TCREUR_Public/070809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 9, 2007, Vol. 8, No. 157

                            Headlines


A U S T R I A

A & S JAGIELKA: Leoben Court Orders Business Shutdown
D.G. KFZ WERKSTATTE: Claims Registration Period Ends Aug. 20
HERWIG PUSCA: Vienna Court Orders Business Shutdown
ING. GOTTFRIED: Claims Registration Period Ends Sept. 17
MULTITECH ANLAGENBAU: Claims Registration Period Ends Aug. 20

RASE PERSONALMANAGEMENT: Vienna Court Orders Business Shutdown
RIEGER LLC: Claims Registration Period Ends Aug. 20
STADTBAUMEISTER ING: Claims Registration Period Ends Aug. 21
TEUSCHL KEG: St. Poelten Court Orders Business Shutdown
WS-TELESHOP: Claims Registration Period Ends Aug. 20

ZEISE LLC: Claims Registration Period Ends Aug. 16


B U L G A R I A

JETFINANCE INT’L.: Cetelem Acquisition Cues S&P’s B+ Ratings


D E N M A R K

BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B-


F I N L A N D

HILTON HOTELS: Sets Special Stockholders' Meeting for Sept. 18


F R A N C E

DELPHI CORP: Attains Tentative Accord with IUE-CWA and GM
HEXCEL CORP: Completes US$62.5 Mln Asset Sale to JPS Industries
POLYMER GROUP: Registers Class A Common Stock with U.S. SEC
POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating


G E O R G I A

METROMEDIA INTERNATIONAL: Fursa Submits Revised Buyout Offer


G E R M A N Y

BENQ CORP: Mulls Counterclaims Against Prager & German Unit
CHRYSLER LLC: Appoints Robert Nardelli as Chairman and CEO
CHRYSLER LLC: S&P Rates US$5 Billion First Lien Term Loan at B
D KRAMER BAU: Creditors' Meeting Slated for Aug. 31
DELFT BLUMENGROSSHANDEL: Creditors' Meeting Slated for Sept. 4

INTERPRINT SAARLORLUX: Creditors' Meeting Slated for Sept. 3
LEA IMMOBILIEN: Claims Registration Period Ends Sept. 4
MARQUARD-AUTOMOBILE: Claims Registration Period Ends Aug. 27
MCA MOEBEL-AGENTUR: Claims Registration Period Ends Sept. 5
PETER PAN: Claims Registration Period Ends Sept. 7

S-CORE 2007-1: Fitch Rates EUR19.7 Mln Class E Notes at BB
SCHIEDER MOEBEL: To be Split & Sold in Parts, Administrator Says


I R E L A N D

ADVANCED MEDICAL: Withdraws Bid to Acquire Bausch & Lomb
ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch


I T A L Y

ALITALIA SPA: Chairman Commences Hunt for Potential New Bidders
FIAT SPA: Repurchases 1.11 Million Ordinary Shares


K A Z A K H S T A N

BAYKEN TRANS: Proof of Claim Deadline Slated for Sept. 18
ISLAM & CO: Creditors Must File Claims Sept. 13
HUMANITARIAN INSTITUTE: Claims Filing Period Ends Sept. 12
SILS-A LLP: Creditors' Claims Due on Sept. 13
VALEOLOGICAL CENTRE: Claims Registration Ends Sept. 12


K Y R G Y Z S T A N

ECORESOURCE LLC: Creditors Must File Claims by September 14
TARIEL TRANSPORT: Proof of Claim Deadline Slated for Sept. 14


L U X E M B O U R G

EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01%


N E T H E R L A N D S

FIXED-LINK: Fitch Junks Class C2 Notes on Eurotunnel Payment
SKYLINE 2007: Fitch Rates EUR43.5 Million Class E Notes at BB


N O R W A Y

KRONOS WORLDWIDE: Parent Posts Second Quarter 2007 Results


P O R T U G A L

INTERTAPE POLYMER: Planned Issue Cues S&P to Watch Ratings


R U S S I A

ABSOLUT BANK: Moody's Ups Global Scale Ratings to Baa3 from Ba3
ASINOVSKOE OJSC: Creditors Must File Claims by Aug. 14
BEZENCHUK-AGRO-PROM-SNAB: Creditors Must File Claims by Sept. 14
BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP
EVLASHEVSKOE LLC: Creditors Must File Claims by Aug. 14

EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01%
KHOROLSKIY BREWERY: Creditors Must File Claims by Aug. 14
KORTEN CJSC: Creditors Must File Claims by Sept. 14
KURSKIY FACTORY: Asset Sale Slated for August 15
LANDZH CJSC: Court Names O. Malyukov as Insolvency Manager

LYALYA-WOOD OJSC: Bankruptcy Hearing Slated for Oct. 20
NIKMAS CJSC: Creditors Must File Claims by Sept. 14
ROS-PROM-PUSHNINA: Creditors Must File Claims by Aug. 14
ROSNEFT OIL: Wins Yukos' Transport Units for RUR18.6 Billion
ROSNEFT OIL: Chief Executive Seeks Lower Oil Taxes

SHARANGA-NN CJSC: Court Names B. Potashnik as Insolvency Manager
SHUMIKHINSKIY MEAT-PROCESSING: Claims Filing Period Set Sept. 14
SITRONICS JSC: Fitch Affirms B- IDR with Stable Outlook
STROYKOMBINAT OJSC: Creditors Must File Claims by Aug. 14
TYAGAN-FISH CJSC: Names Ya. Matsinina as Insolvency Manager

VOLGA LLC: Creditors Must File Claims by Aug. 14
YUKOS OIL: Rosneft Oil Wins Transport Units for RUR18.6 Billion
YUKOS OIL: Dutch Unit Warns Bidders on Stake Ownership Issues


S P A I N

TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend


S W I T Z E R L A N D

APS FINANZ: Creditors' Liquidation Claims Due August 17
ART ASIEN: Creditors' Liquidation Claims Due August 16
ELIMAR IMMOBILIEN: Creditors' Liquidation Claims Due August 16
GASTURA LLC: Creditors' Liquidation Claims Due August 15
IKHA JSC: Zug Court Closes Bankruptcy Proceedings

IMMOTREU JSC: Zug Court Closes Bankruptcy Proceedings
MINNECI + PARTNER LLC: Creditors' Liquidation Claims Due Aug. 16
NDI EUROPE: Creditors' Liquidation Claims Due October 11
QUALITY CAR: Creditors' Liquidation Claims Due August 16
ROTHUSFA JSC: Zug Court Starts Bankruptcy Proceedings

SAEGEL LLC: Zug Court Starts Bankruptcy Proceedings
SERWATECH LLC: Lucerne Court Starts Bankruptcy Proceedings
SINOTEX JSC: Zug Court Closes Bankruptcy Proceedings
SPECIAL INVESTIGATIONS: Court Starts Bankruptcy Proceedings
VANZANTEN JSC: Creditors' Liquidation Claims Due August 16


U K R A I N E

ALEXANDRIYSKOE MOTORCAR 13561: Creditors' Claim Due August 10
BUTEK LLC: Creditors Must File Claims by August 10
EL-TRANS LLC: Creditors Must File Claims by August 10
LUGANSK MOTORCAR 10964: Creditors Must File Claims by August 10
LVOV COMMUNICATION: Creditors Must File Claims by August 10

MIKON LLC: Proofs of Claim Filing Deadline Set August 10
STANICHNOE LLC: Proofs of Claim Filing Deadline Set August 10


U N I T E D   K I N G D O M

ALLIANCE BOOTS: Plans to Enter Indian Pharma Market, Report Says
BAA LTD: High Court Grants Limited Injunction Against Protesters
EQUITABLE LIFE: S&P Affirms & Withdraws BB Rating Upon Request
FORD MOTOR: Seeks Better Productivity & Cost Cuts in Labor Talks
FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.9 Billion

HANOVER COMPRESSOR: Prices Tender Offers & Consent Solicitations
IMAGE TRAVEL: Brings In Liquidators from Vantis Redhead French
KRONOS INC: Hires Chris Todd to Manage Customer Engagements
LADYPACE LTD: Calls In Liquidators from Cooper Parry
LAMBOARD HOLDINGS: Appoints Joint Administrators from PwC

LANSDOWNE MORTGAGE: Fitch Affirms Class B2 Ratings at BB
MACFARLANE TRANSPORT: Names Richard Dixon Fleming Liquidator
MITEL NETWORKS: Inter-Tel Shareholders Approve US$723 Mln Merger
TRAINING FOR TOMORROW: Taps Liquidators from BDO Stoy Hayward
U.S. ENERGY: Silver Point Wants to Buy Biogas for US$9 Mln Cash

VIRGIN MEDIA: Extends Sale Process Due to Unstable Debt Market
WINDERMERE XI: Fitch Rates GBP7.497 Million Class E Notes at BB

* Upcoming Meetings, Conferences and Seminars

                            *********

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


A & S JAGIELKA: Leoben Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Leoben entered July 10 an order shutting down
the business of KEG A & S Jagielka (FN 281257p).

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

The estate administrator can be reached at:

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

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


D.G. KFZ WERKSTATTE: Claims Registration Period Ends Aug. 20
------------------------------------------------------------
Creditors owed money by KEG D.G. Kfz Werkstatte KULICH (FN
275716s) have until Aug. 20 to file written proofs of claim to
court-appointed estate administrator Herbert Hochegger at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61-9
         E-mail: office@hoch.co.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10 (Bankr. Case No. 3 S 94/07d).  Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.


HERWIG PUSCA: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered July 9 an order shutting down
the business of LLC Herwig Pusca (FN 97172a).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No 6 S 78/07y).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


ING. GOTTFRIED: Claims Registration Period Ends Sept. 17
--------------------------------------------------------
Creditors owed money by LLC Ing. Gottfried Wirglauer & Co. KG
(FN 26939t) have until Sept. 17 to file written proofs of claim
to court-appointed estate administrator Erich Gugenberger at:

         Dr. Erich Gugenberger
         Attergaustrasse 30
         4880 St. Georgen im Attergau
         Austria
         Tel: 07667/20980
         Fax: 07667/20980-20
         E-mail: office@drgugenberger.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Sept. 27 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Poendorf, Austria, the Debtor declared
bankruptcy on July 12 (Bankr. Case No. 20 S 92/07s).  


MULTITECH ANLAGENBAU: Claims Registration Period Ends Aug. 20
-------------------------------------------------------------
Creditors owed money by LLC Multitech Anlagenbau (FN 246860f)
have until Aug. 20 to file written proofs of claim to court-
appointed estate administrator Peter Hajek at:

         Dr. Peter Hajek
         Blumengasse 5
         7000 Eisenstadt
         Austria
         Tel: 02682/63108
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Sept. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Marz, Austria, the Debtor declared bankruptcy
on July 9 (Bankr. Case No. 26 S 97/07b).  Helwig Schuster
represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Mag. Helwig Schuster
         Universitatsstrasse 11
         1010 Vienna
         Austria


RASE PERSONALMANAGEMENT: Vienna Court Orders Business Shutdown
--------------------------------------------------------------
The Trade Court of Vienna entered July 9 an order shutting down
the business of LLC Rase Personalmanagement (FN 281168h).

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

The estate administrator can be reached at:

         Dr. Klemens Dallinger
         c/o Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at
                 widhalm-budak@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 15 (Bankr. Case No 6 S 73/07p). Katharina Widhalm-Budak
represents Dr. Dallinger in the bankruptcy proceedings.


RIEGER LLC: Claims Registration Period Ends Aug. 20
---------------------------------------------------
Creditors owed money by LLC Rieger (FN 247761f) have until
Aug. 20 to file written proofs of claim to court-appointed
estate administrator Robert Igali-Igalffy at:

         Mag. Robert Igali-Igalffy
         Stojanstr. 43
         2344 Maria Enzersdorf am Gebirge
         Austria
         Tel: 02236/25138-20
         Fax: 02236/25138-15
         E-mail: office@igali-igalffy.at  

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

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on July 12 (Bankr. Case No. 10 S 72/07b).  


STADTBAUMEISTER ING: Claims Registration Period Ends Aug. 21
------------------------------------------------------------
Creditors owed money by LLC Stadtbaumeister Ing. Gerhard Petsch
(FN 124547h) have until Aug. 21 to file written proofs of claim
to court-appointed estate administrator Alexander Schoeller  at:

         Dr. Alexander Schoeller
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Sept. 4 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 6 (Bankr. Case No. 6 S 83/07h).  Stephan Riel represents
Dr. Schoeller in the bankruptcy proceedings.


TEUSCHL KEG: St. Poelten Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of St. Poelten entered July 10 an order shutting
down the business of KEG Teuschl (FN 146564k).

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

The estate administrator can be reached at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at  

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on July 6 (Bankr. Case No 14 S 122/07t).


WS-TELESHOP: Claims Registration Period Ends Aug. 20
----------------------------------------------------
Creditors owed money by LLC WS-Teleshop International (FN
108975h) have until Aug. 20 to file written proofs of claim to
court-appointed estate administrator Gernot Hain at:

         Dr. Gernot Hain
         c/o Dr. Ulrike Gruenling-Schopf
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84141
         Fax: 02622/84141-23
         E-mail: hain.advocat@utanet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neudorf , Austria, the Debtor declared
bankruptcy on July 9 (Bankr. Case No. 10 S 71/07f).  Ulrike
Gruenling-Schopf represents Dr. Hain in the bankruptcy
proceedings.


ZEISE LLC: Claims Registration Period Ends Aug. 16
--------------------------------------------------
Creditors owed money by LLC Zeise (FN 116150i) have until
Aug. 16 to file written proofs of claim to court-appointed
estate administrator Alois Tauchner at:

         Dr. Alois Tauchner
         Bahnstrasse 11
         2483 Ebreichsdorf
         Austria
         Tel: 02254/72704
         Fax: 022254/72705
         E-mail: tauchner.alois@aon.at  

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

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on July 9 (Bankr. Case No. 10 S 70/07h).  


===============
B U L G A R I A
===============


JETFINANCE INT’L.: Cetelem Acquisition Cues S&P’s B+ Ratings
------------------------------------------------------------
Standard & Poor's Rating Services placed its 'B+/B' long- and
short-term counterparty credit ratings on Bulgaria-based
JetFinance International AD on CreditWatch with positive
implications.

The rating actions follow the announcement that Cetelem
(AA+/Stable/A-1+), the consumer finance subsidiary of BNP
Paribas (AA+/Stable/A-1+), has agreed to acquire a 100%
shareholding in JetFinance.  The deal is subject to regulatory
approvals.

"The CreditWatch placement on JetFinance reflects the strong
upside potential for the company's creditworthiness, resulting
from the change of control," said Standard & Poor's credit
analyst Jerome Chui.

Standard & Poor's expects that JetFinance will benefit from
product, operational, managerial, and financial support from
Cetelem, which would boost its market franchise and financial
strength in the highly competitive and fast-growing Bulgarian
consumer finance market.

"Standard & Poor's expects to resolve the CreditWatch placement
on completion of the acquisition and after further discussions
on strategy, funding, and managerial and financial support with
the new shareholders," added Mr. Chui.


=============
D E N M A R K
=============


BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B-
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings
on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The outlook
is negative.

"The ratings action reflects deteriorating operating performance
and declining credit protection metrics," said Standard & Poor's
credit analyst David Kuntz, "as the company spent more on
marketing and cut its fees for Total Access in response to
increased competitiveness in the industry.  "The company also
recently amended its senior secured credit agreement to avoid
covenant violations.  "Standard & Poor's believes Blockbuster's
operating performance will remain weak," added Mr. Kuntz, "given
the industry's poor fundamentals and increasing
competitiveness."

