TCREUR_Public/070904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, September 4, 2007, Vol. 8, No. 176

                            Headlines


A U S T R I A

AKUDA BLUE: Claims Registration Period Ends Oct. 9
EVELINE & ODO: Claims Registration Period Ends Sept. 27
GASTRO-EVENTORGANISATION: Claims Registration Ends Oct. 4
GBZ KFZ-LEASING: Claims Registration Period Ends Sept. 25
TEXTDESIGN LLC: Claims Registration Period Ends Sept. 10


F R A N C E

DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs


G E R M A N Y

AWT ANWENDUNGSTECHNIK: Claims Registration Ends Sept. 21
BLINDENWERKSTATT DARMSTADT: Creditors' Claims Due October 2
BRAEUNUNGSCENTER SONNENINSEL: Claims Period Ends Oct. 2
CITY-SOCCER GMBH: Claims Registration Ends September 26
ELEKTROANLAGENBAU VERGIN: Claims Registration Period Ends Oct. 5

ELEKTRONIK & MECHANIK: Claims Registration Ends Sept. 24
FAHRSCHULE FLURSTRASSE: Claims Registration Period Ends Oct. 4
IMMO 112: Claims Registration Ends September 28
MAZDA MOTORS: Production and Sales Fall for July 2007
Q & B ESTRICHBAU: Claims Registration Period Ends Oct. 4

SANTIFA GMBH: Claims Registration Ends September 24
SCHERMULY SICHERHEITS: Creditors Must File Claims by October 1
SICHERHEITSTECHNISCHE PROJEKTMANAGEMENT: Claims Due October 1
TURBINENHALLE GMBH: Claims Registration Ends September 26
VVG- VERMOEGENSVER: Claims Registration Ends September 28

WMS-WERBEMITTELSERVICE: Creditors Must File Claims by Sept. 30


I R E L A N D

GAP INC: Names Sabrina Simmons as Acting Chief Financial Officer
SANYO ELECTRIC: Francisco Partners Withdraws from Chip Unit Bid


K A Z A K H S T A N

AKSAY INVEST: Proof of Claim Deadline Slated for Oct. 5
BAS LLP: Creditors Must File Claims Sept. 19
KUSTANAI-TEMIR LLP: Claims Filing Period Ends Oct. 5
LI GUO: Creditors' Claims Due on Oct. 5
STROY CAPITAL: Claims Registration Ends Oct. 5


K Y R G Y Z S T A N

ATAKENT-INVEST LLC: Creditors’ Meeting Slated for September 6


N E T H E R L A N D S

E-MAC DE 2005-I:  Fitch Rates Class F Notes at BB After Review
NIELSEN FINANCE: S&P Keeps B+ Ratings on US$350 Mln. Loan Add-on


P O R T U G A L

WOLVERINE TUBE: Equity Rights Offer Cues Moody's Ratings Review


R O M A N I A

BANCA TRANSILVANIA: Fitch Rates IDR at D with Positive Outlook


R U S S I A

BRYANSK-OBL-BYT: Creditors Must File Claims by Oct. 11
CAR LOAN: Creditors Must File Claims by September 11
DYUMAR HOLDING: Creditors Must File Claims by Sept. 11
EMPEROR LLC: Creditors Must File Claims by September 11
KASIMOVSKIY MECHANICAL 8: Creditors Must File Claims by Sept. 11

KINESHEMSKIY HOUSE: Creditors Must File Claims by Sept. 11
KUBAN’ CJSC: Court Names E. Mikhaylov as Insolvency Manager
MAGNITOGORSK METALLURGICAL: S&P Affirms Credit Ratings at BB
MARKS-REM-SNAB: Creditors Must File Claims by Oct. 11
METALLOSNAB CJSC: Komi Bankruptcy Hearing Slated for Dec. 18

MODUL CJSC: Creditors Must File Claims by September 11
MONOLITH CJSC: Krasnoyarsk Bankruptcy Hearing Slated for Oct. 2
ORENBURG ALCO-GROUP: Creditors Must File Claims by Oct. 11
SEROV-MEZHRAY-GAS: Asset Sale Slated for September 12
TIMANGEOLOGY CJSC: Creditors Must File Claims by Oct. 11

YUKOS OIL: Switzerland Unfreezes Accounts; Russia Balks at Move
YURYEV-POLSKUIY BAKERY: Creditors Must File Claims by Oct. 11


S W I T Z E R L A N D

AIN AVINTO: Creditors' Liquidation Claims Due September 9
ALLENSPACH + CO JSC: Claims Registration Period Ends Sept. 10
BOWOOD JSC: Creditors' Liquidation Claims Due September 10
CASAROL JSC: Solothurn Court Closes Bankruptcy Proceedings
DRENI GIPSERGESCHAFT: Lucerne Court Closes Bankruptcy Process

ELL MANAGEMENT: Creditors' Liquidation Claims Due September 10
HERCULES INC: Closes Dexter Chemical Business Acquisition
INFOR GLOBAL: Creditors' Liquidation Claims Due September 10
INFOR HOLDINGS: Creditors' Liquidation Claims Due September 10
MUTESA JSC: Claims Registration Period Ends September 9

TEAMOTION LLC: Creditors' Liquidation Claims Due September 10


T U R K E Y

ALTERNATIFBANK: BDDK Blocks Sale Over Nat’l Security Concerns


U K R A I N E

CANON LLC: Creditors Must File Claims by September 5
GEOS LLC: Creditors Must File Claims by September 5
GERMES UNION: Creditors Must File Claims by September 5
NFZ LLC: Creditors Must File Claims by September 5
START LLC: Creditors Must File Claims by September 5

SUCCESS PLUS: Creditors Must File Claims by September 5
TELECOM-MYCRODEVICE: Creditors Must File Claims by September 5
TICE ST: Creditors Must File Claims by September 5
TSYPERIUS LLC: Creditors Must File Claims by September 5
UNION LLC: Creditors Must File Claims by September 5


U N I T E D   K I N G D O M

BALLY TOTAL: Landlords Balk at Amended US$292,000,000 DIP Pact
BALLY TOTAL: Delays Filing of Second Quarter 2007 Report
CABLE & WIRELESS: Unit Names Phillip Green as President
CORDATUS CLO: Moody's Rates Three Note Classes at Low-B
CULLITT REALISATIONS: Brings In Liquidators from KPMG LLP

DANA CORPORATION: Files Plan of Reorganization in New York
FORD MOTOR: Tata Confirms Interest in Jaguar & Land Rover
GENERAL MOTORS: Expects Steady Sales Growth in Emerging Markets
GROUNDWORK TRUST: Calls In Liquidators from PKF (UK) LLP
LEAR CORP: Moody's Affirms B2 Corporate Family Rating

PLASTIC WINDOW: Names Alistair Steven Wood Liquidator
RAILWAY TILE: Taps Liquidators from Deloitte & Touche LLP
RHINEBRIDGE PLC: Fitch Downgrades US$130 Mln. Capital Notes to B
SURREAL COMMUNICATIONS: Hires Liquidators from Tenon Recovery
TI AUTOMOTIVE: Moody's Lifts Junk Corporate Family Rating to B3

TITAN EUROPE 2004-1: S&P Puts BB- Ratings on Watch Positive
TONE SERVICES: Brings In Liquidators from KPMG LLP
TV PLAY: Appoints Kevin John Hellard as Liquidator

* Large Companies with Insolvent Balance Sheet

                            *********

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


AKUDA BLUE: Claims Registration Period Ends Oct. 9
--------------------------------------------------
Creditors owed money by LLC Akuda blue Water and Holidays (FN
31726g) have until Oct. 9 to file written proofs of claim to
court-appointed estate administrator Thomas Wanek at:

         Dr. Thomas Wanek
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/86 93 888
         Fax: 01/8691660 33
         E-mail: anwalt@aon.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on Aug. 1 (Bankr. Case No. 11 S 88/07p).  


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 24 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.


GASTRO-EVENTORGANISATION: Claims Registration Ends Oct. 4
---------------------------------------------------------
Creditors owed money by LLC Gastro-Eventorganisation (FN
262415f) have until Oct. 4 to file written proofs of claim to
court-appointed estate administrator Rainer Hessenberger at:

         Mag. Rainer Hessenberger
         Alter Markt 7/2
         5020 Salzburg
         Austria
         Tel: 0662/8411410
         Fax: 0662/848415

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Oct. 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Aug. 2 (Bankr. Case No. 23 S 30/07t).  


GBZ KFZ-LEASING: Claims Registration Period Ends Sept. 25
---------------------------------------------------------
Creditors owed money by LLC GBZ KFZ-Leasing und Handel (FN
162110y) have until Sept. 25 to file written proofs of claim to
court-appointed estate administrator Eva Wexberg at:

         Dr. Eva Wexberg
         c/o Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail:  kanzlei@kainz-wexberg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 9 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 Aug. 2 (Bankr. Case No. 4 S 86/07k).  Walter Kainz represents
Dr. Wexberg in the bankruptcy proceedings.


TEXTDESIGN LLC: Claims Registration Period Ends Sept. 10
--------------------------------------------------------
Creditors owed money by LLC TextDesign (FN 141301x) have until
Sept. 10 to file written proofs of claim to court-appointed
estate administrator Ulrich Nemec at:

         Mag. Ulrich Nemec
         St. Veiter Strasse 3/3
         9020 Klagenfurt
         Austria
         Tel: 0463/57244         
         Fax: 0463/57244-8  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Aug. 7 (Bankr. Case No. 41 S 74/07s).  


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


DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
---------------------------------------------------------------
Delphi Corp. has reached a settlement agreement with the lead
plaintiffs in class action lawsuits brought by participants in
its employee retirement plans and purchasers of its debt and
equity securities from March 2000 to March 2005.

Under the settlement agreements, which remain subject to federal
bankruptcy court and federal district court approval, the class
of participants in Delphi's employee retirement plans will
receive an allowed interest in Delphi's Chapter 11 case in the
amount of US$24.5 million and US$22.5 million in cash from
insurance carriers.

Additionally, the class of purchasers of Delphi's debt
securities will receive an allowed claim and the class of
purchasers of Delphi's equity securities will receive an allowed
interest in the combined amount of US$204 million in Delphi's
Chapter 11 case well as approximately US$90 million in cash from
other defendants and insurance carriers.

The allowed amounts in Delphi's Chapter 11 cases will receive
the same plan currency and the same treatment as Delphi's
general unsecured creditors.

The lawsuits came after the company's statement in March 2005
that it would restate its financial results.  These settlements
would resolve these class-action lawsuits against Delphi and
certain of the other defendants in the lawsuits.  The final
settlements provide a dismissal with prejudice of these class
action lawsuits and a full release as to certain named
defendants, including Delphi, Delphi's current directors and
officers, and certain third-party defendants and will also
resolve certain derivative and other claims in Delphi's chapter
11 cases.

"Last year, Delphi settled with the Securities and Exchange
Commission, and now we are pleased to have reached settlement
agreements in these cases, which we believe will allow us to
close this chapter in our history and move forward," David M.
Sherbin, Delphi vice president and general counsel, said.  "This
is another important step in our transformation process, which
ultimately brings us closer to emergence from bankruptcy."

These settlements are subject to the approval of the U.S.
District Court for the Eastern District of Michigan and the U.S.
Bankruptcy Court for the Southern District of New York.

The District Court has scheduled a hearing on Nov. 13, 2007, to
consider final approval of the settlements.  Delphi expects to
file an approval motion in the U.S. Bankruptcy Court on Sept. 7,
2007, which would be scheduled for final hearing at the Sept.
27, 2007 omnibus hearing.

                       About Delphi Corp.

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

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


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


AWT ANWENDUNGSTECHNIK: Claims Registration Ends Sept. 21
--------------------------------------------------------
Creditors of AWT Anwendungstechnik GmbH have until Sept. 21 to
register their claims with court-appointed insolvency manager
Thorsten.

Creditors and other interested parties are encouraged to attend
the meeting at 1:25 p.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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Thorsten
         Springstub
         Humboldtstr. 24
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
AWT Anwendungstechnik GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AWT Anwendungstechnik GmbH
         An der Lache 7
         07778 Neuengoenna
         Germany


BLINDENWERKSTATT DARMSTADT: Creditors' Claims Due October 2
-----------------------------------------------------------
Creditors of Blindenwerkstatt Darmstadt gGmbH i.L. have until
Oct. 2 to register their claims with court-appointed insolvency
manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany

The District Court of Darmstadt opened bankruptcy proceedings
against - Blindenwerkstatt Darmstadt gGmbH i.L. on Aug. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Blindenwerkstatt Darmstadt gGmbH i.L.
         Karlstrasse 21
         64283 Darmstadt
         Germany


BRAEUNUNGSCENTER SONNENINSEL: Claims Period Ends Oct. 2
-------------------------------------------------------
Creditors of Braeunungscenter Sonneninsel GmbH have until Oct. 2
to register their claims with court-appointed insolvency manager
Sylvia Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 13, 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 Darmstadt
         Hall 4.309
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Sylvia Hofmann
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151-66729-0
         Fax: 06151-66729-20
         E-Mail: darmstadt@ltb-anwaelte.de  

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

The Debtor can be reached at:

         Braeunungscenter Sonneninsel GmbH
         Baumgartenstr. 1
         64331 Weiterstadt
         Germany

         Attn: Gisela Zeitz, Manager
         Schleifmuehlenweg 9
         64367 Muehltal
         Germany


CITY-SOCCER GMBH: Claims Registration Ends September 26
-------------------------------------------------------
Creditors of City-Soccer GmbH have until Sept. 26 to register
their claims with court-appointed insolvency manager Thomas
Lauterfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Duisburg
         Meeting Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against City-Soccer GmbH on Aug. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         City-Soccer GmbH
         Duesseldorfer Strasse 204
         45481 Muelheim an der Ruhr
         Germany

         Attn: Thomas Wildenhues, Manager
         Schuermannstrasse 19 a
         45136 Essen
         Germany


ELEKTROANLAGENBAU VERGIN: Claims Registration Period Ends Oct. 5
----------------------------------------------------------------
Creditors of Elektroanlagenbau Vergin GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Reiner Linck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 21, 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:

         Reiner Linck
         Paulstrasse 44
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Elektroanlagenbau Vergin GmbH on Aug. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Elektroanlagenbau Vergin GmbH
         Attn: Egmond Vergin und Robert Vergin, Managers
         Ribnitzer Strasse 3
         18181 Graal Mueritz
         Germany


ELEKTRONIK & MECHANIK: Claims Registration Ends Sept. 24
--------------------------------------------------------
Creditors of Elektronik & Mechanik GmbH i.L. have until Sept. 24
to register their claims with court-appointed insolvency manager
Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

         Karl-Heinz Blaha
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-Mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle opened bankruptcy proceedings
against Elektronik & Mechanik GmbH i.L. on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elektronik & Mechanik GmbH i.L.
         Hannoversche Strasse 49
         29221 Celle
         Germany


FAHRSCHULE FLURSTRASSE: Claims Registration Period Ends Oct. 4
--------------------------------------------------------------
Creditors of Fahrschule Flurstrasse GmbH have until Oct. 4 to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on Oct. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

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

The Debtor can be reached at:

         Fahrschule Flurstrasse GmbH
         Flurstr. 88
         45355 Essen
         Germany

         Attn: Frank Reinfelder
         Dieckerhoffstr. 23
         46047 Oberhausen
         Germany


IMMO 112: Claims Registration Ends September 28
-----------------------------------------------
Creditors of IMMO 112 Immobilien GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Andreas Muehlbauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany
         
The Court will verify the claims set out in the insolvency
manager's report at 10:10 a.m. on Nov. 9, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Muehlbauer
         Eichelacker 13-15
         93170 Bernhardswald  
         Germany
         Tel: 09407/909 56
         Fax: 09407/90958

The District Court of Regensburg opened bankruptcy proceedings
against IMMO 112 Immobilien GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IMMO 112 Immobilien GmbH
         Landshuter Str. 112
         93053 Regensburg
         Germany


MAZDA MOTORS: Production and Sales Fall for July 2007
-----------------------------------------------------
Mazda Motor Corporation reported its production output for the
month of July with a decline in both domestic and overseas
production.

Domestic and Overseas Production

Total domestic production for the month of July 2007 decreased
4.0%.  Passenger cars dipped 2.5% to 78,014 units from the July
2006 output of 80,018, while, commercial vehicles slumped 24.3%
to 4,347 units to 5,740.

Despite Mazda's increased production of its redesigned
Mazda2/Demio and the added production of the CX-9, total
domestic production still went down due to the suspension of
production caused by the Chuetsu Oki earthquake in Niigata
prefecture.

Overseas production downslided 23.3% to 18,066 from the same
period last year's 27,767 units, due to the end of second
generation of Mazda2 production at the Valencia plant.  However,
the car manufacturer saw an 626.0% increase year-on-year on its
Mazda3 producing 4,966 units.

Domestic Sales

Overall domestic sales for July 2007 decreased by 3.7% year-on-
year mainly due to a 20.2% decrease in commercial vehicle sales
of 3,443, as compared to the same period last year's 4,543.  
Total sales for the micro-mini cars also went down to 4,048, or
2.0% of last year.  However, sales for the passenger vehicles
increased for July 2007 to 18,177, which is up 0.2%.

Global Production of both passenger and commercial vehicles
slipped to 6.5% and 19.8% respectively, making a total monthly
global production output of 100,427 units, or an 8.1% decline as
compared to July 2006 results.                    

                   About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


Q & B ESTRICHBAU: Claims Registration Period Ends Oct. 4
--------------------------------------------------------
Creditors of Q & B Estrichbau GmbH have until Oct. 4 to register
their claims with court-appointed insolvency manager Bettina
Schmudde.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Website: http://www.whitecaseinso.de/   

The District Court of Dresden opened bankruptcy proceedings
against Q & B Estrichbau GmbH on Aug. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Q & B Estrichbau GmbH
         Rausslitzer Str. 1
         01623 Ketzerbachtal OT
         Oberstoesswitz
         Germany

         Attn: Sven Baerisch, Manager
         Geboren 1964
         Neumarkt 26
         01723 Wilsdruff
         Germany


SANTIFA GMBH: Claims Registration Ends September 24
---------------------------------------------------
Creditors of Santifa GmbH & Co. KG have until Sept. 24 to
register their claims with court-appointed insolvency manager
Ulrich Cramer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Ulrich Cramer
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany

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

The Debtor can be reached at:

         Santifa GmbH & Co. KG
         Attn: Graf Tobias, Manager
         Butzstr. 18
         86199 Augsburg
         Germany


SCHERMULY SICHERHEITS: Creditors Must File Claims by October 1
--------------------------------------------------------------
Creditors of Schermuly Sicherheits- und Nachrichtentechnik GmbH
& Co. KG have until October 1 to register their claims with
court-appointed insolvency manager Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Essen opened bankruptcy proceedings
against Schermuly Sicherheits- und Nachrichtentechnik GmbH & Co.
KG on Aug. 24.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Schermuly Sicherheits- und
         Nachrichtentechnik GmbH & Co. KG
         Virchowstr. 60
         45147 Essen
         Germany


SICHERHEITSTECHNISCHE PROJEKTMANAGEMENT: Claims Due October 1
-------------------------------------------------------------
Creditors of Sicherheitstechnische Projektmanagement GmbH have
until Oct. 1 to register their claims with court-appointed
insolvency manager Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Essen opened bankruptcy proceedings
against Sicherheitstechnische Projektmanagement GmbH on Aug. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sicherheitstechnische Projektmanagement GmbH
         Virchowstr. 60
         45147 Essen
         Germany


TURBINENHALLE GMBH: Claims Registration Ends September 26
---------------------------------------------------------
Creditors of Turbinenhalle GmbH have until Sept. 26 to register
their claims with court-appointed insolvency manager Thomas
Lauterfeld.

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 Duisburg
         Meeting Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr
         Germany

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

The Debtor can be reached at:

         Turbinenhalle GmbH
         Lipperfeld 23
         46047 Oberhausen
         Germany

         Attn: Joana Bediako, Manager
         Minnesangerstrasse 57
         45279 Essen
         Germany


VVG- VERMOEGENSVER: Claims Registration Ends September 28
---------------------------------------------------------
Creditors of VVG- Vermoegensver-waltungs-und Verwertungs GmbH
have until Sept. 28 to register their claims with court-
appointed insolvency manager Rolf-Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         Germany

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

The insolvency manager can be reached at:

         Rolf-Dieter Klein
         Schillerstrasse 58
         03046 Cottbus
         Germany
         
The District Court of Cottbus opened bankruptcy proceedings
against VVG- Vermoegensver-waltungs-und Verwertungs GmbH on
Aug. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         VVG- Vermoegensver-waltungs-und Verwertungs GmbH
         Forster Strasse 22
         03149 Forst
         Germany


WMS-WERBEMITTELSERVICE: Creditors Must File Claims by Sept. 30
--------------------------------------------------------------
Creditors of WMS-Werbemittelservice GmbH & Co. KG have until
Sept. 30 to register their claims with court-appointed
insolvency manager Olaf Boerner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Olaf Boerner
         Brueder-Grimm-Platz 4
         D 34117 Kassel
         Germany

The District Court of Kassel opened bankruptcy proceedings
against WMS-Werbemittelservice GmbH & Co. KG on Aug. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WMS-Werbemittelservice GmbH & Co. KG
         Rheinstahlring 1
         34246 Vellmar
         Germany


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


GAP INC: Names Sabrina Simmons as Acting Chief Financial Officer
----------------------------------------------------------------
Gap Inc.'s Chief Financial Officer Byron Pollitt, 56, has
decided to leave the company to pursue an opportunity in another
industry.  His last day in the position will be Sept. 14, 2007.

The company also announced Sabrina Simmons, 44, currently senior
vice president of corporate finance and a six-year Gap Inc.
finance veteran, is being promoted to the newly-created position
of executive vice president of Gap Inc. finance and will serve
as acting chief financial officer. Ms. Simmons will report
directly to Glenn Murphy, Gap Inc.’s chairman and chief
executive officer.

Mr. Murphy said, “On behalf of all of us at Gap Inc., I want to
thank Byron for his tremendous contributions to our company.
He’s played an integral role in restoring the company’s
financial health and instilling the strong financial discipline
across the organization that exists today.”

Commenting on his time with the company, Mr. Pollitt said, “I’m
proud of what we’ve accomplished over the past five years and
the financial strength of the company. I am confident the
talented team at Gap Inc. will continue to build on the progress
that we’ve made. I wish the company every success in the
future.”

Ms. Simmons joined Gap Inc. in 2001 as vice president and
treasurer. She currently has responsibility for all corporate
finance functions including controllership, corporate financial
planning and analysis, investor relations, treasury, tax,
corporate shared service center, and risk management. In her
expanded role as executive vice president, Ms. Simmons will
serve on the company’s Executive Leadership Team and will
oversee all business-related financial matters.

“For the past six years, Sabrina has been critical in bringing
financial discipline to Gap Inc., restoring the strength of the
company’s balance sheet and returning cash to our shareholders,”
Mr. Murphy added. “I look forward to working more closely with
her in the coming months and together, executing on our near-
term priorities to continue to enhance shareholder value.”

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an   
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic inSoutheast Asia and the Middle East.

                           *   *   *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


SANYO ELECTRIC: Francisco Partners Withdraws from Chip Unit Bid
---------------------------------------------------------------
Sources close to Reuters disclosed that private equity firm
Francisco Partners has pulled out of the bidding for Sanyo
Electric Co., Ltd.'s chip unit.

According to the report, Sanyo was to pick the winner of the
auction by the end of August 2007, however, there could be
delays.

The Osaka-based consumer electronics manufacturer hopes to raise
JPY150-200 billion from the sale but resistance from bidders may
force it to accept less, Reuters relates.

                      About Sanyo Electric

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

                          *     *     *

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


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


AKSAY INVEST: Proof of Claim Deadline Slated for Oct. 5
-------------------------------------------------------
LLP Aksay Invest Com has declared insolvency.  Creditors have
until Oct. 5 to submit written proofs of claims to:

         LLP Aksay Invest Com
         Severnaya Promzona
         11, Aksay
         Burlinsky District
         090301, West Kazakhstan
         Kazakhstan
         Tel: 8 (233) 2-13-30, 2-12-70


BAS LLP: Creditors Must File Claims Sept. 19
--------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Bas insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Aiteke bi Str. 11/48
         Taraz
         Jambyl
         Kazakhstan


KUSTANAI-TEMIR LLP: Claims Filing Period Ends Oct. 5
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kustanai-Temir insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Borodin Str. 144-88
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 54-60-83
                         

LI GUO: Creditors' Claims Due on Oct. 5
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Li Guo Chen-1 insolvent on July 12.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rodostovtsev Str. 47-11
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


STROY CAPITAL: Claims Registration Ends Oct. 5
----------------------------------------------
LLP Corporatoin Almaty Stroy Capital has declared insolvency.  
Creditors have until Oct. 5 to submit written proofs of claims
to:

         LLP Corporatoin Almaty Stroy Capital
         Micro District Koktem-2, 2
         Almaty
         Kazakhstan


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


ATAKENT-INVEST LLC: Creditors’ Meeting Slated for September 6
-------------------------------------------------------------
Creditors of LLС Atakent-Invest will convene at 2:00 p.m. on
Sept. 6 at:

         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues
Declared LLС Atakent-Invest declared insolvent on Aug. 2.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Mirlanbek Torokov
         Tel: (0-502) 35-79-88


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


E-MAC DE 2005-I:  Fitch Rates Class F Notes at BB After Review
--------------------------------------------------------------
Fitch Ratings has affirmed all six tranches of E-MAC DE 2005-I
B.V. of German residential mortgage-backed securities following
a satisfactory performance review.

E-MAC DE 2005-1, originated by GMAC-RFC Bank GmbH is
experiencing high arrears levels, with loans in arrears of more
than three months accounting for 2.5% of the outstanding
portfolio.  However, there is a structural trigger in this
transaction such that when arrears exceed 2% of the initial
balance, the reserve fund is expected to increase to 1.8% of the
initial balance until the breach is cured, which will provide
additional credit to the noteholders.

Since its breach on May 2007, the reserve fund requirements have
been raised to 1.8%.  The current reserve fund has been building
in accordance with the new requirements, presently standing at
1.63%.

This deal is prepaying slowly, which has had limited impact on
the growth in credit enhancement.  This could be due in part to
the originator having the right to grant further advances to
borrowers by entering into a new loan agreement with them.  
Nevertheless, there are certain conditions in place to mitigate
deterioration of the pool, such as the weighted average current
loan-to-lending value must not exceed 115.6% and no more than 2%
of the aggregate outstanding principal amount of the mortgages
may be more than 90 days in arrears.  Since the 90 days in
arrears criteria has been breached, the originator will not have
the right to grant further advances to borrowers, which might
increase the prepayment rates in the future.

These are the rating actions:

E-MAC DE 2005-1:

   -- Class A (ISIN XS0221900243): affirmed at 'AAA', Outlook
      Stable

   -- Class B (ISIN XS0221901050): affirmed at 'AA', Outlook
      Stable

   -- Class C (ISIN XS0221902538): affirmed at 'A', Outlook
      Stable

   -- Class D (ISIN XS0221903429): affirmed at 'BBB', Outlook
      Stable

   -- Class E (ISIN XS0221904237): affirmed at 'BB+', Outlook
      Stable

   -- Class F (ISIN XS0221922056): affirmed at 'BB', Outlook
      Stable


NIELSEN FINANCE: S&P Keeps B+ Ratings on US$350 Mln. Loan Add-on
----------------------------------------------------------------
Standard & Poor's Ratings Services’ loan and recovery ratings on
the senior secured credit facilities of Nielsen Finance LLC
(guaranteed by its Netherlands-based media company parent, The
Nielsen Co. B.V.) remain unchanged following a US$350 million
term loan add-on.  The issue-level rating on the secured debt is
'B+' with a recovery rating of '2', indicating the expectation
for lenders to receive substantial (70%-90%) recovery in the
event of a payment default.

The company is using the proceeds of the incremental term loan
to partially fund its US$440 million acquisition of San
Francisco-based Telephia Inc., a provider of consumer research
on the telecom market.  The remainder of the purchase is being
funded with cash on hand and availability under the company's
revolving credit facility.  The terms of the incremental loan
are identical to those of the company's existing term loan.

                          Ratings List

Nielsen Co. B.V.

   -- Corporate Credit Rating        B/Negative/B

Nielsen Finance LLC

   -- Secured Debt*                   B+ (Recovery Rtg: 2)

*Guaranteed by Nielsen Co. B.V.


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


WOLVERINE TUBE: Equity Rights Offer Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Wolverine Tube,
Inc. (Caa2 corporate family rating) under review for possible
upgrade.  

The review was prompted by Wolverine's announcement of an equity
rights offering of up to about $51 million, from which the
company will receive at least $25 million due to a standby
commitment from preferred stockholders.  Additionally, the
offering entitles these preferred stockholders to call options
sufficient to increase their total ownership, equivalent to
about $32 million.  As a result, if the rights offering and the
call options are fully exercised, the company would receive
total cash proceeds, after expenses, of about $83 million.

Moody's review of Wolverine will focus on the progress of
Wolverine's rights offering and preferred stockholder call
option exercise, the pro forma liquidity and credit metrics that
result from any of the above actions, ability to refinance
existing debt in a timely fashion, and Wolverine's business
fundamentals and economic expectations.  The outcome of this
review is expected to reflect the potential overall financial
liquidity improvement experienced by Wolverine if the equity
transactions are a success, in combination with positive year-
to-date EBITDA, Moody's evolving view regarding the expected
decrease in copper prices and other raw materials, productivity
improvements in the company's facilities, and trends in the U.S.
economy.  Depending on their level of success, and timing of
their initiatives, this could ultimately lead to a multi-notch
upgrade of the corporate family rating.

These ratings were placed under review for possible upgrade:

Issuer: Wolverine Tube Inc.

On Review for Possible Upgrade:

-- Corporate Family Rating, Placed on Review for Possible
    Upgrade, currently Caa2

-- Probability of Default Rating, Placed on Review for Possible
    Upgrade, currently Caa2

-- Senior Unsecured Notes, Placed on Review for Possible
    Upgrade, currently Caa3 (LGD4, 62%)

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Negative

Wolverine has been facing intense margin pressures due to the
volatility of raw materials and the impact of a competitive,
shrinking industry.  The company faced difficulties as the price
of copper increased dramatically in recent years and Chinese
producers competed on price for commodity level products.  The
corporate family rating and senior unsecured was previously
downgraded in November, 2006 to Caa2 and Caa3, respectively,
with a negative outlook following the announcement of a previous
restructuring and reorganization plan.  In February 2007, The
Alpine Group, Inc. and Plainfield Special Situations Master Fund
Limited paid $50 million to Wolverine for 50,000 shares of
convertible preferred stock.

Headquartered in Huntsville, Alabama, Wolverine Tube, Inc. is
one of the leading U.S. manufacturers and distributors of copper
alloy tube, fabricated products, and metal joining products for
use in refrigeration and air conditioning.  For the LTM ended
July 1, 2007, the company had revenues of $1.36 billion, but
generated an $86 million net loss.  The company has locations in
China, Mexico and Portugal.


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


BANCA TRANSILVANIA: Fitch Rates IDR at D with Positive Outlook
--------------------------------------------------------------
Fitch Ratings has changed Romania-based Banca Transilvania's
Outlook to Positive from Stable and Support rating to '3' from
'4'.  At the same time the agency has revised Support Floor
Rating to 'BB- from 'B+'.  Its ratings are affirmed at Long-term
Issuer Default Rating 'BB-', Short-term IDR 'B' and Individual
'D'.

The change in Outlook reflects expected improvements in key
performance indicators at the bank, notably improved cost
efficiency.  This, combined with slower loan growth, should lead
to the bank being able to support a greater proportion of loan
growth with internally generated capital.  Should these
improvements occur with no significant deterioration in loan
performance or operating profitability, it is likely that both
BT's Long-term IDR and Individual rating will be upgraded.

The change in Support rating and Support Rating Floor reflects
increased, albeit moderate, probability of support from the
government in case of need.  This is due to BT's significantly
improved franchise, which has transformed the bank from one
primarily focused on its home region to a universal bank with a
nationwide presence.  BT has grown to be the fifth largest bank
in the sector, with a 5.17% market share in total assets at end-
H107, though this share rises for its targeted SME and retail
segments.  It is the largest Romanian bank not owned by a
strategic foreign investor.

The ratings of BT reflect its significantly improved franchise,
strong market position in its home market and in the SME sector,
comfortable liquidity and an improving operating environment.  
The ratings also reflect competitive pressures on profitability
and the potential for loan performance deterioration as loans
season, as well as the high proportion of FX- denominated
lending, though this is lower than the sector average.  Lending
has increased rapidly since 2002, rising 65% in 2006, and in
total 34% of lending is in FX.

Since 2002, after change in management, BT was re-branded and a
major nationwide expansion started.  BT is listed on the
Bucharest stock exchange.  The largest shareholder is EBRD with
15%; the remaining shares are widely distributed among Romanian
and foreign individuals and companies.


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


BRYANSK-OBL-BYT: Creditors Must File Claims by Oct. 11
------------------------------------------------------
Creditors of OJSC Bryansk-Obl-Byt have until Oct. 11 to submit
proofs of claim to:

         I. Gorn
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A09-2188/07-26.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Bryansk-Obl-Byt
         Karachizhskaya 59, 9
         241028 Bryansk
         Russia


CAR LOAN: Creditors Must File Claims by September 11
----------------------------------------------------
Creditors of CJSC Car Loan have until Sept. 11 to submit proofs
of claim to:

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

The Arbitration Court of Orenburg will convene at 10:30 a.m. on
Nov. 20 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A76-5936/2007-48-61.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Car Loan
         Zagorodnoe Shosse 3/1
         460052 Orenburg
         Russia


DYUMAR HOLDING: Creditors Must File Claims by Sept. 11
------------------------------------------------------
Creditors of LLC Dyumar Holding (TIN 7722172428) have until
Sept. 11 to submit proofs of claim to:

         V. Skripko
         Temporary Insolvency Manager
         Apt. 266
         3rd Krutitskiy Per. 11
         109044 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
Oct. 23 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A40-24478/07-95-84 B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dyumar Holding
         1st Grayvoronovskiy Pr. 5A
         109518 Moscow
         Russia


EMPEROR LLC: Creditors Must File Claims by September 11
-------------------------------------------------------
Creditors of LLC Emperor (TIN 5948024844, OGRN 1035902111497)
have until Sept. 11 to submit proofs of claim to:

         I. Marchevskaya
         Temporary Insolvency Manager
         Kombaynerov Str. 34
         614036 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A50-8264/2007-B3.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Emperor
         Sh. Kosmonavtov Str. 310
         614065 Perm
         Russia


KASIMOVSKIY MECHANICAL 8: Creditors Must File Claims by Sept. 11
----------------------------------------------------------------
Creditors of LLC Kasimovskiy Mechanical Factory have until
Sept. 11 to submit proofs of claim to:

         S. Zhidov
         Insolvency Manager
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A54-2158/2007-S 20.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kasimovskiy Mechanical Factory 8
         Zapadnaya Str. 6
         Ryazan
         Russia


KINESHEMSKIY HOUSE: Creditors Must File Claims by Sept. 11
----------------------------------------------------------
Creditors of OJSC Kineshemskiy House Building Combine have until
Sept. 11 to submit proofs of claim to:

         M. Astashov
         Insolvency Manager
         Lesozavodskaya Str. 10
         Kineshma
         155800 Ivanovo
         Russia

The Arbitration Court of Ivanovo commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A17-1950/07-1-B.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Kineshemskiy House Building Combine
         2nd Shujskaja Str. 3
         Kineshma
         Ivanovo
         Russia


KUBAN’ CJSC: Court Names E. Mikhaylov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar appointed E. Mikhaylov as
Insolvency Manager for CJSC Agricultural Company Kuban’.  He can
be reached at:

         E. Mikhaylov
         Leskova Str. 19
         302040 Orel
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A32-9842/2994-37/70-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Kuban’
         Berezanskaya St.
         Vyselkovskiy
         Krasnodar
         Russia


MAGNITOGORSK METALLURGICAL: S&P Affirms Credit Ratings at BB
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit and 'ruAA' Russia national scale ratings on
Russia-based steelmaker OAO Magnitogorsk Metallurgical Kombinat.  
The outlook is positive.

"MMK is a land-locked, single-site producer, lacking vertical
integration in raw materials and exposed to the inherently
volatile commodity markets," said Standard & Poor's credit
analyst Andrey Nikolaev.  This is a major constraint on the
company's business profile and the ratings."

In addition, MMK has substantial capital-expenditure plans to
continue the modernization of its facilities.

The ratings are supported by MMK's low cost position, resulting
in high profitability and cash flow; favorable conditions in the
global steel industry; and the company's improved financial
profile and corporate governance.

At March 31, 2007, the company's debt was US$983 million.

"We believe the possibility of an upgrade in the next 12 months
or so exists, if MMK successfully carries out its
diversification strategy," said Mr. Nikolaev.

This involves increasing the share of value-added products,
while adhering to a prudent dividend policy and maintaining the
level of transparency and corporate governance achieved prior to
the IPO.  Furthermore, MMK must avoid jeopardizing its capital
structure by staying within the US$6.2 billion budgeted for its
investment program.  In S&P’s view, strong free cash flow
generation and share placement proceeds will help finance the
company's capital-expenditure program.

S&P also notes that upgrade potential will likely be limited to
one notch, as long as MMK remains a land-locked producer lacking
diversification and vertical integration in raw materials.

The national-scale rating is likely to move in line with the
global scale rating.


MARKS-REM-SNAB: Creditors Must File Claims by Oct. 11
-----------------------------------------------------
Creditors of OJSC Marks-Rem-Snab have until Oct. 11 to submit
proofs of claim to:

         S. Korzhov
         Insolvency Manager
         Post User Box 902
         410012 Saratov-12
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A57-229B/05-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Marks-Rem-Snab
         10th Liniya Str. 43/2
         Marks
         413090 Saratov
         Russia


METALLOSNAB CJSC: Komi Bankruptcy Hearing Slated for Dec. 18
------------------------------------------------------------
The Arbitration Court of Komi will convene on Dec. 18 to hear
the bankruptcy supervision procedure on CJSC Metallosnab.
The case is docketed under Case No. A29-3752/2007.

The Temporary Insolvency Manager is:

         V. Sorokin
         Babushkina Str. 31
         Syktyvkar
         167000 Komi
         Russia

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         CJSC Metallosnab
         Kolkhoznaya Str. 40/7
         Syktyvkar
         Komi
         Russia


MODUL CJSC: Creditors Must File Claims by September 11
------------------------------------------------------
Creditors of CJSC Modul have until Sept. 11 to submit proofs of
claim to:

         A. Kokarev
         Temporary Insolvency Manager
         Chaykovskogo Str. 27
         141028 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A56-4117/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Modul
         Industrialnyj Pr. 15
         195426 St. Petersburg
         Russia


MONOLITH CJSC: Krasnoyarsk Bankruptcy Hearing Slated for Oct. 2
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 11:00 a.m.
on Oct. 2 to hear the bankruptcy supervision procedure on
CJSC Building Assembly Enterprise Monolith (TIN 2443021317).  
The case is docketed under Case No. A33-5525/2007.

The Temporary Insolvency Manager is:

         I. Gorn
         60 Let Oktyabrya Str. 105
         660079 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Building Assembly Enterprise Monolith
         Building 16
         Kvartal 5
         Yuzhnaya Promzona
         Achinsk
         662153 Krasnoyarsk
         Russia


ORENBURG ALCO-GROUP: Creditors Must File Claims by Oct. 11
----------------------------------------------------------
Creditors of OJSC Orenburg Alco-Group (TIN 5612026621, KPP
561201001) have until Oct. 11 to submit proofs of claim to:

         A. Taushev
         Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia
         Tel/Fax: (3532) 78-38-36

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-47-5004/07-14/6 GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orenburg Alco-Group
         Proletarskaya Str. 216
         Orenburg
         Russia


SEROV-MEZHRAY-GAS: Asset Sale Slated for September 12
-----------------------------------------------------
D. Karmatskikh, the insolvency manager and bidding organizer for
OJSC Serov-Mezhray-Gas, will open a public auction for the
company's properties at 10:00 a.m. on Sept. 12 at:

         Room 4
         Gorkogo Str. 31
         Ekaterinburg
         Russia

Interested participants have until Sept. 11 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Serov-Mezhray-Gas
         Settlement Account 40702810967261000740
         Correspondent Account 30101810200000000880
         BIK 046577880
         OJSC PSB
         Ekaterinburg
         Russia

Bidding documents must be submitted to:

         D. Karmatskikh
         Room 1
         Gorkogo Str. 31
         Ekaterinburg
         Russia

The Debtor can be reached at:

         D. Karmatskikh
         Room 1
         Gorkogo Str. 31
         Ekaterinburg
         Russia


TIMANGEOLOGY CJSC: Creditors Must File Claims by Oct. 11
--------------------------------------------------------
Creditors of CJSC Timangeology have until Oct. 11 to submit
proofs of claim to:

         D. Chirkov
         Insolvency Manager
         Office 22
         Oktyabrskiy Pr. 69
         Syktyvkar
         167001 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene on Dec. 19 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A29-3806/2007.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         CJSC Timangeology
         Geologov Str. 2
         Ukhta
         Komi
         Russia


YUKOS OIL: Switzerland Unfreezes Accounts; Russia Balks at Move
---------------------------------------------------------------
The Swiss Federal Prosecutor has ordered the release of around
CHF300 million in frozen accounts owned by OAO Yukos Oil Co.,
the International Herald Tribune reports.

The order came after the Swiss Federal Tribunal refused a
request by the Russian government for legal assistance in its
tax evasion case against Yukos Oil, adding that the proceedings
against the bankrupt oil company were politically motivated and
in breach of international and Russian legal standards, IHT
relates citing Philippe Neyroud, lawyer for Yukos founder
Mikhail Khodorkovsky.

Ordered released were between CHF200 million and CHF300 million
stashed in around 50 bank accounts, Mr. Neyroud told IHT.

The Russian government had alleged that Yukos transferred money
on fraudulent financial operations through Swiss companies and
accounts.

                     Russia Hits Decision

Meanwhile, the Russian government criticized the Swiss Federal
Tribunal's decision to reject its request for legal assistance,
Itar-Tass relates.

"Switzerland's refusal to help Russia does not have legal weight
and is spurred by political motivations," Yuri Chaika, Russia's
prosecutor general, was quoted by Agence-France Presses as
saying.  "It shows a lack of respect for our country.

Mr. Chaika said that he has tasked Deputy Prosecutor-General
Viktor Grin to "try and change the situation."

About Yukos Oil

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

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

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

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

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

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


YURYEV-POLSKUIY BAKERY: Creditors Must File Claims by Oct. 11
-------------------------------------------------------------
Creditors of OJSC Yuryev-Polskuiy Bakery have until Oct. 11 to
submit proofs of claim to:

         O. Lyudskaya
         Insolvency Manager
         Post User Box 0567
         Central Post Office
         170000 Tver
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A11-561/2007-K1-34B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         OJSC Yuryev-Polskuiy Bakery
         Zagorodnaya Str. 2
         Yuryev-Poskiy
         601800 Vladimir
         Russia


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


AIN AVINTO: Creditors' Liquidation Claims Due September 9
---------------------------------------------------------
Creditors of LLC AIN Avinto International have until Sept. 9 to
submit their claims to:

         Max Schenk
         Liquidator
         Wiesenweg 2
         8303 Bassersdorf
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC AIN Avinto International
         Opfikon
         Bulach ZH
         Switzerland


ALLENSPACH + CO JSC: Claims Registration Period Ends Sept. 10
-------------------------------------------------------------
The Bankruptcy Court of Oensingen in Solothurn commenced
bankruptcy proceedings against JSC Allenspach + Co. on June 15.

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

The Bankruptcy Service of Oensingen can be reached at:

         Bankruptcy Service of Oensingen
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC Allenspach + Co.
         Untere Dunnernstrasse 33
         4612 Wangen SO
         Switzerland


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

         Peter Piller
         Liquidator
         JSC Advisor Treuhand
         Albisstrasse 33
         8134 Adliswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC BOWOOD
         Zug
         Switzerland


CASAROL JSC: Solothurn Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Oensingen in Solothurn entered July 19
an order closing the bankruptcy proceedings of JSC Casarol.

The Bankruptcy Service of Oensingen can be reached at:

         Bankruptcy Service of Oensingen
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC Casarol
         Aarauerstr. 35
         4600 Olten SO
         Switzerland


DRENI GIPSERGESCHAFT: Lucerne Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne entered July 26 an
order closing the bankruptcy proceedings of LLC Dreni
Gipsergeschaft.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Dreni Gipsergeschaft
         Feldstrasse 2
         6022 Grosswangen
         Sursee LU
         Switzerland


ELL MANAGEMENT: Creditors' Liquidation Claims Due September 10
--------------------------------------------------------------
Creditors of LLC ell management group have until Sept. 10  to
submit their claims to:

         LTG Treuhand
         Liquidator
         Paulusgasse 8
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC ell management group
         Reinach
         Arlesheim BL
         Switzerland


HERCULES INC: Closes Dexter Chemical Business Acquisition
---------------------------------------------------------
Hercules Incorporated has completed the purchase of the
specialty surfactants business of Dexter Chemical L.L.C. Under
terms of the agreement, Hercules Incorporated is acquiring the
business related to Dexter's product portfolio of phosphate
ester surfactants sold under the Strodex(R) and Dextrol(R)
trademarks.  

Dexter is a leader in phosphate ester surfactants utilized in
paints and coatings where the products are used to enhance gloss
retention, promote surface wetting and improve color stability.  

Products have also been recently developed and optimized for use
in low-VOC (volatile organic chemical) coatings formulations.
Commenting on the transaction, Craig Rogerson, President and
Chief Executive Officer of Hercules, said, "This business is an
excellent fit for Aqualon's Coatings Additives business.  It
will broaden Aqualon's existing portfolio of products for the
paint industry and strengthen its overall market position."


Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures  
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


INFOR GLOBAL: Creditors' Liquidation Claims Due September 10
------------------------------------------------------------
Creditors of LLC Infor Global Solutions Technology 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:

         LLC Infor Global Solutions Technology
         Schaffhausen
         Switzerland


INFOR HOLDINGS: Creditors' Liquidation Claims Due September 10
--------------------------------------------------------------
Creditors of LLC Infor Holdings 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:

         LLC Infor Holdings
         Schaffhausen
         Switzerland


MUTESA JSC: Claims Registration Period Ends September 9
-------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Mutesa on June 19.

Creditors have until Sept. 9 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Mutesa
         Neugasse 6
         6300 Zug
         Switzerland


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

         Kurt Bartholet
         Liquidator
         Klosbachstrasse 125
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Teamotion
         8032 Zurich
         Switzerland


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


ALTERNATIFBANK: BDDK Blocks Sale Over Nat’l Security Concerns
-------------------------------------------------------------
Turkey’s Banking Regulation and Supervision Agency (BDDK) cited
concerns related to "national integrity and security” as the
primary reason behind its decision to block the sale of a 50%
stake in Alternatifbank A.S. to Greece’s Alpha Bank, blasting
prior speculations that the reason was the former Hellenic
National Intelligence Service officer Pavlos Apostolides,
Turkish Daily News reports.

Sources at BDDK told Turkish Daily that, although Mr.
Apostolides had something to do with the veto, the agency had
not perceived him as the only reason to block the deal,
otherwise it would have warned Alpha Bank before the agreement.

“The BDDK has all kinds of information.  Apostolides was
included in the administrative team on the Web site of the Alpha
Bank.  It is obvious that the [Greek] government nominated him
and that this is not a secret,” the sources were quoted by
Turkish Daily News as saying.

The BDDK, however, declined to disclose the details of the
reasons in order not to violate privacy.

The agency earlier revealed that it did not approve ABank’s sale
because Alpha Bank failed to meet all the requirements set out
in article 8 of the Turkish Banking Law, which stipulates that
individuals or companies cannot purchase Turkish banks if their
operations lack financial strength or transparency, have fallen
into bankruptcy, or if they have committed crimes of fraud or
embezzlement, Turkish Daily News relates.

Alternatifbank A.S. -- http://www.abank.com.tr/-- is a mid-size  
Turkish bank, predominately serving medium scale companies.  The
Bank’s primary activities consist of corporate, commercial and
individual banking; the latter is mainly geared toward deposit
taking and asset management services.

Established in 1991, ABank became a listed company in 1995 when
it offered 20% of its shares to the public.  The following year,
the Anadolu Group, one of Turkiye’s leading conglomerates,
purchased 80% of the shares from the Dogan Group.  At present, a
5% block of ABank shares is publicly traded on the Istanbul
Stock Exchange (ISE), while members of the Anadolu Group hold
the remaining 95%.

ABank, through a network of 33 branches across the country, is
well positioned to cater to Turkiye’s most important commercial
and population regions, where 75% of the country’s GNP is
generated.

                          *     *     *

On Aug. 8, 2007, Fitch Ratings has removed Alternatifbank A.S.'s
Long-term foreign currency Issuer Default Rating, LT local
currency IDR and National LT rating from Rating Watch Positive.

At the same time, Fitch affirmed ABank's LT foreign currency IDR
at 'BB-' (BB minus), LT local currency IDR at 'BB' and National
LT at 'AA(tur)', all with a Stable Outlook.   This action
followed BRSA's (Turkey's Banking Regulation and Supervision
Agency) announcement that it has not approved the potential
joint venture between Anadolu Group and Alpha Bank of Greece to
control the financial assets of Anadolu Group, including ABank.

Fitch has also affirmed the bank's other ratings at Short-term
foreign and local currency IDR 'B', Individual 'D' and Support
'3'. ABank's LT IDRs, National LT and Support ratings reflect
the moderate support from its majority shareholder, the Anadolu
Group, in case of need.


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


CANON LLC: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLC Canon (code EDRPOU 32307589) have until Sept. 5
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/403-b.

The Debtor can be reached at:

         LLC Canon
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


GEOS LLC: Creditors Must File Claims by September 5
---------------------------------------------------
Creditors of LLC Geos (code EDRPOU 20043483) have until Sept. 5
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/344-b.

The Debtor can be reached at:

         LLC Geos
         Vyshgorod Str. 16-a
         04074 Kiev
         Ukraine


GERMES UNION: Creditors Must File Claims by September 5
-------------------------------------------------------
Creditors of LLC Holding Company Germes Union (code EDRPOU
31093472) have until Sept. 5 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/431-b.

The Debtor can be reached at:

         LLC Holding Company Germes Union
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


NFZ LLC: Creditors Must File Claims by September 5
--------------------------------------------------
Creditors of LLC NFZ (code EDRPOU 32887862) have until Sept. 5
to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. B 26/168-07.

The Debtor can be reached at:

         LLC NFZ
         Apartment 675
         Heroes Avenue 4
         49000 Dnipropetrovsk
         Ukraine


START LLC: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLC Company Start (code EDRPOU 31725080) have until
Sept. 5 to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/404-b.

The Debtor can be reached at:

         LLC Company Start
         Baltiysky lane, 20
         04073 Kiev
         Ukraine


SUCCESS PLUS: Creditors Must File Claims by September 5
-------------------------------------------------------
Creditors of LLC Success Plus (code EDRPOU 24744018) have until
Sept. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/430-b.

The Debtor can be reached at:

         LLC Success Plus
         Kondratiuk Str. 4-a
         04201 Kiev
         Ukraine


TELECOM-MYCRODEVICE: Creditors Must File Claims by September 5
--------------------------------------------------------------
Creditors of OJSC Telecom-Mycrodevice (code EDRPOU 25225622)
have until Sept. 5 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. 29/95.

The Debtor can be reached at:

         OJSC Telecom-Mycrodevice
         Nishchinsky Str. 35
         79014 Lvov
         Ukraine


TICE ST: Creditors Must File Claims by September 5
--------------------------------------------------
Creditors of LLC Tice St (code EDRPOU 33635371) have until
Sept. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 24/345-b.

The Debtor can be reached at:

         LLC Tice St.
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


TSYPERIUS LLC: Creditors Must File Claims by September 5
--------------------------------------------------------
Creditors of LLC Tsyperius (code EDRPOU 33101102) have until
Sept. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/379-b.

The Debtor can be reached at:

         LLC Tsyperius
         Shakhterskaya Str. 4
         04074 Kiev
         Ukraine


UNION LLC: Creditors Must File Claims by September 5
----------------------------------------------------
Creditors of LLC Firm Union (code EDRPOU 32593467) have until
Sept. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/316.

The Debtor can be reached at:

         LLC Firm Union
         Heroes of Dniepr Str. 67
         04214 Kiev
         Ukraine


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


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

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

Under the amended DIP agreement, the DIP Lenders would provide
the DIP Facility and Exit Facility to the Debtors regardless of
whether the Debtors sought or obtained confirmation of their
Original Plan or Modified Plan.  The Debtors noted that the
modifications do not materially alter the treatment of any class
of claims or interests in the Plan.  

The Landlords objected to the Amended DIP Agreement to the
extent that the Debtors pledge, grant a security interest or
lien on, sell, assign or otherwise transfer the Debtors'
interest in the Leases to the DIP Lenders.  Most, if not all, of
the Objecting Landlords' Leases are leases of premises located
in shopping centers, and contain express language prohibiting
the granting of liens in, the leasehold interest.  Moreover,
many of the Objecting Landlords' leases are encumbered by
mortgages, which specifically prohibit the Landlord from
allowing any encumbrances to be granted upon the various tenant
Leases, which are themselves subject to the prior mortgage lien
of the Landlords' lender.

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

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

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

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

The Objecting Landlords are:

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

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, United Kingdom,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  Bally
Total and its affiliates filed for chapter 11 protection on July
31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining
requisite number of votes in favor of their pre-packaged chapter
11 plan.  Joseph Furst, III, Esq. at Latham & Watkins, L.L.P.
represents the Debtors in their restructuring efforts.  As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.

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


BALLY TOTAL: Delays Filing of Second Quarter 2007 Report
--------------------------------------------------------
Bally Total Fitness Holding Corporation has advised the U.S.
Securities and Exchange Commission that it won't be able to file
its financial report on Form 10-Q for the quarter ended June 30,
2007, on time without unreasonable effort and expense.

Bally is also unable to provide a reasonable estimate of its
second quarter 2007 results of operations.

The company continues to evaluate the impact that certain errors
in historical member data and certain assumptions relating to
attrition estimates have on its estimates of deferred revenue,
Marc D. Bassewitz, Bally's senior vice president, secretary and
general counsel, explains.

Mr. Bassewitz also cites Bally's ongoing discussions with
creditors, financial institutions and other parties on
bankruptcy matters.

"[Bally] cannot at this time estimate what significant changes
will be reflected in its second quarter 2007 results of
operations compared to its second quarter 2006 results of
operations," Mr. Bassewitz says.

Bally and substantially all of its domestic affiliates filed for
bankruptcy protection on July 31, 2007.

The considerable work associated with the evaluation
substantially delayed Bally's preparation of its 2006 financial
statements and its completion of the financial and other
information to be included in the 2006 Form 10-K filed June 29,
2007.  Bally also was unable to timely file its Form 10-Q for
the quarter ended March 31, 2007.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.  
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of June 30,
2007, the Debtors had US$408,546,205 in total assets and
US$1,825,941,54627 in total liabilities.

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000)


CABLE & WIRELESS: Unit Names Phillip Green as President
-------------------------------------------------------
Radio Jamaica reports that Cable & Wireless' Jamaican subsidiary
has appointed its Senior Executive Phillip Green as company
president and chief executive officer.

According to Radio Jamaica, Mr. Green will take the place of
Rodney Davis, who left the company with immediate effect. Mr.
Davis has been chief executive officer of Cable & Wireless'
Jamaican unit since July 2005, taking over the reins after the
sudden departure of Jacqueline Holding.

Mr. Green has over 20 years experience in the telecommunications
sector, officials of Cable & Wireless' board of directors said
in a release.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.

The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                          *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.  Moody's also
assigned a Ba3 Probability-of-Default rating to the company.

* Issuer: Cable & Wireless Plc
                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%
GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


CORDATUS CLO: Moody's Rates Three Note Classes at Low-B
-------------------------------------------------------
Moody's Investors Service assigned definitive ratings to ten
classes of notes issued by Cordatus CLO II P.L.C.:

   -- Aaa to EUR101.25 million Senior Secured Floating Rate
      Variable Funding Notes due 2024;

   -- Aaa to EUR60 million Class A1 Senior Secured Floating Rate
      Delayed Draw Notes due 2024;

   -- Aaa to EUR97.5 million Class A1 Senior Secured Floating
      Rate Term Notes due 2024;

   -- Aaa to Sterling 22.83 million Class A2 Senior Secured
      Floating Rate Notes due 2024;

   -- Aa2 to EUR38.7 million Class B Deferrable Secured Floating
      Rate Notes due 2024;

   -- A2 to EUR28.35 million Class C Deferrable Secured Floating
      Rate Notes due 2024;

   -- Baa3 to EUR27 million Class D Deferrable Secured Floating
      Rate Notes due 2024;

   -- Ba3 to EUR16.2 million Class E Deferrable Secured Floating
      Rate Notes due 2024;

   -- B2 to EUR5.5 million Class F1 Deferrable Secured Floating
      Rate Notes due 2024; and

   -- B2 to EUR1.25 million Class F2 Deferrable Secured Floating
      Rate Notes due 2024.

The ratings on the Notes address the expected loss posed to
investors by the legal final maturity date in 2024.

This transaction features a multi-currency variable funding
note, a Euro Class A1 and a Sterling Class A2.  Initially,
Sterling/USD drawings will be used to purchase Sterling/USD
denominated assets (or assets denominated in other currencies
that will be asset swapped in the currency of the drawings).
Should such non-euro assets default, Sterling/USD advances would
not be fully collateralized by Sterling/USD assets and therefore
Euro proceeds may need to be converted into Sterling/USD in
order to redeem non-euro advances, thus creating a foreign
exchange risk exposure.  This currency risk is partially
mitigated with foreign currency options purchased by the Issuer
at closing and has been considered in Moody's analysis.

This transaction is a leveraged loan collateralized loan
obligation related to a EUR439 million portfolio of mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include high
yield bonds and synthetics, and non-Euro and non-Sterling
issuers.  This portfolio is 87% acquired at closing and the
remainder of the portfolio will be acquired during the 12-month
ramp-up period in compliance with portfolio guidelines.  
Thereafter, the portfolio of loans will be actively managed and
the investment manager will be able to buy or sell loans on
behalf of the Issuer.  Any addition or removal of loans will be
subject to a number of portfolio criteria.  CVC Cordatus Group
Limited will act as collateral manager while CVC Cordatus
Limited will be the advisor manager.  This is the second
European Leveraged Loans CLO managed by CVC Cordatus.


CULLITT REALISATIONS: Brings In Liquidators from KPMG LLP
---------------------------------------------------------
Richard Dixon Fleming and Howard Smith of KPMG LLP were
appointed joint liquidators of Cullitt Realisations Ltd.
(formerly C.T. Glass Ltd.) on Aug. 21 for the creditors’
voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


DANA CORPORATION: Files Plan of Reorganization in New York
----------------------------------------------------------
Dana Corporation and its debtor subsidiaries have submitted a
proposed Plan of Reorganization and related Disclosure Statement
to the United States Bankruptcy Court for the Southern District
of New York.
        
The Plan of Reorganization outlines how Dana proposes to emerge
from Chapter 11, including the proposed treatment of creditors
and equity holders.  The Plan contemplates an investment of up
to US$750 million in new convertible preferred stock in the
reorganized Dana. The Disclosure Statement contains a discussion
of the issues that led to the Chapter 11 filing, a description
of the Plan provisions, and an analysis of the Plan's
feasibility.

With the filing, Dana is one step closer to achieving its
goal of emerging from Chapter 11 protection by the end of this
year.
    
"When we entered Chapter 11 in March 2006, we committed to
fixing our business comprehensively -- financially and
operationally -- and to implementing fundamental change, not
simply incremental improvement," Mike Burns, Dana chairman and
chief executive officer, said.  "As detailed in our Disclosure
Statement, Dana has made substantial progress in addressing our
challenges and building a sustainable business that is well
positioned to compete in a challenging global environment.  We
are on track to emerge as a stronger, financially stable company
that is equipped to make significant investments in our programs
and to continue providing innovative products of the highest
quality to our customers worldwide."
    
"This has been a very difficult period for all of our
constituencies, including our people -- both current and retired
-- and our customers and suppliers, Mr. Burns said.  "I'd like
to thank them for their perseverance to date, which has enabled
us to negotiate and begin to implement critical, enduring
solutions to our most serious challenges.  We look forward to
continued productive working relationships as we move through
the plan negotiation and approval process."
    
In November 2006, Dana outlined five goals that it would address
during its reorganization, identifying the key areas where it
hoped to achieve a total of US$405 million to US$540 million in
combined annual cost and margin improvement.
    
As outlined in the Disclosure Statement, Dana has worked to
achieve product profitability by:
    
   -- working with customers to resolve under-performing
      programs, including obtaining pricing adjustments to
      reflect rising material costs;
    
   -- optimizing its manufacturing footprint by consolidating
      high-cost facilities and expanding its presence in lower
      cost regions;
    
   -- reducing labor costs, including through changes in
      employee benefits;
    
   -- significantly reducing retiree health and welfare costs
      through Voluntary Employee Benefit Association trusts
      to provide replacement benefits; and
    
   -- reviewing administrative costs at all levels of its
      organization to identify and implement savings.
    
In total, since entering bankruptcy on March 3, 2006, Dana and
its constituents have identified, agreed upon, and won court
approval for actions that are expected to result in a total of
between approximately US$440 million and US$475 million in
annual savings when fully implemented.
    
Dana has also completed several strategic initiatives to realign
and focus its business.  These include the sale of its trailer
axle business; divestiture of its Engine Products group; the
sale of its interest in GETRAG GmbH & Cie KG, a German
automotive components supplier; the divestiture of its Fluid
Products Hose and Tubing business; and the pending sale of its
Fluid Products Coupled Products business.

Strategic initiatives undertaken include the acquisition in 2006
of sole ownership of certain operations in Mexico that are
integral to the company's long-term business plans, making the
initial investment in a joint venture with China's Dongfeng
Motor Co. Ltd., resolving the company's U.K. pension liability
issues, and entering into a US$225 million European financing
agreement.  In addition, the company negotiated a settlement and
new supply contract with Sypris Technologies Inc.

                   Reorganization Process Steps
    
The Court will conduct a hearing to consider whether the
Disclosure Statement, as filed or as it may be amended, contains
adequate information for creditors and equity holders who are
entitled to vote on the Plan to decide whether to accept the
Plan.  As part of this process, the Plan and Disclosure
Statement may be materially modified before the Disclosure
Statement is approved.

Once approved, the Disclosure Statement and Plan will be sent to
claim holders and equity holders who are entitled to vote on the
Plan.  Following the voting period, the Bankruptcy Court will
hold a hearing to consider confirmation of the Plan.  
Confirmation of the Plan would pave the way for Dana's emergence
from Chapter 11.
    
                   About Dana Corporation
    
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.  
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.


FORD MOTOR: Tata Confirms Interest in Jaguar & Land Rover
---------------------------------------------------------
Ratan Tata, chairman of Tata Group and its vehicle-manufacturing
arm, has confirmed his interest in Jaguar and Land Rover during
an interview with CNN-IBN, following months of speculation that
Tata Motors Ltd. was considering a bid for the two units of Ford
Motor Company, the Wall Street Journal reports.

The acquisition, expected to cost more than US$1 billion, would
give Tata access to the technology and the networks it needs to
expand its presence abroad as well as to upgrade the vehicles it
offers in its booming home market.  The deal would also aid in
the group's plans to become one of India's first global brands
and diversify its businesses overseas, Eric Bellman in Mumbai
and Stephen Power in Frankfurt write for WSJ.

According to the WSJ report, Tata is expected to compete with
the private-equity firms that have expressed interest, including
J.P. Morgan Chase & Co.'s One Equity Partners LLC, led by former
Ford Chief Executive Jacques Nasser, and Ripplewood Holdings
Inc., which is being advised by former Ford executive Nick
Scheele.  Mahindra & Mahindra is presently conducting due
diligence on Jaguar and Land Rover although the Indian company
has hinted that it favors Land Rover over Jaguar, The Financial
Times states.

Meanwhile, the recent turmoil in the global credit markets is
affecting Ford's plans to sell Jaguar and Land Rover, with Ford
CEO Alan Mulally telling reporters it "absolutely is an issue"
although he insists it wasn't slowing down the sale, Reuters
relates.  He expects the dotted lines to be signed by late 2007
or early 2008.

In response to the market's volatility, Ford has told potential
buyers that they do not have to submit fully-financed bids in
the second round.  Ford would provide some of the financing
itself, according to people involved in the process, as
uncertainty in the credit markets has made leveraged buyouts
more difficult, Mr. Bellman and Mr. Power report for WSJ.

Concurrently, Mr. Mulally has joined calls for the Federal
Reserve to stimulate the economy, saying the housing crisis and
credit turmoil has made sustaining economic growth a “priority,”
adding that economic and credit conditions were a “big headwind”
to Ford's turnaround plans, FT relates.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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

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


GENERAL MOTORS: Expects Steady Sales Growth in Emerging Markets
---------------------------------------------------------------
General Motors Corp.'s sales in Latin America, Africa and the
Middle East will grow by a few billion dollars each year through
the rest of the decade, Maureen Kempston Darkes, GM's president
for the three regions said, Reuters reports.

The car maker had increased its revenue in those regions to
about US$15 billion in 2006, from about US$5.4 billion in 2003,
Reuters relates.

"I think we will see a similar growth in revenue through the
rest of the decade, unless there are some unforeseen
circumstances," Ms. Kempston Darkes said, Reuters notes.

According to the report, she also said GM may increase capacity
by adding third shifts at many Latin American assembly plants to
meet higher demand for vehicles in the region.

"The industry is running faster than our ability to keep up with
it.  We will have to increase capacity because we are selling
everything we are making," Reuters quotes Ms. Kempston Darkes as
saying.

Overseas sales accounted for 58 percent of total sales in the
second quarter, and GM Chief Executive Rick Wagoner has said he
expects sales outside the United States to continue surpassing
domestic sales in the next few years, Reuters states.

                      About General Motors

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

                         *     *     *

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

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


GROUNDWORK TRUST: Calls In Liquidators from PKF (UK) LLP
--------------------------------------------------------
Ian J. Gould and Matthew Gibson of PKF (U.K.) LLP were appointed
joint liquidators of The Groundwork Trust Ltd. on Aug. 17 for
the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         New Guild House
         45 Great Charles Street
         Birmingham
         B3 2LX
         England


LEAR CORP: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has affirmed Lear Corporation's
Corporate Family Rating of B2 with a stable outlook.

Ratings on the company's term loan of B2 and on its unsecured
notes of B3 were similarly affirmed but with slight revisions to
their respective LGD point estimates.  The company's liquidity
rating of SGL-2, designating good liquidity, was also affirmed.
Lear's quantitative metrics reflect noticeable improvement over
earlier periods, and, if sustained, could lead to an upward
revision of the rating or outlook.

However, at this time, weakness in the outlook for automotive
demand, coupled with uncertainties relating to the potential for
disruptions during UAW labor negotiations temper rating
prospects.  Moreover, while Lear has reaffirmed its strategic
plans following the failed acquisition of the company by AREP
Car Acquisition, controlled by Mr. Carl Icahn, the current
ratings continue to reflect an element of event risk.

Lear's results demonstrate achievements in restoring its margins
and reducing its leverage from a combination of divesting its
unprofitable interior business, lowering costs through
restructuring actions and contributions from the roll-out of new
business awards.  Those accomplishments produced positive free
cash flow over the last quarter and twelve month period ending
June 30, and, in turn solidified its liquidity profile. At the
end of June, Lear's debt/EBITDA declined to roughly 3.8 times,
and its EBIT/interest increased to 2.1 times on an LTM basis
(These ratios exclude the impact of its restructuring costs but
are considered reflective of recurring profitability and
coverage capacity of the business).

Nonetheless, Moody's concerns included awaiting a resolution of
labor negotiations between the Michigan based OEMs and the UAW,
which could impact Lear's operating results if disruptions to
production volumes were to occur from labor disputes. In
addition, the outcome of those negotiations could affect the
longer term viability of major customers of Lear's North
American seating business.  Similarly, macro issues of consumer
sentiment, GNP growth and pressure on disposable income from
several factors could impact aggregate automotive demand over
the intermediate term. Should less favorable conditions evolve,
the strength of Lear's more recent financial performance could
begin to ebb.

Ratings affirmed with revised LGD point estimates:

   -- Corporate Family Rating, B2;

   -- Probability of Default, B2;

   -- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2
      (LGD-4, 50%);

   -- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3
      (LGD-4, 61%);

   -- Shelf ratings for senior unsecured, subordinated and
      preferred, (P)B3 (LGD-4, 58%), (P)Caa1 (LGD-6, 97%), and
      (P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
      (P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%)
      respectively;

   -- Speculative Grade Liquidity Rating, SGL-2.

The last rating action was in May 2007 when Moody's confirmed
Lear's ratings and changed its outlook to stable from ratings
under review for possible downgrade.

The stable outlook considers the beneficial impact of improved
operating margins and free cash flow in Lear's continuing
seating and electronics businesses as well as its liquidity
profile.  Positive free cash flow is expected over the
intermediate term absent unexpected events. Lear may have to
contribute up to an additional US$40 million to its interest in
the entity that was formed from the disposition of the North
American interior business.  Other future cash expenditures
include pension contributions under the defined benefit plans of
US$35 million to US$40 million during the remainder of 2007.  
The company continues with exposure to build rates at General
Motors, Ford and Chrysler, and the current mix of vehicles it
supports may be adversely affected by recent trends in consumer
vehicle preferences.

The SGL-2 rating represents good liquidity over the next twelve
months.  The company had cash and equivalents of US$565 million
at the end of June, expectations of future positive free cash
flow generation as well as access to its undrawn US$1.7 billion
revolver.  In addition, the company has a US$150 million off-
balance sheet accounts receivable securitization facility whose
liquidity line is typically renewed annually in October.  The
facility was not utilized at the end of June.  In late 2006,
Lear refinanced the majority of its debt maturities resulting in
no significant debt maturities through 2010. At June 30,
headroom under financial covenants in Lear's revolving credit
facility, which expires in March 2010, was ample with the
company expected to maintain a comfortable cushion over the next
twelve months.  The bank debt has a partial collateral package
over certain assets and shareholdings in subsidiaries. While
Lear continues with a portfolio of investments in subsidiaries
and joint-ventures, an effect of the terms of the bank debt
could be to constrain the company's remaining ability to arrange
alternate liquidity.

Lear Corporation, headquartered in Southfield, MI, is focused on
providing complete seat systems, electrical distribution systems
and various electronic products to major automotive
manufacturers across the world.  The company had revenue of
US$17.6 billion in 2006 and has more than 90,000 employees in 33
countries.  Following the disposition of its interior business,
Lear expects its ongoing revenues in 2007 to approximate US$15.0
billion.


PLASTIC WINDOW: Names Alistair Steven Wood Liquidator
-----------------------------------------------------
Alistair Steven Wood of Mazars LLP was appointed liquidator of
Plastic Window Supplies Ltd. (Inc J.D.D. Supplies) on Aug. 15
for the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


RAILWAY TILE: Taps Liquidators from Deloitte & Touche LLP
---------------------------------------------------------
Robin David Allen and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint liquidators of Railway Tile
Store (U.K.) Ltd. on Aug. 8 for the creditors’ voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


RHINEBRIDGE PLC: Fitch Downgrades US$130 Mln. Capital Notes to B
----------------------------------------------------------------
Fitch has downgraded Rhinebridge Plc's US$130 million mezzanine
capital notes to 'B' from 'A'.  The mezzanine notes remain on
Rating Watch Negative.

These Rhinebridge Plc and Rhinebridge LLC programs remain on
Rating Watch Negative:

   -- US commercial paper: 'F1+';
   -- US medium-term note: 'AAA';
   -- Euro CP: 'F1+';
   -- Euro MTN: 'AAA';
   -- Senior capital notes: 'AAA'.

Rhinebridge is a structured investment vehicle managed by IKB
Credit Asset Management GmbH, London branch, which takes
leveraged credit risk by investing in a diversified portfolio of
highly rated assets through issuing a mix of commercial paper
and capital notes.

The rating action is based on:

   -- the continuing inability of Rhinebridge to access the CP
      market to refinance maturing CP;

   -- the relatively limited availability of committed liquidity
      to cover maturing CP, the use of which would put the SIV
      at risk of breaching a liquidity test; and

   -- losses realised upon the continued sale of assets to meet
      maturing CP or upon the sale of assets if the vehicle were
      to enter restricted funding operating status.

Fitch notes that Rhinebridge is in discussions with third
parties to investigate and secure funding sources alternative to
the ones mentioned above.  However, as of today no alternative
option has been secured.

In light of uncertainty in Rhinebridge's ability to secure
continued funding in the CP market, it may be forced to sell
assets and/or draw upon committed liquidity.

Rhinebridge is subject to certain liquidity triggers, termed net
cumulative outflow tests.  If Rhinebridge draws upon its
committed liquidity and does not maintain a sufficient amount of
unused committed liquidity, it would be in breach of these NCO
tests.  If an NCO breach remains un-cured for five business
days, this will lead Rhinebridge into a restricted funding
operating state, where it will be unable to issue further senior
funding until the breach is cured.  In this situation,
Rhinebridge would need to sell assets to meet maturing
liabilities.

Rhinebridge's portfolio currently comprises 16% CDOs, 59% RMBS,
14% monoline-wrapped global RMBS, 1% CMBS and 10% cash.  The
portfolio has a geographic exposure of 87% to the US, 9% to the
UK and 4% to the rest of Europe and Australia.  Currently, 83%
of Rhinebridge's portfolio is rated 'AAA' equivalent, 14% rated
'AA' equivalent, and 3% rated 'A' equivalent.  Fitch notes the
high credit quality of the portfolio assets but, of late, the
market values of the assets have come under extreme pressure.  
It is also recognised that IKB Bank, IKB CAM's parent company,
made a significant additional investment of US$110 million in
the junior capital notes, increasing the total junior capital
notes outstanding to US$140 million.

The commercial paper, medium-term notes and the senior capital
notes remain on rating watch negative reflecting higher levels
of subordination.

Fitch continues to dialogue with the manager to understand the
various alternative strategies available for Rhinebridge.  The
agency will continue to monitor the assets and liabilities of
Rhinebridge and appropriate rating actions will follow.


SURREAL COMMUNICATIONS: Hires Liquidators from Tenon Recovery
-------------------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of Surreal Communications 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


TI AUTOMOTIVE: Moody's Lifts Junk Corporate Family Rating to B3
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of TI Automotive Ltd to B3 from Caa1.  The rating outlook has
been changed to stable from negative.

"The upgrade of TI's CFR to B3 from Caa1 reflects primarily the
successful refinancing process completed in June, which resolved
the substantial refinancing risk TI faced under its old
financing package by the end of 2007 and the debt reduction due
to the conversion of preference shares into ordinary shares,"
Rainer Neidnig, lead analyst at Moody's for TI Automotive, said.

"The upgrade also acknowledges recent contract wins and the
substantial amount of restructuring work done so far which
should have laid the groundwork for future improvements in
earnings and cash flow should additional order volumes translate
into the expected revenue growth," Mr. Neidnig went on to say.

TI's operating and financial performance had deteriorated
substantially over the past 3 years, as a result of declining
revenues with its North American customers and the generally
challenging business environment in the automotive supply
industry.  Pressure on operating margins and negative free cash
flows together with high financial leverage and significant debt
maturities at the end of 2007 under the old financing package
led Moody's to downgrade the corporate family rating to Caa1
(negative outlook) in March 2007.

In June 2007, TI arranged a refinancing which resulted in
financial investors Oaktree and Duquesne becoming the new
shareholders of TI Automotive.  In the course of the refinancing
TI replaced GBP493 million of financial debt with new credit
agreements comprising GBP610 million of first and second lien
debt, including a working capital facility of GBP75 million.  At
the same time the outstanding preference shares were converted
to ordinary shares and the accrued preference dividends were
canceled, to the benefit of TI's equity capital.

This rating upgrade to B3 reflects primarily the successful
conclusion of this refinancing package which:

   (i) relieved TI of GBP325 million of preference shares plus
       GBP268 million accrued preference dividends, which
       Moody's attributed primarily debt characteristics to;

  (ii) resolved the refinancing need by the end of 2007; and

(iii) injected fresh liquidity of about GBP50 million.

Following this transaction TI will face roughly the same amount
of cash interest as before, but its debt maturities have
extended significantly to end of December 2011.

Management is implementing a number of restructuring measures
(including plant closures, relocation to low-cost countries and
the run-off of low-margin contracts) and seeking to diversify
its customer portfolio by increasing business with Asian auto
manufacturers in competition with their indigenous suppliers.
Moody's believes that these actions in sum should lay the
groundwork for earnings and cash flow improvements which are to
become visible during 2008 and are viewed as a key assumption of
the current rating.  However, the B3 rating also takes into
account that TI's restructuring efforts still need to prove
sufficient to offset the severe pricing pressure exerted
particularly by North American OEMs.

Furthermore, management is currently in the process of reviewing
the company's strategy with its new shareholders which creates
additional uncertainty around TI's future business development.
As Moody's understands that there is a wide range of options
being considered, the rating agency will closely monitor the
outcome of such process as to the impact for creditors.

The stable outlook is based on Moody's expectation that the
result of TI's strategic review will not be to the detriment of
its debt providers and financial leverage will not further
increase.  Moreover, the stable outlook assumes that profits
will improve going forward which will allow for at least a
break-even Free Cash Flow by the first half of 2008 and result
in a reduction of financial leverage already in 2008.  Any
deviation from this expectation would lead Moody's to reassess
the current B3 corporate family rating.

Based on Moody's Loss Given Default Methodology TI's Probability
of Default Rating was upgraded to B3 from Caa1.  The company's
new debt instruments have been rated as:

   -- The new GBP75 million Revolving Credit Facility (maturity;
      December 2011) was assigned a Ba3 rating reflecting its
      super seniority ranking in terms of payment and
      transaction security (Loss Given Default Assessment
      LGD1 , 9%).

   -- The GBP380 million Facility A (term loan; maturity June
      2012) is assigned a B3 rating (Loss Given Default
      Assessment LGD4 , 52%), reflecting the benefits of a
      comprehensive, first lien security package.

   -- The GBP155 million Second Lien Facility (term loan;
      maturity December 2012) is assigned a Caa2 rating (Loss
      Given Default Assessment LGD5, 86%), reflecting its
      ranking in terms of payment and transaction security
      behind the Revolving Credit Facility and Facility A.

At the same time Moody's withdraws the ratings for the senior
secured credit facilities that were refinanced.

Headquartered in Oxford, England and Warren, Michigan, TI
Automotive is a leading "Tier 1" automotive supplier delivering
fuel systems, brake and fuel fluid carrying systems and
components for air conditioning, power steering and oil cooling
systems.  In 2006, TI Auto reported consolidated sales of GBP1.6
billion.


TITAN EUROPE 2004-1: S&P Puts BB- Ratings on Watch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with positive implications its credit ratings on the class D, E,
and F notes issued by Titan Europe 2004-1 PLC.
  
The CreditWatch placement follows an initial review of the most
recent transaction information received by Standard & Poor's.  
This analysis showed that the likelihood of a positive rating
action has increased due to the prepayment of the largest
remaining loan in the pool, the Kandahar (Droitwitch) loan at
the July interest payment date.  
  
The proceeds were allocated sequentially as more than 50% of the
transaction has prepaid since closing. As a consequence of this
loan prepayment, the credit enhancement available to the class
D, E, and F notes and the LTV ratios have improved.
  
Currently, one loan, the CSAM UK Property Unit Trust loan,
remains in the portfolio, with an outstanding balance of GBP12
million at the most recent IPD in July 2007.  It was originally
secured by seven properties in the U.K.
  
At closing in December 2004, the transaction was backed by five
loans secured on 11 commercial real estate properties in the
U.K. and originated by Credit Suisse (AA-/Positive/A-1+).
  
In March 2007, the ratings on the class C, D, and E notes were
raised following the prepayment of the largest loan in the
transaction, Audras Ltd. (One America Square).  The transaction
has paid down by 93.9% since closing, and 57.1% of the balance
outstanding at the time of the previous upgrade in March 2007
has paid down.
  
Following the large prepayments and given the modified pro rata
pay structure, which has changed to sequential pay after more
than 50% of the initial note balance has paid down, the spread
between portfolio income and transaction liabilities has
decreased to a low level.
  
Since April 2007, interest shortfalls have occurred for the
class F notes, which are subject to an available funds cap.  If
under the available funds cap there is insufficient interest due
to loan prepayments, the interest is not paid but accrues.  If,
at maturity, there is insufficient surplus to pay the accrued
interest, the accrued amount is written off.
  
Standard & Poor's will now execute a more detailed analysis to
investigate whether any or all of these notes can attain a
higher rating.  The results of this review and any rating
changes are expected within a month of this media release.
                         
                         Ratings List
  
Titan Europe 2004-1 PLC
   GBP198.1 Million Commercial Mortgage-Backed Floating-Rate
   Notes
  
        Class                      Rating
                          To                    From
  
Ratings Placed On CreditWatch With Positive Implications
  
        D                 AA-/Watch Pos         AA-
        E                 BB/Watch Pos          BB
        F                 BB-/Watch Pos         BB-


TONE SERVICES: Brings In Liquidators from KPMG LLP
--------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG LLP were
appointed joint liquidators of Tone Services Ltd. on Aug. 23
for the creditors’ voluntary winding-up procedure.

The joint liquidators can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


TV PLAY: Appoints Kevin John Hellard as Liquidator
--------------------------------------------------
Kevin John Hellard of Grant Thornton U.K. LLP was appointed
liquidator of TV Play Ltd. and TV Course Ltd. on Aug. 21 for
the creditors’ voluntary winding-up procedure.

The liquidator can be reached at:

         Grant Thornton U.K. LLP
         Colwyn Chambers
         19 York Street
         Manchester
         M2 3BA
         England


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

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

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


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


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


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

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


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

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

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


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

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


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


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


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


ROMANIA
-------
Rafo Onesti               RAF       (354)         475    (1421)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                 ZILLP      (178)         425  (10,597)


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


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597    (1991)


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


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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