TCREUR_Public/070911.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 11, 2007, Vol. 8, No. 180

                            Headlines


A U S T R I A

ARTHOFER LLC: St. Poelten Court Orders Business Closure
B.K. IMPEX: Claims Registration Period Ends October 31
EDV MANAGEMENT: Creditors' Meeting Slated for September 17
EPU BAU: Creditors' Meeting Slated for September 17
GLOBE TRADE: Claims Registration Period Ends October 3

SUEDPUTZ HANDEL: Creditors' Meeting Slated for September 17
TPG LLC: Graz Court Orders Business Shutdown


C Z E C H   R E P U B L I C

J&T BANKA: Moody's Assigns B2/Not Prime Global Scale Ratings


F R A N C E

BOSTON SCIENTIFIC: Board Elects Ray Elliot as Director
VERIFONE HOLDINGS: Earns US$13.4 Mil. in Quarter Ended July 31


G E R M A N Y

AQUARELL VERLAG: Creditors Meeting Slated for October 9
BELLE ET FOU: Claims Registration Ends October 1
BRAMEY IMMOBILIEN: Claims Registration Period Ends October 8
CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
CHRYSLER LLC: Names Phil F. Murtaugh CEO for Asia Operations

CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
CP DIGITALES: Claims Registration Ends October 2
DEKOR BAU: Claims Registration Ends September 28
DIALOG SERVICE: Claims Registration Ends October 2
DOST GERUESTBAU: Claims Registration Ends October 1

ESTRICH MALLECK: Claims Registration Ends October 1
ETOILE PFERDESPORT: Claims Registration Period Ends October 2
FLEXMOR GMBH: Claims Registration Period Ends October 5
FLOETOTTO GMBH: Claims Registration Ends October 1
FTF FOERDERTECHNIK: Claims Registration Ends September 30

HARLE GMBH: Claims Registration Ends October 1
IKB DEUTSCHE: Fitch Rates US$11.4 Million Facility A Loan at B
MIA TOUCH: Claims Registration Period Ends October 12
MITTERMAYER'S KOMFORTREISEN: Claims Period Ends October 9
MM IMMOBILIENMANAGEMENT: Claims Registration Period Ends Oct. 12

NAST GERUESTBAU: Claims Registration Ends October 1
SCHAAF & HASPERL: Claims Registration Period Ends October 12
SPORT DISCOUNT: Claims Registration Period Ends October 12


H U N G A R Y

AES CORP: Deciding on Argentine Investments After October Polls
AES CORP: Saves Almost US$50 Million in Latin America


I R E L A N D

SANMINA-SCI: Obtains Lenders' Consent on Inter-Company Loans
SANMINA-SCI CORP: Names Joseph Bronson as President and COO
SANMINA-SCI: Posts US$27.6 Mln Net Loss in Qtr. Ended June 30
SCOTTISH RE: Unit Completes US$555 Million Triple-X Reserve Deal


I T A L Y

FIAT SPA: Magneti Signs Joint Venture with Chery Automobile


K A Z A K H S T A N

ASIA-ROMA LLP: Proof of Claim Deadline Slated for October 12
BUILD SERVICE-GROUP: Creditors Must File Claims October 12
CELL-STAR LLP: Claims Filing Period Ends October 12
CONSTA STROY: Creditors' Claims Due on October 12
HOZYAISTVO ZERNOVYH: Claims Registration Ends October 12

INTERNATIONAL TRANSPORT: Creditors' Claims Due on October 12
KENT KURYLYS: Creditors Must File Claims October 16
KMA CO: Claims Filing Period Ends October 16
VEBA OIL: Claims Registration Ends October 12


K Y R G Y Z S T A N

AKTAN TRANS: Creditors Must File Claims by October 24


N E T H E R L A N D S

CORPORATE EXPRESS: Weakening Financial Profile Cues S&P’s Watch
GLOBAL POWER: Objects to More Than US$200 Million in Claims


R O M A N I A

TELEMOBIL SA: Stalls US$125 Million Bond Financing
TELEMOBIL SA: Moody's Drops Provisional & Corp. Family Ratings


R U S S I A

AGRO-STROY CJSC: Creditors Must File Claims by October 11
BRIGANTINA OJSC: Creditors Must File Claims by October 18
CEDAR OJSC: Creditors Must File Claims by September 18
CONCENTRATED MILK: Court Starts External Management Bankruptcy
DANILOVSKIY FACTORY: Creditors Must File Claims by October 18

DIANA CJSC: Court Starts Bankruptcy Supervision Procedure
HYNIX SEMICONDUCTOR: Gets S&S Advice Regarding Patent Claims
I.I.YUSHKINA CJSC: Creditors Must File Claims by October 11
ICICI BANK: To Set Up US$2 Billion Infrastructure Fund
KARAMYSH-OIL-GAS: Court Names K. Stoyankin as Insolvency Manager

KURGAN-PROM-STROY: Bid Filing Deadline Slated for Sept. 13
KUSHEVSKIY AGRO-SNAB: Bankruptcy Hearing Slated for October 29
M-CENTRE CJSC: Creditors Must File Claims by October 11
OKTYABRSKIY FLOUR: Creditors Must File Claims by October 11
SUN OJSC: Creditors Must File Claims by September 18

VERALEKS CJSC: Court Names A. Alikhanov as Insolvency Manager
VICTORY LLC: Chelyabinsk Bankruptcy Hearing Slated for Oct. 23


S P A I N

AYT COLATERALES: Fitch Rates Class D Notes at BB-
BAUSCH & LOMB: Settles Merger-Related Shareholder Suits


S W I T Z E R L A N D

DMPV JSC: Claims Registration Period Ends October 14
ERICH BRANDNER: Creditors' Liquidation Claims Due September 24
FRWD TECHNOLOGIES: Creditors' Liquidation Claims Due Sept. 21
GRATZER BAUTRANS: Schwyz Court Closes Bankruptcy Proceedings
GROB KALKSCHUTZ: Claims Registration Period Ends September 17

H.E.K. CONSULTING: Creditors' Liquidation Claims Due Sept. 28
HETO HYDRAULIK: Creditors' Liquidation Claims Due November 14
JAKOB P. MEIER: Creditors' Liquidation Claims Due December 17
MAX WIDEMANN: Creditors' Liquidation Claims Due March 7, 2008


U K R A I N E

ADAZHIO-UKRAINE LLC: Creditors Must File Claims by September 12
AQUILA LLC: Creditors Must File Claims by September 12
BUILDING SYNTHESIS: Claims Submission Deadline Set September 12
CHEMICAL PROGRESS: Creditors Must File Claims by September 12
ENAKIEVO MOTORCAR 11469: Claims Submission Deadline Set Sept. 12

EXPRESS FREIGHT: Creditors Must File Claims by September 12
IVANO-FRANKOVSKAL CONSUMER UNION: Creditors' Claims Due Sept. 12


U N I T E D   K I N G D O M

ANDREWS INTERIORS: Claims Filing Period Ends October 31
AUXILIA GROUP: Creditors' Meeting Slated for September 17
BA PETERS: Administrators Complete Sale of Boat Dealerships
BALLY TOTAL: Accounting Errors Prompt Financial Filing Delay
CABLE & WIRELESS: Azea Bags US$22-Million Equipment Contract

CHEYNE FINANCE: S&P Junks Mezzanine Capital Notes; Keeps Watch
CORNERSTONE TITAN 2006-1: Fitch Puts B Rating to Class J Notes
DECO 6: Fitch Cuts Rating on GBP24 Million Class D Notes to BB
EUROPEAN PRIME: Fitch Cuts GBP11.6 Million Class D Notes to BB
FEDERAL-MOGUL: Post US$21.1 Million Net Loss in July 2007

GAP INC: Posts US$1.2 Bln Net Sales for Four-Week Ended Sept. 1
ISLE OF CAPRI: Brean Murray Holds Buy Rating on Firm’s Shares
ISOFT GROUP: Legislators Demand Independent Audit of IBA Health
JVC CORP: UK Unit Slammed Over Dismissal of 99 Employees
KRISPY KREME: Reports US$27 Million Second Quarter Net Loss

LAZARD LTD: Ken Costa to Lead UK Investment Banking in London
LEMONPARK CONSTRUCTION: Taps Liquidators from BDO Stoy Hayward
METHANEX CORP: Gives Update on Gas Supply for Chilean Plants
ONLINE REVOLUTION: Joint Liquidators Take Over Operations
PROTON HOLDINGS: Persona Model Seen as Vehicle to Profitability

PROTON HOLDINGS: Volkswagen Ready to Intensify Talks w/ Malaysia
REAL FOOD: Brings In Liquidators from Tenon Recovery
REAL RECRUIT: Calls In Liquidators from Tenon Recovery
ROO GROUP: Posts US$7.4 Million Net Loss in Second Quarter 2007
SANYO ELECTRIC: Plans on Selling Appliance Unit

SECUNDA INT'L: S&P Withdraws B- Ratings After Debt Redemption
TEXCHEM RESOURCES: To Acquire Electronic Trader for MYR3 Million

* Large Companies with Insolvent Balance Sheet


                            *********

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


ARTHOFER LLC: St. Poelten Court Orders Business Closure
-------------------------------------------------------
The Land Court of St. Poelten entered Aug. 13 an order closing
the business of LLC Arthofer (FN 96479g).

Court-appointed estate administrator Wolfgang Strasser
recommended the business closure after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52437/21
         E-mail: st-valentin@advocat24.at

Headquartered in Seitenstetten, Austria, the Debtor declared
bankruptcy on Aug. 6 (Bankr. Case No 14 S 137/07y).


B.K. IMPEX: Claims Registration Period Ends October 31
------------------------------------------------------
Creditors owed money by LLC B.K. Impex (FN 248381t) have until
Oct. 31 to file written proofs of claim to court-appointed
estate administrator Dunja Ladstatter at:

         Dr. Dunja Ladstatter
         Erzabt-Klotz-Strasse 4
         5020 Salzburg
         Austria
         Tel: 0662/842281
         Fax: 0662/842281-29
         E-mail: dunja.ladstaetter@k-b-k.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Nov. 12 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. 9 (Bankr. Case No. 23 S 61/07a).


EDV MANAGEMENT: Creditors' Meeting Slated for September 17
----------------------------------------------------------
Creditors owed money by LLC EDV Management- &
Netzwerkoptimierung (FN 260721p) are encouraged to attend the
first creditors' meeting at 12:30 p.m. on Sept. 17.

The creditors' meeting will be held at:

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

Headquartered in Seeboden, Austria, the Debtor declared
bankruptcy on Aug. 13 (41 S 78/07d).  Hannes Gabriel serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Hannes Gabriel
         Hauptstrasse 84
         9871 Seeboden
         Austria
         Tel: 04762/82101
         Fax: 04762/82101-21
         E-Mail: ra.gabriel@utanet.at


EPU BAU: Creditors' Meeting Slated for September 17
---------------------------------------------------
Creditors owed money by LLC EPU Bau- Projektmanagement (FN
155055y) are encouraged to attend the first creditors' meeting
at noon on Sept. 17.

The creditors' meeting 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. 13 (41 S 77/07g).  Gerhard Kurt Kochwalter
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Gerhard Kurt Kochwalter
         Alter Platz 25/I
         Second Floor
         9020 Klagenfurt
         Austria
         Tel: 0463/56 122
         Fax: 0463/56122-15
         E-mail: kochw@chello.at


GLOBE TRADE: Claims Registration Period Ends October 3
------------------------------------------------------
Creditors owed money by LLC Globe Trade (FN 133903t) have until
Oct. 3 to file written proofs of claim to court-appointed estate
administrator Arno Maschke at:

         Dr. Arno Maschke
         c/o Dr. Georg Unger
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: maschke@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 17 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. 9 (Bankr. Case No. 4 S 90/07y).  Georg Unger represents
Dr. Maschke in the bankruptcy proceedings.


SUEDPUTZ HANDEL: Creditors' Meeting Slated for September 17
-----------------------------------------------------------
Creditors owed money by LLC Suedputz Handel (FN 270377p) are
encouraged to attend the first creditors' meeting at 10:30 a.m.
on Sept. 17.

The creditors' meeting will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Aug. 13 (41 S 79/07a).  Dr. Egbert Frimmel serves
as the court-appointed estate administrator for the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Egbert Frimmel
         Fleischmarkt 9/4
         9020 Klagenfurt
         Austria
         Tel: 0463/500 002
         Fax: 0463/500 002-4
         E-mail: office@rechtdirekt.at


TPG LLC: Graz Court Orders Business Shutdown
--------------------------------------------
The Land Court of Graz entered Aug. 8 an order shutting down the
business of LLC TPG (FN 239527x).

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

The estate administrator can be reached at:

         Dr. Norbert Scherbaum
         LLC Scherbaum / Seebacher Rechtsanwalte
         Einspinnerg. 3
         8010 Graz
         Austria
         Tel: 0316/83 24 60-0
         Fax: 0316/83 24 60-20
         E-mail: office@scherbaum-seebacher.at

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Aug. 7 (Bankr. Case No 25 S 92/07b).


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


J&T BANKA: Moody's Assigns B2/Not Prime Global Scale Ratings
------------------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings to Czech institution J&T BANKA, a.s.:

   -- B2/Not Prime long-term and short-term local currency bank
      deposit ratings; and

   -- B2/Not Prime long-term and short-term foreign currency
      bank deposit ratings.

At the same time, Moody's has affirmed its E+ bank financial
strength rating and CZ-2 short-term NSR and downgraded the
bank's long-term national scale credit rating to Baa2.cz from
Baa1.cz.  The outlook on all ratings is stable.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B2, reflects J&T BANKA's weak
franchise in its operating area and the very high concentration
of loans and deposits and significant amount of related-party
exposure.  It is supported by the bank's satisfactory financial
indicators, sufficient regulatory and economic capitalization
and track record of executed investment projects in the Czech
and Slovak Republics.  Moody's noted that the downgrade of the
bank's NSR reflects its sustained high level of related party
exposure.

The local currency bank deposit rating assigned to J&T BANKA is
supported by the bank's Baseline Credit Assessment of B2 and
does not factor in any support from its shareholders.  The bank
is 100% controlled by J&T Finance group, a.s. (not rated), which
is ultimately owned by two private individuals, Jozef Tkac and
Ivan Jakabovic.  In Moody's view, although the bank's ultimate
shareholders have proved to be supportive in the past, the scope
and timeliness of support are uncertain going forward; hence,
Moody's has not factored any support into the ratings.  In
addition, no systemic support for J&T BANKA is expected given
the peripheral nature of its niche business profile to the
country's national banking system.  The foreign currency bank
deposit rating is assigned at the same level as the bank's local
currency deposit rating and is not constrained by the foreign
currency bank deposit ceiling for the Czech Republic.

J&T BANKA is headquartered in Prague, Czech Republic, and as of
Dec. 31, 2006, had total assets of CZK24.4 billion (EUR872
million), according to IFRS.


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


BOSTON SCIENTIFIC: Board Elects Ray Elliot as Director
------------------------------------------------------
Boston Scientific Corporation's Board of Directors elected Ray
Elliott as member.

Mr. Elliott, 58, is Chairman of the Board of Zimmer Holdings,
Inc.  Previously, he served as chairman, president and chief
executive officer of Zimmer from 2001 to 2007 and president of
Zimmer since 1997.  Mr. Elliott has extensive operating and
director experience in medical devices, orthopaedics and other
industries.  In 2005, Mr. Elliott was selected by Institutional
Investor Magazine as the "Best CEO in America" for Healthcare
(Medical Supplies and Devices).

Prior to his roles at Zimmer, Mr. Elliott was president and
chief executive officer of Cybex International, Inc.  Before
assuming his role at Cybex, he was a president and chief
operating officer of Southam, Inc., and group president of John
Labatt, Ltd.  Previously, he served for 15 years in a number of
executive capacities with American Hospital Supply Corporation,
a predecessor to Baxter International, including president of
their Far East divisions in Tokyo.  He holds a B.A. from the
University of Western Ontario.

"Ray is a highly regarded health care industry executive who has
successfully led complex global businesses for more than 20
years," said Pete Nicholas, chairman of the Board of Boston
Scientific.  "He has a keen understanding of the role of
technology in improving health outcomes, and he will bring a
wealth of valuable experience to our board.  We are pleased to
welcome Ray to Boston Scientific."

With the election of Mr. Elliott, the Boston Scientific Board
increases to 15 members.

                    About Boston Scientific

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

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Standard & Poor's Ratings Services said that its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, remain on CreditWatch with negative implications, where
they were placed Aug. 3, 2007.


VERIFONE HOLDINGS: Earns US$13.4 Mil. in Quarter Ended July 31
--------------------------------------------------------------
VeriFone Holdings Inc. reported US$13.4 million of net income
for the three months ended July 31, 2007, compared to US$16.7
million of net income for the same period in 2006.

Net revenues, for the three months ended July 31, 2007, were
US$231.9 million, 57% higher than the net revenues of US$147.6
million for the comparable period of 2006.  Net revenues from
VeriFone's International business increased 106% while net
revenues from VeriFone's North America business increased 22%.
The significant increase in net revenues was driven largely by
the acquisition of Lipman Electronic Engineering Ltd., which
closed Nov. 1, 2006.

Gross margins, excluding non-cash acquisition related charges
and stock-based compensation expense, expanded to a record
48.2%, for the three months ended July 31, 2007, compared to
45.9% for the comparable period of 2006.  GAAP gross margins for
the three months ended July 31, 2007, declined to 44.0% from
45.0% for the three months ended July 31, 2006, primarily as a
result of increased amortization of purchased technology assets.

GAAP operating expenses for the three months ended July 31, 2007
were US$65.5 million compared to US$38.0 million for the
comparable period of 2006.  This increase was primarily due to
the Lipman acquisition and related integration expenses.

EBITDA, as adjusted, margins for the three months ended July 31,
2007, expanded for the twelfth consecutive quarter and reached a
record level of 27.3%, compared to the 22.6% recorded in the
three months ended July 31, 2006.

GAAP EPS for the three months ended July 31, 2007, was US$0.16
per diluted share, compared to US$0.24 per diluted share, for
the comparable period of fiscal 2006.  This decline resulted
from acquisition related non-cash charges, higher stock-based
compensation expense and a higher GAAP tax rate driven by an
increase in the valuation allowance related to the Lipman
acquisition.  Net income, as adjusted, which excludes non-cash
acquisition related charges and debt issuance costs, as well as
non-cash stock-based compensation expense and Lipman integration
costs, for the three months ended July 31, 2007, increased 50%
to US$0.42 per diluted share, compared to US$0.28 per diluted
share, for the comparable period in 2006.

"I am extremely pleased to report on another outstanding quarter
as we once again achieved exceptional financial results," said
Douglas G. Bergeron, Chairman and Chief Executive Officer.
"During the quarter, we achieved record revenues and record
gross and operating margins, all which led to strong EPS
growth," continued Bergeron.  "Our North American business
continued to surge, growing 9% sequentially.  Our compelling
portfolio of wireless solutions and our strength in emerging
markets were also significant factors driving our success this
quarter."

"We are increasing our internal expectations for the fourth
quarter and now expect to repeat these record third quarter
results.  Our guidance for the fourth quarter, therefore, is for
net revenue of US$231 - US$233 million and net income, as
adjusted, per share of US$0.41 - US$0.42.  As a result, we are
also increasing our full year fiscal year 2007 expectations
for net income, as adjusted per share to US$1.59 to US$1.60 per
share.  As well, given the out-performance in profitability that
we have consistently enjoyed since the closing of the Lipman
acquisition last November, we are now taking this opportunity to
update our long-term financial model.  We are reaffirming our
revenue growth rate projection in the 10% - 15% range and we are
increasing our margin expectations as reflected in the table
below."

Long Term Model:

                      Prior       New
                      -----       ---
Gross Margin(1)     42% - 47%  45% - 50%
EBITDA Margin(2)    18% - 24%  25% - 30%
Net Margin(3)       12% - 17%  15% - 20%

(1) Excludes non-cash acquisition related charges and stock-
    based compensation expense.

(2) Includes add backs of cash and non-cash acquisition related
    charges, amortization of debt issuance costs and other debt
    related costs and stock-based compensation.

(3) Excludes cash and non-cash acquisition related charges, debt
    issuance costs and stock-based compensation.  Assumes long-
    term cash tax rate of 28 percent.

                 Third Quarter Highlights

VeriFone was selected as the sole provider of payment solutions
to China Postal Savings bank, the fifth largest bank in the
country, further solidifying VeriFone’s leadership position in
this important market.

Cara, the largest operator of full service restaurants in
Canada, has selected VeriFone’s ON THE SPOT pay at the table
system designed exclusively for the hospitality industry.  With
this multi-million dollar rollout, Cara becomes the largest
restaurant operator and the first in Canada to provide its
customers with the convenience and security of payment at the
table.

VeriFone now has more than 5,000 New York City taxicabs signed
or committed to comprehensive multi-year agreements for in-taxi
acceptance of credit cards.  VeriFone also has 100% of the
Philadelphia taxi fleet equipped for the acceptance of credit
cards and has made inroads in Mexico City and Singapore as well.
This business holds considerable promise for the future,
including in the case of New York City, a share of the
lucrative advertising revenue and per-transaction processing
fees.

In North America, VeriFone’s retail business had yet another
outstanding quarter signing a number of top tier customers.  The
TJX Companies, one of the top apparel and merchandise retailers
in the United States with over 2,000 stores, chose to roll out
the MX 870 to the entire enterprise to proactively meet industry
PCI requirements and introduce new functionality to their
customers.  Rent-A-Center, the leading rent to own retailer in
the United States, chose the new MX 850 system to provide debit
and credit functionality to all of their stores.  The MX 870 was
also selected by Bon-Ton Department Stores, one of the largest
regional department store chains in the United States.

                       About Verifone

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.


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


AQUARELL VERLAG: Creditors Meeting Slated for October 9
-------------------------------------------------------
The court-appointed insolvency manager for Aquarell-Verlag und
Druckerei GmbH, Harry Kressl, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
2:45 p.m. on Oct. 9.

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

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Oct. 30 at the same venue.

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

The insolvency manager can be reached at:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel.: 07131/965415

The District Court of Mosbach opened bankruptcy proceedings
against Aquarell-Verlag und Druckerei GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aquarell-Verlag und Druckerei GmbH
         Attn: Elmar Hauck, Manager
         Deubacher Str. 7 I.
         97922 Lauda-Königshofen
         Germany


BELLE ET FOU: Claims Registration Ends October 1
------------------------------------------------
Creditors of Belle et Fou Betriebsgesellschaft mbH have until
Oct. 1 to register their claims with court-appointed insolvency
manager Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Oct. 9, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report 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:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Belle et Fou Betriebsgesellschaft mbH on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Belle et Fou Betriebsgesellschaft mbH
         Kurfuerstendamm 70
         10709 Berlin
         Germany


BRAMEY IMMOBILIEN: Claims Registration Period Ends October 8
------------------------------------------------------------
Creditors of Bramey Immobilien GmbH & Co. KG have until Oct. 8
to register their claims with court-appointed insolvency manager
Martin Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Martin Buchheister
         Rathausplatz 21-23
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Bramey Immobilien GmbH & Co. KG on Aug. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bramey Immobilien GmbH & Co. KG
         Attn: Hans-Friedrich Bramey, Manager
         Stallhaus 50
         58579 Schalksmuehle
         Germany


CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
--------------------------------------------------------------
Chrysler LLC has disclosed that it will continue its low-rate
financing through Oct. 1, 2007, with a 0% APR offering for 72
months or a 0% APR offering for 60 months on select 2007 model
year vehicles.

Separately, the company will offer consumer cash and competitive
lease rates.  These different options give customers many
choices when purchasing a new Chrysler, Jeep or Dodge vehicle.

"Chrysler will extend its low-rate financing into September,
with a 0% APR offering for 72 months on select 2007 models,"
said Michael Keegan, vice president for Volume Planning and
Sales Operations.  "We will continue to focus on our great
products and the 2007 model year-end clearance while emphasizing
the new Lifetime Powertrain Warranty."

The 0% APR offering for 72 months includes the following 2007
model year vehicles: Chrysler Aspen; Chrysler Town & Country and
Dodge Grand Caravan minivans; Jeep Commander; Dodge Dakota and
the Dodge Durango.

The 0% APR on select 2007 models for 60 months includes the
following vehicles: Chrysler Pacifica; Jeep Grand Cherokee; Jeep
Liberty and the Dodge Ram 1500 Regular and Quad-Cab Pickup
Trucks.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CHRYSLER LLC: Names Phil F. Murtaugh CEO for Asia Operations
------------------------------------------------------------
Chrysler LLC has appointed Philip Murtaugh as chief executive
officer for the company's Asia Operations.

In this role, Mr. Murtaugh will be responsible for all of
Chrysler's Asian operations, including China and India.  He will
report to Michael Manley, executive vice president for
International Sales.

"I can't think of anyone more qualified to lead our business
activities in this critical growth region," said Mr. Manley.
"Phil has a proven track record and we are excited he has joined
our team."

"Growth in international markets and leveraging partnerships are
cornerstones of the Chrysler Recovery and Transformation Plan,"
said Thomas W. LaSorda, vice-chairman and president.

Mr. Murtaugh was executive vice president of Chinese automaker
Shanghai Automotive Industry Corp.  SAIC is China's largest
automotive company with sales of 1.3 million vehicles per year.
SAIC has over 70 subsidiary companies in the automotive
business, including well-known joint ventures with General
Motors and Volkswagen.

Before joining SAIC, Mr. Murtaugh served as chairman and CEO of
the General Motors China Group from June 2000 until April 2005.
Based in Shanghai, he was responsible for the overall
coordination of GM's extensive operations in mainland China and
Taiwan.  He also was a member of GM's Asia Pacific Strategy
Board.

Mr. Murtaugh earlier served as executive vice president of
Shanghai General Motors and General Manager of GM China's
Shanghai representative office.  He was part of the negotiating
team and played a key role in the launch of Shanghai General
Motors, GM's largest venture in China.

Since joining GM in 1973 as a General Motors Institute student
with Fisher Body, Mr. Murtaugh held several positions in
production, manufacturing, die and metal stamping, and product
planning in the United States, Japan and China.  These include
director of manufacturing for GM Overseas Corporation in Japan,
executive assistant to the executive director of product
planning at Isuzu Motors and President of IBC in Luton,
England.

In addition to a bachelor's degree from GMI (now Kettering
University), Mr. Murtaugh holds a master's degree in industrial
management from Stanford University.  A U.S. citizen, Murtaugh
is married with four children.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
--------------------------------------------------------------
Chrysler LLC has confirmed its leadership plans for its
Information Technology Management organization.  Effective
immediately, Jan A. Bertsch leads the ITM organization as vice
president and chief information officer for Chrysler.

Previously, Ms. Bertsch held the position of CIO for Chrysler
Group and Mercedes-Benz in North America.

"Chrysler's ITM team is world-class and an innovator of
information technology," said Ms. Bertsch.  "By collaborating
with our operational partners, we will continue to support the
recovery and transformation of Chrysler."

Ms. Bertsch blazed a trail as a female executive in the
automotive industry.  She joined DaimlerChrysler in 2001 as vice
president of Finance for Chrysler Group's Global Sales and
Marketing organization.

She spent 22 years with Ford Motor Company and Visteon
Corporation, where she held numerous positions, including
assistant treasurer of Ford Motor Company and treasurer of
Visteon Corporation.

As one of the few women in the auto industry to head up a global
information technology organization, Ms. Bertsch is responsible
for directing Chrysler's worldwide systems and computer hardware
strategy, systems applications development, data center
operations and telecommunications network operations.  She
reports to Ron Kolka, Chrysler's chief financial officer.

Ms. Bertsch was named to the 2005 Automotive News list of the
"100 Leading Women in the North American Auto Industry."  She
holds a number of board positions with non-profit organizations,
including Wayne State University School of Medicine, the
Chrysler Women's Forum, among others.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CP DIGITALES: Claims Registration Ends October 2
------------------------------------------------
Creditors of CP Digitales Druckzentrum GmbH have until Oct. 2 to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

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

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 302
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/938422
         Fax: 02557/938450

The District Court of Osnabrueck opened bankruptcy proceedings
against CP Digitales Druckzentrum GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CP Digitales Druckzentrum GmbH
         Neuer Graben 22
         49074 Osnabrueck
         Germany

         Attn: Lutz Pleister, Manager
         Josef-Swetje-Str. 12
         49080 Osnabrueck
         Germany


DEKOR BAU: Claims Registration Ends September 28
------------------------------------------------
Creditors of Dekor Bau GmbH have until Sept. 28 to register
their claims with court-appointed insolvency manager Severin
Kiesl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 108
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Severin Kiesl
         Stollstrasse 5
         83022 Rosenheim
         Germany
         Tel: 08031/38096-0
         Fax: 08031/13892

The District Court of Rosenheim opened bankruptcy proceedings
against Dekor Bau GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dekor Bau GmbH
         Fuerstatt 10
         83024 Rosenheim
         Germany


DIALOG SERVICE: Claims Registration Ends October 2
--------------------------------------------------
Creditors of Dialog Service Center GmbH have until Oct. 2 to
register their claims with court-appointed insolvency manager
Undine Haller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 16, 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

The District Court of Heilbronn opened bankruptcy proceedings
against Dialog Service Center GmbH on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Dialog Service Center GmbH
         Attn: Gert Nowotny, Manager
         Konrad-Zuse-Strasse 16
         74172 Neckarsulm
         Germany


DOST GERUESTBAU: Claims Registration Ends October 1
---------------------------------------------------
Creditors of DOST Geruestbau GmbH have until Oct. 1 to register
their claims with court-appointed insolvency manager Dr. Joerg
Nerlich.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal
         Germany
         Tel: 0202/4086 150
         Fax: 0202/4086 159

The District Court of Wuppertal opened bankruptcy proceedings
against DOST Geruestbau GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DOST Geruestbau GmbH
         Buchenstrasse 21-33
         42283 Wuppertal
         Germany


ESTRICH MALLECK: Claims Registration Ends October 1
---------------------------------------------------
Creditors of Estrich Malleck GmbH have until Oct. 1 to register
their claims with court-appointed insolvency manager Dr. Marc D
Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Marc D Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany
         Tel: 0202-245070
         Fax: 0202-2450777

The District Court of Wuppertal opened bankruptcy proceedings
against Estrich Malleck GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Estrich Malleck GmbH
         Auf dem Brahm 99
         42281 Wuppertal
         Germany


ETOILE PFERDESPORT: Claims Registration Period Ends October 2
-------------------------------------------------------------
Creditors of Etoile Pferdesport GmbH have until Oct. 2 to
register their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany
         Tel: 02361/4884-0
         Fax: +492361488499

The District Court of Muenster opened bankruptcy proceedings
against Etoile Pferdesport GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Etoile Pferdesport GmbH
         Hessenspoor 6
         46414 Rhede
         Germany

         Attn: Christiane Skubch-Janssen, Manager
         Wallufer Strasse 3
         65343 Eltville
         Germany


FLEXMOR GMBH: Claims Registration Period Ends October 5
-------------------------------------------------------
Creditors of Flexmor GmbH & Co. KG have until Oct. 5 to register
their claims with court-appointed insolvency manager Dr. Frank
Kebekus.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Flexmor GmbH & Co. KG on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Flexmor GmbH & Co. KG
         Ratiborweg 3
         40231 Duesseldorf
         Germany


FLOETOTTO GMBH: Claims Registration Ends October 1
--------------------------------------------------
Creditors of Floetotto GmbH have until Oct. 1 to register their
claims with court-appointed insolvency manager Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Floetotto GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Floetotto GmbH
         Attn: Hans-Joachim Boberg, Manager
         Senner Str. 32
         33335 Guetersloh
         Germany


FTF FOERDERTECHNIK: Claims Registration Ends September 30
---------------------------------------------------------
Creditors of FTF Foerdertechnik GmbH have until Sept. 30 to
register their claims with court-appointed insolvency manager
Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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:

         Arndt Geiwitz
         Bahnhofstr. 39
         89231 Neu-Ulm bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against FTF Foerdertechnik GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FTF Foerdertechnik GmbH
         Attn: Andreas Bucher und Andreas Forrer, Manager
         Klausenburgerstr. 13
         88069 Tettnang
         Germany


HARLE GMBH: Claims Registration Ends October 1
----------------------------------------------
Creditors of Harle GmbH have until Oct. 1 to register their
claims with court-appointed insolvency manager Gerhard Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany
         Tel: 07071/9456-61

The District Court of Ludwigsburg opened bankruptcy proceedings
against Harle GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Harle GmbH
         Attn: Martin Harle, Manager
         Hauptstr. 40
         71229 Leonberg
         Germany


IKB DEUTSCHE: Fitch Rates US$11.4 Million Facility A Loan at B
--------------------------------------------------------------
Fitch Ratings has downgraded the loan facilities provided by IKB
Deutsche Industriebank AG and IKB International S.A. to
Havenrock II Limited:

   -- US$165 million loan provided by IKB International:
      downgraded to 'A-' from 'AA-'; Outlook Negative

   -- US$404.875 million Facility C loan provided by IKB:
      downgraded to 'A-' from 'AA-'; Outlook Negative

   -- US$43.75 million Facility B loan provided by IKB:
      downgraded to 'BB' from 'BBB+'; Outlook Negative

   -- US$11.375 million Facility A loan provided by IKB:
      downgraded to 'B' from 'BB-'; Outlook Negative

The 364-day committed facilities can be drawn on to cover
Havenrock II's obligations under a credit default swap.  The
downgrades are the result of rating migrations in the portfolio
referenced by the Havenrock II credit default swap.


MIA TOUCH: Claims Registration Period Ends October 12
-----------------------------------------------------
Creditors of Mia Touch Import & Export GmbH have until Oct. 12
to register their claims with court-appointed insolvency manager
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Mia Touch Import & Export GmbH on Aug. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mia Touch Import & Export GmbH
         Attn: Wolfgang Schickhaus and
         Sutantar Vir Singh, Managers
         Gerhofstr. 40
         20354 Hamburg
         Germany


MITTERMAYER'S KOMFORTREISEN: Claims Period Ends October 9
---------------------------------------------------------
Creditors of Mittermayer's Komfortreisen GmbH have until Oct. 9
to register their claims with court-appointed insolvency manager
Frank Dreyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Frank Dreyer
         Hamburger Str. 208
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Mittermayer's Komfortreisen GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mittermayer's Komfortreisen GmbH
         Dorfstrasse 26
         23619 Moenkenhagen
         Germany


MM IMMOBILIENMANAGEMENT: Claims Registration Period Ends Oct. 12
----------------------------------------------------------------
Creditors of MM Immobilienmanagement Grundstuecksentwicklungs
GmbH have until Oct. 12 to register their claims with court-
appointed insolvency manager Gerhard Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         First Floor
         Ritterstr. 5
         Esslingen
         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:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany
         Tel: 07071/9456-61
         Fax: 0711/9456-68

The District Court of Esslingen opened bankruptcy proceedings
against MM Immobilienmanagement Grundstuecksentwicklungs GmbH on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MM Immobilienmanagement Grundstuecksentwicklungs GmbH
         Attn: Werner and Frank Mueller, Managers
         Hauffstr. 45
         73765 Neuhausen
         Germany


NAST GERUESTBAU: Claims Registration Ends October 1
---------------------------------------------------
Creditors of NAST Geruestbau GmbH have until Oct. 1 to register
their claims with court-appointed insolvency manager Joerg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The District Court of Wuppertal opened bankruptcy proceedings
against NAST Geruestbau GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NAST Geruestbau GmbH
         Buchenstrasse 21-33
         42283 Wuppertal
         Germany

         Attn: Andreas Stueben, Manager
         Zuckerloch 1
         42111 Wuppertal
         Germany


SCHAAF & HASPERL: Claims Registration Period Ends October 12
------------------------------------------------------------
Creditors of Schaaf & Hasperl GmbH, Luft- und Klimatechnik have
until Oct. 12 to register their claims with court-appointed
insolvency manager Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         First Floor
         Ritterstr. 5
         Esslingen
         Germany

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

The insolvency manager can be reached at:

         Dr. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23889-0
         Fax: 0711/23889-30

The District Court of Esslingen opened bankruptcy proceedings
against Schaaf & Hasperl GmbH, Luft- und Klimatechnik on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schaaf & Hasperl GmbH, Luft- und Klimatechnik
         Attn: Rudi Schaaf, Manager
         Ludwigstr. 3
         73779 Deizisau
         Germany


SPORT DISCOUNT: Claims Registration Period Ends October 12
----------------------------------------------------------
Creditors of Sport Discount GmbH have until Oct. 12 to register
their claims with court-appointed insolvency manager Markus
Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Markus Lehmkuehler
         Wilhelmstr. 40
         53111 Bonn
         Germany
         Tel: 0228/92 66 60
         Fax: 0228/92 66 699

The District Court of Bonn opened bankruptcy proceedings against
Sport Discount GmbH on Aug. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sport Discount GmbH
         Attn: Stefan Sedlatschek, Manager
         Vivatsgasse 4-6
         53111 Bonn
         Germany


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


AES CORP: Deciding on Argentine Investments After October Polls
---------------------------------------------------------------
AES Corp. Chief Operating Officer Andres Gluski said at the
Lehman Brothers energy conference in New York that the firm will
decide on whether to make new investments in Argentina after
elections in the country, Business News Americas reports.

BNamericas says that Argentina will hold its presidential
elections on Oct. 28, 2007.

AES has focused on its Chilean and Panamanian operations
instead, BNamericas relates, citing Mr. Gluski.

According to BNamericas, Mr. Gluski said at the conference, "Our
focus in Latin America is much more on Chile and Panama in terms
of investment.  Argentina has elections this year and we'll see
if there's a change in policy."

Mr. Gluski told BNamericas that despite the natural gas shortage
affecting Argentina, AES is content with its technical
operations in the nation.

"We operate the only coal plant Argentina and had the foresight
to convert the plant to coal several years ago.  We also have
the most efficient gas plant in Argentina and operate hydro
plants, which have operated very well... we also have key
distribution companies in the country," Mr.
Gluski commented to BNamericas.

However, low government-regulated prices have affected AES'
distribution activities in Argentina, BNamericas notes.  The
company's distribution subsidiaries reached accords with the
Argentine federal government for certain value-added rate
increases, but "they haven't been 100% fulfilled."

Meanwhile, AES is increasingly concentrating on the production
of certified emission reduction credits, BNamericas says, citing
Mr. Gluski.  The firm is developing various projects in Latin
America.

AES will take a "portfolio approach" towards certified emission
reduction credits production, Mr. Gluski told BNamericas.  The
firm could produce the credits by increasing efficiency in
existing plants through the construction of new hydro projects
and collaboration with municipal dumps to lessen methane gas
emissions.

Mr. Gluski told BNamericas that AES has a project in El
Salvador, which involves the production of certified emission
reduction credits "by capping municipal dumps to reduce the
amount of methane gas released into the atmosphere."  AES don’t
own dumps.  If sufficient quantities are being released, the
firm can produce power from the methane gas.

"We think there is going to be significant demand around the
world for these CERs [certified emission reductions].  We have a
very good footprint in countries that have signed the Kyoto
Protocol and are outside the OECD [Organization for Economic
Cooperation and Development]," Mr. Gluski commented to
BNamericas.

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

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

                        *     *     *

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

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.


AES CORP: Saves Almost US$50 Million in Latin America
-----------------------------------------------------
The AES Corp.’s Chief Operations Officer Andres Gluski said
during the Lehman Brothers energy conference in New York that
the firm has saved almost US$50 million in Latin America by
decreasing non-technical power losses incurred during
distribution, Business News Americas reports.

BNamericas explains that non-technical losses refer to the
amount of energy lost during distribution due to fraud or
billing problems.

AES’ total energy loss -- including technical loss -- dropped to
11% in 2007, compared to 13.5% in 2004, BNamericas says, citing
Mr. Gluski.

Mr. Gluski told BNamericas, "Any reduction in non-technical
losses is something that drops directly to your bottom line.
Over the last couple of years, we've dropped energy losses about
two percent, which represents about US$50 million."

According to BNamericas, AES was able to reduce non-technical
losses by forming working groups across company operations
worldwide to exchange ideas.

"The use of what we call revenue management has been quite
successful.  We're also working to keep track of billing better
to improve these non-technical losses," Mr. Gluski commented to
BNamericas.

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

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

                        *     *     *

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

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.


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


SANMINA-SCI: Obtains Lenders' Consent on Inter-Company Loans
------------------------------------------------------------
Sanmina-SCI Corporation obtained a consent from lenders under
its Amended and Restated Credit and Guaranty Agreement, dated
Dec. 16, 2005.

The amended credit agreement is with respect to certain
transactions the company and its subsidiaries propose to
undertake in connection with the rationalization of inter-
company loans.

Under the consent, the lenders party to the agreement gave their
consent to the company and its subsidiaries assigning inter-
company loans and making equity investments within the corporate
group up to specified thresholds.

                         About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.  The ratings under review for possible
downgrade include: Ba3 Corporate Family Rating; Ba3 rating on
US$300 million floating rate notes due 2010; Ba3 rating on
US$300 million floating rate notes due 2014; B2 rating on US$400
million senior subordinated notes due 2013; B2 rating on US$600
million senior subordinated notes due 2016; and SGL -- 2
Speculative Grade Liquidity Rating.


SANMINA-SCI CORP: Names Joseph Bronson as President and COO
-----------------------------------------------------------
Sanmina-SCI Corporation elected Joseph R. Bronson president and
COO and director.  As president and COO, Mr. Bronson will be
responsible for the company's business execution, financial and
operational performance, and the overall business development
and growth strategy.

Mr. Bronson most recently served as president and director of
FormFactor, Inc., a manufacturer of high performance advanced
semiconductor wafer probe cards.

Mr. Bronson also spent 20 years at Applied Materials in senior
level operations management positions concluding with executive
vice president and chief financial officer of the company.  In
addition to his role as chief financial officer, he was
responsible for the company's global quality function,
information technology, real estate, environmental health and
safety systems and corporate communications.

"We are extremely pleased to have Joe Bronson join Sanmina-SCI's
management team and Board of Directors.  [Mr. Bronson]'s
expertise and diverse backgrounds in high-end technology,
financial discipline, and operations management will be
invaluable to the strategic direction of the company," stated
Jure Sola, chairman and chief executive officer of Sanmina-SCI
Corporation.

              Joseph G. Licata, Jr. as New Director

On the same date, Sanmina-SCI appointed Joseph G. Licata Jr. to
the company's Board of Directors effective Aug. 20, 2007.
Mr. Licata will also serve as a member of the Compensation
Committee.

Mr. Licata meets the independent director requirements as
defined by NASDAQ and Institutional Shareholder Services.

Mr. Licata is an industry leader with over 25 years of cross-
functional high-end technology experience and currently serves
as President and Chief Executive Officer of SER Solutions, Inc.,
a global leader of call management & speech analytics solutions.
Mr. Licata also served as president of Siemens Enterprise
Networks, LLC and held executive positions at IBM and ROLM
Corporation.  He currently sits on the Board of Advisors of
Dave.TV, a broadcast media software company, and is on the
Advisory Board at Georgia Tech University.  Mr. Licata earned a
B.S. in Management Information Systems from Florida State
University and resides in Duluth, Georgia.

"We are fortunate to have someone of Joe's caliber join our
board of directors.  His unique insight and experience will add
significant value to this organization," stated Jure Sola,
Chairman and Chief Executive Officer of Sanmina-SCI Corp.

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.  The ratings under review for possible
downgrade include: Ba3 Corporate Family Rating; Ba3 rating on
US$300 million floating rate notes due 2010; Ba3 rating on
US$300 million floating rate notes due 2014; B2 rating on US$400
million senior subordinated notes due 2013; B2 rating on US$600
million senior subordinated notes due 2016; and SGL -- 2
Speculative Grade Liquidity Rating.


SANMINA-SCI: Posts US$27.6 Mln Net Loss in Qtr. Ended June 30
-------------------------------------------------------------
Sanmina-SCI Corporation incurred net loss of US$27.6 million on
net sales of US$2.5 billion for the three months ended June 30,
2007, as compared with a net loss of US$54.8 million on net
sales of US$2.7 billion for the three months ended July 1, 2006.

The company had a net loss of US$25.5 million on net sales of
US$7.9 billion for the first half of 2007, as compared with a
net loss of US$113.5 million on net sales of US$8.2 billion for
the first half of 2006.

As of June 30, 2007, the company's balance sheet showed total
assets of US$5.8 billion, total liabilities of US$3.5 billion,
and total stockholders' equity of US$2.3 billion.

                  Liquidity and Capital Resources

Cash and cash equivalents were US$802.7 million at June 30,
2007, and US$505.6 million at Sept. 30, 2006, including
restricted cash of US$22.2 million and US$13.8 million at June
30, 2007, and Sept. 30, 2006, respectively.

On June 12, 2007, the company issued US$300 million aggregate
principal amount of Senior Floating Rate Notes due 2010 and
US$300 million aggregate principal amount of Senior Floating
Rate Notes due 2014.  The Notes accrue interest at a rate per
annum, reset quarterly, equal to three-month LIBOR plus 2.75%,
which is payable in cash quarterly in arrears on March 15, June
15, September 15 and December 15, beginning on Sept. 15, 2007.
The 2010 Notes will mature on June 15, 2010 and the 2014 Notes
will mature on June 15, 2014.

The company incurred debt issuance costs of US$12 million which
were included in prepaid expenses and other current assets and
other non-current assets and amortized over the life of the debt
as interest expense.

The Notes are senior unsecured obligations and rank equal in
right of payment with all of the company's existing and future
senior unsecured debt.

A full-text copy of the company's quarterly report is available
for free at http://ResearchArchives.com/t/s?231f

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.  The ratings under review for possible
downgrade include: Ba3 Corporate Family Rating; Ba3 rating on
US$300 million floating rate notes due 2010; Ba3 rating on
US$300 million floating rate notes due 2014; B2 rating on US$400
million senior subordinated notes due 2013; B2 rating on US$600
million senior subordinated notes due 2016; and SGL -- 2
Speculative Grade Liquidity Rating.


SCOTTISH RE: Unit Completes US$555 Million Triple-X Reserve Deal
----------------------------------------------------------------
Scottish Re Group Limited's subsidiary, Clearwater Re Limited,
has closed a transaction that provides up to US$555 million of
Regulation Triple-X peak reserve financing for a minimum of 15
years.  Citibank, N.A. and Calyon New York Branch have committed
to purchasing up to US$555 million of notes issued by Clearwater
Re.

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

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

                          *     *     *

As reported in the TCR-Europe on Aug. 24, 2007,  Moody's
Investors Service affirmed the ratings of Scottish Re
Group Limited (Scottish Re; NYSE: SCT, senior unsecured shelf of
(P)Ba3) and changed the outlook to stable from positive.

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


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


FIAT SPA: Magneti Signs Joint Venture with Chery Automobile
-----------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli and Chery Automobile Co. Ltd. have
signed a Memorandum of Understanding for the creation of a joint
venture in China aimed at the production of hydraulic components
for Magneti Marelli's Automated Manual Transmission, also known
as Selespeed.

The joint venture will be operative by the spring of 2008.
Based on the Memorandum of Understanding, Magneti Marelli will
hold the majority of the future company's capital.  The
components manufactured by the new company will be used by Chery
for its automobiles equipped with automated transmission, and
they will be made available to other car makers as well.

"This agreement takes on a special strategic relevance since it
fits into a market context, the Chinese one,  where the
automated transmission, in its various technological versions,
is starting to become popular and is increasingly requested by
the public," Magneti Marelli CEO Eugenio Razelli disclosed.

"In this sense, Magneti Marelli's AMT automated transmission
represents a competitive technology thanks to a price-
performance ratio that is especially convenient for the Chinese
market and to its ability to reduce fuel consumptions and the
emission of pollutants and CO2," Mr. Razelli added.

Chery Automobile Co. Ltd is one of the leading Chinese car
manufacturers, located in Wuhu.  Chery was the first Chinese car
maker to adopt Magneti Marelli’s Selespeed system (since 2004)
to automate transmissions fitted on its automobiles on the
market.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles.  With its 45 production facilities (55 production
units), 9 R&D centres and 27 application centres in 16
countries, 25,000 employees and a turnover of 4.5 billion Euros
in 2006, the group supplies all the leading car makers in
Europe, North and South America and the Far East.

                         About Fiat SpA

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

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

                           *    *    *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.

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

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

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


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


ASIA-ROMA LLP: Proof of Claim Deadline Slated for October 12
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Asia-Roma insolvent.

Creditors have until Oct. 12 to submit written proofs of claims
to:

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


BUILD SERVICE-GROUP: Creditors Must File Claims October 12
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Build Service-Group insolvent.

Creditors have until Oct. 12 to submit written proofs of claims
to:

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


CELL-STAR LLP: Claims Filing Period Ends October 12
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Cell-Star (RNN 090400210903).

Creditors have until Oct. 12 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


CONSTA STROY: Creditors' Claims Due on October 12
-------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Construction Company - Consta Stroy (RNN
090400215343).

Creditors have until Oct. 12 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


HOZYAISTVO ZERNOVYH: Claims Registration Ends October 12
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Agricultural Company - Hozyaistvo Zernovyh Kultur
insolvent.

Creditors have until Oct. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Damsa
         Shortandinsky District
         Akmola
         Kazakhstan
         Tel: 8 716 313 30-15


INTERNATIONAL TRANSPORT: Creditors' Claims Due on October 12
------------------------------------------------------------
LLP International Transport Company has declared insolvency.
Creditors have until Oct. 12 to submit written proofs of claims
to:

         LLP International Transport Company
         Micro District 4, 7-49
         Aksai
         Burlinsky District
         090300, West Kazakhstan
         Kazakhstan
         Tel: 090300


KENT KURYLYS: Creditors Must File Claims October 16
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kent Kurylys Ltd. insolvent.

Creditors have until Oct. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 53-48-34


KMA CO: Claims Filing Period Ends October 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP KMA Co. insolvent.

Creditors have until Oct. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 53-48-34


VEBA OIL: Claims Registration Ends October 12
---------------------------------------------
Representation of Veba Oil Kasachstan Gmbh has declared
insolvency.  Creditors have until Oct. 12 to submit written
proofs of claims to:

         Representation of Veba Oil Kasachstan Gmbh
         Shevchenko Str. 157
         Almaty
         Kazakhstan


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


AKTAN TRANS: Creditors Must File Claims by October 24
-----------------------------------------------------
LLC Aktan Trans has declared insolvent.  Creditors have until
Oct. 24 to submit written proofs of claim to:

         LLC Aktan Trans
         Dragobuchensky Side Street 22
         Bishkek
         Kyrgyzstan


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


CORPORATE EXPRESS: Weakening Financial Profile Cues S&P’s Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Netherlands-based office products
distributor Corporate Express N.V. on CreditWatch with negative
implications, reflecting deterioration in the company's
financial profile as well as erosion in profitability.

"The CreditWatch placement reflects the fact that the minimum
financial guidelines commensurate with the ratings have been
breached, namely fully adjusted net debt to EBITDA, which now
exceeds 4.7x," said Standard & Poor's credit analyst Marketa
Horkova.  "Standard & Poor's is concerned that the prevailing
soft macroeconomic conditions could delay the restoration of
better ratios."

All financial flexibility within the rating has been exhausted
and at current leverage levels there is no headroom for further
operational under-performance or potential acquisitions, even on
a smaller scale.

The company's current credit measures were below expectations
for the 12 months to June 30, 2007.  Fully adjusted net debt to
EBITDA was about 4.9x (after factoring in proceeds from the
disposal of ASAP Software, the effect of a share repurchase by
majority-owned subsidiary Corporate Express Australia, and the
acquisition of Canada-based Davenport Office).  This is the
result of add-on acquisitions and lower profitability due to a
difficult operating environment in the U.S., where soft economic
conditions curb discretionary spending and increasing
competition makes it difficult to fully pass on supplier price
increases.  The company is also feeling the effect of last
year's reorganization of its North American division, which has
weakened its sales force performance, curbing profitability at
this important group EBITDA contributor.

The company has renegotiated covenants on senior bank debt to
accommodate the increase in leverage.  Nevertheless, Corporate
Express' headroom in this respect remains very limited given its
declining operating performance and poor visibility for the rest
of 2007.  Free cash flows are expected to remain positive,
however, which strongly limits the risk of a credit crunch.

Standard & Poor's aims to resolve the CreditWatch placement
within the next three months, after meeting with management and
receiving more in-depth information.  S&P will need to discuss
the direction of the company's financial policy and deleveraging
path.  We will also need further information on competitive
pressures, the industry's profitability, and growth prospects
for the North American division.

"The ratings could be affirmed if the company can demonstrate a
satisfactory plan to restore profitability at the North American
division and to improve its credit ratios," Ms. Horkova added.
"The ratings could be lowered if the group cannot demonstrate
that its operating performance can withstand negative pressures
in the downturn phase of the cycle and if Standard & Poor's does
not see any near-term upside in credit metrics."


GLOBAL POWER: Objects to More Than US$200 Million in Claims
-----------------------------------------------------------
Global Power Equipment Group Inc. last week filed with the U.S.
Bankruptcy Court for the District of Delaware 10 objections in
an effort to reduce or disallow the claims of more than US$200
million filed by energy companies, Bankruptcy Law360 reports.

According to the report, included were two objections to claims
filed by General Electric Co. totaling more than US$66 million.
The Debtor contends that GE didn't substantiate its claim.

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Eric Michael Sutty, Esq.,
Jeffrey M. Schlerf, Esq., Kathryn D. Sallie, Esq., and Mary E.
Augustine, Esq., at The Bayard Firm and Malka S. Resnicoff,
Esq., and Matthew C. Brown, Esq., at White & Case LLP, represent
the Debtor.  Adam G. Landis, Esq., Kerri K. Mumford, Esq., and
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represent
the Official Committee of Unsecured Creditors.


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


TELEMOBIL SA: Stalls US$125 Million Bond Financing
--------------------------------------------------
Telemobil S.A. decided to momentarily abandon the idea of
pursuing the US$125 million bond financing option and instead
look at other alternative, including shareholders' support.

On April 26, 2007, during an Extraordinary Meeting, the
shareholders of Telemobil agreed on a US$125 million bond issue
project aimed at accelerating the general growth of the company.

The issue of the bond was regarded as a fast and effective way
to attract funds that will be used for Telemobil's general
corporate purposes, and in particular, to finance the expansion
of its network and launch of new services.

Due to be issued at the beginning of July 2007, Telemobil S.A.
and ABN Amro, stopped temporarily the process due to a crash of
the global credit market that took place around the time of the
bond issue.

Telemobil, and the other parties involved in this process,
monitored the financial markets noticing that in the past few
months there was little to no improvement in the market
conditions, thus the market still not providing the right
environment for such process.

"Considering the current state of the global credit market, and
the need for the company to move ahead with its investment plan,
it is better for us to focus on alternative financing options
rather than waiting for the market to improve," Piermario Di
Pietro, Telemobil S.A.'s CEO disclosed.

"Since we can count on supportive shareholders, I do not foresee
trying to access the capital markets before the next 6-12
months," added Mr. Di Pietro.

Headquartered in Romania, Telemobil S.A. -- http://www.zapp.ro/
-- is the fourth provider of wireless telecommunications in
Romania in terms of subscribers and it is the country's only
operator of a CDMA 450 network.  The company provides wireless
voice, data and WLL services under the "Zapp" brand name.
Telemobil is indirectly owned equally by Qualcomm Incorporated
and Saudi Oger.  For the year ended Dec. 31, 2006, Telemobil
generated revenues of US$125 million and EBITDA of US$18
million.


TELEMOBIL SA: Moody's Drops Provisional & Corp. Family Ratings
--------------------------------------------------------------
Moody's Investors Service withdrew Telemobil S.A.'s B3 Corporate
Family Rating and the provisional (P)B3 rating of Telemobil's
US$125 million senior secured notes due 2014, following the
company's announcement that, due to persisting market weakness,
it has canceled its intention to issue the proposed notes and is
pursuing other financial plans, counting on additional
shareholders' support.  The ratings have therefore been
withdrawn for business reasons.

Headquartered in Romania, Telemobil S.A. is the fourth-largest
provider of wireless telecommunications in Romania in terms of
subscribers and the country's only operator of a CDMA450
network.  The company provides wireless voice, data and WLL
services under the "Zapp" brand name.  Telemobil is indirectly
owned by Qualcomm Incorporated and Saudi Oger equally.  For the
year ended Dec. 31, 2006, Telemobil generated revenues of US$125
million and EBITDA of US$18 million.


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


AGRO-STROY CJSC: Creditors Must File Claims by October 11
---------------------------------------------------------
Creditors of CJSC Agro-Story have until Oct. 11 to submit proofs
of claim to:

         V. Gusev
         Insolvency Manager
         Parkovaya Str. 6
         Chebenki
         460550 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-698/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agro-Story
         Kazanskaya Str. 32
         Sofievka
         Ponomarevskiy
         461795 Orenburg
         Russia


BRIGANTINA OJSC: Creditors Must File Claims by October 18
---------------------------------------------------------
Creditors of OJSC Brigantina have until Oct. 18 to submit proofs
of claim to:

         P. Tarasov
         Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-2458/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Brigantina
         Belyj
         Kimrskiy
         Tver
         Russia


CEDAR OJSC: Creditors Must File Claims by September 18
------------------------------------------------------
Creditors of OJSC Cedar have until Sept. 18 to submit proofs of
claim to:

         A. Aleshin
         Temporary Insolvency Manager
         Post User Box 2254
         650070 Kemerovo
         Russia

The Arbitration Court of Kemerovo will convene at 11:15 a.m. on
Dec. 12 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A27-6130/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Cedar
         Chernyshevskogo Str. 22
         Salajr
         Kemerovo
         Russia


CONCENTRATED MILK: Court Starts External Management Bankruptcy
--------------------------------------------------------------
The Arbitration Court of Republic of Altay commenced external
management bankruptcy procedure on OJSC Concentrated Milk
Factory.  The case is docketed under Case No. A33-274/2007.

The External Insolvency Manager is:

         V. Gordeev
         P. Zheleznyaka Str. 17
         660133 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Concentrated Milk Factory
         Traktovaya Str. 30
         Filimonovo
         Kanskiy
         663620 Krasnoyarsk
         Russia


DANILOVSKIY FACTORY: Creditors Must File Claims by October 18
-------------------------------------------------------------
Creditors of OJSC Danilovskiy Factory of Woodworkers have until
Oct. 18 to submit proofs of claim to:

         V. Ryabchenkov
         Insolvency Manager
         Post User Box 17
         127106 Moscow
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A82-2800/06-3-B/27.

The Debtor can be reached at:

         OJSC Danilovskiy Factory of Woodworkers
         Zavodskaya Str. 7
         Danilov
         152070 Yaroslavl
         Russia


DIANA CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy supervision
procedure on CJSC Diana.  The case is docketed under Case
No. A55-5256/07-40.

The Temporary Insolvency Manager is:

         L. Kiseleva
         Post User Box 93
         Syzran
         446020 Samara
         Russia

The Debtor can be reached at:

         CJSC Diana
         Aerodromnaya 13
         Samara
         Russia


HYNIX SEMICONDUCTOR: Gets S&S Advice Regarding Patent Claims
------------------------------------------------------------
Hynix Semiconductor Inc. has been advised by Simmons & Simmons
in relation to 'patent ambush' claims against US technology
corporate Rambus Inc.

The European Commission has confirmed that it has sent a formal
Statement of Objections to Rambus Inc alleging 'patent ambush'
concerning DRAMs.  This is the first time that the Commission
has dealt with a 'patent ambush' under EC antitrust law.

Rambus is accused of an anti-competitive 'patent ambush':
allowing technology over which it claims patent rights to be
adopted as a standard by an industry body of which it was a
member, later demanding large sections of the industry to pay
royalties for its use.

The Commission's preliminary conclusion is that Rambus Inc's
conduct amounts to an abuse of its dominant position and
therefore an infringement of EC competition law.  If it holds to
this position, the Commission may impose a fine on Rambus and
limitations on the licensing of its patents.

                    About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


I.I.YUSHKINA CJSC: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of CJSC Combine of Man-Made Fiber Named After
I.I.Yushkina have until Oct. 11 to submit proofs of claim to:

         A. Pupkov
         Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. AO3-15019/06-B.

The Debtor can be reached at:

         CJSC Combine of Man-Made Fiber Named After I.I.Yushkina
         Kalinina Pr. 116
         Barnaul
         Altay
         Russia


ICICI BANK: To Set Up US$2 Billion Infrastructure Fund
------------------------------------------------------
ICICI Bank Ltd will be setting up a US$2-billion infrastructure
fund, media reports say.

The bank will seek the money from overseas investors to tap
demand for roads, ports and power, Bloomberg News reports.
Chanda Kochhar, the bank's deputy managing director, told
Bloomberg that the fundraising will be finished in about three
months.

ICICI Bank is now in the process of setting up the fund, which
fund Credit Suisse will help raise, George Smith Alexander and
Boby Kurian writes Tamil News Network.  Roadshows have started
and the bank already received soft commitments for around US$500
million, TNN says citing unnamed sources.

The bank plans to create a separate entity for the fund, in
which entity it is likely to contribute around 15-20%, TNN adds.

ICICI is reportedly looking at investors abroad with commitments
of above seven years.

                         About ICICI Bank

India-based ICICI Bank Ltd -- http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' BB Subordinated Debt Rating.


KARAMYSH-OIL-GAS: Court Names K. Stoyankin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Saratov appointed K. Stoyankin as
Insolvency Manager for LLC Karamysh-Oil-Gas (TIN 6452064900).
He can be reached at:

         K. Stoyankin
         Apartment 30
         2nd Detskiy Pr. 55/57
         Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A-57-36b/06-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         K. Stoyankin
         Apartment 30
         2nd Detskiy Pr. 55/57
         Saratov
         Russia


KURGAN-PROM-STROY: Bid Filing Deadline Slated for Sept. 13
----------------------------------------------------------
V. Vinogradov, the bidding organizer for OJSC Kurgan-Prom-Story,
will open a public auction for the company's properties at
11:00 a.m. on Sept. 19 at:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

Interested participants have to deposit an amount equivalent to
20% of the starting price to OJSC Kurgan-Prom-Story's cash desk.

Bidding documents have until Sept. 13 to be submitted to:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

The Debtor can be reached at:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia


KUSHEVSKIY AGRO-SNAB: Bankruptcy Hearing Slated for October 29
--------------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 10:30 a.m. on
Oct. 29 to hear the bankruptcy supervision procedure on LLC
Kushevskiy Agro-Snab.  The case is docketed under Case No.
A-32-6535/2007-37/198-B.

The Temporary Insolvency Manager is:

         L. Salova
         Post User Box 1337
         350049 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Kushevskiy Agro-Snab
         Gagarina Str. 65
         Kushevskaya St.
         653017 Krasnodar
         Russia


M-CENTRE CJSC: Creditors Must File Claims by October 11
-------------------------------------------------------
Creditors of CJSC Trading Company M-Centre have until Oct. 11 to
submit proofs of claim to:

         L. Serdyuk
         Insolvency Manager
         Apartment 6
         Building 3
         Moldalgulovoj Str. 16
         111395 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A40-17133/06-76-144B.

The Court is located at:

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

The Debtor can be reached at:

         L. Serdyuk
         Insolvency Manager
         Apartment 6
         Building 3
         Moldalgulovoj Str. 16
         111395 Moscow
         Russia


OKTYABRSKIY FLOUR: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of LLC Oktyabrskiy Flour Mill have until Oct. 11 to
submit proofs of claim to:

         A. Dolzhenko
         Insolvency Manager
         Moskovskaya Str. 68
         344007 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The Court will
convene at 3:30 p.m. on Nov. 10 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A53-1490/07-S1-8.

The Court is located at:

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

The Debtor can be reached at:

         LLC Oktyabrskiy Flour Mill
         Mayskaya Str. 1
         Internatsionalnyj
         Oktyabrskiy (selskiy)
         346473 Rostov
         Russia


SUN OJSC: Creditors Must File Claims by September 18
----------------------------------------------------
Creditors of OJSC Sun (TIN 5318000643) have until Sept. 18 to
submit proofs of claim to:

         V. Gulyaev
         Temporary Insolvency Manager
         Post User Box 208
         173025 Velikij Novgorod
         Russia

The Arbitration Court of Novgorod commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A44-1600/2007.

The Debtor can be reached at:

         OJSC Sun
         Molodogvardejskaja Str. 3
         Chudovo
         174210 Novgorod
         Russia


VERALEKS CJSC: Court Names A. Alikhanov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Stavropol appointed A. Alikhanov as
Insolvency Manager for CJSC Veraleks (TIN 2636040549).  He can
be reached at:

         A. Alikhanov
         Apartment 6
         45 Parallel Str. 14
         355000 Stavropol
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A63-15464/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Veraleks
         Komsomolskaya Str. 71
         355000 Stavropol
         Russia


VICTORY LLC: Chelyabinsk Bankruptcy Hearing Slated for Oct. 23
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene at 10:00 a.m.
on Oct. 23 to hear the bankruptcy supervision procedure on LLC
Victory.  The case is docketed under Case No. A76-6223/
2007-34-89.

The Temporary Insolvency Manager is:

         E. Krestovskikh
         Temporary Insolvency Manager
         Chucheva Str. 1
         Miass
         456300 Chelyabinsk
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Victory
         B.Khmelnitskogo Str. 32, 70
         Miass
         Chelyabinsk
         Russia


=========
S P A I N
=========


AYT COLATERALES: Fitch Rates Class D Notes at BB-
-------------------------------------------------
Fitch Ratings has assigned final ratings to AyT Colaterales
Global Hipotecario, FTA Serie AyT Colaterales Global Hipotecario
Caja Navarra I EUR100 million mortgage-backed floating-rate
notes due in November 2046:

   -- EUR89.8 million Class A: 'AAA'; Outlook Stable
   -- EUR5.6 million Class B: 'A'; Outlook Stable
   -- EUR4.1 million Class C: 'BBB-'; Outlook Stable
   -- EUR500,000 Class D: 'BB- '; Outlook Stable

This transaction is a cash flow securitization of a
EUR100 million static pool of first and second-ranking Spanish
mortgage loans originated and serviced by Caja de Ahorros y
Monte de Piedad de Navarra ('A' /Outlook Stable/ 'F1').

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Ahorro y Titulizacion S.A., S.G.F.T.'s
administrative capabilities.

Initial credit enhancement for the Class A to D notes is
provided by subordination and a reserve fund, which has been
funded at closing using a subordinated loan.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C and D notes, as
well as the repayment of principal at legal final maturity.
Should the deferral trigger on the Class B, C and D notes be
hit, interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund's sole purpose is to transform into fixed-income
securities a portfolio of mortgages certificates acquired from
Caja Navarra.  The CTHs are subscribed by Ahorro y Titulizacion
S.A., S.G.F.T., whose sole function is to manage asset-backed
notes on behalf of the fund.


BAUSCH & LOMB: Settles Merger-Related Shareholder Suits
-------------------------------------------------------
Bausch & Lomb Inc. and Warburg Pincus LLC entered into a
memorandum of understanding with various shareholder plaintiffs
to settle certain shareholder lawsuits, including shareholder
lawsuits that, among other things, challenged the proposed
merger of the company with affiliates of Warburg Pincus LLC
pursuant to the Agreement and Plan of Merger, dated as of
May 16, 2007, by and among WP Prism LLC, WP Prism Merger
Sub Inc. and the company, and the other related transactions.

In connection with the settlement, the company agreed to make
certain additional disclosures to its shareholders, which are
contained in the proxy supplement filed with the U.S. Securities
and Exchange Commission.  Subject to the completion of certain
confirmatory discovery by counsel to plaintiffs, the memorandum
of understanding contemplates that the parties will enter into a
stipulation of settlement.  The stipulation of settlement will
be subject to customary conditions, including court approval
following notice to the company’s shareholders and consummation
of the merger.

In the event that the parties enter into a stipulation of
settlement, a hearing will be scheduled at which the court will
consider the fairness, reasonableness and adequacy of the
settlement which, if finally approved by the court, will resolve
all of the claims that were or could have been brought in the
actions being settled, including all claims relating to the
merger, the merger agreement and any disclosure made in
connection with the merger.

In addition, in connection with the settlement and as provided
in the memorandum of understanding, the parties contemplate that
plaintiffs’ counsel will seek an award of attorneys’ fees and
expenses as part of the settlement.  There can be no assurance
that the parties will ultimately enter into a stipulation of
settlement or that the court will approve the settlement even if
the parties were to enter into such stipulation.  In such event,
the proposed settlement as contemplated by the memorandum of
understanding may be terminated.

A full-text copy of the proxy statement supplement is available
for free at http://ResearchArchives.com/t/s?2326

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


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


DMPV JSC: Claims Registration Period Ends October 14
----------------------------------------------------
The Bankruptcy Court of Binningen in Basel commenced bankruptcy
proceedings against JSC DMPV on July 19.

Creditors have until Oct. 14 to file their written proofs of
claim.

The Bankruptcy Service of Binningen can be reached at:

         Bankruptcy Service of Binningen
         4102 Binningen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC DMPV
         Stutzring 5
         4107 Ettingen
         Arlesheim BL
         Switzerland


ERICH BRANDNER: Creditors' Liquidation Claims Due September 24
--------------------------------------------------------------
Creditors of JSC Erich Brandner have until Sept. 24 to submit
their claims to:

         Brandner-Ingold Erich
         Liquidator
         Schiristrasse 2
         5734 Reinach
         Kulm AG
         Switzerland

The Debtor can be reached at:

         JSC Erich Brandner
         Menziken
         Kulm AG
         Switzerland


FRWD TECHNOLOGIES: Creditors' Liquidation Claims Due Sept. 21
-------------------------------------------------------------
Creditors of LLC FRWD Technologies Schweiz have until Sept. 21
to submit their claims to:

         Markku Tapio
         Liquidator
         Schulhausstrases 21
         6318 Walchwil ZG
         Switzerland

The Debtor can be reached at:

         LLC FRWD Technologies Schweiz
         Cham ZG
         Switzerland


GRATZER BAUTRANS: Schwyz Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Kussnacht in Schwyz entered Aug. 14 an
order closing the bankruptcy proceedings of LLC Gratzer
Bautrans.

The Bankruptcy Service of Kussnacht can be reached at:

         Bankruptcy Service of Kussnacht
         6403 Kussnacht SZ
         Switzerland

The Debtor can be reached at:

         LLC Gratzer Bautrans
         Burgenstock
         6403 Kussnacht SZ
         Switzerland


GROB KALKSCHUTZ: Claims Registration Period Ends September 17
-------------------------------------------------------------
The Bankruptcy Court of Sissach in Basel commenced bankruptcy
proceedings against JSC Grob Kalkschutz on July 5.

Creditors have until Sept. 17 to file their written proofs of
claim.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         JSC Grob Kalkschutz
         Obermattstrasse 6a
         4464 Maisprach
         Sissach BL
         Switzerland


H.E.K. CONSULTING: Creditors' Liquidation Claims Due Sept. 28
-------------------------------------------------------------
Creditors of LLC H.E.K. Consulting have until Sept. 28 to submit
their claims to:

         Helmut E. Kupper
         Liquidator
         Hubelrebenweg 459
         5708 Birrwil
         Kulm AG
         Switzerland

The Debtor can be reached at:

         LLC H.E.K. Consulting
         Birrwil
         Kulm AG
         Switzerland


HETO HYDRAULIK: Creditors' Liquidation Claims Due November 14
-------------------------------------------------------------
Creditors of JSC Heto Hydraulik have until Nov. 14 to submit
their claims to:

         Allmendstrasse 19a
         6373 Ennetburgen NW
         Switzerland

The Debtor can be reached at:

         JSC Heto Hydraulik
         Ennetburgen NW
         Switzerland


JAKOB P. MEIER: Creditors' Liquidation Claims Due December 17
-------------------------------------------------------------
Creditors of JSC Jakob P. Meier have until Dec. 17 to submit
their claims to:

         Jakob P. Meier
         Liquidator
         Eggweg 7
         3074 Muri bei Bern
         Switzerland

The Debtor can be reached at:

         JSC Jakob P. Meier
         Bern
         Switzerland


MAX WIDEMANN: Creditors' Liquidation Claims Due March 7, 2008
-------------------------------------------------------------
Creditors of JSC Max Widemann have until March 7, 2008 to submit
their claims to:

         Walter Gallusser
         Liquidator
         JSC ALTEA Treuhand
         Weinbergstrasse 68
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Max Widemann
         Zurich
         Switzerland


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


ADAZHIO-UKRAINE LLC: Creditors Must File Claims by September 12
---------------------------------------------------------------
Creditors of LLC Adazhio-Ukraine (code EDRPOU 24913030) have
until Sept. 12 to submit their proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 21/55/06.

The Debtor can be reached at:

         LLC Adazhio-Ukraine
         Gagarin Str. 3
         Melitopol
         Zaporozhje
         Ukraine


AQUILA LLC: Creditors Must File Claims by September 12
------------------------------------------------------
Creditors of LLC Aquila (code EDRPOU 31962037) have until
Sept. 12 to submit their proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 25/48/07.

The Debtor can be reached at:

         LLC Aquila
         Shmidt Str. 13
         Melitopol
         Zaporozhje
         Ukraine


BUILDING SYNTHESIS: Claims Submission Deadline Set September 12
---------------------------------------------------------------
Creditors of LLC Building Synthesis (code EDRPOU 32175257) have
until Sept. 12 to submit their proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/150/07.

The Debtor can be reached at:

         LLC Building Synthesis
         Tchekistov Str. 27
         69063 Zaporozhje
         Ukraine


CHEMICAL PROGRESS: Creditors Must File Claims by September 12
-------------------------------------------------------------
Creditors of LLC Company Chemical Progress have until Sept. 12
to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 11/160.


ENAKIEVO MOTORCAR 11469: Claims Submission Deadline Set Sept. 12
----------------------------------------------------------------
Creditors of OJSC Enakievo Motorcar Transport Subdivision 11469
(code EDRPOU 30321905) have until Sept. 12 to submit their
proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on June 27.  The case is docketed under
Case No. 27/129B.

The Debtor can be reached at:

         OJSC Enakievo Motorcar Transport Subdivision 11469
         Lebedev-Kumach Str. 10
         Enakievo
         86400 Donetsk
         Ukraine


EXPRESS FREIGHT: Creditors Must File Claims by September 12
-----------------------------------------------------------
Creditors of LLC Express Freight (code EDRPOU 31454179) have
until Sept. 12 to submit their 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. 49/151-b.

The Debtor can be reached at:

         LLC Express Freight
         Apartment 22
         Mechnikov Str. 8
         01023 Kiev
         Ukraine


IVANO-FRANKOVSKAL CONSUMER UNION: Creditors' Claims Due Sept. 12
----------------------------------------------------------------
Creditors of Joint Enterprise Repair-Assembly Enterprise of
Ivano-Frankovskal Consumer Union (code EDRPOU 01731303) have
until Sept. 12 to submit their proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. B-21/123.

The Debtor can be reached at:

         Joint Enterprise Repair-Assembly Enterprise of
         Ivano-Frankovskal Consumer Union
         Simon Petliura Str. 2a
         76018 Ivano-Frankovsk
         Ukraine


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


ANDREWS INTERIORS: Claims Filing Period Ends October 31
-------------------------------------------------------
Creditors of Andrews Interiors Ltd. have until Oct. 31 to send
their full names, addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
solicitors (if any) to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Aug. 31 for the creditors' voluntary winding-up
procedure.


AUXILIA GROUP: Creditors' Meeting Slated for September 17
---------------------------------------------------------
Creditors of Auxilia Group Ltd. (Company Number 05067413) will
meet at 3:00 p.m. on Sept. 17 at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Sept. 14 at:

         Allan Watson Graham and Richard James Philpott
         Joint Administrators
         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England

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


BA PETERS: Administrators Complete Sale of Boat Dealerships
-----------------------------------------------------------
Jane Moriarty and Myles Hallye of KPMG LLP, the joint
administrators of BA Peters Ltd., disclosed the sale of the
Chichester, Brixham and Swanwick boat dealerships to a newly
formed company which is going to trade as Opal Marin Ltd.

A sale had also been completed for the Chichester based boat
lifting and storage business, which has been purchased by the
owners of Chichester Marina, Premier Marinas.

The administrators have also accepted offers subject to contract
on the Chichester Chandlery and the operation based at Ipswich
Marina.  Negotiations are ongoing for the sale of the 'Port to
Port' business.

"Every effort was made to try and find one buyer for the whole
business however despite extensive marketing no appropriate
offers were forthcoming.  We have completed on offers that we
believe ensure the best deal for creditors.  We continue to work
on a number of other deals and hope to be able to finalize them
shortly," Joint Administrator Jane Moriarty disclosed.

The company appointed joint administrators from KPMG on Aug. 14,
2007.

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

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


BALLY TOTAL: Accounting Errors Prompt Financial Filing Delay
------------------------------------------------------------
Bally Total Fitness Holding Corporation has advised the United
States 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, 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.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


CABLE & WIRELESS: Azea Bags US$22-Million Equipment Contract
------------------------------------------------------------
Cable & Wireless International has selected Azea Networks to
provide its NX10 terminal equipment and Management System in a
next generation fiber optic cable, which will link Bermuda with
the United States.

The US$22-million contract, announced March 29, includes
technical support for this innovative project, which will use
the established Gemini cable, part of which will be picked up
and diverted to land in Bermuda.

Although the cable system was originally designed for operation
at 4 x 2.5 Gbit/s, the new terminal equipment will enable a
capacity of 16 x 10 Gbit/s on each of the two fibre pairs, thus
providing for future expansion.  The innovative approach of re-
using the Gemini cable capitalizes on an existing asset and will
result in a rapid and cost effective implementation.  Azea will
also be involved in ensuring that the recovered and re-
engineered cable meets the transmission requirements for
maximising long-term capacity and in moving Power Feed
Equipment.

"Azea was chosen because their equipment meets our requirements
for a modern, cost effective solution," said Eddie Saints, Chief
Executive of Cable & Wireless Bermuda.  "The resulting link will
feature 1+1 protection to create a highly reliable link with the
capability to expand to meet future traffic needs."

"We are delighted to be selected to provide the terminal
Equipment for this imaginative project," said Mike Hynes, Chief
Operating Officer of Azea Networks Ltd., "and our involvement in
the cable engineering and re-deployment of Power Feed Equipment
is a natural fit with Azea's policy of providing complete
turnkey solutions to the Submarine Cable Market."

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%


CHEYNE FINANCE: S&P Junks Mezzanine Capital Notes; Keeps Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
mezzanine capital notes issued by Cheyne Finance PLC and Cheyne
Finance LLC, two co-issuing structured investment vehicles, to
'CCC-' from 'B-'.  The rating remains on CreditWatch with
negative implications, where it was placed Aug. 28, 2007.

The rating action follows Standard & Poor's analysis of the
vehicle's ability to pay the mezzanine capital noteholders.
Given the level of realized losses so far and considering the
liabilities senior to the capital noteholders, Standard & Poor's
believes these notes are vulnerable to nonpayment.  S&P’s
analysis also shows that the assets will have to be sold at a
price close to par to meet the repayment.

Cheyne Finance is a SIV managed by Cheyne Capital Management
Ltd., which is responsible for purchasing the assets, managing
the portfolio, and overseeing the issuance of commercial paper
and medium-term notes.

The portfolio is predominantly invested in real estate
securitizations and has suffered no downgrades to these
underlying assets.


Cheyne Finance PLC/Cheyne Finance LLC Up to US$20 billion
   European and U.S. CP and MTN program

                                       Rating
   Class                        To                 From
   -----                        --                 ----
   Mezzanine capital notes      CCC-/Watch Neg     B-/Watch Neg


CORNERSTONE TITAN 2006-1: Fitch Puts B Rating to Class J Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Cornerstone Titan 2006-1 Plc's notes,
due 2015:

   -- GBP391.4 million Class A (XS0262023459): 'AAA'; Outlook
      Stable

   -- GBP5,000 Class X (XS0262023707): 'AAA'; Outlook Stable

   -- GBP49.85 million Class B (XS0262023962): 'AAA'; Outlook
      Stable

   -- GBP20.21 million Class C (XS0262024184): 'AA'; Outlook
      Stable

   -- GBP25.49 million Class D (XS0262024424): 'AA'; Outlook
      Stable

   -- GBP20.7 million Class E (XS0262025157): 'A'; Outlook
      Stable

   -- GBP31.37 million Class F (XS0262025405): 'BBB'; Outlook
      Stable

   -- GBP13.82 million Class G (XS0262025744): 'BBB-'; Outlook
      Stable

   -- GBP5.5 million Class H (XS0262026551): 'BB'; Outlook
      Stable

   -- GBP3.47 million Class J (XS0262027104): 'B'; Outlook
      Stable

At the July 2007 interest payment date, one year into the
transaction, the pool remains largely unchanged.  The credit
enhancement of all classes but Class J improved slightly due to
amortization of GBP1.3 million across the pool and a
GBP0.9 million prepayment in the Impact portfolio.  This loan
accounted for 7% of the original portfolio.  While the loan was
partly prepaid in April 2007 after a property sale, the proceeds
of two disposals in July have been retained for a possible
property substitution.

Eight of the nine loans forming the transaction's collateral
have shown stable performance since closing.  The Peacock Place
loan, backed by a shopping mall in Northampton, UK, experienced
an interest coverage ratio drop in April 2007, from 1.27x at the
previous IPD to 1.08x, just below the 1.1x trigger.  This drop
did not result in a default since all payments were made by the
borrower and the ICR calculation excluded recently agreed rental
uplifts and payments of back rent/repayment of rental arrears.
The ICR improved to 1.22x in July, as projected previously by
the borrower.  If the ICR remains at this level in October 2007,
the loan will be removed from the servicer's watchlist.


DECO 6: Fitch Cuts Rating on GBP24 Million Class D Notes to BB
--------------------------------------------------------------
Fitch Ratings has downgraded the Class D notes in DECO 6 - UK
Large Loan 2 plc to 'BB' from 'BBB', due to development works
being carried out at the St. Enoch Shopping Centre in Glasgow.
Fitch also revised DECO 6's Class C Outlook to Negative from
Stable.  All other tranches have been affirmed.  The ratings
are:

   -- GBP63.91 million Class A1 due July 2017 (XS0235682845):
      affirmed at 'AAA'; Outlook Stable

   -- GBP208.04 million Class A2 due July 2017 (XS0235683223):
      affirmed at 'AAA'; Outlook Stable

   -- GBP34.42 million Class B due July 2017 (XS0235683736):
      affirmed at 'AA'; Outlook Stable

   -- GBP39.30 million Class C due July 2017 (XS0235684114):
      affirmed at 'A'; Outlook revised to Negative from Stable

   -- GBP24.09 million Class D due July 2017 (XS0235684544):
      downgraded to 'BB' from 'BBB'; Outlook Negative

One of the three loans in the DECO 6 portfolio is secured on the
St. Enoch Shopping Centre.  The center is located in the heart
of the commercial hub in Glasgow, and is currently undergoing
substantial redevelopment and expansion.  The anticipated cost
of the entire development is around GBP97 million, which will be
entirely funded through equity contributions from the borrower.
The redevelopment is the first major refurbishment since opening
in 1989 and will include a new entrance at the intersection of
two of the major retail streets in Glasgow, on the corner of
Argyle and Buchanan Streets.  This will ultimately attract new
shoppers at the key junction.  While the redevelopment is
expected to increase the value of the shopping center, there are
numerous risks that Fitch is concerned with during the
development stages.

The loan has an interest coverage ratio covenant of 1.1x.  If
the ICR falls below 1.1x, then any surplus cash is swept into a
deposit account, rather than being released to the borrower.
Nevertheless, the ICR covenant has been suspended for four
quarters to allow for the development of the shopping center to
begin.  The ICR covenant will be re-instated after four quarters
and will therefore be effective again from the July 2008
interest payment date.  Due to the suspension of the ICR test,
the cash trap is also suspended in accordance with the Loan
Agreement and accordingly, the borrower is entitled to receive
surplus monies that can be applied to the development costs.
The loan agreement states that if the ICR falls below 100% for
four consecutive periods and not more than six periods in total,
it is not considered a breach of the test.

There has been a significant reduction in the net rental income.
The annual rental income for the April 2007 investor report was
GBP12.4 million, while the latest quarter has shown a further
reduction to GBP10 million.  This has reduced from approximately
GBP14.5 million in July 2006.  Consequently, this will lead to a
decrease in the ICR to levels of circa 1x and below.  The
current ICR is reported at being 0.96x.

Since funding, the loan has experienced a loss of sponsor.
Following the bankruptcy of Mills Corp, Ivanhoe Cambridge
acquired the remaining 50% it didn't already own in October
2006.  Ivanhoe is now the sole owner and manager of the St.
Enoch Shopping Centre.  The loss of one of the sponsors can be
seen as a negative, as the completion of the shopping center is
now completely dependent on the financial capability of Ivanhoe
Cambridge.  Another concern is that Fitch has not yet received
any documents entailing an outline of the development costs.
There appears to be no clear structured source of financing.
The sponsor, Ivanhoe Cambridge, appears to be able to complete
the works, given their healthy balance sheet.  Nevertheless, it
hasn't provided the facility agent, Deutsche Bank, with a
detailed overview of where the funds are coming from and at what
stage of the works they are available.

Fitch is also concerned about the uncertainty over the re-
letting.  There is a risk that the shopping center won't be able
to re-let all the vacant units upon completion in 2009.

There are three loans in the DECO 6 portfolio, two of which are
relatively weak from a credit perspective.  The Brunel Shopping
Centre, situated in Swindon, in the south-west UK, has
experienced performance issues since the loan was originated in
March 2005.  In the first reporting period, the loan's projected
debt service coverage ratio fell below the required covenant of
1.1x. Since this time, it has not recovered and has always
remained below the covenant.  For two consecutive quarters, the
loan DSCR was below the threshold.  However, due to the loan
agreement, the borrower wasn't in breach of the DSCR covenant
because it can remain below the covenant for four consecutive
periods.  Nevertheless, the event resulted in a cash sweep of
the rental income until the deficit is recovered, meaning that
any remaining cash in the rent account will be transferred to
another account rather being released to the borrower.

As with the St. Enoch loan, the servicer has given approval that
there be a formal suspension of the DSCR test under the terms
and conditions of the Brunel loan agreement.  Thus, if the
borrower proposes any minor or major works, then the DSCR test
can be suspended at the servicer's approval, which was granted.


EUROPEAN PRIME: Fitch Cuts GBP11.6 Million Class D Notes to BB
--------------------------------------------------------------
Fitch Ratings has downgraded the Class D notes in European Prime
Real Estate No.1 plc to 'BB' from 'BBB', due to development
works being carried out at the St. Enoch Shopping Centre in
Glasgow.  All other tranches have been affirmed.  The ratings
are:

   -- GBP250.37 million Class A (XS0225549301): affirmed at
      'AAA'; Outlook Stable

   -- GBP17.72 million Class B (XS0225549566): affirmed at 'AA';
      Outlook Stable

   -- GBP22.46 million Class C (XS0225549723): affirmed at 'A';
      Outlook revised to Negative from Stable

   -- GBP11.55 million Class D (XS0225550143): downgraded to
      'BB' from 'BBB'; Outlook revised to Negative from Stable

The St. Enoch Shopping Centre loan is the second-largest loan,
being 31.45% of the portfolio.  The center is currently
undergoing substantial redevelopment and expansion.  The
anticipated cost of the entire development is around GBP97
million, which will be funded through equity contributions from
the borrower.  While the redevelopment is expected to increase
the value of the shopping center, during the development stage,
Fitch has concerns with the completion risk.

Since funding, the loan has experienced a loss of sponsor.
Following the bankruptcy of Mills Corp, Ivanhoe Cambridge
acquired the remaining 50% it didn't already own in October
2006.  Ivanhoe Cambridge is now the only owner and manager of
the St. Enoch Shopping Centre.  The loss of one of the sponsors
can be seen as a negative, as the completion of the shopping
center is now solely dependent on the financial capability of
one Sponsor.  Given their healthy balance sheet, Ivanhoe
Cambridge appears to be able to complete the works.
Nevertheless, it hasn't provided the facility agent, Deutsche
Bank, with a detailed overview of where the funds are coming
from and at what stage of the works they are available.

The St. Enoch loan has an interest coverage ratio covenant of
1.1x. If the ICR falls below 1.1x, then any surplus cash is
swept into a deposit account, rather than being released to the
borrower.  Nevertheless, the ICR covenant has been suspended for
four quarters to allow for the development of the shopping
center to begin.  The ICR covenant will be re-instated after
four quarters and will therefore be effective again from the
July 2008 interest payment date.  Due to the suspension of the
ICR test, the cash trap is also suspended in accordance with the
Loan Agreement and accordingly, the borrower is entitled to
receive surplus monies that can be applied to the development
costs.  The loan agreement states that if the ICR falls below
100% for four consecutive periods and not more than six periods
in total, it is not considered a breach of the test.

There has been a significant reduction in the loan net rental
income since closing, mainly as a consequence of the
redevelopment.  The annual rental income for the October 2005
investor report was GBP15.3 million, reducing to GBP12.3 million
in April 2007, while the latest quarter has shown a further
decline to GBP10.9 million.  Consequently, the ICR of the loan
has diminished from 1.42x at the cut-off day to 1.16x in April
2007 to 1.01x in the last period.  There are additional concerns
about a further decrease in the net rent due to an increase in
the vacant ratio and the risk that the shopping center won't be
able to re-let all the vacant units upon completion in 2009.

The original portfolio compromised eight loans secured on 18
properties located in England and Scotland, of which two have
prepaid:  The Admiral Portfolio and The Money Centre.  These
loans were in the Loan Group 2, therefore the application of
principal receipts has been higher in Class D (9%) than those in
the Loan Group 1 (2%).  As a consequence, the Credit
Enhancements of all classes reduced slightly.  In addition, the
geographical concentration in Scotland increased from 25.64% at
closing to 44.94% in the last period.

In the last quarter, the total floor area of the Halton Lea
Shopping Centre, 11.72% of the portfolio, has increased.  This
is due to the completion in the last period of the
reconfiguration of the new Wilkinson unit.  As a result of this
finished reconfiguration, the rent increased from GPB2.5 million
in July 2006 to GBP3.3 million in April 2007 million, and then
to GBP3.7 million in July 2007.  The ICR increased from 1.08x in
April 2007, which was below the dividend trap threshold of 1.1x,
to 1.14x in the last period.  The vacancy, although it has
improved from being in the last quarter at 19.41%, remains high
at 15.21%.  The ICR of the transaction diminished to 1.51x in
the last period from 1.76x in July 2006 and the LTV improved
from 64.35 % 12 months ago to 53.53% in July 2007.


FEDERAL-MOGUL: Post US$21.1 Million Net Loss in July 2007
---------------------------------------------------------
                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
                For the Month Ended July 31, 2007
                          (In millions)

Net sales                                              US$233.1
Cost of products sold                                     196.2
                                                       --------
Gross margin                                               37.0

Selling, general & administrative expenses                (43.9)
Amortization                                               (1.2)
Reorganization items                                       (6.3)
Interest income (expense), net                            (15.1)
Other income (expense), net                                 8.6
                                                       --------
Earnings before Income Taxes                              (20.8)

Income Tax (Expense) Benefit                               (0.3)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                (21.1)
                                                       --------
Net Earnings (loss)                                    (US$21.1)


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
                For the month ended July 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                  (US$21.1)
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           12.2
   Adjustment of assets held for sale and
      other long-lived assets to fair value                   -
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                      (9.8)
   Decrease (increase) in accounts receivable              55.7
   Decrease (increase) in inventories                     (10.9)
   Increase (decrease) in accounts payable                (15.2)
   Change in other assets & other liabilities             (15.9)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities                (4.9)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (7.2)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      (7.2)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                             (9.3)
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    0.7
                                                       --------
Net Cash Provided From Financing Activities                (8.6)

Increase (Decrease) in Cash and Equivalents               (20.7)

Cash and equivalents at beginning of period                79.8
                                                       --------
Cash and equivalents at end of period                   US$59.1

The Debtors' assets totaled US$6,483,000,000 as of July 31,
2007.  Liabilities were at US$8,014,000,000.

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing began June 18, 2007, and
is set to conclude on Oct. 1, 2007.  (Federal-Mogul Bankruptcy
News, Issue No. 146; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


GAP INC: Posts US$1.2 Bln Net Sales for Four-Week Ended Sept. 1
---------------------------------------------------------------
Gap Inc. reported net sales of US$1.2 billion for the four-week
period ended September 1, 2007, which represents a 4% increase
compared with net sales of US$1.15 billion for the same period
ended Aug. 26, 2006.

Due to the 53rd week in fiscal year 2006, August 2007 comparable
store sales are compared to the four-week period ended Sept. 2,
2006.  On this basis, the company's comparable store sales for
Aug. 2007 decreased 1% compared with a 7% decrease as reported
in August 2006.

Year-to-date net sales of US$8.43 billion for the 30 weeks ended
September 1, 2007, increased 2% compared with net sales of
US$8.30 billion for the 30-weeks ended August 26, 2006.  Due to
the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared to the 30 week period ended
September 2, 2006.

On this basis, the company's year-to-date comparable store sales
decreased 4 percent compared with a 7 percent decrease as
reported in the prior year.

Comparable store sales by division for August 2007 were:

   -- Gap North America: positive 2% versus negative 11% for
      2006;

   -- Banana Republic North America: positive 7% versus positive
      2% for the same period in 2006;

   -- Old Navy North America: negative 4% versus negative 8%
       last year; and

   -- International: negative 7% versus flat in 2006.

"Although merchandise margins were below last year, we're
pleased with the progress we're making across our brands," said
Sabrina Simmons, executive vice president of Gap Inc. finance.

                         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 in Southeast Asia and the Middle East.

                           *   *   *

As of Sept. 10, 2007, The Gap Inc. carries Moody's Long-term
Corporate Family rating of Ba1, Senior Unsecured Debt of Ba1,
and Probability of Default rating of Ba1 with Stable Outlook.

Standard & Poor's rated the company at BB+ Long-term Foreign
Issuer Credit rating and Long-term Local Issuer Credit rating of
BB+ with Stable Outlook.

Fitch Ratings assigned BB+ ratings for Long-term Issuer Default
and Senior Unsecured debt with Negative Outlook.


ISLE OF CAPRI: Brean Murray Holds Buy Rating on Firm’s Shares
-------------------------------------------------------------
Brean Murray analyst Ryan L. Worst has kept his "buy" rating on
Isle of Capri Casinos Inc’s shares, Newratings.com reports.

Mr. Worst said in a research note that due to a possible deficit
at Pompano, the Isle of Capri would report first quarter 2008
EBITDA "in-line with or marginally short of the estimates."

Mr. Worst told Newratings.com that the Isle of Capri's share
price indicates initial weakness at Pompano.  The valuation of
its stock offers is an attractive investment opportunity due to
the recent improvement in revenues at the unit.

The Isle of Capri would generate strong growth through the
redevelopment of Biloxi in fiscal year 2009, Newratings.com
states, citing Brean Murray.

Based in Biloxi, Missippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57 percent
ownership interest in two casinos in Black Hawk, Colorado.  Isle
of Capri Casinos' international gaming interests include a
casino that it operates in Freeport, Grand Bahama, a casino in
Coventry, England, and a two-thirds ownership interest in
casinos in Dudley and Wolverhampton, England.

There are four Isle of Capri Casinos brands including "the
isle," Isle of Capri, Colorado Central Station and Rhythm City,
providing over 16,000 slot machines, 550 table games and 3000
hotel rooms for our guests' enjoyment.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.


ISOFT GROUP: Legislators Demand Independent Audit of IBA Health
---------------------------------------------------------------
Members of the parliament in the United Kingdom are demanding an
independent audit of IBA Health Ltd., which is on the verge of
closing a deal to acquire iSOFT Group plc, after speculations
over its accounts and a Malaysian joint venture, Josephine
Moulds writes for the Daily Telegraph.

IBA, however, states its accounts are open and transparent, and
expects the Malaysian venture to generate substantial profits in
the coming years.  Analysts earlier raised concerns that the
venture has merely generated the same amount in revenues that
IBA has ploughed into it.

The Daily Telegraph says politicians are concerned about iSOFT's
future since it is one of the main software suppliers for the
British government's National Programme for IT (NPfIT) aimed at
upgrading the National Health Service's computing system.

According to Shadow health minister Stephen O'Brien, a thorough
audit of any potential owner of iSOFT is necessary as the
contract involve "huge sums of taxpayers' money".

Meanwhile, Liberal Democrat MP John Pugh, a member of the
influential Public Accounts Committee, called for an independent
assessment from within the government to determine "whether or
not this looks like a good outcome from the point of view of the
NHS," the Daily Telegraph relates.

                         IBA Offer

On Aug. 29, 2007, CompuGROUP Holding AG said that it will not
increase its cash offer of 66 pence per iSOFT share.

Since IBA's cash offer offer of 69 pence per iSOFT share, with a
stock alternative of 1.65 new IBA shares per iSOFT share,
represents superior value for iSOFT shareholders compared with
that of CompuGROUP, iSOFT has therefore withdrawn its
recommendation of the CompuGROUP offer and intends to recommend
and proceed with the steps necessary to implement the revised
IBA offer by way of a scheme of arrangement.

A competitive situation no longer exists between IBA and
CompuGROUP.  Therefore, the Panel on Takeovers and Mergers will
not be proceeding to implement an auction procedure as described
in iSOFT’s announcement of Aug. 23, 2007.

"Our advisory teams are already implementing the necessary
procedural steps to bring this acquisition to a close, Gary
Cohen, executive chairman of IBA, said.  "The merits of this
transaction have been strongly endorsed by our shareholders over
the last week during a difficult period.  I look forward to
providing the market with further details and an outline of the
timetable shortly. "

On Aug. 31, 2007, the Court Meeting and the Extraordinary
General Meeting, which were convened to consider the proposal by
CompuGROUP, were adjourned indefinitely.

                          About iSOFT

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

                           *   *   *

In June 2006 iSOFT revealed a change in accounting policy for
revenue recognition, as a consequence of which it became
necessary to review and restate revenues in prior years.
Arising out of that review a number of possible accounting
irregularities came to light in which it appears that some
revenues reported in the financial years ended April 30, 2004
and 2005 may have been recognized earlier than they should have
been.

On July 20, 2006 the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006 it was confirmed that
there were indeed matters that needed further investigation and
we handed over relevant documents to the Financial Services
Authority (FSA), which is now conducting that investigation.
The Group is working closely and cooperatively with the FSA in
order to complete the investigation as quickly as possible.

On Oct. 25, 2006 the Accountancy Investigation and Discipline
Board (AIDB) announced that it will conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended April
30, 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities conducted
by Deloitte & Touche LLP in July and August 2006 did not uncover
evidence that any of the current non-executive directors had any
knowledge of the irregularities.

At the present time the Group has no indication of when either
the FSA or the AIDB intend to conclude their investigations and
report.  On the basis of information that has come to light so
far, the directors consider that the restatement of revenues in
the financial statements for the year ended April 30, 2006
corrected, where appropriate, the impact of these particular
matters.  As the investigation is not yet concluded, it is not
possible for the Board to finally determine what implications,
if any, may arise from the conclusion of the investigations into
these matters.  Nevertheless they must be thoroughly
investigated and the Group will continue to cooperate with both
organizations.

                      Going Concern Doubt

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

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.  In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.
Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.


JVC CORP: UK Unit Slammed Over Dismissal of 99 Employees
--------------------------------------------------------
Victor Company of Japan, Limited's United Kingdom unit was
strongly criticized by the labor union after sacking 99 workers
at its Scottish plant, reports Kyodo News.

Kyodo writes that the union Unite has criticized the move of
firing 99 of the 400 employees in the production of televisions
in the Scotland plant located in East Kilbride.

However, the move by Victor, known overseas for its JVC brand,
has prompted a 30-day mandatory consultation period in which the
dismissed workers will continue to be paid, conveys Kyodo News.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

The Troubled Company Reporter-Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


KRISPY KREME: Reports US$27 Million Second Quarter Net Loss
-----------------------------------------------------------
Krispy Kreme Doughnuts Inc. posted a net loss of US$27.0 million
for the second quarter of fiscal 2008, compared to a net loss of
US$4.6 million in the comparable period last year.  for the
second fiscal quarter ended July 29, 2007, and announced certain
turnaround steps the company is taking.

Second quarter systemwide sales decreased approximately 0.5%
from the second quarter of last year.  Systemwide average weekly
sales per store decreased approximately 2.8% to approximately
US$37,500.  Company Stores average weekly sales per store
increased 1.6% to approximately US$51,800.  Systemwide average
weekly sales per store are lower than Company average weekly
sales per store principally because satellite stores, which have
lower average weekly sales than factory stores, are more
prevalent in franchise operations than in Company operations.

Revenues for the second quarter of fiscal 2008 decreased 7.5% to
US$104.1 million compared to US$112.5 million in the second
quarter of last year.  Company Stores revenues decreased 4.7% to
US$75.3 million, Franchise revenues were flat at US$5.1 million
and KK Supply Chain revenues decreased 16.8% to US$23.7 million.

Impairment charges and lease termination costs totaled US$22.1
million in the second quarter this year, compared to US$382,000
in the second quarter of fiscal 2007.  The current year charge
includes approximately US$10.6 million arising from the decision
to divest the company's manufacturing and distribution facility
in Illinois.  Most of the remainder of the charge relates to
underperforming stores, including stores closed and likely to be
closed.

"After several quarters of progress on our turnaround, second
quarter results did not meet our expectations," said Daryl
Brewster, the Company's President and Chief Executive Officer.
"We are taking steps to transform the Company and improve its
performance."  These steps include:

   * Closing or improving underperforming Company shops

   * Planning to divest an underutilized manufacturing facility
     in the KK Supply Chain to lower costs, and evaluating
     strategic options related to other aspects of the supply
     chain

   * Realigning Company Stores and Franchise management and
     reducing the cost of store support functions

   * Continuing international expansion

   * Opening small retail stores through our domestic and
     international franchisees

   * Cooperating with franchisees who are restructuring their
     operations

   * Continuing to focus on reducing G&A costs

   * Continuing marketing efforts and driving product innovation

   * Developing plans to refranchise certain geographic markets

Consistent with its previously announced plans to increase the
percentage of stores operated by franchisees, the company is
developing a strategy to refranchise certain geographic markets,
consisting principally of markets outside the Company's
traditional base in the Southeast.  The franchise rights and
other assets in many of these markets were acquired by the
Company in business combinations in prior years.  The company's
strategy is to focus on the development of small retail stores,
including hot shops, fresh shops and kiosks, in a limited number
of geographic markets inside of the company's traditional base
in the Southeast where the company believes it can achieve
market scale.

During the second quarter of fiscal 2008, 19 new Krispy Kreme
stores, comprised of 3 factory stores and 16 satellites, were
opened systemwide, and 12 Krispy Kreme stores, comprised of 5
factory stores and 7 satellites, were closed systemwide.  This
brings the total number of stores systemwide at the end of the
second quarter of fiscal 2008 to 411, consisting of 299 factory
stores and 112 satellites.  The net increase of 7 stores in the
quarter reflects a net increase of 13 international stores and a
net decrease of 6 domestic stores.

During the second quarter, the company prepaid US$5.0 million of
the balance outstanding under its term loan, bringing total
prepayments for the six months ended July 29, 2007 to US$14.3
million, including US$4.3 million prepaid using the proceeds of
certain asset sales and a US$5.0 million prepayment in the first
quarter of the fiscal year.  As of July 29, 2007, the maximum
additional indebtedness permitted under the term loan financial
covenants was approximately US$8 million. Based on the company's
current forecast of fiscal 2008 results, the company anticipates
that an additional prepayment of approximately US$5 million will
be necessary in the third quarter of fiscal 2008 in order to
continue to comply with the financial covenants.  As of July 29,
2007, the company's consolidated balance sheet reflects cash and
indebtedness of approximately US$25 million and US$96 million,
respectively.

Several franchisees have been experiencing financial pressures
which, in certain instances, appear to have become more
exacerbated during the second quarter.  Franchisees closed 13
stores in the first six months of fiscal 2008, and the Company
believes that the closure of a significant number of additional
franchise stores is likely during the balance of the fiscal
year.  Royalty revenues and most of KK Supply Chain revenues are
directly correlated to sales by franchise stores and,
accordingly, store closures have an adverse effect on the
Company's revenues and results of operations.

Systemwide sales, a non-GAAP financial measure, include sales by
both company and franchise stores.  The company believes
systemwide sales data are useful in assessing the overall
performance of the Krispy Kreme brand and, ultimately, the
performance of the company.  The company's consolidated
financial statements include sales by company stores, sales
to franchisees by the KK Supply Chain business segment, and
royalties and fees received from franchisees, but exclude sales
by franchise stores to their customers.

                      About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating system wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 7,
2007, Standard & Poor's Ratings Services has assigned its
ratings, including its corporate credit rating of 'B-', to
Winston Salem, N.C.-based Krispy Kreme Doughnuts Inc.  S&P said
the outlook is negative.

Standard & Poor's also assigned its bank loan and recovery
ratings to the US$160 million senior secured credit facility
borrowed by Krispy Kreme Doughnut Corp., a subsidiary of Krispy
Kreme.  The facility is rated 'B', one notch above the corporate
credit rating on Krispy Kreme, and assigned a '2' recovery
rating, indicating the expectation for substantial (70%-90%)
recovery of principal in the event of default.  The facility
consists of a US$50 million revolving credit facility and a
US$110 million first-lien term loan, of which US$101 million was
outstanding as of April 29, 2007.  Krispy Kreme guarantees the
debt of its subsidiary.

In a TCR-Europe report on Aug. 1, 2007,  Moody's Investors
Service assigned a first-time corporate family rating of Caa1 to
Krispy Kreme Doughnuts Corp. and a B3 (LGD2,18%) rating to its
US$160 million senior secured credit facilities, which consist
of a US$110 million term loan due 2014 and a US$50 million
revolving facility due 2013.  Moody's said the outlook is
stable.


LAZARD LTD: Ken Costa to Lead UK Investment Banking in London
-------------------------------------------------------------
Lazard Ltd disclosed that Ken Costa will lead its UK Investment
Banking business alongside William Rucker, CEO of Lazard in
London.  Mr. Costa will join the firm in October from UBS, where
he was Chairman of Investment Banking for Europe, the Middle
East and Africa.  Mr. Costa will be named Chairman of Lazard
International and a Deputy Chairman of Lazard.

"Ken Costa embodies the special character of Lazard," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.  "I
have known him for over 20 years as a banker of unusual talent,
integrity and professionalism.  With hiring Ken, we reinforce
our strategy of servicing clients with the top talent around the
world."

"I am delighted to be joining Lazard, and this role offers me a
great opportunity to help expand the Lazard franchise," said Mr.
Costa.  "The reputation of Lazard as a trusted advisor has been
established for more than 150 years.  I look forward to building
on this platform with William and his UK colleagues, and with
Lazard's international network."

"Ken will be a great addition to our team, and I am looking
forward to working with him as my partner," said Mr. Rucker, who
is also a Deputy Chairman of Lazard.

Mr. Costa began his investment-banking career in 1976 at S.G.
Warburg in London, which ultimately became part of UBS.  During
his tenure there, Mr. Costa was Deputy Chairman of S.G. Warburg
& Co. Ltd, Chairman of the Investment Banking Board of SBC
Warburg and Global Head of Mergers and Acquisitions.  He was
appointed as a Vice Chairman of UBS Warburg in 1998, and was
appointed Chairman of Investment Banking for Europe, the Middle
East and Africa in 2004.

"Ken joins an impressive team in London and throughout Europe,"
said Georges Ralli, CEO of Lazard's European Investment Banking
business.  "Under the leadership of William, Ken and their team,
we are positioned to make a strong business even stronger."

Mr. Costa has been particularly involved in structuring cross-
border mergers, acquisitions and divestitures.  Mr. Costa also
specialises in providing advice to family controlled companies,
and has advised a number of Middle Eastern investment companies
on acquisitions.  He studied law and theology at Queens College,
Cambridge.

The hiring of Mr. Costa marks the latest of a number of moves by
Lazard to expand its financial advisory business around the
world.  Lazard recently acquired Carnegie, Wylie & Company,
Australia’s leading independent financial advisory firm, and
Goldsmith Agio Helms, a U.S. middle-market advisory firm, which
will serve as the core of a new growth initiative focused on
advising U.S. mid-sized companies.  The firm also signed a
cooperation agreement with Raiffeisen Investment, the M&A
advisory business for Austria’s largest banking group,
strengthening its footprint across Russia, Central and Eastern
Europe, and announced plans to acquire 50 percent of MBA Banco
de Inversiones, extending Lazard’s reach across Central and
South America.

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

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


LEMONPARK CONSTRUCTION: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------------------
Toby Scott Underwood and Dermot Justin Power of BDO Stoy Hayward
LLP were appointed joint liquidators of Lemonpark Construction
Ltd. on Aug. 24 for the creditors' voluntary winding-up
proceeding.

Mr. Underwood can be reached at:

         BDO Stoy Hayward LLP
         1 City Square
         Leeds
         LS1 2DP
         England

Mr. Power can be reached at:

         BDO Stoy Hayward
         11-15 Cross Street
         Manchester
         M2 1BD
         England


METHANEX CORP: Gives Update on Gas Supply for Chilean Plants
------------------------------------------------------------
Methanex Corp. has advised that its Chilean methanol production
facility continues to operate only one of its four plants.
Though most of the technical issues affecting its suppliers from
Argentina have been solved, natural gas exports from Argentina
to the facility have not yet been re-established.

Bruce Aitken, President and CEO of Methanex, who has recently
visited Methanex's Chilean operations, commented, "We understand
that there are no technical reasons that support current
Argentinean natural gas export restrictions and we have been
advised that there is no more transportation capacity to take
available natural gas from Argentina's southern Austral region
to the north.  Argentina has experienced a particularly cold
winter this year.  In prior years, as the weather warms around
this time of year, natural gas restrictions have come to an end.
We are in continual contact with our Argentinean natural gas
suppliers, the Argentinean and Chilean Energy authorities and
advisers to better understand this situation and the different
courses of action that are available to us."

"Production from our Chile operations from June 11 to Aug. 30,
2007, has been 207,000 tonnes.  However, despite the production
restrictions at our Chilean operations, we have continued to
fully supply our customers from inventory, production from our
other facilities, and with purchased product."

Mr. Aitken added, "We are disappointed with the level of
production from our Chilean operations and, as we have stated
previously, we believe our long term solution to the natural gas
supply challenges we face at our Chilean operations is to
increase our reliance on Chilean natural gas.  Methanex is
taking a number of actions to help accelerate gas developments
in the southern region of Chile.  The Chilean Government has
recently announced that about 20 international companies and
consortiums are participating in the bidding process that will
open exploration and gas development in large areas of Chile's
southern gas-producing region to the private sector.  GeoPark, a
private company that is supplying gas to Methanex in Chile, has
recently announced its third gas discovery in the Fell Block
near our installations; and ENAP, Chile's national petroleum
company and our biggest gas supplier in Chile, is progressing in
new developments in the Magallanes Region.  The current activity
in the area illustrates its considerable potential for natural
gas development and for this area to provide us with a long term
solution for gas supply to our Chilean Hub."

Headquartered in Vancouver, British Columbia, Methanex Corp.
-- http://www.methanex.com/-- is a producer and marketer of
methanol.  The company has locations in Belgium, Chile, China,
Japan, Trinidad and the United Kingdom, among others.

                        *     *     *

Methanex Corp. carries Moody's Investors Service's Ba1 long-term
corporate family, senior unsecured debt, and probability-of-
default ratings.  Moody's said the ratings outlook is stable.


ONLINE REVOLUTION: Joint Liquidators Take Over Operations
---------------------------------------------------------
B. J. Marsh and C. K. Rayment of BDO Stoy Hayward LLP were
appointed joint liquidators of Online Revolution Ltd. (t/a iSold
It) on Aug. 24 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


PROTON HOLDINGS: Persona Model Seen as Vehicle to Profitability
---------------------------------------------------------------
Proton Holding's latest Persona car model has become its
fastest-selling model from the last two decades, boosting the
troubled company on its continued drive to profitability, Agence
France Press reports.

Citing a report from the New Sunday Times, AFP notes that since
Persona's launch in the middle of last month, some 14,000
bookings have been placed for the four-door saloon.

"So far in terms of response, it has beaten all other (Proton)
models.  The figure of 14,000 is a lot," Syed Zainal Abidin,
Proton Holdings Bhd's managing director, was quoted as saying by
the daily.

The Persona, which replaced the 14-year old Wira model, has been
touted as the car that will change Proton's fortunes, the news
agency relates.

H?owever, the new model will face stiff competition from top
sellers like Perodua's Myvi, the Toyota Vios and the Honda City,
which are in demand and command a better resale value.

The Persona is the fifth new model launched since 2000.  It
joins a stable that includes the Waja, the Savvy, the Satria Neo
and the Gen-2.


                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: Volkswagen Ready to Intensify Talks w/ Malaysia
----------------------------------------------------------------
Germany's Volkswagen has arranged high-level talks in coming
weeks on further steps towards linking up with Malaysian
carmaker Proton Holdings Bhd, Reuters reports.

"The talks with the main shareholder, Khazanah, and the
Malaysian government will now be further intensified, in order
to examine the possibilities of either a cooperation or taking a
stake in Proton," Volkswagen said in a statement last week, the
news agency relates.

Reuters recounts that Volkswagen has long been interested in
strengthening its position in Southeast Asia and first agreed to
a "long-term" strategic partnership with Proton in October 2004,
only to say in January 2006 that it had scrapped the plans after
Malaysia ruled out VW taking control of Proton.

                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


REAL FOOD: Brings In Liquidators from Tenon Recovery
----------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of Real Food Direct Ltd. (formerly Magpie Home
Delivery Ltd.) on Aug. 22 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


REAL RECRUIT: Calls In Liquidators from Tenon Recovery
------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Real Recruit Solutions Ltd.
on Aug. 29 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


ROO GROUP: Posts US$7.4 Million Net Loss in Second Quarter 2007
---------------------------------------------------------------
ROO Group incurred a net loss of approximately US$7.4 million in
the second quarter of 2007, including US$1.2 million of non-cash
related items.  This compares to a net loss of US$3.2 million
for three months ended June 30, 2006, including US$700,000 of
non-cash related items.

The company reported consolidated revenues of US$3.6 million for
the quarter, an increase of 78% compared to consolidated
revenues of US$2.0 million for the second quarter ended June 30,
2006.

As of June 30, 2007, the company had a cash and cash equivalents
balance of approximately US$23.8 million.

"During the second quarter, we continued to build on our core
features in our ROO VX platform, enabling greater automation,
which facilitated a large number of video player deployments,"
said Robert Petty, chairman and chief executive officer.

"The number of ROO video players deployed grew from
approximately 400 at the beginning of the quarter to 880, with
another 350 in the pipeline.  In addition, just after the close
of the quarter, we completed our acquisition of certain Wurld
Media assets, which enable us to offer a hybrid streaming P2P
platform that will provide enterprise businesses with a
stronger, more robust solution for the delivery of online video
and targeted advertising solutions."

During the second quarter, revenues in the Online Digital Media
segment were US$2.2 million, an increase of 146% compared to
revenues of US$900,000 for the second quarter ended June 30,
2006. Revenues in the Advertising Agency segment were US$1.3
million for the second quarter, an increase of 22% compared to
revenues of US$1.1 million for the second quarter of 2006.

Mr. Petty continued, "At the Advertising Agency segment, our
performance was stronger than expected due to increased customer
activity."

On July 19, 2007, ROO announced the completion of its
acquisition of strategic P2P assets of Wurld Media, a leading
peer-to-peer (P2P) distribution company, for total consideration
of US$4.3 million.  The addition of P2P technology enables ROO
to deliver cost effective, high quality video and digital media
to the computer as well as respond to market trends and emerging
devices, such as IPTV.

At June 30, 2007, the company's consolidated balance sheet
showed US$34.1 million in total assets, US$5.6 million in total
liabilities, and US$28.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?231e

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 18, 2007,
Moore Stephens PC expressed substantial doubt about ROO Group
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements as of the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses and negative cash flows from
operations.

                        About ROO Group

Headquartered in New York, ROO Group Inc. (OTC BB: RGRP) --
http://www.roo.com/-- is a global provider of digital media
solutions and advercasting technology that enables the
activation, marketing and distribution of digital media video
content over the Internet and emerging broadcasting platforms
such as set top boxes and mobile communication devices.   ROO
was founded in 2001 and went public in 2003.  ROO has over 100
employees with worldwide operations in New York, Los Angeles,
London and Australia.


SANYO ELECTRIC: Plans on Selling Appliance Unit
-----------------------------------------------
Sanyo Electric Co. Ltd. is considering selling off in stages its
home electrical appliance unit, it was learned by The Yomiuri
Shimbun.

According to the report, aside from the home appliance division,
its air conditioner and refrigerator lines will be sold as well.
In addition, Sanyo will also consider selling shares of Sanyo
Electric Logistics Co., a subsidiary listed on the Jasdaq
Securities Exchange, which delivers Sanyo home appliance
products.

The company's home appliance unit, which is a major part of the
firm contributing about 10% of its consolidated net sales, has
been in the red for the six years, conveys Yomiuri Shimbun.

Sanyo, relates Yomiuri Shimbun, intends to announce its reforms
at the end of November to promote streamlining its entire
operation wherein it is likely to examine its product lines to
determine whether to transfer production, collaborate with other
firms or sell the lines in stages.

Reportedly, undergoing corporate rehabilitation, the Osaka-based
manufacturer plans to survive by concentrating on such
competitive fields as rechargeable batteries and commercial
electric appliances such as refrigerators for supermarkets.  In
line with this, should the withdrawal of the home electric
appliance industry, a few Sanyo-brand products, including
digital cameras and televisions and "eneloop" rechargeable
batteries will still be around for general consumers.

Yomiuri Shimbun states that the manufacturing of its
refrigerators have been entrusted to China-based Haier Co.,
while it is possible that some products, such as Aqua washer-
dryer, may be excluded from the plan.

                      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.


SECUNDA INT'L: S&P Withdraws B- Ratings After Debt Redemption
-------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B-' long-
term corporate credit rating on Nova Scotia-based Secunda
International Ltd.

At the same time, the rating agency withdrew its 'B-' rating on
Secunda's US$125 million senior secured floating rate notes due
2012, following the full redemption of the notes Sept. 4, 2007.
S&P's has placed the ratings on CreditWatch with positive
implications June 4, 2007.  S&P's did not resolve the
CreditWatch placement before the ratings withdrawal, as the
company's operations, which underpinned the 'B-' corporate
credit rating, no longer exist.  Furthermore, the rating agency
does not have sufficient information to adequately assess
Secunda's credit profile following the asset sale.

S&P's is withdrawing its ratings on Secunda at the company's
request, following the completion of the acquisition of
substantially all of its assets, including 14 vessels, by an
affiliate of the McDermott International Inc. (BB/Stable/--)
subsidiary, J. Ray McDermott S.A. (BB/Stable/--).

Headquartered in Nova Scotia, Canada, Secunda International Ltd.
-- http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/operator with locations in the U.K. and Barbados.  Secunda
is the leading supplier of marine support services to oil and
gas companies in one of the world's harshest marine environments
-- off the East Coast of Canada.


TEXCHEM RESOURCES: To Acquire Electronic Trader for MYR3 Million
----------------------------------------------------------------
Texchem Resources Bhd is buying electronic components trader New
Material (Malaysia) Sdn Bhd from Mitsui Bussan Frontier Co Ltd
for MYR3 million cash, The Edge Daily reports, citing a
statement from Texchem.

According to Texchem, its subsidiary, Texchem Materials Sdn Bhd,
had entered into a share purchase agreement with Mitsui to
acquire the entire 920,000 shares of MYR1 each in New Material.

The proposed acquisition, the company said, would allow it to
tap into New Material's database and derive synergistic benefits
along with added business opportunities.

Texchem will use internal funds to finance the transaction,
which is expected to be completed by the fourth quarter of the
year, the newspaper notes.

Meanwhile, pursuant to the SPA, New Materials is allowed to
declare a net dividend of up to MYR2 million to Mitsui prior or
on the completion date.

                     About Texchem Resources

Headquartered in Penang Malaysia, Texchem Resources Berhad --
http://www.texchemgroup.com/-- is principally engaged in
trading in industrial chemicals and other products.  Its other
activities include manufacturing of family care products and
household insecticides and distribution and marketing of a wide
range of consumer and family care products; manufacturing and
marketing of raw surimi, fishmeal, feedmeal and seafood
products; manufacturing and selling of packaging products for
the electronics, electrical, semiconductor and disk drive
industries and investment holding.  The Group's operations are
located in Malaysia, Thailand, Singapore, Indonesia, China,
Vietnam, Myanmar and Italy.

Texchem is currently undergoing a financial rationalization and
restructuring program, which involves the disposal of a number
of dormant subsidiaries.


* 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)
Adecco UK Ltd.            1055417Z   (39)         317    (2316)
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     (277)
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.


                 * * * End of Transmission * * *