
         630033 Novosibirsk-33
         Russia


BARABA CJSC: Creditors Must File Claims by Aug. 7
-------------------------------------------------
Creditors of CJSC Baraba have until Aug. 7 to submit proofs of
claim to:

         B. Lavrushenko
         Temporary Insolvency Manager
         Post User Box 19
         630004 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A45-3603/07-29/13.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Baraba
         Novoulyanovskoe
         Barabinskiy
         623307 Novosibirsk
         Russia


BOGRADSKIY CHEESE: Creditors Must File Claims by Sept. 7
-------------------------------------------------
Creditors of OJSC Bogradskiy Cheese-Factory have until Sept. 7
to submit proofs of claim to:

         A. Maltsev
         Insolvency Manager
         Kolkhoznaya Str. 45-36
         Abakan
         Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
proceeding against the company after finding it insolvent.  The
case is docketed under Case No. A74-417/2007.

The Debtor can be reached at:

         OJSC Bogradskiy Cheese-Factory
         Bograd
         Bogradskiy
         Khakasiya
         Russia


EVRAZ GROUP: To Exercise Option to Buy 24.9% Highveld Stake
-----------------------------------------------------------
Evraz Group S.A.'s board of directors approved the company's
plan to acquire a 24.9% stake in Highveld Steel and Vanadium
Corp. Ltd. Credit Suisse International for US$219 million,
various reports say.

As reported in the TCR-Europe on July 30, 2007, Evraz CEO
Alexander Frolov said the company may exercise an option to buy
Credit Suisse's 24.9% stake in Highveld, with a view to hike its
stake in Highveld to around 80% percent these coming months.  
The company holds a 54.2% stake in the South African group.

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

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


GALLERY MEDIA: Moody's Changes Junk Rating Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the Caa1
corporate family rating and existing bond ratings of Gallery
Media Group Ltd. formerly known as Rapsod Trade Ltd, to positive
from stable.

Through various wholly owned holding companies, Gallery Media
Group Ltd. controls Gallery Group, the second largest outdoor
advertising network in Russia.

The change in outlook reflects:

   (i) the company's developing strong track record;

  (ii) the ongoing growth in Gallery's business, though it
       remains relatively modest in the context of the market
       potential;

(iii) Moody's expectation that the financial profile of the
       company will continue to improve as the new acquisitions
       are consolidated and contribute as expected to the
       operating performance; and

  (iv) the recent closing of a USD100 million Paid-in-Kind loans
       transaction and an equity injection of USD50 million from
       the new shareholder Morgan Stanley Principal Investments.

Gallery's positioning within its rating category has
strengthened as a result of the company's intensive expansion in
Moscow and the Russian regions and the successful integration of
new businesses.  Moody's notes, however, that the recent closing
of PIK loans transaction poses an increased potential for
execution risk given the need to demonstrate further growth of
the business and an improved performance as part of the
company's plan to pursue an IPO within a two-year timeframe, the
proceeds of which Moody's understands will be used to retire the
PIK loans.

The rating agency views the recent changes in the company's
capital structure favorably and will continue to monitor
developments for sustainable improvements in the credit profile
over the next six to 12 months.

Given the positive outlook, a future upgrade remains a strong
possibility.  Developments that could drive such a rating action
include evidence that the company has maintained margins in
conjunction with consolidating acquisitions, reduced leverage
(adjusted Debt to EBITDA) on a last quarter annualized basis to
approximately 5.0x, improved its interest coverage ratios and/or
received additional equity contributions.

Conversely, failure to achieve targeted profitability and
effectively integrate new acquisitions, resulting in substantial
deterioration of the credit profile would likely exert pressure
on the ratings.

Headquartered in Moscow, Russia, Gallery Group currently
operates the second largest outdoor advertising network in
Russia (based on revenues and the number of advertising faces
owned) operating in more than 30 cities.  During fiscal year
2006, Gallery Group reported revenues of US$78 million and
adjusted EBITDA of US$23.1 million.


KALTUKSKIY DIARY: Creditors Must File Claims by Sept. 7
-------------------------------------------------
Creditors of CJSC Kaltukskiy Diary have until Sept. 7 to submit
proofs of claim to:

         S. Ocheretnyuk
         Insolvency Manager
         Post User Box 146
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy proceeding
against the company after finding it insolvent.  The Court will
convene at 10:00 a.m. on Feb. 21, 2008 to hear the company's
bankruptcy supervision procedure.  The case is docketed under
Case No. A19-18127/06-29.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Kaltukskiy Diary
         Gagarina Str.
         Kaltuk
         Bratskiy
         665780 Irkutsk
         Russia


KUZBASS-RADIO OJSC: Creditors Must File Claims by Aug. 7
-------------------------------------------------
Creditors of OJSC Kuzbass-Radio (TIN 4202024900) have until
Aug. 7 to submit proofs of claim to:

         A. Eremin
         Temporary Insolvency Manager
         Mira Pr. 101V
         129085 Moscow
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A27-5217/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Kuzbass-Radio
         Chkalovskaya Str. 14
         652600 Belovo
         Russia


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

         Y. Gurov
         Insolvency Manager
         Room 12
         Gagarina Str. 19
         398050 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy proceeding
against the company after finding it insolvent.  The case is
docketed under Case No. A36-1274/2007.

The Court is located at:

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

The Debtor can be reached at:

         Y. Gurov
         Insolvency Manager
         Room 12
         Gagarina Str. 19
         398050 Lipetsk
         Russia


LONGRAN CJSC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Moscow bankruptcy supervision procedure
on CJSC Longran.  The case is docketed under Case No. A40-16988/
7-124-79B.

The Temporary Insolvency Manager is:

         M. Kolesnikov
         Office 802
         Avtozavodskaya Str. 14/23
         115280 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Longran
         Office 612
         Sivtsev Vrazhek Per. 29/16
         119002 Moscow
         Russia


MASPROM CJSC: Creditors Must File Claims by Sept. 7
-------------------------------------------------
Creditors of CJSC Masprom have until Sept. 7 to submit proofs of
claim to:

         I. Grigoryeva
         Insolvency Manager
         Post User Box 166
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceeding against the company after finding it insolvent.  The
case is docketed under Case No. A43-35752/2006-27-1047.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Masprom
         Krasnykh Zor Str. 27
         Nizhniy Novgorod
         Russia


NOVATEK OAO: Moody's Lifts Corp. Family Rating to Baa3 from Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Ratings
of OAO Novatek to Baa3 from Ba2, thus into investment grade.

As part of the upgrade of the Corporate Family Ratings into
investment grade territory, the CFRs have been changed to Issuer
ratings.  The outlook is stable.

Concurrently, Moody's Interfax Rating Agency has upgraded
Novatek's National Scale Rating (NSR) long term rating to Aaa.ru
from Aa2.ru. Moscow-based Moody's Interfax is majority-owned by
Moody's Investors Service, a leading global rating agency.

Moody's last rating action on Novatek was on Feb. 10, 2006, when
the first time rating was assigned.

The upgrades follow Novatek's consistent track record of
exceptionally strong operational and financial performance, as
well as Moody's view that the operating environment for
privately owned Russian oil and gas companies in general, and
for Novatek in particular, has stabilized over the past two
years, thus reducing the impact on Novatek's fundamental credit
quality.

In Moody's view Novatek's business risk profile has been
strengthened by the acquisition by Gazprom of 19.4% of Novatek's
shares in December 2006 which reduced the risks relating to UGSS
pipeline access and competition with Gazprom.  In the agency's
opinion, Novatek, which is the second largest domestic gas
producer, is also well positioned to benefit from gradual
liberalization of the Russian gas market supported by growing
domestic demand for gas which is expected to be increasingly met
by independent gas producers in view of Gazprom's strategic
focus on exports.

Moody's states that the upgrade of Novatek's rating is a
reflection of:

   (1) its substantial reserve based and the company's
       successful efforts to convert undeveloped reserves into
       developed;

   (2) its very high operating and capital efficiency when
       compared to Russian as well as international peers;

   (3) limited exposure to commodity price risk given low prices
       of domestic Russian gas;

   (4) strong growth prospects from increasing domestic demand,
       tighter supply and state gas price liberalization
       program;

   (5) increased diversification of Novatek's revenue base
       through commissioning and operation of Purovsk gas
       condensate plant;

   (6) Novatek's clear and transparent group structure supported
       by ongoing efforts to improve corporate governance and
       reporting transparency;

   (7) the company's well-articulated and prudent financial
       policies and conservative capital structure as well as;

   (8) Moody's expectation that Novatek will maintain a robust
       financial profile going forward and will continue
       delivering on its operational and financial targets.

At the same time, Moody's adds that Novatek's ratings remain
constrained by:

   (1) the company's continued high dependence on state-owned
       OJSC Gazprom for pipeline access and the latter's
       effective control of the Russian gas sector;

   (2) high geographical concentration of Novatek's reserve
       base;

   (3) a certain degree of customer concentration risk; and

   (4) wider geopolitical risks from operating solely in Russia.

The stable outlook reflects Moody's expectation that for the
next 12-18 months Novatek's focus will be on the implementation
of its growth strategy, capital expenditure program and
optimisation of its capital structure.  To support the ratings,
Moody's expects the company to produce strong free cash flow
after sustaining CAPEX going forward, adequate to cover
Novatek's growing capital investments and dividends, while
maintaining healthy cash balances.

Ratings could experience upward pressure, if Novatek is able to
maintain its productive working relationship with Gazprom
consistently, even under more attractive domestic market
conditions, and upon coming closer to its 2010 production target
of 45 billion cubic meters, while strongly outperforming above
financial parameters.  Moody's would also expect a larger
overall number of longer term gas supply contracts with a
somewhat more diversified customer base before ratings could
benefit.  

At the same time, ratings could come under pressure, if Novatek
were repeatedly unable to find transportation access to the UGSS
for its gas or were otherwise impaired from undertaking its
operations. Ratings could also come under pressure, if there was
a material change in financial policy, which would result in
substantial deterioration of cash flow and leverage metrics;
nonetheless ratings do allow for some flexibility to increase
investments or for higher shareholder returns, provided they are
adopted in the context of expected financial parameters.

Based in Moscow, OAO Novatek, is Russia's second largest gas
company after state-controlled Gazprom, and the largest of the
country's independent gas producers.  In 2006 Novatek reported
sales volumes of 28.7 billion cubic meters of natural gas all of
which is sold domestically and 2.34 million tonnes of liquid
products (stable gas condensates, LPG and crude oil) of which
about 60% is attributable to production of stable gas
concentrate that the company exports.  Total revenues in 2006
amounted to RUR48.8 billion (US$ 1.8 billion).


ORENBURGSKOE PASSENGER: Names V. Prokofyev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg appointed V. Prokofyev as
Insolvency Manager for LLC Orenburgskoe Passenger Enterprise 5.  
He can be reached at:

         V. Prokofyev
         Post User Box 80
         420094 Kazan
         Russia

The Court commenced bankruptcy proceeding against the company
after finding it insolvent.  The case is docketed under Case No.
A47-4385/2007-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Orenburgskoe Passenger Enterprise 5
         Orenburg
         Russia


ORNES-1 LLC: Creditors Must File Claims by Aug. 7
-------------------------------------------------
Creditors of LLC Ornes-1 have until Aug. 7 to submit proofs of
claim to:

         O. Shilova
         Temporary Insolvency Manager
         Post User Box 3791
         350000 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-32-8352/2007-1/267-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Ornes-1
         K. Marksa Str. 417
         Korenovsk
         Krasnodar
         Russia


PARANGINSKIY AGRO-SNAB: Creditors Must File Claims by Sept. 7
-------------------------------------------------------------
Creditors of OJSC Paranginskiy Agro-Snab have until Sept. 7 to
submit proofs of claim to:

         F. Gabdullin
         Insolvency Manager
         Mira Str. 2
         Paranga
         425570 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy
proceeding against the company after finding it insolvent.  The
case is docketed under Case No. A-38-154-11/35-2007.

The Debtor can be reached at:

         OJSC Paranginskiy Agro-Snab
         Mira Str. 2
         Paranga
         425570 Mariy El
         Russia


POVOLZHSKAYA TRADING: Creditors Must File Claims by Sept. 7
-----------------------------------------------------------
Creditors of LLC Povolzhskaya Trading Company have until Sept. 7
to submit proofs of claim to:

         S. Bozhenko
         Insolvency Manager
         Krupskoj Str. 29
         Saransk
         430000 Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy
proceeding against the company after finding it insolvent.  The
case is docketed under Case No. A39-264/07-10/12.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         S. Bozhenko
         Insolvency Manager
         Krupskoj Str. 29
         Saransk
         430000 Mordoviya
         Russia


RSC ENERGIA: New Chief Calls for "Emergency Administration"
-----------------------------------------------------------
Vitaly Alexandrovich Lopota, the newly elected President of
S.P.Korolev RSC Energia JSC, has immediately called for Energia
to enter into "emergency administration" in a last-ditch effort
to stave off possible bankruptcy, Aero News reports.

Energia's shareholders convened a special meeting to vote on the
early termination of the term of office of the incumbent single
executive, the corporation president Nikolai Nikolaevich
Sevastianov, according to a statement posted on the company's
Web site.

According to the report, Mr. Sevastianov, who took the helm in
2005, was a strong supporter of the proposed "Clipper" multi-use
space vehicle.  First announced in 2004, the spacecraft was
Energia's offering in a competition to replace the Soyuz space
capsules used by Russian cosmonauts since the late 1960s.  
However, Russian space agency Roskosmos cancelled the bidding  
for a new manned spacecraft in July 2006.

The agency also ignored a pitch by Mr. Sevastianov in April for
a new space transport system, which he said could eventually
lead to industrial development on the moon, Aero News states.

"We intend to introduce emergency administration for the
corporation, because the financial idealism that existed here
has led not to flights to the moon, but to bankruptcy," Russia's
main television channels quote Mr. Lopota as saying, Aero News
notes.

Mr. Lopota told viewers one of his priorities was "to preserve
the unique professional school the corporation possesses," Aero
News relates.  "Today RKK Energia is the only organization in
the world which stays in orbit 24 hours a day.  The entire
world's space exploration industry depends on it today," he
added.

Headquartered in Korolev, Russia, S.P.Korolev RSC Energia JSC
(a.k.a. Energia Rocket and Space Corporation) --
http://www.energia.ru/-- is the primary Russian contractor for  
the International Space Station and is a major supplier of
spacecraft and rockets used by the Russian space agency,
Roskosmos.


ROSNEFT OIL: Wins License for Preobrazhensky Hydrocarbon Field
--------------------------------------------------------------
OAO Rosneft Oil Co. has won an auction to acquire a license to
develop Preobrazhensky hydrocarbon field in Irkutsk, Russia,
Interfax News reports.

Rosneft won the auction after offering RUR928 million, Interfax
relates.  The starting price for the development license was
RUR145 million.

According to Interfax News, the Preobrazhensky field contains
20 billion cubic meters in total C3 gas reserves.  The site also
contains around 72 million tons of D1 oil reserves and around
70 billion cubic meters of gas reserves.

                          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.


TITOVSKOE LLC: Orenburg Bankruptcy Hearing Slated for Oct. 10
-------------------------------------------------------------
The Arbitration Court of Orenburg will convene on Oct. 10 to
hear the bankruptcy supervision procedure on LLC Titovskoe.
The case is docketed under Case No. A47-3425/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Titovskoe
         Titovka
         Sharlykskiy
         Orenburg
         Russia


YUKOS OIL: Receiver Wants Court to Extend Bankruptcy Process
------------------------------------------------------------
Eduard Rebgun, OAO Yukos Oil Co.'s receiver, asked the Moscow
Arbitration Court to extend the company's bankruptcy proceedings
by six months citing a huge and complex procedure on his hands,
various reports say.

The court will consider Mr. Rebgun's request on Aug. 7.

As of July 20, 2007, Yukos' registry lists 123 claims filed by
50 third-level creditors totaling up to RUR709.14 billion,
RUR412.5 billion of which is held as principal debt while
RUR296.6 billion in financial sanctions.  

Yukos has raised over RUR820 billion from the sale of its assets
through a series of auctions that began in March 2007.  Sales
proceeds were subsequently used to fully pay up to RUR1.93
billion in claims owed to second-level creditors, along with the
RUR400 billion principal on claims owed to third-level
creditors.  

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an  
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000- 2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


YUKOS OIL: Appellate Court Reviews Ruling on PwC Audit Contracts
----------------------------------------------------------------
The Ninth Arbitration Court of Moscow will review a petition
filed by PricewaterhouseCoopers against a court decision that
invalidated the firm's 2002-2004 audit contracts with bankrupt
OAO Yukos Oil Co., RosBusinessConsulting reports.

The Moscow Arbitration Court had previously issued a ruling that
required PwC to pay RUR16.8 million to the Moscow City Tax
Inspection due to certain actions that had enabled Yukos to
evade taxes, RBC relates.  The amount includes a US$145 million
repayment from PwC on the cost of the contract.

The Federal Tax Service of Russia had accused PwC of covering up
Yukos' alleged illegal financial schemes and compiling two
different audits -- one for internal use and another for
shareholders.

The auditing firm has denied the allegation that it had
concealed tax evasion activities by Yukos in its audit.  The
firm, however, confirmed that it had produced two reports for
Yukos but said this was normal professional practice, The Moscow
Times relates.

             PwC Withdraws 1994-2004 Audit Opinions

In a Wall Street Journal report carried by the Troubled Company
Reporter-Europe on June 25, 2007, PwC disclosed the withdrawal
of its audit opinions for Yukos' 1994-2004 financials saying
that the company's former management might have given it
inaccurate information with regard to its finances.

Fomer CEO Steve Theede and CFO Bruce Misamore denied the
allegations, saying that the information given during the period
they were serving as Yukos officers was complete and correct.  
Mr. Theede was CEO from July 2004 to 2006 while Mr. Misamore was
CFO from April 2001.

                          About PwC

PricewaterhouseCoopers -- http://www.pwc.com/-- is the leading   
professional services organization in the world, ranking first
or second in every market it operates.  It has established
offices in Moscow, St. Petersburg, Yuzhno-Sakhalinsk and
Togliatti.  

                       About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an  
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000- 2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


YUKOS OIL: Ex-Managers Contest Sale of Dutch Unit
-------------------------------------------------
Two former members of OAO Yukos Oil Co.'s management have
contested the planned auction of Yukos assets held by Dutch
subsidiary, Yukos Finance UK, on the grounds that the company's
bankruptcy proceedings in Russia has not been recognized under
Dutch law, a Thomson Financial report carried by Forbes says.

"A bankruptcy treaty between the Netherlands and Russia is
absent. Therefore, pursuant to Dutch law you cannot provide
legal title to the Yukos Finance U.K. shares to a buyer at all,"
a letter by the finance unit was cited by The Moscow Times.

Yukos bankruptcy receiver Eduard Rebgun plans to auction the
Dutch unit's main assets on Aug. 15, which will include:

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu  
     Nafta AB, worth almost US$1.5 billion; and

  -- a 49% stake in Transpetrol, worth between $100 million and
     US$200 million.

The lot, which has been approved by Yukos creditors, carries a  
RUR7.6 billion (US$299 million) starting price.

Yukos Finance asserts that no sale could take place prior to the
District Court of Amsterdam's Oct. 31 hearing on a petition
filed by Yukos' former shareholders questioning the legality of
the company's bankruptcy procedure in the Netherlands, Moscow
Times relates.

On May 24, 2007, Mr. Rebgun obtained a Dutch court ruling
recognizing him as the sole legal representative of  
Yukos Finance, and permitting him to sell the bankrupt company's
foreign assets.

As reported in the Troubled Company Reporter-Europe on Aug. 16,
2006, Mr. Rebgun, in his capacity as court-appointed insolvency
manager for Yukos Oil, fired Bruce Misamore and David Godfrey of
Yukos Finance after a Dutch court ruled that he was within his
rights to call for an extraordinary meeting to discharge the
officers.

The decision, which Mr. Rebgun claims was authorized by
shareholders, paved the way for creditors to take control of
Yukos Finance's main assets.

The Slovakian government, which holds the remaining 51% in
Transpetrol, indicated last year that it is trying to reinforce
its position over the company by repurchasing the 49% stake it
sold to Yukos in 2002.  

Polish newspaper Dziennik says other potential bidders for the
Transpetrol stake include Poland's pipeline operator PERN,
Russian energy giants OAO Gazprom and OAO Rosneft, Thomson
Financial relates.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an  
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000- 2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


===============
S L O V A K I A
===============


U.S. STEEL: Paying US$0.20 Per Share Dividend on Sept. 10
---------------------------------------------------------
United States Steel Corporation's Board of Directors has
declared a dividend of 20 cents per share on U.S. Steel Common
Stock.

The dividend is payable Sept. 10, 2007, to stockholders of
record at the close of business Aug. 15, 2007.

                     About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                          *    *    *

U.S. Steel Corp. still carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings.  The ratings were
assigned on Jan. 17, 2007, with a stable outlook.


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


IBERCAJA 1: S&P Puts BB-Rated Class D Notes on Watch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the class B, C, and
D notes issued by TDA Ibercaja 1 Fondo de Titulizacion de
Activos.  The class A notes are unaffected by these CreditWatch
placements.
  
The CreditWatch placements follow an initial review of the most
recent transaction information received by Standard & Poor's.  
This analysis showed that the levels of credit enhancement
available to the subordinated notes have improved and the
likelihood of a positive rating action has increased.
  
Standard & Poor's will now conduct a more detailed 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 three months.

This transaction, which closed in October 2003, is backed by
first-ranking mortgage loans secured over residential properties
in Spain.  The originator of this transaction is Caja de Ahorros
y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA), a
savings bank in Zaragoza, in the northeast of Spain.

                          Ratings List
  
         Class              Rating
                     To                  From
  
TDA Ibercaja 1 Fondo de Titulizacion de Activos
   EUR600 Million Mortgage-Backed Floating-Rate Notes
  
Ratings Placed On CreditWatch With Positive Implications
  
           B          A/Watch Pos         A
           C          BBB/Watch Pos       BBB
           D          BB/Watch Pos        BB


TOWER AUTOMOTIVE: Emerges From Chapter 11 Bankruptcy in New York
----------------------------------------------------------------
Tower Automotive, Inc., and its debtor subsidiaries' First
Amended Joint Plan of Reorganization became effective on
July 31, 2007, Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, informs the U.S. Bankruptcy Court for the
Southern District of New York.

As previously reported, The Honorable Allen L. Gropper issued a
bench order confirming Tower's Plan on July 11, 2007.  The Court
entered its formal order approving the Plan on July 12.

Under Tower's Plan, a US$680,000,000 balance on the company's
DIP loan, and US$41,000,000 in second-lien loan obligations will
be paid.  Secured, priority and second-lien claims totaling
US$65,500,000 will also be paid in full.  Tower's stock will be
canceled and Cerberus Capital Management LP's affiliate, TA
Acquisition Company, LLC, will assume Tower's pension plans,
which have a minimum funding requirement of about US$40,000,000.

          PBGC Applauds Tower's Commitment to Retirees

"Early on in the bankruptcy of Tower Automotive Inc., the PBGC
made known its analysis that the company could afford its
pension plan when it emerged from Chapter 11.  In fact, Tower
Automotive has exited bankruptcy with its defined benefit
pension plan intact," Charles E.F. Millard, interim director of
the Pension Benefit Guaranty Corporation, said.  

According to Mr. Millard, the 7,000 participants in the pension
plan, including more than 2,000 current retirees, will continue
to enjoy their full retirement benefit.

"Unlike many other pension plan sponsors, Tower Automotive met
all financial obligations to its pension plan during the course
of the bankruptcy.  Tower Automotive and its asset purchaser,
Cerberus Capital Management, are to be commended for keeping
this commitment to their workers' retirement security," Mr.
Millard said.

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:  
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Completes US$1B Asset Sale to TA Acquisition
--------------------------------------------------------------
Tower Automotive Inc. completed the sale of most of its assets
to Cerberus Capital Management LP's affiliate, TA Acquisition
Company, LLC, for roughly US$1,000,000,000, on July 31, 2007.

The sale concludes Tower's restructuring process and finalizes
its emergence from Chapter 11.

According to Auto Industry, the European Commission gave its  
clearance to Cerberus' acquisition of Tower Automotive on
July 11, 2007 -- the day the Honorable Allen L. Gropper issued a
bench ruling allowing Tower to sell its assets to Cerberus.  

The U.S. Bankruptcy Court for the Southern District of New York  
entered its formal order approving the sale on July 12, 2007.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:  
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


AVNET INC: Enters Agreement for Magirus Group Acquisition
---------------------------------------------------------
Avnet Inc. has entered into a definitive agreement to acquire
the European Enterprise Infrastructure Division of value-added
distributor Magirus Group.  With annual revenues of
approximately US$500 million, the acquired business will be
integrated into the European operations of Avnet Technology
Solutions, the IT distribution group of Avnet, Inc.  The
agreement covers the distribution of servers, storage systems,
software and services of IBM and Hewlett-Packard to resellers in
seven European countries and Dubai.  With this transaction,
Magirus is exiting the IBM and HP enterprise business and will
in the future concentrate on building other segments of its
business.

Subject to customary regulatory approval, the transaction is
expected to close in October 2007 and the business integration
is expected to be complete by June 2008.  This acquisition     
brings Avnet approximately 140 talented employees responsible
for marketing and sales in Austria, Denmark, Germany, Italy,
Sweden, Switzerland, the United Kingdom and Dubai, along with
1300 established value-added reseller customers.  The
transaction is expected to meet the company's stated return-on-
capital-employed goal and should be accretive to Avnet's
earnings per share by roughly 8 cents in calendar 2008.

Roy Vallee, Avnet's chairman and chief executive officer,
commented, 'With this acquisition, Avnet Technology Solutions
will be the largest value-added distributor for enterprise
solutions in Europe.  This strategic investment in our
Technology Solutions business in EMEA is consistent with our
stated desire to expand our successful TS business model
globally.'

'This acquisition significantly expands our presence and product
offerings with both IBM and HP in Europe,' said Dick Borsboom,
president of Avnet Technology Solutions, EMEA.  'Not only does
this acquisition broaden our geographic coverage, it also
enhances our market position by combining the strengths of both
organizations.  For example, whilst Magirus addresses the high-
end server market with HP solutions in Germany, Avnet has until
now focused on Intel-oriented server resellers, along with
storage and monitors in that country.  Combining the two
organizations gives customers the benefit of being able to
select the solution that best meets their needs and gives Avnet
a much broader reseller base to grow with.  In Austria,
Switzerland, Denmark, Italy and Dubai, Avnet will be adding HP
to its offerings and will now represent HP in seven European
countries.  There were already plans at Avnet to build the
enterprise, solutions and services business in Scandinavia, and
this acquisition creates a good platform for us to start doing
so in Denmark and Sweden,' Borsboom added.

Manufacturers of enterprise infrastructure solutions will also
benefit from the move by making it possible for them to work
with fewer large distributors with the services and capital to
accelerate growth on a pan-European basis.  This will also make
it easier and more efficient for them to do business through the
channel.  The acquisition builds on Avnet's previous
transactions in the region, including the acquisition of Belgian
auto-ID distributor Printex in March last year; the acquisition
of certain assets of the German storage wholesaler Zeta in June,
and the acquisition of Sun specialist Access Distribution at the
beginning of this calendar year.

'The most critical task after the transaction is closed is
integrating the organization without any disruption to our
customer and supplier partners,' said John Paget, president,
Avnet Technology Solutions, Global.  'We welcome the new
employees who we know bring strong technical skills and talents,
along with excellent customer and vendor relationships.  Their
added expertise will help us accelerate growth by offering
increased value to the marketplace.'

Banc of America Securities LLC acted as a financial advisor and
Allen & Overy LLP acted as legal counsel to Avnet in connection
with this transaction.

                           About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components    
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


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


HOLWECK LLC: Aargau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau entered July 2 an order closing
the bankruptcy proceedings of LLC Holweck.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Holweck
         Oberebenestrasse 63
         5620 Bremgarten AG
         Switzerland


LUCAS EVENTS: Creditors' Liquidation Claims Due August 15
---------------------------------------------------------
Creditors of LLC lucas events have until Aug. 15 to submit their
claims to:

         W.P. Lukas
         Liquidator
         Rothbergstrasse 15
         4132 Muttenz
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC lucas events
         Frenkendorf
         Liestal BL
         Switzerland


SALAVINS LLC: Creditors' Liquidation Claims Due August 13
---------------------------------------------------------
Creditors of LLC SalaVins have until Aug. 13 to submit their
claims to:

         Urs Saladin
         Liquidator
         Windhaltastrasse 39
         1712 Tafers
         Sense FR
         Switzerland

The Debtor can be reached at:

         LLC SalaVins
         Tafers
         Sense FR
         Switzerland


TREUHAND - ZURICH JSC: Zurich Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Zurich entered July 4 an order closing
the bankruptcy proceedings of JSC Treuhand-Zurich.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Treuhand-Zurich
         Gartenstrasse 11
         8002 Zurich
         Switzerland


WBK LLC: Thurgau Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC WBK on May 7.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC WBK
         Hauptstrasse 110
         8280 Kreuzlingen TG
         Switzerland


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


AFFINIA GROUP: Appoints Josh Russell as VP for Brand Marketing
--------------------------------------------------------------
Affinia Group Inc. has named Josh Russell as Vice-President of
Brand Marketing for its Under Vehicle Group with responsibility
for brand strategy and marketing support in the U.S., Mexico and
Canada.  Mr. Russell will report to Jeff Stauffer, Senior Vice
President of Global Group Marketing for Affinia.

"Josh has a proven track record in all aspects of brand
marketing and management at the highest levels, from strategy
development and integrated communications to category management
and promotions," Mr. Stauffer said.  "With an experience base
that cuts across business-to-business and consumer marketing,
Josh will assure that we continually energize our industry-
leading brands in support of our channel partners and their
customers."

Prior to joining Affinia, Mr. Russell served as Director of
Marketing for Old World Industries of Northbook, Ill., where he
worked with leading national brands, such as PEAK Antifreeze and
Mr. Clean.  Mr. Russell was instrumental in bolstering the PEAK
brand through an innovative campaign that includes a partnership
with IndyCar Series driver Danica Patrick.

During his career, Mr. Russell has also served as a Vice
President and Account Supervisor with BBDO in Chicago where he
worked with leading national brands, including Wrigley's gum,
the YMCA of the USA and Borden Cheese and Dairy Products.  As an
agency team leader, Mr. Russell managed brand strategy and
advertising and promotion efforts that strengthened leading
national brands, resulting in sales and market share growth.

Mr. Russell earned a Bachelor of Business Administration degree
from Western Michigan University in Kalamazoo where he was the
recipient of the WMU Medallion Academic Scholarship.

                     About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  It maintains operations in China, India, Mexico, and
Ukraine, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


COMTEX LLC: Creditors Must File Claims by August 4
--------------------------------------------------
Creditors of LLC Comtex (code EDRPOU 23885024) have until
August 4 to submit written proofs of claim to:

         Igor Shymtchishyn
         Liquidator
         Shevchenko Str. 400/8
         79069 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/41-29/51.

The Court is located at:

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

The Debtor can be reached at:

         LLC Comtex
         Kakhovskaya Str. 6/83
         79040 Lvov
         Ukraine


DIAGON LLC: Creditors Must File Claims by August 4
--------------------------------------------------
Creditors of LLC Diagon (code EDRPOU 33830340) have until
August 4 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/257-b.

The Debtor can be reached at:

         LLC Diagon
         Kikvidze Str. 13
         Kiev
         Ukraine



GROUP MDM: Creditors Must File Claims by August 4
-------------------------------------------------
Creditors of LLC Group MDM (code EDRPOU 24576087) have until
August 4 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. 15/314-b.

The Debtor can be reached at:

         LLC Group MDM
         Snovskaya Str. 20
         01000 Kiev
         Ukraine


INDUSTRY RESOURCE: Creditors Must File Claims by August 4
---------------------------------------------------------
Creditors of LLC Company Ukrainian Industry Resource (code
EDRPOU 33689689) have until August 4 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. 15/304-b.

The Debtor can be reached at:

         LLC Company Ukrainian Industry Resource
         I. Puliuy Str. 5
         03048 Kiev
         Ukraine


KIPAS LLC: Creditors Must File Claims by August 5
-------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/166-b.

Creditors of LLC Kipas (code EDRPOU 16302772) have until
August 5 to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Kipas
         Frunze Str. 47
         Kiev
         Ukraine


NORDIK LLC: Creditors Must File Claims by August 4
--------------------------------------------------
Creditors of LLC Nordik (code EDRPOU 31958007) have until
August 4 to submit written proofs of claim to:

         Aleksey Gorelov
         Liquidator
         P.O. Box 64
         03126 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/264-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 Nordik
         Office 5
         Dovzhenko Str. 14/1
         03157 Kiev
         Ukraine
         Gorelov Aleksey / Liquidator



POKROVA PLUS: Creditors Must File Claims by August 4
----------------------------------------------------
Creditors of LLC Pokrova Plus (code EDRPOU 31803493) have until
August 4 to submit written proofs of claim to:

         Liudmila Khudonogova
         Liquidator
         Apartment 45
         79053 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/23-27/45.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pokrova Plus
         Buzhsky District Kuty
         Lvov
         Ukraine


NADBUZHANSKOE LLC: Creditors Must File Claims by August 4
---------------------------------------------------------
Creditors of Agricultural LLC Nadbuzhanskoe (code EDRPOU
00448249) have until August 4 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/131-07.

The Debtor can be reached at:

         Agricultural LLC Nadbuzhanskoe
         I. Bogun Str. 87
         Khmelnik
         22000 Vinnica
         Ukraine


SPECIAL EQUIPMENT-NIK: Creditors Must File Claims by August 4
-------------------------------------------------------------
Creditors of LLC Special Equipment-Nik (code EDRPOU 33626833)
have until August 4 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/302/07.

The Debtor can be reached at:

         LLC Special Equipment-Nik
         Apartment 109
         1st Slobodskaya Str. 43
         54055 Nikolaev
         Ukraine


TSARICHANKA CANNERY: Creditors Must File Claims by August 4
-----------------------------------------------------------
Creditors of OJSC Tsarichanka Cannery (code EDRPOU 00374031)
have until August 4 to submit written proofs of claim to:

         Nathalie Chesnova
         Liquidator
         a/b 2047
         49033 Dnipropetrovsk
         Ukraine

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

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tsarichanka Cannery
         Kirov Str. 164
         Tsarichanka
         51000 Dnipropetrovsk
         Ukraine


VETUS-2005 LLC: Creditors Must File Claims by August 4
------------------------------------------------------
Creditors of LLC Vetus-2005 (code EDRPOU 33785906) have until
August 4 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/258-b.

The Debtor can be reached at:

         LLC Vetus-2005
         P. Lumumba Str. 15
         Kiev
         Ukraine         


ZHYTKO LLC: Creditors Must File Claims by August 4
--------------------------------------------------
Creditors of LLC Zhytko (code EDRPOU 33850482) have until
August 4 to submit written proofs of claim to:

         Radion Kravchenko
         Liquidator
         Apartment 17
         Skifskaya Str. 18
         Energodar 442
         71504 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/83/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Zhytko
         Apartment 130
         Central Str. 4
         Energodar
         71500 Zaporozhje
         Ukraine


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


A C SEWELL: Brings In Liquidators from Vantis Business Recovery
---------------------------------------------------------------
P. Atkinson and J. S. French of Vantis Business Recovery
Services were appointed joint liquidators of A C Sewell (City)
Ltd. on July 26 for the creditors’ voluntary winding-up
procedure.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


A-CLASS FINISHERS: Claims Filing Period Ends September 30
---------------------------------------------------------
Creditors of A-Class Finishers U.K. Ltd. have until Sept. 30 to
send their names and addresses, together with particulars of
their debts or claims, and names and addresses of their
solicitors (if any) to:

         Philip John Gorman
         Liquidator
         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood  
         GL4 3RT
         England

Philip John Gorman of Hazlewoods LLP was appointed liquidator of
the company on July 25 for the creditors’ voluntary winding-up
procedure.


ASHTEAD GROUP: Moody's Lifts Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service upgraded Ashtead's corporate family
rating to Ba3 from B1.

Concurrently Moody's upgraded the rating on Ashtead's senior
secured credit facilities to Ba2/LGD2/28% from Ba3, upgraded the
rating on US$250 million second priority secured notes due 2015
to B1/LGD5/78% from B3 and upgraded the rating on US$550 million
second priority secured notes due 2016 to B1/LGD5/78% from B3.
Ratings on the 2015 and 2016 notes have been upgraded by two
notches as the lower expected credit losses associated with
these notes resultant from a lower probability of default
indicate a B1 rating using the idealized loss ranges that define
Moody's ratings.  The outlook for all ratings is stable.

The rating actions follow the release of Ashtead's 2007
financial accounts which showed substantial progress on the
integration of the NationsRent acquisition and a material
decline in the business risk profile as a result, together with
improved financial credit metrics for the full year.

The acquisition of NationsRent in August 2006 saw a substantial
rise in leverage from below 2.5 times to 3.2 on a Moody's
adjusted basis and diluted credit metrics generally.  The
acquisition also resulted in material execution risk given
NationsRent's scale and these factors combined led Moody's to
downgrade Ashtead's corporate family rating to B1 from Ba3
despite Ashtead's positive 2006 results.

The NationsRent integration appears to be progressing
satisfactorily as evidenced by the company's acceptable fourth
quarter performance with higher pro-forma operating performance
and improved credit metrics since the acquisition.  NationsRent
was a large company-forming acquisition for Ashtead, with
material integration risks.  The successful integration of
NationsRent to date removes a key driver for the rating action
taken when the acquisition was announced.

The rating upgrades are also underpinned by the company's robust
market positions in both the U.S. and the U.K.  Increased
private and public expenditure in key areas such as education,
healthcare and transportation further support demand in
industrial and commercial markets and for rental equipment in
the U.S. which has been experiencing a cyclical recovery over
the last two years. Moody's expect end markets to remain intact
over the next year given improvements in the non-residential
construction market. Nevertheless, the company has continued to
generate around less than 10% of total revenues from the U.S.
residential property sector post the acquisition and this area
is experiencing a slow down.

Reported performance will continue to fluctuate with movements
in the U.S. dollar/sterling rate since Ashtead reports in
sterling but produces the majority of its revenues and earnings
in dollars. A partial natural hedge exists given the majority of
debt is drawn in U.S. dollars (98% at April 30, 2007) and more
than 75% of future revenues will be generated in this currency.

These ratings have been affected:

   * Ashtead Group plc

   -- corporate family rating of Ashtead Group plc upgraded to
      Ba3 from B1;

   -- the rating on US$1,750 million senior secured credit
      facilities maturing 2010 has been upgraded to Ba2/LGD2/28%
      from Ba3/LGD2/29%;

   * Ashtead Holdings plc

   -- the rating on the US$250 million second priority senior
      secured notes due 2015 has been upgraded to B1/LGD5/78%
      from B3/LGD5/78%;

   * Ashtead Capital Inc

   -- the rating on US$550 million second priority senior
      secured notes due 2016 has been upgraded to B1/LGD5/78%
      from B3/LGD5/78%.

The outlook for all ratings is stable.

Headquartered in London, U.K., Ashtead is a leading provider of
construction and other industrial rental equipment services
primarily in the U.S.A. and U.K.  Reported revenues for the year
to April 30, 2007, were GBP896 million.


BAA LTD: Heathrow Seeks Injunction Over Proposed Climate Camp
-------------------------------------------------------------
BAA Heathrow, a part of BAA Ltd. (fka BAA plc), has decided to
apply for an injunction through the high courts on Wednesday,
Aug. 1, 2007, in relation to the forthcoming Climate Camp at
Heathrow to protect the smooth running of the airport and the
access of hundreds of thousands of passengers which use it
everyday.

Various environmental activists and environmental groups, under
the umbrella of climate camp have stated in their publicity
materials, websites and through the media that it is their
intention to disrupt and blockade Heathrow through en-mass
direct action during their proposed week-long camp and/or during
the summer at the airport.

BAA Heathrow said it respect people’s democratic right to
protest lawfully.  It has sought the help and guidance of the
Court whose job it is, in a democracy to balance the interests
of the respective parties.  Indeed, one of the purposes of the
injunction is to facilitate lawful and peaceful protest, and in
this respect it is making available three designated protest
areas for this purpose.

The competing interests are the right of passengers to travel to
and from Heathrow without being subjected to unlawful conduct,
and the right of protestors lawfully and peacefully to protest
and assemble in support of environmentalism.

Contrary to media reports, the injunction will not affect anyone
lawfully traveling to and from Heathrow Airport or lawfully
engages in activities at the airport.  It will only affect those
individuals who wish to: conduct harassment, trespass,
obstruction and/or use any unlawful means; to deter obstruct or
prevent the lawful operation and/or development of the airport;
or to prevent persons from traveling to, from or at the airport.

According to Friends of the Earth's Rights & Justice Centre, BAA
is seeking injunctions against: John Stewart, Chair HACAN and
Chair of AirportWatch and both these organizations and all their
members; Geraldine Nicholson, Chair NOTRAG (No Third Runway
Action Group) and all members of NOTRAG; Joss Garman and Leo
Murray of Plane Stupid, and all members of Plane Stupid.  Other
defendants are represented by Harrison Grant Solicitors.

Friends of the Earth's Rights & Justice Centre is acting for
John Stewart, Chair HACAN and Chair of AirportWatch, and
Geraldine Nicholson, Chair of NOTRAG (No Third Runway Action
Group).

"This is an unnecessary and unworkable request by Heathrow
Airport and we are confident it will be thrown out of court.  We
believe people have the right to protest peacefully about issues
which concern them such as climate change,” Friends of the
Earth's lawyer Gita Parihar said.  “The aviation industry should
focus its efforts on tackling climate emissions.  The Government
should take a lead by shelving plans for air port expansion
across the U.K. and by introducing a strong climate change law
which includes aviation."

                     London Mayor’s Response

Mayor of London, Ken Livingstone, called on the BAA, the owners
of Heathrow airport, to rethink their proposed wide-ranging
injunction that could restrict the movement of millions of law-
abiding citizens.

His intervention comes on the eve of BAA’s court appearance
where they will attempt to obtain an injunction imposing wide-
spread restrictions on the movements of protestors across parts
of the rail and tube networks, sections of the M25 and M4
motorways and around the airport, for the duration of the
protests.

This extraordinarily wide-ranging injunction, over which
Transport for London was not consulted by BAA, could have a
significant impact upon London Underground operations.  It seeks
to hold the individuals named in the injunction as
representative of not only the action groups that they are said
to represent, but also anyone who happens to support the groups,
whether they are a member or not.

This means that some five million people, the vast majority of
whom have never taken part in any disturbance and are entirely
lawful supporters of groups including the RSPB and the Campaign
for the Protection of Rural England, the Woodland Trust, and the
national trust, could be restricted by the injunction.

“BAA's proposed injunction is unreasonable, and unnecessary.  It
is a serious infringement of civil liberties and an attack on
the right to peaceful protest,” Mayor Livingstone said.  “The
injunction would prevent lawful protesters approaching within
100 meters of any Transport for London property, whether at
Heathrow or elsewhere, potentially restricting the movement of
millions of people.  It is extraordinary and unacceptable that
BAA did not consult Transport for London about this proposed
injunction, which could have a serious impact on underground
services.”

“Transport for London has written to BAA to demand that all
reference to its property and services be removed from any such
injunction and will oppose in the courts any attempt to restrict
the lawful use of its public transport services,” Mayor
Livingstone added.

                           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: Wants to Access Prepetition Cash Collateral
--------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates seek authority from the U.S. Southern District of New
York in Manhattan to use the cash collateral securing repayment
of their obligations to their prepetition lenders and to provide
the lenders with adequate protection in connection with the use
of the cash collateral.

The Debtors also seek permission to use the cash collateral on
an interim basis pending final approval of their request.

Prior to bankruptcy filing, Bally Total borrowed money under an
Amended and Restated Credit Agreement dated Oct. 16, 2006,
arranged by JPMorgan Chase Bank, N.A., as administrative agent
for the lending parties, and Morgan Stanley Senior Funding Inc.,
as syndication agent.  As of bankruptcy filing, the principal
amount of the Debtors' Prepetition Obligations was roughly
US$284,000,000.

Under a Guarantee and Collateral Agreement, dated November 18,
1997, as amended, the Debtors granted JPMorgan for the benefit
of the Lenders, perfected, valid and enforceable first priority
liens and security interests on substantially all of their
assets to secure their obligations under the Prepetition Credit
Agreement.

According to Don R. Kornstein, Bally's interim chairman and
chief restructuring officer, the company is too highly
leveraged.

As of May 31, 2007, the Debtors' total consolidated debt,
excluding trade debt, was more than US$812,641,000:

                                       Amount Outstanding
                                       ------------------
   Prepetition Credit Agreement           US$284,000,000

   10-1/2% Senior Notes Due 2011          US$235,000,000

   9-7/8% Series B Senior Subordinated    US$300,000,000
     Notes and 9-7/8% Series D Senior
     Subordinated Notes due 2007

   Various capital leases                   US$8,520,000

   Other secured debt                       US$6,500,000

For the next 30 days following bankruptcy filing, the Debtors
estimate cash receipts and disbursements, net cash gain or loss,
and obligations and receivables expected to accrue but remain
unpaid, other than professional fees, on a consolidated basis,
to
be:

                                        Estimated Amount
                                        ----------------
   Cash Receipts                           US$67,551,000
   Cash Disbursements                      US$62,873,000
   Net Cash Gain (Loss)                     US$4,678,000
   Unpaid Obligations                    US$57,538,00030
   Unpaid Receivables                   Not Applicable

The Debtors also expect to incur these expenses during the next
30 days:

                                        Estimated Amount
                                        ----------------
   Payroll to Employees                    US$22,200,000

   Payroll to Directors, Officers             US$860,000
     Stockholders and Partners

   Financial Consultants
     AlixPartners LLP                         US$375,000
     Jefferies & Company                      US$205,000
     Deloitte Financial Advisory              US$500,000
       Services LLP
     Deloitte Tax LLP                         US$250,000
     Tatum, LLC                                US$27,300

Mr. Kornstein says the Debtors require access to their cash and
the proceeds of existing accounts receivable to operate their
businesses and preserve their value as going concerns.  Without
immediate access to cash collateral, the Debtors' business
operations would grind to an almost immediate halt, which would
seriously jeopardize, and may destroy, the going concern value
of the Debtors' businesses, Mr. Kornstein explains.  Immediate
access to cash collateral will enable the Debtors to operate in
the ordinary course on a postpetition basis, Mr. Kornstein adds.

Mr. Kornstein notes that the Debtors and JPMorgan have reached
an agreement regarding the Debtors' use of Cash Collateral
during the period from the date of entry of an interim order
until the earliest to occur of:

   (a) September 14, 2007;

   (b) consummation of a refinancing with proceeds sufficient to
       repay the Prepetition Obligations, any unpaid adequate
       protection obligations and any other unpaid amounts owing
       under the Interim Order in full; or

   (c) upon written notice by JPMorgan to the Debtors after the
       occurrence and continuance of any Event of Default.

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, Caribbean,
and the United Kingdom under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  
(Bally Total Fitness Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000).


BALLY TOTAL: Inks US$292MM DIP Financing Pact w/ Morgan Stanley
---------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates ask the U.S. Southern District of New York in
Manhattan permission to obtain postpetition secured financing
from Morgan Stanley Senior Funding Inc.

Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, relates that   
the Debtors' reorganization efforts hinge on obtaining access to
postpetition and exit financing.  The Debtors, Mr. Kornstein
explains, require additional additional funds for working
capital necessary to allow them to, among other things, continue
operating their businesses in the ordinary course of business
during the Chapter 11 cases.

"[T]he Debtors must instill their employees, vendors, service
providers and members with confidence in the Debtors' ability to
seamlessly transition their business to chapter 11, operate
normally in that environment and ultimately to reorganize in a
successful and expedient manner," Mr. Kornstein says.

Beginning in June 2007, the Debtors and Morgan Stanley commenced
negotiation of a proposed postpetition facility to be entered
into among Bally Total Fitness Holding, as borrower, the other
Debtors, as guarantors, Morgan Stanley or one of its affiliates,
as lead arranger and sole bookrunner, and as administrative
agent and collateral agent.

Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a
US$242,000,000 term loan facility.

The Debtors decided to pursue the Morgan Stanley financing
proposal after undertaking a rigorous process under which they
solicited proposals from several well-known financial
institutions.  According to Mr. Kornstein, the Morgan Stanley
DIP Facility was particularly attractive to the Debtors because
it enables them to enter into an exit financing facility upon
consummation of their plan of reorganization in an identical
amount, with identical pricing, with no additional fees
whatsoever.  The revolver under the exit facility would have up
to a five-year term and the term loans up to a six-year term,
Mr. Kornstein says.

Pursuant to a Superpriority Secured Debtor-in-Possession
Financing Agreement among the parties, the DIP loan proceeds
will be used to:

   (a) repay obligations owed to the Debtors' prepetition
       secured lenders under their US$284,000,000 Amended and
       Restated Credit Agreement dated October 16, 2006, with
       JPMorgan Chase Bank, N.A., as administrative agent for
       the lenders party, and Morgan Stanley, as syndication
       agent; and

   (b) fund the Debtors' working capital and general corporate
       needs in Chapter 11.

The DIP Facility will terminate on the earlier of:

   (i) March 31, 2008;

  (ii) the effective date of a plan of reorganization in the
       Debtors' cases; and

(iii) the date on which the acceleration of the loans and the
       termination of the commitments in accordance with the
       DIP Facility occurs.

The Debtors' obligations under the DIP Facility will be:

   -- entitled to super-priority claim status in the Chapter 11
      cases;

   -- secured by a perfected first priority lien on all
      unencumbered property and assets of the Debtors;

   -- secured by a perfected junior lien on all property and
      assets of the Borrower that are subject to valid and
      perfected liens in existence on the Petition Date; and

   -- secured by perfected senior priming liens on all property
      and assets of the Debtors that secure obligations under
      the Prepetition Credit Facility, senior to the liens
      securing the Prepetition Credit Facility to the extent not
      repaid, and any liens that are junior to those liens.

The DIP Liens, however, are subject to a carve-out for:

   (a) United States Trustee fees payable pursuant to 28 U.S.C.
       Section 1930;

   (b) fees of the Clerk of the Bankruptcy Court;

   (c) fees of a Chapter 7 trustee of up to US$350,000 if a
       chapter 7 trustee is appointed; and

   (d) the payment of allowed and unpaid professional fees and
       disbursements incurred by the Debtors, the ad hoc
       committee of prepetition senior noteholders and
       prepetition senior subordinated noteholders, and any
       statutory committees appointed in the Chapter 11 cases.

Advances outstanding under the Revolving Credit Facility will
bear interest, at the Borrower's option, at either (a) the Base
Rate plus 100 basis points per annum or (b) at the LIBOR Rate
plus 200 basis points per annum.

Advances outstanding under the Term Loan Facility will bear
interest, at the Borrower's option, at either (a) the Base Rate
plus 325 basis points per annum or (b) at the LIBOR Rate plus
425 basis points per annum.  The Term Loan Facility will also be
subject to original issue discount of 1.5% -- that is, in
addition to the interest and fees and the fees set forth in a
Fee Letter, US$3,630,000 of the proceeds of the Term Loan
Facility will be paid to the Lenders.

The Debtors also seek the Court's permission to pay a variety of
fees to Morgan Stanley:

   1. a letter of credit fee under the Revolving Credit Facility
      payable quarterly at a rate of 200 basis points per annum
      times the amount of all outstanding letters of credit,
      minus a fronting fee;

   2. a letter of credit issuance fee -- plus bank issuance
      charges -- equal to 25 basis points of the face amount of
      all letters of credit;

   3. an Unused Revolving Credit Facility Fee of 0.50% times an
      amount equal to the difference between (a) US$50,000,000
      and (b) the sum of the amount of outstanding advances plus
      letters of credit issued under the Revolving Credit
      Facility;

   4. additional fees set forth in a Fee Letter dated June 29,
      2007, which is filed with the Court under seal.

During the continuance of an Event of Default, all obligations
will bear interest at the otherwise applicable rate plus 200
basis points per annum.

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, Caribbean,
and the United Kingdom under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  
(Bally Total Fitness Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000).


CEVA GROUP: Moody's Rates Proposed US$400 Mln Sr. Notes at (P)B3
----------------------------------------------------------------
Moody's Investors Service assigned a (P)B3 senior secured rating
to the proposed US$400 million Second Priority Senior Secured
Notes due 2014 to be issued by CEVA Group Plc.  

Concurrently the rating agency as withdrawn the (P)B3 Senior
Unsecured rating assigned to CEVA's initially proposed issuance
of Senior Unsecured notes.  The rating action was prompted by
the decision of the Company to replace the proposed US$1.4
billion Senior Unsecured note with a new US$400 million Second
Priority Senior Secured notes and draw the balance to finance
the EGL acquisition from a new Bridge Facility.

The provisional (P)B3 rating assigned to the proposed issuance
of US$400 million Second Priority Senior Secured notes due 2014,
four notches below the first lien Senior Secured rating,
reflects its subordination to the first lien facility, taking
into account the limited assets coverage and the expectation of
a 20% deficiency claim for the first lien Senior Secured debt in
case of default.

The (P)B3 instrument rating should be affirmed and removed from
its provisional status upon completion of the bond issuance and
subject to satisfactory review of final documentation.  The
current ratings also take into consideration the automatic
extension of the bridge loan until 2015 if the company is not
successful in refinancing it in the capital market over the next
twelve months and the expectation that the cost of the new
capital structure will not increase significantly the financial
costs burden on the company.

The obligations under the Second Lien Senior Notes are supported
by upstream guarantees from various businesses within the group
representing about 58% and 75% of combined group sales and
EBITDA respectively.

This rating was assigned:

   -- (P)B3 (LGD 4, 62%) Second Priority Senior Secured rating
      to the proposed US$400 million notes issuance,

This rating was withdrawn:

   -- (P)B3 Senior Unsecured rating to the previously proposed
      US$1.4 billion notes issuance

Moody's last action on CEVA was on July 12, 2007 when its CFR
was downgraded from B1 to B2.

CEVA Group plc, owned by the U.S. private equity fund Apollo
Management LP (81%) and other investors, is the acquiror of the
business of TNT Logistics.  It is the second largest provider of
contract logistics in the world in term of revenues with an
operational presence in 26 countries worldwide.  Recently CEVA
has acquired EGL, a U.S. freight forwarder.  The merger between
CEVA and EGL will be finalized by the end of July 2007.  The
combined entity will report total revenues of approximately
US$8 billion.

Headquartered in London, England, CEVA Group PLC is the holding
company for The Netherlands-based contract logistics group Ceva
Ltd.


CEVA GROUP: S&P Affirms Junk Ratings on EUR730 Million Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
secured debt rating to the proposed US$400 million second-
priority notes to be issued by Netherlands-based contract
logistics group CEVA Group PLC (B/Negative/--), one notch below
the corporate credit rating.  The notes were assigned a recovery
rating of '5', reflecting our expectation of modest recovery
(10%-30%) for second-priority secured lenders in the event of a
payment default.

At the same time, Standard & Poor's affirmed its 'BB-' senior
secured debt rating on the US$1.5 billion equivalent proposed
increased first-lien senior secured facilities issued by Ceva
Group.  The recovery rating of '1' remains unchanged, reflecting
its expectation of very high recovery (90%-100%) in the event of
a payment default.

S&P also affirmed 'CCC+' debt ratings on the EUR505 million 8.5%
senior unsecured notes due 2014 and EUR225 million 10%
subordinated notes due 2016.  The 'CCC+' debt rating on the
US$1.4 billion equivalent proposed senior unsecured notes due
2015 have been withdrawn as the note issue has been cancelled.

The issue and recovery ratings on the senior secured and second-
priority debt take into account the level of expected prior-
ranking and pari passu liabilities, the potential for cross-
jurisdictional insolvency issues, and the relatively weak
security package.  The second-priority debtholders benefit from
essentially the same security package as the senior secured
creditors, but have a second-ranking claim.  The recovery
ratings assume that security available to secured debtholders is
taken on the assets and share pledges of the entities generating
at least 60% of Ceva Group's EBITDA.

With limited residual secured value available to second-priority
noteholders, the cover for the second-priority secured notes is
toward the low end of the 10%-30% range and mainly comes from
the claim on the assets not captured by the security package, on
a pari passu basis with unsecured creditors.

The ratings on the proposed debt are subject to Standard &
Poor's satisfactory review of final documentation.

                           Ratings List

Ceva Group PLC

   Corporate Credit Rating             B/Negative/--
   US$1.5 Bln. 1st-Lien Senior Sec.    BB-
   Recovery Rating                     1
   EUR505 Mln. Senior Unsecured Notes  CCC+
   EUR225 Mln. Subordinated Notes      CCC+

                         Rating Assigned

Ceva Group PLC

   US$400 Mln. (Proposed) Senior Sec. 2nd-Priority Notes    B-
   Recovery Rating                                          5

                         Rating Withdrawn

                                          To               From

Ceva Group PLC

   US$1.4 Bln. (Proposed) Bond Due 2015   NR               CCC+


COMPASS MINERALS: June 30 Balance Sheet Upside-Down by US$48.8MM
----------------------------------------------------------------
Compass Minerals International Inc.'s balance sheet at June 30,
2007, showed US$674.4 million in total assets and US$723.2
million in total liabilities, resulting in a US$48.8 million
total stockholders' deficit.

Compass Minerals reported these results for its second quarter
ended June 30, 2007:

    * Revenues increased 18% over the prior-year quarter to  
      US$127.5 million, reflecting growth in all operating
      segments.

    * Operating earnings improved 33% year over year to
      US$9.6 million.

    * The company's net loss for the quarter was US$3.2 million,
      compared to a loss of US$2.1 million, in the second
      quarter of 2006.  The year-over-year change was primarily
      driven by a decrease in tax benefit and changes in other
      income.  The company typically posts losses in the second
      quarter of the year as it builds its deicing salt
      inventory for the coming winter season.

    * Cash flows from operations improved US$46.8 million in the
      second quarter when compared to the prior-year second
      quarter, bringing total cash flow from operations to
      US$110 million through June 30, 2007, compared to
      US$95.4 million in the comparable prior-year period.

    * The company voluntarily made a US$10 million early
      principal payment on its term loan.

Working capital, excluding cash, declined US$49.9 million from
Dec. 31, 2006, primarily reflecting cash collected on seasonal
sales.

Total debt declined from US$585.5 million at Dec. 31, 2006, to
US$564.6 million at June 30.  The debt reduction includes nearly
US$20 million of voluntary principal payments on the company's
pre-payable term loan and repayment of the balance that was
outstanding on its revolving credit facility at December 31,
partially offset by accretion on the company's discount notes.
Debt net of cash was reduced from US$578.1 million at December
31, 2006, to US$533.3 million at June 30, 2007.

"Price improvements, particularly in our consumer and industrial
product lines, together with more-robust sales volumes of
highway deicing salt and specialty fertilizers, drove solid
gains in the quarter," said Angelo Brisimitzakis, Compass
Minerals' president and chief executive officer.  "Our results,
including the growth in revenue, increase in operating earnings,
and improvement in our cash flow from operations, clearly
demonstrate the benefits of our persistent focus on improving
our margins and strengthening our portfolio of products and
services."

                      About Compass Minerals

Based in the Kansas City metropolitan area, Compass Minerals
International Inc. (NYSE: CMP) --
http://www.compassminerals.com/-- is a leading producer of  
inorganic minerals, including salt, sulfate of potash specialty
fertilizer and magnesium chloride.  The company provides highway
deicing salt to customers in North America and the United
Kingdom, and produces and distributes consumer deicing and water
conditioning products, ingredients used in consumer and
commercial foods, specialty fertilizers, and products used in
agriculture and other consumer and industrial applications.  
Compass Minerals also provides records management services to
businesses throughout the U.K.


DURA AUTOMOTIVE: Files Backstop Rights Purchase Agreement
---------------------------------------------------------
DURA Automotive Systems Inc. has filed a backstop rights
purchase agreement, which provides for certain backstop
commitments.  The agreement is based upon a term sheet
originally filed with the U.S. Bankruptcy Court on July 12,
2007, as part of a motion requesting the Court approve the
backstop rights purchase agreement and certain associated fees.

Under the terms of the agreement, Pacificor, LLC, one of DURA's
senior noteholders, has elected to underwrite 100% of the
backstop commitment.

The Court is currently scheduled to hear the backstop motion on
Aug. 15, 2007.

                     About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


FLAMES & FIBROUS: Claims Filing Period Ends September 25
--------------------------------------------------------
Creditors of Flames & Fibrous (Plaster Mouldings) Ltd. have
until Sept. 25 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Stewart Trevor Bennett and James Preston Bradney
         Joint Liquidators
         BKL Business Recovery
         35 Ballards Lane
         London
         N3 1XW
         England

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


FOCUS DIY FINANCE: Fitch Cuts IDR to D and Withdraws Ratings
------------------------------------------------------------
Fitch Ratings has downgraded Focus DIY (Finance) plc's Long-term
Issuer Default Rating to 'D' from 'C', and Focus DIY
(Investments) Ltd's Long- and Short-term IDRs to 'Restricted
Default' from 'C'.  

Fitch has also removed all the above ratings from Rating Watch
Negative and simultaneously withdrawn them.  RD indicates that
an entity has defaulted on one or more of its financial
obligations although it continues to meet other obligations.  
The entities' obligations are affirmed as listed below and their
ratings simultaneously withdrawn.

The rating actions follow the completion of the acquisition of
FW No.4 Limited, a holding company of a group of subsidiary
companies within the Focus Group by FLP2 Limited, an indirect
and majority-owned subsidiary of Promontoria Holding IV B.V. (a
company controlled by US private equity investment company
Cerberus) following clearance from EU competition authorities.  
Fitch will no longer provide rating coverage of Focus DIY.

The completion of the distressed sale has led to an economic
impairment for the mezzanine noteholders at the Focus DIY
(Finance) plc level according to the terms of the exchange offer
announced by the company on June 18, 2007.  Fitch understands
that, while the senior secured debt at Focus DIY (Investments)
Ltd. is being repaid in full, the terms of the sale agreed with
Cerberus, whereby mezzanine noteholders are achieving
40p/GBP1.00, implies that the value of the non-release guarantee
provided by Focus DIY (Investments) Ltd. did not eventually
exceed 40% of its original value.

Focus DIY -- http://www.focusdiy.co.uk/-- is third-largest DIY  
retailer in the United Kingdom by market share and offer an
extensive range of DIY and gardening products, primarily to
consumers seeking to undertake light home improvement and
maintenance projects.  The company operates over 250 stores with
a total of approximately 8.2 million square feet of net selling
space (including 1.9 million square feet of outdoor selling
space) and, on average, approximately 32,000 square feet of net
selling space per store.

                           *     *     *

As reported in the TCR-Europe on April 11, 2007, Moody's
confirmed Caa3 Corporate Family Rating for Focus DIY
(Investments) Limited, and assigned Loss-Given-Default Rating
of:

* Issuer: Focus DIY (Investments) Limited
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Caa2     Caa2     LGD3    33%


* Issuer: Focus (Finance) Plc

   Senior Subordinated
   Regular Bond/Debenture
   Due 2015                 Ca       Ca       LGD5    87%

On March 5, 2007, Fitch Ratings placed certain ratings of UK-
based Focus DIY on Rating Watch Negative, following the
company's agreement with its mezzanine noteholders to defer the
issue of its audited accounts for the financial year ended
October 2006, which were due on Feb. 28.

Focus DIY (Investments) Ltd.

   -- Issuer Default rating 'CCC'
   -- Senior secured credit facility 'B-'/'RR2'
   -- Short-term rating 'C'

Focus DIY (Finance) plc

   -- IDR 'CCC'
   -- Mezzanine notes 'CC'/'RR6'

And as reported by the TCR-Europe on Jan. 16, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
ratings on Focus DIY (Finance) PLC and Focus DIY (Investments)
Ltd., the parent companies of U.K.-based home-improvement
retailer Focus, to 'CCC-' from 'B-', and placed the ratings on
CreditWatch with negative implications.


FORD MOTOR: Shareholders Convert 6.5% Securities to Common Stock
----------------------------------------------------------------
Ford Motor Company has disclosed the results of its offer
related to the 6.50% Cumulative Convertible Trust Preferred
Securities of its wholly owned subsidiary trust, Ford Motor
Company Capital Trust II.

Ford had offered to pay a premium consisting of 1.7468 shares of
Ford common stock valued at $14.25 to holders who elected to
convert their trust preferred securities to shares of Ford
common stock in accordance with the terms of the offer.  The
conversion offer expired at 5:00 p.m., New York City time, on
Tuesday, July 31, 2007.

On Aug. 1, 2007, Ford accepted for conversion all trust
preferred securities that were validly tendered and not
withdrawn as of the expiration of the conversion offer.

Based on a final count by Computershare Shareholders Services,
Inc., the conversion agent for the conversion offer, 42,543,071
trust preferred securities, with an aggregate liquidation
preference of about $2.1 billion and representing approximately
43% of the issued and outstanding trust preferred securities,
were tendered and accepted for conversion.

This will result in the issuance of an aggregate of 194,494,157
shares of Ford common stock, consisting of 120,179,921 shares
issued pursuant to the conversion terms of the trust preferred
securities and 74,314,236 shares issued as the premium paid for
conversion.

Delivery of the shares of common stock in exchange for accepted
trust preferred securities will be made by Computershare
Shareholders Services, Inc. on Aug. 3, 2007.  Upon settlement of
the conversion offer, 57,455,429 trust preferred securities with
an aggregate liquidation preference of about $2.9 billion will
remain outstanding.

                      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: Sales Plunge 19% to 195,245 Vehicles in July
--------------------------------------------------------
Demand continues to grow for Ford Motor Company's all-new and
redesigned crossover vehicles, but overall sales declined
sharply in July 2007.

Total July sales were 195,245, down 19 percent compared with a
year ago.  Sales to daily rental companies were down 57 percent
and sales to individual retail customers were down 17 percent.  
The company's crossover utility vehicle sales were up 40 percent
in July and year-to-date -- the largest increase of any major
manufacturer.

"We are encouraged by the progress we have made and consumers'
response to our new products," said Mark Fields, Ford's
President of the Americas.  "At the same time, we know we have a
lot of work to do, and July is a sobering reminder of the
economic and competitive challenges we face."

In July, Ford Edge sales were 9,096 and Lincoln MKX sales were
2,870.  Edge recently was recognized as the industry's top
performing new vehicle in J.D. Power and Associates' 2007
Automotive Performance, Execution and Layout Study.

Sales for the redesigned 2008 model Ford Escape and Mercury
Mariner crossovers were higher in July.  Escape sales were
12,440, and Mariner sales were 2,534, both up 2 percent compared
with a year ago.

Sales for the new Ford Expedition (up 22 percent) and Lincoln
Navigator (up 8 percent) also were higher than a year ago.  
Expedition sales were up for the eleventh consecutive month.

The Lincoln brand posted its tenth month in a row of higher
retail sales, although total sales were lower reflecting lower
fleet sales.  In the first six months of 2007, Lincoln sales
were 15 percent higher than the same period a year ago -- the
largest increase of any luxury brand.  Lincoln’s rebound
reflects the new Lincoln MKX crossover, the new Lincoln MKZ
sedan and the redesigned Navigator.

Land Rover dealers reported a 19 percent sales increase in July,
reflecting the addition of the all-new LR2 crossover.

                      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.


FRERE JACQUES: Claims Filing Period Ends September 30
-----------------------------------------------------
Creditors of Frere Jacques Patisserie Ltd. have until Sept. 30
to send their names and addresses, together with particulars of
their debts or claims, and names and addresses of their
solicitors, if any, to:

         Philip John Gorman
         Liquidator
         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         GL4 3RT
         England

Philip John Gorman of Hazlewoods LLP was appointed liquidator of
the company on July 12 for the creditors’ voluntary winding-up
proceeding.


GENERAL MOTORS: U.S. Sales Drop 18.5% to 320,935 in July
--------------------------------------------------------
General Motors Corp. dealers in the United States delivered
320,935 vehicles in July 2007, down 18.5 percent compared with
exceptionally strong year-ago monthly sales.

Retail sales of 239,192 vehicles were up 14.5 percent compared
with June 2007 with a substantial improvement in vehicle mix.  
Inventories were essentially flat compared with July 2006.

"We expected the month would provide a tough year-over-year
comparison since in July 2006 industry sales were exceptionally
strong and we were aggressively liquidating past model year
inventories," said Mark LaNeve, vice president, GM North
American Sales, Service and Marketing.  "On the upside, we are
pleased with the continuing success of our new products,
especially the GMC Acadia, Saturn OUTLOOK and Buick Enclave,
which pushed our mid-utility crossover segment growth up more
than 300 percent.  As with many of our vehicles, these all-new
crossovers offer segment-leading fuel economy, terrific
performance and outstanding value.

"We were encouraged by our improvement versus June and the
marketing actions we have taken, including 0 percent for 60
months financing, have put us in a strong competitive position
in a challenging industry.

"With a strong retail sales month for Saturn AURA, as well as
outstanding growth for the new mid-size crossovers GMC Acadia,
Saturn OUTLOOK and Buick Enclave, GM has a strong position in
the marketplace for fuel-efficient vehicles in a number of
segments," Mr. LaNeve added.  GM has 24 vehicles in the 2007
model lineup that achieve an EPA-estimated 30 mpg highway or
better.

The GMC Acadia, Saturn OUTLOOK and Buick Enclave together had
retail sales of more than 10,000 vehicles, pushing a significant
retail increase in GM's mid-crossover segment.  GM's retail
sales in this segment pushed monthly performance up more than
319 percent, compared with the same month last year.

The all-new Chevrolet Silverado and GMC Sierra full-size pickup
trucks -- fuel efficiency leaders in their class -- sold more
than 59,200 vehicles in a very challenging industry environment.  
The Silverado and Sierra offer the best warranty coverage and
residual values in segment, a winning combination for these
products.

"We're seeing increased residual values for our products by
staying true to our turnaround and market growth plans.  For
customers, this means providing industry-leading products in
terms of design, fuel economy, quality and performance," Mr.
LaNeve said.

"Interestingly, warranty coverage has increased substantially as
a reason consumers cite when buying a new GM vehicle.  Our 5
Year/100,000 Mile Powertrain Limited Warranty continues to be a
better choice for customers.  Our coverage focuses on the
complete ownership experience and includes other provisions that
our competitors do not offer, including transferability to the
next owner, more complete coverage of parts, and coverage for
new and certified used vehicles.  In addition, GM offers
superior complementary programs, like courtesy transportation
and roadside assistance.  In other words, GM takes care of the
vehicle and the owner," Mr. LaNeve added.

Certified Used Vehicles

July 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 42,641
units, up nearly 9 percent from last July.  Total year-to-date
certified GM sales are 315,882 units, up 4 percent from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 37,355 sales, up 12
percent from last July.  Year-to-date sales for GM Certified
Used Vehicles are 277,493 units, up 6 percent from the same
period in 2006.

Cadillac Certified Pre-Owned Vehicles posted July sales of 3,026
units, down 4 percent from last July.  Saturn Certified Pre-
Owned Vehicles sold 1,537 units in July, down 15 percent.  Saab
Certified Pre-Owned Vehicles sold 638 units, down 26 percent,
and HUMMER Certified Pre-Owned Vehicles sold 85 units, up 29
percent.

"GM Certified dealers did a terrific job in July with sales of
37,355 units, up 12 percent from last year," Mr. LaNeve said.  
"More consumers are opting for the quality and peace of mind
assurances that manufacturer certification provides, and GM
Certified dealers are stepping up to deliver them the widest
selection of quality vehicles at a tremendous value."

In July, GM North America produced 254,000 vehicles (91,000 cars
and 163,000 trucks).  This is up 54,000 units or 27 percent
compared to July 2006 when the region produced 200,000 vehicles
(78,000 cars and 122,000 trucks).  Production totals include
joint venture production of 13,000 vehicles in July 2007 and
13,000 vehicles in July 2006.

The region's 2007 third-quarter production forecast is unchanged
at 1.075 million vehicles (377,000 cars and 698,000 trucks).

GM Europe produced 464,000 vehicles in the second-quarter of
2007.  In the second-quarter of 2006 the region built 495,000
vehicles.  The region's 2007 third-quarter production forecast
is revised at 395,000 vehicles, up 6,000 units from last month's
guidance.  In the third-quarter of 2006 the region built 374,000
vehicles.

GM Asia Pacific built 571,000 vehicles in the second-quarter of
2007.  In the second-quarter of 2006 the region produced 482,000
vehicles.  The region's 2007 third-quarter production forecast
is unchanged at 518,000 vehicles.  In the third-quarter of 2006
the region built 433,000 vehicles.

GM Latin America, Africa and the Middle East built 233,000
vehicles in the second-quarter of 2007.  In the second-quarter
of 2006 the region produced 206,000 vehicles.  The region's 2007
third-quarter production forecast is unchanged at 258,000
vehicles.  In the third-quarter of 2006 the region built 215,000
vehicles.

                      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.


INTERNATIONAL PAPER: Closes CMCP Stake Purchase for US$40 Mil.
--------------------------------------------------------------
International Paper has completed the purchase of the remaining
shares of Compagnie Marocaine des Cartons et des Papiers.  On
July 12, 2007, it had signed an agreement with its joint venture
partner Cofipac to acquire their shares in CMCP for
approximately US$40 million.  The Moroccan packaging company is
now wholly owned by International Paper and will be fully
managed as part of the company's European Container business.

                        About CMCP

CMCP has approximately 1,500 employees and operates four box
plants and one recycled containerboard mill in Morocco.  CMCP
produces corrugated packaging materials for the industrial and
agricultural markets.  In 2006, CMCP had sales of approximately
US$145 million.

                 About International Paper

Based in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  Its Asian
operations are specifically located in China.  In Europe, the
company has offices in the United Kingdom, Poland, Russia, among
others.  These businesses are complemented by an extensive North
American merchant distribution system.  International Paper is
committed to environmental, economic and social sustainability,
and has a long-standing policy of using no wood from endangered
forests.

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


ISLE OF CAPRI: Delays 10-K Filing Due to Financial Restatements
---------------------------------------------------------------
Isle of Capri Casinos Inc. said last week that it will delay
filing financial results for the fiscal quarter and fiscal year
ended April 29, 2007, due to completion of its on-going
restatement of its financial statements through its fiscal year
ended April 30, 2006, and through its third fiscal quarter ended
Jan. 28, 2007.  The company expects to file its 10-Q/A for the
2007 fiscal third quarter and its 10-K for the fiscal forth
quarter and year ended April 29, 2007, before the end of
July 2007.

The company disclosed to the SEC that it expects to report a
loss from continuing operations before income taxes and minority
interest for fiscal 2007 of approximately US$15.3 million on
revenues of approximately US$1.0 billion, as compared to income
from continuing operations before income taxes and minority
interest for fiscal 2006 (as expected to be restated) of US$20.7
million on revenues of US$987.4 million.

Year two thousand seven has been a transitional year for the
company, as the company has sold two of its casino operations,
developed three new casino operations and moved its corporate
head quarters.  Additionally, the company’s operating results
have been negatively impacted compared to fiscal year 2006 by
increased competition and severe weather in certain of
the company’s markets, as well as the normalization of operating
results along the gulf coast markets in the post hurricane
recovery period.  Fiscal year 2007 includes significant pre-
opening expenses of approximately US$13.5 million, primarily
incurred in the fourth fiscal quarter, related to the openings
of three casino properties in recent months and the company will
record a valuation charge on its Lula, Mississippi property of
approximately US$8.0 million in the fourth fiscal quarter.

The impact of the restatement on the fiscal year 2006 operating
results, includes adjustments of approximately US$3.5 million
decreasing income from continuing operations before income taxes
and minority interest relating to the application of EITF 97-10
to the company’s Coventry Casino Lease, adjustments of
approximately US$1.0 million decreasing income from continuing
operations before income taxes and minority interest relating to
the amortization of certain intangible items, and other various
adjustments related to operations decreasing income from
continuing operations before income taxes approximately US$3.3
million.  The expected impact of all restatement adjustments on
the fiscal year 2006 net income, including the tax effect on the
items mentioned above and the restatement adjustments to income
taxes, is expected to be a decrease in net income of
approximately US$0.1 million.

While the company does not expect the results of operations to
differ materially from those reported above, since the audit of
the fiscal 2007 results and the restatement of the fiscal 2006
results have not been completed, the audited results ultimately
reported in the company's Annual Report on Form 10-K for the
fiscal year ended April 29, 2007, may differ from those reported
above.

                  About Isle of Capri Casinos

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.

                       *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Senior Subordinated
Notes, suggesting debt holders will experience a 76% loss in the
event of a default.

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.


ISOFT GROUP: Posts GBP8.8 Mln Net Loss in Year Ended April 30
-------------------------------------------------------------
iSOFT Group plc released preliminary financial results for the
year ended April 30, 2007.

iSOFT posted GBP8.8 million in net losses against GBP175.2
million in revenues for the year ended April 30, 2007, compared
with GBP382.2 million in net losses against GBP201.7 million in
revenues for the same period in 2006.

At April 30, 2007, iSOFT's balance sheet showed GBP229.9 million
in total assets, GBP211.4 million in total liabilities and
GBP18.5 million stockholders' equity.

The Group's April 30 balance sheet showed strained liquidity
with GBP70.6 million in total current assets available to pay
GBP166.5 million in total liabilities coming due within the next
12 months.

“After the many disappointments that occurred in the first six
months of 2006, we have made significant progress restoring
iSOFT to a position of solid value, as recognized by the
CompuGROUP offer,” John Weston, chairman and acting chief
executive officer of iSOFT, said.  “New management has been
brought into the Group; we have renegotiated the terms of our
relationship with CSC on the NPfIT and launched a regeneration
program.  While revenues and normalized profit from operations
for the year ended April 30, 2007 were lower than in the
corresponding period, both normalized operating profit from
operations and the year-end cash position were considerably
better than we had budgeted for at the beginning of the year.”

“On July 20, 2007 the Board recommended an offer of 66 pence per
iSOFT share, in cash, from CompuGROUP Holdings, a German company
listed on the Frankfurt stock exchange.  Documentation detailing
the offer to shareholders will be posted on Aug. 1, 2007 prior
to an extraordinary general meeting that is to be held on
Friday, Aug. 31, 2007.  If shareholders approve the offer on
that date, the transaction is expected to complete during
September.  After a complex and painstaking sale process, iSOFT
is on the way to becoming part of a well-funded group with
growth prospects,” Mr. Weston added.

                           About iSOFT

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

                            *   *   *

In June 2006 iSOFT revealed a change in accounting policy for
revenue recognition, as a consequence of which it became
necessary to review and restate revenues in prior years.  
Arising out of that review a number of possible accounting
irregularities came to light in which it appears that some
revenues reported in the financial years ended April 30, 2004
and 2005 may have been recognized earlier than they should have
been.

On July 20, 2006 the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006 it was confirmed that
there were indeed matters that needed further investigation and
we handed over relevant documents to the Financial Services
Authority (FSA), which is now conducting that investigation.  
The Group is working closely and cooperatively with the FSA in
order to complete the investigation as quickly as possible.

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

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

At the present time the Group has no indication of when either
the FSA or the AIDB intend to conclude their investigations and
report.  On the basis of information that has come to light so
far, the directors consider that the restatement of revenues in
the financial statements for the year ended April 30, 2006
corrected, where appropriate, the impact of these particular
matters.  As the investigation is not yet concluded, it is not
possible for the Board to finally determine what implications,
if any, may arise from the conclusion of the investigations into
these matters.  Nevertheless they must be thoroughly
investigated and the Group will continue to cooperate with both
organizations.

                      Going Concern Doubt

At April 30, 2007, in preparing their cash flow projections,
iSOFT’s directors recognize that there are material
uncertainties that may cast significant doubt on the Group's
ability to continue as a going concern.  

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.  In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.  
Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.


KELRISE LTD: Claims Filing Period Ends September 30
---------------------------------------------------
Creditors of Kelrise Ltd. have until Sept. 30 to send their
names and addresses, together with particulars of their debts or
claims, and names and addresses of their solicitors, if any to:

         Philip John Gorman
         Liquidator
         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         GL4 3RT
         England

Philip John Gorman of Hazlewoods LLP was appointed liquidator of
the company on July 24 for the creditors’ voluntary winding-up
procedure.


KILNER LTD: Taps A. Poxon to Liquidate Assets
---------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Kilner Ltd. on July 23 for the creditors’ voluntary winding-up
proceeding.

The liquidator can be reached at:

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


LPC DEVELOPMENTS: Calls In Liquidators from Moore Stephens
----------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint liquidators of LPC Developments Ltd. on July 23 for the
creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


MITEL NETWORKS: S&P Cuts US$330 Mln First-Lien Debt Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its bank loan and
recovery ratings on Ottawa, Ontario-based business
communications solutions provider Mitel Networks Corp.'s
proposed US$460 million senior secured credit facility.  The
bank loan rating on Mitel's proposed US$330 million first-lien
credit facility has been revised to 'B+', with a recovery
rating of '2', from 'BB-', with a recovery rating of '1'.  The
'2' recovery rating reflects S&P's expectation of substantial
(70%-90%) recovery of principal in a default scenario.

The company recently altered the terms to reallocate US$55
million from the second-lien term loan to the first-lien term
loan and also added a maximum leverage maintenance covenant to
the first-lien credit agreement.  The first-lien facilities now
consist of a US$300 million term loan (formerly US$245 million)
and a US$30 million revolver.  The amount on the second-lien
facility has been revised to US$130 million from US$185
million.  The 'B' long-term corporate credit rating is
unchanged.

All ratings are based on preliminary terms and conditions.  Net
proceeds will be used to help fund Mitel's acquisition of Tempe,
Arizona-based Inter-Tel Inc., a provider of Private Branch
Exchange telephony platforms and related services.

The 'B' long-term corporate credit rating and stable outlook on
Mitel reflect its very high pro forma debt leverage and
correspondingly weak credit measures, narrow focus on the small-
to-medium business segment, strong competition from large
industry players, weak historical operating performance at both
companies, and integration risks associated with the purchase of
a large company.  These factors are somewhat tempered by Mitel's
enhanced market presence; potential for improved margins, given
the synergies and scale benefits; a better product roadmap;
enhanced distribution; and healthy cash flow generation.

Mitel Networks Corp.

Ratings Revised
                                           To      From
                                           --      ----
US$330 million first-lien debt              B+      BB-
Recovery rating                            2       1

Ratings Unchanged
Corporate credit rating                     B/Stable/--
US$130 million second-lien credit facility  CCC+
Recovery rating                            6

Mitel Networks Corp. -- http://www.mitel.com/-- provides
unified communications solutions and services for business
customers. Mitel's voice-centric IP-based communications
solutions consist of a combination of telephony hardware and
software that integrate voice, video and data communications
with business applications and processes.  Mitel is
headquartered in Ottawa, Canada, with offices, partners and
resellers worldwide.

The company has Latin America operations in Argentina, Brazil,
Bolivia, Chile, Costa Rica, Ecuador, El Salvador, Guatemala,
Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay
and Venezuela.

It has also operations in the United Kingdom and Indonesia.


NATIONWIDE DOORS: Claims Filing Period Ends September 5
-------------------------------------------------------
Creditors of Nationwide Doors & Windows Ltd. have until Sept. 5
to send in their names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Neil Francis Hickling
         Liquidator
         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England

Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of the company on July 19 for the creditors’
voluntary winding-up proceeding.


REMY INTERNATIONAL: To Begin Vote Solicitation on Prepack Plan
--------------------------------------------------------------
Remy International Inc. said a press statement that it will
commence a solicitation of votes on its prepackaged chapter 11
plan by mid-August as a result of finalizing two critical
aspects of its financial restructuring.

Remy reached agreements with General Motors Corporation with
respect to the extension and enhancement of the company's
existing supply relationship with GM.  

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

In addition, Remy 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.

In June 2007, Remy , said it reached an agreement with holders
of approximately:

    * 83% of its 8-5/8% Senior Notes,
    * 84% of its 9-3-8% Senior Subordinated Notes, and
    * 75% of its 11% Senior Subordinated Notes,

on the terms of a consensual financial restructuring that would
reduce the company's debt obligations by approximately
US$360 million.

Remy says 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.

                 Terms of the Prepackaged Plan

The significant elements of the prepackaged plan include:

    - Repaying the Second Priority Senior Secured Floating Rate
      Notes in full.

    - Raising US$75 million in preferred equity through a rights
      offering to be made to holders of the company's Senior
      Notes and Senior Subordinated Notes.

    - Exchanging the company's existing 8-5/8% Senior Notes for
      US$100 million of new third-lien Pay-in-Kind Notes and
      approximately US$50 million in cash.

    - Converting the 9-3/8% Senior Subordinated Notes and 11%
      Senior Subordinated Notes into 100% of the common equity
      of the reorganized company.

    - Cancelling all of the company's existing equity interests.

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.

                          *     *     *

To date, Remy International Inc. carries Moody's "Caa3" Senior
Secured Debt Rating and "Ca" Long-Term Corporate Family Rating,
which were placed on April 16, 2007.

Remy also carries Standard & Poor's "D" long-term local and
foreign  issuer credit ratings which were placed on April 17,
2007.


ROADLINER CARS: Appoints Liquidators from Vantis plc
----------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis plc
were appointed joint liquidators of Roadliner Cars Ltd. on
July 24 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Vantis plc
         4th Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


SYNERGY CONSTRUCTION: Names Stephen John Tancock Liquidator
-----------------------------------------------------------
Stephen John Tancock of Smith & Williamson Ltd. was appointed
liquidator of Synergy Construction Ltd. on July 24 for the
creditors’ voluntary winding-up proceeding.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


TOWER RECORDS: Chap. 11 Liquidating Plan Gets Court Approval
------------------------------------------------------------
The U.S. Bankruptcy Court for District of Delaware approved
MTS Inc. dba Tower Records and its debtor-affiliates' Joint
Chapter 11 Plan of Liquidation following the Debtors' sale of
their inventory and fixed assets for up to US$104 million to
Great American Group, Bill Rochelle of Bloomberg News reports.

Under the Plan, Administrative Claims and Other Priority Claims
will be paid in full, in cash, or other treatment as the Debtors
and holders agreed on in writing.

At the Debtors' option, holders of Priority Tax Claims will be
paid, either:

     a. in cash; or

     b. in full, in cash, over time in equal cash installment
        payments on a quarterly basis with interest during a
        period not to exceed five years after the order of
        relief.

Holders of CIT Claims will receive the treatment as to which the
Debtors and the holders have agreed on in the DIP Financing
Order and DIP Financing Agreement.

Holders of Other Secured and Trade Vendor Claims will received
on or a combination of these:

     a. cash equal to the amount of the claims;

     b. collateral securing the claims; or

     c. other treatment which the Debtors and the holders agreed
        on in writing.

Holders of General Unsecured Claims will receive a pro rata
share of the available assets.

Interest and Securities Subordinated Claims will not receive any
distribution under the Plan.

                       About MTS Incorporated

MTS Incorporated -- http://www.towerrecords.com/-- owns Tower
Records and retails music in the U.S., with nearly 100 company-
owned music, book, and video stores.  The company and its
affiliates filed for chapter 11 protection on Feb. 9, 2004
(Bankr. D. Del. Lead Case No. 04-10394).

The company has stores in the United Kingdom, the Philippines
and Colombia.

The Debtor and its seven debtor-affiliates filed a second
Chapter 11 petition on Aug. 20, 2006 (Bankr. D. N.Y. Case Nos.
06-10886 through 06-10893, Lead Case No. 06-10891).  Mark D.
Collins, Esq. of Richards Layton & Finger represent the Debtors
in their restructuring efforts.  When the Debtors filed for
protection from its creditors, it listed estimated assets and
debts of more than US$100 million.


VIRGIN MEDIA: Appoints Graeme Oxby as Unit’s Managing Director
--------------------------------------------------------------
Virgin Media Inc. has appointed Graeme Oxby as managing director
of Virgin Mobile.  Mr. Oxby will replace Alan Gow and report to
Neil Berkett, Virgin Media's chief operating officer.  He will
take up his new role on Sept. 3, 2007.

Mr. Oxby will be responsible for driving Virgin Mobile's
consumer proposition and the company's ongoing integration with
Virgin Media.  A key focus of his role will be the continued
growth of Virgin Mobile's base of contract subscribers alongside
its well-established pay-as-you-go business.

“Graeme has been working in the mobile industry since its
infancy and has helped pioneer the bringing together of mobile
communications and entertainment.  His commercial acumen and
pedigree marketing credentials will ensure Virgin Mobile retains
a dynamic and compelling presence both in the mobile market and
as part of Virgin Media's unique quad-play proposition,” Mr.
Berkett said

“Virgin Mobile has a well deserved reputation for doing things
differently.  Ever since its creation in 1999, it has
consistently challenged convention and established itself as a
genuinely distinctive choice for consumers.  I look forward to
the challenge of building on this legacy and the opportunities
that come with being part of the U.K.'s only fully integrated
entertainment and communications provider,” Mr. Oxby said.

Mr. Oxby has extensive experience in the mobile sector, having
worked in various senior positions over the last fifteen years.  
Most recently, Graeme spent six years at 3, latterly as U.K.
Marketing Director and before then Director of Customer
Marketing.  He was responsible for building the marketing team
from scratch and played a key role in positioning 3 as a mobile
entertainment company.

Before 3, Mr. Oxby worked as VP of Global Mobile for Cable &
Wireless where his focus was integrating investment in 33 mobile
businesses into a single global operation.  He specifically ran
C&W's interest in One2One and Bouygues Telecoms and prior to
this, held a number of managerial positions including General
Manager, Europe.

As Head of Product Marketing and New Product Development for
Orange, Mr. Oxby was responsible for building the company's
reputation as lead innovator in the mobile market.  During his
three years with the company, he launched 30 significant new
products and services from tariffs through to messaging.

                      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.


WHOLE FOODS: Earns US$49.1 Million in Twelve Weeks Ended July 1
---------------------------------------------------------------
Whole Foods Market Inc. reported on Tuesday sales and earnings
for the 12-week quarter ended July 1, 2007.

Net income was US$49.1 million and Economic Value Added (EVA)
was US$15.6 million.

Sales increased 13.2% to US$1.5 billion driven by 14% ending
square footage growth and a 7.0% increase in comparable store
sales on top of a 9.9% increase in the prior year.  The negative
impact on comparable store sales growth of Easter shifting from
the third quarter last year to the second quarter this year was
approximately 76 basis points in the quarter.  Identical store
sales (excluding four relocated stores and two major expansions)
increased 5.8%.  For the quarter, pre-opening and relocation
costs were US$15.0 million, compared to US$7.9 million in the
third quarter last year.  Approximately US$8.6 million, relating
to share-based compensation, pre-opening rent and accelerated
depreciation was expensed for accounting purposes but was non-
cash, compared to US$6.3 million in the prior year.

During the quarter, the company produced US$123 million in cash
flow from operations and received US$4 million in proceeds from
the exercise of stock options.  Capital expenditures in the
quarter were US$128 million of which US$95 million was for new
stores.  The company paid approximately US$25 million to
shareholders in cash dividends and repurchased approximately
US$100 million of common stock.  The company's remaining
authorization for share repurchases is currently US$100 million.  
At the end of the quarter, the company had total cash and
investments of approximately US$35 million and total long-term
debt of approximately US$3 million. The company also expanded
its existing US$100 million revolving credit line to US$200
million during the quarter.

"As expected, fiscal year 2007 has been an investment year as we
have accelerated our new store openings while cycling over tough
year-ago comparable store sales growth comparisons.  We believe
that our third quarter results, combined with our 7.6%
comparable store sales increase in the fourth quarter to date,
is an indication that our comparable store sales growth has
stabilized," said John Mackey, chairman, chief executive
officer, and co-founder of Whole Foods Market.

"We are on track to deliver 18 to 20 new store openings this
year. We expect to open a greater number of stores in fiscal
year 2008, but currently do not expect the same degree of year-
over-year increase in our total pre-opening expenses.  We are
very excited to see the acceleration in our new store openings
materialize, as we expect these new stores to drive strong sales
and comparable store sales growth in the not-so-distant future."

For the 40-week period ended July 1, 2007, sales increased 12.3%
to US$4.8 billion driven by 14% ending square footage growth and
comparable store sales growth of 6.7% on top of an 11.7%
increase in the prior year.  Sales in identical stores
(excluding five relocated stores and three major expansions)
increased 5.7%.  Net income was US$148.8 million and EVA was
US$38.2 million.  Year to date, pre-opening and relocation costs
were US$46.9 million, compared to US$23.7 million in the prior
year.  Approximately US$25.2 million relating to share-based
compensation, pre-opening rent and accelerated depreciation was
expensed for accounting purposes but was non-cash, compared to
US$14.6 million in the prior year.

Excluding pre-tax credits for insurance proceeds and other
adjustments related to Hurricane Katrina of US$3.7 million in
the third quarter of fiscal year 2006 and US$7.2 million in the
40-week period ended July 2, 2006, adjusted earnings were
US$51.7 million in the third quarter last year and US$159.7
million for the 40-week period ended July 2, 2006.

For the third quarter, gross profit increased 36 basis points to
35.5% of sales from an adjusted 35.2% of sales last year, which
excludes approximately US$900,000 in credits related to
Hurricane Katrina.  The LIFO charge was US$2.1 million in the
quarter compared to US$800,000  in the prior year.  For stores
in the comparable store base, gross profit improved 42 basis
points to 35.7% of sales. Historically, the company's average
weekly sales and gross margins are strongest in the second and
third quarters.  

For the quarter, direct store expenses increased 90 basis points
to 26.1% of sales from an adjusted 25.2% of sales last year,
which excludes approximately US$1.2 million in credits related
to Hurricane Katrina.  For stores in the comparable store base,
direct store expenses increased 23 basis points to 25.4% of
sales due primarily to increases in health care and share-based
compensation expense, which were partially offset by leverage in
wages as a percentage of sales.  Share-based compensation
expense included in direct store expenses was approximately
US$2.3 million in the quarter compared to approximately
US$500,000 in the prior year.  

Store contribution decreased 54 basis points to 9.5% of sales
from an adjusted 10.0% of sales last year, which excludes
approximately US$2.0 million in credits related to Hurricane
Katrina.  For stores in the comparable store base, store
contribution increased 19 basis points to 10.3% of sales.  G&A
expenses improved five basis points to 3.2% of sales.  Share-
based compensation expense included in G&A was approximately
US$1.6 million compared to approximately US$900,000 in the prior
year.

For the quarter, pre-opening and relocation costs were
US$15.0 million, of which approximately US$4.4 million was pre-
opening rent and accelerated depreciation that was expensed for
accounting purposes but was non-cash.  In the prior year, pre-
opening and relocation costs were US$7.9 million, of which
approximately US$5.4 million was non-cash pre-opening rent and
accelerated depreciation.

                      New Store Development

In the third quarter, the company opened one store in El
Segundo, Calif., one store in Sonoma, Calif., and relocated its
Notting Hill Fresh & Wild store in London to its new Kensington
Whole Foods Market location.  Thus far in the fourth quarter,
the company has opened one store in Chicago, and expects to open
four to six additional stores during the quarter, two of which
are relocations.  As of July 31, the company has opened 18 new
stores over the last 12 months.

The company has recently signed seven new store leases averaging
39,000 square feet in size which are as follows: Malibu, Calif.;
San Francisco; Toronto, Kailua, Hawaii; Maui, Hawaii; Lynnfield,
Mass.; and Rochester Hills, Mich.

Since its second quarter earnings release on May 9, the company
has opened three new stores, and 10 leases have been tendered.  

At July 1, 2007, the company's consolidated balance sheet showed
US$2.14 billion in total assets, US$707.4 million in total
liabilities, and US$1.43 billion in total stockholders' equity.

                  About Whole Foods Market Inc.

Founded in 1980 in Austin, Texas, Whole Foods Market Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a   
natural and organic foods supermarket.  In fiscal year 2006,
the company had sales of US$5.6 billion and currently has 197
stores in the United States, Canada, and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on May 1, 2007,
Standard & Poor's Ratings Services said that while the ratings
on Whole Foods Market Inc., including the 'BBB-' corporate
credit rating, currently remain on CreditWatch with negative
implications, where they were placed on Feb. 22, 2007, S&P will
lower the corporate credit rating to 'BB+' from 'BBB-' upon
closure of its acquisition of Wild Oats Inc.  At this time,
ratings will also be removed from CreditWatch.  The outlook will
be stable.


* BOOK REVIEW: Financial Planning for High Net Worth Individuals
               (Executive Series)
----------------------------------------------------------------
Authors:    Richard H. Mayer and Donald R. Levy
Publisher:  Beard Books
Paperback:  428 pages
List Price: US$59.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt

Financial Planning for High Net Worth Individuals by Richard H.
Mayer and Donald R. Levy is a comprehensive and authoritative
guide to the art and science of wealth management.

It is a source book that wealth management advisers can turn to
when looking for in-depth answers.

Collected here are the insights of expert advisers, presented in
a thoughtful and thorough manner on the vital aspects of
financial management.

This book is for high net worth individuals as well as for every
serious wealth management professional.

Richard H. Mayer, Chartered Life Underwriter, Registered
Investment Advisor.  Mr. Mayer has more than 40 years of
experience in the insurance industry where he specializes in
advising high net worth individuals and in developing executive
compensation plans.

Donald R. Levy, JD, MBA, is an attorney and benefits consultant.  
Mr. Levy has authored or edited a number of books including the
Research Institute of America Answer Book, Executive
Compensation Treatise, 403(b) Answer Book, Guide to Cash Balance
Plans, Quick Reference Guide to IRAs, and the State-by-State
Guide to Managed Care Law.
  
                            *********

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 * * *