TCREUR_Public/070810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 10, 2007, Vol. 8, No. 158

                            Headlines


A U S T R I A

AUTOITALIA SALZBURG: Claims Registration Period Ends Sept. 5
B 2000: Vienna Court Orders Business Shutdown
BELMED MEDIZIN: Claims Registration Period Ends Aug. 28
BONUS FILM: Claims Registration Period Ends Aug. 28
ISW LLC: Claims Registration Period Ends Aug. 23

IWAVES - CROSS: Claims Registration Period Ends Aug. 29
ROSER KEG: Claims Registration Period Ends Aug. 28
STEFAN LLC: Postpones Creditors' Meeting to Oct. 4
VOLENIK KEG: Claims Registration Period Ends Aug. 24
WIENERMATIK LLC: Vienna Court Orders Business Shutdown


B E L G I U M

CHIQUITA BRANDS: Morgan Joseph Maintains Buy Rating on Firm
NUANCE COMM: Offering US$150 Mln Unsec. Sr. Convertible Notes
NUANCE COMMS: S&P Puts B- Rating on US$150 Mil. Senior Notes
SOLUTIA INC: U.S. Court Rejects Disclosure Statement
SOLUTIA INC: Creditors' Committee Wants Settlements Approved


C Z E C H   R E P U B L I C

FBSK 1907: Financial Woes Cue Bankruptcy Filing


F I N L A N D

FLETCHER BUILDING: Net Profit Up 28% to NZ$484 Million in FY2007


F R A N C E

ALCATEL-LUCENT: Costa Rican State Firm Levies CRC31.2-Bil. Fine
GOODYEAR TIRE: Names Mark Schmitz as Executive VP & CFO
KB HOME: Completes US$250 Mln Redemption of 9-1/2% Senior Notes
TCL CORP: Posts CNY45.1-Million Net Profit in 2007 First Half
TCL CORP: PC Unit Posts Profit; Rules Out Planned Disposal

TCL MULTIMEDIA: Cuts 1H Losses Due to European Restructuring


G E R M A N Y

AFM MESSEBAU: Claims Registration Period Ends Sept. 19
AUKO AUGSBURGER: Creditors' Meeting Slated for Sept. 12
IKB DEUTSCHE: Fitch Cuts Rating to F; Puts Hybrids on Watch
OLDENBOURG BINDEN: Claims Registration Period Ends Sept. 24
PBL BAU KONZEPTE: Claims Registration Period Ends Sept. 11

PM DACHSERVICE: Claims Registration Period Ends Sept. 21
POPE & TALBOT: Inks Forbearance Agreement with Lenders
POPE & TALBOT: Credit Default Cues S&P to Downgrade Ratings
SCHMIDT SPORTSWORLD: Claims Registration Period Ends Sept. 10
VISTIANA NETWORK: Claims Registration Period Ends Sept. 28


H U N G A R Y

ARVINMERITOR INC: Selling European Operations to Klarius Group
SUN MICROSYSTEMS: Restructuring Plan Aims to Cut Jobs


I R E L A N D

WARNER MUSIC: June 30 Balance Sheet Upside-Down by US$23 Million
XEROX CORP: To Implement Outsourcing Deal by Early September


I T A L Y

THERMADYNE HOLDINGS: Earns US$1.6 Million in 2007 Second Quarter
THERMADYNE HOLDINGS: Picks Terry Moody as VP-Global Operations


K A Z A K H S T A N

ALTAY-A LLP: Claims Filing Period Ends Sept. 13
ATIEKS SERVICE: Proof of Claim Deadline Slated for Sept. 13
DAIMON LLP: Creditors Must File Claims Sept. 13
DANIYAR LLP: Claims Filing Period Ends Sept. 13
HOZRET LLP: Creditors' Claims Due on Sept. 13

JEKEKOL LLP: Claims Registration Ends Sept. 13
JELEZNODOROJNIK LLP: Claims Registration Ends Sept. 13
MUNAY-AGRO-2002 LLP: Creditors' Claims Due on Sept. 13
OKSIKENIUM LLP: Proof of Claim Deadline Slated for Sept. 12
TANDEM LLP: Creditors Must File Claims Sept. 12


K Y R G Y Z S T A N

EUROAZIMPEX LLC: Creditors Must File Claims by September 13
PROGNOZ-ENERGO COMPANY: Claims Filing Period Ends September 13


N E T H E R L A N D S

CAIRN II: S&P Rates EUR19.2 Million Class E Notes at BB-  
HEXION SPECIALTY: Funds Incremental Term Loans Under Credit Pact


P O R T U G A L

MAZDA MOTOR: Sales for Mazda Demio Model Take Off in Japan
MAZDA MOTOR: April-June Profit Drops 63% to JPY2.48 Billion


R U S S I A

BELGOROD-ELEVATOR-STROY: Creditors Must File Claims by Aug. 14
CENTERTELECOM OAO: Fitch Lifts IDR to B on Improved Performance
DREV-MASH-SERVICE: Orel Bankruptcy Hearing Slated for Oct. 17
FAVORIT LLC: Creditors Must File Claims by Sept. 14
GELENZHIK-AGRO-KHIM: Creditors Must File Claims by Aug. 14

KOLPNA CJSC: Orel Bankruptcy Hearing Slated for Sept. 19
KRUTINSKOE CJSC: Creditors Must File Claims by Sept. 14
MEGAPOLIS LLC: Saratov Bankruptcy Hearing Slated for Sept. 25
MEKH-STORY OJSC: Court Names D. Zelepukin as Insolvency Manager
METAL-MONTAGE LLC: Creditors Must File Claims by Aug. 14

MEZHDURECHYE-LES LLC: Bankruptcy Hearing Slated for Nov. 6
PAUSTOVSKAYA SPINNING: Asset Sale Slated for Aug. 27
RESOURCE CJSC: Creditors Must File Claims by Aug. 14
SATKA-MILK OJSC: Creditors Must File Claims by Aug. 14
STAROMINSKIY OJSC: Creditors Must File Claims by Sept. 14

UM-3 CJSC: Creditors Must File Claims by Aug. 14
VIMPEL-COMMUNICATIONS: Changes Common Share-to-ADR Ratio


S P A I N

SANYO ELECTRIC: Invests THB466 Million in Thai Unit


S W E D E N

ARROW ELECTRONICS: To Acquire Centia & AKS Group


S W I T Z E R L A N D

A&A FASHION: Creditors' Liquidation Claims Due August 20
ASW AUTOBUS: Creditors' Liquidation Claims Due August 20
CONDETRA LLC: Creditors' Liquidation Claims Due August 20
H K B SYSTEMS: Creditors' Liquidation Claims Due August 20
HANS STEURI: Creditors' Liquidation Claims Due August 20

HOLDING KIRCHHEIM: Creditors' Liquidation Claims Due August 23
IMPAG VERPACKUNGEN: Creditors' Liquidation Claims Due August 20
INTRACHARGE JSC: Creditors' Liquidation Claims Due August 20
JOHN AND JACK: Creditors' Liquidation Claims Due August 20
OCTAGON (SWITZERLAND): Creditors' Liquidation Claims Due Aug. 20

PCINTEGRAL LLC: Creditors' Liquidation Claims Due August 20
TREND LACE: Creditors' Liquidation Claims Due August 31


T U R K E Y

ALTERNATIFBANK AS: Regulator Blocks Share Transfer to Alpha Bank
ALTERNATIFBANK AS: Fitch Holds IDR at BB on Blocked Venture


U K R A I N E

DOBROVELICHKOVSKY SUGAR: Claims Filing Deadline Set August 12
GALLAK OJSC: Creditors Must File Claims by August 12
KHOROL AGRICULTURAL: Claim Filing Deadline Set Aug. 12
NOVOSELITSA DISTILLERY: Creditors Must File Claims by August 12
OLEVSK LECTROTECHNICAL: Claims Filing Deadline Set August 12

SLAVUTICH LLC: Creditors Must File Claims by August 12
UKRAINIAN GROSS: Proofs of Claim Filing Deadline Set August 12


U N I T E D   K I N G D O M

ANGIOTECH PHARMA: S&P Puts Junk Rating to Sr. Subordinated Notes
ARMOR HOLDINGS: Moody's Confirms Ratings on Completed BAE Deal
ATLANTECH MEDICAL: Appoints Michael C. Kienlen as Liquidator
BAA LTD: Passenger Figures Up 0.2% in July 2007
BALLY TOTAL: Court Sets Sept. 17 Plan Confirmation Hearing

BALLY TOTAL: Gets Interim OK to Hire Kirkland as Counsel
BAUSCH & LOMB: Earns US$15 Million in 2007 Second Quarter
CANESS CLEANING: Brings In Liquidators from Wilkins Kennedy
ESPORTA PLC: Taps Lazard to Explore Strategic Alternatives
GENERAL MOTORS: Completes US$5.6 Bln Allison Transmission Sale

GENERAL MOTORS: Declares US$0.25 Per Share Quarterly Dividend
LUXFER HOLDINGS: S&P Withdraws SD Rating at Company's Request
MALCOLM ROBERTSON: Taps Daryl Warwick to Liquidate Assets
MIDDLEWICH LTD: Claims Filing Period Ends September 28
ROYAL & SUN: Earns GBP237 Million for First Half 2007

TYSON FOODS: Earns US$236 Million in Nine Months Ended June 30
VIRGIN MEDIA: Second Qtr. Net Loss Narrows to GBP119 Mln in 2007

* BOOK REVIEW: Bankruptcy Crimes 2002

                            *********

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


AUTOITALIA SALZBURG: Claims Registration Period Ends Sept. 5
------------------------------------------------------------
Creditors owed money by LLC AutoItalia Salzburg (FN 51155d) have
until Sept. 5 to file written proofs of claim to court-appointed
estate administrator Ernst Kohlbacher at:

         Dr. Ernst Kohlbacher
         Schwarzstrasse 27
         5020 Salzburg
         Austria
         Tel: 0662/883171
         Fax: 0662/883161
         E-mail: ra.kohlbacher@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Sept. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on July 10 (Bankr. Case No. 23 S 50/07h).  


B 2000: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered July 12 an order shutting down
the business of LLC B 2000 (FN 185446s).

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

The estate administrator can be reached at:

         Mag. Katharina Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12
         Fax: 587 87 50- 50
         E-mail: office@heller-pitzal.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 27 (Bankr. Case No 2 S 86/07w).  Wolfgang Pitzal
represents Mag. Pitzal in the bankruptcy proceedings.


BELMED MEDIZIN: Claims Registration Period Ends Aug. 28
-------------------------------------------------------
Creditors owed money by LLC belmed medizin consulting (FN
222717a) have until Aug. 28 to file written proofs of claim to
court-appointed estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 12 (Bankr. Case No. 28 S 78/07k).  


BONUS FILM: Claims Registration Period Ends Aug. 28
---------------------------------------------------
Creditors owed money by LLC Bonus Film (FN 209392f)have until
Aug. 28 to file written proofs of claim to court-appointed
estate administrator Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 28 S 77/07p).  


ISW LLC: Claims Registration Period Ends Aug. 23
------------------------------------------------
Creditors owed money by LLC ISW (FN 135288d) have until Aug. 23
to file written proofs of claim to court-appointed estate
administrator Michael Enzinger at:

         Dr. Michael Enzinger
         c/o Mag. Johannes Bousek
         Mahlerstrasse 11
         1010 Vienna 513 75 94
         Austria
         Tel: 513 17 84
         Fax: 513 75 94
         E-mail: office@lattenmayer-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 6 (Bankr. Case No. 2 S 89/07m).  Johannes Bousek
represents Dr. Enzinger in the bankruptcy proceedings.


IWAVES - CROSS: Claims Registration Period Ends Aug. 29
-------------------------------------------------------
Creditors owed money by LLC Iwaves - Cross Media Publishing (FN
221166w) have until Aug. 29 to file written proofs of claim to
court-appointed estate administrator Annemarie Kosesnik-Wehrle  
at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer  
         Oelzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 2 S 91/07f).  Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.


ROSER KEG: Claims Registration Period Ends Aug. 28
--------------------------------------------------
Creditors owed money by KEG Roser (FN 251747t) have until
Aug. 28 to file written proofs of claim to court-appointed
estate administrator Johannes Mueller at:

         Dr. Johannes Mueller
         Landhausgasse 4
         Minoritenplatz 6
         1010 Vienna
         Austria
         Tel: 535 06 82
         Fax: 535 06 829
         E-mail: borth.mueller@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 28 S 75/07v).  


STEFAN LLC: Postpones Creditors' Meeting to Oct. 4
--------------------------------------------------
The creditors' meeting of LLC Stefan (FN 62960p) was
postponed to 9:30 a.m. on Oct. 4 instead of Sept. 27.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Hall 2
         Room 105
         First Floor
         Korneuburg
         Austria

Headquartered in Stronsdorf, Austria, the Debtor declared
bankruptcy on July 5 (Bankr. Case No. 32 S 7/07b).  Herwig Ernst
serves as the court-appointed estate administrator of the
bankrupt estate.  Robert Zauchinger represents Dr. Ernst in the
bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Herwig Ernst
         c/o Dr. Robert Zauchinger
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel: 02262/723 17
         Fax: 02262/756 57
         E-mail: lawoffice@mack-ernst.at


VOLENIK KEG: Claims Registration Period Ends Aug. 24
----------------------------------------------------
Creditors owed money by KEG Volenik (FN 98910g) have until
Aug. 24 to file written proofs of claim to court-appointed
estate administrator Clemens Richter at:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: engelhart@csg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 6 (Bankr. Case No. 28 S 74/07x).  


WIENERMATIK LLC: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered July 6 an order shutting down
the business of LLC WIENERMATIK (FN 211730v).

Court-appointed estate administrator Maria Brandstetter
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. Maria Brandstetter
         Stephansplatz 4/Stiege VI
         Second Floor
         1010 Vienna
         Austria
         Tel: 513 85 12
         Fax: 513 85 12/20
         E-mail: office@rechtsberaterin.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No 5 S 80/07k).


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


CHIQUITA BRANDS: Morgan Joseph Maintains Buy Rating on Firm
-----------------------------------------------------------
Morgan Joseph analysts said in a research note published on
Aug. 3 maintain that they kept their "buy" rating on Chiquita
Brands International Inc.'s shares.

The target price for Chiquita Brands' shares was set at US$26,
Newratings.com reports.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Panama, Philippines, Australia, Belgium, Germany, among others.
It also distributes and markets fresh-cut fruit and other
branded, value-added fruit products.

                            *   *   *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  USUS$225 million 8.875% senior unsecured notes due
2015 at Caa2 (LGD5, 89%).  Moody's changed the rating outlook
for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.


NUANCE COMM: Offering US$150 Mln Unsec. Sr. Convertible Notes
-------------------------------------------------------------
Nuance Communications Inc. intends to offer, subject to market
and other considerations, approximately US$150 million aggregate
principal amount of unsecured senior convertible debentures due
2027, through an offering to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as
amended.

The interest rate, conversion terms and put and call rights
applicable to the debentures will be determined by negotiations
between Nuance and the initial purchaser of the debentures.

Nuance also intends to grant the initial purchaser a 30-day
over-allotment option to purchase up to 30 million aggregate
principal amount of additional debentures.

Nuance intends to use the net proceeds from the offering to
partially fund its acquisition of Tegic Communications Inc.

                 About Tegic Communications Inc.

Headquartered in Seattle, Tegic Communications Inc. --
http://www.tegic.com/-- builds robust, innovative, embedded   
software designed to enhance communications on small mobile
devices.  The company has offices in Beijing, Hong Kong, London,
New Delhi, Paris, Sao Paulo, Seoul, Singapore, and Tokyo.  Tegic
is a subsidiary of AOL LLC.

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft, Inc., -- http://www.nuance.com/--   
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.


NUANCE COMMS: S&P Puts B- Rating on US$150 Mil. Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Burlington, Mass.-based Nuance Communications
Inc. and assigned its 'B-' rating to Nuance's proposed US$150
million senior unsecured convertible notes due 2027.  Proceeds
from the notes will be used to partially fund the previously
announced acquisition of Tegic Communications Inc.  The outlook
is positive.
     
"The ratings on Nuance reflect the company's rapid growth,
highly acquisitive profile, and moderately high debt leverage,"
said Standard & Poor's credit analyst Martha Toll-Reed.  These
factors are partly offset by a leading presence in the market
for speech recognition products, a significant level of
recurring revenues, and a diverse customer base.
   
Nuance is a global provider of speech recognition software and
imaging solutions and related services.  The company is focused
primarily on enterprise customers within the financial services,
telecommunications, automotive, and health care sectors.
Revenues for the three months ended June 30, 2007, were US$157.0
million, up more than 80% over those of the prior-year period.
   
The positive outlook reflects the company's expanding presence
in the market for speech recognition products, strong EBITDA
growth, and significant level of recurring revenues.  A
sustained track record of managing at revenue levels in excess
of US$500 million, continued successful integration of
acquisitions, and maintenance of leverage at or below 4 times
could lead to rating improvement in the intermediate term.  On
the other hand, stepped-up acquisition activity resulting in
sustained leverage in excess of 4.5 times could lead to a stable
outlook.

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft, Inc., -- http://www.nuance.com/--   
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.


SOLUTIA INC: U.S. Court Rejects Disclosure Statement
----------------------------------------------------
Tiffany Kary of Bloomberg News reports that the U.S. Bankruptcy
Court for the Southern District of New York rejected Solutia
Inc. and its debtor-affiliates' Disclosure Statement, ordering
the Debtors to resolve the US$20,000,000,000 environmental
liabilities inherited from its former parent, Monsanto Company,
first.

The Honorable Prudence Carter Beatty said that she needed to
see the updated Monsanto Settlement that the Debtors'
reorganization plan depends on.  Jonathan S. Henes, Esq., at
Kirkland & Ellis LLP, in New York, informed the Court that the
Debtors plan to file the Monsanto Settlement by August 15, 2007.

The hearing on the Monsanto and Retiree Settlements is postponed
until October 1, 2007.  A hearing on the confirmation of the
Debtors' Plan will be held after that.

           Nitro Tort Victims' Supplemental Objection

The Nitro, West Virginia Tort Victims relate that the Debtors
have consistently represented that the Nitro Tort Victims' clams
are "Tort Claims," which will be unaffected by the Debtors'
Chapter 11 cases or the Debtors' plan of reorganization.  The
Debtors and the Nitro Tort Victims are in agreement in concept,
yet as of July 31, 2007, the parties still have not been able to
agree upon mutually consensual language that clearly expresses
these intentions.

The Debtors' current definition of "Tort Claims," or now,
"Legacy Tort Claims" uses language and concepts rooted in the
transactions underlying a distribution agreement.  The
Distribution Agreement is an extremely complex agreement and is
not a plan document, Douglas T. Tabachnik, Esq., at the Law
Offices of Douglas T. Tabachnik, in Manalapan, New Jersey,
notes.

Mr. Tabachnik explains that understanding the Debtors' current
definition of "Legacy Tort Claims" requires special knowledge of
the relationship and transactions between Solutia Inc., and
Monsanto.  The language  of the Plan and the terms defined in
the Plan should be plain and clear so as to be understood by a
reasonable person, and not a person intimately familiar with the
legal relationships and transactions that have transpired
between Solutia and Monsanto.

The Debtors' disclosure statement should not be approved because
the Debtors' Plan provides for third party releases and
injunctions without providing any information in the Disclosure
Statement or Plan of the acts to be enjoined or identifying the
entittles that would be subject to the injunctions, Mr.
Tabachnik maintains.

                Exclusive Periods Extension Sought

In July 2007, the Debtors asked the Court to further extend
their exclusive period to file a plan of reorganization until
Dec. 31, 2007, and their exclusive period to solicit acceptances
of that plan until Feb. 29, 2008.

The Debtors' exclusive period to file a plan and solicit
acceptances of that plan ended on July 30, 2007, and Sept. 28,
2007, respectively.

The Debtors filed their First Amended Plan and related
disclosure statement, as it has been or may be amended, on May
16, 2007.  The modified Plan enjoys the support of many of
Solutia Inc.'s significant stakeholders, including the Official
Committee of Unsecured Creditors, Official Committee of
Solutia's retirees, Monsanto Company, and the Ad Hoc Committee
of Trade Claims Creditors.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
told the Court that the Plan is premised on two settlements --
a settlement between Solutia and Monsanto, and a settlement
between Solutia and the Retirees Committee, Monsanto and the
Creditors Committee.  The Settlements achieve a reallocation of
legacy liabilities and are the cornerstones of Solutia's Plan,
therefore, they must be approved before or in conjunction with
the confirmation of Solutia's Plan.  The Settlements will be
heard on Sept. 5, 2007.

Solutia said it is revising its Disclosure Statement and
drafting the necessary additional disclosures to comply with the
Court's directions.  In addition, Solutia said it is preparing
for the Sept. 5, 2007 hearing on the Settlements.  Solutia
believes that the Settlements readily meet the standards for
approval under Bankruptcy Rule 9019.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  (Solutia Bankruptcy News, Issue No. 95; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


SOLUTIA INC: Creditors' Committee Wants Settlements Approved
------------------------------------------------------------
The Official Committee of Unsecured Creditors in Solutia Inc.
and its debtor-affiliates' bankruptcy cases; and Monsanto
Company and Pharmacia Corporation ask the U.S. Bankruptcy Court
for the Southern District of New York to approve:

(i) the settlement among Solutia Inc., Monsanto, Pharmacia
     Corporation, the Creditors Committe, the Official
     Committee of Retirees, and the Ad Hoc Trade Committee; and

(ii) the settlement among Solutia, Monsanto, the Retirees'
     Committee, and the Creditors Committee Settlement.

The Creditors Committee relates that the Settlements are
critical components of the Debtors' Second Amended Joint Plan of
Reorganization, pursuant to which the Debtors have settled all
pending litigation against Monsanto and Pharmacia, including
objections to proofs of claim filed by Monsanto and Pharmacia,
by fixing legacy liabilities that Monsanto will assume under the
Plan, and obtaining Pharmacia's agreement to waive all of its
claims against the Debtors with prejudice.  The Debtors also
have achieved reductions in future benefit obligations to
Solutia's retirees through agreement with the Official Committee
of Retirees.

The Creditors Committee believes that the Settlements achieve a
reallocation of the Debtors' legacy liabilities necessary to
pave the way for the Debtors' successful reorganization and that
the Settlements are fair and equitable, as required under
applicable law.

The Creditors Committee reserves the right, and intends, to
supplement its joinder with additional arguments in support of
the Motion and respond to any objections filed in connection
with the Motion.  Monsanto and Pharmacia also reserve their
rights to reply to any objection filed with respect to the
Motion; file papers in support of the relief requested; and
participate in any hearing, disposition, discovery or any other
matter relating to the Motion.

                          Objections

(1) Noteholders Committee

The Ad Hoc Committee of Solutia Noteholders asks the Court to
deny approval of the Monsanto Settlement, or in the alternative,
adjourn the hearing on the Motion.

Bennett J. Murphy, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California, notes that the Debtors have not
demonstrated that the Monsanto Settlement is fair and equitable
because they have not provided the Court with the rigorous
analysis necessary for the Court to compare the likelihood of
their success in litigation against Monsanto and Pharmacia with
the benefits of the settlement.  In fact, it is not apparent
that the Debtors have even conducted the analysis that would be
required to make the determination, he contends.  Mr. Murphy
states that to obtain approval of the Monsanto Settlement, the
Debtors will have to make at least three crucial showings, with
respect to which the Motion is wholly inadequate.  

These are:

  -- Debtors must lay out for the Court the results of their
     investigation of the claims between the Debtors, Monsanto
     and Pharmacia that they conducted at the outset of their
     Chapter 11 cases, whatever that investigation might have
     been;

  -- Debtors must quantify the liabilities they are to retain
     under the settlement and compare that to the liabilities
     that would be put to Monsanto if the Debtors prevailed in
     their litigation; and

  -- Debtors must demonstrate why their odds of success in
     litigation are so low that it is worth their retaining
     those liabilities and paying US$240,000,000 to Monsanto.

The Noteholders Committee has made these points before.  Had the
Debtors undertakenthe analysis to establish any of the points,
they would have most certainly disclosed so in their disclosure
statement, Mr. Murphy tells the Court.  Instead, the Debtors
have persisted in proposing disclosure on the litigation that
consists of little more than a self-serving "sales job" designed
to support approval of the Monsanto Settlement, he argues.

The memorandum of law in support of the Motion is replete with
reasons why the Debtors' litigation against Monsanto and
Pharmacia would likely fail.  Noticeably absent is any
discussion of the possibility that the Debtors might succeed, or
of the extensive analysis that the Debtors did, or should have
done, to reach their conclusions.  Mr. Murphy asserts that any
settlement is better than an outright loss in litigation.  
Contrary to the Debtors' approach, the winning -– not the
losing -- scenario is the reference point against which a
settlement should be judged, he says.

Also absent form the Memo is any critical assessment of the
scope, magnitude and timing of the legacy liabilities proposed
to be assumed by the Debtors and made forever binding upon them
following emergence from bankruptcy, Mr. Muphy notes.  To
determine whether the Monsanto Settlement is of any benefit to
the Debtors at all, much less of sufficient benefit to outweigh
the Debtors' chances of success in litigation, the Court needs
to know whether or not they will be in a position to thrive as a
going, and growing, concern, or remain saddled by another
company's legacies, he asserts.

Moreover, the Debtors have failed to include a current, complete
and fully executed settlement agreement.  For that reason alone,
the Court should deny approval of the Monsanto Settlement, Mr.
Murphy maintains.

2) Nitro Tort Victims

The Nitro, West Virginia Tort Victims, which include about 2,300
current and former residents from one or more communities
surrounding a now defunct chemical plant located near Nitro,
West Virginia, ask the Court to deny the Motion to the extent
that it seeks approval of the Monsanto Settlement.

Certain Nitro Tort Victims filed proofs of claim asserting
claims against the Debtors for property damage, personal
injuries and medical monitoring arising from the Debtors'
ownership and operation of the Nitro Plant.  The Nitro Tort
Victims contend that their property has been contaminated and
their health has been endangered by the release of dioxin
contaminants resulting from the Debtors' tortious conduct at the
Nitro Plant.

In addition, two separate lawsuits are pending in Putnam County
Circuit Court, West Virginia, for injuries suffered from the
release of dioxin contaminants produced at the Nitro Plant.  The
lawsuits name Monsanto and Pharmacia, among others, as
defendants.

The Nitro Tort Victims relate that they have been assured that
it is the Debtors' intent to include claims held by the Nitro
Tort Victims in the definition of "Tort Claims" so that their
claims will not be affected by the Debtors' Chapter 11 cases and
will be resolved under applicable state or federal law outside
of the proceedings.

However, as of July 30, 2007, the Tort Claims definition
proposed by the Debtors and appearing in the Plan does not
clearly and unequivocably include the claims held by the Nitro
Tort Victims, Douglas T. Tabachnik, Esq., at the Law Offices of
Douglas T. Tabachnik, in Manalapan, New Jersey, notes.  
Additionally, the language in the Debtors' Third Amended
Disclosure Statement circulated on July 25, 2007, but not filed,
regarding the "Monsanto/Pharmacia Injunction" does not clearly
and unequivocably allow the Nitro Tort Victims to pursue claims
they have or may have against Monsanto and Pharmacia, he says.

A certain relationship agreement, or any amendement to it,
between the Debtors and Monsanto, which the Debtors state is
critical to their Plan and which purports to contain the terms
of the Monsanto Settlement, has not been filed, Mr. Tabachnik
tells the Court.

The Court and the Nitro Tort Victims do not have the necessary
factual background to evaluate the Monsanto Settlement to
determine if it is fair and equitable.  "No one knows what the
terms of that settlement are," Mr. Tabachnik argues.  Moreover,
the only filed version of the Relationship Agreement that was
filed on February 16, 2006, is incomplete and was not signed by
Monsanto, he points out.

The Relationship Agreement refers to 20 separate exhibits, which
are not included.  It is quite possible and likely that the
Relationship Agreement has materially changed since a version of
it was filed almost one and a half years ago.  "It is not
possible to determine if any other of Monsanto's obligations set
forth in the only Relationship Agreement filed has subsequently
been negotiated away," Mr. Tabachnik says.

The Relationship Agreement filed also provided that Monsanto
will indemnify Solutia for all "Tort Claims."  Because the
definition of Tort Claims has been revised to include "Solutia
Tort Claims," it appears that Monsanto is now not indemnifying
Solutia for all "Tort Claims," but rather for the "Legacy Tort
Claims," Mr. Tabachnik contends.

The Motion itself does not include all of the information on
which it relies, Mr. Tabachnik states.  The amount of
"consideration provided by Monsanto" is one of the key terms of
the compromise and settlement missing, he points out.

Also, the injunctive relief Monsanto will receive in the
Monsanto Settlement is exceedingly broad.  By its terms, the
Monsanto injunction enjoins all other tort claims against
Monsanto and all claims of any kind against Monsanto's unnamed
"Affiliates."  Mr. Tabachnik insists that all of these types of
tort claims need to be described so that the parties and tort
victims can be apprised that their rights are being affected.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in   
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  (Solutia Bankruptcy News, Issue No. 95; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


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


FBSK 1907: Financial Woes Cue Bankruptcy Filing
-----------------------------------------------
Travel operator FBSK 1907 declared itself bankrupt on July 24,
2007, causing travel agencies I'M travelling and Detur to follow
suit, Petra Breyerova writes for Czech Business Weekly.

The travel agencies' bankruptcies followed their failure to pay
airline Travel Service.  The agencies also owed money to other
carriers, Ms. Breyerova relates.

According to the report, affected clients of the agencies were
assisted by FBSK's insurer Ceska pojistovna in their return from
Turkey and the Greek islands of Rhodes and Crete.

Vaclave Balek, Ceska pojistovna's spokesman, told CBW that
although the insurer will cover the clients' repatriation it is
unclear whether there will be enough money left to reimburse
clients who have bought vacation packages from the two agencies.

Headquartered in Prague and Liberec, Czech Republic, I'M
traveling and Detur offer tours to Turkey, Tunisia and Crete.
In 2006, I'M served 20,000 tourists traveling to Turkey.


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


FLETCHER BUILDING: Net Profit Up 28% to NZ$484 Million in FY2007
----------------------------------------------------------------
Fletcher Building said it achieved record results for the year
ended June 30, 2007.  Net profit after tax and minority
interests was NZ$484 million, compared to NZ$379 million in the
previous year.  The increase of NZ$105 million includes the
NZ$70 million one-off taxation benefit previously advised to the
market.

Operating earnings (earnings before interest and tax) were
NZ$703 million, including a net NZ$5 million of unusual items,
and an increase on the NZ$675 million of operating earnings in
the previous year, which had no unusual items.  The increase of
4 percent on the 2006 year reflected some benefits from
acquisitions, ongoing productivity improvements and the unusual
items, with some offset due to more difficult market conditions.

The lift in earnings has enabled the eleventh consecutive
dividend increase, with a final dividend of 23 cents per share,
with full New Zealand and Australian tax credits. The total
dividend for the year increased from 40 cents to 45 cents per
share.  Total shareholder return for the 12 months ended
June 30, 2007, was 42 percent.

Divisional results (excluding unusuals) reflected the mixed
operating environment, with increases in three divisions more
than offsetting the decreases in the other two.  
Infrastructure's operating earnings were NZ$271 million
(previously NZ$255 million), Distribution's NZ$80 million
(previously NZ$75 million) and Laminates & Panels'
NZ$131 million (previously NZ$116 million).  Operating earnings
from Building Products were NZ$141 million (previously
NZ$142 million), and Steel NZ$80 million (previously
NZ$93 million).

Chief Executive Officer, Jonathan Ling said the increase in
operating earnings in a softer trading environment provided
further validation of the group's strategy to build earnings
reliability.  "The balance of exposures between different
geographical regions and market sectors is serving us well.  All
our divisions have performed well in the market conditions
applying to them.  At the same time we have been successful in
further implementing our strategic objective to internationalise
the company and provide a wider range of growth options,
following the recent acquisition of Formica Corporation".

Results highlights:

   -- Operating earnings up 4 percent to NZ$703 million;

   -- Group net earnings, including unusual items, up 28 percent
      to NZ$484 million.

   -- Group net earnings, excluding unusual items, up 5 percent
      to NZ$399 million.

   -- Final dividend of 23 cents per share with full New Zealand
      and Australian tax credits for a total dividend for the
      year of 45 cents per share.

   -- Cashflow from operations was NZ$483 million.

   -- Interest cover at 9.8 times.

   -- Basic earnings per share were 101.9 cents and 84.0 cents
      on a normalised basis, both up from the 81.3 cents in the
      previous year.

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of     
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.  
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.
                       
                      *     *     *

The Troubled Company Reporter-Asia Pacific, on Aug. 7, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08          NZ$9.30
           7.800%          03/15/09             9.75
           7.550%          03/15/11             9.20


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


ALCATEL-LUCENT: Costa Rican State Firm Levies CRC31.2-Bil. Fine
---------------------------------------------------------------
Published reports say that Costa Rican state-owned multi-utility
monopoly Instituto Costarricense de Electricidad has demanded a
CRC31.2-billion payment from Alcatel-Lucent.

According to reports, Alcatel-Lucent failed to comply with a
mobile telephony infrastructure contract with Instituto
Costarricense.

Business News Americas relates that Instituto Costarricense
figured it is due an additional CRC10-billion payment in damages
resulting from the scandal that officials were bribed so Alcatel
could win the contract for 400,000 GSM lines.  

Alcatel-Lucent was then called Alcatel when it still had
contract with Instituto Costarricense, the press says, citing
the state firm's executive president Pedro Pablo Quiros.  

The contract was granted to Alcatel in 2002 for US$149 million,
BNamericas notes.  Instituto Costarricense cut off its relations
with Alcatel-Lucent in February 2007.

Alcatel-Lucent must compensate Instituto Costarricense for
service failures and noncompliance of the contract, BNamericas
says, citing Mr. Quiros.

Instituto Costarricense is also asking the 11 individuals
involved in the bribery scandal to pay.  Among those charged
with bribery are Costa Rica's former president Miguel Angel
Rodriguez and former Alcatel workers, BNamericas states.

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

                       *     *     *

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

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

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


GOODYEAR TIRE: Names Mark Schmitz as Executive VP & CFO
-------------------------------------------------------
The Goodyear Tire & Rubber Company has hired W. Mark Schmitz as
its executive vice president and chief financial officer,
effective immediately.  Mr. Schmitz succeeds Richard J. Kramer,
who in March was named to the additional post of president of
Goodyear's North American Tire business unit.

Prior to joining Goodyear, Mr. Schmitz was most recently vice
president and CFO for Tyco International's Fire and Security
Segment, where he has been since 2003.  Mr. Schmitz, however,
spent the majority of his career with General Motors.

"As we considered candidates, we sought an experienced CFO who
could work with our leadership team to build on our recent
successes and drive our business strategy going forward," said
Robert J. Keegan, Goodyear chairman and chief executive officer.  
"In Mark, we found an individual with a successful track record,
who is intimately familiar with the automotive industry and who
has considerable international experience."

"I'm fortunate to be joining Goodyear at such an exciting time,"
said Mr. Schmitz.  "Following the successful execution of its
turnaround strategy, the company is now in a position to pursue
growth opportunities.  I look forward to working with the
leadership team to help the company capitalize on the
opportunities that lie ahead."

Mr. Schmitz began his career with GM in the late 1970s, where he
rose to executive assistant to the president and chief executive
officer in Detroit.  In 1994, he was assigned to General Motors
do Brasil and ultimately was director of finance for Mercosul
operations and president of GM do Brasil's finance subsidiary.  
Finally, from 1999 to 2001, he served as vice president and CFO
of GM's DirectTV Latin America.

From 2001 to 2003, Mr. Schmitz served as vice president and
chief financial officer for Plug Power, Inc.

At Tyco International, Mr. Schmitz was part of a leadership team
brought in to turn around the Fire and Security business unit, a
US$12 billion business with eight divisions worldwide.  During
his tenure, the leadership team implemented new business models
and financial controls that underpinned the successful
turnaround and the establishment of a solid control environment
at Tyco's largest business unit.

Mr. Schmitz has had corporate assignments in London, Brazil and
China, and he speaks fluent Mandarin Chinese and Portuguese.
Schmitz received his bachelor's degree and his MBA from Ohio
State University in Columbus, Ohio.  Mr. Schmitz and his wife,
Nancy, have four daughters.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

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

The Goodyear Tire & Rubber Company

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

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


KB HOME: Completes US$250 Mln Redemption of 9-1/2% Senior Notes
---------------------------------------------------------------
KB Home has completed the redemption of all US$250 million of
its 9-1/2% Senior Subordinated Notes due in 2011, plus accrued
interest to the date of redemption.

Additionally, on July 31, 2007, the company repaid in full its
unsecured US$400 million term loan, together with accrued
interest to the date of repayment. The Term Loan was scheduled
to mature on April 11, 2011.

"With the significant free cash flow generated from operations
and the proceeds from the sale of our interest in Kaufman &
Broad SA, we have reduced outstanding debt by more than 33% or
by approximately US$1.1 billion since the end of our second
fiscal quarter in 2006, and currently have over US$400 million
in cash and no outstanding borrowings under our US$1.5 billion
revolving credit facility," Jeffrey Mezger, KB Home's president
and chief executive officer, said.

"The redemption of our 2011 Notes and repayment of the Term Loan
underscore our ongoing strategy to strengthen our balance sheet
while employing a balanced approach to the use of cash to
enhance the company's ability to make investments in our
business that we believe will provide future value for our
investors," Mr. Mezger said.

                         About KB Home

Headquartered in Los Angeles, California, KB Home (NYSE: KBH) --
http://www.ketb.com/-- is an American homebuilder.  The company       
has domestic operating divisions in 15 states, building
communities from coast to coast.  Kaufman & Broad S.A., a
company subsidiary, is publicly-traded on Euronext Paris and is
a homebuilder in France.

                         *     *     *

As reported in the Troubled Company Reporter on April 16, 2007,
Moody's Investors Service confirmed the ratings of KB Home,
including its Ba1 corporate family rating, Ba1 ratings on the
company's senior notes, and Ba2 ratings on the company's
subordinated notes.  The ratings were taken off review for
downgrade, concluding the review that was commenced on
Dec. 15, 2006.  The ratings outlook is negative.


TCL CORP: Posts CNY45.1-Million Net Profit in 2007 First Half
-------------------------------------------------------------
TCL Corp. turned around in the first six months of the year by
posting a net profit of CNY45.1 million, from a loss of
CNY746.61 million a year earlier, thanks to cost cuts which
helped offset the impact of weaker sales, reports say.

Revenue was CNY18.43 billion, a decline of 23.8% from
CNY24.2 billion in the same period last year, the company said
in a filing with the Shenzhen Stock Exchange.

Meanwhile, selling expenses fell to CNY1.914 billion from
CNY2.66 billion a year earlier, and management expenses were
down 30.48% at CNY834.776 million.

In addition, the performance of two major units, Hong Kong-
listed TCL Multimedia and TCL Communication, improved greatly in
the period, Infocast NEws says.  TCL Multimedia narrowed its net
loss to HK$220 million in the first half from HK$1.6 billion a
year earlier, while TCL Communication booked a net profit of
HK$2 million, against a loss of HK$71 million a year earlier.

TCL Corp also expects itself to record a net profit for the
first three quarters of the year.  It posted a net loss of
CNY706.5 million for the first nine months last year.

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com/-- is principally engaged in the   
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication.

TCL Corporation has set up research and development offices,
together with a dozen research and development branch offices,
in China, the US, France and Singapore.  It has over 20
manufacturing and processing plants located in various countries
including China, Poland, Mexico, Thailand and Vietnam.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


TCL CORP: PC Unit Posts Profit; Rules Out Planned Disposal
----------------------------------------------------------
TCL Corp ruled out plans of selling its PC unit and decided to
bring in a strategic investor after its personal computer
business turned an operating profit in the first half of 2007,
Reuters reports, citing Chairman Li Dongsheng as saying in a
press briefing.

According to Mr. Dongsheng, the unit "had a small operating
profit" in the first half and it does not have immediate need
for funding.

"We will not sell our PC unit, and right now we do not have
plans to bring in strategic investors any more.  We did think
about that earlier. . .but the plan has been dropped," the
chairman was quoted by the news agency as saying.

Reuters relates that media reports had long speculated that the
company would try to spin off its PC unit and might bring in
outside investors.  China's official Securities Times also
reported that the head of TCL's PC unit had resigned, fueling
speculation that the company might sell the unit.

The newspaper quoted analysts as saying that the resignation may
have been prompted by TCL's efforts to cut costs at the PC unit,
which lost more than CNY50 million yuan (US$6.61 million) last
year, and by the possibility that the unit could be sold.

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com/-- is principally engaged in the   
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication.

TCL Corporation has set up research and development offices,
together with a dozen research and development branch offices,
in China, the US, France and Singapore.  It has over 20
manufacturing and processing plants located in various countries
including China, Poland, Mexico, Thailand and Vietnam.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


TCL MULTIMEDIA: Cuts 1H Losses Due to European Restructuring
------------------------------------------------------------
TCL Multimedia Technology Holdings narrowed its loss to
HK$220 million from HK$1.6 billion for the half-year period
ended June 30, 2007, mainly due to the restructuring of the
company's loss-making European venture, TTE Europe, reports say.

"We see a narrowing loss in the first half because losses caused
by our European unit were not included after its closure
[earlier this year]," the South China Morning Post cited Simon
Chan, corporate controller of TCL-Thomson Electronic (TTE), as
saying.

TCL Multimedia terminated the restructuring of the unit and re-
launched European operations under a new business model.

The new unit is smaller in scale and more efficient.  The
division focused solely on production and would not keep
inventory for their clients, a measure to reduce risk, Chairman
Li Dongsheng was quoted by The Standard.

TTE Europe, inherited by TCL from a venture with Thomson Group,
has burdened the company as consumers shift to flat-panel
televisions from cathode ray tube (CRT) models, the major
product of TTE Europe, The Post relates.

TV sales in Europe and North America dropped 69% to HK$1.93
million due to closure of the European unit.  It also dragged
overall turnover down 34% to HK$9.51 billion.  Shrinking of
global demand for CRT TV also reduced sales, reports say.

The company is also planning to spend HK$1.39 billion on a plant
that produce modules, a component of LCD TVs.  Mr. Li expects it
to be completed in 2009.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,   
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology
products,refrigerators and washing machines.  Its other activity
includes trading electronic parts and components used in the
production of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.  
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.


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


AFM MESSEBAU: Claims Registration Period Ends Sept. 19
------------------------------------------------------
Creditors of AFM Messebau GmbH have until Sept. 19 to register
their claims with court-appointed insolvency manager Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting 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 Duesseldorf
         Meeting Hall A 417
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against AFM Messebau GmbH on July 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AFM Messebau GmbH
         Bergischen Hof 15
         41541 Dormagen
         Germany


AUKO AUGSBURGER: Creditors' Meeting Slated for Sept. 12
-------------------------------------------------------
The court-appointed insolvency manager for "AUKO" Augsburger und
Ko. GmbH, Petra Gerlach will present her first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m. on Sept. 12.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Oct. 10 at the same venue.

Creditors have until Sept. 19 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Saarbruecken opened bankruptcy proceedings
against "AUKO" Augsburger und Ko. GmbH on July 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "AUKO" Augsburger und Ko. GmbH
         Hohenzollernstr. 13
         Ecke Eisenbahnstrasse
         66117 Saarbruecken
         Germany

         Attn: Ruth Mueller, Manager
         Langweilerweg 3
         66130 Saarbruecken
         Germany


IKB DEUTSCHE: Fitch Cuts Rating to F; Puts Hybrids on Watch
-----------------------------------------------------------
Fitch Ratings has downgraded IKB Deutsche Industriebank AG's
Individual rating to 'F' from Individual 'C' on Rating Watch
Negative.  The agency affirmed the Long-term rating for
subordinated debt issues at 'A' and placed the Long-term 'A'
rating for the hybrid securities on RWN.  Its Long- and Short-
term Issuer Default Ratings are affirmed at 'A+' with Stable
Outlook and 'F1', respectively.  The agency has also affirmed
IKB's Support rating at '1'.

The downgrade of the Individual rating reflects Fitch's opinion
that IKB would have defaulted without the rescue measures put in
place.  "Although IKB had accumulated considerable liquidity
reserves, the wholesale nature of its funding would have made it
very difficult to withstand a continuous liquidity test in the
presently difficult market conditions," says Sabine Bauer,
Associate Director in Fitch's Financial Institutions team.

In Fitch's opinion, the information that banks have put their
counterparty limits for IKB on hold would have led to a
deterioration of IKB's creditworthiness and reputation, and
ultimately further stretched its liquidity position.  Effective
July 30, 2007, KfW has assumed IKB's obligations under the
liquidity facility to the asset backed commercial paper conduit
Rhineland Funding Capital Corporation to facilitate RFCC's
continued access to the commercial paper market.  However,
market conditions remain challenging and despite KfW's liquidity
support, RFCC has not been able to roll over all its maturing
CPs and is now partially financed by the liquidity lines
provided.

The RWN on IKB's hybrid securities reflects some uncertainty
whether the principal of the securities will benefit from the
support provided as well as from potential future support.  
Fitch expects to resolve the Rating Watch once clarity has been
achieved, if the rescue measures extend to IKB's hybrids.  Fitch
considers it likely that support will be made available to
protect the principal value of those securities.  According to
Fitch's methodology, a coupon deferral in line with the
securities' documentation would not trigger a downgrade.  A list
of the hybrid securities placed on RWN is included below.

IKB's Long- and Short-term IDRs and Support rating continue to
reflect the extremely high probability of support from KfW and
IKB's importance to the German SMEs (Mittelstand), a key sector
of the German economy.

In line with Fitch policy, the 'F' Individual rating is
retrospective in character, reflecting Fitch's opinion that IKB
would have defaulted, if support were not forthcoming.  This
rating will be in place for a short period of time only.  Once
clarity is achieved how the support measures will impact IKB's
financial profile, management and business model going forward,
Fitch will re-rate the bank and the Individual rating will rise
again.  Fitch views the sustainable risk shelter of up to EUR1
billion for certain on-balance-sheet assets as a positive.  In
light of its recent failure it will, however, be challenging for
IKB immediately to return to its previous Individual rating
level.

The hybrid capital instruments placed on RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015


OLDENBOURG BINDEN: Claims Registration Period Ends Sept. 24
-----------------------------------------------------------
Creditors of Oldenbourg Binden & Services GmbH have until
Sept. 24 to register their claims with court-appointed
insolvency manager Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 23, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Barbara Beutler
         Schwanthaler Str. 32
         80336 Munich
         Germany
         Tel: 089/54511-0
         Fax: 089/54511-444

The District Court of Munich opened bankruptcy proceedings
against Oldenbourg Binden & Services GmbH on July 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oldenbourg Binden & Services GmbH
         Attn: Dr. Holger Schmeisser, Manager
         Huerderstr. 4
         85551 Kirchheim
         Germany


PBL BAU KONZEPTE: Claims Registration Period Ends Sept. 11
----------------------------------------------------------
Creditors of PBL Bau Konzepte GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 11, 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 Leipzig
         Hall 027
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Ruediger Bauch
         Inselstr. 29
         04103 Leipzig
         Germany
         Tel: 0341/26972-0
         Fax: 0341/26972-10
         E-mail: RBauch@schubra.de

The District Court of Leipzig opened bankruptcy proceedings
against PBL Bau Konzepte GmbH on July 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PBL Bau Konzepte GmbH
         Attn: Juergen Mantzke, Manager
         Eythraer Strasse 21
         04229 Leipzig
         Germany


PM DACHSERVICE: Claims Registration Period Ends Sept. 21
--------------------------------------------------------
Creditors of PM Dachservice GmbH have until Sept. 21 to register
their claims with court-appointed insolvency manager Steffi
Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 24, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9 - 12
         10117 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against PM Dachservice GmbH on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PM Dachservice GmbH
         Mahlower Strasse 140
         14513 Teltow
         Germany


POPE & TALBOT: Inks Forbearance Agreement with Lenders
------------------------------------------------------
Pope & Talbot, Inc., disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that, along with its
wholly owned Canadian subsidiary, Pope & Talbot Ltd., it entered
into a forbearance agreement dated as of July 31, 2007, with
Ableco Finance LLC, Wells Fargo Financial Corporation Canada and
the other lenders under the company's senior secured credit
agreement.

The company is in default of the covenant in its senior secured
credit agreement that required the company to generate EBITDA of
at least US$30 million for the four-quarter period ended
June 30, 2007.  The company expected to be out of compliance
with this covenant and disclosed that expectation in its
Quarterly Report on Form 10-Q for the quarter ended March 31,
2007.

Under the Agreement, the senior lenders have agreed that, until
Sept. 17, 2007 or the earlier occurrence of another default,
they will forbear from exercising any rights or remedies they
may have under the credit agreement arising from the Specified
Default, and will permit the company to continue to borrow under
the revolving credit facility subject to all other terms and
conditions of the credit agreement.

Other significant provisions of the Agreement include:

    * a decrease in total availability under the revolving
      credit facility from US$75 million to US$67 million,
      including a US$50 million limit on cash borrowings and a                   
      US$17 million limit on letters of credit;

    * the application of the 2% default interest rate to all
      borrowings under the credit agreement effective as of
      July 1, 2007;

    * a forbearance fee of approximately US$925,000 payable by
      the company with interest at the time all other
      obligations under the credit agreement are paid in full;

    * implementation of a mechanism, similar to that which
      exists in other corporate asset-based loans, through which
      cash in the company's deposit accounts will be used to
      repay borrowings under the revolving credit facility on a
      daily basis and correspondingly increase availability
      under the facility;

    * covenants requiring efforts to solicit offers to purchase
      all or substantially all of the Company's assets or equity
      interests;

    * payment by the company of fees and expenses of a financial
      advisor retained by the lenders in connection with a
      potential restructuring of the company or the senior
      secured credit facility; and

    * additional reporting requirements relating to cash
      receipts and disbursements, liquidity and business plans.

A copy of the Forbearance Agreement may be viewed for free at:

              http://ResearchArchives.com/t/s?2227

Based in Portland, Oregon, Pope & Talbot, Inc. (NYSE:POP) --
http://www.poptal.com/-- is a pulp and wood products company.    
Founded in 1849, the company produces market pulp and softwood
lumber at mills in the U.S. and Canada.  Markets for the
company's products include the U.S., Belgium, Canada, South
America, and the Pacific Rim.


POPE & TALBOT: Credit Default Cues S&P to Downgrade Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on pulp and lumber producer Pope & Talbot Inc. to 'CCC'
from 'CCC+' and its senior unsecured debt rating to 'CC' from
'CCC-'.  The outlook is negative.
     
"The downgrade followed the company's announcement that it is in
default under its US$75 million borrowing-base revolving credit
agreement and that it has entered into a forbearance agreement
with the lending group," said Standard & Poor's credit analyst
Andy Sookram.

The company was unable to generate the minimum EBITDA required
under its financial covenant for the fourth quarter, ended
June 30, 2007.  The forbearance agreement requires the company
to
expand its efforts to improve its balance sheet during the
forbearance period, expiring Sept. 17, 2007, by, among other
things, soliciting offers to purchase all or substantially all
of its assets or equity interests.
     
"We are concerned about the company's ability to maintain
adequate liquidity and avoid accelerated maturity of its credit
facility, which is due 2012," Mr. Sookram said.
     
Pope & Talbot continues to be hurt by challenging operating
conditions, including a weak pricing environment in the lumber
markets and issues of raw materials cost and availability in the
pulp business.
     
The company has been exploring asset sales and capital infusions
to strengthen its balance sheet and generate cash, and is
analyzing its ability to restructure its debt and other
liabilities.
     
As of Aug. 6, 2007, Pope & Talbot had approximately US$5.5
million of borrowing capacity under its borrowing-base revolving
credit facility.
     
Mr. Sookram said, "We could lower the ratings if Pope & Talbot
cannot improve its balance sheet and liquidity, whether through
asset sales or capital infusions; if the forbearance period is
not extended and the lenders accelerate maturity of the credit
agreement; or if the company restructures its debt through a
distressed exchange or in some other manner to the detriment of
creditors."


SCHMIDT SPORTSWORLD: Claims Registration Period Ends Sept. 10
-------------------------------------------------------------
Creditors of Schmidt Sportsworld GmbH have until Sept. 10 to
register their claims with court-appointed insolvency manager
Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Sept. 27, 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Bernd Depping
         Alfredstr. 108-112
         45131 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Schmidt Sportsworld GmbH on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schmidt Sportsworld GmbH
         Attn: Norbert Schmidt, Manager
         Eulerstr. 17
         45143 Essen
         Germany


VISTIANA NETWORK: Claims Registration Period Ends Sept. 28
----------------------------------------------------------
Creditors of vistiana Network of Science, Health and Therapy
GmbH have until Sept. 28 to register their claims with court-
appointed insolvency manager Michael Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 23, 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 20
         48143 Muenster
         Germany
         Tel: 0251/53599-0
         Fax: +492515359910

The District Court of Muenster opened bankruptcy proceedings
against vistiana Network of Science, Health and Therapy GmbH on
July 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         vistiana Network of Science, Health and Therapy GmbH
         Hafenweg 14
         48155 Muenster
         Germany

         Attn: Edith Hansmeier, Manager
         Greiteler Weg 36
         33102 Paderborn
         Germany

         Roger Ehrenreich, Manager
         Gartenstrasse 112
         44869 Bochum
         Germany


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


ARVINMERITOR INC: Selling European Operations to Klarius Group
--------------------------------------------------------------
ArvinMeritor Inc. has sold its Light Vehicle Aftermarket (LVA)
European exhaust operations to Klarius Group Limited, located in
the United Kingdom.  Terms of the sale were not disclosed.

"This transaction completes the divestiture of the LVA
business," said Chip McClure, ArvinMeritor chairman, CEO and
president.  "Our strategy is to focus resources and capital on
areas within our core businesses that produce the highest
returns for our shareowners."

This divestiture includes approximately 1,000 employees at LVA
facilities in Blackpool, Lancaster and Stoke-on-Trent, England;
Dreux and Nanterre, France; and Finale Emilia, Italy.

Mr. McClure added, "Completing the sale of LVA is another recent
achievement toward strengthening the company and positioning
ourselves for profitable future growth."

                    About Klarius Group

Klarius Group is a privately owned U.K. group established to
invest in the European automotive sector.

                    About ArvinMeritor

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

                           *   *   *

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

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

Ratings lowered:

ArvinMeritor Inc.

   -- Corporate Family Rating to Ba3 from Ba2

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

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

   -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

   -- Speculative Grade Liquidity rating, SGL-2


SUN MICROSYSTEMS: Restructuring Plan Aims to Cut Jobs
-----------------------------------------------------
Sun Microsystems Inc.'s Board of Directors approved Aug. 1,
2007, a plan to better align the company's resources with its
strategic business objectives, including reducing its workforce.

The company expects to incur total charges ranging from
US$100 million to US$150 million over the next several quarters
in connection with the restructuring plan, the majority of which
relate to cash severance costs and is expected to be incurred
in the first half of the fiscal year ended June 30, 2008.

Additionally, Sun Microsystems' Board amended the company
bylaws decreasing the number of board members to 10 from 11.

Sun Microsystems' results for the fiscal year ended June 30,
2007, showed net income of US$473 million, as compared with a
net loss of US$864 million for fiscal 2006.

For the full fiscal year, the company reported revenues of
US$13.87 billion, an increase of 6.2 percent over fiscal year
2006.

At June 30, 2007, the company's unaudited consolidated balance
sheet showed US$15.8 million in total assets, US$8.6 million in
total liabilities, and US$7.2 million in total stockholders'
equity.

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

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

                        *     *     *

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


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


WARNER MUSIC: June 30 Balance Sheet Upside-Down by US$23 Million
----------------------------------------------------------------
Warner Music Group Corp. reported on Aug. 7, 2007, its third
quarter results for the third quarter ended June 30, 2007.

Net loss was US$17 million for the quarter.  Adjusted to exclude
non-recurring items, net loss was US$29 million for the quarter.
Net loss in the third quarter of fiscal 2006 was US$14 million.

Total revenue of US$804 million for the third quarter of fiscal
2007 decreased 2% from the prior-year quarter, or 5% on a
constant-currency basis.

Digital revenue increased to US$119 million, or 15% of total
revenue in the quarter, up 29% from US$92 million in the prior-
year quarter and up 7% sequentially from US$111 million in the
second quarter of fiscal 2007.

Operating income increased to US$45 million in the quarter
compared to US$28 million in the prior-year quarter.  Adjusted
to exclude US$38 million in expenses related to the company's
realignment initiatives, a US$52 million benefit related to the
company's settlement with Bertelsmann AG regarding Napster and
US$8 million in expenses incurred in connection with the
potential acquisition of EMI Group plc, operating income for the
quarter increased 39% to US$39 million.

Operating income before depreciation and amortization (OIBDA)
increased to US$107 million from US$86 million in the prior-year
quarter.  Adjusted to exclude non-recurring items, OIBDA for the
quarter increased 17% to US$101 million.

"We are transforming Warner Music Group to a music-based content
company with a more comprehensive approach to participating in
artist revenue streams to drive our long-term success," said
Edgar Bronfman, Jr., Warner Music Group's chairman and chief
executive officer.  "Despite a challenging industry environment,
we achieved several milestones this quarter which validate our
A&R strategy.  According to sales data released this quarter,
our global market share for calendar year 2006 improved, moving
us up to the third-largest global recorded music company.  We
also reached a WMG 10-year record for U.S. album share for both
the quarter and first half of 2007."

Michael Fleisher, Warner Music Group's executive vice president
and chief financial officer, added: "Given our ongoing focus on
financial discipline, our realignment initiatives announced last
quarter remain on track for total one-time restructuring and
implementation charges in the range of US$65 million to US$80
million by the completion of our fiscal year 2007."

                     Third-Quarter Results

For the third quarter of fiscal 2007, revenue slipped 2% to
US$804 million from US$822 million in the same period last year,
or 5% on a constant-currency basis.  This decline was driven by
a challenging Recorded Music industry environment as the shift
in consumption patterns from physical sales to new forms of
digital music continues.  Declines in the company's physical
Recorded Music revenue were only partially offset by increases
in Music Publishing and digital Recorded Music revenue.  
Domestic revenue was down 1% while international revenue
declined 4%, or 9% on a constant-currency basis.

Operating income for the quarter rose to US$45 million from
US$28 million in the prior-year quarter and operating margin was
up 2.2 percentage points to 5.6%.  Adjusted to exclude non-
recurring items, operating income for the quarter rose 39% to
US$39 million and operating margin was up 1.5 percentage points
to 4.9%.

OIBDA for the quarter rose to US$107 million from US$86 million
in the prior-year quarter and OIBDA margin increased 2.8
percentage points to 13.3%.  Adjusted to exclude non-recurring
items, OIBDA for the quarter grew 17% to US$101 million and
OIBDA margin widened 2.1 percentage points to 12.6%.  The
increase in OIBDA margin this quarter reflected cost-management
initiatives and a more profitable revenue mix.  In addition, the
company realized a temporary benefit from its previously
announced realignment plan as it continues to make investments
focused on new business initiatives.

The company reported a cash balance of US$396 million, total
long-term debt of US$2.3 billion and net debt (total long-term
debt minus cash) of US$1.9 billion, all as of June 30, 2007.

For the quarter, net cash provided by operating activities was
US$90 million compared to US$18 million in the comparable fiscal
2006 quarter.  Free cash flow (calculated by taking cash flow
from operations less capital expenditures and cash paid or
received for investments) was US$57 million, compared to
negative US$33 million in the comparable fiscal 2006 quarter.  
Unlevered after-tax cash flow (calculated by excluding cash
interest paid from free cash flow) was US$105 million, which
includes net cash from the non-recurring items, compared to
unlevered after-tax cash flow of US$14 million in the comparable
fiscal 2006 quarter.

At June 30, 2007, the company's consolidated balance sheet
showed US$4.55 billion in total assets, US$4.58 billion in total
liabilities, resulting in a US$23 million total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with US$1.27 billion in total current
assets available to pay US$1.83 billion in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2233

                      Non-Recurring Items

On May 8, 2007, the company announced a realignment plan to
implement changes intended to better align the company's
workforce with the changing nature of the music industry and to
improve financial flexibility by consolidating and streamlining
the structure of the company's businesses.  Approximately US$38
million of non-recurring costs were incurred in the third
quarter of fiscal 2007, consisting of US$32 million in
restructuring costs and US$6 million in non-recurring severance
and IT outsourcing related charges reflected in selling, general
and administrative expenses.  Of the US$38 million of non-
recurring costs, US$33 million were incurred by the Recorded
Music division, US$1 million were incurred by the Music
Publishing division and US$4 million were corporate
costs.  This quarter's restructuring and severance charges
related primarily to redirecting resources to growth areas of
the company's businesses and eliminating duplicative positions.

On April 24, 2007, the company and Bertelsmann AG jointly
announced a settlement of contingent claims held by the company
relating to Bertelsmann AG's relationship with Napster in 2000-
2001.  The settlement covers the resolution of the related legal
claims against Bertelsmann AG by the company's Recorded Music
and Music Publishing businesses.  As part of the settlement, the
company received US$110 million, which was allocated 90% to
Recorded Music and 10% to Music Publishing.  Net of amounts
payable to artists and songwriters, the company recorded other
income of US$52 million in the third quarter of fiscal 2007
related to this settlement.  Of the US$52 million, US$49 million
went to the Recorded Music division and US$3 million went to the
Music Publishing division.  The balance of the US$110 million,
or US$58 million, is being shared with the company's recording
artists and songwriters.

In the third quarter of fiscal 2007, the company expensed
US$8 million in costs associated with the potential acquisition
of EMI Group plc, all at the corporate level.

These non-recurring items had a related tax benefit of US$6
million.

                   About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on July 23, 2007,
Standard & Poor's Ratings Services said that its ratings for
Warner Music Group, including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications.  The ratings
have been on CreditWatch because of S&Ps' concern about the
company's interest in EMI Group PLC.  S&P still see uncertainty
surrounding management's alternate strategies following WMG's
statement that it will not submit a competing bid for EMI.


XEROX CORP: To Implement Outsourcing Deal by Early September
------------------------------------------------------------
Xerox Corp. will start implementing the outsourcing deal with
IBM Global Services, for its call-center in Ireland early
September 2007, Breaking News.ie reports.

According to the report, some 900 call-center work will be
outsourced to IBM in the next 18 months.

Xerox had warned the call-center staff in Dublin to expect job
losses as part of the deal but it is not clear how many staff
will be affected, Breaking News relates.

IBM is planning to continue the call-center work from a number
of locations worldwide with many Xerox staff facing redeployment
or termination, Breaking News said.

                        About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,  
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.

As reported in the Troubled Company Reporter on Apr. 4, 2007,
Xerox and Global Imaging Systems Inc. entered into a definitive
agreement for Xerox to acquire Global Imaging for US$29 per
share in cash.  The total purchase price is expected to be about
US$1.5 billion.

The move prompted Standard & Poor's Ratings Services to place
its ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications.

According to S&P credit analyst Molly Toll Reed, the CreditWatch
placement reflects S&P's expectation that Xerox has the ability
to fund the acquisition with a combination of existing cash and
short-term debt, with negligible impact on Xerox's financial
profile by the end of fiscal 2007.

Following completion of the acquisition, which is expected to
occur in the second quarter of fiscal 2007, the corporate credit
rating would be raised to 'BBB-' with a stable outlook, the
rating agency said.


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


THERMADYNE HOLDINGS: Earns US$1.6 Million in 2007 Second Quarter
----------------------------------------------------------------
Thermadyne Holdings Corporation reported net income of US$1.6
million for the three months ended June 30, 2007, compared to
net loss of US$5.2 million for the same period in 2006.

Net sales in the 2007 second quarter rose to US$128.4 million,
an increase of 12.3% from the same quarter of 2006.  Net sales
for the first six months of 2007 increased to US$245.6 million,
8.6% greater than the comparable period of 2006.

"Year-to-year sales growth in the second quarter was driven by
the Asia Pacific and Middle Eastern regions where strong
markets, the results of our brand and product strategies,
enhanced sales and marketing efforts and the weaker U.S. dollar
combined to produce a 20% sales gain in the period," said Paul
D. Melnuk, Chairman and Chief Executive Officer. "U.S. markets
remained soft in the second quarter with mid-single digit growth
over last year's second quarter," he added.

"Gross profit in the second quarter of 2007 increased to US$38.3
million, or 29.8% of net sales, as compared to US$32.1 million,
or 28.1% of net sales, in the prior-year second-quarter period.  
Gross profit through June 2007 increased to US$76.4 million, or
31.1% of net sales, as compared to US$64.2 million, or 28.4% of
net sales, in the prior-year comparable period.

"In the second-quarter our gross profit margin percentage
improved 170 basis points over the prior year.  We achieved this
improvement despite continuing material price inflation due to
the favorable impact of the cost savings initiatives from our
'TCP' program as well as the benefits from improved pricing
management made possible with the achievement of targeted
customer service levels and our brand strategy.  We began to
show improvement in our gross margin in the third quarter of
last year and we are encouraged by our ongoing progress,"
commented Mr. Melnuk.

"Our business plan has focused on sales growth while
simultaneously expanding profit margins in the face of
substantial increases in commodity material costs.  Enhanced
customer service levels, a brand and product strategy, improving
pricing management and a company-wide program to reduce our cost
structure have more than offset the US$12.0 million inflationary
increases we experienced in the first half of the year," Mr.
Melnuk added.

Selling, general and administrative costs of US$26.7 million in
the second quarter of 2007 were 20.8% of net sales.  The second
quarter 2007 expenses are US$2.7 million less than the 2006
second quarter which included US$3.3 million of incremental
accounting related costs and bondholder consent fees associated
with the company's delayed financial statement filings in 2006.
Selling, general and administrative costs of US$53.0 million for
the six months ended June 2007 were 21.6% of net sales and
US$0.6 million less than 2006, which included US$4.0 million of
incremental accounting related costs and bondholder consent fees
associated with the company's delayed financial statement
filings in 2006.

                 Other Income & Expense Items

Interest costs of US$7.3 million increased US$1.0 million over
second quarter 2006 and were US$14.3 million for the six months
ended June 2007, increasing US$1.9 million over the prior year's
first six months.  These increases result primarily from the
1.25% Special Interest Adjustment applicable in 2007 to the
Company's US$175 million Senior Subordinated Notes.  In
addition, US$20 million of Second Lien Facility borrowings
during the third quarter 2006 replaced Working Capital Facility
borrowings also increasing the 2007 interest costs as compared
to the same period of 2006.

The second quarter of 2007 reflects an income tax provision of
US$1.3 million, an effective rate of 43.8%.  In 2006, despite
the net loss in that period, the Company recognized an income
tax provision of US$1.3 million in the second quarter consisting
of taxes payable in various foreign locations.  For the first
six months of 2007, the income tax provision was US$3.6 million,
an effective rate of 55.3%.  Approximately 80% of the US$3.6
million tax provision is for foreign taxes, which are currently
payable.  The portion of the income tax provision that is not
currently payable relates to the use of net operating loss
carryovers and the deferred payment of additional U.S. income
taxes associated with earnings in foreign countries.

                      Net Income (Loss)

For the 2007 second quarter, net income from continuing
operations was US$1.7 million with net income of US$1.6 million,
after US$0.1 million of net loss from discontinuing operations.  
In comparison, the second quarter of 2006 figure was a net loss
of US$5.3 million, including net income of US$1.2 million from
discontinued operations during that period.  Net income from
continuing operations was US$2.9 million for the six months
ending June 30, 2007, with net income of US$3.0 million
including US$0.1 million of income from discontinued operations.  
In comparison, the first six months of 2006 reflected a net loss
from continuing operations of US$7.2 million and a net loss of
US$6.7 million including income of US$0.5 million from
discontinued operations.

            Divestitures & Discontinued Operations

In May 2007, the company completed the sale of its remaining
South African operations.  The sales proceeds were approximately
US$13.8 million.  The proceeds from the sale were used to reduce
the Second Lien Facility.

As announced in December 2006, the Company is in the process of
selling its manufacturing operations in Brazil and expects to
complete the disposition no later than September 2007.  
Operational results of the Brazilian and South African
businesses are shown as discontinued operations in the company's
2007 financial statements.

On Aug. 7, 2007, the company reported it had a material weakness
in its internal control over financial reporting as of
Dec. 31, 2006, with respect to the accounting for discontinued
operations and a US$0.3 million gain was included in
discontinued operations during the three months ended
June 30, 2007, as a correction of previously recorded amounts.  
The company also reported on Aug. 7, 2007, that the material
weakness has been remediated as of June 30, 2007.

                       2007 Outlook

"In addition to continuing our tradition of providing high-
quality products, we are showing good progress in delivering an
improved selection of competitively priced products and quick-
response service to meet the needs of our customers.  By
broadening our product lines in markets outside the United
States and strengthening our international sales capabilities,
we have further stimulated our international activity.  We see
continued strong growth in these markets for the remainder of
the year.  In addition, we anticipate that our new welding
products line will provide incremental growth in both the U.S.
and international markets.  We believe our U.S. sales pace will
continue at the slower mid-single digit pace that we have
experienced so far this year," Mr. Melnuk observed.

              Working Capital And Liquidity

"Our inventory and receivables management initiatives continue
to show an impact with further improvement in the working
capital efficiency in the second quarter of 2007.  It is
particularly noteworthy that our inventory turnover ratio
improved to 3.61 versus the 3.10 shown at Dec. 31, 2006, despite
the conscious build in welding equipment inventory to support
the launch," Mr. Melnuk stated.

On June 29, 2007, the company amended its senior secured credit
and second lien facilities increasing the amounts available to
the company under the senior facility to US$100 million from
US$70 million, reducing the interest rate structure on both
facilities and extending the maturities on both.  The company
also repaid US$14 million of the second lien facility reducing
it to US$36 million as of June 30, 2007.

As of June 30, 2007, the company had combined cash and
availability under its revolver of US$45 million in comparison
with US$35 million at December 31, 2006.

                    About Thermadyne Holdings

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the USUS$175 million senior subordinated
notes due in 2014.  Moody's changed the outlook to stable from
negative.


THERMADYNE HOLDINGS: Picks Terry Moody as VP-Global Operations
--------------------------------------------------------------
Thermadyne Holdings Corporation has appointed Terry A. Moody as
its Executive Vice President of Global Operations.

Mr. Moody was formerly employed by Videocon Industries, a
privately held manufacturer of high-end digital products, where
he served as the chief operating officer and senior vice
president of Europe.  In this role, he was responsible for
sales, marketing, new business development, manufacturing and
distribution for US$500+ million in revenues in Europe, North
and South America.

"Terry has extensive experience in all facets of operations and
executive management.  He has a history of achieving results in
a low-margin, highly competitive industry where efficiency and
cost effectiveness are critical to success.  I am confident
Terry's experience will contribute to the growing success of
Thermadyne. We are very pleased to welcome him to the company
and our executive leadership team," stated Paul D. Melnuk,
Chairman and Chief Executive Officer.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the US$175 million senior subordinated notes
due in 2014.  Moody's changed the outlook to stable from
negative.


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


ALTAY-A LLP: Claims Filing Period Ends Sept. 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Altay-A insolvent on June 15.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building Of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-14-58


ATIEKS SERVICE: Proof of Claim Deadline Slated for Sept. 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Atieks Service (RNN 600900556215) 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


DAIMON LLP: Creditors Must File Claims Sept. 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Daimon insolvent on June 20.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 701 537 15-59


DANIYAR LLP: Claims Filing Period Ends Sept. 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Daniyar (RNN 600400055151) 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


HOZRET LLP: Creditors' Claims Due on Sept. 13
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Hozret insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


JEKEKOL LLP: Claims Registration Ends Sept. 13
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jekekol insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


JELEZNODOROJNIK LLP: Claims Registration Ends Sept. 13
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP jeleznodorojnik insolvent on June 18.

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

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


MUNAY-AGRO-2002 LLP: Creditors' Claims Due on Sept. 13
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Munay-Agro-2002 insolvent on June 18.

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

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


OKSIKENIUM LLP: Proof of Claim Deadline Slated for Sept. 12
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Oksikenium insolvent on June 18.

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


TANDEM LLP: Creditors Must File Claims Sept. 12
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Tandem insolvent on June 18.

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


EUROAZIMPEX LLC: Creditors Must File Claims by September 13
-----------------------------------------------------------
Branch of LLC Euroazimpex has declared insolvency.  Creditors
have until Sept. 13 to submit written proofs of claim to:

         Branch of LLC Euroazimpex
         Kurmanjan Datka Str. 282
         Osh
         Kyrgyzstan


PROGNOZ-ENERGO COMPANY: Claims Filing Period Ends September 13
--------------------------------------------------------------
LLC Prognoz-Energo Company has declared insolvency.  Creditors
have until Sept. 13 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 69-55-99.


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


CAIRN II: S&P Rates EUR19.2 Million Class E Notes at BB-  
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR364 million (equivalent) secured
floating-rate notes to be issued by Cairn CLO II B.V.  In
addition, Cairn II will issue a class of EUR36 million unrated
subordinated notes.
  
At closing, Cairn II will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior-secured
leveraged loans.  The transaction has a six-year reinvestment
period and the collateral manager will be Cairn Financial
Products Ltd.
  
This transaction features multicurrency revolving liabilities
intended to match multicurrency revolving loans purchased by the
issuer.
  
The ratings reflect commensurate credit enhancement in the form
of over collateralization and subordination, a diversified
collateral pool of loans and derivative financial instruments,
currency risk protections, strong collateral investment
guidelines, the expected bankruptcy-remoteness of the issuer,
and various amortization triggers.

                          Ratings List

Cairn CLO II B.V.
   EUR400 Million (Equivalent) Secured Floating-Rate Notes

                          Prelim.          Prelim. Amount
           Class          Rating             (Mln. EUR)
           -----          ------              --------
            A-1E           AAA                 102.0
            A-1S(1)        AAA                  20.0
            A-1R(2)        AAA                  80.0
            A-2            AAA                  60.0
            B              AA                   33.2
            C              A                    25.6
            D              BBB-                 24.0
            E              BB-                  19.2
            Sub notes      NR                   36.0
  
   (1) The class A-1S notes will be denominated and issued in
       pounds sterling.  The euro equivalent at closing is
       expected to be EUR20 million.

   (2) The class A-1R notes will be revolving obligations and
       can be repaid and redrawn at any time during the
       reinvestment period.  The class A-1R notes may
       be drawn in various permitted currencies. Advances in
       given currencies will be indexed to the interest rate
       index for the relevant currency.  

NR -- Not rated.


HEXION SPECIALTY: Funds Incremental Term Loans Under Credit Pact
----------------------------------------------------------------
Hexion Specialty Chemicals Inc. funded incremental term loans
under its second amended and restated credit agreement in the
aggregate amount of US$100 million in the form of new tranche
C-7 term loans.

The proceeds of the incremental term loans will be used to repay
revolving loans and for general corporate purposes.  The
Incremental Credit Facility will mature on May 5, 2013.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management L.P.  
The company has locations in China, Australia, Netherlands, and
Brazil.  It is an Apollo Management L.P. portfolio company.  
Hexion employs more than 7,000 associates.

                        *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Hexion Specialty Chemicals
Inc. on CreditWatch with negative implications.  The ratings on
related entities were also placed on CreditWatch.


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


MAZDA MOTOR: Sales for Mazda Demio Model Take Off in Japan
----------------------------------------------------------
Mazda Motor Corporation has announced that total orders in Japan
for the all-new Demio (known overseas as the all-new Mazda2)
reached 15,000 units during the first month of sales since its
domestic launch on July 5, 2007.  This result is triple the
monthly target sales volume, demonstrating a positive reception
by Japanese consumers, thanks to the Demio's stylish exterior,
highly competitive cost of ownership and top class fuel
efficiency.

To date, approximately 60 percent of the orders are for the
1.3-liter 13C core grade together with the 13C-V grade, which
achieves class leading 10-15 mode fuel economy of 23 km/L.
Additionally, orders for the SPORT grade are more than double
initial expectations.

The all-new Demio is the first car produced by Mazda to feature
a continuously variable transmission, and models equipped with
the CVT account for over half of the orders.  Sunlight Silver
Metallic, Metropolitan Grey Mica and Icy Blue Metallic have been
the three most popular body colors, with the recommended
Spirited Green Metallic also among the top five.  The largest
customer group has been single people in their 20s and 30s,
followed by married women.  The most preferred factory installed
option has been fully automatic air conditioning with a new
built-in Allergy Buster filter, with orders more than double the
expected rate.

                        About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its   
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+


MAZDA MOTOR: April-June Profit Drops 63% to JPY2.48 Billion
-----------------------------------------------------------
Mazda Motor Corp. net profit for the quarter ended June 30,
2007, dropped 63% due to foreign-exchange losses, the Wall
Street Journal reports.

According to Bloomberg News, Mazda Motor's net income fell to
JPY2.48 billion (US$21 million), or JPY1.76 a share, for the
three months ended June 30, from JPY6.61 billion a year earlier.
This despite sales rising 11% to JPY814.29 billion.

The company booked a non-operating loss of JPY4.4 billion due to
the rapid pace of the yen's depreciation, which triggered a loss
from forward-exchange contracts that the company made to hedge
the risk of a hefty rise in the currency, Yoshio Takahashi
writes for WSJ.

Bloomberg explains that Mazda usually hedges transactions
involving the dollar and other foreign currencies six months in
advance.  It had a JPY3.49-billon loss from currency hedges a
year earlier.

"The loss spoiled what Mazda earned from its main business,"
Bloomberg quotes Hitoshi Yamamoto, who manages the equivalent of
US$1 billion in Japanese equities as president of Commerz
International Capital Management (Japan) Ltd. in Tokyo.  "It's
not good, but it's not like Mazda's core business is
deteriorating," he said.

Mazda had a JPY7.89-billon loss in the 2007 first quarter from
wrong-way bets on currency movements, Bloomberg recounts.  That
eroded earnings from higher sales of CX-7 sport-utility vehicles
in the U.S. and Mazda3 compacts in Europe, the report says.

Bloomberg, however, notes that Mazda sees its full-year net
income rising 15% to a record JPY85 billion on sales of
JPY3.32 trillion.  Operating profit in the year ending March 31
may total JPY140 billion, the report cites Mazda as saying.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its   
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+


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


BELGOROD-ELEVATOR-STROY: Creditors Must File Claims by Aug. 14
--------------------------------------------------------------
Creditors of OJSC Belgorod-Elevator-Stroy have until Aug. 14 to
submit proofs of claim to:

         V. Krotov
         Temporary Insolvency Manager
         Room 23
         Promyshlennyj Pr. 3
         308023 Belgorod
         Russia

The Arbitration Court of Belgorod will convene at 11:00 a.m. on
Oct. 22 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A08-1585/07-14-31B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Belgorod-Elevator-Story
         Rabochaya Str. 2
         Belgorod
         Russia


CENTERTELECOM OAO: Fitch Lifts IDR to B on Improved Performance
---------------------------------------------------------------
Fitch Ratings has upgraded OAO Centertelecom's Long-term Issuer
Default Rating to 'B' from 'B-'.  The Outlook for the Long-term
IDR is Positive.  CT's Short-term IDR has been affirmed at 'B'.
Fitch has also upgraded CT's National Long-term rating to
'BBB(rus)' from 'BB+(rus)'.  The rating of the RUB3 billion bond
has also been upgraded to 'BBB(rus)' from 'BB+(rus)' and its
recovery rating is affirmed at 'RR4'.

The IDR rating upgrade reflects CT's significant de-leveraging
and debt restructuring in 2006, following the adoption of a more
conservative financial policy, which reduced Net Debt to EBITDA
to 2.1x in 2006, compared with 3.1x in 2005.  CT has showed
significant operational performance improvement due to cutting
back on its investments, reducing headcount numbers and
operational costs, capitalizing on the tariff rebalance and
improved regulatory environment, as well as reducing financing
costs.  

These strategies enabled the company to achieve a positive free
cash flow generation and net income for the first time in years
and allowed it to have a clean start at a very strong position
in 2007.  If this strong operational performance proves
sustainable and if CT still pursues its commitment to further
de-leveraging and conservative financial policy, Fitch expects
further positive implications on the ratings hence the positive
outlook.

CT is the incumbent operator in the Central Federal District of
Russia. As the leader in fixed-line communications, it benefits
from broad network coverage and customer base.  CT is also
deemed to be well positioned to grow its share in the fast
growing broadband market on the basis of its control of the bulk
of the last mile infrastructure in its operating region. The
rating also reflects the fact that CT's leverage profile remains
at the higher end compared to its peers.  Svyazinvest is still
CT's majority shareholder and can have material influence on its
decision-making process and lobbying support.  CT has slightly
underdeveloped digital and metering equipped network as opposed
other incumbents in the country and is facing intensified
competition.

CT's debt restructuring program, aimed at reducing interest
costs and extends the maturity profile of the company's
financial obligations, has already proven successful and has
left a positive mark on the liquidity position of the company.  
CT has managed to replace its short-term obligations with long-
term obligations, resulting in 33% short-term/total debt ratio
in 2006 (as opposed to 63% in 2005).  This was achieved by
issuing a Rouble-denominated bond of 3 billion, RUB4 billion
promissory notes and US$115 million loan from Deutsche Bank,
which was used to repay the short-term obligations.  
Furthermore, RUB5.6 billion of bonds was reclassified as long-
term debt as bondholders didn't exercise their early redemption
rights.  Since second quarter of 2007, a RUB3 billion revolving
credit line has been available, which provides for further
headroom.


DREV-MASH-SERVICE: Orel Bankruptcy Hearing Slated for Oct. 17
-------------------------------------------------------------
The Arbitration Court of Orel will convene at 3:30 p.m. on
Oct. 17 to hear the bankruptcy supervision procedure on CJSC
Drev-Mash-Service.  The case is docketed under Case No.
A48-1815/07-166.

The Temporary Insolvency Manager is:

         I. Ovchinnikov
         Post User Box 37
         OPS-20
         302020 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Drev-Mash-Service
         Naugorskoe Shosse 3
         Orel
         Russia


FAVORIT LLC: Creditors Must File Claims by Sept. 14
---------------------------------------------------
Creditors of LLC Agro-Industrial Company Favorit have until
Sept. 14 to submit proofs of claim to:

         O. Didenko
         Insolvency Manager
         Stroitelej Str. 5/2
         Mstikhino
         248915 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-226/01B-8-24.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         LLC Agro-Industrial Company Favorit
         Voskresenskiy Per. 29
         248600 Kaluga
         Russia


GELENZHIK-AGRO-KHIM: Creditors Must File Claims by Aug. 14
----------------------------------------------------------
Creditors of OJSC Company Gelenzhik-Agro-Khim have until Aug. 14
to submit proofs of claim to:

         E. Leylyan
         Temporary Insolvency Manager
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene at 11:00 a.m. on
Oct. 29 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-32-1877/2007-37/115-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Company Gelenzhik-Agro-Khim
         Vostochnyj Per., 38.
         Geledzhik
         353465 Krasnodar
         Russia


KOLPNA CJSC: Orel Bankruptcy Hearing Slated for Sept. 19
--------------------------------------------------------
The Arbitration Court of Orel will convene at 9:10 a.m. on
Sept. 19 region has commenced bankruptcy supervision procedure
on CJSC Kolpna.  The case is docketed under Case No. A48-2355/
07-17b.

The Temporary Insolvency Manager is:

         V. Stavtsev
         Office 49
         Gorkogo Str. 45
         302040 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kolpna
         Moprya Str. 20
         Orel
         Russia


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

         A. Lyasman
         Insolvency Manager
         Office 166
         Lermontova Str. 127/1
         644001 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-19000/2006.

The Debtor can be reached at:

         CJSC Krutinskoe
         Lenina Str. 68
         Krutinka
         Krutinskiy
         646130 Omsk
         Russia


MEGAPOLIS LLC: Saratov Bankruptcy Hearing Slated for Sept. 25
-------------------------------------------------------------
The Arbitration Court of Saratov will convene at 10:05 a.m. on
Sept. 25 to hear the bankruptcy supervision procedure on LLC
Megapolis.  The case is docketed under Case No. A57-4297/07-31.

The Temporary Insolvency Manager is:

         O. Shatalova
         Post User Box 2493
         410076 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         LLC Megapolis
         St.Razina Str. 36a
         410078 Saratov
         Russia


MEKH-STORY OJSC: Court Names D. Zelepukin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk appointed D. Zelepukin as
Insolvency Manager for OJSC Mekh-Stroy (TIN 4633004049).  He can
be reached at:

         D. Zelepukin
         Post User Box 21
         394038 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3015/05 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Mekh-Story
         Promploshadka-5
         Zheleznogorsk
         Kursk
         Russia


METAL-MONTAGE LLC: Creditors Must File Claims by Aug. 14
--------------------------------------------------------
Creditors of LLC Metal-Montage (TIN 6625033459) have until
Aug. 14 to submit proofs of claim to:

         P. Kuzmin
         Insolvency Manager
         Post User Box 136
         620078 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-31341/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Metal-Montage
         Ilyicha Pr. 12-25
         Pervouralsk
         623100 Sverdlovsk
         Russia


MEZHDURECHYE-LES LLC: Bankruptcy Hearing Slated for Nov. 6
----------------------------------------------------------
The Arbitration Court of Vologda will convene at 3:00 p.m. on
Nov. 6 to hear the bankruptcy supervision procedure on LLC
Mezhdurechye-Les.  The case is docketed under Case No.
A13-4135/2007.

The Temporary Insolvency Manager is:

         D. Morozov
         Post User Box 31
         160012 Vologda
         Russia

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         LLC Mezhdurechye-Les
         Naberezhnaya 14
         Turovets
         Mezhdurechenskiy
         Vologda
         Russia


PAUSTOVSKAYA SPINNING: Asset Sale Slated for Aug. 27
----------------------------------------------------
The insolvency manager and bidding organizer for OJSC
Paustovskaya Spinning and Weaving Mill, will open a public
auction for the company's properties at noon on Aug. 27 at:

         The Insolvency Manager and Bidding Organizer
         Room 218
         Elektrozavodskaya Str., 7
         Vladimir
         Russia

Interested participants have to deposit an amount to:

         OJSC Paustovskaya Spinning and Weaving Mill
         Settlement Account 407002810610070100566
         Correspondent Account 30101810000000000602
         BIK 041708602

Bidding documents must be submitted submitted to:

         The Insolvency Manager and Bidding Organizer.
         Room 203
         Elektrozavodskaya Str. 7
         600009 Vladimir
         Russia

The Debtor can be reached at:

         OJSC Paustovskaya Spinning and Weaving Mill
         Fabrichnaya Str. 12
         Paustovo
         Vyaznikovskiy
         Vladimir
         Russia


RESOURCE CJSC: Creditors Must File Claims by Aug. 14
----------------------------------------------------
Creditors of CJSC Company Resource have until Aug. 14 to submit
proofs of claim to:

         E. Shebetko
         Insolvency Manager
         Sengileevskaya Str. 27
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-4121/2002-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Company Resource
         Selektsionnaya Str. 5
         Stavropol
         Russia


SATKA-MILK OJSC: Creditors Must File Claims by Aug. 14
------------------------------------------------------
Creditors of OJSC Satka-Milk have until Aug. 14 to submit proofs
of claim to:

         L. Neobutova
         Insolvency Manager
         Apartment 3
         Solnechnaya Str. 28
         456900 Satka
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-6230/2007-48-62.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Satka-Milk
         Abrosimova Str. 1
         Satka
         456910 Chelyabinsk
         Russia


STAROMINSKIY OJSC: Creditors Must File Claims by Sept. 14
---------------------------------------------------------
Creditors of OJSC Meat-Poultry Factory Starominskiy (TIN
2350000508) have until Sept. 14 to submit proofs of claim to:

         P. Moskalenko
         Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-14335/2005-1/192-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Meat-Poultry Factory Starominskiy
         Kalinina Str. 175
         Starominskaya St.
         Starominskiy
         Krasnodar
         Russia


UM-3 CJSC: Creditors Must File Claims by Aug. 14
------------------------------------------------
Creditors of CJSC UM-3 have until Aug. 14 to submit proofs of
claim to:

         T. Saygusheva
         Insolvency Manager
         Chepalova Str. 13
         Yakutsk
         677007 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-2732/07.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC UM-3
         Mokhsogollokh
         Khangalasskiy
         Sakha-Yakutiya
         Russia


VIMPEL-COMMUNICATIONS: Changes Common Share-to-ADR Ratio
--------------------------------------------------------
OJSC Vimpel-Communications changes the ratio of its American
Depositary Receipts (ADRs) traded on the New York Stock
Exchange.

Since VimpelCom’s last ratio change in November 2004,
VimpelCom's price per ADR has risen from around US$40 to over
US$100.  In order to bring the ADR price more into line with
ADRs of comparable companies, VimpelCom will change the ratio
from four ADRs for one common share to 20 ADRs for one common
share effective Aug. 21, 2007.

To implement the ratio change, VimpelCom ADR holders of record
at the close of business on Aug. 17, 2007, will receive four
additional ADRs for every ADR held.  The distribution date to
ADR holders is Aug. 21, 2007.  There will be no change to
VimpelCom's underlying common shares.

"VimpelCom's ADR ratio change demonstrates our commitment to
making the Company’s shares accessible to the broadest
investment community, including to retail shareholders,"
Alexander Izosimov, Chief Executive Officer of VimpelCom, said.  
"The outstanding performance of the Company’s stock required
changing the ADR ratio to ensure a broadly accessible and liquid
market for the Company’s shares".

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                            *   *   *

In a TCR-Europe report on April 16, 2007, Moody's Investors
Service confirmed its Ba2 Corporate Family Rating for OJSC
Vimpel-Communication and assigned a Ba2 Probability-of-Default
rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

   8.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                Ba2      Ba2      LGD4     52%

   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     52%

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba2      Ba2      LGD4     52%

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


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


SANYO ELECTRIC: Invests THB466 Million in Thai Unit
---------------------------------------------------
Sanyo Electric Co., Ltd., is investing THB466 million to upgrade
its existing factory in Chachoengsao, Thailand, to become
Sanyo's first world production base outside Japan, reports
Pitsinee Jitpleecheep of Bangkok Post.

The report cites Tsutomu Morimoto, managing director of Sanyo
(Thailand) Co., as saying that the THB466 million will be used
for the installation of new machinery and the upgrade for the
manufacturing of a wider range of products, including freezers
and coolers for professional use for Sanyo's operations in China
and Japan.

Mr. Morimoto, writes Bangkok Post, added that products
manufactured at the Thailand factory will be exported to
different markets such as Asia, Europe and the Middle East and
will be sold locally to to modern retailers, bakeries and coffee
shops, especially professional refrigeration systems.

                        About Sanyo Electric
  
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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


ARROW ELECTRONICS: To Acquire Centia & AKS Group
------------------------------------------------
Arrow Electronics Inc. has signed a definitive agreement
pursuant to which Arrow will acquire Centia Group Limited and
AKS Group Nordic AB (Centia/AKS), Europe's leading specialty
distributors of access infrastructure, security and
virtualization software solutions.

Terms of the deal were undisclosed.

"With the acquisition of Centia/AKS, we continue to execute on
our strategic objective to pursue opportunities in fast-growing
market segments.  This transaction further diversifies our
product portfolio in the European region and strengthens our
strategic focus on software solutions - which is unique to Arrow
and will enable us to continue to outgrow the market," said M.
Catherine Morris, president, Arrow Enterprise Computing
Solutions.

Centia/AKS has over 120 employees throughout Denmark, Finland,
France, Germany, Great Britain, the Netherlands, Norway and
Sweden.  The joint linecard includes leading suppliers such as
Citrix, VMware, and RSA.  Centia/AKS support value-added
resellers in delivering solutions that optimize, accelerate,
monitor and secure an end user's IT environment. Total sales for
2007 are expected to exceed US$120 million.

"Our reputation for technical excellence has been built up over
25 years.  We are excited to become part of a world-class value-
added distributor such as Arrow, and gain access to Arrow's
significant resources and broad customer base.  This partnership
will create meaningful opportunities for our organization," said
Yuri Pasea, founder and chairman, Centia/AKS.

The transaction is subject to customary closing conditions,
including obtaining necessary government approvals, and is
expected to be completed within the next 60 days.

                   About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and     
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                       *     *     *

As reported on March 30, Moody's affirmed Arrow Electronics'
senior preferred stock at Ba2 and senior subordinated stock at
Ba1.

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  Fitch said the
rating outlook is positive.


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


A&A FASHION: Creditors' Liquidation Claims Due August 20
--------------------------------------------------------
Creditors of LLC A&A Fashion have until Aug. 20 to submit their
claims to:


         Akgun Nevin
         Liquidator
         Rainstrasse 15
         8645 Jona
         See-Gaster SG
         Switzerland

The Debtor can be reached at:

         LLC A&A Fashion
         Rapperswil-Jona
         See-Gaster SG
         Switzerland


ASW AUTOBUS: Creditors' Liquidation Claims Due August 20
--------------------------------------------------------
Creditors of JSC ASW Autobus Sarganserland Werdenberg have until
Aug. 20 to submit their claims to:


         Rheinstrasse 9
         7310 Bad Ragaz
         Sarganserland SG
         Switzerland

The Debtor can be reached at:

         JSC ASW Autobus Sarganserland Werdenberg
         Bad Ragaz
         Sarganserland SG
         Switzerland


CONDETRA LLC: Creditors' Liquidation Claims Due August 20
---------------------------------------------------------
Creditors of LLC Condetra have until Aug. 20 to submit their
claims to:


         Robert Dvoracek
         Liquidator
         Kirchhaldenstrasse 17
         8308 Illnau
         Switzerland

The Debtor can be reached at:

         LLC Condetra
         Illnau-Effretikon
         Pfaffikon ZH
         Switzerland


H K B SYSTEMS: Creditors' Liquidation Claims Due August 20
----------------------------------------------------------
Creditors of LLC H K B Systems have until Aug. 20 to submit
their claims to:


         Rolf Kessler
         Liquidator
         Zelglistrasse 13
         8311 Brutten
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC H K B Systems
         Bassersdorf
         Bulach ZH
         Switzerland


HANS STEURI: Creditors' Liquidation Claims Due August 20
--------------------------------------------------------
Creditors of LLC Hans Steuri have until Aug. 20 to submit their
claims to:


         Hans Steuri
         Liquidator
         Hauptstrasse 199
         2552 Orpund
         Nidau BE
         Switzerland

The Debtor can be reached at:

         LLC Hans Steuri
         Orpund
         Nidau BE
         Switzerland


HOLDING KIRCHHEIM: Creditors' Liquidation Claims Due August 23
--------------------------------------------------------------
Creditors of JSC Holding Kirchheim have until Aug. 23 to submit
their claims to:


         Stephan Spycher
         Liquidator
         Astrastrasse 9
         Mail box: 195
         3612 Steffisburg
         Thun BE
         Switzerland

The Debtor can be reached at:

         JSC Holding Kirchheim
         Zollikon
         Meilen ZH
         Switzerland


IMPAG VERPACKUNGEN: Creditors' Liquidation Claims Due August 20
---------------------------------------------------------------
Creditors of JSC IMPAG Verpackungen have until Aug. 20 to submit
their claims to:


         Silvan Hauser
         Liquidator
         Alfred Ulrich-Strasse 2
         8702 Zollikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC IMPAG Verpackungen
         Wollerau SZ
         Switzerland


INTRACHARGE JSC: Creditors' Liquidation Claims Due August 20
------------------------------------------------------------
Creditors of JSC Intracharge have until Aug. 20 to submit their
claims to:


         JSC BDS Consulting
         Liquidator
         Vordergasse 3
         8200 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Intracharge
         Schaffhausen
         Switzerland


JOHN AND JACK: Creditors' Liquidation Claims Due August 20
----------------------------------------------------------
Creditors of LLC John and Jack und Partner have until Aug. 20 to
submit their claims to:


         Gion Lutz
         Liquidator
         Bergstrasse 201
         8708 Mannedorf
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC John and Jack und Partner
         Ruti ZH
         Switzerland


OCTAGON (SWITZERLAND): Creditors' Liquidation Claims Due Aug. 20
----------------------------------------------------------------
Creditors of JSC Octagon (Switzerland) have until Aug. 20 to
submit their claims to:


         Beat Ritschard
         Liquidator
         Hardturmstrasse 132
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Octagon (Switzerland)
         Zurich
         Switzerland


PCINTEGRAL LLC: Creditors' Liquidation Claims Due August 20
-----------------------------------------------------------
Creditors of LLC Pcintegral have until Aug. 20 to submit their
claims to:


         Peter Ottinger
         Liquidator
         Bruchackerstrasse 4
         2575 Tauffelen-Gerolfingen
         Switzerland

The Debtor can be reached at:

         LLC Pcintegral
         Biel/Bienne BE
         Switzerland


TREND LACE: Creditors' Liquidation Claims Due August 31
-------------------------------------------------------
Creditors of LLC Trend Lace have until Aug. 31 to submit their
claims to:


         Gunter Wust
         Liquidator
         JSC BGW
         Tiefenakkerstrasse 49
         9450 Altstatten
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         LLC Trend Lace
         Altstatten
         Rheintal SG
         Switzerland


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


ALTERNATIFBANK AS: Regulator Blocks Share Transfer to Alpha Bank
----------------------------------------------------------------
The Banking Regulation and Supervision Agency in Turkey has not
granted permission for the transfer of some portion of the
shares owned by Anadolu Group in Alternatifbank A.S. and
Alternatif Finansal Kiralama A.S. to a financial holding company
to be controlled jointly by Alpha Bank A.E. and Anadolu Group.

Share transfer permission applications made to the Agency; as in
the application of Alpha Bank, are evaluated diligently pursuant
to the Articles 8 and 18 of the Banking Law Nr. 5411 and to the
Regulation on Operations Subject to Permission of Banks and
Indirect Shareholding.  In this scope all the information and
the document foreseen in the legislation is subject to a
detailed examination.  Besides; opinion, evaluation and
additional information on the issue can be required from the
other Public Agencies and Institutions.

Information supplied are taken into evaluation in the framework
of the Article 8 of the Law and the Board makes the final
decision by considering the aim of providing confidence and
stability in the financial markets in the framework of the
Article 1 of the Law.  As a result of the evaluation made by the
Board within this scope, by taking into account that Alpha Bank
did not meet all of the terms concurrently which was determined
in the Article 8 of the Banking Law Nr. 5411, permission was not
granted for the said share transfer in Alternatifbank A.S. and
Alternatif Finansal Kiralama A.S.

On the other hand, it is expected that the concerned parties
shall be in an attitude which is suitable to the sector members
while making their declarations.

On Nov. 23, 2006, Alpha Bank confirmed that an agreement has
been reached with Anadolu Group to create a strong franchise in
the Turkish financial sector.  

The transaction is valued at USD492.5 million (EUR384.3
million).  Alpha Bank will ultimately contribute a cash
consideration equal to half of said amount.  The two parties
will jointly establish a fifty-fifty holding company whose
assets consist of the shares currently owned by the Anadolu
Group in both Abank and Alease that is 94% and 95% stakes
respectively.  The holding company will also own, indirectly,
100% of the brokerage firm Alternatif Yatirim, 45% of the listed
closed-end investment fund Alternatif Yatirim Ortkaligi, as well
as the head offices of the bank and the brokerage company,
situated in premium locations of Istanbul.  Furthermore, the
parties will launch a voluntary public offer for the acquisition
of the minority shares of Abank and Alease with the same terms
as those accrued to the majority shareholders, following closing
of the transaction.

The parties have also agreed to enter into a shareholders'
agreement which provides for equal representation in the Board
of Directors and joint decision making in all matters of
strategic importance.  Abank's current Chairman, Tuncay Ozilhan,
will be the Chairman of the holding company's and Abank's Boards
of Directors.  

                      About Alternatifbank

Alternatifbank A.S.  –- http://www.abank.com.tr/eng/-- is a  
mid-size Turkish bank, predominately serving medium scale
companies.  The Bank’s primary activities consist of corporate,
commercial and individual banking; the latter is mainly geared
toward deposit taking and asset management services.

Established in 1991, ABank became a listed company in 1995 when
it offered 20% of its shares to the public.  The following year,
the Anadolu Group, one of Turkiye’s leading conglomerates,
purchased 80% of the shares from the Dogan Group.  At present, a
5% block of ABank shares is publicly traded on the Istanbul
Stock Exchange (ISE), while members of the Anadolu Group hold
the remaining 95%.

ABank, through a network of 33 branches across the country, is
well positioned to cater to Turkiye’s most important commercial
and population regions, where 75% of the country’s GNP is
generated.

                          *     *     *

As reported in the TCR-Europe on Aug. 1, 2007, Fitch Ratings is
maintaining Alternatifbank A.S.'s long-term foreign currency
issuer default rating 'BB-', LT local currency IDR 'BB' and
National LT 'AA(tur)' rating on rating watch positive.  At the
same time, it has affirmed the bank's other ratings at ST
foreign and local currency IDR 'B', Individual 'D' and Support
'3'.


ALTERNATIFBANK AS: Fitch Holds IDR at BB on Blocked Venture
-----------------------------------------------------------
Fitch Ratings has removed Alternatifbank A.S.'s Long-term
foreign currency Issuer Default Rating, LT local currency IDR
and National LT rating from Rating Watch Positive.  

At the same time, Fitch affirmed ABank's LT foreign currency IDR
at 'BB-', LT local currency IDR at 'BB' and National LT at
'AA(tur)', all with a Stable Outlook.  This action followed
BRSA's (Turkey's Banking Regulation and Supervision Agency)
announcement that it has not approved the potential joint
venture between Anadolu Group and Alpha Bank of Greece to
control the financial assets of Anadolu Group, including ABank.

Fitch has also affirmed the bank's other ratings at Short-term
foreign and local currency IDR 'B', Individual 'D' and Support
'3'.  ABank's LT IDRs, National LT and Support ratings reflect
the moderate support from its majority shareholder, the Anadolu
Group, in case of need.

The Watch Positive status was put in place in November 2006
following Alpha Bank's (rated 'A-'/'F2'/Stable Outlook)
announcement that it was in talks with the Anadolu Group with a
view to establishing a 50/50 holding company.  This company
would ultimately control all the financial assets of Anadolu
Group, including ABank.  Had this transaction occurred, ABank's
LT foreign and LT local currency IDRs and National Long-term
ratings would benefit from additional support from Alpha.

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


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


DOBROVELICHKOVSKY SUGAR: Claims Filing Deadline Set August 12
-------------------------------------------------------------
Creditors of OJSC Dobrovelichkovsky Sugar Mill (code EDRPOU
03563672) have until August 12 to submit written proofs of claim
to:

         Vladimir Zabrodin
         Temporary Insolvency Manager
         Apartment 72
         Ac. Pavlov Str. 132
         Kharkov
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dobrovelichkovsky Sugar Mill
         Lipniazhka
         Dobrovelichkovsky District
         27015 Kirovograd
         Ukraine


GALLAK OJSC: Creditors Must File Claims by August 12
----------------------------------------------------
Creditors of OJSC Gallak (code EDRPOU 25550687) have until
August 12 to submit written proofs of claim to:

         Yaroslav Onushkanich
         Liquidator
         Apartment 3
         Striy Str. 71-b
         79031 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/69-8/88.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Gallak
         Drogobych Str. 721
         Borislav
         82300 Lvov
         Ukraine


KHOROL AGRICULTURAL: Claim Filing Deadline Set Aug. 12
------------------------------------------------------
Creditors of OJSC Khorol Agricultural Chemistry (code EDRPOU
05487188) have until August 12 to submit written proofs of claim
to:

         Sergey Boltik
         Temporary Insolvency Manager
         Yurchenko Str. 28 Apartment 187
         Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on June 21.  The case is docketed under
Case No. 7/72.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Khorol Agricultural Chemistry
         Lenin Str. 145
         Khorol
         37800 Poltava
         Ukraine


NOVOSELITSA DISTILLERY: Creditors Must File Claims by August 12
---------------------------------------------------------------
Creditors of LLC Novoselitsa Distillery (code EDRPOU 22855038)
have until August 12 to submit written proofs of claim to:

         Valery Strelnikov
         Liquidator
         Apartment 103
         Krasnoarmeyskaya Str. 97
         58013 Chernovcy
         Ukraine         

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/43/B.

The Debtor can be reached at:

         LLC Novoselitsa Distillery
         Gorky Str. 8
         Novoselitsa
         Chernovcy
         Ukraine


OLEVSK LECTROTECHNICAL: Claims Filing Deadline Set August 12
------------------------------------------------------------
Creditors of OJSC Olevsk Plant of Lectrotechnical Porcelain
(code EDRPOU 00214675) have until August 12 to submit written
proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/70-b.

The Debtor can be reached at:

         OJSC Olevsk Plant of Lectrotechnical Porcelain                   
         Kirov Str. 36
         Olevsk
         11001 Zhytomir
         Ukraine


SLAVUTICH LLC: Creditors Must File Claims by August 12
------------------------------------------------------
Creditors of LLC Slavutich (code EDRPOU 30915473) have until
August 12 to submit written proofs of claim to:

         Dmitry Kozin
         Liquidator
         Office 22
         Internationalists Str. 5
         40035 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/27-07.

The Debtor can be reached at:

         LLC Slavutich
         Urozhaynaya Str. 23
         Tovsta
         Belopolye District
         41800 Sumy
         Ukraine


UKRAINIAN GROSS: Proofs of Claim Filing Deadline Set August 12
--------------------------------------------------------------
Creditors of CJSC Ukrainian Gross Trade (code EDRPOU 21852434)
have until August 12 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 15/133-07.

The Debtor can be reached at:

         CJSC Ukrainian Gross Trade
         Block 8, 9
         Robochaya Str. 152
         49008 Dnipropetrovsk
         Ukraine


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


ANGIOTECH PHARMA: S&P Puts Junk Rating to Sr. Subordinated Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on Vancouver,
B.C.-based Angiotech Pharmaceuticals Inc. to 'B-' from
'B+'.  At the same time, S&P lowered the senior subordinated
debt rating to 'CCC' from 'B-'.  The outlook is negative.
   
"This two-notch downgrade reflects Angiotech's sharply
deteriorating credit metrics caused by the declining royalty
revenue stream from drug-eluting stents and the lack of
visibility regarding cash flow generation," said Standard &
Poor's credit analyst Maude Tremblay.
   
Specialty pharmaceutical company Angiotech receives royalty
payments under a licensing agreement with marketing partner
Boston Scientific Corp.  (BSX; BB+/Watch Neg/--) for paclitaxel,
the drug used to coat the Taxus Express and Taxus Libert‚
paclitaxel-eluding stent systems.  These royalty payments are
Angiotech's most important revenue source and represent a
significant product concentration.
   
The drug-eluting stents market has contracted because of safety
issues concerning the possibility that late-stent thrombosis
might be more prevalent following DES implementation than after
bare-metal stent implementation; as a result, penetration of DES
(compared to bare metal stents) has declined to about 65% from a
peak of 88% in early 2006.  Furthermore, overall stenting
procedures have declined in reaction to the COURAGE (Clinical
Outcomes Utilizing Percutaneous Coronary Revascularization and
Aggressive Guideline-Driven Drug Evaluation) Study results
presented at an industry conference in March 2007, which showed
that medical therapy was as effective in reducing angina and
mortality in stable angina patients as was a combination of
medical therapy and stents.
   
The medical products segment has performed in line with
management's expectations and the product pipeline is promising;
however, revenue growth remains in the single digits.
Furthermore, profitability is constrained by restructuring
efforts and one-off expenses, and new products will have no
material impact on EBITDA generation until fiscal 2008.
   
The negative outlook reflects the lack of visibility regarding
Angiotech's ability to remain free cash flow positive due to
uncertain DES demand.  S&P could lower the ratings further if
weakening market conditions for DES or setbacks in the product
pipeline lead to further deterioration of revenues and cash
flow, and the company begins to tap its cash balance for
liquidity needs.  Conversely, if stent royalty payments
stabilize or revenue growth from medical products accelerates,
S&P could revise the outlook to stable.

Angiotech Pharmaceuticals, Inc., founded in 1992, based in
Vancouver, Canada, is a specialty pharmaceutical company that
focuses on drug-device combinations and drug-loaded surgical
biomaterial implants.  The company reported over US$315 million
in total revenue for the twelve months ended Dec. 31, 2006.

Following the acquisition of American Medical Instruments
Holdings, Inc. in the first quarter of 2006, Angiotech expanded
beyond its strong R&D capabilities to encompass the
manufacturing and marketing of a wide range of single use,
specialty medical devices.  Angiotech has several specialized
direct sales and distribution organizations in Puerto Rico, the
United States, the United Kingdom, Denmark and Switzerland, as
well as significant manufacturing capabilities.


ARMOR HOLDINGS: Moody's Confirms Ratings on Completed BAE Deal
--------------------------------------------------------------
Moody's Inventors Service confirmed all ratings of Armor
Holdings Inc., with the ratings outlook changed to stable.

This concludes the review for upgrade commenced on May 8, 2007,
and follows the completion of the acquisition of Armor Holdings
by BAE Systems plc.

Concurrent with the sale to BAE, Armor Holdings announced on
July 31, 2007 that it had received tenders and consents from the
holders of 100% of its 8.25% Senior Subordinated notes due 2013.
Therefore, Moody's will withdraw the ratings of Armor's 8.25%
Senior Subordinated notes due 2013 immediately after the
confirmation of ratings.

Withdrawal of remaining ratings will be contingent on the
outcome of the conversion of Armor's 2% Convertible Subordinated
Notes due 2024.  These notes are subject to an adjustment to
their conversion rate in connection with a "fundamental change",
in accordance with their indenture.  As such, all note holders
will have the option to convert these notes for cash at the deal
price on an as-converted basis plus an additional consideration
throughout their conversion period.  

It is anticipated that all notes will be converted by the end of
the conversion period, in which case Moody's will withdraw their
rating, as well as Armor's Corporate Family Rating and
Probability of Default Rating.  If any notes remain outstanding
after the conversion period, it is expected that such notes will
not likely be guaranteed by BAE, and absent adequate financial
information about Armor's stand alone financial condition,
Moody's would likewise withdraw all ratings of Armor.

Ratings confirmed and to be withdrawn:

   * Issuer: Armor Holdings Inc.

   -- Probability of Default Rating: Ba3;
   -- Corporate Family Rating: Ba3;
   -- Senior Subordinated Conv./Exch. Bond/Debenture: B1;
   -- Senior Subordinated Regular Bond/Debenture: B1.

Outlook Actions:

   * Issuer: Armor Holdings Inc.

   -- Outlook, Changed To Stable From Rating Under Review

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

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


ATLANTECH MEDICAL: Appoints Michael C. Kienlen as Liquidator
------------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Atlantech Medical Devices Ltd. on July 23 for the creditors’
voluntary winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Central House
         47 St. Paul’s Street
         Leeds
         LS1 2TE
         England


BAA LTD: Passenger Figures Up 0.2% in July 2007
-----------------------------------------------
The U.K. airports of BAA Ltd. (fka BAA plc) handled a total of
15.1 million passengers in July 2007, an increase of 0.2%,
making it BAA's busiest ever month.

Of the major markets, European scheduled traffic was up 2.8%,
and other long haul traffic grew 3.0%.  European scheduled
traffic increased 2.8%, while other long haul saw gains of 3.0%.
European charter fell 7.3%.  Domestic and Irish Republic traffic
fell 3.0% and 3.4% respectively.  North Atlantic traffic was
down 0.4%.

Of the individual airports, Gatwick grew 1.8%, while Stansted
gained 2.2%.  Heathrow's traffic was down 1.7% and Southampton
dipped 0.6%.  In Scotland, Aberdeen and Edinburgh saw respective
gains of 10.6% and 6.3%. Glasgow fell by 6.4%.

The total number of air transport movements at BAA airports rose
1.3%, while cargo tonnage was down 1.5%.

                           About BAA

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

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

                           *   *   *

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


BALLY TOTAL: Court Sets Sept. 17 Plan Confirmation Hearing
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan set the hearing to consider confirmation of Bally
Total Fitness Holding Corporation and its debtor-affiliates'
Prepackaged Plan of Reorganization -- at which time the Court
will also consider the adequacy of the Disclosure Statement
describing that Plan -- on Sept. 17, 2007, at 10:00 a.m.

Objections to the Disclosure Statement or confirmation of the
Plan are due Sept. 7, 2007, at 5:00 p.m.

The Court approved the Debtors' proposed confirmation notice and
rejection claims confirmation notice.

According to Judge Lifland, the Debtors are not required to mail
a copy of the Confirmation Notice to their current or former
customers and members, and that notice to current and former
customers or members will be provided by publication only.

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

The Debtors' Solicitation Procedures, Solicitation Package
utilized in soliciting acceptances and rejections of the Plan,
and Ballot forms are approved in all respects.

Judge Lifland held that holders of Class 6-B-1 and Class 6-B-2
Claims are deemed to have rejected the Plan, and the Debtors
were not, and will not be, required to solicit the votes of the
holders of these Claims to accept or reject the Plan.

The record date for determining which non-Voting Creditors and
equity holders are entitled to receive the Confirmation Notice
is August 1, 2007.

Moreover, Judge Lifland ruled that the Debtors are not required
to file or provide any periodic operating reports pursuant to
the Bankruptcy Code, Bankruptcy Rules or Local Rules, except as
may be provided specifically in the Plan or order confirming the
Plan.  This requirement will be permanently waived if the Plan
is confirmed on or prior to October 16, 2007.  Instead, for each
month until the entry of a final decree or until the cases are
converted or dismissed, the Debtors will provide to the U.S.
Trustee an affidavit listing the disbursements made by each
Debtor, Judge Lifland said.

                       About Bally Total

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom, and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: Gets Interim OK to Hire Kirkland as Counsel
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New
York in Manhattan gave Bally Total Fitness Holding Corporation
and its debtor-affiliates authority, on an interim basis, to
employ Kirkland & Ellis LLP as as their special financing and
conflicts counsel, and special counsel in certain insurance
coverage disputes, effective as of July 31, 2007.

Marc D. Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, relates that
the Debtors need Kirkland & Ellis to render legal services
relating to their postpetition and exit financing; use of cash
collateral; certain insurance coverage disputes; and issues not
appropriately handled by Latham & Watkins, LLP, the Debtors'
lead counsel, because of actual or potential conflict of
interest.

Mr. Bassewitz relates that Kirkland & Ellis has extensive
experience and knowledge in the field of debtors' and creditors'
rights and business reorganizations, and extensive expertise
practicing before bankruptcy courts.  The firm also served as
counsel to the Debtors on a variety of financing, insurance
coverage and other discrete matters over the last several years,
including the preparation for postpetition financing in the
Chapter 11 Cases.

Kirkland & Ellis will be paid based on its hourly rates:

          Partners                US$500 - US$975
          Of Counsel              US$380 - US$870
          Associates              US$275 - US$595
          Paraprofessionals       US$120 - US$260

The firm will also be reimbursed for it's reasonable out-of-
pocket expenses.

These professionals will have primary responsibility for
providing services to the Debtors:

                                 Billing Rate
                                 ------------
         Linda K. Myers                  US$795
         James A. Stempel                US$775
         Michael P. Foradas              US$705
         Nader R. Boulos                 US$570
         Ross M. Kwasteniet              US$535
         Kathy Schumacher                US$495
         C. Michelle Mulkern             US$475
         William T. Pruitt               US$395
         Joshua M. Samis                 US$375

The Debtors advanced US$367,052 to Kirkland & Ellis in the 90
days prior to the Petition Date, which was either an advance
payment retainer or was utilized to replenish the firm's advance
payment retainer, Mr. Bassewitz says.  Pursuant to the terms of
the parties' engagement letter, the Retainer payments were
earned upon receipt, are property of the firm, and are not held
in a separate account.  As of the Petition Date, the amount of
Kirkland & Ellis' advance payment retainer is approximately
US$115,000.  During the one year prior to the Petition Date, the
firm received a total of US$651,705 in compensation to the
Debtors.

Mr. Stempel, Esq., a partner at Kirkland & Ellis, assures the
Court that his firm is a "disinterested person," as that phrase
is defined in Section 101(14) of the Bankruptcy Code as modified
by Section 1107(b).

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BAUSCH & LOMB: Earns US$15 Million in 2007 Second Quarter
---------------------------------------------------------
Bausch & Lomb has filed its Quarterly Report on Form 10-Q with
the U.S. Securities and Exchange Commission for the second
quarter and six months ended June 30, 2007.

Bausch & Lomb reported net earnings of US$15 million in the
second quarter of 2007, compared to a net loss of US$15.1
million in 2006.  For the first six months of 2007 reported net
earnings were US$33.5 million compared to a net loss of US$3.3
million in 2006.  First-half 2006 net earnings were reduced by
provisions associated with the MoistureLoc recall totaling
US$19.6 million.

Second-quarter consolidated net sales of US$649.5 million grew
14 percent compared to the US$571.5 million reported in the same
period in 2006.  All of the company’s geographic operating
segments, and four of its five product categories, reported
increased sales.

For the first six months of 2007, net sales totaled US$1.2
billion, compared to US$1.1 billion in 2006, a reported growth
rate of 10 percent.  Prior-year net sales were reduced by
US$19.1 million in provisions for customer returns and other
sales reductions associated with the MoistureLoc recall.  
Excluding those provisions, year-to-date 2007 net sales
increased 8 percent, or 5 percent in constant currency, with
growth in each geographic segment and in the company’s contact
lens, pharmaceuticals and cataract/vitreoretinal product
categories.

Gross margin improved to 57.9 percent of sales, compared to 56.3
percent in 2006, reflecting a shift in the sales mix toward
higher margin newer products and higher lens care sales than the
prior year.  Currency had a slightly negative effect on gross
margins in the second quarter.

Selling, administrative and general expenses were US$280.3
million in 2007, compared to US$256.2 million in 2006.  The
increase reflected higher legal fees associated with product
liability lawsuits; higher mark-to-market expense related to
deferred compensation and stock plans; professional fees
incurred in connection with the proposed Warburg Pincus merger;
and higher incentive compensation expense based on operating
performance improvement compared to 2006.

Research and development expense totaled approximately US$55.0
million in the 2007 second quarter, compared to US$50.0 million
in 2006.

Net financing expenses were US$6.2 million in the second quarter
of 2007 versus US$13.7 in 2006, due to higher mark-to-market
income on deferred compensation investments, lower waiver and
consent fees associated with bank and public debt issuances, and
lower interest expense due to the company’s retiring debt in the
second quarter of 2006.

                             Outlook

Bausch & Lomb continues to project 2007 sales of approximately
US$2.5 billion, representing around eight percent growth
compared to 2006 sales prior to MoistureLoc charges.

The company indicated that it currently expects to incur higher
than originally anticipated legal expenses associated with
product liability lawsuits in 2007 and merger-related expenses
associated with the proposed Warburg Pincus transaction.  Except
for these incremental expenses, the amount of which will depend,
among other things, on the progress of the product liability
litigation and the proposed merger, the company continues to
project full-year income before income taxes and minority
interest of approximately US$240 million in 2007 and earnings
per share between US$2.40 and US$2.50.

Excluding cash outflows associated with the above-mentioned
legal and merger expenses, the company continues to expect to
generate cash flow from operations of between US$240 million and
US$260 million and to incur approximately US$100 million of
capital expenditures in 2007.

                       About Bausch & Lomb

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

                            *   *   *

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

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

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

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


CANESS CLEANING: Brings In Liquidators from Wilkins Kennedy
-----------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of Caness Cleaning Ltd.
on July 26 for the creditors’ voluntary winding-up proceeding.

Mr. Kirkpatrick can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England

Mr. Stevens can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         TW20 9HY
         England


ESPORTA PLC: Taps Lazard to Explore Strategic Alternatives
----------------------------------------------------------
Esporta PLC has reorganized its management structure and hired
investment bank Lazard & Co. Limited to assist in a review of
its capital structure and strategic alternatives, the company
said in a statement posted on its Web site.

Esporta's year-on-year sales fell by 18 pence in July 2007,
which prompted Esporta's owner, Syrian tycoon Simon Halabi to
slash the company's EBITDA from GBP36 million to GBP30 million
and initiate talks with Societe Generale, The Daily Telegraph
reports.

Societe Generale, the Daily Telegraph adds, had warned that the
company may go into administration unless Mr. Halabi inject
fresh capital into the fitness chain.

The warning came after the French bank failed to syndicate the
GBP330 million loan used by Mr. Halabi to finance the
acquisition, Daily Telegraph relates.

The Syrian tycoon has asked for a four-month delay, until
Dec. 31, 2007, to a GBP30 million vendor loan note sale and
purchase agreement taken on as part of the original deal, The
Telegraph relates, citing a letter from Mr. Halabi to Duke
Street Capital as its source.

"Since acquisition, as you are aware, the Esporta Group has
undergone some turbulence and it has not yet been possible, as
had been hoped, to put in place a permanent capital structure,"
Mr. Halabi says in the letter, The Telegraph quotes.  He
acquired the group in November 2006 for about GBP480 million.  

SocGen already has several leading accountancy firms in mind to
act as Esporta's administrators should the negotiations
collapse, The Telegraph says.

Concurrently, Esporta has appointed two further key executives
following the June 2007 appointments of new Chairman David
Turner and Deputy Chairman Allan Fisher and new CEO Glenn Timms.  
Tim Redburn has been appointed Interim Finance Director and
Steve Charlton has been appointed as an executive board director
with interim responsibility for HR.

Tim Redburn has most recently acted as Interim Finance Director
of Alpha Airports and was previously with Simon Group plc and
Henlys Group plc.  Steve Charlton was most recently HR and
Support Services Director at business process outsourcing
company, Sitel EMEA.

Meanwhile, Brian McCarthy, Esporta's operations director
resigned a day after the management overhaul was announced, the
Telegraph states.  

Esporta and its owners are continuing to consider possible
alternatives with regard to the group's capital structure,
following the acquisition of Esporta earlier in the year by the
Halabi family trust.  They are in constructive discussions with
all stakeholders in such regard aiming to create a firm platform
for the development of the Esporta business and have engaged
Lazard to assist in reviewing the group's capital structure and
strategic alternatives, Esporta says in the statement.

At the same time, Esporta has assured its members, suppliers and
employees that they are not directly impacted by this review of
capital structure and strategic alternatives.

                          About Esporta

Headquartered in Berkshire, England, Esporta Plc --
http://www.esporta.com/-- operates eight racquet clubs and more  
than 50 luxury health and fitness clubs across the U.K. Esporta
has more than 190,000 members.  The company succumbed to a
hostile takeover by venture capital firm Duke Street in 2002.
Syrian-born billionaire Simon Halabi acquired Esporta from Duke
Street in 2007.


GENERAL MOTORS: Completes US$5.6 Bln Allison Transmission Sale
--------------------------------------------------------------
General Motors Corp. has completed the sale of its Allison
Transmission commercial and military business to The Carlyle
Group and Onex Corporation for about US$5.6 billion.

The company expects to use the funds to strengthen liquidity and
support heavy investments in new products and technology, such
as its continued energy diversity initiatives.

Allison Transmission designs and manufactures automatic
transmissions for medium and heavy duty commercial vehicles.  
Its products are used in on-highway, off-highway and vehicles.  
Headquartered in Indianapolis, Indiana, Allison Transmission
employs approximately 3,400 people, has seven plants in
Indianapolis and sells its transmissions through a worldwide
distribution network with sales offices in North America, South
America, Europe, Africa and Asia.  The company generates annual
revenues in excess of US$2 billion.

                      About Carlyle Group

The Carlyle Group –- http://www.carlyle.com/-- is a private  
equity firm with US$58.5 billion under management.  Carlyle
invests in buyouts, venture & growth capital, real estate and
leveraged finance in Asia, Europe and North America, focusing on
aerospace & defense, automotive & transportation, consumer &
retail, energy & power, healthcare, industrial, infrastructure,
technology & business services and telecommunications & media.  
Since 1987, the firm has invested US$28.3 billion of equity in
636 transactions for a total purchase price of US$132 billion.  
The Carlyle Group employs more than 800 people in 18 countries.  
In the aggregate, Carlyle portfolio companies have more than
US$87 billion in revenue and employ more than 286,000 people
around the world.

                          About Onex

Onex Corp. makes private equity investments through the Onex
Partners and ONCAP family of Funds.  These companies are in a
variety of industries, including electronics manufacturing
services, aerostructures manufacturing, healthcare, financial
services, aircraft & aftermarket, metal services, customer
management services, theatre exhibition, personal care products
and communications infrastructure.

                      About General Motors

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

                         *     *     *

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

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


GENERAL MOTORS: Declares US$0.25 Per Share Quarterly Dividend
-------------------------------------------------------------
General Motors Corp. has disclosed a third-quarter dividend of
US$0.25 per share on GM common stock.  The dividend is payable
September 10, 2007, to holders of record as of August 17, 2007.  
The dividend is unchanged from the previous quarter.

                      About General Motors

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

                         *     *     *

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

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


LUXFER HOLDINGS: S&P Withdraws SD Rating at Company's Request
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'SD' long-term
corporate credit rating on Luxfer Holdings PLC, a U.K.-based
manufacturer of gas cylinders, magnesium alloys, and zirconium
chemicals.

The rating was withdrawn at management's request, following the
conclusion of a reorganization of Luxfer's capital structure.  
The company's revised debt-servicing abilities post the
reorganization had not been factored into our rating opinion.


MALCOLM ROBERTSON: Taps Daryl Warwick to Liquidate Assets
---------------------------------------------------------
Daryl Warwick of Armstrong Watson was appointed liquidator of
Malcolm Robertson & Sons Ltd. on July 31 for the creditors’
voluntary winding-up proceeding.

The liquidator can be reached at:

         Armstrong Watson
         Fairview House
         Victoria Place
         Carlisle
         CA1 1HP
         England


MIDDLEWICH LTD: Claims Filing Period Ends September 28
------------------------------------------------------
Creditors of Middlewich Ltd. have until Sept. 28 to prove their
debts by sending written statements of the amounts they claim to
be due to them from the company to:

         Paul Williams
         Joint Liquidator
         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England

Paul Williams and Andrew Stoneman of Menzies Corporate
Restructuring were appointed joint liquidators of the company on
July 31 for the creditors’ voluntary winding-up procedure.


ROYAL & SUN: Earns GBP237 Million for First Half 2007
-----------------------------------------------------
Royal & Sun Alliance Insurance Group Plc posted GBP237 million
in net profit for the first half of 2007, compared with
GBP238 million in net profit for the same period in 2006.

The company also posted revenues of GBP2.99 billion from net
written premiums and GBP144 million from underwriting results
for the first half of 2007, compared with revenues of
GBP2.83 billion from net written premiums and GBP171 million
from underwriting results for the same period in 2006.

"In challenging market conditions, we’ve had a good first half –
we’re driving profitable growth in each of our regions and we’ve
achieved a strong bottom line result," chief executive
Andy Haste said.  "The results have been delivered against the
backdrop of the U.K. floods in June, as well as adverse weather
and increased large losses across the Group, and clearly
demonstrate the benefit of management actions and the strong and
diversified portfolio.

                             Outlook

The outlook for the Group remains positive.  After allowing for
the impact of the U.K. floods in June and July of
GBP120 million, as it stands today, the company expect to
deliver a combined operating ratio for the full year of around
96%.

With strong portfolio and the actions Royal & Sun Alliance is
taking, the company is confident that in 2008 and beyond, it
will continue to deliver the profitable performance that it has
seen over the last few years.  This is reflected in the 42%
increase in the interim dividend to 2.48p.

Headquartered in London, England, Royal & Sun Alliance Insurance
Group Plc -- http://www.royalsunalliance.com/-- provides
insurance products and services in over 130 countries.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in Argentina, Bahrain, Belgium,
Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France,
Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania,
Malaysia, Mexico, Netherland Antilles, Netherlands, Norway,
Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay and
Venezuela.

                            *   *   *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


TYSON FOODS: Earns US$236 Million in Nine Months Ended June 30
--------------------------------------------------------------
Tyson Foods, Inc. released its unaudited financial statements
for the third quarter and nine months results ending
June 30, 2007.

For the nine months ended June 30, 2007, the company reported
US$236 million net income on US$20 billion sales, compared to
the US$140 million net loss on US$19.09 billion sales for the
nine months ended July 1, 2006.

The company reported sales of US$7 billion for the third quarter
ended June 30, 2007, its net income is US$111 million compared
to a net loss of US$52 million on US$6.3 billion sales in 2006.

As of June 30, 2007, Tyson Food's unaudited balance sheet showed
US$10.32 billion in total assets, US$5.63 billion in total
liabilities and US$4.68 billion in shareholders' equity.

The company has revised its outlook for fiscal 2007 diluted
earnings per share to be in the range of US$0.82 to US$0.92.

"This was another good quarter for us, and all the credit goes
to Tyson team members," Richard Bond, Tyson Foods' president and
CEO disclosed.  "They're focused intently on executing our
business plans and Cost Management Initiative, and our earnings
reflect their work."

"Sales dollars, operating income and operating margins are
greatly improved in all four segments over the third quarter of
2006 as well as the second quarter of 2007," Mr. Bond added.
"Sales volumes were down overall, primarily as a result of
planned production cuts and the impact of price increases.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of  
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.  The company has
operations in China, Japan, Singapore, South Korea, Taiwan, and
the United Kingdom.

                            *   *   *

As of August 9, 2007, Moody's assigned Tyson Foods, Inc. Long-
term corporate family rating of Ba1, bank loan debt rating of
Ba1, senior unsecured debt rating of Ba2 and probability of
default rating of Ba2 with outlook negative.


VIRGIN MEDIA: Second Qtr. Net Loss Narrows to GBP119 Mln in 2007
----------------------------------------------------------------
Virgin Media Inc. released financial and operational results for
the three months ended June 30, 2007.

Virgin Media posted GBP119 million in net losses against GBP995
million in total revenue for the three months ended June 30,
2007, compared with GBP195.8 million in net losses against
GBP884.3 million in total revenue for the same period in 2006.

At June 30, 2007, the company’s condensed consolidated balance
sheet showed GBP10.9 billion in total assets, GBP7.8 billion in
total liabilities and GBP3 billion in total shareholders’
equity.

The company’s June 30 balance sheet showed strained liquidity
with GBP936.3 million in total current assets available to pay
GBP1.4 billion in total liabilities coming due within the next
12 months.

                       Consumer Revenue

Consumer revenue in the second quarter was GBP619.3 million (Q1
2007: GBP637.3 million).  The on-net customer base was 4.7
million at June 30, 2007, down 70,300 on the previous quarter.
The revenue decline primarily reflected the net customer loss
and a decrease in ARPU.

Customer losses included an estimated 40,000 due to the impact
of Sky's removal of its basic channels from the company’s
platform on March 1, 2007.  Losses were also affected by the
loss of fixed line telephony subscribers.

RGU per customer grew to 2.23 from 2.20 in the quarter and
triple play penetration increased to 45.2% from 42.9% reflecting
our drive to encourage bundling and focus on better quality
customers.

ARPU fell from 42.75 pounds to 42.16 pounds in the quarter, due
mainly to a decline in telephony usage and use of retention
discounts, which were partially offset by the increase in RGU
per customer.

Gross customer additions in the second quarter were 191,900, up
from 184,300 in the first quarter.

Churn in the second quarter was 1.8%, up from 1.6% in the
previous quarter.  Total gross disconnections of 262,200, were
up 31,000 compared to the previous quarter due mainly to the
impact of Sky's removal of its basic channels.  The company
expects the churn impact from this issue to be largely contained
within the second quarter.  Without the impact of this issue,
the company estimates that churn would have been flat at 1.6%.

"The second quarter results show encouraging broadband and
mobile contract growth, a resilient performance by our TV
business and signs that our fixed line telephony business is
starting to react to renewed management focus,” Steve Burch,
Chief Executive Officer of Virgin Media, said.  “The new
partnership with Setanta, the planned launch of sports and
entertainment channels and our growing VOD platform makes us the
superior pay TV offering in the country.  Along with our
enhanced broadband portal, we have significantly improved our
content offering; while improved product bundling and further
merger benefits mean the cash outlook for the rest of the year
and beyond remains strong."

                       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.

                            *   *   *

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.


* BOOK REVIEW: Bankruptcy Crimes 2002
-------------------------------------
Author:     Stephanie Wickouski
Publisher:  Beard Books
Paperback:  488 pages
List Price: US$124.95

Order your personal copy at

http://amazon.com/exec/obidos/ASIN/1587981173/internetbankrupt

Bankruptcy Crimes 2002 by Stephanie Wickouski is an
authoritative treatise on the subject of bankruptcy fraud, first
published in August 2000 and updated annually with new material,
will prove invaluable for bankruptcy law practitioners, white
collar criminal practitioners, and prosecutors faced with
criminal activity in bankruptcy cases.

An estimated 10 percent of bankruptcy cases involve some kind of
abuse or fraud.  Since launching Operation Total Disclosure in
1992, the U.S. Department of Justice has endeavored to send the
message that bankruptcy fraud will not be tolerated.

Bankruptcy judges and trustees are required to report suspected
bankruptcy crimes to a U.S. attorney.  The decision to prosecute
is based on the level of loss or injury, the existence of
sufficient evidence, and the clarity of the law.  In some cases,
civil penalties for fraud are deemed sufficient to punish and
deter.

Ms. Wickouski suggests that some lawyers might not recognize
criminal activity that the DOJ now targets for investigation.  
She gives several examples, including filing for bankruptcy
using an incorrect Social Security number, and receiving
payments from a bankruptcy debtor that were not approved by the
bankruptcy court.  In both of these real life examples, DOJ
investigations led to convictions and jail time.

Ms. Wickouski says that although new schemes in bankruptcy fraud
have come along, others have been around for centuries.  She
takes the reader through the most common traditional schemes,
including skimming, the bustout, the bleedout, and looting, as
well as some new ones, including the bankruptcy mill.

The main substance of Bankruptcy Crimes is Ms. Wickouski's
detailed analysis of the U.S. Bankruptcy Criminal Code, chapter
9 of title 18, the Federal Criminal Code.  She painstakingly
analyzes each provision, carefully defining terms and providing
clear and useful examples of actual cases.  She ends with a good
chapter on ethics and professional responsibility, and provides
a comprehensive set of annexes.

Bankruptcy Crimes is never dry, and some of the cases will make
you nostalgic for the days of ear nailing.  This comprehensive,
well-researched treatise is a particularly invaluable guide for
debtors' counsel in dealing with conflicts, attorney-client
relationships, asset planning, and an array of legal and ethical
issues that lawyers and bankruptcy fiduciaries often face in
advising clients in financially distressed situations.

Stephanie Wickouski is a partner in the Washington, D.C., firm
of Arent Fox Kintner Plotkin & Kahn, PLLC.  Her practice is
concentrated in business bankruptcy, insolvency, and commercial
litigation.


                            *********

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 * * *