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.


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


HILTON HOTELS: Sets Special Stockholders' Meeting for Sept. 18
--------------------------------------------------------------
Hilton Hotels Corporation has scheduled a special meeting of
stockholders for Sept. 18, 2007, at 9:00 a.m. local time.  The
special meeting will be held at the Beverly Hilton, 9876
Wilshire Boulevard, Beverly Hills, California.

At the special meeting, Hilton's stockholders will vote upon a
proposal to adopt the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the merger is subject
to certain conditions, including the receipt of required
regulatory approvals and the approval of Hilton's stockholders.
Hilton's stockholders of record as of the record date of
Aug. 6, 2007 are entitled to vote on the proposed acquisition at
the special meeting.

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 this announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

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


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


DELPHI CORP: Attains Tentative Accord with IUE-CWA and GM
---------------------------------------------------------
Delphi Corp. continues to make significant progress on its
transformation initiatives and has signed a Memorandum of
Understanding with four additional unions representing certain
U.S. hourly employees.  The company reached tentative pacts with
the IUE-CWA (International Union of Electronic, Electrical,
Salaried, Machine and Furniture Workers-Communications Workers
of America), International Association of Machinists (IAM),
International Brotherhood of Electrical Workers (IBEW),
International Union of Operating Engineers (IUOE) and General
Motors covering workforce transition, legacy pension items as
well as other comprehensive transformational matters.  The
agreements are subject to union ratification and approval by the
U.S. Bankruptcy Court.

"This series of tentative labor agreements demonstrates Delphi's
continued commitment to achieving a consensual resolution with
all parties in its Chapter 11 cases," John Sheehan, Delphi's
chief restructuring officer, said.  "We believe these
agreements, if ratified, provide additional traction towards our
emergence."

Delphi will not comment on the details of the tentative
agreements, pending ratification by the respective unions.

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

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


HEXCEL CORP: Completes US$62.5 Mln Asset Sale to JPS Industries
-------------------------------------------------------------
Hexcel Corporation has completed the sale of the remaining
assets of its U.S. Electronics, Ballistics & General Industrial
reinforcement product lines to JPS Industries Inc.  

Hexcel has received the agreed upon initial cash purchase price
of US$62.5 million and it may receive up to US$12.5 million of
additional payments dependent upon future sales of the
Ballistics product line.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                         *     *     *

As reported in the Troubled Company Reporter on June 25, 2007,
Moody's Investors Service raised Hexcel Corporation's Corporate
Family Rating to Ba3 from B1.  The ratings on Hexcel's senior
secured credit facility were upgraded to Ba1 from Ba2, while the
subordinated notes ratings were upgraded to B1 from B3.  The
ratings outlook is stable.


POLYMER GROUP: Registers Class A Common Stock with U.S. SEC
-----------------------------------------------------------
Polymer Group Inc. has filed a registration statement on Form
S-3 with the U.S. Securities and Exchange Commission.

The shelf registration statement covers Class A Common Stock
having an aggregate sales amount of up to US$350 million held by
MatlinPatterson Global Opportunities Partners L.P. and certain
of its affiliates.  The shelf registration statement will permit
such selling stockholders to sell, from time to time, shares of
PGI's Class A Common Stock but they are under no obligation to
do so.  The selling stockholders will determine the number of
shares to be included in any offering and have informed the
company that they intend to make sales as early as the third
quarter of 2007 based on market conditions.  PGI will not
receive any proceeds from the sale of such shares.

A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective.  The securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective.

Polymer Group, Inc., -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision followed several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' corporate
credit rating and other ratings on Intertape Polymer Group Inc.
remain on CreditWatch with negative implications, following the
company's recent announcement of a proposed rights issue of up
to US$90 million.
     
The ratings were originally placed on CreditWatch in
October 2006, after Intertape's announcement of a strategic
review process and S&P's concerns regarding weak operating
performance and tight liquidity.  Littlejohn & Co. LLC's
subsequent attempt to acquire the company was unsuccessful, and
the related financing transaction was cancelled.  S&P are
withdrawing its ratings on Tape Borrower Inc. because of the
cancellation of the financing transaction related to the
proposed acquisition.
      
"We remain concerned about Intertape's liquidity.  Of particular
concern were the company's comments at the time of the proposed
acquisition that if the acquisition was not approved by
shareholders, Intertape may have to seek appropriate
accommodations from its lenders with respect to financial
covenants," said Standard & Poor's credit analyst Paul Kurias.
     
The company's US$75 million revolving credit facility is a key
source of liquidity and any constraints in access to the
facility will meaningfully weaken liquidity.  In the recent
past, on occasions when full access to the US$75 million
facility would have resulted in a breach of financial covenants,
Intertape has had only limited access to the facility.
     
The company also has an unfavorable debt maturity profile with
the revolving credit facility scheduled to mature in 2009.  In
addition, S&P have concerns about the highly leveraged financial
profile.  Total adjusted debt outstanding as of March 31, 2007,
was US$338 million.
     
To date, Intertape Polymer has received commitments from some
shareholders totaling slightly more than over US$60 million for
the proposed rights offering.  If successful, the transaction is
likely to partly address our liquidity and leverage concerns.  
The company plans to use proceeds to pay down debt.  Pro forma
for the US$90 million transaction and the payment of debt, total
adjusted debt to EBITDA at March 31, 2007, would have been about
4.1x, down from the actual level of 5.5x.
     
However, Standard & Poor's notes that the commitments from
shareholders are contingent on the company's ability to avoid a
default on its existing credit facilities.  Therefore, if the
rights offering is not consummated or if the company is unable
to obtain bank covenant relief, S&P will likely lower the
ratings.  If the transaction and debt payment occur as planned,
S&P will raise the corporate credit rating on Intertape to 'B'
from 'B-' to reflect a meaningful decline in leverage, an
improvement in liquidity, and its expectation for an improvement
in the company's operating performance.  

The 'B' corporate credit rating will reflect a limited scope of
operations in the tapes niche of the North American packaging
sector and a small presence in films, low margins with some
volatility in earnings, vulnerability to cyclical end markets,
and a highly leveraged financial profile.  These risks are
partly offset by a fair position in the company's market niches,
breadth of customer base, and positive growth prospects for
industrial tape demand in North America.  The outlook will be
stable.  

The need to refinance debt within the next two years and the
volatility in earnings, as demonstrated in the second half of
2006 when quarterly earnings declined sharply for reasons
including a weaker housing market, which is an ongoing concern,
will constrain the ratings.  The recent track record of low
liquidity, including issues with covenant compliance, also
constrains the ratings.
     
S&P expect to resolve the CreditWatch listing when information
on the company's capacity to meet its financial covenants,
receipt of proceeds from the rights issue, and payment of debt
becomes available.

Polymer Group, Inc., -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.


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


METROMEDIA INTERNATIONAL: Fursa Submits Revised Buyout Offer
------------------------------------------------------------
Metromedia International Group Inc. received a letter from Fursa
Alternative Strategies LLC, owner of 7,907,610 shares of Company
common stock -- around 7.7% of the issued and outstanding shares
as of July 17, 2007 -- restating its unsolicited proposal of
Aug. 1, 2007 to acquire all issued and outstanding shares of
Metromedia common stock, other than the 7,907,610 shares already
owned by Fursa, at a purchase price of US$2.05 per share in
cash.

In its restated proposal, Fursa:

   -- affirmed its legal and financial ability to fund the cash
      portion of its proposed US$69 million equity commitment;

   -- provided a revised non-binding letter from a prospective
      debt financing source, in which this prospective source
      states it is highly confident of its ability to arrange
      the debt financing Fursa seeks, having taken into account
      the absence of audited U.S. GAAP financial statements for
      the Company and current financing market conditions; and

   -- advised that, although it will seek clarification from the
      Securities and Exchange Commission, Fursa is confident
      that its proposal should not trigger heightened disclosure
      under Rule 13e-3 of the Securities Exchange Act of 1934,
      as amended, that a filing with the Securities and Exchange
      Commission under Schedule 13e-3 will not be required,
      given that Fursa is not an affiliate of Metromedia and is
      merely seeking to replace a third party in an already
      negotiated arms-length agreement.

Fursa's proposal is subject to completion of due diligence and
the letter from its prospective debt financing source is non-
binding and subject to a number of material conditions.

On July 17, 2007, Metromedia entered into a definitive agreement
with CaucusCom Ventures L.P. and CaucusCom Mergerco Corp. under
which Merger Sub commenced on July 18, 2007 a tender offer for
all of the shares of Metromedia's outstanding common stock at a
price of US$1.80 per share in cash.  Unless the CaucusCom Offer
is extended, the CaucusCom Offer and any withdrawal rights to
which Metromedia's stockholders may be entitled will expire at
12:00 midnight, New York City time, on Aug. 14, 2007.

Following an evaluation of Fursa's Aug. 6, 2007, letter and
after consultation with its financial and legal advisors, the
Metromedia board has authorized the Company and its
representatives, subject to execution by Fursa of an acceptable
confidentiality agreement, to provide information to and enter
into discussions with Fursa and its representatives regarding
Fursa's unsolicited proposal.

While the Metromedia board has made the determination necessary
under its merger agreement with CaucusCom to permit the
foregoing to occur, the Metromedia board has not determined that
the Fursa proposal, as submitted on Aug. 1, 2007, and clarified
on Aug. 6, 2007, is a superior proposal relative to the
CaucusCom Offer, and there can be no assurance that Fursa will
ultimately make an offer that the Metromedia board may determine
constitutes a superior proposal.

At this time, the Metromedia board is not making any
recommendation with respect to the Fursa proposal and it has not
changed, and continues to support, its recommendation that the
Company's stockholders accept the CaucusCom Offer and tender
their shares in the CaucusCom Offer and, if necessary, adopt the
CaucusCom merger agreement and the merger and other transactions
contemplated thereby.

                        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
=============


BENQ CORP: Mulls Counterclaims Against Prager & German Unit
-----------------------------------------------------------
BenQ Corp is considering filing counterclaims against its German
subsidiary, BenQ Mobile GmbH & Co, and its insolvency
administrator Martin Prager, Forbes reports.

Mr. Prager, the report recounts, had earlier initiated two
lawsuits against BenQ in a court in Munich, demanding two
separate payments of EUR14.2 million and EUR68.9 million.

The insolvency case filed against the German unit resulted from
the Taiwan parent company's decision in September 2006 to cease
further investment in mobile handset unit, the report points
out.

According to BenQ, the lawsuits filed by Mr. Prager had to do
with certain accounts payable made by BenQ Mobile to the parent
company in 2006, which the unit now demands to be returned.

It said, however, that BenQ believes the relevant payments
demanded by Mr. Prager had been made as ordinary payments for
goods sold, Forbes says, citing BenQ's filing with the Taiwan
Stock Exchange.

The filing did not elaborate further, the report says.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CHRYSLER LLC: Appoints Robert Nardelli as Chairman and CEO
----------------------------------------------------------
Chrysler LLC's Board of Directors has appointed Robert "Bob"
Nardelli as chairman and CEO of Chrysler LLC.  The Board also
announced that Tom LaSorda has been appointed vice chairman and
president of Chrysler LLC, reporting to Mr. Nardelli.

"We are excited to welcome Bob to the Chrysler family," said
Mr. LaSorda.  "Bob has a proven track record of success and an
unwavering focus on performance, and brings deep operational
experience and a broad industry background to Chrysler.  His
background in operations will provide valuable knowledge as we
continue Chrysler's turnaround."

"I am very excited to be part of a team focused on re-
establishing Chrysler as a standalone industry leader,
with a renewed focus on meeting the needs of customers," said
Mr. Nardelli.  "Chrysler has many deeply talented and dedicated
people, and I am confident that together we can continue the
momentum of Chrysler's recovery and return this great American
icon to a path for global growth and competitiveness."

In addition, Eric Ridenour, chief operating officer, has elected
to leave the new company to pursue other opportunities.  The COO
position will not be filled going forward.  "Eric gave this
company 23 years of great service and leadership," said
Mr. LaSorda. "We wish him well in his new pursuits."

Concurrent with the close of the Chrysler transaction on Aug. 3,
2007, the new Board of Directors of Chrysler LLC was formed.  It
consists of 11 members, including Mr. Nardelli, Mr. LaSorda,
representatives of Cerberus and Daimler, and independent
directors.

Cerberus and Chrysler thanked Wolfgang Bernhard for his
contributions leading to the closing of this transaction.  Both
Cerberus and Chrysler had looked forward to his continuing
contributions as non-executive chairman of Chrysler, however due
to personal and family reasons he was not able to accept that
role.

Cerberus has also asked, and Tom LaSorda has agreed, to serve as
the vice chairman of Cerberus Operating and Advisory Company
LLC, Cerberus' proprietary operations advisory affiliate.  In
that role, Mr. LaSorda will assist in the continuing development
of COAC, which works closely with the portfolio companies in
which the funds and accounts managed by Cerberus are invested.

Prior to joining Chrysler, Mr. Nardelli served as chairman,
president and CEO of The Home Depot beginning in 2000.  During
his tenure at The Home Depot he doubled sales as well as the
number of store operations; moved globally into Mexico and
China; and delivered more than 20 percent earnings-per-share
growth for four consecutive years while growing dividends from
16 cents to 90 cents per share.  Mr. Nardelli also has extensive
senior operations experience in manufacturing and transportation
systems.

Mr. Nardelli received his bachelor's degree in business from
Western Illinois University and earned a Master of Business
Administration from the University of Louisville.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up  
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

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

                           *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CHRYSLER LLC: S&P Rates US$5 Billion First Lien Term Loan at B
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, we assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate our expectation for
very high (90%-100%) recovery in the event of payment default.
We also assigned a 'B' rating to the US$5 billion "second-out"
first-lien term loan tranche.  This rating, the same as the
corporate credit rating, and the '3' recovery rating indicate
our expectation for a meaningful (50%-70%) recovery in the event
of payment default.

At the same time, we affirmed our rating on Chrysler LLC's US$2
billion second-lien term loan due 2014. The corporate credit
rating was not affected by the higher margins on the first-lien
and second-lien term loans, which will reduce cash flow
protection measures.

In the new first-lien structure, the "first-out" first-lien term
loan holders enjoy added protection provided by their enhanced
position in the recovery process relative to the "second-out"
first-lien term loan holders.  The new structure resulted in
better recovery estimations for the "first-out" first-lien term
loan holders (from the upper 70%-90% range for the initially
proposed US$10 billion first-lien term loan to 90%-100% for the
US$5 billion "first-out" piece).  The recovery prospects for the
US$5 billion "second-out" first-lien term loan holders are
diminished as a result of their standing behind the "first-out"
holders, and are now in the high end of the 50%-70% range.  The
previous 'B+' loan rating and '2' recovery rating on the
US$10 billion first-lien term loan are withdrawn.

We note that certain changes made to the first-lien and second-
lien structures did not impact our recovery analysis:
     
   -- The maturities of the first-lien and second-lien term
      loans are shorter;

   -- The pricing on the "first-out", "second-out" tranches is
      higher than the original single first-lien tranche;

   -- Cash of US$2.5 billion will be included in the first-lien
      borrowing base and held in a collateral account managed
      by the agent bank;
   -- The provision for an accordion feature in the first lien
      has been eliminated; and

   -- The second lien will now be governed by a borrowing base
      and the delayed draw period extended to 12 months,
      although in our recovery analysis we continue to assume
      this loan in fully drawn.

The first-lien and second-lien term loans closed as part of the
purchase of Chrysler LLC.  The US$2 billion second-lien debt is
now held by Cerberus Capital Management LP (US$500 million) and
DaimlerChrysler AG (BBB/Watch Pos/A-2; US$1.5 billion).  After
one year, DCX has the right to sell this loan to investors.  
S&P’s recovery ratings are still preliminary and subject to
receipt and review of final documentation. S&P would review the
recovery ratings if further changes are made to any terms and
conditions in conjunction with future sales of the financings.

                           Ratings List

Chrysler LLC

   -- Corporate credit rating                      B/Negative/--

                         Ratings Assigned

   -- US$5 billion first-out first-lien term loan due 2013   BB-
      (Recovery rtg: 1)

   -- US$5 billion second-out first-lien term loan due 2013  B
      (Recovery rtg: 3)

                         Rating Withdrawn

   -- US$10 billion first-lien term loan due 2014            B+
      (Recovery rtg: 2)

                        Rating Affirmed

   -- US$2 billion second-lien term loan due 2014            B-
      (Recovery rtg: 5)


D KRAMER BAU: Creditors' Meeting Slated for Aug. 31
---------------------------------------------------
The court-appointed insolvency manager for D. Kramer Bau GmbH,
Hermann Berding will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:05 a.m. on
Aug. 31.

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

         The District Court of Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany
       
The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on Oct. 26 at the same venue.

Creditors have until Aug. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against D. Kramer Bau GmbH on July 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         D. Kramer Bau GmbH
         Attn: Bernhard Kramer, Manager
         Loruper Str. 4
         26169 Friesoythe-Gehlenberg
         Germany


DELFT BLUMENGROSSHANDEL: Creditors' Meeting Slated for Sept. 4
--------------------------------------------------------------
The court-appointed insolvency manager for Delft
Blumengrosshandel GmbH, Christian Koehler-Ma will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:35 a.m. on Sept. 4.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Dec. 18 at the same venue.

Creditors have until Oct. 26 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Delft Blumengrosshandel GmbH on July 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Delft Blumengrosshandel GmbH
         Hoenower Str. 14
         12623 Berlin
         Germany


INTERPRINT SAARLORLUX: Creditors' Meeting Slated for Sept. 3
------------------------------------------------------------
The court-appointed insolvency manager for InterPrint SaarLorLux
GmbH, Martin Abegg will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m. on Sept. 3.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Oct. 15 at the same venue.

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

The insolvency manager can be reached at:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany
         Tel: 0681-31026
         Fax: 0681-390008

The District Court of Saarbruecken opened bankruptcy proceedings
against InterPrint SaarLorLux GmbH on July 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         InterPrint SaarLorLux GmbH
         Attn: Barbara Kuegeler, Manager
         Hubertusstr. 22
         66693 Mettlach
         Germany


LEA IMMOBILIEN: Claims Registration Period Ends Sept. 4
-------------------------------------------------------
Creditors of LEA Immobilien GmbH have until Sept. 4 to register
their claims with court-appointed insolvency manager Rainer U.
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against - LEA Immobilien GmbH on July 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LEA Immobilien GmbH
         Attn: Juergen Neininger, Manager
         Katharinengasse 24
         86150 Augsburg
         Germany


MARQUARD-AUTOMOBILE: Claims Registration Period Ends Aug. 27
------------------------------------------------------------
Creditors of Marquard-Automobile GmbH & Co. KG have until
Aug. 27 to register their claims with court-appointed insolvency
manager Henning Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Henning Kempermann
         Hildesheimer Str. 265
         30519 Hannover
         Germany
         Tel: 0511 87592495
         Fax: 0511 8759100

The District Court of Hannover opened bankruptcy proceedings
against Marquard-Automobile GmbH & Co. KG on July 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Marquard-Automobile GmbH & Co. KG
         Attn: Holger Marquard, Manager
         Hildesheimer Str. 245
         30880 Laatzen
         Germany


MCA MOEBEL-AGENTUR: Claims Registration Period Ends Sept. 5
-----------------------------------------------------------
Creditors of MCA Moebel-Agentur GmbH have until Sept. 5 to
register their claims with court-appointed insolvency manager
Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 15, 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against MCA Moebel-Agentur GmbH on July 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MCA Moebel-Agentur GmbH
         Bahnhofstr. 9
         32816 Schieder-Schwalenberg
         Germany


PETER PAN: Claims Registration Period Ends Sept. 7
--------------------------------------------------
Creditors of Peter Pan Betreiber GmbH have until Sept. 7 to
register their claims with court-appointed insolvency manager
Peter May.

Creditors and other interested parties are encouraged to attend
the meeting at 7:55 a.m. on Sept. 28, 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 Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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. Peter May
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871/9432150

The District Court of Landshut opened bankruptcy proceedings
against Peter Pan Betreiber GmbH on July 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Peter Pan Betreiber GmbH
         Meisenstr. 30
         84030 Ergolding
         Germany


S-CORE 2007-1: Fitch Rates EUR19.7 Mln Class E Notes at BB
----------------------------------------------------------
Fitch has assigned final ratings to S-CORE 2007-1 GmbH 's issue
of EUR509.65 million of floating-rate notes as follows:

   -- EUR363.8 million Class A-1, ISIN XS0312778680: 'AAA'
   -- EUR91 million Class A-2, ISIN XS0312801763: 'AAA'
   -- EUR8.8 million Class B, ISIN XS0312778920: 'AA'
   -- EUR9.6 million Class C, ISIN XS0312779068: 'A'
   -- EUR12.4 million Class D, ISIN XS0312779142: 'BBB'
   -- EUR19.7 million Class E, ISIN XS0312779225: 'BB'

The EUR4.3 million Class F fixed-rate notes are not rated.

This transaction is a cash securitization of loans certified by
certificates of indebtedness (Schuldscheindarlehen) to German
small-and medium-size enterprises.  The Class A to E notes were
issued by S-CORE 2007-1 GmbH, which is incorporated as a
special-purpose vehicle in Germany, through the true sale
initiative platform.

The final ratings are based on the quality of the collateral,
available credit enhancement, priority of payments (which
incorporates an excess cash trapping mechanism), and sound legal
and financial structure of the transaction.  Credit enhancement
for the Class A to E notes is provided by subordination, a
reserve account and available excess spread.

The issuer issued EUR509.65 million of fixed and floating-rate
notes and used the proceeds of the Class A to E notes to invest
in a EUR505.35 million portfolio of SME loans.  This portfolio
will remain static with a weighted average life of around 5.5
years.  The proceeds of the Class F notes will fund the reserve
account with an initial amount of EUR4.3 million.  The portfolio
companies were selected by Deutsche Bank AG, the originator and
servicer.  The scheduled maturity date of all the classes of
notes is 25 April 2014, and the legal maturity date is 25 April
2016.

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

The portfolio comprises senior unsecured loan instruments that
have a bullet maturity at one of three possible maturity dates,
the earliest in March 2012.  Once certain conditions are met,
the notes will be allowed pro-rata payment and amortize until a
new pre-defined capital structure has been reached.  This
structure is in place because approximately 60% of the initial
pool volume is due for repayment in year five.

To assess the credit quality of the portfolio, Fitch used a
mapping approach to DB's internal rating system.  Based on the
mapping, the agency deems the average credit quality of the SME
portfolio to be equivalent to a rating of 'BBB-'/'BB+'.


SCHIEDER MOEBEL: To be Split & Sold in Parts, Administrator Says
----------------------------------------------------------------
Some of Schieder Moebel Holding GmbH’s subsidiaries have been
divided into Internationale Mobel Selection and Schieder Europa
Holding and are slated to be sold in Switzerland and Austria,
Handelsblatt reports, citing insolvency administrator Sven-
Holger Undritz.

More than 20 businesses within the Schieder group are also up
for sale and a change of ownership is expected by the end of
September, the report says.  Mr. Undritz is hoping German
furniture production sites will be part of the package and the
purchase price will be enough to repay most of the EUR65 million
loan from the Bank of New York.

Concurrently, it appears that the Bank of New York may be the
only Schieder creditor to be repaid, as the bank obtained
extensive surety when it granted a bridge loan to the insolvent
group, Handelsblatt relates, quoting Mr. Undritz.  The
administrator estimates that Schieder’s total liabilities have
now reached EUR400 million.

                      About Schieder Moebel

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

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


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


ADVANCED MEDICAL: Withdraws Bid to Acquire Bausch & Lomb
--------------------------------------------------------
Advanced 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.  

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 US$75 per share offer that
[AMO] proposed."

AMO argued that Bausch & Lomb remained intent on delivering its
business to Warburg Pincus at US$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 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.

                   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.

                         *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Moody's Investors Service maintains Advanced Medical Optics,
Inc. ratings on review for possible downgrade following AMO's
announcement of its offer for Bausch & Lomb, Inc. for US$75 per
common share in a combination of US$45 in cash and US$30 in AMO
common stock.

These ratings remain on review for possible downgrade: B1
Corporate Family Rating; B1 Probability of Default Rating; Ba1
(LGD2/14%) rating on US$300 million senior secured revolver due
2013; Ba1 (LGD2/14%) rating on US$450 million senior secured
term loan B due 2014; B1 (LGD4/50%) rating on US$250 million
senior subordinated notes due 2017; and B3 (LGD5/81%) rating on
US$251 million convertible senior subordinated notes due 2024.


ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
listing for the ratings on Advanced Medical Optics Inc. to
CreditWatch with negative implications from CreditWatch with
developing implications.
      
"The action reflects the company's August 2 retraction of its
bid to acquire Bausch & Lomb for US$4.3 billion, citing
unrealistic hurdles set by B&L," explained Standard & Poor's
credit analyst Cheryl Richer.
     
Thus, there is no longer the upside potential for the rating on
AMO that might have been achieved through an increase in scale
and product diversity.  While AMO will not incur debt of about
US$2.6 billion (excluding the assumption of US$830 million of
B&L debt) to finance the acquisition, it has already been
extremely acquisitive over the past several years; debt
increased by US$700 million in the second quarter of 2007 due to
the acquisition of IntraLase Corp.  The B&L bid revealed the
company's willingness to increase debt leverage to a greater
level (over 6.5x on an adjusted basis) than that incurred in
previous transactions.  

In addition, the May 27 global recall of MoisturePlus
multipurpose lens care solution has harmed revenues and will
result in extraordinary charges; on June 26, the company lowered
its guidance for 2007 and 2008 revenues and earnings.  Although
the company has begun to ship an alternative multipurpose
solution outside the U.S., which should be available to U.S.
consumers in September, it will be challenged to regain lost
market share.  Standard & Poor's will review AMO's strategy and
financial policy given these events and resolve the CreditWatch
listing within the next few weeks.

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.


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


ALITALIA SPA: Chairman Commences Hunt for Potential New Bidders
---------------------------------------------------------------
Alitalia S.p.A. chairman Maurizio Prato has commenced the search
for potential bidders for the Italian government's stake in the
troubled carrier, Finanza & Mercati reports.

Mr. Prato, Finanza & Mercati relates, may meet representatives
for AirFrance, Lufthansa, and Aeroflot this week.

The chairman, Finanza & Mercati says citing people privy with
the carrier, has started informal talks with TPG Inc.,
MatlinPatterson Global Advisers LLC and AirOne S.p.A. -- all
bidders from the failed auction to privatize Italy's 39.9%
stake.

As reported in the TCR-Europe on Aug. 3, 2007, Alitalia's board
of directors appointed Maurizio Prato to replace Berardino
Libonati as new chairman.

Mr. Libonati resigned as chairman and director, following the
failed sale process initiated by the Italian government, which
holds a 49.9% stake in the national carrier.

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

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

                          About Alitalia

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

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


FIAT SPA: Repurchases 1.11 Million Ordinary Shares
--------------------------------------------------
Within the frame of the buy back program announced on April 5,
2007, Fiat S.p.A. purchased 1.11 million Fiat ordinary shares at
the average price of EUR19.701 including fees on Aug. 7.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 17.927 million for
a total invested amount of EUR377.8 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                         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.


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


BAYKEN TRANS: Proof of Claim Deadline Slated for Sept. 18
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Bayken Trans Munay insolvent.

Creditors have until Sept. 18 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jakayev Str. 71
         Kyzylorda
         Kazakhstan


ISLAM & CO: Creditors Must File Claims Sept. 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Islam & Co. (RNN 600900140367) insolvent on
June 20.

Creditors have until Sept. 13 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makatayev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (3272) 79-86-66
              8 (3272) 79-86-76
              8 701 125 56-55


HUMANITARIAN INSTITUTE: Claims Filing Period Ends Sept. 12
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP East Kazakhstan Engineering-Humanitarian
Institute insolvent on June 14.

Creditors have until Sept. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


SILS-A LLP: Creditors' Claims Due on Sept. 13
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sils-A (RNN 600900122028) insolvent on June 20.

Creditors have until Sept. 13 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makatayev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (3272) 79-86-66
              8 (3272) 79-86-76
              8 701 125 56-55


VALEOLOGICAL CENTRE: Claims Registration Ends Sept. 12
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Valeological Centre insolvent on June 16.

Creditors have until Sept. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


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


ECORESOURCE LLC: Creditors Must File Claims by September 14
-----------------------------------------------------------
LLC Ecoresource has declared insolvency.  Creditors have until
Sept. 14 to submit written proofs of claim to:

         LLC Ecoresource
         Lenin Str. 44
         Naryn
         Kyrgyzstan
         Tel: 8 (+996 312) 5-04-06


TARIEL TRANSPORT: Proof of Claim Deadline Slated for Sept. 14
-------------------------------------------------------------
LLC Tariel-Transport (INN 02409200210056) has declared
insolvency.  Creditors have until Sept. 14 to submit written
proofs of claim to:

         LLC Tariel-Transport
         Lenin Street
         Osh
         Kyrgyzstan


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


EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01%
-------------------------------------------------
Evraz Group S.A. now holds a 56.01% stake in Highveld Steel and
Vanadium Corp. Ltd. after acquiring 1.89% holdings from the
South African firm's shareholders, Thomson Financial reports.

Evraz, Thomson Financial reports, will hold an 80.9% stake in
Highveld after it completes the exercise of its option to buy
Credit Suisse International's 24.9% stake in the South African
group.

As reported in the TCR-Europe on Aug. 3, 2007, Evraz's board of
directors approved the company's plan to acquire a 24.9% stake
in Highveld from Credit Suisse for US$219 million.  

Evraz CEO Alexander Frolov said the company may exercise an
option to buy Credit Suisse's 24.9% stake in Highveld, with a
view to hike its stake in Highveld to around 80% percent these
coming months.  

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


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


FIXED-LINK: Fitch Junks Class C2 Notes on Eurotunnel Payment
------------------------------------------------------------
Fitch Ratings has upgraded the Class A1 and A2 unwrapped
tranches of Fixed-Link Finance B.V. to 'AAA' from 'BB+' and the
Class B1 and B2 notes to 'AAA' from 'B+'.  

The Class C2 notes have been downgraded to 'CCC' from 'B-', now
encompassing a 'DR2' recovery rating.  All ratings have been
taken off Rating Watch Negative.  This action follows FLF1's
receipt of cash from Eurotunnel, which refinanced its debt in
June 2007.  The ratings are listed below.

FLF1 invested in Eurotunnel's Tier 1, 2 and 3 tranches of debt
in 2001.  In June 2007, Eurotunnel came out of insolvency
proceedings and, as negotiated with its creditors, repaid
existing debt using a GBP2.84 billion facility together with
some notes redeemable as shares.  Electing to take cash for its
impaired holding in Tier 3, FLF1 received around GBP916 million
(plus accrued interest).  As required under the transaction
documents, this cash is invested in 'eligible investments' that
must be rated 'AAA'.  The existing structure can not be prepaid
immediately (with premia requirements), but has to wait until
February 2009 when a fast-pay mechanism will use all available
cash to repay the Class A, B and C notes sequentially at par.  
All cash is available (and able) to pay interest service on all
the notes between now and 2009.

In February 2009, using existing cash accumulated in FLF1, the
new, reinvested cash receipts, receipts from derivative
instruments and the guaranteed interest contract, net of certain
expenses, the monoline-wrapped Class G and unwrapped Class A and
B notes are expected to be repaid in full.  Depending on net
cashflows and re-investment rates between now and February 2009,
Class C notes are not expected to be repaid in full.  The Class
C 'CCC' rating reflects an inevitable default (in February 2009)
and encompasses a 'DR2' distressed debt rating, denoting
superior (70-90%) recovery prospects.

The ratings of FLF1 are:

   -- GBP200 million Class A1 notes due 2025 upgraded to 'AAA'
      from 'BB+', removed from RWN

   -- EUR103 million Class A2 notes due 2025: upgraded to 'AAA'
      from 'BB+', removed from RWN

   -- GBP0.05 million Class B1 notes due 2025: upgraded to 'AAA'
      from 'B-', removed from RWN

   -- EUR135 million Class B2 notes due 2025: upgraded to 'AAA'
      from 'B-', removed from RWN

   -- EUR142 million Class C2 notes due 2025: downgraded to
      'CCC' 'DR2' from 'B-', removed from RWN

FLF1's GBP232 million Class G1 and EUR365 million Class G2
notes, all due 2025 (both wrapped by MBIA), are affirmed at
'AAA'


SKYLINE 2007: Fitch Rates EUR43.5 Million Class E Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to SKYLINE 2007 B.V.'s
issue of EUR3 billion floating-rate notes:

   -- EUR2.54 billion Class A ISIN: NL0000886935: 'AAA'
   -- EUR162 million Class B ISIN: XS0304009847: 'AA'
   -- EUR133.5 million Class C ISIN: XS0304022279: 'A'
   -- EUR121.5 million Class D ISIN: XS0304022436: 'BBB'
   -- EUR43.5 million Class E ISIN: XS0304022865: 'BB'

EUR24 million Class F ISIN: NL0000886943 is not rated.

This transaction is a EUR3 billion cash flow securitization of a
pool of small commercial mortgage loans originated by FGH Bank
N.V., a wholly owned subsidiary of Rabobank Group (rated
'AA+'/Outlook stable/'F1+').

The portfolio consists of 605 obligors that are secured by more
than 4,600 commercial real estate properties in the Netherlands.  
The transaction benefits from structural protection via a
principal deficiency ledger to trap excess margin from the time
a loan has experienced a loss.  Additional excess spread is
trapped in the reserve for expected losses at the time of
default.

The final ratings on the Class A to E notes address the timely
payment of interest and the repayment of principal by legal
final maturity on the Class A to E notes in accordance with the
terms and conditions of the documentation.

The final ratings are based on the quality of the collateral,
available credit enhancement, the financial structure of the
transaction, the underwriting and servicing of the collateral
and the transaction's legal structure. CE for the Class A notes
totals 16.15% and is provided by the subordination of the Class
B notes (5.4%), the Class C notes (4.45%), the Class D notes
(4.05%), the Class E notes (1.45%) and the Class F notes (0.8%).
The CE for Class B, C, D and E notes is 10.75%, 6.3%, 2.25% and
0.8% respectively.

The scheduled maturity of all Classes of notes is July 2042 and
the legal maturity is July 2043.


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


KRONOS WORLDWIDE: Parent Posts Second Quarter 2007 Results
----------------------------------------------------------
Kronos Worldwide, Inc., the parent company of Kronos
International disclosed break even operations for the second
quarter of 2007 compared with net income of US$12.8 million, or
US$.26 per diluted share, in the second quarter of 2006.  For
the first six months of 2007, Kronos reported net income of
US$12.9 million, or US$.26 per diluted share, compared with net
income of US$28.5 million, or US$.58 per diluted share, in the
first six months of 2006.  The Company's results in the second
quarter of 2007 include an US$8.7 million non-cash provision for
income taxes, as discussed below.

Net sales of US$342.6 million in the second quarter of 2007 were
US$2.5 million, or 1%, lower than the second quarter of 2006.
Net sales of US$656.6 million for the first six months of 2007
were US$7.2 million, or 1%, higher than the first six months of
2006.  Net sales decreased in the second quarter of 2007
primarily due to lower average TiO2 selling prices and sales
volumes, partially offset by the favorable effect of
fluctuations in foreign currency exchange rates which increased
sales by approximately US$15 million.  For the year-to-date
period, net sales increased due to the favorable effect of
fluctuations in foreign currency exchange rates, increasing
sales by approximately US$31 million.  This increase was
partially offset by lower average TiO2 selling prices and sales
volumes.  The table at the end of this release shows how each of
these items impacted the overall increase in sales.

The Company's TiO2 segment profit for the second quarter of 2007
was US$25.5 million compared with US$37.3 million in the second
quarter of 2006, and was US$56.6 million for the first six
months of 2007 compared with US$74.5 million for the first six
months of 2006.  Segment profit decreased in the second quarter
of 2007 compared to the second quarter 2006 due to lower average
TiO2 selling prices and sales and production volumes and
slightly higher raw material costs, partially offset by the
positive effect of fluctuations in foreign currency exchange
rates which increased segment profit by approximately US$4
million.  Full year segment profit decreased primarily due to
lower average TiO2 selling prices and sales volumes and higher
raw material and energy costs, partially offset by the positive
effect of fluctuations in foreign currency exchange rates which
increased segment profit by approximately US$7 million.

The Company's second quarter 2007 TiO2 sales volumes decreased
2% from the second quarter of 2006, and volumes were 1% lower in
the year-to-date period, as higher sales volumes in Europe and
export markets were more than offset by lower volumes in North
America.  The Company's TiO2 production volumes were 2% lower
and 2% higher in the second quarter and first six months of 2007
respectively, as compared to the same periods in 2006, with TiO2
production volumes in the first six months of 2007 being a
record for Kronos.  The Company's finished goods inventories at
June 30, 2007, which represented approximately 2 months of
average sales, were lower compared to March 31, 2007.

The US$22.3 million loss on prepayment of debt in the second
quarter of 2006 relates to Company's May 2006 redemption of its
8.875% Senior Secured Notes, using the proceeds from its April
2006 issuance of 6.5% Senior Secured Notes.  Interest expense
was lower in the 2007 periods due primarily to such replacement
of the 8.875% Notes with the 6.5% Notes.

The Company's provision for income taxes in the second quarter
of 2007 includes an US$8.7 million non-cash charge related to
the adjustment of certain tax attributes of the Company's German
subsidiary.  The Company's income tax benefit in the first six
months of 2006 includes an aggregate tax benefit of US$12.6
million related to the withdrawal of certain income tax
assessments previously made by the Belgium and Norwegian tax
authorities, the favorable resolution of certain income tax
issues related to Belgium and Germany and a the enactment of a
reduction in Canadian income tax rates.  Substantially all of
this aggregate income tax benefit was recognized in the second
quarter of 2006.

Effective December 31, 2006 the Company adopted a new accounting
standard related to planned major maintenance expense.  Under
the new standard, the Company no longer accrues the cost of
planned major maintenance expense in advance but instead
recognizes the cost of planned major maintenance when incurred.
The new standard was adopted retroactively, and accordingly the
Company's net income in the second quarter of 2006 is
approximately US$.8 million, or US$.02 per diluted share, lower
than previously reported.  The effect of adopting the new
standard did not have a material impact on the 2006 year-to-date
results.

The statements in this release relating to matters that are not
historical facts are forward-looking statements that represent
management's beliefs and assumptions based on currently
available information.  Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it cannot give any assurances that these
expectations will prove to be correct. Such statements by their
nature involve substantial risks and uncertainties that could
significantly impact expected results, and actual future results
could differ materially from those described in such forward-
looking statements. While it is not possible to identify all
factors, the Company continues to face many risks and
uncertainties.  The factors that could cause actual future
results to differ materially include, but are not limited to,
the following:

    -- Future supply and demand for the Company's products,

    -- The extent of the dependence of certain of the Company's   
       businesses on certain market sectors,

    -- The cyclicality of the Company's businesses,

    -- Customer inventory levels (such as the extent to which
       the Company's customers may, from time to time,
       accelerate purchases of TiO2 in advance of anticipated
       price increases or defer purchases of TiO2 in advance of
       anticipated price decreases),

    -- Changes in raw material and other operating costs (such
       as energy costs),

    -- The possibility of labor disruptions,

    -- General global economic and political conditions (such
       as changes in the level of gross domestic product in
       various regions of the world and the impact of such
       changes on demand for TiO2),

    -- Competitive products and substitute products,

    -- Customer and competitor strategies,

    -- Potential consolidation of our competitors

    --  The impact of pricing and production decisions,

    -- Competitive technology positions,

    -- The introduction of trade barriers,

    -- Fluctuations in currency exchange rates (such as changes
       in the exchange rate between the U.S. dollar and each of
       the euro, the Norwegian kroner and the Canadian dollar),

    -- Operating interruptions (including, but not limited to,
       labor disputes, leaks, natural disasters, fires,
       explosions, unscheduled or unplanned downtime and
       transportation interruptions),

    -- The timing and amounts of insurance recoveries,

    -- The ability of the Company to renew or refinance credit
       facilities,

    -- The ultimate outcome of income tax audits, tax
       settlement initiatives or other tax matters,

    -- The ultimate ability to utilize income tax attributes or
       changes in income tax rates related to such attributes,
       the benefit of which has been recognized under the more-
       likely-than-not recognition criteria,

    -- Environmental matters (such as those requiring emission
       and discharge standards for existing and new
       facilities),

    -- Government laws and regulations and possible changes
       therein,

    -- The ultimate resolution of pending litigation, and

    -- Possible future litigation.

                   About Kronos International

Kronos International Inc. -- http://www.kronostio2.com/-- is a  
wholly owned subsidiary of Kronos Worldwide, Inc., headquartered
in Dallas, Texas and produces titanium dioxide (TiO2) pigments
in Europe.  The company has manufacturing sites in Norway,
Germany, Belgium, and Canada.  It has sales offices in the Asia
Pacific, including: Australia, Indonesia, Japan, Korea and the
Philippines.

                          *     *     *

On Nov. 8, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. chemical and allied
products sectors, the rating agency confirmed its B1 Corporate
Family Rating for Kronos International, Inc. as well as the B2
rating on the Company's EUR400 million Senior Secured Notes due
2013.  Moody's also assigned an LGD5 rating to those debentures,
suggesting note holders will experience a 75% loss in the event
of a default.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. and its indirect subsidiary Kronos
International Inc. to 'BB-' from 'BB'.  At the same time,
Standard & Poor's lowered its rating on Kronos' EUR400 million
senior secured notes issue due 2013 to 'B' from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were placed earlier this year in connection with an adverse
verdict in a Rhode Island lead pigment lawsuit.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: Planned Issue Cues S&P to Watch Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' corporate
credit rating and other ratings on Intertape Polymer Group Inc.
remain on CreditWatch with negative implications, following the
company's recent announcement of a proposed rights issue of up
to US$90 million.

The ratings were originally placed on CreditWatch in October
2006, after Intertape's announcement of a strategic review
process and our concerns regarding weak operating performance
and tight liquidity.  Littlejohn & Co. LLC's subsequent attempt
to acquire the company was unsuccessful, and the related
financing transaction was cancelled.  S&P are withdrawing its
ratings on Tape Borrower Inc. because of the cancellation of the
financing transaction related to the proposed acquisition.

"S&P remain concerned about Intertape's liquidity. Of particular
concern were the company's comments at the time of the proposed
acquisition that if the acquisition was not approved by
shareholders, Intertape may have to seek appropriate
accommodations from its lenders with respect to financial
covenants," said Standard & Poor's credit analyst Paul Kurias.

The company's US$75 million revolving credit facility is a key
source of liquidity and any constraints in access to the
facility will meaningfully weaken liquidity.  In the recent
past, on occasions when full access to the US$75 million
facility would have resulted in a breach of financial covenants,
Intertape has had only limited access to the facility.

The company also has an unfavorable debt maturity profile with
the revolving credit facility scheduled to mature in 2009. In
addition, we have concerns about the highly leveraged financial
profile.  Total adjusted debt (adjusted to include present value
of operating leases and pension obligations) outstanding as of
March 31, 2007, was US$338 million.

To date, Intertape Polymer has received commitments from some
shareholders totaling slightly more than over US$60 million for
the proposed rights offering.  If successful, the transaction is
likely to partly address our liquidity and leverage concerns.
The company plans to use proceeds to pay down debt. Pro forma
for the US$90 million transaction and the payment of debt,
total adjusted debt to EBITDA at March 31, 2007, would have been
about 4.1x, down from the actual level of 5.5x.

However, Standard & Poor's notes that the commitments from
shareholders are contingent on the company's ability to avoid a
default on its existing credit facilities.  Therefore, if the
rights offering is not consummated or if the company is unable
to obtain bank covenant relief, we will likely lower the
ratings.  If the transaction and debt payment occur as planned,
we will raise the corporate credit rating on Intertape to 'B'
from 'B-' to reflect a meaningful decline in leverage, an
improvement in liquidity, and our expectation for an improvement
in the company's operating performance.  The 'B' corporate
credit rating will reflect a limited scope of operations in the
tapes niche of the North American packaging sector and a small
presence in films, low margins with some volatility in earnings,
vulnerability to cyclical end markets, and a highly leveraged
financial profile.  These risks are partly offset by a fair
position in the company's market niches, breadth of customer
base, and positive growth prospects for industrial tape demand
in North America.  The outlook will be stable. The need to
refinance debt within the next two years and the volatility in
earnings, as demonstrated in the second half of 2006 when
quarterly earnings declined sharply for reasons including a
weaker housing market, which is an ongoing concern, will
constrain the ratings.  The recent track record of low
liquidity, including issues with covenant compliance, also
constrains the ratings.

S&P expects to resolve the CreditWatch listing when information
on the company's capacity to meet its financial covenants,
receipt of proceeds from the rights issue, and payment of debt
becomes available.

Headquartered in Quebec, Canada, Intertape Polymer Group (TSX:
ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops
and manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use.  The company employs about 2450
employees with operations in 18 locations, including 13
manufacturing facilities in North America, one in Portugal and
in Mexico.


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


ABSOLUT BANK: Moody's Ups Global Scale Ratings to Baa3 from Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded these global scale ratings of
Absolut Bank:

   -- Long-term and short-term local and foreign currency bank
      deposit ratings to Baa3/Prime-3 from Ba3/Not-Prime; and

   -- Long-term foreign currency senior unsecured debt rating to
      Baa3 from Ba3.

Concurrently, Moody's Interfax Rating Agency upgraded the bank's
long-term national scale rating to Aaa.ru from Aa3.ru. Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.  The outlook for the global scale ratings
is stable, while the national scale rating carries no specific
outlook.

The D- bank financial strength rating has been affirmed.

Tuesday's rating actions conclude the review for possible
upgrade initiated in July 2007 following the transfer of a 92.5%
stake in Absolut Bank to Belgium's KBC Group, which has recently
been approved by the Russian authorities.  Having established a
strong presence in a number of first- and second-wave EU-
accession countries, KBC is now entering the Russian market.
Along with the 2.5% stake bought by KBC from IFC in May 2007,
the new acquisition brings KBC's total stake in Absolut Bank to
95%.  The remaining 5% of Absolut Bank shares are still owned by
IFC and this is not expected to change in the nearest future.

According to Moody's and Moody's Interfax, the upgrade of the
bank's deposit and debt and national scale ratings reflects the
expectation that KBC Group will demonstrate and maintain a
strong commitment to Absolut Bank and provide implicit support.
Moody's assessment of a high probability of parental support for
Absolut Bank in the case of need results in a three-notch uplift
in the global local currency deposit rating to Baa3 from the
bank's Ba3 baseline credit assessment (which is derived from its
D- BFSR).

Future upward movement in the deposit and debt ratings will
primarily depend on movements in the bank's BFSR and the ratings
of KBC Group (currently Aa2/P-1/B-, stable) as well as any
change in Moody's parental support assessment.  At their current
level, Absolut Bank's Baa3/Prime-3 long- and short-term local
and foreign currency deposit ratings are not constrained by
Russia's country ceilings for local and foreign currency bank
deposits (A2 and Baa2, respectively).  However, if upgraded
further, the foreign currency deposit rating would be
constrained by the Baa2 foreign currency deposit ceiling.

The affirmation of Absolut Bank's D- BFSR with stable outlook
reflects Moody's expectation that the acquisition will have no
immediate effect on the bank's intrinsic financial strength.  
The BFSR remains constrained by the operating and regulatory
environment in Russia, the uncertainty relating to the bank's
ability to increase its market share and the still concentrated
nature of its loan portfolio.  However, it is supported by the
ongoing strengthening of the bank's franchise and its sound
financial performance over recent years.

These ratings of Absolut Bank were upgraded:

   -- Long-term and short-term global local and foreign currency
      deposit ratings to Baa3/Prime-3 (stable outlook) from
      Ba3/Not-Prime;

   -- Long-term foreign currency senior unsecured debt rating to
      Baa3 (stable outlook) from Ba3;

   -- Long-term national scale rating to Aaa.ru from Aa3.ru.

This rating was affirmed:

   -- Bank financial strength rating (BFSR) at D- (stable
      outlook).

Headquartered in Moscow, Russian Federation, Absolut Bank
reported IFRS total assets of US$2.5 billion as of Dec. 31, 2006
and net IFRS income of US$26 million for the year ended at that
date.

KBC Bank is a 100% subsidiary of KBC Group, which is based in
Brussels, Belgium.  The group reported total consolidated assets
of EUR325 billion at year-end 2006 and net income of EUR3.4
billion for the year 2006.  KBC Bank NV is rated Aa2/P-1 for
bank deposits, and B- for financial strength (which maps to an
A1 Baseline Credit Assessment), all with stable outlook.


ASINOVSKOE OJSC: Creditors Must File Claims by Aug. 14
------------------------------------------------------
Creditors of OJSC Publishing House Asinovskoe have until Aug. 14
to submit proofs of claim to:

         V. Murin
         Temporary Insolvency Manager
         Belinskogo Str. 20/1-2
         634029 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A67-2388/07.

The Debtor can be reached at:

         OJSC Publishing House Asinovskoe
         Proektnaya Str. 24
         Asino
         Tomsk
         Russia


BEZENCHUK-AGRO-PROM-SNAB: Creditors Must File Claims by Sept. 14
----------------------------------------------------------------
Creditors of OJSC Bezenchuk-Agro-Prom-Snab have until Sept. 14
to submit proofs of claim to:

         A. Morozova
         Insolvency Manager
         Komsomolskaya Str. 86
         Krasnyj Yar
         Krasnoyatskiy
         446370 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A56-20601/06.

The Debtor can be reached at:

         OJSC Bezenchuk-Agro-Prom-Snab
         Chapaeva Str. 3
         Bezenchuk
         Bezenchukskiy
         446080 Samara
         Russia


BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP
-------------------------------------------------------------
Bristow Group Inc. has appointed Hilary Ware as Vice President,
Global Human Resources.  Ms. Ware will report directly to
William E. Chiles, President and Chief Executive Officer of
Bristow.

Mr. Chiles, President and Chief Executive Officer, said, "I am
excited to announce the appointment of Hilary to our senior
management team.  Hilary brings extensive experience and
knowledge in global human resources at the executive level.
During the course of her life and career, Hilary has lived and
worked in Europe, Russia, Australia, Africa and the Middle East,
and we believe her international experience and perspective will
be very beneficial to Bristow as we seek to grow our operations
worldwide."

Prior to joining Bristow, Ms. Ware served as Vice President,
Human Resources for BHP Billiton Petroleum, the multinational
oil & gas exploration and production division of BHP Billiton
from 2006 to 2007.  Prior to joining BHP Billiton, Ms. Ware was
Vice President Human Resources, Worldwide for Hanover Compressor
Company, an international gas compression company, from 2002 to
2006.  Prior to 2002, Ms. Ware served for 20 years in a variety
of roles as a human resources professional with BP and its
predecessor companies followed by a brief tenure as a principle
at De Novo Partners, a Houston based human resources consulting
firm.  Ms. Ware earned a Bachelor's Degree in Industrial
Psychology from the University of California at Berkley in 1977.

Headquartered in Houston, Texas, Bristow Group, Inc. --
http://www.bristowgroup.com/-- (NYSE:BRS), fka Offshore
Logistics, Inc., provides helicopter transportation services to
the worldwide offshore oil and gas industry with operations in
the United States Gulf of Mexico and the North Sea. The Company
also has operations, both directly and indirectly, in offshore
oil and gas producing regions of the world, including Australia,
Brazil, China, India, Mexico, Nigeria, Russia, and Trinidad.  
The Company also provides production management services for oil
and gas production facilities in the United States Gulf of
Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB' rating to
helicopter service company Bristow Group Inc.'s US$250 million
senior notes due 2017.  At the same time, Standard & Poor's
affirmed the 'BB' corporate credit rating and all other ratings
on the company.  S&P said the outlook is negative.


EVLASHEVSKOE LLC: Creditors Must File Claims by Aug. 14
-------------------------------------------------------
Creditors of LLC Evlashevskoe have until Aug. 14 to submit
proofs of claim to:

         A. Fedotov
         Temporary Insolvency Manager
         Post User Box 5
         Balakovo, GP
         413840 Saratov
         Russia

The Arbitration Court of Saratov will convene at 10:05 a.m. on
Sept. 19 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-57-5609-0731.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Evlashevskoe
         Sosnovka
         Baltijskiy
         Saratov
         Russia


EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01%
-------------------------------------------------
Evraz Group S.A. now holds a 56.01% stake in Highveld Steel and
Vanadium Corp. Ltd. after acquiring 1.89% holdings from the
South African firm's shareholders, Thomson Financial reports.

Evraz, Thomson Financial reports, will hold an 80.9% stake in
Highveld after it completes the exercise of its option to buy
Credit Suisse International's 24.9% stake in the South African
group.

As reported in the TCR-Europe on Aug. 3, 2007, Evraz's board of
directors approved the company's plan to acquire a 24.9% stake
in Highveld from Credit Suisse for US$219 million.  

Evraz CEO Alexander Frolov said the company may exercise an
option to buy Credit Suisse's 24.9% stake in Highveld, with a
view to hike its stake in Highveld to around 80% percent these
coming months.  

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


KHOROLSKIY BREWERY: Creditors Must File Claims by Aug. 14
---------------------------------------------------------
Creditors of LLC Khorolskiy Brewery have until Aug. 14 to submit
proofs of claim to:

         Y. Shirokov
         Insolvency Manager
         Kraypotrebsoyuz
         Mordovtseva Str. 3
         690091 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 51-3937/2007 26-35 b.

The Debtor can be reached at:

         LLC Khorolskiy Brewery
         Oktyabrskaya Str. 42
         Khorol
         Primorye
         Russia


KORTEN CJSC: Creditors Must File Claims by Sept. 14
---------------------------------------------------
Creditors of CJSC Korten have until Sept. 14 to submit proofs of
claim to:

         E. Sanzharevskij
         Insolvency Manager
         Nogradskaya Str. 22-75
         650000 Kemerovo
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A45-7960/02-SB/1269.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Korten
         Sovetskaya Str. 24
         Novosibirsk
         Russia


KURSKIY FACTORY: Asset Sale Slated for August 15
------------------------------------------------
The insolvency manager and bidding organizer for OJSC Kurskiy
Factory Of Industrial Equipment, will open a public auction for
the company's properties at 2:00 p.m. on Aug. 15 at:
         
         OJSC Kurskiy Factory of Industrial Equipment
         Zhukovskogo Str. 31
         Kursk
         Russia

The company has set a RUR5,649,348 starting price for the
auctioned assets.

Interested participants have to deposit an amount of
RUR1,129,000.

Bidding documents have until Aug. 14 to be submitted to:

         The Insolvency Manager and Bidding Organizer
         K. Zaslonova Str. 181
         308017 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Kurskiy Factory of Industrial Equipment
         Zhukovskogo Str. 31
         305000 Kursk
         Russia


LANDZH CJSC: Court Names O. Malyukov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kalmykiya appointed O. Malyukov as
Insolvency Manager for CJSC Landzh.  He can be reached at:

         O. Malyukov
         Post Use Box 253
         400005 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A22/1458-06/5-192.

The Debtor can be reached at:

         O. Malyukov
         Post Use Box 253
         400005 Volgograd
         Russia


LYALYA-WOOD OJSC: Bankruptcy Hearing Slated for Oct. 20
-------------------------------------------------------
The Arbitration Court of Sverdlovsk will convene on Oct. 20 to
hear the bankruptcy supervision procedure on OJSC Lyalya-Wood
(TIN 6647001203).  The case is docketed under Case No.
A60-7668/2007-S11.

The Temporary Insolvency Manager is:

         G. Krashennikova
         Post User Box 458
         620000 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Lyalya-Wood
         Kirova Str. 2
         Novaya Lyalya
         624400 Sverdlovsk
         Russia


NIKMAS CJSC: Creditors Must File Claims by Sept. 14
---------------------------------------------------
Creditors of CJSC Nikmas have until Sept. 14 to submit proofs of
claim to:

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

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-18647/2006.

The Debtor can be reached at:

         CJSC Nikmas
         Gagarina Str. 141-24
         Samara
         Russia


ROS-PROM-PUSHNINA: Creditors Must File Claims by Aug. 14
--------------------------------------------------------
Creditors of OJSC Ros-Prom-Pushnina have until Aug. 14 to submit
proofs of claim to:

         M. Orlov
         Temporary Insolvency Manager
         Post User Box 522
         GP
         170100 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A66-2442/2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Ros-Prom-Pushnina
         Talitsa
         Toropetskiy
         Tver
         Russia


ROSNEFT OIL: Wins Yukos' Transport Units for RUR18.6 Billion
------------------------------------------------------------
OAO Rosneft Oil Co. won an auction to acquire the transport and
ex-Soviet assets of bankrupt OAO Yukos Oil Co., Reuters reports.

Rosneft offered RUR18.6 billion to acquire the lot that includes
a number of producing and injection wells at the Priobskoye
field, pumping stations, pipelines as well as Yukos' main
transport units East Asia Transit and Yukos-Transservice,
Reuters reports.

Yukos-Transservice holds long-term leasing contracts on 7,000
railroad cars and short-term leasing deals on 5,000 railroad
cars, Reuters relates.  The unit also had "considerable amounts
of cash" on its accounts.

East Asia Transit, meanwhile, holds the license to transport oil
to China via Mongolia, and owns 42 tank-cars for delivering
refined products.

Starting price for the lot was RUR18.5 billion, RIA Novosti
relates.  

Rosneft's sole rival at the auction, a company called Benefit,
withdrew from the bidding after the oil company's first bid,
Reuters relates.

                         About Yukos Oil

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

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

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

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

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

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

                          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.
S&P said the outlook is positive.  


ROSNEFT OIL: Chief Executive Seeks Lower Oil Taxes
--------------------------------------------------
OAO Rosneft Oil Co. chief executive Sergei Bogdanchikov will
lobby the Russian government for tax breaks in new oil regions,
Greg Walters writes for Bloomberg News.

"The current tax regime is too harsh [for oil producers]," Mr.
Bogdanchikov told Russia Today television.

Mr. Bogdanchikov particularly seeks tax breaks to develop
offshore oil deposits in the Caspian Sea and Arctic Ocean,
Bloomberg News relates.

"New regions require new approaches, notably the Arctic shelf
and Russia's southern seas with their depth and lack of
infrastructure," Mr. Bogdanchikov said.  "We will be lobbying
the government for preferential terms in these regions, which we
expect to become law by 2008."

Mr. Bogdanchikov is among a number of oil industry personalities
-- including OAO Lukoil chief executive Vagit Alekperov and Alfa
Bank analyst Dmitry Loukashov -- calling for lower taxes to
facilitate investment and new production, Bloomberg News adds.

Bloomberg News notes that Russia's fuel output growth declined
from 11% in 2003 to less than 3% in 2006 due to higher field
development costs.

                          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.
S&P said the outlook is positive.  


SHARANGA-NN CJSC: Court Names B. Potashnik as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod appointed B. Potashnik
as Insolvency Manager for CJSC Sharanga-NN (TIN 5237000290).  He
can be reached at:

         B. Potashnik
         Office 201
         Mira Avenue 12
         Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-6505/2007-27-169.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sharanga-NN
         Kacheevo
         Sharangskiy
         Nizhniy Novgorod
         Russia


SHUMIKHINSKIY MEAT-PROCESSING: Claims Filing Period Set Sept. 14
----------------------------------------------------------------
Creditors of OJSC Shumikhinskiy Meat-Processing Combine have
until Sept. 14 to submit proofs of claim to:

         S. Akimov
         Temporary Insolvency Manager
         Volodarskogo Str. 57-416
         640000 Kurgan
         Russia

The Arbitration Court of Kurgan will convene at 1:45 p.m. on
Oct. 10 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A34-1898/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Shumikhinskiy Meat-Processing Combine
         Belonosova Str. 42
         Shumikha
         Kurgan
         Russia


SITRONICS JSC: Fitch Affirms B- IDR with Stable Outlook
-------------------------------------------------------
Fitch Ratings has affirmed JSC Sitronics' Long-term Issuer
Default rating of 'B-' with a Stable Outlook.  As the technology
arm of AFK Sistema (rated 'BB-'/Outlook Stable), the rating
reflects a weak standalone credit profile, offset somewhat by
increased financial flexibility following the IPO.

While Sitronics' top-line growth remains strong, profitability
and cash flow have weakened as the company seeks to grow outside
of its domestic market.  At the same time, increased debt has
seen the company's Net Debt: EBITDA ratio increase to 2.6x by
end-2006, from 0.2x at end-2005.

"Fitch expects continued strong performance in the
Microelectronic and IT Solutions segments.  However Sitronics'
credit profile remains primarily driven by its Telecom Solutions
business," says Nikolai Lukashevich, Director in Fitch's TMT
team.  "While we note the improved diversification of the TS
segment, both geographically, as well as in term of products,
the agency remains concerned over the company's ability to
generate meaningful contract wins and cash flow from the high
growth markets it is entering.  Evidence of success in these
areas is likely to be necessary before Sitronics gains any
positive rating momentum."

Sitronics' parent, Sistema, was upgraded to Long-term IDR 'BB-'
from 'B+' in July 2007.  However, the impact of the expected
parental support is tempered by the fact that Sitronics remains
a relatively small part of the Sistema group.  In addition, the
strength of Sitronics' standalone profile is already somewhat
supported by Sistema's key subsidiary MTS, which remains
Sitronics' most profitable customer and a key 0driver of
Sistema's overall credit quality.


STROYKOMBINAT OJSC: Creditors Must File Claims by Aug. 14
---------------------------------------------------------
Creditors of OJSC Stroykombinat (TIN 2277001752) have until
Aug. 14 to submit proofs of claim to:

         E. Vashenko
         Temporary Insolvency Manager
         Post User Box 66
         Partizanskaya Str. 74
         Talmenka
         Talmenskiy
         658030 Altay
         Russia

The Arbitration Court of Tver will convene at 11:00 a.m. on
Oct. 3 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. AO3-4950/07-B.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Stroykombinat
         Rubtsovskaya Str. 1
         Talmenka
         Talmenskiy
         658030 Altay
         Russia


TYAGAN-FISH CJSC: Names Ya. Matsinina as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Rostov appointed Ya. Matsinina as
Insolvency Manager for CJSC Tyagan-Fish.  She can be reached at:


         Ya. Matsinina
         Post User Box 160
         Aksay
         346720 Rostov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-13534/05-S2-7.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tyagan-Fish
         Chekhova Str. 337-93
         Taganrog
         347900 Rostov
         Russia


VOLGA LLC: Creditors Must File Claims by Aug. 14
------------------------------------------------
Creditors of LLC Volga have until Aug. 14 to submit proofs of
claim to:

         V. Mikhaylenko
         Insolvency Manager
         Office 2
         Moskovskaya Str. 85
         410012 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-15293/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Volga
         Yuzhnaya Str. 27
         Krasnoarmesk
         412800 Saratov
         Russia


YUKOS OIL: Rosneft Oil Wins Transport Units for RUR18.6 Billion
---------------------------------------------------------------
OAO Rosneft Oil Co. won an auction to acquire the transport and
ex-Soviet assets of bankrupt OAO Yukos Oil Co., Reuters reports.

Rosneft offered RUR18.6 billion to acquire the lot that includes
a number of producing and injection wells at the Priobskoye
field, pumping stations, pipelines as well as Yukos' main
transport units East Asia Transit and Yukos-Transservice,
Reuters reports.

Yukos-Transservice holds long-term leasing contracts on 7,000
railroad cars and short-term leasing deals on 5,000 railroad
cars, Reuters relates.  The unit also had "considerable amounts
of cash" on its accounts.

East Asia Transit, meanwhile, holds the license to transport oil
to China via Mongolia, and owns 42 tank-cars for delivering
refined products.

Starting price for the lot was RUR18.5 billion, RIA Novosti
relates.  

Rosneft's sole rival at the auction, a company called Benefit,
withdrew from the bidding after the oil company's first bid,
Reuters relates.

                          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.

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Dutch Unit Warns Bidders on Stake Ownership Issues
-------------------------------------------------------------
Yukos Finance BV, the Dutch subsidiary of OAO Yukos Oil Co.,
advised potential bidders that they won't secure legal ownership
of assets acquired at a liquidation sale later this month,
Lucian Kim and Angela Macdonald-Smith write for Bloomberg News.

Yukos Finance claimed, in a published advertisement on Aug. 7,
that Yukos Oil bankruptcy receiver Eduard Rebgun do not have the
legal basis to transfer ownership of Yukos Finance's assets.  

"A bankruptcy treaty between the Netherlands and Russia is
absent. Therefore, pursuant to Dutch law you cannot provide
legal title to the Yukos Finance BV shares to a buyer at all,"
the ad in Moscow-based Kommersant said in Russian.

Nikolai Lashkevich, Mr. Rebgun's spokesman, disputed these
claims saying that the sale will not involve the Dutch assets
but only shares in the company, which is part of Yukos Oil's
assets, Bloomberg relates.

Mr. Rebgun plans to auction Yukos Finance's main assets on
Aug. 15, which will include:

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

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

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

As reported in the Troubled Company Reporter-Europe on Aug. 3,
2007, Yukos Finance asserts that no sale could take place prior
to the District Court of Amsterdam's Oct. 31 hearing on a
petition filed by Yukos' former shareholders questioning the
legality of the company's bankruptcy procedure in the
Netherlands.

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

Mr. Rebgun obtained this week a three-month extension of Yukos
Oil's bankruptcy proceedings to three more months in order to
complete the company's liquidation process.

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

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

                         About Yukos Oil

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

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

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

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

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

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


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


TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend
--------------------------------------------------------------
The Timken Company's board of directors has declared a quarterly
cash dividend of 17 cents per share, an increase of 1 cent per
share.  The dividend is payable on Sept. 5, 2007, to
shareholders of record as of Aug. 17, 2007.  It will be the
341st consecutive dividend paid on the common stock of the
company.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                       *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  Moody's said the outlook was stable.


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


APS FINANZ: Creditors' Liquidation Claims Due August 17
-------------------------------------------------------
Creditors of JSC APS Finanz Holding have until Aug. 17 to submit
their claims to:


         TREUCO
         Liquidator
         Claridenstrasse 25
         Mail box: 2172
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC APS Finanz Holding
         Cham ZG
         Switzerland


ART ASIEN: Creditors' Liquidation Claims Due August 16
------------------------------------------------------
Creditors of LLC Art Asien Restaurant-Traiteur have until
Aug. 16 to submit their claims to:


         Fabrice Seuret
         Liquidator
         Meister + Rothenbuhler
         Mail box: 1056
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Art Asien Restaurant-Traiteur
         Bern
         Switzerland


ELIMAR IMMOBILIEN: Creditors' Liquidation Claims Due August 16
--------------------------------------------------------------
Creditors of JSC Elimar Immobilien have until Aug. 16 to submit
their claims to:


         JSC Gotz & Rufer Treuhand
         Liquidator
         Hofwisenstrasse 13
         8260 Stein am Rhein SH
         Switzerland

The Debtor can be reached at:

         JSC Elimar Immobilien
         Winterthur ZH
         Switzerland


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


         Ursula Hefti-Schnider
         Liquidator
         Melchtalerstrasse 6
         6064 Kerns OW
         Switzerland

The Debtor can be reached at:

         LLC Gastura
         Kerns OW
         Switzerland


IKHA JSC: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Service of Zug entered July 6 an order closing
the bankruptcy proceedings of JSC IKHA.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC IKHA
         Leimatt A
         6317 Oberwil bei Zug
         Switzerland


IMMOTREU JSC: Zug Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Zug entered July 4 an order closing
the bankruptcy proceedings of JSC Immotreu.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Immotreu
         Alpenstrasse 16
         6300 Zug
         Switzerland


MINNECI + PARTNER LLC: Creditors' Liquidation Claims Due Aug. 16
----------------------------------------------------------------
Creditors of LLC Minneci + Partner have until Aug. 16 to submit
their claims to:


         Pietro Minneci
         Liquidator
         Untere Steinegg 7
         9100 Herisau AR
         Switzerland

The Debtor can be reached at:

         LLC Minneci + Partner
         Herisau AR
         Switzerland


NDI EUROPE: Creditors' Liquidation Claims Due October 11
--------------------------------------------------------
Creditors of JSC NDI Europe have until Oct. 11 to submit their
claims to:


         Christian Jorg Schilling
         Liquidator
         CT Croket Treuhand
         Bachtalstrasse 13
         5408 Ennetbaden
         Baden AG
         Switzerland

The Debtor can be reached at:

         JSC NDI Europe
         Ennetbaden
         Baden AG
         Switzerland


QUALITY CAR: Creditors' Liquidation Claims Due August 16
--------------------------------------------------------
Creditors of LLC Quality Car have until Aug. 16 to submit their
claims to:


         Ibrahim Baranoglu
         Liquidator
         Krummeneichstrasse 41
         4133 Pratteln
         Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Quality Car
         Pratteln
         Liestal BL
         Switzerland


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

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Rothusfa
         Bannstrasse 29
         6312 Steinhausen ZG
         Switzerland


SAEGEL LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC SAEGEL on July 3.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC SAEGEL
         Alpenstrasse 16
         6300 Zug
         Switzerland


SERWATECH LLC: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against LLC Serwatech on June 14.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         LLC Serwatech
         Rosmarie Waibel
         Karl Stirniman Landschaustr. 48
         6006 Lucerne
         Switzerland


SINOTEX JSC: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Zug entered July 6 an order closing
the bankruptcy proceedings of JSC Sinotex.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Sinotex
         Gartenstrasse 4
         6300 Zug
         Switzerland


SPECIAL INVESTIGATIONS: Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Special Investigations on June 27.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Special Investigations
         6025 Neudorf
         Sursee LU
         Switzerland


VANZANTEN JSC: Creditors' Liquidation Claims Due August 16
----------------------------------------------------------
Creditors of JSC Vanzanten have until Aug. 16 to submit their
claims to:


         JSC Alois Theiler Treuhand
         Liquidator
         Langackerstrasse 37
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Vanzanten
         Zug
         Switzerland


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


ALEXANDRIYSKOE MOTORCAR 13561: Creditors' Claim Due August 10
-------------------------------------------------------------
Creditors of OJSC Alexandriyskoe Motorcar Enterprise 13561 (code
EDRPOU 03117464) have until August 10 to submit written proofs
of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/89.

The Debtor can be reached at:

         OJSC Alexandriyskoe Motorcar Enterprise 13561
         Dniepropetrovsk Highway 2
         Alexandriya
         28000 Kirovograd
         Ukraine


BUTEK LLC: Creditors Must File Claims by August 10
--------------------------------------------------
Creditors of LLC Production-Developing Enterprise Butek (code
EDRPOU 22125104) have until August 10 to submit written proofs
of claim to:

         Vladimir Zhytnik
         Liquidator
         Gvardeysky Boulevard 30/85
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/174(06).

The Court is located at:

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

The Debtor can be reached at:

         LLC Production-Developing Enterprise Butek
         Energodar, Kurchatov Str. 8/3
         71500 Zaporozhje
         Ukraine


EL-TRANS LLC: Creditors Must File Claims by August 10
-----------------------------------------------------
Creditors of LLC El-Trans (code EDRPOU 30659494) have until
August 10 to submit written proofs of claim to:

         Alexander Zhylich
         Liquidator
         Kopernik Str. 36-a
         43000 Lutsk
         Volin

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/77-B.

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Debtor can be reached at:

         LLC El-Trans
         Podgaevskaya Str. 7
         Lutsk
         Volin
         Ukraine


LUGANSK MOTORCAR 10964: Creditors Must File Claims by August 10
---------------------------------------------------------------
Creditors of OJSC Lugansk Motorcar Enterprise 10964 (code EDRPOU
05465904) have until August 10 to submit written proofs of claim
to:

         Elena Bugulian
         Liquidator
         Apartment 18
         Shevchenko q. 17
         91033 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/90b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         OJSC Lugansk Motorcar Enterprise 10964
         Tallinn Str. 62
         91038 Lugansk
         Ukraine


LVOV COMMUNICATION: Creditors Must File Claims by August 10
-----------------------------------------------------------
Creditors of LLC Lvov Plant of Communication Engineering and
Automatics (code EDRPOU 13824642) have until August 10 to submit
written proofs of claim to:

         Sergey Romanchuk
         Liquidator
         Apartment 1
         Zhuravlin Str. 9
         79040 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/149-8/229.

The Court is located at:

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

The Debtor can be reached at:

         LLC Lvov Plant of Communication
         Engineering and Automatics
         Laznevaya Str. 3/5
         79019 Lvov
         Ukraine


MIKON LLC: Proofs of Claim Filing Deadline Set August 10
--------------------------------------------------------
Creditors of LLC Firm Mikon (code EDRPOU 16461074) have until
August 10 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 the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/316-b.

The Debtor can be reached at:

         LLC Firm Mikon
         Bestuzhev Str. 1
         04123 Kiev
         Ukraine


STANICHNOE LLC: Proofs of Claim Filing Deadline Set August 10
-------------------------------------------------------------
Creditors of Agricultural LLC Stanichnoe (code EDRPOU 00707120)
have until August 10 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on June 13.  The case is docketed under
Case No. B-50/114-07.

The Debtor can be reached at:

         Agricultural LLC Stanichnoe
         District Stanichnoe
         Novaya Vodolaga
         Kharkov
         Ukraine


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


ALLIANCE BOOTS: Plans to Enter Indian Pharma Market, Report Says
----------------------------------------------------------------
Alliance Boots Plc has initiated talks with some potential
partners as part of its plan to venture into the Indian retail
market in the food, health and personal care format, with
particular focus on the pharma segment, the Economic Times
reports.

According to the report, the company will take the franchisee
model but may also explore the joint venture route.  A top
official of a pharma retail chain told the Economic Times that
they are in "preliminary talks" with Alliance Boots, although
they have not yet decided on the form of partnership.

An Alliance Boots spokesperson has declined to comment, however,
saying that the company will not discuss acquisitions or
alliance strategy before it has something to formally disclose,
the Economic Times states.

                      About Alliance Boots

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

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

                             *   *   *

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

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

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


BAA LTD: High Court Grants Limited Injunction Against Protesters
----------------------------------------------------------------
BAA Heathrow, a part of BAA Ltd. (fka BAA plc), has welcomed the
decision of the High Court granting an injunction against
campaign group Plane Stupid and all those acting in concert with
them for the purpose of disrupting the operations of Heathrow
Airport during the Climate Camp planned for August 14-21, 2007.

According to the Financial Times, Mrs. Justice Swift limited the
injunction to members and associates of Plane Stupid as the
group was the one likely to be involved in illegal direct
action.  

"There is a risk that a terrorist group might use the disruption
caused by the protesters to perpetrate an attack on the airport,
with disastrous consequences," Mrs. Justice Swift was quoted by
the FT as saying.

BAA Heathrow Managing Director Mark Bullock argued, "Plane
Stupid spokespeople have repeatedly stated that they are
planning mass direct action to disrupt the operations of the
airport.  BAA therefore had no choice but to explore every legal
avenue available to minimize any disruption to the airport’s
operations. "

"Around 1.5 million passengers are due to pass through Heathrow
during the week of climate camp, many of them families on their
summer holidays.  It is our responsibility to ensure that we do
everything we can to guarantee their safety and comfort during
this very busy period, " Mr. Bullock said.

Mr. Bullock reiterated: "This injunction has never been about
stopping lawful and peaceful protests.  BAA has always respected
people's democratic right to protest lawfully.  We accept that
there is an important debate to be had regarding climate change.
The motivation behind the injunction was to protect our
passengers and staff from being harassed or obstructed by any
unlawful direct action."

The proposed Climate Camp at Heathrow is aimed at highlighting
the noise disturbance, air pollution and damage to wildlife
caused by the airport, Michael Peel writes for FT.

The activity is expected to be participated in various
environmental groups and environmental activists.

     London Mayor’s Response to the High Court Ruling

"I welcome the decision of the court to effectively reject BAA’s
application for an injunction so wide that it could have
potentially affected millions of people.  The judge clearly
recognized that such an injunction would have been unreasonable
and unworkable and agreed that it was extraordinary that
Transport for London was not consulted about their inclusion in
BAA's original proposed injunction and its widespread affects on
London Underground," London Mayor Ken Livingstone said.

As previously reported in the TCR-Europe on Aug. 3, 2007, BAA
sought injunctions against: John Stewart, Chair HACAN and
Chair of AirportWatch and both these organizations and all their
members; Geraldine Nicholson, Chair NOTRAG (No Third Runway
Action Group) and all members of NOTRAG; Joss Garman and Leo
Murray of Plane Stupid, and all members of Plane Stupid.
        
                           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.


EQUITABLE LIFE: S&P Affirms & Withdraws BB Rating Upon Request
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
counterparty credit rating on U.K.-based life insurer The
Equitable Life Assurance Society.  The outlook is stable.
Subsequently, Standard & Poor's withdrew the rating at the
company's request.

As a result of the rating withdrawal, Equitable Life is no
longer subject to surveillance by Standard & Poor's.

At the time of the rating withdrawal there were no outstanding
ratings on directly issued or guaranteed obligations of
Equitable Life, following the call at par on Aug. 6, 2007, of
GBP171 million of outstanding guaranteed junior subordinated
notes issued by Equitable Life Finance PLC (not rated).  
Equitable Life is a closed life insurer with pro-forma assets
under management of GBP10.1 billion at Dec. 31, 2006.

"The rating on Equitable Life at the time of the rating
withdrawal reflected the progress made by management in reducing
uncertainties and increasing stability, the society's low risk
investment profile, and marginal capitalization," said Standard
& Poor's credit analyst Mark Button.  These strengths were
partially offset by Equitable Life's limited flexibility to
manage its liabilities and its weak operating performance.


FORD MOTOR: Seeks Better Productivity & Cost Cuts in Labor Talks
----------------------------------------------------------------
Ford Motor Company needs to see both lower costs and improved
labor productivity as it emerges from a crucial round of
contract talks with the United Auto Workers union, Kevin
Krolicki writes for Reuters, quoting Joseph Hinrichs, Ford's
vice president for manufacturing in North America.

The TCR-Europe reported on June 14, 2007, that the car companies
are trying to deal with health care costs that GM CEO Rick
Wagoner says cost them a combined US$12 billion in 2006.  
Providing health care to 2 million employees, retirees and
dependents contributed to losses at each of the U.S. automakers
last year, while Japanese rivals posted record profits.  The
difference is made even more significant by higher pensions and
retiree health care costs.

Most of that gap for the loss-making Detroit automakers
represents "legacy" costs, including the price of providing
health care to union-represented retirees, Reuters states.

"We've been working really hard on (productivity) and we still
have room for improvement. If you look at the domestic, Detroit
Three compared to the transplants, there's a gap," Mr. Hinrichs
said.  "And then there's the cost of that labor which we have to
work on and address, which includes the legacy cost," he said,
Reuters notes.

According to the report, Mr. Hinrichs' comments were in response
to prior remarks issued by Canadian Auto Workers President Buzz
Hargrove that the labor concessions the Detroit-based automakers
are seeking in ongoing labor negotiations with the UAW would not
make a meaningful contribution to a turnaround for the
struggling industry.

"Even if the Big Three get everything they are asking for from
the UAW, that would reduce the average production costs of a
vehicle they sell in North American by only US$500," Mr.
Hargrove said, Reuters notes.

Mr. Hinrichs had a different opinion, however, saying that
although he would not comment on the US$500-per-vehicle estimate
from Mr. Hargrove, that amount was enough to make a difference
in a competitive vehicle market, Reuters relates.

Prior to the talks, Ford had negotiated separate agreements with
the UAW for more flexible work rules at most of its plants and
an attrition program that saw 27,000 union-represented workers
leave the payroll during the first half.  Mr. Hinrichs said that
the more flexible work rules included in "competitive operating
agreements" negotiated with the union would save Ford US$500
million on an annualized basis once fully implemented, Reuters
reports.

                      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 TCR-Europe 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.


FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.9 Billion
---------------------------------------------------------------
Ford Motor Company reported financial results for the quarter
ended June 30, 2007.  At June 30, 2007, the company’s balance
sheet showed total assets of US$279.2 billion, total liabilities
of US$279.9 billion, and minority interests of US$1.2 billion,
resulting in a US$1.9 billion stockholders’ deficit.

The company reported US$750 million net income of US$44.2
billion total sales for the quarter ended June 30, 2007,
compared with US$317 million net loss of US$41.8 billion total
sales for the same quarter last year.

At June 30, 2007, Ford’s Automotive sector had total debt of
about US$30 billion, unchanged from Dec. 31, 2006.  At June 30,
2007, the company’s Automotive sector had net cash of US$7.4
billion, compared with US$3.9 billion at the end of 2006.

                      About Ford Motor Co.

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

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 TCR-Europe 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.


HANOVER COMPRESSOR: Prices Tender Offers & Consent Solicitations
----------------------------------------------------------------
Hanover Compressor Company has priced its tender offers and
consent solicitations for:

   1) US$200 million in aggregate principal amount of its 8.625%
      Senior Notes due 2010 (CUSIP 410768AF2);

   2) US$200 million in aggregate principal amount of its 9.%
      Senior Notes due 2014 (CUSIP 410768AG0); and

   3) US$150 million in aggregate principal amount of its
      7.5% Senior Notes due 2013 (CUSIP 410768AH8).

The total consideration per US$1,000 principal amount of the
8.625% Notes validly tendered and not validly withdrawn prior to
5:00 p.m., New York City time, on Aug. 1, 2007 is US$1,052.39,
of which US$30 is the consent payment.  As of 2:00 p.m., New
York City time, on Aug. 3, 2007, the yield to maturity on the
4.25% U.S. Treasury Note due Nov. 30, 2007, the reference
security for the 8.625% Notes, was 4.863% and the tender offer
yield on the 8.625% Notes was 5.363%.

Holders whose 8.625% Notes are validly tendered at or after the
Consent Payment Deadline and prior to 5:00 p.m., New York City
time, on Aug. 17, 2007, and are accepted for payment will
receive the tender offer consideration of US$1,022.39 per
US$1,000 principal amount of 8.625% Notes tendered, which amount
does not include the US$30 consent payment.

The total consideration per US$1,000 principal amount of the 9%
Notes validly tendered and not validly withdrawn prior to the
Consent Payment Deadline is US$1,107.26, of which US$30 is the
consent payment.  As of the Price Determination Date, the yield
to maturity on the 4.875% U.S. Treasury Note due May 31, 2009,
the reference security for the 9% Notes, was 4.563% and the
tender offer yield on the 9% Notes was 5.063%.

Holders whose 9% Notes are validly tendered at or after the
Consent Payment Deadline and prior to the Expiration Time and
are accepted for payment will receive the tender offer
consideration of US$1,077.26 per US$1,000 principal amount of 9%
Notes tendered, which amount does not include the US$30 consent
payment.

The total consideration per US$1,000 principal amount of the
7.5% Notes validly tendered and not validly withdrawn prior to
the Consent Payment Deadline is US$1,094.11, of which US$30 is
the consent payment.  As of the Price Determination Date, the
yield to maturity on the 4% U.S. Treasury Note due April 15,
2010, the reference security for the 7.5% Notes, was 4.503% and
the tender offer yield on the 7.5% Notes was 5.003%.

Holders whose 7.5% Notes are validly tendered at or after the
Consent Payment Deadline and prior to the Expiration Time and
are accepted for payment will receive the tender offer
consideration of US$1,064.11 per US$1,000 principal amount of
7.5% Notes tendered, which amount does not include the US$30
consent payment.

In addition, holders whose Notes are validly tendered and
accepted for purchase will receive accrued and unpaid interest
on those Notes from the last interest payment date up to, the
applicable payment date for the offer.

Withdrawal rights with respect to tendered Notes have expired.
Accordingly, Notes tendered may no longer be withdrawn and
consents delivered may no longer be revoked.

The tender offers and consent solicitations will expire at the
Expiration Time, unless extended or earlier terminated by the
company.  The company reserves the right to terminate, withdraw
or amend the tender offers and consent solicitations at any time
subject to applicable law.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not validly withdrawn pursuant to the
tender offers and the consent solicitations is subject to the
satisfaction or waiver of certain conditions, including, the
consummation of the mergers contemplated by the Agreement and
Plan of Merger among the company, Universal Compression Holdings
Inc., Exterran Holdings Inc. fka Iliad Holdings Inc. and
Exterran's subsidiaries, dated Feb. 5, 2007, as amended, and the
receipt of sufficient funds to consummate the tender offers.

Each tender offer and consent solicitation is independent of the
others, and the complete terms and conditions of the tender
offers and the consent solicitations are set forth in the tender
offer documents, which are being sent to holders of Notes.  

The tender offers are part of the refinancing plan of the
company and Universal being implemented in anticipation of the
closing of their pending merger, which is currently expected to
occur on or about Aug. 20, 2007, if the conditions to the
closing set forth in the Agreement and Plan of Merger have been
satisfied as of that date.

As part of the refinancing plan, Exterran Holdings Inc., which
will be the publicly traded holding company after the completion
of the merger, has engaged Wachovia Capital Markets LLC and J.P.
Morgan Securities Inc. to arrange and syndicate a senior secured
credit facility, consisting of a revolving credit facility and a
term loan, and has engaged Wachovia to provide a new asset-
backed securitization facility to Exterran.

The primary purpose of these new facilities will be to fund the
redemption or repurchase of all of the company's and Universal's
outstanding debt other than the company's convertible debt
securities and the credit facility of Universal's publicly
traded subsidiary, Universal Compression Partners L.P.  The new
facilities will replace the company's and Universal's existing
bank lines and Universal's existing asset-backed securitization
facility.

The closing of the new facilities is subject to, the receipt of
sufficient commitments from participating lenders and the
execution of mutually satisfactory documentation.

Wachovia Securities has been retained to act as exclusive dealer
manager in connection with the tender offers and consent
solicitations.  Questions about the tender offers and consent
solicitations may be directed to Wachovia Securities at (866)
309-6316 (toll free) or (704) 715-8341 (collect).  

Copies of the tender offer documents and other related documents
may be obtained from D.F. King & Co., Inc., the information
agent for the tender offers and consent solicitations, at (800)
859-8508 (toll free) or (212) 269-5550 (collect).

The tender offers and consent solicitations are being made
solely by means of the tender offer documents.  

                    About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company,
(NYSE: HC) -- http://www.hanover-co.com/-- rents and repairs    
compressors and performs natural gas compression services for
oil and gas companies.  The company's subsidiaries also provide
service, fabrication, and equipment for oil and natural gas
processing and transportation applications.  It has locations in
India, China, Indonesia, Japan, Korea, Taiwan, the United
Kingdom, and Vietnam, among others.

                          *     *     *

Moody's Investor Services assigned B1 rating on Hanover
Compressor Company's long term corporate family and probability
of default on July 16, 2007.  The outlook is stable.


IMAGE TRAVEL: Brings In Liquidators from Vantis Redhead French
--------------------------------------------------------------
G. Mummery and A. Raja of Vantis Redhead French Ltd. were
appointed joint liquidators of Image Travel & Money Services
Ltd. (t/a Portico Global Travel) on July 25 for the creditors’
voluntary winding-up procedure.

The joint liquidators can be reached at:

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


KRONOS INC: Hires Chris Todd to Manage Customer Engagements
-----------------------------------------------------------
Kronos(R) Incorporated has appointed Chris Todd to cultivate and
manage customer engagements and oversee the management and
growth of the company's North American professional services
organization.  As vice president of professional services, Mr.
Todd will report directly to Kronos Chief Executive Officer Aron
Ain.

"We welcome Chris to our management team at an exciting juncture
in the growth and development of the company," said Mr. Ain.
"Chris will draw upon his operational expertise and impressive
sales track record to boost the breadth and depth of our
professional services offerings as we strive to build the first
US$1 billion software company exclusively focused on managing
the workforce."

Mr. Todd joins Kronos after seven years with Blackbaud, Inc., a
global provider of application software and related services for
nonprofit organizations.  As senior vice president of worldwide
sales and operations, Todd managed Blackbaud's U.S. sales team
and was responsible for all aspects of operations, including
professional services and support, in Australia, Scotland, and
England.  Prior to Blackbaud, Mr. Todd held various management
positions with NetGen Inc., McKinsey & Co., and S.G. Warburg &
Co. Inc.

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posted about US$617 million of revenues for the
12 months ended March 31, 2007.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service assigned Kronos, Inc. a
first time B2 corporate family rating and a stable rating
outlook.  Moody's also assigned a first time Ba3 rating to the
company's:

-- first lien credit facilities (US$665 million term loan,
    due 2014, and US$60 million revolving credit facility,
    expires 2013); and

-- a Caa1 rating to its US$390 million second lien term loan,
    due 2015.


LADYPACE LTD: Calls In Liquidators from Cooper Parry
----------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint liquidators of Ladypace
(Daventry) Ltd. on July 25 for the creditors’ voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Cooper Parry LLP
         1 Colton Square
         Leicester
         LE1 1QH
         England


LAMBOARD HOLDINGS: Appoints Joint Administrators from PwC
---------------------------------------------------------
Mark David Arthur Loftus and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Lamboard Holdings Ltd. (Company Number 045734148) on July 30.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.   

The company can be reached at:

         Lamboard Holdings Ltd.
         228 Leads Road
         Hull  
         HU7 0DQ
         England
         Tel: 01482 701 143


LANSDOWNE MORTGAGE: Fitch Affirms Class B2 Ratings at BB
--------------------------------------------------------
Fitch Ratings has upgraded two tranches of Lansdowne Mortgage
Securities No.1 plc and affirmed four others.   The rating
actions follow a satisfactory review of these deals.  The
Outlooks on the four junior tranches are revised to Positive
from Stable.  The rating actions are:

Lansdowne Mortgage Securities No.1 plc

   -- Class A2 (ISIN XS0250832614) affirmed at 'AAA'.  Outlook
      Stable

   -- Class M1 (ISIN XS0250833695) upgraded to 'AA+' from 'AA'.  
      Outlook revised to Positive from Stable

   -- Class M2 (ISIN XS0250834073) upgraded to 'A+' from 'A'.  
      Outlook revised to Positive from Stable

   -- Class B1 (ISIN XS0250834404) affirmed at 'BBB'.  Outlook
      revised to Positive from Stable

   -- Class B2 (ISIN XS0250835120) affirmed at 'BB'. Outlook
      revised to Positive from Stable

   -- Class X (XS0250833000) affirmed at 'AAA'.  Outlook Stable

The upgrades to the class M notes follow a full loan by loan
analysis of the remaining pool as of April 2007.  To date the
transactions has had no loans taken into foreclosure and
subsequently has incurred no losses.  Arrears greater than three
months as of the end of June 2007 comprise 13.75% of the
outstanding portfolio balance, above the level that would allow
the reserve fund to amortize or the notes to pay down pro-rata.

The annualized principal payment rate for the transaction,
including both scheduled and unscheduled payments, as calculated
by Fitch was 47.83% in June 2007.  The high payment rate coupled
with a sequential pay down structure of the notes has led to a
rapid build up in credit enhancement.

The rating outlooks for the junior notes has been revised to
Positive due to a combination of the sequential amortization
structure, high payment rate and build up in available credit
enhancement, and the lack of losses to the portfolio.

Even though euro zone interest rates have increased in recent
quarters and house prices in Ireland fell marginally in the
first five months of 2007, according to the Permanent TSB / ESRI
House Price Index, their impact on this transaction is likely to
be negligible.  Furthermore, a 2.1% decline in house prices in
the first six months of 2007, coming after significant house
inflation, notably a 14.5% increase between May 2005 and May
2006 and a rise of 6.7% in the first five months of 2006, is
modest.  The house price decline could be due in part to the
issue of whether to reform or abolish stamp duty, the result of
which would affect first-time buyers, and when to implement it,
as well as the intense competition in the first-time buyer
market.


MACFARLANE TRANSPORT: Names Richard Dixon Fleming Liquidator
------------------------------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed liquidator of
MacFarlane Transport Ltd. on July 23 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


MITEL NETWORKS: Inter-Tel Shareholders Approve US$723 Mln Merger
----------------------------------------------------------------
Mitel Networks Corp. applauded Inter-Tel (Delaware) Incorporated
stockholders for approving the two companies' US$723 million
merger.  The vote fulfills another condition to the merger which
the company believes will create a market leader in the SMB IP
communications industry with the scale to strengthen and extend
its reach in the enterprise market.

"The company is delighted that Inter-Tel shareholders have voted
to approve the merger with Mitel," Don Smith, CEO of Mitel,
said.  "By bringing together the unique strengths of each
company, this transaction will accelerate our growth strategy.  
Together, we believe that Mitel and Inter-Tel will possess the
intellectual property, technology depth, breadth of portfolio,
managed services, partnerships, and people to be a leader in the
rapidly changing IP telephony landscape."

Subject to the outcome of the preliminary injunction hearing
arising from Inter-Tel's litigation before the Delaware Court of
Chancery, Mitel and Inter-Tel expect that the merger will close
after the Aug. 8, 2007, hearing.

              About Mitel Networks Corporation

Headquartered in Herndon, Virginia, Mitel Networks Corporation
-- http://www.mitel.com/-- delivers the full value of IP  
Communications through networked business solutions that help
customers achieve success through business process integration,
enhanced employee productivity, increased customer loyalty and
helping to generate new revenue streams.

The company has operations in Brazil, the United Kingdom and
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter on June 22, 2007,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Ottawa-based Mitel Networks Corp.  
S&P said the outlook is stable.


TRAINING FOR TOMORROW: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------------
Graham David Randall and Mark Peter George Roach of BDO Stoy
Hayward LLP were appointed joint liquidators of Training for
Tomorrow Ltd. (formerly Training For Tomorrow (Holdings) Ltd.
and Chartgreat Ltd.) on for the creditors’ voluntary winding-up
procedure.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Fourth Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


U.S. ENERGY: Silver Point Wants to Buy Biogas for US$9 Mln Cash
---------------------------------------------------------------
U.S. Energy ystems Inc. executed a letter of intent submitted by
Silver Point Finance LLC, to acquire, in an all-cash
acquisition, 100% of the common stock of U.S. Energy Biogas
Corp., a subsidiary of the company, for a purchase price payable
to the company equal to US$9 million.

In connection with the Equity Acquisition, Silver Point is also
willing to consider an increase in the amount available under
the Credit and Guaranty Agreement of US$8 million of which US$2
million will be funded on the effective date of the Debt
Financing and US$6 million will be available subject to the
approval of Silver Point.  Each funding of this additional
availability will be net of a fee equal to 3% of the amount so
funded.  Upon the effective date of the Transaction, the Credit
and Guaranty Agreement would be amended to provide that the
Applicable Margin with respect to LIBOR rate loans would
increase to 9.50%.

Each of the Debt Financing and the Equity Acquisition is
conditioned upon the completion of the other.  The LOI also sets
out how the proceeds of the Transaction are to be used.

                        Letter of Intent

Generally, the LOI is non-binding, however, it does impose
certain binding obligations on the company.  In the event that
at any time prior to Oct. 31, 2007, the company, USEB, U.S.
Energy Overseas Investments LLC or any of their respective
affiliates directly or indirectly enter into any agreement or
arrangement, or accept any proposal or indication of interest
from a third party, in each case relating to:

     i. any direct or indirect acquisition or purchase of any of
        the assets or capital stock of USEB or any of USEB's
        subsidiaries, or any merger, consolidation, plan of
        arrangement, amalgamation, business combination,
        recapitalization, reorganization, dissolution or similar
        transaction involving USEB or any of USEB's subsidiaries
        or

    ii. an alternative financing to the Debt Financing, the
        company will reimburse Silver Point for all of its out-
        of-pocket expenses incurred by Silver Point and its
        affiliates in connection with the proposed Transaction
        including reasonable fees and expenses incurred in
        connection with the potential financing thereof and pay
        to Silver Point, upon consummation of the Alternative
        Transaction, a fee equal to US$3.5 million.

The LOI states that Silver Point's interest in the Transaction
is subject to satisfactory completion of diligence, receipt of
internal approvals and entry into definitive agreements.

Silver Point has a prior relationship with the company.  In
connection with the company's acquisition of the UK assets in
2006, Overseas borrowed about US$23.3 million from certain
lenders pursuant to a Credit and Guaranty Agreement dated Aug.
7, 2006, which was arranged by Silver Point.

In connection with this financing, the company issued to Silver
Point's designees Series G Warrants exercisable until
February 2014 to acquire about 5.5 million shares of the
company's common stock.  In addition, in connection with USEB's
emergence from bankruptcy, USEB and certain of its subsidiaries
entered into a credit and guaranty agreement in May 2007 with
the lenders named therein and Silver Point which provides for
borrowings up to an aggregate principal amount of US$80,000,000.

Under the USEB Credit Agreement, substantially all of USEB's
subsidiaries guaranty the repayment of the loan obligations and
have granted to Silver Point a first priority lien on
substantially all of their assets.  In addition, the company has
granted to Silver Point a first-priority pledge of its 100%
equity interest in USEB.  Overseas has US$79,000,000 outstanding
under the USEB Credit Agreement.

                        About Silver Point

Silver Point Finance LLC is the direct lending arm of Silver
Point Capital L.P., -- http://silverpointcapital.com/-- a  
multi-strategy credit opportunity fund founded in 2002 and based
in Greenwich, Connecticut.  Silver Point Capital is a privately
owned hedge fund sponsor and manages hedge funds for its
clients.  It invests in the public equity, fixed income, and
hedging markets of the United States.  The firm primarily
invests in securities of distressed, large-cap, and Mid-cap
companies; bank debts; bonds; and trade claims.  It specializes
in credit analysis and diversified credit-related investments.

                    About U.S. Energy Biogas

Headquartered in Avon, Connecticut, U.S. Energy Biogas Corp., a
subsidiary of U.S. Energy Systems Corp. (Nasdaq: USEY) --
http://www.usenergysystems.com/-- develops landfill gas  
projects in the United States.  Formerly known as Zahren
Alternative Power Corporation or ZAPCO, the company was formed
in May 2001 after ZAPCO's acquisition by U.S. Energy Systems
Inc.  Currently, the company owns and operates 23 LFG to energy
projects with 52 megawatts of generating capacity.

U.S. Energy Biogas and 31 of its affiliates filed separate
voluntary chapter 11 petitions on Nov. 29, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-12827 through 06-12857).  Joseph J. Saltarelli,
Esq., at Hunton & Williams represents the Debtors in their
restructuring efforts.  Dion W. Hayes, Esq., Joseph S. Sheerin,
Esq., and Patrick L. Hayden, Esq., at McGuireWoods LLP,
represent the Official Committee of Unsecured Creditors.  The
Debtors listed total assets of US$35,472,663 and total debts of
US$90,250,169 in its schedules.
                       
                         About US Energy

U.S. Energy Systems Inc. -- http://www.useyinc.com/-- (Nasdaq:   
USEY) owns of green power and clean energy and resources.  USEY
owns and operates energy projects in the United States and
United Kingdom that generate electricity, thermal energy and gas
production.

The company has a 100% interest in U.S. Energy Biogas Corp.,
which owns and operates 23 landfill gas to energy projects in
the United States, 20 of which produce electricity and three of
which sell landfill gas as an alternative to natural gas.  The
company also has a 100% interest in Plymouth Envirosystems Inc.,
which owns a 50% interest in Plymouth Cogeneration Limited
Partnership.  Plymouth Cogeneration Limited Partnership owns and
operates a combined heat and power plant in Massachusetts that
produces 1.2MWs of electricity and 7 MWs of heat.  The company
further has a 79% interest in GBGH LLC, which owns energy assets
and mineral rights in the United Kingdom including a 42MW gas-
fired power plant and gas licenses for about 100,000 acres of
onshore natural gas properties and mineral rights in North
Yorkshire, England.  GBGH is the parent company of UK Energy
Systems Ltd.

                         *     *     *

As reported in the Troubled Company Reporter on June 26, 2007,
U.S. Energy Systems Inc. had reported that it has insufficient
funds to make certain capital contributions required under the
UK financing arrangements between September and December of
2007.

If the UK financing parties were to declare the UK financing
arrangements in default and exercise remedies, such action could
involve foreclosure on substantially all of the company's assets
and would have a material adverse effect on the company.  In
that circumstance, the company is unable to provide assurances
that it would be able to avoid bankruptcy or insolvency
proceedings.


VIRGIN MEDIA: Extends Sale Process Due to Unstable Debt Market
--------------------------------------------------------------
The financial advisors of Virgin Media Inc., fka NTL Inc., has
recommended that the company’s sale process be extended until
parties can complete their proposals in a more stable debt
market environment to enhance shareholder value.

There is no assurance that any transaction will occur or, if so,
at what price.

As previously reported in the TCR-Europe on Aug. 2, 2007,
Liberty Global Inc. is contemplating a bid for Virgin Media.

John Malone, chairman of Liberty Global, told the Financial
Times that his interest was at an exploratory stage and that  
the group was "doing our homework" on a bid.

According to The Times, the recent turmoil in the leveraged
finance markets could force the US$23 billion (GBP11.3 billion)
Virgin Media auction to be put on hold as the prospect of a
private equity-style leveraged takeover has receded.

However, the situation would make Liberty Global an attractive
partner for a private equity bidder, FT says, citing analysts.

US private equity group TPG earlier pulled out of the bidding
race because of concerns over the British cable operator’s
business model, Elizabeth Judge and Siobhan Kennedy write for
The Times.

Virgin Media, which has an enterprise value of GBP11 billion, is
expected to be auctioned off this month.

There have been 11 expressions of interest for Virgin Media.

The Sunday Times says the company’s cashflow, which can service
debts of GBP6 billion, makes it attractive to private equity
firms.

Last month, Virgin Media confirmed it has received a takeover
proposal but declined to divulge the identity of the offeror.  

Published reports have cited Carlyle Group to have made a
preliminary offer of between US$33 and US$$35 per share for the
telecoms company.  

Other bidders include Providence Equity Partners, Blackstone,
Kohlberg Kravis Roberts and Apax.

The bidders could break down into three or four consortia.

                      About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

Virgin Media posted GBP120.3 million in net losses against GBP1
million in revenues for the first quarter ended March 31, 2007,
compared with GBP119.9 million in net losses against GBP611.4
million in revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, showed strained
liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Virgin Media Inc.

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

As reported in the TCR-Europe on March 23, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' senior secured debt
rating and '1' recovery rating on Virgin Media Investment
Holdings Ltd.'s GBP4.98 billion senior secured facilities.


WINDERMERE XI: Fitch Rates GBP7.497 Million Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Windermere XI CMBS
Plc's floating-rate notes due April 2017:

   -- GBP570 million Class A: 'AAA'; Outlook Stable
   -- GBP55 million Class B: 'AA'; Outlook Stable
   -- GBP43 million Class C: 'A'; Outlook Stable
   -- GBP32.27 million Class D: 'BBB'; Outlook Stable
   -- GBP7.497 million Class E: 'BB'; Outlook Stable

This transaction is a GBP708 million securitization of eight
commercial real estate loans originated by Lehman Brothers Inc
(rated 'A+/F1+').

The final ratings reflect the credit enhancement provided to
each class by the subordination of classes junior to it, the
positive and negative features of the underlying real estate
collateral and the integrity of the legal and financial
structures.  They also address the likelihood that investors
will receive timely payment of interest and ultimate repayment
of principal by the final legal maturity date (April 2017).

Interest and principal on the notes will be paid quarterly in
arrears on each payment date, commencing in October 2007.  The
very modest amount of scheduled amortization on the loans ahead
of maturity will be distributed on a fully sequential basis.  
Principal prepayments and balloon redemptions will be
distributed according to a modified pro rata structure.  This is
subject to certain triggers, whose breach will cause all
principal flows to the notes to be allocated on a sequential
basis.  The structure will benefit from a liquidity facility
which will be initially sized at GBP42.47 million, or 6% of the
notes' balance.  This will cover shortfalls in interest on the
notes.

The three largest loans (Devonshire House, Government Income
Portfolio, 90 Long Acre) account for 59.2% of the portfolio by
aggregate balance as at the cut-off date.  Devonshire House
contributes 27.1% of the portfolio and is secured by a grade A
office building in London's West End.

Property type and geographical concentrations are present in the
pool, with office space accounting for 78.8% of total income and
central London for 59.6%.  The top ten tenants represent 49.6%
of total passing rent.  The UK government (rated 'AAA/F1+')
accounts for 33.9% with a further 20.1% paid by investment-grade
tenants.  The portfolio is 19.2% reversionary: total passing
rent of GBP50.5 million compares with estimated rental value of
GBP60.2 million.  The pool has virtually no scheduled
amortization, with the weighted-average cut-off loan-to-value of
68.8% barely above the 68.4% WA LTV at maturity.

Five of the eight loans (Devonshire House, 90 Long Acre,
Shrewsbury, CAA House and Westville) have subordinated B-note
tranches, which have been carved out of the respective whole
loans and are not included within this transaction.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Aug. 9, 2007  
  BEARD AUDIO CONFERENCES
     Technology as a Competitive Advantage For Today's Legal
     Processes
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

Aug. 9-11, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     3rd Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 9, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Blum Shapiro & Co., West Hartford, Connecticut
           Contact: http://www.iwirc.org/

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Olympics Sportsman's Lunch
        Sofitel, Brisbane, Queensland, Australia
           Contact: 1300 303 863 or http://www.turnaround.org/

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Colorado Chapter Annual Brew Pub & Pool Social
        Wynkoop Brewing Company, Denver, Colorado
           Contact: 303-847-5026 or http://www.turnaround.org/

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

Aug. 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 23-26, 2007
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Drake Hotel, Chicago, Illinois
           Contact: http://www.nabt.com/

Aug. 24, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Healthcare Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Aug. 29-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     3rd Annual Northeast Regional Conference
        Gideon Putnam Resort and Spa, Saratoga Springs,
           New York
              Contact: http://www.turnaround.org/

Sept. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Sept. 6-7, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Sept. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
              Contact: http://www.abiworld.org/

Sept. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Networking at the Yards
        Oriole Park at Camden Yards, Baltimore, Maryland
           Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

Sept. 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     14th Annual Connecticut Children's Medical Center
        Fundraiser Golf Outing
           Woodbridge Country Club, Woodbridge, Connecticut
              Contact: 203-265-2048 or   
                 http://www.turnaround.org/

Sept. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Buying and Selling Troubled Companies
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lean Transformation at Current and Other Case Studies
        Denver Athletic Club, Denver, Colorado
           Contact: http://www.turnaround.org/

Sept. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Educational & Networking Reception
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26-27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Tampa, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

Sept. 27-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     8th Annual Cross Border Business
        Restructuring & Turnaround Conference
           Contact: http://www.turnaround.org/

Oct. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Oct. 5, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center
           Washington, District of Columbia

Oct. 9-10, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              Contact: http://http://www.iwirc.org/

Oct. 10-13, 2007
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     81st Annual National Conference of Bankruptcy Judges
        Contact: http://www.ncbj.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Winn Dixie Bankruptcy
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument
        Today
           Orlando, Florida
              Contact: http://www.ardent-services.com/

Oct. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI Educational Program at NCBJ
        Orlando World Marriott, Orlando, Florida
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Copley Place
           Boston, Massachussets
              Contact: 312-578-6900; http://www.turnaround.org/

Oct. 23, 2007
  BEARD AUDIO CONFERENCES
     Partnerships in Bankruptcy
        Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Capital Markets Case Study
        Seattle, Washington
           Contact: http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        Centre Club, Tampa, Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Crisis Communications With Employees, Vendors and Media
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Hackensack, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Mixer
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Portland Holiday Party
        University Club, Portland, Oregon
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Real Estate Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: http://www.iwirc.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        TBD, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Westin Mission Hills Resort, Rancho Mirage, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/;
              http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency – Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues  
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers—the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today's Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.

  
                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *