TCREUR_Public/070816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 16, 2007, Vol. 8, No. 162

                            Headlines


A U S T R I A

ADB BAU: Claims Registration Period Ends Sept. 5
CIKI BAU: Claims Registration Period Ends Sept. 5
HASIBUTZ LLC: Claims Registration Period Ends Sept. 12
HOTELS ON THE GREEN: Claims Registration Period Ends Sept. 12
JOSEF STOEBER: Claims Registration Period Ends Aug. 28

LAS - BAUTRAGER: Claims Registration Period Ends Aug. 28
TINNITRONICS LLC: Claims Registration Period Ends Sept. 4
TISCHLEREI H.STOEGERER: Court Orders Business Shutdown
UHRENDISKONT.COM: Claims Registration Period Ends Aug. 22


B E L G I U M

FEDERAL-MOGUL: Wants Until December 1 to Decide on Leases
FLOWSERVE CORP: Moody's Holds Low-B Ratings on Loan Extension
POPE & TALBOT: Posts US$42.9 Million Net Loss in Second Quarter


D E N M A R K

TDC A/S: Earns DKK846 Million in Second Quarter 2007


F R A N C E

ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold
PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mln


G E R M A N Y

ADOLF MUCK: Creditors Must Register Claims by Sept. 21
ADVANTIS GMBH: Creditors Must Register Claims by Sept. 14
ARTHUR ROSE: Creditors Must File Claims by Sept. 27
ASBANO UMWELTTECHNIK: Creditors Must File Claims by Sept. 7
AUTOHAUS STOOSS: Creditors Must File Claims by Sept. 11

BADGESELLSCHAFT MBH: Creditors Must File Claims by Sept. 17
BAUUNTERNEHMEN SCHMIDT: Creditors Must File Claims by Sept. 13
BTV TRANSPORT: Claims Registration Ends Sept. 25
CELEBRATION EVENT: Creditors Must Register Claims by Sept. 28
CONSULTATIO STEUERBERATUNGS: Claims Registration Ends Sept. 7

DLC SOLMS: Claims Registration Ends Sept. 26
DR. SCHUERMANN KUNSTSTOFFWERK: Claims Registration Ends Sept. 17
ELG ELEKTRO: Claims Registration Ends September 11
EXCLUSIV TREPPENLIFTE: Claims Registration Ends September 14
FERDINAND ERNST: Claims Registration Ends September 21

FOWE INNENAUSBAU: Claims Registration Ends September 25
GABATEC GEWACHSHAUS: Claims Registration Ends August 24
GEITZ FRISEURE: Claims Registration Period Ends Sept. 13
KAISER PROJEKT: Creditors Must Register Claims by Sept. 24
KLAUS VON BARGEN: Creditors Must Register Claims by Sept. 20

KRIECHBAUM GMBH: Claims Registration Period Ends Aug. 29
LENDEX-SERVICE GMBH: Creditors Must Register Claims by Sept. 11
MEYER GMBH: Claims Registration Period Ends Sept. 1
NRG ENERGY: Completes US$1 Billion Capital Allocation Plan
REHOMA RELAX: Creditors' Meeting Slated for September 24

ROTHER TRANSPORT: Claims Registration Period Ends Sept. 3
SCHAERER MAYFIELD: Creditors' Meeting Slated for Sept. 12
SCHAFFER & KLEIN: Creditors' Meeting Slated for Sept. 11
SCHLEBES BAUUNTERNEHMUNG: Claims Registration Ends Oct. 5
SCHULDNERIN BELLAFORM: Claims Registration Period Ends Aug. 29

ZIEGLER ENERGIETECHNIK: Claims Registration Ends Sept. 28


I R E L A N D

VALENCE TECH: June 30 Balance Sheet Upside-Down by US$67.9 Mln


I T A L Y

ALITALIA SPA: Italian Consortium Eyes Italy's Stake
BANCA ITALEASE: Moody's Downgrades Ratings to Ba1/NP/D-
DANA CORP: Posts US$133 Mln Net Loss in Qtr. Ended June 30, 2007
FIAT SPA: Repurchases 1.2 Million Ordinary Shares
TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors

TISCALI SPA: UK Unit to Receive Funds from Management & Capitali
TISCALI SPA: Says EUR200 Million Capital Hike Only an Option


K A Z A K H S T A N

AKSIB LLP: Proof of Claim Deadline Slated for Sept. 14
ARAY TV: Creditors Must File Claims Sept. 14
KUAT-TRANS LLP: Claims Filing Period Ends Sept. 14
MAK COMPANY: Creditors' Claims Due on Sept. 14
OTU COMPANY: Claims Registration Ends Sept. 14

PLANETA SNAB: Proof of Claim Deadline Slated for Sept. 14
POLINA LLP: Creditors Must File Claims Sept. 14
SIDAN XXI LLP: Claims Filing Period Ends Sept. 18
VENKOS LLP: Creditors' Claims Due on Sept. 14
VOSTOKSTROY-SERVICE LLP: Claims Registration Ends Sept. 18


K Y R G Y Z S T A N

ABSERVICE LLC: Proof of Claim Deadline Slated for September 27
BARKESAY LLC: Creditors Must File Claims by September 27


L U X E M B O U R G

AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab
EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units
EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance


N E T H E R L A N D S

FOOT LOCKER: Paying US$0.125 Per Share Cash Dividend on Nov. 2
KONINKLIJKE AHOLD: Reverse Stock Split Slated for Aug. 22
SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact


P O L A N D

NETIA SA: Posts PLN88.8 Million Net Loss for First Half 2007


R U S S I A

ANGARA CJSC: Creditors Must File Claims by Sept. 21
BRATSK-PROM-STROY: Creditors Must File Claims by Sept. 28
BREEZE CJSC: Creditors Must File Claims by August 28
DIK CJSC: Creditors Must File Claims by Sept. 28
DRUZHBA OJSC: Court Starts Bankruptcy Supervision Procedure

ERMAKOVSKOE CJSC: Bankruptcy Hearing Slated for November 7
EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units
EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance
INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal
IRBITSKAYA POULTRY: Court Starts Bankruptcy Supervision Process

KHIM-RESURS CJSC: Creditors Must File Claims by August 28
KOSHKINSKOE LLC: Court Starts Bankruptcy Supervision Procedure
KRAY-AGRO-SERVICE: Creditors Must File Claims by Sept. 28
KYZYLSKAYA POULTRY: Creditors Must File Claims by Sept. 21
PROGRESS LLC: Creditors Must File Claims by August 21

TAT-OIL-GAS-STROY: Asset Sale Slated for August 28
VIMPEL-COMMUNICATIONS: Acquires CSK in US$232 Million Buyout
YAROSLAVSKAYA FINANCIAL: Creditors Must File Claims by Sept. 21
YUZH-URAL-OIL-GAS-STROY: Creditors Must File Claims by Sept. 28
YUZHNO-URALSKAYA INVESTMENT: Asset Sale Slated for Sept. 15


S W I T Z E R L A N D

ABACAT JSC: Zug Court Closes Bankruptcy Proceedings
BS TEX: Basel Court Closes Bankruptcy Proceedings
COMPTRONIX JSC: Creditors' Liquidation Claims Due September 14
EASTERN EUROPEAN: Creditors' Liquidation Claims Due September 15
FMB SERVICES: Creditors' Liquidation Claims Due November 16

FREHNER-IT JSC: St. Gallen Court Closes Bankruptcy Proceedings
FVD LLC: Bern Court Starts Bankruptcy Proceedings
GRANU - TEC LLC: Aargau Court Starts Bankruptcy Proceedings
INKASSO TREUHAND: Zurich Court Closes Bankruptcy Proceedings
ITL INTER: St. Gallen Court Closes Bankruptcy Proceedings

KOHLER WERNER: Thurgau Court Closes Bankruptcy Proceedings
PIANURA JSC: Creditors' Liquidation Claims Due September 24
SC SUISSE: Lucerne Court Closes Bankruptcy Proceedings
SCB JSC: Graubunden Court Closes Bankruptcy Proceedings
UNIVERSAL SERVICE: Schwyz Court Closes Bankruptcy Proceedings


U K R A I N E

BAKHRAM LLC: Creditors Must File Claims by Aug. 17
BANK KHRESCHATYK: Fitch Assigns D/E Individual Ratings
BERNOVSKAYA LLC: Creditors Must File Claims by Aug. 17
CRYSTAL LLC: Creditors Must File Claims by Aug. 17
GAMMA B: Creditors Must File Claims by Aug. 16

PODVORIEVSKOE LLC: Creditors Must File Claims by Aug. 17
TECHNICS OJSC: Creditors Must File Claims by Aug. 17
TRADING CENTER: Creditors Must File Claims by Aug. 17
VATUTIN LLC: Creditors Must File Claims by Aug. 17


U N I T E D   K I N G D O M

ADVANCED MARKETING: Wants Exclusive Plan Filing Period Extended
ADVANCED MARKETING: Wants More Time to Decide on Two Leases
BALLY TOTAL: Files Amended Chapter 11 Reorganization Plan
BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors
BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor

BRITISH AIRWAYS: Moody's Lifts Senior Unsecured Rating to Ba1
CAMBRIDGE MARKETING: Claims Filing Period Ends October 2
DECO SERIES 2005: Fitch Junks GBP2.85 Million Class E Notes
DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale
GREAT NORTH: Loses Ten-Year East Coast Franchise to New Operator

HAWKSHEAD RETAIL: Brings In Liquidators from Ernst & Young
NUPLEX INDUSTRIES: Amends Terms of 2007 Capital Notes
OLYMPIA FOOD: Claims Filing Period Ends October 30
PIPE HOLDINGS: Polypipe Buys Out Equity from Castle Harlan
PIPE HOLDINGS: S&P Revises Outlook on Secondary Buyout Notice

RCQ HOLDINGS: Calls In Liquidators from Vantis Business
ROTRAN SIMULATOR: Claims Filing Period Ends September 25
SEA CONTAINERS: Fails to Secure 10-Year Franchise From Regulator
SECURICHECK LTD: Claims Filing Period Ends September 25
STATS CHIPPAC: Names Jimmy Phoon to Board of Directors

TISCALI SPA: UK Unit to Receive Funds from Management & Capitali
VALERIO’S HOLDINGS: Claims Filing Period Ends October 30
VIRGIN MEDIA: Mulls Licensing Deal with Numericable, Reports Say

* Upcoming Meetings, Conferences and Seminars


                            *********


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


ADB BAU: Claims Registration Period Ends Sept. 5
------------------------------------------------
Creditors owed money by LLC ADB Bau (FN 156781k) have until
Sept. 5 to file written proofs of claim to court-appointed
estate administrator Charlotte Boehm at:

         Dr. Charlotte Boehm
         Taborstrasse 10/2
         1020 Vienna
         Austria
         Tel: 214 77 10/20
         Fax: 214 77 10/16
         E-mail: boehm@EUnet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Sept. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 2 S 99/07g).  


CIKI BAU: Claims Registration Period Ends Sept. 5
-------------------------------------------------
Creditors owed money by LLC CIKI Bau (FN 270709b) have until
Sept. 5 to file written proofs of claim to court-appointed
estate administrator Martina Simlinger-Haas at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Sept. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 2 S 98/07k).  


HASIBUTZ LLC: Claims Registration Period Ends Sept. 12
------------------------------------------------------
Creditors owed money by LLC HASIBUTZ (FN 81622h) have until
Sept. 12 to file written proofs of claim to court-appointed
estate administrator Sebastian Lesigang at:

         Mag. Sebastian Lesigang
         c/o Dr. Michael Lesigang
         Wagramerstrasse 19/19
         1220 Vienna
         Austria
         Tel: 269 89 50
         Fax: 269 89 51
         E-mail: sebastian@lesigang.at  
                 michael@lesigang.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 4 S 79/07f).  Michael Lesigang
represents Mag. Lesigang in the bankruptcy proceedings.


HOTELS ON THE GREEN: Claims Registration Period Ends Sept. 12
-------------------------------------------------------------
Creditors owed money by LLC Hotels on the Green Golf- & Hotel-
Marketing (FN 252995b) have until Sept. 12 to file written
proofs of claim to court-appointed estate administrator Leopold
Riess at:

         Dr. Leopold Riess
         c/o Dr. Eva Riess
         Zeltgasse 3
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 4 S 80/07b).  Eva Riess represents
Dr. Leopold Riess in the bankruptcy proceedings.


JOSEF STOEBER: Claims Registration Period Ends Aug. 28
------------------------------------------------------
Creditors owed money by LLC Josef Stoeber (FN 216887b) have
until Aug. 28 to file written proofs of claim to court-appointed
estate administrator Volker Leitner at:

         Mag. Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 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 Loosdorf, Austria, the Debtor declared
bankruptcy on July 18 (Bankr. Case No. 14 S 130/07v).  


LAS - BAUTRAGER: Claims Registration Period Ends Aug. 28
--------------------------------------------------------
Creditors owed money by LLC LAS - Bautrager (FN 32098d) have
until Aug. 28 to file written proofs of claim to court-appointed
estate administrator Michael Schwarz at:

         Dr. Michael Schwarz
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 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 Pressbaum, Austria, the Debtor declared
bankruptcy on July 18 (Bankr. Case No. 14 S 129/07x).  


TINNITRONICS LLC: Claims Registration Period Ends Sept. 4
---------------------------------------------------------
Creditors owed money by LLC Tinnitronics (FN 172827h) have until
Sept. 4 to file written proofs of claim to court-appointed
estate administrator Stephan Riel at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 18 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 17 (Bankr. Case No. 28 S 84/07t).  


TISCHLEREI H.STOEGERER: Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Eisenstadt entered July 17 an order shutting
down the business of LLC Tischlerei H.Stoegerer (FN 110874a).

Court-appointed estate administrator Elisabeth Hrastnik
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. Elisabeth Hrastnik
         Hauptplatz 11
         Atrium
         Top 16A
         7400 Oberwart
         Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hrastnik@utanet.at  

Headquartered in Markt Allhau, Austria, the Debtor declared
bankruptcy on July 13 (Bankr. Case No 26 S 99/07x).


UHRENDISKONT.COM: Claims Registration Period Ends Aug. 22
---------------------------------------------------------
Creditors owed money by KEG Uhrendiskont.com (FN 240414a) have
until Aug. 22 to file written proofs of claim to court-appointed
estate administrator Wolfgang Klobassa at:

         Dr. Wolfgang Klobassa
         Conrad-von-Hoetzendorf-Strasse 15
         8570 Voitsberg
         Austria
         Tel: 03142/21 8 50
         Fax: 03142/21 8 50-6
         E-mail: insolvenz@ra-semlitsch-klobassa.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 p.m. on Sept. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Soeding, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 25 S 76/07z).  


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


FEDERAL-MOGUL: Wants Until December 1 to Decide on Leases
---------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District if Delaware to extend the
period within which they may assume or reject nonresidential
real property leases through and including the earlier of:

  (a) December 1, 2007; or

  (b) the effective date of a plan of reorganization.

The Real Property Leases relate to numerous facilities integral
to the Debtors' ongoing business operations, notes James E.
O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones  &
Weintraub LLP, in Wilmington, Delaware.  While the Debtors'
management has largely completed the process of evaluating each
of the Real Property Leases for their economic desirability and
compatibility with the Debtors' long-term strategic business
plan, and a number of economically improvident Real Property
Leases have been rejected by the Debtors with the Court's
approval, several Real Property Leases are continuing to be
evaluated, Mr. O'Neill tells Judge Fitzgerald.  He notes that
the process of evaluating Real Property Leases has taken place
as the Debtors seek to (i) consolidate their facilities to
eliminate redundancies and inefficiencies; and (ii) shift
certain manufacturing efforts to portions of the country and the
world more suitable to their businesses, consistent with their
overall business plan.

An extension, Mr. O'Neill asserts, should be granted to:

  (1) allow time for the Debtors' evaluation process to
      continue; and

  (2) afford the Debtors maximum flexibility in restructuring
      their business.

"Given the inherent fluidity in the operation of a large,
complex business enterprise such as the Debtors', circumstances
may arise during the pendency of there Chapter 11 cases that
will cause the Debtors to rethink the need to continue leasing a
particular facility or their decision to reject a given Real
Property Lease," Mr. O'Neill points out.  "In the absence of an
extension . . . the Debtors could be forced prematurely to
assume Real Property Leases that may later be burdensome, giving
rise to large potential administrative claims against the
Debtors' estates and hampering the Debtors' ability to
reorganize successfully.  Alternatively, the Debtors could be
forced prematurely to reject Real Property Leases that would
have been of benefit to the Debtors' estates, to the collective
detriment of all stakeholders."

The Debtors request does not prejudice the lessors under the
Real Property Leases because the Debtors will continue to
perform all of their obligations under the Leases in a timely
fashion, including payment of all postpetition rent due,  Mr.
O'Neill assures the Court.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The confirmation hearing started on
June 18, 2007.  (Federal-Mogul Bankruptcy News, Issue No. 145;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FLOWSERVE CORP: Moody's Holds Low-B Ratings on Loan Extension
-------------------------------------------------------------
Moody's Investors Service affirmed Flowserve Corporation's
corporate family rating at Ba3 and probability of default at B1.

At the same time, Moody's affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.  The
rating actions result from Flowserve extending the maturity of
its revolving credit facility by two years to August 2012.  The
outlook is stable.

Flowserve's Ba3 corporate family rating reflects the company's
leading market position in the fluid motion and control
manufacturing industry, diverse product offering and global foot
print.  Moody's also anticipates that Flowserve will benefit
from revenue growth as demand for industrial pumps, seal,
valves, and services continue to remain robust over the
intermediate term as well as the prudent financial policies
being embraced by management.  Through LTM June 2007,
Flowserve's key credit metrics (as adjusted per Moody's FM
Methodology) were: EBITA margin -- 9%; EBIT/interest expense --
3.3 times; debt/EBITDA -- 2.8 times; and, retained cash
flow/debt at 21%.  These strengths, however, are balanced
against the ongoing cyclicality of Flowserve's end markets.  
Additionally, the corporate family rating is constrained by the
ongoing investigation into the Oil-for-Food Program and
shareholder lawsuit.  Also, there is the potential for Flowserve
to pursue further growth initiatives which could require
incremental capital investments.

The stable outlook reflects Moody's expectations that
Flowserve's debt protection measures are supportive of the Ba3
rating over the next twelve to eighteen months.  The company's
current good liquidity profile, with balance sheet cash of about
US$48 million at the end of 2Q07 should enable it to fund modest
growth without incurring significant additional financial
leverage.  Consequently, even in consideration of a modest
cyclical downturn in business trends, Moody's anticipates that
Flowserve will maintain appropriate financial metrics for its
current rating.

The rating for the company's senior secured bank credit facility
consisting of the revolving credit facility and term loan
reflects the overall probability of default of the company, to
which Moody's assigns a probability of default of B1. The Ba2
rating of the senior secured bank credit facility is rated one
notch above the corporate family rating and reflects an LGD2
(20%) loss given default assessment.  This credit facility
reflects its senior position in Flowserve's capital structure, a
first priority in substantially all of the company's assets, and
the benefit from almost US$200 million in junior claims.

These rating/assessments were affected by this action:

   -- Corporate family rating affirmed at Ba3;

   -- Probability of default rating affirmed at B1;

   -- US$600 million senior secured term loan due August 2012
      affirmed at Ba2 (LGD2, 20%); and,

   -- US$400 million senior secured revolving credit facility
      due August 2012 assigned at Ba2 (LGD2, 20%).

Flowserve Corporation, headquartered in Irving, TX, is one of
the world's leading providers of fluid motion and control
products and services.  Operating in over 55 countries, the
company produces engineered and industrial pumps, seals and
valves. The company also provides a range of related flow
management services.

Flowserve has operations in Dominican Republic, Guatemala,
Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore,
among others.


POPE & TALBOT: Posts US$42.9 Million Net Loss in Second Quarter
---------------------------------------------------------------
Pope & Talbot Inc. reported a net loss of US$42.9 million for
the second quarter ended June 30, 2007, compared with a net loss
of US$21.8 million for the same quarter of 2006 and US$18.6
million for the first quarter of 2007.  

Revenues were US$236.5 million for the second quarter compared
with US$213.6 million for the second quarter of 2006 and
US$200.5 million for the first quarter of 2007.  As a result of
the company's adoption of an accounting pronouncement for
planned major maintenance activities issued in the latter part
of 2006, the second quarter 2006 net loss is US$7.3 million more
than the amount previously reported.

The company's operating performance significantly declined in
the second quarter of 2007 compared to both the second quarter
of 2006 and the first quarter of 2007.  In the second quarter of
2007, the company's operating loss was US$30.3 million and
earnings before interest, taxes, depreciation and amortization
(EBITDA) was negative US$17.7 million, as compared with an
operating loss of US$10.5 million and negative EBITDA of
US$200,000 for the same quarter of 2006.  For the first quarter
of 2007, operating loss was US$14.7 million and EBITDA was
negative US$4.4 million.  

Higher pulp raw material, manufacturing costs and maintenance
costs, combined with the negative impact of a strengthening
Canadian dollar relative to the U.S. dollar offset improved pulp
market prices and increased pulp shipments in the second quarter
of 2007 as compared to the prior periods.  The strengthening
Canadian currency also impacted wood products costs, which were
also higher than the prior periods as a result of increased
shipments.  Lumber prices, while improving from the first
quarter of 2007 levels, continued to reflect depressed lumber
market conditions.

            Forbearance Agreement with Senior Lenders

As reported in the Troubled Company Reporter on Aug. 8, 2007,
the company is in default of its senior secured credit agreement
as a result of its inability to maintain compliance with one
financial covenant calculated as of June 30, 2007.  The company
and its senior lenders entered into a forbearance agreement
pursuant to which its senior lenders have agreed that until
Sept. 17, 2007, or the earlier of another default they will
forbear from exercising any rights or remedies they may have
under the credit agreement arising from the existing default
(including their right to declare all amounts outstanding as
immediately due and payable), and will permit the company to
continue to borrow under the revolving credit facility, on a
reduced basis, subject to all other terms and conditions of the
credit agreement.

The covenant required that the company generate EBITDA, as
defined, of at least US$30 million for the four-quarter period
ended June 30, 2007; however, the company generated EBITDA of
US$4.0 million for this period, including negative EBITDA of
US$24.8 million in the second quarter of 2007.  Although the
company may seek further forbearance or other relief from its
senior lenders when the current forbearance expires, it cannot
provide any assurance that such forbearance or other relief will
be provided.  Even if the company is successful in obtaining
additional covenant relief, the company will continue to be
challenged in its ability to maintain adequate levels of
liquidity relative to the size of its operations.  Accordingly,
the company is continuing to explore alternatives to strengthen
its balance sheet and generate cash, including one or more
possible asset sales or other capital infusions, and is
analyzing its ability to restructure its debt and other
liabilities, including, if necessary, through bankruptcy
proceedings.  In addition, the Forbearance Agreement requires
the company during the six-week forbearance period to solicit
offers to purchase all or substantially all of the company's
assets or equity interests.  The company has engaged Rothschild
Inc. to assist in all those efforts.

"The unfavorable movement of the Canadian dollar and a scarcity
of affordable fiber resources have combined to tighten our
liquidity and severely impact earnings," said Harold Stanton,
president and chief executive officer.  "While these factors are
largely out of our control, we cannot maintain the status quo
and expect to withstand this current market environment.  We are
actively taking steps to improve our liquidity.  As previously
announced, we are curtailing one of three production lines at
our Nanaimo pulp mill to reduce operating costs and conserve
fiber in light of current market conditions.  We are managing
working capital by reducing inventories to minimal levels and
optimizing cash conversion between our collections and payables.  
We have initiated actions to reduce non-employee administrative
expenses throughout the company and have implemented a salary
and new hire freeze for all staff and salaried positions.  
Additionally, we have closed our Corporate flight department and
have sold the company airplane.  As we investigate longer-term
capital and financing alternatives, I am hopeful that our
current lenders will be supportive of our efforts and will grant
us a prudent timeframe to execute an appropriate strategy."

SG&A expenses for the second quarter of 2007 totaled US$10.2
million compared with US$9.3 million in the same period of 2006
and US$9.5 million in the first quarter of 2007.  SG&A expenses
in the second quarter of 2007 were US$900,000 higher than the
same period a year ago, primarily due to an increase of
US$700,000 in costs associated with financial consultants, legal
and other professional services, an increase of US$300,000 in
equity compensation expense and an increase of US$200,000 in
sales commissions, offset by a reduction in costs of US$300,000
associated with a sales tax audit in 2006.  SG&A expenses
increased US$700,000 compared with the first quarter of 2007,
due to similar factors as discussed above except offset by a
decrease of US$500,000 in audit fees and a decrease of
US$200,000 associated with uninsured losses that occurred in the
first quarter.

At June 30, 2007, the company's consolidated financial
statements showed US$682.0 million in total assets, US$601.1
million in total liabilities, and US$80.9 million in total
stockholders' equity.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with US$259.4 million in total current
assets available to pay US$335.7 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2253

                      Capital and Liquidity

At June 30, 2007, total debt was US$354.9 million, an increase
of US$33.9 million from US$321.0 million at Dec. 31, 2006.  
Total stockholders' equity decreased by US$39.6 million in the
first six months of 2007 primarily due to a net loss, partially
offset by an increase in accumulated other comprehensive income.  
At June 30, 2007, the ratio of long-term debt to total
capitalization was 81%, up from 73% at Dec. 31, 2006.

At June 30, 2007, the company was utilizing US$34.1 million of
its revolving facility for cash borrowings and US$16.7 million
for letters of credit.  At July 31, 2007, cash borrowing under
the revolving credit facility had increased to US$44.4 million
primarily due to payment of approximately US$8 million in annual
Canadian property taxes due in July.  Under the Forbearance
Agreement with the company's senior lenders, the revolving
facility has been reduced to US$67.0 million, with maximum
limits of US$50.0 million and US$17.0 million for cash
borrowings and letters of credit, respectively.  As a result of
the unwaived default, the company has classified all outstanding
cash borrowings under the revolving facility and the term loans
under its credit agreement as current liabilities at June 30,
2007.

Cash requirements in the first six months of 2007 included an
increase in net working capital of US$6.4 million and US$11.4
million for capital expenditures.  In the second quarter of
2007, Pope & Talbot's capital expenditures were US$6.2 million
and depreciation and amortization totaled US$10.4 million.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 12, 2007,
KPMG LLP expressed substantial doubt on Pope & Talbot Inc.'s
ability to continue as a going concern after auditing the
company's financial statements for the year ended Dec. 31, 2006.
The auditing firm pointed to the company significant borrowings
and the uncertainty over the company's ability to comply with
the financial covenants in future periods.

                       About Pope & Talbot

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


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


TDC A/S: Earns DKK846 Million in Second Quarter 2007
----------------------------------------------------
TDC A/S released financial results for the second quarter of
2007.

Net income including special items and fair value adjustments
came to DKK846 million in the second quarter of 2007, compared
with DKK988 million in the second quarter of 2006, down DKK142
million.  This was mainly related to income from special items
in the second quarter of 2006 due to the favorable outcome of
the Swiss federal court ruling regarding landline interconnect
rates.

Net income excluding special items and fair value adjustments in
the second quarter of 2007 was DKK832 million, up DKK271 million
or 48.3% mainly due to less income tax as a result of lower
Danish corporate income tax rate, higher EBITDA and lower
depreciation, amortization and impairment losses.

In the second quarter of 2007, income from associates and joint
ventures amounted to DKK139 million, an increase of DKK45
million compared with the second quarter of 2006, mainly related
to increased income from Polkomtel.

TDC's revenue amounted to DKK10.1 billion in the second quarter
of 2007, up DKK241 million or 2.5%, reflecting more mobile
customers and higher handset sales in TDC Mobile Nordic as well
as higher revenue in TDC Cable TV due to more customers and
higher ARPU.  The increased revenue also benefited positively
from higher revenue from leased lines, CPE sales and data
communication & internet in TDC Solutions, partly offset by
lower revenue from landline telephony.  Sunrise experienced a
negative development in revenue due to an unfavorable
development in the Swiss exchange rate.  In local currency,
revenue in sunrise increased by 3.1%.

Adjusted for acquired and divested companies, revenue increased
by 3.3%.  EBITDA increased by DKK77 million or 2.6% to DKK3.1
billion in the second quarter of 2007.

EBITDA was positively impacted by the acquisition of Invitel and
an increasing number of domestic mobile and internet customers
as well as higher ARPU in TDC Cable TV.  EBITDA growth was also
positively affected by increased revenue from leased lines and
data communications and internet services in TDC Solutions.
The divestment of Bite, an increased number of fault corrections
in TDC Solutions along with an unfavorable development in the
Swiss exchange rate and lower mobile termination prices impacted
EBITDA negatively.

Adjusted for acquired and divested companies, EBITDA increased
by 1.6%.  The EBITDA margin remained at 30.6% unchanged from the
second quarter of 2006.  Adjusted for acquired and divested
companies, the EBITDA margin decreased from 31.1% to 30.5%.

In the second quarter of 2007, net financials amounted to an
expense of DKK817 million compared with an expense of DKK737
million in the second quarter of 2006.

Net interest-bearing debt amounted to DKK53.8 billion at the end
of the second quarter of 2007 compared with DKK58.4 billion at
the end of the second quarter of 2006, down DKK4.6 billion,
comprising mainly proceeds from the divestment of Bite.

Compared with the end of the first quarter of 2007, net
interest-bearing debt increased by DKK2 billion, primarily
stemming from consolidation of Invitel debt of DKK3.1 billion
(Other loans) that was partly compensated by positive operating
cash flow in the second quarter of 2007.

Senior Facilities are the most prominent debt financing
instrument in TDC, representing 72% of total loans at the end of
the second quarter of 2007.  Apart from a revolving tranche, the
Senior Facilities are composed of three term loans, one being
repayable in installments until 2011 (Facility A) and the other
two being repayable as a bullet in 2014 and 2015, respectively
(Facilities B and C).

On April 20, 2007, TDC made a prepayment totaling EUR900 million
(DKK6.7 billion) with EUR380 million on Facility A covering all
mandatory installments up to and including June 2009, EUR468
million on Facility B and EUR52 million on Facility C.  As a
result of this prepayment, the following amounts (nominal value)
drawn in Euros were outstanding as per June 30, 2007: Facility
A: EUR1.1 billion, Facility B: EUR2 billion and Facility C:
EUR2.4 billion.

As of June 30, 2007, no installment under the Senior Facilities
was scheduled for the remainder of 2007 (prepayments can be made
by TDC though).  DKK32.9 billion or 64% of the total nominal
debt falls due in 2014 and 2015.

On Aug. 8, 2007, TDC made a prepayment of EUR373 million
(DKK2.8 billion).  In accordance with the Senior Facility
documentation the extraordinary prepayments represent
50% of the disposal proceeds from Talkline and dividends
received from Polkomtel.  As a result of this prepayment, the
following amounts (nominal value) drawn in Euros were
outstanding as per Aug. 8, 2007: Facility A: EUR1 billion,
Facility B: EUR1.9 billion and Facility C: EUR2.3 billion.

At June 30, 2007, TDC’s balance sheet showed DKK79.7 billion in
total assets, DKK74.3 billion in total liabilities and DKK5.4
billion in stockholders’ equity.

The company’s June 30 balance sheet also showed strained
liquidity with DKK14.1 billion in total current assets available
to pay DKK14.8 billion in total liabilities coming due within
the next 12 months.

                      Number of Customers

TDC's customer base totaled 11.1 million customers at the end of
the second quarter of 2007, an 8.4% decrease relative to the
second quarter of 2006 which is attributable to the divestment
of Bite in February 2007.  This was partly balanced by the
acquisition of Invitel.

The domestic customer base totaled 7.9 million, up 2.9%.  This
development is primarily the result of growth in the mobile,
xDSL and cable-modem customer bases and is partly offset by a
decline in the number of landline telephony customers and
dial-up internet customers.

The domestic mobile customer base increased by 10.6% to 2.9
million.

The number of retail xDSL customers in TDC's domestic operations
grew by 21.5% to 819,000.  The total number of retail broadband
customers, including cable modem customers, increased to
1,122,000, up 18.4% relative to the second quarter of 2006.

                        Outlook for 2007

TDC expects that revenue in 2007 will increase slightly compared
with revenue in 2006, as the continued growth in broadband and
mobile activities along with the acquisition of Invitel more
than offset the decrease in the landline business and the impact
of the divestment of Bite.

Net income is expected to decrease approximately 20% in 2007, as
result of changed capital structure and acquisition of Invitel.
The estimated impact from the amendment to the corporate tax
legislation has been included in the outlook for net income.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
affirmed TDC A/S's Long-term Issuer Default rating at 'BB-' and
TDC's and NTC Holdings' debt, following a detailed review
meeting with management.  The Short-term IDR is affirmed at 'B'.  
All the ratings are removed from Rating Watch Negative.
A Stable Outlook is assigned to the Long-term IDR.

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

Moody's also assigned a Ba3 Probability-Of-Default-rating to the
company.

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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


ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold
--------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has upgraded its rating
on Alcatel-Lucent's shares to "hold" from "sell," Newratings.com
reports.

According to Newratings.com, the target price for Alcatel-
Lucent's shares was set at EUR8.

Mr. Lindberg said in a research note that Alcatel-Lucent's share
price "represents the risk-reward equilibrium."

Due to "lackluster results and unclear guidance," Alcatel-
Lucent's pre-merger market capitalization" recently decreased by
EUR10 billion, Newratings.com states.

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

                       *     *     *

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

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

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


PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mln
-------------------------------------------------------------
Pride International Inc. has signed a memorandum of agreement to
sell its fleet of three self-erecting, tender-assist rigs to
Ferncliff TIH AS of Norway for US$213 million in cash.  The sale
is expected to close by January 2008, subject to the novation of
drilling contracts on each unit and other customary closing
conditions.  Proceeds from the sale are expected to be utilized
for general corporate and strategic purposes, including
potential funding for the construction of the company's two
ultra-deepwater drillships and other future growth
opportunities.

The three tender-assist units, the Al Baraka I, Alligator and
Barracuda, are currently under contract to major international
oil and gas companies and operating offshore West Africa.  The
sale of the units is consistent with Pride's stated strategic
direction to focus its offshore drilling operations in deepwater
and other high specification assets.

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%);


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


ADOLF MUCK: Creditors Must Register Claims by Sept. 21
------------------------------------------------------
Creditors of Adolf Muck & Co. GmbH have until Sept. 21 to
register their claims with court-appointed insolvency manager
Sandra Mitter.

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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312

The District Court of Kassel opened bankruptcy proceedings
against Adolf Muck & Co. GmbH on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Adolf Muck & Co. GmbH
         Attn: Adolf Muck, Manager
         Rundstrasse 9 - 11
         34314 Espenau
         Germany


ADVANTIS GMBH: Creditors Must Register Claims by Sept. 14
---------------------------------------------------------
Creditors of advantis GmbH & Co. KG have until Sept. 14 to
register their claims with court-appointed insolvency manager
Klaus Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         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 Niemeyer
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: 0541 / 33 85 00
         Telefax: 0541 / 33 850-50

The District Court of Osnabrueck opened bankruptcy proceedings
against advantis GmbH & Co. KG on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         advantis GmbH & Co. KG
         Franz-Lenz-Str. 3
         49084 Osnabrueck
         Germany

         Attn: Rolf Klostermann, Manager
         Blissestrasse 60
         10713 Berlin
         Germany


ARTHUR ROSE: Creditors Must File Claims by Sept. 27
---------------------------------------------------
Creditors of Arthur Rose GmbH & Co KG have until Sept. 27 to
register their claims with court-appointed insolvency manager
Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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 Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Arthur Rose GmbH & Co KG on July 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Arthur Rose GmbH & Co KG
         Zeisigstraße 22
         33607 Bielefeld
         Germany


ASBANO UMWELTTECHNIK: Creditors Must File Claims by Sept. 7
-----------------------------------------------------------
Creditors of ASBANO Umwelttechnik GmbH have until Sept. 7 to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         ASBANO Umwelttechnik GmbH
         Grevenweg 72
         20537 Hamburg
         Germany


AUTOHAUS STOOSS: Creditors Must File Claims by Sept. 11
-------------------------------------------------------
Creditors of Autohaus Stooß GmbH have until Sept. 11 to register
their claims with court-appointed insolvency manager
Marc Schaumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 5, 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 Eutin
         Hall B
         First Stick         
         Jungfernstieg 3
         23701 Eutin
         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 Schaumann
         Lauenburger Straße 15
         21493 Schwarzenbek
         Germany

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

The Debtor can be reached at:

         Autohaus Stooß GmbH
         Bäderstraße 10
         23626 Ratekau
         Germany


BADGESELLSCHAFT MBH: Creditors Must File Claims by Sept. 17
-----------------------------------------------------------
Creditors of Badgesellschaft mbH have until Sept. 17 to register
their claims with court-appointed insolvency manager
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         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:

         Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany

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

The Debtor can be reached at:

         Badgesellschaft mbH
         Elsterdamm 39
         07570 Gera
         Germany


BAUUNTERNEHMEN SCHMIDT: Creditors Must File Claims by Sept. 13
--------------------------------------------------------------
Creditors of Bauunternehmen Schmidt GmbH have until Sept. 13 to
register their claims with court-appointed insolvency manager
Nicola Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Nicola Walter
         Bautzner Landstraße 21
         01324 Dresden
         Germany

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

The Debtor can be reached at:

         Bauunternehmen Schmidt GmbH
         Hauptstr. 31 a
         02794 Leutersdorf
         Germany


BTV TRANSPORT: Claims Registration Ends Sept. 25
------------------------------------------------
Creditors of BTV Transport GmbH have until Sept. 25 to register
their claims with court-appointed insolvency manager Wolfgang
Kortes.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Wolfgang Kortes
         Rudolph-Sack-Str. 9
         04229 Leipzig
         Germany
         Tel: 0341/491440
         Fax: 0341/4914420

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

The Debtor can be reached at:

         BTV Transport GmbH
         Reckwitz 27
         04779 Wermsdorf
         Germany


CELEBRATION EVENT: Creditors Must Register Claims by Sept. 28
-------------------------------------------------------------
Creditors of Celebration Event GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Gudrun Hopf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gudrun Hopf
         Hilblestr. 7
         80636 Munich
         Germany
         Tel: 089/183690
         Telefax: 089/184160

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

The Debtor can be reached at:

         Celebration Event GmbH
         Attn: Frank Hammerer, Manager
         Wiegenfeldring 9
         85570 Markt-Schwaben
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 4:00 p.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Severin Kiesl
         Stollstrasse 5
         83022 Rosenheim
         Germany

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

The Debtor can be reached at:

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


DLC SOLMS: Claims Registration Ends Sept. 26
--------------------------------------------
Creditors of DLC Solms Logistik GmbH have until Sept. 26 to
register their claims with court-appointed insolvency manager
Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         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. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/9623 340
         Fax: 069/9623 3422
         E-Mail: frankfurt@brinkmann-partner.de


The District Court of Wetzlar opened bankruptcy proceedings
against DLC Solms Logistik GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DLC Solms Logistik GmbH
         Gewerbegebiet Ost
         35606 Solms-Oberbiel
         Germany


DR. SCHUERMANN KUNSTSTOFFWERK: Claims Registration Ends Sept. 17
----------------------------------------------------------------
Creditors of Dr. Schuermann Kunststoffwerk GmbH have until
Sept. 17 to register their claims with court-appointed
insolvency manager Dr. Stefan Niederste Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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. Stefan Niederste Frielinghaus
         Alexandrinenstrasse 17
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Dr. Schuermann Kunststoffwerk GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dr. Schuermann Kunststoffwerk GmbH
         Attn: Thomas Voigt, Manager
         Am Kambert 1
         23936 Upahl
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Oct. 11, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Justice Center
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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

         Attn: Dirk Vatterott, Manager
         Blauer Steinweg 18
         39218 Schoenebeck
         Germany


EXCLUSIV TREPPENLIFTE: Claims Registration Ends September 14
------------------------------------------------------------
Creditors of EXCLUSIV Treppenlifte GmbH & Co. KG have until
Sept. 14 to register their claims with court-appointed
insolvency manager Michael Wirth.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Fuerth
         Hall 216/II
         Office Building
         Baumenstrasse 28
         Fuerth
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Wirth
         Nordostpark 30
         90411 Nuremberg
         Germany
         Tel: 0911/9551240
         Fax: 0911/95512411

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

The Debtor can be reached at:

         EXCLUSIV Treppenlifte GmbH & Co. KG
         Buchenweg 4
         91489 Wilhelmsdorf
         Germany


FERDINAND ERNST: Claims Registration Ends September 21
------------------------------------------------------
Creditors of Ferdinand Ernst have until Sept. 21 to register
their claims with court-appointed insolvency manager Mechthild
Greve.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 28, 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 Koblenz
         Hall 123
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany  
       
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Nov. 9, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Mechthild Greve
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/30479-0
         Fax: 0261/9114729
         E-Mail: info@lieser-rechtsanwaelte.de  
         Web site: http://www.lieser-rechtsanwaelte.de

The District Court of Koblenz opened bankruptcy proceedings
against Ferdinand Ernst on July 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ferdinand Ernst
         Bahndamm 8
         56357 Miehlen
         Germany


FOWE INNENAUSBAU: Claims Registration Ends September 25
-------------------------------------------------------
Creditors of FOWE. Innenausbau GmbH have until Sept. 25 to
register their claims with court-appointed insolvency manager
Dr. Sabine Feuerborn.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         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

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

The Debtor can be reached at:

         FOWE. Innenausbau GmbH
         Antwerpener Strasse 55
         50672 Cologne
         Germany

         Attn: Ulrich Engels, Manager
         Moltkestrasse 101
         50674 Cologne
         Germany


GABATEC GEWACHSHAUS: Claims Registration Ends August 24
-------------------------------------------------------
Creditors of GaBaTec Gewachshaus- und Heizungsbau GmbH have
until Aug. 24 to register their claims with court-appointed
insolvency manager Uwe Miehe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 25, 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 13
         Justice Center
         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:

         Uwe Miehe
         Koenigstrasse 17
         39116 Magdeburg
         Germany
         Tel: 0391/5971240
         Fax: 0391/5971241

The District Court of Magdeburg opened bankruptcy proceedings
against GaBaTec Gewachshaus- und Heizungsbau GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GaBaTec Gewachshaus- und Heizungsbau GmbH
         Attn: Michael Drosihn, Manager
         Mittelstr. 7
         06469 Nachterstedt
         Germany


GEITZ FRISEURE: Claims Registration Period Ends Sept. 13
--------------------------------------------------------
Creditors of Geitz Friseure GmbH have until Sept. 13 to register
their claims with court-appointed insolvency manager Uwe
Gruenert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hagen
         Meeting Hall 259
         Heinitzstr. 42/44
         58097 Hagen
         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:

         Uwe Gruenert
         Kaiserstr. 155
         58300 Wetter
         Germany

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

The Debtor can be reached at:

         Geitz Friseure GmbH
         Attn: Rainer Geitz, Manager
         geboren 2003
         Westwall 1 5
         8239 Schwerte
         Germany

KAISER PROJEKT: Creditors Must Register Claims by Sept. 24
----------------------------------------------------------
Creditors of Kaiser Projekt GmbH have until Sept. 24 to register
their claims with court-appointed insolvency manager Hans-
Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 22, 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:

         Hans-Albrecht Brauer
         Jahnstr. 1
         54550 Daun
         Germany
         Tel: 06592/985604
         Fax: 06592/7344

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

The Debtor can be reached at:

         Kaiser Projekt GmbH
         Attn: Ralf Kaiser, Manager
         Otto-Hahn-Str. 11
         54516 Wittlich
         Germany


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

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

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Klaus von Bargen Handelsgesellschaft mbH
         Attn: Klaus von Bargen, Manager
         Sunder Strasse 33
         21726 Oldendorf
         Germany


KRIECHBAUM GMBH: Claims Registration Period Ends Aug. 29
--------------------------------------------------------
Creditors of Kriechbaum 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 10:30 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/I
         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 Kriechbaum GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Kriechbaum GmbH
         Attn: Friedbert Kriechbaum, Manager
         Robert-Koch-Str. 7
         76661 Philippsburg
         Germany


LENDEX-SERVICE GMBH: Creditors Must Register Claims by Sept. 11
---------------------------------------------------------------
Creditors of LENDEX-Service GmbH have until Sept. 11 to register
their claims with court-appointed insolvency manager Stefan
Jakob.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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:

         Stefan Jakob
         Plantagenstrasse 3
         08371 Glauchau
         Germany
         Tel: (03763) 77870
         Telefax: (03763) 778711
         E-mail: info@inso-verwalter.de

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

The Debtor can be reached at:

         LENDEX-Service GmbH
         Attn: Gunnar Preiss, Manager
         Badener Str. 20
         08393 Meerane
         Germany


MEYER GMBH: Claims Registration Period Ends Sept. 1
---------------------------------------------------
Creditors of Meyer GmbH have until Sept. 1 to register their
claims with court-appointed insolvency manager Dr. Christian
Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 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 Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller), opened bankruptcy
proceedings against Meyer GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Meyer GmbH
         Attn. Olaf Meyer, Manager
         Am Allerufer 8
         27283 Verden
         Germany


NRG ENERGY: Completes US$1 Billion Capital Allocation Plan
----------------------------------------------------------
NRG Energy Inc. completed Phase II of the previously announced
US$1 billion capital allocation plan.  From the inception of
phase II on Nov. 3, 2006, through Aug. 13, 2007, the company
repurchased about 15.4 million common shares at an aggregate
cost of about US$500 million, for a volume weighted average
price of US$32.40 per share.

Phase I was completed in the fourth quarter 2006, with the
repurchase of 21,175,400 shares for about US$500 million, for a
volume weighted average price of US$23.61 per share.

Since NRG's emergence from bankruptcy in December 2003, through
the completion of Phase II, NRG has repurchased about 75.3
million common shares at an aggregate cost of US$1.66 billion,
for a volume weighted average price per share of about US$22.09.

"The value of our ongoing commitment to return capital to
shareholders is clearly demonstrated by the repurchase results
since inception," said Robert Flexon, NRG's executive vice
president and chief financial officer.  "Having a balanced
approach in allocating the company's substantial cash flows for
business reinvestment, while also offering immediate shareholder
returns, provides the foundation for sustainable long term
shareholder gains.  The cash flow productivity of our portfolio
allows for this capital allocation philosophy."

The next phase of NRG's Capital Allocation Plan is expected to
commence early 2008.  As previously announced, the Company's
total annual targeted return of capital to shareholders is
expected to be approximately 3% of NRG's current market
capitalization.  The company plans to achieve this through a
combination of share repurchases and/or dividends, depending on
market conditions and other factors.

                      About NRG Energy Inc.

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on May 7, 2007,
Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed US$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.  In
addition, Standard & Poor's affirmed the 'B+' corporate credit
rating on NRG and affirmed the 'BB-' rating on NRG's US$3.148
billion term loan B; the 'CCC+' rating on the company's
preferred stock, and the 'B-2' short-term rating.  The outlook
on all ratings is stable.


REHOMA RELAX: Creditors' Meeting Slated for September 24
--------------------------------------------------------
The court-appointed insolvency manager for REHOMA Relax Hotels
und Management GmbH, Dr. Karl Schlotterbeck, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting on Sept. 24.

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

         The District Court of Ludwigsburg
         Hall 2001
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         Germany
       
The Court will also verify the claims set out in the insolvency
manager's report on Oct. 8 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Karl Schlotterbeck
         Danneckerstr. 37
         70182 Stuttgart
         Germany
         Tel: (0711) 24 48 19, 24 48 76

The District Court of Ludwigsburg opened bankruptcy proceedings
against REHOMA Relax Hotels und Management GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         REHOMA Relax Hotels und Management GmbH
         Attn: Miguel Herper, Manager
         Marktplatz 7
         71263 Weil der Stadt
         Germany


ROTHER TRANSPORT: Claims Registration Period Ends Sept. 3
---------------------------------------------------------
Creditors of Rother Transport GmbH have until Sept. 3 to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Sept. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

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

The Debtor can be reached at:

         Rother Transport GmbH
         Hamburger Str. 2
         45145 Essen
         Germany
         
         Michael Rother, Manager
         Husingerstr. 111
         45134 Essen
         Germany


SCHAERER MAYFIELD: Creditors' Meeting Slated for Sept. 12
---------------------------------------------------------
The court-appointed insolvency manager for Schaerer Mayfield
Technologies GmbH, Christoph Rosenmueller will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:40 a.m. on Sept. 12.

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

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

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

Creditors have until Oct. 22 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

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

The Debtor can be reached at:

         Schaerer Mayfield Technologies GmbH
         Teltowkanalstr. 01
         12247 Berlin
         Germany


SCHAFFER & KLEIN: Creditors' Meeting Slated for Sept. 11
--------------------------------------------------------
The court-appointed insolvency manager for Schaffer & Klein
GmbH, Jochen Eisenbeis will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 8:55
a.m. on Sept. 11.

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

         The District Court of Saarbruecken
         Area Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report at 8:55 a.m. on Oct. 2 at the same venue.

Creditors have until Sept. 7 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jochen Eisenbeis
         Kathe-Kollwitz-Str. 11
         66115 Saarbruecken
         Germany
         Tel: 0681/ 7097 790
         Fax: 0681/ 7097 7910

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

The Debtor can be reached at:

         Schaffer & Klein GmbH
         Attn: Rudi Klein, Manager
         Adlergasse 3
         66450 Bexbach
         Germany


SCHLEBES BAUUNTERNEHMUNG: Claims Registration Ends Oct. 5
---------------------------------------------------------
Creditors of Schlebes Bauunternehmung GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Oct. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Heinrich Stellmach
         Salierstrasse 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-0
         Fax: +4928712183410

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

The Debtor can be reached at:

         Schlebes Bauunternehmung GmbH
         Attn: Georg Schlebes, Manager
         Seeheidestrasse 18 a
         46395 Bocholt
         Germany


SCHULDNERIN BELLAFORM: Claims Registration Period Ends Aug. 29
--------------------------------------------------------------
Creditors of Bellaform Extrusionstechnik GmbH have until Aug. 29
to register their claims with court-appointed insolvency manager
Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Hall 7
         Mainzer Strasse 52
         55411 Bingen am Rhein
         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:

         Bardo M. Sigwart
         Ahornweg 12
         55218 Ingelheim
         Germany
         Tel: 06132/88949
         Fax: 06132/896498

The District Court of Bingen am Rhein opened bankruptcy
proceedings against Bellaform Extrusionstechnik GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bellaform Extrusionstechnik GmbH
         Max-Planck-Str 2
         55218 Ingelheim
         Germany

         Attn: Harald Endress, Manager
         Rotenberg 6
         65388 Schlangenbad
         Germany


ZIEGLER ENERGIETECHNIK: Claims Registration Ends Sept. 28
---------------------------------------------------------
Creditors of Ziegler Energietechnik GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Axel Kulas.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hechingen
         Room 055
         Heiligkreuzstrasse 9
         Hechingen
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Telefax: 0711/70707588

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

The Debtor can be reached at:

         Ziegler Energietechnik GmbH
         Hoelderlinstr. 15
         72358 Dormettingen
         Germany


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


VALENCE TECH: June 30 Balance Sheet Upside-Down by US$67.9 Mln
--------------------------------------------------------------
Valence Technology, Inc. reported on Aug. 8, 2007, its financial
results for the fiscal first quarter ended June 30, 2007.

At June 30, 2007, the company's consolidated balance sheet
showed US$19.6 million in total assets, US$78.9 million in total
liabilities, and US$8.6 million in redeemable convertible
preferred stock, resulting in a US$67.9 million total
stockholders' deficit.

The company reported a net loss available to common shareholders
of US$4.4 million, compared to a net loss of US$5.7 million for
the first quarter of fiscal 2007.

For the first quarter of fiscal 2008, the company reported total
revenue of US$4.1 million, up 28 percent from US$3.2 million for
the first quarter of fiscal 2007.  Gross margin improved to
US$525,000 compared with US$22,000 last year.  Excluding a
US$414,000 favorable inventory reserve adjustment, gross margin
improved to US$111,000 compared with US$22,000 last year.

"I am pleased to report improved financial results in virtually
all areas of our business," said Robert L. Kanode, president and
chief executive officer of Valence Technology.  "Our team
continues to work diligently to increase revenue, improve gross
margin and reduce operating costs to reach our ultimate goal of
profitability."

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?226c

                       Going Concern Doubt

As reported in the Troubled Company Reporter on June 21, 2007,
PMB Helin Donovan LLP, in Austin, Tex., expressed substantial
doubt about Valence Technology, Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended March 31, 2007.  The
auditing firm pointed to the company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficit.  

The company has incurred operating losses each year since its
inception in 1989 and had an accumulated deficit of US$521
million as of June 30, 2007.

                     About Valence Technology

Headquartered in Austin, Texas, Valence Technology, Inc.
(Nasdaq: VLNC) -- http://www.valence.com/-- develops and  
markets Lithium Phosphate Rechargeable Batteries.  The company
has facilities in Austin, Texas; Las Vegas, Nevada; Mallusk,
Northern Ireland and Suzhou, China.


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


ALITALIA SPA: Italian Consortium Eyes Italy's Stake
---------------------------------------------------
A consortium of financiers and businessmen has expressed
interest in acquiring the Italin government's stake in Alitalia
S.p.A., Giselda Vagnoni and Deepa Babington write for Reuters.

Antonio Baldassarre, the consortium's lawyer, told Reuters that
the group comprised more than five Italian and foreign members
representing both financial and corporate interests.  Mr.
Baldassarre added that the consortium members had participated
in the failed auction.

"Financing is not a problem," Mr. Baldassarre noted, adding that
banks had stakes in the group's financial participants.

Mr. Baldassarre told Reuters that the group has sent a letter of
interest to the Italian Finance Ministry, which holds the stake
for Italy.  Mr. Baldassarre added that the consortium has yet to
send a letter of interest directly to Alitalia.

Mr. Baldassarre said the group's plans include:

   -- retaining Alitalia's jobs level;
   -- ensuring Italian management; and
   -- widening the carrier's flight network.

Reuters notes that the consortium's plan contrasts with the
opinion of most industry analysts and experts, who say Alitalia
needs a drastic restructuring and cut jobs to become profitable.

                          About Alitalia

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

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


BANCA ITALEASE: Moody's Downgrades Ratings to Ba1/NP/D-
-------------------------------------------------------
Moody's Investors Service downgraded the long- and short-term
deposit ratings as well as the bank financial strength (BFSR)
rating of Banca Italease to Ba1/Not-Prime/D- from Baa3/Prime-
3/D+ respectively.  All ratings now have a stable outlook.

These rating actions conclude the review for possible downgrade
initiated by Moody's on July 6, 2007 in response to the
uncertainty regarding:

   (1) the definite levels of exposure and expected losses for
       Italease;

   (2) the possibility that such losses could result in a need
       for a recapitalization; and

   (3) concerns relating to the quality of risk controls and
       liquidity management.

Moody's says that the D- BFSR now reflects a Baseline Credit
Assessment of Ba3, while the bank's long-term deposit and senior
debt ratings benefit from a two-notch uplift, reflecting a
moderate expectation of systemic support.  In line with Moody's
notching practices, the bank's preferred stock is three notches
below senior debt.

The rating actions were Moody's response to several
announcements by Italease.  The first one was the bank's
declared loss of EUR388 million, mainly resulting from losses on
derivative contracts for EUR686 million, but also from increased
credit provisions.  Additionally, the rating agency said that
the findings of an audit of Italease conducted by the Bank of
Italy confirmed its concerns regarding the robustness of the
bank's risk management and control structure and the credit
profile of its portfolio.  Specifically, the audit of the Bank
of Italy:

   (1) determined the bank to be inadequately organised,
       particularly with reference to risk management and
       controls;

   (2) found Italease to have deficient controls given its
       significant derivatives activity and large broker
       distribution network; and

   (3) pointed out portfolio concentration and other credit
       issues, resulting in a need for restructuring, the
       replacement of Italease's board of directors,
       recapitalization and the prohibition of certain
       activities.

Lastly, Moody's said that its rating actions were also in
response to the impact of the losses on the level of capital of
the institution and the resulting need for the subsequent
approval by Italease's board of directors of a share capital
increase up to EUR700 million, with the underwriting agreement
by Mediobanca SpA, and Italease's stability pact commitment to
provide the bank with any necessary financial support and with a
capital injection as a percentage of the shares held.

Moody's explains that the BFSR downgrade reflects the
confirmation of the need for a recapitalization, a reinforcement
of the bank's organization, a renewal of the management
structure, and a material enhancement of its risk management and
controls.  The downgrade is also justified by the bank's
substantial concentration issues and challenges relating to its
recurring earning power going forward.  As regards the latter
point, Moody's believes that Italease's profitability is likely
to suffer not only from a lack of commissions from the sale of
structured derivatives, and regulatory restrictions on growth
and competition, but also from the impact of reputational
damage, particularly on its funding -- which is highly market-
sensitive -- and on its business.  In this respect, the rating
agency views positively the bank's good growth as reported at
the end of June 2007, and its continued position as the domestic
market leader in leasing, with a number one position in real
estate and equipment leasing.  However, it acknowledges that the
impact of the recent loss events on the business is more likely
to be felt in the quarters to come.

Moody's says that the stable outlooks on all of Italease's
ratings reflect the quantification of the potential losses
resulting from the bank's derivative activity, the rating
agency's favorable view of the level of derivative counterparty
credit write-offs made, as well as the fact that Italease's new
management has already started implementing the necessary
corrective actions.  Moody's expects any possible further
liabilities that may surface as a result of the ongoing
investigations to be marginal.  Moreover, the rating agency's
concerns about Italease's open market risk position are
mitigated by the relatively high probability of client
derivative positions closures over a reasonable period of time,
but will monitor this closely.

Looking ahead, Moody's says that Italease's BFSR, debt and
deposit ratings could come under upward pressure in the event
of:

   (1) a material improvement in the bank's financials,
       particularly its core earnings generation and cost
       efficiency; accompanied by

   (2) a sustainable improvement in its risk profile,
       principally a reduction of credit portfolio
       concentrations; as well as

   (3) a material reinforcement of the bank's risk management
       and internal controls, which are expected following the
       Central Bank's specific request.

Conversely, the bank's ratings could come under negative
pressure in the event of:

   (1) a failure to implement the necessary corrective actions;

   (2) material losses of market shares; and

   (3) especially the need for further external support actions,
       although this is not expected at present.

These ratings have been downgraded:

Banca Italease SpA:

   -- Bank Financial Strength to D- from D+;

   -- Long-term deposits and senior debt to Ba1 from Baa3;

   -- Subordinated debt to Ba2 from Ba1;

   -- Short-term debt rating to Not Prime from Prime-3;

   -- Banca Italease Capital Trust backed preferred shares to B1
      from Ba3.

Banca Italease SpA. is based in Milan, Italy, and had total
assets of EUR24 billion as at 31st December 2006.


DANA CORP: Posts US$133 Mln Net Loss in Qtr. Ended June 30, 2007
----------------------------------------------------------------

                        Dana Corporation
         Unaudited Condensed Consolidated Balance Sheet
                        At June 30, 2007

ASSETS

CURRENT ASSETS
Cash and cash equivalent assets                 US$1,001,000,000
Restricted cash                                     103,000,000
Accounts receivable
   Trade                                          1,411,000,000
   Other                                            297,000,000
Inventories                                         
   Raw materials                                    322,000,000
   Work in process and finished goods               451,000,000
Assets of discontinued operations                   194,000,000
Other current assets                                143,000,000
                                               ----------------
      Total current assets                      US$3,922,000,000
                                               ----------------
Investments and other assets                      1,042,000,000
Investments in equity affiliates                    211,000,000
Net property, plant and equipment                 1,732,000,000
                                               ----------------
      TOTAL ASSETS                              US$6,907,000,000
                                               ================

LIABILITY AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
   Notes payable, including current portion
      of long-term debt                           US$265,000,000
   DIP Financing                                    900,000,000
   Accounts payable                               1,146,000,000
   Liabilities of discontinued operations            96,000,000
   Other accrued liabilities                        837,000,000
                                               ----------------
      Total current liabilities                 US$3,244,000,000
                                               ----------------

Liabilities subject to compromise               US$3,653,000,000
Deferred employee benefits and other
   non-current liabilities                          473,000,000
Long-term debt                                       20,000,000
DIP financing                                                 -
Commitments and contingencies                                 -
Minority interest in consolidates subsidiaries       92,000,000
Shareholder' equity (deficit)                      (575,000,000)
                                               ----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      US$6,907,000,000
                                               ================

                        Dana Corporation
         Unaudited Consolidated Statement of Operations
              For Three Months Ended June 30, 2007

Net Sales                                       US$2,289,000,000
Costs and expenses
   Costs of sales                                 2,141,000,000
   Selling, general and administrative expenses      88,000,000
   Realignment charge, net                          134,000,000
   Impairment of assets                                       -
   Other income, net                                (32,000,000)
                                               ----------------
Income (loss) from operations                        42,000,000
Interest expense                                     28,000,000
Reorganization charges                               38,000,000
                                               ----------------
Income (loss) before income taxes                  (108,000,000)
Income tax expense                                   (3,000,000)
Minority interest expense                            (4,000,000)
Equity in earnings of affiliates                     10,000,000
                                               ----------------
Loss before continuing operations                  (105,000,000)
Loss (income) from discontinued operations          (28,000,000)
                                               ----------------
Net income (loss)                               (US$133,000,000)
                                               ================

                        Dana Corporation
         Unaudited Consolidated Statement of Operations
               For Six Months Ended June 30, 2007

Net Sales                                       US$4,434,000,000
Costs and expenses
   Costs of sales                                 4,184,000,000
   Selling, general and administrative expenses     184,000,000
   Realignment charges, net                         153,000,000
   Impairment of assets                                       -
   Other income, net                                (78,000,000)
                                               ----------------
Income from operations                               78,000,000
Interest expense                                     51,000,000
Reorganization charges                               75,000,000
                                               ----------------
Income (loss) before income taxes                  (135,000,000)
Income tax (expense) benefit                        (18,000,000)
Minority interest                                    (6,000,000)
Equity in earnings of affiliates                     18,000,000
                                               ----------------
Loss before continuing operations                  (141,000,000)
Loss from discontinued operations                   (84,000,000)
                                               ----------------
Net income (loss)                               (US$225,000,000)
                                               ================

                        Dana Corporation
    Unaudited Condensed Consolidated Statement of Cash Flows
               For Six Months Ended June 30, 2007

OPERATING ACTIVITIES
Net income (loss)                               (US$225,000,000)
Depreciation and amortization                       139,000,000
Impairment and divestiture-related charges            1,000,000
Gain on sale of assets                               (8,000,000)
Non-cash portion of U.K. pension charge              60,000,000
Reorganization charges                                7,000,000
Payments to VEBAs for post-retirement benefits      (27,000,000)
Changes in working capital                          (64,000,000)
Other                                               (35,000,000)
                                               ----------------
Net cash flows provided by
(used for) operating activities                    (152,000,000)

INVESTING ACTIVITIES
Purchases of property, plant and equipment          (94,000,000)
Proceeds from sale of business                      305,000,000
Proceeds from sale of DCC assets                    109,000,000
Proceeds from sales of other assets                   7,000,000
Payments received on leases and loans                 7,000,000
Increase in restricted cash                         (88,000,000)
Other                                                18,000,000
                                               ----------------
Net cash flows provide by
(used for) operating activities                    (264,000,000)

FINANCING ACTIVITIES
Net change in short-term debt                       (28,000,000)
Proceeds from DIP facility                          200,000,000
Issuance of long-term debt                                    -
Other                                                (2,000,000)
                                               ----------------
Net cash flows provided by
(used for) operating activities                     170,000,000

Net increase in cash equivalents                    282,000,000
                                               ----------------
Cash and cash equivalents, beginning of period      704,000,000
                                               ----------------
Cash and cash equivalents, end of period        US$1,001,000,000
                                               ================

A full-text copy of Dana Corporation's second quarter 2007
financial report is available for free at:

                  http://researcharchives.com/t/s?2274

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.  
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 49;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


FIAT SPA: Repurchases 1.2 Million Ordinary Shares
-------------------------------------------------
Within the frame of the buy back program announced on April 5,
2007, Fiat S.p.A. purchased 1.2 million Fiat ordinary shares at
the average price of EUR19.3597 including fees on Aug. 10.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 19.127 million for
a total invested amount of EUR401.1 million.

                  Share Repurchase Program

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

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

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

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

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

                         About Fiat SpA

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

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

                            *   *   *

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

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

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


TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors
---------------------------------------------------------------
Tecumseh Products Company has appointed three new members to the
company's Board of Directors, and the resignation from the
Board, for personal and family health reasons, of director Kevin
E. Sheehan.

The Board will have its full complement of seven members when,
as previously announced, Edwin L. Buker joins the company as
Chief Executive Officer and as a director.

Joining the Tecumseh Board, along with Mr. Buker, are:

  -- William E. Aziz, Managing Partner of BlueTree Advisors, of
     Oakville, Ontario, a firm founded in 2002 by Mr. Aziz that
     provides operational, financial and strategic planning
     advisory services to public and private businesses in all
     industries.  Mr. Aziz also currently serves as the Chief
     Financial Officer of Hollinger, Inc., a public company
     listed on the Toronto Stock Exchange, with a subsidiary
     (SunTimes Media Group, an operator of daily newspapers)
     listed on the New York Stock Exchange.

  -- Steven J. Lebowski, an attorney and certified public
     accountant in Milford, Michigan.  Mr. Lebowski is also
     Vice President and an owner of Architectural Door and
     Millworks PC, a privately held wholesale distributor of
     doors based in New Hudson, Michigan.

  -- Jeffry N. Quinn, Chairman of the Board, President and
     Chief Executive Officer, and previously Chief
     Restructuring Officer, of Solutia Inc, of St. Louis,
     Missouri, a US$3.7 billion specialty chemical and
     materials company.  Solutia, which was formerly a unit of
     Monsanto, has been operating under Chapter 11 bankruptcy
     protection since late 2003.

David M. Risley, Chairman of the Board of Tecumseh, said: "I'm
pleased to welcome Messrs. Aziz, Lebowski and Quinn, as well as
Ed Buker, to the Tecumseh Board.  These appointments are further
steps in providing Tecumseh with the leadership, experience and
expertise-at both the Board and management levels-that the
company needs as we continue our efforts to place Tecumseh on a
solid strategic, operational and financial footing."

Also effective Monday, as part of the previously announced
transition to Mr. Buker's role as Chief Executive Officer, James
J. Bonsall has assumed a transitional role as Tecumseh's
Executive Vice President, reporting to Mr. Buker.  Mr. Bonsall
previously served as the Company's President and Chief Operating
Officer.

                       About Tecumseh

Headquartered in Tecumseh, Mich., Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.

At March 31, 2007, the company's balance sheet showed total
assets of US$97.3 million, total liabilities of US$101.4
million, resulting to a shareholders' deficit of US$4.1 million.


TISCALI SPA: UK Unit to Receive Funds from Management & Capitali
----------------------------------------------------------------
Management & Capitali S.p.A. has approved an investment project
aimed at supporting the development plans and the opportunities
of growth of Tiscali S.p.A. in the markets where it operates.

M&C has in fact agreed with Tiscali to invest from EUR50 million
to EUR165 Million in Tiscali U.K. by way of a convertible debt
financing or a capital increase, to reflect the financing
requirements to support in particular the integration and the
development plan following the recent acquisition of the
broadband and voice division of Pipex Plc.

The closing of the investment is expected by the end of 2007.

With the acqusition of Pipex by Tiscali U.K., the Tiscali Group
consolidates its top-tier positioning in the U.K. market,
becoming one of the top four operators in the broadband and
voice arena, with significant growth opportunities and with the
potential objective of an IPO in the next three years.

"We are glad of this agreement with Management & Capitali, which
follows the recent EUR650 million financing by Banca Intesa
Sanpaolo and JP Morgan and which offers the Tiscali Group
additional financial flexibility in pursuing opportunities of
growth and to implement its strategic plan," Tommaso Pompei,
Tiscali chief executive, said.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the  
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer
Default rating to 'B-' from 'CCC' and removed it from Rating
Watch Positive.  Fitch said a stable outlook is assigned.


TISCALI SPA: Says EUR200 Million Capital Hike Only an Option
------------------------------------------------------------
Tiscali S.p.A. stressed that the only capital increase foreseen
is the one with pre-emption rights for shareholders, for up to
EUR200 million, included in the proposal for delegation to the
Board of Directors, which the EGM of Tiscali S.p.A. is called to
resolve upon on August 29, 30, and 31.

Tiscali confirms that it is currently evaluating opportunities
of growth and development in its core markets, which might be
supported by Italian and international financial institutions,
without envisaging further capital increases of Tiscali S.p.A.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the  
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer
Default rating to 'B-' from 'CCC' and removed it from Rating
Watch Positive.  Fitch said a stable outlook is assigned.


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


AKSIB LLP: Proof of Claim Deadline Slated for Sept. 14
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aksib 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
         Kazakhastan


ARAY TV: Creditors Must File Claims Sept. 14
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aray TV insolvent on June 20.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District 4, 1-89
         Taldykorgan
         Almaty
         Kazakhastan
         Tel: 8 (3282) 25-55-25


KUAT-TRANS LLP: Claims Filing Period Ends Sept. 14
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kuat-Trans insolvent on June 21.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau
         Kazakhastan
         Tel: 8 (3292) 41-00-42
              8 (3292) 41-58-26
              8 701 537 15-58


MAK COMPANY: Creditors' Claims Due on Sept. 14
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Mak Company 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
         Kazakhastan


OTU COMPANY: Claims Registration Ends Sept. 14
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Otu Company insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Temiryazev Str. 61-2
         Almaty
         Kazakhastan
         Tel: 8 (3272) 75-67-84


PLANETA SNAB: Proof of Claim Deadline Slated for Sept. 14
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Planeta Snab insolvent on June 20.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District 4, 1-89
         Taldykorgan
         Almaty
         Kazakhastan
         Tel: 8 (3282) 25-55-25


POLINA LLP: Creditors Must File Claims Sept. 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Polina insolvent on June 26.

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

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


SIDAN XXI LLP: Claims Filing Period Ends Sept. 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Sidan XXI 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
         Kazakhastan
         Tel: 8 (3232) 24-29-03


VENKOS LLP: Creditors' Claims Due on Sept. 14
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Venkos insolvent on June 11.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Temiryazev Str. 61-2
         Almaty
         Kazakhastan
         Tel: 8 (3272) 75-67-84


VOSTOKSTROY-SERVICE LLP: Claims Registration Ends Sept. 18
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostokstroy-Service 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
         Kazakhastan
         Tel: 8 (3232) 24-29-03


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


ABSERVICE LLC: Proof of Claim Deadline Slated for September 27
--------------------------------------------------------------
LLC Abservice has declared insolvency.  Creditors have until
Sept. 27 to submit written proofs of claim.

Inquiries can be addressed at (+996 312) 58-63-23, 96-10-19.


BARKESAY LLC: Creditors Must File Claims by September 27
--------------------------------------------------------
LLC Barkesay has declared insolvency.  Creditors have until
Sept. 27 to submit written proofs of claim to:

         LLC Barkesay
         K. Akiyev Str. 57-21
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-00-19


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


AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab
----------------------------------------------------------
Agilent Technologies Inc. and NetworkFab Corp. have signed a
definitive agreement for NetworkFab to join Agilent.  Privately
held NetworkFab designs and builds advanced signal intelligence,
communications and jammer systems for the U.S. military,
intelligence agencies and law enforcement groups.  The
transaction is subject to various standard closing conditions
and is expected to close in 30 to 60 days.  Financial details
were not disclosed.

NetworkFab's core competencies are in radio frequency
communications, including direction finding, jamming, antenna
design, networking, software design and custom systems
engineering.

When the acquisition is final, NetworkFab will become a key part
of Agilent's recently formed Signal Networks Division,
specifically targeted to aerospace/defense.  Agilent has a long
history of market leadership in the test and measurement
industry, including aerospace/defense.  By acquiring NetworkFab,
Agilent will expand its presence in operational environments to
support U.S. government prime contractors.

"NetworkFab will bring world-class talent and state-of-the-art
technologies to Agilent, strengthening our presence in the
aerospace/defense market," said Tom Burrell, vice president and
general manager of Agilent's Signal Networks Division.  "We look
forward to becoming a more significant supplier of SIGINT and EW
subsystems, and NetworkFab will help us become a major player in
this market."

"We are very excited to join Agilent and be part of one of the
perennial Silicon Valley companies, with a great history and
reputation," said Rick Lu, president and CEO of NetworkFab.  
"Agilent's engineering and technology-driven culture is a good
match with NetworkFab's corporate culture.  The acquisition will
help us accelerate our products and technologies to market, and
continue to serve our important government, military and
intelligence customers.  We will have a stronger market
positioning to win both larger, and greater numbers, of jobs."

                     About NetworkFab

Based in Santa Clara, Calif., NetworkFab Corp. --
http://www.networkfab.com/-- builds state-of-the-art signal
intelligence, direction finding, communications and electronic
warfare systems for military groups, intelligence agencies and
law enforcement groups.  The company provides off-the-shelf
products and can also rapidly develop custom solutions.
NetworkFab was founded in 2000.

               About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/  
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                       *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units
---------------------------------------------------------------
Evraz Group S.A., through its subsidiaries, has commenced
mandatory offers to purchase all outstanding shares of common
stock of steel mills NTMK and Zapsib, iron ore mining and
processing complexes KGOK and VGOK, and the Nakhodka Commercial
Sea Port (NMTP).

The offers are made in accordance with the Russian legislation
that allows a shareholder who has accumulated more than 95% of a
company’s stock to make a mandatory offer to minority
shareholders to buy out the latters’ stakes and increase the
total holding in the company to 100%.

As at July 1, 2007, Evraz held the common stock of the above-
mentioned companies in the amounts:

         Evraz’s holding
         Shares               % of share capital

NTMK       1,258,734,271            96.09%
Zapsib        12,983,599            96.98%
KGOK         373,536,292            97.82%
VGOK         747,553,545            95.83%
NMTP          43,047,903            95.95%

Upon the closing of the offers, the stockholders will receive:

    -- RUR63.72 for each common share of NTMK;
    -- RUR5,604.57 for each common share of Zapsib;
    -- RUR101.90 for each common share of KGOK;
    -- RUR6.02 for each common share of VGOK; and
    -- RUR33.00 for each common share of NMTP.

The prices have been set based on the opinions provided by
American Appraisal Inc., and OOO Audit and Consulting Firm “Top-
Audit” and confirmed by appraisers’ self-regulating organization
as required by the Russian legislation.

The offers commenced on Aug. 14, 2007 and will be valid for 45
days.  Payments for the shares will be made within 25 days after
the closing of the offers.

Upon completion of the offers, Evraz will own 100% of NTMK,
Zapsib, KGOK, VGOK and NMTP.

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance
-------------------------------------------------------------
Moody's Investor's Service affirmed the corporate family rating
of Evraz Group at Ba3 with a positive outlook.

The positive outlook on the Ba3 rating reflects:

   (i) the continuing improvement of Evraz's operating
       performance and financial results of the Group, supported
       by an increasingly healthy demand for steel products in
       Russia and internationally; and

  (ii) the strengthening business profile and operational
       diversity of the Group as a result of an effective M&A
       policy through recent acquisitions of steel businesses in
       the U.S., increased ownership interests in the vanadium
       business in South Africa and in a coal mining company in
       Russia.

Moody's however noted that, at present, the upward pressure to
the rating remains constrained by the short-term funding
structure that was put in place for the acquisition of Oregon
Steel in 2006, requiring the company to refinance or repay from
internal cash generation the US$1.8 billion bridge facility
maturing in the next 12 months.

The ratings for the Loan Participation Notes due in 2009 (rated
Ba3) and 2015 (rated B2) totaling US$ 1050 million will be
assessed against the company's finalized funding structure in
accordance with Moody's LGD methodology.

Evraz Group is one of Russia's largest vertically integrated
steel companies (by volume and assets) that produced 16 million
tonnes of steel products, reported revenue of US$8,292 million
and EBITDA of US$ 2,653 million in 2006.  Evraz's principal
assets are five steel plants and three iron ore mining and
processing facilities, as well as two coal mines and logistics
and trading assets.


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


FOOT LOCKER: Paying US$0.125 Per Share Cash Dividend on Nov. 2
--------------------------------------------------------------
The board of directors of Foot Locker Inc. declared a quarterly
cash dividend on the company's common stock of US$0.125 per
share, which will be payable on Nov. 2, 2007, to shareholders of
record on Oct. 19, 2007.
    
Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and    
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                          *     *     *

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


KONINKLIJKE AHOLD: Reverse Stock Split Slated for Aug. 22
---------------------------------------------------------
Koninklijke Ahold N.V. reveals that on Aug. 22, 2007, after
close of New York Stock Exchange trading hours, the reverse
stock split will take place by way of a consolidation of every
five existing shares with a nominal value of EUR0.24 each, into
four new shares with a nominal value of EUR0.30 each.

Provided that no objection to the capital repayment has been
filed, the date for the capital repayment of EUR1.89 per
existing share will be Aug. 28, 2007.  The capital repayment is
not subject to Dutch dividend withholding tax.  Shareholders
with questions about their tax status are advised to consult
their local tax advisor.

For shareholders holding shares through Euroclear Nederland the
record date has been fixed at the close of trading hours on the
Amsterdam Stock Exchange on Aug. 22, 2007.  Shareholders holding
their shares with a bank or broker receive a notice from their
bank or broker.  Shareholders registered in the register of
Ahold will be informed by Ahold about the administrative
process.  Holders of American Depositary Receipts (ADR) listed
on the New York Stock Exchange will be paid in U.S dollars and
must hold their ADRs after close of trading on the New York
Stock Exchange on Aug. 22, 2007.

If the number of shares held by any one shareholder is not
exactly divisible by five, banks and brokers will round
positions up or down, depending on the particular contractual
arrangements between the bank or broker and the shareholder.

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through   
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                            *   *   *

In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.

The action follows the company's announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact
---------------------------------------------------------------
Syniverse Technologies Inc. entered into a US$464 million
amended and restated credit agreement.  The agreement provides
for a term loan of US$112 million in aggregate principal amount,
a delayed draw term loan of US$160 million in aggregate
principal, a Euro-denominated delayed draw term loan facility of
the equivalent of US$130 million, a revolving credit line of
US$42 million, a Euro-denominated revolving credit line of the
equivalent of US$20 million and a multi-currency letter of
credit commitment of US$15 million.

Syniverse used US$112 million of the total amount borrowed under
the senior credit facility plus available cash on hand to repay
its previous senior credit facility and to pay related
transaction fees and expenses.  The delayed draw term loans are
intended to fund the proposed acquisition of the wireless
clearing and financial settlement business of Billing Services
Group, including the refinancing of existing debt of Billing
Services Group, and to pay related transaction fees and
expenses.

Lehman Brothers Inc. and Deutsche Bank Securities Inc. acted as
joint lead arrangers and joint book-running managers for the
deal.  Bear, Stearns & Co. Inc. and LaSalle Bank National
Association acted as co-documentation agents.

                      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, Brazil 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.


===========
P O L A N D
===========


NETIA SA: Posts PLN88.8 Million Net Loss for First Half 2007
------------------------------------------------------------
Netia S.A. posted PLN88.8 million in net losses for the first
half ended June 30, 2007, versus PLN23.3 million in net deficit
for the same period in 2006.  

Netia’s share of the startup losses of associate company P4 Sp.
z o.o. widened to PLN68.6 million (EUR18.2 million) from
PLN7.7 million for the first half of 2006 due to subscriber
acquisition and marketing costs associated with its commercial
launch, and accounted for 93% of Netia’s increased loss.

Revenues for the first half of 2007 were PLN410.0 million
(EUR108.9 million), representing a year-on-year decrease of 3%.  
Revenues for the second quarter of 2007 were PLN205.6 million
(EUR54.6 million), growing slightly in comparison with both the
second quarter of 2006 and the first quarter of 2007.  The
decline in first half revenues is wholly attributable to falling
wholesale and interconnection revenues and low margin voice
transit business in particular.

Data revenues for the first half 2007 grew to PLN109.5 million
(EUR29.1 million) for a 54% year-on-year increase and a 13%
sequential increase.  This growth in data revenues more than
offset a 10% decline in direct voice revenues and data revenues
now represent 27% of total revenues.

EBITDA for the first half of 2007 was around PLN116.8 million
(EUR31.0 million) as compared to EBITDA of PLN117.2 million for
the first half of 2006.  EBITDA margin for the first half of
2007 was 28.5% as compared to 27.8% for the same period of 2006.  
EBITDA for the second quarter of 2007 was PLN62.2 million
(EUR16.5 million) as compared to PLN58.4 million for the second
quarter of 2006 and PLN54.6 million for the first quarter of
2007.

EBITDA for the first half of 2007 included start-up expenses,
net of revenues, related to the acquisition of new bitstream
customers in the amount of PLN21.8 million (EUR5.8 million),
comprising PLN9.5 million (EUR2.5 million) in subscriber
acquisition costs and a further PLN12.3 million (EUR3.2 million)
in incremental costs of bitstream wholesale access, advertising
and customer care.

Headcount for the Netia group was 1,227 at June 30, 2007,
compared to 1,295 at June 30, 2006, and 1,110 at March 31, 2007.  
The new staff were added primarily within the customer care and
sales areas to support the broadband growth initiative or
resulted from the conversion of contractors into employment
contracts due to changes in Polish legislation that came into
effect in January 2007.  Included within total headcount are 54
employees of the three Ethernet companies acquired in June 2007.

"During the second quarter of 2007, Netia has made significant
progress toward delivering on its strategy of being the leading
altnet provider of broadband services in Poland," Miroslaw
Godlewski, Netia’s president and chief executive officer,
commented.  By the end of June we had 134,000 broadband
customers and, despite the arrival of more new entrants to the
bitstream market, we maintained our position as providing the
best value offering on the market and took the largest share of
broadband net additions amongst altnet providers.”

"Going forward, Netia management will be focusing on further
acceleration of our rate of bitstream broadband sales and, in
particular, on increasing the rate of conversion of those sales
into active customers.  The introduction of bundled broadband
and voice offers available to TP customers over bitstream and
wholesale line rental during the coming months, together with
ongoing improvements in operational cooperation with TP make us
optimistic that we can reach our objective of acquiring over
200,000 broadband subscribers by the end of 2007 as planned,"
Mr. Godlewski added.

"Data revenue growth accelerated year-on-year to 61% for the
second quarter of 2007 from 46% in the first quarter of 2007 and
enabled Netia to maintain steady total revenue performance in
the face of continued pressure on direct voice, wholesale and
interconnection services," Jon Eastick, Netia’s chief financial
officer, commented.  "With further growth in broadband
connections, cross-selling of voice services to our new
broadband customers and growing revenue from our transmission
services to PLAY all still to come, we are well placed to
deliver sequential revenue growth during second half 2007 and
year-on-year revenue growth in 2008."

                           About Netia

Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.

                          *     *    *

As of Aug. 15, 2007, Standard & Poor's Ratings Services had
assigned a B rating to Netia’s Long-Term Foreign and Local
Issuer Credit.


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


ANGARA CJSC: Creditors Must File Claims by Sept. 21
---------------------------------------------------
Creditors of CJSC Angara (TIN 8504000090)have until Sept. 21 to
submit proofs of claim to:

         L. Feryulin
         Insolvency Manager
         Post User Box 54
         Irkutsk-81
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
Court will convene at 10:30 a.m. on June 17, 2008 to hear the
company's bankruptcy supervision procedure.  The case is
docketed under Case No. A19-24182/06-38.

The Court is located at:  

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

The Debtor can be reached at:

         CJSC Angara
         Lenina Str. 11
         Novonukutskiy
         Nukutskiy
         669401 Irkutsk
         UOBAO
         Russia


BRATSK-PROM-STROY: Creditors Must File Claims by Sept. 28
---------------------------------------------------------
Creditors of OJSC Bratsk-Prom-Story have until Sept. 28 to
submit proofs of claim to:

         V. Demenchuk
         Insolvency Manager
         Post User Box 1958
         Bratsk
         665732 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-1762/07-34.

The Court is located at:  

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

The Debtor can be reached at:

         OJSC Bratsk-Prom-Story
         Area BLPK
         Post User Box 434
         Bratsk
         665718 Irkutsk
         Russia


BREEZE CJSC: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of CJSC Breeze have until Aug. 28 to submit proofs of
claim to:

         G. Klimkovich
         Insolvency Manager
         Energetikov Str. 6-2
         Surgut
         628400 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A75-3641/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Breeze
         Solnechnyj
         628400 Khanty-Mansiyskiy
         Russia


DIK CJSC: Creditors Must File Claims by Sept. 28
------------------------------------------------
Creditors of CJSC DiK (TIN 5639003371) have until Sept. 28 to
submit proofs of claim to:

         M. Abrosimov
         Insolvency Manager
         Proletarskaya Str. 216
         460035 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-4899/2007-14/5 GK.

The Court is located at:

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

The Debtor can be reached at:

         M. Abrosimov
         Insolvency Manager
         Proletarskaya Str. 216
         460035 Orenburg
         Russia


DRUZHBA OJSC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Buryatiya commenced bankruptcy
supervision procedure on OJSC Druzhba.  The case is docketed
under Case No. A10-916/07.

The Temporary Insolvency Manager is:

         D. Badmazhalova
         Klyuchevskaya Str. 26-36
         Ulan-Ude
         670013 Buryatiya
         Russia

The Debtor can be reached at:

         OJSC Druzhba
         Tsentralnaya Str. 2
         Oktyabrskiy
         Kyakhtinskiy
         671831 Buryatiya
         Russia


ERMAKOVSKOE CJSC: Bankruptcy Hearing Slated for November 7
----------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 9:30 a.m.
on Nov. 7 to hear the bankruptcy supervision procedure on CJSC
Ermakovskoe.  The case is docketed under Case No. A45-7364/
07-4/29.

The Temporary Insolvency Manager is:

         V. Ross
         Post User Box 29
         630126 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ermakovskoe
         Lenina Str. 24
         Ermakovskiy
         Kochkovskiy
         632499 Novosibirsk
         Russia


EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units
---------------------------------------------------------------
Evraz Group S.A., through its subsidiaries, has commenced
mandatory offers to purchase all outstanding shares of common
stock of steel mills NTMK and Zapsib, iron ore mining and
processing complexes KGOK and VGOK, and the Nakhodka Commercial
Sea Port (NMTP).

The offers are made in accordance with the Russian legislation
that allows a shareholder who has accumulated more than 95% of a
company’s stock to make a mandatory offer to minority
shareholders to buy out the latters’ stakes and increase the
total holding in the company to 100%.

As at July 1, 2007, Evraz held the common stock of the above-
mentioned companies in the amounts:

         Evraz’s holding
         Shares               % of share capital

NTMK       1,258,734,271            96.09%
Zapsib        12,983,599            96.98%
KGOK         373,536,292            97.82%
VGOK         747,553,545            95.83%
NMTP          43,047,903            95.95%

Upon the closing of the offers, the stockholders will receive:

    -- RUR63.72 for each common share of NTMK;
    -- RUR5,604.57 for each common share of Zapsib;
    -- RUR101.90 for each common share of KGOK;
    -- RUR6.02 for each common share of VGOK; and
    -- RUR33.00 for each common share of NMTP.

The prices have been set based on the opinions provided by
American Appraisal Inc., and OOO Audit and Consulting Firm “Top-
Audit” and confirmed by appraisers’ self-regulating organization
as required by the Russian legislation.

The offers commenced on Aug. 14, 2007 and will be valid for 45
days.  Payments for the shares will be made within 25 days after
the closing of the offers.

Upon completion of the offers, Evraz will own 100% of NTMK,
Zapsib, KGOK, VGOK and NMTP.

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance
-------------------------------------------------------------
Moody's Investor's Service affirmed the corporate family rating
of Evraz Group at Ba3 with a positive outlook.

The positive outlook on the Ba3 rating reflects:

   (i) the continuing improvement of Evraz's operating
       performance and financial results of the Group, supported
       by an increasingly healthy demand for steel products in
       Russia and internationally; and

  (ii) the strengthening business profile and operational
       diversity of the Group as a result of an effective M&A
       policy through recent acquisitions of steel businesses in
       the US, increased ownership interests in the vanadium
       business in South Africa and in a coal mining company in
       Russia.

Moody's however noted that, at present, the upward pressure to
the rating remains constrained by the short-term funding
structure that was put in place for the acquisition of Oregon
Steel in 2006, requiring the company to refinance or repay from
internal cash generation the US$1.8 billion bridge facility
maturing in the next 12 months.

The ratings for the Loan Participation Notes due in 2009 (rated
Ba3) and 2015 (rated B2) totaling US$ 1050 million will be
assessed against the company's finalized funding structure in
accordance with Moody's LGD methodology.

Evraz Group is one of Russia's largest vertically integrated
steel companies (by volume and assets) that produced 16 million
tonnes of steel products, reported revenue of US$8,292 million
and EBITDA of US$ 2,653 million in 2006.  Evraz's principal
assets are five steel plants and three iron ore mining and
processing facilities, as well as two coal mines and logistics
and trading assets.


INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal
----------------------------------------------------------------
International Paper has agreed to acquire Central Lewmar LLC,
from Chrysalis Capital Partners Inc. for approximately US$185
million, subject to customary closing and post-closing
conditions.  The acquisition is expected to be complete within
30 days.
    
International Paper's distribution business, xpedx, will operate
Central Lewmar as a business unit within its multiple brand
strategy.  Xpedx is one of North America's business-to-business
distributors.
    
"This combination is an exciting opportunity for International
Paper, xpedx and our customers," Tom Kadien, International Paper
senior vice president and president of xpedx, said.  "The
acquisition of Central Lewmar will provide greater access to
important customers and improved operating synergies, while
meeting our selective reinvestment criteria.  We believe the
acquisition of a well-respected, customer-focused paper and
packaging business like Central Lewmar will enhance the value of
our expanding distribution business, and we are pleased that
Central Lewmar's management team will remain in place."
    
"Central Lewmar has a strong reputation for customer service,"
Les Stern, Central Lewmar president and chief executive officer,
said. "By joining the xpedx network of 105 distribution centers
and more than 140 retail stores in the U.S., Canada and Mexico,
the combined business will be well positioned for future growth.
As a unit of xpedx, Central Lewmar will continue to deliver
outstanding customer service, top quality products, and
distribution solutions to customers," he noted.
    
                       About Central Lewmar
    
Headquartered in Appleton, Wisconsin, Central Lewmar LLC --
http://www.centrallewmar.com/-- is a privately held paper and  
packaging distributors in the United States.  Founded in 1899,
the company has 400,000 square feet of warehouse space.  The
company serves 6,500 customers and employs approximately 550
people at three hub centers, 22 offices, and 14 locations,
including Strategic Paper Group, Whiteman Tower, Andrews Paper
House of York, Buff-Pac, Central Lewmar International, Central
Lewmar/MidAtlantic, Central Lewmar/Newark, Central Lewmar South,
Automated Machine and Control, First State Paper, Geo. W.
Millar, Marquardt & Company, McAliece Imaging Products, and
eight PickQuick Papers stores.

                 About Chrysalis Capital Partners

Headquartered in Philadelphia Chrysalis Capital Partners Inc. –
http://http://www.ccpfund.com/-- is a private equity firm  
focused on investments in a wide range of industries and
circumstances throughout the United States.

                          About xpedx
    
xpedx -– http://www.xpedx.com/-- is North America's marketer  
and distributor of printing papers and graphics supplies and
equipment.  It is also a distributor of packaging supplies and
equipment and janitorial-sanitary supplies and equipment.  xpedx
also provides third-party logistics services for companies
worldwide through xpedx Supply Chain Services, Tampa, Florida.  
Other xpedx owned-and-operated businesses include New York-based
Bulkley Dunton; Lenexa, Kansas-based xpedx Printing
Technologies; Loveland, Ohio-based Saalfeld Redistribution;
Cleveland, Ohio-based xpedx National Technology Center, well as
a network of more than 140 retail paper and graphics stores
across North America. .
    
                    About International Paper

Headquartered in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is an  
uncoated paper and packaging company with primary markets and
manufacturing operations in North America, Europe, Russia, Latin
America, Asia and North Africa.  International Paper employs
approximately 54,000 people in more than 20 countries, and
serves customers worldwide.  

                          *     *     *

International Paper Co. carries Moody's Investors Service Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


IRBITSKAYA POULTRY: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on OJSC Irbitskaya Poultry Farm.  The case
is docketed under Case No. A60-9374/2007-S11.

The Temporary Insolvency Manager is:

         S. Sivkov
         Temporary Insolvency Manager
         Post User Box 92
         Novouralsk-4
         624134 Sverdlovsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Irbitskaya Poultry Farm
         Pionerskiy
         Irbitskiy
         623855 Sverdlovsk
         Russia


KHIM-RESURS CJSC: Creditors Must File Claims by August 28
---------------------------------------------------------
Creditors of CJSC Khim-Resurs (TIN 3808087960) have until
Aug. 28 to submit proofs of claim to:

         I. Pavlikov
         Temporary Insolvency Manager
         Office 403
         Dek.Sobytiy Str. 125
         664007 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A19-3703/07-34.

The Court is located at:  

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

The Debtor can be reached at:

         CJSC Khim-Resurs
         Dzerzhinskogo Str. 16
         Irkutsk
         Russia


KOSHKINSKOE LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on LLC Koshkinskoe.  The case is docketed under Case
No. A55-5261/07.

The Temporary Insolvency Manager is:

         R. Sadykov
         Post User Box 6415
         443090 Samara
         Russia

The Debtor can be reached at:

         LLC Koshkinskoe
         Vokzalnaya Str. 1a
         Zheleznodorozhnaya St. Pogruzochnaya
         Koshkinskiy
         446810 Samara
         Russia


KRAY-AGRO-SERVICE: Creditors Must File Claims by Sept. 28
---------------------------------------------------------
Creditors of CJSC Kray-Agro-Service have until Sept. 28 to
submit proofs of claim to:

         S. Lyapun
         Insolvency Manager
         Sotsialisticheskaya Str. 18/3
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-1888/07-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Kray-Agro-Service
         50-letija Oktyabrya Str. 39
         Izobilnyj
         356140 Stavropol
         Russia


KYZYLSKAYA POULTRY: Creditors Must File Claims by Sept. 21
----------------------------------------------------------
Creditors of State Unitary Enterprise Kyzylskaya Poultry Farm
(TIN 1717008460, OGRN 1021700728026) have until Sept. 21 to
submit proofs of claim to:

         A. Khertek
         Insolvency Manager
         Rivenskaya Str. 26
         Kyzyl
         667009 Tyva
         Russia

The Arbitration Court of Tyva commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A69-421/05-3.

The Debtor can be reached at:

         State Unitary Enterprise Kyzylskaya Poultry Farm
         Kirova Str. 1A
         Kaa-Khem
         669901 Tyva
         Russia


PROGRESS LLC: Creditors Must File Claims by August 21
-----------------------------------------------------
Creditors of LLC Progress have until Aug. 21 to submit proofs of
claim to:

         N. Volkov
         Temporary Insolvency Manager
         Apartment 10
         Shillera Str. 20
         236000 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A21-2078/07.

The Court is located at:  

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Progress
         Mira Pr. 19/21
         236000 Kaliningrad
         Russia


TAT-OIL-GAS-STROY: Asset Sale Slated for August 28
--------------------------------------------------
M. Basyrov, the insolvency manager and bidding organizer for
OJSC Tat-Oil-Gas-Story, will open a public auction for the
company's properties at 2:00 p.m. on Aug. 28 at:

         Timiryazeva Str. 17
         Almetyevsk
         Tatarstan
         Russia

Interested participants have until Aug. 23 to deposit an amount
equivalent to 5% of the starting price to:

         OJSC Tat-Oil-Gas-Story
         Settlement Account 40702810303020002274
         Correspondent Account 30101810000000000805
         BIK 049205805
         TIN/KPP 1644003500/165501001
         OJSC AC Bars Bank
         Bugulma
         Russia

Bidding documents must be submitted to:

         M. Basyrov
         Apartment 82
         Kalinina Str. 63
         Bugulma
         423231 Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Tat-Oil-Gas-Story
         Pushkina Str.66
         Almetyevsk
         423450 Tatarstan
         Russia


VIMPEL-COMMUNICATIONS: Acquires CSK in US$232 Million Buyout
------------------------------------------------------------
OJSC Vimpel-Communications acquired CSJC Corporation Severnaya
Korona, which holds GSM 900/1800 and D-AMPS licenses covering
the Irkutsk Region.

The Company acquired 100% of the shares of CSK for around US$232
million.  The sole shareholder of CSK was Tele2 Sverige AB of
Sweden, a member of the telecommunications holding company Tele2
which operates in the Nordic and Russian markets.

CSK’s GSM-900/1800 and D-AMPS licenses cover a territory with a
population of about 2.5 million.  According to the Company's
estimates, the CSK subscriber base as of the end of June 2007
amounted to over 571,000 subscribers (including more than 3,000
D-AMPS subscribers), which accounts for 21.5% of the entire
cellular market in the Irkutsk Region.  According to independent
surveys, the penetration level of cellular telecommunications in
the region is about 107.6%.

"We are happy to announce our entry into one of the most
important regions of the Far East and Siberia," Nikolai
Pryanishnikov, VimpelCom’s Executive Vice-President and General
Director for Russia, said.  "The acquisition of CSK
substantially enhances our position in Russia and expands the
communication options available to existing and new subscribers.  
We plan to integrate the acquired company into VimpelCom’s
network as soon as possible and offer the local population
Beeline’s high level of service.”

Following the acquisition of CSK, VimpelCom's operating area
covers 75 regions of the 85 administrative regions of the
Russian Federation.

                         About VimpelCom

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

                            *   *   *

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

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

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

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

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

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


YAROSLAVSKAYA FINANCIAL: Creditors Must File Claims by Sept. 21
---------------------------------------------------------------
Creditors of LLC Yaroslavskaya Financial-Industrial Company (TIN
7627015489) have until Sept. 21 to submit proofs of claim to:

         I. Nikitina
         Insolvency Manager
         Mira Pr. 101V
         129085 Moscow
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A82-6947/06-56-B/419.

The Debtor can be reached at:

         LLC Yaroslavskaya Financial-Industrial Company
         Lenina Str. 2
         Dubki
         Yaroslavl
         Russia


YUZH-URAL-OIL-GAS-STROY: Creditors Must File Claims by Sept. 28
---------------------------------------------------------------
Creditors of CJSC Yuzh-Ural-Oil-Gas-Stroy have until Sept. 28 to
submit proofs of claim to:

         R. Khasanov
         Insolvency Manager
         Post User Box 2454
         460051 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-4117/07-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yuzh-Ural-Oil-Gas-Story
         Zubochistka Pervaya
         Perevolotskiy
         Orenburg
         Russia


YUZHNO-URALSKAYA INVESTMENT: Asset Sale Slated for Sept. 15
-----------------------------------------------------------
The bidding organizer for OJSC Yuzhno-Uralskaya Investment
Company, will open a public auction for the company's properties
at 2:00 p.m. on Sept. 15 at:

         Montazhnikov Str. 20
         456780 Ozersk
         Russia

The company has set a RUR3,034,809 starting price for the
auctioned assets.

Interested participants have until Aug. 23 to deposit an amount
equivalent to 20% of the starting price to:

         JSC Yuzhno-Uralskaya Investment Company
         Settlement Account 405002810872370000003
         Correspondent Account 30101810700000000602
         BIK 047501602
         TIN 7422000058
         KPP 742201001
         Chelyabinskiy OSB 8597
         Chelyabinsk
         Russia

Bidding documents must be submitted to:

         Bidding Organizer
         Office 416
         Lenina Pr. 89
         454080 Chelyabinsk
         Russia

The Debtor can be reached at:

         Bidding Organizer
         Office 416
         Lenina Pr. 89
         454080 Chelyabinsk
         Russia


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


ABACAT JSC: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered July 18 an order closing
the bankruptcy proceedings of JSC Abacat.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Abacat
         Poststrasse 30
         6300 Zug
         Switzerland


BS TEX: Basel Court Closes Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Service of Binningen in Basel entered July 23 an
order closing the bankruptcy proceedings of JSC BS Tex.

The Bankruptcy Service of Binningen can be reached at:

         Bankruptcy Service of Binningen
         4102 Binningen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC BS Tex
         Ringstrasse 9
         4123 Allschwil
         Arlesheim BL
         Switzerland


COMPTRONIX JSC: Creditors' Liquidation Claims Due September 14
--------------------------------------------------------------
Creditors of JSC Comptronix have until Sept. 14 to submit their
claims to:


         Peter Rohner
         Liquidator
         Drusbergstrasse 19
         8810 Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC Comptronix
         Horgen ZH
         Switzerland


EASTERN EUROPEAN: Creditors' Liquidation Claims Due September 15
----------------------------------------------------------------
Creditors of JSC Eastern European Invest (EEI) have until
Sept. 15 to submit their claims to:


         Engelgasse 77
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Eastern European Invest (EEI)
         Basel BS
         Switzerland


FMB SERVICES: Creditors' Liquidation Claims Due November 16
-----------------------------------------------------------
Creditors of JSC FMB Services have until Nov. 16 to submit their
claims to:


         Claudia Kundig
         Liquidator
         JSC Brem Neff & Partner
         Wohlerstrasse 2
         5620 Bremgarten AG
         Switzerland

The Debtor can be reached at:

         JSC FMB Services
         Bremgarten AG
         Switzerland


FREHNER-IT JSC: St. Gallen Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered July 19 an order
closing the bankruptcy proceedings of JSC Frehner-IT.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Max Banziger
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Frehner-IT
         9323 Steinach
         Rorschach SG
         Switzerland


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

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Konolfingen
         3082 Schlosswil
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         LLC FVD
         Industriestrasse 25
         3076 Worb
         Konolfingen BE
         Switzerland


GRANU - TEC LLC: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Granu - Tec on July 16.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Granu - Tec
         Bahnhofstrasse 235
         5325 Leibstadt
         Zurzach AG
         Switzerland


INKASSO TREUHAND: Zurich Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zurich entered July 13 an order
closing the bankruptcy proceedings of LLC Inkasso Treuhand
Zurich.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Inkasso Treuhand Zurich
         Steinstr. 52
         8003 Zurich
         Switzerland


ITL INTER: St. Gallen Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of St. Gallen entered July 23 an order
closing the bankruptcy proceedings of LLC ITL Inter Marketing.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC ITL Inter Marketing
         Eisenbahnstrasse 5
         9400 Rorschach SG
         Switzerland


KOHLER WERNER: Thurgau Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Thurgau entered July 19 an order
closing the bankruptcy proceedings of JSC Kohler Werner.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Kohler Werner
         Im Bick
         8506 Lanzenneunforn
         Switzerland


PIANURA JSC: Creditors' Liquidation Claims Due September 24
-----------------------------------------------------------
Creditors of JSC Pianura have until Sept. 24 to submit their
claims to:


         Tobias Hauser
         Liquidator
         Talacker 35
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Pianura
         Graubunden
         Switzerland


SC SUISSE: Lucerne Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Willisau in Lucerne entered July 11 an
order closing the bankruptcy proceedings of LLC SC Suisse
Computer.

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC SC Suisse Computer
         Ohmstalerstrasse 4
         6247 Schotz
         Willisau LU
         Switzerland


SCB JSC: Graubunden Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Landquart in Graubunden entered
July 16 an order closing the bankruptcy proceedings of JSC SCB.

The Bankruptcy Service of Landquart can be reached at:

         Bankruptcy Service of Landquart
         7205 Zizers
         Landquart GR
         Switzerland

The Debtor can be reached at:

         JSC SCB
         Luxgasse 8a
         7206 Igis
         Landquart GR
         Switzerland


UNIVERSAL SERVICE: Schwyz Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of March in Schwyz entered July 23 an
order closing the bankruptcy proceedings of LLC Universal
Service.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SG
         Switzerland

The Debtor can be reached at:

         LLC Universal Service
         Brestenburgstrasse 6
         8862 Schubelbach
         March SG
         Switzerland


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


BAKHRAM LLC: Creditors Must File Claims by Aug. 17
--------------------------------------------------
Creditors of LLC Bakhram (code EDRPOU 32981993) have until
Aug. 17 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. 15/416-b.

The Debtor can be reached at:

         LLC Bakhram
         Predslavinskaya Str. 34-B
         03150 Kiev
         Ukraine


BANK KHRESCHATYK: Fitch Assigns D/E Individual Ratings
------------------------------------------------------
Fitch Ratings has assigned Bank Khreschatyk a National Long-term
rating of 'BBB-(ukr)' with a Stable Outlook and assigned its
upcoming issue of five-year UAH440 million bonds an expected
National Long-term rating of 'BBB- (ukr)'.  The final rating of
the issue is contingent on the receipt of final documentation
conforming materially to information already received.  
Khreschatyk's other ratings are Long-term Issuer Default 'B-',
Short-term Issuer Default 'B', Local Currency Long-term Issuer
Default 'B-', Support '5', Support Rating Floor 'No floor' and
Individual 'D/E'.  The Outlooks on both of the Long-term Issuer
Default ratings are Stable.

Bond holders have the option to submit bonds for early repayment
at the end of every one-year period starting from the issue date
of each of the three tranches planned under the issue.  The
bonds will be unsecured.  The bank's obligations under the issue
will rank at least equally with all its other unsecured and
unsubordinated creditors, save those preferred by any
bankruptcy, employment, insolvency, liquidation or similar laws
of general application.  Under Ukrainian law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-2006, retail depositors accounted for 25% of
Khreschatyk's non-equity funding, according to the bank's IFRS
accounts.

Founded in 1993, Khreschatyk was Ukraine's 24th-largest bank
with 0.9% market share by total assets at end-H107 according to
the National Bank of Ukraine.  Khreschatyk has strong
geographical coverage in Kiev.  At end-2006 the bank had a
network of 16 branches and 67 outlets, mainly in Kiev, Ukraine's
capital, or the Kiev region.  At end-2006, 75% of its loans were
to borrowers from Kiev, however concentration on the capital
city is set to decrease as the bank is planning to continue its
rapid network expansion.  Corporate and municipal clients have
traditionally represented the bulk of business, although since
2006 Khreschatyk's strategic focus has moved towards retail.


BERNOVSKAYA LLC: Creditors Must File Claims by Aug. 17
------------------------------------------------------
Creditors of LLC Bernovskaya (code EDRPOU 30868984) have until
Aug. 17 to submit written proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/35/b.

The Debtor can be reached at:

         LLC Bernovskaya
         Bernovoye
         Kelmenetsky District
         Chernovcy
         Ukraine  


CRYSTAL LLC: Creditors Must File Claims by Aug. 17
--------------------------------------------------
Creditors of LLC Crystal (code EDRPOU 30277610) have until
Aug. 17 to submit written proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/123B.

The Debtor can be reached at:

         LLC Crystal
         Apartment 188
         M. Ulianova Str. 65
         83003 Donetsk
         Ukraine


GAMMA B: Creditors Must File Claims by Aug. 16
----------------------------------------------
Creditors of LLC Gamma B (code EDRPOU 31112211) 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 26/161-07.

The Debtor can be reached at:

         LLC Gamma B
         Newspaper Pravda Avenue 20
         49000 Dnipropetrovsk
         Ukraine


PODVORIEVSKOE LLC: Creditors Must File Claims by Aug. 17
--------------------------------------------------------
Creditors of LLC Podvorievskoe (code EDRPOU 30823985) have until
Aug. 17 to submit written proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/37/b.

The Debtor can be reached at:

         LLC Podvorievskoe
         Podvorievka
         Kelmenetsky District
         Chernovcy
         Ukraine         


TECHNICS OJSC: Creditors Must File Claims by Aug. 17
----------------------------------------------------
Creditors of OJSC Agricultural Technics (code EDRPOU 03757229)
have until Aug. 17 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 18/331.

The Debtor can be reached at:

         OJSC Agricultural Technics
         Kozelshchina District
         Lomonosov Str. 1
         Lutovinovka
         39132 Poltava
         Ukraine


TRADING CENTER: Creditors Must File Claims by Aug. 17
-----------------------------------------------------
Creditors of CJSC Trading Center (code EDRPOU 20501388) have
until Aug. 17 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. 25/157/07.

The Debtor can be reached at:

         CJSC Trading Center
         B. Hmelnitsky Str. 17
         Melitopol
         72312 Zaporozhje
         Ukraine


VATUTIN LLC: Creditors Must File Claims by Aug. 17
--------------------------------------------------
Creditors of Vatutin LLC (code EDRPOU 30868979) have until
Aug. 17 to submit written proofs of claim to:
         
         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/7/b.

The Debtor can be reached at:

         Vatutin LLC
         Grushivtsy
         Kelmenetsky District
         Chernovcy
         Ukraine


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


ADVANCED MARKETING: Wants Exclusive Plan Filing Period Extended
---------------------------------------------------------------
Advanced Marketing Services Inc. asks the U.S. Bankruptcy Court
for the District of Delaware to further extend their exclusive
periods to:

   (1) file a plan of reorganization through August 14, 2007;
       and

   (2) solicit and obtain acceptances of that plan through
       November 30.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have been working
in close cooperation with the Official Committee of Unsecured
Creditors to develop and draft a joint plan and related
documents.  The Debtors believe the requested extension is
consistent with the plan process timeline they have
discussed with the Creditors Committee.

Mr. Collins asserts that the Debtors' Exclusive Periods should
be extended because while the Debtors and the Committee are
close to finalizing a plan and intend to file it in the near
future, the plan is not yet ready.  An extension avoids possible
confusion and inefficiencies that may arise should a creditor or
other party-in-interest present a competing plan during the
brief period during which the Debtors would not technically have
exclusivity.

The Debtors submit that the extension of the Exclusive Periods
will not harm creditors or other parties-in-interest.  The
Debtors believe that they are requesting only a brief extension
of the exclusivity periods, and will be able to proceed with the
hearing for conditional approval of the disclosure statement, as
planned, at the Sept. 26, 2007 omnibus hearing.

"That would also be the first hearing date even if the Debtors
and the Committee had filed the joint plan on August 10, 2007,"
Mr. Collins says.

Judge Sontchi will convene a hearing on September 26, 2007, at
10:00 a.m., to consider the Debtors' request.  Pursuant to
Del.Bankr.LR 9006-2, the Debtors' Exclusive Periods are
automatically extended until the conclusion of that hearing.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

(Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


ADVANCED MARKETING: Wants More Time to Decide on Two Leases
-----------------------------------------------------------
Advanced Marketing Services, Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
further extend the period within which they may assume or reject
(i) the Berkeley Lease and the New York Lease through August 31,
2007, and (ii) the Indianapolis Lease through September 30,
2007.

As of July 27, 2007, the Debtors are parties to three
nonresidential real property leases:

Debtor
Party to    Location         Location       Date of
the Lease   Description      Address        Lease     Landlord
---------   -----------      -------        -------   --------
AMS         Indianapolis,    Indianapolis   3/25/04   The            
            IN - Return                               Prudential
            Center                                    Company
                                                      of America

PGI         PGW - New York   New York,     11/17/87   841-853                
                             NY                       Broadway
                                                      Associates

PGI         PGW - Berkeley   Berkeley,      4/24/97   Demo 4th              
                             CA                       Street
                                                      Berkeley
                                                      LLC

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that Perseus Books LLC and the
Debtors are in discussions regarding the assumption by Perseus
of the Berkeley Lease and the New York Lease.  The Debtors
expect to file a motion to assume and assign both Leases
promptly.

Mr. Collins also relates that Baker & Taylor, Inc., has already
entered into a new lease for certain facilities formerly
occupied by the Debtors in Indianapolis.  AMS continues to
occupy the adjacent space, which is the subject of the
Indianapolis Lease, he says.  

Moreover, the Debtors and the landlord for the Indianapolis
space are in the process of finalizing an agreement for the
continued use of that space during the extension period so that
the Debtors can complete the disposition of AMS and PGW
inventory in that location, Mr. Collins explains.

"The Debtors have either obtained the prior written consent of
the lessors of each of the Leases to the extension of time for
the Debtors to assume or reject unexpired leases of
nonresidential real property or expect to do so prior to the
hearing on this Motion," Mr. Collins tells the Court.

Judge Sontchi will convene a hearing on August 24, 2007, at
10:00 a.m., to consider the Debtors' request.  Pursuant to
Del.Bankr.LR 9006-2, the Debtors' Lease Decision Period is
automatically extended until the conclusion of that hearing.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

(Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


BALLY TOTAL: Files Amended Chapter 11 Reorganization Plan
---------------------------------------------------------
Bally Total Fitness has filed a motion with the U.S. Bankruptcy
Court for the Southern District of New York seeking approval to
amend its Joint Prepackaged Chapter 11 Plan of Reorganization to
implement a superior alternative restructuring proposal from
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P. without the need
to resolicit votes from its creditors.
    
Under its proposal, Harbinger would invest approximately
$233.6 million in exchange for 100% of common equity of the
reorganized Bally.   The amended plan would provide equal or
better treatment to holders of the company's 10-1/2% Senior
Notes due 2011 and its 9-7/8% Senior Subordinated Notes due
October 2007, well as all other holders of unsecured claims
against the company.

Holders of existing common stock in Bally and certain other
claims treated as equity in bankruptcy would receive US$16.5
million in the aggregate.  Under the Existing Plan, common
stockholders would receive no distribution.  The amended plan
would also result in additional de-levering of the company.  

If the Bankruptcy Court grants the motions filed, the company
would be able to implement the amended plan and emerge from
Chapter 11 within a similar timeframe as the Existing Plan.
    
In its motion, Bally is seeking Court approval to pursue the
amended plan without further vote solicitation and to treat
received votes to accept the Existing Plan as votes to accept
the amended plan implementing the Harbinger-funded
restructuring.

Bally has also filed a motion seeking court approval to enter
into an Investment Agreement providing for Harbinger's
commitment to make its US$233.6 million equity investment, and a
Restructuring Support Agreement reflecting the parties'
commitment to implement the Harbinger-funded restructuring
through the amended plan.
    
Under the amended plan, the company can still consummate the
restructuring set forth in the Existing Plan if the Harbinger-
funded restructuring cannot be consummated.  

The Existing Plan would be funded by US$90 million in capital to
be provided through the issuance of new senior subordinated
notes in a rights offering backstopped by funds managed by
Tennenbaum Capital Partners, LLC, Goldman Sachs & Co., and
Anschutz Investment Company
    
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom, and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.

As of June 30, 2007, the Debtors had US$408,546,205 in total
assets and US$1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.


BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors
----------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates obtained authority, on an interim basis, from
the U.S. Bankruptcy Court for the Southern District of New
York in Manhattan to employ Deloitte Tax LLP as their tax
services provider, effective as of July 31, 2007.

According to Marc D. Bassewitz, senior vice president, secretary
and general counsel of Bally Total Fitness Holding Corporation,
Deloitte Tax and its professionals have extensive experience and
knowledge in the field of tax services, including providing tax
advisory services in cases before bankruptcy courts.

Moreover, the firm has performed other work for the Debtors in
the past, and is therefore familiar with the Debtors' corporate
structures and businesses, and many of the potential issues that
may arise in the context of the Chapter 11 cases, Mr. Bassewitz
says.  

As Tax advisors, Deloitte Tax will render tax advisory services
to the Debtors, including:

   (a) assisting the Debtors with the federal tax effects of the
       commencement of the Chapter 11 cases;

   (b) providing the Debtors with various tax compliance
       services, including assisting the Debtors with certain
       FAS 109 calculations and preparing various federal, state
       and local tax returns;

   (c) providing general corporate tax advisory services;

   (d) assisting the Debtors with their efforts to implement
       FASB Interpretation No. 48; and

   (e) providing tax examination services.

Mr. Bassewitz tells the Court that Deloitte Tax will charge the
Debtors a fixed weekly fee of US$10,000 for approximately 40 to
60 hours of tax compliance services pursuant to an engagement
letter dated May 29, 2007.

Deloitte Tax will be paid on its hourly rates for all other
services:

           Partner or Director     US$475 - US$645
           Senior Manager          US$400 - US$535
           Manager                 US$325 - US$450
           Senior Associate        US$275 - US$365
           Associate               US$175 - US$270

David Hoffman and Rochelle Kleczynski are the professionals
expected to have primary responsibility for providing services
to the Debtors.

As a result of Deloitte FAS' and its affiliate, Deloitte Tax
LLP's prepetition services to the Debtors, both parties received
retainers from the Debtors in the 90 days prior to the Petition
Date:
                                  Amount
                                  ------
           Deloitte FAS       US$1,681,004  
           Deloitte Tax          645,863

About US$50,562 in Deloitte FAS' retainers remained as of the
Petition Date, while US$91,370 remained in Deloitte Tax's
retainers.  No amounts were due and owing from the Debtors to
both advisors prior to that Date.

The Debtors will indemnify and hold harmless Deloitte Tax, its
subcontractors and their personnel from all claims, liabilities
and expenses relating to the engagement, except to the extent
finally judicially determined to have resulted primarily from
Deloitte Tax's bad faith, intentional misconduct or
recklessness.  

The Debtors agree these indemnification provisions:

Richard Bodnum, Esq., a partner at Deloitte Tax, assures the
Court that Deloitte Tax is a "disinterested person" as that
phrase is defined in Section 101(14) of the Bankruptcy Code, as
modified by section 1107(b).

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

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

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


BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan gave Bally Total Fitness Holding Corporation and
its debtor-affiliates authority, on an interim basis, to employ
Jefferies & Company Inc. as their financial advisor, effective
as of July 31, 2007.

Jefferies & Company Inc. is an investment banking firm, which
has provided prepetition services to the Debtors, working
closely with them to pursue available alternatives, thereby
playing a pivotal role in the Debtors' proposed Plan of
Reorganization, Marc D. Bassewitz, senior vice president,
secretary and general counsel of Bally Total Fitness Holding
Corporation, tells the Court.

Jefferies is, thus, familiar with the Debtors' business
operations, capital structure, financing documents and other
material information, and is able to assist the Debtors in their
restructuring efforts, Mr. Bassewitz says.

As financial advisor, the firm is expected to:

   -- advice and assist the Debtors in connection with
      analyzing, structuring, and effecting -- including
      providing valuation analyses as appropriate -- and acting
      as financial advisor in connection with, any potential
      restructuring;

   -- perform financial advisory services, including (i)
      analyzing the business, operations, properties, financial
      condition, and prospects of the Debtors, (ii) advising the
      Debtors on the current state of the restructuring market,
      (iii) assisting and advising the Debtors in developing a
      general strategy for accomplishing a restructuring,
      including the value of the securities, if any, that may be
      issued, (iv) providing valuation and related services in
      connection with any proposed restructuring, and (v)
      rendering other financial advisory services as may from
      time to time; and

   -- provide advice and assistance in connection with the
      solicitation of votes.

According to Mr. Bassewitz, investment bankers like Jefferies do
not charge for their services on an hourly basis.  Instead, they
customarily charge a monthly advisory fee plus an additional fee
that is contingent upon the occurrence of a specified type of
transaction.

For its services rendered to the Debtors, Jefferies will be
paid:

   -- an initial monthly fee equal to US$125,000 per month from
      February 24, 2007, through June 30, 2007;

   -- a second monthly fee equal to US$150,000 per month from
      July 1, 2007, through September 30, 2007; and

   -- a final monthly fee equal to 50% of second monthly fee
      from and after October 1, 2007, until the expiration of
      the agreement.

A transaction fee of US$3,350,000 was earned unconditionally on
the execution of the restructuring engagement letter with the
Debtors, and payable prior to June 30, 2007.

Mr. Bassewitz clarifies that 50% of the aggregate initial
monthly fees actually paid to Jefferies in excess of US$375,000
will be credited against the Transaction Fee.

The Debtors will also reimburse Jefferies for all fees,
reasonable disbursements and reasonable out-of-pocket expenses,
including Jefferies' counsel fees, not to exceed US$50,000 in
the aggreagate absent the consent of the Debtors; and,
Jefferies' counsel disbursements, not to exceed US$100,000 in
the aggregate.

Mr. Bassewitz adds that for its advisory services, Jefferies
will be paid:

   (a) an advisory transaction fee of US$1,650,000, upon
       consummation of a Merger & Acquisition transaction;

   (b) a non-core transaction fee of 2% of the transaction value
       in the event of a non-core transaction, plus, in the
       discretion of the Debtors' chief restructuring officer,
       additional compensation up to an aggregate of US$500,000
       for all non-core transactions.  Non-core transaction fees
       will not exceed US$1,000,000 in the aggregate.

In the event the Debtors request that Jefferies render an
"Alternate Opinion", the Debtors and Jefferies will mutually
agree on a reasonable fee for the services which will be based
on the prevailing market rate.

Pursuant to an M&A advisory engagement letter between the
Debtors and Jefferies, an M&A opinion fee of US$500,000 will be
charged for each M&A opinion delivered, of which 100% of the
amount will be credited against the advisory transaction fees.

Jefferies will apply to the Court for payment of compensation
and reimbursement expenses in accordance with applicable
provisions on the Bankruptcy Code.

Mr. Bassewitz notes that prior to the Petition Date, Jefferies
received approximately US$4,099,761 in fees and US$45,677 in
expenses from the Debtors, for prepetition services rendered and
expenses incurred in advising the Debtors.

No indemnification will be available to the Debtors for losses
that are determined, by a final, nonappealable judgement by a
court to have resulted primarily from an indemnified person's
own gross negligence or willful misconduct, reveals Mr.
Bassewitz.

William Q. Derrough, managing director of Jefferies & Company,
Inc., assures the Debtors that Jefferies is a "disinterested
person" as the phrase is defined in Section 101(14) of the
Bankruptcy Code as modified by Section 1107(b).

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

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

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


BRITISH AIRWAYS: Moody's Lifts Senior Unsecured Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured rating
of British Airways plc to Ba1, one notch lower than the
Corporate Family Rating (upgraded to Baa3, stable outlook),
reflecting the subordination of unsecured debt to a substantial
portion of secured debt.

The debt instruments affected by the rating action are:

   -- GBP100 million 10.875% senior unsecured notes due 2008 to
      Ba1 from Ba2;

   -- GBP250 million 7.25% senior unsecured notes due 2016 to
      Ba1 from Ba2;

   -- US$115 million 5.25% and US$85 million 7.625% senior
      unsecured industrial revenue notes due 2032 to Ba1 from  
      Ba2;

   -- EUR300 million 6.75% perpetual guaranteed preferred
      securities to Ba2 from Ba3 (issued by British Airways
      Finance (Jersey) L.P.).

The upgrade reflects the gradual improvement in the company's
operating performance in spite of volatile earnings, as well as
the beginning of the company's plan to reduce its significant
unfunded pension plan, which has had a positive impact on credit
metrics.  The company reported a 12% operating margin in the
first quarter of Fiscal Year 2008 and continues to target an
operating margin of 10% for the full year.  Moody's cautions
nevertheless that the operating performance can be vulnerable to
negative developments as evidenced in Fiscal Year 2007, when
results were impacted by factors such as fuel costs, labor
unrest, security threats and weather conditions, which the
company estimates lowered its revenues by GBP220 million in that
year.  

Credit metrics have also improved due to the company's
GBP800 million in contributions to its pension deficit since
February 2007, as a result of which Adjusted Total Debt/EBITDA
is expected to remain below 4x, which had been a criterion for a
rating upgrade.  The unsecured rating continues to reflect the
significant share of secured financing within the capital
structure, which creates a material degree of effective
subordination for the unsecured noteholders.

Moody's notes, nevertheless, that the company faces a
significant step-up in capital expenditures for its planned re-
fleeting, for which GBP554 million was contracted at the end of
FY2007 for new aircraft purchases, and GBP 850mn in capital
expenditures is targeted for the current fiscal year.  Moody's
expects that this fleet renewal is likely to be a longer-term
and costly process, thus significantly mitigating the potential
for further deleveraging.  The rating also factors in the
company's stated policy that it will not make any further
capital investments as part of a potential bid for Iberia in
conjunction with TPG.

Moody's notes that the company's provisioning for litigation
with regards to fuel price surcharges has thus far been
sufficient to meet expected cash payments, while the rating
assumes that pending litigation, notably for alleged cargo
surcharges, will not significantly impact the company's overall
credit profile.

The company's liquidity is supported by its strong cash balance,
which remained at nearly GBP2 billion at the end of the first
quarter of Fiscal Year 2008.  The principal external available
source of funding is a committed aircraft financing facility of
US$352 million, which remained undrawn at the end of Fiscal Year
2007.  The company had GBP417 million in short-term financial
liabilities, mainly for finance leases and hire purchase
agreements. In light of the limited external committed sources
of funding, Moody's would expect that the company retains a
substantial cash balance at or near the current level.

The stable outlook reflects Moody's view that the company's
operations are expected to remain sound in the foreseeable
future, while over the medium term free cash generation is
likely to be absorbed by the significant re-fleeting program.
The rating or outlook could be positively impacted if in spite
of strong capex the company were able to continue to pay down
debt with adjusted leverage falling towards 3x.  Conversely, the
rating or outlook could be negatively impacted if external
events were to result in a significant decline in profitability
or liquidity, or if leverage were to rise above 4x on a
sustained basis.

British Airways, based in Waterside, United Kingdom, is Europe's
third largest airline carrier with 33 million passengers in
Fiscal Year 2007 (to 31 March), serving 147 destinations in 75
countries. In FY2007 the company reported revenues and operating
profits of GBP8.5 billion and 602 million, respectively.


CAMBRIDGE MARKETING: Claims Filing Period Ends October 2
--------------------------------------------------------
Creditors of Cambridge Marketing Solutions Ltd. (formerly
Carnegie Lemon Ltd.) have until Oct. 2 to send in their names,
addresses and descriptions, full particulars of their debts and
claims, and the names and addresses of their solicitors (if any)
to:

         Ladislav Hornan
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint liquidators of the company on Aug. 2 for the
creditors’ voluntary winding-up procedure.


DECO SERIES 2005: Fitch Junks GBP2.85 Million Class E Notes
-----------------------------------------------------------
Fitch Ratings has downgraded the class E notes and affirmed the
four others of from Deco Series 2005-UK Conduit plc due July
2012:

   -- GBP100.85 million Class A (XS0222802364) affirmed at 'AAA'
      Outlook Stable

   -- GBP14.49 million Class B (XS0222803099) affirmed at 'AA'
      Outlook Stable

   -- GBP12.15 million Class C (XS0222803842) affirmed at 'A'
      Outlook Stable

   -- GBP10.53 million Class D (XS0222806514) affirmed at 'BBB'.
      Outlook revised to Negative from Stable

   -- GBP2.85 million Class E (XS0222830811) downgraded to 'CCC'
      distressed recovery 2 from 'BB'; Outlook Negative.

Rating Outlooks have been introduced for European Structured
Finance tranches to provide more forward-looking information to
the market.  An Outlook indicates the likely direction of any
rating change during a one- to two-year period.

On the July 2007 interest payment date, there was an interest
shortfall to the class E notes.  This shortfall occurred because
of the reduction in liquidity drawings available to cover
interest on the Kashani loan, which consequently reduced the
interest available to pay the class E noteholders.  The
shortfall was GBP 41,163 on interest due of GBP49,423.

The latest valuations show that the value of the Kashani assets
have decreased compared to the original purchase price, given
which, an appraisal reduction mechanism has been triggered.  (A
standard appraisal reduction mechanism will proportionately
reduce the amount available to be drawn down under the liquidity
facility agreement.)  The maximum amount that can be drawn in
respect of a particular loan may be reduced by the amount of the
appraisal reduction of any loan.  It will not, however, decrease
below the lower of GBP5 million (currently GBP11.6 million,
reduced from GBP12 million) and 25% of the outstanding principal
balance of the loans.

In this case, the principal amount of the relevant mortgage loan
outstanding - including any unpaid interest, all currently due
and unpaid taxes and assessments, and insurance premiums - has
exceeded the sum of 90% of the appraised value of the Kashani
loan.  The amount available to be drawn under the liquidity
facility will be reduced in proportion to the amount of the
appraisal reduction (44.96%).

The failure to pay interest on the most senior class of notes
when due will result in a note event of default.  Conversely, if
there are insufficient funds to pay full interest on one or more
of the junior ranking notes, this does not constitute a note
default.  Rather, interest will be deferred until the earlier of
the following distribution date on which the issuer has
sufficient funds available to pay such deferred amounts, or the
date on which the relevant notes are due to be redeemed in full.
Interest will, nevertheless, accrue on such deferred interest.

The properties backing the Kashani loan consist of three pubs,
located in medium- to small-sized towns in Scotland.  The
properties are prominently positioned on busy traffic routes and
surrounding properties are a mix of retail, commercial and/or
residential.

Fitch has not been informed of the sale price of the Laings
property, one of the pubs noted above.  According to the
surveyor's Web site (Creevy LHH) the property is under offer.  
However, in its analysis, Fitch has made the assumption that the
property will sell for the allocated loan amount, currently
GBP834,724.  It also assumes that the other properties will be
sold in July 2008 for approximately current market value.

The DR on the class E notes reflects expected recoveries.  In
line with Fitch's methodology, forecasts of principal and
interest payments for all tranches were calculated based on
historical principal payment rates and interest payment rates.  
These were then applied to the respective tranches, and compared
to expected losses.  Finally, the net present value of all
payments was calculated, resulting in the lower ratings for
class E.

In summary, there has been sufficient credit deterioration to
expect that the rated securities are at risk of loss of
principal or interest.

The current market values for each property have decreased
dramatically, having a negative impact on the transaction.  The
loan to value ratios currently stand at 158.01% while the vacant
possession LTV is 202.72%.

Assuming this loss will be allocated, the not accruing interest
amount comes into play.  This is the difference between the
principal amount outstanding on the loans and the principal
outstanding on the notes.  When determining the principal amount
of the loans outstanding, the servicer or special servicer will
deduct any loan amounts for which losses have been realised and
no further recoveries are expected.  If the resulting aggregate
loan balance is less than the aggregate note balance, the
shortfall will be allocated to the notes sequentially in reverse
order of seniority.

NAI in effect represents the losses realized on the loans. When
calculating interest due on a class of notes, the cash manager
will deduct the amount of NAI allocated to that class from the
principal amount outstanding, in effect reducing the size of the
class and hence the amount of interest payable to that class.  
This feature ensures that interest payments will cease to be
paid to notes for which principal repayments are not expected.  
A loss on one loan has an immediate impact on the most junior
notes.


DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates disclosed
that they canceled the scheduled auction for Atwood Mobile
Products, Inc.'s assets, in light of the absence of competing
bids for the Elkhart, Indiana-based business.

In a notice filed before the U.S. Bankruptcy Court for the
District of Delaware, Dura Automotive said that they have not
received additional "qualified bids" for Atwood by the August 8
bidding deadline.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

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

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

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007. (Dura Automotive Bankruptcy News, Issue No. 25; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


GREAT NORTH: Loses Ten-Year East Coast Franchise to New Operator
----------------------------------------------------------------
Sea Containers Ltd., the owner of the Great North Eastern
Railway Ltd., which operates the InterCity East Coast service,
expressed disappointment over the decision of the Department for
Transport awarding the 10-year franchise to a new operator
rather than to the Virgin and Stagecoach consortium of which
GNER was a part of.

The Department of Transport awarded the contract to operate the
services on the InterCity East Coast rail franchise to NXEC
Trains Ltd, a subsidiary of National Express Group, on Aug. 14,
2007.

The franchise will start on Dec. 9, 2007, and will run through
March 31, 2015, with the last 17 months conditional on set
performance levels being reached.  NXEC Trains will be paid
GBP1.4 billion over the life of the franchise in premium as a
contribution to DfT's rail budget.

Bob Mackenzie, Chief Executive Officer of Sea Containers and
Executive Chairman of GNER, stated in response to the decision:
"This will be a sad day for the GNER family of passengers and
staff as well as the businesses associated with GNER from Sea
Containers itself to the suppliers we have worked closely with
over many years.

"We were never in breach of the ten year contract, but due to
all of the unforeseen circumstances and the considerable step up
in premium this year Sea Containers was likely to lose GBP50
million had we held onto the franchise.  We therefore
voluntarily agreed with the Government to enter into the
management contract.  This has allowed GNER to provide the
original benefits under the terms of the 2005 franchise and make
a profitable contribution to the parent company every month
since last December.

"By teaming up with Virgin and Stagecoach we were part of a
strong and robust bid for the next franchise and so we are
disappointed that the Government has decided that our
combination of talents did not meet its financial requirements."

In December 2006, GNER voluntarily entered into a Management
Agreement with the Government to continue delivering train
services after the early ending of the ten year franchise which
had begun in May 2005.  This was the result of a number of
unexpected external events, beyond GNER's direct control, which
undermined the sustainability of the InterCity East Coast
franchise over its 10-year lifetime.

These events included the loss of revenue due to the London
bombings in July 2005, higher energy and fuel costs, and
regulatory permission being granted for a new open access
entrant on the route.  While GNER was never in breach of the
franchise agreement, it was apparent that the company was not
going to be able to meet the significant increase in franchise
premium obligations due from May 2007.

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                          About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-  
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


HAWKSHEAD RETAIL: Brings In Liquidators from Ernst & Young
----------------------------------------------------------
Simon Allport and Ian Best of Ernst & Young LLP were appointed
joint liquidators of Hawkshead Retail Ltd. (formerly Pinco 1663
Ltd.) on Aug. 1 for the creditors’ voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Ernst & Young LLP
         100 Barbirolli Square
         Manchester
         M2 3EY
         England


NUPLEX INDUSTRIES: Amends Terms of 2007 Capital Notes
-----------------------------------------------------
Nuplex Industries Limited discloses in a filing with the New
Zealand Stock Exchange the new terms of its 2007 Capital Notes.

The new terms are the same as the conditions set forth in the
Capital Notes except for:

   New Election Date: 15 September 2012.
   New Interest Rate: 9.3% per annum.

The Capital Notes with the new terms will be known as
2012 Capital Notes.

In that regard, Nuplex advises the holders of the Capital that
on Sept. 17, 2007, they must decide whether to:

   -- retain some or all of the Capital Notes on the new terms
      offered with an interest rate of 9.3% per annum; or

   -- convert some or all of the Capital Notes into fully paid
      Nuplex shares (subject to Nuplex having the right to
      redeem or purchase the Capital Notes for cash); or

   -- sell some or all of the Capital Notes.

Holders will also have the opportunity to purchase more Capital
Notes on the new terms offered.

The new terms will apply from Sept. 17

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on its
Aug. 7, 2007 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2007, is trading at NZ$9.50.


OLYMPIA FOOD: Claims Filing Period Ends October 30
--------------------------------------------------
Creditors of Olympia Food Products Ltd. have until Oct. 30 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

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

Stewart Trevor Bennett and James Preston Bradney of BKL Business
Recovery LLP were appointed joint liquidators of the company on
July 31 for the creditors’ voluntary winding-up procedure.


PIPE HOLDINGS: Polypipe Buys Out Equity from Castle Harlan
----------------------------------------------------------
Polypipe Building Products Ltd., a subsidiary of U.K.-based
plastic pipe manufacturer Pipe Holdings PLC, has undertaken a
refinancing exercise following a period of significant business
expansion, including its successful acquisition of the Terrain
above-ground drainage business, as a platform for further
growth.

Under the terms of the refinancing Polypipe has bought out the
equity controlled by its financial sponsors from New York based
private equity firm Castle Harlan, Inc. with the backing of an
integrated finance package provided by U.K.-based Bank of
Scotland.

“Polypipe has considerably strengthened and refocused its
business during the period under Castle Harlan’s ownership, with
a reliable record of revenues, profits and cash generation
linked to significant investments in manufacturing and new
products as well as making the recent Terrain acquisition,” CEO
Polypipe Group CEO David Hall commented.  “Bank of Scotland as
our new, U.K. based, financial sponsors provide the business
with a longer term investment horizon and can provide access to
additional funds for expansion including the potential for
further complementary acquisitions.  Our team of nearly 50
senior managers, who originally elected to invest in the company
alongside Castle Harlan will now hold a controlling equity stake
giving us greater control over our future plans.”

The refinancing has allowed Castle Harlan to realize their
successful investment following strong performance by the
Polypipe Group since the acquisition of the business in
September 2005 giving them the opportunity to take advantage of
the favorable dollar to sterling exchange rates to further
enhance their returns.

As a lasting tribute to the success of the relationship and to
employees, Castle Harlan and Polypipe Group are each
contributing GBP100,000 to endow a charitable scholarship fund
for the education of Polypipe personnel and their families.

                         About Polypipe

Polypipe -- http://www.polypipe.com/-- manufactures piping and  
sanitary systems for the residential, commercial and
infrastructure sectors.  The company employs over 2800 people in
22 operations facilities, mostly in the U.K.  It also serves
niche segments of the plastic piping and sanitary systems
markets in France, Germany, Italy and Poland.  For the 12 months
ended December 31, 2006, Polypipe generated revenues of GBP331
million.

                       Pipe Holdings plc

Pipe Holdings plc is the parent company of Doncaster, South
Yorkshire-based Polypipe Building Products Ltd., which
manufactures below ground drainage products and plastic plumbing
as well as underfloor heating systems.

                          *   *   *

In April 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa, the rating agency confirmed its B1 Corporate Family
Rating for Pipe Holdings Plc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   7.75% Senior Secured
   Regular Bond/
   Debenture Due 2011       B1       Ba3      LGD3    32%

   9.75% Senior Unsecured
   Regular Bond/
   Debenture Due 2013       B3       B2       LGD5    75%


PIPE HOLDINGS: S&P Revises Outlook on Secondary Buyout Notice
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook to
negative from stable on Pipe Holdings PLC, the U.K.-based
manufacturer of plastic pipes and sanitary systems and parent
company of Polypipe Building Products Ltd., the holding company
for the group's operating subsidiaries.  

This follows the group's announcement of a secondary buyout by
the existing management team from Castle Harlan Partners.  The
company's 'B' long-term corporate credit rating was affirmed.

"The outlook revision reflects our concerns that Polypipe's cash
flow adequacy has significantly weakened after the secondary
buyout transaction, which entails additional leveraging without
any expansion in operations," said Standard & Poor's credit
analyst Eve Greb.  "This will likely lead to very limited free
cash flow generation, which makes the company more exposed to
fluctuations in market conditions."

"In addition, there might be a refinancing risk if bondholders
request repayment of Polypipe's bonds under their change-of-
control clauses," said Ms. Greb.  Polypipe has, however, covered
this risk in the short term by a committed bond repurchase
facility.  In addition, Polypipe has a GBP35 million committed
credit facility, which provides a liquidity back-up.

Pro forma for the buyout, total lease- and pension-adjusted debt
to EBITDA is estimated to be about 6.5x by the end of 2007,
compared with about 5.0x for the 12 months to March 31, 2007,
which is below our expectations for the current rating category.
Debt is adjusted to include Polypipe's payment-in-kind note and
shareholder loans.  Although Standard & Poor's recognizes that
there will be no cash impact from these loans and that they are
deeply subordinated to the notes, the instruments add to the
overall burden of liability for the group, which is a
consideration for the ratings.


RCQ HOLDINGS: Calls In Liquidators from Vantis Business
-------------------------------------------------------
J. S. French and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of RCQ Holdings Ltd. (t/a
Romford Industrial Door Systems) on Aug. 3 for the creditors’
voluntary winding-up procedure.

The joint liquidators can be reached at:

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


ROTRAN SIMULATOR: Claims Filing Period Ends September 25
--------------------------------------------------------
Creditors of Rotran Simulator Logistics Ltd. have until Sept. 25
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

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

Stewart Trevor Bennett and James Preston Bradney of BKL Business
Recovery LLP were appointed joint liquidators of the company on
July 31 for the creditors’ voluntary winding-up procedure.


SEA CONTAINERS: Fails to Secure 10-Year Franchise From Regulator
----------------------------------------------------------------
Sea Containers Ltd., the owner of the Great North Eastern
Railway Ltd., which operates the InterCity East Coast service,
expressed disappointment over the decision of the Department for
Transport awarding the 10-year franchise to a new operator
rather than to the Virgin and Stagecoach consortium of which
GNER was a part of.

The Department of Transport awarded the contract to operate the
services on the InterCity East Coast rail franchise to NXEC
Trains Ltd, a subsidiary of National Express Group, on Aug. 14,
2007.

The franchise will start on Dec. 9, 2007, and will run through
March 31, 2015, with the last 17 months conditional on set
performance levels being reached.  NXEC Trains will be paid
GBP1.4 billion over the life of the franchise in premium as a
contribution to DfT's rail budget.

Bob Mackenzie, Chief Executive Officer of Sea Containers and
Executive Chairman of GNER, stated in response to the decision:
"This will be a sad day for the GNER family of passengers and
staff as well as the businesses associated with GNER from Sea
Containers itself to the suppliers we have worked closely with
over many years.

"We were never in breach of the ten year contract, but due to
all of the unforeseen circumstances and the considerable step up
in premium this year Sea Containers was likely to lose GBP50
million had we held onto the franchise.  We therefore
voluntarily agreed with the Government to enter into the
management contract.  This has allowed GNER to provide the
original benefits under the terms of the 2005 franchise and make
a profitable contribution to the parent company every month
since last December.

"By teaming up with Virgin and Stagecoach we were part of a
strong and robust bid for the next franchise and so we are
disappointed that the Government has decided that our
combination of talents did not meet its financial requirements."

In December 2006, GNER voluntarily entered into a Management
Agreement with the Government to continue delivering train
services after the early ending of the ten year franchise which
had begun in May 2005.  This was the result of a number of
unexpected external events, beyond GNER's direct control, which
undermined the sustainability of the InterCity East Coast
franchise over its 10-year lifetime.

These events included the loss of revenue due to the London
bombings in July 2005, higher energy and fuel costs, and
regulatory permission being granted for a new open access
entrant on the route.  While GNER was never in breach of the
franchise agreement, it was apparent that the company was not
going to be able to meet the significant increase in franchise
premium obligations due from May 2007.

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 22; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SECURICHECK LTD: Claims Filing Period Ends September 25
-------------------------------------------------------
Creditors of Securicheck Ltd. have until Sept. 25 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

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

Stewart Trevor Bennett and James Preston Bradney of BKL Business
Recovery LLP were appointed joint liquidators of the company on
July 30 for the creditors’ voluntary winding-up proceeding.


STATS CHIPPAC: Names Jimmy Phoon to Board of Directors
------------------------------------------------------
STATS ChipPAC Ltd. disclosed on Aug.6, 2007, that it has
appointed Jimmy Phoon Siew Heng as a member to its Board of
Directors.

"We are pleased to have Jimmy Phoon join our Board.  He brings
with him a wealth of financial acumen and diverse investment
experience.  As the company continues to grow, we expect Jimmy's
varied experience to be a significant addition to the strength
of our Board," said Charles Wofford, Chairman of STATS ChipPAC.

Mr. Phoon is currently Senior Managing Director and Chief
Investment Officer at Temasek Holdings (Private) Limited.  Prior
to joining Temasek Holdings in 1999, Mr. Phoon was with Standard
Chartered Merchant Bank Asia Ltd.  He was a Deputy Director in
the Ministry of Finance, Singapore, from 1988 to 1992.  Mr.
Phoon also sits on the Board of Directors of Shin Corporation
Public Company Limited, Alliance Bank Malaysia Berhad, among
others.  Mr. Phoon was previously a Director of SP PowerGrid
Limited, SMRT Corporation Ltd, Singapore Airport Terminal
Services Limited, SIA Engineering Company Limited and a Board
Commissioner in PT Bank Internasional Indonesia Tbk and PT Bank
Danamon Indonesia Tbk.

Mr. Phoon is a degree holder of Bachelor of Economics (Honors)
from Monash University, Australia.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers  
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


TISCALI SPA: UK Unit to Receive Funds from Management & Capitali
----------------------------------------------------------------
Management & Capitali S.p.A. has approved an investment project
aimed at supporting the development plans and the opportunities
of growth of Tiscali S.p.A. in the markets where it operates.

M&C has in fact agreed with Tiscali to invest from EUR50 million
to EUR165 Million in Tiscali U.K. by way of a convertible debt
financing or a capital increase, to reflect the financing
requirements to support in particular the integration and the
development plan following the recent acquisition of the
broadband and voice division of Pipex Plc.

The closing of the investment is expected by the end of 2007.

With the acqusition of Pipex by Tiscali U.K., the Tiscali Group
consolidates its top-tier positioning in the U.K. market,
becoming one of the top four operators in the broadband and
voice arena, with significant growth opportunities and with the
potential objective of an IPO in the next three years.

"We are glad of this agreement with Management & Capitali, which
follows the recent EUR650 million financing by Banca Intesa
Sanpaolo and JP Morgan and which offers the Tiscali Group
additional financial flexibility in pursuing opportunities of
growth and to implement its strategic plan," Tommaso Pompei,
Tiscali chief executive, said.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the  
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer
Default rating to 'B-' from 'CCC' and removed it from Rating
Watch Positive.  Fitch said a stable outlook is assigned.


VALERIO’S HOLDINGS: Claims Filing Period Ends October 30
--------------------------------------------------------
Creditors of Valerio’s Holdings Ltd. (formerly Valerio’s Olympia
Group Ltd.) have until Oct. 30 to send in their full names,
their addresses and descriptions, full particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any) to:

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

Stewart Trevor Bennett and James Preston Bradney of BKL Business
Recovery LLP were appointed joint liquidators of the company on
July 31 for the creditors’ voluntary winding-up proceeding.


VIRGIN MEDIA: Mulls Licensing Deal with Numericable, Reports Say
----------------------------------------------------------------
Virgin Group is in talks with Numericable over a deal to rebrand
the French cable operator’s services under the Virgin Media
name, David Hayhurst and Dominic Schreiber write for Variety.

According to the report, the deal, if pushed through, is
expected to initiate similar licensing arrangements in other
European markets.

Analysts say France could serve as Virgin Group’s springboard to
its expansion into Europe as the Virgin brand has already
attained a level of recognition in the country, Variety relates.

However, Numericable, which covers 9 million households in
France, denied that it is in discussions with Virgin Group about
any licensing deal, La Tribune reports.

Virgin Group, which holds a 10% stake in Virgin Media, also
declined to comment on the issue but its corporate and brand
strategy director Will Whitehorn told Variety that "Virgin Group
is free to use the Virgin brand in the cable, satellite, TV and
other similar spaces outside the U.K. and we have had several
approaches to do so from European territories."

In 2005, Virgin Group launched Virgin Mobile network in France.

                      About Virgin Media

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

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

                            *   *   *

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *