TCREUR_Public/070822.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, August 22, 2007, Vol. 8, No. 166

                            Headlines


A U S T R I A

ALPENHOTEL EDELWEISS: Claims Registration Period Ends Aug. 31
DONAURESTAURANT LLC: Administrator Declares Insufficient Assets
GRAF LLC: Feldkirch Court Orders Business Shutdown
LEUPRECHT RECHTSANWALT: Innsbruck Court Orders Business Shutdown
ONLINE-FINANCIAL: Claims Registration Period Ends Aug. 28

PLAN- UND PERFEKT: Claims Registration Period Ends Aug 31
TONI BURGER: Claims Registration Period Ends Aug. 31
ZELLER AKUSTIKBAU: Claims Registration Period Ends Aug. 31


C Z E C H   R E P U B L I C

ADEX AGRO: Goes Bankrupt Due to CZK120 Million Debt


F R A N C E

DELPHI CORP: Disclosure Statement Hearing Scheduled on October 3
DELPHI CORP: Wants to Establish Adversary Proceeding Procedures
LAZARD LTD: Unit Closes US$600 Mln Exchange Offer of 6.85% Notes


G E R M A N Y

ABC-GROSSHANDELSGESELLSCHAFT: Claims Registration Ends Sept. 19
AKTIV SANITAR: Claims Registration Ends September 20
ASAT HOLDINGS: Consent Solicitation Expiry Moved to Aug. 23
ATLANTIC CAPITAL: Creditors Meeting Slated for Sept. 19
BUCKEYE TECH: Redeems US$383 Million of Senior Secured Notes

ELEKTRO ULRICH: Claims Registration Ends Sept. 19
EURO SAILING: Creditors Must File Claims by Sept. 19
FAHRSCHULE CENTRAL: Claims Registration Ends September 19
G-SCHENK GMBH: Creditors Must File Claims by Sept. 10
GERBER WIECZORECK: Creditors Must File Claims by Sept. 10

H + S GMBH: Claims Registration Ends Sept. 12
IT PLUS: Claims Registration Period Ends Oct. 5
KLAUS WEGENER: Creditors Must File Claims by Aug. 31
LEPPING VERWALTUNGSGESELLSCHAFT: Claims Period Ends Oct 16
NEUBAUER MASSIVHAUS: Claims Registration Ends September 26

PA-VERKEHRSSCHULE GMBH: Claims Registration Period Ends Oct. 16
RPE RENTACO: Creditors' Meeting Slated for Sept. 13
SAUERWEIN GMBH: Claims Registration Period Ends Oct. 2
SOENKSEN IMPORT: Claims Registration Period Ends Sept. 26
TECHNO SCHALL: Claims Registration Ends September 20

TEXTIL- UND MODEHAUS: Creditors Must File Claims by Aug. 31
TIELGRO TORFWERKE: Claims Registration Ends Sept. 14
TOBIAS-PALETTEN GMBH: Claims Registration Period Ends Sept. 26
V.I.A. BIOMASSE: Claims Registration Ends October 1
WILLY CONRADI: Claims Registration Period Ends Oct. 4

XXL CAR-HIFI: Claims Registration Period Ends Sept. 26
ZUR POST: Claims Registration Ends Sept. 14


H U N G A R Y

AES CORP: Unit to End Appraisal of Brasiliana Stake by Next Week


I R E L A N D

CELF LOAN: Moody's Rates EUR25.5 Mln Class E Senior Notes at Ba3
ELAN CORP: Publishes Results of TYSABRI Phase III MS Studies
EUROCONNECT: Moody's Rates EUR68.3 Mln Class D Notes at Ba2
EUROCONNECT: Fitch Rates EUR68.3 Million Class D Notes at BB
INTERPUBLIC GROUP: Declares Dividend on Series B Preferred Stock

WR GRACE: Expert Estimates PI Liabilities at US$1.3 Billion
WR GRACE: Court Amends Deadlines on PI Estimation Proceedings


I T A L Y

ALITALIA SPA: Air France-KLM Consortium Eyes Possible Offer
FIAT SPA: Eyes US$2 Billion Investment in South America in 2008
PARMALAT SPA: U.S. Court Issues Permanent Injunction Order
PARMALAT SPA: Hearing on Liquidators' Request Moved to Oct. 16
TISCALI SPA: UK Antitrust Regulator Okays Pipex Unit Takeover


K A Z A K H S T A N

BREDIGIN LLP: Proof of Claim Deadline Slated for Sept. 20
DOSTAR LTD: Creditors Must File Claims Sept. 27
IMPIRE BUILDING: Claims Filing Period Ends Sept. 21
KUMAK LLP: Creditors' Claims Due on Sept. 20
ORAL-PRANA LLP: Claims Registration Ends Sept. 21

SHANYRAK LLP: Proof of Claim Deadline Slated for Sept. 21
TIMUR HAN: Creditors Must File Claims Sept. 21
USHAKOVA LTD: Claims Filing Period Ends Sept. 21


K Y R G Y Z S T A N

AKIM COMPANY: Proof of Claim Deadline Slated for September 21


N E T H E R L A N D S

TIMKEN: Paying US$0.17 Per Share Quarterly Dividend on Sept. 5


R U S S I A

AGRO-PROM-DOR-STROY ALKEEVSKIY: Claims Filing Due Sept. 28
AURORA CJSC: Bankruptcy Hearing Slated for Oct. 24
BAGDAN CJSC: Creditors Must File Claims by Sept. 28
INTERNATIONAL PAPER: Inks 50:50 Joint Venture with Ilim Holding
KALININSKIY MACADAM: Creditors Must File Claims by Aug. 28

MENZELINSKAYA SEL-KHOZ: Names R. Mukbarakshin to Manage Assets
NIPO CJSC: Creditors Must File Claims by Aug. 28
OIL-STROY-SERVICE: Creditors Must File Claims by Aug. 28
OXYGEN LLC: Creditors Must File Claims by Sept. 28
POKROVSK-PROM-SERVICE: Creditors Must File Claims by Sept. 28

PROFI N.N.: Creditors Must File Claims by Aug. 28
PROM-WOOD LLC: Creditors Must File Claims by Sept. 28
PROM-TEKH-SNAB LLC: Creditors Must File Claims by Sept. 28
RUSLAN LLC: Creditors Must File Claims by Aug. 28
RUSSIA INT'L: Fitch Lifts Rating to BB on US$182 Mln Notes

RUSSNEFT OIL: Moscow Court Upholds RUR17 Billion Tax Claim
RUSSNEFT OIL: Russian Interior Ministry Seizes Entire Stock
WINERY LEVOBEREZHNYJ: Creditors Must File Claims by Sept. 28
YUKOS OIL: Moscow Court Extends Vice-President's Custody


S W I T Z E R L A N D

AEROBOUTIQUE RETAIL: Creditors' Liquidation Claims Due August 31
AMBIENTE GESTALTUNG: Zug Court Starts Bankruptcy Proceedings
CREDIT INVEST: Zug Court Starts Bankruptcy Proceedings
GLATTPLATTLI LLC: Creditors' Liquidation Claims Due August 30
HOPPE REPRO: Creditors' Liquidation Claims Due August 31

JUDI GASTRO: Creditors' Liquidation Claims Due August 31
MEDTASK CONSULTING: Creditors' Liquidation Claims Due August 30
MESS-SIT LLC: Creditors' Liquidation Claims Due August 30
PROSPASIA JSC: Thurgau Court Starts Bankruptcy Proceedings
RS MODE: Creditors' Liquidation Claims Due August 31

UNIVERSAL COMPRESSION: Stockholders Support Merger with Hanover


U K R A I N E

AGROSVIT CJSC: Creditors Must File Claims by August 23
BERDICHEV REPAIR: Creditors Must File Claims by August 24
CONSTANT-TRADING LLC: Creditors' Claims Due August 23
GALAKTIK-PLUS LLC: Creditors Must File Claims by August 24
GOROKHOVAL AGRICULTURAL: Creditors Must File Claims by August 24

GRANT LLC: Creditors Must File Claims by August 24
KP-DONETSK LLC: Creditors Must File Claims by August 24
MIRIAN LLC: Creditors Must File Claims by August 23
SVITLEN LLC: Creditors' Claims Due August 24
TIUVET LLC: Creditors Must File Claims by August 23


U N I T E D   K I N G D O M

ALLTYRES LTD: Appoints BDO Stoy as Administrators
AUDIX BROADCAST: Brings In Joint Adsministrators from Tenon
B.A. PETERS: Brings In Joint Administrators from KPMG
BRITISH AIRWAYS: To Launch US Flights from European Capitals
CHANNEL SITE: Claims Filing Period Ends December 3

COMPLETE SHOPFITTING: Taps Liquidators from Smith & Williamson
HANOVER COMPRESSOR: Redeems US$383 Mln of Senior Secured Notes
MEDATA SYSTEMS: Brings In Liquidators from Baker Tilly
MILLER MCCOWAN: Calls In Liquidators from PricewaterhouseCoopers
MONICA & GABRIELA IRIMIA: The Cheeky Girls Faces Bankruptcy

MOORGATE CLO 2: Fitch Puts Low-B Ratings to EUR30 Mln Notes
MZ 2007: Creditors' Meeting Slated for Aug. 29
SCOTTISH RE: Names Paul Goldean as North American Unit Head
SDL REALISATIONS: Taps Joint Administrators from PwC
SEA CONTAINERS: Wants Rule 2004 Discovery on GE SeaCo SRL

SEA CONTAINERS: Pension Deficit Reaches US$383 Mln, Report Says
SEA CONTAINERS: Posts US$849,219 Net Loss in June 2007
SHAW GROUP: Energy & Chemicals Group Bags Contract in China
SOLUTIA INC: Has Until November 5 to Remove Civil Actions
SERVOTEST SYSTEMS: Creditors' Meeting Slated for Aug. 29

SPEYSIDE ANGLING: Hires Joint Administrators from PwC
TELTRONICS INC: Posts US$1.5 Mln Net Loss in Qtr. Ended June 30
TEREX CORP: Moody's Lifts Corporate Family Rating to Ba2
TISCALI SPA: UK Antitrust Regulator Okays Pipex Unit Takeover
UPDATE I.T: Appoints Liquidators from Tenon Recovery

WHOLE FOODS: FTC Says It is Reviewing Options to Stop Merger

                            *********


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


ALPENHOTEL EDELWEISS: Claims Registration Period Ends Aug. 31
-------------------------------------------------------------
Creditors owed money by LLC Alpenhotel Edelweiss (FN 255803g)
have until Aug. 31 to file written proofs of claim to court-
appointed estate administrator Gunther Nagele at:

         Dr. Gunther Nagele
         Suedtirolerplatz 8
         6020 Innsbruck
         Austria
         Tel: 0512/58 74 81, 58 74 82
         Fax: 0512/58 08 97
         E-mail: office@nagele-pesl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 17 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Maurach, Austria, the Debtor declared
bankruptcy on July 24 (Bankr. Case No. 19 S 71/07z).


DONAURESTAURANT LLC: Administrator Declares Insufficient Assets
---------------------------------------------------------------
Dr. Karl F. Engelhart, the court-appointed estate administrator
for LLC Donaurestaurant (FN 279023d), declared July 23 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Korneuburg is yet to rule on the estate
administrator's claim.

Headquartered in Kritzendorf, Austria, the Debtor declared
bankruptcy on June 21 (Bankr. Case No. 36 S 86/07z).  Clemens
Richter represents Dr. Engelhart in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Karl F. Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 01/712 33 30-0
         Fax: 01/712 33 30 30
         E-mail: engelhart@csg.at


GRAF LLC: Feldkirch Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Feldkirch entered July 23 an order shutting
down the business of LLC Graf (FN 282918g).

Court-appointed estate administrator Helgar Georg Schneider
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. Helgar Georg Schneider
         c/o Dr. Gerhard Preisl
         Reichsstrasse 5a
         6900 Bregenz
         Austria
         Tel: 05574/44943
         Fax: 05574/44943-3
         E-mail: kanzlei@preisl-schneider.at

Headquartered in Bregenz, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No 13 S 37/07g).  Gerhard
Preisl represents Dr. Schneider in the bankruptcy proceedings.


LEUPRECHT RECHTSANWALT: Innsbruck Court Orders Business Shutdown
----------------------------------------------------------------
The Land Court of Innsbruck entered July 23 an order shutting
down the business of LLC Leuprecht Rechtsanwalt (FN 227092i).

Court-appointed estate administrator Wolfgang Offer 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. Wolfgang Offer
         Museumstrasse 16
         6020 Innsbruck
         Austria
         Tel: 0512/582833
         Fax: 0512/570484
         E-mail: office@kanzlei-offer.at

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on June 25 (Bankr. Case No 9 S 13/07x).


ONLINE-FINANCIAL: Claims Registration Period Ends Aug. 28
---------------------------------------------------------
Creditors owed money by LLC Online-Financial-Services (FN
278862t) have until Aug. 28 to file written proofs of claim to
court-appointed estate administrator Anton Hintermeier at:

         Dr. Anton Hintermeier
         Andreas Hoferstrasse 8
         3100 St. Poelten
         Austria
         Tel: 02742/847
         Fax: 847-50
         E-mail: st.poelten@lhup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on Sept. 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on July 25 (Bankr. Case No. 14 S 133/07k).


PLAN- UND PERFEKT: Claims Registration Period Ends Aug 31
---------------------------------------------------------
Creditors owed money by LLC Plan- und Perfekt-Bau (FN 43510k)
have until Aug. 31 to file written proofs of claim to court-
appointed estate administrator Ingrid Hochstaffl-Salcher at:

         Dr. Ingrid Hochstaffl-Salcher
         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/71 800 7
         E-mail: mail@hochstaffl-rupprechter.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Hochfilzen, Austria, the Debtor declared
bankruptcy on July 24 (Bankr. Case No. 9 S 15/07s).


TONI BURGER: Claims Registration Period Ends Aug. 31
----------------------------------------------------
Creditors owed money by LLC Toni Burger (FN 43218g)have until
Aug. 31 to file written proofs of claim to court-appointed
estate administrator Bettina Presl at:

         Mag. Bettina Presl
         Waldbadstrasse 537
         6290 Mayrhofen
         Austria
         Tel: 05285/624 82, 625 34
         Fax: 05285/6248279
         E-mail: ra.presl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 17 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Kirchdorf in Tirol, Austria, the Debtor
declared bankruptcy on July 23 (Bankr. Case No. 19 S 74/07s).


ZELLER AKUSTIKBAU: Claims Registration Period Ends Aug. 31
----------------------------------------------------------
Creditors owed money by LLC Zeller Akustikbau (FN 218331a)have
until Aug. 31 to file written proofs of claim to court-appointed
estate administrator Robert Schertler at:

         Dr. Robert Schertler
         Salzburgerstrasse 4
         5280 Braunau am Inn
         Austria
         Tel: 07722/81188
         Fax: 07722/81188-20
         E-mail: kanzlei-paischer-schertler@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 26 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Braunau am Inn - Ranshofen, Austria, the Debtor
declared bankruptcy on July 23 (Bankr. Case No. 17 S 26/07s).


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


ADEX AGRO: Goes Bankrupt Due to CZK120 Million Debt
---------------------------------------------------
A Czech Republic court declared Adex Agro S.A. bankrupt as of
August 2007 due to the company's excessive debts, Adex Agro CEO
Blahoslav Dolejsi told Czech News Agency CTK.

Vojtech Levora, the company's bankruptcy receiver, said over 200
creditors have filed claims against the company totaling CZK120
million, CTK notes.

According to the report, Adex Agro has stopped paying health and
social insurance since January for its 120 employees, whose jobs
are now at risk as the company's troubles escalate.  The meat
processor also owes its staff their wages for July, Mr. Dolejsi
added.

Mr. Levora said he had tried to secure turkey suppliers for the
company, but distributors prefer clients in Germany and Poland,
where demand for turkey meat is high, CTK relates.

Headquartered in Tachova, Czech Republic, Adex Agro S.A. --
http://www.adex.cz/-- is the largest Czech turkey meat
processor, producing up to 8,000 tonnes of packed meat and 3,000
tonnes of meat products a year before its troubles began.  The
company processed 578 tonnes in January 2006, but the amount has
dropped to 337 tonnes in December 2006 and to 57 tonnes in
January 2007.

The company has been in the hands of the Agrokrocan association
of turkey breeders since July 2004.  Its predecessor, Adex
Tachov, went bankrupt because of debt worth CZK650 million in
1999.


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


DELPHI CORP: Disclosure Statement Hearing Scheduled on October 3
----------------------------------------------------------------
Upon Delphi Corporation and its debtor-affiliates' oral request
and their delivery, by September 6, 2007, of a:

  (1) disclosure statement for a plan of reorganization; and

  (2) request for approval of that disclosure statement and
      the procedures for the solicitation of plan votes;

The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York sets:

  (a) September 28, 2007, at 4:00 p.m., prevailing Eastern time,
      as the deadline for parties-in-interest to file objections
      to the Disclosure Statement and the Solicitation
      Procedures;

  (b) October 2, 2007, at 4:00 p.m., prevailing Eastern time, as
      the deadline to reply to those objections; and

  (c) October 3, 2007, at 10:00 a.m., prevailing Eastern time,
      as the date on which the Court will consider approval of
      the Disclosure Statement and the Solicitation Procedures.

Judge Drain directs all objecting parties-in-interest to:

  (i) make a good faith effort to include language in their
      objections that will satisfy the objections; and

(ii) meet and confer with the Debtors at the offices of
      Skadden, Arps, Slate, Meagher & Flom LLP, at Four Times
      Square, in New York, on October 1, 2007, at 8:30 a.m.,
      prevailing Eastern time, to discuss a possible resolution
      of the objections.

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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The
Debtors' exclusive plan-filing period expires on Dec. 31, 2007.
(Delphi Bankruptcy News, Issue No. 80 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Wants to Establish Adversary Proceeding Procedures
---------------------------------------------------------------
Pursuant to Sections 102(1)(A), 105(a), 107, 108(a)(2), and
546(a) of the Bankruptcy Code and Rules 7004, 9006(c), and 9018
of the Federal Rules of Bankruptcy Procedure, the Delphi Corp.
and its debtor-affiliates seek the U.S. Bankruptcy Court for the
Southern District of New York's authority to:

  (a) enter into stipulations tolling the statute of limitations
      with respect to certain claims;

  (b) establish procedures for the identification of causes of
      action that should be preserved and the abandonment of
      certain causes of action; and

  (c) establish procedures for certain adversary proceedings.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, notes that the Court-approved
New Equity Purchase and Commitment Agreement between Delphi
Corp. and a group of investors led by Appaloosa Management L.P.
attaches a proposed framework for a reorganization plan that
generally provides for the payment and full satisfaction of all
claims through distributions of cash, common stock, or both.
Accordingly, avoiding preferential transfers would provide no
benefit to the Debtors' estates because any party returning a
transfer would be entitled to a claim for the same amount, to be
paid in full under the plan, Mr. Butler tells the Court.  In
addition, avoiding statutory liens or prepetition setoffs would
provide little to no benefit to the Debtors' estates.
Consequently, the Debtors contemplate that their reorganization
plan will waive or release most if not all avoidance causes of
action.

The Debtors estimate that they may have more than 11,000
potential preference claims arising from transfers totaling
$5,800,000,000 without taking into account potential defenses.
According to Mr. Butler, the constructively fraudulent transfer
reach-back period, made applicable by Section 544(b) of the
Bankruptcy Code and state law, is generally six years under the
law of Michigan and New York.  With a company of Delphi's size,
there are literally hundreds of thousands of transactions that
occurred during those constructively fraudulent transfer reach-
back periods, Mr. Butler points out.

Under the Bankruptcy Code, each Debtor only has until two years
after the entry of the order for relief to commence adversary
proceedings asserting avoidance causes of action, as well as
certain causes of action where the applicable statute of
limitations has been tolled by the Bankruptcy Code during the
initial two years of these chapter 11 cases, Mr. Butler
continues.  Although the Debtors do not intend to pursue
avoidance actions in light of their anticipated reorganization,
as a precautionary measure they must preserve the actions in
some manner.

The Debtors therefore ask the Court to approve procedures
applicable to adversary proceedings that will permit all parties
to preserve the status quo as they finalize preparations for
confirming a reorganization plan by the end of the year.

                       Tolling Agreement

The Debtors ask the Court to approve a form of stipulation that,
without further Court order, tolls the applicable statute of
limitations on claims against participating parties.

The Debtors anticipate entering into stipulations with, among
others, General Motors Corporation, retained professional firms,
and insiders who received transfers.

                Avoidance Evaluation Procedures

The Debtors also ask the Court to approve criteria for
reviewing, evaluating, and selecting potential causes of action
that should be preserved.

In particular, the Debtors seek the Court's authority not to
pursue any preference action against an entity if the aggregate
value of transfers to, or for the benefit of, that entity is
less than US$250,000 in value.  If the preference action is
against an insider or involves a person or transaction
associated with the U.S. Securities and Exchange Commission
investigation of the Debtors, then the Debtors will be
authorized to abandon the actions after notice to the Statutory
Committees.  If a Statutory Committee objects within 10 days
after service of the notice, the Debtors propose to bring the
matter before the Court for a ruling on whether the proposed
abandonment satisfies Section 554(a) of the Bankruptcy Code.

The Debtors seek to abandon these categories of preference
actions:

  * payments to parties with a secured or priority interest in
    the payments;

  * union dues;

  * pension plan contributions;

  * payments required under the terms of collective bargaining
    agreements;

  * payments to reimburse employee business expenses;

  * ordinary course wages, salaries, and employee benefits;

  * payments required by a garnishment to satisfy third-party
    judgments and obligations;

  * contributions to charitable organizations; and

  * payments to foreign suppliers, shippers, insurance
    providers, and utilities.

For purposes of identifying and preserving potential fraudulent
transfer claims, the Debtors will only review merger and
acquisition deals at or exceeding $20,000,000; transfers to
Delphi's board of directors or strategy board members other than
for compensation or ordinary-course expense reimbursements;
unusual securities transactions; dividend distributions to 5%
shareholders; and Delphi's financially troubled supplier
program.

The Debtors anticipate that during their review they may
identify additional causes of action which, in the exercise of
their reasonable business judgment, should not be pursued.  The
Debtors thus seek the Court's permission to abandon, after
notice to the Statutory Committees, and without further Court
order or notice under Bankruptcy Rule 6007, claims (i) with
insignificant value; (ii) where litigation costs would likely
exceed expected recovery; (iii) where the potential harm to
businesses outweighs expected recovery; or (iv) where valid
defenses exist.

If a Statutory Committee objects within 10 days after service of
the notice, the Debtors propose to bring the matter before the
Court for a ruling on whether the proposed abandonment satisfies
Section 554(a).

Mr. Butler asserts that the criteria strike a sensible balance
between the Debtors' duty to preserve valuable estate assets and
the extraordinary costs to preserve them, especially when there
is little chance that the Debtors will prosecute any of the
thousands of actions they will be commencing.

          Adversary Proceeding Commencement Procedures

The Debtors propose these procedures concerning the commencement
of adversary proceedings and service of process:

  * The Bankrupt Court Clerk will defer issuing a summons after
    the filing of a complaint, unless and until the Debtors
    intend to pursue the claims in the complaint;

  * The time within which the Debtors must serve summons and
    complaints in compliance with Rule 7004(a)(1) of the Federal
    Rules of Civil Procedure is extended to March 31, 2008,
    without prejudice to their right to seek further extensions.

The Debtors, Mr. Butler explains, seek the extension to preserve
the status quo and to avoid having to force all potential
defendants to retain counsel to defend against adversary
proceedings when most of them likely will be resolved by a
reorganization plan and never pursued.

                 Stay of Adversary Proceedings

Moreover, the Debtors ask the Court to temporarily stay
adversary proceedings, as appropriate.  The stay will continue
until the earlier of service of process and further Court order.
During the stay, the Debtors may amend their complaint, and
after notice to the Statutory Committees, dismiss it.  The
Debtors intend to file under seal paper copies of the complaints
in the adversary proceedings and to have the docket for the
proceedings likewise sealed.

The Debtors believe that implementing the Proposed Procedures
will help them fulfill their fiduciary responsibility to
preserve valuable estate assets in a manner that would not
unnecessarily disrupt the plan process or their existing
business relationships with potential defendants.

The Procedures, Mr. Butler avers, will reduce the administrative
and economic burdens of the adversary proceedings on the
Debtors, the Court, and potential defendants.  He maintains that
most, if not all, of the avoidance actions will likely remain
unnecessary in light of the terms of the Debtors' prospective
reorganization plan.

Causes of action will remain dormant and become relevant only in
the unlikely event that the Debtors do not timely emerge from
Chapter 11, Mr. Butler clarifies.

                        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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The
Debtors' exclusive plan-filing period expires on Dec. 31, 2007.
(Delphi Bankruptcy News, Issue No. 80 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LAZARD LTD: Unit Closes US$600 Mln Exchange Offer of 6.85% Notes
----------------------------------------------------------------
Lazard Ltd.'s subsidiary Lazard Group LLC, has completed its
offer to exchange an aggregate principal amount of up to US$600
million of its outstanding 6.85% Senior Notes due 2017, for an
equal aggregate principal amount of its 6.85% Senior Notes due
2017, registered under the Securities Act of 1933, as amended.

The Old Notes were originally issued on June 21, 2007, in a
private placement pursuant to Rule 144A under the Securities Act
of 1933, as amended.

The exchange offer expired at 5:00 p.m., New York time, on
Aug. 16, 2007.  Over 99% of Lazard Group's Old Notes were
tendered and accepted in the exchange offer.

The Exchange Notes are substantially identical to the Old Notes,
except that the Exchange Notes have been registered under the
Securities Act and, as a result, the transfer restrictions and
registration rights provisions applicable to the Old Notes do
not apply to the Exchange Notes.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, China, France, Germany, India, Japan, Korea and
Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


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


ABC-GROSSHANDELSGESELLSCHAFT: Claims Registration Ends Sept. 19
---------------------------------------------------------------
Creditors of ABC-Grosshandelsgesellschaft mbH have until
Sept. 19 to register their claims with court-appointed
insolvency manager Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germany

The District Court of Bonn opened bankruptcy proceedings against
ABC-Grosshandelsgesellschaft mbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ABC-Grosshandelsgesellschaft mbH
         Technologiehof Burg "Haus Suelz" 3
         53797 Lohmar
         Germany


AKTIV SANITAR: Claims Registration Ends September 20
----------------------------------------------------
Creditors of Aktiv Sanitar- und Heizungsbau GmbH have until
Sept. 20 to register their claims with court-appointed
insolvency manager Ernest Pirkl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on Oct. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Ernest Pirkl
         Ottostrasse 9
         85354 Freising
         Germany
         Tel: 08161/53739-0
         Fax: 08161/53739-1

The District Court of Landshut opened bankruptcy proceedings
against Aktiv Sanitar- und Heizungsbau GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aktiv Sanitar- und Heizungsbau GmbH
         Oberndorfer Str. 1
         85777 Fahrenzhausen
         Germany


ASAT HOLDINGS: Consent Solicitation Expiry Moved to Aug. 23
-----------------------------------------------------------
New ASAT (Finance) Limited, a wholly owned subsidiary of ASAT
Holdings Limited, is soliciting consents from the holders of the
US$150 million aggregate principal amount of outstanding 9.25%
Senior Notes due 2011, to the amendment of certain provisions of
the indenture, dated as of Jan. 26, 2004, pursuant to which the
Senior Notes were issued.

ASAT is seeking consents for amendment or waiver of certain
defaults and events of default that may have occurred or may
occur.  The proposed amendments, if adopted, will among other
things:

   a) eliminate restrictions on the value of the assets that may
      be held by ASAT Semiconductor (Dongguan) Limited, ASAT
      Holdings' Chinese subsidiary;

   b) expand the ability of ASAT Holdings and its subsidiaries
      to secure financing from additional sources; and

   c) extend the deadline for ASAT Holdings to fulfill its
      reporting obligations under the indenture.

ASAT is amending the terms of the consent solicitation and
extending the expiration date.  The consent solicitation
will now expire at 5:00 p.m., New York City time, on Aug. 23,
2007, unless extended by the company.

Only holders of record as of 5:00 p.m., New York City time, on
July 25, 2007, are eligible to deliver consents to the proposed
amendments in the consent solicitation.

In addition, the company disclosed that ASAT Holdings will pay a
consent fee in the form of warrants, which are exercisable into
ordinary shares of ASAT Holdings, to consenting holders.  The
consent fee is subject to the proposed amendments becoming
operative and other conditions specified in the Amended Consent
Solicitation Statement, including consenting holders'
eligibility under U.S. securities laws to receive warrants.

If every holder of Senior Notes consents to the proposed
amendments and is eligible to receive warrants, then the
warrants would, in the aggregate, be exercisable for a total of
5% of ASAT Holding's total outstanding ordinary shares on a
fully diluted basis, inclusive of ordinary shares issuable upon
exercise of warrants to the holders themselves and which ASAT
Holdings expects to grant to the lenders under its purchase
money loan agreement, dated as of July 31, 2005, in exchange for
their consent to certain amendments to the terms of that
agreement which are
being discussed by the parties.

The warrants will have an exercise price of US$0.01 per ordinary
share, subject to adjustment as provided in the warrants and the
other terms and conditions contained therein.  The warrants will
expire on Feb. 1, 2011.

Holders of the Senior Notes are referred to the company's
Amended
Consent Solicitation Statement and materials, which will be
mailed to each record holder, for the detailed terms and
conditions of the consent solicitation, as amended.

ASAT Holdings has hired Piper Jaffray & Co. to serve as
Solicitation Agent for the consent solicitation.  Questions
concerning the terms of the consent solicitation should be
directed to Michael Hsieh of Piper Jaffray & Co. at (212) 284-
9589.

ASAT Holdings has also retained The Bank of New York to serve as
its Information Agent, Tabulation Agent and Payment Agent for
the consent solicitation.  Requests for assistance in delivering
consents should be directed to David A. Mauer of The Bank of New
York at (212) 815-3687.

Requests for copies of the Consent Solicitation Statement can be
directed to either Piper Jaffray & Co. or The Bank of New York.

Completed consents should be sent to:

     David A. Mauer, The Bank of New York
     Corporate Trust Operations, Reorganization Unit
     101 Barclay Street - 7 East
     New York, NY, 10286

                       About ASAT Holdings

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China, and Germany.

ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in a US$88.3 million
total stockholders' deficit.


ATLANTIC CAPITAL: Creditors Meeting Slated for Sept. 19
-------------------------------------------------------
The court-appointed insolvency manager for Atlantic Capital
Partners GmbH, Dr. Juergen Spliedt, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:40 a.m. on Sept. 19.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Sept. 19 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Atlantic Capital Partners GmbH on Aug. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Atlantic Capital Partners GmbH
         Leipziger Platz 7
         10117 Berlin
         Germany


BUCKEYE TECH: Redeems US$383 Million of Senior Secured Notes
------------------------------------------------------------
Buckeye Technologies Inc. has called for redemption prior to
their maturity US$60 million in aggregate principal amount of
its outstanding 9-1/4% Senior Subordinated Notes due 2008 and
will redeem on Sept. 17, 2007, in accordance with their terms.
Upon completion of this redemption, none of the 2008 Notes will
remain outstanding.  A formal notice of redemption has been sent
separately to the affected holders of the 2008 Notes, in
accordance with the terms of the indenture for the 2008 Notes.
Buckeye plans to finance this redemption using its new revolving
credit facility.

                  About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                       *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


ELEKTRO ULRICH: Claims Registration Ends Sept. 19
-------------------------------------------------
Creditors of Elektro Ulrich Henseler GmbH have until Sept. 19 to
register their claims with court-appointed insolvency manager
Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany
         Tel: 0228/9852 10
         Fax: 0228/9852 122

The District Court of Bonn opened bankruptcy proceedings against
Elektro Ulrich Henseler GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Elektro Ulrich Henseler GmbH
         Bahnhofstr. 46e
         53347 Alfter
         Germany


EURO SAILING: Creditors Must File Claims by Sept. 19
----------------------------------------------------
Creditors of EURO SAILING GmbH have until Sept. 19 to register
their claims with court-appointed insolvency manager Ingrid
Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 26, 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Ingrid Trompertz
         Willy-Brandt-Allee 18
         53113 Bonn
         Germany

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

The Debtor can be reached at:

         EURO SAILING GmbH
         Industriestrasse 33
         53359 Rheinbach
         Germany


FAHRSCHULE CENTRAL: Claims Registration Ends September 19
---------------------------------------------------------
Creditors of Fahrschule Central GmbH have until Sept. 19 to
register their claims with court-appointed insolvency manager
Ingrid Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 26, 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 Bonn
         Meeting Hall S 2.22
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Ingrid Trompertz
         Willy-Brandt-Allee 18
         53113 Bonn
         Germany
         Tel: 249824-0
         Fax: 249824-10

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

The Debtor can be reached at:

         Fahrschule Central GmbH
         Attn: Michael Piontek, Manager
         Bahnhofstr.23
         53123 Bonn
         Germany


G-SCHENK GMBH: Creditors Must File Claims by Sept. 10
-----------------------------------------------------
Creditors of G-SCHENK GmbH have until Sept. 10 to register their
claims with court-appointed insolvency manager Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Germany

The District Court of Wuppertal opened bankruptcy proceedings
against G-SCHENK GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         G-SCHENK GmbH
         Sedanstr. 41
         42719 Solingen
         Germany


GERBER WIECZORECK: Creditors Must File Claims by Sept. 10
---------------------------------------------------------
Creditors of Gerber Wieczoreck Computersysteme GmbH & Co.KG have
until Sept 10 to register their claims with court-appointed
insolvency manager Stefan Bick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Stefan Bick
         Neumarkt 8
         49074 Osnabrueck
         Germany

The District Court of Osnabrueck opened bankruptcy proceedings
against Gerber Wieczoreck Computersysteme GmbH & Co.KG on
Aug. 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gerber Wieczoreck Computersysteme GmbH & Co.KG
         Im Nahner Feld 1
         49082 Osnabrueck
         Germany


H + S GMBH: Claims Registration Ends Sept. 12
---------------------------------------------
Creditors of H + S GmbH fuer Gebaudetechnik have until Sept. 12
to register their claims with court-appointed insolvency manager
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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 Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-1504-0
         Fax: 0611-301774

The District Court of Darmstadt opened bankruptcy proceedings
against H + S GmbH fuer Gebaudetechnik on Aug. 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         H + S GmbH fuer Gebaudetechnik
         Silberstrasse 8
         65428 Ruesselsheim
         Germany


IT PLUS: Claims Registration Period Ends Oct. 5
-----------------------------------------------
Creditors of IT Plus Plus GmbH have until Oct. 5 to register
their claims with court-appointed insolvency manager Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings
against IT Plus Plus GmbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         IT Plus Plus GmbH
         Attn: Jan Hennemann, Manager
         Crusiusstr. 5
         09120 Chemnitz
         Germany


KLAUS WEGENER: Creditors Must File Claims by Aug. 31
----------------------------------------------------
Creditors of Klaus Wegener Metallbau GmbH have until Aug. 31 to
register their claims with court-appointed insolvency manager
Ingo Koelsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Ingo Koelsch
         Bundesallee 217
         42103 Wuppertal
         Germany
         Tel: 0202 / 24844-0
         Fax: 0202/2484444

The District Court of Wuppertal opened bankruptcy proceedings
against Klaus Wegener Metallbau GmbH on Aug. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Klaus Wegener Metallbau GmbH
         Attn: Michael Wegener and Nicole Wegener, Managers
         Unterer Grifflenberg 35
         42119 Wuppertal
         Germany


LEPPING VERWALTUNGSGESELLSCHAFT: Claims Period Ends Oct 16
----------------------------------------------------------
Creditors of Lepping Verwaltungsgesellschaft mbH have until
Oct. 16 to register their claims with court-appointed insolvency
manager Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 on Nov. 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         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:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 0 28 71/2 35 48 77
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against Lepping Verwaltungsgesellschaft mbH on Aug. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lepping Verwaltungsgesellschaft mbH
         Attn: Heinz Lepping, Manager
         Oldenkotter Strasse 62-64
         48691 Vreden
         Germany


NEUBAUER MASSIVHAUS: Claims Registration Ends September 26
----------------------------------------------------------
Creditors of Neubauer Massivhaus GmbH have until Sept. 26 to
register their claims with court-appointed insolvency manager
Dr. Juergen Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Neubauer Massivhaus GmbH on Aug. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Neubauer Massivhaus GmbH
         Berliner Strasse 30 A
         14979 Grossbeeren
         Germany


PA-VERKEHRSSCHULE GMBH: Claims Registration Period Ends Oct. 16
---------------------------------------------------------------
Creditors of PA-Verkehrsschule GmbH have until Oct. 16 to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Nov. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Thomas Linse
         Aussere Sulzbacher Str. 29
         90491 Nuernberg
         Germany
         Tel: 0911/598704
         Fax: 0911/5987379

The District Court of Fuerth opened bankruptcy proceedings
against PA-Verkehrsschule GmbH on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PA-Verkehrsschule GmbH
         Weidenweg 1 - 3
         91058 Erlangen
         Germany


RPE RENTACO: Creditors' Meeting Slated for Sept. 13
---------------------------------------------------
The court-appointed insolvency manager for RPE Rentaco Wohn- und
Gewerbepark GmbH & Co. Granseer Siedlungs KG, Udo Feser will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 11:50 a.m. on Sept. 13.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Nov. 1 at the same venue.

Creditors have until Oct. 1 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against RPE Rentaco Wohn- und Gewerbepark GmbH & Co.
Granseer Siedlungs KG on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RPE Rentaco Wohn- und Gewerbepark GmbH & Co.
         Granseer Siedlungs KG
         Konstanzer Str. 57
         10707 Berlin
         Germany


SAUERWEIN GMBH: Claims Registration Period Ends Oct. 2
------------------------------------------------------
Creditors of Sauerwein 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 at 9:00 a.m. on Dec. 4, at the same venue.

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 Sauerwein GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sauerwein GmbH
         Steinmetzunternehmen
         Rheinstr. 21
         56355 Nastatten
         Germany

         Attn: Andreas Sauerwein, Manager
         Sonnenhuegel 6
         56355 Nastatten
         Germany


SOENKSEN IMPORT: Claims Registration Period Ends Sept. 26
---------------------------------------------------------
Creditors of Soenksen Import und Handels GmbH have until
Sept. 26 to register their claims with court-appointed
insolvency manager Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Verden (Aller)
         Hall 212
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

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

The insolvency manager can be reached at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10

The District Court of Verden (Aller) opened bankruptcy
proceedings against Soenksen Import und Handels GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Soenksen Import und Handels GmbH
         Attn: Holger Soenksen, Manager
         Westerbecker Strasse 15
         27711 Osterholz-Scharmbeck
         Germany


TECHNO SCHALL: Claims Registration Ends September 20
----------------------------------------------------
Creditors of Techno Schall Gesellschaft fuer Industrie- und
Raumakustik mbH have until Sept. 20 to register their claims
with court-appointed insolvency manager Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Fuerth
         Room 216/II
         Baumenstrasse 28
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Henning Schorisch
         Nordostpark 12
         90411 Nuremberg
         Germany
         Tel: 0911 756610
         Fax: 0911 7566113

The District Court of Fuerth opened bankruptcy proceedings
against Techno Schall Gesellschaft fuer Industrie- und
Raumakustik mbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Techno Schall Gesellschaft fuer Industrie-
         und Raumakustik mbH
         Anton-Emmerling-Str. 5
         90513 Zirndorf
         Germany


TEXTIL- UND MODEHAUS: Creditors Must File Claims by Aug. 31
-----------------------------------------------------------
Creditors of Textil- und Modehaus Weiss GmbH have until Aug. 31
to register their claims with court-appointed insolvency manager
Uwe Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Sept. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Waldshut-Tiengen
         2. OG/Zimmer 37
         Bismarckstrasse 23
         79761 Waldshut-Tiengen
         Germany

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

The insolvency manager can be reached at:

         Uwe Kaiser
         Wittenschwand 42
         79875 Dachsberg
         Germany

The District Court of Waldshut-Tiengen opened bankruptcy
proceedings against Textil- und Modehaus Weiss GmbH on Aug. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Textil- und Modehaus Weiss GmbH
         Friedrichstr. 22
         79667 Schoenau
         Germany


TIELGRO TORFWERKE: Claims Registration Ends Sept. 14
----------------------------------------------------
Creditors of Tielgro Torfwerke GmbH have until Sept. 14 to
register their claims with court-appointed insolvency manager
Karl-Hermann Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Sept. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Karl-Hermann Kruse
         Emsstrasse 7
         48499 Salzbergen
         Germany
         Tel: 05976/1505
         Fax: 05976/9381

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

The Debtor can be reached at:

         Tielgro Torfwerke GmbH
         Bentheimer Strasse 120
         48529 Nordhorn
         Germany


TOBIAS-PALETTEN GMBH: Claims Registration Period Ends Sept. 26
--------------------------------------------------------------
Creditors of Tobias-Paletten GmbH have until Sept. 26 to
register their claims with court-appointed insolvency manager
Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 6
         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:

         Goerge Scheid
         Anger 10
         99084 Erfurt
         Germany
         Tel: 0361/7892060

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

The Debtor can be reached at:

         Tobias-Paletten GmbH
         Attn: Vladimir Mourakhovski, Manager
         Krgel-steinstr. 1
         99885 Ohrdruf
         Germany


V.I.A. BIOMASSE: Claims Registration Ends October 1
---------------------------------------------------
Creditors of V.I.A. Biomasse- Heizkraftwerk GmbH have until
Oct. 1 to register their claims with court-appointed insolvency
manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against V.I.A. Biomasse- Heizkraftwerk GmbH on Aug. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         V.I.A. Biomasse- Heizkraftwerk GmbH
         Attn: Herbert Mueller, Manager
         Schleefstr. 4
         44287 Dortmund
         Germany


WILLY CONRADI: Claims Registration Period Ends Oct. 4
-----------------------------------------------------
Creditors of Willy Conradi GmbH & Co. have until Oct. 4 to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.031
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Willy Conradi GmbH & Co. on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Willy Conradi GmbH & Co.
         Hollingstrasse 27
         24782 Buedelsdorf
         Germany


XXL CAR-HIFI: Claims Registration Period Ends Sept. 26
------------------------------------------------------
Creditors of XXL Car-Hifi Zentrum Hof GmbH have until Sept. 26
to register their claims with court-appointed insolvency manager
Gunther Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Gunther Neef
         Bismarckstrasse 21
         95028 Hof
         Germany
         Tel: 09281/140056
         Fax: 09281/14005777

The District Court of Hof opened bankruptcy proceedings against
XXL Car-Hifi Zentrum Hof GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         XXL Car-Hifi Zentrum Hof GmbH
         Fuhrmannstr. 5
         95030 Hof
         Germany


ZUR POST: Claims Registration Ends Sept. 14
-------------------------------------------
Creditors of Zur Post GmbH have until Sept. 14 to register their
claims with court-appointed insolvency manager Dr. Moritz
Sponagel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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. Moritz Sponagel
         Curienstr. 2
         20095 Hamburg
         Germany
         Tel: 040/30373680
         Fax: 040/303736829
         E-Mail: hamburg@brockdorff.net

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

The Debtor can be reached at:

         Zur Post GmbH
         Niedersachsenstrasse 27
         21435 Stelle
         Germany


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


AES CORP: Unit to End Appraisal of Brasiliana Stake by Next Week
----------------------------------------------------------------
Britaldo Soares, chief executive officer of The AES Corp.'s
Brazilian unit -- Brasiliana, told the press that the unit
expects appraisals of a 49.99% stake in the company to conclude
by the end of this month.

Business News Americas relates that the date of the sale of the
stake will depend on the stake owner Banco Nacional de
Desenvolvimento Economico e Social SA.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Banco Nacional decided to sell a non-controlling
stake in power holding firm Brasiliana.

According to BNamericas, Banco Nacional informed Brasiliana it
would sell its entire stake in the company.

Mr. Soares commented to BNamericas, "Both AES and BNDES [Banco
Nacional] are doing separate appraisals and if the difference is
below 10%, then the process will go ahead. If it's more than
10%, then according to the shareholder agreement, a third
independent appraisal must be made."

The shareholder accord for Brasiliana says that Banco Nacional
can force AES -- which holds 50.01% of Brasiliana -- to sell
control of Brasiliana if it decides not to exercise its right
and purchase the bank's shares, BNamericas says, citing Mr.
Soares.  AES will still decide on the matter.  The firm plans to
"continue to simplify" its Brazilian assets' shareholding
structure.

BNamericas relates that AES wants to continue controlling
Brasiliana and other its other Brazilian units like Eletropaulo
and AES Sul.  AES is pleased with returns from Eletropaulo,
which began distributing dividends this year as market
conditions have improved.  AES Sul is profitable.  Opportunities
in the generation business would grow as power demand is
expected to increase 5% per year.

"The company's top management has already said it wants to
remain in Brazil.  There are several business opportunities
here," Mr. Soares told BNamericas.

                     About Brasiliana

Brasiliana, the holding power firm of most Brazilian assets of
AES Corp., controls power generation firms Eletropaulo, AES
Tiete and AES Uruguaiana.

                   About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                         About AES

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


CELF LOAN: Moody's Rates EUR25.5 Mln Class E Senior Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned these long term credit
ratings to the notes issued by Celf Loan Partners IV PLC, an
Irish special purpose company:

   -- Aaa to the Up to EUR150,000,000 Class A 1 Senior Secured
      Floating Rate Variable Funding Notes due 2023;

   -- Aaa to the EUR199,000,000 Class A-2a Senior Secured
      Floating Rate Notes due 2023

   -- Aaa to the EUR50,000,000 Class A-2b Senior Secured
      Floating Rate Notes due 2023

   -- Aa2 to the EUR42,000,000 Class B Senior Secured Deferrable
      Floating Rate Notes due 2023

   -- A2 to the EUR39,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2023

   -- Baa3 to the EUR33,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2023

   -- Ba3 to the EUR25,500,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2023

The ratings of the notes address the expected loss posed to
investors by the legal final maturity in May 2023.

These ratings are based upon:

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

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

   3. The analysis of the foreign currency risk involved in the
      transactions; and

   4. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to an EUR583,100,000 portfolio of mostly European Senior
and Mezzanine loans.  This portfolio is dynamically managed by
CELF Investment Advisors Limited.  This portfolio is partially
acquired at closing date and partially during the 12 months
ramp-up period in compliance with portfolio guidelines.
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.

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


ELAN CORP: Publishes Results of TYSABRI Phase III MS Studies
------------------------------------------------------------
Biogen Idec and Elan Corporation plc disclosed that results
demonstrating that patients treated with TYSABRI(R)
(natalizumab) showed a significant improvement in health-related
quality-of-life (HRQoL) measures when compared to placebo have
been published in the Aug. 20, 2007 issue of Annals of
Neurology.  These results are from the first Phase III multiple
sclerosis studies that have demonstrated improvement on HRQoL
measures in patients with relapsing forms of MS.

"These data showed that patients treated with TYSABRI were more
likely to experience statistically important improvement in the
quality-of-life measures used to assess meaningful disease
improvement or progression.  These findings have not been
previously observed in clinical studies involving MS patients,"
Richard Rudick, MD, Director of the Mellen Center for Multiple
Sclerosis Treatment and Research at the Cleveland Clinic, the
lead investigator of the study, said.

These two-year, randomized, double-blind, placebo-controlled,
multicenter, Phase III clinical trials (AFFIRM and SENTINEL)
were conducted in 2,113 patients with relapsing forms of MS.
The objective was to assess the relationship between disease
activity and HRQoL in relapsing forms of MS, and the impact of
TYSABRI on these measures.

In the studies, HRQoL was assessed using two different measures
at baseline and weeks 24, 52 and 104:

   -- The Short Form-36 (SF-36), a standardized, well-validated
      survey that has been used extensively in many disease
      areas, including MS to review health status.  The SF-36 is
      comprised of 36 questions designed to assess physical
     (Physical Component Summary or PCS) and mental (Mental
      Component Summary or MCS) well-being from the perspective
      of the patient.

   -- The Visual Analogue Scale (VAS), a measure of well-being
      as assessed by the patient and marked on a scale of 0 to
      100, with 0 indicating "poor" and 100 indicating
      "excellent."

Results from the AFFIRM monotherapy trial include:

   -- A statistically significant improvement in SF-36 PCS
      beginning at week 24 and all subsequent time points
      compared with a decline in the placebo-treated group.

   -- A statistically significant improvement in SF-36 MCS at
      week 104 compared with a decline in the placebo-treated
      group.

   -- Statistically significant benefits using the VAS when
      compared with placebo at week 52 and at week 104.

   -- Patients showed sustained improvement from baseline
      quality-of-life measures, not just a slowing down of
      quality-of-life deterioration.

   -- HRQoL measures correlated with common measures of MS
      severity, including EDSS, sustained disability
      progression, relapse number, MSFC and volume of T2-
      hyperintense and T1-hypointense lesions.

Improvements on quality-of-life measures were also observed in
the SENTINEL study, in which TYSABRI was added to AVONEX(R)
(Interferon beta-1a).  This publication is in addition to a
presentation of preliminary results from the same study
presented at the 2006 American Academy of Neurology Annual
Meeting.

                          About TYSABRI

TYSABRI is a treatment approved for relapsing forms of MS in the
United States and relapsing-remitting MS in the European Union.
According to data that have been published in the New England
Journal of Medicine, after two years, TYSABRI treatment led to a
68% relative reduction (p<0.001) in the annualized relapse
rate compared to placebo and reduced the relative risk of
disability progression by 42-54% (p<0.001).

TYSABRI increases the risk of progressive multifocal
leukoencephalopathy, an opportunistic viral infection of the
brain that usually leads to death or severe disability. Other
serious adverse events that have occurred in TYSABRI-treated
patients included hypersensitivity reactions (e.g.,
anaphylaxis), infections, depression and gallstones.  Serious
opportunistic and other atypical infections have been observed
in TYSABRI-treated patients, some of whom were receiving
concurrent immunosuppressants.  Herpes infections were
slightly more common in patients treated with TYSABRI.  In MS
trials, the incidence and rate of other serious and common
adverse events, including the overall incidence and rate of
infections, were balanced between treatment groups.

Common adverse events reported in TYSABRI-treated patients
include headache, fatigue, infusion reactions, urinary tract
infections, joint and limb pain, lower respiratory infections,
rash, gastroenteritis, abdominal discomfort, vaginitis, and
diarrhea.

In addition to the United States and European Union, TYSABRI is
also approved in Switzerland, Canada, Australia and Israel.
TYSABRI was discovered by Elan and is co-developed with Biogen
Idec.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


EUROCONNECT: Moody's Rates EUR68.3 Mln Class D Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned definitive ratings to notes
issued by EuroConnect Issuer LC 2007-1 Limited.  The ratings
assigned are:

   -- Aaa to the EUR310,350,000 Class A Floating Rate Credit
      Linked Notes due 2026;

   -- A1 to the EUR93,100,000 Class B Floating Rate Credit
      Linked Notes due 2026;

   -- Baa2 to the EUR62,050,000 Class C Floating Rate Credit
      Linked Notes due 2026; and

   -- Ba2 to the EUR68,300,000 Class D Floating Rate Credit
      Linked Notes due 2026.

EUR148,950,000 Class E Floating Rate Credit Linked Notes
due 2026 are not rated.

The definitive ratings of the notes are based upon:

   (1) An assessment of the credit quality of the initial
       underlying entities and the portfolio substitution
       guidelines;

   (2) The loss protection provided by the subordination of the
       more junior ranking classes of notes issued by
       EuroConnect 2007-1;

   (3) The protection against losses furnished by the Class E
       notes; and

   (4) The legal and structural integrity of the transaction.

EuroConnect2007-1 is a partially funded synthetic transaction
arranged by the Bayerische Hypo- und Vereinsbank AG, in which
investors are exposed to the credit risk related to a portfolio
of loans extended by HVB, Bank Austria Creditanstalt AG and
Unicredit Banca d'Impresa to medium and large companies.  The
credit risk transferred by the three banks through this
transaction is related to a total portfolio of approximately
EUR6.2 billion.  This reference pool is made up initially of 607
separate obligors, though certain obligors are related such that
there are actually 490 obligor groups represented.  Throughout
the four-year revolving period, the banks can replenish the
portfolio subject to the CDOROM test passing.


EUROCONNECT: Fitch Rates EUR68.3 Million Class D Notes at BB
------------------------------------------------------------
Fitch Ratings has assigned final ratings to EUR533.8 million of
EuroConnect Issuer LC 2007 1 Ltd.'s issue of EUR682.75 million
floating-rate notes due 2028:

   -- EUR310.35 million Class A secured floating-rate notes
      (ISIN: XS0311810898): 'AAA'

   -- EUR93.1 million Class B secured floating-rate notes (ISIN:
      XS0311811862): 'A+'

   -- EUR62.05 million Class C secured floating-rate notes
      (ISIN: XS0311813306): 'BBB'

   -- EUR68.3 million Class D secured floating-rate notes (ISIN:
      XS0311814536): 'BB'

The Classes E1 and E2 notes, totaling EUR143.95 million and EUR5
million respectively, are not rated.

The transaction is a partially funded synthetic collateralized
debt obligation referencing an international portfolio totaling
as of the cut-off date EUR6.207 billion of senior payment
obligations of large corporate entities arising from loans,
guarantees and letters of credit.

The ratings of the notes are based on the available credit
enhancement, the credit quality of the combined reference
portfolio and available collateral, the strength of the
guarantee counterparties and the sound financial and legal
structure of the transaction.  Credit enhancement of the Class A
notes, totaling 6%, is provided by the Class B notes (1.5%), the
Class C notes (1%), the Class D notes (1.1%), and the unrated
Class E1 and E2 notes (together 2.4%).

The reference portfolio comprises three sub-portfolios
originated or acquired by Bayerische Hypo- und Vereinsbank AG
(rated 'A'/Outlook Positive/'F1'), Bank Austria Creditanstalt AG
(rated 'A'/Outlook Positive/'F1') and UniCredit Banca d'Impresa.
At closing, HVB, BA-CA and UBI each entered into both a junior
loss guarantee (junior protection agreement) with the issuer and
a senior loss guarantee (senior protection agreement) for the
reimbursement of realized losses on the respective originator's
reference portfolio, each a sub-portfolio.  The issuer, in turn,
was seeking credit protection against realized losses from the
combined reference portfolio by issuing the notes.

The transaction can be replenished, subject to the eligibility
and replenishment criteria and limited by a master amortization
schedule providing for an even amortization amount of 1.5% per
quarter of the combined reference portfolio's initial notional
balance during the replenishment period, starting at closing and
ending in June 2011.  Upon a downgrade of a class of notes, no
further replenishments will be allowed.  Replenishments are
subject to the Fitch VECTOR test.

The final ratings address the ultimate repayment of principal at
maturity and timely payment of interest according to the terms
and conditions of the notes.

EuroConnect Issuer LC 2007-1 Ltd. is a bankruptcy-remote special
purpose vehicle incorporated in Ireland and domiciled in Dublin.


INTERPUBLIC GROUP: Declares Dividend on Series B Preferred Stock
----------------------------------------------------------------
The Interpublic Group of Companies Inc.'s Board of Directors has
declared a dividend of US$13.125 per share on its 5-1/4% Series
B Cumulative Convertible Perpetual Preferred Stock.  The
dividend on the Series B Preferred Stock is payable in cash on
Oct. 15, 2007 to holders of record at the close of business on
Oct. 1, 2007.  There will be a maximum of 525,000 shares of the
Series B Preferred Stock outstanding on Oct. 1, 2007, resulting
in a maximum possible aggregate dividend of US$6,890,625.

                     About Interpublic Group

New York-based, Interpublic Group of Companies Inc. (NYSE:IPG) -
- http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees
working in offices in more than 130 countries around the world,
including in Argentina, Australia, Chile, China, India,
Indonesia, Ireland, Japan, Malaysia, Panama, Spain, Thailand,
the United States, Venezuela, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Fitch Ratings has upgraded Interpublic Group's Issuer Default
Rating to 'BB-' from 'B'.  Approximately US$2.3 billion in total
debt as of March 31, 2007, is affected.  The Rating Outlook is
Stable.

IPG's ratings are as:

   -- Issuer Default Rating (IDR) upgraded to 'BB-' from 'B';

   -- Enhanced Liquidity Facility (ELF) upgraded to 'BB-'
      from 'B'/'RR4';

   -- Senior unsecured notes (including convertibles) upgraded
      to 'BB-' from 'B'/'RR4';

   -- Cumulative convertible perpetual preferred stock upgraded
      to 'B' from 'CCC'/'RR6'.


WR GRACE: Expert Estimates PI Liabilities at US$1.3 Billion
-----------------------------------------------------------
Dr. B. Thomas Florence, W.R. Grace & Co. and its debtor-
affiliates' asbestos expert, estimates that the Debtors' total
present value of pending and future asbestos-related personal
injury liabilities ranges from US$385,000,000 to
US$1,314,000,000, with a median value of US$712,000,000.

Dr. Florence estimates that the value of pending PI Claims that
met the evidentiary criteria ranges from US$83,000,000 to
US$713,000,000 with a median value of US$128,000,000.

Dr. Florence also estimates that the present value of future PI
Claims that would meet the evidentiary criteria ranges from
US$303,000,000 to US$1,141,000,000 with a median value of
US$585,000,000.

Dr. Florence used a specific set of assumptions in the
estimation of the Debtors' PI liabilities.  Those assumptions,
according to Dr. Florence, are based on the premise that only
claimants whose claims meet certain criteria would be able to
sustain their burden of proof that their claims against the
Debtors are valid, and therefore should be valued as part of the
estimation process.

The criteria Dr. Florence used are:

  1. A proof of claim;

  2. Nature of exposure to Grace asbestos-containing products
     must be one of these types:

        * a worker who personally mixed Grace asbestos-
          containing products; or

        * a worker who personally installed Grace asbestos-
          containing products;

  3. Minimum causation criteria for Lung Cancer claims of:

        * diagnosis of asbestosis based on the B-Reader report
          of a reliable B-Reader; or

        * reproducible International Labor Organization score of
          1/0 or greater;

  4. Minimum medical criteria for Other Cancer claims of
     diagnosis of laryngeal cancer;

  5. Minimum medical criteria for all non-malignant claims of:

        * diagnosis of asbestosis or diffuse pleural thickening
          based on the B-Reader report of a reliable B-Reader;
          or

        * ILO score of 1/0 or greater for asbestosis;

  6. Minimum impairment criteria for Severe Asbestosis claims
     of:

        * Diagnosis of asbestosis based on the B-Reader report
          of a reliable B-Reader;

        * ILO score of 2/1 or greater; and

        * Pulmonary Function Test results of TLC<65% complying
          with the American Thoracic Society standards;

  7. Minimum impairment criteria for Asbestosis claims of:

        * Diagnosis of asbestosis or diffuse pleural thickening
          based on the B-Reader report of a reliable B-Reader;

        * ILO score of 1/0 or greater for asbestosis; and

        * PFT results of TLC<80% complying with ATS standards.

Dr. Florence also utilized these sources of data for his
estimate of the Debtors' PI liabilities:

  1. Grace's historical claims database as of June 14, 2002;

  2. Grace's PI Questionnaire and Proof of Claim database
     prepared by Rust Consulting, Inc., as of April 30, 2007;

  3. A random sample of pending claims for which information
     gathered from attachments to the PI Questionnaire was
     entered into a database by the Celotex Asbestos Settlement
     Trust;

  4. A random sample of claims closed by Grace before the
     Petition Date;

  5. Manville Trust Claims Database as of September 30, 2006;

  6. A random sample of Lung Cancer and Other Cancer claims for
     which x-rays were reviewed; and

  7. A random sample of Non-malignant claims for which PFT
     results were reviewed for adherence to ATS standards.

Analysis Research Planning Corporation, the Debtors' asbestos
claims consultant, applied an average inflation value of 2.5%
per year to bring all settlement averages to 2001 dollars, Dr.
Florence tells the Court.

ARPC selected the range from April 1999 to April 2001 because it
was the most recent and therefore more reflective of future
events, without over-weighting any single time period.

To estimate the nominal value of the median future claim
estimates, ARPC applied a 2.5% inflation rate to settlement
values through 2007 and then a 1.0% inflation rate was used to
reflect a 2.5% annual inflation rate reduced by an average 1.5%
claim deflation rate representing the effects on claim values
of an aging population and a primarily static period of
exposure.

Dr. Florence provides the estimated net present value of pending
and future claims that met or will be able to meet the
evidentiary criteria:

                 Present Value of Grace Liability
                   for Pending and Future Claims
                         (in millions)


Based on claims providing medical & exposure data

                  Other    Severe              Unimpaired
      Meso  Lung  Cancer  Asbestosis Asbestosis Asbestosis Total
      ----  ----  ------  ---------- ---------- ---------- -----
      $257   $63      $3        $16        $96        $58   $493

Based on claims providing medical & exposure data & assuming
same proportions for those not providing data

                  Other    Severe              Unimpaired
      Meso  Lung  Cancer  Asbestosis Asbestosis Asbestosis Total
      ----  ----  ------  ---------- ---------- ---------- -----
      $659   $63      $5        $29       $179       $107 $1,043
      ----  ---- -------  ---------- ---------- ---------- -----

Median
      $414   $63      $4        $21       $131        $79   $712
      ====  ====  ======  ========== ========== ========== =====

A full-text copy of the Florence Report is available for free at
http://ResearchArchives.com/t/s?22c3

          Biggs Estimates PI Liabilities at $7.9-Bil.

Jennifer L. Biggs, the Future Claims Representative's asbestos
expert, estimates the Debtors' PI liabilities at
US$7,900,000,000 on an undiscounted basis.  When reduced to
present value as of the Petition Date using a 5.2% interest
rate, Ms. Biggs estimates the Debtors' PI liabilities to be
about US$3,700,000,000.

Ms. Biggs opines that the range of the Debtors' PI liabilities
is US$6,400,000,000 to US$11,800,000,000 on an undiscounted
basis, and US$3,000,000,000 to US$5,300,000,000 discounted.

Ms. Biggs' estimate is based on projecting the quantity and type
of future PI Claims against the Debtors for up to 54 years after
the Petition Date.  The estimate also includes a provision for
the known pending PI Claims filed against the Debtors on or
before the Petition Date.  Ms. Biggs calculated the total
liability by multiplying the known pending and projected future
claims filings by the expected average payment amounts that the
Debtors would pay to claimants in each of the years in
projection.

Ms. Biggs relied on these factual data and information for her
analysis:

  1. Grace's internal Case Management System database;

  2. Manville PI Trust claim information as of December 31,
     2006;

  3. Rust Consulting's tabulation of PI Questionnaire and Proof
     of Claim responses as of April 30, 2007;

  4. Dr. Victor L. Roggli's analysis of the underlying PI
     Questionnaire responses;

  5. Information from various studies regarding asbestos
     epidemiology and claims forecast modeling conducted by Eric
     Stallard; and

  6. Interest rate assumptions provided by Joseph Radecki.

A full-text copy of the Biggs Report is available for free at:

             http://ResearchArchives.com/t/s?22c4
               Roggli Rebutts Florence's Report

Dr. Victor L. Roggli, an expert retained by the FCR, notes that
Dr. Florence assumes a number of medical criteria on which the
value of pending and future PI Claims against the Debtors is
based.  Dr. Roggli argues that those criteria are not medically
sound and, any estimate based on those criteria, would be
flawed.

Dr. Roggli asserts that Dr. Florence's minimum exposure criteria
are invalid.  A substantial fraction of mesothelioma cases occur
in bystanders and those patients have considerably elevated lung
burdens of asbestos, Dr. Roggli maintains.

Dr. Florence's minimum criteria exclude workers who may have
removed Grace products, another important potential source of
exposure, Dr. Roggli further points out.  Dr. Florence's minimum
exposure criteria also exclude claimants who become sick based
on household contacts of asbestos workers.  Those contacts are
major source of asbestos-related disease among women, Dr. Roggli
contends.

Moreover, Dr. Roggli notes that the medical criteria Dr.
Florence assumed with respect to the minimum causation criteria
for lung cancer claims are much too restrictive.  Dr. Roggli
says numerous studies show that lung cancer can be caused by
asbestos exposure even when the assumed criteria are not
satisfied.

Dr. Roggli also asserts that the Debtors' requirement of
FEV1/FVC >= 65% for a causal link between asbestos exposure and
asbestosis is wrong.  It is well recognized that asbestos
exposure causes peribronchiolar fibrosis, which some
investigators have termed mineral dust airways disease, Dr.
Roggli relates.

                 PI Committee & FCR Object to
          Debtors' Further Attorney Deposition Requests

The PI Committee and the FCR ask the U.S. Bankruptcy Court for
the District of Delaware to deny the Debtors' request to send
interrogatories to law firms as the request violates the Federal
Rules and is completely baseless, unnecessary, and wasteful of
estate resources.

The PI Committee and the FCR note that Dr. Florence's Report did
not suggest that he needed the discovery the Debtors seek in the
Interrogatories.  Dr. Florence or any of the Debtors' experts
did even not allege that they need more information to
supplement their reports, Mark T. Hurford, Esq., at Campbell &
Levine, LLC, in Wilmington, Delaware, counsel to the PI
Committee, also states.

Dr. Florence completed his estimate of the Debtors' PI
liabilities since early June 2007, and Dr. Florence took the
opportunity to state affirmatively that he had all the PI
Questionnaires and Proof of Claim information that he needed,
Mr. Hurford cites.

The Florence Report provides ample basis for the Court to
finally end the Debtors' crusade for unnecessary and irrelevant
discovery from the asbestos claimants' law firms, Mr. Hurford
contends.

In addition, the PI Committee and the FCR assert that the Court
can, and should, preclude the depositions and additional
interrogatories for these reasons:

  (a) The Debtors have far exceeded the 10 fact witness
      deposition limit permitted under Rule 30 of the Federal
      Rules of Bankruptcy Procedure and should not get any more
      depositions beyond those they have already taken.

  (b) The Court previously ruled that discovery directed to
      claimant law firms was generally not permissible.

  (c) There is no provision in the Federal Bankruptcy Rules that
      provide for the sending of interrogatories to non-parties
      like law firms that represent claimants.

Certain claimants represented by Montgomery, McCracker, Walker &
Rhoads, LLP, tell the Court that to the extent the Debtors seek
to obtain any additional discovery from the MMWR Firms, that
discovery should proceed in the ordinary course (i) with no
advance validation by the Court of specific interrogatories that
it has never seen or considered, (ii) with no bypassing of the
obligations on all counsel to meet and confer in advance of
objections, and (iii) with no bypassing of the rights of the
MMWR Firms to have discovery objections ruled on by the Court.

        PD Claimants Seek to File Responses Under Seal

About nine law firms sought and obtained the Court's authority
to file their responses to the Debtors' objection to protective
order requests under seal:

  * Motley Rice, LLP
  * Baron & Budd, P.C.
  * Foster & Sear, L.L.P.
  * LeBlanc & Waddell, L.L.P.
  * Provost Umphrey, L.L.P.
  * Reaud Morgan & Quinn, L.L.P.
  * Silber Pearlman, LLP
  * Wietz & Luxenberg, P.C.
  * Williams Kherkher, L.L.P.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 136; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


WR GRACE: Court Amends Deadlines on PI Estimation Proceedings
-------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware further amends two deadlines relating to
the Case Management Order governing the PI Claims Estimation
proceedings:

  * Experts who will testify as to the number, amount and value
    of present and future asbestos claims may file supplemental
    or rebuttal reports until Sept. 11, 2007.

  * All parties have until Sept. 24, 2007, to seek to call one
    or more non-expert witnesses to testify to make a good faith
    effort to compile a final list of those non-experts and
    substitute one or more non-experts not previously
    designated.

Judge Fitzgerald also schedules Oct. 31, 2007, and Nov. 1 to 2,
2007, as hearing dates to address any matters not otherwise
addressed in the Amended CMO.  All the hearings will be held in
Pittsburgh, Pennsylvania.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 136; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia, and Ireland.


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


ALITALIA SPA: Air France-KLM Consortium Eyes Possible Offer
-----------------------------------------------------------
A consortium led by Air France-KLM may offer to acquire between
a 29% to 39% stake in Alitalia S.p.A. from the Italian
government, Thomson Financial reports citing local press.

According to local newspaper Finanza & Mercati, Air France-KLM
has partnered with a private equity firm that specialized in
company restructuring.  Air France-KLM currently holds a 2%
stake in Alitalia.

Italy, Finanza & Mercati suggests, could keep a 10% stake in
Alitalia, making the carrier a subsidiary of Air France-KLM.

Meanwhile, Alitalia chairman Maurizio Prato is drafting a
business plan under which Air France-KLM may raise its stake in
the national airline to 10% or more, La Stampa relates.

The plan, La Stampa adds, also entails shifting core operations
to Fiumicino airport in Rome from Malpensa airport in Milan.

La Repubblica suggests that Air France supports a shift in core
operations from Malpensa to Fiumicino, paving the way for a
possible offer from the Franco-Dutch carrier.

Alitalia's board will meet on Aug. 30 to review and possibly
approved the business plan.

As reported in the TCR-Europe on Aug. 14, 2007, Air France-KLM
welcomed talks over a possible acquisition of the Italian
government's stake in Alitalia.

"We remain attentive and if we are contacted we will listen,"
Pierre-Henri Gourgeon, Air France-KLM Managing Director, was
quoted by Thomson Financial as saying.

                      Terminated Sale Process

Italy terminated the sale process in July 2007 after AP Holding
S.p.A., a consortium of AirOne S.p.A. and Intesa-San Paolo
S.p.A., withdrew its bid to acquire the stake.  AP Holding said
that after reviewing the terms and conditions of the sale, it
will not submit a binding offer for the stake.

The consortium was the last to drop out from the bidding melee
after the team of OAO Aeroflot and Unicredit Italiano S.p.A.
left the bidding process.  A consortium of TPG Capital,
MatlinPatterson Global Advisers LLC and Mediobanca S.p.A. had
also pulled out from the race before MatlinPatterson re-entered
with its own bid.

The bidders had been apprehensive of the bidding conditions set
by the Italian government and had cited these requirements as
reasons for their withdrawal.

                          About Alitalia

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

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


FIAT SPA: Eyes US$2 Billion Investment in South America in 2008
---------------------------------------------------------------
Fiat S.p.A. will invest US$2 billion in South America starting
2008 through 2010 to increase its market share from 13% to 15%,
Il Sole 24 Ore reports citing Fiat chief executive Sergio
Marchionne.

Mr. Marchionne says more than half of the amount will be
invested in Brazil.

According to the report, Fiat also plans to increase its
production in South America from 700,000 units to one million.

                         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.


PARMALAT SPA: U.S. Court Issues Permanent Injunction Order
----------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York has granted permanent injunction
as requested in the Section 304 Petition filed by Dr. Enrico
Bondi, as Extraordinary Administrator of:

  (i) the Composition Debtors, composed of Parmalat Finanziaria
      S.p.A.; Parmalat S.p.A.; Parmalat Netherlands B.V.;
      Parmalat Finance Corporation B.V.; Parmalat Capital
      Netherlands B.V.; Dairies Holding International B.V.;
      Parmalat Soparfi S.A.; Olex S.A.; Eurolat S.p.A.; Lactis
      S.p.A.; Contal S.r.l.; Geslat S.r.l.; Newco S.r.l.;
      Centro Latte Centallo S.r.l.; Panna Elena S.r.l. and
      Parmengineering S.r.l.; and

(ii) the Liquidating Debtors, composed of Parma Food
      Corporation B.V.; Coloniale S.p.A., Parmatour S.p.A.; Hit
      S.p.A.; Hit International S.p.A.; Nuova Holding, S.p.A.
      and Eliair S.r.l.

Judge Drain ruled that the composition is given full force and
effect in the United States, and is binding on and enforceable
against all holders of claims against the Composition Debtors
and their successor, Reorganized Parmalat.

Judge Drain determined that all the creditors of the Composition
Debtors and Reorganized Parmalat, and all creditors of the
Liquidating Debtors, as applicable, with respect to any actions
that have been or may be taken in the United States, are further
enjoined from:

  (a) commencing or continuing any action or legal proceeding

      (x) against the Composition Debtors, the Liquidating
      Debtors, or any of their property or proceeds, and from
      seeking discovery of any nature against the Composition
      Debtors, the Liquidating Debtors, or any of their
      subsidiaries, insofar as the action asserts a claim that
      is subject to the Composition or otherwise subject to the
      Foreign Debtors' insolvency proceedings in Italy, or (y)
      to create, perfect or enforce any lien, setoff, or other
      claim against the Foreign Debtors;

  (b) enforcing any judicial, quasi-judicial, administrative or
      regulatory judgment or arbitration award obtained against
      the Composition Debtors, the Liquidating Debtors, or
      any of their affiliates, or any of their property or
      proceeds if the enforcement is based on a claim that is
      subject to the Composition or otherwise subject to the
      Italian Proceedings;

  (c) withdrawing from, setting off against, or otherwise
      applying property that is the subject of any trust or
      escrow agreement or similar arrangement in which any of
      the Composition Debtors or the Liquidating Debtors have
      interest in excess of certain allowed amounts; and

  (d) commencing or continuing any action or legal proceeding,
      including by way of counterclaim, against the Composition
      Debtors or any of their affiliates or any of their
      property or proceeds.

In his modified bench ruling on permanent injunction request,
Judge Drain said Section 304 allows a bankruptcy court to enjoin
any proceeding or action against a foreign debtor with respect
to the debtor itself and property involved in that foreign
proceeding.

Judge Drain further noted that Section 304 is "consistent with
the general policy of U.S. law to recognize the importance of
centralizing the administration of bankruptcy cases and estates
in the home jurisdiction and assisting, consistent with
appropriately protecting the rights of U.S. creditors against
unfair treatment or unfair discrimination, the home court to
conduct the debtor's reorganization, and also assisting the home
court, as is requested here, to implement the debtor's
reorganization."

In addition, Judge Drain finds that the foreign proceedings in
Parma provide for a comprehensive procedure for the orderly and
equitable distribution of the Foreign Debtors'assets and the
just treatment of creditors.  Generally, he adds, U.S.
claimholders are not discriminated against or unduly prejudiced
or inconvenienced in the Italian proceedings.

Judge Drain stated that while there are statements that the
Bankruptcy Court must consider whether the foreign proceeding is
being conducted in good faith, the primary focus of the
Bankruptcy Court's inquiry should be on the foreign court's
conduct of that proceeding and the underlying law governing that
proceeding.

"There's been no showing to me that the Italian courts lack the
ability to sanction such assertedly frivolous conduct, and I am
fairly confident that they do have the ability to control the
lawyers who are appearing before them from asserting frivolous
or obviously unfounded positions, and that they have the ability
ultimately to control Dr. Bondi, if that is indeed what he is
doing," Judge Drain stated in the ruling.

"Let me say that the proposed injunction does permit all of the
creditors affected by the injunction to return to the Bankruptcy
Court, in appropriate circumstances, for relief from the
injunction," Judge Drain continued.  "So that although I am
prepared to defer to the Italian Courts' determination of the
data certa issue, if, in fact, something occurs which would
merit relief from the injunction, the creditors have the right
to come back [to the Bankruptcy Court] to the extent that I have
the reference from the District Court."

Nothing in the Permanent Injunction Order will impair the effect
of certain judgment of permanent injunction against defendant
Parmalat Finanziaria, S.p.A., entered by the District Court on
July 29, 2004, including any and all obligations of the Foreign
Debtors, Reorganized Parmalat and their subsidiaries and
affiliates under the Consent and Undertakings of Defendant
Parmalat Finanziaria, S.p.A., dated July 28, 2004, as
incorporated by reference in the SEC Judgment, in connection
with the action styled Securities and Exchange Commission v.
Parmalat Finanziaria, S.p.A., Civ. No. 03 CV 10266 (PKC).

Moreover, Judge Drain ruled that nothing in the Order is
intended
to:

  -- limit the effect of that stipulation between Citibank,
     N.A., Citibank, N.A. International Banking Facility, Dr.
     Bondi, Reorganized Parmalat and the Foreign Debtors
     regarding Parmalat Paraguay S.A., dated November 30, 2006;
     and

  -- limit the jurisdiction of the Civil and Criminal Court of
     Parma or any other Italian court of competent jurisdiction
     with respect to the adjudication of claims brought by
     parties against the Foreign Debtors or any other person or
     entity, provided that any entity seeking to assert a claim
     arising under or relating to certain private placement
     notes and guaranty claims, is enjoined from commencing or
     continuing any action against the Foreign Debtors or
     Reorganized Parmalat with respect to the Noteholders'
     Notes.

To the extent the District Court has withdrawn the reference to
the Bankruptcy Court or otherwise asserted jurisdiction over the
Section 304 Petition, the Permanent Injunction will not apply to
Grant Thornton LLP and Grant Thornton International in any
manner with respect to their assertion of defenses,
counterclaims, or any other actions taken in connection with the
conduct of these litigations:

  * Dr. Enrico Bondi v. Grant Thornton International, el al.,
    04 Civ. 9771 (LAK);

  * In re Parmalat Securities Litigation, 04 Civ. 0030 (LAK);

  * Gerald K. Smith, etc. v. Grant Thornton International, et
    al., 06 Civ. 00383 (LAK);

  * Food Holdings Limited and Dairy Holdings Limited, etc. v.
    Grant Thornton International, et al., 05 Civ. 9934 (LAK);

  * Parmalat Capital Finance Limited, etc. v. Grant Thornton
    International, et al., 06 Civ. 02991 (LAK);

  * G. Peter Pappas, etc. v. Bank of America Corporation, et
    al., 06 Civ. 3109 (LAK); or

with respect to any other actions which may be commenced by
Parmalat representatives, affiliates, successors or related
entities.

                        About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 90; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Hearing on Liquidators' Request Moved to Oct. 16
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
adjourns to Oct. 17, 2007, at 10:00 a.m., the hearing to
consider the Preliminary Injunction request of Gordon I. MacRae
and James Cleaver, as Joint Official Liquidators of Parmalat
Capital Finance Limited, Dairy Holdings Limited, and Food
Holdings Limited, on one hand, and Parmalat Finanziaria S.p.A.
and its affiliates and subsidiaries, under the direction of Dr.
Enrico Bondi, Extraordinary Administrator of the Parmalat
companies, on the other hand.

The Order will be without prejudice to Parmalat's right to
object for preliminary injunctive relief.  Each of the
Petitioners and Parmalat reserve all rights and arguments with
respect to the proceedings under Section 304 of the Bankruptcy
Code.

Nothing contained in the Order will be construed as Parmalat's
agreement with any of the positions or actions taken by the JPLs
in commencing the ancillary proceedings, in the United States or
in the Cayman Islands.

Pursuant to Rule 7065 of the Federal Rues of Bankruptcy
Procedure, the security provisions of Rule 65(c) of the Federal
Rules of Civil Procedure are waived.

Judge Drain also extends Parmalat's time to answer the Section
304 Petition commencing the ancillary proceedings until Nov. 21,
unless otherwise ordered by the Bankruptcy Court.

Judge Drain rules that the Temporary Restraining Order will
remain in effect pursuant to the Order until October 16.

Exhibit and witness lists related to any Preliminary Injunction
Hearing will be served and filed by October 11.

                        About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 90; http://bankrupt.com/newsstand/or 215/945-7000).


TISCALI SPA: UK Antitrust Regulator Okays Pipex Unit Takeover
-------------------------------------------------------------
The Office of Fair Trading in the United Kingdom has cleared the
proposed acquisition by Tiscali U.K. Holdings Limited, a unit of
Tiscali S.p.A., of the broadband and voice division of Pipex
Communications plc.

The OFT also confirmed that it will not be referring the
acquisition to the Competition Commission.

On Aug. 10, 2007, the shareholders of Pipex Communications plc
also voted in favor of the acquisition and so Tiscali S.p.A.
envisages that the acquisition should complete in September
2007.

                          About Tiscali

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

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

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

                            *   *   *

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


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


BREDIGIN LLP: Proof of Claim Deadline Slated for Sept. 20
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bredigin 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


DOSTAR LTD: Creditors Must File Claims Sept. 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Dostar Ltd. insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

         Building Of Auto Station
         Room 11
         Micro District 28
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 41-15-89


IMPIRE BUILDING: Claims Filing Period Ends Sept. 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Impire Building insolvent on June 20.

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


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


ORAL-PRANA LLP: Claims Registration Ends Sept. 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Oral-Prana insolvent on June 27.

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


SHANYRAK LLP: Proof of Claim Deadline Slated for Sept. 21
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Shanyrak insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 21-06-99


TIMUR HAN: Creditors Must File Claims Sept. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Timur Han insolvent on May 29.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Tel: 8 (3292) 50-97-23


USHAKOVA LTD: Claims Filing Period Ends Sept. 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ushakova Ltd. insolvent.

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

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


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


AKIM COMPANY: Proof of Claim Deadline Slated for September 21
-------------------------------------------------------------
LLC Akim Company has declared insolvency.  Creditors have until
Sept. 21 to submit written proofs of claim to:

         LLC Akim Company
         Gogol Str. 179-21
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 24-14-66


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


TIMKEN: Paying US$0.17 Per Share Quarterly Dividend on Sept. 5
--------------------------------------------------------------
The Timken Company's board of directors has declared a quarterly
cash dividend of 17 cents per share, an increase of 1 cent per
share.  The dividend is payable on Sept. 5, 2007, to
shareholders of record as of Aug. 17, 2007.  It will be the
341st consecutive dividend paid on the common stock of the
company.

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.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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


AGRO-PROM-DOR-STROY ALKEEVSKIY: Claims Filing Due Sept. 28
----------------------------------------------------------
Creditors of OJSC Agro-Prom-Dor-Stroy Alkeevskiy have until
Sept. 28 to submit proofs of claim to:

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

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-24542/06.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Agro-Prom-Dor-Story Alkeevskiy
         Alkeevskiy
         Tatarstan
         Russia


AURORA CJSC: Bankruptcy Hearing Slated for Oct. 24
--------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene on Oct. 24 to hear the bankruptcy supervision procedure
on CJSC Aurora.  The case is docketed under Case No. A56-13100/
2007.

The Temporary Insolvency Manager is:

         B. Mostovoj
         Apartment 63
         Avtovskaya Str. 7
         198096 St. Petersburg
         Russia

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 Aurora
         Ligovskiy Pr. 43-45B
         191040 St. Petersburg
         Russia


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

         I. Rulev
         Insolvency Manager
         Apartment 108
         Building 2
         Klochkov Per. 4
         193318 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. A56-10782/2006.

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 Bagdan
         Ligovskiy Pr. 43-45B
         191040 St. Petersburg
         Russia


INTERNATIONAL PAPER: Inks 50:50 Joint Venture with Ilim Holding
---------------------------------------------------------------
International Paper and Ilim Holding S.A. have signed a
definitive agreement to form a 50:50 joint venture, a foreign-
domestic alliance in the Russian forest sector.  The joint
venture will operate as Ilim Group.

"After extensive negotiations and due diligence, we remain
impressed with Ilim's performance and potential, and with demand
growth in Russia and Asia for our key products," John Faraci,
International Paper chairman and chief executive officer, said.
"Ilim has continued to strengthen its operations and
substantially improve its profitability, and we're investing at
a good multiple and expect attractive returns.  As we continue
to transform International Paper, focusing on our global
uncoated paper and packaging businesses, the joint venture with
Ilim positions us very well within low- cost, high-growth
markets in Russia and Asia."

According to the terms of the agreement, International Paper
will purchase 50 percent of Ilim Holding S.A., for approximately
US$650 million, subject to certain conditions at closing. Ilim
Holding has an enterprise value of approximately US$1.6 billion,
including debt, EBITDA of approximately US$212 million for the
first six months of 2007, and projected 2007 EBITDA of more than
US$400 million.

The deal received approval from the Russian Federal Antimonopoly
Service in June and is expected to close early in the fourth
quarter of 2007.

"The alliance between International Paper and Ilim Group will
allow us to create value by linking the unique capabilities each
partner offers," Mary Laschinger, International Paper senior
vice president and president of IP Europe, said.  "International
Paper has been a committed part of the Russian forest products
industry since 1999 through the ownership of our Svetogorsk
Mill, and we look forward to the opportunity to grow the joint
venture, while contributing to the development of a sustainable
forest products industry in Russia."

"We are pleased to disclose the beginning of a new stage in the
Group's development," Ilim Group chairman Zakhar Smushkin, said.
"This alliance is an example of cooperation between Russian and
international companies toward effective development and
processing of Russian forest resources."

"I hope this alliance will not just give a powerful impetus
toward Ilim Group's development but will also open the way for
the inflow of investment and know-how that our industry so badly
needs," Mr. Smushkin continued.  "Our alliance is a response to
global market challenges and the appeals from the Russian
President and the Government of Russia. Cooperation sets the
pace for increasing the share of value-added products in our
industry and propels Russia to its well-deserved place in the
global pulp and paper industry."

Ilim Group operates the pulp and paper mills located in the
European and Siberian regions of Russia.  On July 1, 2007, the
ownership of the mills, formerly, Ilim Pulp's Kotlas Pulp and
Paper Mill, Bratsk Wood Industrial Complex and Ust-Ilimsk Wood
Industrial Complex was consolidated under Russian open joint-
stock company Ilim Group, a subsidiary of Ilim Holding.  These
mills produce annually more than 2.5 million tons of market
pulp, uncoated papers and packaging.  The joint venture will
continue to operate this business.

A key element of the proposed joint venture strategy is a long-
term investment program in which the joint venture would invest,
through cash from operations and additional debt, approximately
US$1.5 billion in Ilim's four mills over approximately five
years. This unprecedented investment in the Russian pulp and
paper industry would be used to upgrade equipment, increase
production capacity and allow for new high-value uncoated paper,
pulp and corrugated packaging product development.

The joint venture will be headquartered in St. Petersburg,
Russia, and its board of directors will continue to be chaired
by Mr. Smushkin and will include four members each from
International Paper and Ilim Group.  In addition, Ilim has
accepted International Paper's nomination of IP senior vice
president Paul Herbert to be the joint venture's CEO.

The pulp and paper mill that International Paper currently owns
and operates in Svetogorsk, in Russia's Leningrad region, will
not be owned by the joint venture.  Similarly, Ilim Pulp's wood-
products enterprises will not be integrated into the joint
venture; instead Ilim plans to combine them to create Russia's
largest timber-processing holding company.

                         About Ilim Group

Ilim Group -- http://www.ilimgroup.com/-- was registered in St.
Petersburg on Sept. 27, 2006.  In 2007, the Group was joined by
Kotlas Pulp and Paper Mill, Bratsk Pulp and Containerboard Mill
and Ust-Ilimsk Pulp and Paper Mill as the mills were converted
to a single share.  On July 2 Ilim Group started its activities
as a unified company.  Production assets of the Group are
structured on the production and geographical basis and include
the following business units: SevCBP (Northern Pulp and Paper
Production), SibCBP (Siberian Pulp and Paper Production),
Consumer Packaging and Corrugated Packaging.  The company also
includes centralized service providers to the Group's branches
and subsidiaries.

                    About International Paper

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

                          *     *     *

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


KALININSKIY MACADAM: Creditors Must File Claims by Aug. 28
----------------------------------------------------------
Creditors of LLC Kalininskiy Macadam Factory (TIN 3435701631)
have until Aug. 28 to submit proofs of claim to:

         I. Shutov
         Temporary Insolvency Manager
         Degtyareva Str. 31
         400006 Volgograd
         Russia

The Arbitration Court of Volgograd 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. A12-9916/07-s50.

The Debtor can be reached at:

         LLC Kalininskiy Macadam Factory
         Shurupovskiy
         Frolovskiy
         403503 Volgograd
         Russia


MENZELINSKAYA SEL-KHOZ: Names R. Mukbarakshin to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tatarstan appointed R. Mukbarakshin as
Insolvency Manager for OJSC Menzelinskaya Sel-Khoz-Tekhnika.  He
can be reached at:

         R. Mukbarakshin
         Post User Box 304
         Post Office 12
         Naberezhnye Chelny
         423812 Tatarstan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-10316/2003-SG4-31.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Menzelinskaya Sel-Khoz-Tekhnika
         Menzelinsk
         Tatarstan
         Russia


NIPO CJSC: Creditors Must File Claims by Aug. 28
------------------------------------------------
Creditors of CJSC Nipo (TIN 7724142147) have until Aug. 28 to
submit proofs of claim to:

         M. Knutova
         Insolvency Manager
         Leningradskiy Pr. 9
         115563 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-28669/07-74-104 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Nipo
         Kirova Str. 1a
         Foki
         Chaykovskiy
         617750 Moscow
         Russia


OIL-STROY-SERVICE: Creditors Must File Claims by Aug. 28
--------------------------------------------------------
Creditors of CJSC Oil-Stroy-Service have until Aug. 28 to submit
proofs of claim to:

         V. Fedoseev
         Temporary Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Ryazan will convene on Dec. 4 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A54-2388/2007 s6.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         CJSC Oil-Stroy-Service
         Ryazan
         Russia


OXYGEN LLC: Creditors Must File Claims by Sept. 28
--------------------------------------------------
Creditors of LLC Oxygen (TIN 2619009683) have until Sept. 28 to
submit proofs of claim to:

         O. Shoshina
         Insolvency Manager
         Apt. 6
         45 Parallel Str. 14
         355000 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-8240/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Oxygen
         50 Let Oktyabrya Str. 101
         Zelenokumsk
         Stavropol
         Russia


POKROVSK-PROM-SERVICE: Creditors Must File Claims by Sept. 28
-------------------------------------------------------------
Creditors of OJSC Pokrovsk-Prom-Service have until Sept. 28 to
submit proofs of claim to:

         A. Gurchenko
         Insolvency Manager
         Office
         B. Kazachya Str. 23/27
         410012 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A-57-15487/06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Pokrovsk-Prom-Service
         Engels
         Saratov
         Russia


PROFI N.N.: Creditors Must File Claims by Aug. 28
-------------------------------------------------
Creditors of LLC TEXTILE PROFI N.N. have until Aug. 28 to submit
proofs of claim to:

         S. Korshenov
         Temporary Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Nizhniy Novgorod will convene on Oct.
10 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A43-36319/2006 26-1124.

The Court is located at:

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

The Debtor can be reached at:

         LLC Textile Profi N.N.
         Admirala Vasina Str. 2
         Nizhniy Novgorod
         Russia


PROM-WOOD LLC: Creditors Must File Claims by Sept. 28
-----------------------------------------------------
Creditors of LLC Prom-Wood have until Sept. 28 to submit proofs
of claim to:

         L. Bychkova
         Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-36319/2006 36-1124.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prom-Wood
         Privokzalnaya Str. 4B
         Zavolzhye
         Gorodetskiy
         Nizhniy Novgorod
         Russia


PROM-TEKH-SNAB LLC: Creditors Must File Claims by Sept. 28
----------------------------------------------------------
Creditors of LLC Prom-Tekh-Snab have until Sept. 28 to submit
proofs of claim to:

         N. Tsymbal
         Insolvency Manager
         Chapaeva Str. 10 V
         Ipatovo
         356630 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-161/2005-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Prom-Tekh-Snab
         Moskovskaya Str. 23
         Mineralnye Vody
         357203 Stavropol
         Russia


RUSLAN LLC: Creditors Must File Claims by Aug. 28
-------------------------------------------------
Creditors of LLC Ruslan have until Aug. 28 to submit proofs of
claim to:

         A. Zhadnov
         Temporary Insolvency Manager
         Post User Box 795
         199106 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad will
convene at 11:40 a.m. on Sept. 25 to hear the company's
bankruptcy supervision procedure.  The case is docketed under
Case No. A56-13940/2006.

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:

         LLC Ruslan
         Progonnaya Str. 2a
         188800 Leningrad
         Russia


RUSSIA INT'L: Fitch Lifts Rating to BB on US$182 Mln Notes
----------------------------------------------------------
Fitch Ratings has upgraded the ratings of Russia International
Card Finance's US$182 million fixed rate notes (ISIN:
XS0204045669) to 'BB' from 'BB-' with a Stable Outlook.

The upgrade follows that of JSCB Rosbank's Issuer Default rating
(the originator) to 'BB-' from 'B+' and a resulting change in
the going concern assessment applicable to Rosbank and JCS
United Card Services, the processor/servicer.

The future flow transaction securitizes the cash flows from the
settlement of existing and future credit card voucher
receivables created by customers using credit cards in Russia,
issued by non-Russian financial institutions and paid to Rosbank
by Visa International Service Association, Mastercard
International Incorporated and Maestro Regional Licensors.  UCS
manages the relationship with the merchants, processes the
vouchers and transmits them to international credit card
companies, while Rosbank receives funds from the card companies
to settle the payments.

The volume of financial flows into the transaction account has
been steadily rising since the transactions closed in November
2004 (Series 1) and February 2005 (Series 2).  Monthly
collections have averaged US$53.8 million for the past 12 months
and were more than adequate to meet the three-month maximum debt
service of US$22.9 million.  The three-month rolling average
debt servicing coverage ratio has averaged 6.96 times, more than
double the early amortization trigger level of three times.


RUSSNEFT OIL: Moscow Court Upholds RUR17 Billion Tax Claim
----------------------------------------------------------
The Moscow Arbitration Court upheld a RUR17 billion tax arrear
claim against OAO Russneft Oil and Gas Co., RIA Novosti reports.

The court also rejected an appeal to overturn a July 2007 ruling
ordering Russneft to pay the Federal Tax Service RUR3.7 billion
IN back taxes for 2003 and first quarter of 2004, RIA Novosti
adds.

The court, however, slightly reduced the size of the claim,
which covered unpaid taxes for the years 2004 and 2005.

Russia's Interior Ministry is accusing Russneft chief executive
Mikhail Gutseriev of tax evasion and illegal enterprise, charges
he has denied.

                         About Russneft

Headquartered in Moscow, Russia, OAO Russneft Oil and Gas Co. --
http://eng.russneft.ru/-- operates 30 productive assets, two
refineries and petrol stations network located in 22 regions of
Russia and CIS.  The Company is developing more than 170 oil
fields across the country.


RUSSNEFT OIL: Russian Interior Ministry Seizes Entire Stock
-----------------------------------------------------------
The Lefortovsky District Court in Moscow has frozen the entire
stock of OAO Russneft Oil and Gas Co. pending a criminal
investigation against its chief executive Mikhail Gutseriev,
various reports say.

According to Kommersant, the court granted a request by the
Investigating Committee of Russia's Interior Ministry to seize
the shares held by:

   -- Milanfo (15,200),
   -- Evangelica (20,000),
   -- Nadezhnost (9,700),
   -- Cyprus Shaddock Trading Ltd. (20,000),
   -- Spektr (20,000), and
   -- Mlada (15,100).

Kommersant suggest that though the firms owning Russneft are
units of some offshore companies, Mr. Gutseriev is thought to be
its true owner.

The Interior Ministry is accusing Mr. Gutseriev of tax evasion
and illegal enterprise, charges he has denied.

Russneft has appealed against the ruling at the Moscow City
Court, RIA Novosti cites court spokeswoman Anna Usachyova.  The
court has yet to set a hearing date.

                          Takeover Bid

Meanwhile, Oleg Deripaska, chief executive of Basic Element,
told Kommersant that the stock seizure will not derail its plans
to acquire Russneft.  BasEl has applied with the Federal
Antimonopoly Service to acquire Russneft.

Georgy Ivanin of Antanta Capital told Kommersant that with the
seizure, BasEl could acquire Russneft at US$3 billion to
US$4.5 billion, almost half the company's estimated value,
pegged at US$6 billion to US$9 billion.

Igor Artemyev, FAS chief, however, told RIA Novosti that BasEl's
request failed to meet the requirements and has yet to be
considered.

According to Vedomosti, Mr. Gutseriyev's conflict with the
Russian government started when Russneft acquired some assets of
OAO Yukos Oil Co. before the former fuel giant collapsed in
December 2003.  Kremlin and Mr. Gutseriyev's relationship
further soured in 2006 after the latter refused to sell Russneft
to the government for US$1 billion, a far cry from its US$8
billion-US$10 billion estimated value.

                         About Russneft

Headquartered in Moscow, Russia, OAO Russneft Oil and Gas Co. --
http://eng.russneft.ru/-- operates 30 productive assets, two
refineries and petrol stations network located in 22 regions of
Russia and CIS.  The Company is developing more than 170 oil
fields across the country.


WINERY LEVOBEREZHNYJ: Creditors Must File Claims by Sept. 28
------------------------------------------------------------
Creditors of CJSC Winery Levoberezhnyj have until Sept. 28 to
submit proofs of claim to:

         N. Sasin
         Temporary Insolvency Manager
         6th floor
         1st Entrance
         Lenina Str. 219
         355017 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A63-18270/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Winery Levoberezhnyj
         Budennogo Str. 29
         Levoberezhyj
         Budennovskiy
         356825 Stavropol
         Russia


YUKOS OIL: Moscow Court Extends Vice-President's Custody
---------------------------------------------------------
The Moscow City Court has extended until Dec. 2, 2007, the
custody of Vasily Aleksanyan, executive vice president of
bankrupt OAO Yukos Oil Co., RIA Novosti reports citing court
spokeswoman Anna Usachyova.

The Prosecutor General's Office accuses Mr. Aleksanyan of
embezzling US$460 million from Tomskneft, Yukos' former
production unit, and funds from other oil firms, RIA Novosti
says.  Prosecutors also accused Mr. Aleksanyan of laundering
US$460.8 million through his Swiss bank account.  The former
Yukos official has denied the charges.

Prosecutors sought Mr. Aleksanyan's extended custody to prevent
a possible flight from Russia, which they said he had attempted
to do, RIA Novosti relates.  Prosecutors added that an extended
custody would prevent Mr. Aleksanyan to intimidate witnesses,
destroy documents, or hinder the investigation.

According to the report, Mr. Aleksanyan may spend 10 to 15 years
in prison if found guilty.

                         About Yukos Oil

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

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

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

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

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

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


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


AEROBOUTIQUE RETAIL: Creditors' Liquidation Claims Due August 31
----------------------------------------------------------------
Creditors of JSC Aeroboutique Retail Group have until Aug. 31 to
submit their claims to:

         Stefan Koller
         Liquidator
         Arnold Wehinger Kaelin & Ferrari
         Riesbachstrasse 52
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Aeroboutique Retail Group
         Kloten
         Bulach ZH
         Switzerland


AMBIENTE GESTALTUNG: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Ambiente Gestaltung on July 3.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Ambiente Gestaltung
         6330 Cham ZG
         Switzerland


CREDIT INVEST: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Credit Invest Holding on July 10.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Credit Invest Holding
         Chamerstrasse 3
         6300 Zug
         Switzerland


GLATTPLATTLI LLC: Creditors' Liquidation Claims Due August 30
-------------------------------------------------------------
Creditors of LLC Glattplattli have until Aug. 30 to submit their
claims to:

         Fallwiesenstrasse 17
         8152 Glattbrugg
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Glattplattli
         Opfikon
         Bulach ZH
         Switzerland


HOPPE REPRO: Creditors' Liquidation Claims Due August 31
--------------------------------------------------------
Creditors of LLC Hoppe Repro have until Aug. 31 to submit their
claims to:

         Felix Grether
         Liquidator
         EBD Rechtsanwalte
         Ramistrasse 46
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Hoppe Repro
         Opfikon
         Bulach ZH
         Switzerland


JUDI GASTRO: Creditors' Liquidation Claims Due August 31
--------------------------------------------------------
Creditors of LLC Judi Gastro have until Aug. 31 to submit their
claims to:

         Julia Fuster-Bruchelt
         Liquidator
         Heidenerstrasse 17
         9038 Rehetobel AR
         Switzerland

The Debtor can be reached at:

         LLC Judi Gastro
         Thal
         Wahlkreis Rorschach SG
         Switzerland


MEDTASK CONSULTING: Creditors' Liquidation Claims Due August 30
---------------------------------------------------------------
Creditors of LLC MedTask Consulting have until Aug. 30 to submit
their claims to:

         JSC Buttiker Treuhand
         Liquidator
         Dornacherstrasse 27
         4600 Olten SO
         Switzerland

The Debtor can be reached at:

         LLC MedTask Consulting
         Olten SO
         Switzerland


MESS-SIT LLC: Creditors' Liquidation Claims Due August 30
---------------------------------------------------------
Creditors of LLC Mess-Sit have until Aug. 30 to submit their
claims to:

         JSC Dalbe Verwaltung
         Liquidator
         Bettingerstrasse 20
         4127 Birsfelden
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Mess-Sit
         Diegten
         Waldenburg BL
         Switzerland


PROSPASIA JSC: Thurgau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Prospasia on June 5.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Prospasia
         Muhlewiesestrasse 5
         8355 Aado
         Switzerland


RS MODE: Creditors' Liquidation Claims Due August 31
----------------------------------------------------
Creditors of LLC RS Mode have until Aug. 31 to submit their
claims to:

         JSC Treuhand Fred Brugger
         Liquidator
         Roschibachstrasse 22
         8037 Zurich
         Switzerland

The Debtor can be reached at:

         LLC RS Mode
         Zurich
         Switzerland


UNIVERSAL COMPRESSION: Stockholders Support Merger with Hanover
---------------------------------------------------------------
Universal Compression Holdings Inc. and Hanover Compressor
Company 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.

Universal and Hanover 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 Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE: HC) -- http://www.hanover-co.com/-- is a global market
leader in full service natural gas compression and a leading
provider of service, fabrication and equipment for oil and
natural gas production, processing and transportation
applications.

              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.

The company operates internationally in Argentina, Australia,
Bolivia, Brazil, Canada, China, Colombia, Ecuador, Indonesia,
Mexico, Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia
and Venezuela.  The company's primary fabrication facilities are
located in Houston, Texas, and Calgary, Alberta.

                          *     *     *

Standard and Poor's assigned BB on Universal Compression
Holdings Inc.'s long term foreign and local issuer credit rating
on November 2006.  S&P said the outlook is stable.


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


AGROSVIT CJSC: Creditors Must File Claims by August 23
------------------------------------------------------
Creditors of CJSC Machine-Technological Station Agrosvit (code
EDRPOU 30395118) have until Aug. 23 to submit written proofs of
claim to:

         Alexander Protsenko
         Liquidator
         Apartment 46
         Mir Str. 11
         Obukhov
         08702 Kiev
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/84 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Machine-Technological Station Agrosvit
         Industrial Str. 42
         Cherniakhov
         12300 Zhytomir
         Ukraine


BERDICHEV REPAIR: Creditors Must File Claims by August 24
---------------------------------------------------------
Creditors of LLC Berdichev Repair Building (code EDRPOU
03330152) have until Aug. 24 to submit written proofs of claim
to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/204-B.

The Debtor can be reached at:

         LLC Berdichev Repair Building
         Berdichev, General Vatutin Str. 8
         Zhytomir
         Ukraine


CONSTANT-TRADING LLC: Creditors' Claims Due August 23
-----------------------------------------------------
Creditors of LLC Constant-Trading (code EDRPOU 34757471) have
until Aug. 23 to submit written proofs of claims to:

         Vladimir Parkulab
         Temporary Insolvency Manager
         Universitetskaya Str. 9
         61003 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B-24/130-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Constant-Trading
         Pravda Avenue 10 Apartment 1A
         61022 Kharkov
         Ukraine


GALAKTIK-PLUS LLC: Creditors Must File Claims by August 24
----------------------------------------------------------
Creditors of LLC Galaktik-Plus (code EDRPOU 32947512) have until
Aug. 24 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/137-07.

The Debtor can be reached at:

         LLC Galaktik-Plus
         Kovtun Str. 24
         61036 Kharkov
         Ukraine


GOROKHOVAL AGRICULTURAL: Creditors Must File Claims by August 24
----------------------------------------------------------------
Creditors of OJSC Gorokhoval Agricultural Delivery (code EDRPOU
00902702) have until Aug. 24 to submit written proofs of claim
to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/43-B.

The Debtor can be reached at:

         OJSC Gorokhoval Agricultural Delivery
        Kozatskaya Str. 63
         Gorokhov
         45700 Volin
         Ukraine



GRANT LLC: Creditors Must File Claims by August 24
--------------------------------------------------
Creditors of LLC Grant (code EDRPOU 31438985) have until Aug. 24
to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/85-07.

The Debtor can be reached at:

         LLC Grant
         Plant Komsomolets Str. 6
         61051 Kharkov
         Ukraine


KP-DONETSK LLC: Creditors Must File Claims by August 24
-------------------------------------------------------
Creditors of LLC KP-Donetsk (code EDRPOU 34627178) have until
Aug. 24 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/91B.

The Debtor can be reached at:

         LLC KP-Donetsk
         Panfilov Avenue 12
         Donetsk
         Ukraine


MIRIAN LLC: Creditors Must File Claims by August 23
---------------------------------------------------
Creditors of LLC Mirian (code EDRPOU 33853970) have until
Aug. 23 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/535/07.

The Debtor can be reached at:

         LLC Mirian
         Industrial Str. 1-A
         54040 Nikolaev
         Ukraine


SVITLEN LLC: Creditors' Claims Due August 24
--------------------------------------------
Creditors of LLC Engineering Center Svitlen (code EDRPOU
13740411275) have until Aug. 24 to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
11/139.

The Debtor can be reached at:

         LLC Engineering Center Svitlen
         Egorov Str. 77-b
         Svetlovodsk
         Kirovograd
         Ukraine


TIUVET LLC: Creditors Must File Claims by August 23
---------------------------------------------------
Creditors of LLC Tiuvet (code EDRPOU 33798517) have until
Aug. 23 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Tiuvet
         Dzerzhynsky Str. 168
         54004 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/534/07


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


ALLTYRES LTD: Appoints BDO Stoy as Administrators
-------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint administrators of Alltyres Ltd.
(Company Number 04113279) on Aug. 8.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Alltyres Ltd.
         3 Bittern Industrial Units
         Bittern Road
         Sowton Industrial Estate
         Exeter
         EX2 7LW
         England
         Tel: 01392 444 403


AUDIX BROADCAST: Brings In Joint Adsministrators from Tenon
-----------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint administrators of Audix Broadcast
Ltd. (Company Number 02818583) on Aug. 10.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

Headquartered in Saffron Walden, England, Audix Broadcast Ltd. -
- http://www.audixbroadcast.co.uk/-- specializes in the design,
manufacture and system integration of audio products for radio
and television broadcasting.


B.A. PETERS: Brings In Joint Administrators from KPMG
-----------------------------------------------------
Jane Moriarty and Myles Hallye of KPMG LLP were appointed joint
administrators of B.A. Peters PLC.

The business currently has license agreements with Azimut,
Bavaria, Legend, Rodman and Island Packet for the sale of luxury
yachts.  Other operations include a Shipyard at Chichester which
undertakes warranty work for the Company's key boat
manufacturers.

"Due to difficult trading conditions the company has experienced
extreme cash flow problems.  Although the business continues to
trade, we have unfortunately had to make 130 members of the
staff redundant," Jane Moriarty disclosed.

The administrators are currently reviewing the financial
position of the company and are actively seeking a buyer for the
business.

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

Headquartered in Chichester, England, B.A. Peters PLC is one of
Europe's largest luxury boat dealerships operating from six
marinas in the U.K. and four marinas in Spain.  The company is
also one of the U.K.'s largest approved service agents for the
key suppliers of Volvo Marin and Raymarine.


BRITISH AIRWAYS: To Launch US Flights from European Capitals
------------------------------------------------------------
British Airways plc intends to launch its first transatlantic
flights from European capital cities in May 2008 after directors
gave the green light for the services, Dominic O'Connell writes
for The Sunday Times.

According to the report, BA will use modified Boeing 757s for
the flights, which will include at least two classes, business
and a less luxurious offering.  It has yet to be determined
whether the less luxurious offering will be the normal economy
seating or a type of premium-economy cabin.

BA is expected to fly from Brussels, Madrid and Paris to New
York's John F. Kennedy airport.  However, the final network has
yet to be decided, The Sunday Times relates.

It is anticipated that the carrier's move will generate a tit-a-
tat response from European rivals such as Air France and
Lufthansa.

BA chief executive Willie Walsh refused to comment on the plans.

In April 2008, restrictive treaties governing transatlantic
services will be lifted under the "open skies" deal signed by
Europe and the United States.

As previously reported in the TCR-Europe, BA is opposing the
open skies treaty as it may lose its protected flight status at
Heathrow airport and face intense competition.

Under the deal, airlines will be allowed to make transatlantic
flights from any nation that could lead to reduced fares.

The airlines will also be permitted to land and take-off from
Heathrow.

The deal is expected to boost transatlantic passenger numbers by
26 million as well as create 80,000 jobs.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Aug. 16, 2007, Moody's
Investors Service upgraded the senior unsecured rating
of British Airways plc to Ba1, one notch lower than the
Corporate Family Rating (upgraded to Baa3, stable outlook),
reflecting the subordination of unsecured debt to a substantial
portion of secured debt.

The debt instruments affected by the rating action are:

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

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

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

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


CHANNEL SITE: Claims Filing Period Ends December 3
--------------------------------------------------
Creditors of Channel Site Services Ltd. have until Dec. 3 to
send in their names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

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

Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint liquidators of the company on Aug. 3 for the
creditors' voluntary winding-up procedure.


COMPLETE SHOPFITTING: Taps Liquidators from Smith & Williamson
--------------------------------------------------------------
Anthony Murphy, Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of Complete
Shopfitting and Interiors Ltd. on Aug. 7 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         GU1 4RA
         England


HANOVER COMPRESSOR: Redeems US$383 Mln of Senior Secured Notes
---------------------------------------------------------------
Hanover Compressor Company related that Hanover Equipment Trust
2001A, a special purpose Delaware business trust (HET 2001A),
will redeem all US$133 million of its outstanding 8.5% Senior
Secured Notes due 2008, and Hanover Equipment Trust 2001B, a
special purpose Delaware business trust, will redeem all US$250
million of its outstanding 8.75% Senior Secured Notes due 2011.

The indenture governing the 8.5% Notes permits the redemption of
all of the 8.5% Notes at a redemption price of 100% plus accrued
and unpaid interest to the date fixed for redemption.  The
indenture governing the 8.75% Notes permits the redemption of
all of the 8.75% Notes at a redemption price of 102.917% plus
accrued and unpaid interest to the date fixed for redemption.
The redemption date of both series of Notes is Sept. 17, 2007.

To commence the redemption process, Hanover Compression Limited
Partnership, an indirect wholly owned subsidiary of Hanover,
exercised its option to purchase from HET 2001A the gas
compression equipment currently under lease to HCLP from HET
2001A, and HCLP exercised its option to purchase from HET 2001B
the gas compression equipment currently under lease from HET
2001B.  HCLP expects to pay HET 2001A approximately US$137.7
million and to pay HET 2001B approximately US$266.3 million for
the equipment on the date the Notes are redeemed.  The trusts
will then use the proceeds from the equipment sale to fund the
redemption of the Notes and the related trust equity
certificates.

U.S. Bank Trust National Association is the trustee and
redemption agent for the Notes.  Formal notice of the redemption
setting forth the redemption procedures was sent to noteholders
on Aug. 17, 2007.

The redemption of the Notes is part of the refinancing plan of
Hanover and Universal Compression Holdings Inc. being
implemented in anticipation of the closing of their pending
merger, which is currently expected to occur on or about
Aug. 20, 2007, if the conditions to the closing have been
satisfied as of that date.  As part of the refinancing plan,
Exterran Holdings, Inc., which will be the publicly traded
holding company following the completion of the merger, has
engaged Wachovia Capital Markets, LLC and J. P. Morgan
Securities Inc. to arrange and syndicate a senior secured credit
facility, consisting of a revolving credit facility and a term
loan, and has engaged Wachovia to provide a new asset-backed
securitization facility to Exterran.  The primary purpose of
these new facilities will be to fund the redemption or
repurchase of all of Hanover's and Universal's outstanding debt
other than Hanover's convertible debt securities and the credit
facility of Universal's publicly traded subsidiary, Universal
Compression Partners, L.P.  The new facilities will replace
Hanover's and Universal's existing bank lines and Universal's
existing asset-backed securitization facility.  The closing of
the new facilities is subject to, among other things, the
receipt of sufficient commitments from participating lenders and
the execution of mutually satisfactory documentation.

              About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.


MEDATA SYSTEMS: Brings In Liquidators from Baker Tilly
------------------------------------------------------
Andrew White and Susan Agnes Maund of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of Medata
Systems Ltd. on Aug. 2 for the creditors' voluntary winding-up
procedure.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         International House
         Queens Road
         Brighton
         East Sussex
         BN1 3XE
         England


MILLER MCCOWAN: Calls In Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Laurie K. Manson and Graham H. Martin of PricewaterhouseCoopers
LLP were appointed joint liquidators of Miller McCowan Ltd. on
Aug. 10 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Miller McCowan Ltd.
         Plumtree Court
         London
         EC4A 4HT
         England

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Kintyre House
         209 West George Street
         Glasgow
         G2 2LW
         Scotland


MONICA & GABRIELA IRIMIA: The Cheeky Girls Faces Bankruptcy
-----------------------------------------------------------
Monica and Gabriela Irimia of The Cheeky Girls are facing
bankruptcy over an unpaid VAT bill, The Sun reports.

According to the report, HM Customs has given the music duo
until Oct. 17, 2007, to pay their tax bill or face litigation.

The Sun adds that The Cheeky Girls have told friends that their
financial demise began after defunct music firm Telstar Records
failed to pay them over GBP2 million.

The Digital Spy noted reports earlier in the year claiming that
The Cheeky Girls owes GBP130,000 to music industry figures.

                    About The Cheeky Girls

Based at London, England, The Cheeky Girls is a disco-pop music
duo.  All their songs are written by their mother and manager
Margit Irimia.


MOORGATE CLO 2: Fitch Puts Low-B Ratings to EUR30 Mln Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Moorgate CLO 2's EUR100.75 million
secured credit linked floating-rate secured notes due Oct. 2021
under the Eirles Two Limited's secured note program, following a
satisfactory performance review:

   -- Series 276 EUR17 million (ISIN XS0266230571): 'AAA'
   -- Series 277 EUR20 million (XS0266229565): 'AA'
   -- Series 278 EUR10 million (XS0266228831): 'A'
   -- Series 279 EUR23.75 million (XS0266228245): 'BBB'
   -- Series 280 EUR17.25 million (XS0266227510): 'BB'
   -- Series 281 EUR12.75 million (XS0266231207): 'B'

The affirmation reflects the consistent credit quality of the
portfolio as well as the available credit enhancement in the
structure.  Since the transaction's close in Oct. 2006, there
have been no defaults.  No reference obligations are rated below
'B-'.  As of the July 7, 2007 performance report, the portfolio
is 98.7% ramped-up.

This transaction is a synthetic collateralized debt obligation
of diversified corporate leveraged loans and bonds.  At closing,
Eirles Two entered into six series of CDS with Deutsche Bank AG,
London Branch (DB) to sell credit protection on tranches of the
reference portfolio, which has a EUR500 million target size by
the end of the ramp up period in Oct. 2007.  The notes are
backed by asset swaps, corresponding to each series, under which
DB will pay the interest due on the notes and the outstanding
note principle balance upon termination.

The ratings address payment of interest and ultimate payment of
principal in accordance with the transaction documentation.  The
ratings are based on the credit quality of the reference
portfolio, the available credit enhancement, and the sound legal
and financial structure of the transaction.


MZ 2007: Creditors' Meeting Slated for Aug. 29
----------------------------------------------
Creditors of MZ 2007 Ltd. will meet at 10:30 a.m. on Aug. 29 at:

         Radisson SAS Hotel
         Manchester Airport
         Chicago Avenue
         Manchester
         M90 3RA

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 28 at:

         Neil Boyle
         Joint Administrator
         Ernst & Young LLP
         George House
         50 George Square
         Glasgow
         G2 1RR
         England

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.


SCOTTISH RE: Names Paul Goldean as North American Unit Head
-----------------------------------------------------------
Scottish Re Group Limited reported changes in its North America
life reinsurance segment.

Effective Aug. 20, 2007, Paul Goldean will serve as interim
President and Chief Executive Officer -- North America while
continuing in his role as Chief Administrative Officer --
Scottish Re Group Limited.  Mr. Goldean has been a key leader
within the company since he joined Scottish Re in 2002.  An
external search to identify a permanent North America CEO is
currently underway.

As announced on May 17, 2007, Cliff Wagner, President and Chief
Executive Officer - North America will leave the company.
Mr. Wagner had served in the role of North America CEO since
August of 2006 and helped lead the company through the
challenges of this past year.  Prior to his current position,
Mr. Wagner served as Chief Actuary - Scottish Re Group Limited.
Best wishes are extended to Mr. Wagner in his future endeavors.

"I am confident that Paul, working with our North America
leadership team, will continue to make progress towards our
goals of improving operational discipline, maintaining
competitive market position, and returning the segment to
profitability," stated George Zippel, President and Chief
Executive of Scottish Re Group Limited.

                        About Scottish Re

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

                            *   *   *

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

As of July 26, 2007, Scottish Re Group Ltd. carries a Ba3 Senior
Unsecured Debt rating and a B2 Preferred Stock rating from
Moody's Investor Service.  Outlook is Positive.

The company also carries a B+ Long-Term Local Issuer Credit
rating from Standard & Poor's.


SDL REALISATIONS: Taps Joint Administrators from PwC
----------------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of SDL Realisations Ltd. (Company Number 00501495) and SDH
Realisations Ltd. (Company Number 01898330) on Aug. 1.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Chard, England, SDL Realisations Ltd. and SDH
Realisations Ltd. design and supply glazing products.


SEA CONTAINERS: Wants Rule 2004 Discovery on GE SeaCo SRL
---------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates, and the Official
Committee of Unsecured Creditors for Sea Containers Ltd. ask the
U.S. Bankruptcy Court for the District of Delaware to compel GE
SeaCo SRL to respond to certain document requests on or before
Sept. 15, 2007.

GE SeaCo is a joint venture between SCL and GE Container SRL, an
affiliate of GE Capital Corporation, that is engaged in the
business of leasing marine and land containers to ocean carriers
and shippers.

On July 16, 2007, GE SeaCo filed 22 proofs of claim, aggregating
more than US$150,000,000, against the Debtors.

Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, in
Wilmington, Delaware, relates that the Document Requests focus
primarily on GE SeaCo's operations, its historical, current and
projected financial results, and certain other GE SeaCo balance
sheet information -- the Asset Discovery.

With respect to the GE SeaCo Claims, alleged to aggregate more
than US$150,000,000, the Debtors seek the actual materials that
GE SeaCo used to analyze the claims and prepare its filed proofs
of claim -- the Claims Discovery.

A list of the GE SeaCo Document Requests is available for free
at http://ResearchArchives.com/t/s?22c0

The Debtors and the SCL Committee seek an examination of GE
SeaCo under Rule 2004 of the Federal Rules of Bankruptcy
Procedure to allow them to discover information that will, among
other things:

  -- provide basis of valuing SCL's ownership interest in GE
     SeaCo;

  -- support the formulation, negotiation, solicitation and
     confirmation of a plan reorganization in the Debtors'
     cases;

  -- allow SCL to monitor the leasing management operations of
     GE SeaCo as they relate to the Debtors; and

  -- permit the debtors to evaluate at a general level the
     sufficiency and validity of the claims GE SeaCo and its
     subsidiaries filed against the Debtors.

The Debtors also ask the Court to grant them ongoing access to
the newly implemented SAP Business Warehouse system immediately
or, if the system is not yet up and running, as soon as GE
SeaCo's employees are given that access.

Many of the relevant financial documents are not self-
explanatory, Mr. Morton notes.  To develop a proper and complete
understanding of GE SeaCo's documents, the Debtors and the SCL
Committee ask Judge Carey to compel GE SeaCo to produce four of
its employees for examination no later than September 30, 2007:

    1. Tony Basoukeas, Chief Financial Officer
    2. Mahindra Nagda, Head of Treasury and former Controller
    3. John Hatton, Vice President - Operations
    4. Paul Merritt, Vice President - Products

The Examinations will neither be redundant nor unnecessarily
burdensome, because they are needed to explain and complete gaps
in the documentary record, Mr. Morton points out.

The Rule 2004 Discovery relates directly to the Debtors'
property and financial condition, Mr. Morton contends.  "The SCL
Member Interest and the Revenue Streams are property of SCL's
estate and, in fact, constitute the bulk of the value available
for creditors taken as a whole in all of these chapter 11
cases."

"[Moreover,] the value of the SCL Member Interest and the
Revenue Streams will be relevant to determining whether the
Debtors can meet their obligations under a plan of
reorganization and retain sufficient liquidity and capital
resources to conduct their businesses," Mr. Morton adds.

The parties have undertaken an active dialogue in trying to
reach an agreement on the Document Requests, the requested
examinations and the SAP Access, Mr. Morton tells the Court.
While the parties have significantly narrowed the open issues,
they have not reached a complete accord on the discovery.  Thus,
the Debtors and the SCL Committee file its 2004 Discovery Motion
in an abundance of caution, in case the parties fail to reach a
final settlement.

                     About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Pension Deficit Reaches US$383 Mln, Report Says
---------------------------------------------------------------
Sea Containers Ltd.'s estimated pension liabilities have
increased to approximately US$383,000,000, the Sunday Telegraph
reports.

Additional pension claims, aggregating about US$115,000,000,
against Sea Containers have been filed in the U.S. Bankruptcy
Court for the District of Delaware, Sylvia Pfeifer of the Sunday
Telegraph relates.  On the other hand, the company's accepted
pension deficit with respect to its British pension schemes
totaled US$268,000,000.

Sea Containers' pension liabilities in Britain have previously
caught the attention of the U.K. Pension Regulators.  The U.K.
Regulators has in fact required the company to put up financial
arrangements with respect to those liabilities.

The US$383 million pension deficit and the U.K. Regulators'
requirement may affect the claims filed by the company's
bondholders, aggregating more than US$374,000,000, the newspaper
notes.

In connection with its reorganization case, Sea Containers is
expected to sell most of its Illustrated London News and the
Corinth Canal business, Ms. Pfeifer says.


                     About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Posts US$849,219 Net Loss in June 2007
------------------------------------------------------
                      Sea Containers, Ltd.
                    Unaudited Balance Sheet
                      As of June 30, 2007

                           Assets

Current Assets
   Cash and cash equivalents                    US$21,917,537
   Trade receivables, less allowances
     for doubtful accounts                                  -
   Due from related parties                         7,887,164
   Prepaid expenses and other current assets        1,816,838
                                                -------------
      Total current assets                      US$31,621,539

Fixed assets, net                                           -

Long-term equipment sales receivable, net                   -
Investments in group companies                              -
Intercompany receivables                                    -
Investment in equity ownership interests          221,500,710
Other assets                                        2,851,462
                                                 ------------
Total assets                                   US$255,973,711

           Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                              US$1,811,626
   Accrued expenses                                51,316,736
   Current portion of long-term debt               25,855,028
   Current portion of senior notes                385,266,750
                                                 ------------
      Total current liabilities                   464,210,140

Total shareholders' equity                       (208,276,429)
                                                 ------------
Total liabilities and shareholders' equity     US$255,973,711


                     Sea Containers, Ltd.
               Unaudited Statement of Operations
               For the Month Ended June 30, 2007

Revenue                                          US$2,844,000

Costs and expenses:
   Operating costs                                     27,199
   Selling, general and
     administrative expenses                       (2,770,759)
   Professional fees                                 (427,740)
   Charges to provide against
     intercompany accounts                          2,584,215
   Depreciation and amortization                            -
                                                 ------------
Total costs and expense                              (587,085)
                                                 ------------

Gain or (Loss) on sale of assets                       30,000
                                                 ------------
Operating income (loss)                             2,286,915

Other income (expense)
   Interest income                                     82,868
Foreign exchange gains or (losses)                     16,942
Interest expense, net                              (3,135,944)
                                                 ------------
Income (Loss) before taxes                           (749,219)
Income tax expense                                   (100,000)
                                                 ------------
Net (Loss)                                        (US$849,219)


                    Sea Containers Services
                    Unaudited Balance Sheet
                     As of June 30, 2007

                            Assets

Current Assets
   Cash and cash equivalents                       (US$18,088)
   Trade receivables                                   23,332
   Due from related parties                         5,288,953
   Prepaid expenses and other current assets        5,860,975
                                                 ------------
      Total current assets                         11,155,172

Fixed assets, net                                   2,591,250

Investments                                         2,704,278
Intercompany receivables                           45,681,103
Other assets                                        3,738,600
                                                 ------------
Total assets                                    US$65,870,403


             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                              US$2,547,530
Accrued expenses                                    2,559,074
Current portion of long-term debt                   1,681,003
                                                 ------------
    Total current liabilities                       6,787,607

Total shareholders' equity                         59,082,796
                                                 ------------
Total liabilities and shareholders' equity      US$65,870,403


                     Sea Containers Services
                 Unaudited Statement of Operations
                 For the Month Ended June 30, 2007

Revenue                                          US$2,511,839

Costs and expenses:
   Operating costs                                          -
   Selling, general and
     administrative expenses                       (1,799,312)
   Professional Fees                                 (364,256)
   Other charges                                            0
Depreciation and amortization                        (106,719)
                                                 ------------
      Total costs and expenses                     (2,270,287)
                                                 ------------

Gains on sale of assets                                     0
                                                 ------------
Operating income (loss)                               241,552

Other income (expense)
   Interest income                                         34
   Foreign exchange gains (losses)                     (1,302)
   Interest expense, net                              (13,815)
                                                 ------------
Income (Loss) before taxes                            226,469
Income tax credit                                           0
                                                 ------------
Net Income                                         US$226,469

Sea Containers Carribean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liabilities in its
June 2007  balance sheet.

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SHAW GROUP: Energy & Chemicals Group Bags Contract in China
-----------------------------------------------------------
The Shaw Group Inc. related that its Energy & Chemicals Group
has been awarded a contract to provide technology and basic
engineering for 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 value of Shaw's technology and
engineering contract, which will be included in the company's
fourth quarter backlog, is approximately US$50 million.

The new plant will utilize proprietary EBMaxSM 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."

                        About Shaw Group

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, 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.


SOLUTIA INC: Has Until November 5 to Remove Civil Actions
---------------------------------------------------------
The Hon. Prudence Carter Beatty of the U.S. Bankruptcy Court for
the Southern District of New York extend the time within which
Solutia Inc. and its debtor-affiliates may remove civil actions,
under Rule 9027(a) of the Federal Rules of Bankruptcy
Procedures, through and including Nov. 5, 2007.

The Debtors' prior deadline to remove pending Civil Actions
under Bankruptcy Rule 9027(a) expired on August 6, 2007.

The Debtors are parties to numerous Civil Actions and are
represented by many different law firms in each or them.  The
Debtors are continuing to review their files and records to
determine whether they should remove certain claims or civil
causes of action pending in state or federal court to which they
might be parties, Jonathan S. Henes, Esq., at Kirkland & Ellis
LLP, in New York, tells the Court.

Unless the enlargement is granted, the Debtors believe they will
not have sufficient time to consider adequately if removal of
any of the Civil Actions is necessary, Mr. Henes asserts.
Moreover, he says, the rights of any party to the Civil Actions
will not be prejudiced by the extension.  Inasmuch as Section
362(a) of the Bankruptcy Code automatically stays actions
against the Debtors, the Civil Actions will not be proceeding in
their respective courts even absent the Debtors' requested
relief, he adds.

If the Debtors ultimately seek to remove any action pursuant to
Bankruptcy Rule 9027, any party to the litigation can seek to
have the action remanded pursuant to Section 1452(b) of the
Judiciary and Judicial Procedures Code, Mr. Henes notes.

                        About Solutia Inc.

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

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

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SERVOTEST SYSTEMS: Creditors' Meeting Slated for Aug. 29
--------------------------------------------------------
Creditors of Servotest Systems Ltd. (Company Number 04404774)
will meet at 10:15 a.m. on Aug. 29 at:

         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Aug. 28 at:

         Geoffrey Paul Rowley
         Joint Administrator
         Vantis
         66 Wigmore Street
         London
         W1U 2SB
         England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


SPEYSIDE ANGLING: Hires Joint Administrators from PwC
-----------------------------------------------------
David Matthew Hammond and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators
of Speyside Angling Supplies Ltd. (Company Number 05794752) on
Aug. 3.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Birmingham, England, Speyside Angling Supplies
Ltd. retails angling equipment.


TELTRONICS INC: Posts US$1.5 Mln Net Loss in Qtr. Ended June 30
---------------------------------------------------------------
Teltronics Inc. reported net loss of US$1.5 million for the
three months ended June 30, 2007, as compared to net income of
US$755,000 for the same period in 2006.

The company has net loss of US$2.6 million for the six months
ended June 30, 2007, as compared to a net income of US$195,000
for the same period in 2006.

The net loss available to common shareholders for the three
months ended June 30, 2007, was US$1.8 million as compared to
net income of US$592,000 for the same period in 2006.

The net loss available to common shareholders for the six months
ended June 30, 2007, was US$3 million as compared to a net loss
of US$131,000 for the same period in 2006.

Operating expenses for the three months ended June 30, 2007 were
US$3.7 million, as compared to US$3.9 million for the same
period in 2006.

Operating expenses for the six months ended June 30, 2007, were
US$7.8 million, as compared to US$8.1 million for the same
period in 2006.

"We continued to have a short fall in revenues in the second
quarter due to timing issues and a slow down in our New York
cabling business," Ewen Cameron, Teltronics' president and CEO,
said.  "This was compounded by the US$570,000 of fees involved
in terminating the CapitalSource financing arrangement."

At June 30, 2007, the company's balance sheet showed total
assets US$15.2 million and total liabilities of US$19.6 million,
resulting to total shareholders' deficiency US$4.4 million.

                    About Teltronics Inc.

Headquartered in Sarasota, Florida, Teltronics Inc. (OTCBB:
TELT) -- http://www.teltronics.com/-- provides communications
solutions and services for businesses.  The company manufactures
telephone switching systems and software for small-to-large size
businesses and government facilities.  Teltronics offers a full
suite of Contact Center solutions -- software, services and
support -- to help their clients satisfy customer interactions.
Teltronics also provides remote maintenance hardware and
software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their voice
and data networks.  The company serves as an electronic
contract manufacturing partner to customers in the US and
overseas.

The company designs, installs, develops, manufactures and
markets electronic hardware and application software products
and also engages in electronic manufacturing services in the
telecommunication industry.  The company's products are
classified into intelligent systems management, digital
switching systems, voice over Internet protocol, customer
contact management systems and emergency response systems.
Overall operations are classified into three reportable
segments: Teltronics, Inc., Teltronics Limited (UK) and Mexico.
Its Mexico office is located at Naucalpan de Juarez.


TEREX CORP: Moody's Lifts Corporate Family Rating to Ba2
--------------------------------------------------------
Moody's Investors Service raised Terex Corporation's corporate
family rating to Ba2 from Ba3.

In addition, Terex's probability of default rating was raised to
Ba2 from Ba3 and the rating on the US$300 million 7.375% senior
subordinated notes was raised to Ba3 LGD5, 77% from B1 LGD5,
76%.  The rating on Terex's senior secured bank facility remains
at Ba1 LGD2, though the associated loss given default assessment
rate has declined to 24% from 22%.  The ratings outlook is
stable.

The corporate family rating has been raised to Ba2 due to
recently strong operating performance, debt reductions and the
improving control environment.  Since June of 2006 Terex's last
twelve month revenues increased to US$8.2 billion from US$6.8
billion, EBITA margin strengthened to 11.1% from 8.7% and total
debt declined to US$1.7 billion from US$2.0 billion.  In Moody's
view Terex has made significant progress toward remediating the
remaining material weakness that was identified by the company
and confirmed by Pricewaterhouse Coopers as part of its audit of
the company's 2006 financial statements.  This material weakness
concerned the lack of control over tax reporting.  Recent
remediation steps have included improvements in the supporting
documentation and practices used in the tax provision
calculation process, hiring tax managers in the U.S. and U.K.,
and developing models to better update FIN 48 provisions and
balances.  The progress made in improving internal controls has
lessened some of the uncertainty that was weighing on the
ratings.

Although the corporate family and probability of default ratings
have improved, the rating on Terex's senior secured bank
facility debt remains unchanged largely due to the change in
capital structure that occurred in January 2007 when the company
redeemed its US$200 million 9.25% senior subordinated notes. The
redemption reduced the amount of debt with a priority claim
junior to the priority claim of the credit facility debt.  That
is, though Moody's views the probability of Terex's default to
now be lower, given default, Moody's would expect the degree of
recovery realized by the bank debt class to be unchanged;
conversely, the expected degree of recovery realized by the
US$300 million 7.375% senior subordinated notes class would now
be greater.

The key risks that Terex faces are potential near-term weakening
of the economy, the cyclicality of its end markets, and
potential costs associated with any resolution of the Securities
and Exchange Commission and U.S.  Department of Justice
investigations.  In addition, parts shortages for certain
classes of heavy equipment are slowing inventory turns and
partially limiting flow through of higher earnings.
Nevertheless, Moody's expects that Terex should now be able to
weather these risks within the Ba2 rating level due to the
company's improved balance sheet, and commitment to maintain
ample liquidity.

The SGL-1 Speculative Grade Liquidity Rating anticipates that
the company will maintain very good liquidity over the next 12-
month period.  Terex's operating cash flow generation combined
with about US$473 available under its committed revolving credit
facility and about US$453 million in cash at the end of June
2007 should be sufficient to fund the company's normal operating
capital requirements, capital spending and debt service over the
next 12 months.

Headquartered in Westport, Connecticut, Terex Corporation --
http://www.terex.com/-- is a diversified global manufacturer of
construction, infrastructure and surface mining equipment.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last 12 months June 30,
2007 revenues were approximately US$8.2 billion.


TISCALI SPA: UK Antitrust Regulator Okays Pipex Unit Takeover
-------------------------------------------------------------
The Office of Fair Trading in the United Kingdom has cleared the
proposed acquisition by Tiscali U.K. Holdings Limited, a unit of
Tiscali S.p.A., of the broadband and voice division of Pipex
Communications plc.

The OFT also confirmed that it will not be referring the
acquisition to the Competition Commission.

On Aug. 10, 2007, the shareholders of Pipex Communications plc
also voted in favor of the acquisition and so Tiscali S.p.A.
envisages that the acquisition should complete in September
2007.

                          About Tiscali

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

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

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

                            *   *   *

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


UPDATE I.T: Appoints Liquidators from Tenon Recovery
----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Update I.T Technologies Ltd.
on Aug. 9 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Richmonds House
         White Rose Way
         Doncaster
         DN4 5JH
         England


WHOLE FOODS: FTC Says It is Reviewing Options to Stop Merger
------------------------------------------------------------
Federal Trade Commission Competition Director Jeffrey Schmidt
expressed regret at a federal district court decision regarding
a proposed merger between Whole Foods Market Inc. and Wild Oats
Markets Inc., calling it a loss for both consumers and
competition.

On Aug. 16, 2007, the U.S. District Court for the District of
Columbia denied the FTC's request for a preliminary injunction
related to the proposed merger.

"We respect the Court's decision, which we currently are
reviewing.  We brought this challenge because the evidence
before us showed that the merger would most likely result in
higher prices and reduced choices for consumers who shop at
premium natural and organic supermarkets," Mr. Schmidt said.
"We are reviewing our options."

On June 5, 2007, the FTC authorized its staff to seek a federal
district court order to prevent Whole Foods from acquiring Wild
Oats.  The FTC argued in court in Washington, DC, on July 31 and
Aug. 1, 2007, that the merger would violate federal antitrust
laws by substantially reducing competition in the market for
premium natural and organic supermarkets in several geographic
areas throughout the United States.  The federal district court
decision allows the transaction to proceed, pending the FTC's
filing of a request for emergency stay with the district and
appellate courts prior to its appeal being heard.  The
Commission also has authorized the staff to act on its
administrative complaint to permanently enjoin the merger.

                     About Wild Oats Markets

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

                     About Whole Foods Market

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

                          *     *     *

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

                            *********

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 * * *