TCREUR_Public/070815.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

            Wednesday, August 15, 2007, Vol. 8, No. 161

                            Headlines


A U S T R I A

ALPHA INNENAUSBAU: Vienna Court Orders Business Shutdown
EBIH BAU: Estate Administrator Declares Insufficient Assets
H. JAKOWITSCH: Claims Registration Period Ends Aug. 27
IDPC LLC: Estate Administrator Declares Insufficient Assets
REKO MALEREI: Claims Registration Period Ends Aug. 28

SENIORENRESIDENZ BAD: Claims Registration Period Ends Aug. 27
WS-TELESHOP: Wiener Neustadt Court Orders Business Shutdown
WUESTER LLC: Claims Registration Period Ends Aug. 28


B E L G I U M

KENDLE INT’L: Taps Timothy Forsey as Regulatory Affairs Advisor


F R A N C E

TELENET BANK: Fitch Rates New EUR2.3 Billion Loan at BB
URS CORP: Earns US$36.8 Million in Quarter Ended June 29
VALASSIS COMM: Exchange Offer for US$540 Mln Notes Expires Today


G E O R G I A

CANARGO ENERGY: Earns US$5.1 Mln in Second Quarter Ended June 30


G E R M A N Y

ABDICHTUNGSTECHNIK SCHWABEN: Claims Registration Ends August 29
ADVANCED MICRO: S&P Rates US$1.5 Bln Sr. Convertible Notes at B
ARTDRUCK 06: Claims Registration Period Ends Sept. 28
ARTEK ENERGIEANLAGEN: Claims Registration Period Ends Sept. 14
ARNOHAUS GMBH: Claims Registration Period Ends Sept. 4

AMBULANTES THERAPIEZENTRUM: Claims Period Ends Oct. 1
ARTESYS GMBH: Claims Registration Period Ends Oct. 15
BBS INTERNATIONAL: Punch International Completes Asset Takeover
BENQ CORP: Mobile Unit Seeks EUR26 Million From Parent Firm
BUCHHANDLUNG GOLLWITZER: Claims Registration Ends Sept. 11

CHEVY 4 YOU: Claims Registration Ends September 5
ESSENTIAL PUBLIC: Fitch Rates EUR6.75 Mln Class E Notes at BB
FLEISCHEREI ERXLEBEN: Claims Registration Period Ends Aug. 28
FR. GOELLNER: Claims Registration Period Ends Sept. 3
FRIED GMBH: Claims Registration Period Ends Sept. 14

FRIES GMBH: Claims Registration Period Ends Sept. 25
FXR DRUCK: Claims Registration Period Ends Sept. 10
IKB DEUTSCHE: Deutsche Postbank Assumes EUR600 Million Loan
JOHANN KUECK: Creditors' Meeting Slated for Sept. 5
KEUNE GMBH: Claims Registration Ends September 5

KMB MASCHINEN-VERTRIEBS: Claims Registration Ends September 14
NEOMEDIA TECH: June 30 Balance Sheet Upside-Down by US$52.6 Mln
OGHAM DIAGNOSTICS: Creditors Must File Claims by Sept. 21
PM MOEBELWERK: Creditors Must File Claims by Sept. 21
POISENTALER FLEISCH: Creditors Must File Claims by Sept. 11

PREISSLER MEDIZINTECHNIK: Creditors Must File Claims by Sept. 6
SBC-LOGISTIC GMBH: Creditors Must File Claims by Oct. 10
SEELA WOHNBAU: Claims Registration Ends Sept. 17
SIEGFRIED EIKELMANN: Claims Registration Ends Sept. 10
SPORT UND ERHOLUNGSHOTEL: Claims Registration Ends Sept. 17

SPS SPORT-PRODUKT: Claims Registration Ends Aug. 21
STELJES & WULFES: Creditors' Meeting Slated for Sept. 5
TIARA-CML INTERNATIONAL: Claims Registration Ends September 7
TVI LEDERER: Claims Registration Ends September 5
WALTHER & LADEWIG: Claims Registration Ends September 28

WERNER AUTOMOBILE: Claims Registration Ends October 8
WOLF AUTOMATION: Creditors’ Meeting Slated for September 6
WUSTROW MODELL: Claims Registration Ends August 31


H U N G A R Y

AES CORPORATION: Expands Wind Generation Business into China


I R E L A N D

AFFILIATED COMPUTER: Exclusivity Agreement to Expire on Nov. 14
WILLIAM PHELAN: ACC Bank Names Receiver for Ardilea Project


K A Z A K H S T A N

AGROPROMTORG LLP: Proof of Claim Deadline Slated for Sept. 12
ATYGAI-BET LLP: Creditors Must File Claims Sept. 18
BEKKOM LLP: Claims Filing Period Ends Sept. 14
BOLEK LLP: Creditors' Claims Due on Sept. 18
BYKOVSKOYE LLP: Claims Registration Ends Sept. 18

DAU-Kazakhstan LLP: Proof of Claim Deadline Slated for Sept. 18
KZ-SHATYR-KURYLYS LLP: Creditors Must File Claims Sept. 14
EURASIAN BANK: Fitch Affirms IDR at B- with Stable Outlook
PRIDE INT'L: Will Sell Latin American Land & Businesses to GP
SYMBOL-TRANSSERVICE LLP: Claims Filing Period Ends Sept. 18

TURK-CONSULTING LLP: Creditors' Claims Due on Sept. 14


K Y R G Y Z S T A N

JASSAR LLC: Proof of Claim Deadline Slated for September 27
VAN TOUR: Creditors Must File Claims by September 25


N E T H E R L A N D S

CONTEGO CLO: Moody's Rates EUR11.75 Mln Class E Notes at Ba3
DALRADIAN EUROPEAN: Moody's Rates EUR15 Mln Class E Notes at Ba3
HARBOURMASTER CLO 1: Fitch Affirms Class B2 Notes at BB
HERBALIFE LTD: Wedbush Morgan Reaffirms Buy Rating on Firm
SABIC INNOVATIVE: Lower Recovery Prospects Cue S&P's BB+ Rating

STRAWINSKY I: Moody’s Rates EUR10.27 Mln Class E Notes at Ba1
SYNIVERSE TECH: Opens Office in Brazil; Hires Marcio Kanamaru
WORLD HEART: Posts US$4.5 Mln Net Loss in Quarter Ended June 30
YUKOS FINANCE: Russia's Property Fund Set to Sell Assets Today


R O M A N I A

RULMENTUL BRASOV: Investor Wants to Move Factory & Sell Land


R U S S I A

EXPERIMENT LLC: Creditors Must File Claims by September 21
HYNIX SEMICONDUCTOR: Develops 1-Gigabyte Mobile DRAM
KURSKIE TINNED: Court Names I. Reznikov as Insolvency Manager
MICHURINSK-GAS-STROY: Bankruptcy Hearing Slated for Sept. 18
MTS CJSC: Voronezh Court Names V. Lobanov as Insolvency Manager

RANOVA CJSC: Creditors Must File Claims by August 21
ROSNEFT OIL: Eyes Yukos Oil's Dutch Unit in Today's Auction
ROSNEFT OIL: Posts 18.5% Production Growth in First Half 2007
SHEMAKHA CJSC: Chelyabinsk Bankruptcy Hearing Slated for Dec. 6
SHIPUNOVSKOE CJSC: Creditors Must File Claims by September 21

STAV-SELKHOZ-PRODUCT: Creditors Must File Claims by August 21
VADIM IMMOVABLE: Creditors Must File Claims by August 21
VOLGODONSK-REM-AGRO-SERVICE: Claims Filing Period Ends Sept. 21
VOLOKOLAMSKIY BRICKWORKS: Names A. Zhigalin to Manage Assets
YUKOS OIL: Selling Dutch Unit's Assets in Today's Auction

YUKOS OIL: Oil Production Falls 15.3% in First Half 2007
ZAPLAVLINSKOE OJSC: Names A. Pyatenkov as Insolvency Manager
ZARYA POVOLZHYA: Creditors Must File Claims by September 21
ZENITH LLC: Creditors Must File Claims by August 21


S W E D E N

DOLE FOOD: Working with Costa Rica in Carbon Neutral Project


S W I T Z E R L A N D

A. MURER JSC: Creditors' Liquidation Claims Due August 27
ALEXTER JSC: Zug Court Starts Bankruptcy Proceedings
BALROX JSC: Creditors' Liquidation Claims Due August 30
CV VERSAND: Creditors' Liquidation Claims Due August 31
DCMS JSC: Thurgau Court Starts Bankruptcy Proceedings

EYPO JSC: Zug Court Starts Bankruptcy Proceedings
GEISSER DRUCK: Claims Registration Period Ends August 23
IMMOTECH SERVICES: Creditors' Liquidation Claims Due August 24
M&M BUROAUTOMATION: Creditors' Liquidation Claims Due August 24
PC WORLD: Claims Registration Period Ends August 23

PRO FLY-TICKET: Thurgau Court Starts Bankruptcy Proceedings
VD BERN: Creditors' Liquidation Claims Due August 27


T U R K E Y

VESTEL ELEKTRONIK: Fitch Holds IDR at BB- with Negative Outlook
VESTEL ELECTRONICS FINANCE: Fitch Rates US$225 Mln Notes at BB-


U K R A I N E

AGATA LLC: Creditors Must File Claims by Aug. 16
ENERGY TRADING: Creditors' Claims Due August 16
KASHTAN CJSC: Creditors Must File Claims by Aug. 16
KIEV RIBBON: Creditors Must File Claims by Aug. 16
POLIARNAYA ZVEZDA: Creditors Must File Claims by Aug. 16

TRADE PLUS: Creditors Must File Claims by Aug. 16
UKRAINIAN-AMERICAN ENTERPRISE: Creditors' Claims Due Aug. 16
VERKHOVINA-2004 LLC: Creditors Must File Claims by Aug. 16


U N I T E D   K I N G D O M

BAA LTD: Seeks GBP10 Rise in Passenger Levy at Heathrow
CARE HAVEN: Names Robert Edward Caunce Cook Liquidator
GENERAL MOTORS: Joins A123Systems in Making Cells for Chevy Volt
GRAYSTONE SECURITIES: Claims Filing Period Ends October 26
HILTON HOTELS: Closes Caledonian Hotel Sale for US$105.4 Million

MEDDICA LTD: Brings In Liquidators from KPMG
MELCHIOR CDO I: S&P Cuts D Notes’ Ratings to B- from BB-
NUANCE COMMS: Posts US$7.6 Million Net Loss in Third Quarter
SANYO ELECTRIC: Shares Fall Due to Sellout Reports
STAFF NOW: Colin Prescott Leads Liquidation Procedure

TONY SHARP: Calls In Liquidators from Baker Tilly Restructuring
VULCAN LTD: Fitch Rates EUR3 Million Class G Notes at BB
WHOLE FOODS: Wild Oats Shares Tender Offer Expires Today
WWC EXCHANGE: Taps Liquidators from UHY Hacker Young

                            *********

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


ALPHA INNENAUSBAU: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered July 19 an order shutting down
the business of LLC ALPHA Innenausbau (FN 31664s).

Court-appointed estate administrator Peter Pullez 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. Peter Pullez
         Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at

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


EBIH BAU: Estate Administrator Declares Insufficient Assets
-----------------------------------------------------------
Dr. Hans Rant, the court-appointed estate administrator for
LLC EBIH Bau (FN 273905b), declared July 13 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 25 (Bankr. Case No. 2 S 84/07a).  Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.

The estate administrator can be reached at:

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


H. JAKOWITSCH: Claims Registration Period Ends Aug. 27
------------------------------------------------------
Creditors owed money by LLC H. Jakowitsch (FN 125852b) have
until Aug. 27 to file written proofs of claim to court-appointed
estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at

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

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Bad Sauerbrunn, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 26 S 104/07g).


IDPC LLC: Estate Administrator Declares Insufficient Assets
-----------------------------------------------------------
Dr. Kurt Freyler, the court-appointed estate administrator for
LLC IDPC (FN 122668w), declared July 18 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

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

The estate administrator can be reached at:

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


REKO MALEREI: Claims Registration Period Ends Aug. 28
-----------------------------------------------------
Creditors owed money by LLC REKO Malerei - Anstrich (FN 104836x)
have until Aug. 28 to file written proofs of claim to court-
appointed estate administrator Guenther Hoedl at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 13 (Bankr. Case No. 28 S 80/07d).


SENIORENRESIDENZ BAD: Claims Registration Period Ends Aug. 27
-------------------------------------------------------------
Creditors owed money by LLC Seniorenresidenz Bad Sauerbrunn (FN
282887k) have until Aug. 27 to file written proofs of claim to
court-appointed estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at

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

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Bad Sauerbrunn, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 26 S 103/07k).


WS-TELESHOP: Wiener Neustadt Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Wiener Neustadt entered July 17 an order
shutting down the business of LLC WS-Teleshop International (FN
108975h).

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

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


WUESTER LLC: Claims Registration Period Ends Aug. 28
----------------------------------------------------
Creditors owed money by LLC Wuester (FN 84986f) have until
Aug. 28 to file written proofs of claim to court-appointed
estate administrator Mag. Christian Kies at:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs
         Austria
         Tel: 07482/44 222
         Fax: 07482/44 222-4
         E-mail: christian.kies@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Scheibbs, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 14 S 127/07b).


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


KENDLE INT’L: Taps Timothy Forsey as Regulatory Affairs Advisor
---------------------------------------------------------------
Kendle International Inc. disclosed that Timothy Forsey, PhD,
has joined the company as Principal Regulatory Affairs
Consultant specializing in providing regulatory affairs guidance
to the company's biotechnology customers.  Based in Kendle's
Ely, Cambridgeshire, England office, he will work with customers
to gain regulatory approval for both new marketing
authorizations and changes to existing marketing authorizations.
Dr. Forsey will provide customers with advice on strategy and
regulatory approaches to development, interact on their behalf
with regulatory agencies and assist them with dossier
preparation.

"As biotechnology's overall contribution to the health care
arena continues to grow, so will the demand for outsourcing
services, as new therapies move from preclinical to the clinical
phases of drug development," said Melanie Bruno, PhD, Vice
President Global Regulatory Affairs and Quality.  "Tim Forsey's
experience with this customer group and in the regulatory
environment will be a tremendous asset to our biotech and
pharmaceutical customers seeking to move their new compounds
from discovery to market approval," she added.

Dr. Forsey previously served as Head of Biologicals and the
Biotechnology Unit for The Medicines and Healthcare products
Regulatory Agency, where he was involved with a variety of
licensing and scientific issues, and represented the United
Kingdom on the Biologics Working Party of the Committee for
Medicinal Products for Human Use at the European Medicines
Agency.  He also worked as Senior Director, Head of European
Regulatory Affairs for Shire Human Genetic Therapies, Ltd.
Prior to that, Dr. Forsey worked for Pharmacia, Amgen, the
National Institute for Biological Standards and Control and the
University of London.  In all, he brings more than 30 years of
pharmaceutical, governmental and research experience to his role
with Kendle.

Dr. Forsey earned a doctorate in microbiology from the
University of London and a Bachelor of Science in microbiology
from the University of Surrey, England.  A widely-published
author, he is a registered member of The Organization for
Professionals in Regulatory Affairs and the Drug Information
Association.

Dr. Forsey is the latest member of an international team of
pharmaceutical, clinical and non-clinical biotechnology experts
Kendle has assembled with backgrounds encompassing regulatory
agencies on three continents, as well as experience working for
a variety of pharmaceutical companies and academic and research
institutions.

                       About Kendle

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

                       *     *     *

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

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


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


TELENET BANK: Fitch Rates New EUR2.3 Billion Loan at BB
-------------------------------------------------------
Fitch Ratings has assigned Belgium-based Telenet BidCo NV's new
EUR2.3 billion senior secured bank facility an expected rating
of 'BB'.

The rating of the existing EUR1 billion bank facility and those
of Telenet Communications NV's senior notes and Telenet Group
Holding NV's senior discount notes are unchanged and will remain
in place until the company has completed its planned
refinancing.

The expected rating follows Telenet's announcement that it has
signed a new senior secured credit facility composed as
follows:-

   -- EUR1.7 billion eight year term loan B;
   -- EUR425 million seven year term loan A; and
   -- EUR175 million m seven year revolving credit facility.

Proceeds of the facilities (signed on Aug. 1, 2007) will be used
to refinance outstandings under the company's existing bank
facility, as well as the two outstanding bonds; and to fund the
company's proposed capital distribution of EUR665 million.
Assignment of a formal rating to the new facilities will take
place upon completion of these plans.

The expected rating of the new bank facilities is one notch
lower than the existing bank facility of 'BB+'.  This
compression (relative to the Issuer Default rating of 'BB-')
reflects the higher leverage multiple the company has now
indicated it will run its business at, along with the fact that,
once the refinancing and capital distribution are complete, the
company will be funded largely with senior bank debt.

As at year ended 2006, Telenet had senior leverage of
approximately 1.9x and total leverage of 3.8x.  Fitch estimates
at present that the company will end 2007 with leverage in the
range of 4.7-4.8x, which, but for a small amount of finance
leases and accrued fees relating to the use of its Partner
network, will reflect drawings under the new bank facility.  The
company has recently indicated it will maintain leverage at up
to 5x.

Telenet is the cable operator in the Flanders region in Belgium.
It has approximately 1.7 million unique customers accessed
through its own two-way capable cable network, and provides
coverage to a further 800,000 homes through the Interkabel
/Partner network (with which Telenet has a 50 year service
contract).  In the six months to June 2007 the company generated
EBITDA of EUR217.9 million (up by 19% year-on-year) on sales of
EUR456.7 million (up 15% year-on-year) - reflecting a margin of
48%.


URS CORP: Earns US$36.8 Million in Quarter Ended June 29
--------------------------------------------------------
URS Corporation reported its financial results for the second
quarter of fiscal 2007, which ended on June 29, 2007.  Revenues
for the quarter were US$1.25 billion, compared with revenues of
US$1.07 billion during the second quarter of 2006, an increase
of 17%.  Net income was US$36.8 million, an increase of 13% over
the US$32.6 million reported for the corresponding period in
2006.

As of June 29, 2007, the Company's backlog was US$5.75 billion,
compared to US$4.64 billion as of Dec. 29, 2006, an increase of
24%.

"URS had another excellent quarter, highlighted by record
revenues, net income and EPS," Martin M. Koffel, Chairman and
Chief Executive Officer, stated.  "Our results were driven by
strong growth in our private sector business, particularly
emissions control work for utility companies.  The increase in
our state and local government revenues reflects the increased
investment in, and funding for, infrastructure projects.  Our
success in these markets more than offset the temporary weakness
in certain parts of our federal sector, and underscore the
strength of the diverse, strategic portfolio of businesses we
have assembled.  We ended the quarter with the largest book of
business in URS' history."

"Given our record book of business, and positive trends across
our domestic private sector, state and local government, and
international businesses, we believe the company is well
positioned for continued growth over the remainder of 2007 and
into 2008," Mr. Koffel continued.

For the six months ended June 29, 2007, revenues increased by
15% to US$2.38 billion, from US$2.07 billion for the first six
months of 2006.  Net income for the six months ended
June 29, 2007, was US$67.2 million.  Net income for the
comparable period in 2006 was US$56.8 million.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                       *     *     *

As reported in the Troubled Company Reporter on June 1, 2007,
Moody's Investors Service placed the Ba1 Corporate Family Rating
and other instrument ratings of URS Corporation on review for
downgrade following its announcement that a definitive agreement
for the acquisition of Washington Group International, Inc. was
signed.

Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on URS Corp. on CreditWatch
with negative implications.


VALASSIS COMM: Exchange Offer for US$540 Mln Notes Expires Today
----------------------------------------------------------------
Valassis Communications Inc. has extended its offer to exchange
up to US$540.0 million aggregate principal amount of its
outstanding, unregistered 8-1/4% Senior Notes due 2015 for a
like principal amount of its new 8-1/4% Senior Notes due 2015
that have been registered under the Securities Act of 1933, as
amended.

The Exchange Offer, previously scheduled to expire at 5 p.m.,
New York City time, on Aug. 10, 2007, will now expire at 5 p.m.,
New York City time, today, Aug. 15, 2007, unless further
extended by Valassis.

The extension of the Exchange Offer had been made to allow
holders of outstanding Original Notes who have not yet tendered
their Original Notes for exchange additional time to do so. As
of 5 p.m., New York City time, on Aug. 10, 2007, US$536,579,000
in aggregate principal amount of the Original Notes had been
validly tendered and not withdrawn in the Exchange Offer,
representing approximately 99.4% of the outstanding principal
amount of the Original Notes.

All other terms and conditions of the Exchange Offer will remain
in full force and effect.  The new notes are substantially
identical to the Original Notes, except that the new notes have
been registered under the Securities Act and, as a result, the
transfer restrictions and registration rights provisions
applicable to the Original Notes will not apply to the new
notes.  The terms and conditions of the Exchange Offer
are set forth in a prospectus dated July 13, 2007.  Copies of
the prospectus and related letter of transmittal may be obtained
from the exchange agent, Wells Fargo Bank, N.A., by calling
(800) 344-5128.

                      About Valassis

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

                       *     *     *

Standard & Poor's Ratings Services lowered on July 9, 2006, its
corporate credit and senior unsecured ratings on Valassis
Communications Inc. to 'BB' from 'BB+' and left the ratings on
CreditWatch with negative implications.


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


CANARGO ENERGY: Earns US$5.1 Mln in Second Quarter Ended June 30
----------------------------------------------------------------
Canargo Energy Corp. reported net income of US$5.1 million and
an operating loss from continuing operations of US$504,000, on
oil and gas sales of US$2.9 million for the second quarter ended
June 30, 2007, compared with a net loss of US$2.7 million and an
operating loss of US$2.7 million, on oil and gas sales of US$1.3
million for the same period ended June 30, 2006.

The increase in operating revenues is attributable to higher
sales volumes achieved from the Ninotsminda Field in the second
quarter of 2007 partially offset by a lower price per barrel
realized by the company in the period.  Ninotsminda Oil Company
Limited sold 48,095 barrels of oil for the three month period
ended June 30, 2007, compared to 21,059 barrels of oil for the
three month period ended June 30, 2006.

Results for the quarter ended June 30, 2007, included net income
from discontinued operations, net of taxes and minority interest
for the three month period ended June 30, 2007, of US$13.8
million, compared to net income from discontinued operations of
US$1.6 million for the three month period ended June 30, 2006,
due to the activities of Tethys and CSL.

The increase in net income from discontinued operations is
attributable to an unrealized gain on Tethys securities held for
sale of US$15.6 million that was recorded during the period
through to the Tethys initial public offering date of June 27,
2007.

The decrease in operating loss is attributable to increased
operating revenues, reduced field operating expenses, direct
project costs and selling, general and administration costs
partially offset by increased depreciation, depletion and
amortization in the period.

Other expense increased to US$8.1 million for the three month
period ended June 30, 2007, from US$1.6 million for the three
month period ended June 30, 2006, primarily as a result of the
loss on debt extinguishment of US$6.5 million arising from the
issue of an aggregate of 16,111,111 compensatory warrants to the
Noteholders in connection with exchange/conversion of
US$15,000,000 of long term debt into Tethys shares and the write
off of the portion of debt discount related to US$5.0 million of
the debt exchange/conversion.

The loss from continuing operations of US$8.6 million for the
three month period ended June 30, 2007, compares to a net loss
from continuing operations of US$4.3 million for the three month
period ended June 30, 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$123.5 million in total assets, US$37.4 million in
total liabilities, US$2.1 million in temporary equity, and
US$84.0 million in total stockholders' equity.

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?2252

                       Going Concern Doubt

As reported in the Troubled Company Reporter on March 26, 2007,
LJ Soldinger Associates LLC expressed substantial doubt about
Canargo Energy Corp.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing firm
reported that the company has incurred net losses since
inception and may not have sufficient funds to execute its
business plan.

                       About CanArgo Energy

CanArgo Energy Corp. (AMEX: CNR) -- http://www.canargo.com/--
is an oil and gas exploration and production company operating
in the oil and gas provinces of the former Soviet Union.
CanArgo is currently focused primarily on Georgia in the
Caucasus, and more recently has become involved in the major
hydrocarbon producing country of Kazakhstan.  In Georgia, the
company has been actively exploring for new deposits of oil and
gas, and is currently appraising what could be a substantial new
discovery of oil.


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


ABDICHTUNGSTECHNIK SCHWABEN: Claims Registration Ends August 29
---------------------------------------------------------------
Creditors of Abdichtungstechnik Schwaben GmbH have until Aug. 29
to register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany
         Tel: (06 21) 12 07 80

The District Court of Karlsruhe opened bankruptcy proceedings
against Abdichtungstechnik Schwaben GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Abdichtungstechnik Schwaben GmbH
         Attn: Roland Gottwald, Manager
         Bahnhofstr. 19
         88454 Hochdorf
         Germany


ADVANCED MICRO: S&P Rates US$1.5 Bln Sr. Convertible Notes at B
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.

At the same time, S&P assigned its 'B' rating to the company's
US$1.5 billion 5.75% senior convertible notes due 2012, and
raised the rating on the company's existing senior unsecured
debt to 'B' from 'B-', because the company no longer has secured
debt in its capital structure.

"The ratings on AMD reflect subpar execution of the company's
business plans, highly aggressive market conditions, and ongoing
substantially negative free cash flows, only partly offset by
the company's currently adequate operating liquidity and its
plans to monetize assets," said Standard & Poor's credit analyst
Bruce Hyman.  AMD is the second-largest supplier of
microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.

Following competitor Intel Corp.'s (A+/Stable/A-1+) product-line
refresh in mid-2006, AMD's earlier technology lead and its
profitability have dwindled, while the largely debt-funded
acquisition of ATI Technologies Inc. reduced AMD's financial
flexibility to deal with marketplace challenges.  After
generating good operating profitability in late 2005 and early
2006, EBITDA weakened sharply, and was negative US$200 million
for the combined March and June 2007 quarters.  AMD has
generated about US$2.2 billion negative free cash flows in the
last four quarters, including large capital expenditures.

Cash balances stood at US$1.6 billion on June 30, 2007.
Proceeds of the convertible senior notes will repay in full the
outstanding balance of its October 2006 term loan.  The note
sale somewhat reduces the company's interest expense, permits
the company to use cash proceeds of future asset sales for
general corporate purposes, and releases the company from
financial covenants that had been a part of the term loan.

AMD intends to reduce its future negative free cash flows
through a combination of operating cost reductions and lowered
capital expenditures, while liquidity should benefit from plans
to monetize about US$1 billion in assets over the near to
intermediate term. Still, AMD must fundamentally correct its
operating losses and negative free cash flows within the next
several quarters, or find substantial additional sources of
liquidity over the intermediate term.

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

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


ARTDRUCK 06: Claims Registration Period Ends Sept. 28
-----------------------------------------------------
Creditors of Artdruck 06 Verwaltungs GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Artdruck 06 Verwaltungs GmbH on Aug. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Artdruck 06 Verwaltungs GmbH
         Tarpenring 13
         22419 Hamburg
         Germany


ARTEK ENERGIEANLAGEN: Claims Registration Period Ends Sept. 14
--------------------------------------------------------------
Creditors of Artek Energieanlagen GmbH have until Sept. 14 to
register their claims with court-appointed insolvency manager
Frank Bayer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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:

         Frank Bayer
         Kuhgasse 3
         63571 Gelnhausen
         Germany
         Tel: 06051/ 92020
         Fax: 06051/ 920 220

The District Court of Hanau opened bankruptcy proceedings
against Artek Energieanlagen GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Artek Energieanlagen GmbH
         Seestrasse 10
         63571 Gelnhausen
         Germany

         Attn: Nikolaus Hergenroether, Manager
               Orber Weg 13
               63599 Biebergemünd
               Germany


ARNOHAUS GMBH: Claims Registration Period Ends Sept. 4
------------------------------------------------------
Creditors of ARNOhaus GmbH have until Sept. 4 to register their
claims with court-appointed insolvency manager Dr. Martin
Heidrich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:25 p.m. on Oct. 2, 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 Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Heidrich
         Maximilianstrasse 35
         80539 Muenchen
         Germany
         Tel: 089/2060292-70
         Fax: 089/2060292-81


AMBULANTES THERAPIEZENTRUM: Claims Period Ends Oct. 1
-----------------------------------------------------
Creditors of ATG Ambulantes Therapiezentrum Giengen GmbH have
until Oct. 1 to register their claims with court-appointed
insolvency manager Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 24, 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 Aalen
         Hall 0.08
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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:

         Martin Schoebe
         Neue Strasse 97-99
         89073 Ulm
         Germany
         Tel: 0731-2 07 98-00
         Fax: 0731-2 07 98-50
         E-mail: ulm@hww-kanzlei.de
         Website: www.hww-kanzlei.de

The District Court of Aalen opened bankruptcy proceedings
against ATG Ambulantes Therapiezentrum Giengen GmbH on Aug. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ATG Ambulantes Therapiezentrum Giengen GmbH
         Ammonitenweg 14
         89555 Steinheim/Albuch
         Germany

         Attn: Ursula Abendroth
               Ammonitenweg 14
               89555 Steinheim/Albuch
               Germany


ARTESYS GMBH: Claims Registration Period Ends Oct. 15
-----------------------------------------------------
Creditors of ArTeSys GmbH have until Sept. 14 to register their
claims with court-appointed insolvency manager Wolfgang
Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Wolfgang Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against ArTeSys GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ArTeSys GmbH
         Woldzegartener Weg 3
         17209 Leizen
         Germany


BBS INTERNATIONAL: Punch International Completes Asset Takeover
---------------------------------------------------------------
Punch International NV has, as of Aug. 1, 2007, taken over all
the assets of bankrupt BBS International GmbH, including BBS
Kraftfahrzeugtechnik AG and BBS Motorsport & Engineering GmbH,
the brand name BBS and the activities of the plants in Schiltach
and Herbolzheim, Germany.

The transaction also comprises the takeover of all the shares of
the American sales subsidiary BBS of America, Inc. and the
redemption of all lease contracts in progress.  BBS has an
extensive portfolio of technology patents, a part of which is
licensed to third parties.  The takeover includes the full
portfolio of patents and licences.  The acquisition is financed
by a combination of the proceeds of the private placement dated
June 7, 2007, and a bank loan.

The activities taken over will be continued under the name BBS
International GmbH and integrated in the Punch Motive division
of the Punch group.

A number of disadvantageous strategic choices led to the
company’s bankruptcy.  BBS decided in particular to expand its
field of action from the profitable premium segment for
exclusive vehicles to the medium-sized vehicles characterized by
high volumes but low margins.  The opening of establishments in
Italy and China, and the accompanying start-up problems caused
considerable losses.  In future, Punch will wish to focus solely
on the profitable premium segment again.  Punch expects BBS to
make a turnover contribution of at least EUR60 million for
financial year 2007.  BBS is expected to make a positive
contribution to the group’s net profit from the outset of the
takeover.

"We are very satisfied because this acquisition is of great
strategic importance. Punch has expanded its clientele to
include large OEMs, and a new milestone is on the way with the
construction of a hybrid car," said Punch CEO Guido Dumarey.

"In the CVT of Punch Powertrain, we already have the most
suitable transmission while BBS’s patented air-inside-technology
wheels are ideally suited for in-wheel electric motors which,
because they save weight and space, are in turn ideal for
integration in a hybrid vehicle.  What Xeikon was and still is
in the graphics sector, is BBS in the automotive business; an
innovation-driven player, continually developing innovative
products and techniques for a carefully chosen niche market,” he
added.

Headquartered in Sint-Martens-Latem, Belgium, Punch
International NV -- http://www.punchinternational.com/-- is a
diversified industrial holding company.

Headquartered in Schiltach, Germany, BBS -- http://www.bbs.com/
-- is engaged in the development and production of lightweight
wheels for sports and passenger cars in the premium segment.
BBS is more than a developer and manufacturer of lightweight
wheels as it also pioneered the use of new materials and
environment-friendly production techniques.

BBS is quoted on the Frankfurt and Stuttgart stock exchanges,
but was declared bankrupt in May 1, 2007, by the District Court
of Rottweil.


BENQ CORP: Mobile Unit Seeks EUR26 Million From Parent Firm
-----------------------------------------------------------
BenQ Mobile GmbH & Co., through its insolvency administrator
Martin Prager, again sued Taiwan-based parent company BenQ Corp.
on Aug. 10, 2007, bringing a total of three lawsuits against the
firm, published reports say.

Mr. Prager is claiming about EUR26 million from BenQ Corp. in
bonus payments it promised to the German unit's employees, which
the mobile unit ended up paying, John Blau writes for IDG News
Service.

According to Cellular-News, the former managers could be liable
for debt if BenQ Corp. fails to transfer the funds due to BenQ
Mobile.  About 3,000 workers were made redundant through the
bankruptcy.

