TCREUR_Public/070806.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, August 6, 2007, Vol. 8, No. 154

                            Headlines


A U S T R I A

AEMES LTD: Claims Registration Period Ends Aug. 27
ALUSOL – VUCSINA: Claims Registration Period Ends Aug. 24
FRANZ RATHWALLNER: Claims Registration Period Ends Aug. 24
IDPC LLC: Claims Registration Period Ends Aug. 22
S.M.K. LLC: Claims Registration Period Ends Aug. 27

UNIONPRODUKT HANDEL: Claims Registration Period Ends Aug. 30
VOGELSANG KEG: Claims Registration Period Ends Aug. 24
W & S GASTRONOMIE: Claims Registration Period Ends Aug. 24

B E L G I U M

ADVANCED MICRO: Moody's Downgrades Senior Notes' Rating to B2
GOODYEAR TIRE: Closes Engineered Products Sale for US$1.475 Bln

C Z E C H   R E P U B L I C

LEAR CORP: Earns US$123.6 Mln in 2nd Quarter Ended June 30, 2007

D E N M A R K

[Redacted]

F R A N C E

ALCATEL-LUCENT: Societe Generale Downgrades Shares to Sell
ALCATEL-LUCENT: UBS Reaffirms Buy Rating on Firm’s Shares
DRESSER-RAND: Bags Supply Contract for US$154 Million
DRESSER-RAND: Signs Frame Agreements with Statoil
SAKS INC: Inks New Employment Pacts with S. Sadove and R. Frasch

G E O R G I A

METROMEDIA INTL: Receives Takeover Offer from Fursa Alternative

G E R M A N Y

BADGESELLSCHAFT MBH: Claims Registration Period Ends Sept. 17
CONSULTATIO STEUERBERATUNGS: Claims Registration Ends Sept. 7
ELEKTRO- UND LEITUNGSBAU: Claims Registration Ends Sept. 11
HILTON HOTELS: Unveils Development Plans with Tenedora Augusta
MAUSER AG: S&P Withdraws Ratings After Dubai Int'l. Acquisition

VISTEON CORP: June 30 Balance Sheet Upside-Down by US$102 Mln

G R E E C E

ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan

I R E L A N D

DUNCANNON CDO: Fitch Rates EUR20 Million Class E-2 Notes at BB-
EUROCASTLE CDO II: Fitch Rates GBP3 Million Class E Notes at BB

I T A L Y

FIAT SPA: Inks Deal to Acquire Car Parts Supplier Ergom Holding
NEGRI BOSSI: Narrows Net Loss to EUR1.8 Mln in First Half 2007
VALASSIS COMM: Robert W. Baird Keeps Outperform Rating on Shares

K A Z A K H S T A N

ATYRAU DOROJNIK: Proof of Claim Deadline Slated for Sept. 6
KURYLYS ENERGO: Creditors Must File Claims Sept. 11
SKANI-A LLP: Claims Filing Period Ends Sept. 6
TRANSREMCOMPLECT LLP: Creditors' Claims Due on Sept. 6
ULGILI LLP: Claims Registration Ends Sept. 6

K Y R G Y Z S T A N

ADOLESCENT MEDICAL: Claims Filing Period Ends September 7

N E T H E R L A N D S

BAUSCH & LOMB: Advance Medical Withdraws Acquisition Bid
BAUSCH & LOMB: Buys Soothe(R) Emollient Eye Drops from Alimera

R U S S I A

ALEKSANDRIA-FURNITURE: Bankruptcy Hearing Slated for Oct. 24
ANGSTREM-SBIS CJSC: Bankruptcy Hearing Slated for Dec. 6
BOLSHOY URAL: Creditors Must File Claims by Sept. 7
BUNCH LLC: Moscow Bankruptcy Hearing Slated for Nov. 1
CHAGRINSKAYA HUNTING: Court Names V. Ivan as Insolvency Manager

COM LLC: Moscow Bankruptcy Hearing Slated for Nov. 20
DUBOVSKOE LLC: Lipetsk Bankruptcy Hearing Slated for Nov. 1
ELVO CJSC: Pskov Court Names N. Patrov as Insolvency Manager
GAZPROM NEFT: Earns RUR35.6 Billion for First Half 2007
MAGNITOGORSK IRON: Buys 25.67% Stake in OAO Bashmetallopttorg

NORTH-WEST TELECOM: Earns RUR2.08 Billion for First Half 2007
NORTH WOOD: Court Names A. Gorelkin as Insolvency Manager
OMSK-TRANS-STROY: Omsk Bankruptcy Hearing Slated for Sept. 18
ROSNEFT OIL: Vostok Unit Acquires Licenses for Two Fuel Fields
RUSSIAN OIL: Court Starts Bankruptcy Supervision Procedure

SHATKOVSKIY BUTTER: Bankruptcy Hearing Slated for Dec. 4
UYBARSKIY LES-PROM-KHOZ: Court Starts Bankruptcy Supervision
VEK CJSC: St. Petersburg Bankruptcy Hearing Slated for Nov. 13
ZARAYSKOE CJSC: Creditors Must File Claims by Sept. 7

S W I T Z E R L A N D

INTEGER JSC: Zurich Court Starts Bankruptcy Proceedings
RESTAURANT KART-BAHN: Creditors' Liquidation Claims Due Aug. 10
SCHORI LLC: Creditors' Liquidation Claims Due August 15
TEKFEN TRADING: Creditors' Liquidation Claims Due August 10
WENGER PLANUNG: Creditors' Liquidation Claims Due August 13

U K R A I N E

BIZINTERGROUP LLC: Creditors Must File Claims by August 7
FACTOR CJSC: Creditors Must File Claims by August 7
INDUSTRIAL RESOURCES: Creditors Must File Claims by August 7
KALUSH MOTORCAR: Creditors Must File Claims by August 7
KUBAN LLC: Creditors Must File Claims by August 7

MOTORCAR VIP: Creditors Must File Claims by August 7
OMETA-GARANT LLC: Creditors Must File Claims by August 7
PRAMO LLC: Creditors Must File Claims by August 7
PRIKARPATYE AGRICULTURAL: Creditors Must File Claims by August 7
STATUS LLC: Creditors Must File Claims by August 7

TH MAGNAT: Creditors Must File Claims by August 7
UKRAINIAN ALLIANCE: Creditors Must File Claims by August 7

U N I T E D   K I N G D O M

ALFRED MCALPINE: Will Sell Slate Firm & Demerge Businesses
ALFRED MCALPINE: Profits Rise 27% to GBP12.7 Mln in First Half
ARMOR HOLDINGS: US$4.5 Billion BAE Systems Buyout Deal Completed
ARMOR HOLDINGS: Completed BAE Deal Cues S&P to Withdraw Ratings
BAA LTD: Airlines Seek Sale of Individual Terminals to Rival

BALLY TOTAL: Gets Court Okay to Conduct Rights Offering
BALLY TOTAL: Wants Plan Confirmation Hearing Date Set
BEST MANUFACTURING: Trustee Hires LogiServe as Collection Agent
BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Shares
BRITISH AIRWAYS: Traffic Figures Down 2.9 Percent in July 2007

BURALL LTD: Claims Filing Period Ends September 3
EMI GROUP: Moody's Cuts Corp. Family & Sr. Debt Ratings to B1
FORD MOTOR: Affirms Stock Premium for 6.5% Securities Conversion
GALILEO EURO: S&P Rates EUR20.80 Million Class E Notes at BB
GETTY IMAGES: Earns US$33.7 Million in Quarter Ended June 30

GILLESPIE CLO: S&P Puts BB- Prelim Rating on EUR15MM Cl. E Notes
IMPERIAL CHEMICAL: Akzo Talks Continue Over Revised Takeover Bid
IMPERIAL CHEMICAL: Net Profit Rises 22% to GBP121 Mln in 2Q 2007
KENDLE INTERNATIONAL: Earns US$4.3 Million in 2007 Second Qtr.
MEDICOR AESTHETICS: Brings In Liquidators from Vantis

PRECISION VARIONICS: Taps Liquidators from Deloitte & Touche
STAR ATTRACTIONS: Claims Filing Period Ends September 21
STYLEDUTY LTD: C. B. Barrett Leads Liquidation Procedure
TOTAL PRODUCTS: Joint Liquidators Take Over Operations
WHOLE FOODS: District Court Conducts FTC Injunction Hearing

* BOND PRICING: For the Week July 30 to Aug. 3, 2007


                            *********



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


AEMES LTD: Claims Registration Period Ends Aug. 27
--------------------------------------------------
Creditors owed money by AEMES LTD (FN 245749x) have until
Aug. 27 to file written proofs of claim to court-appointed estate
administrator Richard Proksch at:

         Dr. Richard Proksch
         c/o Dr. Edmund Roehlich
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at  

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 4 (Bankr. Case No. 6 S 82/07m).  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


ALUSOL – VUCSINA: Claims Registration Period Ends Aug. 24
---------------------------------------------------------
Creditors owed money by LLC ALUSOL – Vucsina (FN 96392d) have
until Aug. 24 to file written proofs of claim to court-appointed
estate administrator Katharina Widhalm-Budak at:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 28 S 71/07f).  


FRANZ RATHWALLNER: Claims Registration Period Ends Aug. 24
----------------------------------------------------------
Creditors owed money by LLC Franz Rathwallner Metall und Technik
& Co KG (FN 132500d) have until Aug. 24 to file written proofs of
claim to court-appointed estate administrator Dr. Berthold Martin
Breitwieser at:

         Dr. Berthold Martin Breitwieser
         Johann Strauss Strasse 1
         4701 Bad Schallerbach
         Austria
         Tel: 07249/48286-0
         Fax: 07249/48286-4
         E-mail: kanzlei@ra-breitwieser.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Pollham, Austria, the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 20 S 81/07y).  


IDPC LLC: Claims Registration Period Ends Aug. 22
-------------------------------------------------
Creditors owed money by LLC IDPC (FN 122668w) have until Aug. 22
to file written proofs of claim to court-appointed estate
administrator Kurt Freyler at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Sept. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 2 S 90/07h).  Hans Rant represents Dr.
Freyler in the bankruptcy proceedings.


S.M.K. LLC: Claims Registration Period Ends Aug. 27
---------------------------------------------------
Creditors owed money by LLC S.M.K. (FN 37115g) have until
Aug. 27 to file written proofs of claim to court-appointed estate
administrator Wolfgang Leitner at:

         Dr. Wolfgang Leitner
         c/o Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at
                 helmut.platzgummer@lp-law.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 4 (Bankr. Case No. 6 S 81/07i).  Helmut Platzgummer
represents Dr. Leitner in the bankruptcy proceedings.


UNIONPRODUKT HANDEL: Claims Registration Period Ends Aug. 30
------------------------------------------------------------
Creditors owed money by LLC Unionprodukt Handel (FN 216869a) have
until Aug. 30 to file written proofs of claim to court-appointed
estate administrator Georg Freimueller at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 3 (Bankr. Case No. 5 S 84/07y).  Erwin Senoner represents
Dr. Freimueller in the bankruptcy proceedings.


VOGELSANG KEG: Claims Registration Period Ends Aug. 24
------------------------------------------------------
Creditors owed money by KEG VOGELSANG (FN 268399f) have until
Aug. 24 to file written proofs of claim to court-appointed estate
administrator Wolfgang Gerhard Zorn at:

         Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61-0
         Fax: 533 66 61 92
         E-mail: office@gnbz.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Austria, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 28 S 73/07z).  


W & S GASTRONOMIE: Claims Registration Period Ends Aug. 24
----------------------------------------------------------
Creditors owed money by LLC W & S Gastronomie (FN 210140f)have
until Aug. 24 to file written proofs of claim to court-appointed
estate administrator Widukind W. Nordmeyer at:

         Dr. Widukind W. Nordmeyer
         Pollheimerstrasse 12
         4600 Wels
         Austria
         Tel: 07242/41215
         Fax: 07242/41215-16
         E-mail: nordmeyer@nordmeyer.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
July 2 (Bankr. Case No. 20 S 83/07t).  


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


ADVANCED MICRO: Moody's Downgrades Senior Notes' Rating to B2
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Advanced
Micro Devices' US$390 million senior notes due 2012 to B2 from
Ba2 and upgraded the ratings of the US$1.6 billion term loan due
2013 to Ba1 from Ba2.

This revision reflects the release of collateral that had
benefited the 2012 notes, and AMD's partial repayment of its
secured term loan from proceeds of the US$2.2 billion senior
convertible notes due 2014 (not rated).  The rating outlook
remains negative.

Moody's noted in a press release dated April 30, 2007, “it is
likely that the 2012 Note will become unsecured in the near
future.  Since AMD's secured debt as defined is below US$2.5
billion, AMD, as stated in its 8K filing of April 24, 2007, has
the ability to release collateral that currently benefits the
2012 note.  To the extent that the 2012 Note loses its collateral
interest, its rating would be lowered to B2 with a corresponding
LGD5 assessment while the bank term loan would likely be raised
to Ba1 and LGD2 assessment."

In line with Moody's loss given default methodology, the 2012
Note's B2 ratings have a corresponding LGD5, 73% assessment and
the Ba1 term loan ratings have a corresponding LGD2, 18%
assessment.

Ratings/assessments revised down:

   -- US$390 million senior unsecured notes due August 2012 to
      B2 (LGD5, 73%) from Ba2 (LGD2, 22%)

Ratings/assessments revised up:

   -- US$1.6 billion senior secured term loan due 2013 to Ba1
      (LGD2, 18%) from Ba2 (LGD2, 22%)

Ratings/assessments affirmed:

   -- Corporate family rating B1;

   -- Probability-of-default rating B1; and

   -- Rating Outlook Negative.

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

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


GOODYEAR TIRE: Closes Engineered Products Sale for US$1.475 Bln
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has completed the previously
announced sale of substantially all of its Engineered Products
business to EPD, Inc., an entity sponsored by Carlyle Partners
IV, L.P., for US$1.475 billion, subject to certain post-closing
adjustments.

"The completion of the sale of the Engineered Products business
is the culmination of the Capital Structure Improvement Plan we
began in 2003," said Robert J. Keegan, Goodyear chairman and
chief executive officer.  "This plan has been critical in
creating a more competitive balance sheet that will now enable us
to execute against our growth strategy by providing reliable
access to capital throughout the economic cycle."

Goodyear anticipates net proceeds of approximately US$1.4 billion
net of transaction costs, taxes and other agreed-upon payments
related to employee buyouts and retirement benefits.  It expects
to record an after-tax gain on the sale in the third quarter of
2007.

The company expects to use the proceeds to reduce debt, address
legacy obligations and invest in growing its core consumer and
commercial tire businesses.  Goodyear's global strategy includes
additional investment to increase high value added production
capacity by 40 percent over five years and increase low cost
capacity by 33 percent in existing plants as part of the strategy
to drive low cost capacity to 50 percent of its total.  
Consistent with these global investment plans, Goodyear has
agreed with the United Steelworkers to extend its commitment to
invest in high value added capacity in North America beyond the
previously announced three-year commitment.

The Engineered Products business operates 32 facilities in 12
countries and has approximately 6,300 associates.  It
manufactures and markets engineered rubber products for
industrial, military, consumer and transportation original
equipment end-users.

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-Latin America on
June 5, 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.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch Ratings has upgraded the Issuer Default
Rating for The Goodyear Tire & Rubber Company to 'B+' from 'B'.  
In addition, these debt ratings have been upgraded:

The Goodyear Tire & Rubber Company

    -- Issuer Default Rating 'B+' from 'B';

    -- US$1.5 billion first lien credit facility to 'BB+/RR1'
       from 'BB/RR1';

    -- US$1.2 billion second lien term loan to 'BB+/RR1' from
       'BB/RR1';

    -- US$300 million third lien term loan to 'BB-/RR3' from
       'B/RR4';

    -- US$650 million third lien senior secured notes to
       'BB-/RR3' from 'B/RR4';

    -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

    -- EUR505 million European secured credit facilities to
       'BB+/RR1' from 'BB/RR1'.

Fitch said the rating outlook is positive.  Goodyear Tire had
approximately US$5.8 billion of debt outstanding at March 31,
2007.

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.


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


LEAR CORP: Earns US$123.6 Mln in 2nd Quarter Ended June 30, 2007
----------------------------------------------------------------
Lear Corporation reported net income of US$123.6 million for the
second quarter ended June 30, 2007, compared with a net loss of
US$6.4 million for the second quarter of 2006.

For the second quarter of 2007, Lear reported net sales of US$4.2
billion and pretax income of US$143.9 million, including
restructuring costs of US$34.8 million and other special items of
US$3.4 million.  For the second quarter of 2006, Lear reported
net sales of US$4.8 billion and pretax income of US$31.5 million,
including restructuring costs and other special items of US$24.3
million.

In Lear's seating and electrical and electronic segments, net
sales were US$4.1 billion and EBITDA net income was US$229.3
million for the second quarter of 2007.  This compares with net
sales of US$3.9 billion and core operating earnings of US$164.7
million for the second quarter of 2006.  A reconciliation of core
operating earnings to pretax income as determined by generally
accepted accounting principles is provided in the supplemental
data pages.

The decline in reported net sales for the quarter reflects
primarily the divestiture of Lear's Interior business and lower
production in North America, offset in part by the benefit of new
business mainly outside of North America and favorable foreign
exchange.  Operating improvement reflects favorable cost
performance, the benefit of new business and the divestiture of
Lear's Interior business, offset in part by lower production in
North America.

During the second quarter, the Company continued to make solid
progress on its global restructuring initiative, including
actions related to low-cost country sourcing, capacity alignment
and further administrative consolidation actions.  Also during
the quarter, the Company continued to win new business in Asia
and with Asian manufacturers globally.  In addition, Lear
announced an industry first with its agreement to supply Ford
Motor Company with SoyFoam for the seats in the 2008 Ford
Mustang.

"The Lear team was able to deliver improved financial results as
benefits from restructuring activities, ongoing cost and
efficiency actions and new business globally more than offset
lower production in North America," said Lear Chairman and CEO
Bob Rossiter.  "Going forward, we plan to continue with our
strategy of global restructuring and further sales
diversification to improve our longer-term competitiveness."

Full-Year 2007 Outlook

Lear expects 2007 net sales of approximately US$15.0 billion.  
This is up about US$200 million from the prior outlook,
reflecting primarily a stronger Euro and increased production
outside of North America.

Lear anticipates 2007 core operating earnings to be in the range
of US$600 to US$640 million.  This is unchanged from the last
full-year outlook provided, but the Company now sees earnings at
or near the high end of this range.

Restructuring costs in 2007 are estimated to be about US$100
million.

Interest expense is estimated to be in the range of US$210 to
US$215 million.  Pretax income before restructuring costs and
other special items is estimated to be in the range of US$335 to
US$375 million.  Tax expense is expected to be approximately
US$120 million, depending on the mix of earnings by country.

Capital spending in 2007 is estimated at approximately US$235
million, down US$15 million from the prior outlook, reflecting
primarily program timing and spending efficiencies.  Depreciation
and amortization expense is estimated at about US$310 million.

Free cash flow is expected to be positive at about US$275 million
for the year.

Key assumptions underlying Lear's full-year financial outlook
include expectations for industry vehicle production of
approximately 15.1 million units in North America and 19.7
million units in Europe.

                         About Lear Corp.

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

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

                           *    *    *

The TCR-Europe reported on July 27, 2007, that Standard & Poor's
Ratings Services has raised its corporate credit rating on Lear
Corp. to 'B+' from 'B' and removed the ratings from CreditWatch
with positive implications where they were placed on July 17,
2007.


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[Redacted]


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F R A N C E
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ALCATEL-LUCENT: Societe Generale Downgrades Shares to Sell
----------------------------------------------------------
Societe Generale analysts have downgraded Alcatel-Lucent’s shares
to "sell" from "hold," Newratings.com reports.

Newratings.com notes that the 12-month target price for Alcatel-
Lucent’s shares was decreased to EUR7 from EUR9.5.

The analysts said in a research note that Alcatel-Lucent posted
its second quarter 2007 sales marginally ahead of the consensus.

Alcatel-Lucent also reported operating losses in the second
quarter 2007, compared to the “consensus expectations of profits,
due to significantly lower-than-expected gross margins,”
Newratings.com says, citing the analysts.

Alcatel-Lucent “has been expanding its market share, especially
in China and India, by compromising on its margins,” Societe
Generale toldNewratings.com.

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: UBS Reaffirms Buy Rating on Firm’s Shares
---------------------------------------------------------
UBS analysts have reaffirmed their "buy" rating on Alcatel-
Lucent’sshares, Newratings.com reports.

Newratings.com relates that the target price was decreased to
EUR12 fromEUR13.

The analysts said in a research note that though Alcatel-Lucent
reported its second quarter 2007 revenues ahead of expectations,
its margins wereshort of the consensus.

The analysts told Newratings.com that the loss was due to an
unfavorable geographic and product mix and the reinvestment of
the “COGS synergies” realized during the quarter.

The 2007 gross margin estimate for Alcatel-Lucent has been
reduced to 33.7%, while the 2008 estimate was decreased to 36.7%.  
The earnings per share estimates for 2007 and 2008 were reduced
to EUR0.39 from EUR0.53 and to EUR0.99 from EUR1.08,
respectively, Newratings.com states.

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.


DRESSER-RAND: Bags Supply Contract for US$154 Million
-----------------------------------------------------
Dresser-Rand Group Inc. will supply advanced turbomachinery for a
floating, production, storage and offloading (FPSO) vessel.

The award is estimated to be more than US$154 million.  Dresser-
Rand will supply gas turbine packages for power generation and
gas compression.  Dresser-Rand booked the order in May 2007.

"We are very pleased to have been awarded this contract," said
Jesus Pacheco, Dresser-Rand's executive vice president, New
Equipment Worldwide.  "The award is further evidence of our
leading role as a total solution provider of power generation and
gas compression equipment for offshore platforms.  Jim Heid,
Dresser-Rand's vice president, Business Solutions, commented that
"The contract will be executed under the agreement that
exists between Dresser-Rand and BP, one of its key alliance
clients, and reaffirms the value of alliance agreements to both
Dresser-Rand and our clients."

Dresser-Rand will provide six DATUM(R) centrifugal compressor
trains driven by variable speed electric motors for gas
compression service, four generator sets for main power
generation and control panels for each equipment package.

The electric motor-driven gas compressor packages include
transformers and frequency converters for the drive system.  The
packages include complete three-point mounted baseplates, full
enclosures for noise protection, and all auxiliary systems.  
String testing for the equipment will be conducted at the
Dresser-Rand facility in Le Havre, France.

The power generation packages feature three point mounted, torque
tube baseplates, noise enclosures, and all auxiliary systems.  
The equipment will be full-load string tested at Dresser-Rand's
facility in Drammen, Norway.

                      About Dresser-Rand

Headquartered in Houston, Texas, Dresser-Rand Group Inc.
-- http://www.dresser-rand.com/-- engages in the design,  
manufacture, and marketing of rotating equipment solutions to
the oil, gas, petrochemical, and process industries worldwide. It
operates manufacturing facilities in the United States, France,
Germany, Norway, India, and Brazil, and maintains a network of 24
service and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2006, Moody's Investors Service confirmed its Ba3 Corporate
Family Rating for Dresser-Rand Group Inc. in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology for the oilfield
service and refining and marketing sectors.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Revolving Credit
   Facility Due 2009      Ba3      Ba1    LGD2        18%

   Sr. Sec. Gtd.
   Term Loan
   Due 2011               Ba3      Ba1    LGD2        18%

   7.375% Sr. Sub.
   Gtd. Global Notes
   Due 2014               B2       B1     LGD5        73%


DRESSER-RAND: Signs Frame Agreements with Statoil
-------------------------------------------------
Dresser-Rand Group Inc. has entered into two, five-year frame
agreements with Statoil to supply new compression and power
generation equipment, and to supply aftermarket parts and service
for existing turbo machinery.

Total value of frame agreements announced this month by Statoil
was US$1,363 million (NOK 7.8 billion).  The value of the
agreements between Statoil and Dresser-Rand is estimated to be
US$1 billion (NOK 6.1 billion), including options to extend the
agreements for an additional five years.

The agreements cover the purchase and installation of new
equipment for several Statoil project locations, consisting of
compressors, and turbo generator sets that will be used in both
onshore and offshore applications.

All equipment and services will be supplied from Dresser-Rand
global operations.  The Dresser-Rand facility in Kongsberg,
Norway will assemble and test the turbo generator sets.  The
company's facility in Le Havre, France and Olean, New York in the
U.S. will provide the centrifugal compressors.  Service and
maintenance will be supplied from the Dresser-Rand service center
in Kongsberg.

"We're appreciative of the confidence that Statoil has placed in
Dresser- Rand," said Vincent R. Volpe, Jr., president and CEO of
Dresser-Rand.  "As long-time alliance partners, we have developed
a business model focused on lowest life cycle cost and minimal
emissions."  Commenting on the new frame agreements, Rune
Norseng, Statoil vice president for procurements in operations
support, Exploration & Production Norway, noted that the selected
companies would be "important partners in our work to increase
energy efficiency and to reduce emissions from our
facilities.

                       About Statoil

Statoil is an integrated oil and gas company with headquarters in
Stavanger, Norway.  During a business association with Dresser-
Rand spanning more than three decades, Statoil has purchased more
than 50 compressors and 20 turbo generator sets.

                     About Dresser-Rand

Headquartered in Houston, Texas, Dresser-Rand Group Inc.
-- http://www.dresser-rand.com/-- engages in the design,  
manufacture, and marketing of rotating equipment solutions to
the oil, gas, petrochemical, and process industries worldwide. It
operates manufacturing facilities in the United States, France,
Germany, Norway, India, and Brazil, and maintains a network of 24
service and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 20,
Moody's Investors Service confirmed its Ba3 Corporate
Family Rating for Dresser-Rand Group Inc. in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology for the oilfield
service and refining and marketing sectors.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Revolving Credit
   Facility Due 2009      Ba3      Ba1    LGD2        18%

   Sr. Sec. Gtd.
   Term Loan
   Due 2011               Ba3      Ba1    LGD2        18%

   7.375% Sr. Sub.
   Gtd. Global Notes
   Due 2014               B2       B1     LGD5        73%


SAKS INC: Inks New Employment Pacts with S. Sadove and R. Frasch
----------------------------------------------------------------
Saks Incorporated entered into a new employment agreement with
Stephen I. Sadove, the company’s Chairman and Chief Executive
Officer.

The employment agreement continues until terminated in accordance
with its terms and provides for a salary of not less than
US$1,060,000 per year, an annual bonus having a target value of
not less than 150% of salary, an annual long-term equity
incentive award having a target value of not less than
US$3,375,000 and other benefits, including transportation
services, reimbursement for financial and tax planning services
and annual physical examinations and five weeks of paid vacation
per calendar year.

On July 31, 2007 the company also entered into a new employment
agreement with Ronald L. Frasch, the company’s President and
Chief Merchandising Officer.  

The employment agreement continues until terminated in accordance
with its terms and provides for a salary of not less than
US$1,050,000 per year, an annual bonus having a target value of
not less than 75% of salary, an annual long-term equity incentive
award having a target value of not less than US$1,000,000, other
benefits similar to those of Mr. Sadove and two special equity
awards, with one award being for 75,000 shares of restricted
stock vesting in three equal annual installments commencing on
the third anniversary of the date of grant and the other award
being for 75,000 performance shares vesting in three installments
commencing on the third anniversary of the date of grant based on
the average annual compound growth rate of the price of the
company’s common stock.

Each of the employment agreements provides that if the
executive’s employment is terminated by the company without
“cause” or by the executive for “good reason” the executive would
be entitled to receive:

two times his salary and one times his target bonus,  
      payable in 24 equal monthly installments;

  ii. the bonus he earned for the prior fiscal year if not yet
      paid;

iii. a prorated bonus for the fiscal year in which the
      termination occurs if such termination occurs in the
      second
      six months of such fiscal year;

  iv. prorata vesting of equity awards, except for earned
      performance shares, which vest in full;

   v. reimbursement for the cost of medical coverage for the
      executive and his dependents for 18 months; and

  vi. the company’s normal associate discount for the
      executive’s lifetime.

Each of the agreements also provide that if the executive’s
employment is terminated without cause or for good reason in
anticipation of, upon or following a “change in control”, the
executive would be entitled to receive the payments and benefits
described above, except:

   i. the severance payment would be paid in a lump sum and, in
      the case of Mr. Sadove, would be equal to two times salary
      and two times target bonus if the termination occurs in
      the calendar year in which the change in control occurs or
      in either of the next two calendar years, and two times
      salary one times target bonus if the termination occurs
      thereafter, and, in the case of Mr. Frasch, two times
      salary one times target bonus;

  ii. the prorated bonus for the fiscal year in which the
      termination occurs would be paid, irrespective of whether
      the termination occurs in the first or second six months
      of such fiscal year; and

iii. unless equity awards vested in full upon a change in
      control which the shareholders of the Company received
      consideration other than publicly-traded common stock,
      equity awards would vest in full upon such termination of
      employment, except for the Equity Awards which would vest
      prorata plus one year of additional vesting.  Equity  
      awards also would vest in full in the event of termination
      due to retirement on or after age 65, death or disability,
      except the equity awards which would vest prorata.

Each of the employment agreements also provides for gross-up
payments for excise taxes incurred under Section 4999 of the
Internal Revenue Code, a confidentiality obligation,
nondisparagement, nonsolicitation and noncompetition obligations
for 12 months following termination of employment, the
advancement of attorneys’ fees in the event of a dispute under
the employment agreement and an obligation to cooperate with the
company following termination of employment in consideration for
the payment of US$4,000 per day.

The existing employment agreements of Mr. Sadove and Mr. Frasch
were terminated upon the effectiveness of their new employment
agreements.

On July 25, 2007, the Board of Directors of the company approved
an amendment to the Saks Incorporated 2004 Long-Term Incentive
Plan that provides the Human Resources and Compensation Committee
with flexibility to determine the extent to which stock awards
vest or are forfeited upon a termination of employment or service
and requires the board of directors or the committee to make
adjustments in the number and class of securities available under
the plan, the number and class of securities subject to
outstanding awards under the plan, any amounts payable pursuant
to such awards, the other terms of such awards and the other
limitations contained in the plan in the event of specified
transactions, changes in capitalization or distributions. Prior
to such amendment, the making of these adjustments was in the
discretion of the board of directors or the committee.

                   About Saks Incorporated

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

                       *     *     *

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


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


METROMEDIA INTL: Receives Takeover Offer from Fursa Alternative
---------------------------------------------------------------
Metromedia International Group Inc. received an unsolicited
letter from Fursa Alternative Strategies LLC to acquire all
issued and outstanding shares of Metromedia common stock, other
than the shares already owned by Fursa, at a purchase price of
US$2.05 per share in cash.

Fursa owns 7,907,610 shares of Metromedia's common stock (around
7.7% of the issued and outstanding shares as of July 17, 2007).

Fursa's proposal is subject to completion of due diligence and
was accompanied by a highly confident letter from a debt
financing source that is non-binding and subject to a number of
conditions.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                            *   *   *

In October 2006, Metromedia said it is filing a Chapter 11 Plan
in the U.S. after receiving a binding offer to acquire all of
the Company's business interests in Georgia for a cash price of
US$480 million from an investment group comprised of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


BADGESELLSCHAFT MBH: Claims Registration Period Ends Sept. 17
-------------------------------------------------------------
Creditors of Badgesellschaft mbH Thalheim/Erzgebirge have until
Sept. 17 to register their claims with court-appointed insolvency
manager Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 29, 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 Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net  

The District Court of Chemnitz opened bankruptcy proceedings
against Badgesellschaft mbH Thalheim/Erzgebirge on Aug. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Badgesellschaft mbH Thalheim/Erzgebirge
         Attn: Thomas Schreiber, Manager
         Elsterdamm 39
         07570 Gera
         Germany


CONSULTATIO STEUERBERATUNGS: Claims Registration Ends Sept. 7
-------------------------------------------------------------
Creditors of CONSULTATIO Steuerberatungsgesellschaft mbH have
until Sept. 7 to register their claims with court-appointed
insolvency manager Severin Kiesl.

Creditors and other interested parties are encouraged to attend
the meeting at 4:00 p.m. on Oct. 16, 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 Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf a. Inn
         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:

         Severin Kiesl
         Stollstrasse 5
         83022 Rosenheim
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against CONSULTATIO Steuerberatungsgesellschaft mbH
on Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CONSULTATIO Steuerberatungsgesellschaft mbH
         Attn: Erika Sobkowiak, Manager
         Berliner Strasse 27
         84478 Waldkraiburg
         Germany


ELEKTRO- UND LEITUNGSBAU: Claims Registration Ends Sept. 11
-----------------------------------------------------------
Creditors of ELG Elektro- und Leitungsbaugesellschaft Schoenebeck
mbH have until Sept. 11 to register their claims with court-
appointed insolvency manager Cathleen Tetzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Oct. 11, 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 Magdeburg
         Hall 13
         Justizzentrum Magdeburg
         Breiter Weg 203-206
         39104 Magdeburg
         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:

         Cathleen Tetzel
         Halberstadter Strasse 40a
         39112 Magdeburg
         Germany
         Tel: 0391-6223886
         Fax: 0391-6223887
         E-mail: suk-insolvenzkanzlei@t-online.de  

The District Court of Magdeburg opened bankruptcy proceedings
against ELG Elektro- und Leitungsbaugesellschaft Schoenebeck mbH
on July 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ELG Elektro- und Leitungsbaugesellschaft
         Schoenebeck mbH
         Grundweg 59
         39218 Schoenebeck
         Germany

         Attn: Dirk Vatterott, Manager
         Steinweg 18
         39218 Schoenebeck
         Germany


HILTON HOTELS: Unveils Development Plans with Tenedora Augusta
--------------------------------------------------------------
Hilton Hotels Corporation disclosed development plans with
Tenedora Augusta, S.A.P.I. de C.V., a well established hotel
development company based in Mexico.  Tenedora Augusta will work
actively to develop Hampton Inn and Hampton Inn & Suites focused-
service hotels within certain defined markets throughout Mexico
and will operate the hotels under Hampton Inn franchise
agreements.

“This is another major step in our previously announced plan to
align with well established, experienced development partners as
we continue to grow the Hilton Family of Hotels internationally,”
said Tom Keltner, chief executive - Americas & global brands,
Hilton Hotels Corporation.  “We already have eight Hampton flags
in Mexico, and this relationship will help us accelerate our
growth rate there.  Tenedora Augusta is a proven hotel developer
with a successful track record and will continue to help us
expand the Hampton flag in the pivotal Mexican marketplace.  In
fact, Tenedora currently owns and operates three Hampton Hotels
in the Monterrey, Saltillo and Torreon markets in Mexico.”

“As the Mexican economy continues to expand, the need for top
tier hotels rises exponentially,” said Victor Zorrilla,
president, Tenedora Augusta.  “The Hilton Family of Hotels and
the Hampton brand are well respected throughout North America.  
With the growing need for focused-service hotels in Mexico, we
believe associating ourselves with a brand leader such as Hampton
will help us to quickly establish a leading market position.”

Among the cities and destinations targeted are Tijuana,
Queretaro, Guadalajara, Cancun and Monterrey.  Tenedora Augusta
will receive certain preferred development rights in return for
meeting certain goals and timetables.

“The travel benefits of a major brand are reciprocal to both
locals and foreigners,” said George Massa, senior director –
development, Mexico, Hilton Hotels Corporation.  “All guests can
be assured that they will encounter the same quality product in
each new market.  In addition, through use of the Hilton HHonors
loyalty program, points can be earned and redeemed
internationally, driving new business to Mexican markets and
enticing local guests to travel abroad with incentives offered
only by the Hilton Family of brands.”

                  About Tenedora Augusta

Tenedora Augusta is Mexico’s leading focused-service hotel
developer having developed 1,720 rooms in 8 hotels, including the
first Hampton Inn(R) property in Latin America.  Tenedora Agusta
is the resulting joint venture between Centro Rio S.A. de C.V.
(Hoteles Prisma), a corporation owned by Victor Zorrilla Vargas
and Joel Zorrilla Vargas and Citigroup Venture Capital (CVCI) and
Indigo Capital.

                   About Hilton Hotels

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

                       *     *     *

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

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

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


MAUSER AG: S&P Withdraws Ratings After Dubai Int'l. Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' corporate
credit rating on Germany-based packaging manufacturer Mauser AG
at the company's request.  At the same time, Standard & Poor's
also withdrew its 'CCC+' debt rating on the EUR185 million senior
unsecured notes issued by Mauser Beteiligungs GmbH.  The rating
action follows the completion of Mauser's acquisition by Dubai
International Capital and subsequent full bond redemption.


VISTEON CORP: June 30 Balance Sheet Upside-Down by US$102 Mln
-------------------------------------------------------------
Visteon Corporation reported a net loss of US$67 million for the
second quarter 2007.  This included US$13 million of non-cash
asset impairments.  In the same period in 2006, Visteon reported
net income of US$50 million.  Last year's results included
US$22 million of non-cash asset impairments and an extraordinary
gain of US$8 million associated with the acquisition of a
lighting facility in Mexico.  

At June 30, 2007, Visteon’s balance sheet showed US$7.3 billion
in total assets, US$7.4 billion in total liabilities and US$274
million in minority interest, resulting in a US$102 million total
stockholders’ deficit.

Visteon also recognized a US$49 million benefit in the second
quarter 2006 related to the relief of post- employment benefits
for Visteon salaried employees associated with two ACH
manufacturing facilities transferred to Ford.

Sales from continuing operations were US$2.97 billion, including
favorable foreign currency of approximately US$110 million.  
Sales from continuing operations for the second quarter 2006 were
US$2.96 billion.  Product sales to Ford Motor Co. declined 16
percent or US$216 million to US$1.11 billion, reflecting
primarily lower North American production volumes, pricing,
sourcing and product mix.  Product sales to other customers
increased 15 percent, or US$230 million, to US$1.72 billion and
represented 61 percent of total product sales.

EBIT-R, as defined, for the second quarter 2007 was
US$15 million compared to US$119 million for the second quarter.

"At the mid-point of our three-year improvement plan, we have
demonstrated progress across each pillar of the plan," said
Michael F. Johnston, chairman and chief executive officer.  "More
than half of the restructuring actions are complete, and several
others are well on their way to completion.  Even with
significant reductions in customer volumes in North America, we
are making solid progress on improving our base operations
through improved quality and safety and significantly reduced
administrative costs.  We are also diversifying our sales and
growing the business, particularly outside of North America."

                    About Visteon Corporation

Based in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive  
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has more than 170
facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed a
stockholders' deficit of US$106 million, compared to a deficit of
$188 million at Dec. 31, 2006.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


===========
G R E E C E
===========


ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan
----------------------------------------------------------
The Board of Directors of Armstrong Holdings, Inc., the former
parent company of Armstrong World Industries, Inc., has directed
management to proceed with the company's Plan of Dissolution,
Distribution and Winding Up, approved by a vote of shareholders
at a special meeting on July 18, 2007.

More than 95% of the votes cast were in favor of the Plan.  The
results of the vote were:

   * In Favor: 18,230,373
   * Against:     765,210
   * Abstain:     185,726

Following these actions, the Board elected Walter Gangl and John
Rigas as directors to replace Messrs. Sellers and Stead, who
resigned effective the close of that meeting.  The new directors
with Mr. Lockhart, who remains as chairman, will oversee
implementation of the Plan of Dissolution.

Messrs. Gangl and Rigas are also officers of the company
(Assistant Secretary and Secretary, respectively) and of
Armstrong World Industries, Inc.  There is no arrangement or
understanding between them or any other person concerning their
selection or service as directors.

Upon this change in the Board's composition, the Board as a whole
will act as the audit committee to the extent necessary prior to
the company's dissolution.

The timetable for dissolution depends on a variety of factors
outside the company's control including receipt of necessary tax
clearance.  The company hopes to be able to file Articles of
Dissolution and distribute its net assets to shareholders as soon
as the fourth quarter of this year.

The company's assets consist of approximately US$27 million in
cash.  AHI has no operations and no employees.  There are 40.55
million AHI shares outstanding.

The costs of the company's governance and dissolution are being
paid by AWI as provided for in AWI's Chapter 11 Plan of
Reorganization.

Other provisions of the AWI Chapter 11 Plan affecting the company
include:

  -- AHI and its directors and officers have protection from
     liability for asbestos liabilities of AWI as specified in
     that Plan.

  -- AWI assumed obligations to indemnify certain directors and
     officers of AHI who served during the course of AWI's
     Chapter 11 case for their service.

  -- All existing equity compensation plans of AHI (which had
     previously been used to compensate employees of AWI and
     its subsidiaries) were terminated.

  -- AHI and its officers, directors, employees and agents
     received the benefit of certain exculpation provisions.

As previously reported in the TCR-Europe on Feb. 28, 2007, AHI
and AWI have reached a settlement on all inter-company claim and
tax issues.

The settlement, if approved by the U.S. Bankruptcy Court for the
District of Delaware, calls for AWI to pay AHI US$20 million in
cash, and gives AHI an allowed claim under AWI's confirmed Plan
of Reorganization of US$8.5 million.

                     About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and  
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors
in their restructuring efforts.  The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written confirmation
order on Aug. 18, 2006.  The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.

                       *     *     *

As reported on March 13, 2007, Standard & Poor's Ratings Service
revised its outlook to developing from stable for Armstrong World
Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating
on Armstrong World Industries, Inc.'s new credit facility and a
Corporate Family Rating of Ba2.  Moody's said the ratings outlook
is stable.


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


DUNCANNON CDO: Fitch Rates EUR20 Million Class E-2 Notes at BB-
---------------------------------------------------------------
Fitch has assigned Duncannon CRE CDO I plc's issue of EUR810
million floating-rate notes due 2047 final ratings:

   -- EUR10 million Class X senior notes due 2013: 'AAA'

   -- EUR420 million Class A senior floating-rate notes: 'AAA'

   -- EUR100 million revolving credit facility: 'AAA'

   -- EUR40 million Class B senior floating-rate notes: 'AA'

   -- EUR40 million Class C-1 deferrable floating-rate notes:
      'A'

   -- EUR20 million Class C-2 deferrable floating-rate notes:
      'A'

   -- EUR20 million Class D-1 deferrable floating-rate notes:
      'BBB+'

   -- EUR20 million Class D-2 deferrable floating-rate notes:
      'BBB'

   -- EUR20 million Class D-3 deferrable floating-rate notes:
      'BBB-'

   -- EUR20 million Class E-1 deferrable floating-rate notes:
      'BB+'

   -- EUR20 million Class E-2 deferrable floating-rate notes:
      'BB-'

The EUR80 million subordinated notes are not rated.

The transaction, the largest European commercial real estate
collateralized debt obligation to date, is a managed cash
securitization of commercial real estate assets creating a term
matched funding solution for an affiliate of the portfolio
manager (Eurocastle Investment Limited), consisting primarily of
CMBS, commercial mortgage "B notes" and mezzanine mortgage loans.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, FIG LLC, subject to the guidelines outlined in the
collateral management agreement.

The ratings are also based on the credit enhancement provided to
the various classes of notes, which consists of the subordinated
notes, structural protection covenants and excess spread.  Credit
enhancement for the pari passu Class A notes and revolving credit
facility in the form of subordination totals 35%, and is provided
by the Class B notes (5%), Class C-1 notes (5%), Class C-2 notes
(2.5%), Class D-1 notes (2.5%), Class D-2 notes (2.5%), Class D-3
notes (2.5%), Class E-1 notes (2.5%), Class E-2 notes (2.5%) and
subordinated notes (10%).

The proceeds from the note issuance will be used to purchase a
portfolio of commercial mortgage-backed securities, commercial
real estate loans including B-notes, C-notes and mezzanine,
operating company securitizations and leverage loans.  
Approximately 95% of the issuance proceeds will be invested and
the remainder will be invested over the first 12 months of the
transaction.

The ratings of the Class X, Class A, revolving credit facility
and Class B notes address ultimate repayment of principal at
maturity and timely payment of interest according to the terms of
the notes.  For all other rated classes of notes, the final
ratings address the ultimate payment of principal and interest,
including any deferred interest, at maturity according to the
terms of the notes.

Duncannon CRE CDO plc is a company with limited liability,
incorporated under the laws of Ireland.


EUROCASTLE CDO II: Fitch Rates GBP3 Million Class E Notes at BB
---------------------------------------------------------------
Fitch has affirmed EUROCASTLE CDO II plc's floating-rate notes
due 2060:

   -- GBP204 million Class A-1 (XS0215942375): 'AAA'
   -- GBP33 million Class A-2 (XS0215942888): 'AAA'
   -- GBP28.5 million Class B (XS0215942961): 'AA'
   -- GBP8.25 million Class C (XS0215943183): 'A'
   -- GBP9.75 million Class D (XS0215943266): 'BBB'
   -- GBP3 million Class E (XS0215943340): 'BB'

The affirmation is based on the portfolio's stable performance.  
As of the last reporting date in June 2007, the transaction is in
compliance with all its portfolio and coverage tests. Since
closing, the Over Collateralization levels of all the classes
have been very stable.  The Interest Coverage levels have been
fluctuating since closing, but are showing an increasing trend
since October 2006.  The fluctuations were due to two factors; a
different basis between the GBP LIBOR rate on the assets and the
liabilities as well as portfolio ramp up.  The Weighted Average
Rating Factor has remained within the 'BBB'/'BBB-' rating
category, although it has deteriorated slightly to 5.41 from 5.00
at last review in August 2006.  The lowest rated asset in the
portfolio is rated 'B', representing 2.17% of the portfolio
balance.  There have been no defaults to date.  The restructured
portfolio became effective on 28 September 2006.

The collateral is actively managed by Fortress Investment Group
LLC over the five-year reinvestment period ending in June 2010.
The portfolio is selected subject to the guidelines outlined in
the collateral management agreement.  The guidelines limit the
collateral manager's portfolio allocations with respect to
obligor, industry and asset type and require the manager to run
the Default Vector model prior to each purchase to address risks
associated with reinvestment.

The ratings of the Class A-1, A-2 and B notes address ultimate
repayment of principal at maturity and timely payment of interest
when due.  For the Class C, D and E notes, which can defer
interest, the ratings address ultimate payment of principal and
interest, including deferred interest at maturity.

Eurocastle CDO II plc is a limited liability company incorporated
under the laws of Ireland.  The proceeds from the note issuance
were used to purchase a portfolio of structured finance
securities, including primarily residential and commercial
mortgage-backed securities and to a lesser extent, collateralized
debt obligations, asset-backed securities and whole business-
backed securities.


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


FIAT SPA: Inks Deal to Acquire Car Parts Supplier Ergom Holding
---------------------------------------------------------------
Fiat S.p.A. is acquiring the entire share capital of Ergom
Holding S.p.A. for a “symbolic” price, Thomson Financial reports.

The acquisition is subject to due diligence clearance from
antitrust.  Fiat expects to complete the takeover in September,
Thomson Financial reports.

Ergom, which supplies car shelves and fuel tanks to Fiat, employs
4,000 people at 11 sites in Italy, France, Brazil, Poland, and
Turkey, Thomson Financial relates citing an industry source.  The
supplier has sales of EUR540 million, 80% of which were to Fiat.

Thomson Financial's source revealed that Ergom is in a "financial
crisis" and owes money to Fiat.  The source added that full
details on Ergom's finances will be released by the end of
September after Fiat completes the due diligence process.

According to the source, Thomson Financial reports, Fiat
considers its acquisition of Ergom as strategic, since it would
guarantee the supply of components.

                         About Fiat SpA

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

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

                            *   *   *

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

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

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


NEGRI BOSSI: Narrows Net Loss to EUR1.8 Mln in First Half 2007
--------------------------------------------------------------
The Board of Directors of Negri Bossi S.p.A. has approved the
company’s half-yearly report at June 30, 2007.

When compared with figures for 2006, the figures for the first
half of this year show a marked increase in revenues and an
improvement in the main earnings and financial indicators.
Consolidated turnover equaled EUR64.7 million, up by 23.9% on the
first half of 2006.  Specifically, in line with forecasts
contained in the business plan, there was an increase in foreign
sales (+40.4%) which account for approximately 64% of the overall
turnover (57% in the first half of 2006).

The gross operating margin (EBITDA) amounted to EUR793,000,
showing an improvement on the loss at EBITDA level of
EUR590,000, recorded in the first half of 2006.

The other earning margins recorded an improvement even if still
negative:

     * operating loss (EBIT) of EUR0.4 million compared with
       an operating loss of EUR 1.8 million in the first half of
       2006;

     * net loss of EUR1.8 million compared with a loss of
       EUR3.5 million in the first half of 2006.

The net financial position at June 30, 2007, stood at -EUR43.2
million, showing an improvement compared to -EUR48.9 million at
March 31, 2007.

“We are satisfied with the results achieved during the first
quarter of the year, which show a marked increase in volumes,
especially on foreign markets, and which confirm the market's
approval of our recently launched new products,” Eugenio
Ferragina, managing director of Negri Bossi, commented.

“The constant increase in the orders backlog allows us to be
cautiously optimistic with regard to achievement of our business
plan targets,” Mr. Ferragina continued.

Headquartered in Cologno Monzese, Italy, Negri Bossi S.p.A. --
http://www.negribossi.com/-- designs, develops and produces  
plastic injection moulding machines.  The Company is part of
Gruppo Sacmi Imola s.c.  Negri Bossi S.p.A. has sales network
comprised of branches in France, Great Britain, Spain, Canada,
the United States, Mexico and Brazil.


VALASSIS COMM: Robert W. Baird Keeps Outperform Rating on Shares
----------------------------------------------------------------
Robert W. Baird analysts have kept their "outperform" rating on
Valassis Communications Inc’s shares, Newratings.com reports.

According to Newratings.com, the target price for Valassis
Communications’ shares was decreased to US$23 from US$25.

The analysts said in a research note that Valassis Communications
reported its second quarter 2007 results short of expectations.

The analysts told Newratings.com that Valassis Communications
would continue witnessing “FSI pricing pressure” in 2008,
“whereas ADVO revenue synergies are unlikely to materialize”
before the second half of next year.

Valassis Communications reduced its EBITDA guidance for this year
by US$14 million to US$241 million.  The earnings per share
estimates for 2007 and 2008 have been reduced to US$1.35 from
US$1.50 and to US$1.36 from US$1.65, respectively.

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing  
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, France, Germany, Italy, Mexico, and Canada.  
Valassis' products and services portfolio includes: newspaper-
delivered promotions and advertisements such as inserts,
sampling, polybags and on-page advertisements; direct-to-door
advertising and sampling; direct mail; Internet-delivered
marketing; loyalty marketing software; coupon and promotion
clearing; and promotion planning and analytic services.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Standard & Poor's Ratings Services assigned its
'B-' rating to Valassis Communications Inc.'s proposed US$590
million senior unsecured notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Moody's Investors Service assigned a B3 rating to
Valassis Communications, Inc.'s proposed US$590 million of fixed
and floating rate senior unsecured notes due 2015.  Moody's Feb.
12, 2007, rating action on Valassis contemplated the issuance of
US$590 million of junior debt in conjunction with the acquisition
of ADVO and the company's existing ratings are not affected by
the issuance of the new senior unsecured notes.  Valassis'
Corporate Family rating is B1 and the rating outlook remains
stable.


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


ATYRAU DOROJNIK: Proof of Claim Deadline Slated for Sept. 6
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau Dorojnik insolvent.

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

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


KURYLYS ENERGO: Creditors Must File Claims Sept. 11
---------------------------------------------------
LLP Kurylys Energo Service has declared insolvency.  Creditors
have until Sept. 11 to submit written proofs of claims to:

         LLP Kurylys Energo Service
         Bogenbai batyr Str. 100-10
         Dostyk ave. 188
         Almaty


SKANI-A LLP: Claims Filing Period Ends Sept. 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Skani-A insolvent.

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

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


TRANSREMCOMPLECT LLP: Creditors' Claims Due on Sept. 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Transremcomplect insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rodostovtsev Str. 47-11
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


ULGILI LLP: Claims Registration Ends Sept. 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Ulgili 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


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


ADOLESCENT MEDICAL: Claims Filing Period Ends September 7
---------------------------------------------------------
Issyk-Kul Regional Adolescent Medical Centre has declared
insolvency.  Creditors have until Sept. 7 to submit written
proofs of claim to:

         Issyk-Kul Regional Adolescent Medical Centre
         Abdrahmanov Str. 121
         Karakol
         Issyk-Kul
         Kyrgyzstan


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


BAUSCH & LOMB: Advance Medical Withdraws Acquisition Bid
--------------------------------------------------------
Advance Medical Optics withdrew its offer to acquire Bausch &
Lomb Incorporated after Bausch & Lomb's Board of Directors
declined to grant AMO "adequate time" to provide evidence that
AMO stockholder approval on the proposed merger can be secured.  
Bausch & Lomb gave AMO until today (Aug. 3, 2007) to submit the
required evidence.

AMO said in its letter that "[i]t is clear from the way
[Bausch & Lomb] has run the go-shop process and the unrealistic
hurdles that have been uniquely imposed on [AMO] that [Bausch &
Lomb] does not have any interest in providing its shareholders
with the opportunity to receive the $75 per share offer that
[AMO] proposed."

AMO argued that Bausch & Lomb remained intent on delivering its
business to Warburg Pincus at $65 per share, a transaction
AMO which says is "inferior to AMO's proposal both in terms of
value and the ability for the Bausch & Lomb shareholders to
participate in the significant synergies that combining AMO and
Bausch & Lomb would create."

                    About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures  
and markets ophthalmic surgical and contact lens care products.
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.

                        About Bausch & Lomb

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

                          *     *     *

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

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

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

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


BAUSCH & LOMB: Buys Soothe(R) Emollient Eye Drops from Alimera
--------------------------------------------------------------
Bausch & Lomb has acquired Soothe emollient (lubricant) eye drops
from Alimera Sciences, a privately-held ophthalmic pharmaceutical
company.  Financial terms were not disclosed.

Bausch & Lomb will expand upon the Soothe brand’s success,
establishing a broader line of professionally-recommended, over-
the-counter products to relieve dry eye symptoms.  The company
will initially focus on two technologies, each designed to target
a different layer of the tear film.

Introduced in 2004, Soothe -- now renamed Soothe XP -- was the
first over-the-counter multi-dose, emollient-based (lubricating)
artificial tear product, offering relief to an estimated 12
million Americans who suffer from dry eye.  The Soothe XP
formulation is unique in that it re-establishes the eye’s
protective lipid layer, reducing tear evaporation and sealing in
essential moisture, providing up to eight hours of relief from
dry eye discomfort.  This advanced formula is a meta-stable oil-
in-water emulsion -- a combination of oils (Restoryl(R) mixture)
and a key interfacial molecule -- developed after years of
research into replicating the lipid layer of the tear film.

Bausch & Lomb has also begun shipping a new over-the-counter
formulation, Soothe Lubricant Eye Drops Long Lasting Relief
Preservative Free.  In an innovative approach to relieving dry
eye, this formulation uses a novel hydrophilic polymer to
interact with the eye’s mucin layer.  The polymer-mucin
interaction stabilizes and rebuilds the tear film by forming a
scaffolding system, allowing water and the product’s demulcent
active ingredients to be retained on the cornea.

This transaction follows Bausch & Lomb’s December 2006 purchase
of Alimera’s OTC allergy franchise, including AlawayTM (ketotifen
fumarate ophthalmic solution) antihistamine eye drops indicated
for up to 12 hours of relief for itchy eyes due to ragweed,
pollen, grass, animal hair and dander.

“We are pleased that Bausch & Lomb is committed to advancing the
growth of the Soothe line, which has been an excellent addition
to the market and a good performer for us,” said Dan Myers,
president and chief executive of Alimera.  “This sale strengthens
our cash position, enabling stronger investment and focus behind
our strategy of improving the delivery of ocular therapeutics.”

“Our pharmaceutical business continues to grow, due in part to
the expansion of our OTC product lines,” said Gary Phillips,
M.D., corporate vice president and global pharmaceutical category
leader for Bausch & Lomb.  “The Soothe brand acquisition further
strengthens our portfolio, and provides a first-rate platform for
further line extensions in this fast-growing segment of the
ophthalmic industry.”

Soothe products will be widely available at retail stores across
the United States, with the potential for future international
distribution.  Packaging will be changed to reflect Bausch & Lomb
branding on a stock turnover basis, beginning immediately.

Alimera’s complete divestiture of its over-the-counter portfolio
marks the company’s increased focus on improving the delivery of
therapeutic agents to enhance patients’ and physicians’ ability
to manage ocular conditions — in particular, fluocinolone
acetonide (FA) in the MedidurTM delivery technology, an
investigational product for the treatment of diabetic macular
edema (DME).  Alimera Sciences and pSivida Limited (NASDAQ:PSDV,
ASX:PSD, Xetra:PSI) have a worldwide agreement to co-develop and
market FA in Medidur to treat DME.  In April, Alimera and pSivida
announced that Phase 3 global clinical trial enrollment for
Medidur had exceeded 500 patients.

                   About Alimera Sciences

Alimera Sciences Inc. -- http://www.alimerasciences.com/-- a  
venture backed company, specializes in the development and
commercialization of over-the-counter and prescription
ophthalmology pharmaceuticals.  Founded by an executive team with
extensive development and revenue growth expertise, Alimera
Sciences’ products are focused on improving the delivery of
therapeutic agents to enhance patient’s lives and to strengthen
physicians’ ability to manage ocular conditions.

                    About Bausch & Lomb

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

                       *     *     *

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

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

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

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


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


ALEKSANDRIA-FURNITURE: Bankruptcy Hearing Slated for Oct. 24
------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene on Oct. 24 to
hear the bankruptcy supervision procedure on LLC Aleksandria-
Furniture.  The case is docketed under Case No. A45-4479/
07-4/11.

The Temporary Insolvency Manager is:

         P. Petrushenkov
         Post User Box 121
         630015 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Aleksandria-Furniture
         Krasnyj Pr., 22
         630007 Novosibirsk
         Russia


ANGSTREM-SBIS CJSC: Bankruptcy Hearing Slated for Dec. 6
--------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
Dec. 6 to hear the bankruptcy supervision procedure on CJSC
Centre of Projection Angstrem-Sbis.  The case is docketed under
Case No. A40-23977/07-101-67B.

The Temporary Insolvency Manager is:

         N. Prilepin
         Post User Box 30
         123308 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 Centre of Projection Angstrem-Sbis
         Shepkina Str. 47/1
         119110 Moscow
         Russia


BOLSHOY URAL: Creditors Must File Claims by Sept. 7
---------------------------------------------------
Creditors of CJSC Corporation Bolshoy Ural have until Sept. 7 to
submit proofs of claim to:

         O. Chakrov
         Insolvency Manager
         Post User Box 1686
         Berezniki
         618400 Perm
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-2765/2007-S11.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Corporation Bolshoy Ural
         Office 405
         Rabochej Molodyezhi Str. 1
         620077 Ekaterinburg
         Russia


BUNCH LLC: Moscow Bankruptcy Hearing Slated for Nov. 1
------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:00 p.m. on Nov.
1 to hear the bankruptcy supervision procedure on LLC Bunch.  The
case is docketed under Case No. A-41-K-2-8970/07.

The Temporary Insolvency Manager is:

         I. Galotin
         2 Floor
         Letter K
         Tovarnaya Str. 7
         350053 Krasnodar
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Bunch
         Building 31
         Turaevo promzona
         Lytkarino
         140080 Moscow
         Russia


CHAGRINSKAYA HUNTING: Court Names V. Ivan as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Samara appointed V. Ivan as insolvency
manager for CJSC Chagrinskaya Hunting.  He can be reached at:

         V. Ivan
         Leonova 66-168
         Balakanovo Nab.
         413863 Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A55-8179/2006-40.

The Debtor can be reached at:

         CJSC Chagrinskaya Hunting
         Orlovka
         Khvorostyanskiy
         Samara
         Russia


COM LLC: Moscow Bankruptcy Hearing Slated for Nov. 20
-----------------------------------------------------
The Arbitration Court of Moscow will convene at 3:00 p.m. on Nov.
20 to hear the bankruptcy supervision procedure on LLC Expo Trade
Com (TIN 77152801272, OGRN 1027700125331).  The case is docketed
under Case No. A40-24829/07-123-86B.

The Temporary Insolvency Manager is:

         D. Agapov
         Post User Box 481
         111141 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Expo Trade Com
         17th Maryinoj Roshi Pr. 11
         127521 Moscow
         Russia


DUBOVSKOE LLC: Lipetsk Bankruptcy Hearing Slated for Nov. 1
-----------------------------------------------------------
The Arbitration Court of Lipetsk will convene at 9:40 a.m. on
Nov. 1 to hear the bankruptcy supervision procedure on LLC
Dubovskoe.  The case is docketed under Case No. A36-1259/2007.

The Temporary Insolvency Manager is:

         G. Nosikov
         Office 408
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Dubovskoe
         Dubovoe
         Chaplyginskiy
         399900 Lipetsk
         Russia


ELVO CJSC: Pskov Court Names N. Patrov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Pskov appointed N. Patrov as insolvency
manager for CJSC Insurance Company Elvo.  He can be reached at:

         N. Patrov
         Post User Box 315
         163000 Arkhangelsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A52-1105/2007.

The Debtor can be reached at:

         N. Patrov
         Post User Box 315
         163000 Arkhangelsk
         Russia


GAZPROM NEFT: Earns RUR35.6 Billion for First Half 2007
-------------------------------------------------------
OAO Gazprom Neft released it financial results for the first six
months of 2007.

Gazprom Neft posted an 18.7% year-on-year hike in net profit to
RUR35.6 billion, RIA Novosti reports.  The company attributed the
increase to a rise in oil and petrochemicals sales and higher oil
exports.

Gazprom Neft also said its assets increased 26.45% in the second
quarter of 2007 to RUR301 billion (US$11.8 billion) following an
increase in short-term investment in deposits and a lower amount
of cash, RIA Novosti notes.

                      About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,  
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the Yamal-
Nenets and Khanti-Mansiisk autonomous regions, as well as in the
Omsk and Tomsk regions, and in Chukotka.  The Company's main oil
processing center is the Omsk Refinery.  Gazprom Neft is one of
Russia's largest oil companies handling downstream and upstream
operations.  It was known as Sibneft before April 2007.

                            *   *   *

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

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


MAGNITOGORSK IRON: Buys 25.67% Stake in OAO Bashmetallopttorg
-------------------------------------------------------------
OJSC Magnitogorsk Iron & Steel Works (MMK) has acquired a 25.67%
stake in OAO Bashmetallopttorg, which was created to secure
supplies of steel products to the Republic of Bashkortostan.  OAO
Bashmetallopttorg is the largest metal warehouse in the city of
Ufa and one of the largest in Russia.

MMK's acquisition of the blocking shareholding in OAO
Bashmetallopttorg is in line with the company's strategy in the
domestic market to establish a metal service centers network in
different regions of Russia in order to advance its products to
customers.

At present MMK has the approval of the Federal anti-monopoly
service of the Russian Federation to acquire up to 100% of OAO
Bashmetallopttorg.

                    About Magnitogorsk Iron

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

                          *     *     *

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

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

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

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

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

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


NORTH-WEST TELECOM: Earns RUR2.08 Billion for First Half 2007
-------------------------------------------------------------
North-West Telecom JSC released its financial results for the
first half of 2007, prepared according to the Russian Accounting
Standards.

North-West Telecom's net income amounted to RUR2.08 billion,
which is 53.9% more than what the company earned in the same
period in 2006.

Revenue from sales amounted to RUR11.6 billion, including
RUR10.77 billion from communications services.  Compared to the
same period in 2006, revenue from sales increased by 19.7%,
including an increase of 20.8% from communications services.

The main drivers of revenue growth have been income from new
services, income from intra-zonal communications and income from
local communications, which, as compared to the same period of
last year, rose 76.1%, 59.4% and 14.7%, respectively.  

Revenue from new services in the first half of 2007 amounted to
RUR1.30 billion, from intra-zonal communications amounted to
RUR1.07 billion and from local communication to RUR6.23 billion.

North-West Telecom JSC's costs in the first half of 2007 amounted
to RUR8.07 billion, an increase of 16.5% compared to the same
period in 2006.

Operating income for the first half of 2007 rose by 27.7% to
RUR3.53 billion as compared to the same period in 2006.

EBITDA for the first half amounted to RUR4.68 billion, having
exceeded the index for the first half of 2006 by 36.3%.  EBITDA
margin reached 40.4%, which was five percentage points higher
than in the first half of 2006.

                   About North-West Telecom

Headquartered in St. Petersburg, Russia, OAO North-West Telecom
-- http://www.nwtelecom.ru/-- provides a wide range of  
telecommunication services on the territory of the North-Western
federal district.

                            *   *   *

As of Aug. 6, 2007, North-West Telecom carries BB- Long-Term
Local and Foreign Issuer Credit ratings from Standard & Poor's.  
Outlook is stable.

The company also carries a B+ Long-term Issuer Default rating
from Fitch Ratings.  The rating is Watch Positive.


NORTH WOOD: Court Names A. Gorelkin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Murmansk appointed A. Gorelkin as
insolvency manager for LLC North Wood (TIN 5102041319).  He can
be reached at:

         A. Gorelkin
         Naberezhnaya Str. 11
         Zverosovkhoz
         Kolskiy
         184366 Murmansk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A-42-1233/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         LLC North Wood
         UPTK
         Lokomotivyj
         Kandalaksha
         184040 Murmansk
         Russia


OMSK-TRANS-STROY: Omsk Bankruptcy Hearing Slated for Sept. 18
-------------------------------------------------------------
The Arbitration Court of Omsk commenced bankruptcy supervision
procedure on CJSC Omsk-Trans-Stroy.  The case is docketed under
Case No. A46-1515/2007.

The Temporary Insolvency Manager is:

         S. Vinnik
         Post User Box 2699
         Central Post Office
         644099 Omsk
         Russia

The Debtor can be reached at:

         CJSC Omsk-Trans-Story
         Rostovka
         Omsk
         Russia


ROSNEFT OIL: Vostok Unit Acquires Licenses for Two Fuel Fields
--------------------------------------------------------------
Vostok Energy, a joint venture of OAO Rosneft Oil Co. and China
National Petroleum Corp., has acquired licenses to develop two
oil and gas fields in East Siberia, various reports say.

Vostok Energy offered US$45 million at an auction to acquire the
licenses for West-Chona and Upper-Ichera sites.  Starting prices
were at US$3.3 million and US$3.8 million.

According to RIA Novosti, the West-Chona site has estimated
reserves of 30 million metric tons of oil and 90 billion cubic
meters of gas while the Upper-Ichera well has estimated reserves
of 500 million tons of oil and 90 billion cubic meters of gas.

The fields are near the East Siberia-Pacific Oil pipeline, which
Rosneft plans to use to supply China, XFN Asia relates.

Vostok Energy is also eyeing licenses for two more fields, with
the auction to be held on Sept. 14, 2007, RosBusinessConsulting
reports.

As reported in the TCR-Europe on Oct. 23, 2006, Sergey
Bogdanchikov, president of OJSC Rosneft and Chen Geng,
president of China National Petroleum Company, have signed a
protocol on the creation of Vostok Energy Ltd.  Rosneft holds a
51% stake in the company and Sinopec holds 49%.  The joint
venture company was established primarily to conduct exploration
work in Russia and obtain licenses for various types of subsoil
resource use.

                          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.


RUSSIAN OIL: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on CJSC Russian Oil.  The case is docketed
under Case No. A75-1111/2007.

The Temporary Insolvency Manager is:

         M. Bitenbaev
         Post User Box 3073
         644070 Omsk
         Russia

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Russian Oil
         Nizhnevartovsk
         Russia


SHATKOVSKIY BUTTER: Bankruptcy Hearing Slated for Dec. 4
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
2:00 p.m. on Dec. 4 to hear the bankruptcy supervision procedure
on OJSC Shatkovskiy Butter-Making Plant.  The case is docketed
under Case No. A43-8828/2007 18-91.

The Temporary Insolvency Manager is:

         S. Alakhkuliev
         Temporary Insolvency Manager
         Sovetskaya Str. 16
         603002 Nizhniy Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Shatkovskiy Butter-Making Plant
         Stantsionnaya Str. 76
         Shatki
         Nizhniy Novgorod
         Russia


UYBARSKIY LES-PROM-KHOZ: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure on OJSC Uybarskiy Les-Prom-Khoz.
The case is docketed under Case No. A74-1208/2007.

The Temporary Insolvency Manager is:

         A. Kozhematov
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Uybarskiy Les-Prom-Khoz
         Lenina Str. 52
         Ust-Byur
         Khakasiya
         Ust-Abakanskiy
         655120 Khakasiya
         Russia


VEK CJSC: St. Petersburg Bankruptcy Hearing Slated for Nov. 13
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on Nov. 13 to hear the bankruptcy supervision procedure
on CJSC Vek (TIN 7816133720).  The case is docketed under Case
No. A56-17179/2007.

The Temporary Insolvency Manager is:

         D. Satyukov
         Post User Box 167
         191023 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Vek
         Premise 139
         Building 1
         Dimitrova Str. 12
         192239 St. Petersburg
         Russia


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

         L. Mochalina
         Insolvency Manager
         Office 205
         Building 1
         Permskaya Str. 11
         107150 Moscow
         Russia

The Arbitration Court of Moscow bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed
under Case No. A41-K2-25036/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zarayskoe
         Zarayskoe, 2
         Zarayskiy
         Moscow
         Russia


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


INTEGER JSC: Zurich Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Integer on July 4.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Integer
         Bahnhofstrasse 82a
         8001 Zurich
         Switzerland


RESTAURANT KART-BAHN: Creditors' Liquidation Claims Due Aug. 10
---------------------------------------------------------------
Creditors of LLC Restaurant Kart-Bahn have until Aug. 10 to
submit their claims to:

         Silvia Busslinger-Gut
         Liquidator
         Hiltimattstrasse 7
         5443 Niederrohrdorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Restaurant Kart-Bahn
         Waltenschwil
         Muri AG
         Switzerland


SCHORI LLC: Creditors' Liquidation Claims Due August 15
-------------------------------------------------------
Creditors of LLC Schori have until Aug. 15 to submit their claims
to:

         Margrith Schori
         Liquidator
         Murtenstrasse 63
         3282 Bargen
         Aarberg BE
         Switzerland

The Debtor can be reached at:

         LLC Schori
         Aarberg BE
         Switzerland


TEKFEN TRADING: Creditors' Liquidation Claims Due August 10
-----------------------------------------------------------
Creditors of JSC Tekfen Trading have until Aug. 10 to submit
their claims to:

         JSC Centrapriv Zug
         Liquidator
         Alpenstrasse 15
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Tekfen Trading
         Zug
         Switzerland


WENGER PLANUNG: Creditors' Liquidation Claims Due August 13
-----------------------------------------------------------
Creditors of LLC Wenger Planung have until Aug. 13 to submit
their claims to:

         Emil Wenger
         Liquidator
         Schmittenstrasse
         3937 Baltschieder
         Visp VS
         Switzerland

The Debtor can be reached at:

         LLC Wenger Planung
         Baltschieder
         Visp VS
         Switzerland


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


BIZINTERGROUP LLC: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of LLC Bizintergroup (code EDRPOU 34415284) have until
August 7 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. 23/270-b.

The Debtor can be reached at:

         LLC Bizintergroup
         P. Lumumba Str. 15-A
         01042 Kiev
         Ukraine


FACTOR CJSC: Creditors Must File Claims by August 7
---------------------------------------------------
Creditors of CJSC Factor (code EDRPOU 30422654) have until August
7 to submit written proofs of claim to:

         Elena Goshovskaya
         Liquidator
         S. Streltsov Str. 10/82
         Striy
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. B-7/247.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         CJSC Factor
         S. Bandera Str. 110
         Kalush
         Ivano-Frankovsk
         Ukraine


INDUSTRIAL RESOURCES: Creditors Must File Claims by August 7
------------------------------------------------------------
Creditors of LLC Trading Company Industrial Resources (code
EDRPOU 32138634) have until August 7 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. 23/459-b.

The Debtor can be reached at:

         LLC Trading Company Industrial Resources
         Apartment 1102
         P. Lumumba Str. 4/6, b
         01042 Kiev
         Ukraine


KALUSH MOTORCAR: Creditors Must File Claims by August 7
-------------------------------------------------------
Creditors of State Enterprise Vera OJSC Kalush Motorcar Depot
(code EDRPOU 22195270) have until August 7 to submit written
proofs of claim to:

         Elena Goshovskaya
         Liquidator
         S. Streltsov Str. 10/82
         Striy
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/272.


The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         State Enterprise Vera OJSC Kalush Motorcar Depot
         Litvin Str. 13
         Kalush
         Ivano-Frankovsk
         Ukraine


KUBAN LLC: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLC Kuban (code EDRPOU 04965131) have until
August 7 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. 43/150.

The Debtor can be reached at:

         LLC Kuban
         Konstantinovskaya Str. 18
         Kiev
         Ukraine


MOTORCAR VIP: Creditors Must File Claims by August 7
----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/280-b.

Creditors of LLC Motorcar VIP Delivery (code EDRPOU 33832725)
have until August 7 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 Motorcar VIP Delivery
         Pervomaysky Str. 5-A
         Kiev
         Ukraine


OMETA-GARANT LLC: Creditors Must File Claims by August 7
--------------------------------------------------------
Creditors of LLC Ometa-Garant (code EDRPOU 19393290) have until
August 7 to submit written proofs of claim to:

         Elena Goshovskaya
         Liquidator
         S. Streltsov Str. 10/82
         Striy
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/257.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Ometa-Garant
         Kovzhun Str. 28
         Kalush
         Ivano-Frankovsk
         Ukraine


PRAMO LLC: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLC Building Investment Company Pramo (code EDRPOU
33593384) have until August 7 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. 23/267-b.

The Debtor can be reached at:

         LLC Building Investment Company Pramo
         Ostrovnaya Str. 15
         03045 Kiev
         Ukraine


PRIKARPATYE AGRICULTURAL: Creditors Must File Claims by August 7
----------------------------------------------------------------
Creditors of OJSC Prikarpatye Agricultural Machinery (code EDRPOU
05789162) have until August 7 to submit written proofs of claim
to:

         Elena Goshovskaya
         Liquidator
         S. Streltsov Str. 10/82
         Striy
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/249.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         OJSC Prikarpatye Agricultural Machinery
         Martinets Str. 2b
         Kalush
         Ivano-Frankovsk
         Ukraine


STATUS LLC: Creditors Must File Claims by August 7
--------------------------------------------------
Creditors of LLC Status (code EDRPOU 19395582) have until
August 7 to submit written proofs of claim to:

         Elena Goshovskaya
         Liquidator
         S. Streltsov Str. 10/82
         Striy
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/253.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Status
         Heroes Square 28
         Kalush
         Ivano-Frankovsk
         Ukraine
      

TH MAGNAT: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLC TH Magnat (code EDRPOU 32556645) have until
August 7 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. 15/228-b.

The Debtor can be reached at:

         LLC TH Magnat
         Apartment 63
         Olenevskaya Str. 34A
         Kiev
         Ukraine


UKRAINIAN ALLIANCE: Creditors Must File Claims by August 7
----------------------------------------------------------
Creditors of LLC Ukrainian Alliance Industry (code EDRPOU
34415310) have until August 7 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. 23/270-b.

The Debtor can be reached at:

         LLC Ukrainian Alliance Industry
         P. Lumumba Str. 15-A
         01042 Kiev
         Ukraine


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


ALFRED MCALPINE: Will Sell Slate Firm & Demerge Businesses
----------------------------------------------------------
Alfred McAlpine plc's Board, supported by external advisers, has
conducted a comprehensive review of strategy during the first
half of 2007.

Following this review, the Board plans to commence a
restructuring of the Group including the sale of its PFI
concessions, the sale of the Slate business, and a separation of
the remaining businesses by way of demerger to create two
separate listed companies.  The two new companies will consist of
the Group's Business Services business and the Group's
Infrastructure Services and Project Services businesses.

The Board is now commencing the detailed work required to
implement the Planned Demerger.  It is expected that the Planned
Demerger will be completed in spring 2008.  The Planned Demerger
will be subject to shareholder approval.  JPMorgan Cazenove and
Tricorn Partners have been appointed to advise Alfred McAlpine on
the process.

The planned sale of the Group's PFI concessions has already
commenced and is progressing well, with a number of expressions
of interest received which are being developed.  Alfred
McAlpine's Slate business has received a high level of
unsolicited interest in the past few months and the sale process
will commence shortly.  The two disposals are expected to
strengthen the Group's balance sheet significantly.

                Rationale for the Planned Demerger

In 2001, Alfred McAlpine sold its Homes business and invested in
businesses that could capitalize on the trend to outsource the
maintenance and management of buildings and the requirement to
upgrade, renew and manage the nation's aging infrastructure.

Business Services is now a well established and substantial
enterprise with excellent growth prospects and strong earnings
visibility.  As the business has grown, the commercial and
strategic benefits it derives from being part of the Group have
lessened.  As a result, the Board now believes that Business
Services will be better able to enhance its future development
and growth prospects as a standalone business.

Both Infrastructure Services and Project Services have
contributed to the renewal and maintenance of the UK 's
infrastructure for public and private sector clients.  As a
standalone business they will be better placed to pursue a
profitable and selective growth strategy.

Accordingly, the Board believes now is the right time to demerge
Business Services and Infrastructure Services and Project
Services to create two strong separately listed companies.  The
Planned Demerger will provide Alfred McAlpine's shareholders with
the opportunity to retain an investment in two businesses, each
with attractive growth characteristics and opportunities.  The
management of each business will be able to focus on driving its
own business strategies and plans through a mixture of organic
and acquisition led growth.

                      About Alfred McAlpine

Headquartered in London, England, Alfred McAlpine Plc --
http://www.alfredmcalpineplc.com/-- is a leading support  
services group focused on providing clients with integrated
solutions for built environment needs.  The company employs over
8,500 people.

                          *     *     *

                    Accounting Irregularities

As previously reported in the TCR-Europe on April 24, 2007,
Ashurst and Deloitte completed its independent investigation
into accounting irregularities identified within Alfred McAlpine
Plc's slate business, confirming the extensive and systematic
fraud by senior managers within the business dating back several
years.  The investigatory work has confirmed that the controls
in Slate were systematically circumvented over a number of years
to overstate results.

The impacts on the Group's Income Statement for the year to
Dec. 31, 2006, and on its Balance Sheet as at Dec. 31, 2006,
include:

  (a) a reduction in reported Group revenue and pre-tax profit
      in relation to the sales fraud in the years up to and
      including 2006 of GBP22.9 million, of which GBP5.4 million
      represents deferred income which will be recognized in
      2007 - in line with the guidance given in the statement on
      Feb. 26, 2007;

  (b) a reduction of GBP17.6 million in the current assets of
      the Group, as reflected in the Group Balance Sheet as at
      Dec. 31, 2006, in respect of the write down/impairment of
      the value of stock and work in progress in the slate
      business;

  (c) a reduction of GBP9.5 million in the fixed assets of the
      Group, as reflected in the Group Balance Sheet as at
      Dec. 31, 2006, principally in respect of the
      overstatement of quarry development costs in the slate
      business; and

  (d) a one-off cost of GBP6 million reflecting the costs of the
      independent investigation and the costs of completing the
      arrangement of new banking facilities with the Group's
      bankers.

The cash impact on the Group of the accounting irregularities
and the non-recurring costs is expected to be GBP30 million in
2007.


ALFRED MCALPINE: Profits Rise 27% to GBP12.7 Mln in First Half
--------------------------------------------------------------
Alfred McAlpine Plc has disclosed financial results for the six
months ended June 30, 2007.  Alfred McAlpine's revenues in the
first half increased 11% to GBP615.3 million compared with
restated 2006 revenues of GBP552.5 million.  Underlying profit
before tax was GBP12.7 million, an increase of 27% on the prior
year period compared with restated 2006 results of GBP10.0
million.

The company's core businesses delivered a 33% increase in
underlying profit before tax.  The recovery plan at Slate is on
track and the business is now positioned to return to operating
profit in 2008.

Net borrowings at June 30, 2007, were GBP35.2 million compared
with December 31, 2006 net cash of GBP29.0 million.  Average net
borrowings in the first half were GBP86 million compared with
GBP50 million in 2006.

The increase in borrowings in the first half primarily reflects
the GBP27 million cash outlay on the Enviros acquisition and the
funding of losses in the Slate business as deeply discounted
orders accepted by the former management team were largely
unwound over the first six months of the year.  These orders have
now been completed and the business is now trading on appropriate
commercial terms.

In line with expectations, the company's effective underlying tax
rate is 21% compared with 17% in 2006.  As previously indicated,
the tax rate will return to normal levels by 2009.

Dividend

Reflecting this good first half performance and the company's
prospects for the year as a whole, the Board has declared an
interim dividend of 6.6 pence per ordinary share, which will be
paid on Oct. 26, 2007, to shareholders on the register on Oct. 5,
2007.  This represents an increase of 10% on the interim dividend
for the fifth successive year.

Segments' Results

Business Services posted a 22% increase in profit before tax to
GBP12.8 million from GBP10.5 million in 2006, on revenues which
grew by 21% to GBP247.6 million from GBP204.3 million in 2006.

Project Services revenues increased 25% to GBP233.2 million from
GBP186.6 million in 2006, reflecting the continued strength of
the UK construction market, increasing profit before tax by 16%
to GBP8.1 million compared with GBP7.0 million in 2006.

Infrastructure Services' underlying profit before tax increased
4% to GBP2.8 million from GBP2.7 million in 2006.  Revenues in
the first half were GBP145.1 million compared with restated
revenues of GBP168.2 million in 2006.

Slate Recovery Plan

Alfred McAlpine's recovery plan for Slate is on track.  Following
the fulfillment of deeply discounted orders entered into by the
previous management team at the end of 2006, product is now being
sold on commercial terms, with price increases introduced across
all ranges in May.  Demand for roofing tiles remains strong and,
additionally, the business is on course to sell in excess of 1m
tonnes of aggregates in 2007, 30% ahead of the sales achieved in
2006.

Outlook

Trading conditions in all of Alfred McAlpine's markets remain
good, and the value of new business secured since the start of
the year has increased the company's order book to GBP4.0 billion
at June 30, 2007, from GBP3.9 billion at December 31, 2006.

                      About Alfred McAlpine

Headquartered in London, England, Alfred McAlpine Plc --
http://www.alfredmcalpineplc.com/-- is a leading support  
services group focused on providing clients with integrated
solutions for built environment needs.  The company employs over
8,500 people.

                          *     *     *

                    Accounting Irregularities

As previously reported in the TCR-Europe on April 24, 2007,
Ashurst and Deloitte completed its independent investigation
into accounting irregularities identified within Alfred McAlpine
Plc's slate business, confirming the extensive and systematic
fraud by senior managers within the business dating back several
years.  The investigatory work has confirmed that the controls
in Slate were systematically circumvented over a number of years
to overstate results.

The impacts on the Group's Income Statement for the year to
Dec. 31, 2006, and on its Balance Sheet as at Dec. 31, 2006,
include:

  (a) a reduction in reported Group revenue and pre-tax profit
      in relation to the sales fraud in the years up to and
      including 2006 of GBP22.9 million, of which GBP5.4 million
      represents deferred income which will be recognized in
      2007 - in line with the guidance given in the statement on
      Feb. 26, 2007;

  (b) a reduction of GBP17.6 million in the current assets of
      the Group, as reflected in the Group Balance Sheet as at
      Dec. 31, 2006, in respect of the write down/impairment of
      the value of stock and work in progress in the slate
      business;

  (c) a reduction of GBP9.5 million in the fixed assets of the
      Group, as reflected in the Group Balance Sheet as at
      Dec. 31, 2006, principally in respect of the
      overstatement of quarry development costs in the slate
      business; and

  (d) a one-off cost of GBP6 million reflecting the costs of the
      independent investigation and the costs of completing the
      arrangement of new banking facilities with the Group's
      bankers.

The cash impact on the Group of the accounting irregularities
and the non-recurring costs is expected to be GBP30 million in
2007.


ARMOR HOLDINGS: US$4.5 Billion BAE Systems Buyout Deal Completed
----------------------------------------------------------------
BAE Systems completed its acquisition of Armor Holdings Inc.
after receiving all required shareholder and regulatory
approvals.  The company had entered into a definitive merger
agreement to acquire Armor Holdings on May 7, 2007, in a
transaction valued at approximately US$4.532 billion.

Under the terms of the merger agreement, Armor Holdings
shareholders will receive US$88 for each share of Armor Holdings
common stock held at closing, without interest.

The acquisition of Armor Holdings strengthens BAE Systems'
position in the land systems businesses.  Armor Holdings had
sales in 2006 of approximately US$2.361 billion.

“Armor Holdings is a welcome addition to BAE Systems,” Mike
Turner, BAE Systems chief executive officer, said.  “Armor
Holdings is a strong business with an excellent track record and
a heritage of innovation and technology.  The integration with
BAE Systems' existing land systems business will strengthen our
ability to provide our military customers with innovative
capabilities, products and services.”

Armor Holdings will be integrated into BAE Systems Land and
Armaments, headquartered in Arlington, Virginia.  The combined
business will serve new tactical vehicle requirements, such as
the Family of Medium Tactical Vehicles, the Mine-Resistant Ambush
Protected vehicles, and future prospects such as the Joint Light
Tactical Vehicle.

“BAE Systems and Armor Holdings share a common commitment to the
men and women of the armed forces,” Walt Havenstein, president
and CEO of BAE Systems Inc., said.  “Armor Holdings' expertise in
automotive design and lean, high-volume manufacturing
technologies in combination with BAE Systems' expertise in combat
vehicle design, rapid prototyping and survivability systems, will
strengthen our ability to provide the armed forces with tactical
wheeled vehicles with increased survivability.”

Armor Holdings' customers will benefit from logistics and support
through integration with BAE Systems' established reset, upgrade
and support capability.   In addition, BAE Systems' marketing
presence will enhance Armor Holdings' ability to offer tactical
wheeled vehicle replacement in overseas markets.

In connection with the completion of the acquisition, Armor
Holdings disclosed that US$150 million in aggregate principal
amount, or 100%, of its outstanding 8.25% Senior Subordinated
Notes due 2013, were tendered pursuant to its cash tender offer
and consent solicitation.  Armor Holdings will promptly pay for
all such 8.25% Notes.

The acquisition constitutes a “fundamental change” under the
indenture pursuant to which Armor Holdings' 2% Senior
Subordinated Convertible Notes due 2024 were issued.  As a
result, holders who surrender their Convertible Notes for
conversion after the closing date of the acquisition and on or
prior to a date to be fixed by Armor Holdings, which will be not
earlier than Aug. 16, 2007, will receive the merger  
consideration on an as-converted basis plus additional
consideration in accordance with the Convertible Notes indenture.

                    About BAE Systems

Based in United Kingdom, BAE Systems –-
http://www.baesystems.com/-- is a defense and aerospace company,  
delivering a full range of products and services for air, land,
and naval forces, well as advanced electronics, information
technology solutions, and customer support services.  The company
has 88,000 employees worldwide.

                 About Armor Holdings Inc.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.  

The company has operations in Australia in the Asia Pacific, in
England for Europe and Brazil for its Latin-American operations.


ARMOR HOLDINGS: Completed BAE Deal Cues S&P to Withdraw Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings,
including the 'BB' corporate credit rating, on Armor Holdings
Inc.  The ratings were also removed from CreditWatch, where they
were placed with positive implications on May 7, 2007.

"The ratings action follows the announcement that BAE Systems PLC
completed its acquisition of the company and that all rated debt
has been or will soon be repaid," said Standard & Poor's credit
analyst Christopher DeNicolo.  The total transaction was valued
at US$4.5 billion.


BAA LTD: Airlines Seek Sale of Individual Terminals to Rival
------------------------------------------------------------
Virgin Atlantic and British Airways plc want BAA Ltd. (fka BAA
plc) to sell individual terminals to rival firms as it would
improve the level of service at Heathrow, David Robertson writes
for The Times.

According to the report, airlines can negotiate better conditions
and more space through the system.

Virgin has reportedly proposed that BAA be compelled to sell
Gatwick while BA wants the government to force a sale of
Stansted, The Times relates.

Meanwhile, BA Chief Executive Willie Walsh told BBC that problems
at Heathrow had gone "well beyond" the levels that customers
could be expected to put up with.  He pointed out that over-
crowding is one of the main concerns at the airport.  A BAA
spokesman said, “We are not deaf to the concerns of business
leaders about Heathrow and we have got a plan in place to address
them.”

In February 2007, BAA unveiled plans to redevelop Heathrow's
Terminal 3 and modernize the terminal's forecourt as part of its
investment program to transform the central terminal area at the
airport.  This work will significantly improve the passenger
experience, reduce traffic congestion, develop better pedestrian
routes and improve security in the area in front of Terminal 3.

As previously reported in the TCR-Europe on April 3, 2007,
The Office of Fair Trading decided to refer the supply of
airport services by BAA plc in the U.K. to the Competition
Commission for further investigation.  This decision comes after
a period of public consultation following the OFT's earlier
proposal to refer BAA airports to the Competition Commission
published on Dec. 12, 2006.

An OFT market study has found:

   -- in the South East, BAA's airports handle 90% of
      passenger trips, and these airports could under
      separate ownership compete to attract air passengers;

   -- evidence of poor customer satisfaction;

   -- significant investment at airports in the South East
      of England is planned.  Without competition --
      investment could be inefficient -- costly for
      air passengers and for the U.K.;

   -- BAA's Scottish airports which carry over 80% of
      Scottish air passengers, are not price regulated,
      and charges to airlines are higher than Gatwick
      and Stansted;

   -- Glasgow, which faces some competition from Prestwick,
      has had the largest price decreases of BAA's airports
      in Scotland; and

   -- further evidence that competition between independently
      owned airports -- such as Liverpool and Manchester --
      leads to improved value for air travelers.

                           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: Gets Court Okay to Conduct Rights Offering
-------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-affiliates
obtained authority from the U.S. Southern District of New York in
Manhattan to conduct a rights offering.

Under the Debtors' Plan of Reorganization, holders of (i) claims
arising from or related to the Debtors' 9.875% Senior
Subordinated Notes due 2007, Series B, and the 9.875% Senior
Subordinated Notes due 2007, Series D, issued prior to the
Petition Date; and (ii) unsecured claims arising from the
rejection by Bally Total Fitness Holding Corp. of their contracts
or leases will receive rights to purchase Rights Offering Senior
Subordinated Notes equal to 27.9% of the claimholders' Allowed
Prepetition Senior Subordinated Notes Claims in Class 6-A and
Allowed Rejection Claims against only Bally in Class 6-B-1 under
the Plan.

If any of the Rights provided to holders of Prepetition Senior
Subordinated Notes Claims are not timely exercised by the
applicable recipients, any other holder of a Prepetition Senior
Subordinated Notes Claim who has elected to exercise its share of
the Rights may also elect to oversubscribe for the Unexercised
Rights.

"The Rights Offering is an integral part of the Plan," Don R.
Kornstein, interim chairman and chief restructuring officer of
Bally Total Fitness Holding Corporation, says.

The Rights Offering will commence (i) with respect to any
Prepetition Senior Subordinated Noteholder as soon as possible
after the Petition Date, and (ii) with respect to any holder of a
Rejection Claim against only Bally, on the later of the effective
date of the Plan and the date upon which the Rejection Claim
becomes an Allowed Claim.

The Rights Offering will expire 20 business days after the
Subscription Commencement Date.

The Debtors will send to each holder of a Prepetition Senior
Subordinated Notes Claim -- and to each holder of an Allowed
Rejection Claim against only Bally promptly after allowance of
the Claim:

   (i) a subscription form for the Rights Offering;

  (ii) a signature page to the New Stockholders Agreement;

(iii) a description of the Rights Offering, the New  
       Stockholders Agreement and the Rights Offering Senior
       Subordinated
       Notes; and

  (iv) a letter describing the contents of the Rights Offering
       Package.

The Plan requires each Prepetition Senior Subordinated Noteholder
and Holder of a Rejection Claim against only Bally to execute and
deliver the signature page to the New Stockholders Agreement
prior to receiving any New Common Stock.

Each holder of a Prepetition Senior Subordinated Notes Claim and
each holder of a Rejection Claim against only Bally must return a
duly completed Subscription Form to the applicable disbursing
agent by the Subscription Expiration Date to exercise their
Rights.  The Debtors will announce the Subscription Expiration
Date at a later time.

If, on or prior to the Subscription Expiration Date, the
disbursing agent for any reason does not receive from a given
holder of Rights a duly completed Subscription Form, that holder
is deemed to have relinquished and waived its right to
participate in the Rights Offering.

Each holder must tender the Subscription Price of US$1 for each
US$1 of Rights Offering Senior Subordinated Notes to be purchased
to the disbursing agent so that it is actually received within
five Business Days after the Subscription Notification Date.  In
the event the Debtors receive any payments for the exercise of
Rights prior to the Effective Date, the payments will be held in
a separate account until the Effective Date.  In the event the
conditions to the Effective Date are not met or waived, the
payments will be returned to the people or entities that made
them.

                       Backstop Agreement

The Debtors also sought and obtained the Court's authority to
assume a Subscription and Backstop Rights Purchase Agreement
dated June 27, 2007, with Anschutz Investment Company, Goldman
Sachs & Co. and various funds advised by Tennenbaum Capital
Partners, LLC.

Although the Debtors will offer all holders of Prepetition Senior
Subordinated Notes Claims and holders of Rejection Claims against
only Bally the opportunity to participate in the Rights Offering,
it is possible that the Debtors will be unable to obtain
sufficient commitments from the holders of Prepetition Senior
Subordinated Notes Claims and the holders of Rejection Claims
against only Bally to purchase US$90,000,000of Rights Offering
senior Subordinated Notes.  The Subscription and Backstop Rights
Purchase Agreement protects the Debtors against this ossibility,
Mr. Kornstein says.

The backstop parties own 80% in the aggregate of the Prepetition
Senior Subordinated Notes, with the funds advised by Tennenbaum
Capital Partners, LLC owning more than a majority.

Under the Subscription and Backstop Rights Purchase Agreement,
the Debtors are obligated to pay a Backstop Commitment Fee equal
to 4.0% of the applicable Backstop Party's commitment amount.  
The Backstop Commitment Fee was deemed fully earned upon
execution and delivery of the Subscription and Backstop Rights
Purchase Agreement.

No Backstop Commitment Fee will be payable to any Backstop Party
that has breached its obligations under the Subscription and
Backstop Rights Purchase Agreement or the Restructuring Support
Agreement in any material respect at or before the time payment
of the Backstop Commitment Fee is due.

Subject to the terms of the Plan and the Subscription and
Backstop Rights Purchase Agreement, the Backstop Commitment Fee
will be paid in full in cash by the Debtors or Reorganized
Debtors upon the earlier to occur of the Effective Date or the
termination or rejection of the Subscription and Backstop Rights
Purchase Agreement.  If the Plan is consummated, the Backstop
Parties will, on the Effective Date, rebate to the Debtors or
Reorganized Debtors an amount of the Backstop Commitment Fee
equal to 4% of the amount of Rights Offering Senior Subordinated
Notes that the Backstop Parties subscribe to, but not
oversubscribe to, pursuant to the Subscription and Backstop
Rights Purchase Agreement -- roughly 80% of the Backstop
Commitment Fee.

The Backstop Parties' commitment to fund the New Money Investment
if the Rights Offering is not fully subscribed is vital to the
success of the Chapter 11 cases because it underwrites the Plan's
confirmability, Mr. Kornstein maintains.

Mr. Kornstein also notes that the Subscription and Backstop
Rights Purchase Agreement enables the Debtors to meet the
proposed timetable for confirmation of the Plan.  It is a
condition precedent to the Plan Effective Date that (a) the
Effective Date occur on or before September 30, 2007; and (b) in
connection with the Rights Offering, the Debtors will have
received in cash the aggregate subscription payments that the
Backstop Parties are obligated to pay for their share of the
Rights Offering Senior Subordinated Notes.

If the Debtors do not expeditiously commence the Rights Offering,
it is almost certain that they will not receive the Backstop
Parties' Investment by September 30, 2007, and that the Debtors
will not be able to consummate the Plan, Mr. Kornstein says.

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. 2; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: Wants Plan Confirmation Hearing Date Set
-----------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-affiliates
seek authority from the U.S. Southern District of New York
inManhattan to set (i) the hearing to consider confirmation of
their proposed Plan of Reorganization at least 40 days after
their bankruptcy filing and (ii) a date at least 10 days prior to
the Confirmation Hearing by which all objections to the
Disclosure Statement and Plan must be filed.

The Debtors further ask the Court to find at the Confirmation
Hearing that the Disclosure Statement accompanying the Plan
contains adequate information as defined in Section 1125 of the
Bankruptcy Code.

The Debtors will mail a copy of a notice of confirmation to the
Debtors’ creditor matrix and all equity holders of record as
quickly as possible after the entry of a scheduling order.

Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, relates that
the Confirmation Notice contains a brief summary of the Plan, the
date of the Confirmation Hearing, and the deadline and procedures
for objecting to the Disclosure Statement and the Plan.  The
Debtors have set August 1, 2007, as the record date for
determining which non-Voting Creditors and other equity holders
are entitled to receive the Confirmation Notice.

The Confirmation Notice will also be served on (i) the Office of
the U.S. Trustee for the Southern District of New York, (ii) the
Securities and Exchange Commission, (iii) the Office of the
United States Attorney for the Southern District of New York,
(iv) the District Director for the Internal Revenue Service, (v)
counsel for the administrative agent to the Prepetition Lenders
and proposed postpetition lenders, (vi) counsel to the
Prepetition Noteholder Committee, and (vii) any party-in-interest
requesting notice in the Chapter 11 Cases.

The Debtors will mail to each appropriate creditors a copy of a
notice alerting each creditor that it is a party to an executory
contract or unexpired lease that the Debtors intend to reject.  
The Rejection Claims Confirmation Notice contains a brief summary
of the Plan, the date of the Confirmation Hearing and the
deadline and procedures for objecting to the Disclosure Statement
or the Plan.

Prior to the Confirmation Hearing, the Debtors will publish the
Confirmation Notice twice in each of (a) the national edition of
The Wall Street Journal and (b) the USA Today.  The initial
publication will be at least 25 days prior to the Confirmation
Hearing, with the subsequent publication occurring approximately
seven to 10 days after.

The Debtors ask the Court to determine that they are only
required to provide publication notice of the Confirmation
Hearing to their current and former members and customers which
exceeds 6,400,000.

              Solicitation and Tabulation Procedures

Prior to bankruptcy filing, the Debtors solicited votes on the
Plan from holders of Claims in Classes 5 and 6-A.  Mr. Kornstein
discloses that more than two-thirds in amount and one-half in
number of the creditors in Classes 5 and 6-A voted to accept the
Plan pursuant to Section 1126 of the Bankruptcy Code:

    Amount   % of Amount       Amount   % of Amount
    Class      Accepting        Voted    Rejecting     Voted
    -----     ----------   -----------    ---------    ---------
        5   $276,532,800     (98.931%)   $2,988,000     (1.069%)
        6    203,877,690     (99.999%)        2,000    (0.0001%)

The Debtors believe the acceptances are sufficient to confirm the
Plan pursuant to Section 1129 of the Bankruptcy Code and the
Debtors do not believe additional solicitation is required.

Against this backdrop, the Debtors ask the Court to (i) determine
that the prepetition solicitation procedures utilized were in
compliance with the Bankruptcy Code and applicable non-bankruptcy
law governing the adequacy of disclosure in connection with the
solicitation and in accordance with Section 1126(b), and (ii)
approve the vote tabulation methodology utilized.

The Solicitation Packages specified that June 22, 2007, was the
record date for determining the creditors entitled to vote to
accept or reject the Plan.  The Debtors commenced solicitation of
votes for approval of the Plan on June 27.  The Debtors
established 4:00 p.m. (prevailing Eastern Time) on July 27, as
the Voting Deadline.  

The Debtors transmitted to the Voting Creditors a solicitation
package containing the Disclosure Statement, the Plan, a Ballot
and a letter explaining the contents of the Solicitation Package.  
The Ballot stated in clear and conspicuous language that all
ballots must be properly executed, completed, and delivered to
MacKenzie Partners, Inc. -- the solicitation agent -- so that
they were received no later than the Voting Deadline.  The
holders of Classes 5 and 6-A Claims were given the opportunity to
return their Ballots by mail, overnight courier, or facsimile to
the Solicitation Agent.

             Non-Transmission of Disclosure Statement

Proposed counsel for the Debtors, David S. Heller, Esq., at
Latham & Watkins LLP, in Chicago, says it is not appropriate to
transmit a copy of the Solicitation Package to the holders of
claims or interests other than the Voting Creditors because the
Debtors have solicited acceptances and rejections of the Plan
prepetition.  

Rule 3017 of the Federal Rules of Bankruptcy Procedure requiring
debtors to mail a copy of the Plan and Disclosure Statement to
holders of creditors and equity interest holders deemed to accept
or to reject the Plan is not applicable as no Disclosure
Statement was "approved," Mr. Heller says.  If the Plan is
confirmed within 60 days from bankruptcy filing, the Debtors ask
the Court to enter an order waiving the requirement to file or
provide any periodic operating reports pursuant to the Bankruptcy
Code, Bankruptcy Rules, or Local Rules.

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 in26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R)
and Sports Clubsof 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 $408,546,205 in
total assets and $1,825,941,54627 in total liabilities.  (Bally
Total Fitness Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).   


BEST MANUFACTURING: Trustee Hires LogiServe as Collection Agent
---------------------------------------------------------------
The Honorable Donald H. Steckroth of the United States Bankruptcy
Court for the District of New Jersey gave Stacey L. Meisel, the
Chapter 7 trustee for Best Manufacturing Group LLC and its
debtor-affiliates' bankruptcy cases, permission to employ
LogiServe Inc. as her collection agent.

LogiServe is expected to assist in the recovery of freight
incentives from various carries, among others, including: R&L
Carries, Estes Express, Yellow Freight, New Penn Motor Express,
SAIA, and Southern Freight Lines.

On a contingency fee, the firm will receive:

  i. 10% of money recovered from R&L Carries; and

ii. 50% of money recovered from all other carries.

Tom Beck, president of the firm, assures the Court that his firm
does not hold any interest adverse to the Debtors' estate and is
a “disinterested person” as defined in Section 101(14) of the
Bankruptcy Code.

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries  
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11
protection on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).
The case was converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, P.A., represents the Debtors.  Scott L. Hazan,
Esq., at Otterbourg, Steindler, Houston & Rosen, and Brian L.
Baker, Esq., and Stephen B. Ravin, Esq., at Ravin Greenberg PC,
represent the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
estimated assets and debts of more than US$100 million.


BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Shares
--------------------------------------------------------------
Panmure Gordon analysts have kept their "buy" rating on British
Airways Plc’s shares, Newratings.com reports.

According to Newratings.com, the target price for British
Airways’ shares was set at 540 pounds.

The analysts said in a research that British Airways decided to
pay a 121.5 million-pound fine to the UK Office of Fair Trading,
with respect to anti-competitive activity in the airline’s long-
haul passenger and cargo business.

The analysts told Newratings.com that British Airways also signed
a plea accord with the US Department of Justice.

“The total combined fine is in-line with the guidance and the
provision” worth 350 million pounds,” Newratings.com states,
citing Panmure Gordon.

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

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

                       *     *     *

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

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

* Issuer: British Airways, Plc

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

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


BRITISH AIRWAYS: Traffic Figures Down 2.9 Percent in July 2007
--------------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
July 2007.

In July 2007, passenger capacity, measured in Available Seat
Kilometers, was 1.1 percent below July 2006.  Traffic, measured
in Revenue-Passenger-Kilometers, was lower by 2.9 percent.  This
resulted in a passenger load factor down 1.5 points versus last
year, to 81.2 percent.  The decrease in traffic comprised a 2.6
percent decrease in premium traffic and a 2.9 percent decrease in
non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, fell by 5.2 percent.   
Overall load factor fell by 0.3 points to 73.6 percent.

A number of flights were cancelled as a result of external events
including the terrorist attack at Glasgow airport on
June 30, the security closure of Terminal 4 on July 3 and the
extreme weather and flooding that occurred on July 20.

                       Market Conditions

As the Heathrow terminals continue to operate above capacity this
will affect the company's ability to recover quickly from any
unexpected events.  Combined with the continued weakness of the
US dollar the revenue guidance is reduced by 1 percent to around
4 percent to reflect these risks.

                             Costs

BA’s revised cost guidance year on year is flat, excluding fuel,
reflecting both expected exchange benefits from the weaker dollar
and strong performance in the first quarter.

Fuel costs are now expected to be up GBP120 million on last year,
GBP20 million worse than the previous guidance.

                    Strategic Developments

The new Transport Minister Ruth Kelly convened a summit of
airline chief executives to look at security restrictions.  BA's
Chief Executive Willie Walsh made it very clear that the one
piece of hand luggage restriction, which applies to customers
departing and transferring through the U.K., has no security
justification and has become intensely irritating to customers.

At its AGM the airline announced new targets to improve its fuel
efficiency by 25 percent by 2025.  This is on top of the 28
percent improvement in fuel efficiency already achieved since
1990.

All services were suspended from Heathrow's Terminal 4 on
July 3, 2007, from mid-day until 5pm as a result of a security
alert.  This caused widespread disruption.

International Aero Engines V2500 engines have been chosen to
power BA's eight new Airbus A320 family aircraft that will be
delivered in 2008-2010.  The airline also signed a long-term
maintenance agreement with IAE for the engines.

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

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

                            *   *   *

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

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

* Issuer: British Airways, Plc

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

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


BURALL LTD: Claims Filing Period Ends September 3
-------------------------------------------------
Creditors of Burall Ltd. (formerly Buralls of Wisbech Ltd. and
Burall Printing Ltd.) have until Sept. 3 to prove their debts
against the company and send their claims to:

         Ian S. Carr
         Liquidator
         Grant Thornton U.K. LLP
         Byron House
         Cambridge Business Park
         Cowley Road
         Cambridge
         CB4 0WZ
         England

Ian S. Carr of Grant Thornton (U.K.) LLP was appointed liquidator
of the company on July 6 for the creditors’ voluntary winding-up
proceeding.


EMI GROUP: Moody's Cuts Corp. Family & Sr. Debt Ratings to B1
-------------------------------------------------------------
Moody's Investors Service downgraded EMI Group plc's corporate
family and senior debt ratings to B1 (from Ba3).  All ratings
remain under review for downgrade.

The rating action follows the announcement that the cash offer
for EMI made by Maltby Limited (Maltby; a company formed at the
direction of private equity firm Terra Firma Capital Partners
Limited) in May 2007 which placed an enterprise value of GBP3.2
billion on EMI, has been accepted by 90.3% of shareholders of the
company and that the bid has been declared unconditional as to
acceptances.  The transaction is scheduled to close in the third
calendar quarter.  Maltby has indicated that it will use a
mixture of equity and debt to fund its bid.  While details of the
funding structure have not been disclosed, Moody's would expect
the company's already considerable debt load to increase visibly.  
EMI's Debt/EBITDA leverage ratio as measured by Moody's was 7.7
times for the financial year ended March 31 2007.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

EMI Group plc, one of the world's leading music recording and
publishing companies, is headquartered in London, England.


FORD MOTOR: Affirms Stock Premium for 6.5% Securities Conversion
----------------------------------------------------------------
Ford Motor Company disclosed the number of shares of Ford common
stock that will constitute the premium to be paid with its
conversion offer related to the outstanding 6.50% Cumulative
Convertible Trust Preferred Securities of Ford's wholly owned
subsidiary trust, Ford Motor
Company Capital Trust II.

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

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

On July 2, 2007, Ford commenced an offer to pay a premium to
holders of any and all trust preferred securities who elect to
convert their trust preferred securities to shares of Ford common
stock subject to the terms of the offer.  The offer expired at
5:00 p.m., New York City time, July 31, 2007, and is expected to
settle on Friday, Aug. 3, 2007.

If all trust preferred securities that were outstanding as of the
commencement of the offer were validly tendered and accepted for
conversion, Ford would issue an aggregate of 457,163,141 shares
of Ford common stock, including approximately 282,485,762 shares
pursuant to the conversion terms of the trust preferred
securities, plus an aggregate premium of 174,677,379 shares of
Ford common stock.

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

Holders of trust preferred securities may address questions about
the conversion offer or make requests for copies of the offering
circular and related documents for free to Georgeson Inc., the
information agent for the conversion offer, by calling toll-free
at 888-605-7541.

                     About Ford Motor Co.

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating is
currently a B3 with a negative outlook.  The rating is pressured
by the shift in consumer preference from high margin trucks and
SUVs, and by the need for a new 2007 UAW contract that provides
meaningful relief from high health care costs and burdensome work
rules, Moody's relates.


GALILEO EURO: S&P Rates EUR20.80 Million Class E Notes at BB
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the EUR690 million secured floating-rate notes
to be issued by Galileo Euro ABS CDO I Ltd., a special purpose
entity.
  
Galileo Euro ABS CDO I Ltd. will also issue an unrated tranche
totaling EUR39 million.
  
This transaction is a cash flow CDO with a 100% synthetic pay-as-
you-go CDS portfolio referencing RMBS and CMBS collateral. This
transaction has been arranged by Deutsche Bank AG.
  
At closing, the transaction will be fully ramped up, with a
reference portfolio weighted-average rating of 'BBB/BBB-'. There
will be no currency or interest rate risk as the notes and any
payments in the transaction are all euro-denominated.

                          Ratings List
  
Galileo Euro ABS CDO I Ltd.
   EUR729 Million Secured Floating-Rate And Subordinated Notes
  
                          Prelim.        Prelim. Amount
           Class          Rating           (Mil. EUR)
           -----          ------            --------
            A-1(1)         AAA               473.80
            A-2            AAA                94.00
            B              AA                 42.30
            C              A                  31.40
            D              BBB                27.70
            E              BB                 20.80
            Subordinated   NR                 39.00
  
(1)  The amount of this class as shown is the maximum allowed

NR — Not rated.


GETTY IMAGES: Earns US$33.7 Million in Quarter Ended June 30
------------------------------------------------------------
Getty Images Inc. reported net income of US$33.7 million for the
second quarter ended June 30, 2007, compared to net income of
US$23.2 million for the same period in 2006.  Results for the
second quarter of 2006 included a total of US$14.1 million after
taxes for a restructuring charge and a loss on the sale of short-
term investments.  Excluding these items, net income for the
second quarter of 2006 was US$37.3 million or US$0.59 per diluted
share.

"Soon after we founded Getty Images in 1995, we recognized that
the breadth of creators and users of digital imagery would
expand.  This trend continues and we remain the leader in all
areas and categories of the visual content industry from
traditional stock photography to microstock.  Furthermore, we are
extending our leadership position in editorial imagery, footage
and our imagery-related products and services, all of which have
excellent growth potential," said Jonathan Klein, co-founder and
chief executive officer.  "We are making wonderful strides with
some of our newer businesses, including commercial music
licensing and the opportunity for growth in the consumer market
while remaining focused on stabilizing our traditional creative
stills business."

The company disclosed that revenue increased 6.5 percent to
US$218.0 million from US$204.6 million in the second quarter of
2006.  Excluding the effects of changes in currency exchange
rates, revenue grew 2.4 percent.  Growth in almost all areas of
the business was partly offset by a decline in traditional
creative stills imagery revenue.

As a percentage of revenue, cost of revenue was 26.7 percent,
compared to 24.8 percent in the prior year due primarily to
revenue growth in certain of the company's product lines with
average royalties that are higher than traditional creative
stills imagery, in particular in editorial and microstock
imagery.

Selling, general and administrative expenses (SG&A) totaled
US$84.1 million or 38.6 percent of revenue for the second quarter
of 2007, compared to US$77.9 million or 38.1 percent of revenue
in the second quarter of 2006.

Excluding US$1.3 million of non-recurring professional fees, the
effects of changes in currency exchange rates, and SG&A
associated with acquired companies, SG&A declined on a year over
year basis.

Income from operations was US$53.1 million or 24.4 percent of
revenue in the second quarter of 2007 compared to US$41.2 million
in the second quarter of 2006.  Results for the second quarter of
2006 included a restructuring charge of approximately US$16.5
million.  Excluding this charge, income from operations for the
second quarter of 2006 was US$57.7 million, or 28.2 percent of
revenue.

Cash balances were US$288.6 million at June 30, 2007.  Net cash
provided by operating activities during the second quarter of
2007 was US$48.8 million.  During the quarter, the company spent
a total of US$248 million for acquired businesses, of which
US$120 million was financed through the company's senior credit
facility and the remaining US$128 million paid from existing cash
balances.

                     Business Outlook

The following forward-looking statements reflect Getty Images'
expectations as of Aug. 1, 2007.  The company currently does not
intend to update these forward-looking statements until the next
quarterly results announcement.

The company has announced a restructuring and related reduction
in workforce of about 100 employees that will result in a charge
of approximately US$4.0 million in the third quarter of 2007 and
is expected to result in annualized savings of approximately
US$20 million in staff and staff related costs.  The company
continues to focus on managing costs effectively while investing
in the areas of the business that provide the best opportunities
for growth.

For the third quarter of 2007, the company expects revenue of
approximately US$210 million and diluted earnings per share of
US$0.43.  Excluding approximately US$0.04 for restructuring
costs, diluted earnings per share would be US$0.47.

For full year 2007, the company expects revenue of approximately
US$855 million and earnings per share of approximately US$2.18.  
Excluding approximately US$0.04 for restructuring costs in the
third quarter of 2007, diluted earnings per share would be
US$2.22.

Guidance for 2007 assumes just over 60 million fully diluted
shares for both the third quarter and for the full year.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, Standard & Poor's Ratings Services said revised
its CreditWatch implications on Getty Images Inc. to positive
from developing, following the company's filing of its SEC 10-Q
forms for its first and third quarters, and its 2006 Form 10-K.  
The corporate credit rating on the company remains at 'B+'.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service affirmed the Ba1
Corporate Family Rating and Ba2 rating on the USUS$265-million of
convertible subordinated debentures of Getty Images, Inc.  The
rating outlook remains stable.

Moody's affirmed these ratings:

  -- US$265-million series B convertible subordinated notes
     due 2023, Ba2 (LGD 5, 77% from LGD 5, 71%);

  -- Corporate family rating, Ba1; and

  -- Probability of default rating, Ba1.


GILLESPIE CLO: S&P Puts BB- Prelim Rating on EUR15MM Cl. E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Gillespie CLO PLC's EUR282.9 million floating-rate
notes due 2023.

The preliminary ratings are based on information as of Aug. 1,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

     -- The credit support provided to each class of notes
        through the subordination of cash flows to the more
        junior classes;

     -- The transaction's cash flow structure, which was
        subjected to various stresses requested by Standard &
        Poor's; and

     -- The transaction's legal structure, including the
        issuer's bankruptcy remoteness.
   
   
                   Preliminary Ratings Assigned
                         Gillespie CLO PLC
   
           Class                 Rating          Amount
           -----                 ------          ------
           A-1                   AAA          EUR97,500,000
           A-2*                  AAA          EUR65,000,000
           A-3                   AAA          EUR40,000,000
           B                     AA           EUR26,700,000
           C                     A            EUR20,700,000
           D                     BBB-         EUR18,000,000
           E                     BB-          EUR15,000,000
           Subordinated notes    NR           EUR26,200,000
   

  * Class A-2 is a multicurrency revolving note that can be
    drawn on in euros, U.S. dollars, or sterling.  Approximately
    EUR61 million of the class A-2 multicurrency revolving note
    will be funded on the closing date.  The remaining EUR4
    million will be drawn as needed to meet collateral funding
    needs, provided that the total class A-2 note issuance does
    not exceed EUR65 million.

NR -- Not rated.


IMPERIAL CHEMICAL: Akzo Talks Continue Over Revised Takeover Bid
----------------------------------------------------------------
Imperial Chemical Industries plc is currently conducting "very
cordial" talks with Akzo Nobel, after the Dutch company raised
its offer for ICI, the Telegraph reports.

The TCR-Europe reported on Aug. 2, 2007, that Akzo Nobel NV had
submitted a further indicative proposal, under which it
would acquire ICI for 650 pence per share in cash (GBP7.8
billion).  The Company's Board considered this revised proposal
and unanimously rejected it on the grounds that it failed to
recognize the full strategic value of ICI.

"You can have discussions about value without opening the books,"
the Telegraph quotes ICI CFO Alan Brown as saying.  ICI has not
granted Akzo access to due diligence information.

ICI's pension deficit has been cut to GBP721 million, little more
than half the GBP1.3 billion at the end of last year, the
Telegraph reveals.

                            About ICI

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

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

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


IMPERIAL CHEMICAL: Net Profit Rises 22% to GBP121 Mln in 2Q 2007
----------------------------------------------------------------
Imperial Chemical Industries plc reported a 22% growth in Group
adjusted net profit to GBP121 million for the second quarter
ended June 30, 2007, compared with GBP99 million for the same
period in 2006.  Adjusted profit before tax also increased by
12%.

ICI's sales for continuing operations experienced a 4% comparable
growth while Group trading profit for continuing operations had a
12% comparable growth in the second quarter.  Group adjusted
profit before tax increased 13% to GBP154 million.

ICI's adjusted profit before tax for the first half of 2007 grew
12% to GBP255 million compared with GBP228 million in 2006.  Net
profit after special items attributable to ICI equity holders
rose to GBP1,055 million from GBP80 million in 2006, including
the GBP908 million profit from the sale of Quest.

"The second quarter has continued our strong start to 2007,
despite additional raw material cost increases for our adhesives
business," said ICI CEO John McAdam.  "Trading conditions
remained buoyant in Asia, Latin America and Continental Europe.  
As expected, North America was mixed with weak construction
markets, although we continued to reduce costs and improve
returns in the Decorative Paint business.  The efficiency
benefits of our transformation programme contributed to an
improvement in trading margins."

"The outlook for the year as a whole remains positive; although
visibility beyond the next quarter is limited, our expectations
for the balance of the year remain unchanged," Mr. McAdam added.

                            About ICI

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

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

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


KENDLE INTERNATIONAL: Earns US$4.3 Million in 2007 Second Qtr.
--------------------------------------------------------------
Kendle International Inc. disclosed its financial results for
second quarter 2007.

Net service revenues for second quarter 2007 were US$97.8
million, an increase of 58 percent over net service revenues of
US$62.1 million for second quarter 2006.  Net income per diluted
share of US$0.29 for second quarter 2007 includes a charge for
amortization of acquired intangibles related to the August 2006
acquisition of the Phase II-IV clinical services business of
Charles River Laboratories International, Inc.  Excluding this
amount, which is detailed in the Condensed Consolidated
Statements of Income, earnings per share (EPS) for second quarter
2007 was US$0.34 per diluted share.  Interest expense in the
second quarter was approximately US$4.3 million (or about US$0.18
per diluted share), primarily related to debt incurred to finance
the Charles River Clinical Services acquisition, compared to
interest expense of US$51,000 in second quarter 2006.  EPS for
second quarter 2006 was US$0.29 per diluted share.

Income from operations for second quarter 2007 was approximately
US$10.9 million.  Excluding the amortization charge referenced
above, proforma income from operations was approximately US$11.9
million, or 12.2 percent of net service revenues, compared to
income from operations of approximately US$6.4 million in second
quarter 2006.  Net income was approximately US$4.3 million in
both the second quarter of 2007 and 2006.  Net service revenues
by geographic region for the second quarter were 50 percent in
North America, 42 percent in Europe, 5 percent in Latin America
and 3 percent in the Asia/Pacific region.  The top five customers
based on net service revenues accounted for 28 percent of net
service revenues for second quarter 2007 compared to 29 percent
of net service revenues for second quarter 2006.

New business awards were US$165 million for second quarter 2007,
which represents a 96 percent increase over the same quarter last
year.  Contract cancellations for the quarter were approximately
US$13 million.  Total business authorizations, which consist of
signed backlog and verbally awarded business, totaled US$758
million at June 30, 2007, up 8 percent from
March 31, 2007.

"Kendle delivered a strong performance for the second quarter,"
commented Chairman and Chief Executive Officer Candace Kendle,
PharmD.  "Revenues, backlog and new business awards were all
record highs, demonstrating the continued strength of our growing
global organization.  Our ability to build strategic
relationships is being increasingly recognized as a key
differentiator, with Kendle recently being named the 'Top CRO to
Work With' in the Thomson CenterWatch 2007 survey of U.S.
investigative sites."  Dr. Kendle continued, "Our completion of
the recent convertible note offering further enhances our
financial position.  Kendle has never been stronger and we look
forward to the remainder of 2007 with great confidence."  
Reimbursable out-of-pocket revenues and expenses were US$41.4
million for second quarter 2007 compared to US$19.8 million in
the same quarter a year ago.

Cash flow from operations for the quarter was a positive US$9.9
million.  Cash and marketable securities totaled US$25.1 million,
including US$1.0 million of restricted cash.  Days sales
outstanding in accounts receivable were 42 and capital
expenditures for second quarter 2007 totaled US$4.3 million.

Net service revenues for the six months ended June 30, 2007, were
US$193.2 million, an increase of 59 percent over net service
revenues of US$121.8 million for the six months ended June 30,
2006.  Net income per diluted share of US$0.57 for the six months
ended June 30, 2007, includes a charge for amortization of
acquired intangibles related to the August 2006 acquisition of
the Phase II-IV clinical services business of Charles River
Laboratories International, Inc. Excluding this amount, which is
detailed in the Condensed Consolidated Statements of Income,
earnings per share (EPS) for the six months ended June 30, 2007,
was US$0.66 per diluted share.

Interest expense in the six months ended June 30, 2007, was
approximately US$8.7 million (or about US$0.37 per diluted
share), primarily related to debt incurred to finance the Charles
River Clinical Services acquisition, compared to interest expense
of US$114,000 in the first six months of
2006.  EPS for the six months ended June 30, 2006, was US$0.62
per diluted share.

Income from operations for the six months ended June 30, 2007,
was approximately US$23.4 million.  Excluding the amortization
charge, proforma income from operations was approximately US$25.5
million, or 13.2 percent of net service revenues, compared to
income from operations of approximately US$13.7 million in the
first six months of 2006.  Net income for the first six months of
2007 was approximately US$8.5 million compared to net income of
US$9.2 million in the first six months of 2006.  Net service
revenues by geographic region for the six months ended June 30,
2007, were 50 percent in North America, 43 percent in Europe, 4
percent in Latin America and 3 percent in the Asia/Pacific
region.  The top five customers based on net service revenues
accounted for 26 percent of net service revenues for the first
half of 2007 compared to 30 percent of net service revenues for
the first half of 2006.

Cash flow from operations for the six months ended June 30, 2007,
was a positive US$24.4 million.  Capital expenditures for the
six-month period totaled US$7.4 million.

Kendle also updated full-year 2007 guidance.  Net service revenue
guidance for the full-year 2007 remains in the previously-
provided range of US$400 to US$420 million with revenues expected
to be at the lower end of this range.  Operating margin on both a
GAAP and proforma basis remains unchanged from previous guidance
and is expected to be between 12 and 14 percent and 13 and 15
percent, respectively.  Kendle now expects GAAP EPS in the range
of US$1.32 to US$1.52, which represents an US$0.18 reduction
primarily related to the non- cash charge of the write-off of
term debt financing fees.  The write-off of financing fees
results from the debt payments made in July with proceeds from
the convertible note offering.  The company has increased its
guidance for proforma EPS (excluding the financing fee write-off
as well as the intangible amortization from the Charles River
Clinical Services acquisition) by US$0.04 from previously issued
guidance and now projects proforma EPS to be in the range of
US$1.72 to US$1.92.

                       About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research  
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America.  In the Asia Pacific,
Kendel maintains operations in Australia, China, and India.  In
Europe, Kendle maintains operations in Belgium, France, Germany,
Italy, Netherlands, Spain, and the United Kingdom.

                       *     *     *

As of July 3, 2007, the company carries Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability of
default rating.  Moody's said the outlook is stable.

In addition, the company also carries Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


MEDICOR AESTHETICS: Brings In Liquidators from Vantis
-----------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis plc
were appointed joint liquidators of Medicor Aesthetics U.K. Ltd.
on July 26 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Vantis plc
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


PRECISION VARIONICS: Taps Liquidators from Deloitte & Touche
------------------------------------------------------------
Stephen Anthony John Ramsbottom, Robin David Allen and Dominic
Lee Zoong of Deloitte & Touche LLP were appointed joint
liquidators of Precision Varionics International Ltd. on July 23
for the creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


STAR ATTRACTIONS: Claims Filing Period Ends September 21
--------------------------------------------------------
Creditors of Star Attractions Ltd. have until Sept. 21 to prove
their debts by sending to:

         Alan Roy Limb
         Joint Liquidator
         Vantis
         Stoughton House
         Harborough Road
         Oadby
         Leicester
         LE2 4LP
         England

L. Robert Bailey and Alan Limb were appointed joint liquidators
of the company on July 24 for the creditors’ voluntary winding-up
procedure.


STYLEDUTY LTD: C. B. Barrett Leads Liquidation Procedure
--------------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of
Styleduty Ltd. (t/a Venus Ltd.) on July 19 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


TOTAL PRODUCTS: Joint Liquidators Take Over Operations
------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of Total Products (Packaging) Ltd. (formerly
Small Icons Ltd.) on July 18 for the creditors’ voluntary
winding-up procedure.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


WHOLE FOODS: District Court Conducts FTC Injunction Hearing
-----------------------------------------------------------
The U.S. District Court for the District of Columbia conducted a
preliminary hearing to decide whether to approve the U.S. Federal
Trade Commission's application for an injunction to block the
proposed merger between Whole Foods Market Inc. and Wild Oats
Markets Inc., on July 31, 2007, until Aug. 1, 2007.  The company
expects to receive a ruling by the middle of August.

Whole Food’s lawyer Paul Denis defended his client saying FTC
failed to recognize competition in the industry, Peter Kaplan of
Reuters reports.

As reported in the Troubled Company Reporter on June 7, 2007,
FTC advised Whole Foods Market that it will file a complaint in
the Court seeking to block the proposed acquisition, because it
would curb competition and raise prices for consumers.

The FTC also advised Whole Foods Market that it will ask the
Court to enter a temporary restraining order that would prohibit
the company from completing its acquisition of the shares of Wild
Oats until the Court has resolved the FTC's request for a
preliminary injunction.

Subject to prevailing in its current lawsuit with the FTC
concerning the proposed merger, the company plans to transfer all
35 Henry's and Sun Harvest store locations, plus a Riverside,
California distribution center, to a wholly owned subsidiary of
Smart & Final, Inc., a Los Angeles-based food retailer.

"We are hopeful that the court will rule in our favor and that we
will be allowed to move forward; however, we believe that merger
or no merger, Whole Foods Market has a very bright future," John
Mackey, chairman, chief executive officer, and co-founder of
Whole Foods Market, said.  "We currently have 94 stores in our
pipeline representing 70% of our existing square footage, and we
believe we are on track to meet our goal of US$12 billion in
sales in 2010.  If the merger is approved, just as we have done
with our many previous acquisitions, we will improve the Wild
Oats stores to make them more profitable and create an improved
shopping experience for our customers."

                     About Wild Oats Markets

Headquartered in Boulder, Colorado, Wild Oats Markets Inc. --
http://www.wildoats.com/-- is a natural and organic foods  
retailer in North America with annual sales of approximately
US$1.2 billion.  Wild Oats Markets was founded in Boulder,
Colorado in 1987.  Wild Oats Markets currently operates 110
stores in 24 states and British Columbia, Canada under four
banners: Wild Oats Marketplace (nationwide), Henry's Farmers
Market (Southern California), Sun Harvest (Texas), and Capers
Community Market (British Columbia).

                     About Whole Foods Market

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 more than
190 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.


* BOND PRICING: For the Week July 30 to Aug. 3, 2007
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.93
                          0.250    10/14/26     CDN      37.98
Republic of Austria       4.000    06/22/22     EUR      73.08
                          5.000    10/10/25     EUR      62.17
                          7.000    10/24/25     EUR      70.42


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.52
                          0.500    04/26/13     AUD      70.79
                          1.000    11/21/16     NZD      59.37
                          0.500    09/24/20     CDN      55.55
                          0.250    06/28/40     CDN      19.81

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      61.67
Alcatel S.A.              4.750    01/01/11     EUR      16.53
Altran Technologies S.A.  3.750    01/01/09     EUR      12.45
BNP Paribas               0.250    12/20/14     US$      68.38
CAP Gemini S.A.           2.500    01/01/10     EUR      55.78
                          1.000    01/01/12     EUR      53.02
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.21
                          4.375    11/01/10     EUR      56.23
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      72.83
Havas S.A.                4.000    01/01/09     EUR      10.78
Infogrames
   Entertainment S.A.     4.000    01/01/09     EUR       0.58
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      20.39
Maurel & Prom             3.500    01/01/10     EUR      21.59
Publicis Group            0.750    07/17/08     EUR      32.90
                          1.000    01/18/18     EUR      43.14
Rallye                    3.750    01/01/08     EUR      51.10
Rhodia S.A.               0.500    01/01/14     EUR      46.59
Scor S.A.                 4.125    01/01/10     EUR       2.30
Soc Air France            2.750    04/01/20     EUR      35.61
Soitec                    4.625    12/20/09     EUR      12.84
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.33
Valeo                     2.375    01/01/11     EUR      48.83
Vivendi Universal S.A.    1.750    10/30/08     EUR      31.93
Wendel Invest S.A.        2.000    06/19/09     EUR      50.57

GERMANY
-------
Deutsche Bank AG          6.250    07/27/15     EUR      74.69
                          5.360    07/28/15     EUR      74.79
KfW Bankengruppe          0.500    10/30/13     AUD      67.37
                          0.500    12/19/17     EUR      66.92
                          5.000    05/23/20     EUR      74.23
                          1.250    07/07/20     EUR      71.33
                          1.250    07/29/20     EUR      71.59
                          6.000    07/21/25     EUR      68.03
                          8.000    08/10/30     EUR      65.95
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.26
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      58.59

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      68.29
Hellenic Republic         0.990    07/07/24     EUR      66.33
Hellenic Republic         6.000    07/06/24     EUR      71.46

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      69.31

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.70
                          0.250    07/08/33     CDN      26.94
Irish Perm Plc            6.125    02/15/35     EUR      66.22
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.46

LUXEMBOURG
----------
Carrier1 Int'l S.A.      13.250    02/15/09     US$       0.88
Teksid Aluminum S.A.     12.375    07/15/11     EUR      42.38

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      60.65
                          0.500    02/24/25     CDN      45.84
Bulgaria Steel B.V.      12.000    05/04/13     EUR      47.19  
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.08
Energy Group O/S          7.425    10/15/17     US$      35.00
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      61.98
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      74.06
                          8.250    03/16/35     EUR      62.49
                          7.000    05/17/35     EUR      68.50
                          7.250    10/05/35     EUR      62.58
Ned Waterschapbk          6.000    06/01/35     EUR      73.85
                          6.500    08/15/35     EUR      64.84
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.00
                          3.100    11/15/24     US$      74.43
                          6.000    02/22/35     EUR      71.12
                          2.000    02/23/35     EUR      62.87
                          7.000    02/28/35     EUR      70.25
                          7.000    03/23/35     EUR      66.17
                          6.000    05/09/35     EUR      72.95

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.34

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.13

SWITZERLAND
-----------
UBS AG                    1.000     02/27/12    NZD      74.78
                          1.000     03/28/12    NZD      74.42
                          1.000     06/28/12    NZD      73.42

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      54.67
HBOS Treasury
   Services Plc           6.000    02/07/35     EUR      70.49
National Grid Gas Plc     1.754    10/17/36     GBP      45.89
                          1.771    03/30/37     GBP      45.85
Royal BK Scotland Plc     0.250    03/27/14     US$      72.05
                          7.000    06/09/25     EUR      65.09
TXU Eastern Finance Plc   6.750    05/15/09     US$       5.63
Wessex Water Finance Plc  1.369    07/31/57     GBP      30.81

  
                            *********

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.


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