TCREUR_Public/070903.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

            Monday, September 3, 2007, Vol. 8, No. 172

                            Headlines


A U S T R I A

BAYKAL LLC: Claims Registration Period Ends Sept. 19
EVELINE & ODO: Claims Registration Period Ends Sept. 27
FADES PROJEKTBAU: Claims Registration Period Ends Sept. 18
GERUESTVERLEIH PISSENBERGER: Court Orders Business Shutdown
KONZERTDIREKTION WEILER: Claims Registration Ends Sept. 24

KRB MINERALOEL: Claims Registration Period Ends Sept. 24
RISTORANTE PIZZERIA: Claims Registration Ends Sept. 24
TENNIS PLUS: Claims Registration Period Ends Sept. 14


B E L G I U M

TIMKEN COMPANY: Wins First Rail Customer in Norway


F R A N C E

ALCATEL-LUCENT: To Deploy WiMAX Network for Bollore Telecom
BOSTON SCIENTIFIC: Amends US$2 Billion Revolving Credit Line
EUROTUNNEL GROUP: Posts EUR32 Mln Net Loss for First Half 2007
QUEBECOR WORLD: Moody's Downgrades Corporate Family Rating to B3
QUEBECOR WORLD: S&P Cuts Corporate Credit Rating to B


G E R M A N Y

ALLSECUR WIRTSCHAFTSDIENSTE: Claims Registration Ends Sept. 28
EIERMANN GMBH: Creditors Must File Claims by October 5
HM VERMOEGENSVERWALTUNGS: Claims Registration Ends Sept. 26
IN. SPERANZA: Creditors Must File Claims by October 2
MANFRED TEUBNER: Creditors' Meeting Slated for September 11

MEDICOSAN GMBH: Creditors Must Register Claims by October 5
MEISTER ELECTRONIC: Creditors Must Register Claims by Sept. 26
MEISTER GMBH: Claims Registration Period Ends Oct. 5
MILICH MALERBETRIEB: Creditors Must File Claims by October 8
MOBI-TECH GMBH: Creditors' Meeting Slated for September 4

MONTARENO GMBH: Claims Registration Ends October 10
MUELLER PROJEKTBAU: Creditors Must Register Claims by Sept. 27
NCG NORDEN: Claims Registration Ends October 10
PENTAGON INDUSTRIESERVICE: Claims Registration Ends Sept. 27
PUNTO PIU: Claims Registration Period Ends Sept. 25

RADUE RUECKBAU: Claims Registration Period Ends Oct. 5
REHA-ZENTRUM DUESSELDORF: Claims Registration Ends Sept. 27
RHEINHESSISCHE EISENBAHN: Creditors' Meeting Slated for Sept. 27
RM WOHNBAU: Claims Registration Period Ends Sept. 14
RUEBEZAHL GASTRONOMIE: Claims Registration Period Ends Sept. 28

SAT SYSTEMS: Creditors Must Register Claims by September 28
SOLBAD WITTEKIND: Claims Registration Ends October 10
STOCKHEIMER GMBH: Claims Registration Period Ends Oct. 5
V.S.W. GMBH: Creditors Must File Claims by October 2
WOHNEN IM CHIEMGAU: Claims Registration Period Ends Oct. 5


I T A L Y

ALITALIA SPA: Business Plan Aims Capital Hike, Flight & Job Cuts


K A Z A K H S T A N

AGROSTAR VK: Proof of Claim Deadline Slated for Oct. 9
AIR SILK: Creditors Must File Claims Sept. 28
BAYAN-ORMANY LLP: Claims Filing Period Ends Sept. 28
CHINGIZ-98 LLP: Creditors' Claims Due on Sept. 28
DEVELOPMENT AND CONSTRUCTION: Claims Registration Ends Sept. 19

HLEBOZAVOD LLP: Court Begins Bankruptcy Hearings
PSL ENERGY: Proof of Claim Deadline Slated for Sept. 19
SHANYRAK LLP: Creditors Must File Claims Oct. 9
TARAZ-MES LLP: Claims Filing Period Ends Sept. 28
VAN TSYAN: Creditors' Claims Due on Oct. 5


K Y R G Y Z S T A N

ALEM SERVICE: Proof of Claim Deadline Slated for October 3


N E T H E R L A N D S

CONISTON BV: Moody's Rates Classes E & F Notes at Low-B
FIXED-LINK: Moody's Lifts Low-B Ratings on Four Note Classes
GLOBAL POWER: TO File Ch. 11 Reorganization Plan on Sept. 10
GROSVENOR PLACE: Moody's Rates EUR14 Mln Class E Notes at Ba3


R U S S I A

AGRYZSKAYA MTS: Creditors Must File Claims by Oct. 4
CLIMATE-SERVICE CJSC: Names I. Gabbasov as Insolvency Manager
CHUKOT-FISH CJSC: Court Names S. Aliev as Insolvency Manager
ROSNEFT OIL: Starts Construction of Kemerovo Achinsk Pipeline
RUSSIAN VENTILATOR: Creditors Must File Claims by Oct. 4

TNK-BP HOLDING: Earns RUR21.58 Billion for First Half 2007
TUNAYCHA-M-FISHING: Asset Sale Slated for September 10
VIMPEL COMMUNICATIONS: Earns US$636.55 Mln for First Half 2007


S W I T Z E R L A N D

AUTOHAUS G URDORF: Claims Registration Period Ends September 10
IFX 2003: Creditors' Liquidation Claims Due September 15
INFOR GLOBAL: Creditors' Liquidation Claims Due September 10
INTOS JSC: Bern Court Closes Bankruptcy Proceedings
MECOM JSC: Creditors' Liquidation Claims Due September 10

MEDICAL DIALYSIS: Creditors' Liquidation Claims Due September 10
PHASE 4 COMMUNICATIONS: Creditors' Liquidation Claims Due Nov. 5
PIZZAOK.CH LLC: Bern Court Starts Bankruptcy Proceedings
RUGRA LLC: Creditors' Liquidation Claims Due September 10
TICKET-CENTER CPS: Bern Court Closes Bankruptcy Proceedings


U K R A I N E

BATKIVSHCHINA LLC: Creditors Must File Claims by September 4
GALKER CJSC: Creditors Must File Claims by September 4
GRUSHKOV BREADRECEIVING: Creditors Must File Claims by Sept. 4
MRIYA LLC: Creditors Must File Claims by September 5
PAPIRUS LLC: Creditors Must File Claims by September 4

PROKOPENKO LLC: Creditors Must File Claims by September 4
RELIZA LLC: Creditors Must File Claims by September 5
SKY DWAY LLC: Creditors Must File Claims by September 5
TCHKALOV LLC: Creditors Must File Claims by September 4
TH FAVORIT-PLUS: Creditors Must File Claims by September 5

UKRAINE LLC: Proofs of Claim Deadline Set September 4
ZAPORIZHSTAL OJSC: Moody's Affirms B3 Corporate Family Rating
ZHYTOMIR FLAX: Creditors Must File Claims by September 4


U N I T E D   K I N G D O M

BAA LTD: Eyes 2,000 Job Cuts to Curb Costs and Hike Profits
EUROTUNNEL GROUP: Posts EUR32 Mln Net Loss for First Half 2007
FEATURE WINDOWS: Brings In Liquidators from BDO Stoy Hayward
IGNEOUS LTD: M. C. Bowker Leads Liquidation Procedure
NORTH WEST:  Appoints Joint Administrators from Begbies Traynor

RANK GROUP: Earns GBP341.8 Million in Six Months Ended June 30
SALESROOM LTD: Calls In Liquidators from Tenon Recovery
TATA MOTORS: Names R.A. Mashelkar as Independent Director
TATA MOTORS: To Expand Product Range Offering to Russian Market
UNIVERSAL SPORTS: Brings In Administrators from Begbies Traynor

VENT SOLUTIONS: Taps Liquidators from Tenon Recovery

                            *********

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


BAYKAL LLC: Claims Registration Period Ends Sept. 19
----------------------------------------------------
Creditors owed money by LLC Baykal (FN 269978b) have until
Sept. 19 to file written proofs of claim to court-appointed
estate administrator Katharina Pitzal at:

         Mag. Katharina Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12
         Fax: 587 87 50-50
         E-mail: office@heller-pitzal.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Oct. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 31 (Bankr. Case No. 2 S 79/07s).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


EVELINE & ODO: Claims Registration Period Ends Sept. 27
-------------------------------------------------------
Creditors owed money by LLC Eveline & Odo Dvorak (FN 127126a)
have until Sept. 27 to file written proofs of claim to court-
appointed estate administrator Romana Weber-Wilfert at:

         Dr. Romana Weber-Wilfert
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 01/533 24 55-24
         E-mail: office@weber-wilfert.at
                 officewien@aaa-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No. 5 S 90/07f).  Christof Stapf
represents Dr. Weber-Wilfert in the bankruptcy proceedings.


FADES PROJEKTBAU: Claims Registration Period Ends Sept. 18
----------------------------------------------------------
Creditors owed money by LLC Fades Projektbau und Baumanagement
(FN 251949p) have until Sept. 18 to file written proofs of claim
to court-appointed estate administrator Eberhard Wallentin at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 2 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 30 (Bankr. Case No. 4 S 85/07p).  


GERUESTVERLEIH PISSENBERGER: Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Salzburg entered Aug. 2 an order shutting down
the business of LLC Geruestverleih Pissenberger (FN 170145p).

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

The estate administrator can be reached at:

         Mag. Christian Maurer
         Paris-Lodron-Strasse 3a
         5020 Salzburg
         Austria
         Tel: 0662/87 99 98
         Fax: 0662/87 99 98-20
         E-mail: office@smbi.at  

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on July 23 (Bankr. Case No Salzburg).


KONZERTDIREKTION WEILER: Claims Registration Ends Sept. 24
----------------------------------------------------------
Creditors owed money by LLC Konzertdirektion Weiler (FN 273423v)
have until Sept. 24 to file written proofs of claim to court-
appointed estate administrator Guenther Dobretsberger at:

         Dr. Guenther Dobretsberger
         Starhembergstr. 58
         4020 Linz
         Austria
         Tel: 0732 773174
         Fax: 0732 773174 20
         E-mail: office@do-st.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No. 12 S 63/07p).  


KRB MINERALOEL: Claims Registration Period Ends Sept. 24
--------------------------------------------------------
Creditors owed money by LLC KRB Mineraloel (FN 238755k) have
until Sept. 24 to file written proofs of claim to court-
appointed estate administrator Georg Buder at:

         Dr. Georg Buder
         Bethlehemstr. 3
         4020 Linz
         Austria
         Tel: 0732/771877
         Fax: 0732/77187718
         E-mail: moerth.buder@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on July 31 (Bankr. Case No. 12 S 62/07s).  


RISTORANTE PIZZERIA: Claims Registration Ends Sept. 24
------------------------------------------------------
Creditors owed money by LLC Ristorante Pizzeria La Cascata (FN
187149w) have until Sept. 24 to file written proofs of claim to
court-appointed estate administrator Eva Mueller at:

         Dr. Eva Mueller
         c/o Dr. Surena Ettefagh
         Johannitergasse 6
         6800 Feldkirch
         Austria
         Tel: 05522/84990
         Fax: 05522/84990-9  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on Oct. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on Aug. 1 (Bankr. Case No. 13 S 39/07a).  Surena
Ettefagh represents Dr. Mueller in the bankruptcy proceedings.


TENNIS PLUS: Claims Registration Period Ends Sept. 14
-----------------------------------------------------
Creditors owed money by LLC Tennis Plus Deutschfeistritz (FN
61573z) have until Sept. 14 to file written proofs of claim to
court-appointed estate administrator Philipp Casper at:

         Mag. Philipp Casper
         Kalchberggasse 1
         8010 Graz
         Austria
         Tel: 0316/830550
         Fax: 0316/813717
         E-mail: philipp.casper@aaa-law.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:35 p.m. on Sept. 27 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Graz
         Austria

Headquartered in Deutschfeistritz, Austria, the Debtor declared
bankruptcy on July 30 (Bankr. Case No. 25 S 86/07w).  


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


TIMKEN COMPANY: Wins First Rail Customer in Norway
--------------------------------------------------
The Timken Company recently supplied Norwegian mining company
Rana Gruber AS with cartridge bearings that significantly
increased the load capacity of freight cars transporting iron
ore.  Rana Gruber is Timken's first rail customer in Norway,
where extensive upgrading of rail freight operations is expected
within the coming years.

Rana Gruber's goal was to modernize its fleet and increase load
capacity.  This involved installing new axles and wheels, and
Timken proposed a solution that included Timken(R) AP-2(TM)
Class K cartridge bearings set in adapters that permit simpler
assembly and easier maintenance.  The adapter solution is common
in North American freight applications and is becoming more
popular in Europe.

Timken's solution has enabled Rana Gruber to increase load
capacity on its box cars by 20 percent and significantly lower
operating costs.  With tapered roller bearings, seals and
housing in a pre-lubricated package, the compact and lightweight
AP-2 design supports heavier weights and improves safety and
reliability.  Integrated HDL sealing technology protects against
bearing malfunction and improves fuel efficiency by operating
with lower torque.

"We have significant experience in maximizing bearing
performance in harsh conditions and so were able to engineer a
system for Rana Gruber that would achieve its goal of
transporting heavier loads," said Marcus Pauels, manager of
European sales and marketing for Timken's rail operations.
"The support of a supplier with a clear understanding of our
needs was especially important to us, and Timken was able to
provide us with the expertise and product that we needed," said
Arve Lein, managing director of Rana Gruber.

                     About Rana Gruber

Since its formation in 1936, Rana Gruber AS, Norway, has
specialized in the extraction and reduction of iron ores from
its own deposits in the Dunderland valley near Storforshei.
Each year it extracts about 1.6 million metric tons of iron ore
(about 1.4 million U.S. tons) and processes it in a variety of
ways.  Its offering encompasses traditional bulk materials and
special products for sophisticated applications.

                       About Timken Co.

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

                        *     *     *

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


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F R A N C E
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ALCATEL-LUCENT: To Deploy WiMAX Network for Bollore Telecom
-----------------------------------------------------------
Alcatel-Lucent is deploying a next-generation pilot network for
France's Bollore Telecom, one of the leading communications
providers and a holder of 12 WiMAX licenses in France.  This new
pilot network complements existing WiMAX trials Bollore Telecom
currently is conducting before the planned launch of its
commercial offering in France later this year.

Complying with the latest IEEE standard 802.16e-2005 the new
pilot WiMAX network is already operational. Installed and
operated by Alcatel-Lucent on one of Bollore's sites in the
Paris region, the network uses the 3.5 GHz frequency band. It
will enable Bollore Telecom to test the radio performance of
WiMAX and better prepare for its commercial deployment.

"We are working in close cooperation with the Bollore Telecom
teams to ensure the success of these trials, which implement
Alcatel-Lucent's latest advanced antenna technologies.  By
maximizing the radio performance of the WiMAX network, these
advanced technologies will make it possible for future users to
access high-quality broadband services wherever they are," said
Olivier Picard, President of the Alcatel-Lucent Europe and South
activities.  "With the combination of our expertise based on our
world leadership in fixed and mobile broadband, and the broadest
products and services portfolio on the market, we are in a good
position to help Bollore Telecom deploy a WiMAX network in
France that meets its high expectations."

Alcatel-Lucent's universal WiMAX solution is ideal for rapidly
deploying Voice over IP and broadband services such as mobile
data, video streaming and virtual private network access in
fixed, nomadic and/or mobile environments.  WiMAX technology
enables people to access high-speed, high-quality broadband
wireless services wherever they are and wherever they go,
providing truly "universal" wireless broadband access.

Under this agreement, Alcatel-Lucent is responsible for
delivering an integrated end-to-end solution that includes
acquisition of the sites and procurement of the necessary
equipment including WiMAX terminals for Bollore Telecom's
customers.  This agreement follows a multiple-supplier
partnership strategy that fits into the framework of Alcatel-
Lucent's open cooperation program aimed at promoting an open
environment designed to give end-users the widest possible
choice of devices.   Alcatel-Lucent will also manage the pilot
network.

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming"* and MIMO**.  
Beamforming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage – in some
instances by as much as 40 percent – while reducing interference
and ensuring better indoor penetration of the radio signal. MIMO
helps make radio links more robust, nearly doubling the capacity
delivered in dense urban environments.

With more than 70 pilots and deployments across the world and 12
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market, and particularly in France, where
it recently deployed the first WiMAX Rev-e commercial network.

                     About Bollore Telecom

Bollore Telecom is a new French telecommunications operator,
which obtained 12 regional WiMAX licenses in July 2006. The
project developed by Bollore Telecom has three targets:
implementing a microwave broadband access in its regional
territories, contributing to the development of competitivity
through the creation of a real alternative to existing service
portfolios, and innovating new services – in order to offer end-
users new nomadic solutions with both competitive prices and the
guarantee of a maximum technical reliability.

                       About Alcatel-Lucent

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

                          *     *     *

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

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

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


BOSTON SCIENTIFIC: Amends US$2 Billion Revolving Credit Line
------------------------------------------------------------
Boston Scientific Corporation has amended its US$2 billion
revolving line of credit and US$5 billion term loan agreement,
providing the Company additional financial flexibility as it
implements initiatives designed to increase shareholder value.
   
"We were pleased to work with our lenders to amend our credit
facility," said Jim Tobin, President and Chief Executive Officer
of Boston Scientific.  "These changes provide significant
financial flexibility that will assist us as we execute our plan
to divest non-strategic assets, monetize our investment
portfolio, and reduce expenses and head count, as well as
achieve our broader goal of increasing shareholder value."

Among other items, the amendment extends a step-down in the
maximum permitted leverage ratio (total debt divided by EBITDA
[Earnings Before Interest, Taxes, Depreciation and
Amortization]) as follows:

From:                         To:
4.5 times to 3.5 times        4.5 times to 4.0 times on
on March 31, 2008             March 31, 2009, and 4.0 times
                              to 3.5 times on Sept. 30, 2009
   
The amendment clarifies the definition of EBITDA to exclude up
to US$300 million of any restructuring charges incurred through
June 30, 2009, and up to US$500 million of any litigation
charges -- less any litigation income recorded -- each year
through June 30, 2009.  In addition, the amendment changes the
application of any term loan pre-payments from pro-rata across
maturities to the chronological order of maturities.
   
The amended credit facility and resulting financial flexibility
are part of the Company's previously announced plans to
strengthen operating and financial performance.
   
In connection with the amended agreement, Boston Scientific
prepaid US$1 billion of its term loan using US$750 million from
cash on hand and US$250 million from a credit facility secured
by U.S. receivables, resulting in a gross debt reduction of
US$750 million.  The US$1 billion prepays the April 2008 term
loan obligation of US$650 million and reduces the US$650 million
April 2009 obligation by US$350 million.  After paying down US$1
billion of its term loan, the company has nearly US$1 billion of
cash on hand and full access to its US$2 billion undrawn
revolving credit facility.  Finally, interest rate margins and
fee rates for the amended credit facility remain unchanged.
   
Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

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

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


EUROTUNNEL GROUP: Posts EUR32 Mln Net Loss for First Half 2007
--------------------------------------------------------------
Eurotunnel Group released TNU's (formerly Eurotunnel SA
/Eurotunnel PLC) financial results ended June 30, 2007.

TNU posted net loss of EUR32 million for the first half ended
June 30, 2007, compared with net loss of EUR105 million for the
same period in 2006.

Excluding the Minimum Usage Charge TNU recorded revenues of
EUR373 million compared with the EUR349 million revenues for the
same period in 2006.

In a buoyant cross-Channel market, TNU increased its market
share for its Passenger Shuttle business as well that of its
Truck activity, recording a substantial increase of 8% in its
Shuttle revenues to EUR240 million compared with EUR222 million
for the first half of 2006.

The reduction in net financial charges results from the one-off
effects of the terms of the safeguard plan, and is not
representative of the new credit agreements which are effective
from June 28, 2007.

The total equity of TNU PLC and TNU SA remains negative, at
EUR2.3 billion.

Following the Exchange Tender Offer completed in June 2007,
Groupe Eurotunnel SA took control of TNU.  The structure of TNU,
which in particular that of the Concessionnaires is unchanged.

The accounts for Groupe Eurotunnel SA will be prepared for the
year ended Dec. 31, 2007.

"We have made very tangible progress in our operations and the
company is ahead of its business plan.  To fully appreciate our
performance, it is important to take into account the loss of
the MUC, which represented, for the first half of 2006, 14% of
total revenue and which has been almost half compensated for in
this first six months.  All other things being equal, our
revenue has increased by 7% pro forma," Jacques Gounon, Chairman
and Chief Executive of Groupe Eurotunnel SA stated.

Mr. Gounon added, "While traffic is increasing, operating costs
continue nevertheless to decrease.  As a result of this, the pro
forma EBITDA shows substantial improvement and the operating
margin has reached 56%."

"The results of the first half of 2007 show a loss for TNU, much
reduced compared to 2006," Mr. Gounon concluded.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle  
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                    Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


QUEBECOR WORLD: Moody's Downgrades Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2,
on concerns that deteriorating business conditions will
adversely affect margins for an extended period with free cash
generation and debt reduction significantly deferred.

In addition, with the company having disclosed it may require
further accommodation from its bank lenders, there is
significant uncertainty as to how this will impact ongoing
access to liquidity.  With this, in turn, potentially impacting
the company's ability to address its operational issues, the
ratings outlook remains negative.  This covenant compliance
matter was a component of Moody's June 18, 2007, downgrade of
Quebecor World's speculative grade liquidity rating to SGL-4
(indicating weak liquidity).  However, given the passage of time
and the continued lack of resolution, and now, very difficult
credit market conditions, the company's liquidity position has
deteriorated and weighs against the long term debt ratings.  
This may have further ratings' impact if not addressed
satisfactorily.

Downgrades:

Issuer: Quebecor World, Inc.

-- Corporate Family Rating, Downgraded to B3 from B2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4, 55) from B2 (LGD4, 50)

Issuer: Quebecor World Capital Corporation

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4, 55) from B2 (LGD4, 50)

Issuer: Quebecor World Capital ULC

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4, 55) from B2 (LGD4, 50)

Withdrawals:

Issuer: Quebecor World (USA) Inc.

-- Senior Subordinated Conv./Exch. Bond/Debenture, Withdrawn,
    previously rated Caa1 (LGD6, 94)

Moody's had previously expected QWI's 2007 TD/EBITDA to exceed
7x. It was also expected that 2007 FCF would be materially
negative. However, it now appears that margin pressure will
cause TD/EBITDA to approach 8x, and, assuming that revenue and
margins can improve in 2008 and beyond, and, at the same time,
that capital expenditures return to maintenance levels, it will
be 2009 before the company may be able to generate positive free
cash flow.

While certain other credit metrics are expected to provide
rating signals supporting a higher rating, Moody's will focus on
free cash flow and debt reduction until such time as the company
demonstrates a sustainable ability to repay debt from internal
sources.  Similarly, until the company implements a
comprehensive liquidity plan that includes credit facilities
that provide substantial funding, are committed for an extended
period, and are accessible at all times, the company's ability
to execute its business plan will be viewed as somewhat limited
and there will be an adverse ratings impact.

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to   
publishers, retailers, catalogers and other businesses with
marketing and advertising activities.  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


QUEBECOR WORLD: S&P Cuts Corporate Credit Rating to B
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Montreal, Quebec-based printing company Quebecor World Inc. by
one notch, including the long-term corporate credit rating to
'B' from 'B+'.  The ratings remain on CreditWatch with negative
implications, where they were placed Aug. 9, 2007.
     
"The downgrade reflects Quebecor World's reduced financial
flexibility and the possibility that the company will not be in
compliance with its covenants for the private notes of
subsidiary Quebecor World Capital Corp. for the third quarter of
2007," said Standard & Poor's credit analyst Lori Harris.  
Quebecor World is pursuing an amendment with the private
noteholders to amend certain covenants.  "In the event the
amendment request (which expires Aug. 30, 2007) is not
successful, and if the company is not in compliance with its
covenants for the quarter ending
Sept. 30, 2007, Quebecor World would have to take action to
avoid an event of default, possibly by redeeming the notes
early," Ms. Harris added.
     
Furthermore, Quebecor World's waivers from its bank group for
certain financial covenants are only approved through to the
release of its third-quarter 2007 financial results.  Quebecor
World has re-entered discussions with its bank group to either
extend the waivers or loosen its financial covenants because
it's unlikely to be in compliance following expiry of existing
waivers.
     
Quebecor World is partially owned by Quebecor Inc., which holds
about a 36% economic stake in the company, yet has 85% voting
power (including 12.5 million shares pledged to exchangeable
debenture holders by Quebecor Inc.).  This controlling interest
gives rise to a linkage of these two separate legal entities.  
If Quebecor Inc.'s credit profile deteriorated, Standard &
Poor's would attribute greater risk to Quebecor World.  This
linkage could affect the ratings on Quebecor World even in the
absence of any adverse developments at Quebecor World itself.  
Quebecor Inc.'s other main holding, an interest in Quebecor
Media Inc. (BB-/Stable/--), does not constrain the ratings.
     
The ratings will remain on CreditWatch with negative
implications until Quebecor World's liquidity concerns are
resolved.  Standard & Poor's will continue to monitor
developments, including negotiations with the company's lenders.

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to   
publishers, retailers, catalogers and other businesses with
marketing and advertising activities.  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


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G E R M A N Y
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ALLSECUR WIRTSCHAFTSDIENSTE: Claims Registration Ends Sept. 28
--------------------------------------------------------------
Creditors of AllSecur Wirtschaftsdienste GmbH & Co.: Assekuranz-
und Finanzmakler KG have until Sept. 28 to register their claims
with court-appointed insolvency manager Joern Weitzmann.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against AllSecur Wirtschaftsdienste GmbH & Co.: Assekuranz- und
Finanzmakler KG on Aug. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AllSecur Wirtschaftsdienste GmbH & Co.:
         Assekuranz- und Finanzmakler KG
         Attn: Barbel Rohrbach, Manager
         Karnapp 25
         21079 Hamburg
         Germany


EIERMANN GMBH: Creditors Must File Claims by October 5
------------------------------------------------------
Creditors of Eiermann GmbH have until Oct. 5 to register their
claims with court-appointed insolvency manager Frank Bayer.

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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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 Bayer
         Kuhgasse 3
         63571 Gelnhausen
         Germany
         Tel: 06051/ 92020
         Fax: 06051/ 920 220

The District Court of Hanau opened bankruptcy proceedings
against Eiermann GmbH on Aug. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Eiermann GmbH
         Birkenhainer Strasse 12
         63579 Freigericht
         Germany


HM VERMOEGENSVERWALTUNGS: Claims Registration Ends Sept. 26
-----------------------------------------------------------
Creditors of HM Vermoegensverwaltungsgesellschaft mbH & Co. KG
have until Sept. 26 to register their claims with court-
appointed insolvency manager Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HM Vermoegensverwaltungsgesellschaft mbH & Co. KG on
Aug. 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HM Vermoegensverwaltungsgesellschaft mbH & Co. KG
         Attn: Norbert Meier and Karlheinz Heydorn, Managers
         Haferweg 26
         22769 Hamburg
         Germany


IN. SPERANZA: Creditors Must File Claims by October 2
-----------------------------------------------------
Creditors of In. Speranza Gastronomie Betriebs GmbH have until
Oct. 2 to register their claims with court-appointed insolvency
manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against In. Speranza Gastronomie Betriebs GmbH on Aug. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         In. Speranza Gastronomie Betriebs GmbH
         Otto-Brenner-Str. 9
         30159 Hannover
         Germany


MANFRED TEUBNER: Creditors' Meeting Slated for September 11
-----------------------------------------------------------
The court-appointed insolvency manager for Manfred Teubner
Windpark Eins GmbH & Co. KG, Detlef Ruediger Beckmann, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:45 a.m. on Sept. 11.

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 Jan. 7, 2008, at the same
venue.

Creditors have until Nov. 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Manfred Teubner Windpark Eins GmbH & Co. KG
on Aug. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Manfred Teubner Windpark Eins GmbH & Co. KG
         Bismarckstr. 102
         10625 Berlin
         Germany


MEDICOSAN GMBH: Creditors Must Register Claims by October 5
-----------------------------------------------------------
Creditors of MEDICOSAN GmbH have until Oct. 5 to register their
claims with court-appointed insolvency manager Thomas Westphal.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Westphal
         Meteorstr. 1
         29221 Celle
         Germany
         Tel: 05141/99290-60
         Fax: 05141/7648
         E-mail: ThWestphal@t-online.de

The District Court of Celle opened bankruptcy proceedings
against MEDICOSAN GmbH on Aug. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MEDICOSAN GmbH
         Bergstrasse 8
         29221 Celle
         Germany

         Attn: Karsten Boedder, Manager
         Ulrich-Post-Strasse 13
         29227 Celle
         Germany


MEISTER ELECTRONIC: Creditors Must Register Claims by Sept. 26
--------------------------------------------------------------
Creditors of Meister Electronic GmbH have until Sept. 26 to
register their claims with court-appointed insolvency manager
Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Meister Electronic GmbH on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Meister Electronic GmbH
         Attn: Frank Krueger, Manager
         Forstweg 1
         Gebaude 31
         14656 Brieselang
         Germany


MEISTER GMBH: Claims Registration Period Ends Oct. 5
----------------------------------------------------
Creditors of Meister GmbH have until Oct. 5 to register their
claims with court-appointed insolvency manager Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         Germany

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

The insolvency manager can be reached at:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: (0931) 359800
         Fax: (0931) 3598050

The District Court of Schweinfurt opened bankruptcy proceedings
against Meister GmbH on Aug. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Meister GmbH
         Manggasse 21
         97421 Schweinfurt
         Germany


MILICH MALERBETRIEB: Creditors Must File Claims by October 8
------------------------------------------------------------
Creditors of Milich Malerbetrieb GmbH have until Oct. 8 to
register their claims with court-appointed insolvency manager
Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Dessau opened bankruptcy proceedings
against Milich Malerbetrieb GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Milich Malerbetrieb GmbH
         Dresdener Str. 23a
         06886 Wittenberg
         Germany


MOBI-TECH GMBH: Creditors' Meeting Slated for September 4
---------------------------------------------------------
The court-appointed insolvency manager for MOBI-TECH GmbH,
Ruediger Beckmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on Sept. 4.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Jan. 7, 2008, at the same
venue.

Creditors have until Nov. 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         MOBI-TECH GmbH
         Glogauer Strasse 5
         10999 Berlin
         Germany


MONTARENO GMBH: Claims Registration Ends October 10
---------------------------------------------------
Creditors of MontaReno GmbH & Co. KG have until Oct. 10 to
register their claims with court-appointed insolvency manager
Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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:

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against MontaReno GmbH & Co. KG on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MontaReno GmbH & Co. KG
         Attn: Torsten Kamm, Manager
         Mendelssohn-Bartholdy-Str. 2
         06124 Halle
         Germany


MUELLER PROJEKTBAU: Creditors Must Register Claims by Sept. 27
--------------------------------------------------------------
Creditors of Mueller Projektbau GmbH have until Sept. 27 to
register their claims with court-appointed insolvency manager
Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany
         Web site: http://www.junker-kollegen.de/

The District Court of Dresden opened bankruptcy proceedings
against Mueller Projektbau GmbH on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mueller Projektbau GmbH
         Koenigsteiner Strasse 13
         01796 Pirna
         Germany

         Attn: Jens Bernd Mueller, Manager
         Lange Strasse 40
         01796 Pirna
         Germany


NCG NORDEN: Claims Registration Ends October 10
-----------------------------------------------
Creditors of NCG NORDEN Cosmetik GmbH & Co. KG have until
Oct. 10 to register their claims with court-appointed insolvency
manager Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hamburg
         Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against NCG NORDEN Cosmetik GmbH & Co. KG on Aug. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NCG NORDEN Cosmetik GmbH & Co. KG
         Attn: Martin Gedig, Manager
         Hermann-Buck-Weg 19
         22309 Hamburg
         Germany


PENTAGON INDUSTRIESERVICE: Claims Registration Ends Sept. 27
------------------------------------------------------------
Creditors of PENTAGON Industrieservice GmbH have until Sept. 27
to register their claims with court-appointed insolvency manager
Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against PENTAGON Industrieservice GmbH on Aug. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PENTAGON Industrieservice GmbH
         Attn: Willfried Zillmann, Manager
         Lange Strasse 1
         18055 Rostock
         Germany


PUNTO PIU: Claims Registration Period Ends Sept. 25
---------------------------------------------------
Creditors of Punto Piu GmbH have until Sept. 25 to register
their claims with court-appointed insolvency manager Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Arne Meyer
         Karl-Oberbach-Strasse 50
         41515 Grevenbroich
         Germany
         Tel: 02181 / 21306-10
         Fax: 02181 / 21306-23

The District Court of Moenchengladbach opened bankruptcy
proceedings against Punto Piu GmbH on Aug. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Punto Piu GmbH
         Talstrasse 106
         41516 Grevenbroich
         Germany

         Attn: Ursula Rutert, Manager
         Hechenwanger Strasse 14
         86919 Utting
         Germany


RADUE RUECKBAU: Claims Registration Period Ends Oct. 5
------------------------------------------------------
Creditors of Radue Rueckbau GmbH have until Oct. 5 to register
their claims with court-appointed insolvency manager Hans-Peter
Rechel.

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

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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-Peter Rechel
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Radue Rueckbau GmbH on Aug. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Radue Rueckbau GmbH
         Attn: Guenter Radue, Manager
         Muehlenredder 13
         24629 Kisdorf
         Germany


REHA-ZENTRUM DUESSELDORF: Claims Registration Ends Sept. 27
-----------------------------------------------------------
Creditors of REHA-Zentrum Duesseldorf GmbH have until Sept. 27
to register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against REHA-Zentrum Duesseldorf GmbH on Aug. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         REHA-Zentrum Duesseldorf GmbH
         Steele 8
         40599 Duesseldorf
         Germany


RHEINHESSISCHE EISENBAHN: Creditors' Meeting Slated for Sept. 27
----------------------------------------------------------------
The court-appointed insolvency manager for Rheinhessische
Eisenbahn GmbH, Joachim Voigt-Salus, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:45 a.m. on Sept. 27.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Jan. 10, 2008, at the same
venue.

Creditors have until Nov. 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Rheinhessische Eisenbahn GmbH on Aug. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rheinhessische Eisenbahn GmbH
         Elsterstr. 24
         12526 Berlin
         Germany


RM WOHNBAU: Claims Registration Period Ends Sept. 14
----------------------------------------------------
Creditors of RM Wohnbau GmbH have until Sept. 14 to register
their claims with court-appointed insolvency manager Peter
Kiehl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Oct. 9, at the same venue.

The insolvency manager can be reached at:

         Peter Kiehl
         Rathausstrasse 129
         56203 Hoehr-Grenzhausen
         Germany
         Tel: 02624/947036
         Fax: 02624/947037
         E-mail: info@RA-kiehl.de

The District Court of Koblenz opened bankruptcy proceedings
against RM Wohnbau GmbH on Aug. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RM Wohnbau GmbH
         Attn: Helmut Dick, Manager
         Hohenzollernstr. 36
         56068 Koblenz
         Germany


RUEBEZAHL GASTRONOMIE: Claims Registration Period Ends Sept. 28
---------------------------------------------------------------
Creditors of Ruebezahl Gastronomie GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Alexander Bergfeld.

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

The insolvency manager can be reached at:

         Alexander Bergfeld
         Peuntgasse 3
         90402 Nuremberg
         Germany
         Tel: 0911/279800

The District Court of Fuerth opened bankruptcy proceedings
against Ruebezahl Gastronomie GmbH on Aug. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ruebezahl Gastronomie GmbH
         Marktplatz 14
         90616 Neuhof a.d. Zenn
         Germany


SAT SYSTEMS: Creditors Must Register Claims by September 28
-----------------------------------------------------------
Creditors of Sat Systems GmbH Konsum- und
Kommunikationselektronik have until Sept. 28 to register their
claims with court-appointed insolvency manager Marcus Winkler.

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

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Marcus Winkler
         Leitzstr. 45
         70469 Stuttgart
         Germany
         Tel: 0711 - 28 07 59 0
         Fax: 0711 - 28 07 59 11

The District Court of Goeppingen opened bankruptcy proceedings
against Sat Systems GmbH Konsum- und Kommunikationselektronik on
Aug. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Sat Systems GmbH Konsum- und Kommunikationselektronik
         Attn: Joachim Stroehm, Manager
         Zillenhardtstr. 41
         73037 Goeppingen
         Germany


SOLBAD WITTEKIND: Claims Registration Ends October 10
-----------------------------------------------------
Creditors of Solbad Wittekind gemeinnuetzige GmbH have until
Oct. 10 to register their claims with court-appointed insolvency
manager Dr. Volker Schlittgen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Schlittgen
         Rosentalgasse 1-3, D
         04105 Leipzig
         Germany
         Tel: 0341/984820
         Fax: 0341/9848220

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Solbad Wittekind gemeinnuetzige GmbH on
Aug. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Solbad Wittekind gemeinnuetzige GmbH
         Attn: Dr. Wolfgang Mueller, Manager
         Boellberger Weg 188
         06110 Halle
         Germany


STOCKHEIMER GMBH: Claims Registration Period Ends Oct. 5
--------------------------------------------------------
Creditors of Stockheimer GmbH have until Oct. 5 to register
their claims with court-appointed insolvency manager Frank
Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Schweinfurt opened bankruptcy proceedings
against Stockheimer GmbH on Aug. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Stockheimer GmbH
         Saaleblick 1
         97618 Heustreu
         Germany


V.S.W. GMBH: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of V.S.W. GmbH have until Oct. 2 to register their
claims with court-appointed insolvency manager Nicola Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 14, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Nicola Walter
         Bautzner Landstrasse 21
         01324 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against V.S.W. GmbH on Aug. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         V.S.W. GmbH
         Fabrikstrasse 1
         01723 Wilsdruff
         Germany


WOHNEN IM CHIEMGAU: Claims Registration Period Ends Oct. 5
----------------------------------------------------------
Creditors of W.i.C. Wohnen im Chiemgau GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Mirko Moellen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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 Traunstein
         Meeting Hall B/40
         Herzog-Otto-Road 1
         83278 Traunstein
         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:

         Mirko Moellen
         Barthstr. 16
         80339 Muenchen
         Germany
         Tel: 089 / 8 589 633
         Fax: 089 / 85 896-350

The District Court of Traunstein opened bankruptcy proceedings
against W.i.C. Wohnen im Chiemgau GmbH on Aug. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W.i.C. Wohnen im Chiemgau GmbH
         Werner-von-Siemens-Str. 1
         83301 Traunreut
         Germany


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


ALITALIA SPA: Business Plan Aims Capital Hike, Flight & Job Cuts
----------------------------------------------------------------
The Board of Directors of Alitalia S.p.A.  approved, among other
items, the Guidelines for the 2008-2010 Business Plan.  

                          Assumptions

External Context

In January 2007, the Company announced that the targets set out
in the Business Plan previously approved by the Board of
Directors were to be considered no longer valid and therefore
the Business Plan not feasible.  

On Feb. 27, 2007, the newly appointed Board of Directors decided
not to revise the Business Plan for the time being, in view of
the sales procedure started by the Ministry of Economy and
Finance.  The revision was postponed until a later date, once
all the necessary elements had been acquired.

Subsequently, with the aim of safeguarding the Company going
concern, the Ministry of Economy and Finance asked the Company,
despite the operation of privatization, to consider the
opportunity of taking steps to define the guidelines for a
Business Plan, which would be sustainable for the Company over
the next three years.

At the end of July 2007, the Company acknowledged the conclusion
without results of the competitive procedure based on direct
negotiations started in December by the Ministry of Economy and
Finance for the sale of not less than a 39.9% share of the
company capital.  

Consequently, Alitalia would have to draw up a stand alone
Business Plan, as previously decided by the Board of Directors
on June 11, 2007.   

Subsequently, the Ministry of Economy and Finance confirmed its
intention, also as a result of the conclusion without results of
the sale procedure started up in December 2006, to transfer the
control of Alitalia in a way still to be decided.

Assumptions on management/operational situation and financials:

   -- the Company in its current situation is no longer able to
      sustain the negative trend of accumulated and perspective
      losses;

   -- given the current situation, from both the competitive and
      economic points of view, the Company is no longer able to
      operate efficiently out of two hubs;

   -- consequently, the Company urgently needs to reduce its
      scale of operations and its positioning, to modify its
      business approach through measures involving the network,
      product quality, operating costs, terms of employment and
      organization of personnel (the related aspect of
      redundancies will be handled in agreement with the union
      organizations, using social and welfare tools).

Industrial Scenario and Positioning

The competitive scenario and the air transport context are
rapidly moving towards forms of integration and concentration
involving a very small number of hub carriers, making it
possible to achieve economies of scale and the creation of
significant synergies.

Against this background, there is a growing trend in the
industry to leave only "niche" spaces for traditional carriers
which have limited size and operate on a "stand alone" basis.

Alitalia has accumulated a considerable gap compared to its main
competitors due to a series of interrelated causes such as the
widely dispersed traffic demand over several catchment areas,
the country’s geographical position which is decentralized
compared to major international routes, a marked lack of
infrastructures and the highly fragmented domestic airport
system (especially the two airports, Linate and Malpensa,
serving the Milan area), the lack of a well-ordered system of
sector regulations which has penalized and continues to penalize
Alitalia, the complex system of external constraints of various
types.

It is necessary to understand that it would be extremely
difficult to close the accumulated gap through a new attempt to
achieve an "independent positioning" for the Company as one of
the main hub carriers in Europe.  The only result of this
attempt would be to confirm Alitalia’s current role as a
marginal and "regional" airline.

                      Features of the Plan

Against this background, the Board of Directors has approved the
guidelines for a "Plan for survival/transition", aimed at
achieving conditions of sustainability and continuity for
Company activities in the short/medium term, waiting for the
definitive decision regarding the future ownership of the
Company and the consequent business organization.

Therefore, the Plan is characterized by a top priority of
reducing -– substantially and rapidly -– the Company’s losses
and the erosion of its equity through strategic actions
marked by strong discontinuity.

                   Macro-Objectives of the Plan

   -- to modify and downsize the Company’s business profile
      during the transition period, in order to make it more
      sustainable from an economic point of view in a context of
      improved operating efficiency;

   -- to safeguard the value of the Alitalia brand by redefining
      the Company’s mission and its distinctive competitive
      profile;

   -- to achieve better positioning in order to encourage
      participation by third parties with specific competencies
      and financial resources to support the Company’s
      development.

                          Main Actions

Operations

   -- repositioning the activities of Milan Malpensa airport by
      focusing on specific business segments:

   -- launching "point-to-point" services with dedicated
      aircraft to serve the Milan market on routes that are not
      operated from Milan Linate;

   -- developing low-cost activities through Volare Web focusing
      on the expanding leisure market;

   -- developing long-haul charter activities through Air
      Europe;

   -- consolidating the cargo business in Milan Malpensa with
      crew base and maintenance.  The Company is willing to
      reconsider this repositioning of activities at Milan
      Malpensa airport if and when the access regulations for
      Milan Linate airport were to be modified concentrating the
      major part of air traffic from/to Lombardy on Milan
      Malpensa, and if and when airport costs were reduced;

   -- increasing activities on Rome Fiumicino airport in order
      to fully exploit the characteristics of its "natural"
      market.  The implementation of a development plan by the
      airport management company to improve infrastructures and
      airport handling, together with a reduction in airport
      costs, constitutes a prerequisite for increasing
      activities on Rome Fiumicino;

   -- suspending flights with strongly negative economic results
      and with no prospects for recovery in the short term;

   -- regaining efficiency and productivity of human resources
      and the fleet;

   -- improving the quality of the product;

   -- reducing the number of short/medium-haul aircraft;

   -- limited reduction in the number of long-haul aircraft in
      the short term and growth prospects in the medium term;

   -- improving the efficiency of organisational structure by
      reducing the workforce and changing the terms and
      conditions of employment;

   -- As far as Alitalia Servizi is concerned:

      -- strengthening Alitalia’s operating and managing
         leadership;

      -- in agreement with Fintecna and the union organizations,
         entry of qualified industrial partners in the various
         business segments to take over (in a minority position)
         the responsibility for managing them; and

      -- potential option to bring back line maintenance
      activities within Alitalia (reinternalizing).

      Once the above steps have been taken, agreement with
      Fintecna to keep current Alitalia’s stake in Alitalia
      Servizi.

Financial

The Board also took note of the need to inject new financial
resources through a substantial increase of capital, to be
carried out in the coming months in connection with the project
to transfer the control of the Company.  The quantitative and
financial aspects of the Plan, to be completed and discussed at
the Board meeting on Sept. 7, will not take into account the
planned increase of capital.  

Therefore it would be possible to use these new financial
resources to improve and consolidate the Plan’s objectives, as a
first significant step towards reducing debt and recovering
growth prospects.

Stake Sale

Regarding the Government’s reconfirmed decision to transfer the
control of the Company and in line with the objective set by the
Company to quickly identify the industrial and financial
subjects willing and able to acquire control of the Company,
Alitalia has selected Citi as financial advisor to carry out the
project.

The Board mandated the Chairman to move ahead swiftly with
identifying in the shortest possible time potential investors
and the relative industrial and financial projects.

Appointment

Furthermore at this meeting, the Board of Directors appointed
Chief Financial Officer Vittorio Mazza as "Executive responsible
for drawing up the Company’s accounting documents", according to
article 154-bis of Legislative Decree no. 58 of Feb. 24, 1998,
with subsequent modifications, and article 24 of the Company
Statute.

The appointment is based on the favorable opinion expressed by
the Board of Statutory Auditors and on the requisites of
professionalism and trustworthiness set out in the Company
Statute.  

The Board of Directors took steps to verify the suitability of
the means and powers at the disposal of the Executive in order
to carry out his tasks.

                          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.


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


AGROSTAR VK: Proof of Claim Deadline Slated for Oct. 9
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Agrostar Vk insolvent.

Creditors have until Oct. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 57-77-29


AIR SILK: Creditors Must File Claims Sept. 28
---------------------------------------------
LLP Air Silk Way has declared insolvency.  Creditors have until
Sept. 28 to submit written proofs of claims to:

         LLP Air Silk Way
         Baitursynov Str. 6-23
         Almaty
         Kazakhstan


BAYAN-ORMANY LLP: Claims Filing Period Ends Sept. 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Bayan-Ormany insolvent on July 5.

Creditors have until Sept. 28 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Vorushin Str. 92
         Pavlodar
         Kazakhstan


CHINGIZ-98 LLP: Creditors' Claims Due on Sept. 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Chingiz-98 insolvent.

Creditors have until Sept. 28 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


DEVELOPMENT AND CONSTRUCTION: Claims Registration Ends Sept. 19
---------------------------------------------------------------
LLP Development and Construction Management have declared
insolvency.  

Creditors have until Sept. 19 to submit written proofs of claims
to:

         LLP Development and Construction Management
         Dostyk ave. 105
         Almaty
         Kazakhstan


HLEBOZAVOD LLP: Court Begins Bankruptcy Hearings
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region has started bankruptcy proceeding against LLP Pervomaisky
Bread – Baking Plant - Hlebozavod on July 20, 2007.


PSL ENERGY: Proof of Claim Deadline Slated for Sept. 19
-------------------------------------------------------
LLP PSL Energy Services Kazakhstan has declared insolvency.  
Creditors have until Sept. 19 to submit written proofs of claims
to:

         LLP PSL Energy Services Kazakhstan
         Office 65
         Abylai Han Ave. 113
         Almaty
         Kazakhstan


SHANYRAK LLP: Creditors Must File Claims Oct. 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Shanyrak insolvent on July 13.

Creditors have until Oct. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Micro District Stroiteley, 55-2
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 76-19-36


TARAZ-MES LLP: Claims Filing Period Ends Sept. 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Taraz-Mes insolvent on July 5.

Creditors have until Sept. 28 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


VAN TSYAN: Creditors' Claims Due on Oct. 5
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Van Tsyan Jen 8 insolvent on June 29.

Creditors have until Oct. 5 to submit written proofs of claims
to:

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


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


ALEM SERVICE: Proof of Claim Deadline Slated for October 3
----------------------------------------------------------
LLC Alem Service has declared insolvency.  Creditors have until
Oct. 3 to submit written proofs of claim to:

         LLC Alem Service
         Orozov Str. 3
         Korumdu
         Issyk-Kul Region
         Kyrgyzstan


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


CONISTON BV: Moody's Rates Classes E & F Notes at Low-B
-------------------------------------------------------
Moody's Investors Service assigned long term credit ratings to
eight classes of notes issued by Morgan Stanley Investment
Management Coniston B.V., a Dutch special purpose company.  The
ratings are:

   -- Aaa to the EUR226,900,000 Class A1 Senior Floating Rate
      Notes due 2024;

   -- Aaa to the EUR56,700,000 Class A2 Senior Floating Rate
      Notes due 2024;

   -- Aa2 to the EUR24,600,000 Class B Deferrable Interest
      Floating Rate Notes due 2024;

   -- A2 to the EUR24,000,000 Class C Deferrable Interest
      Floating Rate Notes due 2024;

   -- Baa3 to the EUR17,600,000 Class D Deferrable Interest
      Floating Rate Notes due 2024;

   -- Ba3 to the EUR19,600,000 Class E Deferrable Interest
      Floating Rate Notes due 2024;

   -- B2 to the EUR6,400,000 Class F Deferrable Interest
      Floating Rate Notes due 2024; and

   -- Aaa to the EUR25,000,000 Class S Combination Notes due
      2024.

The ratings of the senior notes and the deferrable notes address
the expected loss posed to investors by the legal maturity of
each class (in 2024).

The rating assigned by Moody's to the Class S Combination Notes
addresses the expected loss posed to investors by the legal
final maturity in 2024 as a proportion of the Rated Balance,
where the Rated Balance is equal, at any time, to the principal
amount of the Combination Notes on the closing date plus a Rated
Coupon of 0.25% per annum, minus the aggregate of all payments
made from the closing date to such date, either through interest
or principal payments.

These ratings are based upon:

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

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

   3. The overcollateralization of the Notes;

   4. The proposed currency swap transactions, which insulate
      the Issuer from the volatility of the foreign currency
      exchange rates in respect of non-Euro denominated
      obligations;

   5. The expertise of Morgan Stanley Investment Management
      Limited as a collateral manager; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR400
million, comprised primarily of European senior, second lien and
mezzanine loans (with a predominance of senior secured loans)
and high yield bonds.  This portfolio is dynamically managed by
Morgan Stanley Investment Management Limited.  This portfolio
will be partially acquired at closing date and partially during
the twelve months ramp-up period in compliance with portfolio
guidelines which include, among other tests, a diversity score
test, a weighted average rating factor test, a weighted average
recovery rate test and a weighted average spread test.
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to buy or sell assets
in the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.


FIXED-LINK: Moody's Lifts Low-B Ratings on Four Note Classes
------------------------------------------------------------
Moody's Investors Service upgraded 4 classes of Notes issued by
Fixed Link Finance B.V.; the Class A1 and Class A2 Notes from
Ba3 to Aaa, and the Class B1 and Class B2 Notes from B3 to Aaa.

FLF is a special purpose company that has lent the proceeds of
the Notes to acquire interests in Eurotunnel Tier1 Loans, Tier 2
Loans, and Tier 3 Loans (the Junior Debt).  The ratings of the
Notes are based on the credit strength of Eurotunnel as well as
the structural features of the transaction.

Today's rating action takes account of the successful completion
of the debt restructuring plan following its approval by
shareholders.  As a result, all Tier 1 and Tier 2 Loans have
been repaid, and the proceeds used to fully cash-collateralize
the above four classes of Notes until the expected maturity of
the Notes, February 2009.  The cash has been invested according
to the investment guideline of the transaction, which meet
Moody's criteria.  Based on the latest information available,
taking account of the various expenses, currency of the various
cash reserves (approximately GBP436 million and EUR765 million)
and investment guideline followed, Moody's believes that there
will be sufficient cash to repay the Class A1, A2, B1 and B2
Notes at maturity, whereas the Class C2 Notes will experience a
loss.

Following this rating action, Fixed Link Finance B.V. has these
ratings outstanding:

   -- GBP232 million Guarantee Class G1 Notes due 2025 -- Aaa

   -- EUR365 million Guaranteed Class G2 Notes due 2025 -- Aaa

   -- GBP200 million Senior Class A1 Notes due 2025 -- Aaa

   -- EUR103 million Senior Class A2 Notes due 2025 -- Aaa

   -- GBP50,000 Senior Subordinated Class B1 Notes due
      2025 -- Aaa

   -- EUR135 million Senior Subordinated Class B2 Notes due
      2025 -- Aaa

   -- EUR142 million Subordinated Class C2 Notes due 2025 -- C

Fixed Link Finance B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing 7 classes of Notes and acquiring interests in the Junior
Debt of the Eurotunnel PLC and Eurotunnel S.A. group.  The
Eurotunnel PLC and Eurotunnel S.A. groups manage the
infrastructure of the Channel Tunnel and operates passenger
shuttle (car and coach) and truck shuttle services between
Folkestone in the UK and Coquelles in France.


GLOBAL POWER: TO File Ch. 11 Reorganization Plan on Sept. 10
------------------------------------------------------------
Global Power Equipment Group Inc. has reached an agreement in
principle with a number of the key constituencies in its
Chapter 11 case regarding the proposed terms upon which it will
emerge from bankruptcy protection, subject to approval by the
Bankruptcy Court.

The agreement states certain terms and conditions upon which the
constituencies will negotiate definitive documentation in
respect of the company's proposed Plan of Reorganization and
their support therefore.  The company expects to file its Plan,
disclosure statement and related documents on Sept. 10, 2007.
    
Parties to the accord include the company, both of the statutory
committees appointed to represent creditors and stockholders in
the Chapter 11 case, the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders,
and an ad hoc committee comprised of Global Power noteholders
holding approximately 94% of the company's senior subordinated
notes.
    
"This agreement marks a major step forward in our reorganization
effort and is an important validation of the strength of our
business plan as an independent, standalone company," John
Matheson, president and chief executive officer of Global Power,
said.  "Although much remains to be done, we are determined to
exit Chapter 11 quickly and on terms that will maximize the
recovery of all stakeholders.  Continued service and support for
our customers are ensured."
    
"This agreement is the product of intense negotiations among the
company, the committees, and the noteholders," Mr. Matheson
said.  "Throughout this process, we have worked to find common
ground that is consistent with the company's requirements for
exiting Chapter 11.  To that end, the plan settlement outline
reflects a structure that we believe strikes a fair settlement
for all stakeholders of the company."
    
Importantly, key elements of the agreement in principle reached
by the constituencies include:
    
   -- a rights offering available to all existing equity holders
      for the issuance of new common stock of the reorganized
      company backstopped by a group of certain holders of
      existing equity interests in an amount up to $90 million
      in cash to meet some of the funding requirements of the
      Plan;

   -- a proposed settlement (i) with holders of approximately
      94% of the company's senior subordinated notes for an
      aggregate cash consideration paid to all noteholders of
      the effective date of the Plan, and (ii) that provides for
      satisfaction of all claims against the company's Deltak
      subsidiary by the establishment of a trust and a cash
      reserve of $34 million which shall be used to fund
      payments to holders of allowed Deltak claims under the
      Plan;

   -- payment in full, in cash, of all allowed claims of
      creditors of the company and the company's Williams and
      Braden subsidiaries;

   -- all common stock of the reorganized company will be
      distributed to holders of the company's existing equity
      interests on account of their existing equity interests
      and/or on account of their subscription to the rights
      offering;

   -- it is anticipated the company will emerge from Chapter 11
      as a private company, with certain restrictions on the
      trading of the new common stock until such time as the new
      common stock may become registered and qualified for
      listing on a national exchange; and

   -- the establishment of a new secured credit facility to
      repay the company's existing debtor-in-possession
      financing facility and to meet other funding and working
      capital needs of the reorganized company under the Plan.
    
                 About Global Power Equipment Group
    
Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a  
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries,
including China, Indonesia, Mexico, and the Netherlands.  In
addition, the company provides routine and specialty maintenance
services to nuclear, coal-fired, fossil, and hydroelectric power
plants and other industrial operations.


GROSVENOR PLACE: Moody's Rates EUR14 Mln Class E Notes at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
seven classes of notes issued by Grosvenor Place CLO III B.V., a
special purpose company incorporated under the laws of the
Netherlands.  The ratings are:


   -- Aaa to the EUR128,500,000 Class A-1 Senior Floating Rate
      Notes due 2023;

   -- Aaa to the EUR120,000,000 Class A-2 Senior Revolving
      Floating Rate Notes due 2023;

   -- Aaa to the EUR62,000,000 Class A-3 Senior Floating Rate
      Notes due 2023;

   -- Aa2 to the EUR36,500,000 Class B Deferrable Interest
      Floating Rate Notes due 2023;

   -- A2 to the EUR20,000,000 Class C Deferrable Interest
      Floating Rate Notes due 2023;

   -- Baa3 to the EUR28,500,000 Class D Deferrable Interest
      Floating Rate Notes due 2023; and

   -- Ba3 to the EUR14,000,000 Class E Deferrable Interest
      Floating Rate Notes due 2023.

The definitive ratings address the expected loss posed to
investors by the legal final maturity in 2023.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

These definitive ratings are based upon:

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

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

   3. the overcollateralization of the Notes;

   4. the analysis of the foreign currency risk involved in the
      transaction;

   5. the expertise of CQS Investment Management Limited as a
      collateral manager; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR436
million, comprised primarily of European senior and mezzanine
loans (with a predominance of senior secured loans).  This
portfolio is dynamically managed by CQS Investment Management
Limited.  This portfolio will be partially acquired on the
closing date and partially during the 15 months ramp-up period
in compliance with portfolio guidelines (which include, among
other tests, a diversity score test, a weighted average rating
factor test and a weighted average spread test).  Thereafter,
the portfolio of loans will be actively managed and the
portfolio manager will have the option to buy or sell assets in
the portfolio. Any addition or removal of assets will be subject
to a number of portfolio criteria.

This transaction features a multi-currency class of variable
funding notes, the Class A-2 Notes, which ranks pari-passu with
the Class A-1 Notes.  It can be drawn in Euros, US Dollars and
Sterling.  US Dollars and Sterling denominated advances will be
used to purchase loans denominated in US Dollars and Sterling.
Should such US Dollar and Sterling assets default, US Dollar and
Sterling advances would not be fully collateralized by US Dollar
and Sterling denominated assets and therefore Euro proceeds may
need to be converted into those two currencies in order to
redeem US Dollar and Sterling advances, thus creating a foreign
exchange risk exposure.  This currency risk has been considered
in Moody's analysis.


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


AGRYZSKAYA MTS: Creditors Must File Claims by Oct. 4
----------------------------------------------------
Creditors of OJSC Agryzskaya MTS have until Oct. 4 to submit
proofs of claim to:

         F. Safin
         Insolvency Manager
         Akademicheskiy Str. 2-212
         Kazan
         420097 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A65-178/2007-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 Agryzskaya MTS
         Agryzskiy
         Tatarstan
         Russia


CLIMATE-SERVICE CJSC: Names I. Gabbasov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tatarstan appointed I. Gabbasov as
Insolvency Manager for CJSC Climate-Service.  He can be reached
at:

         I. Gabbasov
         Post User Box 149
         Kazan
         420034 Tatarstan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-28919/2006-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:

         CJSC Climate-Service
         Kazan
         Tatarstan
         Russia


CHUKOT-FISH CJSC: Court Names S. Aliev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Chukotskiy appointed S. Aliev as
Insolvency Manager for CJSC Chukot-Fish.  He can be reached at:

         S. Aliev
         Post User Box 284
         689000 Anadyr
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A80-16/2004-B.

The Debtor can be reached at:

         S. Aliev
         Post User Box 284
         689000 Anadyr
         Russia


ROSNEFT OIL: Starts Construction of Kemerovo Achinsk Pipeline
-------------------------------------------------------------
OAO Rosneft Oil Co. and OAO Transnefteproduct have commenced the
construction of the Kemerovo Achinsk oil pipeline, Analytical
Information Agency says.

According to the report, the companies have also launched pre-
project preparation for the pipeline.

State-owned Transnefteproduct transport petroleum products
across Russia, Ukraine and Belarus.

                          About Rosneft

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

                            *   *   *

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


RUSSIAN VENTILATOR: Creditors Must File Claims by Oct. 4
--------------------------------------------------------
Creditors of LLC Engineering Factory Russian Ventilator (TIN
4029030326) have until Oct. 4 to submit proofs of claim to:

         F. Amarov
         Insolvency Manager
         Sovetskaya Str. 106
         248032 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-3809/06B-8-305.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         LLC Engineering Factory Russian Ventilator
         Aeroportovskiy Per. 45
         248926 Kaluga
         Russia


TNK-BP HOLDING: Earns RUR21.58 Billion for First Half 2007
----------------------------------------------------------
TNK-BP Holding Ltd. released its financial results for the first
half ended June 30, 2007, prepared according to Russian
Accounting Standards.

TNK-BP Holding posted RUR21.58 billion in net profit for the
first half of 2007, a 44% year-on-year drop for the same period
in 2006, RIA Novosti reports.

The company also booked a 50% year-on-year decline in net
revenues to RUR188.92 billion and a 46% year-on-year drop in
operating profit to RUR21.86 billion.

TNK-BP, a joint Russian-British venture and Russia's third-
largest oil producer, set up TNK-BP Holding in December 2004 as
the main profit center of a group of more than 600 companies.
The move was part of a strategy to improve TNK-BP's management
efficiency and transparency, and was followed by a consolidat

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long-
term foreign and local currency ratings and B -short-term
foreign and local currency ratings from Standard & Poor's.


TUNAYCHA-M-FISHING: Asset Sale Slated for September 10
------------------------------------------------------
N. Kopytova, the insolvency manager and bidding organizer for
CJSC Tunaycha-M-Fishing Factory, will open a public auction for
the company's properties at 11:00 a.m. on Sept. 10 at:

         CJSC Tunaycha-M-Fishing Factory
         L’vovo
         Voronovo
         Podpolskiy
         142093 Moscow
         Russia

The case is docketed under Case No. A41-K2-11200/06.

The company has set a RUR168,125,258 starting price for the
auctioned assets.

Interested participants have until Sept. 9 to deposit an amount
equivalent to 10% of the starting price to:

         TIN/KPP 5074022657/507401001
         Settlement Account 40702810500140005806
         Correspondent Account 30101810400000000490
         BIK 044583490
         CJSC Russtroybank
         Moscow
         Russia

Bidding documents must be submitted to:

         N. Kopytova
         Room 4
         Building 1
         Teplyj Stan Str. 11
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Tunaycha-M-Fishing Factory
         L’vovo
         Voronovo
         Podpolskiy
         142093 Moscow
         Russia


VIMPEL COMMUNICATIONS: Earns US$636.55 Mln for First Half 2007
--------------------------------------------------------------
OJSC Vimpel Communications released its financial results for
the second quarter and first half ended June 30, 2007.

The company published US$636.55 million in net income on
US$3.21 billion in net revenues for the first half of 2007,
compared with US$345.17 million in net profit on US$2.06 billion
in net revenues for the same period in 2006.

Vimpel Communications posted US$359.27 million in net profit on
US$1.72 billion in net revenues for the second quarter of 2007,
compared with US$194.95 million in net profit on US$1.12 billion
in net revenues for the same period in 2006.

"It was another very strong quarter for VimpelCom," Alexander
Izosimov, Chief Executive of VimpelCom, said.  "The Company
achieved all-time records in key financial parameters: revenue,
OIBDA, net income and operating cash flow.  The strength of our
business was further supported by growth of operating
parameters, including ARPU and MOU simultaneously in all the
markets where we operate.  This further validates our belief in
the high growth potential of the CIS which is becoming an
increasingly important part of our business."

                         About VimpelCom

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

                            *   *   *

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

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

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

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

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

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


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


AUTOHAUS G URDORF: Claims Registration Period Ends September 10
---------------------------------------------------------------
The Bankruptcy Court of Schlieren commenced bankruptcy
proceedings against LLC Autohaus G Urdorf on July 13.

Creditors have until Sept. 10 to file their written proofs of
claim.

The Bankruptcy Service of Schlieren can be reached at:

         Bankruptcy Service of Schlieren
         8952 Schlieren
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Autohaus G Urdorf
         Steinackerstr. 35
         8902 Urdorf
         Dietikon ZH
         Switzerland


IFX 2003: Creditors' Liquidation Claims Due September 15
--------------------------------------------------------
Creditors of LLC ifx 2003 have until Sept. 15 to submit their
claims to:

         Ursina Hartmann
         Liquidator
         Kung Rechtsanwalte
         Bahnhofstrasse 26/Paradeplatz
         Mail box: 2707
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC ifx 2003
         Freienbach
         Hofe SZ
         Switzerland


INFOR GLOBAL: Creditors' Liquidation Claims Due September 10
------------------------------------------------------------
Creditors of JSC Infor Global Solutions have until Sept. 10 to
submit their claims to:

         Christian Roos
         Liquidator
         Pestalozzi Lachenal Patry
         Lowenstrasse 1
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Infor Global Solutions
         Schaffhausen
         Switzerland


INTOS JSC: Bern Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Bern entered July 24 an order closing
the bankruptcy proceedings of JSC Intos.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Intos
         Seftigenstrasse 358
         3084 Wabern BE
         Switzerland


MECOM JSC: Creditors' Liquidation Claims Due September 10
---------------------------------------------------------
Creditors of JSC Mecom have until Sept. 10 to submit their
claims to:

         JSC Internationale Treuhand
         Liquidator
         Hirzbodenweg 103
         4020 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Mecom
         Basel BS
         Switzerland


MEDICAL DIALYSIS: Creditors' Liquidation Claims Due September 10
----------------------------------------------------------------
Creditors of LLC Medical Dialysis Consulting have until Sept. 10
to submit their claims to:

         Ahornweg 12
         2575 Hagneck
         Nidau BE
         Switzerland

The Debtor can be reached at:

         LLC Medical Dialysis Consulting
         Hagneck
         Nidau BE
         Switzerland


PHASE 4 COMMUNICATIONS: Creditors' Liquidation Claims Due Nov. 5
----------------------------------------------------------------
Creditors of LLC Phase 4 Communications Zurich have until Nov. 5
to submit their claims to:

         Dr. Silvan Hurlimann
         Liquidator
         Talstrasse 20
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Phase 4 Communications Zurich
         Zurich
         Switzerland


PIZZAOK.CH LLC: Bern Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings
against LLC Pizzaok.ch on June 7.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC Pizzaok.ch
         Ey 5
         3063 Ittigen BE
         Switzerland


RUGRA LLC: Creditors' Liquidation Claims Due September 10
---------------------------------------------------------
Creditors of LLC Rugra have until Sept. 10 to submit their
claims to:

         Luscher & Manser
         Liquidator
         Schloss-Strasse 1
         2560 Nidau BE
         Switzerland

The Debtor can be reached at:

         LLC Rugra
         Studen
         Nidau BE
         Switzerland


TICKET-CENTER CPS: Bern Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Bern entered July 27 an order closing
the bankruptcy proceedings of JSC Ticket-Center CPS.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Ticket-Center CPS
         Zeughausgasse 22
         3011 Bern
         Switzerland


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


BATKIVSHCHINA LLC: Creditors Must File Claims by September 4
------------------------------------------------------------
Creditors of LLC Batkivshchina (code EDRPOU 30713760) have until
Sept. 4 to submit written proofs of claim to:

         Taras Shevtchuk
         Liquidator
         2nd Gertsen Lane 6/13
         58022 Chernovcy
         Ukraine         

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/22/b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Batkivshchina
         Stanivtsy
         Glybotsky District
         60400 Chernovcy
         Ukraine


GALKER CJSC: Creditors Must File Claims by September 4
------------------------------------------------------
Creditors of CJSC Galker (code EDRPOU 14276607) have until
Sept. 4 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/53-8/72.

The Debtor can be reached at:

         CJSC Galker
        Striy Str. 202
         79031 Lvov
         Ukraine


GRUSHKOV BREADRECEIVING: Creditors Must File Claims by Sept. 4
--------------------------------------------------------------
Creditors of OJSC Grushkov Breadreceiving Enterprise (code
EDRPOU 00951847) have until Sept. 4 to submit written proofs of
claim to:

         Vadim Kosarenko
         Temporary Insolvency Manager
         Apartment 31
         Ostrovskaya Str. 4
         Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on June 11.  The case is docketed under
Case No. 11/176.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Grushkov Breadreceiving Enterprise
         Industrial Str. 33
         Ulianovka
         26400 Kirovograd
         Ukraine


MRIYA LLC: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLC Mriya (code EDRPOU 32481245) have until Sept. 5
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. 16/154/07.

The Debtor can be reached at:

         LLC Mriya
         Rozovka, Pivdennaya Str. 3
         Zaporozhje
         Ukraine


PAPIRUS LLC: Creditors Must File Claims by September 4
------------------------------------------------------
Creditors of LLC Papirus (code EDRPOU 32145149) have until
Sept. 4 to submit written proofs of claim to:

         Svetlana Lisnichenko
         Liquidator
         P.O. Box 154
         Enakievo
         86405 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/210B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Papirus
         Kommunisticheskaya Str. 4
         Proletarsky District
         83044 Donetsk
         Ukraine


PROKOPENKO LLC: Creditors Must File Claims by September 4
---------------------------------------------------------
Creditors of Prokopenko LLC (code EDRPOU 30914904) have until
Sept. 4 to submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/108-07.

The Debtor can be reached at:

         Prokopenko LLC
         Zhytnoe
         Romny District
         42048 Sumy
         Ukraine


RELIZA LLC: Creditors Must File Claims by September 5
-----------------------------------------------------
Creditors of LLC Reliza (code EDRPOU 33995944) have until
Sept. 5 to submit written proofs of claim to:

         LLC Venders
         Liquidator
         Oranzhereynaya Str. 3
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/128-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Reliza
         P. Lumumba Str. 51
         Kiev
         Ukraine


SKY DWAY LLC: Creditors Must File Claims by September 5
-------------------------------------------------------
Creditors of LLC Sky Dway (code EDRPOU 33995881) have until
Sept. 5 to submit written proofs of claim to:

         LLC Special-Service-Group
         Liquidator
         L. Ukrainka Str. 26
         Kiev
         Ukraine         

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/127-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sky Dway
         P. Lumumba Str. 151
         Kiev
         Ukraine


TCHKALOV LLC: Creditors Must File Claims by September 4
-------------------------------------------------------
Creditors of Tchkalov LLC (code EDRPOU 30834177) have until
Sept. 4 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/147.

The Debtor can be reached at:

         Tchkalov LLC
         Berbenitsy
         Lokhvitsky District
         37200 Poltava
         Ukraine


TH FAVORIT-PLUS: Creditors Must File Claims by September 5
----------------------------------------------------------
Creditors of LLC TH Favorit-Plus (code EDRPOU 33134159) have
until Sept. 5 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 Debtor can be reached at:

         LLC TH Favorit-Plus
         Ukraine Novobudov Str. 3
         69076 Zaporozhje
         Ukraine


UKRAINE LLC: Proofs of Claim Deadline Set September 4
-----------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 03792214)
have until Sept. 4 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
01/3382.

The Debtor can be reached at:

         Agricultural LLC Ukraine
         Paltchik
         Katerinopol District
         Cherkassy
         Ukraine


ZAPORIZHSTAL OJSC: Moody's Affirms B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family
rating for VAT Zaporizhstal with a stable outlook.

The B3 rating reflects the company's stable but below-industry
average operational and financial results in 2006 and first six
months of 2007 underpinned by continued benign market conditions
for Ukrainian steel producers.  Moody's noted that in addition
to the use of less efficient production technology compared to
most Ukrainian and international peers, the low profitability
may also be partly attributed to the lack of transparency in the
transfer pricing to related, but unconsolidated companies
including trading partners responsible for the majority of
export sales and purchases of raw materials.  Going forward
Moody's expects that on-going capex investments aimed at
replacement of outdated technology and efficiency gains should
enable the company to better control costs and at the same time
to further develop higher value-added products.  However, such a
program would require substantial investments to be financed
mostly by debt resulting in a significant increase in leverage,
which may -- at least in the initial stage -- more than offset
the potential benefits.

Zaporizhstal is Ukraine's 4th largest vertically integrated
steel producer.  The company is specialized in production of
hot-rolled and cold-rolled flat products and exports 67% of its
output to mostly Turkey, Russia and CIS.  In 2006 the company
produced 4.4 million tonnes of crude steel and 3.6 million
tonnes of rolled, reported sales of UAH8.018 billion ( app.
US$1.6 billion) and EBITDA of UAH1,283 billion ( app. US$254
million).  Zaporizhstal is controlled by two main shareholders
Zaporizhye Group (44.98%) and by Midland Group (44.75%) with
free flow of 10.27%.


ZHYTOMIR FLAX: Creditors Must File Claims by September 4
--------------------------------------------------------
Creditors of CJSC Zhytomir Flax Combine (code EDRPOU 32313613)
have until Sept. 4 to submit written proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/56-b.

The Debtor can be reached at:

         CJSC Zhytomir Flax Combine
         Baranov Str. 125
         Zhytomir
         Ukraine


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


BAA LTD: Eyes 2,000 Job Cuts to Curb Costs and Hike Profits
-----------------------------------------------------------
BAA Ltd. (fka BAA plc), which employs 15,000 people worldwide,
is planning to eliminate up to 2,000 jobs in an attempt to cut
costs and increase profits, Ben Webster writes for The Times.

According to the report, the redundancies will affect all
departments except security.

A BAA source tells Mr. Webster that the group’s Spanish owner
Grupo Ferrovial “have a huge debt burden and they can’t sustain
that.  They are really drilling down costs and there is going to
be a complete restructuring of the business, with a couple of
thousand jobs going.”

A spokesman for BAA confirmed that there would be job cuts but
said “there is no final number.”   

The spokesman told the Times “this is a simplification exercise
aimed at support staff much more than frontline staff.  It’s not
simply about costs.  It’s about building a much leaner and more
efficient business.”

Meanwhile, airlines warned that a lack of staff could further
deteriorate the British airports operators’ service standards,
The Times relates.

                           About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                           *   *   *

As of July 20, 2007, BAA Ltd. (fka BAA plc) carries an issuer
rating of Ba1 from Moody's Investor Service.


EUROTUNNEL GROUP: Posts EUR32 Mln Net Loss for First Half 2007
--------------------------------------------------------------
Eurotunnel Group released TNU's (formerly Eurotunnel SA
/Eurotunnel PLC) financial results ended June 30, 2007.

TNU posted net loss of EUR32 million for the first half ended
June 30, 2007, compared with a net loss of EUR105 million for
the same period in 2006.

Excluding the Minimum Usage Charge TNU recorded revenues of
EUR373 million compared with the EUR349 million revenues for the
same period in 2006.

In a buoyant cross-Channel market, TNU increased its market
share for its Passenger Shuttle business as well that of its
Truck activity, recording a substantial increase of 8% in its
Shuttle revenues to EUR240 million compared with EUR222 million
for the first half of 2006.

The reduction in net financial charges results from the one-off
effects of the terms of the safeguard plan, and is not
representative of the new credit agreements which are effective
from June 28, 2007.

The total equity of TNU PLC and TNU SA remains negative, at
EUR2.3 billion.

Following the Exchange Tender Offer completed in June 2007,
Groupe Eurotunnel SA took control of TNU.  The structure of TNU,
which in particular that of the Concessionnaires is unchanged.

The accounts for Groupe Eurotunnel SA will be prepared for the
year ended Dec. 31, 2007.

"We have made very tangible progress in our operations and the
company is ahead of its business plan.  To fully appreciate our
performance, it is important to take into account the loss of
the MUC, which represented, for the first half of 2006, 14% of
total revenue and which has been almost half compensated for in
this first six months.  All other things being equal, our
revenue has increased by 7% pro forma," Jacques Gounon, Chairman
and Chief Executive of Groupe Eurotunnel SA stated.

Mr. Gounon added, "While traffic is increasing, operating costs
continue nevertheless to decrease.  As a result of this, the pro
forma EBITDA shows substantial improvement and the operating
margin has reached 56%."

"The results of the first half of 2007 show a loss for TNU, much
reduced compared to 2006," Mr. Gounon concluded.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle  
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                    Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


FEATURE WINDOWS: Brings In Liquidators from BDO Stoy Hayward
------------------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP were appointed joint liquidators of Feature Windows
Ltd. on Aug. 9 for the creditors’ voluntary winding-up
proceeding.

Mr. Beckingham can be reached at:

         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         SO14 3TL
         England

Mr. Chadwick can be reached at:

         BDO Stoy Hayward
         Connaught House
         Alexandra Terrace
         Guildford
         England


IGNEOUS LTD: M. C. Bowker Leads Liquidation Procedure
-----------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Igneous Ltd. on Aug. 22 for the creditors’ voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


NORTH WEST:  Appoints Joint Administrators from Begbies Traynor
---------------------------------------------------------------
D. Bailey and G.N. Lee of Begbies Traynor were appointed joint
administrators of North West Tippers Ltd. (Company Number
01438709) on Aug. 20.

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:

         North West Tippers Ltd.
         Rockfield Street
         Blackburn
         BB2 3RG
         England
         Tel: 01254 554 41
         Fax: 01254 665 015


RANK GROUP: Earns GBP341.8 Million in Six Months Ended June 30
--------------------------------------------------------------
Rank Group plc released unaudited interim financial results for
the six months ended June 30, 2007.

Rank reported GBP341.8 million in net profit for the six months
ended June 30, 2007, compared with GBP9.6 million in net profit
for the six months ended June 30, 2006.

Revenue from continuing operations during the first six months
of 2007 increased by 2.6% to GBP284.6 million against the
comparable period in 2006.  Group operating profit rose by 26.1%
to GBP47.9 million with the cost saving initiatives introduced
in 2006 helping to generate a substantial improvement in
operating margin.

Rank’s interactive gaming business, Blue Square delivered growth
in operating profit before exceptional items of 77.4% to GBP5.5
million on a 40.9% increase in revenue.

Mecca Bingo delivered growth in like-for-like revenue but
operating profit declined slightly with a GBP4 million increase
in lease costs (arising from last year's sale and leaseback
transaction) off-setting the cost saving measures introduced in
2006.  Top Rank Espana shows good signs of recovering from the
introduction last year of a partial ban on smoking, with
operating profit returning to near pre-ban levels.

Grosvenor Casinos generated a modest improvement in operating
profit on good like-for-like revenue growth.  This represents a
highly creditable performance given the need to absorb GBP1.6
million of additional lease costs (arising from last year's sale
and leaseback transaction) and a GBP1.7 million unbudgeted
increase in casino gaming duty.

                      Smoking Ban Impact

During the course of the last 18 months, smoking in enclosed
public places has been progressively banned throughout the U.K.,
with legislation taking effect in Scotland (March 26, 2006),
Wales (April 2, 2007) and England (July 1, 2007).  The
introduction of these bans has had a discernible effect on
revenue within the Rank’s U.K. bingo clubs, due to the
relatively high incidence of smoking among its customers and the
structured nature of bingo gameplay.

In its Mecca Bingo clubs in Scotland, Rank saw a 17% fall in
like-for-like revenue during the 12 month period immediately
following the ban.  Between the anniversary of the ban's
introduction and Aug. 26, 2007, the group has generated a
3.9% improvement in revenue from its Scottish clubs, delivering
growth in each of the last four months.

In the period between the introduction of the smoking ban on
July 1, 2007 and Aug. 26, 2007, Rank has experienced a 4.4%
decline in like-for-like revenue from its bingo clubs in
England, although this performance has benefited from more
avorable weather and a higher level of promotional activity than
in the comparable weeks in 2006.  Its three clubs in Wales have
experienced a 6.1% decline in revenue between the introduction
of their ban on April 2, 2007 and Aug. 26, 2007.

                       Interim Dividend

The board has committed to maintain, as a minimum, the absolute
level of regular dividend per share in 2007 as was declared for
2006.  As a consequence, Rank is announcing an interim dividend
of 2.0p per share.  The dividend will be paid on Oct. 12, 2007
to shareholders on the register at Sept. 14, 2007.

                           Outlook

Rank has delivered a strong performance across the group in the
first half of 2007.  However, the second half of the year will
prove more challenging.  This is due mainly to the effects of
the smoking bans which are now in place across the U.K. and the
requirement for its bingo clubs and casinos to remove or convert
Section 21 terminals in time for the full implementation of the
2005 Act (on Sept. 1).

At June 30, 2007, the group's balance sheet showed GBP620.4
million in total assets, GBP606.2 million in total liabilities
and GBP14.2 million in total shareholders' equity.


SALESROOM LTD: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of The Salesroom (U.K.) Ltd. on
Aug. 10 for the creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


TATA MOTORS: Names R.A. Mashelkar as Independent Director
---------------------------------------------------------
Tata Motors has appointed Dr. R. A. Mashelkar as an Independent
Non-Executive Director of the company with immediate effect, the
company said in a media release.

Dr. Mashelkar is currently occupying the Presidentships of
Indian National Science Academy, National Innovation Foundation,
Institution of Chemical Engineers, UK and of Global Research
Alliance, a network of 60,000 scientists from five continents.

Prior to this Dr. Mashelkar served as the Director General of
Council of Scientific and Industrial Research, with thirty-eight
laboratories and about 20,000 employees for over eleven years.
His leadership transformed CSIR into a user focused, performance
driven and accountable organization.

Dr. Mashelkar is only the third Indian engineer to have been
elected as Fellow of Royal Society, London in the 20th century.
He was elected Foreign Associate of National Academy of Science
in 2005, only the 8th Indian since 1863 to be so elected.  He
was elected Foreign Fellow of US National Academy of Engineering
(2003), Fellow of Royal Academy of Engineering, U.K. (1996), and
Fellow of World Academy of Art & Science, USA (2000).  Twenty-
six universities have honored him with honorary doctorates,
which include Universities of London, Salford, Pretoria,
Wisconsin and Delhi.

In 1998, Dr. Mashelkar won the JRD Tata Corporate Leadership
Award, the first scientist to win it. He received the ‘Stars of
Asia' Award (2005) at the hands of George Bush (Sr.), the former
President of USA.  He was the first Asian Scientist to receive
it.

Dr. Mashelkar has been propagating a culture of innovation and
balanced intellectual property rights regime for over a decade.
It was through his sustained and visionary campaign that growing
awareness of Intellectual Property Rights has dawned on Indian
academics, researches and corporates.

In the post-liberalized India, Dr. Mashelkar has played a
critical role in shaping India's S&T policies. He was a member
of the Scientific Advisory Council to the Prime Minister and
also of the Scientific Advisory Committee to the Cabinet set up
by successive governments. The President of India honoured Dr.
Mashelkar with Padmashri (1991) and with Padmabhushan (2000).

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: To Expand Product Range Offering to Russian Market
---------------------------------------------------------------
Tata Motors plans to expand its product range offering for the
Russian market.  Having introduced its Light Commercial
Vehicles, the company is exploring the possibility of entering
various segments of medium and heavy trucks and buses over the
next three years.

Tata Motors is displaying the diversity and range of its
products at the Moscow Motor Show (Interauto 2007).  On display
are the Xenon 4x4 pick-up (crew cab), Ace mini truck, Hispano
DIVO GT 3.5 bus, LP 613 bus, LPT 1618 trucks, Novus 6X4 Dumper,
Novus 6X4 Tractor. Of these, the Xenon 4x4 pick-up (crew cab)
and Ace mini truck (both manufactured by Tata Motors in India),
Hispano DIVO GT 3.5 bus (manufactured in Spain), LP 613 bus
(manufactured by Tata Motors' Russian partner - Volzhanin), LPT
613 truck applications (manufactured by Tata Motors' Russian
partner – AMUR), Novus 6X4 Dumper and Novus 6X4 Tractor
(manufactured by Tata Daewoo, Korea) are being displayed for the
first time in Russia.

P. M. Telang, Executive Director - Commercial Vehicle Business
Unit, Tata Motors, says, "Russia is a focus market in Tata
Motors’ global growth strategy.  It is the largest commercial
vehicle market in Eurasia, and offers significant opportunities
to those who deliver higher value to customers.  We are looking
at offering our customers the best value proposition, through
both, our products and services."

P. G. Shankar, Head - International Business, Commercial Vehicle
Business Unit, Tata Motors, says, "While our primary focus area
in Russia will be the Light Commercial Vehicle product range,
where we have proven ourselves in various world markets (like
South Africa, Italy, Spain and the Middle East) while competing
with all major international brands, we are looking at expanding
our product range offering in Russia over the next three years
to include models from the medium and heavy segment.  Tata
Motors and its associate companies are fully equipped to supply
our product range in accordance with Euro III emission norms by
January 1, 2008 when Russia changes over to Euro III
compliance."

The vehicles Tata Motors currently sells in Russia are LPT 613
trucks and LP 613 buses.  Over 700 Tata vehicles are currently
plying on Russian roads.  Encouraged by the response to its
products, Tata Motors is looking at expanding its range with
improved applications, to reach out to and delight more
customers and build a long-term relationship.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


UNIVERSAL SPORTS: Brings In Administrators from Begbies Traynor
---------------------------------------------------------------
Paul Stanley and Don Bailey of Begbies Traynor were appointed
joint administrators of Universal Sports Ltd. (Company Number
04211744) on Aug. 21.

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

Headquartered in Bolton, England Universal Sports Ltd.
wholesales sports equipment.


VENT SOLUTIONS: Taps Liquidators from Tenon Recovery
----------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of Vent Solutions Ltd. on Aug. 10
for the creditors’ voluntary winding-up proceeding.

The joint liquidators can be reached at:

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

  
                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *