TCREUR_Public/070817.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 17, 2007, Vol. 8, No. 163

                            Headlines


A U S T R I A

B.I. FUHRDIENSTLEISTUNG: Claims Registration Period Ends Sept. 1
DATENFARBE ROT: Claims Registration Period Ends Sept. 3
GEBAUDEMANAGEMENT LLC: Claims Registration Period Ends Sept. 11
KASSEROLLER LLC: Claims Registration Period Ends Aug. 31
PAUL ECKARDT: Claims Registration Period Ends Aug. 30

REINWALD-METALL-FINISH: Claims Registration Period Ends Aug. 28
SCALA SOFTWARE: Vienna Court Orders Business Shutdown
TREND HOCH: Claims Registration Period Ends Aug. 31


B E L G I U M

TENNECO INC: Fitch Affirms BB- Issuer Default Rating


F R A N C E

ALLIANCE ONE: Earns US$6 Million in 2007 First Quarter


G E R M A N Y

ALOIS BAUMANN: Creditors Must File Claims by Sept. 3
AUTOHAUS B1: Claims Registration Ends Sept. 6
AMF REECE: Claims Registration Ends Sept. 4
AUTOHAUS HAHN: Creditors' Meeting Slated for Aug. 28
BAUUNTERNEHMEN SCHMIDT: Claims Registration Ends Sept. 13

BIJOU VENUS: Claims Registration Period Ends Sept. 24
BMR SPEZIALLEISTUNGEN: Claims Registration Period Ends Sept. 11
BODO WOLLNY: Claims Registration Period Ends Aug. 20
FLAMING KIES: Claims Registration Period Ends Sept. 7
FRANK SPENGLER: Claims Registration Ends Sept. 5

HEADS4YOU GMBH: Claims Registration Period Ends Sept. 17
HEBRILO GMBH: Claims Registration Ends September 13
HELLMONDS MOEBELWERKE: Claims Registration Ends Sept. 12
HKPG HEINRICHS: Claims Registration Period Ends Sept. 7
HOELSCHER GMBH: Creditors Must File Claims by Sept. 3

KOENIG GERUESTBAU: Claims Registration Ends September 14
LNB ELEKTRO: Claims Registration Ends September 12
METALLIDEEN GMBH: Creditors Must File Claims by Sept. 3
MICRO MARKETING: Creditors Must Register Claims by Sept. 11
MOEHRLIN GMBH: Creditors Must Register Claims by Sept. 11

PELU HOLZBEARBEITUNG: Claims Registration Period Ends Sept. 7
POLYPORE INT: William Blair Puts Market Perform Rating on Shares
PRO-TECT SICHERHEIT: Claims Registration Ends Sept. 4
PROSECOM GMBH: Creditors Must Register Claims by  Sept. 11
RST BAD: Claims Registration Ends September 14

SPECTRUM BRANDS: Posts US$7.4 Mln Net Loss in Qtr. Ended July 1
SPEDITION JAKOB: Creditors Must Register Claims by Sept. 11
SPEDITION UND BAUSTOFF: Creditors Must File Claims by Aug. 28
TECHNOLOGIE KONTOR: Claims Registration Ends September 13
VOROS UMWELT: Claims Registration Period Ends Sept. 6

WWB WEGNER: Claims Registration Ends Sept. 4
X-MEDIA GMBH: Creditors Must File Claims by Aug. 31


G R E E C E

NAVIOS MARITIME: Secures Eight Long-Term Time Charter Contracts


I R E L A N D

COMMSCOPE INC: Partners with Axis to Provide Security Services
SCOTTISH RE: Earns US$102.7 Million in Second Quarter 2007
SMURFIT KAPPA: Earns EUR34.8 Million in Second Quarter 2007


I T A L Y

PARMALAT SPA: Parma Prosecutors Accuse 13 People of Aiding Fall


K A Z A K H S T A N

ALBIMIRGAS LLP: Proof of Claim Deadline Slated for Sept. 21
ALMA INVEST: Creditors Must File Claims Sept. 14
DELI-2001 LLP: Claims Filing Period Ends Sept. 21
DENTA SERVICE: Creditors' Claims Due on Sept. 20
KAZENCOM LLP: Claims Registration Ends Sept. 18

MAIBULAK LLP: Proof of Claim Deadline Slated for Sept. 14
MIRTA 2004: Creditors Must File Claims Sept. 20
MURAP LLP: Bidding for Unfinished Bakery Scheduled on Aug. 13
NAN JSC: Asset Sale Scheduled on Aug. 14
NIYSO-2002 LLP: Claims Filing Period Ends Sept. 14

RADION LLP: Creditors' Claims Due on Sept. 20
VOSTOK TRACK: Claims Registration Ends Sept. 18


K Y R G Y Z S T A N

B & B: Proof of Claim Deadline Slated for September 27
GENERAL DIRECTIONS: Creditors Must File Claims by September 28


L U X E M B O U R G

AGILENT TECH: Net Income Falls to US$185 Mil. in Third Quarter
EVRAZ GROUP: Russian Units Post Results for Second Quarter 2007


N E T H E R L A N D S

AURELIA ENERGY: S&P Withdraws B+ Long-term Rating Upon Request
SABIC INNOVATIVE: Moody's Changes Ratings to (P)Ba2/LGD3


N O R W A Y

BRIGHTPOINT INC: Unit Appoints Two Directors in Moscow Office


P O L A N D

ZLOMREX SA: To Acquire 89.34% of Zeljezara Split for HRK10.1 Mln
ZLOMREX SA: Acquisition Cues S&P to Place B+ Ratings on Watch


R U S S I A

BAKSTROM OJSC: Creditors Must File Claims by August 28
BELELIKSKOE CJSC: Names E. Sedelnikov as Insolvency Manager
BUILDER LLC: Creditors Must File Claims by August 28
DERTEEVSKIY OJSC: Creditors Must File Claims by August 28
EVRAZ GROUP: Russian Units Post Results for Second Quarter 2007

GEFEST INSURANCE: Fitch Holds BB- Financial Strength Ratings
INGOSSTRAKH: Moody's Drops Ba1 Insurance Fin'l Strength Rating
KARINA CJSC: Creditors Must File Claims by August 28
KUSHUMSKIY CJSC: Creditors Must File Claims by Sept. 28
LES-TORG LLC: Creditors Must File Claims by August 28

MILK LLC: Creditors Must File Claims by Sept. 28
NEFTE-PROVOD-STROY: Court Starts Bankruptcy Supervision Process
NEW ENERGY: Court Names Y. Chernikova as Insolvency Manager
NIZHNEOMSK-TSELIN-STROY: Bankruptcy Hearing Slated for Nov. 7
PRECHISTENSKIY CHEESE: Creditors Must File Claims by Sept. 28

ROSNEFT OIL: Venin Unit to Commence Sakhalin-3 Drilling in 2008
STROY-SERVICE LLC: Creditors Must File Claims by Sept. 28
TEKHNO-TORG-SERVICE: Creditors Must File Claims by Sept. 28


S W E D E N

FORD MOTOR: Selling Converca & ACH Units to Linamar Corp.


S W I T Z E R L A N D

ABRIR CAPITAL: Creditors' Liquidation Claims Due August 27
FILTER IMPEX: Creditors' Liquidation Claims Due August 27
FORSGATE JSC: Creditors' Liquidation Claims Due August 27
GROB KALKSCHUTZ: Basel Court Starts Bankruptcy Proceedings

NIMA INVEST: Creditors' Liquidation Claims Due August 27
NOVELIS INC: Brazilian Unit Eyes 30% Export in 2007
OSCAR STEUBLE: Creditors' Liquidation Claims Due August 27
PREPRINT SANDMEIER: Creditors' Liquidation Claims Due August 27
ROSENDO LLC: Basel Court Starts Bankruptcy Proceedings

WOLF & PARTNER: St. Gallen Court Closes Bankruptcy Proceedings
ZIBA SCHOSSHALDEN: Creditors' Liquidation Claims Due August 27


T U R K E Y

TURKIYE IS BANKASI: Earns TRY766 Million in First Half 2007


U K R A I N E

AKTUR LLC: Creditors Must File Claims by August 18
ALEZIYA LLC: Creditors Must File Claims by August 18
ARITEK: Creditors Must File Claims by August 18
LAKTOL INGINEERING: Creditors Must File Claims by August 18
MARCH THE 8TH: Creditors Must File Claims by August 18

PLODORODIYE LLC: Creditors' Claims Due August 18
SPARTAK FOOTBALL: Creditors' Claims Due August 18
TANSKOE LLC: Creditors' Claims Due August 18
UKRSOTSBANK: Fitch Upgrades Long-term IDR to B; Keeps Watch


U N I T E D   K I N G D O M

BALLY TOTAL: Wants Court Nod on Harbinger, et al. Agreements
BALLY TOTAL: Inks Pact Amending Morgan Stanley DIP Loan
BRITISH ENERGY: Earns GBP179 Million in First Quarter 2007
C.W.C. LTD: Brings In Liquidators from Tenon Recovery
CINNAMON AND SPICE: J. M. Titley Leads Liquidation Procedure

DIRECT SLATE: Taps Liquidators from Tenon Recovery
DOLGARROG ALUMINIUM: Brings In KPMG as Joint Administrators
DURA AUTO: Court Approves Backstop Rights Purchase Agreement
DURA AUTO: Court Okays Sale of Atwood Mobile for US$160.2 Mln
FORD MOTOR: Potential Buyers Wary of New EU Emissions Rules

MITCHELL TILING: Claims Filing Period Ends August 31
ONEIDA LTD: Terminates Plan for US$120 Million Loan
ONEIDA LTD: Moody's Withdraws All Ratings on Canceled Loan Plans
REFCO INC: Files Quarterly Report for Second Quarter 2007
ROVELINE LTD: Calls In Liquidators from Menzies

SALISBURY INT'L: Moody's Lifts Ba1 Ratings on Two Notes
SHAW GROUP: Finalizes US$1.1 Bln Mirant Power Plants Contract
SOLO CUP: Earns US$3.2 Million in Quarter Ended July 1
TITAN EUROPE: Fitch Rates EUR14.9 Million Class F Notes at BB

* Vinson & Elkins LLP Expands Insolvency Practice in New York

* BOOK REVIEW: How to Measure Managerial Performance

                            *********

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


B.I. FUHRDIENSTLEISTUNG: Claims Registration Period Ends Sept. 1
----------------------------------------------------------------
Creditors owed money by LLC B.I. Fuhrdienstleistung (FN 156443p)
have until Sept. 1 to file written proofs of claim to court-
appointed estate administrator Christoph Danner at:

         Mag. Christoph Danner
         Lamprechtsstrasse 2
         4780 Scharding/Inn
         Austria
         Tel: 07712/5133
         Fax: 07712/5133-20
         E-mail: office@grubeck-danner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Brunnenthal, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 17 S 24/07x).  


DATENFARBE ROT: Claims Registration Period Ends Sept. 3
-------------------------------------------------------
Creditors owed money by LLC datenfarbe rot
Informationstechnologi e & Marketing (FN 200196g) have until
Sept. 3 to file written proofs of claim to court-appointed
estate administrator Hans Peter Puchleitner at:

         Mag. Hans Peter Puchleitner
         Taborstrasse 3
         8350 Fehring
         Austria
         Tel: 03155/5170
         Fax: 03155/5170-20
         E-mail: kanzlei-puchleitner@inode.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         Second Floor
         Graz
         Austria

Headquartered in Fehring, Austria, the Debtor declared
bankruptcy on July 19 (Bankr. Case No. 40 S 17/07h).  


GEBAUDEMANAGEMENT LLC: Claims Registration Period Ends Sept. 11
---------------------------------------------------------------
Creditors owed money by LLC Gebaudemanagement (FN 182535i) have
until Sept. 11 to file written proofs of claim to court-
appointed estate administrator Thomas Engelhart at:

         Dr. Thomas Engelhart
         c/o Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 25 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 12 (Bankr. Case No. 4 S 78/07h).  Karl F. Engelhart
represents Dr. Thomas Engelhart in the bankruptcy proceedings.


KASSEROLLER LLC: Claims Registration Period Ends Aug. 31
--------------------------------------------------------
Creditors owed money by LLC Kasseroller (FN 42414z) have until
Aug. 31 to file written proofs of claim to court-appointed
estate administrator Gunther Nagele  at:

         Dr. Gunther Nagele
         c/o Dr. Johannes Nagele
         Suedtirolerplatz 8
         6020 Innsbruck
         Austria
         Tel: 0512/58 74 81, 58 74 82
         Fax: 0512/580897
         E-mail: office@nagele-pesl.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Sept. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Meeting Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Voels, Austria, the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 19 S 66/07i).  Johannes Nagele
represents Dr. Nagele in the bankruptcy proceedings.


PAUL ECKARDT: Claims Registration Period Ends Aug. 30
-----------------------------------------------------
Creditors owed money by LLC Paul Eckardt & Comp (FN 104365d)
have until Aug. 30 to file written proofs of claim to court-
appointed estate administrator Clemens Richter at:

         Mag. Clemens Richter
         c/o Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at  
                 kanzlei@engelhart.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 13 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 13 (Bankr. Case No. 2 S 94/07x).  Thomas Engelhart
represents Mag. Richter in the bankruptcy proceedings.


REINWALD-METALL-FINISH: Claims Registration Period Ends Aug. 28
---------------------------------------------------------------
Creditors owed money by LLC Reinwald-metall-finish (FN 100833i)
have until Aug. 28 to file written proofs of claim to court-
appointed estate administrator Kurt Weinreich at:

         Dr. Kurt Weinreich
         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 10:50 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 Ober - Grafendorf, Austria, the Debtor declared
bankruptcy on July 16 (Bankr. Case No. 14 S 45/07v).  


SCALA SOFTWARE: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered July 13 an order shutting down
the business of LLC Scala Software (FN 75264h).

Court-appointed estate administrator Andrea Simma 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. Andrea Simma
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at  
                 Hoedl@anwaltsteam.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10 (Bankr. Case No 6 S 85/07b).  Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.


TREND HOCH: Claims Registration Period Ends Aug. 31
---------------------------------------------------
Creditors owed money by LLC Trend Hoch & Tiefbau (FN 86187x)
have until Aug. 31 to file written proofs of claim to court-
appointed estate administrator Eva-Maria Bachmann-Lang  at:

         Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna  
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 14 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 16 (Bankr. Case No. 28 S 82/07y).  


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


TENNECO INC: Fitch Affirms BB- Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed these ratings of Tenneco, Inc:

  -- Issuer Default Rating at 'BB-';
  -- Senior secured revolver at 'BB+';
  -- Senior secured term loan A at 'BB+';
  -- Senior secured tranche B-1 LC/revolver 'BB+';
  -- Senior secured second lien notes 'BB';
  -- Senior subordinated notes at 'B'.

The Rating Outlook remains Positive.  The ratings cover
approximately US$1.4 billion of debt.

Fitch's ratings reflect Tenneco's solid revenue growth deriving
from new product introductions and new business wins, continuing
diversification away from the Detroit Three, good liquidity, and
steady underlying margin performance in the midst of difficult
industry conditions.  The company's operating discipline,
product launches, and working capital management over the past
several years are also positive credit factors.  Credit concerns
include modest free cash flow, declining market share and
volumes of the company's D3 customers, pricing pressures and
commodity cost pressures.

The Rating Outlook is Positive given Tenneco's expected revenue
growth, margin performance, EBITDA growth and strong competitive
position in growth product areas such as air quality and safety
products.  Capital expenditure levels and working capital
requirements are expected to limit free cash flow in 2007, and
debt reduction will be modest.  Fitch expects that continued
growth in EBITDA will expand free cash flow generation over
time, which will be a key factor for a review of the rating for
an upgrade.

Tenneco has been able to offset the challenges facing the
automotive industry with increased revenue from new business
launched, gains in manufacturing efficiency, close attention to
working capital requirements and a geographically diverse
customer base compared with other North American suppliers.  
Over the previous three years, Tenneco's North American EBITDA
margin has been 10% or better, an impressive result considering
the drop in D3 production volume and commodity cost inflation
during the same time period.  The total amount of Tenneco's new
business backlog is approximately US$1.3 billion through 2009,
about US$1 billion of which is expected to be launched this
year.  Exhaust systems compose the majority of the new business
being launched, including diesel particulate filters which
represent a strong growth opportunity.  Currently, Tenneco has
14 car models equipped with its DPF technology and the company
is scheduled to launch eight more in 2007.  In its ride control
business, the company has been awarded business for its
computerized electronic suspension on the Audi A6, several Volvo
models and three additional undisclosed European OEM vehicle
platforms.  Over the longer term, Tenneco should benefit from
more strict air quality standards and demand for safety related
products.

Total debt-to-EBITDA was 3.3 times at the end of the second
quarter 2007 (2.9x debt net of cash), only slightly lower than
the year-end level of 3.4x but down substantially from 4.7x in
2002.  Management's stated long-term objective is to achieve net
debt-to-EBITDA of 2x.  The company generated only modest free
cash flow of US$22 million in 2006, albeit in a difficult
industry environment.  After an increase in working capital
investment, LTM free cash flow at the end of the second quarter
was (US$56) million.  Tenneco's working capital position remains
relatively healthy versus the industry, supplemented by a
current cash level of US$168 million.  Fitch expects Tenneco to
be slightly free cash flow positive in 2007 with the potential
for further improvement in 2008.

The escalation in commodity costs, especially stainless steel
for exhaust systems, has moderated relative to the previous
three years.  However, Tenneco expects the full year 2007 gross
negative impact from steel to be US$85 to US$90 million.  
Tenneco will be challenged to fully offset the negative impact
with cost reduction initiatives, material substitutions, low-
cost country sourcing, aftermarket price increases and OEM
customer recoveries.

At the end of the second quarter 2007, total liquidity was
approximately US$582 million, including cash and marketable
securities balance of US$168 million.  Tenneco had US$302
million of availability under its US$550 million revolver and
approximately US$106 million available after US$24 million in
outstanding letters of credit under its Tranche B-1 facility.  
The company also has a U.S. securitization facility of
approximately US$100 million, of which only US$6 million was
available at the end of the quarter.  In addition, Tenneco had
US$54 million outstanding under its uncommitted European
receivable facilities, the availability of which Fitch does not
include in liquidity since the facility is cancelable at any
time.  Tenneco has no exposure to refinancing risk given that
the company's credit facility was refinanced in March this year
and that the company has no significant debt maturities until
after 2011.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.


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


ALLIANCE ONE: Earns US$6 Million in 2007 First Quarter
------------------------------------------------------
Alliance One International Inc. has earned US$6 million for the
three months ended June 30, 2007, compared to net income of
US$4.6 million in the year-ago-quarter.  

The company's underlying net income, which excludes discontinued
operations, non-recurring items and market valuation adjustments
for derivative financial instruments, was US$7.6 million
compared with underlying net income of US$10.8 million in the
year-ago-quarter.

Robert E. Harrison, Chief Executive Officer, said "Our results
for the quarter demonstrate continued focus and execution of our
strategy.  A confluence of positive and negative variables have
affected performance, such as on the one hand the improved
current crop quality in Brazil and a comfortable uncommitted
inventory position, and on the other hand higher green tobacco
costs at auction in Malawi driven by a smaller crop.  What has
remained very consistent is our commitment to develop innovative
solutions to the challenges faced in the various producing
countries, and our determination to identify further cost saving
opportunities.

"Importantly, world demand for cigarettes and therefore our
products remains solid and we are well positioned globally to
meet these long-term supply needs.  As such, we continue our
drive to bring greater value to our customers and enhance our
strategic proposition through the timely delivery of key service
and product offerings, including, but not limited to: tobacco to
order, rigorous processes designed to ensure product integrity,
and traceability."

"In conjunction with our operational focus, we remain committed
to long-term debt reduction through strong cash flow from
operations and proceeds from non-core asset dispositions.  
Foreign currency volatility mitigation remains a constant goal
as well, through a variety of programs and negotiations with our
customers, in the face of continued US dollar depreciation."

Mr. Harrison concluded, "The recent turbulence in the capital
markets is, in our view, neither representative of our results,
nor of our long term value to investors.  We have shown our
resolve to enhancing long-term shareholder value and are
confident that our strategy and talented people, position us
well in this regard."

              Performance Summary for the Quarter

Sales and other operating revenues decreased 6.4% to US$461.7
million in 2007 compared with US$493.5 million in the year-ago
period, primarily as the result of a 7.4% or 10.8 million kilo
decrease in quantities sold partially offset by a 1.2% or
US$0.04 per kilo increase in average sales prices.  Tobacco
sales from the South America operating segment increased US$27.5
million or 11.5% resulting from an increase of US$0.14 per kilo
in average sales prices combined with an increase in volumes of
4.9 million kilos.  At the same time, tobacco sales from the
Other Regions operating segment decreased US$59.2 million or
23.7%, primarily as a result of the completion of our exit from
certain European markets and an opportunistic sale of U.S.
inventories that was executed in the prior year.

Gross profit decreased US$5.7 million or 7.4% from US$77.5
million in 2006 to US$71.8 million in 2007, while gross profit
as a percentage of sales was essentially unchanged versus the
prior year, which included positive reversal of interstate trade
taxes partially offset by increased farmer bad debts.  
Additionally, the decrease in gross profit is also attributable
to the prior year opportunistic sale of U.S. inventories, as
well as a US$5.5 million current quarter charge related to the
2007 burley crop in Malawi that is being processed at this time.

Other Income of US$1.9 million in 2007 and US$0.6 million in
2006 relates primarily to fixed asset sales.

Restructuring and asset impairment charges were US$0.4 million
in 2007 compared to US$1.7 million in 2006.  The costs in 2007
and 2006 primarily relate to employee severance and other
integration related charges as a result of the merger.

Debt retirement expense of US$1.9 million in 2007 relates to
accelerated amortization of debt issuance costs as a result of
debt prepayment during the quarter.

Net interest expense for the quarter decreased US$2.8 million
from US$25.5 million in 2006 to US$22.7 million in 2007.  Other
drivers included increased interest income of US$2.2 million as
a result of higher average cash balances and lower interest cost
due to lower average borrowings.

Effective tax rate used for the three months ended June 30, 2007
was an expense of 35.9% compared to an expense of 29.5% for the
three months ended June 30, 2006.  The effective tax rates for
these periods are based on the current estimate of full year
results after the affect of taxes related to specific events
which are recorded in the interim period in which they occur.

Losses from discontinued operations decreased US$3.8 million in
2007 compared to 2006, as the company continued to exit from the
discontinued operations in Italy, Mozambique and wool
operations.

              Liquidity and Capital Resources

As of June 30, 2007, available credit lines and cash were
US$634.0 million including US$8.2 million exclusively available
for letters of credit, US$110.6 million of cash, the US$250.0
million unfunded revolver, and US$265.1 million in foreign
lines.  Total debt, net of US$110.6 million of cash, increased
to US$903.1 million from US$830.7 million at March 31, 2007, as
a result of expected seasonal borrowings in the South American
region.  Compared to the quarter ended June 30, 2006, net debt
decreased US$190.7 million as a result of continued debt
repayment due to cash flow from operations, improved working
capital management, account receivable sales and proceeds
generated through non-core asset dispositions.  During the
quarter, the company prepaid US$85 million of its US$145 million
term loan B, leaving US$60 million outstanding.

                    About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.  The company has worldwide operations in
Argentina, Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service's confirmed its B2 Corporate Family
Rating for Alliance One International, Inc., and upgraded its B2
rating on the company's US$300 million senior secured revolver
to B1.  In addition, Moody's assigned an LGD3 rating to notes,
suggesting noteholders will experience a 37% loss in the event
of a default.


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


ALOIS BAUMANN: Creditors Must File Claims by Sept. 3
----------------------------------------------------
Creditors of Alois Baumann GmbH & Co. KG have until Sept. 3 to
register their claims with court-appointed insolvency manager
Tobias Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Tobias Wahl
         L 9, 11
         68161 Mannheim
         Germany

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

The Debtor can be reached at:

         Alois Baumann GmbH & Co. KG
         Reichenbachstr. 27-31
         68309 Mannheim
         Germany


AUTOHAUS B1: Claims Registration Ends Sept. 6
---------------------------------------------
Creditors of Autohaus B1 GmbH have until Sept. 6 to register
their claims with court-appointed insolvency manager
Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 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:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-Mail: k.wrede@kwp-magdeburg.com

The District Court of Magdeburg opened bankruptcy proceedings
against Autohaus B1 GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Autohaus B1 GmbH
         Berliner Chaussee 106-112
         39114 Magdeburg
         Germany


AMF REECE: Claims Registration Ends Sept. 4
-------------------------------------------
Creditors of AMF Reece Grundstuecksverwaltungs GmbH have until
Sept. 4 to register their claims with court-appointed insolvency
manager Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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 Mitlehner
         76530 Baden-Baden
         Bertholdstr. 8
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against AMF Reece Grundstuecksverwaltungs GmbH on July 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AMF Reece Grundstuecksverwaltungs GmbH
         Mannheim Nr. 522247- GF
         Jeffrey Marshall Hall
         76437 Rastatt
         Germany


AUTOHAUS HAHN: Creditors' Meeting Slated for Aug. 28
----------------------------------------------------
The court-appointed insolvency manager for Autohaus Hahn &
Vetter Vertriebs- und Service GmbH, Andreas Fischer, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 2:00 p.m. on Aug. 28.

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

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Oct. 30 at the same venue.

Creditors have until Sept. 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Andreas Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Autohaus Hahn & Vetter Vertriebs- und Service GmbH on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Hahn & Vetter Vertriebs- und Service GmbH
         Attn: Helmut Schafer, Manager
         Waldstr. 31 A
         76571 Gaggenau
         Germany


BAUUNTERNEHMEN SCHMIDT: Claims Registration Ends 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. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bauunternehmen Schmidt GmbH
         Attn: Martin Schmidt, Manager
         Hauptstr. 31 a
         02794 Leutersdorf
         Germany


BIJOU VENUS: Claims Registration Period Ends Sept. 24
-----------------------------------------------------
Creditors of Bijou VENUS GmbH have until Sept. 24 to register
their claims with court-appointed insolvency manager
Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         First Floor
         Alten Einlass 1
         86150 Augsburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Prager
         c/o Pluta Rechtsanwalts GmbH
         Barthstr. 16
         80339 Munich
         Germany

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

The Debtor can be reached at:

         Bijou VENUS GmbH
         Attn: Michael Romfeld and Pavel Kopacek, Managers
         Auf dem Nol 25
         86179 Augsburg
         Germany


BMR SPEZIALLEISTUNGEN: Claims Registration Period Ends Sept. 11
---------------------------------------------------------------
Creditors of BMR Spezialleistungen GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         BMR Spezialleistungen GmbH
         Grosse Rampe 11
         18146 Rostock
         Germany


BODO WOLLNY: Claims Registration Period Ends Aug. 20
----------------------------------------------------
Creditors of Bodo Wollny Sicherheitstechnik GmbH have until
Aug. 20 to register their claims with court-appointed insolvency
manager Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Udo Claes-Hellmich
         Overwegstrasse 47
         45879 Gelsenkirchen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Bodo Wollny Sicherheitstechnik GmbH on July 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bodo Wollny Sicherheitstechnik GmbH
         Moltkestr. 10 a
         45657 Recklinghausen
         Germany

         Attn: Bodo Ruediger Wollny, Manager
         Reiherhorst 3
         45721 Haltern
         Germany


FLAMING KIES: Claims Registration Period Ends Sept. 7
-----------------------------------------------------
Creditors of FKS Flaming Kies und Sand GmbH have until Sept. 7
to register their claims with court-appointed insolvency manager
Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against FKS Flaming Kies und Sand GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         FKS Flaming Kies und Sand GmbH
         Attn: Axel Rohr and Volkert Meyer, Managers
         Am Kieswerk
         14822 Linthe
         Germany


FRANK SPENGLER: Claims Registration Ends Sept. 5
------------------------------------------------
Creditors of Frank Spengler Finanzservice GmbH have until
Sept. 5 to register their claims with court-appointed insolvency
manager Uwe Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 31, 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 Waldshut-Tiengen
         2. OG/Zimmer 37
         Bismarckstrasse 23
         79761 Waldshut-Tiengen
         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 Kaiser
         Wittenschwand 42
         79875 Dachsberg
         Germany
         Tel: 07672 9319-0

The District Court of Waldshut-Tiengen opened bankruptcy
proceedings against Frank Spengler Finanzservice GmbH on Aug. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Frank Spengler Finanzservice GmbH
         Attn: Frank Spengler, Manager
         Mittlematt 19
         79848 Bonndorf
         Germany


HEADS4YOU GMBH: Claims Registration Period Ends Sept. 17
--------------------------------------------------------
Creditors of heads4you GmbH have until Sept. 17 to register
their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 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:

         Rolf G. Pohlmann
         Rosental 6
         80331 Muenchen
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

The District Court of Munich opened bankruptcy proceedings
against heads4you GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         heads4you GmbH
         Humboldtstr. 23
         81543 Muenchen
         Germany

         Attn: Stephan Horst Bauer, Manager
         Faltergatter 22
         82393 Iffeldorf
         Germany


HEBRILO GMBH: Claims Registration Ends September 13
---------------------------------------------------
Creditors of Hebrilo GmbH have until Sept. 13 to register their
claims with court-appointed insolvency manager Dr. Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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
         Hall 259
         Second Floor
         Heinitzstrasse 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:

         Dr. Dirk Andres
         Grabenstr. 28
         58095 Hagen
         Germany

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

The Debtor can be reached at:

         Hebrilo GmbH
         Farberstr. 4
         58119 Hagen
         Germany

         Attn: Stephan Hekrens, Manager
         Ribbertstr. 45 b
         58091 Hagen
         Germany


HELLMONDS MOEBELWERKE: Claims Registration Ends Sept. 12
--------------------------------------------------------
Creditors of Hellmonds Moebelwerke GmbH have until Sept. 12 to
register their claims with court-appointed insolvency manager
Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Marc Odebrecht
         August-Bebel-Str. 4
         19055 Schwerin
         Germany

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

The Debtor can be reached at:

         Hellmonds Moebelwerke GmbH
         Attn: Gerhard A. Hellmonds, Manager
         Metkenberg 1
         23970 Wismar
         Germany


HKPG HEINRICHS: Claims Registration Period Ends Sept. 7
-------------------------------------------------------
Creditors of HKPG Heinrichs & Klein GmbH have until Sept. 7 to
register their claims with court-appointed insolvency manager
Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Germany
         Tel: 0212/22172-0
         Fax: 0212/22172-18

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

The Debtor can be reached at:

         HKPG Heinrichs & Klein GmbH
         Mankhauser Str. 1
         42699 Solingen
         Germany

         Attn: Markus Klein, Manager
         Theegarten 37
         42651 Solingen
         Germany


HOELSCHER GMBH: Creditors Must File Claims by Sept. 3
-----------------------------------------------------
Creditors of Hoelscher GmbH & Co. KG Metallbau have until
Sept. 3 to register their claims with court-appointed insolvency
manager Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 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 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:

         Jochen Schnake
         Ravensberger Str. 11 u. 12
         33824 Werthe
         Germany

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

The Debtor can be reached at:

         Hoelscher GmbH & Co. KG Metallbau
         und Brandschutztechnik
         Bismarckstr. 4a
         33775 Versmold
         Germany


KOENIG GERUESTBAU: Claims Registration Ends September 14
--------------------------------------------------------
Creditors of Koenig Geruestbau GmbH have until Sept. 14 to
register their claims with court-appointed insolvency manager
Michael Wilkens.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Michael Wilkens
         Elbchaussee 140
         22763 Hamburg
         Germany

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

The Debtor can be reached at:

         Koenig Geruestbau GmbH
         Penziner Strasse 6
         19412 Blankenberg
         Germany


LNB ELEKTRO: Claims Registration Ends September 12
--------------------------------------------------
Creditors of LNB Elektro GmbH have until Sept. 12 to register
their claims with court-appointed insolvency manager
Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Joerg Riedemann
         Muehlweg 47, D
         06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against LNB Elektro GmbH on July 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         LNB Elektro GmbH
         Attn: Uwe Davids, Manager
         Plan 30
         15831 Grossbeeren
         Germany


METALLIDEEN GMBH: Creditors Must File Claims by Sept. 3
-------------------------------------------------------
Creditors of Metallideen GmbH have until Sept. 3 to register
their claims with court-appointed insolvency manager
Thomas Westphal.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 1, 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 Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         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:

         Thomas Westphal
         Meteorstr. 1
         29221 Celle
         Germany

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

The Debtor can be reached at:

         Metallideen GmbH
         An der Koppel 1 A
         29227 Celle
         Germany


MICRO MARKETING: Creditors Must Register Claims by Sept. 11
-----------------------------------------------------------
Creditors of Micro Marketing GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Tel: 99299-0
         Telefax: 99299-299
         Germany

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

The Debtor can be reached at:

         Micro Marketing GmbH
         Nibelungenstr. 84
         80639 Munich
         Germany


MOEHRLIN GMBH: Creditors Must Register Claims by Sept. 11
---------------------------------------------------------
Creditors of Moehrlin GmbH Halle have until Sept. 11 to register
their claims with court-appointed insolvency manager Juergen
Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 9, 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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. Juergen Wallner
         Leipziger Chaussee 191 f
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810
         Web site: www.wallnerweiss.info

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

The Debtor can be reached at:

         Moehrlin GmbH Halle
         Igepa-Ring 13
         06188 Landsberg
         Germany

         Attn: Uwe Knoechel, Manager
         Harsdorfer Str. 4c
         06188 Oppin
         Germany


PELU HOLZBEARBEITUNG: Claims Registration Period Ends Sept. 7
-------------------------------------------------------------
Creditors of Pelu Holzbearbeitung GmbH & Co. KG have until
Sept. 7 to register their claims with court-appointed insolvency
manager Ralf Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:27 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 Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Ralf Hildebrandt
         Bahnhofstr. 2a
         56068 Koblenz
         Germany
         l: 0261/9149726
         Fax: 0261/9149727
         E-mail: rhildebrandt@bl-law.de

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

The Debtor can be reached at:

         Pelu Holzbearbeitung GmbH & Co. KG
         Wallemer Str. 8
         56729 Ettringen
         Germany

         Attn: Ruth Lukei, Manager
         Alter Kirchweg 5
         40667 Meerbusch
         Germany


POLYPORE INT: William Blair Puts Market Perform Rating on Shares
----------------------------------------------------------------
William Blair & Co analyst William Benton has assigned a "market
perform" rating on Polypore International Inc.'s shares,
Newratings.com reports.

Mr. Benton said in a research note that Polypore International
has a leading position in several membrane/separator markets.

Mr. Benton told Newratings.com that Polypore International is
"well-positioned to benefit" from strong growth in the lithium
battery and hemodialysis sectors.

Polypore International would benefit from the increasing use of
lithium batteries in the "high-growth hybrid electric vehicle
market, further penetration in specialty filtration applications
and the increasing dominance of lithium batteries in power
tools," Newratings.com states, citing William Blair.

Headquartered in Charlotte, North Carolina, Polypore
International Inc., is develops, manufactures and markets
specialized polymer-based membranes used in separation and
filtration processes.  The company is managed under two business
segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces
separators for lead-acid and lithium batteries.  The separations
media segment, which currently represents approximately one-
third of total revenues, produces membranes used in various
health care and industrial applications.  The company has
operations in Australia, Germany and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's Investors Service assigned Ba3 ratings to Polypore
Inc.'s new senior secured bank credit facilities.

In a related action, Moody's affirmed the B3 Corporate Family
and Probability of Default Ratings of Polypore's ultimate
parent, Polypore International, Inc., and affirmed the ratings
of Polypore Inc.'s senior subordinated notes at Caa1.  Moody's
said the outlook was positive.


PRO-TECT SICHERHEIT: Claims Registration Ends Sept. 4
-----------------------------------------------------
Creditors of Pro-TecT Sicherheit und Service GmbH have until
Sept. 4 to register their claims with court-appointed insolvency
manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         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:

         Jana Dettmer
         In der Suerst 3
         53111 Bonn
         Germany
         Tel: 0228/85080-21
         Fax: 02288508020

The District Court of Bonn opened bankruptcy proceedings against
Pro-TecT Sicherheit und Service GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pro-TecT Sicherheit und Service GmbH
         Heerstrasse 4
         53347 Alfter-Witterschlick
         Germany


PROSECOM GMBH: Creditors Must Register Claims by  Sept. 11
----------------------------------------------------------
Creditors of Prosecom GmbH have until Sept. 11 to register their
claims with court-appointed insolvency manager Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Barbara Fritzer
         Louis-Braille-Str. 5
         01099 Dresden
         Germany
         Web site: http://www.ra-fritzer.de

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

The Debtor can be reached at:

         Prosecom GmbH
         Sagarder Weg 5
         01109 Dresden
         Germany

         Attn: Solveig Klotzsch, Manager
         Putbuser Weg 10
         01109 Dresden
         Germany


RST BAD: Claims Registration Ends September 14
----------------------------------------------
Creditors of RST Bad Reichenhaller Speditions-, Transport- u.
Lager-GmbH have until Sept. 14 to register their claims with
court-appointed insolvency manager Severin Kiesl.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Sept. 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 Traunstein
         Meeting Hall B/40
         Herzog-Otto-Str. 1
         83278 Traunstein
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report at 1:00 p.m. on Oct. 30 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Severin Kiesl
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031/380960
         Fax: 08031/13892

The District Court of Traunstein opened bankruptcy proceedings
against RST Bad Reichenhaller Speditions-, Transport- u. Lager-
GmbH on Aug. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         RST Bad Reichenhaller Speditions-, Transport- u.
         Lager-GmbH
         Reichenhaller Str. 60
         83435 Bad Reichenhall
         Germany


SPECTRUM BRANDS: Posts US$7.4 Mln Net Loss in Qtr. Ended July 1
---------------------------------------------------------------
Spectrum Brands, Inc. disclosed third quarter net loss of
US$7.4 million for the quarter ended July 1, 2007, compared with
a net income of US$2.5 million for the same period in 2006.

Spectrum Brands' third quarter net sales were US$442 million, an
increase of 3.4% compared with net sales of US$427.5 million in
the comparable period last year.

Gross profit and gross margin for the quarter were US$164.2
million and 37.1%, respectively, versus US$156.4 million and
36.6% for the same period last year.  Restructuring and related
charges of US$4.1 million were included in the current quarter's
cost of goods sold; cost of goods sold in the comparable period
last year included US$2.7 million in similar charges.  Excluding
these restructuring and related charges, gross margin improved
as the positive impact of price increases and manufacturing cost
efficiencies offset increased raw material costs.

Spectrum generated third quarter operating income of US$3.7
million versus US$10.5 million in the same quarter of fiscal
2006.  The primary reason for the decline was a significant
increase in restructuring and related charges of US$30.6 million
in fiscal 2007 compared with US$6.8 million in the prior year,
which more than offset a US$7.8 million reduction in operating
expenses in the current quarter.

"Our overall portfolio continues to make progress and we are
confident that we are taking the right actions for the long-term
to drive revenue growth, reduce costs and create sustainable
value," Spectrum Brands Chief Executive Officer Kent Hussey
stated.  "As we previously disclosed, our third quarter
financial results were lower than we had anticipated; however,
we did see year over year improvement in sales, operating
expenses and EBITDA.  Looking forward, we expect further year
over year improvement in EBITDA in the fourth quarter of 2007
and beyond, largely driven by cost reduction actions already
completed or underway.  In order to restore a more normal
capital structure to the business as quickly as possible, we
have decided to sell an attractive strategic asset. Details of
the sale will be announced when the sale process is formally
initiated within the next several weeks."

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company's European headquarters is located in Sulzbach,
Germany.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  The Outlook remains Negative.


SPEDITION JAKOB: Creditors Must Register Claims by Sept. 11
-----------------------------------------------------------
Creditors of SPEDITION JAKOB GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Andreas Schenk
         Franz-Mehring-Strasse 15
         08058 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Telefax: (0375) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

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

The Debtor can be reached at:

         SPEDITION JAKOB GmbH
         Waldstrasse 3
         08112 Wilkau-Hasslau
         Germany


SPEDITION UND BAUSTOFF: Creditors Must File Claims by Aug. 28
-------------------------------------------------------------
Creditors of Spedition und Baustoff-Recycling GmbH Koenig &
Nitzsche have until Aug. 28 to register their claims with court-
appointed insolvency manager Olaf Seidel.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Spedition und Baustoff-Recycling GmbH Koenig & Nitzsche
on Aug. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Spedition und Baustoff-Recycling GmbH Koenig & Nitzsche
         Geisinger Str. 1
         01773 Altenberg
         Germany


TECHNOLOGIE KONTOR: Claims Registration Ends September 13
---------------------------------------------------------
Creditors of Technologie Kontor Klockmann & Kock GmbH have until
Sept. 13 to register their claims with court-appointed
insolvency manager Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Technologie Kontor Klockmann & Kock GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Technologie Kontor Klockmann & Kock GmbH
         Attn: Thomas Klockmann, Manager
         Blankeneser Landstrasse 51-53
         22587 Hamburg
         Germany


VOROS UMWELT: Claims Registration Period Ends Sept. 6
-----------------------------------------------------
Creditors of Voros Umwelt- und Verfahrenstechnik GmbH have until
Sept. 6 to register their claims with court-appointed insolvency
manager Michael Bohlander.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Mannheim
         Area 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         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 Bohlander
         Heinrich-Lanz-Str. 23-27
         68165 Mannheim
         Germany
         Tel: 0621/4017100

The District Court of Mannheim opened bankruptcy proceedings
against Voros Umwelt- und Verfahrenstechnik GmbH on Aug. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Voros Umwelt- und Verfahrenstechnik GmbH
         Olbrichtstr. 412
         69469 Weinheim
         Germany


WWB WEGNER: Claims Registration Ends Sept. 4
--------------------------------------------
Creditors of WWB Wegner Wohnbau GmbH have until Sept. 4 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Sept. 20, 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 Schweinfurt
         Sitzungssaal 22
         Eingang Friedenstr. 2
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Schweinfurt opened bankruptcy proceedings
against WWB Wegner Wohnbau GmbH on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WWB Wegner Wohnbau GmbH
         Neustr. 10
         97493 Bergrheinfeld
         Germany


X-MEDIA GMBH: Creditors Must File Claims by Aug. 31
---------------------------------------------------
Creditors of X-media GmbH have until Aug. 31 to register their
claims with court-appointed insolvency manager Lason Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 8, 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 Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Lason Gutsche
         Cronstettenstr. 30
         60322 Frankfurt am Main
         Germany

The District Court of Bad Homburg v.d.Hoehe opened bankruptcy
proceedings against X-media GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         X-media GmbH
         Schellbachstrasse 9
         61440 Oberursel/Ts
         Germany


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


NAVIOS MARITIME: Secures Eight Long-Term Time Charter Contracts
---------------------------------------------------------------
Navios Maritime Holdings Inc. has secured eight long-term time
charter contracts with an average charter period of 5.125 years
and average charter hire of US$24,338.  The charters of 5
panamax and 3 ultra-handymax vessels are to Cargill, Mitsui
O.S.K. Lines and Rio Tinto.

"The favorable drybulk market and Navios's brand name have
converged to create an environment where Navios has been able to
secure long-term charters at favorable rates with creditworthy
parties.  These eight new time charters represent, in the
aggregate, 41 years of employment and approximately US$361.0
million contracted revenue. Importantly, this long-term coverage
provides us with secure cash flow and significant structural
flexibility as Navios evolves its business model," said
Angeliki Frangou, Navios' Chairman and CEO.

As a result of these charters, Navios has extended the coverage
of its core fleet to 99.0% for 2007, 88.9% for 2008, 49.6% for
2009 and 29% for 2010.

Navios also announced that it has agreed to purchase two new
Capesize vessels to be built by Daewoo Shipbuilding & Marine
Engineering Company Ltd. in South Korea.  Each vessel will cost
US$120.0 million and have approximately 180,000 dwt.  Delivery
is scheduled in June 2009 and September 2009.  To date, Navios
has placed US$48.0 million on deposit for these vessels, with
the US$192.0 million balance due upon delivery.  Navios also
announced that it has entered into conditional agreements for
the purchase of two new Capesize vessels.  Each vessel will cost
US$110.0 million and have approximately 172,000 dwt.  Delivery
is scheduled in the fourth quarter of 2009.

"As we continue to build long-term, secure cash flow, Navios has
a margin of safety in entering into these purchase agreements
for the Capesize vessels.  Also, the drybulk market enables us
currently to consider chartering these vessels with creditworthy
parties for lengthy periods," said Ms. Frangou.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
-- http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 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 last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

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 POD  New POD  LGD     Loss-Given
  Debt Issue               Rating   Rating   Rating  Default
  ----------               -------  -------  ------  ----------
  Senior Unsecured
  Regular Bond/
  Debenture Due 2014       B2        B3      LGD5     80%


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



COMMSCOPE INC: Partners with Axis to Provide Security Services
--------------------------------------------------------------
CommScope, Inc., has entered into an alliance with Axis
Communications, the global player in the network video market.

One of the more pervasive trends in the security industry is
convergence, according to Mark Peterson, senior vice president,
Global Marketing, Enterprise, CommScope.  "In order to be more
diligent and efficient with security programs, many companies
are merging physical security departments with IT departments,"
he said.  "In addition, many organizations are planning to add
more intelligence to buildings, where data, building automation
and safety and surveillance systems all converge on a single
infrastructure platform.  With this alliance, CommScope and Axis
help bring the intelligent building to their customers.

"In order to allow our customers to deploy a high quality, top
performing, and seamless network for all IP devices, CommScope
is combining our strengths in the physical infrastructure space
with the strength of companies that have their own unique
expertise," said Mr. Peterson.  "In the security space, Axis has
the clear leadership and expertise in IP-based video
surveillance.  We believe that the alliance represents a great
way to help our customers receive exceptional intelligent
building solutions."

As part of CommScope's Alliance program, the relationship with
Axis Communications should open opportunities for CommScope to
promote the idea of an intelligent building infrastructure to
customers around the world by linking them to an expert in
converged surveillance operations.

Both CommScope and Alliance plan to engage in cross-training
programs with their sales force.  "We believe the training will
assist with the delivery of prompt responses to customers'
needs," said Mr. Peterson.  "In addition, this alliance may
cultivate the need for more education within the consulting
community about convergence -- recognizing the potential
benefits from the collaborative designs of surveillance systems
and IT network infrastructures."

"CommScope is helping us communicate more effectively to our
customers the importance and benefits of an intelligent building
network system where all applications, from servers to video
surveillance system, are converged onto one infrastructure
platform," said Fredrik Nilsson, general manager of Axis
Communications.  "We are thrilled to have an opportunity to
build upon CommScope's expertise while delivering the latest
converged video security solutions to our customers."

                        About Axis

Axis Communications -- http://www.axis.com/-- is a Swedish-
based, IT company offering network video solutions for
professional installations.  The company is the global market
leader in network video, driving the ongoing shift from analog
to digital video surveillance.  Axis products and solutions
focus on security surveillance and remote monitoring, and are
based on innovative, open technology platforms.  The company is
operating worldwide with offices in 18 countries and cooperating
with partners in more than 70 countries.  Founded in 1984, Axis
is listed on the OMX Nordic Exchange, Large Cap and Information
Technology.

                     About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last   
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

-- Corporate Family Rating, Ba2

-- US$250 million Convertible Senior Subordinated Debentures
    due 2024, Ba3


SCOTTISH RE: Earns US$102.7 Million in Second Quarter 2007
----------------------------------------------------------
Scottish Re Group Limited disclosed net income of US$102.7
million for the second quarter of 2007, compared to a net loss
of US$121.6 million in 2006, after a five day extension
resulting from last week's Form 12b-25 filing.

The company reported that net income available to ordinary
shareholders for the three months ended June 30, 2007 was
US$99.5 million as compared to a net loss available to ordinary
shareholders of US$123.9 million for the prior year period.

Net operating earnings available to ordinary shareholders for
the three months ended June 30, 2007 was US$98.2 million as
compared to a net operating loss of US$130.3 million for the
prior year period.

Included in net income available to ordinary shareholders and
net operating earnings for the three months ended June 30, 2007
is a significant one-time tax benefit.  This benefit resulted
from the interaction between the release of a previously
recorded valuation allowance following the redomestication of
Orkney Re, Inc. and Section 382 of the Internal Revenue Code
restrictions on the future deduction of net operating losses
incurred prior to the change-in-control.

Excluding the one-time tax benefit, the company reported a pre-
tax operating loss of US$52.9 million for the three months ended
June 30, 2007 as compared to a pre-tax operating loss of US$28.5
million for the prior year period.  The pre-tax operating loss
increased over the prior year period primarily due to expenses
incurred in the current quarter related to the change-in-
control.  As in the first quarter of 2007, the company continues
to report pre-tax operating losses due to the impact our
underlying GAAP valuation models have on profit emergence in our
North America traditional life reinsurance business, the impact
of our current financial strength ratings on the level of new
business production and collateral financing costs, and the
costs of penetrating certain international markets.

Despite the second quarter pre-tax operating loss, we made
significant progress on several fronts.  New business production
of US$5.8 billion in our North America segment was higher than
planned and, despite our financial strength ratings, the company
won a number of new treaties and incurred no treaty recaptures.  
Mortality experience in our North America segment was favorable
to plan for the second consecutive quarter.  The company also
exited our Middle Eastern business through a retrocession
arrangement with Arab Insurance Group because that business did
not meet our strategic objectives.  Additionally, the company
initiated the first phase of our restructuring program.  The
company incurred US$20.3 million of restructuring expenses
during the current quarter and expect to incur an additional
US$6.0 million of restructuring expenses in the second half of
2007.

Paul Goldean, Chief Executive Officer of Scottish Re Group
Limited, commented, "Following the completion of the equity
investment transaction with affiliates of MassMutual Capital
Partners and Cerberus Capital Management on May 7, 2007, we have
taken the first steps towards re-establishing our position as a
leading global life reinsurance company.  We initiated a series
of process improvement initiatives across the Company focused on
strengthening our financial, risk management and operational
controls."

"Our new Board of Directors was elected and met earlier this
month. During this meeting, I resigned from the Board of
Directors and George Zippel, our incoming Chief Executive
Officer effective tomorrow, was elected to the Board.  As
planned, a number of key executives have left the organization.  
We are actively recruiting their replacements and expect to make
further organizational changes in the coming quarter."

Mr. Goldean concluded, "We have also undertaken a detailed
review of our non-prime investment exposure which includes
US$2.1 billion of subprime residential Asset Backed Securities
and an additional US$1.0 billion of Alt-A Residential Mortgage
Backed Securities.  We are working actively with our third party
investment managers to further evaluate and proactively manage
our subprime and Alt-A exposures.  Additional disclosure of our
subprime and Alt-A exposures have been made available in our
Form 10-Q for the three months ended June 30, 2007."

                Other Financial Highlights

Total revenues for the three months ended June 30, 2007,
increased 3% to US$612.7 million from US$593.6 million for the
prior year period.  Excluding realized gains and losses and the
change in value of embedded derivatives, total revenues for the
three months ended June 30, 2007, increased 2% to US$611.4
million from US$597.6 million for the prior year period.

Total benefits and expenses increased 6% to US$664.3 million for
the three months ended June 30, 2007 from US$626.0 million for
the prior year period.  Operating expenses increased 52% to
US$59.8 million for the three months ended June 30, 2007, from
US$39.4 million for the prior year period.

Income tax benefit for the three months ended June 30, 2007, was
US$154.3 million compared to income tax expense of US$89.0
million for the prior year period.  In the second quarter of
2007, our valuation allowance decreased by approximately
US$203.6 million to US$74.0 million.  A majority of the
valuation release is attributable to the expected utilization of
net operating loss carryforwards at the U.S. Consolidated Tax
Life Group to offset significant current year taxable income
generated from the redomestication of Orkney Re, Inc. from South
Carolina to Delaware, which occurred in May 2007.  The net
operating loss carryforwards were previously written off via a
valuation allowance, thus the utilization of these results in an
offsetting valuation allowance release.

                     About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a       
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                       *     *     *

As reported on June 8, 2007, Fitch Ratings has upgraded Scottish
Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary
operating subsidiaries to 'BBB-' from 'BB+'.  Fitch has removed
the ratings from watch positive and assigned a stable outlook.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Moody's Investors Service disclosed that it
continues to review the ratings of Scottish Re Group Ltd. with
direction uncertain following the announcement by the company
that it has entered into an agreement to sell a majority stake
to MassMutual Capital Partners LLC, a member of the MassMutual
Financial Group and Cerberus Capital Management, L.P., a private
investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

  Scottish Re Group Limited

  -- senior unsecured debt of Ba3;

  -- senior unsecured shelf of (P)Ba3; subordinate shelf of
     (P)B1;

  -- junior subordinate shelf of (P)B1;

  -- preferred stock of B2; and

  -- preferred stock shelf of (P)B2.

  Scottish Holdings Statutory Trust II

  -- preferred stock shelf of (P)B1

  Scottish Holdings Statutory Trust III

  -- preferred stock shelf of (P)B1

  Scottish Annuity & Life Insurance Co (Cayman) Ltd.

  -- insurance financial strength of Baa3

  Premium Asset Trust Series 2004-4

  -- senior secured debt of Baa3 (based on IFS of SALIC)

  Scottish Re (U.S.), Inc.

  -- insurance financial strength of Baa3

  Stingray Pass-Through Certificates

  -- senior secured debt of Baa3 (based on IFS rating of
     SALIC)

On Sept. 5, 2006, Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


SMURFIT KAPPA: Earns EUR34.8 Million in Second Quarter 2007
-----------------------------------------------------------
Smurfit Kappa Group plc released financial results for the
second quarter and first half ended June 30, 2007.

SKG reported a net profit of EUR34.8 million on revenues of
EUR1.8 billion for the second quarter ended June 30, 2007,
compared with a net loss of EUR9.2 million on revenues of EUR1.8
billion for the second quarter ended June 30, 2006.

In the first half ended June 30, 2007, SKG posted a net loss of
EUR31.9 million on revenues of EUR3.6 billion, compared with a
net loss of EUR57.5 million on revenues of EUR3.5 billion in the
same period in 2006.

At June 30, 2007, the group's balance sheet showed EUR8.8
billion in total assets, EUR6.7 billion in total liabilities and
EUR2.1 billion in total shareholders' equity.

                         Outlook

"SKG is pleased to report a strong performance growth for the
second quarter and the first half of 2007," Gary McGann, Smurfit
Kappa Group CEO, commented.  "This performance reflects
continued, strong demand growth, balanced capacity across the
Group's markets and a generally positive pricing environment.
Increased input costs and paper prices have not yet fully
translated into higher corrugated prices which are being
progressively achieved."  

"Increasing input costs, while causing margin pressure in the
first half, underpin product price momentum and are expected to
deliver continued corrugated price improvement and EBITDA growth
in the second half and into 2008."

                   About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
and converts it into corrugated cases, folding cartons, paper
sacks, tubes, and composite cans. Other products include
boxboard, sack kraft paper, and printing and writing paper.  The
company produces 6 million tons of paper annually and has 300
facilities worldwide.  In Latin America, the company operates in
Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican
Republic, Ecuador, Mexico and Venezuela.

                            *   *   *

As reported in the TCR-Europe on March 27, 2007, Moody's
Investors Service assigned a Ba3 Corporate Family Rating to
Smurfit Kappa plc, the ultimate parent company of Smurfit Kappa
Holdings plc and the entity publishing consolidated group
accounts, and simultaneously withdrew the CFR for Smurfit Kappa
Holdings plc.

In line with Moody's Loss-Given-Default methodology, a
"Probability of Default Rating" of Ba3 was also assigned.  
Moody’s said the outlook is stable.

Following the completion of Smurfit Kappa Acquisitions' initial
public offering of new shares in Smurfit Kappa Plc, and the use
of proceeds to prepay debt, Fitch has also taken a series of
rating actions for the group:

* Smurfit Kappa Acquisitions' Issuer Default rating is
   upgraded to 'BB-' from 'B+'; the Rating Watch Positive
   status is removed and a Stable Outlook is in place.  Its
   senior secured facilities are affirmed at 'BB+' and the
   rating for the guaranteed debenture notes is upgraded to
   'BB+' from 'BB'.

* Smurfit Kappa Funding's remaining EUR131 million and
   US$280 million senior notes due 2012 are upgraded to 'BB-'
   from 'B' and are placed on Rating Watch Positive pending the
   outcome of the further tender offer launched by the company
   on Thursday, March 22.  Its EUR217.5 million and US$200
   million senior subordinated notes due 2015 are upgraded to
   'B+' from 'B-'.

* The rating for the Smurfit Kappa Holdings PIK notes is
   upgraded to 'B' and withdrawn.  A summary of these debt
   instrument ratings is shown below.

* Smurfit Kappa Group's IPO raised EUR1,495 million in gross
   primary proceeds, EUR200 million more than anticipated, and
   the company has immediately applied proceeds in redemption of
   its PIK Notes and a part of its 2012 senior notes.  Fitch
   estimates that SKG's net total leverage has been reduced as a
   result of the IPO to 4.3x on a pro forma basis from 5.3x
   reported at FYE06.  The company has issued a redemption
   notice for the remaining PIK Notes that will be redeemed in
   April.

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Ireland-based paper and
packaging company Smurfit Kappa Group Ltd. to 'BB-' from 'B+'.

In addition, all other long-term corporate credit, secured, and
unsecured ratings on the company and related entities were
raised by one notch.  All ratings were removed from CreditWatch
where they were placed with positive implications on Jan. 10,
2007.  S&P said the outlook is stable.  Standard & Poor's also
affirmed the recovery rating of '3' on two group facilities.


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


PARMALAT SPA: Parma Prosecutors Accuse 13 People of Aiding Fall
---------------------------------------------------------------
Prosecutors in Parma, Italy, has accused seven employees of
Citigroup Inc. of worsening Parmalat S.p.A.'s finances by
EUR800 million through fraudulent operations in the years before
the dairy concern collapsed in December 2003, Eric Sylvers
writes for the International Herald Tribune citing court
documents.

Prosecutors also included six other people in the accusations,
but were unsure of their relation to Citigroup, IHT relates.  

According to IHT, the accused have two months to submit their
defense to a judge, who would then decide whether they should be
indicted.

Citigroup, meanwhile, told IHT that there were no proofs its
employees violated the law, countering that it had been damaged
by Parmalat's collapse.  A Citigroup spokesman added that the
bank was trying to identify the six new people named in the
document.

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


ALBIMIRGAS LLP: Proof of Claim Deadline Slated for Sept. 21
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Albimirgas insolvent.

Creditors have until Sept. 21 to submit written proofs of claims
to:

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


ALMA INVEST: Creditors Must File Claims Sept. 14
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alma Invest Ltd insolvent on June 27.

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
         Kazakhstan
         Tel: 8 (3282) 25-55-25


DELI-2001 LLP: Claims Filing Period Ends Sept. 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Deli-2001 insolvent.

Creditors have until Sept. 21 to submit written proofs of claims
to:

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


DENTA SERVICE: Creditors' Claims Due on Sept. 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Denta Service insolvent.

Creditors have until Sept. 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str.17 (11a)
         Taraz
         Jambyl
         Kazakhstan


KAZENCOM LLP: Claims Registration Ends Sept. 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Kazencom insolvent on June 25.

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

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


MAIBULAK LLP: Proof of Claim Deadline Slated for Sept. 14
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Firm Maibulak insolvent.

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

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


MIRTA 2004: Creditors Must File Claims Sept. 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Mirta 2004 insolvent.

Creditors have until Sept. 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shelehov Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (3272) 32-83-39
              8 701 460 17-71


MURAP LLP: Bidding for Unfinished Bakery Scheduled on Aug. 13
-------------------------------------------------------------
LLP Murap has set the public auction of unfinished bakery.  
Bidding is scheduled at 11:30 a.m. on Aug. 13.  

Price starts at KZT3,259.

Bids should be submitted to:

         LLP Murap
         Mustafy Shokaya Str. 20
         Kyzylorda
         Kazakhstan
         Tel: 8 (3242) 27-62-95
              8 777 202 56-60

To participate, bidders are required a 10% guarantee payment
deposited to:

         Account Number: 006715242
         Kyzylordinsky Branch of JSC Narodny Bank
         BIK 192101820, RNN 331010139206
         Beneficiary Code 19


NAN JSC: Asset Sale Scheduled on Aug. 14
----------------------------------------
JSC Nan has set the public auction of lot 1-7 consisting of pump
station, shop, pioneer camp, fences and inventory holdings.  
Bidding is scheduled at 3:00 p.m. on Aug. 14.  

Price starts at KZT453.006

To participate, bidders are required a 10% guarantee payment
deposited to the cashier of:

         JSC Nan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


NIYSO-2002 LLP: Claims Filing Period Ends Sept. 14
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Niyso-2002 insolvent.

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

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


RADION LLP: Creditors' Claims Due on Sept. 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Radion insolvent.

Creditors have until Sept. 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Shelehov Str. 187a-32
         Almaty
         Kazakhstan
         Tel: 8 (3272) 32-83-39
              8 701 460 17-71


VOSTOK TRACK: Claims Registration Ends Sept. 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok Track 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
         Kazakhstan
         Tel: 8 (3232) 24-29-03


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


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

         LLC B & B Enrichment
         Micro District 1, 23-76
         Tokmok
         Chui
         Kyrgyzstan


GENERAL DIRECTIONS: Creditors Must File Claims by September 28
--------------------------------------------------------------
LLC General Directions has declared insolvency.  Creditors have
until Sept. 28 to submit written proofs of claim to:

         LLC General Directions
         Frunze Str. 402
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-80-11


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


AGILENT TECH: Net Income Falls to US$185 Mil. in Third Quarter
--------------------------------------------------------------
Agilent Technologies Inc. reported orders of US$1.31
billion for the third fiscal quarter ended July 31, 2007, 7
percent above one year ago.  Revenues during the quarter were
US$1.37 billion, 11 percent above last year.  Third quarter GAAP
net income was US$185 million.  Last year's third quarter GAAP
net income from continuing operations, which included a US$65
million, gain from the sale of assets, was US$216 million.

Included in this quarter's GAAP income is US$27 million of
share-based compensation expense.  Excluding this item and US$18
million of tax and other net benefits, Agilent reported third
quarter adjusted net income of US$194 million.  On a comparable
basis, the company earned US$166 million.

"Agilent met its aggressive performance targets despite very
divergent market trends during the third quarter," said Bill
Sullivan, Agilent president and chief executive officer.  "Bio-
analytical markets were strong across the board, and the
performance of our Segment was even more robust.  Electronic
measurement markets were solid in the Americas and Europe but
surprisingly weak in Asia, particularly Japan.

"As a result, third quarter revenues were up 11 percent from
last year to US$1.37 billion, just shy of our revised
expectations.  Adjusted net income per share, at US$0.48, was 23
percent above last year's results and in the middle of our
guidance range."

Mr. Sullivan noted that, including the impact of the third
quarter acquisition of Stratagene, Bio-Analytical segment orders
were up 21 percent from last year, while revenues hit a record
US$500 million, up 19 percent from one year ago.  "Initial
integration activities are going well, and we are enthusiastic
about the synergy between Stratagene's bio-reagents and
Agilent's analytical instruments to better serve customers in
both commercial and not-for-profit life sciences applications."

Third quarter Return on Invested Capital reached 28 percent, 3
points better than last year's strong performance.  Both
Receivables Days-Sales-Outstanding and Inventory Days-On-Hand
improved 3 days from one year ago.  Cash generated from
operating activities was US$176 million in the third quarter.  
During the period, the company repurchased US$677 million of its
common stock.  The company ended the quarter with net cash of
US$1.5 billion.

For the fiscal fourth quarter of 2007, Agilent expects a softer
than normal seasonal increase in revenues because of weak Asian
electronic measurement markets.  Revenues are expected to be in
the range of US$1.39 billion to US$1.43 billion, up 5 percent to
8 percent from last year.  Adjusted net income is expected to be
in the range of US$0.50 to US$0.54 per share, 9 percent to 17
percent above last year's comparable earnings.

Mr. Sullivan said, "Near-term weakness in Asian electronic
measurement markets does not dampen our expectations for
Agilent's performance in fiscal 2008.  We anticipate continued
momentum in our Bio-Analytical markets and a return to more
normal secular growth in Electronic Measurement markets next
year.  We continue to leverage our robust operating model, and
will benefit from our investments in core products, growth
initiatives and acquisitions."

                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: Russian Units Post Results for Second Quarter 2007
--------------------------------------------------------------
Evraz Group S.A. discloses that its major Russian operating
subsidiaries have filed financial results with the Federal
Financial Markets Service of the Russian Federation for the
three months ended June 30, 2007.  
The results are prepared in accordance with Russian accounting
standards.

The major subsidiaries include:

   -- OAO Nizhny Tagil Iron and Steel Plant (NTMK),

   -- OAO West Siberian Iron and Steel Plant (Zapsib),

   -- OAO Kachkanarsky Mining and Processing Integrated Works
      (KGOK), and

   -- OAO Vysokogorsky Mining and Processing Integrated Works
      (VGOK)

Evraz Group also posted consolidated financial statements
prepared in accordance with IFRS for the six months ended
June 30, 2007.

                           Highlights

The second quarter 2007 revenue of NTMK and Zapsib went up 39%
and 24% respectively vs. second quarter 2006 as demand continued
to push up prices for the mills’ key steel products in both
Russian and export markets (construction and railway steel
products, as well as slabs).  

The net profit grew by 71% and 68% vs. second quarter 2006 and
by 65% and 82% vs. first quarter 2007, respectively.  At NTMK, a
bigger profit was also a result of continuous shift in the sales
structure in favor of higher value-added products.

The second quarter 2007 revenue of KGOK and VGOK increased by
36% and 43% respectively as compared to the same period last
year as the average prices for iron ore increased by 34-36%
year-on-year on marginally higher sales volumes, while prices
were flat vs. the previous quarter of 2007.  

Expansion in the net profit at KGOK (+95% year-on-year) in
second quarter 2007 is also explained by a write-off of bad
debts in the amount of RUR435 million in second quarter 2006
that depressed the reported net profit of KGOK in second quarter
2006. Cost of sales at both mining units of Evraz remained
relatively stable in second quarter 2007.

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


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


AURELIA ENERGY: S&P Withdraws B+ Long-term Rating Upon Request
--------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'B+' long-
term corporate credit rating on Netherlands-based oilfield
service operator Aurelia Energy N.V. at the company's request.
The outlook was stable at the time of withdrawal.

The 'B-' rating on US$335 million in senior unsecured notes
issued by subsidiary Bluewater Finance Ltd. was also withdrawn.


SABIC INNOVATIVE: Moody's Changes Ratings to (P)Ba2/LGD3
--------------------------------------------------------
Moody's Investors Service revised the provisional ratings on the
proposed senior secured term loans and asset-based revolving
facility of SABIC Innovative Plastics Holding B.V. to
(P)Ba2/LGD3 (41%) from (P)Ba1/LGD3 (34%).  

The proposed senior unsecured guaranteed notes were affirmed at
(P)B1 and the Loss Given Default assessment on the proposed
notes was adjusted to LGD6 (92%) from LGD5 (87%).  The revision
reflects recent changes to the financing package for the
acquisition of GE's Plastics division resulting in secured debt
representing a higher proportion of the overall debt capital
structure.  The outlook remains stable.

On June 25, 2007, Moody's assigned a provisional (P)Ba2
corporate family rating to SABIC Innovative Plastics Holding
B.V., together with provisional ratings of (P)Ba1 to the US$6.4
billion Senior Secured Credit Facilities and (P)B1 to the USD
1.95 billion Senior Notes and EUR590 million Senior Notes both
due 2015.

The rating action reflects the decision to upsize the amount of
Senior Secured Credit Facilities to US$7.7 billion while
reducing the amount to be raised under Senior Notes to US$1.5
billion.  The amount of debt in the proposed structure remains
unchanged.  The downgrade of the provisional ratings on the
Senior Secured Credit Facilities to (P)Ba2 -- at the same level
as the Corporate Family Rating -- reflects the impact of the
higher mix of the senior secured debt in the new proposed
structure.

Moody's has reviewed preliminary documentation with respect to
the credit facilities and senior unsecured notes.  This
documentation contains certain carve-outs for the incurrence of
additional indebtedness which are customary for leveraged
companies.  For example there is a carve-out for the incurrence
of a certain type of subordinated debt, which is subordinated in
right of payment to all of the senior debt and must mature later
than the debt being rated.  In addition, this subordinated debt
may not generally pay cash interest until leverage is below a
certain threshold.  

This debt may only be issued to SABIC and its affiliates and may
be used to prepay the debt being rated, to finance acquisitions,
or other corporate purposes. Additionally documentation permits
the incurrence of debt (with limitations) at certain non-
guarantor subsidiaries.  This is designed to permit certain non-
guarantor subsidiaries the ability to finance local working
capital needs or local facility construction.  Moody's however
understands from SABIC management that it has no intention to
make use of the flexibility afforded by these provisions and no
material usage of these carve-outs is factored in the current
ratings.

The provisional designation for ratings will be removed once
both series of notes have been issued and assuming no material
changes have occurred to the draft documentation reviewed by
Moody's.

Incorporated in The Netherlands, SABIC Innovative Plastics
Holding B.V. is a global leading manufacturer of engineering
thermoplastics.  Based on the combined financial statements of
GE Plastics, the group had total revenues of US$6.6 billion in
the 12 months ended Dec. 31, 2006.


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


BRIGHTPOINT INC: Unit Appoints Two Directors in Moscow Office
-------------------------------------------------------------
Brightpoint, Inc.'s subsidiary, Brightpoint RUS LLC, appointed
these persons to two top management positions in the Moscow
office:

  a) Endre Kadas has been appointed as the new General Director
     of Brightpoint Russia, starting from Aug. 1, 2007.

  b) Tomi Maarni has been appointed as Director of Finance and
     Operations of Brightpoint Russia and will start in his
     position on Sept. 1, 2007.

At Nokia, Mr. Endre established Nokia's channel management in
Russia and was responsible for go-to-market planning and
management.  "I am delighted to start working with Brightpoint,
Inc., the global leader in the distribution of wireless devices
and customized logistic services.  Our primary goal is to
further strengthen our operations in Russia and position
Brightpoint for further growth in the Russian and surrounding
CIS markets," said Mr. Kadas.  "We look forward to working with
the local customers and many of our worldwide suppliers --
providing them with a wide range of distribution and logistic
services."

Mr. Maarni has been General Manager and Finance Director of
Brightpoint Finland since 2004.  In his new role at Brightpoint
Russia, Mr. Tomi will be supporting the implementation of
Brightpoint's Russian strategy by managing local financial and
operational issues.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                       *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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


ZLOMREX SA: To Acquire 89.34% of Zeljezara Split for HRK10.1 Mln
----------------------------------------------------------------
Zlomrex S.A. has entered into a share purchase agreement with
the Croatian Privatization Found to acquire 101,146 shares in
Zeljezara Split, representing 89.34% interest.

Split Steelworks consist of three main production lines:

   -- steel melting shop producing basic grade steel billets
      with output capacities of 185,000 tons annually;

   -- hot rolling mill specializing in concrete reinforcing bars
      production with output capacities of 170,000 tons
      annually;

   -- cold rolling mill producing meshes and using externally
      purchased feedstock material;

The Plant uses electric arc furnace technology where scrap
accounts for 100% of raw materials used in steel melting
process.  Liquid steel is further crystallized in continuous
casting machine.

Zeljezara Split is the only producer of rebars in Croatia.
Yearly domestic consumption is over 400,000 tons and rising.  
Due to minimal utilization of capacities at ZS most of such
products on Croatian market come from imports.

During 2001 and 2002 Split Steelworks underwent major technical
improvements.  EUR22 million worth upgrade and a combination of
other factors have eventually led the firm to critical financial
situation.

Total liabilities of Zeljezara Split as of May 31, 2007, consist  
of: (in million HRK)

   (i) due liabilities:

       -- owed to the Republic of Croatia:          226.6
       -- owed to other creditors:                   48.8

   (ii) undue liabilities:

       -- owed to the Republic of Croatia:           45.4
       -- owed to other creditors including:         

          a. commercial creditors:                   41.2
          b. bank loans:                             32.8
          c. bank loans secured with guarantees
              issued by the Republic of Croatia:    156.7    

Since the total liabilities of the Company exceeded book value
of its assets by more than HRK130 million, the privatization
offer submitted by ZLOMREX assumed a 99.9% write-off with
respect to the Company's due liabilities towards the Republic of
Croatia.

Respectively, the agreement provides that those liabilities will
be reduced within seven working days after Aug. 3.

Purchase price for shares has been agreed at HRK10.1 million and
will be paid within three working days after signing of the
agreement.  In addition, following the purchase price payment,
ZLOMREX S.A. is also obliged in particular:

   -- to increase the capital of the ZS by HRK86.0 million by
      Dec. 31, 2007, and within this amount to repay all due
      liabilities to other than Republic of Croatia not later
      than 60 days upon execution date;

   -- to make sure that the Company carries out additional
      investments of HRK114 million within the next five years
      ending Dec. 31, 2011;

   -- to provide that all guarantees of the Republic of Croatia
      securing most of bank loans provided to the Company
      (HRK156,7 million) are released within 120 days after
      signing of the agreement.

Legal transfer of the shares is expected in September 2007 and
will be made upon:

   -- payment of the purchase price;

   -- repayment of Company's due liabilities other than owed to
      the Republic of Croatia; and

   -- delivering to the CPF by ZLOMREX its corporate guarantees
      as security for fulfillment of certain obligations under
      the agreement.

Fulfillment of most of ZLOMREX obligations specified in the
agreement will be preceded by an update of the list of Company's
all liabilities prepared as of the execution date.  In case
ZLOMREX finds any material adverse change to the business and/or
financial profile of Split Steelworks between May 31, 2007, and
the Execution date then it could consider a withdrawal from the
Transaction.

Acquisition of Zeljezara Split will substantially increase
ZLOMREX steel melting operations and rebar production.  Assuming
full utilization of the Plant's capacities ZLOMREX production of
crude steel will rise up to 800,000 tons and finished products
up to 600,000 tons.

The consummation of the Transaction will further diversify
operational and market risks within ZLOMREX group.  Despite the
small scale of the Plant and its focus on production of low
value added products it can potentially attain a very strong
position and competitive advantage over other major players on
fast growing Croatian market.

The 50 far structure of supply in Croatia (domination of
imports) as well as proximity of ZS to ZLOMREX distribution
network should facilitate quick realization of the Plant's
production increase.  

ZLOMREX expects that positive impact of Split Steelworks
operations will be seen in its consolidated performance from the
first quarter of 2008.

Headquartered in Poraj, Poland, Zlomrex S.A. --
http://www.zlomrex.pl/-- manufactures and distributes high-
grade long steel products in its domestic market.

                            *   *   *

As of Aug. 16, 2007, Zlomrex S.A. carries B2 Corporate Family
and Probability-of-Default ratings from Moody's Investors
Service.

Zlomrex also carries B+ long-term foreign and local Issuer
Credit ratings and B short-term foreign and local Issuer Credit
ratings from Standard & Poor's.


ZLOMREX SA: Acquisition Cues S&P to Place B+ Ratings on Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Poland-based integrated steel group
Zlomrex S.A. on CreditWatch with negative implications,
following the company's announced acquisition of an
89.34% stake of Croatia-based reinforcement steel bar
manufacturer Zeljezara Split.  

The 'B' senior secured debt rating on the EUR170 million 8.5%
callable bonds due 2014 issued by subsidiary Zlomrex
International Finance S.A. was also placed on CreditWatch with
negative implications.  At the same time,
Standard & Poor's affirmed its 'B' short-term corporate credit
rating on Zlomrex, reflecting that the extent of the downgrade
potential for the long-term rating is limited to one notch.

Although the purchase price payment of EUR1.4 million (PLN5.3
million) is low and will be financed from operating cash flow,
Zlomrex will take on about EUR30 million of Zeljezara's debt,
and will be obliged to carry out additional investments of
EUR15.6 million over the next five years.

"The CreditWatch placement reflects Zlomrex's more aggressive
financial policy and an acquisition-led growth strategy that is
higher than initially anticipated," said Standard & Poor's
credit analyst Alex Herbert.  "It also reflects the likely
deterioration of Zlomrex's credit protection metrics below our
expectations for the rating category."

The transaction is Zlomrex's third sizeable acquisition since
the beginning of financial 2007. In the first quarter of the
year, Zlomrex completed the acquisition of a 74.9% stake in
Austria-based steel distribution business, voestalpine
Stahlhandel GmbH, for about EUR105 million, which was financed
by the EUR170 million senior secured notes. The transaction was
followed by the purchase of Polish steel distribution company
Stalexport Trade for about PLN122.5 million, subject to closing
adjustments, in June 2007, partially financed with about PLN73.0
million in net proceeds from a new equity issue by the group's
51% owned subsidiary Centrostal.

The acquisition of Zeljezara marks another step by Zlomrex to
further expand its product mix and geographical diversity and to
increase its production capacity.  The integration and
realization of synergies will present significant risks,
however, which are expected to be elevated by the need to
simultaneously oversee a number of projects by a relatively
small management team.  Credit protection ratios are expected to
further weaken on completion of the transaction.

"In resolving the CreditWatch, Standard & Poor's will meet with
Zlomrex's management to evaluate details of the planned
acquisition, and its financial impact on the group's credit
ratios," Mr. Herbert added.


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


BAKSTROM OJSC: Creditors Must File Claims by August 28
------------------------------------------------------
Creditors of OJSC Bakstrom have until Aug. 28 to submit proofs
of claim to:

         A. Oshkhunov
         Temporary Insolvency Manager
         Lenina Pr. 57/16
         Nalchik
         Kabardino Balkariya
         Russia

The Arbitration Court of Kabardino Balkariya commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A20-4307/2006.

The Debtor can be reached at:

         OJSC Bakstrom
         Baksan
         Kabardino Balkariya
         Russia


BELELIKSKOE CJSC: Names E. Sedelnikov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khakasiya appointed E. Sedelnikov as
Insolvency Manager for CJSC Belelikskoe.  He can be reached at:

         E. Sedelnikov
         Post User Box 913
         Kemerovskiy Central Office
         650000 Kemerovo
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A74-3272/2006.

The Debtor can be reached at:

         E. Sedelnikov
         Post User Box 913
         Kemerovskiy Central Office
         650000 Kemerovo
         Russia


BUILDER LLC: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of LLC Builder have until Aug. 28 to submit proofs of
claim to:

         A. Kasaev
         Insolvency Manager
         Post User Box 95
         Central Post Office
         Karachaevo Cherkessiya
         Russia

The Arbitration Court of Ingushetiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A18-489/07.

The Debtor can be reached at:

         A. Kasaev
         Insolvency Manager
         Post User Box 95
         Central Post Office
         Karachaevo Cherkessiya
         Russia


DERTEEVSKIY OJSC: Creditors Must File Claims by August 28
---------------------------------------------------------
Creditors of OJSC Breeding Factory Derteevskiy (TIN 5829010360)
have until Aug. 28 to submit proofs of claim to:

         A. Martsenyuk
         Temporary Insolvency Manager
         Post User Box 6961
         440066 Penza
         Russia

The Arbitration Court of Penza will convene at 10:30 a.m. on
Nov. 15 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A49-3213/2007-526/10.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Derteevskiy
         Staraya Kamenka
         Penza
         Russia


EVRAZ GROUP: Russian Units Post Results for Second Quarter 2007
---------------------------------------------------------------
Evraz Group S.A. discloses that its major Russian operating
subsidiaries have filed financial results with the Federal
Financial Markets Service of the Russian Federation for the
three months ended June 30, 2007.  

The results are prepared in accordance with Russian accounting
standards.

The major subsidiaries include:

   -- OAO Nizhny Tagil Iron and Steel Plant (NTMK),

   -- OAO West Siberian Iron and Steel Plant (Zapsib),

   -- OAO Kachkanarsky Mining and Processing Integrated Works
      (KGOK), and

   -- OAO Vysokogorsky Mining and Processing Integrated Works
      (VGOK)

Evraz Group also posted consolidated financial statements
prepared in accordance with IFRS for the six months ended
June 30, 2007.

                           Highlights

The second quarter 2007 revenue of NTMK and Zapsib went up 39%
and 24% respectively vs. second quarter 2006 as demand continued
to push up prices for the mills’ key steel products in both
Russian and export markets (construction and railway steel
products, as well as slabs).  

The net profit grew by 71% and 68% vs. second quarter 2006 and
by 65% and 82% vs. first quarter 2007, respectively.  At NTMK, a
bigger profit was also a result of continuous shift in the sales
structure in favor of higher value-added products.

The second quarter 2007 revenue of KGOK and VGOK increased by
36% and 43% respectively as compared to the same period last
year as the average prices for iron ore increased by 34-36%
year-on-year on marginally higher sales volumes, while prices
were flat vs. the previous quarter of 2007.  

Expansion in the net profit at KGOK (+95% year-on-year) in
second quarter 2007 is also explained by a write-off of bad
debts in the amount of RUR435 million in second quarter 2006
that depressed the reported net profit of KGOK in second quarter
2006. Cost of sales at both mining units of Evraz remained
relatively stable in second quarter 2007.

                         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+.


GEFEST INSURANCE: Fitch Holds BB- Financial Strength Ratings
------------------------------------------------------------
Fitch Ratings has assigned GEFEST Insurance Joint-Stock Company
an International Insurer Financial Strength rating of 'BB-' and
a National IFS rating of 'A+(rus)'.  The Outlooks for both
ratings are Stable.

The ratings reflect GEFEST's strong underwriting expertise and
market knowledge in its key operating segment of contractors'
all risks and erection all risks insurance, as well as strong
underwriting performance and appropriate reinsurance protection.  
The ratings also acknowledge the relatively high credit quality
of the company's investment portfolio.

Offsetting these positive factors are a relatively low level of
capital strength for the rating level and challenges related to
the company's shareholders' profile, which might impede raising
the capital position to a solid level.  The international IFS
rating also reflect some current weaknesses in Russia's
financial accounting disciplines and regulatory environment.

Direct insurance and inward reinsurance of construction risks
has been the key area of GEFEST's business from its inception.  
The weight of the CAR/EAR portfolio amounted to 67.5% of gross
premiums written in 2006.  It consisted of 70% of transport
construction projects and 30% of civilian buildings, with the
property component representing 97% of the total and casualty
risks only 3%.  In addition to CAR/ EAR covers, GEFEST also
provides additional types of protection for contractors,
including several types of professional liability, accident,
machinery and equipment insurance.

Underwriting profitability has been strong in the past four
years, with the combined ratio at a profitable 85.4% in 2006.  
As noted, GEFEST purchases appropriate reinsurance protection,
and the efficiency of this has been proven by a number of large
losses suffered by the company in 2003-2004.  The capacity of
its CAR/EAR treaty, which is largely placed with the strong
international re-insurers, enables GEFEST to compete with the
local leading multi-line insurers for the insurance of large
construction projects.

Further growth of the company's operations is expected to be
supported by additional capital injections from its
shareholders.  However, raising the capital position to a solid
level might be challenging since GEFEST has no single majority
owner and insurance does not fall into the scope of strategic
activities of the corporate shareholders of the company (who
would have broader opportunities for providing capital than
individual shareholders).

Established in 1993 and headquartered in Moscow, GEFEST has
three regional offices and employs 150 people.  It is currently
owned by 11 corporate entities (68.6%) and 14 individuals
(31.4%).  The largest corporate shareholder is 'Group of
Companies 'Transstroy' LLC with 19.8% of shares.  GEFEST had
2006 year-end total assets of RUB1.0 billion and 2006 gross
premiums written RUB0.8 billion, an International Insurer
Financial Strength rating of 'BB-' and a National IFS rating of
'A+(rus)'.  The Outlooks for both ratings are Stable.

The ratings reflect GEFEST's strong underwriting expertise and
market knowledge in its key operating segment of contractors'
all risks and erection all risks (CAR/EAR) insurance, as well as
strong underwriting performance and appropriate reinsurance
protection.  The ratings also acknowledge the relatively high
credit quality of the company's investment portfolio.

Offsetting these positive factors are a relatively low level of
capital strength for the rating level and challenges related to
the company's shareholders' profile, which might impede raising
the capital position to a solid level.  The international IFS
rating also reflect some current weaknesses in Russia's
financial accounting disciplines and regulatory environment.

Direct insurance and inward reinsurance of construction risks
has been the key area of GEFEST's business from its inception.  
The weight of the CAR/EAR portfolio amounted to 67.5% of gross
premiums written in 2006.  It consisted of 70% of transport
construction projects and 30% of civilian buildings, with the
property component representing 97% of the total and casualty
risks only 3%.  In addition to CAR/ EAR covers, GEFEST also
provides additional types of protection for contractors,
including several types of professional liability, accident,
machinery and equipment insurance.

Underwriting profitability has been strong in the past four
years, with the combined ratio at a profitable 85.4% in 2006.  
As noted above, GEFEST purchases appropriate reinsurance
protection, and the efficiency of this has been proven by a
number of large losses suffered by the company in 2003-2004.  
The capacity of its CAR/EAR treaty, which is largely placed with
the strong international reinsurers, enables GEFEST to compete
with the local leading multiline insurers for the insurance of
large construction projects.

Further growth of the company's operations is expected to be
supported by additional capital injections from its
shareholders.  However, raising the capital position to a solid
level might be challenging since GEFEST has no single majority
owner and insurance does not fall into the scope of strategic
activities of the corporate shareholders of the company (who
would have broader opportunities for providing capital than
individual shareholders).

Established in 1993 and headquartered in Moscow, GEFEST has
three regional offices and employs 150 people.  It is currently
owned by 11 corporate entities (68.6%) and 14 individuals
(31.4%).  The largest corporate shareholder is 'Group of
Companies 'Transstroy' LLC with 19.8% of shares.  GEFEST had
2006 year-end total assets of RUB1.0 billion and 2006 gross
premiums written RUB0.8 billion.


INGOSSTRAKH: Moody's Drops Ba1 Insurance Fin'l Strength Rating
--------------------------------------------------------------
Moody's Investors Service withdrew its Ba1 global scale
Insurance Financial Strength rating of Ingosstrakh Insurance
Company with a positive outlook and its Aa1.ru national scale
rating for business reasons.

These ratings were withdrawn:

   -- Ingosstrakh Insurance Company -- Insurance Financial
      Strength Rating at Ba1;

   -- Ingosstrakh Insurance Company -- National Scale Rating at
      Aa1.ru.

Based in Moscow, Russia, Ingosstrakh had shareholders' equity of
RUR10,063 million (US$382 million) under International Financial
Reporting Standards as of Dec. 31, 2006.  For fiscal year 2006,
it reported Gross Premiums Written of RUR37,956 million and net
income of RUR2,322 million.


KARINA CJSC: Creditors Must File Claims by August 28
----------------------------------------------------
Creditors of CJSC Karina (TIN 5610009187) have until Aug. 28 to
submit proofs of claim to:

         T. Samsonova
         Temporary Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg will convene at 10:00 a.m. on
Nov. 14 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A47-5099/07-14/7GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Karina
         Zagorodnoe Shosse 1
         460052 Orenburg
         Russia


KUSHUMSKIY CJSC: Creditors Must File Claims by Sept. 28
-------------------------------------------------------
Creditors of CJSC Kushumskiy have until Sept. 28 to submit
proofs of claim to:

         V. Chuprinskaya
         Insolvency Manager
         M. Gorkogo Str. 34
         410000 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-52B/06-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Kushumskiy
         Kushumskiy
         Ershovskiy
         413514 Saratov
         Russia


LES-TORG LLC: Creditors Must File Claims by August 28
-----------------------------------------------------
Creditors of LLC Les-Torg (TIN 3812084708) have until Aug. 28 to
submit proofs of claim to:

         I. Pavlikov
         Temporary Insolvency Manager
         Office 403
         Dek.Sobytij Str. 125
         664007 Irkutsk
         Russia
         Tel/Fax: 8-0112-211-967

The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A19-7182/07-38.

The Court is located at:  

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

The Debtor can be reached at:

         LLC Les-Torg
         Universitetskiy Location 12-6
         664082 Irkutsk
         Russia


MILK LLC: Creditors Must File Claims by Sept. 28
------------------------------------------------
Creditors of LLC Milk have until Sept. 28 to submit proofs of
claim to:

         I. Samoylenko
         Insolvency Manager
         Svyazi Str. 5-111
         Vladivostok
         690077 Primorye
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-13591/2006 26-333B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Milk
         9th January Str. 30
         Lesozavodsk
         Primorye
         Russia


NEFTE-PROVOD-STROY: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on LLC Nefte-Provod-Stroy (TIN
0273037169).  The case is docketed under Case No. A75-3536/2007.

The Temporary Insolvency Manager is:

         S. Korolev
         Office 88
         Kirova Str. 10
         Yugorsk
         Tyumen
         628260 Khanty-Mansiyskiy
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Nefte-Provod-Story
         Apartment 6
         Location 2A 11
         Uraj
         Tyumen
         628285 Khanty-Mansiyskiy
         Russia


NEW ENERGY: Court Names Y. Chernikova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Y. Chernikova as Insolvency Manager for CJSC New Energy Company.  
She can be reached at:

         Y. Chernikova
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-11138/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC New Energy Company
         St. Petersburg
         Russia


NIZHNEOMSK-TSELIN-STROY: Bankruptcy Hearing Slated for Nov. 7
-------------------------------------------------------------
The Arbitration Court of Omsk will convene at 2:00 p.m. on
Nov. 7 to hear the bankruptcy supervision procedure on OJSC
Nizhneomsk-Tselin-Stroy.  The case is docketed under Case No.
A46-4932/2007.

The Temporary Insolvency Manager is:

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

The Debtor can be reached at:

         OJSC Nizhneomsk-Tselin-Story
         Transportnaya Str. 55
         Nizhnyaya Omka
         Nizhneomskiy
         646620 Omsk
         Russia


PRECHISTENSKIY CHEESE: Creditors Must File Claims by Sept. 28
-------------------------------------------------------------
Creditors of OJSC Prechistenskiy Cheese Making Plant have until
Sept. 28 to submit proofs of claim to:

         S. Shulzhenko
         Insolvency Manager
         Post User Box 17
         127106 Moscow
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A82-16470/06-43-B/558.

The Debtor can be reached at:

         OJSC Prechistenskiy Cheese Making Plant
         Zavodskaya Str. 8a
         Prechistoe
         Pervomayskiy
         152430 Yaroslavl
         Russia


ROSNEFT OIL: Venin Unit to Commence Sakhalin-3 Drilling in 2008
---------------------------------------------------------------
Venin Holding, a joint venture of China Petroleum & Chemical
Corp. and OAO Rosneft Oil Co., will commence drilling the
Sakhalin-3 offshore area in 2008, Bloomberg News reports.

According to the report, Venin Holding plans to complete 700
square kilometers of seismic survey in the Sakhalin-3's Veninsky
block in the second half of 2007 and commence drilling work in
the second half of 2008.

The joint venture, of which Rosneft owns 74.9% while Sinopec
holds 25.1%, will own a firm that will hold the license to
develop the Veninsky sector of Sakhalin-3.

Rosneft estimates Veninsky reserves at 258.1 bcm of gas and
169.4 million tons of oil.

                          About Rosneft

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

                            *   *   *

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


STROY-SERVICE LLC: Creditors Must File Claims by Sept. 28
---------------------------------------------------------
Creditors of LLC Stroy-Service have until Sept. 28 to submit
proofs of claim to:

         N. Bortnikov
         Insolvency Manager
         Post User Box 1780
         Solikamsk-13
         618553 Perm
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-3055/2007-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stroy-Service
         Palimovka
         Buzulukskiy
         Orenburg
         Russia


TEKHNO-TORG-SERVICE: Creditors Must File Claims by Sept. 28
-----------------------------------------------------------
Creditors of CJSC Tekhno-Torg-Service have until Sept. 28 to
submit proofs of claim to:

         S. Sokolov
         Insolvency Manager
         Ulyanovskaya Str. 108-24
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene on Oct. 29 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-9183/06-101-
15B.

The Court is located at:

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

The Debtor can be reached at:

         S. Sokolov
         Insolvency Manager
         Ulyanovskaya Str. 108-24
         Syzran
         446001 Samara
         Russia


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


FORD MOTOR: Selling Converca & ACH Units to Linamar Corp.
---------------------------------------------------------
Ford Motor Company and Linamar Corp. have signed Definitive
Agreements for the sale of the Automotive Components Holdings
PTU business and Converca I Plant in Nuevo Laredo, Mexico.

The sales transaction will be completed on Sept. 1, 2007, and
will be the second for ACH operations.

The ACH Converca I Plant is among the leading manufacturers of
PTUs in the North American auto industry.  As part of the deal,
assets of the plant will be transferred to Linamar.  The plant
employs about 500 employees.

Other products produced at the plant are propshafts, stabilizer
bars and steering gears.  Stabilizer bar production is scheduled
to end late this year, while the propshaft and steering gear
production will continue to be manufactured at Converca for the
immediate future.

"This sale is another demonstration of our commitment to achieve
the material cost goals in our Way Forward strategy," said Mark
Fields, president of The Americas and Ford executive vice
president.  "This is critical as we work toward our goal of
profitability in North America by 2009."

The sale will be the second for ACH this year.  The first sale,
announced in April, involved the fuel rail business and the ACH
Mexican subsidiary in El Jarudo.  MOUs have been signed and
discussions are underway for the sale of six other plants and
one business from a seventh plant.

"We remain focused on selling or idling our operations," said Al
Ver, ACH chief executive officer and chief operating officer and
Ford Motor Company vice president.  "We are pleased with our
progress, but aware that we still have much to do in a short
time."

ACH is a temporary company, managed and established by Ford
Motor Company in October 2005 to ensure the flow of quality
components and systems to Ford while ACH prepared its component
operations for sale or idling.  Today, the US$4 billion company
is supported by about 12,000 people including about 6,000 UAW
employees leased from Ford.

                      About Ford Motor Co.

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

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

                            *   *   *

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

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

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


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


ABRIR CAPITAL: Creditors' Liquidation Claims Due August 27
----------------------------------------------------------
Creditors of JSC Abrir Capital Advisors have until Aug. 27 to
submit their claims to:

         Dr. Nutzi Rechtsanwalte
         Liquidator
         Grabenstrasse 42
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Abrir Capital Advisors
         Zug
         Switzerland


FILTER IMPEX: Creditors' Liquidation Claims Due August 27
---------------------------------------------------------
Creditors of LLC Filter Impex have until Aug. 27 to submit their
claims to:

         Hans-Jorg Gerber
         Liquidator
         Buelstrasse 11a
         8132 Egg
         Uster ZH
         Switzerland

The Debtor can be reached at:

         LLC Filter Impex
         Mollis GR
         Switzerland


FORSGATE JSC: Creditors' Liquidation Claims Due August 27
---------------------------------------------------------
Creditors of JSC Forsgate have until Aug. 27 to submit their
claims to:

         Marc J. Kehl
         Liquidator
         Sandrainstrasse 14
         9010 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Forsgate
         St. Gallen
         Switzerland


GROB KALKSCHUTZ: Basel Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Sissach in Basel commenced bankruptcy
proceedings against JSC Grob Kalkschutz on July 5.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         JSC Grob Kalkschutz
         Obermattstrasse 6a
         4464 Maisprach
         Sissach BL
         Switzerland


NIMA INVEST: Creditors' Liquidation Claims Due August 27
--------------------------------------------------------
Creditors of JSC Nima Invest have until Aug. 27 to submit their
claims to:

         JSC BB Treuhand
         Liquidator
         Rathausstrasse 7
         6341 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Nima Invest
         Baar ZG
         Switzerland


NOVELIS INC: Brazilian Unit Eyes 30% Export in 2007
---------------------------------------------------
Novelis Inc. Brazilian unit's planning and metal trading manager
Antonio Marcelo de Almeida told the press that the firm will
export 30% of output in 2007.

Business News Americas relates that capacity averages 300,000
trillion per year depending on the product mix.  Exports were
30% of total production in 2006.

Mr. de Almeida told BNamericas that exports from the Brazilian
facilities are sent to other South American markets other than
Central America and the Middle East.

According to BNamericas, Indian non-ferrous metals producer
Hindalco Industries acquired Novelis earlier this year in a
US$6-billion deal, including debt.

"There are potential synergies between the companies... Hindalco
has low-cost aluminum production," Mr. de Almeida told
BNamericas.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum   
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

-- IDR 'B';
-- Senior secured asset-based revolver 'BB/RR1';
-- Senior secured term loan B 'BB/RR1';
-- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

-- IDR 'B';
-- Senior secured asset-based revolver 'BB/RR1';
-- Senior secured term loan B 'BB/RR1'.


OSCAR STEUBLE: Creditors' Liquidation Claims Due August 27
----------------------------------------------------------
Creditors of JSC Oscar Steuble & Co. have until Aug. 27 to
submit their claims to:

         Oscar Steuble
         Liquidator
         Schuracherstrasse 15
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Oscar Steuble & Co.
         Zurich
         Switzerland


PREPRINT SANDMEIER: Creditors' Liquidation Claims Due August 27
---------------------------------------------------------------
Creditors of JSC Preprint Sandmeier have until Aug. 27 to submit
their claims to:

         Karl-Heinz Neu
         Liquidator
         Tobelgasse 4
         8126 Zumikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Preprint Sandmeier
         Zurich
         Switzerland


ROSENDO LLC: Basel Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Sissach in Basel commenced bankruptcy
proceedings against LLC Rosendo on July 5.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC Rosendo
         Ochsengasse 9
         4460 Gelterkinden
         Sissach BL
         Switzerland


WOLF & PARTNER: St. Gallen Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered July 20 an order
closing the bankruptcy proceedings of JSC Wolf & Partner.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC Wolf & Partner
         Feffetstrasse 16
         9464 Ruthi
         Rheintal SG
         Switzerland


ZIBA SCHOSSHALDEN: Creditors' Liquidation Claims Due August 27
--------------------------------------------------------------
Creditors of JSC Ziba Schosshalden have until Aug. 27 to submit
their claims to:

         Egelbergstrasse 17
         3006 Bern
         Switzerland

The Debtor can be reached at:

         JSC  Ziba Schosshalden
         Bern
         Switzerland


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


TURKIYE IS BANKASI: Earns TRY766 Million in First Half 2007
-----------------------------------------------------------
Turkiye Is Bankasi A.S. provided a report on its financial
performance for the first half of 2007.

In the first half of the year, in which the political atmosphere
and the resulting expectations had a significant impact on the
sector's economic performance, in general, Isbank maintained its
quality based asset generating policy, paying utmost attention
to maturity match and cost of funding.

In this context, especially in the second quarter of the first
half, Isbank's TRY placements concentrated on short term
consumer finance, and the Bank kept growing at a rate very close
to the sector average in the housing loans, where interest rates
decreased to a moderate level, compared to the previous periods.
In the first half of the year, Isbank's growth rate reached 20%
in short term consumer finance, while the housing loans grew by
10%.

In FX loans, the FX based growth continued; though slightly
slowing down compared to the first quarter of the year and grew
by 18%.  However, in the same period, Isbank's total loans grew
by %4.4 given the depreciation of foreign currency.

Despite the 4% increase in Isbank's TRY securities portfolio,
there has not been any remarkable change in the total securities
portfolio due to the decline in FX rates.

Profitability was the main focus in terms of deposit policy in
the first six months of 2007.  In this period, although Isbank's
total deposits increased by 1%, the share of savings deposits,
which constitute a widespread base in the total deposits,
increased from 55% to 61%.

The positive change in the market values of Isbank's listed
subsidiaries and the securities portfolio contributed to the
growth in Isbank's equity.  Since Isbank's subsidiaries had a
profitable financial year in 2006, the dividend income of the
Bank increased by 119% on a year-on-year base, reaching TRY136
million.  

In the first half of the year, within the framework of Isbank's
transparency oriented policies for its group companies, the
profit amounting to TRY45 million regarding the public offering
of Is Yatirim Menkul Kiymetler A.S. and the profits gained from
the sale of Is Portfoy Yonetimi A.S. to Is Yatirim Menkul
Kiymetler A.S. has also contributed Isbank's performance in the
first half of 2007.  Isbank had a positive performance in terms
of increase in net commissions and fees in the second quarter of
2007, compared to the first quarter and performed a 10% increase
in this item, compared to the same period of the previous year.

While Isbank increased its assets by 2% in the first half of
2007, it also increased its profit by a remarkable level of 71%,
compared to the same period of the previous year and succeeded
in increasing its profit to TRY449 million from TRY766 million.

Headquartered in Istanbul, Turkey, Turkiye Is Bankasi A.S. --
http://www.isbank.com.tr/english/-- provides retail, corporate,  
commercial and private banking services through its 907 domestic
and 11 foreign branches.  

                            *   *   *

As reported in the TCR-Europe on July 26, 2007, Fitch Ratings
has affirmed Turkiye Is Bankasi A.S.'s ratings at Long-term
foreign currency Issuer Default Rating 'BB', LT local currency
IDR 'BB+', ST foreign and local currency IDR 'B', National LT
'AA+(tur)' , Individual 'C' and Support '4'.

The Outlooks on the LT foreign and local currency IDRs and on
National LT rating remain Stable.  The Support Rating Floor is
affirmed at 'B+'.  The LT foreign currency IDR is constrained by
Turkey's 'BB' Country Ceiling.  The LT local currency IDR is
rated two notches above the sovereign's due to the bank's stand-
alone financial strength.


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


AKTUR LLC: Creditors Must File Claims by August 18
--------------------------------------------------
Creditors of LLC Trading Company Aktur (code EDRPOU 34034336)
have until Aug. 18 to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/490/07.

The Debtor can be reached at:

         LLC Trading Company Aktur
         Illyich Avenue 12
         Nikolaev
         Ukraine


ALEZIYA LLC: Creditors Must File Claims by August 18
----------------------------------------------------
Creditors of LLC Aleziya (code EDRPOU 32619762) have until
Aug. 18 to submit written proofs of claim to:

         Vitaly Kovalenko
         Liquidator
         Artem Str. 1/5, of. 701
         04053 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/150-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Aleziya
         Krasnozvezdny Str. 119
         03039 Kiev
         Ukraine


ARITEK: Creditors Must File Claims by August 18
-----------------------------------------------
Creditors of LLC Aritek (code EDRPOU 32071072) have until
Aug. 18 to submit written proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/415-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Aritek
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


LAKTOL INGINEERING: Creditors Must File Claims by August 18
-----------------------------------------------------------
Creditors of LLC Science-Production Organization Laktol
Ingineering (code EDRPOU 31993002) have until Aug. 18 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. 15/460-b.

The Debtor can be reached at:

         LLC Science-Production Organization Laktol Ingineering
         Khoriv Str. 46
         04071 Kiev
         Ukraine


MARCH THE 8TH: Creditors Must File Claims by August 18
------------------------------------------------------
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/7-07.

Creditors of LLC March the 8th (code EDRPOU 04527968) have until
Aug. 18 to submit written proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         LLC March the 8th (code EDRPOU 04527968)
         Pervomayskaya Str. 1
         Gannopol
         Tulchinka District
         Vinnica
         Ukraine


PLODORODIYE LLC: Creditors' Claims Due August 18
------------------------------------------------
Creditors of LLC Plodorodiye (code EDRPOU 05487900) have until
Aug. 18 to submit written proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
20/42b.

The Debtor can be reached at:

         LLC Plodorodiye
         Osipenko Str. 129
         Lugutino
         92000 Lugansk
         Ukraine
         

SPARTAK FOOTBALL: Creditors' Claims Due August 18
-------------------------------------------------
Creditors of Popular Football Club Spartak (code EDRPOU
33427131) have until Aug. 18 to submit written proofs of claim
to:

         Roman Bigun
         Temporary Insolvency Manager
         Nikolaychuk Str. 17a/44
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-7/83.

The Debtor can be reached at:

         Popular Football Club Spartak
         Visilianok Str. 48
         76000 Ivano-Frankovsk
         Ukraine


TANSKOE LLC: Creditors' Claims Due August 18
--------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
01/2840.

Creditors of Agricultural LLC Tanskoe (code EDRPOU 05533327)
have until Aug. 18 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Tanskoe
         Tanskoe
         Uman District
         Cherkassy
         Ukraine


UKRSOTSBANK: Fitch Upgrades Long-term IDR to B; Keeps Watch
-----------------------------------------------------------
Fitch Ratings has upgraded Ukraine's Ukrsotsbank Long-term
Issuer Default rating to 'B' from 'B-' and maintained the Rating
Watch Positive status.  Other ratings were affirmed at Short-
term IDR 'B', Individual 'D' and Support Rating Floor 'B-'.  The
Support rating of '5' remains on Rating Watch Positive.

"The upgrade reflects Ukrsots' successful retail franchise
expansion, which has been driving balance sheet and revenues
diversification," says Dmitri Angarov, Associate Director of
Fitch's Financial Institutions team in Moscow.  "A sound bottom-
line performance track-record and ongoing diversification of the
funding base were also key rating uplift factors."  

The ratings also continue to reflect the bank's well established
franchise and strong market positions in key customer segments
despite the increasing competitive pressures.  At the same time,
the ratings also factor in the low level of free equity, which
weighs heavily on the bank's capitalization, and the still
vulnerable liquidity position.

The Positive Watch on Ukrsots' Long-term IDR and Support ratings
reflects the fact that Unicredito Italiano has entered into an
agreement with Ukrsots' main shareholder, Viktor Pinchuk, to
acquire an approximate 95% stake in Ukrsots.  This agreement
follows the termination of another acquisition agreement with
Italian-based Banca Intesa in April 2007.  If UCI becomes the
majority owner of Ukrsots, there will be a greater probability
of support being forthcoming for Ukrsots in case of need.  The
acquisition by UCI of a controlling stake would probably result
in Ukrsots' Long-term IDR being upgraded to the Ukrainian
Country Ceiling, currently 'BB-'.

A strengthening of the bank's capitalization and free capital,
in particular, and further funding diversification leading to a
sustainable improvement in liquidity profile would be positives
for the bank's stand-alone financial strength.  Negatives would
be a significant liquidity squeeze or asset quality
deterioration driven by the rapid growth in the bank's retail
loan book.

At end of first halt of 2007 Ukrsots was the fourth-largest bank
in Ukraine, with more than US$4 billion in assets, holding about
5.5% of system assets.  Ukrsots services a million-plus
customer-base through the seventh-largest nationwide network,
comprising almost 500 outlets.  Mr. Pinchuk also owns Interpipe
Ltd. (IDR 'B+'/Outlook Stable), one of the five largest
companies in the Ukraine, with production facilities in the
pipe, railway wheels, ferroalloys, machine-building and special
steel sectors.


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


BALLY TOTAL: Wants Court Nod on Harbinger, et al. Agreements
------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates seek authority from the U.S. Bankruptcy Court
for the Southern District of New York in Manhattan to enter
into an investment agreement and restructuring support
agreement with Harbinger Capital Partners Master Fund I,
Ltd., Harbinger Capital Partners Special Situations Fund,
L.P., Liberation Investments, L.P., and Liberation
Investments, Ltd..  

The Debtors also ask the Court to approve break-up
fee and expense reimbursement provisions stated in the
Investment Agreement.

The Debtors and the Harbinger entities reached agreement on
Aug. 13, 2007, on the terms of a restructuring proposal.

The agreement is reflected in (i) a first amended joint
prepackaged Chapter 11 plan of Reorganization, (ii) an
investment agreement  with Harbinger Capital, and (iii) a new
restructuring support agreement with Harbinger Capital,
Liberation Investments, and certain "Consenting Subordinated
Noteholders" including Tennenbaum Capital Partners, LLC.

The Investment Agreement and the related New Restructuring
Support Agreement are key drivers of the Modified Plan, David S.
Heller, Esq., at Latham & Watkins LLP, in Chicago, Illinois,
tells the Court.

Pursuant to the Investment Agreement, Harbinger Capital will
acquire 100% of the New Common Stock of Reorganized Bally issued
on the effective date of the Plan in exchange for a purchase
price of approximately US$233,600,000.  This investment is
necessary to fund the distributions under the Modified Plan and
to fund the Reorganized Debtors' working capital and capital
expenditure needs after the Effective Date, Mr. Heller says.  

Harbinger Capital will receive protections in the form of a
US$10,000,000 Break-Up Fee and Expense Reimbursement capped at
US$5,000,000 in the event that the Investment Agreement is
terminated and Bally consummates an alternative "Superior
Transaction".    

Harbinger Capital would also be entitled to Expense
Reimbursement, capped at either US$3,000,000 or US$5,000,000 if
the Investment Agreement is terminated on certain other
specified grounds, including, among others, an uncured material
breach by Bally of its covenants under the Investment Agreement
or the New Restructuring Support Agreement.

In the event that Harbinger Capital breaches its
representations, warranties or obligations under the Investment
Agreement, Harbinger Capital will not be liable to the Debtors
for any punitive or consequential damages and in no event will
Harbinger Capital be liable for damages in excess of
US$50,000,000.

The Investment Agreement may be terminated:

   (a) by the mutual consent of the parties;

   (b) by Harbinger Capital if (i) Bally enters into an
       Alternative Transaction, (ii) the Board of Directors
       withdraws or changes its recommendation of the Agreement
       in a manner materially adverse to the Investors or
       recommends an Alternative, (iii) the Debtors withdraw the
       Modified Plan or if the Debtors seek to convert any of          
       the Chapter 11 Cases to Chapter 7, (iv) the Effective
       Date of the Modified Plan has not occurred by Sept.
       30, 2007, (v) Bally breaches in any material respect its
       representations, warranties or covenants under the
       Investment Agreement, subject to its right to timely
       cure, (vi) the consummation of the transactions
       contemplated is prohibited by Law or by any judicial or
       governmental action, (vii) any Debtor breaches the New
       Restructuring Support Agreement in any material respect,
       subject to their right to timely cure, (viii) the Break-
       Up Fee or Expense Reimbursement is not approved by a
       Final Order of the Bankruptcy Court by September 3, 2007,
       or (ix) an event occurs that has a Material Adverse
       Effect and that cannot be cured by September 30, 2007;
       and

   (c) by Bally if (i) Harbinger Capital breaches the Investment
       Agreement or the New Restructuring Support Agreement,
       subject to their rights to timely cure, (ii) the Board
       of Directors determines that termination of the
       Investment Agreement is necessary in order for Bally to
       accept any Superior Transaction or the if the Bankruptcy
       Court on its own, (iii) the Effective Date of the Plan
       has not occurred by September 30, 2007, which date may be
       extended to Oct. 15, 2007, if the Confirmation Order has
       been entered by the Bankruptcy Court on or prior to Sept.
       30, 2007, and the New Investors continue using
       commercially reasonable efforts to consummate the
       Modified Plan, or (iv) the consummation of the
       transactions contemplated is prohibited by Law or by any
       judicial or governmental action.

A full-text copy of the Investment Agreement is available for
free at http://researcharchives.com/t/s?227c

                  Restructuring Support Agreement

Mr. Heller notes that the Original Plan was the result of
several months of negotiations with the Prepetition Noteholders
Committee.  As a result of these successful negotiations, the
Debtors, holders of a majority of the Prepetition Senior Notes
and holders of more than 80% of the Prepetition Subordinated
Notes entered into a Restructuring Support Agreement dated as of
June 15, 2007.

Under the Restructuring Support Agreement, the Consenting
Subordinated Noteholders agreed, among other things, and subject
only to the conditions set forth in the Agreement, (i) to vote
in favor of the Original Plan, (ii) not to withdraw or revoke
their votes, (iii) not to object to the confirmation of the
Original Plan, and (iv) not to take any other action, including,
without limitation, initiating any legal proceeding that is
inconsistent with, or that would delay consummation of, the
Original Plan.  These undertakings by the Consenting
Subordinated Noteholders extend not just to the Original Plan
but also to any modifications that are not inconsistent with the
terms of the Original Plan.

Because the Modified Plan provides the same or better treatment
to every class of creditors and equity holders, the Debtors
believe that the Modified Plan is "not inconsistent with" the
Original Plan, and as a result, the Original Restructuring
Support Agreement remains binding on all holders of Prepetition
Senior Notes and Prepetition Subordinated Notes that were
signatories to that agreement.  

Nevertheless, Mr. Heller says, to facilitate the expeditious
implementation of the Modified Plan, the parties have agreed to
condition the effectiveness of the Investment Agreement upon the
execution and delivery of the New Restructuring Support
Agreement by the Debtors, Harbinger Capital, Liberation
Investments, and the Consenting Subordinated Noteholders.

A full-text copy of the New Restructuring Support Agreement is
available for free at http://researcharchives.com/t/s?227d

Although the Consenting Subordinated Noteholders have not yet
committed to signing the New Restructuring Support Agreement,
the Debtors intend to request that the Consenting Subordinated
Noteholders sign that agreement following the Court's approval
of the request, Mr. Heller explains.

The Debtors also seek the Court's authority to assume the
June 15, 2007 Restructuring Support Agreement.

Mr. Heller informs Judge Lifland that the Debtors' assumption of
the Restructuring Support Agreement is a condition to the
effectiveness of the Investment Agreement, and is, therefore, a
critical piece of the transactions contemplated by the Modified
Plan.

By assuming the Restructuring Support Agreement, the Debtors
intend to eliminate any uncertainty about the position of the
Consenting Noteholders with respect to the Modified Plan.

Mr. Heller assures the Court that the Debtors have performed,
and will continue to perform, their obligations under the
Restructuring Support Agreement, and do not owe any cure amounts
pursuant to Section 365(b)(1)(A) of the Bankruptcy Code.  
Accordingly, the Debtors are not required to establish
"adequate assurance of future performance" under Section
365(b)(1)(C).  Nonetheless, for the avoidance of doubt, the
Debtors assert that they have provided adequate assurance of
future performance.

                     About Bally Total Fitness

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


BALLY TOTAL: Inks Pact Amending Morgan Stanley DIP Loan
-------------------------------------------------------
Following Bally Total Fitness Holding Corporation and its
debtor-affiliates' filing of their First Amended Joint
Prepackaged Chapter 11 Plan of Reorganization, Morgan Stanley
Senior Funding Inc. argued that its original contractual
commitment to provide the DIP Facility and Exit Facility did
not extend to the Debtors if they sought confirmation of the
Modified Plan.  

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a
US$242,000,000 term loan facility.

To avoid the risks and costs of litigation on these matters, the
Debtors negotiated an amendment with the Morgan Stanley, whereby
the DIP Lenders would provide the DIP Facility and Exit Facility
to the Debtors regardless of whether the Debtors sought or
obtained confirmation of their Original Plan or Modified Plan.

The DIP Agent charged a US$1,000,000 amendment fee -- which is
being paid by Harbinger Capital Partners Master Fund I, Ltd.,
and Harbinger Capital Partners Special Situations Fund, L.P. --
and required increases in interest rates and fees, as well as
modifications to the financial covenants.  

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, notes that these modifications do not materially alter
the treatment of any class of claims or interests in the Plan
and will be disclosed to the  the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan at the Final DIP
Hearing scheduled for Aug. 21, 2007.

A redlined copy of the Amended DIP Agreement is available for
free at http://researcharchives.com/t/s?227e

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


BRITISH ENERGY: Earns GBP179 Million in First Quarter 2007
----------------------------------------------------------
British Energy Group plc released unaudited financial results
for the first quarter ended July 1, 2007.

British Energy reported net profit of GBP179 million on GBP668
million of revenues for the three months ended July 1, 2007,
compared with net profit of GBP75 million on GBP729 million of
revenues for the three months ended July 2, 2006.

At July 1, 2007, the company’s consolidated balance sheet showed
GBP12.5 billion in total assets, GBP7.3 billion in total
liabilities and GBP5.3 billion in total shareholders’ equity.

                         Boiler Issues

Total output for the period was 13.8TWh (nuclear 13.0TWh, coal
0.8TWh), down from 17.0TWh for the comparable period (nuclear
15.3TWh, coal 1.7TWh), due to boiler issues at Hinkley Point B
and Hunterston B and the impact of tighter dark spreads on
output for Eggborough.  Output stated after total non-routine
nuclear losses of 5.0TWh (being unplanned losses of 2.6TWh
attributable to operations at Hinkley Point B and Hunterston B,
losses of 0.5TWh attributable to other stations and 1.9TWh
losses at Hinkley Point B and Hunterston B that were planned at
the start of the year) compared to 3.4TWh losses in the
comparable period.

To meet temperature specifications at all points in the boilers,
the four units at Hinkley Point B and Hunterston B are currently
operating in a range around 60% load.  Further boiler balancing
work will be directed at delivering reliable 70% load, in a
phased process during planned outages over the next year.  
Capital investment to increase load beyond 70% will not be
undertaken this year and is to be considered within the context
of the ongoing life extension assessment for these stations.  A
decision on life extension will be made by March 31, 2008.

Adjusted EBITDA decreased in the period to GBP253 million from
GBP289 million in the same period last year, reflecting lower
output, partially offset by higher realized prices.

Realized price was GBP40.8/MWh for the period, up GBP4.9/MWh
(14%) from the comparable period.  Reflects forward sales of
electricity at prices considerably higher than current market
prices.  As at Aug. 5, 2007, fixed price contracts in place for
60TWh for the financial year 2007/08 at an average contract
price of GBP42/MWh (excluding the impact of 5TWh capped
contracts, at around GBP30/MWh).

Unit operating cost increased to GBP27.0/MWh for the period from
GBP22.1/ MWh in the comparable period, mainly reflecting reduced
output.  Other cost increases in line with previous guidance for
the full year.

Investment in plant projects, major repairs and strategic spares
was GBP56 million for the period, up from GBP54 million in the
comparable period.  Statutory outage completed at Heysham 2 and
another expected to be completed shortly at Heysham 1.  Expect
to continue to invest toward the higher end of the range GBP250
million to GBP300 million in financial year 2007/08.  Investment
in plant over the medium term is likely to be affected by the
outcome of the company's boiler management strategy and life
extension decisions for Hinkley Point B and Hunterston B.

Total output for the current financial year to Aug. 5, 2007 was
20.6TWh (19.0TWh nuclear, 1.6TWh coal), after total non-routine
nuclear losses of 6.1TWh (being unplanned losses of 3.0TWh
attributable to operations at Hinkley Point B and Hunterston B,
losses of 0.6TWh attributable to other stations and 2.5TWh
losses at Hinkley Point B and Hunterston B that were planned at
the start of the year).

In addition, as at Aug. 5, 2007, the company had fixed price
contracts in place for approximately 36TWh for the financial
year 2008/09 at an average price of GBP42/MWh excluding
approximately 5TWh of capped contracts at around GBP30/MWh.  The
capped contracts are for delivery of approximately 5TWh per
annum up to March 2011.

As at Aug. 12, 2007, the company had approximately 100TWh of
zero/capped collateral trades that will deliver over the period
to March 2013 at fixed prices (excluding power already delivered
under these contracts), up from 51TWh at Aug. 6, 2006.

“I am encouraged by the performance of the fleet and improvement
in the level of unplanned losses.  We continue to work hard to
deliver reliable output from Hinkley Point B and Hunterston B,
while seeking to maintain the performance seen across the fleet
for the rest of the year,” British Energy CEO Bill Coley said.

                     About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest  
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                          *     *     *

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody’s with a stable
outlook.

S&P rates British Energy’s long-term foreign and local issuer
credit at BB+ with negative outlook.

As reported in the TCR-Europe on March 1, 2007, Fitch Ratings
affirmed the 'BB' rating of British Energy Holdings plc's
amortizing bonds, guaranteed by the group's material operating
subsidiaries.  The Issuer Default ratings of BEH and British
Energy Group plc are affirmed at 'BB+'.  Fitch said the Outlooks
are Stable.


C.W.C. LTD: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of C.W.C. (Camberley)
Ltd. (formerly Carlton Windows & Conservatories (Camberley) Ltd.
and Jaywake Ltd.) on Aug. 6 for the creditors’ voluntary
winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


CINNAMON AND SPICE: J. M. Titley Leads Liquidation Procedure
------------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Cinnamon and Spice Ltd. on Aug. 8 for the creditors’ voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury
         BL9 8AT
         England


DIRECT SLATE: Taps Liquidators from Tenon Recovery
--------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Direct Slate Supplies Ltd. on Aug. 7 for
the creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


DOLGARROG ALUMINIUM: Brings In KPMG as Joint Administrators
-----------------------------------------------------------
Brian Green, Paul Flint and Myles Halley of KPMG Restructuring
were appointed joint administrators of Dolgarrog Aluminium Ltd.

"We are currently in dialogue with customers and suppliers with
the intention to trade the business while exploring the
possibility of achieving a going concern sale," Mr. Green
disclosed.

The aerospace market is a significant opportunity for the
Dolgarrog Aluminium, which can produce aerospace aluminium to
approved international standards and has manufacturer approvals
from three of the four largest OEMs including Airbus U.K. and
BAE.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Based in Conwy, North Wales, Dolgarrog Aluminium Ltd. --
http://www.dolgarrog.com/-- the firm is the only fully  
integrated casting and rolling aluminium mill in the U.K.  It
employs 170 people and last year had a turnover or around GBP19
million.  Dolgarrog supplies products into four key industries
including electrolytic zinc extraction and aerospace
engineering.


DURA AUTO: Court Approves Backstop Rights Purchase Agreement
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
two important agreements that will help facilitate and finance
DURA Automotive Systems, Inc.s emergence from bankruptcy.  The
Court entered an order approving DURA's asset purchase agreement
for the sale of its Atwood Mobile Products division and approved
its amended backstop rights purchase agreement.  The order for
the backstop agreement will be submitted tomorrow under
certificate of counsel.  These milestones keep the company on
track for an expected emergence from Chapter 11 in the fourth
quarter of 2007.

"We are pleased with the Court's decision, which enables us to
continue on a path toward emergence," Larry Denton, DURA
Automotive's Chairman and Chief Executive Officer, said.  "We
have made significant progress with our creditors and other
constituencies to foster a consensual reorganization process."

On Aug. 13, 2007, DURA filed an amended backstop rights purchase
agreement and related stockholder agreement which reflects a
global resolution of issues among the company, Pacificor, LLC
and the Creditors' Committee.  Under the terms of the amended
agreement, upon emergence the company will be privately held
with a range of minority shareholder protections.  The Court has
approved this agreement, which provides an equity backstop
commitment of between US$140 and US$160 million.

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 AUTO: Court Okays Sale of Atwood Mobile for US$160.2 Mln
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
DURA Automotive Systems Inc. and its debtor-affiliates' asset
purchase agreement with Atwood Acquisition Co., LLC, an
affiliate of private equity firm Insight Equity, for the sale of
DURA's Atwood Mobile Products division, headquartered in
Elkhart, Indiana.  The agreement provides for the acquisition of
Atwood Mobile Products for an aggregate cash consideration of
US$160.2 million.

DURA was advised by Miller Buckfire, AlixPartners and Kirkland &
Ellis in connection with both the backstop and Atwood sale
agreements.

As reported in the TCR-Europe on Aug. 16, the Debtors 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
deadline to submit bids.

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.


FORD MOTOR: Potential Buyers Wary of New EU Emissions Rules
-----------------------------------------------------------
Some bidders for Ford Motor Co.'s Jaguar and Land Rover brands
have expressed concerns over the European Union's new
regulations on carbon-dioxide emissions, Jason Singer and
Stephen Power write for the Wall Street Journal.

The European Commission plans to implement in 2012 new rules
lowering auto emissions and curbing the gases believed to
contribute to global warming, WSJ relates.  Although the
commission plans to require Europe's car makers to reduce the
average carbon-dioxide levels of new cars by roughly 20% over
current levels to 130 grams per kilometer by 2012, details of
how this rule will be enforced haven't been disclosed yet.

The potential for tighter regulation would prove particularly
difficult for private-equity suitors, as they likely won't have
other auto operations with more-efficient vehicles that could
bring down a fleet fuel-economy average, WSJ states.  To bolster
the interest of private-equity buyers, Ford has told potential
buyers it would provide some of the financing itself in response
to turmoil in the debt markets, where private-equity firms often
turn to fund their deals.

                           Sale Talks

Meanwhile, deal negotiations are moving forward as planned.  
Ford has scheduled management meetings with India's Tata Motors
and Mahindra & Mahindra with detailed due diligence to follow,
the Economic Times reports, citing industry insiders as its
source.

The TCR-Europe reported on July 27, 2007, that bidders,
including private equity groups Ripplewood Holdings, One Equity
Partners, TPG Capital, and Cerberus Capital Management, as well
as India's Tata Motors and Mahindra & Mahindra had submitted
indicative offers for Land Rover and Jaguar.  Ford's financial
and legal advisers have begun preparing information to
facilitate due diligence for potential bidders of the two
marques as the company hopes to reach a tentative deal by
Sept. 30, 2007.

Concurrently, former Ford CEO Jacques Nasser, who is now a
managing director at One Equity Partners LLC, met with a senior
official from the European Commission in July to ask how the new
EU regulations would be implemented, WSJ states, quoting a
person familiar with the matter.  The informal meeting was
inconclusive although the commission has revealed it intends to
avoid "any unjustified distortion of competition" between car
makers and is expected to outline various proposals for
structuring new regulations later this year.

                      About Ford Motor Co.

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

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

                            *   *   *

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

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

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


MITCHELL TILING: Claims Filing Period Ends August 31
----------------------------------------------------
Creditors of Mitchell Tiling Ltd. Have until Aug. 31 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:

         Ian W. Kings
         Liquidator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England
         
Ian William Kings of Tenon Recovery was appointed liquidator of
the company on Aug. 7 for the creditors’ voluntary winding-up
proceeding.


ONEIDA LTD: Terminates Plan for US$120 Million Loan
---------------------------------------------------
Oneida Ltd. has canceled a plan to enter into a seven-year
US$120 million new senior secured term loan facility due to
unfavorable market conditions, Reuters Loan Pricing Corp.
reports citing an investor familiar with the deal.

According to the report, the company had planned to use the loan
to refinance its existing term loan, pay a US$30 million special
dividend to preferred equity holders, and pay related fees,
expenses and prepayment penalties.

The credit facility was syndicated by a group of banks led by
Credit Suisse.

Reuters says the current weakness in the secondary market is
forcing a number of financing deals to be adjusted as lenders
reevaluate risk.  

                      About Oneida Ltd.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and   
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.  
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the U.K., and
Australia.

The Company and its eight affiliates filed for Chapter 11
protection on March 19, 2006 (Bankr. S.D. N.Y. Case No. 06-
10489).  On May 12, 2006, Judge Gropper approved the Debtors'
disclosure statement.  Their pre-negotiated plan of
reorganization was confirmed on Aug. 31, 2006.  The
Company emerged from Chapter 11 on Sept. 15, 2006, as a
privately held company.

                            *   *   *

As reported in the TCR-Europe on Aug. 1, 2007, Standard & Poor's
Ratings Services affirmed its 'B' corporate credit rating on
Oneida, New York-based Oneida, Ltd.  At the same time, Standard
& Poor's withdrew the 'B+' and '2' recovery ratings on Oneida's
proposed senior secured bank loan due 2014.  


ONEIDA LTD: Moody's Withdraws All Ratings on Canceled Loan Plans
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings on Oneida,
Ltd.  The withdrawal is driven by Oneida's announcement that it
has terminated its intent to enter into a new US$120 million
senior secured term loan facility due to unfavorable market
conditions.

The company intended to use proceeds from the term loan and a
portion of cash to refinance its existing term loan that was put
in place following its emergence from voluntary bankruptcy in
September 2006, pay a US$30 million special dividend to
preferred equity holders, and pay related fees, expenses and
prepayment penalties.

These ratings were withdrawn:

Oneida, Ltd.:

   -- Corporate family rating at B2

   -- Probability of default rating at B2

   -- US$120 million first-lien Term Loan due 2013 at B3
      (LGD4, 62%)

Headquartered in Oneida, New York, Oneida, Ltd. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.
The company's key operations are in the U.S., Canada, Mexico,
U.K., EMEA and Australia, and revenue is estimated to be about
US$350 million.


REFCO INC: Files Quarterly Report for Second Quarter 2007
---------------------------------------------------------
Refco Inc., and its affiliates, including Refco Capital Markets
Ltd., delivered to the Court their post-confirmation quarterly
report for the period from April 1 to June 30, 2007.

Peter F. James, controller of Refco, reports that the
Reorganized Debtors received US$2,764,422,000 in the second
quarter and disbursed US$2,726,360,000 in cash.

Refco's US$527,700,000 beginning cash balance in April increased
to US$565,762,000 at the end of the reporting period, discloses
Mr. James.  He also states that the Debtors received about
US$2,764,422,000 in cash and disbursed US$2,726,360,000 for the
second quarter 2007.

The Debtors serve as paying agent for certain non-Debtors and
Refco, LLC.  During the quarter, Mr. James notes, approximately
US$2,200,000 was disbursed on behalf of and reimbursed by non-
Debtors and Refco LLC.

During the quarter, the Debtors began consolidating their cash
management system as well as pooled cash for purposes of initial
distribution of the RCM Cash Distribution to RCM under the Plan.
Accordingly, Mr. James says, cash balances were transferred to
Refco Capital LLC, and the related bank accounts were closed.

Mr. James states that the US$967,600,000 in receipts for RCM
include:

  -- US$345,100,000 in intra-company transfers between RCM
     accounts;

  -- US$385,900,000 initial receipt of the RCM Cash Distribution
     from the Contributing Debtors in accordance with the
     Reorganized Debtors' Chapter 11 Plan;

  -- US$11,300,000 in reimbursement and funding of the
     Litigation Trust;

  -- US$69,500,000 in wire transfers returned by creditors;

  -- US$151,300,000 in proceeds from liquidation of securities;
     and

  -- US$4,400,000 in interest income.

Mr. James adds that RCM's US$944,000,000 disbursement include:

  * Intra-company transfers of US$345,100,000;

  * distributions to creditors, without duplication of re-wired
    amounts, of US$502,300,000;

  * payment of the RCM Trustee fee for US$5,000,000;

  * US$11,700,000 funding of Refco Capital LLC for payment of
    certain claims;

  * US$1,700,000 loan to the Litigation Trust, which were
    subsequently repaid by the Litigation Trust; and

  * US$6,600,000 funding to Refco Capital for its allocation of
    operating expenses and professional fees before the
    establishment of the RCM Wind-Down Reserve under the Plan.

Furthermore, Mr. James reports that the Debtors paid
US$1,045,000 in gross wages, of which US$343,000 were paid on
behalf of and reimbursed by the Non-Debtors and Refco LLC.  The
Debtors also remitted US$425,000 in employer payroll taxes to a
third party vendor.

For the end of second quarter, the Debtors paid a total of
US$11,176,000 in professional fees and expenses incurred before
the Effective Date, representing approximately US$1,200,000
payment to the Ad Hoc Equity Committee; US$6,000,000 payment to
indenture trustee and ad hoc committee; and US$4,300,000 payment
to RCM's Moving Customer Group.

Since the Petition date, the Debtors have reimbursed their
bankruptcy professionals' fees and costs totaling
US$171,072,000.

All insurance policies are fully paid for the current period,
including amounts owed for workers' compensation and disability
insurance, Mr. James states.

A full-text copy of the Debtors' Post-Confirmation Quarterly
Report for the 2nd Quarter 2007 is available at no charge at:

     http://bankrupt.com/misc/RefcoSecondQuarterly2007.pdf

                           About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 66; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ROVELINE LTD: Calls In Liquidators from Menzies
-----------------------------------------------
Jason James Godefoy and Paul David Williams of Menzies Corporate
Restructuring were appointed joint liquidators of Roveline Ltd.
on July 27 for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


SALISBURY INT'L: Moody's Lifts Ba1 Ratings on Two Notes
-------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by Salisbury International Investments
Limited (Sphaera II):

   -- Upgraded to Baa3 from Ba1, Series 2006-03 US$9,000,000
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to Baa3 from Ba1, Series 2006-04 EUR1,000,000
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to A3 from Baa1, Series 2006-05 US$ 3,000,000
      Floating Rate Portfolio Credit Linked Notes due 2011;

   -- Upgraded to A3 from Baa1, Series 2006-13 EUR2,500,000
      Floating Rate Portfolio Credit Linked Notes due 2011; and

   -- Confirmed the A1 rating of Series 2006-15 EUR10,000,000
      Floating Rate Portfolio Credit Linked Notes due 2011.

The rating changes are the result of a credit migration in the
underlying pool and the reduced time to maturity.


SHAW GROUP: Finalizes US$1.1 Bln Mirant Power Plants Contract
-------------------------------------------------------------
The Shaw Group Inc. disclosed that the Fossil Division of its
Shaw Power Group has signed an engineering, procurement and
construction contract with Mirant Mid-Atlantic, LLC and Mirant
Chalk Point, LLC totaling US$1.1 billion to retrofit their Chalk
Point, Morgantown and Dickerson power plants in Maryland with
new emissions controls.

The contract finalizes an alliance agreement signed in July
2006.  The retrofit will include flue gas desulfurization units,
which are designed to significantly reduce sulfur dioxide
emissions.

Completion of the retrofit program is scheduled for December
2009.  The final agreement results in a US$200 million increase
to the company's backlog.  The additional booking will be
reflected in the company's fourth quarter results.

"We are delighted to continue our strong relationship with
Mirant and finalize this contract for Mirant's three Maryland
coal-fired generating plants," J.M. Bernhard Jr., chairman,
president and chief executive officer of Shaw, said.  "These
state-of-the-art air quality control systems, coupled with our
procurement and construction expertise, further Shaw's standing
as an industry leader in the emissions control market for the
power industry."

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom, and Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SOLO CUP: Earns US$3.2 Million in Quarter Ended July 1
------------------------------------------------------
Solo Cup Company reported net sales of US$650.2 million, for the
thirteen weeks ended July 1, 2007, versus US$670.3 million for
the thirteen weeks ended July 2, 2006.  

Although net sales decreased, gross profit for the quarter
increased from the year ago period by US$4.7 million to US$96.7
million, reflecting a gross margin of 14.9%.  Selling, general
and administrative expenses decreased approximately US$8.0
million, or 10.8%, to US$65.9 million for the thirteen weeks
ended July 1, 2007, from US$73.8 million for the thirteen weeks
ended July 2, 2006.   

Operating income for the second quarter 2007 was US$32.3
million; excluding a US$228.5 million goodwill impairment charge
taken in the second quarter of 2006, this represents a US$15.1
million improvement in operating income over the prior year.  
The company recorded net income of US$3.2 million for the
thirteen-week period ended July 1, 2007, compared to a net loss
of US$299.4 million for the comparable period in 2006.

"During the second quarter, we saw our employees' efforts in
implementing our performance improvement program begin to
positively impact the bottom line," said Robert M. Korzenski,
chief executive officer.  "We are achieving improvements in our
manufacturing and supply chain operations ahead of schedule, we
are continuing to reduce our SG&A costs and we are doing a
better job managing our working capital.  We also completed a
sale-leaseback transaction during the quarter that reduced our
debt and increased our financial flexibility."

The decrease in net sales reflects a 5.2% decrease in sales
volume partially offset by a 2.2% increase in average realized
sale price as compared to the thirteen weeks ended July 2, 2006.  
The lower volume is a result of the divestiture of the company's
dairy business in Japan in December 2006, which contributed
approximately US$11 million to net sales in the second quarter
of 2006, as well as a modest volume decrease due to continuing
competitive conditions and the Company's ongoing SKU
rationalization efforts.

Gross margin for the thirteen weeks ended July 1, 2007, was
14.9% versus 13.7% for the comparable period in 2006.  The
increase in both gross profit and gross margin reflects the
impact of efficiency improvements implemented as part of the
company's performance improvement program and the company's
investments in information systems.  These improvements helped
to offset continued increases in raw material costs.  Gross
profit for the thirteen weeks ended July 2, 2006, included a
US$22.1 million pension curtailment gain and a US$9.8 million
charge for excess and obsolete spare parts and finished goods
inventory.  Excluding these unusual adjustments, gross margin
for the second quarter of 2006 was 11.9%.

Improvements in selling, general and administrative expenses
were due to cost savings initiatives also implemented as part of
the company's performance improvement program.  The cost savings
were partially offset by performance-based compensation reserves
during the period as well as professional fees related to the
performance improvement program and transaction costs.

                Year-To-Date 2007 Results

The company has reduced its net debt by US$140.5 million since
the beginning of the year including the retirement of its US$130
million second lien term loan.  As of July 1, 2007, the Company
had in excess of US$100 million of liquidity under its revolving
credit facilities and cash on hand.  Net cash provided by
operating activities during the twenty-six weeks ended
July 1, 2007, was US$29.1 million compared to net cash used in
operating activities of US$79.9 million during the first twenty-
six weeks of 2006, a US$109 million improvement.  Capital
expenditures totaled US$14.9 million for the twenty-six weeks
ended July 1, 2007, versus US$29.6 million during the first
twenty-six weeks of 2006.

Mr. Korzenski concluded, "We continue to face rising raw
material prices and incur high interest expense while operating
in a competitive environment.  However, our second quarter
results show that our business is growing stronger.  Our
liquidity position continues to improve as we better manage our
cash and working capital, and reduce our net borrowings.  Going
forward, we are focused on receiving fair value for our products
and services while striving for best-in-class service levels,
and continuing to pursue efficiency improvements across the
board.  We intend to maintain our focus on these efforts as the
year progresses."

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Japan, Canada, United
Kingdom, Mexico, Panama and the United States.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Moody's Investors Service confirmed the B3
Corporate Family Rating of Solo Cup Co. and revised the rating
outlook to negative.  Moody's assigned a B1 rating to both the
USUS$638 million senior secured term loan B and USUS$150 million
revolver and confirmed all other instrument ratings.  This
confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.


TITAN EUROPE: Fitch Rates EUR14.9 Million Class F Notes at BB
-------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2006-5 Plc's notes due
2016:

   -- EUR328.7 million Class A1 (XS0277721618) at 'AAA'
   -- EUR0.005 million Class X (XS0277735758) at 'AAA'
   -- EUR112.3 million Class A2 (XS0277725361) at 'AAA'
   -- EUR61.9 million Class A3 (XS0277726500) at 'AAA'
   -- EUR56.8 million Class B (XS0277728381) at 'AA'
   -- EUR43.0 million Class C (XS0277729439) at 'A'
   -- EUR37.0 million Class D (XS0277732144) at 'BBB'
   -- EUR5.0 million Class E (XS0277733548) at 'BBB-'
   -- EUR14.9 million Class F (XS0277734199) at 'BB'

A Stable Outlook is in place for each of the classes of notes
listed.

The ratings were affirmed despite the default of one loan, Hotel
Balneario Blancafort and are based upon an updated valuation
received showing no decline in value.  Performance of the seven
German loans also in the pool remains as expected.

The Blancafort borrower refused to pay interest on the loan
since the first transaction interest payment date in January
2007, although full interest had been received prior to closing
of the deal.  As of the July 2007 IPD, the unpaid interest
totaled EUR1.7 million and three liquidity facility drawings
have been made to date, preventing a shortfall on the notes.  
Although the borrower's motives remain unclear, Hatfield
Philips, the special servicer, announced in July 2007 the
cessation of negotiations with the borrower and is now in
contact with their Spanish and U.K. legal counsel to discuss
alternative resolution.

The collateral for this loan is a five star hotel in La Garrigua
in the province of Barcelona, which was refurbished only one
year prior to the issuance of the transaction.  The hotel
operator is an affiliate of the borrower and is neither well-
known nor established in the hotel business.  The current loan
balance, including three missed interest payments, results in a
loan-to-value ratio of 63%, up from 60% at closing.  The
original valuer of the property, CBRE, re-valued the property
and confirmed the 2006 valuation at EUR63 million.  The hotel is
understood to have underperformed during the first three years
of operation when compared to its own business plan; however,
based on the limited information provided to the valuer, the
performance is expected to improve in 2007.  Given the good
quality of the property and its favorable location, potential
foreclosure is likely to result in full redemption of the loan,
including all outstanding charges.  Therefore, at this point all
ratings are affirmed with Stable Outlooks.


* Vinson & Elkins LLP Expands Insolvency Practice in New York
-------------------------------------------------------------
Vinson & Elkins LLP is expanding its insolvency and
reorganization law practice in New York and Houston, as six
bankruptcy lawyers with more than 180 years collective
experience is joining the firm.

V&E said that Denis Cronin, Jane Vris, and Dov Kleiner of Cronin
& Vris are joining V&E’s New York office as partners effective
August 20, 2007.  Mr. Cronin will become Vinson's co-head of
insolvency.

J. Ronald Trost and Larry Cherkis, also of Cronin & Vris, are
joining V&E as Counsel in New York.  Mr. Cronin, Ms. Vris, Mr.
Kleiner and Mr. Cherkis were formerly with Wachtell, Lipton,
Rosen & Katz.  Mr. Trost is a past chair of the National
Bankruptcy Conference and one of the primary architects of the
current U.S. Bankruptcy Code.

In addition, Vinson & Elkins also disclosed that Harry Perrin,
co-head of the energy-focused investment bank Petrie Parkman’s
Restructuring Business and a former bankruptcy partner at the
law firm Weil Gotshal & Manges, is joining the firm’s Houston
office as a partner.

The six lawyers have handled some of the largest, most complex
bankruptcies and reorganizations in history.  Their clients
include creditors, debtors, potential purchasers of assets from
distressed companies, and equity investors in companies emerging
from Chapter 11.

Vinson & Elkins -- http://www.velaw.com/-- was established in  
1917 and is one of the world's largest international law firms.  
The firm has more than 700 lawyers practicing in Austin,
Beijing, Dallas, Dubai, Houston, Hong Kong, London, Moscow, New
York, Shanghai, Tokyo and Washington D.C. Vinson & Elkins offers
a wide range of legal services.  Clients include public and
private companies, financial institutions, municipalities,
governments of sovereign nations, entrepreneurs, families and
individuals. V&E is a primary sponsor of the American Bar
Association's Silver Gavel Awards, which recognizes and promotes
legal journalism.


* BOOK REVIEW: How to Measure Managerial Performance
----------------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Paperback:  272 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122646/internetbankrupt

How to Measure Managerial Performance by Richard S. Sloma is a
valuable reference tool.  This practical handbook provides new
insights into enterprising management techniques.

This book is a compendium of principles and techniques to
improve and measure managerial performance in a number of areas
important to the successful operation of a business.

Rigorous application of the concepts of this instructive book
will enable an organization to perform at several levels higher
in efficiency and effectiveness.

  
                            *********

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 * * *