TCREUR_Public/070821.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

             Tuesday, August 21, 2007, Vol. 8, No. 165

                            Headlines


A U S T R I A

DAVID LEISCH: Claims Registration Period Ends Aug. 28
DRUGOWITSCH BAU: Wels Court Orders Business Shutdown
EVENT TOURSIMUS: Claims Registration Period Ends Aug. 27
MALITS-BRUCKNER: Claims Registration Period Ends Aug. 27
PETKOVIC GORAN: Vienna Court Orders Business Shutdown

SENIORCARE LLC: Claims Registration Period Ends Aug. 27
SPS SCHWED: Claims Registration Period Ends Aug. 28
WUESTER LLC: St. Poelten Court Orders Business Shutdown


B E L G I U M

ARAMARK CORP: Extends US$1.28 Billion Exchange Offer to Aug. 22
DELHAIZE GROUP: S&P Withdraws BB+ Rating at Company's Request


B U L G A R I A

NOVA PLAMA: Unpaid Wage Claims Stall Creditor Payments


C Z E C H   R E P U B L I C

ANDREW CORP: US Antitrust Agency Wants Info on Acquisition Deal
TIMKEN CO: Explores Strategic Alternatives to Accelerate Growth


F R A N C E

ALLIANCE ONE: Holds Annual Shareholder & Board Meetings
BOSTON SCIENTIFIC: Mulls Sale of Cardiac & Vascular Surgery Biz
DELPHI CORP: Gets Court Nod on US$75 Mln Asset Sale to Umicore
DELPHI CORP: Inks MOU with Steelworkers and General Motors
TRANSMONTAGNE: Lyon Commercial Court Orders Receivership


G E R M A N Y

BCB MASSIVHAEUSER: Claims Registration Period Ends Oct. 5
BENQ CORP: To Sell Factory Building for NT$500MM to Darfon
CBO LIVING: Claims Registration Period Ends Sept. 7
DUX 2000: Claims Registration Ends Sept. 28
ESCHWEGER CONTAINERDIENST: Creditors' Claims Due Sept. 24

FELSDEKOR GSDR: Claims Registration Period Ends Aug. 30
GOETTINGER GRUPPE: Founder Released after Paying Tax Fine
GRAND AZUR: Claims Registration Period Ends Sept. 7
KAHLMANN GMBH: Claims Registration Ends Sept. 27
KELM GMBH: Claims Registration Period Ends Oct. 18

KIELBLOCK HOCH: Claims Registration Period Ends Oct. 16
KKN BAU: Claims Registration Period Ends Sept. 3
METALLBAU WACHSMUTH: Creditors Must File Claims by Sept. 24
METZGEREI DUNKE: Claims Registration Ends September 28
MITTELSCHWABISCHE WACH: Claims Registration Period Ends Sept. 3

MK BAU GMBH: Claims Registration Ends Sept. 27
OBERPFALZER FISCHZENTRALE: Claims Registration Ends September 28
REGIONAL FOERDERUNGS: Claims Registration Ends Sept. 27
RING DEUTSCHER: Claims Registration Period Ends Oct. 18
ROSE VERWALTUNGS: Claims Registration Ends Sept. 27

S & P KAMINE: Creditors Must File Claims by Sept. 25
SCHOMBURG GMBH: Claims Registration Ends October 1
SEALCENTER ESP: Claims Registration Ends September 30
TUI AG: Moody's May Cut B1 Corporate Family Rating After Review
TV-LOONLAND AG: Inks Debt Restructuring Deal with Bankers

UWS BETEILIGUNGS: Creditors Must File Claims by Sept. 21
WJO TIEFBAU: Creditors Must File Claims by Sept. 25
WORLD ENTERTAINMENT: Claims Registration Ends October 2


G R E E C E

NAVIOS MARITIME: Earns US$23.2 Million in Quarter Ended June 30


H U N G A R Y

AES CORP: Tiete Deciding on Making Investment Outside Sao Paulo


I R E L A N D

COMMSCOPE INC: US Antitrust Agency Wants Info on Andrew Takeover
STRUCTURED CREDIT: Market Woes Trigger Provisional Liquidation


I T A L Y

FIAT SPA: Names Yu Jiufeng as CEO of Nanjing Fiat JV
ITALFINANCE: Moody's Cuts Rating to Ba1 on Class D Notes


K A Z A K H S T A N

AVP TARAZ: Proof of Claim Deadline Slated for Sept. 21
DIAMANT-PHARM LLP: Creditors Must File Claims by Sept. 27
DINUR LLP: Claims Filing Period Ends Sept. 20
EMT LLP: Creditors' Claims Due on Sept. 21
NITEK & K: Claims Registration Ends Sept. 21

O NAN LLP: Proof of Claim Deadline Slated for Sept. 21
SETTILIK LLP: Creditors Must File Claims Sept. 20
ZANGAR LLP: Claims Filing Period Ends Sept. 21


K Y R G Y Z S T A N

NURAY LTD: Creditors Must File Claims by September 28
N E T H E R L A N D S
FLOWSERVE CORP: Paying 15 Cents Per Share Dividend on Oct. 10
FLOWSERVE CORP: Messrs. Friedery & Harlan Elected on Board


N O R W A Y

GEOKINETICS INC: Promotes Richard Miles to VP & CEO Positions


P O R T U G A L

COMPANHIA SIDERURGICA: Earns BRL952 Million in Second Quarter
COMPANHIA SIDERURGICA: Will Produce Heavy Plates & Rail Track


R U S S I A

BAYKAL-SERVICE LLC: Creditors Must File Claims by Sept. 28
BIKK GROUP: Creditors Must File Claims by Sept. 28
CHAYKOVSKIY GAS-AUTO-SERVICE: Claims Filing Period Set Sept. 28
CHERNYSHIKHINSKOE OJSC: Creditors Must File Claims by Sept. 28
DALNEKONSTANTINOVSKOE OJSC: Bankruptcy Hearing Slated for Dec. 4

MELIKON CJSC: Creditors Must File Claims by Sept. 28
MONTAZH-TEKH-STROY: Creditors Must File Claims by Aug. 28
NEW TECHNOLOGIES: Creditors Must File Claims by Sept. 28
PEREKOPNOE CJSC: Creditors Must File Claims by Aug. 28
SHUSHENSKIY SPIRIT: Creditors Must File Claims by Sept. 28

TITAN-95 LLC: Creditors Must File Claims by Aug. 28
VOLGA-FURNITURE-PROM: Creditors Must File Claims by Aug. 28
VOLGA-WOOD CJSC: Creditors Must File Claims by Aug. 28
ZYKOVSKAYA BUILDING: Creditors Must File Claims by Aug. 28


S W E D E N

FORD MOTOR: Inks Deal w/ Linamar Corp. on ACH & Converca I Sale


S W I T Z E R L A N D

BEER VERWALTUNG: Creditors' Liquidation Claims Due September 10
CHESA MARCELLO: Creditors' Liquidation Claims Due August 29
INNOVATION SERVICES: Creditors' Liquidation Claims Due October 1
MATCHBALL ONLINE: Claims Registration Period Ends August 28
RATSELMEISTERSCHAFT LLC: Liquidation Claims Due September 7

SHELL KREUZLINGEN: Creditors' Liquidation Claims Due August 29
SILVER CLOUD: Creditors' Liquidation Claims Due August 29
STARKEY JSC: Creditors' Liquidation Claims Due September 7
SWISSAIR: Liquidator Eyes First Payment to Creditors by November
VIVA CAR: Claims Registration Period Ends August 27


U K R A I N E

9TH KRYM SWALLOWTAIL: Creditors Must File Claims by August 22
GLORIYA LLC: Creditors Must File Claims by August 22
INDUSTRIAL RESOURCE: Creditors' Claims Due August 22
KRASNOKUTSK MOTORCAR: Creditors Must File Claims by August 22
LGR LLC: Creditors Must File Claims by August 22

MCTRADE LLC: Creditors Must File Claims by August 22
OLTO LLC: Creditors' Claims Due August 22
PRACHI AGRICULTURAL: Creditors Must File Claims by August 22
SLAVUTICH LLC: Creditors Must File Claims by August 22
STEEL SPECIAL: Creditors Must File Claims by August 22

UKRAINIAN POLYGRAPH: Creditors Must File Claims by August 22


U N I T E D   K I N G D O M

ABACUS LTD: Brings In Liquidators from BDO Stoy Hayward
ARAMARK CORP: 8.5% Sr. Notes Offer Set to Expire on Wednesday
BALLY TOTAL: Noteholders Back Amendment of Reorganization Plan
BERKSHIRE COURIERS: Calls In Liquidators from Wilkins Kennedy
C. & M. MACHINE: Taps Liquidators from BDO Stoy Hayward
EUROSAIL-UK: Moody's Rates GBP10.22 Mln Class E1c Notes at Ba1

GENERAL MOTORS: Union Workers Will Strike If Contract Talks Fail
GENERAL MOTORS: Inks MOU with Steelworkers and Delphi Corp.
HANOVER COMPRESSOR: Stockholders OK Universal Compression Merger
KIDS KIT: Appoints Liquidators from BDO Stoy Hayward
LEVEL 3: Douglas Eby & Michael Mahoney Joins Board of Directors

PREMIER-WARE LTD: Joint Liquidators Take Over Operations
SANYO ELECTRIC: To Sell Chilled-Display Units in U.S. and India
SCOTTISH RE: Has Over US$500MM Available Liquidity as of June 30
SHAW GROUP: Gets US$50 Mln Engineering Contract w/ Dagu Chemical

* Epiq Financial Establishes Presence in London
* EC to Probe Credit Rating Agencies Over Crisis Response
* Large Companies with Insolvent Balance Sheet


                            *********


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


DAVID LEISCH: Claims Registration Period Ends Aug. 28
-----------------------------------------------------
Creditors owed money by LLC David Leisch (FN 248000g) have until
Aug. 28 to file written proofs of claim to court-appointed
estate administrator Franz Hofbauer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:10 p.m. on Sept. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Hall 216
         Second Floor
         St. Poelten
         Austria

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 14 S 134/07g).


DRUGOWITSCH BAU: Wels Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Wels entered on July 17 an order shutting down
the business of LLC Drugowitsch Bau (FN 198202z).

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

The estate administrator can be reached at:

         Dr. Peter Posch
         Eisenhowerstrasse 40
         4600 Wels
         Austria
         Tel: 07242/61212
         Fax: 07242/47167
         E-mail: peter.posch@kapo.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 3 (Bankr. Case No 20 S 85/07m).


EVENT TOURSIMUS: Claims Registration Period Ends Aug. 27
--------------------------------------------------------
Creditors owed money by LLC Event Toursimus Suedkarnten (FN
287352b) have until Aug. 27 to file written proofs of claim to
court-appointed estate administrator Felix Fuchs at:

         Mag. Felix Fuchs
         Neuer Platz 5/I
         9020 Klagenfurt
         Austria
         Tel: 0463/57 8 66
         Fax: 0463/57866-6
         E-mail: rechgtsanwaelte@sommerfuchs.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in St. Michael bei Bleiburg, Austria, the Debtor
declared bankruptcy on July 26 (Bankr. Case No. 41 S 70/07b).


MALITS-BRUCKNER: Claims Registration Period Ends Aug. 27
--------------------------------------------------------
Creditors owed money by LLC Malits-Bruckner (FN 110480x) have
until Aug. 27 to file written proofs of claim to court-appointed
estate administrator Andrea Eisner at:

         Mag. Andrea Eisner
         Grazer Strasse 28
         7551 Stegersbach
         Austria
         Tel: 03326/52761
         Fax: 03326/52781
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Pinkafeld, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 26 S 109/07t).


PETKOVIC GORAN: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered July 18 an order shutting down
the business of KEG Petkovic Goran (FN 256261f).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No 6 S 88/07v).  Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.


SENIORCARE LLC: Claims Registration Period Ends Aug. 27
-------------------------------------------------------
Creditors owed money by LLC SeniorCare (FN 268950s) have until
Aug. 27 to file written proofs of claim to court-appointed
estate administrator Klaus Fattinger at:

         Dr. Klaus Fattinger
         Ringmauergasse 8
         9500 Villach
         Austria
         Tel: 04242/22 681
         Fax: 04242/22 681-20
         E-mail: prett+fattinger@villach.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Meeting Hall 225
         Second Floor
         Korneuburg
         Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on July 24 (Bankr. Case No. 41 S 69/07f).


SPS SCHWED: Claims Registration Period Ends Aug. 28
---------------------------------------------------
Creditors owed money by LLC SPS Schwed Personalservice (FN
250347h) have until Aug. 28 to file written proofs of claim to
court-appointed estate administrator Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 24 (Bankr. Case No. 38 S 42/07i).


WUESTER LLC: St. Poelten Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of St. Poelten entered July 20 an order shutting
down the business of LLC Wuester (FN 84986f).

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

The estate administrator can be reached at:

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

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


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


ARAMARK CORP: Extends US$1.28 Billion Exchange Offer to Aug. 22
---------------------------------------------------------------
Aramark Corp. extended the expiration date of its offer to
exchange up to US$1.28 billion in aggregate principal amount of
its registered 8.50% sr. notes due 2015 and up to US$500 million
in aggregate principal amount of its registered senior floating
rate notes due 2015 for its outstanding unregistered 8.50%
senior notes due 2015 and outstanding unregistered Senior
floating rate notes due 2015.

The exchange offer was originally scheduled to expire at 5:00
p.m. on Aug. 16, 2007, but will now expire at 5:00 p.m.
Aug. 22, 2007.  As of the close of business on Aug. 16, 2007,
US$1,277,700,000 in aggregate principal amount of outstanding
unregistered 8.50% senior notes due 2015 and US$489,839,000 in
aggregate principal amount of outstanding unregistered senior
floating rate notes due 2015 had been validly tendered to the
exchange agent by the holders thereof.

                       About Aramark Corp.

Headquartered in Philadelphia, Pennsylvania, Aramark Corporation
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world. Aramark has approximately
240,000 employees serving clients in 18 countries, including
Belgium, Czech Republic, Germany, Japan, Korea, Mexico and
Spain, among others.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on Feb. 14,
Fitch has downgraded the Issuer Default Rating for both ARAMARK
Corporation and its wholly owned subsidiary, ARAMARK Services,
Inc. to 'B' from 'BB-' and has rated the new financing of
ARAMARK Corporation:

   -- US$600 million revolving senior secured credit facility
      due 2013 'BB-/RR2';

   -- US$4.15 billion senior secured term loans due 2014 'BB-
      /RR2';

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 'BB-/RR2'; and

   -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'.

In addition, the rating for the US$250 million senior unsecured
notes due 2012 was lowered to 'CCC+/RR6' from 'BB-'.  The
ratings are removed from Rating Watch Negative.

Fitch said the Rating Outlook is Stable.


DELHAIZE GROUP: S&P Withdraws BB+ Rating at Company's Request
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' corporate
credit ratings on Dalhaize Group's U.S.-based Delhaize America
Inc., at the company's request.

All the notes outstanding issued by Delhaize America Inc.
continue to be rated 'BB+', as they benefit from cross
guarantees with the parent company, Delhaize Group S.A.
(BB+/Positive/--).


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


NOVA PLAMA: Unpaid Wage Claims Stall Creditor Payments
------------------------------------------------------
Creditors of JSC Nova Plama AD will not receive their money
until the regional court in Pleven settles the unpaid wage
claims filed by its former employees, Dnevnik a.m. reports.

According to the report, the court received 35 wage complaiunts.
Focus Information Agency says the claims against Noval Plama for
overdue wages total BGN12 million.

As previously reported in the TCR-Europe on June 20, 2007, the
assets of Nova Plama were sold to Highway Logistic Center EOOD
for BGN44.44 million at an auction on June 18, 2007.

The company's receivers will use BGN40 million of the auction
proceeds to pay 2,232 creditors.

Highway Logistic has called in British company Petrofac to
review the technical condition of Nova Plama's refinery
facilities, Dnevnik relates.

Petrofac, which is expected to invest in Nova Plama, is also
tasked to draw up a recovery and development strategy for the
refinery within three months.

Highway Logistic said production of lubricants at the refinery
could be resumed over the next eight months.  It also
anticipates new fuel production installation to be operational
within two years under a deal with Chinese electromechanical
equipment maker Shanghai Electric, Dnevnik states.

                       About Nova Plama

JSC Nova Plama AD is Bulgaria's No. 2 oil refinery with annual
processing capacity of 1,200,000 metric tons of crude oil.
Until 1996, the refinery was the main supplier of base oils,
finished oils and special products for all local and most East-
European consumers.  The refinery is located near the town of
Pleven, approximately 160 km Northeast of Sofia and nearly 30 km
South from the Danube River.

The district court in Pleven opened a bankruptcy proceeding
against the company in July 2005.  The proceeding is the second
in seven years after the Bulgarian oil company failed to
implement its rehabilitation plan approved by creditors in 1999.
The first proceeding was initiated by the State Fund for
Reconstruction and Development.  The rehab plan extended Plama's
repayment of a BGN251.5 million debt until 2031, but in 2003 it
must repay creditors BGN30 million.

Creditors in the second proceedings claim Plama did not
implement this plan.  Jorset Holding and DZI Bank, which
collectively hold claims to over BGN8 million, asked the court
to appoint receivers and order the sale of Plama's assets to pay
its debt.

In January 2006, Yorset Holding and DZI Bank filed separate
insolvency petitions against Nova Plama.

Yorset failed to have Nova Plama declared insolvent, after the
Supreme Cassation Court stayed the proceedings against the oil
refinery.  The Court said Yorset does not own enough credit
percentage to ask for an insolvency ruling.  Court records show
that Yorset and DZI Bank own 14.83% and 7.9% respectively of
Nova Plama's BGL241 million debt.


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


ANDREW CORP: US Antitrust Agency Wants Info on Acquisition Deal
---------------------------------------------------------------
Andrew Corporation and CommScope Inc. have received requests for
additional information from the Antitrust Division of the U.S.
Department of Justice regarding CommScope's pending acquisition
of Andrew.

The information requests were issued under the notification
requirements of the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended.

The second request extend the waiting period imposed by the HSR
Act until 30 days after Andrew and CommScope have substantially
complied with the second requests, unless that period is
extended voluntarily by the parties or terminated sooner by the
DOJ.

Andrew and CommScope intend to cooperate fully with the DOJ.
The companies expect to close the transaction before the end of
2007.

The transaction remains subject to completion of other customary
closing conditions, including effectiveness of a registration
statement on Form S-4, approval by Andrew's stockholders, and
other international regulatory approvals.

                       About CommScope Inc.

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.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.
                            *   *   *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Andrew Corp. to 'BB-' from 'BB' and placed the rating
on CreditWatch with negative implications, following
announcement of the merger.


TIMKEN CO: Explores Strategic Alternatives to Accelerate Growth
---------------------------------------------------------------
The Timken Company disclosed changes to align the company around
continued improvement in operational performance and
acceleration of profitable growth.

Under the new model, Timken will operate with two major business
groups, the Steel Group and the Bearings and Power Transmission
Group, which is composed of four divisions -- Mobile Industries,
Process Industries, Aerospace & Defense and Distribution &
Services.  The company has named Michael C. Arnold as executive
vice president and president, Bearings and Power Transmission
Group. Salvatore J. Miraglia, Jr., will continue as president of
the Steel Group.

Timken has also named Jacqueline A. Dedo senior vice president,
Innovation and Growth.  In this role, Ms. Dedo will be
responsible for leading the company's strategic initiatives to
accelerate the pace of innovation and growth.

"With focused leadership and a strong balance sheet, we are well
positioned to aggressively pursue growth opportunities with the
potential to create exceptional value for customers and
shareholders," James W. Griffith, Timken's president and chief
executive officer said.  "In addition, as we implement this
model, we expect to benefit from faster, more effective
decision-making and less complexity in all parts of our
business, allowing us to drive further improvement in our
financial performance."

The organizational changes are focused primarily on improving
Timken's operating effectiveness and are also anticipated to
streamline operations and eliminate redundancies.  When fully
implemented, the company expects to save approximately US$10
million to US$20 million as a result of the changes.

Timken's new Bearings and Power Transmission Group includes four
divisions:

   * Mobile Industries: composed of the rail, off-highway,
     agriculture, heavy truck and passenger car and light truck
     market sectors;

   * Process Industries: encompasses the heavy industry, power
     transmission and energy market sectors;

   * Aerospace & Defense: serves the friction-management and
     power-transmission needs of commercial and military
     aviation customers through original equipment manufacturers
     and the aerospace aftermarket; and

   * Distribution & Services: provides a full range of bearings,
     seals, grease, condition monitoring and other products and
     services through distributors worldwide.

Timken will report its third-quarter 2007 financial results
using the existing Steel, Industrial and Automotive Groups.
Beginning with the fourth quarter of 2007, the company expects
to make a change to its financial reporting, providing results
for the Steel Group as before, along with more detailed results
for the new Bearings and Power Transmission Group.

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

                            *   *   *

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


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F R A N C E
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ALLIANCE ONE: Holds Annual Shareholder & Board Meetings
-------------------------------------------------------
Alliance One International Inc. disclosed that all proposed
matters on the ballot for its 2007 annual shareholders meeting
were approved by the shareholders.  Prior to the meeting, Albert
Monk withdrew his name from the ballot, and has resigned from
the company's Board of Directors.  The company wants to thank
Mr. Monk for his decades of dedication and service to the
company, both while an executive officer, and most recently as a
director.

The company also announced that the Board has approved an
amendment to its Bylaws decreasing the size of the Board of
Directors from 13 to 11 directors.

Additionally, the Board authorized the repurchase of up to
US$200 million of its senior notes in open market transactions
from time to time, subject to compliance with the company's
credit facilities and indentures.

The company said, as anticipated, that Brian Harker, Chairman of
the Board, resigned from the Board of Directors effective
Aug. 16, 2007.  Mr. Harker's leadership, perseverance and
service culminated in the successful merger of DIMON and
Standard Commercial and the integration that followed.  The
company extends its best wishes to both Brian and his wife
Angie as they begin their next life chapter.

Effective as of Mr. Harker's resignation, the company's Board
also unanimously elected the company's Chief Executive Officer,
Robert E. "Pete" Harrison, its Chairman.  Following the meetings
Mr. Harrison commented, "the strong foundation following the
merger and integration, strategically places Alliance One as a
valued provider of goods and services to the world's cigarette
manufacturers with significant scale, good people and a well
balanced global foot print.  We continued to evaluate our
business and value proposition, while striving to develop
additional opportunities that will ultimately translate to
further improved customer and shareholder value.  We feel
confident about our direction and resolve."

                    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.


BOSTON SCIENTIFIC: Mulls Sale of Cardiac & Vascular Surgery Biz
---------------------------------------------------------------
Boston Scientific Corporation is to explore the sale of its
Cardiac Surgery and Vascular Surgery businesses as part of the
Company's plan to review its portfolio of assets and divest
those considered non- strategic, and to strengthen its operating
and financial performance.

"As part of an ongoing review of our assets, we have initiated a
process to explore the sale of our Cardiac Surgery and Vascular
Surgery businesses," Paul LaViolette, chief operating officer of
Boston Scientific, said.  "If finalized, this sale will support
our efforts to focus resources on our core businesses and
improve our operating and financial performance.  These are
strong businesses, and we believe the combined portfolio has
great potential for success with the focused attention and
resources of external ownership.  We are in discussions with
several potential buyers, and we expect the process to take a
number of months."

"This is another step in the progress we are making on our plan
to divest non-strategic assets, monetize our investment
portfolio and bring our expenses and head count in line with our
revenues," Mr. LaViolette added.  "We have now identified three
non-strategic businesses to divest, and we are in discussions
with potential buyers for all three.  In recent months we have
retained our Endosurgery group, entered into an agreement to
assume sole management and control of our pain management
business from Advanced Bionics and sell the Advanced Bionics
auditory business, monetized parts of our portfolio, and begun
developing an expense and head count reduction plan, which we
plan to announce next quarter."

"In addition, we continue to focus on the recovery of the drug-
eluting stent and cardiac rhythm management markets.  Together,
these measures should combine to help us achieve our overall
goals of restoring profitable growth, increasing shareholder
value, and continuing to build and strengthen Boston
Scientific."

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.  Headquartered in San
Jose with a manufacturing facility in Dorado, Puerto Rico, the
Cardiac Surgery business is a leading developer of medical
technologies designed to provide less-invasive therapies in
cardiac surgery, including beating heart bypass surgery systems,
endoscopic vessel harvesting for coronary bypass surgery, and
microwave surgical ablation.  The business employs approximately
450 people and had 2006 revenues of US$189 million.

Boston Scientific established its Vascular Surgery business with
the acquisition of Meadox Medicals in 1995.  The Vascular
Surgery business develops market-leading synthetic grafts and
patches for repair of abdominal aortic aneurysms and peripheral
vascular anatomy.  The business had 2006 revenues of US$86
million and has approximately 250 employees, primarily located
at its manufacturing site in Wayne, New Jersey.

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Boston Scientific Corp. to 'BB+' from 'BBB-' and
placed the ratings on the company on CreditWatch with negative
implications.  S&P has withdrawn the commercial paper rating at
the company's request.

At the same time, Fitch Ratings downgraded the ratings on Boston
Scientific Corp. including the company's 'BBB-' Senior Unsecured
Notes rating which was lowered to 'BB+'.  The Rating Outlook is
Negative.


DELPHI CORP: Gets Court Nod on US$75 Mln Asset Sale to Umicore
--------------------------------------------------------------
Delphi Corporation and certain of its affiliates received
approval from the U.S. Bankruptcy Court for the Southern
District of New York for the sale of assets related to the
company's global original equipment and aftermarket catalyst
business to Umicore for US$75 million, subject to adjustments,
Delphi officials stated.

"Delphi continues to make significant progress with its
transformation plan," John Sheehan, Delphi's chief restructuring
officer, said.  "This sale is consistent with our ongoing effort
to refine our product portfolio to feature the core technologies
for which we have competitive and technological advantages.
This transaction is another step toward our emergence."

The court also approved Catalytic Solutions Inc. as the
alternate bidder, and authorized Delphi to consummate the sale
with CSI in the event the transaction between Delphi and Umicore
does not close.

Delphi selected Umicore as the lead bidder and received court
approval to proceed with the sale process for the catalyst
business.

In accordance with bidding procedures approved by the bankruptcy
court, Delphi conducted an auction to allow other qualified
buyers to bid on the assets related to the catalyst business.
At the conclusion of the auction, Delphi selected Umicore as the
successful bidder.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, employees, unions and other stakeholders.  The
transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close before year-end 2007.

Although the company is selling its catalyst business, it will
continue to provide full engine management systems, including
air and fuel management, combustion and valvetrain technology,
and exhaust systems technology through its gas EMS product
business unit.

                     About Delphi Corporation

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

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


DELPHI CORP: Inks MOU with Steelworkers and General Motors
----------------------------------------------------------
Delphi Corp. has signed a Memorandum of Understanding with the
United Steelworkers (and its local 87L) and General Motors Corp.
representing certain U.S. hourly employees at the Delphi's
Dayton (Home Avenue) and Vandalia, Ohio operations.  The
tentative agreements advance Delphi's transformation initiatives
and are subject to union ratification and approval by the U.S.
Bankruptcy Court.

If the contract is ratified by the union membership, it will
expire on Sept. 14, 2011.

USW Local 87 President Dennis Bingham said that details of the
agreement are being withheld pending contract explanation
meetings with the membership.  Following the meetings, the
tentative agreement will be subject to ratification by the
membership.

"Although this series of negotiations has been lengthy and
complex, we are pleased to have now attained consensual labor
agreements with all of our U.S. unions and General Motors on
issues impacting our operations and transformation initiatives,"
John Sheehan, chief restructuring officer, said.  "We remain
committed to working with our labor unions, GM and all of our
other Chapter 11 stakeholders to successfully emerge later this
year."

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

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

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


TRANSMONTAGNE: Lyon Commercial Court Orders Receivership
--------------------------------------------------------
The Commercial Court of Lyon on Aug. 15, 2007, placed
Transmontagne in receivership for a period of six months,
Financial Times reports, citing Le Figaro as its source.

PisteHors.com cites experts as saying that the resort operator's
rapid growth caused its financial demise.  The company's losses
were reported to be around EUR7 million to EUR9 million.

Some of Transmontagne's 300 employees and 1,700 season workers
have not been paid for two months, PisteHors relates.

The company's managing director, Philippe Gausset told PisteHors
that the lack of snow during the winter was responsible for the
group's financial difficulties.

Before filing for bankruptcy protection, Conseil General des
Hautes Alpes injected around EUR600,000 in fresh capital into
Transmontagne, PisteHors reports.

Headquartered in France, Transmontagne manages mid-mountain ski
domains including the 1968 Olympic resort of Chamrousse as well
as Superdevoluy, la Joue du Loup, le Queyras, Pra-Loup,
Valfrejus, le Lioran and Bardonecchia.  In addition to running
ski lifts the group has interests in property and shops and is
developing resorts in China and Eastern Europe.  However it is
best known for running the spectacular Dubai snowdome.


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


BCB MASSIVHAEUSER: Claims Registration Period Ends Oct. 5
---------------------------------------------------------
Creditors of BCB Massivhaeuser - Fertighaeuser GmbH have until
Oct. 5 to register their claims with court-appointed insolvency
manager Manfred Vellmer.

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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         Germany

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

The insolvency manager can be reached at:

         Manfred Vellmer
         Rothenburg 20/21
         48143 Muenster
         Germany
         Tel: 0251/511801
         Fax: 0251/9277785

The District Court of Nordhorn opened bankruptcy proceedings
against BCB Massivhaeuser - Fertighaeuser GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BCB Massivhaeuser - Fertighaeuser GmbH
         Attn: Rene Buchin, Manager
         Feldmanns Kamp 2
         49835 Wietmarschen
         Germany


BENQ CORP: To Sell Factory Building for NT$500MM to Darfon
----------------------------------------------------------
BenQ Corp plans to sell a factory building to Darfon Electronics
Corp. for NT$500 million (US$15 million) to raise funds, China
Post reports.

Citing BenQ's spokeswoman, Jasmine Hung, the paper relates that
the building houses an electronics factory in Taoyuan and Darfon
will use the factory for offices.

BenQ, according to The Post, has sold assets to help repay debt
after Chairman K.Y. Lee failed to turn the company to a profit
following the 2005 acquisition of Siemens AG's mobile-phone
unit.  BenQ's total liabilities stood at NT$60.7 billion at the
end of March, while the company had NT$6.45 billion in cash.

Darfon makes keyboards for notebook computers and power adapters
for televisions.  BenQ, also based in Taoyuan, is Darfon's
largest shareholder, with a 58.3% stake at the end of last year.

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

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

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

                          *     *     *

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

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

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


CBO LIVING: Claims Registration Period Ends Sept. 7
---------------------------------------------------
Creditors of CBO Living GmbH have until Sept. 7 to register
their claims with court-appointed insolvency manager Peter
Theiss.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 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 Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Peter Theiss
         Dudweiler Strasse 4
         66111 Saarbruecken
         Germany
         Tel: (0681) 9404 180
         Fax: (0681) 9404 181

The District Court of Saarbruecken opened bankruptcy proceedings
against CBO Living GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CBO Living GmbH
         Attn: Gregor Daubert, Manager
         Merziger Str. 40
         66679 Losheim am See
         Germany


DUX 2000: Claims Registration Ends Sept. 28
-------------------------------------------
Creditors of Dux 2000 GmbH have until Sept. 28 to register their
claims with court-appointed insolvency manager Dr. Bruno
Kuebler.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 99299-0
         Fax: 99299-299
         Web: www.kuebler-gbr.de

The District Court of Munich opened bankruptcy proceedings
against Dux 2000 GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dux 2000 GmbH
         Fritz-Meyerweg 55 a
         81925 Munich
         Germany

         Attn: Frank Heppner
         Pienzenaurstr. 86
         81925 Munich
         Germany


ESCHWEGER CONTAINERDIENST: Creditors' Claims Due Sept. 24
---------------------------------------------------------
Creditors of Eschweger Containerdienst & Bauservice GmbH have
until Sept. 24 to register their claims with court-appointed
insolvency manager Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 24, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eschwege
         Meeting Hall 2
         First Floor
         Friedr.-Wilh.-Strasse 39
         37269 Eschwege
         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:

         Jutta Ruedlin
         Am Markt 4
         34212 Melsungen
         Germany

The District Court of Eschwege opened bankruptcy proceedings
against Eschweger Containerdienst & Bauservice GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Eschweger Containerdienst & Bauservice GmbH
         Gartenstrasse 50
         37269 Eschwege
         Germany


FELSDEKOR GSDR: Claims Registration Period Ends Aug. 30
-------------------------------------------------------
Creditors of Felsdekor GSDR GmbH have until Aug. 30 to register
their claims with court-appointed insolvency manager Frank
Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Wuerzburg
         Meeting Hall 22
         Second Floor
         Virchowstr. 14
         Wuerzburg
         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
         Fax: 0931/3598050

The District Court of Wuerzburg opened bankruptcy proceedings
against Felsdekor GSDR GmbH on Aug. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Felsdekor GSDR GmbH
         Spitalstr. 1 a
         79674 Todtnau
         Germany


GOETTINGER GRUPPE: Founder Released after Paying Tax Fine
---------------------------------------------------------
Erwin Zacharias, one of the founders and the former head of
Goettinger Gruppe Beteiligungs GmbH, has been released after
paying EUR240,000 of the EUR400,000 fine imposed against him for
tax evasion, The Financial Times reports, citing Die Welt as its
source.

However, according to a spokesperson for the district court of
Gottingen, Mr. Zacharias is still obliged to appear before
authorities when called upon.  He is also not allowed to leave
Germany.

As previously reported in the TCR-Europe on July 26, 2007,
authorities in the Netherlands arrested Mr. Zacharias after
failing to pay a fine of EUR400,000 as a condition of a 16-month
suspended sentence he received at the beginning of 2006 for tax
evasion.  He was later extradited to Germany.

Up to 270,000 investors were affected by the insolvency of
Gottinger Gruppe and its main subsidiary, Securenta AG.

                   About Goettinger Gruppe

Headquartered in Berlin, Germany, Goettinger Gruppe Beteiligungs
GmbH -- http://www.goettinger-gruppe.de/-- is an investment
company, offering savings plans of old age provisions. The
company has been trading since 1980.

Goettinger filed for insolvency at the District Court of
Charlottenburg on June 8, 2007, after a shareholder called for
the petition.  The District Court of Goettingen opened
insolvency proceedings against Securenta AG, an investment
company arm of Goettinger Gruppe Beteiligungs GmbH, on June 11,
2007.


GRAND AZUR: Claims Registration Period Ends Sept. 7
---------------------------------------------------
Creditors of Grand Azur GmbH & Co. KG have until Sept. 7 to
register their claims with court-appointed insolvency manager
Peter-Alexander Borchardt.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Grand Azur GmbH & Co. KG on Aug. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Grand Azur GmbH & Co. KG
         Attn: Dirk Leifert and Dr. Wolfgang Weihtag, Managers
         Grosse Elbstrasse 145c
         22767 Hamburg
         Germany


KAHLMANN GMBH: Claims Registration Ends Sept. 27
------------------------------------------------
Creditors of Kahlmann GmbH have until Sept. 27 to register their
claims with court-appointed insolvency manager Robert Pinter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         Germany

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

The insolvency manager can be reached at:

         Robert Pinter
         Suentelstrasse 44C
         31848 Bad Muender
         Germany
         Tel: 05042/93770
         Fax: 05042/9377-19
         E-Mail: kanzlei-bm@ra-hwp.de

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

The Debtor can be reached at:

         Kahlmann GmbH
         Am Weingarten 18
         30974 Wennigsen
         Germany


KELM GMBH: Claims Registration Period Ends Oct. 18
--------------------------------------------------
Creditors of Kelm GmbH & Co. Impatex have until Oct. 18 to
register their claims with court-appointed insolvency manager
Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Nov. 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against Kelm GmbH & Co. Impatex on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kelm GmbH & Co. Impatex
         Attn: Rolf Meyer, Manager
         Kaethe-Paulus-Str. 2 A
         31157 Sarstedt
         Germany


KIELBLOCK HOCH: Claims Registration Period Ends Oct. 16
-------------------------------------------------------
Creditors of Kielblock Hoch- und Tiefbau GmbH have until Oct. 16
to register their claims with court-appointed insolvency manager
Thomas Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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 Beck
         Hochheimer Str. 47
         99094 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Kielblock Hoch- und Tiefbau GmbH on Aug. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kielblock Hoch- und Tiefbau GmbH
         Attn: Marco Bettega, Manager
         Magdeburger Allee 25
         99086 Erfurt
         Germany


KKN BAU: Claims Registration Period Ends Sept. 3
------------------------------------------------
Creditors of KKN Bau GmbH have until Sept. 3 to register their
claims with court-appointed insolvency manager Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 110
         Rosenheim
         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. Michael Jaffe
         Franz-Joseph-Strasse 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Rosenheim opened bankruptcy proceedings
against KKN Bau GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KKN Bau GmbH
         Josef-von-Fraunhofer-Strasse 20
         83209 Prien
         Germany


METALLBAU WACHSMUTH: Creditors Must File Claims by Sept. 24
-----------------------------------------------------------
Creditors of Metallbau Wachsmuth GmbH have until Sept. 24 to
register their claims with court-appointed insolvency manager
Harald Heinze.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Harald Heinze
         Getzelauer Strasse 2
         04279 Leipzig
         Germany

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

The Debtor can be reached at:

         Metallbau Wachsmuth GmbH
         Am Umfluter 2
         04862 Mockrehna OT Audenhain
         Germany


METZGEREI DUNKE: Claims Registration Ends September 28
------------------------------------------------------
Creditors of Metzgerei Dunke GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne
         Germany

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

The Debtor can be reached at:

         Metzgerei Dunke GmbH
         Kaulertstr. 63
         50354 Huerth
         Germany

         Attn: Anna Elisabeth Dunke, Manager
         Heerstrasse 10
         53909 Zuelpich
         Germany


MITTELSCHWABISCHE WACH: Claims Registration Period Ends Sept. 3
---------------------------------------------------------------
Creditors of Mittelschwabische Wach- und Sicherheitsgesellschaft
mbH MWS Sicherheit have until Sept. 3 to register their claims
with court-appointed insolvency manager Peter M. Hoffmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 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 Neu?Ulm
         Room 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         Germany

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

The insolvency manager can be reached at:

         Peter M. Hoffmann
         Donaustr. 64
         87700 Memmingen
         Germany
         Tel: 08331/92 45 97-0

The District Court of Neu?Ulm opened bankruptcy proceedings
against Mittelschwabische Wach- und Sicherheitsgesellschaft mbH
MWS Sicherheit on July 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Mittelschwabische Wach- und
         Sicherheitsgesellschaft mbH MWS Sicherheit
         Attn: Thorsten Miklar, Manager
         Scheibenbergweg 2
         89358 Kammeltal-Goldbach
         Germany


MK BAU GMBH: Claims Registration Ends Sept. 27
----------------------------------------------
Creditors of MK Bau GmbH & Co. KG Meisterfachbetrieb have until
Sept. 27 to register their claims with court-appointed
insolvency manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle
         Hall 1.044
         Justizzentrum
         Thueringer Strasse 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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle opened bankruptcy proceedings
against MK Bau GmbH & Co. KG Meisterfachbetrieb on July 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MK Bau GmbH & Co. KG Meisterfachbetrieb
         Goethestrasse 22
         06242 Braunsbedra
         Germany


OBERPFALZER FISCHZENTRALE: Claims Registration Ends September 28
----------------------------------------------------------------
Creditors of Oberpfalzer Fischzentrale GmbH have until Sept. 28
to register their claims with court-appointed insolvency manager
Dr. Jochen Zaremba.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Floor
         Baustadelgasse 1
         Amberg
         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. Jochen Zaremba
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/91100
         Fax: 09621/911022

The District Court of Amberg opened bankruptcy proceedings
against Oberpfalzer Fischzentrale GmbH on July 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oberpfalzer Fischzentrale GmbH
         Saulnhof 19
         92551 Stulln
         Germany


REGIONAL FOERDERUNGS: Claims Registration Ends Sept. 27
-------------------------------------------------------
Creditors of Regional Foerderungs- und Qualifizierungs-GmbH have
until Sept. 27 to register their claims with court-appointed
insolvency manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle
         Hall 1.044
         Justizzentrum
         Thueringer Strasse 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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

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

The Debtor can be reached at:

         Regional Foerderungs- und Qualifizierungs-GmbH
         Schlosstr. 2
         06548 Rottleberode
         Germany


RING DEUTSCHER: Claims Registration Period Ends Oct. 18
-------------------------------------------------------
Creditors of Ring Deutscher Baubetriebe Impatex Cortin
Franchisesystem GmbH have until Oct. 18 to register their claims
with court-appointed insolvency manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against Ring Deutscher Baubetriebe Impatex Cortin
Franchisesystem GmbH on Aug. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ring Deutscher Baubetriebe Impatex
         Cortin Franchisesystem GmbH
         Attn: Rolf Meyer, Manager
         Kaethe-Paulus-Str. 2 A
         31157 Sarstedt
         Germany


ROSE VERWALTUNGS: Claims Registration Ends Sept. 27
---------------------------------------------------
Creditors of Rose Verwaltungs GmbH have until Sept. 27 to
register their claims with court-appointed insolvency manager
Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

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

The Debtor can be reached at:

         Rose Verwaltungs GmbH
         Zeisigstrasse 22
         33607 Bielefeld
         Germany


S & P KAMINE: Creditors Must File Claims by Sept. 25
----------------------------------------------------
Creditors of S & P Kamine GmbH have until Sept. 25 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany

The District Court of Muenster opened bankruptcy proceedings
against S & P Kamine GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         S & P Kamine GmbH
         Lise Meitner Strasse 5-7
         48599 Gronau
         Germany


SCHOMBURG GMBH: Claims Registration Ends October 1
--------------------------------------------------
Creditors of Schomburg GmbH & Co. Kuechenstudio KG have until
Oct. 1 to register their claims with court-appointed insolvency
manager Joachim Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Joachim Scholz
         Paderborner Str. 11
         33415 Verl
         Germany

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

The Debtor can be reached at:

         Schomburg GmbH & Co. Kuechenstudio KG
         Attn: Manfred Schomburg, Manager
         Kaunitzer Strasse 67-71
         33758 Schloss Holte-Stukenbrock
         Germany


SEALCENTER ESP: Claims Registration Ends September 30
-----------------------------------------------------
Creditors of Sealcenter ESP GmbH have until Sept. 30 to register
their claims with court-appointed insolvency manager Bruno
Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Wuerzburg
         Room 14/II
         Tiepolostr. 6
         Wuerzburg
         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:

         Bruno Fraas
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359 800

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

The Debtor can be reached at:

         Sealcenter ESP GmbH
         Attn: Matthias Meissner and Gerhard Winterstein,
         Managers
         Franz-Horn-Str. 1
         97082 Wuerzburg
         Germany


TUI AG: Moody's May Cut B1 Corporate Family Rating After Review
---------------------------------------------------------------
Moody's Investors Service placed the B1 Corporate Family Rating
for TUI Aktiengesellschaft on review for possible downgrade.

At the same time, the senior unsecured debt ratings are lowered
to B2 from B1, and left on review for possible downgrade.  The
ratings of the unsecured notes were originally placed on review
for possible downgrade on March 20, 2007, following the
announcement of the planned merger between TUI's tourism
division and First Choice PLC.

The review for possible downgrade of the Corporate Family Rating
reflects the ongoing decline in profitability in the first half
of 2007, with both the tourism and shipping divisions reporting
significant declines in underlying EBITA as compared to the
comparable prior year period.  Yields in the tourism sector have
come under pressure, while the company attributes the weakness
in the shipping division predominantly to lower freight rates.
As a result of this trend, the company is now very weakly
positioned within its current rating category.  The review will
also examine the final capital structure to be implemented by
the company for the financing of the on-going operations of TUI
AG as well as TUI Travel.

Moody's nevertheless recognizes that the pending merger of TUI
Tourism with First Choice should be beneficial to the combined
entity's credit metrics given the lower leverage reported at
First Choice, excluding expected synergies.  The review will
therefore focus on the company's ability to reverse the recent
declines in profitability, potentially with improved freight
rates already seen in Asia and the Far East; the company's
expectation of stronger performance in tourism in the second
half of the year; and the impact on profitability of the merger
with First Choice.

The downgrade of the senior unsecured debt ratings to B2 from B1
reflects the fact that there will be a degree of subordination
created by the expected increase in debt at the operating
subsidiaries, including the newly-created entity TUI Travel,
which will be fully consolidated by TUI AG and structurally
senior to the notes issued by TUI AG.  Nonetheless the capital
structure still needs to be fully finalized, and hence Moody's
notes that the senior unsecured debt ratings could be widened by
an additional notch relative to the Corporate Family Rating
depending on the final capital structure decided by the company
after completion of the merger.

The B3 rating of the EUR300 million Subordinated Euronotes also
remains under review although Moody's does not anticipate
further notching of this instrument.

Ratings affected by the action include:

   -- EUR400 million floating rate notes due 2009 lowered to B2;
   -- EUR450 million 5.125% Notes due 2012 lowered to B2;
   -- EUR550 million Floating Rate Notes due 2010 lowered to B2;
   -- EUR625 million 6.625% Notes due 2011 lowered to B2; and
   -- EUR694 million Convertible Notes due 2012 lowered to B2.

TUI AG, based in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of container
shipping services, with reported revenues and underlying EBITA
of EUR20.9 billion and EUR369 million in 2006, respectively.


TV-LOONLAND AG: Inks Debt Restructuring Deal with Bankers
---------------------------------------------------------
TV-Loonland AG has signed an agreement with its bankers
regarding the restructuring of the company's debt.

The main elements of that package are that the EUR20 million
debt due to the banks will be reduced to EUR6 million and a
minimum capital increase of EUR2 million will be carried out.

Subsequently to this capital increase the EUR14 million waived
by the banks will be converted into a maximum of a 10%
shareholding in the company's new capital, following a second
capital increase as a debt for equity swap for this 10%.

The full details of the restructuring package will be presented
to the shareholders for their approval at the forthcoming AGM.

The accounts for the financial year 2006 and for both the first
and second quarter of 2007 will therefore be published shortly.

Once the restructuring package has been approved by the
shareholders TV-Loonland looks forward to fully executing its
business plan for the coming years with all of its new titles.

As previously reported in the TCR-Europe, TV-Loonland AG's
bankers confirmed June 12, 2007, that they will not waive the
company's covenant breaches.  They also said that, at present,
they have no intention to take any action in respect of those
breaches.

At the company's extraordinary general meeting on May 29, 2007,
TV-Loonland stated that there were ongoing discussions with its
bankers and auditors in respect of certain breaches of covenants
in its banking arrangements.

According to Borsen Zeitung, Simon Flamank, the sole member of
the management board at present, is planning restructuring
measures in order to avert insolvency for the loss-making
company.

The report said that following capital increase and the interest
waiver, the company's situation remains at risk.

The company was burdened by a power struggle last year, and is
also operating on an unfavorable market, the newspaper relates.

Headquartered in Unterfoehring/Munich, Germany, TV-Loonland AG
-- http://www.loonland.com/-- is an independent, fully-
integrated media-company, which develops, produces and
distributes programming primarily in the children's and youth
market from its key offices located in Munich, London, Paris and
Miami.  TV-Loonland's properties include Pettson and Findus, The
Cramp Twins, Transformers, Little Princess and My Little Pony.


UWS BETEILIGUNGS: Creditors Must File Claims by Sept. 21
--------------------------------------------------------
Creditors of UWS Beteiligungs GmbH & Co. Ludwigsfelde KG have
until Sept. 21 to register their claims with court-appointed
insolvency manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 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:

         Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         UWS Beteiligungs GmbH & Co. Ludwigsfelde KG
         Dachsweg 53
         14974 Ludwigsfelde
         Germany


WJO TIEFBAU: Creditors Must File Claims by Sept. 25
---------------------------------------------------
Creditors of WJO Tiefbau GmbH have until Sept. 25 to register
their claims with court-appointed insolvency manager Ruediger
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany

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

The insolvency manager can be reached at:

         Ruediger Bauch
         Schleinufer 11
         39104 Magdeburg
         Germany

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

The Debtor can be reached at:

         WJO Tiefbau GmbH
         Tangermuender Weg 1
         39590 Langensalzwedel
         Germany


WORLD ENTERTAINMENT: Claims Registration Ends October 2
-------------------------------------------------------
Creditors of World Entertainment GmbH have until Oct. 2 to
register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729
         E-Mail: info@lieser-rechtsanwaelte.de
         Web site: http://www.lieser-rechtsanwaelte.de

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

The Debtor can be reached at:

         World Entertainment GmbH
         Attn: Daniel Daum, Manager
         Rheinufer 26
         56346 St. Goarshausen
         Germany


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


NAVIOS MARITIME: Earns US$23.2 Million in Quarter Ended June 30
---------------------------------------------------------------
Navios Maritime Holdings Inc. reported net income of US$23.2
million for the second quarter ended June 30, 2007, compared to
net income of US$4.9 million for the comparable period of 2006.
The resultant increase of net income was primarily due to the
US$18.1 million increase in EBITDA.

Angeliki Frangou, Chairman and CEO of Navios, stated: "In the
second quarter, we delivered strong financial performance,
increasing EBITDA by 74% and net income by 371%.  We also
increased our equity and broadened our shareholder base through
a follow-on offering.  Most recently, we created significant
visibility into future earnings and added structural flexibility
through eight new long-term charters with world-class
counterparties."

                 Capesize Vessels Acquisition

Navios 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.

            Acquisition Of 50% Interest In Asteriks

On April 19, 2007, Navios acquired the remaining 50% interest in
Asteriks, a 2005-built Panamax vessel, for approximately US$26.0
million.  As a result of this transaction we own 100% of this
vessel.

                 Completion of Exchange Offer

On Aug. 8, 2007, Navios successfully closed the exchange offer
where 100% of all its outstanding 9-1/2% Senior Notes due 2014
were exchanged for a like principal amount of its 9-1/2% Senior
Exchange Notes due 2014, which were registered under the
Securities Act of 1933, as amended.

                       Secured Cash Flow

Recently, Navios secured eight long-term time charter contracts
with an average charter period of 5.1 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.  These eight new time charters represent, in the
aggregate, 41 years of employment and approximately
US$361.0 million contracted revenue.

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.

                       Financial Results

Revenue increased to US$135.9 million for the three-month period
ended June 30, 2007 as compared to the US$53.0 million for the
same period of 2006.  Revenue from vessel operations increased
by approximately US$82.4 million or 164.4% to US$132.5 million
for the three-month period ended June 30, 2007 from US$50.1
million for the same period of 2006.  This increase is mainly
attributable to:

  (a) an increase in operating days,

  (b) the improvement in the market resulting in higher
      charter-out daily hire rates in the second quarter of
      2007 as compared to the same period of 2006, and

  (c) an increase in the number of Contracts of Affreightment
      (COAs) serviced by Navios (acquired as part of the
      acquisition of Kleimar).

Revenue from the port terminal increased by US$0.5 million to
US$3.4 million for the three month period ended June 30, 2007 as
compared to US$2.9 million in the same period of 2006.  This is
due to port terminal throughput volume increasing approximately
14.6% to 799,000 tons for the three month period ended June 30,
2007 from 697,000 tons for the same period in 2006.

EBITDA increased by US$18.1 million to US$42.6 million for the
three month period ended June 30, 2007 as compared to US$24.5
million for the same period of 2006.  The increase is mainly
attributable to (a) a gain in Forward Freight Agreement (FFAs)
trading of US$7.2 million in the second quarter of 2007 versus a
gain of US$1.7 million in the same period in 2006, (b) the
increase in revenue by US$82.9 million from US$53.0 million in
the second quarter of 2006 to US$135.9 million in the same
period of 2007.  The above increase was mitigated mainly by:

  (a) the increase in time charter and voyage expenses by
      US$67.6 million from US$22.6 million in the second
      quarter of 2006 to US$90.2 million in the same period of
      2007,

  (b) the increase in the direct vessels expenses by US$2.8
      million due to the expansion of the owned fleet from 15
      vessels in the second quarter of 2006 to 19 vessels in
      the same period of 2007,

  (c) the increase in general and administrative expenses by
      US$0.6 million and

  (d) the net increase in all other categories (other
      income/expenses, income from investments in finance
      leases, income from affiliate companies, etc.) by
      US$0.7 million.

                         Dividend

Navios's board of directors declared a quarterly cash dividend
for the period ended June 30, 2007 of US$.0666 per share,
payable on Sept. 14, 2007 to record holders as of Aug. 31, 2007.

                     About Navios Maritime

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%


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


AES CORP: Tiete Deciding on Making Investment Outside Sao Paulo
---------------------------------------------------------------
The AES Corp.'s Brazilian power generation firm AES Tiete Chief
Executive Officer Britaldo Soares told the press that the firm
will decide whether to invest in new capacity outside Sao Paulo
when it gets government authorization.

Business News Americas relates that the Sao Pauolo state
government and federal power regulator Aneel will decide on
whether it will let AES Tiete make the investment.

Mr. Soares commented to BNamericas, "We haven't heard from
anybody yet."

BNamericas notes that under its 1999 privatization contract, AES
Tiete must construct new projects in Sao Paulo to expand its
capacity by 15% by December 2007 from 2.65 giga watts.

Mr. Soares told BNamericas that because of the 2004 changes in
the power sector and the lack of investment potential within Sao
Paulo, AES Tiete has failed to make investments in recent years.

AES Tiete will invest some BRL75.5 million, including
investments in new Sao Paulo hydro projects, this year,
BNamericas says.

Almost all of Sao Paulo's hydroelectric potential has been used,
BNamericas notes, citing Mr. Soares.  The lack of natural gas
supply guarantees and difficulties in getting environmental
licensing has also reduced chances for new thermo investments.

BNamericas relates that AES Tiete proposed that the Sao Paulo
state government and Aneel let it invest in new capacity outside
the state and buy power from third parties in five-year
contracts to meet the 400-megawatt capacity increase mandates.

Mr. Soares commented to BNamericas, "Tiete has the resources for
new investments and the company's objective is to continue
growing.  We have taken the first steps."

According to the report, AES Tiete is "improving its financial
returns and investing in small-scale hydro projects in Sao Paulo
and Rio de Janeiro.  Investments include three projects in Sao
Paulo with combined capacity of eight megawatts and three in Rio
de Janeiro with combined capacity of 52 megawatts."

AES Tiete earned BRL303 million in the first half of 2007. It
will distribute all the profits in dividends to shareholders,
BNamericas states, citing Mr. Soares.

                     About AES Tiete

AES Tiete SA is controlled by the Brasiliana holding company,
which is a joint venture between US-based AES Corp. and Brazil's
National Development Bank aka BNDES.  It is a ten-dam
hydroelectric generating company located in the State of Sao
Paulo, Brazil.  The company has been granted the right to
operate the dams pursuant to a 30-year concession agreement.

                      About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

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

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


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


COMMSCOPE INC: US Antitrust Agency Wants Info on Andrew Takeover
----------------------------------------------------------------
CommScope Inc. and Andrew Corporation have received requests for
additional information from the Antitrust Division of the U.S.
Department of Justice regarding CommScope's pending acquisition
of Andrew.

The information requests were issued under the notification
requirements of the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended.

The second requests extend the waiting period imposed by the HSR
Act until 30 days after CommScope and Andrew have substantially
complied with the second requests, unless that period is
extended voluntarily by the parties or terminated sooner by the
DOJ.

CommScope and Andrew intend to cooperate fully with the DOJ.
The companies expects to close the transaction before the end of
2007.

The transaction remains subject to completion of other customary
closing conditions, including effectiveness of a registration
statement on Form S-4, approval by Andrew's stockholders, and
other international regulatory approvals.

                     About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(Nasdaq: ANDW) -- http://www.andrew.com/--designs, manufactures
and delivers innovative and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries.

                       About CommScope Inc.

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.

                            *   *   *

CommScope carries Standard & Poor's Rating Services BB corporate
credit rating with a stable outlook.


STRUCTURED CREDIT: Market Woes Trigger Provisional Liquidation
--------------------------------------------------------------
Structured Credit Company went into provisional liquidation on
Aug. 17, 2007, with debts amounting to EUR259.5 million (US$350
million), Laura Slattery and Arthur Beesley write for The Irish
Times.

The report claims that the company, which underwrites credit
products for international investment banks, is the first Irish
company to collapse as a direct result of the volatility in
global markets and the crisis in the U.S. mortgage market.

Nomura International plc, which claims more than EUR48 million
in debt from the firm, appointed Simon Coyle, of Mazars,
Harcourt Road, as its provisional liquidator, Ray Managh of
Independent.ie reports.

The High Court in Dublin has approved Mr. Coyle's appointment
and assigned him for an orderly winding-up proceeding.

Bernard Dunleavy, which represents Nomura, told the court that
the Debtor is insolvent with only US$15 million in assets
available to pay US$175 million in debts, Mr. Managh adds.

Headquartered in Dublin, Ireland, Structured Credit Company
underwrites a wide variety of structured credit products that
provide credit risk transfer services to leading financial
institutions.  The company has subsidiaries in New York and
London.


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


FIAT SPA: Names Yu Jiufeng as CEO of Nanjing Fiat JV
----------------------------------------------------
FIAT SpA last week appointed Yu Jiufeng as chief executive
officer and general manager of its Chinese joint venture as the
Italian carmaker tries to revive its fortune in the world's
second-biggest auto market, Xinhuanet News reports.

Mr. Yu, the former director of purchasing and director of
manufacturing in Nanjing Fiat, is the third CEO of the venture
in about two years and replaces Andrew Humberstone, the report
notes.

Nanjing Fiat, the joint venture between Nanjing Automobile
Corporation and Fiat SpA, has been struggling with flat sales
that were blamed on frequent leadership changes amid an uneasy
partnership between the two parents and lack of attractive
models, Xinhuanet relates.

"Yu has rich experience in managing Sino-foreign joint venture
companies," Fiat is quoted by the news agency as saying in a
statement.

Mr. Yu has been the general manager of the Sino-Italian joint
venture of NAC Group Nanjing Yuejin Automotive Brake System Co
Ltd since 2005.

"The changes in management structure have been decided by NAC
and Fiat to prepare and adapt the joint venture to its next
phase of operation and development," Fiat said.

Mr. Humberstone, the former CEO & general manager of Nanjing
Fiat, will assume the role of vice chairman and continue to
support closely the development of Nanjing Fiat, the statement
added.

"The personnel shakeup may reflect that Fiat is considering
having less control over the money-losing car maker," Cao He, an
auto analyst from Mingzu Securities Co Ltd told the news agency.
"But I doubt whether it could help Fiat to drive out of its
current unsatisfactorily business performance."

Nanjing Fiat started production of Fiat-branded cars in 2002
with four models in China.

Nanjing Auto has injected more investment and resources in
developing its self-branded models, drawing complaints from Fiat
which threatened to end the partnership early this year.

A week earlier, Fiat announced that it would form an equally
owned joint venture with Chery Automobile Co Ltd to make Alfa
Romeo sedans and other models that carry the Chery badge after
buying the Chinese car maker's engines, the report recounts.

                         About Fiat SpA

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

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

                          *     *     *

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

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

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


ITALFINANCE: Moody's Cuts Rating to Ba1 on Class D Notes
--------------------------------------------------------
Moody's Investors Service performed these rating action on the
Notes associated with Banca Italease Group securitisations:

   -- Class D Notes of Italfinance Securitisation Vehicle
      S.r.l. 2 (ITA 9) to Ba1 from Baa3.

This rating action has been prompted by Moody's downgrade of
Banca Italease S.p.A.'s senior debt rating to Ba1, stable
outlook, from Baa3 on Aug. 14 2007.  Due to a number of
structural features and risks associated with leasing
transactions, as detailed in various Moody's reports, the rating
of the above mentioned Class D Notes of Italfinance
Securitisation Vehicle S.r.l. 2 (ITA 9) is linked to Banca
Italease's debt rating.

Moody's rating review of Italfinance Securitisation Vehicle
S.r.l. 2 (ITA 9) has focused on the relative exposure to Banca
Italease S.p.A., the specific structural features of the
transaction and the performance to date.

At the same time, Moody's has affirmed the rated ABS Notes
issued in these transactions:

   -- Italease Finance S.p.A. Series 2002-1 (ITA 4);
   -- Italease Finance S.p.A. Series 2003-1 (ITA 5);
   -- Italease Finance S.p.A. Series 2004-1 (ITA 6);
   -- Italease Finance S.p.A. Series 2005-1 (ITA 7);
   -- Italfinance Securitisation Vehicle S.r.l. (ITA 8);
   -- Italfinance Securitisation Vehicle S.r.l. (ITA J);
   -- Italfinance Securitisation Vehicle S.r.l. (ITA 9);
   -- Leasimpresa Finance S.r.l. (LF 2).

Investors should note that as a result of Moody's downgrade of
Banca Italease S.p.A.'s senior debt rating to Ba1, a number of
triggers have been breached in some of Banca Italease
securitisation transactions.  One consequence of the trigger
breaches is the appointment of a Back-up Servicer by Banca
Italease S.p.A.  Moody's will closely monitor this appointment
process.


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


AVP TARAZ: Proof of Claim Deadline Slated for Sept. 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Avp Taraz insolvent on June 28.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Rahimov Str. 1a-34
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 34-61-32


DIAMANT-PHARM LLP: Creditors Must File Claims by Sept. 27
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Diamant-Pharm insolvent.

Creditors have until Sept. 27 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


DINUR LLP: Claims Filing Period Ends Sept. 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Dinur 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


EMT LLP: Creditors' Claims Due on Sept. 21
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Company Emt insolvent.

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

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


NITEK & K: Claims Registration Ends Sept. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Nitek & K insolvent.

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

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


O NAN LLP: Proof of Claim Deadline Slated for Sept. 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP O Nan insolvent on June 2.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Office 13
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


SETTILIK LLP: Creditors Must File Claims Sept. 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Company Settilik 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


ZANGAR LLP: Claims Filing Period Ends Sept. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Zangar insolvent on June 2.

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

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


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


NURAY LTD: Creditors Must File Claims by September 28
-----------------------------------------------------
LLC Nuray Ltd. Has declared insolvency.  Creditors have until
Sept. 28 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 79-52-78.


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


FLOWSERVE CORP: Paying 15 Cents Per Share Dividend on Oct. 10
-------------------------------------------------------------
Flowserve Corp.'s Board of Directors has authorized the payment
of a quarterly cash dividend of 15 cents per share on the
company's outstanding shares of common stock.  The dividend is
payable on Oct. 10, 2007, to shareholders of record as of the
close of business on Sept. 26, 2007.

While Flowserve currently intends to pay regular quarterly
dividends for the foreseeable future, any future dividends will
be reviewed individually and declared by the Board at its
discretion, dependent on the board's assessment of the company's
financial condition and business outlook at the applicable time.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala,Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, among others.


                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's  corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


FLOWSERVE CORP: Messrs. Friedery & Harlan Elected on Board
----------------------------------------------------------
Flowserve Corp.'s board of directors has elected John R.
Friedery and Joe E. Harlan to join the board effective
immediately.  Mr. Friedery is currently senior vice president
and chief operating officer for the packaging products, Americas
group of Ball Corp., a packaging products business.  Mr. Harlan
is currently executive vice president of the electro and
communications business for 3M Company, a diversified technology
company.

Mr. Friedery has served as the president of metal beverage
container operations, as well as in other leadership roles at
Ball Corp. since 1988.  Prior to his roles at Ball Corp., he
served in field operations for Dresser/Atlas Well Services and
in operations, exploration and production for Nondorf Oil and
Gas.

Mr. Harlan has served as vice president of corporate financial
planning and analysis and president and chief executive officer,
Sumitomo 3M Ltd in his previous roles at 3M.  Prior to his roles
at 3M, Mr. Harlan served in numerous leadership roles at General
Electric from 1981 to 2001, leaving the company as vice
president and chief financial officer, GE Lighting Group (USA).

"We are very pleased with the addition of John and Joe as
members of the Flowserve board of directors," said Kevin E.
Sheehan, Chairman of the board.

"John and Joe bring a solid understanding of the global
marketplace and proven leadership experience in diverse
industries and I am confident that they will have a positive
impact on the board for years to come," said Lewis M. Kling,
President and CEO of Flowserve.

Mr. Friedery holds a bachelor of science degree in geology from
the College of William and Mary and an MBA from the University
of Tampa.  He also completed the Harvard Business School
Advanced Management Program.

Mr. Harlan earned a bachelor of science degree in finance and
economics from Indiana University in Bloomington, Indiana.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


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


GEOKINETICS INC: Promotes Richard Miles to VP & CEO Positions
-------------------------------------------------------------
Geokinetics Inc. has promoted Richard F. Miles, Vice President
and Chief Operating Officer, to the positions of President and
Chief Executive Officer.  Mr. Miles replaces David A. Johnson,
who resigned to pursue opportunities outside the seismic
services industry.

William R. Ziegler, Chairman of the Company, stated, "We wish
Dave Johnson continued success in his next endeavors.  Dave was
instrumental in completing two acquisitions, which transformed
Geokinetics from a small, domestic seismic services business, to
the fourth-largest provider of land, transition zone and shallow
water seismic surveying in the world.  We are grateful for
Dave's accomplishments and wish him the best."

Mr. Ziegler continued: "We are particularly fortunate to have
someone of the caliber of Dick Miles to promote to the positions
of President and Chief Executive Officer.  Dick has been in
charge of all international operations at Geokinetics since our
acquisition of Grant Geophysical, Inc. in September 2006, and
most recently he was the President and Chief Executive Officer
of Grant Geophysical since January 2001.  Dick was a director of
Kelman Technologies, Inc. from 2003 until September 2006.  Dick
served as Chief Executive Officer and a Director of GeoScience
Corporation, the Chairman of CogniSeis, Syntron and Symtronix
from 1990 until 2000.  Prior to that he held numerous positions
with Halliburton and Geophysical Services.  Dick has over 40
years experience in the seismic acquisition and processing
industry and we think he is uniquely qualified to continue the
process of growing Geokinetics' seismic services businesses."

Mr. Miles stated: "I am honored that the Board of Directors has
the confidence and trust in me to ask me to succeed Dave
Johnson.  Dave's accomplishments at Geokinetics during the past
years have been substantial.  I am confident that Geokinetics is
on the right track and that we can continue to increase
revenues, improve profitability and create shareholder value in
the years ahead.  Our employees have been instrumental in the
process of integrating our recent acquisitions and the building
of our backlog, and we will continue to provide them with the
tools necessary to build Geokinetics into a world class,
profitable seismic acquisition and processing Company.  We will
continue to focus on our core seismic acquisition businesses,
both domestically and in selected international markets, while
making the return of our processing business to profitability a
priority."

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                       *     *     *

As reported in Troubled Company Reporter on Dec. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics Inc.'s second
priority floating rate notes due in 2012, after the disclosure
that the offering will be increased to US$110 million from
US$100 million.


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


COMPANHIA SIDERURGICA: Earns BRL952 Million in Second Quarter
-------------------------------------------------------------
Companhia Siderurgica Nacional's consolidated net income
increased 133% to BRL952 million in the second quarter 2007,
compared to BRL409 million in the same quarter in 2006, Business
News Americas reports.

Companhia Siderurgica said in its second quarter financial
report that its net revenue rose 55.1% to BRL2.98 billion in the
second quarter 2007, from last year's second quarter 2006.  Its
Ebitda grew 169% to BRL1.28 billion.

BNamericas relates that crude steel output increased 241% to
1.34 million tons in the second quarter 2007, compared to the
same period last year.  Its sales volume rose 52.5% to 1.42
million tons.  The firm's blast furnace no. 3 reached full
capacity in August 2006 after a January 2006 accident stopped
operations until June 2006, forcing the company to purchase
slabs and coils from third parties.

Companhia Siderurgica said in its financial report, "The
Brazilian flat steel market did exceptionally well in the second
quarter 2007."

The results indicated a positive performance in the
construction, automotive and household appliance sectors, among
others, BNamericas says, citing Companhia Siderurgica's
financial report.

Companhia Siderurgica's consolidated net profits increased to
BRL1.72 billion in the first half of 2007, compared to BRL750
million in the same period last year, according to BNamericas.
Its net revenue rose to BRL5.46 billion, from BRL3.87 billion.

Companhia Siderurgica's commercial director Luis Fernando
Martinez told the press that the firm wants to achieve
consolidated sales of up to 5.6 million tons in 2007, of which
up to 72% would be shipments to the local market.

"Brazil's flat steel market grew some 15% in the first half of
2007 versus same same-period last year, so it was a positive
period for CSN [Companhia Siderurgica] as it recovered its
market share in the Brazilian market.  We are bullish about the
second half of 2007," Mr. Martinez commented to BNamericas.

According to BNamericas, Companhia Siderurgica's market share in
Brazil increased to 35% in the second quarter 2007, compared to
33% in the first quarter 2007.

BNamericas notes that Companhia Siderurgica is conducting plans
to boost steel capacity by nine million tons per year with two
mills in Rio de Janeiro and Minas Gerais.

"Part of this production will meet demand of the local market,
while the rest will be shipped abroad, where we plan to acquire
plants to process slabs into added-value products," Companhia
Siderurgica Chief Financial Officer Otavio Lazcano said in a
conference call.

"Likely takeover targets would be in Europe and the US,"
BNamericas states, citing Mr. Lazcano.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


COMPANHIA SIDERURGICA: Will Produce Heavy Plates & Rail Track
-------------------------------------------------------------
Companhia Siderurgica Nacional will start producing heavy plates
and rail track, Business News Americas reports, citing the
firm's president Benjamin Steinbruch.

Mr. Steinbruch commented to BNamericas, "CSN [Companhia
Siderurgica] is in a condition to secure a market share of 20%
in segments in which we are not currently participating."

Companhia Siderurgica Chief Financial Officer Otavio Lazcano
told the press that the firm will construct two new steel plants
in Rio de Janeiro and Minas Gerais, which will need a US$6-
billion investment.  The new plants would result to a total of
nine million tons of new yearly capacity.  Some "4.5 million
tons will focus on the local market, in products which we don't
yet produce such as long steel, heavy plates and rail track."
The 4.5 million tons of capacity "would be shipped abroad to be
processed into added-value products."  Companhia Siderurgica is
negotiating with Chinese steelmaker Baosteel for the sale of a
minority stake in the new steel mills.

The mill in Rio de Janeiro would begin operating in the second
half of 2009.  The plant in Minas Gerais will start producing in
the second half of 2010, BNamericas states.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


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


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

         V. Yumanov
         Insolvency Manager
         Post User Box 11940
         660028 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A33-5324/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Baykal-Service
         Khvastantsev Str. 72
         Minusinsk
         662600 Krasnoyarsk
         Russia


BIKK GROUP: Creditors Must File Claims by Sept. 28
--------------------------------------------------
Creditors of CJSC BIKK Group Ink (TIN 7825418987) have until
Sept. 28 to submit proofs of claim to:

         V. Nosov
         Insolvency Manager
         Post User Box 109
         196105 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.   The case is docketed under Case No. A56-31409/2006.

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 BIKK Group Ink
         Room 10
         Gospitalnaya Str. 3
         191014 St. Petersburg
         Russia


CHAYKOVSKIY GAS-AUTO-SERVICE: Claims Filing Period Set Sept. 28
---------------------------------------------------------------
Creditors of CJSC Chaykovskiy Gas-Auto-Service have until
Sept. 28 to submit proofs of claim to:

         A. Kolyshnitsyn
         Insolvency Manager
         Ground Floor
         Shorsa Str. 26a
         610014 Kirov
         Russia
         Tel: (8332) 56-02-45

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. A50-21430/2006-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         CJSC Chaykovskiy Gas-Auto-Service
         Kirova Str. 1a
         Foki
         Chaykovskiy
         617750 Perm
         Russia


CHERNYSHIKHINSKOE OJSC: Creditors Must File Claims by Sept. 28
--------------------------------------------------------------
Creditors of OJSC Chernyshikhinskoe (TIN 52500011920) have until
Sept. 28 to submit proofs of claim to:

         S. Buslaeva
         Insolvency Manager
         Room 7
         I. Romanova Str. 20
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A43-30917/2006 24-566.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Chernyshikhinskoe
         Chernyshikha
         Kstovskiy
         607699 Nizhniy Novgorod
         Russia


DALNEKONSTANTINOVSKOE OJSC: Bankruptcy Hearing Slated for Dec. 4
----------------------------------------------------------------
The Arbitration Court of Nizhny Novgorod will convene on Dec. 4
to hear the bankruptcy supervision procedure on OJSC
Dalnekonstantinovskoe.  The case is docketed under Case No.
A43-11319/2007 36-78.

The Temporary Insolvency Manager is:

         S. Kusakin
         Post User Box 24
         603137 Nizhny Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dalnekonstantinovskoe
         690030 Nizhny Novgorod
         Russia


MELIKON CJSC: Creditors Must File Claims by Sept. 28
----------------------------------------------------
Creditors of CJSC Melikon (TIN 4703007649) have until Sept. 28
to submit proofs of claim to:

         Y. Chesnokov
         Insolvency Manager
         Post User Box 109
         196105 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.   The case is docketed under Case No. A56-17303/2006.

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 Melikon
         Sheglovo
         Vsevolzhskiy
         188676 Leningrad
         Russia


MONTAZH-TEKH-STROY: Creditors Must File Claims by Aug. 28
---------------------------------------------------------
Creditors of CJSC Montazh-Tekh-Stroy (TIN 0277041261) have until
Aug. 28 to submit proofs of claim to:

         R. Nagimov
         Temporary Insolvency Manager
         Gagarina Str. 15/1
         Ufa
         450099 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at
10:00 a.m. on Sept. 26 to hear the company's bankruptcy
supervision procedure.   The case is docketed under Case No.
A07-7649/07-G-SVI.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         CJSC Montazh-Tekh-Story
         Gagarina Str. 15/1
         Ufa
         Bashkortostan
         Russia


NEW TECHNOLOGIES: Creditors Must File Claims by Sept. 28
--------------------------------------------------------
Creditors of CJSC New Technologies (TIN 7825359763) have until
Sept. 28 to submit proofs of claim to:

         Y. Chesnokov
         Insolvency Manager
         Post User Box 109
         196105 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.   The case is docketed under Case No. A56-31413/2006.

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 Technologies
         Solontsy
         Veydelevskiy
         St. Petersburg and Leningrad
         Russia


PEREKOPNOE CJSC: Creditors Must File Claims by Aug. 28
------------------------------------------------------
Creditors of CJSC Perekopnoe have until Aug. 28 to submit proofs
of claim to:

         A. Gurchenko
         Temporary Insolvency Manager
         Office 28-32
         Bolshaya Kazachya Str. 23/27
         410012 Saratov
         Russia

The Arbitration Court of Saratov will convene at 10:05 a.m. on
Oct. 2 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-57-5270/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Perekopnoe
         Perekopnoe
         Ershovskiy
         Saratov
         Russia


SHUSHENSKIY SPIRIT: Creditors Must File Claims by Sept. 28
----------------------------------------------------------
Creditors of LLC Shushenskiy Spirit Distillery have until
Sept. 28 to submit proofs of claim to:

         V. Yumanov
         Insolvency Manager
         Post User Box 11940
         660028 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A33-4863/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Shushenskiy Spirit Distillery
         Pervomayskaya Str. 213
         Shushenskoe
         662710 Krasnoyarsk
         Russia


TITAN-95 LLC: Creditors Must File Claims by Aug. 28
---------------------------------------------------
Creditors of LLC Titan-95 have until Aug. 28 to submit proofs of
claim to:

         S. Gromoglasov
         Temporary Insolvency Manager
         Post User Box 602
         603000 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod will convene at
10:00 a.m. on Nov. 1 to hear the company's bankruptcy
supervision procedure.   The case is docketed under Case No.
A43-8089/2007 27-184.

The Court is located at:

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

The Debtor can be reached at:

         LLC Titan-95
         Pravdy Str. 2a, 110
         Dzerzhinsk
         Nizhniy Novgorod
         Russia


VOLGA-FURNITURE-PROM: Creditors Must File Claims by Aug. 28
-----------------------------------------------------------
Creditors of CJSC Volga-Furniture-Prom have until Aug. 28 to
submit proofs of claim to:

         S. Makletsov
         Temporary Insolvency Manager
         Post User Box 5601
         443081 Samara
         Russia

The Arbitration Court of Samara will convene at 1:10 p.m. on
Oct. 4 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A55-7167/2007-48.

The Debtor can be reached at:

         CJSC Volga-Furniture-Prom
         Kaliningradskaya Str. 17
         Samara
         Russia


VOLGA-WOOD CJSC: Creditors Must File Claims by Aug. 28
------------------------------------------------------
Creditors of CJSC Volga-Wood have until Aug. 28 to submit proofs
of claim to:

         V. Perepelkin
         Insolvency Manager
         SRO
         M. Karima Str. 45
         Ufa
         450077 Bashkortostan
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A43-31566/2006 24-587.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Volga-Wood
         Ostrovskogo Str. 24
         Bor
         Nizhniy Novgorod
         Russia


ZYKOVSKAYA BUILDING: Creditors Must File Claims by Aug. 28
----------------------------------------------------------
Creditors of LLC Zykovskaya Building Corporation (TIN
2404006682) have until Aug. 28 to submit proofs of claim to:

         N. Surtaev
         Temporary Insolvency Manager
         Diksona Str. 1-203
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk will convene at 10:00 a.m.
on Oct. 25 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A33-7479/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Zykovskaya Building Corporation
         Lineynaya Str. 31
         Zykovo
         Berezovskiy
         Krasnoyarsk
         Russia


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


FORD MOTOR: Inks Deal w/ Linamar Corp. on ACH & Converca I Sale
---------------------------------------------------------------
Ford Motor Company has signed Definitive Agreements with Linamar
Corporation, for the sale of the Automotive Components Holdings'
Power Transfer Unit business and its Converca I Plant in Nuevo
Laredo, Mexico.  The sales transaction is expected to be
completed on September 1.

The ACH Converca I Plant is among the 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," Mark
Fields, president of The Americas and Ford executive vice
president, said.  "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,
Disclosed 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," Al Ver,
ACH CEO and COO and Ford Motor Company vice president, said.
"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.  The $4 billion company is
supported by about 12,000 people including about 6,000 UAW
employees leased from Ford.

                    About Linamar Corporation

Headquartered in Guelph, Ontario, Linamar Corporation (TSX: LNR)
-- http://www.linamar.com/-- is a designer and manufacturer of
precision metallic components and systems for the automotive
industry, and mobile industrial markets.   Building on the
foundation of over 40 years of successful growth, the company is
a supplier of engine, transmission/driveline, modules & systems
and mobile aerial work platforms.

                       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.

                          *     *     *

In July 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
=====================


BEER VERWALTUNG: Creditors' Liquidation Claims Due September 10
---------------------------------------------------------------
Creditors of LLC BEER Verwaltung/Administration have until
Sept. 10 to submit their claims to:

         Weideliguet 2a
         8598 Bottighofen
         Kreuzlingen TG
         Switzerland

The Debtor can be reached at:

         LLC BEER Verwaltung/Administration
         Bottighofen
         Kreuzlingen TG
         Switzerland


CHESA MARCELLO: Creditors' Liquidation Claims Due August 29
-----------------------------------------------------------
Creditors of JSC Chesa Marcello have until Aug. 29 to submit
their claims to:

         Erwin R. Fuchs
         Liquidator
         Mail box: 871
         8038 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Chesa Marcello
         St. Moritz
         Maloja GR
         Switzerland


INNOVATION SERVICES: Creditors' Liquidation Claims Due October 1
----------------------------------------------------------------
Creditors of LLC Innovation Services have until Oct. 1 to submit
their claims to:

         Andreas Unternahrer
         Liquidator
         Einsiedlerstr. 309
         8810 Horgen
         Switzerland

The Debtor can be reached at:

         LLC Innovation Services
         Zurich
         Switzerland


MATCHBALL ONLINE: Claims Registration Period Ends August 28
-----------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against JSC Matchball Online on May 25.

Creditors have until Aug. 28 to file their written proofs of
claim.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         JSC Matchball Online
         Maihofstrasse 95c
         6006 Lucerne
         Switzerland


RATSELMEISTERSCHAFT LLC: Liquidation Claims Due September 7
-----------------------------------------------------------
Creditors of LLC Ratselmeisterschaft have until Sept. 7 to
submit their claims to:

         Thomas Kung
         Liquidator
         Schanzackerstr. 29
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Ratselmeisterschaft
         Zurich
         Switzerland


SHELL KREUZLINGEN: Creditors' Liquidation Claims Due August 29
--------------------------------------------------------------
Creditors of LLC Shell Kreuzlingen EFM-Shop have until Aug. 29
to submit their claims to:

         Felix Meienberg
         Liquidator
         Staudenhof
         8274 Tagerwilen
         Switzerland

The Debtor can be reached at:

         LLC Shell Kreuzlingen EFM-Shop
         Kreuzlingen TG
         Switzerland


SILVER CLOUD: Creditors' Liquidation Claims Due August 29
---------------------------------------------------------
Creditors of JSC Silver Cloud Financial Services have until
Aug. 29 to submit their claims to:

         Dr. Erwin Lustenberger
         Liquidator
         Chamerstrasse 79
         6303 Zug
         Switzerland

The Debtor can be reached at:

         JSC Silver Cloud Financial Services
         Zug
         Switzerland


STARKEY JSC: Creditors' Liquidation Claims Due September 7
----------------------------------------------------------
Creditors of JSC Starkey have until Sept. 7 to submit their
claims to:

         Franz Szolansky
         Liquidator
         Bratschi Emch Rechtsanwalte
         Bahnhofstrasse 106
         Mail box: 7689
         8023 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Starkey
         Marin-Epagnier NE
         Switzerland


SWISSAIR: Liquidator Eyes First Payment to Creditors by November
----------------------------------------------------------------
Karl Wuethrich of Wenger Plattner, the liquidator for SAirGroup
in debt restructuring liquidation, expects to make the first
interim payment to the company's creditors in November 2007.

Creditors will be paid according to this schedule of claims
(amount in CHF):

                                 Claims
   Creditors           Registered        Recognized    Dividend
   ------------    --------------     -------------    --------
   First class        467,115,199        18,620,829      100%
   Second class           615,381           289,240      100%
   Third class     48,432,959,819     9,799,985,273      14.1%
                   --------------     -------------
   Total           48,900,690,400     9,818,895,343

Both the degree of settlement for the schedule of claims and the
Debtor's financial situation enable the recognized first and
second-class privileged claims to be paid out and an initial
installment of 5.3% to be paid out to creditors with recognized
third-class claims.

The liquidator assures interim payments on suspended claims or
on those for which an action to contest on suspended claims is
pending.

                        Creditor Actions

According to the latest circular posted on the Web site of the
company's liquidator, only one of the 90 actions totaling
CHF101.8 million originally filed to contest the rejection of
first-class claims or privileges in the schedule of claims is
still pending before the District Court of Zurich.  The pending
claim, which amounts to CHF5.8 million, is held by the VEF
insurance fund for Swissair flight crews.

The creditor, Mr. Wuethrich said, has also registered the same
claim with Swissair Swiss Air Transport Company Ltd., where it
has been recognized as a first-class claim.  The creditor will
withdraw its appeal as soon as it has been established that all
first-class claims against Swissair can be satisfied in full.

The liquidator, in his report says, that creditor actions in 86
cases have been withdrawn or settled.  As a result, CHF6.9
million out of the CHF14.9 million in claims that were under
litigation, has now been recognized in the first class.  This
includes CHF4.2 million in severance claims from management
members.

The court rejected the three actions from SAirGroup pension
institutions totaling CHF74.1 million, which demanded that the
claims arising from the SAirGroup bonds held by the pension
funds be treated in the schedule as first-class rather than
third-class claims.

Claims held by SAirGroup Finance (NL) B.V. and SAirlines Europe
B.V., two companies of the former Swissair Group, have been
given third-class status pursuant to agreements concluded in
July 2007:

   -- FinBV's CHF942.6 million claim against SAirGroup; and

   -- EuropeBV's CHF475.9 million against SAirGroup and CHF356.9
      million against SAirLines.

                      Estimated Dividend

The disposable assets reported in the liquidation status updated
as of June 30, 2007, give a maximum dividend of 14.1%, providing
all of the actions that have been filed to contest the schedule
of claims are unsuccessful and only 40% of suspended third-class
claims have to be recognized.  Should all pending actions to
contest the schedule of claims be admitted and all suspended
claims have to be recognized, however, the minimum return would
be 7.1%.

                         About Swissair

Swissair collapsed in October 2001 after accumulating CHF17
billion in debt in relation to significant investments in a
number of European airlines including Sabena, Air Liberte of
France, and Turkish Airlines.  It defaulted on the debt during
the slump that followed the Sept. 11, 2001 terrorist attacks in
the United States.

The entire Swissair fleet was grounded on Oct. 2, 2001, and
Swissair ceased to exist after Crossair took over most of its
assets on March 31, 2002.  Kurt Hoss Liquidators in Zurich
liquidated the assets that Crossair did not take over.  Crossair
was later renamed Swiss International Air Lines Ltd.

The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium
petitions on Oct. 5, 2001, for:

   -- SAirGroup, Zurich (holding company)
   -- SAirLines, Zurich
   -- Flightlease AG, Zurich
   -- Swissair Schweizerische Luftverkehr AG, Kloten

On Oct. 7, 2001, the Courts granted a provisional debt-
restructuring moratorium to:

   -- Cargologic AG, Zurich
   -- Swisscargo AG, Zurich

The Court appointed Karl Wuethrich at Wenger Plattner as the
Debtors' provisional administrator.

Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at
CHF513,813,182 over total liabilities of CHF84,684,932.


VIVA CAR: Claims Registration Period Ends August 27
---------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Viva Car on July 3.

Creditors have until Aug. 27 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Viva Car
         Pilatusstrasse 26
         4663 Aarburg
         Zofingen AG
         Switzerland


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


9TH KRYM SWALLOWTAIL: Creditors Must File Claims by August 22
-------------------------------------------------------------
Creditors of 9th Krym Swallowtail Division Agricultural OJSC
(code EDRPOU 00414285) have until Aug. 22 to submit written
proofs of claim to:

         Vladimir Prikhodko
         Liquidator
         Apartment 403
         Illich Avenue 107A
         83059 Donetsk
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/194-05.

The Court is located at:

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

The Debtor can be reached at:

         9th Krym Swallowtail Division Agricultural OJSC
         Gagarin Str. 12
         Rakhny-Lesoviye
         Shargorod District
         23536 Vinnica
         Ukraine


GLORIYA LLC: Creditors Must File Claims by August 22
----------------------------------------------------
Creditors of Agricultural LLC Gloriya (code EDRPOU 03833698)
have until Aug. 22 to submit written proofs of claim to:

         Ivan Palamariuk
         Liquidator
         Verkhniye Petrovtsy
         Starozhynetsky District
         59000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/48B.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Gloriya
         Verkhniye Petrovtsy
         Starozhynetsky District
         59000 Chernovcy
         Ukraine


INDUSTRIAL RESOURCE: Creditors' Claims Due August 22
----------------------------------------------------
Creditors of LLC Industrial Resource (code EDRPOU 32474992) have
until Aug. 22 to submit written proofs of claim to:

         Jury Arkhipov
         Temporary Insolvency Manager
         Radishchev Str. 85
         69013 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 21/129/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Resource
         40 years of Soviet Ukraine Str. 27 Apartment 1
         69006 Zaporozhje
         Ukraine


KRASNOKUTSK MOTORCAR: Creditors Must File Claims by August 22
-------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/81-04.

Creditors of OJSC Krasnokutsk Motorcar Enterprise (code EDRPOU
03115181) have until Aug. 22 to submit written proofs of claims
to:

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

The Debtor can be reached at:

         OJSC Krasnokutsk Motorcar Enterprise
         Kuybishev Str. 105
         Krasnokutsk
         Kharkov
         Ukraine


LGR LLC: Creditors Must File Claims by August 22
------------------------------------------------
Creditors of LLC LGR (code EDRPOU 20619575) have until Aug. 22
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/013-07.

The Debtor can be reached at:

         LLC LGR
         Heroes of Dnepr Str. 2
         Slavutich
         07100 Kiev
         Ukraine


MCTRADE LLC: Creditors Must File Claims by August 22
----------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/459-b.

Creditors of LLC Mctrade (code EDRPOU 32661820) have until
Aug. 22 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Mctrade
         Prazhskaya Str. 33 Apartment 17
         02090 Kiev
         Ukraine


OLTO LLC: Creditors' Claims Due August 22
-----------------------------------------
Creditors of LLC Olto (code EDRPOU 24744314) have until Aug. 22
to submit written proofs of claim to:

         Nikolay Parkhatsky
         Temporary Insolvency Manager
         P.O. Box 19
         04060 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/418-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 Olto
         Apartment 32
         Bolshaya Kitayevskaya Str. 55-a
         Kiev
         Ukraine


PRACHI AGRICULTURAL: Creditors Must File Claims by August 22
------------------------------------------------------------
Creditors of have until Aug. 22 to submit written proofs of
claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 16/25B.

The Debtor can be reached at:

         Prachi Agricultural LLC
         Lenin Str. 43
         Prachi
         Borzna District
         16426 Chernigov
         Ukraine


SLAVUTICH LLC: Creditors Must File Claims by August 22
------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/014-07.

Creditors of LLC Heat Energy Slavutich (code EDRPOU 33314733)
have until Aug. 22 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Heat Energy Slavutich
         Slavutich, Heroes of Dnepr Str. 2
         07100 Kiev
         Ukraine


STEEL SPECIAL: Creditors Must File Claims by August 22
------------------------------------------------------
Creditors of LLC Steel Special Construction (code EDRPOU
34659105) have until Aug. 22 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/016-07.

The Debtor can be reached at:

         LLC Steel Special Construction
         Heroes of Dnepr Str. 2
         Slavutich
         07100 Kiev
         Ukraine

UKRAINIAN POLYGRAPH: Creditors Must File Claims by August 22
------------------------------------------------------------
Creditors of LLC Ukrainian Polygraph Paper (code EDRPOU
34659105) have until Aug. 22 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/015-07.

The Debtor can be reached at:

         LLC Ukrainian Polygraph Paper
         Slavutich, Heroes of Dnepr Str. 2
         07100 Kiev
         Ukraine


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


ABACUS LTD: Brings In Liquidators from BDO Stoy Hayward
-------------------------------------------------------
David Harry Gilbert and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint liquidators of Abacus (Maidstone) Ltd. (formerly
Abacus Family Solutions Ltd. and Monkeymania Ltd.) on Aug. 7 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Abacus (Maidstone) Ltd.
         Second Floor
         Sussex House
         Lower Stone Street
         Maidstone
         England

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England


ARAMARK CORP: 8.5% Sr. Notes Offer Set to Expire on Wednesday
-------------------------------------------------------------
ARAMARK Corporation has extended the expiration date of its
offer to exchange up to US$1,280,000,000 in aggregate principal
amount of its registered 8.50% Senior Notes due 2015 and up to
US$500,000,000 in aggregate principal amount of its registered
Senior Floating Rate Notes due 2015 for its outstanding
unregistered 8.50% Senior Notes due 2015 and outstanding
unregistered Senior Floating Rate Notes due 2015.

The exchange offer was originally scheduled to expire at 5:00
p.m. (Eastern Standard Time) on Aug. 16, 2007, but will now
expire at 5:00 p.m. (Eastern Standard Time) on Aug. 22, 2007.
As of the close of business on Aug. 16, 2007, US$1,277,700,000
in aggregate principal amount of outstanding unregistered 8.50%
Senior Notes due 2015 and US$489,839,000 in aggregate principal
amount of outstanding unregistered Senior Floating Rate Notes
due 2015 had been validly tendered to the exchange agent by the
holders thereof.

The exchange agent for the exchange offer is:

         The Bank of New York, Reorganization Unit
         Attn: Carolle Montreuil
         101 Barclay Street, 7E
         New York, New York 10286.

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  Aramark has approximately
240,000 employees serving clients in 20 countries, including
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil,
Chile, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


BALLY TOTAL: Noteholders Back Amendment of Reorganization Plan
--------------------------------------------------------------
Bally Total Fitness reported that holders of more than 55% of
its 10-1/2% Senior Notes due 2011 have, subject to the
modifications to the treatment of the Senior Notes, agreed to
support the proposed modifications to Bally's Joint Prepackaged
Chapter 11 Plan of Reorganization necessary to implement a
superior restructuring proposal from Harbinger Capital Partners
Master Fund I Ltd. and Harbinger Capital Partners Special
Situations Fund L.P.

In addition, holders of more than 80% of its 9-7/8% Senior
Subordinated Notes due 2007, which include affiliates of
Tennenbaum Capital Partners, LLC, Goldman, Sachs & Co. and
Anschutz Investment Company, subject to bankruptcy court
approval, have agreed to support the Amended Plan.

To facilitate the consensual implementation of the Amended Plan,
Bally, Harbinger and these consenting Senior Noteholders and
Subordinated Noteholders have entered into a new restructuring
support agreement that binds all of these major stakeholders to
support the Amended Plan.

In addition, Harbinger has signed the investment agreement that
provides for its US$233.6 million equity investment in
reorganized Bally.  This investment agreement and the
restructuring support agreement will each become effective upon
bankruptcy court approval, which Bally is seeking at a hearing
scheduled for Aug. 21, 2007.

Under its proposal Harbinger would invest approximately
US$233.6 million in exchange for 100% of the common equity of
reorganized Bally.  The Harbinger Proposal under the Amended
Plan would provide equal or better treatment to all holders of
unsecured claims against Bally, including the Senior and
Subordinated Noteholders.

Specifically:

   -- The annual interest rate payable under the Senior Notes
      would be increased to 13% from 12-3/8% in the Existing
      Plan, with corresponding increases in the premiums payable
      for early redemption.  Senior Noteholders would otherwise
      receive the same treatment as provided in the Existing
      Plan.

   -- Subordinated Noteholders would receive an immediate cash
      payment of US$123.5 million in the aggregate, with the
      remaining balance of the Subordinated Notes to be
      satisfied through the issuance of approximately US$200
      million in new subordinated notes of reorganized Bally.
      The annual interest rate payable under the new
      subordinated notes would be increased by 200 basis points
      to 15 5/8% as the payment-in-kind interest rate and 14% as
      the cash pay interest rate.  Subordinated Noteholders
      would otherwise receive the same treatment as provided in
      the Existing Plan. Under the Existing Plan, Subordinated
      Noteholders would not receive any cash payments.

   -- Holders of all other unsecured claims would receive full
      payment in cash, in some cases over time with interest.

   -- Holders of Bally's existing common stock and certain other
      claims treated as equity in bankruptcy would receive
      US$16.5 million in the aggregate.  Under the Existing
      Plan, existing common stockholders would receive no
      distribution.

Bally filed a motion with the Bankruptcy Court for the Southern
District of New York seeking approval to amend the Existing Plan
in the form of the Amended Plan in order to implement the
Harbinger-funded restructuring without the need to resolicit
votes from Bally's creditors.

Bally will now seek approval of that motion based on the
Amended Plan as modified to incorporate the revised Senior Note
treatment described above.  Bally will also seek the Court's
approval of the new restructuring support agreement that has
been signed by Bally, Harbinger, the consenting Subordinated
Noteholders and the consenting Senior Noteholders.

"We are confident in the company and are pleased to have the
support of these Senior and Subordinated Noteholders for the
restructuring proposal," Howard Kagan, Managing director &
director of investments of Harbinger Capital Partners, said.

"Additionally, we look forward to Bally presenting the
Amended Plan to the Bankruptcy Court next week and to moving
forward with the restructuring process with an eye towards a
quick emergence from Chapter 11," Mr. Kagan said.

"Harbinger presented a superior proposal and Bally did a
remarkable job bringing the parties together," Michael E.
Tennenbaum, senior managing partner of Tennenbaum Capital
Partners LLC, Said.  "We wish them all great success."

"We appreciate the overwhelming support of our noteholders for
our
amended plan of reorganization and will seek to execute it and
emerge promptly from Chapter 11 protection," Don R. Kornstein,
interim chairman and chief restructuring officer of Bally Total
Fitness, said.

"We are also grateful for the confidence that Harbinger has
expressed in Bally through its extraordinary investment and look
forward to partnering with Harbinger to enhance our capital
structure, strengthen our balance sheet and make the capital
investments necessary to meet the needs of our members
while improving our operating performance," Mr. Kornstein added.

Under the amended plan the company can still consummate the
restructuring set forth in the Existing Plan if the Harbinger-
funded restructuring cannot be consummated. In that case, the
Subordinated Noteholders referenced above would backstop a US$90
million rights offering of new senior subordinated notes.

                     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.


BERKSHIRE COURIERS: Calls In Liquidators from Wilkins Kennedy
-------------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of Berkshire Couriers
Ltd. for the creditors' voluntary winding-up procedure.

Mr. Kirkpatrick can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England

Mr. Stevens can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         England


C. & M. MACHINE: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
C. K. Rayment and S. Hopper of BDO Stoy Hayward LLP were
appointed joint liquidators of C. & M. Machine Tools Ltd. on
Aug. 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


EUROSAIL-UK: Moody's Rates GBP10.22 Mln Class E1c Notes at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes to be issued by Eurosail-UK 2007-4BL PLC:

   -- Aaa to the EUR173,000,000 Class A1a Mortgage Backed
      Floating Rate Notes due September 2028;

   -- Aaa to the GBP100,000,000 Class A1c Mortgage Backed
      Floating Rate Notes due September 2028;

   -- Aaa to the EUR230,000,000 Class A2a Mortgage Backed
      Floating Rate Notes due June 2045;

   -- Aaa to the EUR150,000,000 Class A3a Mortgage Backed
      Floating Rate Notes due June 2045;

   -- Aaa to the GBP111,690,000 Class A3c Mortgage Backed
      Floating Rate Notes due June 2045;

   -- Aa2 to the EUR52,000,000 Class B1a Mortgage Backed
      Floating Rate Notes due June 2045;

   -- A1 to the EUR55,000,000 Class C1a Mortgage Backed Floating
      Rate Notes due June 2045;

   -- Baa1 to the EUR36,000,000 Class D1a Mortgage Backed
      Floating Rate Notes due June 2045; and

   -- Ba1 to the GBP10,220,000 Class E1c Mortgage Backed
      Floating Rate Notes due June 2045.

The Class N Notes are not rated by Moody's.  Class A1a, A1c,
A2a, A3a, A3c, B1a, C1a, D1a and E1c Notes are backed by
mortgages and the N Notes will be paid back by available excess
spread.

Moody's previously assigned provisional ratings to these notes
on the July 16, 2007.

This is the 8th non-conforming RMBS transaction under the
Eurosail name.  It combines loans originated by Langersal No.2
Limited, Matlock London Limited, Preferred Mortgages Limited,
Southern Pacific Mortgage Limited, and Alliance & Leicester plc.
It features "Prime", "Near Prime" and "Sub Prime" loans of
Langersal, Matlock, Preferred, SPML and A&L.  Capstone Mortgage
Services Limited is the initial primary mortgage servicer and
cash/bond administrator for the transaction.  Specialist
Mortgage Service Limited, a wholly owned subsidiary of
Scarborough Building Society, is the standby mortgage servicer
and cash/bond administrator.  Liquidity facility and GIC are
provided by Danske Bank A/S.

Substitution will be allowable to the extent of a breach of
representations and warranties and when a borrower ports their
loan to a new property (subject to certain conditions), in lieu
of cash reimbursement to the Issuer by the originator as long as
the substitute loans meet certain eligibility criteria.

The transaction incorporates at the closing date a cash reserve
of GBP12,000,000 to mitigate the reduced interest rate on
discounted loans during the first two years.  A fixed cash
amount will be withdrawn from the Discounted Margin Reserve
Ledger on each of the first eight Interest Payment Dates and
will flow through the revenue waterfall as available revenue.

The ratings of the Class A1a, A1c, A2a, A3a, A3c, B1a, C1a, D1a
and E1c Notes are based upon an analysis of the characteristics
of the mortgage pool backing the Notes, the protection the Notes
receive from credit enhancement against defaults and arrears in
the mortgage pool, and the legal and structural integrity of the
issue.  An additional level of protection to investors in the
Notes will be the Reserve Fund, which on closing will equal
GBP3,285,000 or 0.45% of the original transaction size
(excluding the N Notes).

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for the timely payment of interest and ultimate payment of
principal by the legal final maturity.


GENERAL MOTORS: Union Workers Will Strike If Contract Talks Fail
----------------------------------------------------------------
A strike authorization vote was determined by union workers of a
General Motors Corp. factory in Lansing, Michigan, if the United
Auto Workers is unsuccessful in coughing up a new contract
agreement with GM, various sources say.

Papers report that UAW Local 652 president Chris Sherwood said
that 97% of the members voted in favor of a strike.

GM's contracts expire Sept. 14, 2007.

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

                          *     *     *

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

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


GENERAL MOTORS: Inks MOU with Steelworkers and Delphi Corp.
-----------------------------------------------------------
General Motors Corp. has signed a Memorandum of Understanding
with the United Steelworkers and Delphi Corp. representing
certain U.S. hourly employees at the company's Dayton (Home
Avenue) and Vandalia, Ohio operations.  The tentative agreements
advance Delphi's transformation initiatives and are subject to
union ratification and approval by the U.S. Bankruptcy Court.

If the contract is ratified by the union membership, it will
expire on Sept. 14, 2011.

USW Local 87 President Dennis Bingham said that details of the
agreement are being withheld pending contract explanation
meetings with the membership.  Following the meetings, the
tentative agreement will be subject to ratification by the
membership.

"Although this series of negotiations has been lengthy and
complex, we are pleased to have now attained consensual labor
agreements with all of our U.S. unions and General Motors on
issues impacting our operations and transformation initiatives,"
John Sheehan, chief restructuring officer, said.  "We remain
committed to working with our labor unions, GM and all of our
other Chapter 11 stakeholders to successfully emerge later this
year."

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

                        About Delphi Corp.

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

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

                      About General Motors

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

                          *     *     *

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

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


HANOVER COMPRESSOR: Stockholders OK Universal Compression Merger
----------------------------------------------------------------
Hanover Compressor Company and Universal Compression Holdings
Inc. jointly reported that, at the companies' stockholders
meetings, the stockholders of each company approved by a
substantial margin the merger of the two companies into a new
company, Exterran Holdings Inc.

The stockholders of both companies also approved the adoption of
the Exterran 2007 Stock Incentive Plan and the Exterran Employee
Stock Purchase Plan.

Hanover and Universal expect the merger to close Monday, Aug.
20, 2007.  On the day after the merger closing, Exterran's
common stock will begin trading under the symbol "EXH" on the
New York Stock Exchange, and the common stock of Hanover and
Universal will no longer be traded.

               About Universal Compression Holdings

Headquartered in Houston, Texas, Universal Compression Holdings
Inc., (NYSE: UCO) -- http://www.universalcompression.com/-- is
a natural gas compression services company, providing a full
range of contract compression, sales, operations, maintenance
and fabrication services to the domestic and international
natural gas industry.

                    About Hanover Compressor

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

                            *   *   *

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


KIDS KIT: Appoints Liquidators from BDO Stoy Hayward
----------------------------------------------------
David Harry Gilbert and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint liquidators of Kids Kit Co. Ltd. (formerly Jump
Start Consultancy Ltd.) on Aug. 7 for the creditors' voluntary
winding-up procedure.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England


LEVEL 3: Douglas Eby & Michael Mahoney Joins Board of Directors
---------------------------------------------------------------
Douglas C. Eby and Michael J. Mahoney have been elected to Level
3 Communications, Inc.'s Board of Directors effective Aug. 16,
2007.

Mr. Eby, 48, is chairman and CEO of TimePartners LLC, an
investment advisory firm.  He also serves as president of Torray
LLC, an independent money management firm.  Mr. Eby sits on the
Boards of Directors of Markel Corporation, CBRE Realty Finance,
Inc. and Suburban Healthcare System.

Mr. Mahoney, 57, was most recently the president and CEO of
Commonwealth Telephone Enterprises.  A telecommunications
industry veteran, he was also president and COO of RCN
Corporation, president and COO of C-TEC Corporation, and
executive vice president and general manager of C-TEC Cable
Systems.  Mr. Mahoney sits on the Board of Trustees of Wilkes
University.

"We are pleased to welcome Doug Eby and Mike Mahoney to the
Level 3 board," Walter Scott Jr., chairman of Level 3, said.
"Both men have built long and distinguished careers in their
respective fields.  Doug is highly regarded in the financial
community and we expect to benefit from his knowledge and
insight to the financial markets.  Mike has broad experience and
knowledge of the telecommunications industry, and he will bring
a valuable perspective to the company."

Both Mr. Eby's and Mr. Mahoney's Level 3 board terms will expire
at the Annual Meeting of Stockholders in 2008.  With these
additions, the Level 3 board will have 11 directors.

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an
international communications company.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol (IP) services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.  As of December 31,
2006, the Company had approximately 73,000 intercity route miles
in the United States and Europe, connecting 16 countries.

                         *     *     *

Level 3 Communications Inc. and wholly owned subsidiary, Level 3
Financing Inc., holds Standard & Poor's Rating Services' 'B-'
corporate credit rating.  The outlook is stable.

The company's new US$1 billion term loan carries Moody's
Investors Service's B1 rating and the company's US$1 billion
fixed and floating rate notes at its Financing subsidiary carry
Moody's B3 rating.  It also bears Moody's Caa1 corporate family
rating with a stable outlook.


PREMIER-WARE LTD: Joint Liquidators Take Over Operations
--------------------------------------------------------
Richard Dixon Fleming of KPMG LLP and Graham Leslie Stuart-
Harris of Barber Harrison & Platt were appointed joint
liquidators of Premier-Ware Ltd. on Aug. 3 for the creditors'
voluntary winding-up procedure.

Mr. Fleming can be reached at:

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

Mr. Harris can be reached at:

         Barber Harrison & Platt
         2 Rutland Park
         Sheffield
         S10 2PD
         England


SANYO ELECTRIC: To Sell Chilled-Display Units in U.S. and India
---------------------------------------------------------------
Sanyo Electric Co., Ltd., will start selling chilled display
units and refrigerators for use in retail stores in India and
the United States, reports the Jiji Press.

According to the report, Sanyo's plants in Thailand and Mexico,
which have been making home-use refrigerators, will be the ones
to manufacture store-use chilled display units and
refrigerators, following the company's successful outsourcing of
its production of home-use refrigerators to Chinese consumer
electronics maker, Haier Group Co.

The Tijuana, Mexico plant has reportedly started test production
of chilled display units and will begin full-scale output within
a year for sale in the U.S. market.

Also, in an August 10, 2007 report by the Troubled Company
Reporter-Asia Pacific, Sanyo has invested THB466 million in its
Thai plant which will be used for the installation of new
machinery and the upgrade for the manufacturing of a wider range
of products, including freezers and coolers.

Jiji writes in its report that Sanyo plans to increase the
annual sales of its Thai unit from the current JPY2 billion to
JPY3 billion, which will ship store-use chilled display units
and refrigerators to Southeast Asian countries.

The Osaka-based consumer electronics maker, conveys the article,
hopes that reinforcing sales of those profitable products will
help it achieve a turnaround.

                      About Sanyo Electric

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

                          *     *     *

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


SCOTTISH RE: Has Over US$500MM Available Liquidity as of June 30
----------------------------------------------------------------
Scottish Re Group Limited provided additional disclosure
regarding its sub-prime asset backed securities and Alt-A
residential mortgage backed securities holdings.  The disclosure
supplements the disclosure provided in its Form 10-Q for the
three months ended June 30, 2007, as filed with the Securities
and Exchange Commission on Aug. 14, 2007.

As of June 30, 2007, the company estimates that it had in excess
of US$500 million of available liquidity among itself and its
subsidiary, Scottish Annuity & Life Insurance Company (Cayman)
Ltd.  This amount represents liquidity in excess of liquidity
held by the company's insurance operating subsidiaries and
includes cash and marketable securities as well as US$275
million available under the Stingray facility.

Because the company has significant operations and capital
outside of the United States, the company does not believe that
limiting an analysis of its financial position to U.S. statutory
surplus calculated in accordance with the NAIC Accounting
Practices and Procedures Manual is an appropriate way to
evaluate the financial condition of its consolidated worldwide
operations.  The company's management believes that a more
appropriate measure is shareholders' equity.  The company had
total shareholders' equity of about US$1.2 billion as of June
30, 2007.

As long as the value of the assets in the securitization
portfolios is greater than the statutory reserves of the
underlying block of business, the company's operating
subsidiaries are not required to, among other things, pledge
additional assets to secure reserve credit outside of the
securitization structure.  Thus, the amount of invested assets
that exceeds statutory reserves within the securitization
portfolios represents additional protection from unexpected
market value declines in invested assets.

As of June 30, 2007, the total invested assets within the
Company's three securitization structures exceeded the statutory
reserves covered by the structures by about US$1.4 billion.

The company believes its current financial position provides it
with sufficient capital and liquidity to withstand temporary
market dislocations or potential losses arising from
underperformance of its subprime ABS and Alt-A holdings in the
current market environment.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
(NYSE:SCT)is a global life reinsurance company.  Scottish Re has
operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States.
Its flagship operating subsidiaries include Scottish Annuity &
Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc.
and Scottish Re Limited.

                          *     *     *

As reported in the Troubled Company Reporter on June 7, 2007,
Fitch Ratings has upgraded Scottish Re's Issuer Default Rating
to 'BB-' from 'B+' and the Insurer Financial Strength ratings of
its primary operating subsidiaries to 'BBB-' from 'BB+'.  The
ratings have been removed from Rating Watch Positive; the Rating
Outlook is Stable.


SHAW GROUP: Gets US$50 Mln Engineering Contract w/ Dagu Chemical
----------------------------------------------------------------
The Shaw Group Inc. disclosed that its Energy & Chemicals Group
has been awarded a US$50 million contract to provide technology
and basic engineering for a 500,000 metric tons per annum
ethylbenzene/styrene monomer plant in Tianjin, China, for
Tianjin Dagu Chemical Industry Co. Ltd.

The plant will be located in Tianjin Industrial Park, Lingang
Industry Area, near the city of Tianjin.  Shaw will also provide
procurement services for critical equipment in addition to
training and technical advisory services during plant
construction and start-up.

The new plant will utilize proprietary EBMax(SM) and styrene
technologies provided by Badger Licensing, LLC, a joint venture
of affiliates of The Shaw Group Inc. and ExxonMobil Chemical
Company.

"We are pleased that we were selected for this project, which is
the largest ethylbenzene/styrene monomer project undertaken by
Shaw in China," said J.M. Bernhard Jr., chairman, president and
chief executive officer of Shaw. "China's chemical industry is
growing rapidly, and we look forward to successfully
demonstrating Shaw's ability to offer world class proprietary
technologies and services to our customers."

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.


* Epiq Financial Establishes Presence in London
-----------------------------------------------
Epiq Financial Balloting Group has established a presence in
London, England.

FBG -- http://www.fbgllc.com/-- specializes in insolvency
balloting, security holder identification, and other related
assignments.


* EC to Probe Credit Rating Agencies Over Crisis Response
---------------------------------------------------------
The European Commission will investigate rating agencies,
including Moody's Investors Service, Fitch Ratings and Standard
& Poor's, amid concerns over their slow response to the U.S.
subprime mortgage crisis which triggered volatility in the
global market, the Financial Times reported last week.

Published reports say the Commission will specifically review a
voluntary code used by the rating agencies, with EU Financial
Services Commissioner Charlie McCreevy looking into the
companies' management, conflicts of interest, resources, and
ratings performance.

FT says Moody's and S&P downgraded ratings on relevant
securities only early this year, although banks warned of a
potential crisis on subprime home loans in 2006.

"The securitized subprime mortgage market would not have grown
to the extent that it did without the favorable ratings given by
some agencies," a commission official told FT.  "If the rating
agencies believe this is going to be business as usual, they are
very wrong."

The issue will be addressed in the Committee of European
Security Regulators' second annual report, which is expected to
be published in April 2008, AFX News reports.

In an e-mailed statement to Bloomberg News, Frederic Drevon,
Moody's senior managing director for Europe, Middle East and
Africa, said, "Moody's is committed to continuing the
constructive dialogue it has had with the regulators and policy
makers to enhance the overall understanding of the structured
finance market, the various players in that sector, and the role
of ratings and rating agencies in the market."

S&P spokesman Martin Winn declined to comment on the issue but
said it is "participating in the current review of structured
finance ratings," Bloomberg relates.

Meanwhile, Fitch's Hannah Warrington said the rating agency
"would be happy to answer any questions they may have about our
business," although it hasn't been contacted by the European
Commission regarding the issue as of Aug. 16, Bloomberg adds.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Groupe Eurotunnel         GET      (2935)        9958    (9345)
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128       22
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
Gerresheimer AG           GXI         (7)       1,241      (11)
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185         3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU       (145)         897       209


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (77)         188     (927)
Zil Auto                 ZILLP      (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         587    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540        34
Easynet Group             ESY.L      (45)         323        38
Electrical and Music
   Industries Group       EMI      (2266)       2,950      (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)        1273     (269)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Smiths News PLC           NWS       (204)         249      (41)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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 * * *