TCREUR_Public/070824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 24, 2007, Vol. 8, No. 168

                            Headlines


A U S T R I A

ELEKTRO ABLASSER: Graz Court Orders Business Shutdown
WEMA-HOLZBAUTECHNIK: Wels Court Orders Business Shutdown


B E L G I U M

SAMSONITE CORP: EU Approves US$1.7 Bln Deal with CVC Capital
SOLUTIA INC: Wants Court Approval on Chemical Plant Agreement
SOLUTIA INC: Inquip Associates Wants Adequate Protection


B U L G A R I A

BURGER KING: Prepares to Enter Market in Bulgaria


C Z E C H   R E P U B L I C

ANDREW CORP: Bags Network Deal for Hong Kong's Transit Railway


F R A N C E

ATARI INC: Non-Filing of Quarterly Report Cues Delisting Notice
FERMOLOR 2000: Rival Firm Buys Company Out of Receivership


G E R M A N Y

A + P - PROJEKTENTWICKLUNG: Claims Registration Ends Oct. 15
ANTELEX GMBH: Claims Registration Period Ends Sept. 14
ASAT HOLDINGS: Gets Nasdaq Notice on Below Criteria Securities
ATG IMMOBILIEN: Creditors Must File Claims by Sept. 12
AUTOHAUS VOGT: Claims Registration Ends Oct. 9

BUERO FUER INGENIEURPLANUNG: Claims Registration Ends October 9
DER HANDWERKSBETRIEB: Claims Registration Period Ends Sept. 14
EGGERS ARCHITEKTURMODELLBAU: Creditors' Claims Due Sept. 18
FETTING HAUSHALTSGERATESERVICE: Meeting Slated for September 18
FOTO RITZ: Claims Registration Period Ends Sept. 20

GPP PROJEKTENTWICKLUNG: Claims Registration Period Ends Sept. 10
HOFFLEIT BAU: Claims Registration Period Ends Sept. 10
HOFMEISTERSCHULE GMBH: Creditors Meeting Slated for Sept. 14
KILOGA GMBH: Claims Registration Ends Oct. 5
KYNAST BIKE: Claims Registration Ends October 16

MESSINGSCHLAGER GMBH: Creditors Must File Claims by Sept. 14
MICROSCAN ARCHIVIERUNGSSYSTEME: Creditors' Claims Due Sept. 12
MLW GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT: Claims End on Oct. 25
OIL RECYCLING: Creditors Must File Claims by Sept. 11
PRORENT PERSONALLEASING: Creditors' Meeting Slated for Sept. 14

PROSIEBENSAT.1 MEDIA: Earns EUR127.8 Million for First Half 2007
RG CONSULTING: Claims Registration Ends Oct. 8
SCHUSTER GMBH: Claims Registration Period Ends Oct. 25
SOLARGRUND GMBH: Claims Registration Ends Sept. 28
SPECTRUM BRANDS: Appoints John D. Bowlin as Board Chairman

TENNECO INC: Buying Combustion Components Business for US$16 Mln
TREFZ LEARNING: Claims Registration Period Ends Oct. 2
VOTORANTIM GROUP: Moody's Puts Ba1 Rating on US$300-Mil. Notes
WERTHMUELLER SYSTEME: Claims Registration Period Ends Oct. 5
WINDISCH SOFTWARE: Claims Registration Ends Sept. 25


I R E L A N D

STRUCTURED CREDIT: Court Stops Liquidation; Orders Restructuring
WR GRACE: PI Committee Wants Charter Oak as Financial Advisor


I T A L Y

ALITALIA SPA: Baldassarre' Group Eyes Italy's Entire Stake
FIAT SPA: Moody's Lifts Corporate Family Rating to Ba1
PARMALAT SPA: Sells Spanish Operations to Lacteos Siglo
PARMALAT SPA: Boschi Food & Beverage Acquires Business Assets


K A Z A K H S T A N

ALTYN OMIR: Claims Registration Ends Sept. 27
ANTK-SERVICE LLP: Creditors' Claims Due on Sept. 25
BETTA & K: Proof of Claim Deadline Slated for Sept. 25
DIDAR LLP: Creditors Must File Claims Sept. 25
KADES-TARAZ LLP: Claims Filing Period Ends Sept. 20

LIT-ASIA LLP: Claims Filing Period Ends Sept. 25
MASSAGETENERGO LLP: Creditors Must File Claims Sept. 25
ORALSNABTRANSSERVICE LLP: Claims Registration Ends Sept. 25
ROSKAZTRANSMETALL LLP: Creditors' Claims Due on Sept. 20
UMIT LLP: Proof of Claim Deadline Slated for Sept. 25


K Y R G Y Z S T A N

ENERGIYA LLC: Proof of Claim Deadline Slated for September 21


L U X E M B O U R G

RUSSIA INT'L: Moody's Lifts Rating to Ba2 on US$300 Mln Notes


N E T H E R L A N D S

PANTHER CDO V: Fitch Rates EUR4 Million Class E Notes at BB


P O L A N D

ELEKTRIM SA: Warsaw Court Approves Bankruptcy Petition
GDANSK SHIPYARD: Poland Submits Rescue Plan to Avert Collapse


P O R T U G A L

COMPANHIA SIDERURGICA: Analyst Sees Good Third Quarter Results


R O M A N I A

SBARRO INC: Reports US$82.6 Million Revenues in Second Quarter


R U S S I A

ANGAR-STORY OJSC: Court Names I. Kolotilin as Insolvency Manager
BORSKIY LLC: Creditors Must File Claims by Sept. 4
BREWER LLC: Creditors Must File Claims by Sept. 4
DAL-SAN-TEKH-MONTAGE: Creditors Must File Claims by Sept. 4
GEORGIEVSKOE PASSENGER: Court Starts Bankruptcy Supervision

GIPRO-AUTO-TRANS: Court Starts Bankruptcy Supervision Procedure
GORNOMARIYSKAYA SEL-KHOZ-KHIMYA: Claims Deadline Set Oct. 4
MINERS OF ZABAYKALYE: Creditors Must File Claims by Oct. 4
REAL CJSC: Creditors Must File Claims by Oct. 5
SABINSKOE-1 OJSC: Creditors Must File Claims by Oct. 4

SEVERSTAL OAO: Acquires 22% Stake in Celtic Resources
SOUTH-MEDICINE LLC: Creditors Must File Claims by Oct. 4
STEPNOE LLC: Court Starts Bankruptcy Supervision Procedure
TAT-OIL-GAS-STROY-KOMPLEKT: Creditors Must File Claims by Oct. 4
TATFLOT OJSC: Court Names A. Gerasimov as Insolvency Manager


S W E D E N

DOLE FOOD: Authorities Detain Product-Liability Case Plaintiff


S W I T Z E R L A N D

BUCHDRUCK + OFFSET JSC: Liquidation Claims Due September 3
CADEX ELECTRONICS: Creditors' Liquidation Claims Due Sept. 3
FLOWER KING: Lucerne Court Starts Bankruptcy Proceedings
GEBR.MANNHART JSC: St. Gallen Court Closes Bankruptcy Process
INTER CONSULTING: Creditors' Liquidation Claims Due Sept. 3

KLEINER DELPHIN: Creditors' Liquidation Claims Due Sept. 3
MALER AMREIN: Lucerne Court Closes Bankruptcy Proceedings
PRAXIS UND VERLAG: Creditors' Liquidation Claims Due Sept. 3
ROTBUHL IMMOBILIEN: Creditors' Liquidation Claims Due Sept. 3
SECODA LLC: Creditors' Liquidation Claims Due September 3

STERNEN GASTRO: Claims Registration Period Ends September 3
WILFRED GEISSBUHLER: Creditors' Liquidation Claims Due Sept. 3


U K R A I N E

NECTAR LLC: Creditors' Claims Due August 25
NEO-FLAMMA LLC: Creditors Must File Claims by August 25
OBILNY LLC: Creditors' Claims Due August 25
OREN LLC: Creditors Must File Claims by August 25
QUINTA-EAST OJSC: Creditors Must File Claims by August 25

SITAL LLC: Creditors Must File Claims by August 25


U N I T E D   K I N G D O M

1ST PDS: Brings In Liquidators from Tenon Recovery
AAGAARD HANLEY: Appoints Michael C. Kienlen as Liquidator
ALERIS INTERNATIONAL: Extends Exchange Offer on Senior Notes
BAKERS PRIDE: Calls In Liquidators from KPMG LLP
BALLY TOTAL: Court Approves Amended Joint Chapter 11 Plan

BALLY TOTAL: Landlords Balk at Amended US$292,000,000 DIP Pact
BUTLER & TANNER: Taps Administrators from Smith & Williamson
CATERING CONNECTIONS: Names Liquidators from KPMG LLP
CELSIA TECH: Assigns Joseph Formichelli as CEO Effective Aug. 20
CHOICESUK PLC: Calls In Joint Administrators from PwC

COMPUCARES LTD: Joint Liquidators Take Over Operations
CORNERSTONE TITAN: S&P Removes Watch on Class F's BB Ratings
CUSTOM FABRICATIONS: Taps M. C. Bowker to Liquidate Assets
CYBA COMPUTER: Claims Filing Period Ends September 19
DURA AUTOMOTIVE: Pacificor Backstop Rights Pact Gets Court Okay

DURA AUTO: Summary of Terms of Proposed Stockholders' Agreement
EASIWIPES LTD: Brings In Liquidators from KPMG LLP
GALLIFORD DANN: Brings In Begbies Traynor as Administrators
GOLDEN KEY: Wind Down Event Cues S&P to Junks Capital Notes
GUESS? INC: Brean Murray Maintains Buy Rating on Firm's Shares

GVG LOGISTICS: Taps Liquidators from Baker Tilly Restructuring
HAVERING FIREPLACES: Hires Liquidators from Vantis Redhead
H.K.W. INFORMATION: Appoints Joint Administrators from Kroll
ISOFT GROUP: IBA Health Revises Takeover Offer to GBP166.3 Mln
JDM WINES: Claims Filing Period Ends September 25

JFL AUTOMOTIVE: Appoints Liquidators from KPMG LLP
MAINSAIL II: S&P Junks Capital Notes on Wind Down Event
MAXIMUM INDEX: Taps Joint Administrators from Vantis
MORTGAGES PLC 7: Fitch Puts BB+ Rating on Class E Notes
OCEAN FITTINGS: M. C. Bowker Leads Liquidation Procedure

REFCO INC: Trustee Files US$2 Bln Suit vs. Advisers, et. al
RENTOKIL INITIAL: Posts GBP559 Mln Equity Deficit at June 30
SCOTTISH RE: Moody's Affirms (P)Ba3 Rating on Sr. Unsec. Shelf
SOUTH HEREFORDSHIRE: Names Kevin John Hellard Liquidator
WARD PHILIPSON: Names Ian William Kings as Administrator

* BOOK REVIEW: Corporate Debt Capacity: A Study of Corporate
               Debt Policy and the Determination of Corporate
               Debt Capacity

                            *********


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A U S T R I A
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ELEKTRO ABLASSER: Graz Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Graz entered July 26 an order shutting down
the business of LLC Elektro Ablasser (FN 57857i).

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

The estate administrator can be reached at:

         Georg Muhri
         LLC CGO Masseverwaltung
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at

Headquartered in Hausmannstatten, Austria, the Debtor declared
bankruptcy on July 24 (Bankr. Case No 40 S 18/07f).


WEMA-HOLZBAUTECHNIK: Wels Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Wels entered July 23 an order shutting down
the business of LLC Wema - Holzbautechnik (FN 251684z).

Court-appointed estate administrator Hans- Peter Neher
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. Hans- Peter Neher
         Schutzenbichl 4
         4820 Bad Ischl
         Austria
         Tel: 06132/28373
         Fax: 06132/28373-6
         E-mail: dr.neher@ihr-rechtsanwalt.at

Headquartered in Mondsee, Austria, the Debtor declared
bankruptcy on July 11 (Bankr. Case No 20 S 91/07v).


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


SAMSONITE CORP: EU Approves US$1.7 Bln Deal with CVC Capital
------------------------------------------------------------
The European Commission has approved the US$1.7 billion merger
deal between Samsonite Corporation and CVC Capital Partners,
saying there were no antitrust issues or complaints from rivals,
The Associated Press states.

The TCR-Europe reported on July 16, 2007, that Samsonite has
entered into a definitive merger agreement to be acquired by
funds managed and advised by CVC Capital Partners, a private
equity firm.  Under the terms of the agreement, CVC will acquire
all of the outstanding common stock of Samsonite for US$1.49 per
share in cash.  The transaction was unanimously approved by the
Board of Directors of Samsonite.

Merrill Lynch International acted as financial advisor and
Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal
advisor to Samsonite in connection with the transaction.
Kirkland & Ellis LLP acted as legal advisor to the Principal
Shareholders in connection with the transaction.  UBS and Lehman
Brothers Inc. acted as financial advisors and Paul, Weiss,
Rifkind, Wharton & Garrison LLP and SJ Berwin LLP acted as legal
advisors to CVC.

                   About Samsonite Corporation

Samsonite Corporation (OTC Bulletin Board: SAMC.OB) --
http://www.samsonite.com/-- manufactures, markets and
distributes luggage and travel-related products.  The company's
owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland,
are sold globally through external retailers and 284 company-
owned stores.  Executive offices are located in London, England.
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

Samsonite Corporation's balance sheet, as of April 30, 2007,
showed total assets of $643.8 million and total liabilities of
$843 million, resulting in a $224.7 million stockholders'
deficit.

                       *     *     *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investors Service placed all ratings of Samsonite Corporation
under review for possible downgrade.

The review was prompted by the company's announcement that it
has entered into a definitive merger agreement with funds
managed and advised by CVC Capital Partners in an all-cash
transaction valued at about US$1.7 billion, including the
assumption of debt (US$482 million outstanding as of April 30,
2007).  The transaction remains subject to regulatory approval
in both the U.S. and Europe, and is expected to close in the
fourth quarter of 2007. LGD assessments are also subject to
change.

Ratings placed under review for possible downgrade are:

* Samsonite Corporation

   -- US$80 million senior secured revolving credit facility at
      Ba3;

   -- US$450 million senior secured term loan at Ba3;

   -- Corporate Family Rating at B1; and

   -- Probability of Default rating at B2.


SOLUTIA INC: Wants Court Approval on Chemical Plant Agreement
-------------------------------------------------------------
Solutia Inc. relates that it manufactured a family of
chlorobenzene-based derivatives at their W.G. Krummich plant and
their Anniston, Alabama plant, which accounted for approximately
2% of its consolidated revenues.  Chlorobenzenes are chemical
intermediates used to produce polymers and polymer additives,
rubber chemicals, agricultural products, pharmaceuticals and
other industrial chemicals.

Solutia shut down its production of chlorobenzene during 2003
and 2004, as it became unprofitable due to foreign competition.
As a result, the equipment used became and is idle.

Since the production shutdown, Solutia engaged in discussions
with multiple parties regarding the sale of the idle
Chlorobenzene Equipment.  Management determined that a certain
purchaser provided the most attractive opportunity, which
included not just the highest price for the Chlorobenzene
Equipment, but also benefits associated with a continued
business relationship.

The Purchaser approached Solutia in early 2007, seeking a
company with expertise in chemical plant operations to partner
with to manufacture a certain chemical.  The Purchaser
determined it could convert manufacturing assets used to produce
Chlorobenzene into facilities to manufacture alternative
chemicals.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
informs the U.S. Bankruptcy Court for the Southern District of
New York that Solutia had intended to dismantle and dispose of
the idle Chlorobenzene Equipment at Krummich for scrap value.
He states that the Purchaser's offer presented a unique
opportunity for Solutia to not only maximize value through the
sale of its equipment, but also enter into a relationship with
the Purchaser, whereby Solutia would:

    * operate the Purchaser's production facility at Krummich;

    * provide other services to the Purchaser; and

    * have the potential to enter into similar transactions at
      some of Solutia's other facilities  -- the Arrangement.

Solutia and the Purchaser engaged in arm's-length negotiations
regarding the sale of the Chlorobenzene Equipment and a
potential manufacturing arrangement.  The negotiations resulted
in Solutia and the Purchaser entering into the Agreements, which
govern the development, ownership and operation of a production
facility to be located at Krummich, as well as the potential
production at some of Solutia's other facilities.

The terms of the Agreements, include:

    * The Chlorobenzene Equipment, including all applicable
      buildings, structures, pipelines, instruments and
      foundations, will be sold to the Purchaser for
      US$2,000,000;

    * The Purchaser is authorized to begin converting and
      upgrading the Chlorobenzene Equipment at Krummich.  In
      exchange, the Purchaser will pay Solutia a fully non-
      refundable prepaid rights access fee of US$8,000,000.
      Once production standards have been met at Krummich, the
      Purchaser will pay Solutia a production fee based upon the
      volume of chemical produced at Krummich and sold by the
      Purchaser.  The Production Fee will be paid on a monthly
      basis for each year of the term of a lease and operating
      agreement;

    * Under the terms of the Lease and Operating Agreement,
      Solutia will lease certain land within Krummich to the
      Purchaser and will provide the Purchaser with additional
      access rights and other easements with respect to certain
      portions of Krummich.  In addition, Solutia will perform
      and supply certain services utilized in chemical
      production and the operation of Krummich to the Purchaser,
      who will pay all the costs related to the services.  The
      Purchaser will also pay Solutia on a monthly basis a pre-
      tax return on the net capital employed by Solutia in
      providing the services; and an operations management
      payment.  The initial term of the Lease and Operating
      Agreement will be 10 years and, thereafter, will continue
      for an indefinite period until terminated by Solutia or
      the Purchaser on at least 24 months prior written notice;

    * Under the terms of the "Enhanced Services Agreement,"
      Solutia will provide consulting services to the Purchaser,
      for the Purchaser's manufacturing process.  The consulting
      services may include site project management, process
      consulting, logistics and purchasing expertise, process
      automation and business plan development.  The initial
      term of the Enhanced Services Agreement will be three
      years and it will automatically renew for successive one
      year terms unless terminated by Solutia or the Purchaser
      with written notice.  The Purchaser will pay Solutia
      consulting fees; and

    * The "Master Development Agreement" addresses Solutia and
      the Purchaser's desire to further explore and implement
      the establishment of chemical manufacturing operations on
      additional Solutia sites.  If certain established
      production targets at Krummich are reached, Solutia may
      make some of its other sites available to the Purchaser
      for the development, ownership and operation of additional
      facilities pursuant to similar arrangements.  Each new
      site must be authorized by a separate development
      authorization executed by Solutia and the Purchaser.

While entry into each of the Agreements to effectuate the
Arrangement could constitute transactions in the ordinary course
of Solutia's business, due to the overall scope of the
Arrangement, and out of an abundance of caution, Solutia seeks
the Court's authority to implement the Arrangement.

                        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).


SOLUTIA INC: Inquip Associates Wants Adequate Protection
--------------------------------------------------------
Inquip Associates Inc. tells the U.S. Bankruptcy Court for the
Southern District of New York that Solutia Inc. proposes to
enter into a manufacturing agreement with a certain purchaser,
which would result in the immediate sale of the equipment
Solutia used in its Chlorobenzene production located at W.G.
Krummich plant in Sauget, Illinois, to the Purchaser and the
manufacturing of a chemical at the Krummich Plant; a lease of a
portion of the Krummich Plant to the Purchaser -- the Sale and
Lease Agreement; and the potential future production of certain
chemicals with the Purchaser at other Solutia facilities -- the
Arrangement.

Inquip is the holder of a claim in the stipulated amount of
US$1,477,626 that is secured by the real estate owned by
Solutia, which includes the Krummich Plant.  Edward A. Smith,
Esq., at Venable LLP, in New York, says that Inquip has not
consented to the Sale and Lease Agreement, which proposes the
sale and lease of a portion of its collateral and the use of the
proceeds thereof that are its cash collateral without provision
of adequate protection of Inquip's secured claim, as required
under Section 361 of the Bankruptcy Code.

Inquip asks the Court to require that, as adequate protection,
proceeds from the Sale and Lease Agreement of not less than
US$2,000,000 be held by Solutia in a separate segregated and
identifiable account subject to Inquip's lien claim to pay
Inquip's secured claim with interest.

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).


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BURGER KING: Prepares to Enter Market in Bulgaria
-------------------------------------------------
Burger King Corp. is ready to enter the Bulgarian market,
Dnevnik reports citing Petar Tsikalov, a member of the chain's
negotiating team, as its source.

According to Mr. Tsikalov, no further information will be
released until the company finalized the purchase of its outlet
sites.

Dnevnik relates that the Polish division of AmRest Holdings NV,
a franchisee of Burger King, had planned to bring the quick-
service brand to Bulgaria.

The Polish company declined to comment on the report.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,100
restaurants in all 50 states and in more than 65 countries and
U.S. territories including Austria, Cyprus, Denmark, France,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, Italy,
Iceland, Germany, Malta, Hungary, and the United Kingdom.

Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family-owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

                            *   *   *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corporation to Ba3
from Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


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ANDREW CORP: Bags Network Deal for Hong Kong's Transit Railway
--------------------------------------------------------------
Andrew Corporation has won a major upgrade contract for the Mass
Transit Railway Corporation's territory-wide radio network in
Hong Kong.

As part of this project, Andrew will modify MTRC's
communications infrastructure in stations, tunnels, and other
buildings to enable migration of the railway's radio system from
a conventional 80 megahertz (MHz) trunk radio system to an 800
MHz TETRA (terrestrial trunked radio) system.

"The MTRC is recognized as one of the world's top railway
operators with a reputation for technical excellence," said Matt
Melester, vice president, Wireless Innovations Worldwide
Business Operations, Andrew Corporation.  "This radio frequency
(RF) upgrade project for TETRA is one more example of how
accurate that perception is.  Andrew has built a highly
successful relationship with MTRC over the last 15-plus years,
and we are extremely proud to continue providing our support of
Hong Kong's transit system and its customers."

TETRA is a mobile radio standard often employed by public safety
and emergency organizations.  The MTRC's existing 80 MHz radio
system was built in the early 1990s, and while system expansions
were made over the past 14 years, the upgrade will support
significantly more advanced functions, including individual
call, group call with flexible grouping, and digital data
transmission.

The project is the latest of a number of large-scale projects on
which Andrew and the MTRC have partnered in recent years,
including the upgrade of the MTRC's wireless network
infrastructure to support UMTS, a third-generation technology
standard for public mobile phone services, in 2004.  Andrew was
selected for the RF upgrade project for TETRA based on its long-
term, successful relationship with the MTRC, its technical
expertise, and the superior performance and value of its
products.

Andrew will provide a complete end-to-end service for the MTRC,
from designing and manufacturing the required system components,
through on-site installation, to training the MTRC staff who
will be implementing the system.  Andrew will also provide
comprehensive maintenance services to the MTRC as part of this
project.

Major Andrew products to be used in the project include the
IONTM-M fiber distributed antenna system, RADIAX(R) radiating
cables, multi-services RF combiners, indoor and outdoor
antennas, HELIAX(R) coaxial cables, passive devices, and
accessories.  Andrew will also install the Andrew Integrated
Management and Operating System, a software-based solution
installed in the operations and maintenance center, which alerts
operators to problems in their network.

                      About Andrew Corp.

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on
Aug. 10, 2006.


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


ATARI INC: Non-Filing of Quarterly Report Cues Delisting Notice
---------------------------------------------------------------
Atari Inc. has received a Nasdaq Staff Determination stating
that, because it did not file its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2007, within the prescribed time
period, it is not in compliance with Marketplace Rule
4310(c)(14) and that such deficiency serves as an additional
basis for delisting its securities from the Nasdaq Global
Market.

Receipt of the Determination does not result in immediate
delisting of Atari's common stock.

Atari has made a request for a hearing with The Nasdaq
Listing Qualifications Panel to appeal the Nasdaq Staff's
Determination on its delinquency in filing its Annual Report on
Form 10-K and has a hearing date of Aug. 30, 2007.

The Panel will consider both deficiencies at that time.  The
hearing request stayed any delisting pending the Panel's
decision. Atari has not filed its Form 10-K because it is still
determining what, accounting entries need to be made with
respect to certain severance matters.

Atari cannot determine its first quarter results until the prior
year-end results are final.  Atari will endeavor to make that
determination as quickly as possible and therefore file its Form
10-K prior to the hearing date and its Form 10-Q promptly as
possible thereafter.

There can be no assurance the Panel will grant Atari's request
for continued listing.

                         About Atari Inc.

Headquartered in New York City Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- is a third-party publisher of
interactive entertainment software in the U.S that develops
interactive games for all platforms.  The company's 1,000+
titles include franchises such as The Matrix(TM) (Enter The
Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari Inc. is a majority-owned subsidiary of France-based
Infogrames Entertainment SA (Euronext - ISIN: FR-0000052573), an
interactive games publisher in Europe.

                       Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.


FERMOLOR 2000: Rival Firm Buys Company Out of Receivership
----------------------------------------------------------
Belgium-based Pierret System, which previously disclosed a EUR50
million turnover target in 2007, intends to boost its position
on the French market through the acquisition of rival Fermolor
2000 S.A.R.L. out of receivership, The Financial Times reports
citing Les Echos as its source.

According to the report, the company plans to inject EUR1
million in upgrading Fermolor and increasing its production
capacity.

The acquisition will see 31 out of 52 Fermolor employees joining
the new owner's 375-workforce.

Headquartered in Champigneulles, France, Fermolor 2000 S.A.R.L.
reported EUR10 million in turnover in 2006.  It had been in
receivership for the past few months.


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


A + P - PROJEKTENTWICKLUNG: Claims Registration Ends Oct. 15
------------------------------------------------------------
Creditors of A + P - Projektentwicklung GmbH have until Oct. 15
to register their claims with court-appointed insolvency manager
Hermann Berding.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Nov. 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 Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Hermann Berding
         Jammertal 1, D
         49661 Cloppenburg
         Germany
         Tel: 04471/91260
         Fax: 04471/82997

The District Court of Delmenhorst opened bankruptcy proceedings
against A + P - Projektentwicklung GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         A + P - Projektentwicklung GmbH
         Dulshorn 2
         27793 Wildeshausen
         Germany

         Attn: Andreas Pietrek, Manager
         Platanenstrasse 6
         27793 Wildeshausen
         Germany


ANTELEX GMBH: Claims Registration Period Ends Sept. 14
------------------------------------------------------
Creditors of Antelex GmbH have until Sept. 14 to register their
claims with court-appointed insolvency manager Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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 Strasse 29
         90491 Nuremberg
         Germany
         Tel: (0911) 598704
         Fax: (0911) 5987379

The District Court of Nuremberg opened bankruptcy proceedings
against Antelex GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Antelex GmbH
         Attn: Klaus-Peter Bohn, Manager
         Brueckkanalstrasse 3
         90537 Feucht
         Germany


ASAT HOLDINGS: Gets Nasdaq Notice on Below Criteria Securities
--------------------------------------------------------------
ASAT Holdings Limited has received a letter from the Nasdaq
Staff stating that the company's market value of listed
securities has been below US$35,000,000 as required for
continued inclusion by Marketplace Rule 4320(e)(2)(B).

Therefore, in accordance with Marketplace Rule 4320(e)(2)(D),
the company will be provided 30 calendar days, or until Sept.
14, 2007, to regain compliance.  If, at anytime before Sept. 14,
2007, the market value of listed securities of the company's
ADSs is US$35,000,000 or more for a minimum of 10 consecutive
business days, Staff will determine if the company complies with
this Rule.

If compliance with this Rule cannot be demonstrated by Sept. 14,
2007, Staff will provide written notification that the company's
securities will be delisted.  At that time, the company may
appeal Staff's determination to a Listing Qualifications Panel.

The company was also notified by Nasdaq that it does not comply
with the minimum stockholders' equity of US$2,500,000 or net
income from continuing operations of US$500,000 in the completed
fiscal year or in two of the last three most recently completed
fiscal years, which are requirements for continued listing on
the Nasdaq Capital Market.

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 election
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.


ATG IMMOBILIEN: Creditors Must File Claims by Sept. 12
------------------------------------------------------
Creditors of ATG Immobilien GmbH have until Sept. 12 to register
their claims with court-appointed insolvency manager Hans
Ritschel.

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

The meeting of creditors will be held at:

         The District Court Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Hans Ritschel
         Aschaffenburger Strasse 21
         64807 Dieburg
         Germany

The District Court of Bad Homburg v.d.Hoehe opened bankruptcy
proceedings against ATG Immobilien GmbH on Aug. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ATG Immobilien GmbH
         Karthauser Strasse 11
         65719 Hofheim
         Germany


AUTOHAUS VOGT: Claims Registration Ends Oct. 9
----------------------------------------------
Creditors of Autohaus Vogt GmbH have until Oct. 9 to register
their claims with court-appointed insolvency manager
J. Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. 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 of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         J. Schneider
         Tatzendpromenade 2
         07745 Jena
         Germany

The District Court of Gera opened bankruptcy proceedings against
Autohaus Vogt GmbH on Aug. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Vogt GmbH
         An den Brandeichen 1
         07639 Bad Klo-sterlausnitz-Weissenborn
         Germany


BUERO FUER INGENIEURPLANUNG: Claims Registration Ends October 9
---------------------------------------------------------------
Creditors of Buero fuer Ingenieurplanung M. Zeising GmbH have
until Oct. 9 to register their claims with court-appointed
insolvency manager Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. 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 of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Buero fuer Ingenieurplanung M. Zeising GmbH
on Aug. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Buero fuer Ingenieurplanung M. Zeising GmbH
         Attn: Manfred Zeising, Manager
         Fiete-Schulze-Strasse 14
         06116 Halle
         Germany


DER HANDWERKSBETRIEB: Claims Registration Period Ends Sept. 14
--------------------------------------------------------------
Creditors of Der Handwerksbetrieb-Gesellschaft fuer die Beratung
bei der Neugruendung und Fuehrung von Handwerksbetrieben sowie
Beteiligung an solchen und deren Betrieb mbH have until Sept. 14
to register their claims with court-appointed insolvency manager
Uwe Bendig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 28, 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 Niebuell
         Hall 1
         Gerichtsgebaude
         Sylter Bogen 1 A
         25899 Niebuell
         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 Bendig
         Dockenhudener Strasse 20
         22587 Hamburg
         Germany

The District Court of Niebuell opened bankruptcy proceedings
against Der Handwerksbetrieb-Gesellschaft fuer die Beratung bei
der Neugruendung und Fuehrung von Handwerksbetrieben sowie
Beteiligung an solchen und deren Betrieb mbH on Aug. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Der Handwerksbetrieb-Gesellschaft fuer die Beratung bei
         der Neugruendung und Fuehrung von Handwerksbetrieben
         sowie Beteiligung an solchen und deren Betrieb mbH
         Attn: Dr. Frank-Herbert Hamers, Manager
         Grosse Venedig 38 a
         31134 Hildesheim
         Germany


EGGERS ARCHITEKTURMODELLBAU: Creditors' Claims Due Sept. 18
-----------------------------------------------------------
Creditors of EGGERS Architekturmodellbau GmbH have until
Sept. 18 to register their claims with court-appointed
insolvency manager Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen
         Germany

The District Court of Aachen opened bankruptcy proceedings
against EGGERS Architekturmodellbau GmbH on Aug. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EGGERS Architekturmodellbau GmbH
         Annuntiatenbach 29 a
         52062 Aachen
         Germany


FETTING HAUSHALTSGERATESERVICE: Meeting Slated for September 18
---------------------------------------------------------------
The court-appointed insolvency manager for Fetting
Haushaltsgerateservice GmbH, Dr. Petra Hilgers will present her
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:35 a.m. on Sept. 18.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 18 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. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Fetting Haushaltsgerateservice GmbH on
Aug. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fetting Haushaltsgerateservice GmbH
         Roelckestrasse 164
         13086 Berlin
         Germany


FOTO RITZ: Claims Registration Period Ends Sept. 20
---------------------------------------------------
Creditors of Foto Ritz GmbH have until Sept. 20 to register
their claims with court-appointed insolvency manager Thomas
Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Oct. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Thomas Neumann
         Altenaer Str. 2
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Foto Ritz GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Foto Ritz GmbH
         Hauptstrasse 65
         58332 Schwelm
         Germany


GPP PROJEKTENTWICKLUNG: Claims Registration Period Ends Sept. 10
----------------------------------------------------------------
Creditors of GPP Projektentwicklung und Projektmanagement GmbH
have until Sept. 10 to register their claims with court-
appointed insolvency manager Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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 Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against GPP Projektentwicklung und Projektmanagement GmbH on
Aug. 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GPP Projektentwicklung und Projektmanagement GmbH
         Duisburger Str. 211
         46049 Oberhausen
         Germany

         Attn: Carsten Grawe, Manager
         Dueppelstr. 45
         46045 Oberhausen
         Germany


HOFFLEIT BAU: Claims Registration Period Ends Sept. 10
------------------------------------------------------
Creditors of Hoffleit Bau GmbH have until Sept. 10 to register
their claims with court-appointed insolvency manager Klaus
Albert Maier.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Klaus Albert Maier
         Wilhelmstr. 12
         70182 Stuttgart
         Germany
         Tel: 0711/16 42 40
         Fax: 0711/16 42 424

The District Court of Stuttgart opened bankruptcy proceedings
against Hoffleit Bau GmbH on Aug. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hoffleit Bau GmbH
         Attn: Andrea Hoffleit, Manager
         Bahnhofstr. 23
         70734 Fellbach
         Germany


HOFMEISTERSCHULE GMBH: Creditors Meeting Slated for Sept. 14
------------------------------------------------------------
The court-appointed insolvency manager for Hofmeisterschule
GmbH, Udo Feser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:35 a.m. on
Sept. 14.

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 10:30 a.m. on Dec. 31 at the same venue.

Creditors have until Oct. 26 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 Hofmeisterschule GmbH Handels on Aug. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hofmeisterschule GmbH Handels-
         und Sprachenschule Computerschule
         Berliner Strasse 9
         10715 Berlin
         Germany


KILOGA GMBH: Claims Registration Ends Oct. 5
--------------------------------------------
Creditors of Kiloga GmbH have until Oct. 5 to register their
claims with court-appointed insolvency manager Henning Bosse.

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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Henning Bosse
         Prinzenstr. 3
         30159 Hannover
         Germany
         Tel: 0511-35399160
         Fax: 0511-35399166
         E-Mail: hannover@brf-partner.de

The District Court of Hildesheim opened bankruptcy proceedings
against Kiloga GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Kiloga GmbH
         Hirschberger Str. 7
         31135 Hildesheim
         Germany


KYNAST BIKE: Claims Registration Ends October 16
------------------------------------------------
Creditors of Kynast bike GmbH have until Oct. 16 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Bersenbrueck
         Room E 11
         Stiftshof 8
         49593 Bersenbrueck
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/938422
         Fax: 02557/938450

The District Court of Bersenbrueck opened bankruptcy proceedings
against Kynast bike GmbH on Aug. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

Headquartered in Quakenbrueck, Germany, Kynast bike GmbH employs
around 50 people, compared to the 2,800 workers it previously
employed when it was still the biggest bike factory in Europe.
It had planned to report about EUR3 million in turnover before
it filed for insolvency.


MESSINGSCHLAGER GMBH: Creditors Must File Claims by Sept. 14
------------------------------------------------------------
Creditors of Messingschlager GmbH technische Beratung fuer
Fertigbauten have until Sept. 14 to register their claims with
court-appointed insolvency manager Ralf-Michael Doerr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 3
         Promenade 8
         91522 Ansbach
         Germany

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

The insolvency manager can be reached at:

         Ralf-Michael Doerr
         Merckstr. 5
         91522 Ansbach
         Germany
         Tel: 0981/9531960
         Fax: 0981/953196-29

The District Court of Ansbach opened bankruptcy proceedings
against Messingschlager GmbH technische Beratung fuer
Fertigbauten on Aug. 10.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Messingschlager GmbH technische Beratung
         fuer Fertigbauten
         Gottfried-Keller-Str. 34
         91757 Treuchtlingen
         Germany


MICROSCAN ARCHIVIERUNGSSYSTEME: Creditors' Claims Due Sept. 12
--------------------------------------------------------------
Creditors of MicroScan Archivierungssysteme GmbH have until
Sept. 12 to register their claims with court-appointed
insolvency manager Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Oct. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Andreas Roepke
         Mlheimer Strasse 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against MicroScan Archivierungssysteme GmbH on Aug. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MicroScan Archivierungssysteme GmbH
         Brauerstr. 3a
         47058 Duisburg
         Germany


MLW GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT: Claims End on Oct. 25
--------------------------------------------------------------
Creditors of MLW Grundstuecksverwaltungsgesellschaft mbH have
until Oct. 25 to register their claims with court-appointed
insolvency manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Hildesheim opened bankruptcy proceedings
against MLW Grundstuecksverwaltungsgesellschaft mbH on Aug. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MLW Grundstuecksverwaltungsgesellschaft mbH
         Benzstr. 4
         31135 Hildesheim
         Germany

         Attn: Heinrich Hartmann, Manager
         Riethwinkel 37
         31171 Nordstemmen
         Germany


OIL RECYCLING: Creditors Must File Claims by Sept. 11
-----------------------------------------------------
Creditors of Oil Recycling Services GmbH have until Sept. 11 to
register their claims with court-appointed insolvency manager
Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Oil Recycling Services GmbH on Aug. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Oil Recycling Services GmbH
         Magdeburger Strasse 16 a
         45881 Gelsenkirchen
         Germany

         Attn: Ernst Hammer, Manager
         Am Buehl 37
         45481 Muelheim an der Ruhr
         Germany


PRORENT PERSONALLEASING: Creditors' Meeting Slated for Sept. 14
---------------------------------------------------------------
The court-appointed insolvency manager for PRORENT
Personalleasing GmbH, Knut Rebholz will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:35 a.m. on Sept. 14.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on Nov. 30 at the same venue.

Creditors have until Oct. 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

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

The Debtor can be reached at:

         PRORENT Personalleasing GmbH
         Kaiserdamm 97
         14057 Berlin
         Germany


PROSIEBENSAT.1 MEDIA: Earns EUR127.8 Million for First Half 2007
----------------------------------------------------------------
ProSiebenSat.1 Media AG released its financial results for the
first half and second quarter ended June 30, 2007,

ProSiebenSat.1 published EUR127.8 million in net profit on
EUR1.05 billion in net revenues for the first half of 2007,
compared with EUR114.2 million in net profit on EUR1.02 billion
in net revenues for the same period in 2006.

The company also posted EUR87.2 million in net profit on
EUR551.6 million in net revenues for the second quarter of 2007,
compared with EUR83.4 million in net profit on EUR550.9 million
in net revenues for the same period in 2006.

"The ProSiebenSat.1 Group had a successful and eventful first
half in 2007," Guillaume de Posch, ProSiebenSat.1 Media AG CEO,
said.  "Acquiring the SBS Broadcasting Group and transforming
ProSiebenSat.1 into a leading integrated pan-European
broadcaster was the most important strategic decision for the
future of the company.  SBS's dynamic performance in the first
half confirms that view."

As of June 30, 2007, ProSiebenSat.1 has EUR2.13 billion in total
assets, EUR581 million in total liabilities and EUR1.38 billion
in shareholders' equity.

                             Outlook

Market expectations for TV advertising investment in Germany are
between 2% and 3% net in the current year with a weak third
quarter and a stronger fourth quarter.

The first consolidation of SBS as of July 2007 will
significantly increase revenues and profits.  Over the medium
term, the ProSiebenSat.1 Group has set itself the goal of
increasing its EBITDA margin to between 25% and 30%, a figure
consistent with the margins of Europe's top five media groups.
The synergies in costs and revenues expected from integration
will contribute to that improvement.  These are expected to
reach EUR80 million to EUR90 million with full effect as of
2010.

"The new Group has three strategic goals: Strengthen our core
business Free TV and develop content, expand our online and
digital services and create a leading operational platform for
the pan-European Group," Mr. Guillaume de Posch adds.  "Our
goals are clear, and we intend to meet the demands of viewers
throughout Europe.  That means, first and foremost, that we want
to offer top programs."

"The operating performance was above expectations," Iris
Schaefer of Landesbank Baden-Wuerttemberg told Bloomberg News.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                            *   *   *

As of Aug. 23, 2007, ProsiebenSat.1 Media AG carries Ba1 senior
unsecured and corporate family ratings from Moody's Investors
Service.


RG CONSULTING: Claims Registration Ends Oct. 8
----------------------------------------------
Creditors of RG Consulting Unternehmensberatungs- und
Handelsgesellschaft mbH have until Oct. 8 to register their
claims with court-appointed insolvency manager Dr. Hans-Joerg
Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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. Hans-Joerg Laudenbach
         Fach 62
         Carlo-Mierendorff-Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-15
         Fax: 0641/98292-85

The District Court of Marburg/Lahn opened bankruptcy proceedings
against RG Consulting Unternehmensberatungs- und
Handelsgesellschaft mbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RG Consulting Unternehmensberatungs- und
         Handelsgesellschaft mbH
         Blumenweg 9
         34628 Willingshausen-Wasenberg
         Germany


SCHUSTER GMBH: Claims Registration Period Ends Oct. 25
------------------------------------------------------
Creditors of Schuster GmbH have until Oct. 25 to register their
claims with court-appointed insolvency manager Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Ingo Thurm
         Aegidientorplatz 2B
         30159 Hannover
         Germany
         Tel: 0511 / 475577-47
         Fax: 0511 / 475577-99
         E-Mail: info@thurm-insolvenz.de

The District Court of COURT opened bankruptcy proceedings
against Schuster GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schuster GmbH
         Luebecker Str. 15
         31089 Duingen
         Germany


SOLARGRUND GMBH: Claims Registration Ends Sept. 28
--------------------------------------------------
Creditors of Solargrund GmbH have until Sept. 28 to register
their claims with court-appointed insolvency manager Dr.
Alexander Geilert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Alexander Geilert
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Solargrund GmbH on Aug. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Solargrund GmbH
         Kesselhutweg 14
         64289 Darmstadt
         Germany


SPECTRUM BRANDS: Appoints John D. Bowlin as Board Chairman
----------------------------------------------------------
Spectrum Brands Inc. has appointed John D. Bowlin as chairman of
the board.  Mr. Bowlin replaces David A. Jones, who is resigning
his position as a director after serving as chairman of the
board since 1996, and as chief executive officer from 1996 until
May 23, 2007.

Mr. Bowlin has been a director of Spectrum Brands since May
2004, and is a member of the audit committee and the nominating
and corporate governance committee.

"The other board members and I congratulate John on his
appointment," Kent Hussey, chief executive officer of Spectrum
Brands, said.  "We appreciate his continued service to the
company and believe Spectrum will benefit significantly from his
leadership and extensive experience at some of the world's
largest consumer products companies as we continue to make
progress on our strategy to improve operational performance
while reducing our leverage and interest burden.  I look forward
to working closely with him as Spectrum addresses the challenges
and opportunities
ahead."

"Dave Jones' entrepreneurial leadership and guidance over the
past eleven years have been a driving force behind the growth of
Spectrum Brands into the world-class consumer products company
that it is today, Mr. Hussey continued.  "On behalf of the
entire board and the employees and customers at Spectrum, we
thank him for his leadership and contributions as chairman and
CEO and wish him well in his future endeavors."

Mr. Bowlin has over 30 years of managerial and operational
experience in the consumer products industry.  Recently, he was
president and chief executive officer of SABMiller PLC from 2002
to 2003.  Prior to that, he held several senior executive
positions at Phillip Morris Companies Inc., including serving as
chief executive officer of Miller Brewing Company from 1999 to
2002, president and chief executive officer of Kraft Foods
International from 1996 to 1999 and as Kraft North America's
president and chief operating officer from 1994 to 1996, and
president of Oscar Meyer Food Corporation from 1991 to 1993.

He held various positions at General Foods Corporation.  In
addition to his role at Spectrum Brands, Mr. Bowlin currently
serves as a board member at a number of privately-held
companies.

                    About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company has approximately 8,400 employees worldwide.  The
company's European headquarters is located in Sulzbach,
Germany.

                          *     *     *

Moody's Investor Services placed Caa1 on Spectrum Brands Inc.'s
long term corporate family rating and probability of default on
March 2007.  The outlook is stable.

Standard and Poor's assigned CCC+ on its long term foreign and
local issuer credit on Feb 2007.  The outlook is negative.


TENNECO INC: Buying Combustion Components Business for US$16 Mln
----------------------------------------------------------------
Tenneco Inc. has signed an agreement to acquire for US$16
million the mobile emissions business of Combustion Components
Associates, Inc., a manufacturer of air pollution control
technologies.  The acquisition enhances Tenneco's complete
system integration capabilities for selective catalyst reduction
emissions control technologies designed to meet future more
stringent diesel emissions regulations for passenger cars and
trucks.

CCA develops emissions control solutions for customers in the
transportation and power generation industries.  The company has
designed and manufactured a Nitrogen Oxides emission reduction
system called ELIM-NOx(TM), which is designed to reduce NOx
emissions by 70 to 90 percent using SCR technology.  SCR is the
process of removing NOx through a chemical reaction and is
considered the leading technology for helping diesel engines
meet the NOx emissions standards.  Customer demands for this new
technology, driven by regulations, will increase in the U.S.,
Europe and China starting in 2010 to 2012.

"This acquisition strengthens our advanced technology offering.
ELIM-NOx(TM) is one of the few proven high-performance systems
or urea and hydrocarbon injection.  Combined with the SCR
technology we produce today, Tenneco can offer our customers a
fully-integrated emission control system to meet stringent
diesel emissions regulations for NOx reduction," said Gregg
Sherrill, Tenneco Chairman and CEO.  "This technology allows us
to optimize both the performance and cost of a total
aftertreatment system, providing greater value for our customers
globally."

The ELIM-NOx(TM) injector system and "self-learn" monitoring
device are unique.  The injector system is capable of providing
rapid, uniform dispersion of urea without the use of steam or
compressed air, reducing overall system lifecycle cost.  Tenneco
believes that, with this technology, it will be the only
complete emissions control system manufacturer with the
capability to manufacture and integrate its own injector systems
into a diesel emissions control system.

The "self-learn" monitoring device -- which uses sensors to
measure NOx, exhaust temperature, and other engine parameters --
significantly reduces vehicle development time and cost.  It is
temporarily mounted on a development vehicle as it operates in
normal driving conditions.  This helps minimize off-line vehicle
testing and calibration.

"The CCA self-learning capability is truly unique, allowing for
very quick prototyping of development vehicles.  We believe it
will offer an extremely attractive system integration
alternative for our customers, saving both time and money
compared to traditional dynamometer calibration techniques,"
said Tim Jackson, Tenneco Chief Technology Officer.

In addition to providing this innovative solution to original
equipment manufacturers, Tenneco will also sell retrofit
versions of the ELIM-NOx(TM) system for commercial vehicles.
Later this year, the company expects to complete final
validation testing for the system to be added to the EPA list of
verified retrofit technologies.

Tenneco will purchase CCA's mobile emission business for
approximately US$16 million.  The transaction is subject to
customary closing conditions, including receipt of various third
party approvals.  Tenneco expects the transaction to close in
September.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2007, Fitch Ratings has affirmed these ratings of
Tenneco, Inc:

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

Fitch said the rating outlook remains Positive.


TREFZ LEARNING: Claims Registration Period Ends Oct. 2
------------------------------------------------------
Creditors of Trefz Learning Solutions GmbH have until Oct. 2 to
register their claims with court-appointed insolvency manager
Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany

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

The Debtor can be reached at:

         Trefz Learning Solutions GmbH
         Attn: Ingrid Trefz, Manager
         Muellerwiese 1 a
         51491 Overath
         Germany


VOTORANTIM GROUP: Moody's Puts Ba1 Rating on US$300-Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the Ba1 foreign currency rating on Votorantim Overseas
Trading Operations -- Voto III's US$300 million guaranteed
senior unsecured notes due 2014.

The notes are jointly, severally, unconditionally and
irrevocably guaranteed by Votorantim Participacoes S.A. (100%
guarantee liability; Votorantim), Votorantim Celulose e Papel
S.A. (guarantee liability limited to 15% of the outstanding
amount of the notes), Votorantim Cimento Brasil Ltda. (guarantee
liability limited to 45%), and Votorantim Metais Zinco Ltda.
(guarantee liability limited to 40%).

While the group's diversified portfolio, cost-efficient
operations, strong debt protection metrics and liquidity have
been supportive of an investment grade rating, its level of
transparency and complex organizational structure have been
major constraining factors.  The rating action of placing the
notes rating under review for possible upgrade recognizes both
the operating improvements of Votorantim as well as the efforts
to improve transparency and simplify its corporate structure.

The review will focus on the sustainability of the group's
operating performance and its ongoing commitment to improve
transparency to a level that Moody's would consider to be more
appropriate for an investment grade issuer.  Some of the issues
that Moody's is concerned about are the lack of audited
quarterly cash flow statements, better business segment
disclosure and a still complex organizational structure, even
after recent progress in this area.

Votorantim is a privately held conglomerate with a diverse
business portfolio that includes banking, metals and mining,
pulp and paper, cement, agribusiness, and chemicals.  Votorantim
reported consolidated net revenues of BRL28,978 million
(US$13,293 million) in 2006.

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.

The company has global presence in Australia, Singapore, and
Germany.


WERTHMUELLER SYSTEME: Claims Registration Period Ends Oct. 5
------------------------------------------------------------
Creditors of Werthmueller Systeme Geisa GmbH & Co. KG have until
Oct. 5 to register their claims with court-appointed insolvency
manager Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 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 Meiningen
         Meeting Hall A 0208
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Scheid
         Anger 10
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Werthmueller Systeme Geisa GmbH & Co. KG on Aug. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Werthmueller Systeme Geisa GmbH & Co. KG
         Attn: Volker Bettin, Manager
         Wiesenweg 9
         36419 Geisa
         Germany


WINDISCH SOFTWARE: Claims Registration Ends Sept. 25
----------------------------------------------------
Creditors of Windisch Software Solutions GmbH have until
Sept. 25 to register their claims with court-appointed
insolvency manager Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

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

The insolvency manager can be reached at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne
         Germany
         Tel: (0221) 9726157
         Fax: (0221) 9726227

The District Court of Siegen opened bankruptcy proceedings
against Windisch Software Solutions GmbH on __.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Windisch Software Solutions GmbH
         Eiserfelder Str. 446
         57080 Siegen
         Germany


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


STRUCTURED CREDIT: Court Stops Liquidation; Orders Restructuring
----------------------------------------------------------------
The Hon. Patrick McCarthy of the High Court of Ireland revoked a
ruling to place Structured Credit Co. into liquidation and
ordered that the company undergo restructuring instead,
Bloomberg News reports.

Justice McCarthy also withdrew the appointment of Simon Coyle of
Mazars as the company's provisional liquidator and named an
interim examiner to explore restructuring as an option,
Bloomberg News adds.

As reported in the TCR-Europe on Aug. 21, 2007, Nomura
International plc, which claims more than EUR48 million in debts
against the firm, had appointed Mr. Coyle as SCC's provisional
liquidator.  The High Court in Dublin later approved Mr. Coyle's
appointment and assigned him for an orderly winding-up
proceeding.

SCC's shareholders have pledged to invest US$125 million to
facilitate the company's restructuring plan.

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

SCC went into provisional liquidation on Aug. 17, 2007, with
debts amounting to EUR259.5 million (US$350 million).  It is the
first Irish company to collapse as a direct result of the
volatility in global markets and the crisis in the U.S. mortgage
market.


WR GRACE: PI Committee Wants Charter Oak as Financial Advisor
-------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants of
W.R. Grace & Co. and its debtor-affiliates has retained L.
Tersigni Consulting, P.C., as its financial advisor
since 2001.

In May 2007, Mr. Tersigni died.  After Mr. Tersigni's death,
Elihu Inselbuch, Esq., at Caplin & Drysdale Chartered, in New
York, lead counsel for the PI Committee, discovered that, in fee
applications filed in the bankruptcy courts, Mr. Tersigni had
arbitrarily increased time entries submitted by its employees.

Because of this discovery, the PI Committee withdrew pending
applications filed by L. Tersigni and saw to it that no further
payments were to be made to the firm.  The PI Committee also
terminated its engagement of L. Tersigni.

Mr. Inselbuch tells the U.S. Bankruptcy Court for the District
of Delaware that Bradley Rapp, James Sinclair, and Robert
Lindsay, all former senior professionals at L. Tersigni, have
offered financial advisory services to the PI Committee through
a new firm, Charter Oak Financial Consultants, LLC.

The PI Committee believes that hiring Charter Oak will allow
them to retain the benefit of Messrs. Rapp, Sinclair, and
Lindsay's knowledge of issues and information significant to the
case while avoiding delays that would be incurred if the PI
Committee were forced to find and hire another firm.

Thus, the PI Committee seeks the Court's authority to retain
Charter Oaks as its financial advisor, nunc pro tunc to July 30,
2007.

As financial advisor, Charter Oak will:

  (a) oversee the PI Committee's fulfillment of its
      responsibilities by monitoring the financial affairs of
      the Debtor's and their affiliates and subsidiaries;

  (b) interpret and analyze financial materials, including
      accounting, tax, statistical, financial and economic data,
      regarding the Debtors;

  (c) analyze and advice the PI Committee regarding accounting,
      financial, valuation, and related issue that may arise in
      the course of the proceeding;

  (d) assist the PI Committee's co-counsel in the evaluation and
      preparation of avoidance power claims and any other
      potential litigation, as requested;

  (e) analyze and advice regarding settlement negotiations and
      any potential plan of reorganization; and

  (f) testify as an expert on financial matters, if requested.

Charter Oak will be paid for its services based on the firm's
hourly billing rates:

         Professional               Hourly Rate
         ------------               -----------
         Senior Managing Directors      US$535
         Director                       US$500
         Analyst                        US$200

The PI Committee believes that Charter Oak is "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code.

                        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).


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


ALITALIA SPA: Baldassarre' Group Eyes Italy's Entire Stake
----------------------------------------------------------
A consortium of investors represented by Antonio Baldassarre
wants to acquire the Italian government's entire 49.9% stake in
ailing carrier Alitalia S.p.A., various reports say.

"If possible we would like to purchase the whole group,
obviously this is possible if negotiations are successful." Mr.
Baldassarre told Agenzia Giornalistica Italiana.  "We scheduled
to meet at the end of the month to arrange another date and
begin negotiations."

Mr. Baldassarre wants to meet Alitalia S.p.A. chairman Maurzio
Prato early September to possibly present a business plan for
the national airline, La Stampa reports citing the former
Constitutional Court president.  The group will meet Alitalia's
unions after the discussion with Mr. Prato.

Mr. Baldassarre told La Stampa that while their business plan
for Alitalia remains autonomous, they welcome new consortium
members.

"The number and identity of the members of the consortium will
be revealed after the meeting with the company."

Mr. Baldassarre said the consortium has tapped Sviluppo
Mediterraneo as financial advisor.

As reported in the TCR-Europe on Aug. 16, 2007, Mr. Baldassarre
told Reuters that the group comprised more than five Italian and
foreign members representing both financial and corporate
interests.  Mr. Baldassarre added that the consortium members
had participated in the failed auction.

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

Mr. Baldassarre said the group's plans include:

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

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

                          About Alitalia

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

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


FIAT SPA: Moody's Lifts Corporate Family Rating to Ba1
------------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.

"Fiat is continuing on its successful path towards a sustainable
recovery of its financial profile in the first half year 2007
mainly driven by further operating improvements at Fiat Group
Automobiles but also higher contributions from all other
industrial businesses in particular Iveco and CNH," Falk Frey,
Senior-Vice-President and the lead analyst at Moody's for the
European automotive sector, said.

"Moody's believes that 2008 will be more challenging for Fiat,
as the strengthening competitive landscape as well as the
expiring scrapping incentive in the Italian market should dampen
the strong volume growth observed in the last few years," Frey
went on to say.  Should Fiat's financial flexibility continue to
improve against this background and should Moody's gain
confidence that these improvements will prove sustainable in
2008 and beyond, then the ratings could return to investment
grade within the next 6-12 months".

Upgrades:

   * Issuer: Fiat Finance & Trade Ltd.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
        Ba1 from Ba2; and

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
        from Ba2.

   * Issuer: Fiat Finance Canada Ltd.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
        Ba1 from Ba2.

   * Issuer: Fiat Finance North America Inc.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
        Ba1 from Ba2;

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
        from Ba2.

   * Issuer: Fiat S.p.A.

     -- Probability of Default Rating, Upgraded to Ba1 from Ba2;
     -- Corporate Family Rating, Upgraded to Ba1 from Ba2.

Moody's says that the positive outlook is based on the
expectation that Fiat can sustain the current momentum,
benefiting from:

   (i) the launch of new volume models (Fiat Bravo in First
       Quarter 2007 and Fiat 500 in third quarter 2007);

  (ii) a gradual overhaul of its Alfa Romeo and Lancia models;

(iii) an ongoing improvement of Fiat Group Automobiles' dealer
       network; as well as

  (iv) ongoing efficiency gains.

Moody's also anticipates that Fiat will generate positive cash
flows going forward which should facilitate further debt
reduction and eventually lead to an improved overall financial
profile.

The possibility of another positive rating change as indicated
by the positive outlook would be mainly dependent on Fiat's
ability to demonstrate the robustness of its current business
model in a more challenging market environment in 2008.  Moody's
notes that in First Half 2007 Fiat to some extent benefited from
favorable car market developments in Italy and Brazil, good
momentum in demand for its recently launched key volume models
(Grande Punto, Panda, Bravo) and from solid demand in Trucks in
Europe.  Since Moody's expects several European and Asian
manufacturers to start or have started new model launches
competing with Fiat's products and a less favourable economic
environment potentially impacting car and truck markets, the
company will be challenged to continue the positive momentum for
2008 and beyond.

Therefore, the envisaged reorganization of sales channels for
Fiat, Lancia and Alfa Romeo across key geographies also remains
of major importance to the company's business profile and
capacity utilization. Recently announced ventures and
associations with other auto groups need to be successful to
improve Fiat Group Automobiles' capacity utilization and
efficiency.  In addition, management's efforts to further
improve the financial profile of CNH and maintain the upward
trajectory at Iveco will continue to be essential to further
strengthening Fiat's overall credit profile on a permanent
basis.

Moody's believes that the liquidity position of Fiat's fully
consolidated operations has strengthened significantly over the
past years.  Fiat's gross debt as of June 2007 is a balance of
capital market instruments (69%) and bank debt (23%).  The
maturity profile has substantially improved over the past 18
months.  Until June 2008 EUR3.6 billion will come due which
represents around 30% of total debt.  This is balanced by EUR7.4
billion cash and marketable securities as per June 2007 and
unused committed credit lines of EUR2 billion.  Fiat should be
in a position to readily refinance amounts coming due over the
next 12 months.

Moody's last rating action on Fiat was an upgrade of the
Corporate Family Rating to Ba2 with a positive outlook from Ba3
on Feb. 12, 2007.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR28.9 billion
generated in the first half year 2007.  The company is also a
leading European-based manufacturer of commercial vehicles and
one of the largest producers of agricultural equipment in the
world.


PARMALAT SPA: Sells Spanish Operations to Lacteos Siglo
-------------------------------------------------------
Parmalat S.p.A. disclosed in a press release that it has
executed an agreement selling all of the Spanish operations to
Lacteos Siglo XXI s.l. (Group Nueva Rumasa) for about
EUR188,000,000, following the signing of the sale and purchase
agreement in May
2007 and the obtainment of the clearance from the Spanish
Antitrust Authority in June 2007.

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 USUS$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: Boschi Food & Beverage Acquires Business Assets
-------------------------------------------------------------
Boschi Luigi & Figli S.p.A., a subsidiary of Parmalat S.p.A.,
has executed the transfer of all of its business assets to
Boschi Food & Beverage S.p.A., following the receipt of the
approval of certain Antitrust authorities, according to
Parmalat's company statement.

Boschi Luigi operates in the production, transformation and
manufacturing of tomato-based products, fruit juices and tea-
based beverages.

Following the execution of the sale agreement, Boschi Luigi has
collected the entire consideration for the transaction equal to
EUR30,180,000, the company press release discloses.

Simultaneously with the sale of those assets, Parmalat discloses
in a separate press release that its Pomi, Pomito and Pais
brands have been sold to Boschi Food & Beverage, for
approximately EUR2,320,000.

Boschi Food & Beverage S.p.A., is a recently constituted company
owned by Consorzio Interregionale Ortofrutticolo and Consorzio
Casalasco.

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 USUS$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).


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


ALTYN OMIR: Claims Registration Ends Sept. 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Altyn Omir insolvent.

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

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


ANTK-SERVICE LLP: Creditors' Claims Due on Sept. 25
---------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Antk-Service insolvent on June 21.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Room 409
         Dostyk ave. 215
         Uralsk
         West Kazakhstan
         Kazakhstan


BETTA & K: Proof of Claim Deadline Slated for Sept. 25
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Betta & K Ltd. insolvent on July 5.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-06-50


DIDAR LLP: Creditors Must File Claims Sept. 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Didar insolvent.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


KADES-TARAZ LLP: Claims Filing Period Ends Sept. 20
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Kades-Taraz insolvent on June 26.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 45-32-17


LIT-ASIA LLP: Claims Filing Period Ends Sept. 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Lit-Asia insolvent on June 29.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         PO Box 1
         JSC Kazpochta
         Post Department 57
         050057, Almaty
         Kazakhstan
         Tel: 8 (3272) 37-03-31


MASSAGETENERGO LLP: Creditors Must File Claims Sept. 25
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Massagetenergo insolvent on June 29.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         PO Box 1
         JSC Kazpochta
         Post Department 57
         050057, Almaty
         Kazakhstan
         Tel: 8 (3272) 37-03-31


ORALSNABTRANSSERVICE LLP: Claims Registration Ends Sept. 25
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Oralsnabtransservice insolvent on June 20.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Room 409
         Dostyk ave. 215
         Uralsk
         West Kazakhstan
         Kazakhstan


ROSKAZTRANSMETALL LLP: Creditors' Claims Due on Sept. 20
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Roskaztransmetall insolvent on June 27.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 45-32-17



UMIT LLP: Proof of Claim Deadline Slated for Sept. 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Umit insolvent.

Creditors have until Sept. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


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


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

Inquiries can be addressed to (0-502) 87-12-03.


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


RUSSIA INT'L: Moody's Lifts Rating to Ba2 on US$300 Mln Notes
-------------------------------------------------------------
Moody's Investors Service upgraded these series of notes issued
by Russia International Card Finance S.A.

This rating action is prompted by the rating action of the debt
ratings of JSB Rosbank on May 4, 2007.

   -- US$300,000,000 Class 2004 9.75% Structured Receivables
      Notes due 2010 from Ba3 to Ba2.

Moody's provides individual performance reports for the future
flow transactions it rates.


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


PANTHER CDO V: Fitch Rates EUR4 Million Class E Notes at BB
-----------------------------------------------------------
Fitch Ratings has assigned final ratings to EUR328.25 million of
rated floating-rate notes issued by Panther CDO V B.V. due 2084,
as.  The transaction is a managed cash arbitrage securitization
of a diverse pool of assets, including high-yield bonds,
property B-notes, private placements, asset-backed securities,
senior loans, second lien loans and mezzanine loans.

   -- EUR234.5 million Class A1 senior secured floating-rate
      note: 'AAA'

   -- EUR29.75 million Class A2 senior secured floating-rate
      note: 'AAA'

   -- EUR24.5 million Class B senior secured deferrable
      floating-rate note: 'AA'

   -- EUR17.5 million Class C senior secured deferrable
      floating-rate note: 'A-'

   -- EUR18 million Class D senior secured deferrable floating-
      rate note: 'BBB-'

   -- EUR4 million Class E senior secured deferrable floating-
      rate note: 'BB'

The final ratings of the Class A1 and A2 notes address the
payment of timely interest and ultimate principal by legal final
maturity and according to the transaction documentation.  The
ratings of the Class B, C, D and E notes address the ultimate
payment of principal and interest, including deferred interest,
by legal final maturity and according to the transaction
documentation.

The final ratings assigned by Fitch are based on the documents
and information provided to the agency by the issuer and its
agents. Fitch does not audit or verify the truth or accuracy of
such information.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, M&G Investment Management Limited, subject to the
guidelines outlined in the collateral management agreement.  The
said guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset class
type.

The final ratings are also based on the credit enhancement
provided to the various Classes of notes in the form of
subordination, structural protection covenanted by the documents
and excess spread. Credit enhancement for the Class A1 notes in
the form of collateralized subordination totals 33% and is
provided by the Class A2 notes (8.5%), the Class B notes (7%),
the Class C notes (5%), the Class D notes (5.14%), the Class E
notes (1.14%) and the subordinated notes (6.21%).

Panther CDO V B.V. is a company with limited liability,
incorporated under the laws of The Netherlands.  The proceeds
from the note issuance are used to purchase a diverse portfolio
of assets.  At closing at least 65% of the issuance proceeds are
invested, with the remainder to be invested over the first 12
months of the transaction.  The collateral is actively managed
by M&G Investment Management Limited over the seven-year initial
reinvestment period.  M&G has an Asset Manager rating of
'CAM 1-' for leveraged loans and 'CAM 2+' for structured finance
securities.  These ratings were factored into the analysis by
reducing the rating default rate produced by VECTOR according to
Fitch's CDO rating criteria.  However, due to the diverse nature
of the portfolio and the ability to invest in assets outside
these CAM rated asset classes, only partial CAM benefit has been
given.

A target portfolio proposed by the manager was analyzed using
Fitch's CDO rating criteria.  Portfolio default levels and the
applied recovery rate for each target rating were derived from
Fitch's Default Vector Model.  Moreover, the manager will run
the Fitch Default Vector Test prior to each purchase to address
risks associated with reinvestment.  This test looks at the
current credit quality of the portfolio plus any un-invested
proceeds and implied excess spread to cover the liabilities of
the issuer at that point in time.  The implied excess spread is
primarily interest diverted through the coverage tests of the
structure to pay principal under the various stress scenarios
that make up Fitch's rating criteria.


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


ELEKTRIM SA: Warsaw Court Approves Bankruptcy Petition
------------------------------------------------------
A court in Warsaw, Poland, has granted bankruptcy protection to
Elektrim S.A. with the possibility of settlement and appointed a
trustee to oversee the company's assets, Reuters reports.

"We hope this ruling will help us deal with all the legal issues
that are hampering our operations," Piotr Nurkowski, chief
executive of Elektrim, was quoted by Reuters as saying.

However, it remains unclear whether the ruling would have any
influence on earlier court decisions in other countries, Reuters
suggests.

The court gave creditors three months to file their proofs of
claim.

As previously reported in the TCR-Europe, Elektrim filed for
bankruptcy protection in a court in Warsaw on Aug. 10, 2007,
after its second debt restructuring talks with bondholders
failed.

                        About Elektrim

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.


GDANSK SHIPYARD: Poland Submits Rescue Plan to Avert Collapse
-------------------------------------------------------------
Poland's government submitted a last-minute proposal to the
European Commission to rescue Gdansk shipyard from a possible
closure, published reports say.

Instead of giving in to the Commission's demands to close two of
its three slipways, Poland has proposed to keep two slipways
operating in order to avoid a situation wherein Gdansk will end
up being "a tiny company instead of a shipyard," EUBusiness
relates.

The Commission had given the struggling shipyard until Aug. 21,
2007, to submit a viable restructuring plan or be forced to pay
back government subsidies, which could eventually lead to its
collapse, EUBusiness reports.  Warsaw has denied Brussels' claim
that the shipyard received up to EUR51.2 million in state aid,
saying the correct figure is only EUR9.6 million, EUBusiness
relates.

Under EU rules, The Irish Times says, governments can extend
financial help to troubled companies only if cash is accompanied
by long-term restructuring plans.  Poland joined the European
Union in 2004.

"What the commission wants to see is not a closed Gdansk
shipyard, but a genuine, far reaching restructuring of a company
that would ensure its long-term viability," commission
spokeswoman Amelia Torres was quoted in Brussels as saying.

According to Roman Galezewski, a member of the Gdansk yard's
board, three separate foreign investors, which included
Ukraine's Donbas group and Italy's FVH, are interested in
acquiring a 75-percent stake in the yard.

Headquartered in Gdansk, Poland, Gdansk Shipyard --
http://www.stocznia.gda.pl/En-- is one of the biggest shipyards
in Poland.  It was previously known as Lenin Shipyard during the
times of the People's Republic of Poland.  The site was the
birthplace of the country's Solidarity movement in September
1980.


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


COMPANHIA SIDERURGICA: Analyst Sees Good Third Quarter Results
--------------------------------------------------------------
Companhia Siderurgica Nacional will have positive third quarter
results due to strong demand from the automobile sector,
Business News Americas reports, citing ABN Amro Real Corretora
investment analyst Pedro Galdi.

"The third quarter is usually the strongest in the [local] steel
sector, for both long and flat steel producers.  I also think
[demand] in the fourth quarter will be positive, but it's a time
when the civil construction sector [in Brazil] stops operations
due to the vacation period in the industry," Mr. Galdi comented
to BNamericas.

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

                       *     *     *

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


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


SBARRO INC: Reports US$82.6 Million Revenues in Second Quarter
--------------------------------------------------------------
Sbarro Inc. reported revenues of US$82.6 million for the quarter
ended July 1, 2007, as compared to US$74.3 million for the
quarter ended July 16, 2006.  The second quarter of 2007
consisted of thirteen weeks as compared to the second quarter of
2006 which consisted of twelve weeks.  The one week difference
generated revenues of approximately US$6.3 million.  Revenues
related to our real estate operations, which were transferred to
certain of our former shareholders in January 2007, were US$.5
million for the second quarter 2006.  After adjusting for these
items, the company's revenues increased, driven by same-store
sales growth of 3.0% in our company-owned stores, 4.6% in our
domestic franchise stores and 3.7% in our international
franchise stores.

                Second Quarter Financial Results

EBITDA, as calculated in accordance with the terms of the
company's bank credit agreement, was US$10.8 million for the
second quarter ended July 1, 2007 as compared to US$10.0 million
for the second quarter ended July 16, 2006.  The one week
difference generated EBITDA of approximately US$1.3 million.
The decline in EBITDA resulted from an increased cost of
products, in particular in the cost of cheese, of approximately
US$0.7 million in the period which offset improved profitability
generated by increased sales.

                 Year-To-Date Financial Results

The company has reported operating results and its financial
position for all periods presented as of and prior to Jan. 30,
2007 as those of the Predecessor Company and for all periods
from and after Jan. 31, 2007 as those of the Successor Company.
The company's operating results for the six months ended July 1,
2007 are presented as the combined results of the Predecessor
and Successor companies.  The presentations of "Combined"
results is not consistent with the requirements of U.S.
Generally Accepted Accounting Principles; however, the company's
management believes that it is a meaningful way to present the
results of operations for the six months ended July 1, 2007.

Combined revenues were US$163.1 million for the six months ended
July 1, 2007 as compared to US$173.4 million for the six months
ended July 16, 2006.  The combined six months of 2007 consisted
of twenty six weeks as compared to the six months of 2006 which
consisted of twenty eight weeks.  The two additional weeks in
2006 generated revenues of approximately US$12.7 million.
Revenues related to our real estate operations, which were
transferred to certain of our former shareholders in January
2007, were US$.3 million for 2007 and US$1.4 million for 2006.
After adjusting for these items, the company's revenues
increased, driven by same-store sales growth of 2.9% in its
company-owned stores, 4.5% in its domestic franchise stores and
5.3% in its international franchise stores.

Combined EBITDA for the six months of 2007, as calculated in
accordance with the terms of the company's bank credit
agreement, was US$20.7 million as compared to US$22.6 million
for the six months ended July 16, 2006.  The two additional
weeks in 2006 produced EBITDA of approximately US$1.7 million.
The company's EBITDA was essentially flat as cost of product, in
particular the cost of cheese, increased by US$.8 million which
offset improved profitability generated by increased sales.

The company's last twelve months EBITDA as calculated in
accordance with the Company's Bank Credit Agreement was US$60.0
million.

Peter Beaudrault, Chairman of the Board, President and CEO of
Sbarro commented, "We are pleased with the continuing growth in
same store sales in both our company owned QSR stores and in our
franchised stores.  In addition, our company owned new store
openings are ahead of our expectations while our franchise store
openings continue to make progress.  Our international pipeline
of new stores now exceeds 1,000."  Mr. Beaudrault further
commented, "Our EBITDA for the first half was essentially flat
as we absorbed approximately US$.8 million in additional costs
related to cheese which offset improved profitability generated
by increased sales."

              MidOcean Partners' Sbarro Acquisition

On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings, LLC, an affiliate of
MidOcean Partners III, L.P., and certain of its affiliates
merged with and into the Company in exchange for consideration
of US$450 million in cash, subject to certain adjustments.  As a
result of the Merger, the company is now an indirect wholly
owned subsidiary of Holdings.

In addition, the former shareholders received a distribution of
the cash on hand in excess of (i) US$11 million, plus (ii) all
amounts required to be paid in connection with the special event
bonuses.

In connection with the Merger, the company transferred interests
in certain non-core assets to a newly formed company owned by
certain of our former shareholders.  There was no additional
consideration given for the transfer of these assets as they
were treated as a dividend.

   -- the interests in 401 Broadhollow Realty Corp. and 401
      Broadhollow Fitness Center Corp., which own the corporate
      headquarters of the Company, the fitness center and the
      assets of the Sbarro Caf‚ located at the corporate
      headquarters;

   -- a parcel of undeveloped real property located in East
      Northport, New York;

   -- the interests in Boulder Creek Ventures LLC and Boulder
      Creek Holdings, LLC, which own a 40% interest in a joint
      venture that operates 15 steakhouses under "Boulder Creek"
      and other names; and

   -- the interest in Two Mex-SS, LLC, which owns a 50% interest
      in a joint venture that operates two tex-mex restaurants
      under the "Baja Grill" name.

                          About Sbarro

Headquartered in Melville, New York, Sbarro Inc. is a quick
service restaurant chain that serves Italian specialty foods.
As of Oct. 8, 2006, the company owned and operated 479 and
franchised 476 restaurants worldwide under brand names such
as "Sbarro," "Umberto's," and "Carmela's Pizzeria."  The company
also operated 25 other restaurant concepts and joint ventures
under various brand names.  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on
June 19, 2006, its international expansion by opening more than
25 restaurants in Guatemala, El Salvador, Honduras, The Bahamas
and Romania.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 29, 2007,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on Sbarro Inc.'s bank facility, after the
report that the company will increase the size of the loan to
US$208 million from US$175 million.

These ratings were affirmed:

      -- Corporate credit rating affirmed B-;
      -- US$25 million revolver due 2013 affirmed at B; and
      -- US$183 million term loan due 2014 affirmed B.


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


ANGAR-STORY OJSC: Court Names I. Kolotilin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Irkutsk appointed I. Kolotilin as
Insolvency Manager for OJSC Angar-Story.  He can be reached at:

         I. Kolotilin
         K. Marksa Str. 26B
         664003 Irkutsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-11969/02-29.

The Court is located at:

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

The Debtor can be reached at:

         I. Kolotilin
         K. Marksa Str. 26B
         664003 Irkutsk
         Russia


BORSKIY LLC: Creditors Must File Claims by Sept. 4
--------------------------------------------------
Creditors of LLC Diary Borskiy have until Sept. 4 to submit
proofs of claim to:

         E. Dulnev
         Temporary Insolvency Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara will convene at 3:30 p.m. on
Nov. 14 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A55-4841/07.

The Debtor can be reached at:

         LLC Diary Borskiy
         Zagorodnaya Str. 1
         Budennovsk
         Samara
         Russia


BREWER LLC: Creditors Must File Claims by Sept. 4
-------------------------------------------------
Creditors of LLC Brewer have until Sept. 4 to submit proofs of
claim to:

         A. Pshenkov
         Temporary Insolvency Manager
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A12-10641/07-s50.

The Debtor can be reached at:

         LLC Brewer
         Lenina Pr. 67
         400078 Volgograd
         Russia


DAL-SAN-TEKH-MONTAGE: Creditors Must File Claims by Sept. 4
-----------------------------------------------------------
Creditors of OJSC Amurskoe Montage Enterprise Dal-San-Tekh-
Montage have until Sept. 4 to submit proofs of claim to:

         A. Samokhin
         Temporary Insolvency Manager
         Stroitelej Pr. 4A
         682640 Amursk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-5842/2007-9.

The Debtor can be reached at:

         OJSC Amurskoe Montage Enterprise Dal-San-Tekh-Montage
         Lesnaya Str. 14
         Amursk
         Russia


GEORGIEVSKOE PASSENGER: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Stavropol commenced bankruptcy
supervision procedure on OJSC Georgievskoe Passenger Transport
Enterprise (TIN 2625031863).  The case is docketed under Case
No. A63-10854/06-S5.

The Temporary Insolvency Manager is:

         V. Goncharov
         Kholzunova Str. 19-9
         400123 Volgograd
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         OJSC Georgievskoe Passenger Transport Enterprise
         Kalinina Str. 101
         Georgievsk
         Stavropol
         Russia


GIPRO-AUTO-TRANS: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk commenced bankruptcy
supervision procedure on OJSC Krasnoyarskiy Institute Gipro-
Auto-Trans.  The case is docketed under Case No. A33-8274/2007.

The Temporary Insolvency Manager is:

         A. Ivanov
         Post User Box 19391
         Krasnoyarsk-77
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Krasnoyarskiy Institute Gipro-Auto-Trans
         Krasnoyarsk
         Russia


GORNOMARIYSKAYA SEL-KHOZ-KHIMYA: Claims Deadline Set Oct. 4
-----------------------------------------------------------
Creditors of OJSC Gornomariyskaya Sel-Khoz-Khimya (OGRN
1021202049516) have until Oct. 4 to submit proofs of claim to:

         A. Tanerov
         Insolvency Manager
         Office 5
         Sovetskaya Str.
         Yoshkar-Ola
         424000 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A38-1211/2007-12-69.

The Debtor can be reached at:

         OJSC Gornomariyskaya Sel-Khoz-Khimya
         Promyshlennaya Str. 15
         Kozmodemyabsk
         Gornomariyskiy
         425350 Mariy El
         Russia


MINERS OF ZABAYKALYE: Creditors Must File Claims by Oct. 4
----------------------------------------------------------
Creditors of OJSC Miners of Zabaykalye have until Oct. 4 to
submit proofs of claim to:

         T. Kasyanova
         Insolvency Manager
         Post User Box 891
         Central Post Office
         672000 Chita
         Russia

The Arbitration Court of Chita commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene at 2:30 p.m. on Nov. 14 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No. A-
78-25/2007-B-1.

The Debtor can be reached at:

         OJSC Miners of Zabaykalye
         Promyshlennaya Str. 16
         Chita
         Russia


REAL CJSC: Creditors Must File Claims by Oct. 5
-----------------------------------------------
Creditors of CJSC Real (TIN 6627000434) have until Oct. 5 to
submit proofs of claim to:

         Y. Osadchuk
         Insolvency Manager
         Apartment 27
         Krestinskogo Str. 59/3
         620073 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-5742/07-S11.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Real
         Yaroslavskogo Str. 9
         Revda
         623280 Sverdlovsk
         Russia


SABINSKOE-1 OJSC: Creditors Must File Claims by Oct. 4
------------------------------------------------------
Creditors of OJSC Sabinskoe-1 have until Oct. 4 to submit proofs
of claim to:

         NP MSRO AU Baykalskaya Liga
         Insolvency Manager
         Post User Box 142
         Irktusk
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A74-538/2007.

The Debtor can be reached at:

         OJSC Sabinskoe-1
         Pervomayskaya Str. 20
         Sabinka
         Beyskiy
         655790 Khakasiya
         Russia


SEVERSTAL OAO: Acquires 22% Stake in Celtic Resources
-----------------------------------------------------
Severstal-Resurs, a unit of OAO Severstal, acquired a 22% stake
in Celtic Resources Holdings Plc from Aton International Ltd.,
RIA Novosti reports.

"Severstal-Resurs believes the purchase of a 22% stake in
Celtic, with its attractive mining assets in Russia and
Kazakhstan, to be an excellent investment," Roman Deniskin, CEO
of Severstal-Resurs told RIA Novosti.  "This share acquisition
is wholly consistent with Severstal-Resurs's strategy to
diversify within mining, through alliances with internationally
reputable partners."

Severstal-Resurs acquired 12.3 million common shares through
Bluecone Ltd., another Severstal unit, RIA Novosti relates.

According to RIA Novsoti, Celtic Resources operates the Suzdal
and Zherek gold mines in eastern Kazakhstan and holds a majority
stake in a project to mine copper and gold in the Chelyabinsk
Region in Russia's South Urals.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                            *   *   *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

Moody's also upgraded rating for the Loan Participation Notes
totaling US$700 million from B1 to Ba2.  The outlook on all
ratings is stable.

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


SOUTH-MEDICINE LLC: Creditors Must File Claims by Oct. 4
--------------------------------------------------------
Creditors of LLC South-Medicine (TIN 6154089803) have until
Oct. 4 to submit proofs of claim to:

         M. Makhnev
         Insolvency Manager
         Nakhichevanskiy Per. 64
         344000 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene at 2:20 p.m. on Nov. 21 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No. A-
53-16635/2006-S1-36.

The Court is located at:

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

The Debtor can be reached at:

         LLC South-Medicine
         Instrumentalnaya Str. 2
         Taganrog
         347900 Rostov
         Russia


STEPNOE LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on LLC Stepnoe.  The case is docketed under Case No.
A53-3305-07-S1-33.

The Temporary Insolvency Manager is:

         K. Chilikin
         Sotsialisticheskaya Str. 60v
         Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Stepnoe
         Tsentralnaya Str. 1
         Presalskiy
         Dubovskiy
         Rostov
         Russia


TAT-OIL-GAS-STROY-KOMPLEKT: Creditors Must File Claims by Oct. 4
----------------------------------------------------------------
Creditors of OJSC Tat-Oil-Gas-Stroy-Komplekt have until
Oct. 4 to submit proofs of claim to:

         R. Akhmetshin
         Insolvency Manager
         Post User Box 87
         Kazan
         420029 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. Ab5-1403/2007-SG4-27.

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 Tat-Oil-Gas-Stroy-Komplekt
         Bazovaya Str. 10
         Almetyevsk
         Tatarstan
         Russia


TATFLOT OJSC: Court Names A. Gerasimov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tatarstan appointed A. Gerasimov as
Insolvency Manager for OJSC Shipping Company Tatflot (TIN
1655063726).  He can be reached at:

         A. Gerasimov
         Portovaya Str.
         Kazan
         Tatarstan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-4645/2004-SG4-16.

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 Shipping Company Tatflot
         Kremlin
         Kazan
         420014 Tatarstan
         Russia


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


DOLE FOOD: Authorities Detain Product-Liability Case Plaintiff
--------------------------------------------------------------
US authorities have detained Claudio Gonzalez, a Nicaraguan
worker scheduled to testify in a product-liability case against
Dole Food Co. and Dow Chemical Co., at the Los Angeles
International Airport due to possible visa breach, the
International Herald Tribune reports.

The International Herald relates that Mr. Gonzalez is among the
12 banana farm employees that filed a lawsuit against Dole Food
units Dole Fresh Fruit Co. and Standard Fruit Co., alleging that
exposure to a pesticide in the 1970s caused sterility.

According to the report, Dole Food denied the allegations.

The complainants' legal representative Duane Miller told the
International Herald that Mr. Gonzalez was sent back to
Nicaragua though he still had one visit to the United States
remaining on his visa.  Authorities found that "the ink from the
check mark for a prior visit was smudged."

Mr. Miller agreed with the defense lawyers to work together to
talk with the US Embassy in Nicaragua to try to remedy the
situation, the International Herald says.

The Daily Journal relates that Superior Court Judge Victoria G.
Chaney wrote a letter to the embassy to air out its support of
the plaintiff's re-entry.

Testimony in the case will continue on Sept. 4, 2007, after a
two-week break, the International Herald states.

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

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

                        *     *     *

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

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


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


BUCHDRUCK + OFFSET JSC: Liquidation Claims Due September 3
----------------------------------------------------------
Creditors of JSC Buchdruck + Offset have until Sept. 3 to submit
their claims to:

         Paul Frei
         Liquidator
         Weiligstrasse 36 c
         7310 Bad Ragaz
         Sarganserland SG
         Switzerland

The Debtor can be reached at:

         JSC Buchdruck + Offset
         Bad Ragaz
         Sarganserland SG
         Switzerland


CADEX ELECTRONICS: Creditors' Liquidation Claims Due Sept. 3
------------------------------------------------------------
Creditors of LLC Cadex Electronics have until Sept. 3 to submit
their claims to:

         Nello Mantovani
         Liquidator
         Alte Oberdorfstrasse 37
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         LLC Cadex Electronics
         Dubendorf
         Uster ZH
         Switzerland


FLOWER KING: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Flower King on July 17.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Flower King
         Felsenegg 12
         6204 Sempach Stadt
         Sursee LU
         Switzerland


GEBR.MANNHART JSC: St. Gallen Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered July 23 an order
closing the bankruptcy proceedings of JSC Gebr. Mannhart.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Yves Beljean
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC Gebr. Mannhart
         Lochrietstrasse 21
         8890 Flums
         Wahlkreis Sarganserland SG
         Switzerland


INTER CONSULTING: Creditors' Liquidation Claims Due Sept. 3
-----------------------------------------------------------
Creditors of LLC Inter Consulting Pool have until Sept. 3 to
submit their claims to:

         Andreas Gasser
         Liquidator
         Seestrasse 28
         8803 Ruschlikon
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Inter Consulting Pool
         Ruschlikon
         Horgen ZH
         Switzerland


KLEINER DELPHIN: Creditors' Liquidation Claims Due Sept. 3
----------------------------------------------------------
Creditors of LLC Kleiner Delphin - Babyschwimmen have until
Sept. 3 to submit their claims to:

         Sprungstrasse 15
         6314 Unterageri ZG
         Switzerland

The Debtor can be reached at:

         LLC Kleiner Delphin - Babyschwimmen
         Unterageri ZG
         Switzerland


MALER AMREIN: Lucerne Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Lucerne entered July 25 an order
closing the bankruptcy proceedings of LLC Maler Amrein und
Felder.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6011 Kriens LU
         Switzerland

The Debtor can be reached at:

         LLC Maler Amrein und Felder
         Gartenweg 7
         6030 Ebikon LU
         Switzerland


PRAXIS UND VERLAG: Creditors' Liquidation Claims Due Sept. 3
------------------------------------------------------------
Creditors of LLC Praxis und Verlag der funf Wandlungsphasen have
until Sept. 3 to submit their claims to:

         Seeblick 545
         9405 Wienacht-Tobel
         Switzerland

The Debtor can be reached at:

         LLC Praxis und Verlag der funf Wandlungsphasen
         Lutzenberg AR
         Switzerland


ROTBUHL IMMOBILIEN: Creditors' Liquidation Claims Due Sept. 3
-------------------------------------------------------------
Creditors of JSC Rotbuhl Immobilien have until Sept. 3 to submit
their claims to:

         Fritz Schneiter
         Liquidator
         JSC SwissCo Services
         Bahnhofstrasse 14
         4334 Sisseln
         Laufenburg AG
         Switzerland

The Debtor can be reached at:

         JSC Rotbuhl Immobilien
         Horgen ZH
         Switzerland


SECODA LLC: Creditors' Liquidation Claims Due September 3
---------------------------------------------------------
Creditors of LLC Secoda have until Sept. 3 to submit their
claims to:

         JSC Treuhand Burri + Partner
         Liquidator
         Steinackerstrasse 34
         8302 Kloten
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Secoda
         Opfikon
         Bulach ZH
         Switzerland


STERNEN GASTRO: Claims Registration Period Ends September 3
-----------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Sternen Gastro on March 15.

Creditors have until Sept. 3 to file their written proofs of
claim.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Sternen Gastro
         Schaffhauserstrasse 335
         8050 Zurich
         Switzerland


WILFRED GEISSBUHLER: Creditors' Liquidation Claims Due Sept. 3
--------------------------------------------------------------
Creditors of LLC Wilfred Geissbuhler have until Sept. 3 to
submit their claims to:

         Wilfred and Elisabeth Geissbuhler
         Liquidators
         Buechwaldstrasse 69
         3627 Heimberg
         Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Wilfred Geissbuhler
         Heimberg
         Thun BE
         Switzerland


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


NECTAR LLC: Creditors' Claims Due August 25
-------------------------------------------
Creditors of LLC Nectar (code EDRPOU 31040629) have until
Aug. 25 to submit written proofs of claim to:

         Andrew Sergienko
         Temporary Insolvency Manager
         Lenin Str. 131
         Mashovka
         Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/47.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nectar
         Grigorovka
         Mashovka District
         39422 Poltava
         Ukraine


NEO-FLAMMA LLC: Creditors Must File Claims by August 25
-------------------------------------------------------
Creditors of LLC Neo-Flamma (code EDRPOU 34595183) have until
Aug. 25 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/162/07.

The Debtor can be reached at:

         LLC Neo-Flamma
         Mikhaylov Str. 13/93
         69015 Zaporozhje
         Ukraine


OBILNY LLC: Creditors' Claims Due August 25
-------------------------------------------
Creditors of Agricultural LLC Obilny (code EDRPOU 00850230) have
until Aug. 25 to submit written proofs of claim to:

         Alexander Borisenko
         Temporary Insolvency Manager
         Kuybishev Str. 15 Apartment 165
         Simferopol
         95000 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2-17/6296-2007.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Obilny
         Kalinin Str. 6A
         Maslovo
         Dzhankoy District
         96143 AR Krym
         Ukraine


OREN LLC: Creditors Must File Claims by August 25
-------------------------------------------------
Creditors of LLC Oren (code EDRPOU 34033620) have until Aug. 25
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. 2/549/07.

The Debtor can be reached at:

         LLC Oren
         Illich Str. 12
         Nikolaev
         Ukraine


QUINTA-EAST OJSC: Creditors Must File Claims by August 25
---------------------------------------------------------
Creditors of OJSC Quinta-East (code EDRPOU 33289718) have until
Aug. 25 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-19/179-07.

The Debtor can be reached at:

         OJSC Quinta-East
         Vesnin Str. 5
         Kharkov
         Ukraine


SITAL LLC: Creditors Must File Claims by August 25
--------------------------------------------------
Creditors of LLC Sital (code EDRPOU 25022706) have until Aug. 25
to submit written proofs of claim to:

         Michael Grishyn
         Liquidator
         Apartment 18
         Kuybishev Str. 1a
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/152-07.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Sital
         Savchenko Str. 97
         49006 Dnipropetrovsk
         Ukraine


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


1ST PDS: Brings In Liquidators from Tenon Recovery
--------------------------------------------------
I. M. D. G. Cadlock and A. J. Pear of Tenon Recovery were
appointed joint liquidators of 1ST PDS Ltd. on Aug. 15 for the
creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43-46 Queens Road
         Brighton
         BN1 3XB
         England


AAGAARD HANLEY: Appoints Michael C. Kienlen as Liquidator
---------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Aagaard Hanley Mouldings Ltd. on Aug. 9 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Central House
         47 St. Paul's Street
         Leeds
         LS1 2TE
         England


ALERIS INTERNATIONAL: Extends Exchange Offer on Senior Notes
------------------------------------------------------------
Aleris International Inc. has extended its offer to exchange up
to US$600 million aggregate principal amount of its 9%/93/4%
Senior Notes due 2014 and up to US$400 million aggregate
principal amount of its 10% Senior Subordinated Notes due
2016 for an equal principal amount of 9%/93/4% Senior Notes due
2014 and 10% Senior Subordinated Notes due 2016 that have been
registered under the Securities Act of 1933, as amended.  The
exchange offer is scheduled to expire at 12:00 a.m., Eastern
Time, today, Aug. 23, 2007, unless further extended by Aleris
International.  As of 5:00 p.m., Eastern Time, on Aug. 21,
approximately US$599.9 million of the outstanding 9%/93/4%
Senior Notes and approximately US$400 million of the outstanding
10% Senior Subordinated Notes had been tendered in the exchange
offer.

Requests for a prospectus and a letter of transmittal in
connection with the exchange offer for the 9%/93/4% Senior Notes
due 2014 or the exchange offer for the 10% Senior Subordinated
Notes due 2016 should be directed to the exchange agent, LaSalle
Bank National Association, at (312) 904-5527.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The Company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million.  With the add-on, the total amount
of the facility is now US$1.23 billion.


BAKERS PRIDE: Calls In Liquidators from KPMG LLP
------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Bakers Pride Europe Ltd. on
Aug. 15 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


BALLY TOTAL: Court Approves Amended Joint Chapter 11 Plan
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has granted Bally Total Fitness Holding Corp.'s request to amend
its Joint Prepackaged Chapter 11 Plan of Reorganization to
implement a superior alternative restructuring proposal from
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P. without the need
to resolicit approval from its creditors.  The Court also
approved the Investment Agreement providing for Harbinger's
commitment to make a US$233.6 million equity investment in the
company, and Restructuring Support Agreements among the parties,
including holders of approximately 80% of the company's Senior
Subordinated Notes and more than 55% of the company's Senior
Notes, reflecting their commitment to implement the Harbinger-
funded restructuring through the amended plan on the same
timetable as the Company's original plan.  Under the amended
plan, the company can consummate the restructuring set forth in
the Existing Plan under certain circumstances.

In addition, the Court approved the company's debtor-in-
possession Financing and Exit Credit Facilities.  The company
expects to close its DIP tomorrow, refinancing the existing
senior secured facility.  Morgan Stanley Senior Funding, Inc. is
sole lead arranger and sole bookrunner for the US$292 million of
super-priority secured DIP and the senior secured exit credit
facilities.  The exit facilities provide financing under the
amended plan for either the Harbinger funded proposal or the
noteholder proposal.  The DIP and the exit facilities provide
for a US$50 million revolving credit facility and a US$242
million term loan.

"Obtaining the Court's authorization to amend our plan, without
requiring resolicitation of plan acceptances, is a significant
accomplishment and marks the beginning of a new era for Bally
Total Fitness," said Don R. Kornstein, Interim Chairman and
Chief Restructuring Officer of Bally Total Fitness.  "We look
forward to executing on this plan in partnership with Harbinger,
and emerging promptly from chapter 11 protection as a stronger
company, with the financial resources to continue
investing in our clubs and facilities."

The confirmation hearing on the amended plan is scheduled for
Sept. 17, 2007.  If confirmed the Company expects to implement
the amended plan and emerge from chapter 11 by the end of
September 2007.

In re Bally Total Fitness of Greater New York, et al. Case No.
07-12395, is pending before the Honorable Burton R. Lifland in
the U.S. Bankruptcy Court for the Southern District of New York.

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

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

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


BALLY TOTAL: Landlords Balk at Amended US$292,000,000 DIP Pact
--------------------------------------------------------------
Twenty-six landlords that are parties to unexpired leases
of non-residential real property with Bally Total Fitness
Holding Corporation and its debtor-affiliates, filed objections
to the amended proposed debtor-in-possession financing agreement
the Debtors entered into with Morgan Stanley Senior Funding Inc.

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

Under the amended DIP agreement, the DIP Lenders would provide
the DIP Facility and Exit Facility to the Debtors regardless
of whether the Debtors sought or obtained confirmation of their
Original Plan or Modified Plan.

The Debtors noted that the modifications do not materially alter
the treatment of any class of claims or interests in the Plan.

The Landlords objected to the Amended DIP Agreement to the
extent that the Debtors pledge, grant a security interest or
lien on, sell, assign or otherwise transfer the Debtors'
interest in the Leases to the DIP Lenders.

Most, if not all, of the Objecting Landlords' Leases are leases
of premises located in shopping centers, and contain express
language prohibiting the granting of liens in, the leasehold
interest.  Moreover, many of the Objecting Landlords' leases are
encumbered by mortgages, which specifically prohibit the
Landlord from allowing any encumbrances to be granted upon the
various tenant Leases, which are themselves subject to the prior
mortgage lien of the Landlords' lender.

"Although it is not unusual for lenders to require liens on a
debtor's real property leases, these liens are frequently
limited to only the proceeds of the debtor's leasehold interests
and do not extend to the leaseholds themselves," Kevin M.
Newman, Esq., at Menter, Rudin & Trivelpiece PC, in Syracuse,
New York, counsel for Objecting Landlord Inland Commercial
Property Management, Inc., states.

Under Section 365(f)(2) of the Bankruptcy Code, Mr. Newman says,
a debtor cannot assign an unexpired lease of nonresidential real
property without first proving that the proposed assignee can
provide the landlord with adequate assurance of future
performance.

In the event the Debtors defaulted and the DIP Lenders
foreclosed on the Leases, landlords could suffer a de facto
assignment of the Leases to a new tenant, without adequate
assurance of future performance as required by Section 365(f),
contends Mr. Newman.

Against this backdrop, the Objecting Landlords ask the Court to
modify the description of "Collateral" in the Court's final DIP
order, to provide that the Collateral does not include the
Debtors' leasehold interests, only the proceeds from the sale,
assignment or other disposition of the leasehold interests.

The Objecting Landlords are:

   (1) Fairlane Town Center LLC,
   (2) Inland Commercial Property Management, Inc.,
   (3) Inland U.S. Management LLC,
   (4) Centro Property Group,
   (5) Federal Realty Investment Trust,
   (6) SVF Kendall Miami LLC,
   (7) Prudential Insurance Company of America,
   (8) RREEF USA Funds,
   (9) Sywest Development,
  (10) West Valley Properties, Inc.,
  (11) Commercial Realty Enterprises LLC,
  (12) James Campbell Company,
  (13) Blackhawk Centercal LLC,
  (14) Columbia Cascade Plaza LLC,
  (15) Regency Centers LP,
  (16) Leo P. Siklar,
  (17) Libby Siklar,
  (18) The Morris Rochlin Trust,
  (19) Westfield LLC,
  (20) Hawthorne LP,
  (21) Wheaton Plaza Regional Shopping Center LLP,
  (22) Simon Property Group, Inc.,
  (23) High Definition Realty LLC,
  (24) Northlake Festival LLC,
  (25) Textron Financial Corporation, and
  (26) The Matton Group Ltd.

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

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

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BUTLER & TANNER: Taps Administrators from Smith & Williamson
------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert William Leslie Horton
of Smith & Williamson Ltd. were appointed joint administrators
of Butler & Tanner Ltd. (Company Number 00191478) on Aug. 7.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

         Butler & Tanner Ltd
         5 Lower Belgrave Street
         City of Westminster
         London
         SW1W 0NR
         England
         Tel: 020 7235 8236


CATERING CONNECTIONS: Names Liquidators from KPMG LLP
-----------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Catering Connections Ltd. on
Aug. 15 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


CELSIA TECH: Assigns Joseph Formichelli as CEO Effective Aug. 20
----------------------------------------------------------------
Celsia Technologies has named Joseph Formichelli as the new CEO
effective Aug. 20.  Mr. Formichelli was appointed by Celisa's
board of directors.

"Joseph brings to Celsia a proven history of focusing and
executing on strategic and tactical programs while improving
shareholder value," George Meyer, vice president, Americas and
Europe, Celsia Technologies, said.  "His leadership skills and
extensive industry background will be a great asset to the
company.  As CEO, Joseph will strengthen Celsia Technologies'
position in the electronics cooling market and help guide the
company to the next level."

"Joe's business acumen combined with his industry savvy and
operational background, make him an excellent fit for the Celsia
CEO position," Greg Osborn, managing director at Middlebury
Securities and Celsia board member, added.  "I look forward to
Joe leveraging his more than 30 years of technology management
and product globalization to drive the commercialization of
Celsia's products."

During his career, Mr. Formichelli has held senior executive
positions in manufacturing, quality assurance, engineering,
logistics, supply chain and product management.  At IBM, he
served as vice president of operations for the IBM PC company
and as vice president and general manager responsible for the
ThinkPad line of notebook computers.

He served as the executive vice president and general manager of
Toshiba's computer systems group, where he oversaw the U.S.,
Latin America, and South America business.  During this period,
Mr. Formichelli converted Toshiba's computer business from a
technology-driven indirect sales organization to one of
e-business, customer relations management and direct sales,
while revamping its manufacturing operations.

"Cooling is one of the single most critical factors in current
and emerging electronic designs," Mr. Formichelli, said.
"Celsia is meeting the challenge with its innovative
NanoSpreader(TM) microfluidic cooling technology, and I look
forward to leading the company to further success."

Mr. Formichelli replaces Hakan Wretsell as CEO.  Celsia
Technologies' board also appointed Jorge Fernandez, corporate
controller as acting CFO, replacing Michael Karpheden, who has
resigned to pursue a career with Business Growth Consultants
Inc.

                   About Celsia Technologies

Headquartered in Miami, Florida, Celsia Technologies Inc. (OTC
BB: CSAT) -- http://www.celsiatechnologies.com/-- is a full
solution provider and licensor of thermal management products
and technology for the PC, consumer electronics, lighting and
display industries.  The company is developing and
commercializing next-generation cooling solutions built on
patented micro thermofluidic technology.  Celsia Technologies'
extensive intellectual property portfolio includes patents
registered in Korea, the U.S., Japan and Taiwan, with patents
pending in the EU, Russia, India and in China.

                       Going Concern Doubt

PKF, in New York, expressed substantial doubt about Celsia
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2006, and 2005.  The auditing firm reported
that at Dec. 31, 2006, the company and its subsidiaries have
commenced limited revenue producing operations and have an
accumulated deficit of US$23.7 million.


CHOICESUK PLC: Calls In Joint Administrators from PwC
-----------------------------------------------------
Nick Cropper, Colin Haig, Mike Jervis and Stephen Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators
of ChoicesUK Plc on Aug. 22, 2007.

According to inthenews.co.uk, ChoicesUK issued a profit warning
in April 2007, saying that it expected its financial performance
for the 24-weeks to July 28, 2007, to be substantially below
market expectations, with the company incurring losses despite
cost-cutting measures.

The Birmingham Post reported that the company had already cut
more than 250 jobs since September 2006 as part of a drive to
save more than GBP6 million.  ChoicesUK also closed a number of
loss-making stores.

The company stated that its directors were exploring a possible
sale or refinancing of the business in order to secure the
ChoicesUK's future.  However, despite extensive negotiations, it
has not been possible to reach an agreement on terms acceptable
to all parties, inthenews.co.uk relates.

"ChoicesUK, like much of the U.K. packaged entertainment sector,
has suffered from price deflation in the market, driven by
reduced consumer rental activity, piracy and technological
advances," joint administrator Nick Cropper disclosed.

"Our priority now is to work with management, employees,
customers and suppliers to continue to trade the businesses.  We
are looking to be as flexible as possible in trying to save the
business.  The company is split into three parts - retail, local
distribution and direct, which includes ChoicesUK.com. I am
optimistic that we will be able to find a buyer for the
business," Mr. Cropper added.

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 Peterborough, England, ChoicesUK Plc --
http://www.choicesukplc.com/-- is an AIM listed multi-channel
distributor and retailer of DVDs, computer games and CDs. It
employs over 600 full-time and 1,100 part-time staff across its
distribution businesses and within its 162 stores throughout the
U.K.


COMPUCARES LTD: Joint Liquidators Take Over Operations
------------------------------------------------------
John Arthur Kirkpatrick and Aleric Stevens of Wilkins Kennedy
were appointed joint liquidators of Compucares Ltd. on Aug. 10
for the creditors' voluntary winding-up proceeding.

Mr. Kirkpatrick can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England

Mr. Stevens can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         England


CORNERSTONE TITAN: S&P Removes Watch on Class F's BB Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its ratings on the class C
and D notes issued by Cornerstone Titan 2005-1 PLC.  At the same
time, the ratings on the class A1, X, A2, and B notes were
affirmed.  In addition, the class E notes were removed from
CreditWatch positive and affirmed, and the class F notes were
removed from CreditWatch negative and affirmed.

The class C, D, and E notes were placed on CreditWatch positive
on July 4, 2007.  The rating action follows a review of the
transaction based on data provided by the servicer, Capmark
Services Ireland Ltd., up to and including July 2007.

The class F notes were placed on CreditWatch negative on
June 18, 2007, following a shortfall and subsequent deferral of
interest to those notes at the October 2006 interest payment
date.  This was as a result of a mismatch between the number of
days in the loan interest payment period and the note interest
payment period.

The transaction documents provide for the interest to be
deferred until a date when there would be available funds to pay
it.  However, as this transaction incorporates a class X note,
which absorbs excess spread, there would not be sufficient funds
to pay the deferred interest during the lifetime of the
transaction, thus resulting in a default on the junior class F
notes.

The CreditWatch negative placement resulted from the length of
time that had elapsed since the shortfall without the situation
being rectified.

The transaction parties have now resolved the situation with the
payment of the deferred interest at the July IPD and the
amendment of the cash management agreement.  As a result, the
CreditWatch negative placement has been resolved and the notes
affirmed.

The transaction closed in October 2005 and was originally backed
by nine loans secured on 70 commercial real-estate properties in
the U.K.  It was the first European securitization launched
jointly by Credit Suisse and GMAC Commercial Mortgage Bank
Europe PLC under the Cornerstone Titan mortgage conduit
platform.

Of the original loan pool, three loans, Carolyn & Philip House,
Fox Portfolio, and Vintner's Place prepaid at the January,
April, and July 2007 IPDs, respectively.  There are now six
loans remaining, one of which, Tazarra Self-Storage has cash-
collateralized with the proceeds to be applied in April 2008
with the expiry of a lock-out period.

The prepayment of the Vintner's loan has resulted in improved
LTV ratios and credit enhancement levels and, subsequently, the
raising of the ratings on the class C and D notes.

At the July IPD, the outstanding pool balance was GBP360.09
million and 37 properties remained in the portfolio.

                          Ratings List

Cornerstone Titan 2005-1 PLC
   GBP592.04 Million Commercial Mortgage-Backed Floating- And
   Variable-Rate Notes

         Class                  Rating
                     To                        From

Ratings Removed From CreditWatch With Positive Implications And
Raised

         C           AA+                       AA-/Watch Pos
         D           BBB+                      BBB/Watch Pos

Rating Removed From CreditWatch With Positive Implications And
Affirmed

         E           BBB-                      BBB-/Watch Pos

Rating Removed From CreditWatch With Negative Implications And
Affirmed

         F           BB                        BB/Watch Neg

Ratings Affirmed

         A1          AAA
         X           AAA
         A2          AAA
         B           AAA


CUSTOM FABRICATIONS: Taps M. C. Bowker to Liquidate Assets
----------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Custom Fabrications Ltd. on Aug. 13 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


CYBA COMPUTER: Claims Filing Period Ends September 19
-----------------------------------------------------
Creditors of CYBA Computer Services Ltd. have until Sept. 19 to
send their names and addresses with particulars of their debts
or claims to:

         Gregory Andrew Palfrey and Stephen John Adshead
         Joint Liquidators
         Smith & Williamson Ltd.
         Imperial House
         18-21 Kings Park Road
         Southampton
         Hampshire
         SO15 2AT
         England

Gregory Andrew Palfrey and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of the company
on Aug. 11 for the creditors' voluntary winding-up proceeding.


DURA AUTOMOTIVE: Pacificor Backstop Rights Pact Gets Court Okay
---------------------------------------------------------------
Dura Automotive Systems Inc. obtained the U.S. Bankruptcy Court
for the District of Delaware's approval of its backstop rights
purchase agreement with Pacificor LLC.

Pacificor will underwrite 100% of the backstop commitments in
connection with the sale of approximately 39.4% to 42.6% of the
Reorganized Dura common stock in exchange for a new money
investment of between US$140,000,000 to US$160,000,000.

To address the issues raised by the Official Committee of
Unsecured Creditors and other parties-in-interest, Dura and
Pacificor signed an Amended Backstop Rights Purchase Agreement
dated August 13, 2007.

The Amended Backstop Agreement generally maintains the terms
upon
which Dura will pay fees to Pacificor:

    * a Backstop Commitment Fee equal 4% of the Rights Offering
      Amount, payable upon consummation of the contemplated
      Chapter 11 Plan;

    * an Alternative Transaction Fee equal to 3% of the Maximum
      Rights Offering Amount if the Debtors pursue an
      alternative transaction to the Rights Offering or
      otherwise fail to fulfill certain conditions; and

    * up to US$1,000,000 as reimbursement for reasonable and
      documented out-of-pocket costs.

The conditions for payment of the Alternative Transaction Fee
were, however, modified under the Amended Backstop Agreement.
The payment of the Expense Reimbursement is also regardless of
whether any Alternative Transaction Fee is payable.

The Debtors are required to provide the U.S. Trustee a copy of
the expense reimbursement documentation submitted by Pacificor.
The Amended Backstop Agreement also provides for additional
modifications:

  (1) Terms of Chapter 11 Plan.  Pacificor will have the right
      to terminate the Agreement if the Debtors file, or
      subseqently modify, a Chapter 11 plan containing terms not
      acceptable to it.  The terms subject to Pacificor's
      acceptance, however, will be limited to these areas:

       (a) Exit Facility;
       (b) Size and composition of the Board of Directors;
       (c) Exercise Price;
       (d) New Organizational Documents;
       (e) Subscription Agreement and related notices and forms;
       (f) Stockholders' Agreement;
       (g) Registration Rights Agreement; or
       (h) Effective Date.

      The Amended Backstop Agreement excludes the Management
      Equity Program and Participation in the Rights Equity
      Offering among the matters subject to Pacificor's
      scrutiny.

  (2) Board of Directors.  On the Effective Date, there will be
      seven directors on the Board of Directors of Reorganized
      DASI.  The Board of Directors will be staggered into three
      classes with terms of three years each, except for the
      initial terms which will be for one, two and three year:

        (i) Pacificor's Power to Appoint.  On the Effective
            Date, Pacificor will appoint three directors in its
            sole discretion provided, however, if Pacificor
            holds between 20 to 30% of the Company's New Common
            Stock on the Effective Date, it will have the right
            to appoint two directors, and if Pacificor holds
            less than 20% of the Company's New Common Stock on
            the Effective Date, it will have the right to
            appoint one director;

       (ii) Creditors Committee's Power to Appoint.  On the
            Effective Date, the Committee will appoint two
            directors, both of whom will be Independent
            Directors.  The directors appointed by the Committee
            on the Effective Date will be reasonably acceptable
            to Pacificor, provided, however, that in the event
            the number of directors that Pacificor has the right
            to appoint is reduced by one or two directors as a
            result of its ownership of Common Stock, the
            director or directors will be appointed by the
            Creditors Committee and no acceptance of Pacificor
            will be required for the appointment; and

      (iii) Old DASI Board's Power to Appoint.  One director
            appointed by the Old DASI Board on the Effective
            Date will be an Independent Director, subject to
            reasonable approval by the Creditors Committee and
            the other will be the CEO of Reorganized DASI.

  (3) Waiver.  In the event of that anyone of the conditions to
      the obligations of Pacificor under the Agreement is not or
      cannot be satisfied, Pacificor will, within 14 days after
      being notified thereof in writing by the Debtors or the
      Creditors Committee, elect either to waive the condition
      or to terminate the Agreement by providing written notice
      of its election to the Creditors Committee and to the
      Debtors.  In the event that the Pacificor does not so
      elect in writing within the 14-day period, it will be
      conclusively deemed to have waived the condition.

A full-text copy of the Amended Backstop Agreement is available
for free at http://ResearchArchives.com/t/s?22d8

                     About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 26 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTO: Summary of Terms of Proposed Stockholders' Agreement
---------------------------------------------------------------
The backstop rights purchase agreement between Dura Automotive
Systems Inc. and Pacificor LLC attached a Stockholders'
Agreement Term Sheet.

TERM                          DESCRIPTION
----                          -----------

Issuer        Reorganized Dura Automotive Systems, Inc.
Class and     Shares of New Common Stock, US$0.01 par value, of
Amount of     Reorganized DASI equal to 100% of the total number
Securities    of issued and outstanding shares of New Common
to be         Stock on the Effective Date.  The shares of New
issued        Common Stock issued on the Effective Date will be
              held and, to the extent permitted, transferred
              through the Depository Trust Company.

Initial       Initial Stockholders will be (i) Pacificor, LLC,
Stockholders  in its capacity as a Senior Noteholder and the
              Backstop Party; (ii) Senior Noteholders receiving
              New Common Stock pursuant to the Chapter 11 Plan
              or the Rights Offering; and (iii) holders of
              certain Other General Unsecured Claims receiving
              New Common Stock pursuant to the Chapter 11 Plan.
              All transferees of the Initial Stockholders will
              be subject to, and bound by, the terms of the
              Stockholders Agreement.

Holder of     All holders of New Common Stock will hold such
Record        shares through The Depository Trust Company.
Dilution      All shares of New Common Stock issued on the
              Effective Date will be subject to dilution by the
              Management Equity Program.  Any shares of New
              Common Stock issued under the Management Equity
              Program will be subject to, and bound by, the
              terms of the Stockholders Agreement.

Initial       Each Share of New Common Stock will have an
Share         initial value of US$500,000 unless Pacificor
              consents to a lower value.  If the amount of the
              recovery value on account of an Allowed Claim is
              less than the  Initial Price, or any whole
              multiple thereof, and recovery on the Allowed
              Claim in satisfaction thereof is in the form of
              New Common Stock, then the Allowed Claim holder
              will receive the number of whole shares of New
              Common Stock determined by dividing the Allowed
              Claim by the Initial Share Price plus one
              fractional share of New Common Stock for the
              remaining portion of the Allowed Claim.  No other
              fractional shares may exist after the Effective
              Date.

Fees          Pacificor will not receive any premium for selling
              or voting (or refraining from voting) its shares
              in any transaction, and no management fee,
              financial advisory or other consulting fees, non-
              compete fee, closing fee or like compensation will
              be payable to Pacificor.

A copy of the Stockholder's Agreement Term Sheet is available at
no charge at http://ResearchArchives.com/t/s?22d7

                      About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 26 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


EASIWIPES LTD: Brings In Liquidators from KPMG LLP
--------------------------------------------------
Jane Bronwen Moriarty and Myles Antony Halley of KPMG LLP were
appointed joint liquidators of Easiwipes Ltd. on Aug. 10 for the
creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England


GALLIFORD DANN: Brings In Begbies Traynor as Administrators
-----------------------------------------------------------
W. John Kelly, James P.N. Martin and John Lowe of Begbies
Traynor were appointed joint administrators of Galliford Dann
Partnership Ltd. (Company Number 05098248) on Aug. 10.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Galliford Dann Partnership Ltd.
         2 Bell Lane
         Monks Kirby
         Rugby
         CV23 0QY
         England
         Tel: 01788 832 056
         Fax: 01788 832 017


GOLDEN KEY: Wind Down Event Cues S&P to Junks Capital Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services takes these credit rating
actions on SIV-lite transactions:

   -- it is lowering its ratings on the notes issued by Golden
      Key Ltd., which were placed on CreditWatch negative on
      Aug. 17, 2007. These ratings remain on CreditWatch
      negative; and

   -- these rating actions are the result of its review of
      various factors:

        1) whether a vehicle has actually entered a wind-down
           which causes a liquidation of assets;

        2) the portfolio composition and specifically the
           amount of the portfolio invested in U.S. subprime
           assets;

        3) the capital structure, which varies from structure to
           structure; and

        4) the liquidity available to each vehicle.

A vast majority of the portfolio of each of these market-value
structures is invested in U.S. mortgage securities.  The current
volatility in the market price of the U.S. mortgage securities
is having a negative impact on the net asset value of each of
these vehicle's portfolios. SIV-lites generally issue short-term
obligations (commercial paper) and long-term obligations
(mezzanine and the capital notes).

In the case of Golden Key, the sale of assets has resulted in an
erosion of capital and these monetized losses have resulted in
the ratings actions.

It is important to note that when originally rated, these
structures provided approximately 4% to approximately 9% credit
support under the 'AAA' rated securities.

In rating SIV-lites, Standard & Poor's analyzes both potential
credit migration and spread widening to determine potential
valuation declines in SIV-lites.  The minimum support
incorporated in a SIV lite is 4% over-collateralization.  This
should be considered in light of the historical maximum price
moves since 1997 of approximately 1.7% on 'AAA' rated U.S. RMBS
with a WAL of three years and 4.00% on 'AA' rated RMBS with a
WAL of five years.  S&P believes that quotes in the current
market reflect prices at a discount of approximately 10% to 30%.

The collateral in these structures is currently rated 'AAA' and
'AA', and these ratings reflect our current expectations of the
performance of the underlying collateral.  Standard & Poor's is
following its rated mortgage-backed securities.

The value disruption to the highly rated mortgage-backed
securities is relatively recent.  In July, Standard & Poor's, in
addition to the standard surveillance traditionally performed on
these structures, initiated a broader review of market-value
structures and has been releasing updates as the review
proceeds.

Standard & Poor's receives weekly reports from SIV-lite issuers
that include liability structure and performance.

SIV-lites typically have a fixed maturity date and typically
invest in portfolios that have less sector diversity than
typical SIVs do.  In addition, ratings are assigned to capital
structures with multiple tranches.

For SIV-lites, the NAV test typically compares the ratio of the
current market value of the assets against the par amount of
outstanding liabilities, including rated CP, rated medium-term
notes, and rated subordinated debt.  If the ratio of the current
asset valued (as determined through an agreed process of
sourcing prices from third-party price providers) divided by the
rated liabilities is below the required ratio, wind-down would
commence if the test is uncured.  This preset ratio test is set
at different levels for each structure based on the differing
portfolio collateral mix that reflects the differing possible
price volatility of the asset sectors.  The liquidity test is
referred to as a net cumulative outflow test.  For example, the
NCO30 test measures the cash outflows of the vehicle (including
maturities of CP and MTNs) as measured for the peak 30
consecutive days as would be observed over a one-year horizon.
Other NCO tests measure other horizons.

The SIV-lites commented on in this release comprise all of the
SIV-lites rated by Standard & Poor's.

Golden key Ltd. and Golden Key U.S. LLC
   US$5.0 billion European/U.S. CP with US$498 million mezzanine
   note program and capital notes

                                       Rating
  Class                       To                  From

  CP                          B/Watch Neg         A-1+/Watch Neg
  Tier 1 mezzanine notes      CCC/Watch Neg       AAA/Watch Neg
  Tier 2 mezzanine notes      CCC-/Watch Neg      AA/Watch Neg
  Capital notes               CCC-/Watch Neg      BBB/Watch Neg

Golden Key is managed by Avendis Financial Services Ltd., which
is responsible for portfolio asset selection and portfolio
management.  Golden Key has begun the liquidation of assets in
order to satisfy its maturing CP payment dates.  The breach of
various tests including the NAV and available liquidity tests
has resulted in sales of assets and distressed liquidation value
received on these assets.  As a result, Golden Key is currently
in wind-down mode.

The liquidation proceeds on assets sold thus far have varied in
value and represent significant par erosion in the overall
portfolio.  The portfolio is made up of prime and sub-prime U.S.
RMBS.  To date, cumulative realized losses indicate that
expected losses will affect the Tier 2 mezzanine notes and the
capital notes.  The downgrade affecting the Tier 1 mezzanine
notes reflects the likelihood that the proceeds from the
liquidation of securities may be insufficient to repay Tier 1
due to the current market conditions for U.S. RMBS, which have
led to volatility and uncertainty in pricing U.S. residential
mortgage assets.

The downgrade of the CP reflects the potential that losses can
be absorbed from future asset liquidations.  The speculative-
grade rating reflects this uncertainty of liquidation prices to
be received in this volatile market, the fact that the structure
is in liquidation, and the limited remaining capital structure
supporting the CP.

Mainsail II Ltd. And Mainsail II LLC
   US$4.519 billion European and U.S. CP, mezzanine, and capital
   notes

                                      Rating
  Class                       To                  From

  CP                          A-3/Watch Neg       A-1+
  Tier 1 mezzanine notes      CCC+/Watch Neg      AAA
  Tier 2 mezzanine notes      CCC/Watch Neg       AA
  Capital notes               CCC-/Watch Neg      BBB-

Mainsail II is managed by Solent Capital (Jersey) Ltd. and is
failing its NAV test.  Mainsail II has begun to liquidate assets
in order to repay its maturing CP notes.  The portfolio is made
up of prime and subprime U.S. RMBS in addition to CDO tranches.
Mainsail II is in wind-down mode.  As such, the current rating
actions also reflect the necessary liquidation of assets at
distressed prices, which have resulted in a deterioration of the
asset pool supporting the par value of the mezzanine and capital
notes, and the uncertainty of future prices.

The rating on Mainsail II's CP remains investment-grade and
reflects the remaining credit support and the realized losses on
the portfolio liquidations.


GUESS? INC: Brean Murray Maintains Buy Rating on Firm's Shares
--------------------------------------------------------------
Brean Murray analyst Eric Beder has kept his "buy" rating on
Guess? Inc.'s shares, Newratings.com reports.

According to Newratings.com, the target price for Guess?'s
shares was set at US$57.

Mr. Beder said in a research note that given Guess?'s focus on
denim, vests, logo looks and plaid, the firm "remains in style
and is on track towards a robust season this fall."

Mr. Beder told Newratings.com that Guess?' Daredevil jeans sales
have been better compared to those of its other two women's
denims, Starlet and Foxy.

Guess?'s performance would be healthy, Newratings.com states,
citing Brean Murray.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


GVG LOGISTICS: Taps Liquidators from Baker Tilly Restructuring
--------------------------------------------------------------
Susan Agnes Maund and Andrew White of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of GVG
Logistics Ltd. on Aug. 8 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


HAVERING FIREPLACES: Hires Liquidators from Vantis Redhead
----------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were
appointed joint liquidators of Havering Fireplaces Ltd. on
Aug. 8 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


H.K.W. INFORMATION: Appoints Joint Administrators from Kroll
------------------------------------------------------------
Anne Clare O'Keefe and Fraser Gray of Kroll Ltd. were appointed
joint administrators of H.K.W. Information Services Ltd.
(Company Number 03203135) on Aug. 10.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Manchester, England, H.K.W. Information
Services Ltd. -- http://www.hkwis.co.uk/-- supplies computing
systems to schools and offices.


ISOFT GROUP: IBA Health Revises Takeover Offer to GBP166.3 Mln
--------------------------------------------------------------
IBA Health Limited has submitted a revised cash offer of
AUD410.7 million (GBP166.3 million) for iSOFT Group plc.  The
revised offer will have a scrip alternative.

IBA has also agreed to acquire around 56.6 million shares in
iSOFT from existing shareholders representing 24.3% of the
issued capital of iSOFT.

Under the revised offer, iSOFT shareholders will be entitled to
receive:

   -- 69 pence cash for each iSOFT share; or

   -- 1.65 IBA shares for every 1 iSOFT share, an implied offer
      price of 70.2 pence for each iSOFT share based on AEP's
      subscription price under the share component of the AEP
      Investment of US$1.05 per IBA share (61.5 pence for each
      iSOFT share at IBA's closing price of US$0.92 on Aug. 21,
      2007); or

   -- a combination of cash and the Share Alternative.

The cash offer represents a 4.5% premium to CompuGROUP's offer
of 66 pence for each iSOFT share on July 20, 2007.

Allco Equity Partners will make a strategic cornerstone
investment in IBA of up to AUD300 million, conditional on
completion of the revised offer.

The combination of IBA and iSOFT is expected to significantly
increase IBA's FY2008 earnings per share before amortization of
acquisition related intangibles[1][2].  Full run-rate annual
cost synergies totaling approximately AUD27 million (GBP11
million), arising primarily from a reduction of overheads
through combining infrastructure and premises, are expected to
be realized in FY2009.

The two companies have complementary geographical footprints and
product portfolios, and it is expected that considerable revenue
growth opportunities can be created through cross-selling a
larger product portfolio to a broader customer base.  The
combined group will also be able to benefit from its increased
offshore IT development resources and other economies of scale,
which are expected to enable it to improve margins.

The combined group will hold a key position in the NPfIT, one of
the world's largest civilian IT projects with a total value of
AUD31 billion over the next 10 years.  Contractual amendments to
iSOFT's supply agreement to CSC in June 2007 has reduced the
risk of NPfIT for iSOFT and strengthened its financial position
over the next three years with approximately two thirds of CSC's
license payments to iSOFT being guaranteed through calendar
based payments.

"The strategic logic for this merger remains compelling and the
merits of the transaction are further endorsed through AEP's
cornerstone investment," Gary Cohen, executive chairman of IBA
Health, said.  "This merger of two leading healthcare IT
companies will create one of the largest providers of health IT
solutions in the regions from Europe through to Australasia.
This is a continuation of our international strategy, started
three years ago.  Our revised offer will enable iSOFT
shareholders to choose whether to accept cash or to accept IBA
shares and benefit from the expected growth of the combined
group.  It preserves key relationships with iSOFT customers and
employees, ensures the LORENZO IP is retained and enhances the
value of the combined IBA and iSOFT business."

The cash component of the revised offer will be financed through
a combination of:

   -- IBA's existing cash resources;

   -- the net proceeds of the rights issue, which completed on
      July 3, 2007, to the extent of approximately AUD140
      million (GBP59.2 million); and

   -- the proceeds of a cornerstone equity investment under
      which AEP will subscribe for up to AUD300 million
     (GBP121.5 million) through a combination of shares and
      Convertible Notes to be issued by IBA.  AEP's commitment
      will vary depending on the extent to which iSOFT
      shareholders opt for the Share Alternative.

AEP has agreed to invest up to 19.9% of the diluted issued share
capital of IBA (on the relevant subscription date) at a price of
AUD1.05 per IBA share up to a maximum of AUD132 million.  The
balance of the AEP investment will be by way of Convertible
Notes, convertible into IBA shares at any time on a one-for-one
basis (adjusted for corporate events).  IBA has agreed to seek
shareholder approval to permit AEP to convert its Convertible
Notes, as such a conversion is likely to result in AEP holding
20% or more of the issued capital of IBA.

The issue price of the Convertible Notes will be equal to a 10%
discount to the lower of US$1.05 or the VWAP of IBA shares over
the 20 trading days commencing the later of seven trading days
post the revised offer announcement or two trading days
following the posting of a revised scheme circular.  To the
extent that any Convertible Notes are not converted, such notes
will be redeemed on the maturity date, which is five years after
the issue of the notes.

AEP will be entitled to nominate directors to the board of IBA
subject to AEP's ownership interest.

IBA will procure the refinancing of iSOFT's existing bank
facilities, which are repayable upon a change of control, and
the ongoing working capital requirements of the enlarged group,
through committed new debt facilities of GBP145 million (AUD358
million) which have been arranged by ABN AMRO of which GBP120
million (US$296 million) has been underwritten by ABN AMRO and
the balance of GBP25 million (AUD62 million) by AEP.  The
availability of the new debt facilities is subject to a number
of conditions as set out in the attachment.

"The proposed investment suits AEP's investment mandate, which
includes taking strategic stakes in public companies.  AEP is
attracted to the growth potential of the global healthcare IT
sector and a combination of IBA and iSOFT is a compelling
investment proposition," Marcus Derwin, managing director of
AEP, said.

       Rights Issue or Who Underwrite the Rights Issue

   [1] Before one-off integration costs associated with the
       Original Offer and the Revised Offer, but including
       expected synergy benefits.

   [2] This statement regarding earnings per share enhancement
       is not a profit forecast and should not be interpreted to
       mean that the enlarged group's future earnings per share
       will necessarily match or exceed the historical published
       earnings per share of IBA.  It is assumed the Scheme
       becomes effective on Oct. 31, 2007, and AEP subscribes
       for Convertible Notes at a 10% discount to US$0.92, being
       IBA's closing share price on Aug. 21, 2007.

            iSOFT's Response to the Revised Offer

The Board of iSOFT notes the announcement of a revised offer for
iSOFT by IBA of 69 pence per share in cash with a share
alternative of 1.65 new IBA shares per iSOFT share and also that
IBA intends to seek the recommendation of the iSOFT Board for
this offer.

The Board will consider the revised IBA offer and will respond
in due course.

                           About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

On July 20, 2006, iSOFT engaged its auditors Deloitte & Touche
LLP, to conduct a formal initial investigation into possible
accounting irregularities.

The Financial Services Authority (FSA) and the Accountancy
Investigation and Discipline are currently conducting their own
investigation.

At the present time, the company has no indication of when
either the FSA or the AIDB intend to conclude their
investigations and report.  The Group assured continued
cooperation with both organizations.

                      Going Concern Doubt

At April 30, 2007, in preparing their cash flow projections,
iSOFT's directors recognize that there are material
uncertainties that may cast significant doubt on the Group's
ability to continue as a going concern.


JDM WINES: Claims Filing Period Ends September 25
-------------------------------------------------
Creditors of JDM Wines Ltd. have until Sept. 25 to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims and the names and addresses of their
solicitors (if any) to:

         Vincent Green
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Vincent Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of the company on
Aug. 14 for the creditors' voluntary winding-up procedure.


JFL AUTOMOTIVE: Appoints Liquidators from KPMG LLP
--------------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint liquidators of JFL Automotive Ltd. (formerly JFL
Manufacturing Ltd. and Jet Filters Ltd.) on Aug. 15 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


MAINSAIL II: S&P Junks Capital Notes on Wind Down Event
-------------------------------------------------------
Standard & Poor's Ratings Services takes these credit rating
actions on SIV-lite transactions:

   -- it is lowering its ratings on the notes issued by Mainsail
      II Ltd. and placing them on CreditWatch negative;

   -- these rating actions are the result of its review of
      various factors:

      1) whether a vehicle has actually entered a wind-down
         which causes a liquidation of assets;

      2) the portfolio composition and specifically the
         amount of the portfolio invested in U.S. subprime
         assets;

      3) the capital structure, which varies from structure
         to structure; and

      4) the liquidity available to each vehicle.

A vast majority of the portfolio of each of these market-value
structures is invested in U.S. mortgage securities.  The current
volatility in the market price of the U.S. mortgage securities
is having a negative impact on the net asset value of each of
these vehicle's portfolios. SIV-lites generally issue short-term
obligations (commercial paper) and long-term obligations
(mezzanine and the capital notes).

In the case of Mainsail, the sale of assets has resulted in an
erosion of capital and these monetized losses have resulted in
today's ratings actions.

It is important to note that when originally rated, these
structures provided approximately 4% to approximately 9% credit
support under the 'AAA' rated securities.

In rating SIV-lites, Standard & Poor's analyzes both potential
credit migration and spread widening to determine potential
valuation declines in SIV-lites.  The minimum support
incorporated in a SIV lite is 4% over-collateralization.  This
should be considered in light of the historical maximum price
moves since 1997 of approximately 1.7% on 'AAA' rated U.S. RMBS
with a WAL of three years and 4.00% on 'AA' rated RMBS with a
WAL of five years.  S&P believes that quotes in the current
market reflect prices at a discount of approximately 10% to 30%.

The collateral in these structures is currently rated 'AAA' and
'AA', and these ratings reflect our current expectations of the
performance of the underlying collateral.  Standard & Poor's is
following its rated mortgage-backed securities.

The value disruption to the highly rated mortgage-backed
securities is relatively recent.  In July, Standard & Poor's, in
addition to the standard surveillance traditionally performed on
these structures, initiated a broader review of market-value
structures and has been releasing updates as the review
proceeds.

Standard & Poor's receives weekly reports from SIV-lite issuers
that include liability structure and performance.

SIV-lites typically have a fixed maturity date and typically
invest in portfolios that have less sector diversity than
typical SIVs do.  In addition, ratings are assigned to capital
structures with multiple tranches.

For SIV-lites, the NAV test typically compares the ratio of the
current market value of the assets against the par amount of
outstanding liabilities, including rated CP, rated medium-term
notes, and rated subordinated debt.  If the ratio of the current
asset valued (as determined through an agreed process of
sourcing prices from third-party price providers) divided by the
rated liabilities is below the required ratio, wind-down would
commence if the test is uncured.  This preset ratio test is set
at different levels for each structure based on the differing
portfolio collateral mix that reflects the differing possible
price volatility of the asset sectors.  The liquidity test is
referred to as a net cumulative outflow test.  For example, the
NCO30 test measures the cash outflows of the vehicle (including
maturities of CP and MTNs) as measured for the peak 30
consecutive days as would be observed over a one-year horizon.
Other NCO tests measure other horizons.

Standard & Poor's has taken rating these actions based on
current market conditions and the breaches of various tests,
including liquidity, interest rate sensitivity, market value,
and capital adequacy.

The SIV-lites commented on in this release comprise all of the
SIV-lites rated by Standard & Poor's.

Mainsail II Ltd. And Mainsail II LLC
   US$4.519 billion European and U.S. CP, mezzanine, and capital
   notes

                                      Rating
  Class                       To                  From

  CP                          A-3/Watch Neg       A-1+
  Tier 1 mezzanine notes      CCC+/Watch Neg      AAA
  Tier 2 mezzanine notes      CCC/Watch Neg       AA
  Capital notes               CCC-/Watch Neg      BBB-

Mainsail II is managed by Solent Capital (Jersey) Ltd. and is
failing its NAV test.  Mainsail II has begun to liquidate assets
in order to repay its maturing CP notes.  The portfolio is made
up of prime and subprime U.S. RMBS in addition to CDO tranches.
Mainsail II is in wind-down mode.  As such, the current rating
actions also reflect the necessary liquidation of assets at
distressed prices, which have resulted in a deterioration of the
asset pool supporting the par value of the mezzanine and capital
notes, and the uncertainty of future prices.

The rating on Mainsail II's CP remains investment-grade and
reflects the remaining credit support and the realized losses on
the portfolio liquidations.


MAXIMUM INDEX: Taps Joint Administrators from Vantis
----------------------------------------------------
Peter Hughes-Holland and Frank Wessely of Vantis PLC were
appointed joint administrators of Maximum Index Marketing Ltd.
(Company Number 01972096) on Aug. 3.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Maximum Index Marketing Ltd.
         Fernbrook
         The Square
         Pangbourne
         Reading
         RG8 7AL
         England
         Tel: 0118 984 5454
         Fax: 0118 984 5020


MORTGAGES PLC 7: Fitch Puts BB+ Rating on Class E Notes
-------------------------------------------------------
Fitch Ratings has revised the rating Outlooks of eight tranches
of U.K. non-conforming RMBS transactions backed by loans
originated by Mortgages plc.  All tranches from these deals have
been affirmed.

The revisions to the rating Outlooks follow a clarification of
certain triggers within the transactions.  In particular, the
foreclosure trigger wording relating to reserve fund
amortization has now been clearly defined by Mortgages plc as
relating to current period foreclosures outstanding as a
proportion of the initial pool balance.  Fitch's previous rating
actions and rating Outlooks, on July 3, 2007, were based on an
interpretation of the trigger wording as being based on the
cumulative amount of foreclosures, as well as initial feedback
from Mortgages plc that the reserve fund of Mortgages 6 plc
would be replenished at the next interest payment date following
an apparent breach.  The subsequent clarification of the trigger
measurement by Mortgages plc means that the triggers have not
been breached.  The interpretation of the trigger as current
rather than cumulative means it will inevitably be less
restrictive than foreclosure triggers in some other U.K. non-
conforming transactions, where triggers are based on cumulative
foreclosures as a percentage of the initial pool balance.

The rating actions are:

Mortgages No. 6 plc:

   -- Class A2 (ISIN XS0206259888) affirmed at 'AAA'. Outlook
      Stable

   -- Class B (ISIN XS0206260464) affirmed at 'AA+'. Outlook
      revised to Stable from Positive

   -- Class C (ISIN XS0206260894) affirmed at 'A+'. Outlook
      revised to Stable from Positive

   -- Class D (ISIN XS0206261603) affirmed at 'BBB+'. Outlook
      revised to Stable from Positive

   -- Class E (ISIN XS0206261942) affirmed at 'BBB'. Outlook
      revised to Stable from Positive

Mortgages No. 7 plc:

   -- Class A2 (ISIN XS0225922110) affirmed at 'AAA'. Outlook
      Stable

   -- Class B (ISIN XS0225922383) affirmed at 'AA+'. Outlook
      revised to Stable from Positive

   -- Class C (ISIN XS0225922466) affirmed at 'A+'. Outlook
      revised to Stable from Positive

   -- Class D (ISIN XS0225922623) affirmed at 'BBB+'. Outlook
      revised to Stable from Positive

   -- Class E (ISIN XS0225922896) affirmed at 'BB+'. Outlook
      revised to Stable from Positive

   -- Class A1 paid in full in August 2007.


OCEAN FITTINGS: M. C. Bowker Leads Liquidation Procedure
--------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of Ocean
Fittings and Fabrications Ltd. on Aug. 13 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


REFCO INC: Trustee Files US$2 Bln Suit vs. Advisers, et. al
-----------------------------------------------------------
The Refco Litigation Trusts have filed a lawsuit in Chicago
charging that Refco Inc.'s legal, accounting and financial
advisers knowingly assisted corrupt Refco insiders in looting
Refco's assets.

The lawsuit, filed in the Circuit Court of Cook County,
Illinois, names Mayer, Brown, Rowe & Maw LLP, Grant Thornton
LLP, Ernst & Young LLP, PricewaterhouseCoopers LLC, Credit
Suisse Securities (U.S.A.), Banc of America, Deutsche Bank
Securities, certain loan participants, and the corrupt Refco
insiders as defendants.

The lawsuit seeks over US$2 billion in damages and penalties for
the defendants' role in committing and aiding in the corrupt
Refco insiders' fraud and breaches of fiduciary duty.

The lawsuit provides a thorough description of the more than
seven-year conspiracy to conceal Refco's trading losses, true
operating expenses, marginal performance and theft of assets
belonging to Refco's unregulated broker-dealer, Refco Capital
Markets Ltd.

The lawsuit alleges that Refco's fraudulent scheme "only could
have worked with the active assistance of Refco's cadre of
outside auditors, professionals and advisers" -- a veritable
"who's who" of some of the most trusted names in corporate
finance, law and accounting, whose reputations and substantial
assistance aided the Refco insiders in stripping out billions of
dollars in Refco assets.

As alleged in the complaint, the fraud occurred in three phases:

   -- first, the corrupt insiders, with the active assistance of
      its professional advisors, created the illusion that Refco
      was a successful and financially sound company;

   -- second, the defendants worked to maintain that illusion,
      employing various financial chicanery to fool the outside
      world; and

   -- third, the professional defendants orchestrated a massive
      cash-out, whereby they aided the insiders in cashing-out,
      while at the same time lining their own pockets with
      substantial professional fees.

The purpose of the entire scheme, the lawsuit alleges, was to
allow the Refco's insiders to sell their interests at
fraudulently inflated prices.

Specifically, the lawsuit alleges that:

   -- Grant Thornton blessed Refco's financial statements
      "despite knowing the nature and massive extent of the
      fraud;"

   -- Mayer Brown structured and documented fraudulent "round
      trip" loan transactions at the end of every relevant
      reporting and auditing period (and the unwinding of those
      transactions days later) that   were "like a street-corner
      shell game" solely designed to conceal trading losses and
      inflated expenses;

   -- Ernst & Young "willingly generated Refco's false tax
      returns," had complete knowledge of the scheme and
      "actively assisted" the Refco insiders in hiding Refco's
      "bad debts," acknowledging internally   that it could be
      "an accessory to some type of fraud;"

   -- PWC wrongfully validated deficient internal controls and,
      with knowledge of the fraudulent round trip loan
      transactions, participated in the falsification of Refco's
      registration statements;

   -- the investment banker defendants "structured and
      facilitated the lucrative cashing-out" of the insiders'
      interests knowing of the extraordinary harm caused to RCM
      and its customers.

      The lawsuit alleges that the investment banks "never
      trusted the Refco Insiders," "could not recreate projected
      free cash flows," and knew RCM's customer securities and
      cash were being used by Refco without the ability to repay
      RCM and that this fact was not disclosed in Refco's public
      offering documents;

   -- one of the underwriter defendants, during its purported
      financial "due diligence," commented internally that it
      viewed Refco's Chief Financial Officer as a "pathological
      liar," yet it proceeded with an LBO and an IPO because of
      the enormous investment banking fees;

   -- Grant Thornton, Mayer Brown and PWC participated in
      "conscious editing of SEC disclosure documents to conceal"
      a massive related-party receivable owed to Refco by a
      company controlled by Refco's insiders;

   -- participants in the round trip loan transactions were well
      aware that they were involved in a scheme to prop up
      Refco's financial condition by making multi-hundred
      million dollar loans to a Refco related-party using
      Refco's own money to fund the loan.  The "loan"   amounted
      to no more than a book-entry, for which the participant
      received a payment for agreeing to be a part of the
      scheme; and

   -- The Refco insiders stole securities and cash that were
      entrusted to RCM by its customers, without documentation,
      with no ability, intent, posting of collateral or
      obligation to repay those diverted assets, and with no
      compensation to RCM, leaving RCM with over US$2 billion in
      uncollectible IOUs.

"This is the second lawsuit filed by the Refco Litigation
Trusts, which have a broad mandate to pursue claims on behalf of
Refco and its creditors and are committed to achieving a full
and speedy recovery of the massive damages caused to Refco by
numerous parties," Marc S. Kirschner, Trustee of the Refco
Litigation Trusts, said.  "The Trusts intend to bring additional
lawsuits, in addition to continuing to vigorously pursue the
claims it has filed to date, to seek redress for the harm caused
to Refco and its creditors."

The complaint was filed by Quinn Emanuel Urquhart Oliver &
Hedges and Grippo & Elden LLC.

                           About Refco

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

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


RENTOKIL INITIAL: Posts GBP559 Mln Equity Deficit at June 30
------------------------------------------------------------
Rentokil Initial plc released unaudited interim financial
results for the six months ended June 30, 2007.

Rentokil reported a GBP66.7 million net profit on GBP1.1 billion
of revenue for the six months ended June 30, 2007, compared with
a GBP134.7 million net profit on GBP881.4 million of revenue for
the same period in 2006.

At June 30, 2007, the company's consolidated balance sheet
showed GBP1.9 billion in total assets, GBP2.5 billion in total
liabilities and GBP559.7 million in stockholders' deficit.

                      First Half Overview

Group revenue increased by 23.0% over the first half of last
year with all divisions reporting higher revenue.  The strongest
revenue growth came from City Link, Facilities Services and Asia
Pacific.  Organic revenue, which excludes acquisitions, was 4.8%
higher.

During the half, the contract portfolio increased by GBP29.0
million.  This comprised GBP97.4 million from new business and
GBP19.5 million from net additions/reductions offset by
terminations of GBP82.9 million and net acquisitions/
disposals of GBP5.0 million.  The largest contributor to
portfolio net gain was Asia Pacific, largely due to the Hong
Kong government pest control contract which commenced in April.
Textiles & Washroom Services experienced a small decline in the
value of its portfolio in the half due to the continued
portfolio loss in U.K. Washroom and the exit from the German
Hospitals business which offset gains in the portfolio in
Continental Europe.  Excluding the German Hospitals business,
Textiles and Washroom Services' portfolio grew at an annualised
rate of 4.6% in Continental Europe.

The group's annualized customer retention rate increased in the
first half to 88.3% from 87.9% in the first half of last year.
Retention continued to improve in a number of key businesses,
including U.K. Pest Control.

Operating profit (before amortization of customer lists) from
continuing operations was 6.4% higher than last year and
adjusted operating profit (excluding the impact of one-off
costs) increased by 4.0%.   Strong profit growth was recorded by
City Link, Facilities Services, Asia Pacific and Ambius.
Comparisons for Pest Control were impacted by the inclusion of a
full first quarter of seasonal losses in the US business, JC
Ehrlich, acquired on March 1, 2006.  Statutory operating profit
of GBP102.8 million was 5.4% lower than last year.

Profit before tax and amortization was impacted by significantly
higher interest costs resulting from higher net debt ahead of
the receipt of the Electronic Security sale proceeds and higher
interest rates.  As a result, profit before tax and amortization
for the first half was 10.9% lower than last year.  Adjusted
profit before tax and amortization (excluding one-off costs)
fell by 12.9% in the first six months but was only 4.3% behind
last year in the second quarter.

The group's adjusted net margin was 11.7% in the first half
versus 13.9% last year.  The decrease reflects changes in
business mix - particularly relating to the buy back of City
Link franchises and a full period of ownership of the lower
margin JC Ehrlich - as well as continued profit pressure in U.K.
Pest Control and Washroom, where business restructuring
continues.

Good progress was made during the half to integrate the
businesses acquired during 2006, particularly Target Express,
the City Link franchises and some of the larger Asia Pacific
acquisitions such as Pink Healthcare.

In line with the goal of improving service levels and
productivity through process change, a 400-seat shared service
centre was established in the Midlands during the half which
will meet many of the front office and back office needs of the
U.K. Washroom, Pest Control, Ambius and Facilities Services
businesses.

Further investment was made in the group's higher growth sectors
in the first half with a total of 50 acquisitions for total
consideration of GBP96 million.  The majority of acquisitions
were in City Link, Pest Control and Asia Pacific.  In July, the
acquisitions of Presto-X and Lancaster were announced for a
total consideration of GBP38 million.  Presto-X provides a
follow-on regional business to add to Ehrlich in US Pest Control
whilst the acquisition of Lancaster strengthens the Facilities
Services division's position in the London cleaning market where
it had limited presence.

The sale of the Electronic Security businesses in the U.K.,
Netherlands and USA to United Technologies Corporation was
completed on July 2.  The proceeds of GBP533 million represented
86% of the total sale value of GBP595 million plus completion
adjustments.  The sale of the Electronic Security division in
France is awaiting regulatory approval by the French
authorities.

"The group's performance was in line with plan during the first
half and we are pleased with the progress many of our businesses
made," Doug Flynn, chief executive officer of Rentokil Initial
plc, said.  "We believe that the group passed an inflection
point in terms of profits at the end of the first half.  We are
continuing to reshape and reinvigorate the group.  Profit before
tax and amortization will move ahead strongly in the second half
of 2007 and the outlook for the year as a whole is unchanged.
In 2008, excluding the interest benefit from the sale of
Electronic Security, we expect the group's full year profit
before tax and amortization to show mid to high single digit
year-on-year growth as the benefits of the extensive work
undertaken over the past two years are realized."

Headquartered in West Sussex, England, Rentokil Initial PLC
(LSE:  RTO) -- http://www.rentokil-initial.com/-- is one of the
largest business services companies in the world, operating in
all the major economies of Europe, North America, Asia Pacific
and Africa.  The company has some 90,000 employees providing a
range of support services in over 40 countries.


SCOTTISH RE: Moody's Affirms (P)Ba3 Rating on Sr. Unsec. Shelf
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Scottish Re
Group Limited (Scottish Re; NYSE: SCT, senior unsecured shelf of
(P)Ba3) and changed the outlook to stable from positive.

The change in outlook applies to the company's debt ratings and
the Baa3 insurance financial strength ratings of the company's
core insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  All of the
aforementioned ratings were affirmed.

The company recently reported that as of June 30, 2007, it had
approximately US$3.1 billion of subprime ABS and Alt-A holdings
out of a total investment portfolio of US$13.6 billion.

"Most of the exposure is in higher rated securities, mitigating
potential losses in a downside scenario in this sector of the
market," Scott Robinson, Moody's Vice President & Senior Credit
Officer said.  Still, Moody's believes that the magnitude of the
exposure and the potential for losses to emerge on the portfolio
may make it more difficult for Scottish Re to regain the
confidence of cedants and write meaningful amounts of new
business."

Moody's notes that although much of the subprime ABS and Alt-A
exposure (US$2.4 billion) resides in non-recourse securitization
vehicles the company has sponsored, the company's substantial
equity investments in these securitizations would be eroded
should the investment holdings experience realized losses. As
default experience on recent vintages of subprime and Alt-A
investments emerges, Moody's will continue to evaluate the
impact of potential ranges of investment losses on the company's
financials.

According to Moody's, continued deterioration of the company's
subprime ABS and Alt-A investments, the inability to execute an
agreement to secure collateral for redundant statutory reserves
associated with 2005 and 2006 level premium term business, and a
lack of steady progress on implementing its strategy would lead
to downward pressure on the rating.  To the contrary, the
retention of existing business combined with a demonstrated
improvement in originating new business, less earnings
volatility (especially from "one-time" items), and the emergence
of favorable mortality and lapse assumptions would lead to
positive pressure on the ratings.

These ratings were affirmed, with the outlook changed to stable
from positive:

Scottish Re Group Limited:

   -- Senior unsecured shelf of (P)Ba3;
   -- subordinate shelf of (P)B1;
   -- junior subordinate shelf of (P)B1;
   -- preferred stock of B2; and
   -- preferred stock shelf of (P)B2.

Scottish Holdings Statutory Trust II:

   -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

   -- preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Company (Cayman) Ltd.:

   -- IFS rating of Baa3

Premium Asset Trust Series 2004-4:

   -- senior secured debt of Baa3

Scottish Re (U.S.), Inc.:

   -- insurance financial strength of Baa3

Stingray Pass-Through Certificates:

   -- Baa3 (based on IFS rating of SALIC)

On May 17 Moody's confirmed Scottish Re's ratings with a
positive outlook.  The rating action followed the completion of
a US$600 equity investment transaction in which Scottish Re sold
a majority stake to MassMutual Capital Partners LLC, a member of
the MassMutual Financial Group and Cerberus Capital Management,
L.P., a private investment firm.

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.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


SOUTH HEREFORDSHIRE: Names Kevin John Hellard Liquidator
--------------------------------------------------------
Kevin John Hellard of Grant Thornton U.K. LLP was appointed
liquidator of South Herefordshire Golf Ltd. on Aug. 14 for the
creditors' voluntary winding-up proceeding.

The liquidator can be reached at:

         Grant Thornton U.K. LLP
         Colwyn Chambers
         19 York Street
         Manchester
         M2 3BA
         England


WARD PHILIPSON: Names Ian William Kings as Administrator
--------------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of
Ward Philipson Group Ltd. (Company Number 00255924) on Aug. 6.

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

The company can be reached at:

         Ward Philipson Group Ltd.
         Dunston Industrial Estate
         Halifax Road
         Dunston
         Gateshead
         NE11 9JW
         England
         Tel: 0191 460 5915
         Fax: 0191 460 8540
         Web site: http://www.wardphilipson.co.uk/


* BOOK REVIEW: Corporate Debt Capacity: A Study of Corporate
               Debt Policy and the Determination of Corporate
               Debt Capacity
-------------------------------------------------------------
Author:     Gordon Donaldson
Publisher:  Beard Books
Paperback:  312 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587980347/internetbankru
pt

This book is an important book for corporate financial planners
and managers to assist in determining debt financing and the
establishment of borrowing limits.

This study focuses on how a company determines the wise and
proper limitation to borrowing, i.e., the appraisal of risk
associated with debt financing and the establishment of
borrowing limits.

It shows how successful industrial corporations make the choice
between debt and equity as the source of long-term capital.

The determination of debt capacity is the appropriate limit to
the amount of long-term debt outstanding at any point of time.

The author explores how the process of making this decision may
be improved.

                            *********

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 D. 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.


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