BenQ Corp. denied to Cellular-News Mr. Prager's claim.

Mr. Prager had earlier sued BenQ in a Munich court, demanding
two separate payments of EUR14.2 million and EUR68.9 million.
The lawsuits had to do with certain accounts payable made by
BenQ Mobile to the parent company in 2006, which the unit now
demands to be returned.  BenQ Corp., however, asserts that these
payments were made as ordinary payments for goods sold.

BenQ Corp. said it plans to file counterclaims against BenQ
Mobile and Mr. Prager in relation to the two suits.

            Possible Support for Affected Employees

Meanwhile, Franz Muntefering, Germany's minister for employment,
has applied to the European Commission for financial support for
employees affected by BenQ Mobile's insolvency, Financial Times
reports citing Die Welt as its source.

Mr. Muntefering wants to tap the EUR500 million EU globalization
fund which was set up early this year to ease the effects of
globalization, Die Welt adds.

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  The
company's global operations are in Brazil, Mexico, Canada,
United States, Australia, China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, Turkey, Thailand, Vietnam, Austria, Belgium, among
others.

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

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

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

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


BUCHHANDLUNG GOLLWITZER: Claims Registration Ends Sept. 11
----------------------------------------------------------
Creditors of Buchhandlung Gollwitzer GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Volker Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 of Weiden i.d.OPf.
         Boardroom 116/I
         Ledererstrasse 9
         92637 Weiden
         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:

         Volker Boehm
         Rothenburger Strasse 241
         90439 Nuremberg
         Germany
         Tel: 0911/60001-0
         Fax: 0911/60001-10

The District Court of Weiden i.d.OPf. opened bankruptcy
proceedings against Buchhandlung Gollwitzer GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Buchhandlung Gollwitzer GmbH
         Attn: Ruediger Gollwitzer, Manager
         Sedanstr. 8
         92637 Weiden i.d.OPf.
         Germany


CHEVY 4 YOU: Claims Registration Ends September 5
-------------------------------------------------
Creditors of Chevy 4 You GmbH have until Sept. 5 to register
their claims with court-appointed insolvency manager Klaus
Haischer.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 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 Villingen-Schwenningen
         Hall 2
         Second Floor
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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:

         Klaus Haischer
         Hauptstr. 4
         78727 Oberndorf
         Germany

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Chevy 4 You GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Chevy 4 You GmbH
         Attn: Siegfried Kieninger, Manager
         Ginsterweg 2
         78087 Moenchweiler
         Germany


ESSENTIAL PUBLIC: Fitch Rates EUR6.75 Mln Class E Notes at BB
-------------------------------------------------------------
Fitch has affirmed Essential Public Infrastructure Capital II
GmbH's EUR79 million credit-linked floating-rate notes due 2044.
The transaction is a securitisation of an internationally
diversified portfolio of loans, bonds and guarantees to public
infrastructure projects in the transport, healthcare, schools,
scientific buildings, prisons, and waste management sectors.

   -- EUR0.25 million Class A+: 'AAA'
   -- EUR45 million Class A: 'AAA'
   -- EUR9 million Class B: 'AA'
   -- EUR9 million Class C: 'A'
   -- EUR9 million Class D: 'BBB'
   -- EUR6.75 million Class E: 'BB'

Following recent events, two obligors in the portfolio are under
stress.  The ratings of the two obligors are currently under
review.  Fitch has stressed the corresponding assets using two
scenarios. The first assumes a six-notch downgrade on both
entities and the second assumes a default on both entities with
80% recovery.  Under both these stresses, the transaction
continues to have sufficient credit enhancement to affirm the
ratings.  The total exposure to these assets is approximately
2.8% of the current portfolio.

At closing, DEPFA BANK plc (rated 'AA-'/'F1+'/Stable) bought
principal protection under a bank swap in respect of a EUR900
million reference portfolio, net of a threshold amount, from the
German public agency Kreditanstalt fur Wiederaufbau (rated
'AAA'/'F1+'/Stable).  KfW hedged its exposure by issuing the
credit-linked certificates of indebtedness (Schuldscheine)
purchased by Epic II using the note proceeds and by entering
into a senior credit default swap with a senior swap provider.


FLEISCHEREI ERXLEBEN: Claims Registration Period Ends Aug. 28
-------------------------------------------------------------
Creditors of Fleischerei Erxleben GmbH have until Aug. 28 to
register their claims with court-appointed insolvency manager
Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 4, 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 Magdeburg
         Hall 14
         Justizzentrum
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: magdeburg@insoteam.de

The District Court of Magdeburg opened bankruptcy proceedings
against Fleischerei Erxleben GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fleischerei Erxleben GmbH
         Neuer Weg 3
         39343 Erxleben
         Germany

         Attn: Angela Osther, Manager
         Hohe Str. 39
         39124 Magdeburg
         Germany


FR. GOELLNER: Claims Registration Period Ends Sept. 3
-----------------------------------------------------
Creditors of FR. GOELLNER GmbH have until Sept. 3 to register
their claims with court-appointed insolvency manager Martin
Gitzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 4, 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 Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Gitzinger
         Grosser Markt 8
         66740 Saarlouis
         Germany
         Tel: 06831-93090
         Fax: 06831-930930

The District Court of Saarbruecken opened bankruptcy proceedings
against FR. GOELLNER GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FR. GOELLNER GmbH
         Attn: Stefan Hoffmann, Manager
         Metzer Str. 136
         66117 Saarbruecken
         Germany


FRIED GMBH: Claims Registration Period Ends Sept. 14
----------------------------------------------------
Creditors of Fried GmbH have until Sept. 14 to register their
claims with court-appointed insolvency manager Gerhard
Tonhauser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Gerhard Tonhauser
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609961

The District Court of Heilbronn opened bankruptcy proceedings
against Fried GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fried GmbH
         Attn: Markus Hausser, Manager
         Zaberfelder Strasse 82
         74374 Zaberfeld-Leonbronn
         Germany


FRIES GMBH: Claims Registration Period Ends Sept. 25
----------------------------------------------------
Creditors of Fries GmbH Holz-Design und Serie have until
Sept. 25 to register their claims with court-appointed
insolvency manager Harry Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/96540
         Fax: 07131/965432

The District Court of Heilbronn opened bankruptcy proceedings
against Fries GmbH Holz-Design und Serie on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fries GmbH Holz-Design und Serie
         Attn: Thomas Fries, Manager
         Zum Forst 14
         74906 Bad Rappenau-Wollenberg
         Germany


FXR DRUCK: Claims Registration Period Ends Sept. 10
---------------------------------------------------
Creditors of FXR Druck GmbH have until Sept. 10 to register
their claims with court-appointed insolvency manager Sabine
Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on Oct. 10, 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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany
         Tel: (0221) 2855470
         Fax: (0221) 28554729

The District Court of Siegen opened bankruptcy proceedings
against FXR Druck GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FXR Druck GmbH
         Bruchstr. 55
         57462 Olpe
         Germany

         Attn: Andreas Ohm, Manager
         Friedrichstr. 33
         57462 Olpe
         Germany


IKB DEUTSCHE: Deutsche Postbank Assumes EUR600 Million Loan
-----------------------------------------------------------
Deutsche Postbank, the banking subsidiary of German national
postal services provider Deutsche Post, has assumed EUR600
million in loans from IKB Deutsche Industriebank AG's Rhineland
Funding fund, part of the state-controlled bank's EUR800 million
credit risks, The Financial Times reports, citing Handelsblatt
as its source.

Meanwhile, German state prosecutors have disclosed that they are
investigating whether officials at IKB may have committed breach
of trust or violated German securities law in a probe that
includes "former officials" of the bank, the International
Herald Tribune states.  IKB has confirmed the investigation and
said it is offering full cooperation to prosecutors.

The TCR-Europe reported on Aug. 13, 2007, that IKB's Board of
Managing Directors had formed a crisis task force to address its
problems.  German banks had to rescue IKB after an investment
fund it managed suffered a major blow in the wake of the U.S.
subprime mortgage market's recent troubles.

               About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

The TCR-Europe reported on June 18, 2007, that Fitch Ratings has
assigned the US$11,375,000 tranche 4 loan facility provided by
IKB Deutsche Industriebank AG and IKB International S.A. to
Havenrock II a rating of 'BB-' with a Stable Outlook.


JOHANN KUECK: Creditors' Meeting Slated for Sept. 5
---------------------------------------------------
The court-appointed insolvency manager for Johann Kueck GmbH,
Edgar Groenda will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
Sept. 5.

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

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Oct. 19 at the same venue.

Creditors have until Sept. 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/36860
         Fax: 0421/3686100

The District Court of Bremerhaven opened bankruptcy proceedings
against Johann Kueck GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Johann Kueck GmbH
         Spadener Str. 183
         27578 Bremerhaven
         Germany

         Attn: Wolfgang Kueck, Manager
         Bogenstr. 11
         27568 Bremerhaven
         Germany


KEUNE GMBH: Claims Registration Ends September 5
------------------------------------------------
Creditors of Keune GmbH & Co. KG have until Sept. 5 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 19, 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/93840
         Fax: 02557/938450

The District Court of Nordhorn opened bankruptcy proceedings
against Keune GmbH & Co. KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Keune GmbH & Co. KG
         Hardinger Strasse 12
         49828 Lage
         Germany


KMB MASCHINEN-VERTRIEBS: Claims Registration Ends September 14
--------------------------------------------------------------
Creditors of KMB Maschinen-Vertriebs-GmbH have until Sept. 14 to
register their claims with court-appointed insolvency manager
Stephan Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Stephan Ruedlin
         Bismarckstrasse 107
         74074 Heilbronn
         Germany
         Tel: 07131/91344-0
         Fax: 07131/91344-11

The District Court of Heilbronn opened bankruptcy proceedings
against KMB Maschinen-Vertriebs-GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         KMB Maschinen-Vertriebs-GmbH
         Attn: Juergen Unkauf, Manager
         Alte Untergruppenbacher Strasse 1
         74232 Abstatt
         Germany


NEOMEDIA TECH: June 30 Balance Sheet Upside-Down by US$52.6 Mln
---------------------------------------------------------------
NeoMedia Technologies Inc.'s consolidated balance sheet at
June 30, 2007, showed US$27.1 million in total assets and
US$79.7 million in total liabilities, resulting in a US$52.6
million total stockholders' deficit.

The company's balance sheet at June 30, 2007, also showed
strained liquidity with US$12.4 million in total current assets
available to pay US$39.6 million in total current liabilities.

NeoMedia Technologies Inc. reported a net loss of US$2.6
million,  which includes a loss from discontinued operations of
US$722,000, for the second quarter ended June 30, 2007.  This
compares to net income of %5.1 million, which includes loss from
discontinued operations of US$2.1 million, in the comparable
period last year.

Total net sales for the three months ended June 30, 2007, were
US$624,000, which represented a US$135,000, or 28%, increase
from US$489,000 for the three months ended June 30, 2006.  This
increase resulted from US$135,000 increased net sales in 2007
from Gavitec provided through new program development.

Loss from operations decreased to US$2.0 million in the current
quarter, versus loss from operations of US$3.9 million in the
comparable period a year ago.  The decrease in loss from
operations was primarily due to an increase in gross profit and
reduced expenses for sales and marketing, general and
administrative, and research and development.

The net loss for the current quarter primarily reflects a
smaller gain from the change in fair value of embedded
conversion features associated with the Series C preferred
stock, warrants, and convertible debentures in the amount of
US$1.2 million in the current quarter, compared with a gain of
US$11.0 million in the same period in 2006, and US$908,000 of
additional interest expense during the three months ended June
30, 2007.

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?224a

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 13, 2007,
Stonefield Josephson Inc. expressed substantial doubt about
NeoMedia Technologies Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the years ended Dec. 31, 2006, and 2005.  Stonefield Josephson
pointed to the company's significant operating losses, negative
cash flows from operations and working capital deficit.

                  About NeoMedia Technologies

NeoMedia Technologies Inc. -- http://www.neom.com/-- (OTC BB:
NEOM) is a mobile enterprise and marketing technology company
and offers direct-to-mobile-Web technology solutions.
NeoMedia's flagship qode(R) service links the world's leading
companies to the wireless, electronic world.  NeoMedia is
headquartered in Fort Myers, Fla., with an office in Aachen,
Germany.


OGHAM DIAGNOSTICS: Creditors Must File Claims by Sept. 21
---------------------------------------------------------
Creditors of Ogham Diagnostics GmbH have until Sept. 21 to
register their claims with court-appointed insolvency manager
Vereidigter Buchpruefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:59 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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:

         Vereidigter Buchpruefer
         Kurt-Schumacher-Strasse 48
         45699 Herten
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Ogham Diagnostics GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ogham Diagnostics GmbH
         Blitzkuhlenstr. 173
         45659 Recklinghausen
         Germany


PM MOEBELWERK: Creditors Must File Claims by Sept. 21
-----------------------------------------------------
Creditors of PM Moebelwerk Steinheim GmbH & Co. KG have until
Sept. 21 to register their claims with court-appointed
insolvency manager Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 12, 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 409
         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:

         Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Detmold opened bankruptcy proceedings
against PM Moebelwerk Steinheim GmbH & Co. KG on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PM Moebelwerk Steinheim GmbH & Co. KG
         Industriestr. 19
         32839 Steinheim
         Germany


POISENTALER FLEISCH: Creditors Must File Claims by Sept. 11
-----------------------------------------------------------
Creditors of Poisentaler Fleisch & Wurstwaren GmbH have until
Sept. 11 to register their claims with court-appointed
insolvency manager Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 2, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Dirk Wittkowski
         Am Brauhaus 5
         01099 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Poisentaler Fleisch & Wurstwaren GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Poisentaler Fleisch & Wurstwaren GmbH
         Poisentalstr. 45
         01705 Freital
         Germany



PREISSLER MEDIZINTECHNIK: Creditors Must File Claims by Sept. 6
---------------------------------------------------------------
Creditors of Preissler Medizintechnik GmbH have until Sept. 6 to
register their claims with court-appointed insolvency manager
Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Oct. 4, 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 Kempten
         SS 157/I. des
         Residenzplatz 4-6
         87435 Kempten
         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:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany

The District Court of Kempten opened bankruptcy proceedings
against Preissler Medizintechnik GmbH on July 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Preissler Medizintechnik GmbH
         Augsburger Strasse 75
         87600 Kaufbeuren
         Germany


SBC-LOGISTIC GMBH: Creditors Must File Claims by Oct. 10
--------------------------------------------------------
Creditors of SBC-Logistic GmbH have until Oct. 10 to register
their claims with court-appointed insolvency manager
Udo Groener.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Udo Groener
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany

The District Court of Saarbruecken opened bankruptcy proceedings
against SBC-Logistic GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SBC-Logistic GmbH
         In der Kolling 4
         66450 Bexbach
         Germany


SEELA WOHNBAU: Claims Registration Ends Sept. 17
------------------------------------------------
Creditors of Seela Wohnbau GmbH have until Sept. 17 to register
their claims with court-appointed insolvency manager Marc
Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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:

         Marc Odebrecht
         Sechslingpforte 2
         22087 Hamburg
         Germany
         Tel: 040/22 66 77
         Fax: 040/22 66 7 888

The District Court of Tostedt opened bankruptcy proceedings
against Seela Wohnbau GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Seela Wohnbau GmbH
         Fritz-Reuter-Str. 16
         21629 Neu Wulmstorf
         Germany


SIEGFRIED EIKELMANN: Claims Registration Ends Sept. 10
------------------------------------------------------
Creditors of Siegfried Eikelmann Beteiligungs GmbH have until
Sept. 10 to register their claims with court-appointed
insolvency manager Holger Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 2, 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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:

         Holger Rhode
         Friedrich-Ebert-Strasse 17
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The District Court of Wuppertal opened bankruptcy proceedings
against Siegfried Eikelmann Beteiligungs GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Siegfried Eikelmann Beteiligungs GmbH
         Am Lindenkamp 7
         42549 Velbert
         Germany


SPORT UND ERHOLUNGSHOTEL: Claims Registration Ends Sept. 17
-----------------------------------------------------------
Creditors of Sport und Erholungshotel Gillenfelder Hof
Verwaltungs-GmbH have until Sept. 17 to register their claims
with court-appointed insolvency manager Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

         Manfred Kuersch
         Kirchstrasse 19
         53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840

The District Court of Wittlich opened bankruptcy proceedings
against Sport und Erholungshotel Gillenfelder Hof Verwaltungs-
GmbH on Aug. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Sport und Erholungshotel Gillenfelder Hof
         Verwaltungs-GmbH
         Pulvermaarstr. 22
         54558 Gillenfeld
         Germany

         Attn: Lambert Brunner, Manager
         Weinbachstr. 22
         54552 Schalkenmehren
         Germany


SPS SPORT-PRODUKT: Claims Registration Ends Aug. 21
---------------------------------------------------
Creditors of SPS Sport-Produkt-Service GmbH have until Aug. 21
to register their claims with court-appointed insolvency manager
Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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:

         Mathias Dorn
         Allgauer Str. 1
         87435 Kempten bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against SPS Sport-Produkt-Service GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SPS Sport-Produkt-Service GmbH
         Weissenbachstr. 1
         88316 Isny
         Germany


STELJES & WULFES: Creditors' Meeting Slated for Sept. 5
-------------------------------------------------------
The court-appointed insolvency manager for Steljes & Wulfes
Haustechnik GmbH, Dr. Karl Goebel will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m. on Sept. 5.

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

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Oct. 19 at the same venue.

Creditors have until Sept. 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Karl Goebel
         Wachtstr. 17
         28195 Bremen
         Germany
         Tel: 0421/366060
         Fax: 0421/3660630

The District Court of Bremerhaven opened bankruptcy proceedings
against Steljes & Wulfes Haustechnik GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Steljes & Wulfes Haustechnik GmbH
         An der Muehle 49
         27570 Bremerhaven
         Germany


TIARA-CML INTERNATIONAL: Claims Registration Ends September 7
-------------------------------------------------------------
Creditors of Tiara-cml International GmbH have until Sept. 7 to
register their claims with court-appointed insolvency manager
Dr. Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Sept. 19, 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Helmuth Liesegang
         Briller Strasse 2
         42103 Wuppertal
         Germany
         Tel: 0202/389060
         Fax: 0202/3890622

The District Court of Wuppertal opened bankruptcy proceedings
against Tiara-cml International GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tiara-cml International GmbH
         Gold-Zack-Str. 6
         40822 Mettmann
         Germany

         Attn: Wolfgang Robrahn, Manager
         Grosse Furth 31
         40822 Mettmann
         Germany


TVI LEDERER: Claims Registration Ends September 5
-------------------------------------------------
Creditors of TVI Lederer GmbH & Co. KG have until Sept. 5 to
register their claims with court-appointed insolvency manager
Hans-Wilhelm Bauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 2, 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting at 9:30 a.m., while
creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Hans-Wilhelm Bauer
         Emmeramsplatz 6
         93047 Regensburg
         Germany
         Tel: 0941/29680-46
         Fax: 0941/2968045

The District Court of Regensburg opened bankruptcy proceedings
against TVI Lederer GmbH & Co. KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TVI Lederer GmbH & Co. KG
         Industriestr. 4
         93161 Sinzing
         Germany


WALTHER & LADEWIG: Claims Registration Ends September 28
--------------------------------------------------------
Creditors of Walther & Ladewig GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 of Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (0375) 818920
         Fax: (0375) 8189214,
         E-mail: widera@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against Walther & Ladewig GmbH on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Walther & Ladewig GmbH
         Attn: Ulrich Walther, Manager
         Lindenstrasse 3
         08468 Reichenbach OT Rotschau
         Germany


WERNER AUTOMOBILE: Claims Registration Ends October 8
-----------------------------------------------------
Creditors of Werner Automobile GmbH & Co., Handels KG have until
Oct. 8 to register their claims with court-appointed insolvency
manager Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 7, 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 Meiningen
         Hall A 0208
         Lindenallee 15
         98617 Meiningen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Scholl
         Andreasstrasse 39
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Werner Automobile GmbH & Co., Handels KG on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Werner Automobile GmbH & Co., Handels KG
         Attn: Andreas Werner, Manager
         Steinsfelder Wasser 3
         98528 Suhl
         Germany


WOLF AUTOMATION: Creditors’ Meeting Slated for September 6
----------------------------------------------------------
The court-appointed insolvency manager for Wolf Automation GmbH,
Dr. Markus Schadler will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:30
a.m. on Sept. 6.

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

         The District Court of Wuerzburg
         Meeting Hall 14/II
         Tiepolostr. 6
         Wuerzburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Oct. 25 at the same venue.

Creditors have until Sept. 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Markus Schadler
         Hofstr. 3
         97070 Wuerzburg
         Germany
         Tel: 0931/45202953

The District Court of Wuerzburg opened bankruptcy proceedings
against Wolf Automation GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wolf Automation GmbH
         Attn: Arne Fehrlage, Manager
         Prinz Ludwig-Str. 5
         97264 Helmstadt
         Germany


WUSTROW MODELL: Claims Registration Ends August 31
--------------------------------------------------
Creditors of Wustrow Modell- und Formenbau GmbH have until
Aug. 31 to register their claims with court-appointed insolvency
manager Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 17, 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 Hameln
         Hall 112
         Zehnthof 1
         31785 Hameln
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel.: 0511/353991-0
         Fax: 0511/353991-10
         Web site: http://www.hww-kanzlei.de/

The District Court of Hameln opened bankruptcy proceedings
against Wustrow Modell- und Formenbau GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wustrow Modell- und Formenbau GmbH
         Am Bahnhof 1
         31863 Coppenbruegge
         Germany

         Attn: Karl Wustrow, Manager
         31020 Salzhemmendorf
         Germany


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


AES CORPORATION: Expands Wind Generation Business into China
------------------------------------------------------------
The AES Corporation has plans to expand its wind generation
business into China through the creation of a joint venture with
Guohua Energy Investment Co. Ltd., one of China's leading
producers of renewable energy.  The joint venture will
construct, own and operate a 49.5 MW wind farm, which is
currently under design and expected to achieve commercial
operation in 2009.  Through its investment in the joint venture,
AES will become the first U.S.-based power company with wind
generation facilities in China.  The wind farm site is located
in the Huanghua area of Hebei Province, approximately 200
kilometers southeast of Beijing, and has the potential to
generate up to 225 MW.  The Hebei Provincial Power Company
will purchase all of the power generated by the facility, as
required by the Chinese Renewable Energy Law. AES subsidiary AES
Black Sea Holdings BV will own a 49% interest in the joint
venture, known as Guohua AES (Huanghua) Wind Power Co. Ltd.  The
remainder of the joint venture will be owned by Guohua.
Financial terms of the transaction were not disclosed.

"Through our joint venture with Guohua, AES is able to enter the
promising wind market in China with a well-established and
respected partner, and to create a platform for further wind
activities in the future," said Ned Hall, President, AES
Renewable Generation.  "This is consistent with AES's broader
goals to expand our wind generation business globally in markets
in which AES already has established successful operations."

In 1994, AES became the first U.S.-based power company to enter
China, and now operates seven power plants in six provinces and
municipalities with a total generation capacity of 2,842 MW.

"We see tremendous growth opportunities for wind generation in
China, which has committed to adding 30,000 MW of new wind power
by 2020," said Tom Kunde, Vice President, AES North Asia.  "We
look forward to being a key part of China's growing wind
generation sector."

AES entered the wind generation business in 2004.  Today, AES
has more than 1,000 MW of wind projects in operation in the
United States and another 3,000 MW of wind projects in various
stages of development throughout the world.  The company's wind
development projects are located primarily in the United States
and Europe. AES has plans to expand its wind business to other
countries where it does business, including countries in Asia
and Latin America.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

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

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

                       *     *     *

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


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


AFFILIATED COMPUTER: Exclusivity Agreement to Expire on Nov. 14
---------------------------------------------------------------
Affiliated Computer Services Inc. has suspended the Exclusivity
Agreement, dated March 20, 2007, between Darwin Deason, Chairman
of the company's Board of Directors, and Cerberus Capital
Management, L.P., expired at 11:59 p.m. on Aug. 9, 2007.  The
Exclusivity Agreement is now in effect and is scheduled to
expire on Nov. 14, 2007.

However, in light of the current conditions of the credit
markets, the Special Committee of the Board of Directors, which
is comprised of independent directors not affiliated with Mr.
Deason, is in discussions with Cerberus and Mr. Deason regarding
an extension of the suspension of the Exclusivity Agreement.  In
addition, the Special Committee is continuing to have
discussions with respect to strategic alternatives.

Affiliated Computer Services Inc. (NYSE: ACS)
-- http://www.acs-inc.com/-- provides business process
outsourcing and information technology solutions to world-
class commercial and government clients.  The company has more
than 58,000 employees supporting client operations in nearly 100
countries.  The company has global operations in Brazil, China,
Dominican Republic, India, Guatemala, Ireland, Philippines,
Poland, and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating and assigned a
stable rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current U.S. Securities and Exchange Commission
financial reporting.

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of ACS, and Cerberus
Capital Management L.P. to acquire the company in a leveraged
buyout transaction valued at US$8.2 billion, including existing
debt.

Ratings affected were (i) Issuer Default Rating 'BB'; (ii)
Senior secured revolving credit facility at 'BB'; (iii) Senior
secured term loan at 'BB'; and (iv) Senior notes at 'BB-'.


WILLIAM PHELAN: ACC Bank Names Receiver for Ardilea Project
-----------------------------------------------------------
ACC Bank appointed Declan Taite of Farrell Grant Sparks as
receiver and manager of William Phelan & Sons' Ardilea housing
development on Aug. 1, 2007, in an effort to recoup up to EUR16
million in loans, published reports say.

The Post.ie relates, citing sources close to the project, that
the company's financial downturn since 2006 was a result of the
slowdown in the property market and by rising interest rates.

According to the report, the company's cashflow problems in
recent months led to its failure to pay creditors.

Half of the development has been completed and Mr. Taite said he
plans to complete the development and close all contracted sales
at Ardilea, the Post.ie relates.

Headquartered in Kilkenney, Ireland, Ardilea --
http://www.ardilea.ie/-- is a gated housing development that
includes detached houses, townhouses and apartments.  William
Phelan & Sons is the company behind Ardilea.


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


AGROPROMTORG LLP: Proof of Claim Deadline Slated for Sept. 12
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agropromtorg insolvent on June 29.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


ATYGAI-BET LLP: Creditors Must File Claims Sept. 18
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Atygai-Bet insolvent on June 26.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


BEKKOM LLP: Claims Filing Period Ends Sept. 14
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Bekkom insolvent on June 19.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Room 4
         Jakayev Str. 71
         Kyzylorda
         Kazakhstan


BOLEK LLP: Creditors' Claims Due on Sept. 18
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Bolek insolvent on June 25.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Utepov Str. 31/4-54
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03


BYKOVSKOYE LLP: Claims Registration Ends Sept. 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Bykovskoye insolvent on June 18.

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

         LLP Bykovskoye
         Golovkov Str. 38, 40
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-37-89


DAU-Kazakhstan LLP: Proof of Claim Deadline Slated for Sept. 18
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Dau-Kaz insolvent on June 25.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Utepov Str. 31/4-54
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03


KZ-SHATYR-KURYLYS LLP: Creditors Must File Claims Sept. 14
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kz-Shatyr-Kurylys insolvent.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Room 4
         Jakayev Str. 71
         Kyzylorda
         Kazakhstan


EURASIAN BANK: Fitch Affirms IDR at B- with Stable Outlook
----------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Eurasian Bank's
ratings at Long-term Issuer Default 'B-', Short-term IDR 'B',
Support '5' and Individual 'D/E'.  The Support Rating Floor is
affirmed at 'No Floor'.  The Outlook for the Long-term IDR is
Stable.

The ratings reflect EBK's high customer concentration on both
sides of the balance sheet, its relatively undiversified funding
base which is to a large degree reliant on related companies,
and rapid loan growth in new segments where it has a limited
track record.  However, they also take into account the
favorable impact of the growing retail lending business on
franchise sustainability and balance sheet diversification, and
adequate asset quality to date.

EBK continued to perform soundly in 2006 and in the first half
of 2007 (the latter based on local accounts), due to low-cost
funding from related parties and a modest operating cost base.
Fitch expects EBK's stand alone pre-consolidation performance to
decline, however, owing to a reduction in benefits from related-
party funding and the expansion of its branch network.

The loan book grew by a large 43% in 2006 and further by 36% in
the first half of 2007, mainly due to the expansion in retail
lending.  This reached a considerable 36% of gross loans at end-
2006.  Concentration by borrower was still high, although
increased lending to individuals and SMEs has helped to
gradually reduce it.  Related party funding declined only
marginally as a proportion of liabilities in 2006, and still
contributed a substantial 28% of these at year end.

Capitalization was adequate at end-2006, thanks to timely equity
injections and full retention of earnings.  However, EBK plans a
substantial reduction of its regulatory total capital ratio to
12% at end-2007 from 20% at end-2006 (18% end of first half of
2007).  In Fitch's view, the targeted level is modest given the
large share of Tier 2 capital, projections for continuous fast
asset growth and notable business concentrations.

Ratings upside could result from further growth of the bank's
retail franchise, which would reduce concentration, and a
noticeable diversification of the funding base, provided
adequate capitalization is maintained.  Downward rating pressure
could be triggered by asset quality problems resulting from the
rapid growth of retail lending, in which the bank has a limited
track record.

At end of first half of 2007, EBK was the 10th-largest
commercial bank in Kazakhstan, with 1.6% of banking system
assets.  Formerly a corporate bank, EBK started to develop its
retail franchise in 2005.

The bank is owned by three business partners, whose other major
assets include metals, mining and energy companies that jointly
contribute up to 5% of national GDP.  In its H107 IFRS accounts,
EBK expects to consolidate Eurasian Insurance Company, the
largest domestic non-life insurer that held around an 18% market
share of premiums written in 2006 and was previously indirectly
owned by the bank's shareholders.  At end-2006, EIC's insurance
reserves made up US$97 million, equal to less than 10% of the
bank's assets, but it generated substantial net income of US$34
million (equal to 1.1x of EBK's).


PRIDE INT'L: Will Sell Latin American Land & Businesses to GP
-------------------------------------------------------------
Pride International said in a statement that it will sell its
Latin America land-based drilling and work over as well as
exploration and production services businesses to Brazilian
private equity firm GP Investments for US$1 billion.

Business News Americas relates that the land and exploration and
production businesses are in eight nations in Latin America.
The land business includes 73 land drilling rigs, 135 work over
rigs and two lake drilling barges, while the exploration and
production services business provides services to complete,
maintain and boost production from oil and gas wells.

The planned sale is subject to customary closing conditions.  It
would be concluded by the end of September, BNamericas notes.

Pride International told BNamericas that combined 2006 revenues
for the two business segments totaled US$824 million.  Proceeds
from the sale could be used in general corporate and strategic
purposes.

Pride International President and Chief Executive Officer Louis
Raspino said in a statement, "With the close of the transaction,
contract drilling operations of Pride International will be
almost exclusively offshore, with an increasing focus on
deepwater and other high specification assets."

GP Investments told BNamericas that it would finance 60% of the
deal through new debt.  It will finance the remaining US$400
million through contribution from:

         -- GP Capital Partners,
         -- GP Investments, and
         -- co-investors who committed to participate.

"We expect the transaction to have an impact in the third
quarter, although we still are not certain when the deal will be
formally closed," a GP Investments investor relations official
commented to BNamericas.

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

As reported in the Troubled Company Reporter-Latin America on
Aug, 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

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

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%);


SYMBOL-TRANSSERVICE LLP: Claims Filing Period Ends Sept. 18
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Symbol-Transservice insolvent on
June 26.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TURK-CONSULTING LLP: Creditors' Claims Due on Sept. 14
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Turk-Consulting insolvent.

Creditors have until Sept. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


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


JASSAR LLC: Proof of Claim Deadline Slated for September 27
-----------------------------------------------------------
LLC Trade-Manufacturing Company Jassar has declared insolvency.
Creditors have until Sept. 27 to submit written proofs of claim
to:

         LLC Trade-Manufacturing Company Jassar
         Lineynaya Str. 98a
         Novo-Pokrovka
         Issykatinsky District
         Chui
         Kyrgyzstan
         Tel: (0-555) 35-68-69


VAN TOUR: Creditors Must File Claims by September 25
----------------------------------------------------
Kyrgyz-Chinese LLC Van Tour has declared insolvency.  Creditors
have until Sept. 25 to submit written proofs of claim.

Inquiries can be addressed to (0-543) 94-59-88.


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


CONTEGO CLO: Moody's Rates EUR11.75 Mln Class E Notes at Ba3
------------------------------------------------------------
Moody's Investors Service has assigned these ratings to six
classes of notes issued by Contego CLO I B.V., a special purpose
vehicule incorporated in Netherlands:

   -- Aaa to EUR75 million Multicurrency Senior Secured Floating
      Rate Variable Funding Notes due 2026;

   -- Aaa to EUR120 million Class A-1-a Senior Secured Floating
      Rate Notes due 2026;

   -- Aa2 to EUR21.75 million Class B Deferrable Secured
      Floating Rate Notes due 2026;

   -- A2 to EUR18.15 million Class C Deferrable Secured Floating
      Rate Notes due 2026;

   -- Baa3 to EUR20.55 million Class D Deferrable Secured
      Floating Rate Notes due 2026; and

   -- Ba3 to EUR11.75 million Class E Deferrable Secured
      Floating Rate Notes due 2026.

The ratings address the expected loss posed to investors by the
legal final maturity date in 2026.

These ratings are based upon:

   1. An assessment of the credit quality and of the
      diversification of the assets to be included in the
      portfolio;

   2. An assessment of the eligibility criteria, reinvestment
      criteria and portfolio limits applicable to the future
      additions to the portfolio;

   3. The overcollateralization of the notes;

   4. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   5. The analysis of the foreign currency risk involved in the
      transaction;

   6. The expertise of N.M. Rothschild & Sons Limited in the
      management of leveraged finance portfolios; and

   7. The legal and structural integrity of the transaction.

This transaction is a leveraged collateralized loan obligation
related to a EUR290.6 million portfolio of mostly European
senior and mezzanine loans.  The portfolio is dynamic and N.M.
Rothschild & Sons Limited will provide portfolio management
services to Contego CLO I B.V. in respect thereof.  The
portfolio was approximately 80% ramped-up at closing, and is
expected to be fully ramped-up within one year of closing,
subject to compliance with the eligibility criteria and
portfolio guidelines.

This transaction features multi-currency Variable Funding Note
that ranks together with the Class A-1-a Notes.  It can be drawn
in Euros and also Sterling or US Dollars.  Non-Euro denominated
advances will be used to purchase loans denominated in the same
Non-Euro currency.  Should such Non-Euro denominated assets
default, Non-Euro advances would not be fully collateralized by
Non-Euro denominated assets and therefore Euro proceeds may need
to be converted into the relevant Non-Euro currency in order to
redeem Non-Euro advances, thus creating a foreign exchange risk
exposure that is partially mitigated by the use of options.
This currency risk has been considered in Moody's analysis. This
transaction was arranged by The Royal Bank of Scotland plc.


DALRADIAN EUROPEAN: Moody's Rates EUR15 Mln Class E Notes at Ba3
----------------------------------------------------------------
Moody's assigned definitive credit ratings to six classes of
Notes including a class of multi-currency Variable Funding Notes
issued by Dalradian European CLO IV B.V., a Dutch special
purpose company.  The ratings are:

   -- Aaa to the EUR100 million Senior Secured Floating Rate
      Variable Funding Notes due 2023;

   -- Aaa to the EUR164 million Class A Senior Secured Floating
      Rate Notes due 2023;

   -- Aa2 to the EUR32 million Class B Senior Secured Floating
      Rate Notes due 2023;

   -- A2 to the EUR24 million Class C Deferrable Secured
      Floating Rate Notes due 2023;

   -- Baa3 to the EUR25 million Class D Deferrable Secured
      Floating Rate Notes due 2023; and

   -- Ba3 to the EUR15 million Class E Deferrable Secured
      Floating Rate Notes due 2023.

The ratings address the expected loss posed to investors up to
the legal final maturity in 2023.

These ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The overcollateralization of the Notes;

   4. The analysis of the foreign currency risk involved in the
      transaction;

   5. The expertise of Elgin Capital LLP as collateral manager;
      and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of EUR389.8 million, comprised
primarily of senior secured loan obligations, senior unsecured
loan obligations and mezzanine loans primarily issued by
companies located in Western Europe.  This portfolio is
dynamically managed by the Elgin Capital LLP.  This portfolio is
partially acquired at closing date (target 85%) and partially
during the 6 month ramp-up period in compliance with the
Eligibility Criteria, the Portfolio Profile Tests, the Coverage
Tests and the Collateral Quality Tests.  Thereafter, the
portfolio of loans will be actively managed and the portfolio
manager will have the option to buy or sell assets in the
portfolio.  Any addition or removal of assets will be subject to
a number of portfolio criteria.


HARBOURMASTER CLO 1: Fitch Affirms Class B2 Notes at BB
-------------------------------------------------------
Fitch has affirmed Harbourmaster Pro-Rata CLO 1 B.V.'s notes
following a satisfactory performance review, as follows:

   -- Class A1 notes (ISIN XS0253960735): affirmed at 'AAA'

   -- Class A2 notes (ISIN XS0253961386): affirmed at 'AA'

   -- Class A3 notes (ISIN XS0253963168): affirmed at 'A-'

   -- Class B1 notes (ISIN XS0253963754): affirmed at 'BBB'

   -- Class B2 notes (ISIN XS0253964307): affirmed at 'BB'

   -- Class S1 Combination notes (ISIN XS0255335340): affirmed
      at 'BBB'

The affirmation reflects the consistent credit quality of the
portfolio, as well as the available credit enhancement in the
structure since close in May 2006.  The transaction is currently
in compliance with all coverage tests and portfolio quality
tests.  The credit quality is stable with a current weighted
average rating factor of 26.1 compared to a maximum trigger of
27.5, both WARFs being equivalent to a 'B+'/'B' rating. There
have been no defaults since closing.

The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.  The transaction synthetically references a portfolio of
European leveraged loans and includes exposure to the revolving
credit facilities of European leveraged loans.  This transaction
is managed by Harbourmaster Capital Limited.

The rating of the Class A1 notes addresses the ultimate
repayment of principal at maturity and timely payment of
interest when due, according to the terms of the notes.  For all
other Classes of notes (other than the combination notes), the
ratings address the ultimate payment of principal and interest,
including deferred interest, at maturity.  The rating assigned
to the Class S1 combination note addresses the ultimate payment
of principal from funds received on their components of the
Class B1 and unrated Class C notes (interest and principal).


HERBALIFE LTD: Wedbush Morgan Reaffirms Buy Rating on Firm
----------------------------------------------------------
Wedbush Morgan analysts have reaffirmed their "buy" rating on
Herbalife Ltd.'s shares, Newratings.com reports.

Newratings.com relates that the 12-month target price for
Herbalife's shares was set at US$47.

The analysts said in a research note that Herbalife reported its
second quarter 2007 revenues and adjusted earnings per share
ahead of the estimates.

The analysts told Newratings.com that the "upside was mainly due
to the better-than-expected US business, which experienced 31%
sales growth."

"Accelerating growth momentum in the US has mainly been on
account of the sustained penetration of Nutrition Clubs,"
Newratings.com says, citing Wedbush Morgan.

The earnings per share estimate for 2007 was increased to
US$2.58 from US$2.53, while the estimate for 2008 was raised to
US$2.93 from US$2.87, Newratings.com states.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

                          *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


SABIC INNOVATIVE: Lower Recovery Prospects Cue S&P's BB+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery and
issue ratings on the proposed senior secured debt facilities to
be issued by Netherlands-based specialty plastics producer SABIC
Innovative Plastics Holding B.V. (BB/Stable/--), an indirectly
wholly owned subsidiary of Saudi Basic Industries Corp.
(A+/Stable/A-1-).

The recovery rating on the proposed increased US$6.65 billion
term loans A and B has been revised to '2', from '1', indicating
Standard & Poor's expectation of substantial (70%-90%) recovery
in the event of a payment default.  The issue rating on the
facility has been lowered to 'BB+' from 'BBB-' to reflect the
lower recovery prospects.

The ratings have been revised due to the significant upsizing of
this facility at the expense of more junior tranches, although
the overall amount of debt in the capital structure remains
essentially unchanged.  Cover is at the low end of the range.
Recovery prospects are based on the strength of the first-
ranking security package, which covers 75%-85% of the group's
operations (but excludes the asset-based revolving credit
facility {ABL}, over which a second charge is granted). Recovery
prospects are based on a going-concern valuation and are
supported by broadly favorable insolvency regimes and an
extensive asset base underpinning the business.

The rating on the proposed US$1 billion ABL has been affirmed at
'BBB-', two notches above the corporate credit rating, with a
recovery rating of '1', indicating Standard & Poor's expectation
of very high (90%-100%) recovery in the event of a payment
default.  Recovery prospects for this facility are supported by
first-ranking security over the group's receivables and
inventory and by the use of a borrowing base test to restrict
drawings.

The rating on the proposed reduced US$1.5 billion senior
unsecured notes due in 2015 has been affirmed at 'B+', two
notches below the corporate credit rating, reflecting the high
level of contractually senior debt obligations.


STRAWINSKY I: Moody’s Rates EUR10.27 Mln Class E Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to seven
classes of notes issued by Strawinsky I P.L.C.:

   (1) Aaa to EUR105.5m Class A1-T Senior Secured Floating
       Rate Notes due 2024;

   (2) Aaa to EUR58.63 million Class A1-R Senior Secured
       Floating Rate Notes due 2024;

   (3) Aaa to EUR43 million Class A-2 Senior Secured Floating
       Rate Notes due 2024;

   (4) Aa2 to EUR23 million Class B Senior Secured Floating Rate
       Notes due 2024;

   (5) A2 to EUR19 million Class C Senior Secured Deferrable
       Floating Rate Notes due 2024;

   (6) Baa2 to EUR12 million Class D Senior Secured Deferrable
       Floating Rate Notes due 2024; and

   (7) Ba1 to EUR10.27 million Class E Senior Secured Deferrable
       Floating Rate Notes due 2024.

EUR28.6 million of Class F Subordinated Notes due 2024 were
issued by Strawinsky I P.L.C.  This Class is not rated.

Provisional ratings were assigned on Aug. 1, 2007.

This transaction features revolver notes, the Class A1-R, that
can be drawn either in Euro, GBP or USD (up to EUR58.63 million
equivalent).  Initially, GBP/USD drawings will be used to
purchase GBP/USD denominated assets.  Should such non-Euro
assets default, GBP/USD advances would not be fully
collateralized by GBP/USD assets and therefore Euro proceeds may
need to be converted into GBP/USD in order to redeem non-Euro
advances, thus creating a foreign exchange risk exposure.  This
currency risk is partially mitigated with foreign currency
options purchased by the Issuer at closing and has been
considered in Moody's analysis.

This transaction is a leveraged loan collateralized loan
obligation related to a EUR300 million portfolio of mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include CLO
tranches.  This portfolio will be partially acquired at closing
and additional assets will be acquired during the six months
ramp-up period in compliance with portfolio guidelines.
Thereafter, the portfolio of loans will be actively managed and
the investment manager will be able to buy or sell loans on
behalf of the Issuer.  Any addition or removal of loans will be
subject to a number of portfolio criteria.  Faxtor Securities
B.V. will act as investment manager. This is the first European
leveraged loan CLO managed by Faxtor.


SYNIVERSE TECH: Opens Office in Brazil; Hires Marcio Kanamaru
-------------------------------------------------------------
Syniverse Technologies will open a new office in Brazil and has
appointed Marcio Kanamaru as director of sales for Brazil.

"Part of Syniverse’s global strategy is to have a local presence
in key markets in order to focus on customer needs and customer
service," said Giorgio Miano, Vice President, Caribbean and
Latin America, Syniverse.  "The Brazilian market is one of great
importance to us, and we are excited to have someone with the
experience of Marcio onboard, especially as Brazilian regulatory
authorities and operators seek solutions for number
portability."

Mr. Kanamaru, who most recently served as regional sales
director for Telcordia’s Latin American region and also has
worked for Convergys, Portal Software, Amdocs and IBM Brasil
S.A., said he believes Syniverse’s number portability solutions
as well as its entire portfolio of products are an excellent fit
for operators in Brazilian market.

"With Anatel approving the availability of number portability
across Brazil by mid-2009, Syniverse’s local presence combined
with its strong technical and business experience gained from
successful number portability implementations around the world
will prove valuable to Brazilian operators," he said.

He added that Syniverse also has a strong reputation in the
marketplace for its other critical CDMA- and GSM-based services.
"I believe operators in Brazil will find the wide scope of
Syniverse products well-suited to their needs."

Syniverse, which recently announced the opening of its Caribbean
and Latin America (CALA) headquarters in Buenos Aires, has been
serving customers throughout the region for more than fifteen
years.

In addition to its number portability solutions, Syniverse
offers network and database; IP; data and messaging; multimedia;
and roaming, clearing, rating and charging solutions that enable
the delivery of everything from voice calls to sophisticated
data and video services.

                      About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services
between carriers; and interactive video and mobile broadband
solutions, prepaid applications, and roaming services.
Celebrating its 20th anniversary in 2007, Syniverse has offices
in major cities around the globe.  Syniverse is ISO 9001:2000
certified and TL 9000 approved, adhering to the principles of
customer focus and quality improvement practices.  The company
has offices in the Netherlands and China.

                       *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


WORLD HEART: Posts US$4.5 Mln Net Loss in Quarter Ended June 30
---------------------------------------------------------------
World Heart Corporation reported on Aug. 8, 2007, its second
quarter 2007 financial results.

The net loss for the 2007 second quarter was US$4.5 million,
compared with a net loss of US$3.9 million in the prior year's
second quarter.  For the six month period ended June 30, 2007,
the net loss was US$7.9 million, compared with a net loss of
US$7.3 million in the first six months of 2006.  The increase in
the net loss for the 2007 periods, compared with the 2006
periods, was the result of lower revenue offset partially by
reduced operating expenses.

Revenue for the second quarter ended June 30, 2007, was
US$848,594, compared with revenues of US$3.0 million reported in
the second quarter ended June 30, 2006.  For the six month
periods ended June 30, 2007, and 2006, revenues were US$1.7
million and US$6.3 million, respectively.  The decrease in
revenue resulted from the company's decision, in the fourth
quarter of 2006, to discontinue the RELIANT Trial and reduce
commercial activities associated with its first-generation
Novacor(R) LVAS and to focus its efforts on the next-generation
Levacor Rotary VAD, for which sales have not yet commenced.

"Following initial clinical success in Europe last year with our
Levacor VAD, we are focused on activities leading to the start
of a U.S. feasibility trial with the Levacor," said Jal S.
Jassawalla, president and chief executive officer of WorldHeart.
"We are making excellent progress in our development activities
and have had discussions with the FDA about our preclinical
qualification program.  Patients are currently being screened in
Canada and we plan to begin a U.S. feasibility trial in late
2007 or early 2008."

WorldHeart's cash and cash equivalents were US$6.6 million at
June 30, 2007, a decrease of US$5.6 million from Dec. 31, 2006,
and a decrease of US$2.5 million from March 31, 2007.

Selling, general and administrative expenses for the three
months ended June 30, 2007, decreased US$800,000, or 36%,
compared with the same period in 2006.  For the six month period
ending June 30, 2007, selling, general and administrative
expenses were 37% lower then the comparable 2006 period.  The
decrease is due primarily to reduced selling expenses for the
Novacor LVAS product in the United States and Europe.

Research and development expenses for the three months ended
June 30, 2007, increased by US$400,000, compared with the three
months ended June 30, 2006.  For the six month period of 2007,
research and development expenses were US$700,000 less than in
the first six months of 2006.  Higher clinical expenses were
incurred in the first quarter of 2006 associated with the
Levacor clinical implants in Europe.  In addition, the company
conducted development work on both the Novacor and Levacor
products in the first half of 2006.  Novacor development work
was subsequently discontinued in the fourth quarter of 2006,
with research focused on the Levacor VAD in the first half of
2007.

At June 30, 2007, the company's consolidated balance sheet
showed US$12.3 million in total assets, US$5.3 million in total
liabilities, and US$7.0 million in total stocholders' equity.

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?224c

                          Going Concern

As reported in the Troubled Company Reporter on April 05, 2007,
PricewaterhouseCoopers LLP expressed substantial doubt about
World Heart Corporation's ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing firm
pointed to the company's recurring losses for the years ended
Dec. 31, 2006, and 2005.

                        About World Heart

Headquartered in Oakland, California, World Heart Corporation
(NASDAQ: WHRT, TSX: WHT) -- http://www.worldheart.com/--
develops mechanical circulatory support systems with broad-based
next-generation technologies.  The company has additional
facilities in Salt Lake City, Utah and Herkenbosch, Netherlands.


YUKOS FINANCE: Russia's Property Fund Set to Sell Assets Today
--------------------------------------------------------------
Russia's Federal State Property Fund will auction two lots of
bankrupt OAO Yukos Oil Co.'s assets today, various reports say.

The Fund will first auction off 242,399 shares of Yukos Finance
B.V., Yukos Oil's Dutch unit managing the company's foreign
assets, at 11:00 a.m., Moscow Time, today, RosBusinessConsulting
reports.  The assets carry a RUR7,598,361,000 starting price and
a RUR40 million bid increment.

Yukos Finance's main assets include:

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

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

RBC says the winning bidder must deposit RUR1,519,672,200 as
initial payment.

According to the report, the Fund will subsequently auction
Yukos Oil's receivables for an RUR11,498,908,219 starting price
and a RUR57 million bid increment.  An initial payment of
RUR2,299,781,643.96 is required for deposit by the winning
bidder.

Eduard Rebgun, Yukos' bankruptcy receiver, said the low starting
price reflected the assets' risks.

                            Bidders

OAO Rosneft Oil Co. has joined the list of bidders for the
auction, which will reportedly bid for Yukos Finance, Reuters
reports.

Rosneft, however, did not say whether it would directly bid for
Yukos Finance or would send indirect subsidiary LLC Neft-Aktiv
to submit a bid on its behalf, RIA Novosti relates.

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

OAO Gazprom, however, quelled speculations that it will rival
Rosneft at the auction when it said it would not bid this time,
Reuters relates.

Meanwhile, Przedsiebiorstwo Eksploatacji Rurociągow Naftowych
Przyjazn S.A. has pulled out from the auction, The Wall Street
Journal Polska reports.

                          Legal Contest

Yukos Finance's management, however, is contesting the auction,
arguing that Dutch law might not recognize the sale because the
assets are beyond Russian jurisdiction.

As reported in the TCR-Europe on June 1, 2007, an Amsterdam
court granted Mr. Rebgun the rights to sell the bankrupt
company's foreign assets.

Yukos Finance's management challenged the decision, but The
Courts of Appeal in Amsterdam, Netherlands, confirmed the
ruling, affirming "the legality of the receivership procedures,
the legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the
certificate, saying the liquidator failed to prove that the
absence of the certificate was a hold-up to participating in the
Transpetrol shareholders' meeting in November 2006, Interfax
says.

Former Yukos shareholders also threatened to file cases against
the buyer of Yukos Finance, Reuters reports.  They filed a
number of suits with Dutch courts and the European Court of
Human Rights claiming that the Yukos' bankruptcy was illegal.
The District Court of Amsterdam will hear one of the cases on
Oct. 31, 2007.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         About Yukos Oil

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

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

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

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

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

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


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


RULMENTUL BRASOV: Investor Wants to Move Factory & Sell Land
------------------------------------------------------------
Rulmentul Brasov Romania would significantly benefit from its
looming liquidation if the company relocates its factory to
somewhere cheaper as buyers are more interested in the land,
Bursa Online reports, quoting SSIF Orizont - Oradea CEO Nicolae
Rusu.

SSIF Orizont owns almost 20% of Rulmentul.

According to the report, realtors have given Rulmentul's land a
tag price of up to EUR45 million.  Meanwhile, the company owes
about EUR80 million to the state plus EUR25 million worth of
severance payments to be given in the next two years to fired
employees.

                         About Rulmentul

Headquartered in Brasov, Romania, Rulmentul Brasov Romania --
http://www.rulmentul.ro/-- is engaged in the manufacturing and
trading of rolling bearings, as well as specific-machine tools
and equipment that include super finishing machine tools for
ball and roller bearings, cold forming machine tools for ball
and rivet cold extrusion, and machine-tools for ball processing.

Rulmentul reported a net loss of ROL39.4 million in 2005 and a
ROL2.0 million net loss in 2004.


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


EXPERIMENT LLC: Creditors Must File Claims by September 21
----------------------------------------------------------
Creditors of LLC Experiment have until Sept. 21 to submit proofs
of claim to:

         D. Manshilin
         Insolvency Manager
         Post User Box 502
         Armavir
         352903 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
Court will convene at noon on Oct. 26 to hear the company's
bankrupty supervision procedure.  The case is docketed under
Case No. A-32-4668/2007-60/162-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Experiment
         Armavir
         Krasnodar
         Russia


HYNIX SEMICONDUCTOR: Develops 1-Gigabyte Mobile DRAM
----------------------------------------------------
Hynix Semiconductor has developed the industry's smallest one
gigabyte memory chip for mobile phones and other portable
gadgets, The Korean Times reports citing a company statement.

The report notes that the product is also the industry's first
commercially available 1Gb mobile DRAM built on 66 nanometer
process technology.  The finer processing geometry reduces die
size and improves the speed and power efficiency of the device.

According to the report, Hynix plans to begin mass production
from the first quarter of 2008.  The product will be also
available as a package of DRAM and NAND flash.

                    About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


KURSKIE TINNED: Court Names I. Reznikov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kursk appointed I. Reznikov as
Insolvency Manager for LLC Kurskie Tinned Goods.  He can be
reached at:

         I. Reznikov
         Post User Box 716
         Belgorod 33
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-5494/06 g.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kurskie Tinned Goods
         Kursk
         Russia


MICHURINSK-GAS-STROY: Bankruptcy Hearing Slated for Sept. 18
------------------------------------------------------------
The Arbitration Court of Tambov will convene at 10:30 a.m. on
Sept. 18 to hear the bankruptcy supervision procedure on OJSC
Michurinsk-Gas-Stroy.  The case is docketed under Case No.
A64-2406/07-10.

The Temporary Insolvency Manager is:

         V. Semenov
         Post User Box 59
         394030 Voronezh
         Russia

The Debtor can be reached at:

         OJSC Michurinsk-Gas-Story
         Narodnaya Str. 61
         Turmasovo
         Michurinskiy
         Tambov
         Russia


MTS CJSC: Voronezh Court Names V. Lobanov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Voronezh appointed V. Lobanov as
Insolvency Manager for CJSC MTS.  He can be reached at:

         V. Lobanov
         Post User Box 7
         394019 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-5994-2005/33/7b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC MTS
         Solnechnaya Str. 31-a
         394026 Voronezh
         Russia



RANOVA CJSC: Creditors Must File Claims by August 21
----------------------------------------------------
Creditors of CJSC Ore Mining Company Ranova have until Aug. 21
to submit proofs of claim to:

         A. Kuznetsov
         Temporary Insolvency Manager
         Office 3
         Moskovskiy Pr. 93/2
         394053 Voronezh
         Russia

The Arbitration Court of Lipetsk will convene at 9:20 a.m. on
Nov. 15 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A36-908/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ore Mining Company Ranova
         Ursovo
         Chaplyginskiy
         Lipetsk
         Russia


ROSNEFT OIL: Eyes Yukos Oil's Dutch Unit in Today's Auction
-----------------------------------------------------------
OAO Rosneft Oil Co. is participating in today's auction to
acquire Yukos Finance B.V., Yukos Oil's Dutch unit managing the
company's foreign assets, various reports say.

Russia's Federal State Property Fund will auction off 242,399
shares of Yukos Finance at 11:00 a.m., Moscow Time, today,
RosBusinessConsulting reports.  The assets carry a
RUR7,598,361,000 starting price and a RUR40 million bid
increment.

Yukos Finance's main assets include:

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

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

RBC says the winning bidder must deposit RUR1,519,672,200 as
initial payment.

According to the report, the Fund will subsequently auction
Yukos Oil's receivables for an RUR11,498,908,219 starting price
and a RUR57 million bid increment.  An initial payment of
RUR2,299,781,643.96 is required for deposit by the winning
bidder.

Eduard Rebgun, Yukos' bankruptcy receiver, said the low starting
price reflected the assets' risks.

                            Bidders

Rosneft did not say whether it would directly bid for Yukos
Finance or would send indirect subsidiary LLC Neft-Aktiv to
submit a bid on its behalf, RIA Novosti relates.

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

OAO Gazprom, however, quelled speculations that it will rival
Rosneft at the auction when it said it would not bid this time,
Reuters relates.

Meanwhile, Przedsiebiorstwo Eksploatacji Rurociągow Naftowych
Przyjazn S.A. has pulled out from the auction, The Wall Street
Journal Polska reports.

                          Legal Contest

Yukos Finance's management, however, is contesting the auction,
arguing that Dutch law might not recognize the sale because the
assets are beyond Russian jurisdiction.

As reported in the TCR-Europe on June 1, 2007, an Amsterdam
court granted Mr. Rebgun the rights to sell the bankrupt
company's foreign assets.

Yukos Finance's management challenged the decision, but The
Courts of Appeal in Amsterdam, Netherlands, confirmed the
ruling, affirming "the legality of the receivership procedures,
the legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the
certificate, saying the liquidator failed to prove that the
absence of the certificate was a hold-up to participating in the
Transpetrol shareholders' meeting in November 2006, Interfax
says.

Former Yukos shareholders also threatened to file cases against
the buyer of Yukos Finance, Reuters reports.  They filed a
number of suits with Dutch courts and the European Court of
Human Rights claiming that the Yukos' bankruptcy was illegal.
The District Court of Amsterdam will hear one of the cases on
Oct. 31, 2007.

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                            *   *   *

As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


ROSNEFT OIL: Posts 18.5% Production Growth in First Half 2007
-------------------------------------------------------------
Rosneft Oil Co. reported an 18.5 percent growth in total oil
production in Russia for the first half of 2007, as compared
with OAO Yukos Oil Co.'s 15.3 percent decline in oil production
for the same period, Siberia's Financial Information Service
relates.

As widely reported, Rosneft has snatched the majority of Yukos'
assets in a series of auctions as part of the latter's
liquidation proceedings.

The company's latest acquisition includes a number of producing
and injection wells at the Priobskoye field, pumping stations,
pipelines as well as Yukos' main transport units East Asia
Transit and Yukos-Transservice for RUR18.6 billion.

Yukos was once Russia's largest oil producer before tax claims
amounting to over US$7 billion led to its chief executive's
arrest and the company's eventual bankruptcy.

Other growing oil producers in the country, FIS notes, include
Lukoil (18.8%), Gazprom neft (6.7%), and Tatneft (5.3%).  On the
other hand, companies that reported a decline in oil production,
aside from Yukos, include TNK-BP Holding (6%) and NGK Slavneft
(11.1%).

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                            *   *   *

As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


SHEMAKHA CJSC: Chelyabinsk Bankruptcy Hearing Slated for Dec. 6
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Dec. 6 to
hear the bankruptcy supervision procedure on CJSC Shemakha.
The case is docketed under Case No. A76-6711/2007-60-118.

The Temporary Insolvency Manager is:

         M. Lepin
         Svobody Str. 76-2
         454091 Chelyabinsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Shemakha
         Shemakha
         Nyazepetrovskiy
         Chelyabinsk
         Russia


SHIPUNOVSKOE CJSC: Creditors Must File Claims by September 21
-------------------------------------------------------------
Creditors of CJSC Shipunovskoe have until Sept. 21 to submit
proofs of claim to:

         A. Lyasman
         Insolvency Manager
         Post User Box 183
         127018 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-19212/2006.

The Debtor can be reached at:

         CJSC Shipunovskoe
         Tsetnra
         Shipunovka
         Krutinskiy
         646136 Omsk
         Russia


STAV-SELKHOZ-PRODUCT: Creditors Must File Claims by August 21
-------------------------------------------------------------
Creditors of CJSC Stav-Selkhoz-Product have until Aug. 21 to
submit proofs of claim to:

         V. Yurin
         Insolvency Manager
         Staromaryevskoe Shosse, 9G
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-8170/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Stav-Selkhoz-Product
         Stavropol
         Russia


VADIM IMMOVABLE: Creditors Must File Claims by August 21
--------------------------------------------------------
Creditors of LLC Vadim Immovable Property have until Aug. 21 to
submit proofs of claim to:

         D. Burtylev
         Temporary Insolvency Manager
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorye will convene at 4:00 p.m. on
Nov. 15 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A51-2263/07 15-19 B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Vadim Immovable Property
         Verkhneportovaya Str. 68 B
         Vladivostok
         Russia


VOLGODONSK-REM-AGRO-SERVICE: Claims Filing Period Ends Sept. 21
---------------------------------------------------------------
Creditors of OJSC Volgodonsk-Rem-Agro-Service have until
Sept. 21 to submit proofs of claim to:

         N. Sherbina
         Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-1/07-S1-30.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Volgodonsk-Rem-Agro-Service
         70 Let Oktyabrya Str. 57
         Romanovskaya St.
         Volgodonskiy
         347350 Rostov
         Russia


VOLOKOLAMSKIY BRICKWORKS: Names A. Zhigalin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Zhigalin as
Insolvency Manager for OJSC Volokolamskiy Brickworks.  He can be
reached at:

         A. Zhigalin
         Post User Box 209
         Medvezhji Ozera
         Shelkovskiy
         141143 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-K2-7919/07.

The Court is located at:

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

The Debtor can be reached at:

         A. Zhigalin
         Post User Box 209
         Medvezhji Ozera
         Shelkovskiy
         141143 Moscow
         Russia


YUKOS OIL: Selling Dutch Unit's Assets in Today's Auction
---------------------------------------------------------
Russia's Federal State Property Fund will auction two lots of
bankrupt OAO Yukos Oil Co.'s assets today, various reports say.

The Fund will first auction off 242,399 shares of Yukos Finance
B.V., Yukos Oil's Dutch unit managing the company's foreign
assets, at 11:00 a.m., Moscow Time, today, RosBusinessConsulting
reports.  The assets carry a RUR7,598,361,000 starting price and
a RUR40 million bid increment.

Yukos Finance's main assets include:

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

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

RBC says the winning bidder must deposit RUR1,519,672,200 as
initial payment.

According to the report, the Fund will subsequently auction
Yukos Oil's receivables for an RUR11,498,908,219 starting price
and a RUR57 million bid increment.  An initial payment of
RUR2,299,781,643.96 is required for deposit by the winning
bidder.

Eduard Rebgun, Yukos' bankruptcy receiver, said the low starting
price reflected the assets' risks.

                            Bidders

OAO Rosneft Oil Co. has joined the list of bidders for the
auction, which will reportedly bid for Yukos Finance, Reuters
reports.

Rosneft, however, did not say whether it would directly bid for
Yukos Finance or would send indirect subsidiary LLC Neft-Aktiv
to submit a bid on its behalf, RIA Novosti relates.

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

OAO Gazprom, however, quelled speculations that it will rival
Rosneft at the auction when it said it would not bid this time,
Reuters relates.

Meanwhile, Przedsiebiorstwo Eksploatacji Rurociągow Naftowych
Przyjazn S.A. has pulled out from the auction, The Wall Street
Journal Polska reports.

                          Legal Contest

Yukos Finance's management, however, is contesting the auction,
arguing that Dutch law might not recognize the sale because the
assets are beyond Russian jurisdiction.

As reported in the TCR-Europe on June 1, 2007, an Amsterdam
court granted Mr. Rebgun the rights to sell the bankrupt
company's foreign assets.

Yukos Finance's management challenged the decision, but The
Courts of Appeal in Amsterdam, Netherlands, confirmed the
ruling, affirming "the legality of the receivership procedures,
the legitimacy of the actions of Rebgun as receiver."

The court, however, refused Mr. Rebgun access to the
certificate, saying the liquidator failed to prove that the
absence of the certificate was a hold-up to participating in the
Transpetrol shareholders' meeting in November 2006, Interfax
says.

Former Yukos shareholders also threatened to file cases against
the buyer of Yukos Finance, Reuters reports.  They filed a
number of suits with Dutch courts and the European Court of
Human Rights claiming that the Yukos' bankruptcy was illegal.
The District Court of Amsterdam will hear one of the cases on
Oct. 31, 2007.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Oil Production Falls 15.3% in First Half 2007
-------------------------------------------------------
Rosneft Oil Co. reported an 18.5 percent growth in total oil
production in Russia for the first half of 2007, as compared
with OAO Yukos Oil Co.'s 15.3 percent decline in oil production
for the same period, Siberia's Financial Information Service
says.

As widely reported, Rosneft has snatched the majority of Yukos'
assets in a series of auctions as part of the latter's
liquidation proceedings.

The company's latest acquisition includes a number of producing
and injection wells at the Priobskoye field, pumping stations,
pipelines as well as Yukos' main transport units East Asia
Transit and Yukos-Transservice for RUR18.6 billion.

Yukos was once Russia's largest oil producer before tax claims
amounting to over US$7 billion led to its chief executive's
arrest and the company's eventual bankruptcy.

Other growing oil producers in the country, FIS notes, include
Lukoil (18.8%), Gazprom neft (6.7%), and Tatneft (5.3%).  On the
other hand, companies that reported a decline in oil production,
aside from Yukos, include TNK-BP Holding (6%) and NGK Slavneft
(11.1%).

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         About Yukos Oil

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

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

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

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

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

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


ZAPLAVLINSKOE OJSC: Names A. Pyatenkov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Volgograd appointed A. Pyatenkov as
Insolvency Manager for OJSC Zaplavlinskoe.  He can be reached
at:

         A. Pyatenkov
         Post User Box 738
         Volzhskiy
         404130 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-18728/05-s58.

The Debtor can be reached at:

         OJSC Zaplavlinskoe
         Zaplavnoe
         Leninskiy
         404090 Volgograd
         Russia

ZARYA POVOLZHYA: Creditors Must File Claims by September 21
-----------------------------------------------------------
Creditors of CJSC Zarya Povolzhya have until Sept. 21 to submit
proofs of claim to:

         D. Sergeev
         Temporary Insolvency Manager
         M. Toreza Str. 49-12
         443069 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on CJSC Zarya Povolzhya.  The case is docketed under
Case No. A55-6062/2007.

The Debtor can be reached at:

         D. Sergeev
         Temporary Insolvency Manager
         M. Toreza Str. 49-12
         443069 Samara
         Russia



ZENITH LLC: Creditors Must File Claims by August 21
---------------------------------------------------
Creditors of LLC Building Company Zenith have until Aug. 21 to
submit proofs of claim to:

         M. Bezuglova
         Temporary Insolvency Manager
         Post User Box 91-132
         690091 Vladivistok
         Russia

The Arbitration Court of Primorye will convene at 3:00 p.m. on
Nov. 15 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A51-3618/2007 15-37b.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Building Company Zenith
         Armyanskiy Per. 1
         Preobrazhenie
         Lazovskiy
         692998 Primorye
         Russia


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


DOLE FOOD: Working with Costa Rica in Carbon Neutral Project
------------------------------------------------------------
Dole Food Company, Inc.’s Costa Rican operating subsidiary
Standard Fruit de Costa Rica has signed an agreement with Fondo
Nacional de Financiamento Forestal (FONAFIFO), the National
Forestry Financing Fund and an entity of the Ministry of
Environment and Energy of Costa Rica to work together on a
project aimed at establishing a carbon neutral product supply
chain for bananas and pineapples, from their production in Costa
Rica to the markets in North America and Europe.

Carbon neutral, as applied to the banana and pineapple product
supply chains, means that the carbon dioxide emitted to produce,
pack, transport and distribute the fruit will be offset by
mitigation practices which increase the capture of carbon
dioxide in order to achieve a 'neutral' balance.  These
practices entail new, more efficient transportation
methods, changes to agricultural processes to reduce carbon
dioxide emissions, and partnering with local farmers to
implement preservation and reforestation programs.

Dole Food President and Chief Executive Officer David A.
DeLorenzo said, "The environment is a concern for all of us.
Companies, consumers, governments and non-governmental
organizations should endeavor to promote and adopt new
production and distribution methods and consumption behavior
in order to reverse harmful trends to the environment.  As the
world's largest producer and distributor of fruits and
vegetables, Dole is determined to take the lead in its sector
and the agreement with FONAFIFO is a good starting point."

Costa Rican Environment and Energy Minister Roberto Dobles,
PhD., stated, "Dole is a such an important company in the
production of bananas and pineapples on a global level that we
are very enthusiastic that Standard Fruit made the decision to
strive to become a carbon neutral company here in Costa Rica and
join our efforts to become the first carbon neutral country in
the world by 2021.  With this agreement, Dole demonstrates its
enormous capacity to innovate and develop processes that will be
reflected in benefits to the environment.  I hope that this
initiative will be followed by others in the private sector, so
that we may unite efforts in favor of the environment."

Dole Food’s Vice President and Director of Worldwide Corporate
Social Responsibility Sylvain Cuperlier stated, "Dole has long
been recognized for its environmental programs.  Today, we want
to utilize the Company's environmental management systems and
our staff's expertise to produce and market 'carbon neutral'
bananas and pineapples.  To this end, we want to pull together
all resources available within our Company and partner
further with recognized organizations.  Dole's achievements in
this area will come from working relationships with our
employees, independent producers, labor representatives,
government, academia, NGO's, customers, and suppliers."

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.  It also has operations in Sweden, Colombia and
Belgium.

                       *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


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


A. MURER JSC: Creditors' Liquidation Claims Due August 27
---------------------------------------------------------
Creditors of JSC A. Murer have until Aug. 27 to submit their
claims to:


         Albert Murer
         Liquidator
         Kantonsstrasse 81
         8807 Freienbach
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC A. Murer
         8807 Freienbach
         Hofe SZ
         Switzerland


ALEXTER JSC: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Alexter on July 10.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Alexter
         Grabenstrasse 42
         6301 Zug
         Switzerland


BALROX JSC: Creditors' Liquidation Claims Due August 30
-------------------------------------------------------
Creditors of JSC Balrox have until Aug. 30 to submit their
claims to:


         Dr. Christoph von Graffenried
         Liquidator
         Grossmunsterplatz 8
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Balrox
         Zug
         Switzerland


CV VERSAND: Creditors' Liquidation Claims Due August 31
-------------------------------------------------------
Creditors of JSC CV Versand Inkasso have until Aug. 31 to submit
their claims to:


         Corneliu Sfintesco
         Liquidator
         Bahnhofstrasse
         6160 Entlebuch LU
         Switzerland

The Debtor can be reached at:

         JSC CV Versand Inkasso
         Entlebuch LU
         Switzerland


DCMS JSC: Thurgau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC DCMS on June 28.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC DCMS
         Konstanzerstrasse 17
         8274 Tagerwilen
         Kreuzlingen TG
         Switzerland


EYPO JSC: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC EYPO on May 8.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC EYPO
         Bosch 106
         6331 Hunenberg ZG
         Switzerland


GEISSER DRUCK: Claims Registration Period Ends August 23
--------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Geisser Druck on June 29.

Creditors have until Aug. 23 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Geisser Druck
         Seestrasse 75
         9326 Horn
         Arbon TG
         Switzerland


IMMOTECH SERVICES: Creditors' Liquidation Claims Due August 24
--------------------------------------------------------------
Creditors of LLC Immotech Services have until Aug. 24 to submit
their claims to:


         Arm Jannick
         Liquidator
         Sudstrasse 36
         2504 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Immotech Services
         Brugg AG
         Switzerland


M&M BUROAUTOMATION: Creditors' Liquidation Claims Due August 24
---------------------------------------------------------------
Creditors of JSC M&M Buroautomation have until Aug. 24 to submit
their claims to:


         Hagenbuchenstrasse 22
         8303 Bassersdorf
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC M&M Buroautomation
         Bassersdorf
         Bulach ZH
         Switzerland


PC WORLD: Claims Registration Period Ends August 23
---------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC PC World Arbon on July 2.

Creditors have until Aug. 23 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC PC World Arbon
         St. Gallerstrasse 15
         9320 Arbon TG
         Switzerland


PRO FLY-TICKET: Thurgau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC Pro Fly-Ticket on June 14.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Pro Fly-Ticket
         Rebenstrasse 58
         9320 Arbon TG
         Switzerland


VD BERN: Creditors' Liquidation Claims Due August 27
----------------------------------------------------
Creditors of JSC VD Bern have until Aug. 27 to submit their
claims to:


         Christoph Wyss
         Liquidator
         Effingerstrasse 17
         3008 Bern
         Switzerland

The Debtor can be reached at:

         JSC VD Bern
         Bern
         Switzerland


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


VESTEL ELEKTRONIK: Fitch Holds IDR at BB- with Negative Outlook
---------------------------------------------------------------
Fitch Ratings has changed Turkey-based Vestel Elektronik Sanayi
ve Ticaret A.S.'s Outlook for its Long-term foreign and local
currency Issuer Default Ratings to Negative from Stable.  Its
Long-term foreign and local currency IDRs are affirmed at 'BB-'.
Fitch also affirmed the senior unsecured rating of Vestel
Electronics Finance Ltd.'s issue of US$225 million 8.75% notes
at 'BB-'.

The change in Outlook reflects Fitch's concerns about the
profitability decline in Vestel's television business, which is
putting pressure on Vestel's consolidated operating margins and
cash flow generation capacity.  The falling panel and end
product prices, as well as the recent performance of television
sales growth is likely to hinder Vestel's profitability over
2007- 2008.  Fitch notes that Vestel reported consolidated sales
growth and improved operating margins in fiscal year 2006.
However, Vestel reported TRY29.6 million consolidated operating
losses in first quarter of 2007, due to material
underperformance in the television business.  The ratings also
take into account the relatively low (0.9x net debt / EBITDA)
leverage at fiscal year 2006.  The company was free cash flow
negative for the third year in a row at end-FY06, mostly due to
heavy capital expenditures.  Fitch expects lower projected
capital expenditures in fiscal year 2007 and fiscal year 2008 to
partially improve free cash flow generation capacity.  The
company has significant foreign exchange revenues (77% of fiscal
year 2006 revenues), easing concerns regarding foreign exchange-
denominated debt servicing.  Vestel continues to command a
considerable presence in the domestic and European TV and white
goods markets with resident operations in Turkey and Russia.

Fitch further notes Vestel's expansion in the relatively higher
margin white goods segment both in Turkey and Russia, as well as
sustained geographical diversification of its sales. The company
continues to face pricing and margin pressure in the
conventional and flat screen televisions and electronic consumer
goods segments coupled with continued capital expenditures and
working capital requirements.  Vestel has been reducing its
volumes in conventional televisions since 2004 and focusing on
higher margin flat panel televisions and white goods.

Vestel Electronics Finance Ltd. has an outstanding bond maturing
in 2012.  The bond's financial covenants stipulate Vestel to
remain under 4x consolidated gross debt/EBITDA and over 2.25x
fixed charge coverage, whereby for the purposes of bond
covenants gross debt includes trade related letters of credit
issued in the course of component procurement.  Vestel was in
compliance with all the covenants of its bond as of end of
fiscal year 2006, but Fitch notes that there was limited
headroom under both covenants.

Vestel is a manufacturer of television sets with US$3.712
billion consolidated sales and US$267 million EBITDA, including
US$783 million sales and US$94 million EBITDA in the white goods
manufacturing business in fiscal year 2006.  Vestel derived 77%
of its sales from exports in fiscal year 2006.  Collar Holding
BV, a Zorlu Group company wholly-owned by Ahmet Nazif Zorlu,
chairman of Zorlu Holding, holds majority control in Vestel with
a 51.6% stake.  The remaining 48.4% of Vestel is quoted on the
Istanbul Stock Exchange.  Vestel conducts its white goods
business under Vestel Beyaz Esya Sanayi ve Ticaret A.S., where
Vestel holds a 68.5% stake with the rest of the company quoted
on the Istanbul Stock Exchange.


VESTEL ELECTRONICS FINANCE: Fitch Rates US$225 Mln Notes at BB-
---------------------------------------------------------------
Fitch Ratings has changed Turkey-based Vestel Elektronik Sanayi
ve Ticaret A.S.'s Outlook for its Long-term foreign and local
currency Issuer Default Ratings to Negative from Stable.  Its
Long-term foreign and local currency IDRs are affirmed at 'BB-'.
Fitch also affirmed the senior unsecured rating of Vestel
Electronics Finance Ltd.'s issue of US$225 million 8.75% notes
at 'BB-'.

The change in Outlook reflects Fitch's concerns about the
profitability decline in Vestel's television business, which is
putting pressure on Vestel's consolidated operating margins and
cash flow generation capacity.  The falling panel and end
product prices, as well as the recent performance of television
sales growth is likely to hinder Vestel's profitability over
2007- 2008.  Fitch notes that Vestel reported consolidated sales
growth and improved operating margins in fiscal year 2006.
However, Vestel reported TRY29.6 million consolidated operating
losses in first quarter of 2007, due to material
underperformance in the television business.  The ratings also
take into account the relatively low (0.9x net debt / EBITDA)
leverage at fiscal year 2006.  The company was free cash flow
negative for the third year in a row at end-FY06, mostly due to
heavy capital expenditures.  Fitch expects lower projected
capital expenditures in fiscal year 2007 and fiscal year 2008 to
partially improve free cash flow generation capacity.  The
company has significant foreign exchange revenues (77% of fiscal
year 2006 revenues), easing concerns regarding foreign exchange-
denominated debt servicing.  Vestel continues to command a
considerable presence in the domestic and European TV and white
goods markets with resident operations in Turkey and Russia.

Fitch further notes Vestel's expansion in the relatively higher
margin white goods segment both in Turkey and Russia, as well as
sustained geographical diversification of its sales. The company
continues to face pricing and margin pressure in the
conventional and flat screen televisions and electronic consumer
goods segments coupled with continued capital expenditures and
working capital requirements.  Vestel has been reducing its
volumes in conventional televisions since 2004 and focusing on
higher margin flat panel televisions and white goods.

Vestel Electronics Finance Ltd. has an outstanding bond maturing
in 2012.  The bond's financial covenants stipulate Vestel to
remain under 4x consolidated gross debt/EBITDA and over 2.25x
fixed charge coverage, whereby for the purposes of bond
covenants gross debt includes trade related letters of credit
issued in the course of component procurement.  Vestel was in
compliance with all the covenants of its bond as of end of
fiscal year 2006, but Fitch notes that there was limited
headroom under both covenants.

Vestel is a manufacturer of television sets with US$3.712
billion consolidated sales and US$267 million EBITDA, including
US$783 million sales and US$94 million EBITDA in the white goods
manufacturing business in fiscal year 2006.  Vestel derived 77%
of its sales from exports in fiscal year 2006.  Collar Holding
BV, a Zorlu Group company wholly-owned by Ahmet Nazif Zorlu,
chairman of Zorlu Holding, holds majority control in Vestel with
a 51.6% stake.  The remaining 48.4% of Vestel is quoted on the
Istanbul Stock Exchange.  Vestel conducts its white goods
business under Vestel Beyaz Esya Sanayi ve Ticaret A.S., where
Vestel holds a 68.5% stake with the rest of the company quoted
on the Istanbul Stock Exchange.


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


AGATA LLC: Creditors Must File Claims by Aug. 16
------------------------------------------------
Creditors of LLC Technical-Trading Firm Agata (code EDRPOU
31477162) have until Aug. 16 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
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/160-07.

The Debtor can be reached at:

         LLC Technical-Trading Firm Agata
         Newspaper Pravda Avenue 29/713
         49000 Dnipropetrovsk
         Ukraine

ENERGY TRADING: Creditors' Claims Due August 16
-----------------------------------------------
Creditors of LLC Energy Trading Investment (code EDRPOU
31780162) have until Aug. 16 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/433-b.

The Debtor can be reached at:

         LLC Energy Trading Investment
         Ac. Tupolev Str. 17
         04128 Kiev
         Ukraine


KASHTAN CJSC: Creditors Must File Claims by Aug. 16
---------------------------------------------------
Creditors of CJSC Kashtan (code EDRPOU 03364694) have until
Aug. 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/209-b.

The Debtor can be reached at:

         CJSC Kashtan
         Lesia Ukrainka Boulevard 24
         01133 Kiev
         Ukraine


KIEV RIBBON: Creditors Must File Claims by Aug. 16
--------------------------------------------------
Creditors of OJSC Kiev Ribbon Plant (code EDRPOU 00307649) have
until Aug. 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/410-b.

The Debtor can be reached at:

         OJSC Kiev Ribbon Plant
         Viscose Str. 32
         02094 Kiev
         Ukraine


POLIARNAYA ZVEZDA: Creditors Must File Claims by Aug. 16
--------------------------------------------------------
Creditors of CJSC Poliarnaya Zvezda (code EDRPOU 01553741) have
until Aug. 16 to submit written proofs of claim to:

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 07/441-06-13712.

The Debtor can be reached at:

         CJSC Poliarnaya Zvezda
         Mechnikov Str. 15
         56029 Odessa
         Ukraine


TRADE PLUS: Creditors Must File Claims by Aug. 16
-------------------------------------------------
Creditors of LLC Special Chemistry Investment Trade Plus (code
EDRPOU 34617107) have until Aug. 16 to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 14/284-07.

The Debtor can be reached at:

         LLC Special Chemistry Investment Trade Plus
         Kiev Str. 148
         Obukhov
         08702 Kiev
         Ukraine


UKRAINIAN-AMERICAN ENTERPRISE: Creditors' Claims Due Aug. 16
------------------------------------------------------------
Creditors of CJSC Joint Ukrainian-American Enterprise have until
Aug. 16 to submit written proofs of claim to:

         The Economic Court of Ternopol
         Ostrozski Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/B-888.

The Debtor can be reached at:

         CJSC Joint Ukrainian-American Enterprise
         Gayevaya Str. 44
         Ternopol
         Ukraine


VERKHOVINA-2004 LLC: Creditors Must File Claims by Aug. 16
----------------------------------------------------------
Creditors of LLC Verkhovina-2004 (code EDRPOU 32876117) have
until Aug. 16 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 16/37/07.

The Debtor can be reached at:

         LLC Verkhovina-2004
         Studencheskaya Str. 27-B
         Lazurnoe
         Melitopol District
         Zaporozhje
         Ukraine


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


BAA LTD: Seeks GBP10 Rise in Passenger Levy at Heathrow
-------------------------------------------------------
BAA Ltd. (fka BAA plc) is calling on the Civil Aviation
Authority to increase the levy on passengers flying out of
Heathrow to GBP20 a head from currently just over GBP9 a head,
Roland Gribben writes for the Telegraph.

According to Stephen Nelson, chief executive of BAA, research
shows passengers would be willing to bear the extra charges in
exchange for better service and airport facilities.

BAA, which is being subjected to two separate regulatory
inquiries, argued the GBP10 rise in charges is but appropriate
as it is under pressure to accelerate investment, the Telegraph
relates.

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

However, the Telegraph says break-up prospects could threaten
the GBP3.6 billion investment program.

                     Macquarie Eyes Airport

Meanwhile, Australian investment bank Macquarie is interested in
acquiring one of BAA’s airports in south-east England, AFX News
reports, citing the Sunday Express as its source.

As previously reported in the TCR-Europe on Aug 6, 2007,
Virgin Atlantic and British Airways plc want BAA to sell
individual terminals to rival firms as it would improve the
level of service at Heathrow.

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

                           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 Investor Service.


CARE HAVEN: Names Robert Edward Caunce Cook Liquidator
------------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young, Turnaround and
Recovery was appointed liquidator of Care Haven Ltd. on July 24
for the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         UHY Hacker Young, Turnaround and Recovery
         St. James Building
         79 Oxford Street
         Manchester
         M1 6HT
         England


GENERAL MOTORS: Joins A123Systems in Making Cells for Chevy Volt
----------------------------------------------------------------
General Motors Corp. and A123Systems, Inc. will co-develop cells
with A123System's nanophosphate battery chemistry for a long-
lasting, safe and powerful battery for use in GM’s electric
drive E-Flex system.  The agreement is expected to expedite the
development of the batteries for both electric plug-in vehicles
and fuel cell variants of the E-Flex architecture.

"Breakthrough battery technology will drive future automotive
propulsion, and the company that aligns with the best strategic
partners will win.  That’s what is so important about this
deal,” said Bob Lutz, GM vice chairman of Global Product
Development.  “Whether you’re talking about the Chevy Volt, a
fuel cell or even a plug-in hybrid such as our planned Saturn
Vue, we need to understand the fundamental battery cell
performance.”

The contract calls for A123Systems, of Watertown, Massachusetts,
to develop battery cells to meet the specific requirements of
GM’s E-Flex system.  A123Systems is considered a forerunner in
the development of nanophosphate-based cell technology, which,
compared to other lithium-ion battery chemistries, provides
higher power output, longer life and safer operations over the
life of the battery.

The E-Flex electric vehicle architecture was first shown in the
Chevy Volt concept car revealed earlier this year.  For average
commuters driving 40 miles, the Chevy Volt will use zero
gasoline and produce zero emissions and could nearly eliminate
going to the gas station altogether.

"The Chevy Volt will lead the automotive industry in a new
direction,” Mr. Lutz said.  “We see a future where vehicles run
on electricity and are equipped with clever ways of making
electricity on board, making us less dependent on gasoline.
It's the next great paradigm shift in our industry, an
opportunity largely due to the rapid advancement in battery cell
technology by companies such as A123Systems and LG Chem.”

Earlier this year, GM awarded two contracts for advanced
development of battery packs, which require the integration of
multiple battery cells, to Compact Power, Inc., a subsidiary of
Korean battery manufacturer LG Chem, based in Troy, Michigan;
and Frankfurt, Germany-based Continental Automotive Systems, a
division of Continental A.G., a tier one automotive supplier.
Under these agreements, one contract was awarded to CPI, which
will use battery cells developed by parent company LG Chem.  A
separate contract was issued to Continental, which will use the
cells being co-developed by GM and A123Systems.

"A123Systems and LG Chem are both top-tier battery suppliers,
with proven technologies,” said Denise Gray, director of GM's
Energy Storage Devices and Strategies.  "We’re confident one, or
possibly both of these companies’ solutions will meet our
battery requirements for the E-Flex system.”

Dave Vieau, A123System's chief executive officer, said this type
of battery will be advantageous in other transportation
industries as well.

“We’re talking today about the Volt and implications that it
will have on the electrification of passenger vehicles, but the
technology goes a lot further than that,” Mr. Vieau said.  “The
weight, size, safety and performance of these batteries have
implications on all transportation, including hybrid buses,
trucks and aircraft.”

A123Systems currently manufactures over ten million cells
annually making it the world’s largest producer of batteries
with nanophosphate chemistry.  Most of these cells are used in
rechargeable power tools.

                      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.


GRAYSTONE SECURITIES: Claims Filing Period Ends October 26
----------------------------------------------------------
Creditors of Graystone Securities Ltd. have until Oct. 26 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Robert C. Keyes
         Joint Liquidator
         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England

Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of the company on July 26 for the
creditors’ voluntary winding-up proceeding.


HILTON HOTELS: Closes Caledonian Hotel Sale for US$105.4 Million
----------------------------------------------------------------
Hilton Hotels Corporation has completed the sale of the
Caledonian Hilton hotel to The Caledonian Operating Company Ltd
UK for GBP51.7 million in cash (approximately US$105.4 million).
The purchase was funded by Bank of Scotland Corporate.

Hilton will retain a long-term management contract for the 251-
room hotel.  This contract will ensure the continuation of the
Hilton brand in this historic landmark hotel, superbly located
in the heart of Scotland’s capital city.  The Caledonian
Operating Company Ltd UK has agreed to an investment programme
of GBP13.5 million to maintain the high standard of amenity and
service in the grade II listed building which originally
opened in 1903.

Hilton was advised by C B Richard Ellis Hotels.

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

                       *     *     *

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

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

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


MEDDICA LTD: Brings In Liquidators from KPMG
--------------------------------------------
Myles Antony Halley and Richard John Hill of KPMG LLP were
appointed joint liquidators of Meddica Ltd. (formerly Medical
Records Ltd.) on Aug. 7 for the creditors’ voluntary winding-up
procedure.

The joint liquidators can be reached at:

         KPMG LLP
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England


MELCHIOR CDO I: S&P Cuts D Notes’ Ratings to B- from BB-
--------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its credit ratings on the
class B-1 and B-2 notes issued by Melchior CDO I S.A.

At the same time, it removed from CreditWatch with negative
implications and lowered its ratings on the class C-1, C-2, and
D notes.  The rating on the class A-1 notes was affirmed.

These rating actions follow the CreditWatch placements actioned
in April 2007.

The transaction is now in its amortization period, and to date
the class A notes have delivered by 25%.  The portfolio has been
underperforming for some time, and while Standard & Poor's has
noted improvements over the past year, the failure of the class
C interest coverage test on the last payment date and the class
D interest deferral that this caused, highlighted the need to
investigate the effects of the changes in the capital structure
and the portfolio on the current ratings.

The raising of the rating on the class B notes reflects the
improved prospects of the timely payment of interest and
ultimate payment of principal of these notes due to the
reduction in the amount of senior ranking debt.

The credit enhancement levels of the class C and D notes have
deteriorated due to the loss of par in the transaction.
Although this deterioration has stabilized more recently, cash
flow and credit analysis indicate that the credit enhancement
levels associated with the class C notes reflect those of a
'BB-' rating, and the credit enhancement levels on the class D
notes reflect those of a 'B-' rating.

Melchior CDO I S.A. is a cash flow arbitrage corporate high-
yield CBO transaction that closed in August 2001 with the
issuance of EUR400 million fixed, floating, and subordinated
notes.

The collateral manager is Henderson Global Investors Ltd.  The
portfolio comprises corporate high-yield bonds from issuers
incorporated in North America and Western Europe.

                          Ratings List
Melchior CDO I S.A.
   EUR400 Million Fixed- And Floating-Rate Notes

           Class              Rating
                     To                    From

           Ratings Raised
           B-1       AA                    A-/Watch Pos
           B-2       AA                    A-/Watch Pos

                         Ratings Lowered

           C-1       BB-                   BBB/Watch Neg
           C-2       BB-                   BBB/Watch Neg
           D         B-                    BB-/Watch Neg

                         Rating Affirmed

           A-1       AAA


NUANCE COMMS: Posts US$7.6 Million Net Loss in Third Quarter
------------------------------------------------------------
Nuance Communications Inc. reported revenues of US$156.6 million
in the quarter ended June 30, 2007, a 39% increase over revenues
of US$113.1 million in the quarter ended June 30, 2006.  Nuance
recognized a net loss of US$7.6 million in the quarter ended
June 30, 2007, compared with a net loss of US$9.4 million in the
quarter ended June 30, 2006.

For the nine months ended June 30, 2007, the company reported
revenues of US$422.1 million, as compared with revenues of
US$122.3 million for the nine months ended June 30, 2006.  The
company recognized net loss of US$10.6 million for the nine
months ended June 30, 2007, as compared with net loss of US$15.7
million for the nine months ended June 30, 2006.

As of June 30, 2007, the company's balance sheet showed total
assets of US$1.6 billion, total liabilities of US$806.7 million,
and total stockholders' equity of US$749.6 million.  The company
held cash and cash equivalents of US$168 million and marketable
securities of US$7.8 million at June 30, 2007.

"Nuance experienced solid growth in its embedded, network and
healthcare speech business lines, fueling strong revenue and
earnings above expectations," said Paul Ricci, chairman and
chief executive officer of Nuance.  "These results further
demonstrate our ability to extend Nuance's position in the
global speech industry and to realize the benefits and synergies
of recent acquisitions."

                     Strategic Acquisitions

The company announced the acquisitions of VoiceSignal and Tegic
Communications, adding proven solutions, broad industry
relationships and talented employees that enhance Nuance's
position in mobile markets.  The companies present compelling
opportunities for Nuance with respect to their technical and
operational capabilities, respective growth trajectories and
financial returns afforded shareholders.  Nuance expects these
acquisitions will close during its fourth fiscal quarter.

                   About Nuance Communications

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.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 9, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Burlington, Massachusetts-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.  S&P said the outlook is positive.


SANYO ELECTRIC: Shares Fall Due to Sellout Reports
--------------------------------------------------
Shares of Sanyo Electric Co., Ltd., dipped after reports that
the company is in talks to sell its mobile phone unit, Hiroshi
Suzuki of Bloomberg News relates.

As of 9:47 a.m. on August 13, 2007, Sanyo's stock declined 3.1%
after dropping 5.2% to JPY188 on the Tokyo Stock Exchange,
conveys Mr. Suzuki.

Sanyo, writes Mr. Suzuki, will announce a business framework by
the end of September including its future strategy on the
semiconductor and handset operations.

In a phone interview, Ahikiko Oiwa, a company spokesman,
revealed to Mr. Suzuki that Sanyo hasn't decided whether it will
sell the business.

                       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.


STAFF NOW: Colin Prescott Leads Liquidation Procedure
-----------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Staff Now Ltd. on Aug. 1 for the creditors’ voluntary winding-up
proceeding.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


TONY SHARP: Calls In Liquidators from Baker Tilly Restructuring
---------------------------------------------------------------
Guy Edward Brook Mander and Graham Paul Bushby of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Tony Sharp Designs Ltd. on July 27 for the creditors’
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         City Plaza
         Temple Row
         Birmingham
         B2 5AF
         England


VULCAN LTD: Fitch Rates EUR3 Million Class G Notes at BB
--------------------------------------------------------
Fitch Ratings has assigned Vulcan (European Loan Conduit No. 28)
Ltd. floating-rate notes due 2014 final ratings.  The
transaction is a securitization of a multi-borrower pool of 15
commercial mortgage loans.

   -- EUR856.265 million Class A: 'AAA', Outlook Stable
   -- EUR50,000 Class X: 'AAA', Outlook Stable
   -- EUR22.750 million Class B: 'AAA', Outlook Stable
   -- EUR76.5 million Class C: 'AA', Outlook Stable
   -- EUR76.5 million Class D: 'A', Outlook Stable
   -- EUR38.35 million Class E: 'BBB', Outlook Stable
   -- EUR3 million Class F: 'BBB-', Outlook Stable
   -- EUR3 million Class G: 'BB', Outlook Stable

The final ratings reflect the positive and negative features of
the underlying collateral and the integrity of the legal and
financial structures.  They address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in May 2017.

The loans are originated by Morgan Stanley Bank International
Limited and are secured by real estate located in Germany (eight
loans, 56% of the pool), France (six, 40%) and the Netherlands
(one, 4%). The largest loan accounts for 35.7% of the loan pool
and is secured by nine office properties located across Germany,
with a concentration in and around Frankfurt.

The underlying loan collateral consists of 88 properties located
in Germany (41), France (43), and the Netherlands (4) with a
total market value of EUR1.656 million.  The note issuance
represents an initial weighted average loan-to-value ratio of
66.2%, reducing to a balloon LTV of 65.5%, assuming no changes
in value, no prepayments and no defaults occurring prior to
individual loan maturities.  Payments due on the issued notes
will be funded from principal and interest payments on the
German, French and Dutch secured loans.

Interest and principal on the notes are paid quarterly in
arrears on each payment date, commencing in November 2007.
Scheduled repayment of principal will be distributed as the
loans themselves repay.  Prepayments and final repayments on the
loans will be allocated to the notes according to a "bucket"
structure.  The structure benefits from a servicer advance
facility available to cover interest shortfalls and senior
expenses with an initial balance of EUR73.6 million.


WHOLE FOODS: Wild Oats Shares Tender Offer Expires Today
--------------------------------------------------------
Whole Foods Market Inc. has extended the expiration date for its
tender offer to purchase outstanding shares of Wild Oats Markets
Inc. to 5:00 p.m. today, Wednesday, Aug. 15, 2007.

As of the close of business on Aug. 9, 2007, a total of
16,641,830 shares of common stock of Wild Oats, which represent
approximately 55.6% of the 29,926,251 shares that were
outstanding as of July 27, 2007 have been tendered and not
withdrawn pursuant to the tender offer.

On Feb. 21, 2007, Whole Foods Market entered into a merger
agreement with Wild Oats, pursuant to which Whole Foods Market,
through a wholly-owned subsidiary, has commenced a tender offer
to purchase all of the outstanding shares of Wild Oats at a
purchase price of US$18.50 per share in cash.

On June 7, 2007, the Federal Trade Commission filed a suit in
the federal district court to block the proposed acquisition on
antitrust grounds and seeking a temporary restraining order
and preliminary injunction pending a trial on the merits.  Whole
Foods Market and Wild Oats consented to a temporary restraining
order pending a hearing on the preliminary injunction, which
concluded on Aug. 1, 2007.

The parties anticipate receiving a ruling from the federal
district court in mid-August.

                     About Wild Oats Markets

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

                     About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a
natural and organic foods supermarket.  In fiscal year 2006,
the company had sales of US$5.6 billion and currently has more
than 190 stores in the United States, Canada, and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on May 1, 2007,
Standard & Poor's Ratings Services said that while the ratings
on Whole Foods Market Inc., including the 'BBB-' corporate
credit rating, currently remain on CreditWatch with negative
implications, where they were placed on Feb. 22, 2007, S&P will
lower the corporate credit rating to 'BB+' from 'BBB-' upon
closure of its acquisition of Wild Oats Inc.  At this time,
ratings will also be removed from CreditWatch.  The outlook will
be stable.


WWC EXCHANGE: Taps Liquidators from UHY Hacker Young
----------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of WWC Exchange Brokers Ltd.
(formerly Worldwide Currencies Ltd.) on July 31 for the
creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

                            *********

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
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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,
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                 * * * End of Transmission * * *