TCREUR_Public/070912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, September 12, 2007, Vol. 8, No. 181

                            Headlines


A U S T R I A

ANDREAS HANN: Creditors' Meeting Slated for Oct. 2
COLT LLC: Claims Registration Period Ends Oct. 17
JAGUAR & LAND ROVER: Claims Registration Period Ends Oct. 8
KONZERTDIREKTION WEILER: Linz Court Orders Business Shutdown
KUNFT & CO: Claims Registration Period Ends Oct. 9

M.A.S. KEBER: Creditors' Meeting Slated for Sept. 18
ROY HANDEL: Claims Registration Period Ends Sept. 17


B E L G I U M

SENSIENT TECH: Promotes Douglas Pepper as VP-Human Resources


D E N M A R K

EASTMAN KODAK: Reports Reseller Agreement with Ricoh Americas


F R A N C E

AGY HOLDING: Buying Owens Corning's CFM & SC Production Assets
DELPHI CORP: Asks Court to Bless Disclosure Statement
DELPHI CORP: Discloses Treatment of Claims Under Chapter 11 Plan
POLYMER GROUP: Names Gregory Crawford as North America Unit VP


G E R M A N Y

AAHA FREIZEIT: Claims Registration Period Ends Oct. 26
AN-TRIEB STEDINGK: Claims Registration Ends October 25
ARUH GMBH: Claims Registration Period Ends Sept. 24
B & M ART: Claims Registration Period Ends Sept. 21
BUCKEYE TECH: Earns US$30.1 Million in Year Ended June 30

CHRYSLER LLC: Five Star Dealers' Sales Up 5% to 10,204 Vehicles
COMMUNICA MOBILTELEFONE: Claims Registration Ends Oct. 24
DC POLSTERMOEBEL: Claims Registration Ends October 4
DEMMINER MASCHINEN: Claims Registration Ends Oct. 22
FLAIR POLSTERMOEBEL: Claims Registration Period Ends Oct. 26

FOERDER- UND SPANNMATIC: Claims Registration Ends Oct. 22
FOODTRUST A 1: Claims Registration Ends Oct. 22
FORM EXCLUSIV: Claims Registration Period Ends Sept. 24
GRAUER HASE: Claims Registration Period Ends Sept. 22
HERIBERT SEHRBROCK: Claims Registration Period Ends Oct. 5

HK - CONZEPT: Claims Registration Period Ends Oct. 26
INTERLINE WOHNSYSTEME: Claims Registration Ends October 4
IWS GMBH: Claims Registration Period Ends Sept. 21
STR HAUS: Claims Registration Ends October 24


H U N G A R Y

GUESS? INC: Deutsche Bank Maintains Buy Rating on Firmís Shares
GUESS? INC: Brean Murray Holds Buy Rating on Firmís Shares


I R E L A N D

SCOTTISH RE: UBS Maintains Neutral Rating on Firmís Shares


I T A L Y

ALITALIA SPA: Board Approves 2008-2010 Business Plan
ALITALIA SPA: Might Face Damages Suit Over Malpensa Downscaling


K A Z A K H S T A N

ASIA SVYAZ: Proof of Claim Deadline Slated for Oct. 19
JANBOLAT LLP: Creditors Must File Claims Oct. 21
KAZTRANSLOGISTICS LLP: Creditors' Claims Due on Oct. 19
KAZTRANSLOGISTICS LLP: Claims Filing Period Ends Oct. 19
KKK-UK LLP: Creditors' Claims Due on Oct. 21

SALTANAT LLP: Claims Registration Ends Oct. 21
SYMBAT LLP: Creditors Must File Claims Oct. 21


K Y R G Y Z S T A N

HING SERVICE: Proof of Claim Deadline Slated for October 24


N E T H E R L A N D S

HOLLAND MORTGAGE: Moody's Rates EUR18MM Class E Notes at (P)Ba2


P O L A N D

ELEKTRIM SA: T-Mobile Seeks EUR3.5 Mln Claim from Telco Venture
ZINIFEX LTD: Launches Joint Venture with Umicore and Nyrstar


R U S S I A

ARGON CJSC: Court Names S. Aliev as Insolvency Manager
BAYKAL-TEKH-SERVICE: Creditors Must File Claims by Oct. 18
BUILDING MATERIALS: Creditors Must File Claims by Sept. 18
DOLZHANSKOE OJSC: Court Names A. Antonov as Insolvency Manager
INTINSKAYA COAL: Creditors Must File Claims by Oct. 18

KASTORENSKIY AGRO-SERVICE: Creditors Must File Claims by Oct. 18
KEMEROVSKAYA POULTRY: Creditors Must File Claims by Oct. 18
LíGOV-MEAT-PRODUCT: Creditors Must File Claims by Oct. 18
LIPETSKIY STANKOZAVOD: Creditors Must File Claims by Sept. 18
MIRAX-TRUST CJSC: Creditors Must File Claims by Sept. 18

OGK-1 JSC: Moody's Assigns Ba3 Corporate Family Rating
ROSNEFT OIL: Eyes RUR45 Billion Bond Issue to Repay Loans
RUSSNEFT OIL: Ex-CEO Mikhail Gutseriev Faces Arrest
SIBERIAN AMBER: Creditors Must File Claims by Oct. 18
SYSETSKIY BAKERY: Court Starts Bankruptcy Supervision Procedure

TRUST KUZBASS-TRANS-STROY: Bankruptcy Hearing Slated for Dec. 13
TVINS LLC: Creditors Must File Claims by Oct. 18


S P A I N

IM CAJAMAR: Moody's Junks EUR15 Million Series E Notes


S W I T Z E R L A N D

ALOHA STYLE: Creditors' Liquidation Claims Due September 24
ARCHITEKTURBURO ERICH: Liquidation Claims Due September 24
B.A. CHICK: Zug Court Closes Bankruptcy Proceedings
BLC INVEST: Thurgau Court Closes Bankruptcy Proceedings
HOFWALD SCHREINEREI: Creditors' Liquidation Claims Due Sept. 21

P.M.E. Ė HOLDING: Creditors' Liquidation Claims Due September 21
STARTOY JSC: Creditors' Liquidation Claims Due September 21
TATI LLC: Basel Court Starts Bankruptcy Proceedings
THOMAS KORROSIONSSCHUTZ: Basel Court Starts Bankruptcy Process
TRANSWEB LLC: Creditors' Liquidation Claims Due September 24


U K R A I N E

AKUMSERVICE LTD: Creditors Must File Claims by September 13
BEST OIL: Creditors Must File Claims by September 13
EASTEUROPEAN TRANSPORT: Creditors Must File Claims by Sept. 13
IRAKS LTD: Creditors Must File Claims by September 13
KORETSAL WHOLESALE: Creditors Must File Claims by September 13

MLINOV PROVISIONS: Creditors Must File Claims by September 13
ROVNO FLAX: Creditors Must File Claims by September 13
SHEVCHENKO LLC: Creditors Must File Claims by September 13
SKAPALIYA LLC: Creditors Must File Claims by September 13
SORTNATSINNYTSKY PLANT: Creditors Must File Claims by Sept. 13

SVITANOK LLC: Claims Submission Deadline Set September 13
TANDEM LLC: Creditors Must File Claims by September 13
TCHERNOMORSKOE: Claims Submission Deadline Set September 13
TULCHIN BUTTER: Claims Submission Deadline Set September 13
ZELENY GAY: Creditors Must File Claims by September 13


U N I T E D   K I N G D O M

BAA LTD: Moody's Withdraws Low-B Ratings After Debt Repayment
BBB NETWORK: Taps Liquidators from PricewaterhouseCoopers LLP
D. KELLY: J. M. Titley Leads Liquidation Procedure
DIGITAL SECURITY: Claims Filing Period Ends October 30
EMTEC TOOLMAKERS: Calls In Liquidators from Deloitte & Touche

FORD MOTOR: UAW Open to Health Care Trust Fund
ICONIX BRAND: Inks Pact to Buy Official Pillowtex for US$231 Mln
JULIE'S POULTRY: Appoints A. Poxon as Liquidator
PROTON HOLDINGS: Plans Another Cut on Dealer Network
RHINEBRIDGE PLC: Fitch Junks Combo and Mezzanine Capital Notes

RUBY FINANCE: Moody's May Cut Low-B Ratings After Review
SANCTUARY GROUP: Universal Music Shuts Down Recorded Music Unit
SANYO ELECTRIC: Advantage Outbids LongReach for Semicon Unit
TRIPOS INC: Common Stock to be Delisted from NASDAQ Stock
VECTA SOFTWARE: Brings In Liquidators from KPMG LLP

VICTORIA MORTGAGES: Rising Costs Trigger Administration Process
VIRGIN MEDIA: Selling Range of Services at Carphone Stores

* Proskauer Rose Expands Private Equity Practice in London

                            *********


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


ANDREAS HANN: Creditors' Meeting Slated for Oct. 2
--------------------------------------------------
Creditors owed money by KEG Andreas Hann (FN 239774i) are
encouraged to attend the first creditors' meeting at 9:30 a.m.
on Oct. 2.

The creditors' meeting will be held at:

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

Headquartered in Traismauer, Austria, the Debtor declared
bankruptcy on Aug. 10 (14 S 141/07m).  Volker Leitner serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at


COLT LLC: Claims Registration Period Ends Oct. 17
-------------------------------------------------
Creditors owed money by LLC Colt (FN 276145x) have until Oct. 17
to file written proofs of claim to court-appointed estate
administrator Kurt Bernegger at:

         Dr. Kurt Bernegger
         c/o Mag. Maria Kainer
         Jaquingasse 21
         1030 Vienna
         Austria
         Tel: 01/799 15 80
         Fax: 01/796 59 14
         E-mail: kanzlei@bernegger-wt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Oct. 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 10 (Bankr. Case No. 2 S 110/07z).  Maria Kainer
represents Dr. Bernegger in the bankruptcy proceedings.


JAGUAR & LAND ROVER: Claims Registration Period Ends Oct. 8
-----------------------------------------------------------
Creditors owed money by LLC Jaguar & Land Rover Center Salzburg
(FN 58304t) have until Oct. 8 to file written proofs of claim to
court-appointed estate administrator Ernst Kohlbacher at:

         Dr. Ernst Kohlbacher
         Schwarzstrasse 27
         5020 Salzburg
         Austria
         Tel: 0662/883171
         Fax: 0662/883161
         E-mail: ra.kohlbacher@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Oct. 18 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. 10 (Bankr. Case No. 23 S 64/07t).


KONZERTDIREKTION WEILER: Linz Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Linz entered Aug. 10 an order shutting down
the business of LLC Konzertdirektion Weiler (FN 273423v).

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

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


KUNFT & CO: Claims Registration Period Ends Oct. 9
--------------------------------------------------
Creditors owed money by LLC Kunft & Co. (FN 118068f) have until
Oct. 9 to file written proofs of claim to court-appointed estate
administrator Maria-Christina Nau at:

         Mag. Maria-Christina Nau
         c/o Dr. Guenther Viehboeck
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail: maria-christina.nau@viehboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Steinabrueckl, Austria, the Debtor declared
bankruptcy on Aug. 10 (Bankr. Case No. 11 S 92/07a).  Guenther
Viehboeck represents Mag. Nau in the bankruptcy proceedings.


M.A.S. KEBER: Creditors' Meeting Slated for Sept. 18
----------------------------------------------------
Creditors owed money by LLC M.A.S. Keber (FN 267401m) are
encouraged to attend the first creditors' meeting at 9:00 a.m.
on Sept. 18.

The creditors' meeting will be held at:

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

Headquartered in Ebental, Austria, the Debtor declared
bankruptcy on Aug. 10 (40 S 39/07m).  Mag. Robert Levovnik
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Mag. Robert Levovnik
         Getreidegasse 13/I
         9020 Klagenfurt
         Austria
         Tel: 0463/50 43 43
         Fax: 0463/504582
         E-mail: levovnik@aon.at


ROY HANDEL: Claims Registration Period Ends Sept. 17
----------------------------------------------------
Creditors owed money by LLC Roy Handel (FN 287329v) have until
Sept. 17 to file written proofs of claim to court-appointed
estate administrator Peter Hajek at:

         Dr. Peter Hajek
         Blumengasse 5
         7000 Eisenstadt
         Austria
         Tel: 02682/63108
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Bad Sauerbrunn, Austria, the Debtor declared
bankruptcy on Aug. 1 (Bankr. Case No. 26 S 111/07m).


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


SENSIENT TECH: Promotes Douglas Pepper as VP-Human Resources
------------------------------------------------------------
Sensient Technologies Corporation has promoted Douglas S. Pepper
to Vice President, Human Resources.

Mr. Pepper joined Sensient in 2005 as Chief Financial Officer of
the Sensient Color Group.  He has more than 25 years of
experience in accounting and administration.  Prior to joining
Sensient, he was a regional CFO of Omnicare, Inc., and a Senior
Vice President at Carboline Company, a specialty coatings
manufacturing company.

Mr. Pepper is a Certified Public Accountant with a Bachelor of
Science degree in Business Administration from Southern Illinois
University.

"Doug Pepper fills a key position as the Vice President of Human
Resources, and we welcome him to our headquarters in Milwaukee,"
said Kenneth P. Manning, Chairman and CEO of Sensient
Technologies Corporation.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Croatia, Czech Republic, Germany, United Kingdom,
France, Estonia, Poland, among others.  In Latin America, it has
operations in Argentina, Bolivia, Brazil, Colombia, Costa Rica,
Chile, Mexico, Peru, Uruguay and Venezuela.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately US$508 million of debt
was outstanding as of June 30, 2007.


=============
D E N M A R K
=============


EASTMAN KODAK: Reports Reseller Agreement with Ricoh Americas
-------------------------------------------------------------
Eastman Kodak Company and Ricoh Americas Corporation have
entered into a United States reseller agreement at GRAPH EXPO
2007.  Ricoh Americas will now offer four KODAK NEXPRESS Digital
Production Color Presses to its customers in the in-plant, data
center and graphic arts markets, and KODAK Unified Workflow
Solutions and KODAK MARKETMOVER Business Development
Services.

"Kodak is excited to develop a solid relationship in market
segments beyond our traditionally strong position in commercial
printing and we believe customers will see significant value
from the alliance between Kodak and Ricoh," said Kevin Joyce,
managing director, United States and Canada, Kodak's Graphic
Communications Group.

As part of the agreement, Ricoh Americas' newly formed
Production Printing Business Group will sell the KODAK NEXPRESS
2100, 2100 Plus, and 2500 Digital Production Color Presses, and
the new KODAK NEXPRESS S3000 Digital Production Color Press.
Ricoh's Printing Business Group direct sales and engineering
staff will work side-by-side with Kodak representatives to
assist Ricoh customers in implementing new digital production
color capabilities.  Service will be provided by KODAK Service
and Support.

The NEXPRESS System delivers unique advantages that other
digital color presses cannot match.  The NEXPRESS Fifth Imaging
Unit Solutions enable businesses to print with in-line coating,
glossing or a fifth color to expand the printing gamut and
reproduce spot colors.  In addition, NEXPRESS Systems can be
utilized for printing on various size and weight paper stocks.

This week at Graph Expo, Ricoh Americas announced the creation
of Production Printing Business Group.  The group is dedicated
to developing Ricoh's product portfolio and infrastructure
dedicated to production environments.

"The development of Ricoh's production color strategy is vitally
important as PPBG evolves as a major player in the production
printing market space," said Carl Joachim, vice president of
marketing for Production Printing Business Group.  "We are
extremely excited about the future of our relationship with
Kodak.  Ricoh's color strategy will be built on a combination of
enhancing our current high volume offerings in light
production environments, leveraging the synergy made possible
through our relationship with Kodak and new R&D initiatives
currently underway."

       About Ricoh's Production Printing Business Group

The Production Printing Business Group of Ricoh Americas
Corporation is dedicated to delivering state-of-the-art, high-
speed production systems that provide efficient document
workflows with high-volume production printing and finishing.
Incorporating superior engineering, service, reliable
technology, and extensive software and finishing options, PPBG
helps production centers to cost-effectively modernize and
streamline their operations to meet today's rapid turnaround
and high-quality demands.

Ricoh Americas Corporation -- http://www.ricoh-usa.com/--
founded in 1962, is headquartered in West Caldwell, New Jersey
and is a subsidiary of the US$17 billion Ricoh Company Ltd., the
71-year-old leading supplier of office automation equipment.

                    About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

    -- Issuer Default Rating 'B';
    -- Secured credit facility 'BB/RR1'.


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


AGY HOLDING: Buying Owens Corning's CFM & SC Production Assets
--------------------------------------------------------------
AGY Holding Corporation has signed a definitive agreement to
purchase Continuous Filament Mat business in Huntingdon,
Anderson, well as related marble production assets in Anderson,
South Carolina, from Owens Corning.  Terms were not disclosed.

The divestiture is subject to regulatory approval, and is
expected to close during the fourth quarter of this year.

                       About Owens Corning

Headquartered in Toledo, Ohio, Owens Corning fka Owens Corning
(Reorganized) Inc. (NYSE: OC) -- http://www.owenscorning.com/--
is a producer of residential and commercial building materials
and glass fiber reinforcements, and other similar materials for
composite systems.  The company has operations in 26 countries.

The company filed for chapter 11 protection on Oct. 5, 2000
(Bankr. D. Del. Case. No. 00-03837).  Norman L. Pernick, Esq.,
at Saul Ewing LLP, represented the Debtors.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Official
Committee of Asbestos Creditors.  James J. McMonagle served as
the Legal Representative for Future Claimants and wass
represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.  On
Sept. 28, 2006, the Honorable John P. Fullam, Sr., of the U.S.
District Court for the Eastern District of Pennsylvania affirmed
the order of Honorable Judith Fitzgerald of the U.S. Bankruptcy
Court for the District of Delaware confirming Owens Corning's
Sixth Amended Plan of Reorganization.  The Plan took effect on
Oct. 31, 2006, marking the company's emergence from Chapter 11.

                       About AGY Holding

Headquartered in Aiken, South Carolina, AGY Holding Corporation
-- http://www.agy.com/-- manufactures materials used in
automotive, construction, defense, electronics, aerospace,
marine, andrecreation markets.  AGY has a European office in
Lyon, France, and manufacturing 0facilities in Aiken, South
carolina and Huntingdon, Pennsylvania.

                         *     *     *

At March 2006, Moody's Investor Services placed AGY Holding
Corporation's senior secured debt and long term corporate family
rating at "B2".  These ratings hold to this date.


DELPHI CORP: Asks Court to Bless Disclosure Statement
-----------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve the
disclosure statement to their Joint Plan of Reorganization,
filed September 6, 2007.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher, in
Chicago, Illinois, contends the Disclosure Statement contains
adequate information within the meaning of Section 1125 of the
Bankruptcy Code.  He narrates that the Disclosure Statement is
both extensive and comprehensive and satisfies each of the
informational items outlined in In re Scioto Valley Mortgage
Co., 88 B.R. 168, 170-71 (Bankr. S.D. Ohio 1988); and In re
Ionosphere Clubs, Inc., 179 B.R. 24, 29 (S.D.N.Y. 1995).  The
Disclosure Statement contains descriptions and summaries of,
among other things:

     (i) the Plan,

    (ii) the Debtors' history and prepetition capital structure,

   (iii) certain events leading to the commencement of the
         Chapter 11 cases,

    (iv) the significant events during the Chapter 11 cases,

     (v) the claims asserted against the Debtors' estates,

    (vi) the new securities to be issued under the Plan,

   (vii) various risk factors affecting the Plan and the
         Debtors' restructuring,

  (viii) a liquidation analysis setting forth the estimated
         return that creditors would receive in a hypothetical
         Chapter 7 case,

    (ix) financial information and valuations relevant to
         creditors' determinations of whether to accept or
         reject the Plan,

     (x) certain securities law and tax law consequences of the
         Plan, and

    (xi) a disclaimer indicating that no statements or
         information concerning the Debtors and their assets and
         securities are authorized other than those set forth in
         the Disclosure Statement.

Section 1125(b) prohibits postpetition solicitation of a
reorganization plan unless the plan and "a written disclosure
statement approved, after notice and a hearing, by the court as
containing adequate information" are transmitted to those
persons whose votes are being solicited.

The Court will convene a hearing to consider the adequacy of the
Disclosure Statement on October 3, 2007.  Objections to approval
of the Disclosure Statement are due September 28, 2007.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  (Delphi Bankruptcy News, Issue No. 83 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DELPHI CORP: Discloses Treatment of Claims Under Chapter 11 Plan
----------------------------------------------------------------
The joint plan of reorganization, filed September 6, 2007 by
Delphi Corp. and its debtor-affiliates with the U.S. Bankruptcy
Court for the Southern District of New York provides for
separate classes for holders of claims against and interests in
the Debtors.

A. Administrative and Priority Claims

As required by the Bankruptcy Code, administrative claims and
priority tax claims, which are entitled to full recovery under
the Plan, are not classified.

Description      Treatment Under Plan
-----------      --------------------

DIP Claims       DIP Claims consist of the DIP Facility Revolver
                 Claim in the approximate amount of
                 US$682,000,000, the DIP Facility First Priority
                 Term Claim in the approximate amount of
                 US$250,000,000, and the DIP Facility Second
                 Priority Term Claim in the approximate amount
                 of US$2,495,000,000.  Under the Plan the DIP
                 Claim will be paid on the Effective Date in
                 full in Cash.

                 Estimated Amount of Claims:  US$3,427,000,000

                 Percentage Recovery:  100%

Administrative
Claims           An administrative claim is a claim for payment
                 of an expense of a kind specified in Section
                 503(b) of the Bankruptcy Code and entitled to
                 priority pursuant to Section 507(a)(1),
                 including, but not limited to, the actual,
                 necessary costs and expenses, incurred on or
                 after the Petition Date, of preserving the
                 Estates and operating the business of the
                 Debtors, including wages, salaries, or
                 commissions for services rendered after the
                 commencement of the Chapter 11 Cases,
                 Professional Claims, and certain other Claims.
                 For illustrative purposes, the estimated
                 amounts of Administrative Claims include Cure
                 Claims.  Under the Plan and the procedures
                 provided therein, Administrative Claims will be
                 paid in full in Cash in the ordinary course or
                 as otherwise agreed.

                 Estimated Amount of Claims: US$735,000,000 plus
                 other Administrative Claims in the ordinary
                 course of business

                 Percentage Recovery: 100%

Priority Tax
Claims           A priority tax claim is a claim for payment of
                 taxes by governmental units as specified in
                 Section 507(a)(  of the Bankruptcy Code.  Under
                 the Plan, Priority Tax Claims will be paid (1)
                 equal cash payments, including postpetition
                 interest, over a period not to exceed six years
                 after the assessment of the tax totaling the
                 aggregate amount of the claim, (2) other
                 treatment that is agreed between the Debtors
                 and the holder of the priority tax claim, or
                 (3) payment in full in Cash plus postpetition
                 interest.

                 Estimated Amount of Claims: US$20,000,000 to
                 US$73,000,000

                 Percentage Recovery: 100%

B. Principal prepetition Claims and Interests in the Plan

The Debtors' investment banker and financial advisor,
Rothschild, performed a valuation of the Reorganized Debtors and
the New Common Stock as a going concern based on information and
financial projections provided by the Debtors.  Rothschild
estimated the total enterprise value range of Reorganized Delphi
to be between US$11,400,000,000 and US$14,400,000,000 with a
midpoint of approximately US$12,900,000,000 as of December 31,
2007.

As part of the Plan, and for the purpose of making distributions
to allow a par plus accrued at Plan value recovery, the Debtors,
Creditors' Committee, Equity Committee, GM, and Plan Investors,
negotiated an agreed deemed value of the reorganized debtors'
equity at US$45.00 per share.  The total enterprise value is
assumed to be US$12,800,000,000 for purposes of setting the
price of New Common Stock for the Discount Rights Offering and
for setting the initial conversion price of the new Series B
Senior Convertible Preferred Stock, par value US$0.01 per share,
of Reorganized Delphi.

For setting the initial conversion price of the new Series
A-1 Senior Convertible Preferred Stock of Reorganized Delphi,
par value US$0.01 per share, and the new Series A-2 Senior
Convertible Preferred Stock of Reorganized Delphi, par value
US$0.01 per share, the total enterprise value is assumed to be
US$11,750,000,000.

                         CLASSIFIED CLAIMS

Description      Treatment Under Plan
-----------      --------------------

Secured Claims   Secured Claims are claims, other than DIP
Lender
                 Claims (which are treated as Administrative
                 Claims), that are secured by liens on property
                 in which the Debtors have an interest.  Under
                 the Plan, the legal, equitable, and contractual
                 rights of each holder of a Secured Claim will
                 be, at the option of the Debtor, paid in full
                 or be unimpaired and reinstated (which means
                 that the claim holder's rights will be
                 unaltered by the Plan and that Delphi will cure
                 outstanding payment defaults, if any).

                 Estimated Amount of Claims: US$29,000,000 to
                 US$34,000,000

                 Estimated Percentage Recovery: 100%

Flow-Through
Claims           A Flow-Through Claim is a claim arising from
                 (1) an Ordinary Course Customer Obligation, (2)
                 an Environmental Obligation (excluding those
                 environmental obligations that were settled or
                 capped during the Chapter 11 Cases (to the
                 extent exceeding the capped amount)), (3) an
                 Employee-Related Obligation (including workers
                 compensation and unemployment compensation
                 claims) asserted by an hourly employee that is
                 not otherwise waived pursuant to the Union
                 Settlement Agreements, (4) any Employee-Related
                 Obligation asserted by a salaried, non-
                 executive employee who was employed by Delphi
                 as of the date of the commencement of the
                 hearing on the Disclosure Statement, (5) any
                 Employee-Related Obligation asserted by a
                 salaried executive employee who was employed by
                 Delphi as of the date of the commencement of
                 the hearing on the Disclosure Statement and has
                 entered into a new employment agreement as
                 described in Article 7.8 of the Plan, and (6)
                 litigation exposures and other liabilities
                 arising from litigation that are covered by
                 insurance, but only in the event that the party
                 asserting the litigation ultimately agrees to
                 limit its recovery to available insurance
                 proceeds, except that all Estate Causes of
                 Action and  defenses to any Flow-Through Claim
                 will be fully preserved. Flow-Through Claims
                 will be unimpaired by the Plan and will be
                 satisfied in the ordinary course of Delphi's
                 business (subject to the preservation and flow-
                 through of all Estate rights, claims, and
                 defenses with respect to the Flow-Through
                 Claims).

                 Estimated Percentage Recovery: Unimpaired

General
Unsecured
Claims           General Unsecured Claims include claims arising
                 as a result of trade claims (other than GM's
                 claims, which are treated below), claims
                 arising from the Delphi's Senior Notes, TOPrS
                 Claims, and other general unsecured claims that
                 might result from, for example, the rejection
                 of executory contracts or unexpired leases.

                 Delphi cannot predict with certainty the total
                 amount of General Unsecured Claims that
                 ultimately may be allowed.  Under the Plan,
                 general unsecured creditors (other than TOPrS)
                 will receive cash in an amount equal to 20% of
                 the claim and the number of shares of New
                 Common Stock in Reorganized Delphi equal to 80%
                 of the claim, subject to certain rounding
                 provisions in the Plan.  In resolution of
                 intercreditor disputes regarding subordination,
                 TOPrS will receive a distribution of 100% New
                 Common Stock.

                 Funded Debt Claims of US$2,500,000,000 plus
                 other General Unsecured Claims of
                 US$1,700,000,000 or less, which amount is
                 inclusive of Cure Claims and the treatment
                 provided to Section 510(b) Note Claims, Section
                 510(b) Equity Claims, and Section 510(b) ERISA
                 Claims

                 Estimated Percentage Recovery: 100 %

GM Claims        Delphi and GM are party to two agreements that
                 resolve issues arising from Delphi's Separation
                 from GM and address matters in Delphi and GM's
                 ongoing relationship.  The Plan serves as a
                 motion to approve those agreements. Under the
                 Plan, for good and valuable consideration
                 provided by GM under the Delphi-GM Definitive
                 Documents, and in full settlement and
                 satisfaction of the GM Claims, GM will receive
                 all consideration set forth in the Delphi-GM
                 Definitive Documents, including, without
                 limitation,

                 (1) Cash in the amount of US$2,700,000,000 to
                     be paid on the Effective Date,

                 (2) retention of the GM Surviving Claims as
                     provided for in Section 4.03 of the
                     Settlement Agreement,

                 (3) the effectuation of the IRC Section 414(l)
                     assumption as provided for in Section 2.03
                     of the Settlement Agreement, and

                 (4) the releases as provided for
                     in Sections 3.01, 4.02, and 4.03 of the
                     Settlement Agreement.

                Amount of Allowed Claim: Agreed Compromise

                Estimated Percentage Recovery: Agreed Compromise

Section 510(b)
Note Claims      Section 510(b) Note Claims arise from the
                 securities actions consolidated in the multi-
                 district litigation pending in the United
                 States District Court for the Eastern District
                 of Michigan and include claims asserted by
                 current or former holders of the Senior Notes
                 or TOPrS for damages or rescission in
                 connection with the purchase or sale of those
                 securities.  Pursuant to the terms of the
                 Securities Settlement (which
                 resolves the claims and causes of action
                 asserted by holders of Section 510(b) Note
                 Claims and Section 510(b) Equity Claims),
                 holders of Section 510(b) Note Claims and
                 Section 510(b) Equity Claims will receive a
                 claim valued at US$204,000,000.  The Debtors
                 will make a distribution of Cash and New Common
                 Stock, in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims, to fund
                 a portion of the Securities Settlement, which
                 will be divided between the Section 510(b) Note
                 Claims and the Section 510(b) Equity Claims
                 according to the plan of allocation approved by
                 the MDL Court.  If any holder of a Section
                 510(b) Note Claim opts out of the Securities
                 Settlement, and that holder's claim is
                 ultimately allowed, then the holder of the
                 Allowed Section 510(b) Opt Out Note Claim will
                 receive a distribution, from the Securities
                 Settlement, of Cash and Stock equal to the
                 amount of the Allowed Section 510(b) Opt Out
                 Note Claim in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims.

                 Estimated Recovery: Allocated share of
                 US$204,000,000

                 Estimated Percentage Recovery: Agreed
                 Compromise

Intercompany
Claims           An Intercompany Claim is a claim by Delphi or
                 one or more of its affiliates against other
                 Delphi affiliates on account of various matters
                 incurred in the ordinary course of business.
                 Under the Plan, at the option of Delphi with
                 certain exceptions, Intercompany Claims will
                 either be reinstated and treated in the
                 ordinary course of business or eliminated,
                 except that Intercompany Claims among Debtors
                 that will be substantively consolidated as a
                 Debtor group will be eliminated.  The ultimate
                 disposition of Intercompany Claims will be
                 based upon business planning reasons of
                 Reorganized Delphi and will not affect
                 distributions to other creditors under the
                 Plan.

                 Estimated Amount of Claims:             N/A

                 Estimated Percentage Recovery:          N/A

Existing Common
Stock            Delphi's Existing Common Stock will be canceled
                 on the Effective Date.  Each Holder of Delphi's
                 Existing Common Stock will receive a pro rata
                 distribution of (1) 1,476,000 shares of New
                 Common Stock in Reorganized Delphi (at a
                 US$45.00 per share negotiated plan value), (2)
                 transferable Rights to purchase 45,600,000 of
                 the total 147,627,046 shares of New Common
                 Stock (to be reduced by the guaranteed minimum
                 of 10% of the Rights for the Plan Investors) in
                 Reorganized Delphi for US$1,750,000,000 in the
                 aggregate (exercise price US$38.56 per share),
                 (3) five-year warrants to purchase, for
                 US$45.00 per share, an additional 5% of the New
                 Common Stock of Reorganized Delphi, and (4)
                 non-transferable Rights to purchase
                 approximately US$572,000,000 (in the aggregate)
                 of the New Common Stock of Reorganized Delphi
                 for a price of US$45.00 per share.

                 Estimated Recovery:  Agreed Compromise

Section 510(b)
Equity Claims    Section 510(b) equity claims arise from the
                 securities actions consolidated in MDL and
                 include claims by current or former holders of
                 Delphi's existing common stock for damages or
                 rescission in connection with the purchase or
                 sale of the common stock.  Pursuant to the
                 terms of the Securities Settlement (which
                 resolves the claims and causes of action
                 asserted by holders of Section 510(b) Note
                 Claims and Section 510(b) Equity Claims),
                 holders of Section 510(b) Note Claims and
                 Section 510(b) Equity Claims will receive a
                 claim valued at US$204 million.  The Debtors
                 will make a distribution of Cash and New
                 Common Stock, in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims, to fund
                 a portion of the Securities Settlement, which
                 will be divided between the Section 510(b) Note
                 Claims and the Section 510(b) Equity Claims
                 according to the plan of allocation approved by
                 the MDL Court.  If any holder of a Section
                 510(b) Equity Claim opts out of the Securities
                 Settlement, and that holder's claim is
                 ultimately allowed, then the holder of the
                 Allowed Section 510(b) Opt Out Equity Claim
                 will receive a distribution, from the
                 Securities Settlement, of Cash and Stock equal
                 to the amount of the Allowed Section 510(b) Opt
                 Out Equity Claim in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims.

                 Estimated Recovery: Allocated share of
                 US$204,000,000

                 Estimated Percentage Recovery: Agreed
                 Compromise

Section 510(b)
ERISA Claims     Section 510(b) ERISA claims arise from the
                 alleged failure of certain defendants to
                 exercise their fiduciary duties in
                 administering certain retirement plans'
                 investments in Delphi common stock.  The ERISA
                 based claims have been consolidated in the MDL.
                 Pursuant to the terms of the ERISA Settlement,
                 holders of Section 510(b) ERISA Claims will
                 receive a claim valued at US$24,500,000.  The
                 Debtors will make a distribution of Cash and
                 New Common Stock, in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims, to fund
                 a portion of the ERISA Settlement, which will
                 be distributed according to the plan of
                 allocation approved by the MDL Court.

                 Estimated Recovery: Allocated share of
                 US$24,500,000

                 Estimated Percentage Recovery: Agreed
                 Compromise

Other Interests  Other Interests consist of all options,
                 warrants, call rights, puts, awards, or other
                 agreements to acquire existing Delphi common
                 stock.  Under the Plan, all Other Interests
                 will be cancelled and holders of Other
                 Interests will not receive a distribution under
                 the Plan on account of those Other Interests.

                 Percentage Recovery:  0%

Interests In
Affiliate
Debtors          Interests in affiliate debtors consists of any
                 other stock, equity security, or ownership
                 interest in any affiliate Debtor.  Under the
                 Plan, interests in affiliate debtors will not
                 be impaired or cancelled by the Plan.

                 Estimated Amount of Interests: N/A

                 Estimated Percentage Recovery: N/A

These classes of claims and interests are impaired under, and
are entitled to vote to accept or reject, the Plan:

   -- General Unsecured Claims,
   -- GM Claims,
   -- Section 510(b) Note Claims,
   -- Existing Common Stock,
   -- Section 510(b) Equity Claims, and
   -- Section 510(b) ERISA Claims.

Holders of interests or claims which do not retain or receive
any property and are deemed to reject the Plan under Section
1126(g).  Accordingly, the Debtors will not send ballots or
solicitation packages to holders of those claims and interests.

Under Section 1126(f), the Unimpaired Creditors are conclusively
presumed to have accepted the Plan, and solicitation of votes
from these creditors is not required.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  (Delphi Bankruptcy News, Issue No. 83 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


POLYMER GROUP: Names Gregory Crawford as North America Unit VP
--------------------------------------------------------------
Polymer Group Inc. has named Gregory A. Crawford as Vice
President, General Manager of North America to lead the
company's domestic growth.

Mr. Crawford joins the company at its Charlotte, North Carolina
headquarters from Nufarm Limited, a leading Australian
manufacturer and marketer of crop protection chemicals, where he
was president of the Americas region, responsible for business
units in seven countries.  During his tenure with Nufarm, Mr.
Crawford also served as president & Chief Executive Officer of
Nufarm Specialty Products and general manager of Nufarm's
Performance Chemical Division, headquartered in France.

Previously, Mr. Crawford was manufacturing manager at Merck
Pharmaceuticals and served as a submarine officer in the U.S.
Navy.

Reporting to PGI's chief operating officer Mike Hale, Mr.
Crawford is responsible for growing the company's U.S. business
through new product development, capacity expansion, and
continuing the company's commitment to operational excellence.

"Greg's wide range of domestic and international experience will
be a great asset to PGI as we bring our business units closer
together to drive cost efficiency, share best practices, and
optimize global customer and supplier strategies," Mr. Hale
said.

Mr. Crawford, who will be relocating to Charlotte, North
Carolina from Clarendon Hills, Illinois, holds a Bachelor of
Science Degree in Chemical Engineering from University of Notre
Dame and a MBA from Duke University, where he was a Fuqua
Scholar.  He is also a graduate of the U.S. Navy Nuclear Power
School.

Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC
Bulletin Board: POLGA/POLGB) develops, manufactures and markets
engineered materials.  The company operates 22 manufacturing
facilities in 10 countries throughout the world.  The company
has manufacturing offices in Argentina, China and France, among
others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 09, 2007, Standard & Poor's Ratings Services said that its
'B-' corporate credit rating and other ratings on Intertape
Polymer Group Inc. remain on CreditWatch with negative
implications, following the company's recent announcement of a
proposed rights issue of up to US$90 million.


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


AAHA FREIZEIT: Claims Registration Period Ends Oct. 26
------------------------------------------------------
Creditors of Aaha Freizeit GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Ygglev
Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 8:48 a.m. on Nov. 14, 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 Flensburg
         Hall A 220
         Sued-ergraben 22
         Flensburg
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

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

The Debtor can be reached at:

         Aaha Freizeit GmbH
         Attn: Hans Walter Rehbach, Manager
         Brauereiweg 23
         24939 Flensburg
         Germany


AN-TRIEB STEDINGK: Claims Registration Ends October 25
------------------------------------------------------
Creditors of AN-TRIEB Stedingk GmbH & Co. KG have until Oct. 25
to register their claims with court-appointed insolvency manager
Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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:

         Karina Schwarz
         Adenauerallee 4
         30175 Hannover
         Germany
         Tel: 0511/2353150
         Fax: 0511/2353151
         E-Mail: k.schwarz@rechtsanwaelte-schwarz.de

The District Court of Gifhorn opened bankruptcy proceedings
against AN-TRIEB Stedingk GmbH & Co. KG on Aug. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AN-TRIEB Stedingk GmbH & Co. KG
         Attn: Siegfried Sowa, Manager
         Poststr. 10
         31275 Lehrte
         Germany


ARUH GMBH: Claims Registration Period Ends Sept. 24
---------------------------------------------------
Creditors of ARUH GmbH have until Sept. 24 to register their
claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Ruediger Wienberg
         Wasastr. 15
         01219 Dresden
         Germany

The District Court of Leipzig opened bankruptcy proceedings
against ARUH GmbH on Aug. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ARUH GmbH
         Attn: Sascha Ruetten, Manager
         Kirschallee 1/13
         04416 Markkleeberg
         Germany


B & M ART: Claims Registration Period Ends Sept. 21
---------------------------------------------------
Creditors of B & M Art Dental GmbH & Co. KG have until Sept. 21
to register their claims with court-appointed insolvency manager
Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         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:

         Christoph Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040 8078810
         Fax: 040 807881-20

The District Court of Cuxhaven opened bankruptcy proceedings
against B & M Art Dental GmbH & Co. KG on Aug. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & M Art Dental GmbH & Co. KG
         Rohdestr. 5
         27472 Cuxhaven
         Germany

         Attn: Stefan Moeller, Manager
         Medemsand 4
         27476 Cuxhaven
         Germany


BUCKEYE TECH: Earns US$30.1 Million in Year Ended June 30
---------------------------------------------------------
Buckeye Technologies Inc. earned US$30.1 million on US$769.3
million of net revenues for the fiscal year ended June 30, 2007,
compared to US$1.9 million of net income on US$728.4 million of
net revenues for the previous year.

On June 30, 2007, the company had US$14.8 million of cash and
cash equivalents and US$65 million borrowing capacity on our old
credit facility.

The company's total debt and capital leases decreased US$76.2
million (including the cancellation of the US$5.0 million note
owed to Stac-Pac Technologies Inc.) to US$445.9 million at
June 30, 2007, from US$522.1 million at June 30, 2006.  From
June 30, 2005, to June 30, 2006, total debt decreased by US$16.9
million.  Its total debt as a percentage of total capitalization
was 56.2% at June 30, 2007, compared to 64.3% at June 30, 2006
and 66.7% at June 30, 2005.

The company has the following major sources of financing: a
senior secured credit facility, senior notes and senior
subordinated notes.  Its senior secured credit facility, senior
notes and senior subordinated notes contain various covenants.
The company was in compliance with these covenants as of
June 30, 2007, and believes it will continue to remain in
compliance for the foreseeable future.  These sources of
financing are described in detail in Note 8, Debt, to the
Consolidated Financial Statements.

On July 25, 2007, the company established a new US$200 million
senior secured revolving credit facility with a maturity date of
July 25, 2012.  This facility amends and restates the company's
existing credit facility.  Initially, we used the proceeds from
this new credit facility to pay the outstanding balance on the
former credit facility plus fees and expenses.  The interest
rate applicable to borrowings under the revolver is grid
based pricing, related to our total leverage ratio, of the
agentís prime rate plus 0.25% to 1.00% or a LIBOR-based rate
ranging from LIBOR plus 1.25% to LIBOR plus 2.00%.   The company
plans to use the proceeds from this facility to redeem the
remaining US$60 million of our 2008 notes, to redeem US$20
million of the 2010 notes in mid-September 2007, and for
general corporate purposes.  The credit facility is secured by
substantially all of our assets located in the United States.

The new credit facility contains covenants customary for
financing of this type.  The financial covenants include:
maximum total leverage ratio of consolidated total debt to
consolidated earnings before interest, taxes, depreciation and
amortization (EBITDA), and minimum ratio of consolidated
EBITDA to consolidated interest expense.  During fiscal year
2007, the company were in compliance with the financial
covenants under our old credit facility.

The new credit facility (taking into account the US$33.6 million
outstanding on the old term loan) increased borrowing capacity
to US$161.4 million.  The new credit facility also contains a
US$50 million increase option.  The portion of this capacity
that we could borrow on a particular date will depend on our
financial results and ability to comply with certain borrowing
conditions under the new revolving credit facility.  The
commitment fee, on the unused portion of the new revolving
credit facility, ranges from 0.25% to 0.40% per annum based on a
grid related to our leverage ratio.  Total costs for the
issuance of the new facility were approximately US$1.3 million
and will be amortized to interest expense using the effective
interest method over the life of the facility.

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

                       *     *     *

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


CHRYSLER LLC: Five Star Dealers' Sales Up 5% to 10,204 Vehicles
---------------------------------------------------------------
Chrysler LLC has reported that its Five Star dealers sold a new
record of 10,204 Certified Pre-owned Vehicles in August 2007, a
5 percent increase from August 2006 sales of 9,713 units.

For the month of August, Chrysler brand sales dipped 3 percent
to 3,201 units; Jeep brand sales spiked 19 percent to 2,890
units and Dodge brand sales rose 3 percent to 4,113 units.

Year-to-date Chrysler is the only domestic auto company to grow
its market share in the non-luxury certified segment, the
fastest growing automotive segment in the U.S.

Chrysler, Jeep and Dodge year-to-date 2007 sales set a record by
rising 7 percent to 84,845 units, versus 2006 sales of 79,050
units.  Select vehicles with marked sales improvement include
the Chrysler Pacifica and Dodge Magnum, which increased 24 and
26 percent year-over-year, respectively.

"With the right combination of great certified pre-owned
Chrysler, Jeep and Dodge products and knowledgeable dealer
partners to communicate those benefits to our customers,
Chrysler CPOV sales are on the right track in 2007," said Peter
Grady, director of Remarketing.  "Moving into September,
our dealers are positioned to close the third quarter in record
fashion."

Chrysler LLC offers one of the most comprehensive Certified Pre-
owned Vehicle programs in the industry.  For a vehicle to be
certified under Chrysler's used-vehicle program, it must be a
2002 through 2007 model pre-owned vehicle with less than 65,000
miles and pass a stringent 125-point mechanical, safety and
condition standard inspection.

Chrysler CPO vehicles are backed by an eight-year/80,000-mile
powertrain limited warranty, 24-hour, 365-day full roadside
assistance with a US$35 per day rental car allowance and a
three-month or 3,000-mile Maximum Care warranty, in addition to
a Carfax Vehicle History Report and buyback guarantee.

Marketed as "Brand Spankin' Used" Chrysler CPO vehicles are sold
only through Chrysler, Jeep and Dodge dealerships that have
earned the automaker's Five Star certification.  Five Star
certification is a comprehensive validation of the dealership's
facilities, operational processes, salesperson and technician
training accreditation as well as customer satisfaction survey
ratings. About 2,000 Chrysler dealerships in the United States
are certified Five Star dealers.

                       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.


COMMUNICA MOBILTELEFONE: Claims Registration Ends Oct. 24
---------------------------------------------------------
Creditors of Communica Mobiltelefone und Nachrichtentechnik GmbH
have until Oct. 24 to register their claims with court-appointed
insolvency manager Sandra Mitter.

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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The insolvency manager can be reached at:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Tel: 0561/3166-311
         Fax: 0561/3166-312
         E-mail: kassel@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings
against Communica Mobiltelefone und Nachrichtentechnik GmbH on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Communica Mobiltelefone und Nachrichtentechnik GmbH
         Miramstrasse 87
         34123 Kassel
         Germany


DC POLSTERMOEBEL: Claims Registration Ends October 4
----------------------------------------------------
Creditors of DC Polstermoebel GmbH & Co. KG have until Oct. 4 to
register their claims with court-appointed insolvency manager
Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 24, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 104
         First Floor
         Heinrich-Drake-Str. 3
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

          Sylvia Fiebig
          Jungfernstieg 51
          20354 Hamburg
          Germany

The District Court of Detmold opened bankruptcy proceedings
against DC Polstermoebel GmbH & Co. KG on Aug. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DC Polstermoebel GmbH & Co. KG
         Vorderfloess 38
         33175 Bad Lippspringe
         Germany

         Attn: Wolfgang Doell, Manager
         Karl-Triebold-Str. 41
         33659 Bielefeld
         Germany


DEMMINER MASCHINEN: Claims Registration Ends Oct. 22
----------------------------------------------------
Creditors of Demminer Maschinen Technik GmbH have until Oct. 22
to register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Nov. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Demminer Maschinen Technik GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Demminer Maschinen Technik GmbH
         Woldeforster Str. 5
         17109 Demmin
         Germany


FLAIR POLSTERMOEBEL: Claims Registration Period Ends Oct. 26
------------------------------------------------------------
Creditors of Flair Polstermoebel Vertriebsgesellschaft mbH have
until Oct. 26 to register their claims with court-appointed
insolvency manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 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 of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Flair Polstermoebel Vertriebsgesellschaft mbH on Sept.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Flair Polstermoebel
         Vertriebsgesellschaft mbH
         Daimlerstr. 29
         32257 Buende
         Germany

         Attn: Gregor Noelle, Manager
         Kirchplatz 2
         33422 Herzebrock-Clarholz
         Germany


FOERDER- UND SPANNMATIC: Claims Registration Ends Oct. 22
---------------------------------------------------------
Creditors of Foerder- und Spannmatic GmbH & Co. KG have until
Oct. 22 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 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         c/o SKP Partnerschaftsgesellschaft
         Bahnhofstr. 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/97018-0
         Fax: 0731/97018-660

The District Court of Goeppingen opened bankruptcy proceedings
against Foerder- und Spannmatic GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Foerder- und Spannmatic GmbH & Co. KG
         Attn: Goetz-Stephan Riehle, Manager
         Industriestr. 5
         73061 Ebersbach
         Germany


FOODTRUST A 1: Claims Registration Ends Oct. 22
-----------------------------------------------
Creditors of FoodTrust A 1 Betriebsgesellschaft mbH have until
Oct. 22 to register their claims with court-appointed insolvency
manager Thorsten Schnoor.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 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 Eutin
         Hall B
         First Stick
         Jungfernstieg 3
         23701 Eutin
         Germany

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

The insolvency manager can be reached at:

         Thorsten Schnoor
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Eutin opened bankruptcy proceedings
against FoodTrust A 1 Betriebsgesellschaft mbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FoodTrust A 1 Betriebsgesellschaft mbH
         Riesebusch 24
         23611 Bad Schwartau
         Germany


FORM EXCLUSIV: Claims Registration Period Ends Sept. 24
-------------------------------------------------------
Creditors of Form exclusiv Ulrich Wiemann Design GmbH & Co. KG
have until Sept. 24 to register their claims with court-
appointed insolvency manager Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

The District Court of Muenster opened bankruptcy proceedings
against Form exclusiv Ulrich Wiemann Design GmbH & Co. KG on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Form exclusiv Ulrich Wiemann Design GmbH & Co. KG
         Poppenbeck 72
         48329 Havixbeck
         Germany


GRAUER HASE: Claims Registration Period Ends Sept. 22
-----------------------------------------------------
Creditors of Grauer Hase GmbH & Co KG have until Sept. 22 to
register their claims with court-appointed insolvency manager
Lippold Freiherr von Roessing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on Nov. 22, at the same venue.

The insolvency manager can be reached at:

         Lippold Freiherr von Roessing
         Bahnhofstr. 57
         94469 Deggendorf
         Germany
         Tel: 0991/371978-0
         Fax: 0991-371978-10

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

The Debtor can be reached at:

         Grauer Hase GmbH & Co KG
         Untere Vorstadt 12
         94469 Deggendorf
         Germany


HERIBERT SEHRBROCK: Claims Registration Period Ends Oct. 5
----------------------------------------------------------
Creditors of Heribert Sehrbrock GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Carsten Hecker.

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

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Carsten Hecker
         Elsener Strasse 92 - 94
         33102 Paderborn
         Germany
         Tel: (0 52 51) 32 114
         Fax: (0 52 51) 32 127

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

The Debtor can be reached at:

         Heribert Sehrbrock GmbH
         Attn: Heribert Sehrbrock, Manager
         Muehlenheide 63
         33106 Paderborn
         Germany


HK - CONZEPT: Claims Registration Period Ends Oct. 26
-----------------------------------------------------
Creditors of HK - CONZEPT GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Dr. Ralf
Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Dr. Ralf Sinz
         Zeughausstr. 28-38
         50667 Koeln
         Germany
         Tel: 02219212223
         Fax: 02219212221

The District Court of Aachen opened bankruptcy proceedings
against HK - CONZEPT GmbH on Aug. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HK - CONZEPT GmbH
         Gerionstr. 1
         52428 Juelich
         Germany

         Attn: Rene Ludwig, Manager
         Landstrasse 10 c
         52445 Titz
         Germany


INTERLINE WOHNSYSTEME: Claims Registration Ends October 4
---------------------------------------------------------
Creditors of Interline Wohnsysteme GmbH & Co.
Kommanditgesellschaft have until Oct. 4 to register their claims
with court-appointed insolvency manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 24, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 104
         First Floor
         Heinrich-Drake-Str. 3
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Interline Wohnsysteme GmbH & Co. Kommanditgesellschaft
on Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Interline Wohnsysteme GmbH & Co. Kommanditgesellschaft
         Hainbergstr. 16
         32816 Schieder-Schwalenberg
         Germany

         Attn: Frank Goerlich, Manager
         Krochmannstr. 20
         49076 Osnabrueck
         Germany


IWS GMBH: Claims Registration Period Ends Sept. 21
--------------------------------------------------
Creditors of IWS GmbH have until Sept. 21 to register their
claims with court-appointed insolvency manager Axel W. Bierbach.

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

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 210
         Rosenheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:50 a.m. on Oct. 16, at the same venue.

The insolvency manager can be reached at:

         Axel W. Bierbach
         Schwanthalerstrasse 32
         Gerichtsfach Nr. 29 - Muenchen
         80336 Munich
         Tel: 089/54511-0
         Fax: 089/54511-444

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

The Debtor can be reached at:

         IWS GmbH
         Klepperstr. 28
         83026 Rosenheim
         Germany


STR HAUS: Claims Registration Ends October 24
---------------------------------------------
Creditors of STR - Haus Ė Bau GmbH have until Oct. 24 to
register their claims with court-appointed insolvency manager
Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Falk Eppert
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against STR - Haus Ė Bau GmbH on Aug. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         STR - Haus Ė Bau GmbH
         Steinstrasse 9
         16303 Schwedt (Oder)
         Germany


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


GUESS? INC: Deutsche Bank Maintains Buy Rating on Firmís Shares
---------------------------------------------------------------
Deutsche Bank Securities analyst Gabrielle Kivitz has kept her
"buy" rating on Guess? Incís shares, Newratings.com reports.

Newratings.com relates that the target price for Guess?ís shares
was increased to US$62 from US$59.

Ms. Kivitz said in a research note that Guess? surpassed second
quarter earnings estimates as well as the consensus.

Ms. Kivitz told Newratings.com that Guess? generated 48% total
sales growth.  All its business sectors surpassed expectations.

According to Newratings.com, Guess? raised its earnings per
share guidance for this year by US$0.04 to up to US$1.84, which
is still conservative in view of the firmís strong performance
in the first six months.

The earnings per share estimates for 2007 and 2008 were
increased to US$1.92 from US$1.88 and US$2.30 from US$2.28,
respectively, Newratings.com states.

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

                       *     *     *

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


GUESS? INC: Brean Murray Holds Buy Rating on Firmís Shares
----------------------------------------------------------
Brean Murray analyst Eric M. Beder has kept his "buy" rating on
GUESS? Incís shares, Newratings.com reports.

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

Mr. Beder said in a research note that Guess?ís reported its
second quarter 2007 results with earnings per share surpassing
estimates and the consensus.

Newratings.com notes that Guess? issued a "cautious guidance"
for the second half of this year.

Mr. Beder told Newratings.com that Guess? remains in touch with
some "key fashion trends, which should result in continued
robust results in the domestic and European" markets.

The earnings per share estimates for 2007 and 2008 were
increased to US$1.86 from US$1.81 and US$2.20 from US$2.18,
respectively, Newratings.com states.

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

                       *     *     *

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


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


SCOTTISH RE: UBS Maintains Neutral Rating on Firmís Shares
----------------------------------------------------------
UBS analysts have kept their "neutral" rating on Scottish Re
Groupís shares, Newratings.com reports.

Newratings.com relates that the one-year target price for
Scottish Reís shares was decreased to US$3.70 from US$5.40.

The analysts said in a research note that Scottish Re has
considerably greater exposure to the "subprime and Alt-A
mortgages relative to the life group."

The analysts told Newratings.com that 53% of Scottish Reís
equity is rated "below AA, compared to 2% of that of the life
group."  According to Fitch Ratings and the UBS Fixed Income
group, "credit losses were mostly confined to below AA rated
mortgages."

Scottish Reís operations wouldnít have "a turnaround in the near
term," Newratings.com states, citing UBS.

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

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.  Moody's
insurance financial strength ratings are opinions of the ability
of insurance companies to repay punctually senior policyholder
claims and obligations.


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


ALITALIA SPA: Board Approves 2008-2010 Business Plan
----------------------------------------------------
The Board of Directors of Alitalia S.p.A. has approved the 2008-
2010 Business Plan.

The guidelines for the 2008-2010 Business Plan were approved
by the Board on Aug. 30, 2007, and indicated a "Plan for
survival/transition," aimed at achieving conditions of
sustainability and continuity for Company activities in the
short/medium term, waiting for the definitive decision regarding
the future ownership of the Company and the consequent business
organization.

Therefore, the Plan is characterized by a top priority of
reducing the Companyís losses and the erosion of its equity
through strategic actions marked by strong discontinuity.

In this context the Plan, whose implementation, with the
exception of some preliminary and preparatory actions, will
start from IATA Summer Season 2008 (March 30, 2008), shows a
significant improvement in consolidated operating margins
(including Volare company) with an EBITDAR (Earnings Before
Interest, Taxes, Depreciation, Amortization and Rentals)
expected to rise from 2.6% of revenues in 2006 to about 11% in
2010.

With a forecast overall reduction in unit revenues (about 2.7%
between 2007 and 2010), due to the repositioning of the long
haul activities and the development of low-cost activities, the
unit operating costs reduce significantly (by 8% between 2007
and 2010) thanks to improved fleet productivity, rationalization
of activities and reduction of unit purchase prices for
services.

The improved business organization efficiency leads to a
positive operating margin by the end of the Plan.

However, in the absence of a capital increase, the above trend
would not make it possible to avoid further gradual erosion of
equity and cash-to-hand during the Plan period, due to the
effects of financial charges, taxes and extraordinary items.

The net financial debt to equity ratio would rise, without a
capital increase, from about 1.1, as of December 2006, to nearly
6.0 at the end of 2010.  It is important to point out that the
cash-to-hand would remain at an adequate level during the first
part of the Plan.

However, while still remaining always positive during the Plan
period, it would reach in 2010 a level not considered adequate
for operational requirements.

Considering these forecasts, the Board of Directors, confirming
again the concept of a "Plan for survival/transition," while
waiting for the definitive decision regarding the ownership of
the Company, also examined the short/medium-term cash flow
evolution and reconfirmed the need for a substantial injection
of financial resources by an increase of the capital of the
Company.

The quantitative and financial aspects of the Plan do not take
into account the planned increase of capital.

Therefore, it would be possible to use these new financial
resources to improve and consolidate not only the equity
structure but also the Planís objectives, as a first significant
step towards reducing debt and recovering growth prospects.

The Board will evaluate in future when and how to increase the
capital of the Company and the amount of it -Ė in connection
with the expected change in the Companyís ownership -Ė by
monitoring and appraising the business performance during the
coming months, also taking into account the outcome of the first
actions resulting from the implementation of the new Plan and
the effects of any critical situations which might arise in its
implementation.

The combined effect of the actions set out in the Business Plan
will make it possible to optimize the Groupís overall
performance, as can be seen from some of the main operational
parameters:

   -- the overall number of passengers carried by the Group will
      rise from about 25.5 million estimated for 2007 to about
      28.7 million in 2010, with an average annual growth rate
      of 3.8%;

   -- the overall capacity provided by the Group (in terms of
      seats offered) will grow by an average annual rate of
      1.6%;

   -- the number of short/medium haul flight hours will remain
      practically the same during the Plan period (-0.3% average
      annually between 2007 and 2010), while the number of long
      haul flight hours will rise by an average annual rate of
      5% during the same period (this growth will be
      concentrated in the Planís final phase, in connection
      with the delivery of new aircraft);

   -- consequently the load factor will increase from an
      estimated 64%, for the whole of 2007, to around 68.4% in
      2010;

   -- cargo activities (in terms of available tonne kilometres)
      will rise by an average annual rate of 4.5%, and the
      volume of goods flown by 2.4%;

   -- the Plan takes into account, at the Group level, a
      reduction of the short/medium haul fleet and an increase
      (at the end of the Plan period) of the long-haul fleet;

   -- it is expected that rationalizing and simplifying the
      network and developing low-cost activities will enable an
      increase of the productivity of short/medium haul aircraft
      by about 14% (in terms of average daily utilization).

The effects on employment levels due to the implementation of
the Plan will be defined in close collaboration with the trade
union organizations and professional associations, also with
reference to the positioning of the Groupís carriers, the rules
of employment for their personnel and the possible direct
coverage of routes which are currently operated by third-party
providers in cooperation with Alitalia.

At the same time, together with the trade union organizations
and professional associations, steps will be taken to identify
ways and timing for gaining access to all social support tools
which might eventually become necessary, bearing in mind the
commitment already shown by Government Authorities to move in
this direction.

Referring to the Chairmanís mandate to move ahead with
identifying potential investors interested to take over the
control of the Company, Alitalia informs that it has started,
with the support of the financial advisor Citi, first contacts
with potential interested subjects, which, as communicated, are
expected to be completed in the shortest possible time.

                          About Alitalia

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

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


ALITALIA SPA: Might Face Damages Suit over Malpensa Downscaling
---------------------------------------------------------------
SEA S.p.A. could file a damage suit against Alitalia S.p.A. over
the carrier's plan to reduce activities at the Malpensa airport,
which the latter operates, Thomson Financial News relates citing
SEA chairman Giuseppe Bonomi.

"We are examining if there are contract breaches by Alitalia,"
Mr. Bonomi was quoted by Corriere della Sera as saying.  "There
is the possibility of a legal action for damages."

As reported in the TCR-Europe on Sept. 3, 2007, Alitalia said it
would "reposition the activities of Milan Malpensa airport by
focusing on specific business segments."

The carrier said it may reconsider this option "if and when the
access regulations for Milan Linate airport were to be modified
concentrating the major part of air traffic from/to Lombardy on
Milan Malpensa, and if and when airport costs were reduced."

According to Thomson Financial, Mr. Bonomi criticized Alitalia's
strategy, saying it would bar a large part of the country from
having access to intercontinental flights.  Mr. Bonomi noted
that SEA has planned to invest at Malpensa, specifically to
support Alitalia's hub activities and their expansion.

Mr. Bonomi, however, said Alitalia's plans will not affect the
passenger numbers at Malpensa since other airlines have
expressed "enormous interest" in using the space freed up by
Alitalia.

                          About Alitalia

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

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


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


ASIA SVYAZ: Proof of Claim Deadline Slated for Oct. 19
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Asia Svyaz insolvent on July 26.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Masanchi, 98 b-42
         Almaty
         Kazakhstan
         Tel: 8 (3272) 60-68-91
              8 777 214 52-28


JANBOLAT LLP: Creditors Must File Claims Oct. 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Janbolat insolvent on July 27.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KAZTRANSLOGISTICS LLP: Creditors' Claims Due on Oct. 19
-------------------------------------------------------
Branch of LLP Kaztranslogistics in Petropavlovsk Region has
declared insolvency.  Creditors have until Oct. 19 to submit
written proofs of claims to:

         Branch of LLP Kaztranslogistics - Petropavlovsk
         Konstitutsiyi Str. 36
         Petropavlovsk
         Kazakhstan


KAZTRANSLOGISTICS LLP: Claims Filing Period Ends Oct. 19
--------------------------------------------------------
Branch of LLP Kaztranslogistics in West Kazakhstan Region has
declared insolvency.  Creditors have until Oct. 19 to submit
written proofs of claims to:

         Branch of LLP Kaztranslogistics - West Kazakhstan
         Momyshuly Str. 27/1
         Uralsk
         West Kazakhstan
         Kazakhstan


KKK-UK LLP: Creditors' Claims Due on Oct. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP KKK-UK insolvent on July 21.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 39-16
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 51-27-24


SALTANAT LLP: Claims Registration Ends Oct. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Saltanat insolvent on July 27.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


SYMBAT LLP: Creditors Must File Claims Oct. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Symbat insolvent on July 21.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 39-16
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 51-27-24


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


HING SERVICE: Proof of Claim Deadline Slated for October 24
-----------------------------------------------------------
LLC Hing Service has declared insolvency.  Creditors have until
Oct. 24 to submit written proofs of claim to:

         LLC Hing Service
         Jibek Jolu Ave. 208
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 95-41-15


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


HOLLAND MORTGAGE: Moody's Rates EUR18MM Class E Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned these provisional long term
credit ratings to six classes of Notes to be issued by Holland
Mortgage Backed Series (Hermes) XIV B.V.:

   -- (P)Aaa to the EUR500,000,000 Senior Class A1 Mortgage-
      Backed Floating Rate Notes 2007 due 2039;

   -- (P)Aaa to the EUR1,398,000,000 Senior Class A2 Mortgage-
      Backed Floating Rate Notes 2007 due 2039;

   -- (P)Aa1 to the EUR16,000,000 Mezzanine Class B Mortgage-
      Backed Floating Rate Notes 2007 due 2039;

   -- (P)A1 to the EUR54,000,000 Mezzanine Class C Mortgage-
      Backed Floating Rate Notes 2007 due 2039;

   -- (P)Baa2 to the EUR14,000,000 Mezzanine Class D Mortgage-
      Backed Floating Rate Notes 2007 due 2039;

   -- (P)Ba2 to the EUR18,000,000 Subordinated Class E Floating
      Rate Notes 2007 due 2039.

This transaction represents the fourteenth securitization of
Dutch residential mortgage loans originated by SNS Bank N.V.
under the Hermes program.

The pool has been partially originated by BLG Hypotheekbank
([43.8]%) a fully owned subsidiary of SNS Bank acquired in 1993.
Hermes XIV is using a structure very similar to the previous
Hermes transactions.  As in previous Hermes transactions savings
mortgages are included in the reference pool and a savings sub-
participation is used in the structure.  Similar to Hermes XIII,
the structure is not revolving and notes will start amortizing
immediately after closing.

All the notes are backed by mortgages and the Class A has been
divided into two sub-classes, A1 and A2, which will be repaid in
a sequential order but which share the same Principal Deficiency
Ledger.  Also there is no reserve fund in this transaction. An
Excess Margin of 35bps is guaranteed over the life of the
transaction through the interest rate swap provided by SNS Bank
(A1/Prime-1).  The liquidity facility and the GIC are also
provided by SNS Bank.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the Notes.  A final rating may
differ from a provisional rating.  The provisional ratings
address the expected loss posed to investors by the legal final
maturity.  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal by the
legal final maturity.


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


ELEKTRIM SA: T-Mobile Seeks EUR3.5Mln Claim from Telco Venture
--------------------------------------------------------------
Deutsche Telekom AG's mobile telecommunications unit T-Mobile
Deutscheland is seeking EUR3.5 billion in damages from
Elektrim Teleckommunikacja (Telco), a joint venture between
Vivendi S.A. and Elekrim S.A., for impeding the development of
Polish mobile operator Polska Telfonia Cyfrowa Sp. z o.o, the
Financial Times Deutschland reports.

According to the Thomson Financial News, T-Mobile's claim
relates to ďdamages suffered as a result of alleged tortious
acts committed by Telco in connection with litigation regarding
PTC shares.Ē

Vivendi rejected these claims saying that "the allegations lack
any ground" and that Telco intends to fight them.

"Over the period concerned 1999-2005, PTC was managed by Vivendi
and Deutsche Telekom.  PTC's growth then was strong and regular
and PTC had the number one spot among Polish mobile operators,"
a Vivendi spokesman was quoted by Reuters as saying.

"Since Vivendi lost operational management of PTC in 2005, the
competitive and financial situation of PTC deteriorated, and it
now ranks third among Polish operators," the spokesman further
revealed.

Telco and Deutsche Telekom, which owns 49% of PTC, are in a
long-running dispute over a 48% ownership of the Polish firm,
which Vivendi claims is Telco's and which DT contests.

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

                        *     *     *

As previously reported in the TCR-Europe on Aug. 24, 2007,
Elektrim S.A. filed for bankruptcy protection in a court in
Warsaw on Aug. 10, 2007, after its second debt restructuring
talks with bondholders failed.

Subsequently, the court has granted bankruptcy protection to
Elektrim with the possibility of settlement and appointed a
trustee to oversee the company's assets.

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


ZINIFEX LTD: Launches Joint Venture with Umicore and Nyrstar
------------------------------------------------------------
Zinifex Limited announced that it had completed the transfer of
its zinc and lead smelting and alloying assets to Nyrstar,
thereby formally launching the joint venture with Umicore and
creating the world's largest zinc metal producer.

Incorporated in Belgium and headquartered in London, Nyrstar has
wholly owned operations in Australia, Belgium, France, the
Netherlands and the USA and joint ventures in Australia, China
and France as well as a 24.9% interest in Padaeng Industry
Public Company Limited in Thailand.

Nyrstar's shareholders, Umicore and Zinifex, have contributed
approximately 40% and 60%, respectively, of the relative value
of Nyrstar's assets.  Nyrstar is however structured on an equal
ownership basis, with Zinifex and Umicore each owning 50% of the
shares in Nyrstar and having equal voting rights, with an
appropriate equalization arrangement to be implemented at a
future point.

The formation of Nyrstar marks another significant milestone in
the transformation of Zinifex to a full-fledged mining company.
It is the intention of both Zinifex and Umicore to undertake an
initial public offering of shares in Nyrstar at an appropriate
time.

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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


ARGON CJSC: Court Names S. Aliev as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Chukotskiy appointed S. Aliev as
Insolvency Manager for CJSC Argon.  He can be reached at:

         S. Aliev
         Post User Box 284
         Anadyr
         689000 Chukotskiy
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A80-18/2005-B.

The Debtor can be reached at:

         S. Aliev
         Post User Box 284
         Anadyr
         689000 Chukotskiy
         Russia


BAYKAL-TEKH-SERVICE: Creditors Must File Claims by Oct. 18
----------------------------------------------------------
Creditors of CJSC Baykal-Tekh-Service (TIN 0317003353) have
until Oct. 18 to submit proofs of claim to:

         V. Afanasyeva
         Insolvency Manager
         Office 308
         Lenina Str. 18
         664025 Irkutsk
         Russia

The Arbitration Court of Buryatiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A10-5607/06.

The Debtor can be reached at:

         CJSC Baykal-Tekh-Service
         Office 5
         Mayskiy Per. 1
         Severobaykalsk
         671701 Buryatiya
         Russia


BUILDING MATERIALS: Creditors Must File Claims by Sept. 18
--------------------------------------------------------
Creditors of LLC Building Materials have until Sept. 18 to
submit proofs of claim to:

         A. Kasaev
         Temporary Insolvency Manager
         Vyazemskaya Str. 1-82
         680022 Khabarovsk
         Russia

The Arbitration Court of Primorye commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A51-3336/2007 26-32 B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         LLC Building Materials
         Komsomolskaya Str. 3
         Vladivostok
         Russia


DOLZHANSKOE OJSC: Court Names A. Antonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar appointed A. Antonov as
Insolvency Manager for OJSC Dolzhanskoe (TIN 2331013131).  He
can be reached at:

         A. Antonov
         Pushkina Str. 47/1
         350063 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-12207/2004-27/134-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Dolzhanskoe
         Lenina Str. 22
         Dolzhanskaya St.
         Eyskiy
         353655 Krasnodar
         Russia


INTINSKAYA COAL: Creditors Must File Claims by Oct. 18
------------------------------------------------------
Creditors of OJSC Mine Control Intinskaya Coal Company have
until Oct. 18 to submit proofs of claim to:

         A. Gladkov
         Insolvency Manager
         Gorkogo Str. 14
         Inta
         Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29-53/20073B.

The Court can be reached at:

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

The Debtor can be reached at:

         OJSC Mine Control Intinskaya Coal Company
         Komi
         Russia


KASTORENSKIY AGRO-SERVICE: Creditors Must File Claims by Oct. 18
----------------------------------------------------------------
Creditors of CJSC Kastorenskiy Agro-Service have until Oct. 18
to submit proofs of claim to:

         P. Pozdnyakov
         Insolvency Manager
         Post User Box 16
         394038 Voronezh 10
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-8112/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Kastorenskiy Agro-Service
         Kastornoe
         Kastorenskiy
         Kursk
         Russia


KEMEROVSKAYA POULTRY: Creditors Must File Claims by Oct. 18
----------------------------------------------------------
Creditors of LLC Kemerovskaya Poultry Farm have until Oct. 18 to
submit proofs of claim to:

         V. Bakulin
         Insolvency Manager
         Office 507
         Lenina Pr. 90/4
         650000 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
Court will convene on Jan. 31, 2008 to hear the company's
bankruptcy supervision procedure.  The case is docketed under
Case No. A27-12500/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Kemerovskaya Poultry Farm
         Yasnogorskiy
         Kemerovo
         Russia


LíGOV-MEAT-PRODUCT: Creditors Must File Claims by Oct. 18
----------------------------------------------------------
Creditors of LLC Lígov-Meat-Product have until Oct. 18 to submit
proofs of claim to:

         E. Sergeev
         Insolvency Manager
         Apartment 53
         K. Marksa Str. 71b
         305021 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-347/-7 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         LLC Lígov-meat-product
         Lígov
         Kursk
         Russia


LIPETSKIY STANKOZAVOD: Creditors Must File Claims by Sept. 18
-------------------------------------------------------------
Creditors of OJSC Lipetskiy Stankozavod have until Sept. 18 to
submit proofs of claim to:

         Y. Beketov
         Temporary Insolvency Manager
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia

The Arbitration Court of Lipetsk will convene at 9:20 a.m. on
Dec. 6 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A36-1752/2007.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Lipetskiy Stankozavod
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia


MIRAX-TRUST CJSC: Creditors Must File Claims by Sept. 18
--------------------------------------------------------
Creditors of CJSC Mirax-Trust have until Sept. 18 to submit
proofs of claim to:

         M. Sergeev
         Temporary Insolvency Manager
         Post User Box 416
         Dimitrovograd
         433511 Ulyanovsk
         Russia

The Arbitration Court of Samara will convene on Oct. 8 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A55-3950/2007.

The Debtor can be reached at:

         CJSC Mirax-Trust
         Michurina Str. 19V
         443013 Samara
         Russia


OGK-1 JSC: Moody's Assigns Ba3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to JSC OGK-1, a Russian thermal electricity generator.  The
rating outlook is stable.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a Aa3.ru national scale
credit rating to the company.

According to Moody's and Moody's Interfax, the Ba3 global scale
rating reflects the company's global default and loss
expectation, while the Aa3.ru NSR reflects the standing of the
company's credit quality relative to its domestic peers.

The company's ratings positively reflect:

   (i) OGK-1's sustainable solid market positions in the unified
       energy systems of Central Russia and Urals;

  (ii) a relatively conservative financial profile with some
       headroom to increase debt while remaining in the current
       rating category;

(iii) potential benefits from the wholesale market
       liberalization that should positively influence the
       company's revenues and margins.

These positive factors are underpinned by the favorable growth
in demand for electricity, which is expected to grow ahead of
capacity additions in the company's key markets.

Furthermore, although a part-privatization for OGK-1 is
scheduled for the first half of 2008, the Ba3/Aa3.ru ratings
continue to incorporate a modest degree of support from the
state that results from the company still being part of RAO UES
of Russia, the state-controlled integrated utility group, and
beyond that also from the Russian government's active interest
in the sector's investment strategies, being seen as key
requirements for further economic growth of the country. Should
such support weaken materially over the next couple of years
without being replaced by support from a strong new strategic
shareholder, OGK-1's ratings could at such a time become more
aligned within the single-B rating category.

At the same time, the company's ratings are constrained by:

   (i) uncertainties associated with the Russian power sector
       restructuring process and timing of the company's
       privatization;

  (ii) limited ability to improve margins and hence cash
       generation in the upcoming few years when the wholesale
       power market liberalization is at its early stages; the
       ability to increase prices and shift demand to the
       competitive segment of the wholesale market needs to be
       demonstrated within an emerging regulatory environment
       that will need to balance the generators' needs for
       profitability and growth and their customers' needs for
       reliable, cheap power);

(iii) OGK-1's business as a pure power generator with a lack of
       diversification down- and upstream;

  (iv) broadly rising gas prices driven by the company's key
       supplier Gazprom, which is also establishing
       shareholdings in the generation sector;

   (v) an ambitious investment program with execution risks
       that could lead to a rapid increase in leverage and also
       depends on timely raising equity finance at a time when
       many generators may seek to access the markets;

  (vi) limited standalone track record.

Given that the company's rating positioning in the Ba3 category
also benefits from some moderate shareholder and state support,
OGK-1's ratings could come under downward pressure (mostly due
to the transitional nature of its current financial profile,
which may deteriorate as a consequence of its investment
program), if the company is unable to partly raise equity for
the funding and at the same time improve cash generation.

Similar to other Russian thermal power generators that are
currently part of RAO UES, the state-owned vertically integrated
monopoly power business under restructuring, OGK-1 is in
transition towards being an independent generator in the Russian
market, with the state's indirect shareholding (through RAO UES
or possibly a state-controlled successor) to be reduced, finally
to a relatively immaterial level.  Following RAO UES's
liquidation in the middle of 2008 and OGK-1's potential equity
raising in the first half of 2008, the company should be
controlled by private shareholders.  However, neither the
ultimate timing nor shareholder structure are yet clear.

Clarity with the ownership structure and expected appearance of
a strong strategic investor could be ratings-positive and help
the company to balance the strain on its financials resulting
from its investment program and strengthen positions in its key
markets, given on-going liberalization of the wholesale power
market.  Nevertheless, risks of a delay in the privatization
(and possible negative implications for OGK-1's ability to
finance its investment program) would be mitigated at least in
the short- and medium term by the state's indirect shareholding
and importance of the company's business, given a rapidly
growing demand for electricity in OGK-1's target markets of the
Moscow region of Central Russia and in the Urals and Tyumen
regions.

OGK-1's 2007-2010 ambitious investment program of Rbl54.1
billion includes three new construction projects and one major
overhaul with introduction of fully new equipment at available
premises.  Given an emerging competitive segment of the
wholesale power market, politically biased tariffs and
developing contractual relationship with the dominant domestic
gas supplier Gazprom, OGK-1's revenues are expected to remain
largely regulated in the short- and medium-term and will be
insufficient for the company to implement its investment program
without attracting external finance. OGK-1 is considering
raising both equity and debt, with a cap on leverage at 3x
Debt/EBITDA.  Although OGK's current financial profile, with its
Debt to EBITDA as low as 0.3x, is very conservative and leaves
headroom to materially increase debt, the company's ability to
implement the program in line with the leverage target largely
depends on success of its planned equity offering.  A delay --
or lower proceeds - may materially increase OGK-1's needs for
debt financing, which will need to be carefully managed from a
liquidity perspective, should the company be unable to postpone
and/or reschedule its investments.

Three of OGK-1's investment projects were regarded by RAO UES as
priorities.  This may limit the company's flexibility to
reschedule, but at the same time should mean that RAO UES and/or
the state may at least temporarily support the company, if there
were a delay in its potential equity offering and/or below-
expectation proceeds.  While the company's liquidity situation
historically has been exposed to short-term debt maturities
which were only partially covered from internal sources, OGK-1's
recent and expected progress in extending debt maturities and
the company's established relationship with both Russian and
foreign banks should support its liquidity.  According to the
company, as of mid-August 2007, it has access to unused bank
facilities of around Rbl8.2 billion, including both committed
and uncommitted credit lines.

The rating outlook remains stable as the company is well
positioned to develop its business in accordance with its plans
and it is expected to manage leverage in line with the current
rating category provided that the forthcoming IPO is successful.
In the case of a delayed privatization, state support should
continue to provide some stability to the ratings.

These factors could have a positive impact on the company's
ratings:

   (i) successful equity offering, with a strategic investor
       stepping in;

  (ii) material improvements in the operating environment for
       the company driven by market liberalization and on-going
       sector restructuring;

(iii) demonstrated sustainable increases in margins and cash
       flow generation ahead of projections; and

  (iv) confirmed ability to manage investments while keeping
       tight control over leverage within the target of total
       debt to EBITDA ratio not exceeding 3x.

A negative pressure on the company's ratings could result from:

   (i) absence of equity offering or its insufficient size;

  (ii) weakening state's support;

(iii) a negative shift in the regulatory regime and (or leading
       to) deteriorating margins; and

  (iv) inability to adjust the investment program and schedule
       to control leverage, with total debt to EBITDA ratio
       increasing above 3x and RCF to Debt ratio falling
       materially below 25%.

Headquartered in Moscow, OGK-1 is the largest wholesale thermal
generation company of six established as part of the
restructuring of RAO UES of Russia, the Russian state-controlled
dominant integrated electricity group.  The company has six
largely gas-fired plants with installed capacity of 9.5 GW
located in Central Russia (Moscow region), in the Urals
(Orenburg, Sverdlovsk, and Perm regions) and Western Siberia
(Tyumen region), with two plants located in the Urals region
accounting for more than 50% of the installed capacity.  The
company's 2006 sales were RUR30.0 billion, with 95% of sales
from electricity output.  Currently 92% owned by RAO UES, OGK-1
is expected to become a private generator in 2008-2009.


ROSNEFT OIL: Eyes RUR45 Billion Bond Issue to Repay Loans
---------------------------------------------------------
OAO Rosneft Oil Co. will issue RUR45 billion of bonds as part of
its US$15 billion refinancing program to repay loans used to
acquire bankruptcy assets of OAO Yukos Oil Co., various reports
say citing financial sources.

According to RIA Novosti, Rosneft will issue the bonds in three
tranches of equal sizes with maturities of not more than seven
years.  Rosneft will issue the first tranche this year and the
next two tranches in 2008.

Rosneft has hired Troika Dialog, Gazprombank and VTB to organize
the placement, a source told RIA Novosti.

The placement, however, has yet to receive approval from the
company's board of directors, The Moscow Times relates.

"Directors at Rosneft need to make the decision to issue the
bond, and they haven't yet met on this," a Rosneft spokesman was
quoted by The Moscow Times as saying.

                          About Rosneft

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

                            *   *   *

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


RUSSNEFT OIL: Ex-CEO Mikhail Gutseriev Faces Arrest
---------------------------------------------------
The Tverskoi Court in Moscow has issued an arrest warrant for
Mikhail Gutseriev, former chief executive of OAO RussNeft Oil
Co., RIA Novosti reports citing a Moscow City Court spokesman.

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

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

As reported in the TCR-Europe on Aug. 22, 2007, the Moscow
Arbitration Court upheld a RUR17 billion tax arrear claim
against Russneft, and rejected an appeal to overturn a July 2007
ruling ordering the oil concern to pay the Federal Tax Service
RUR3.7 billion in  back taxes for 2003 and first quarter of
2004.

At the same time, the Lefortovsky District Court in Moscow has
frozen the entire stock of OAO Russneft Oil and Gas Co. pending
a criminal investigation against Mr. Gutseriev.

                         About Russneft

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


SIBERIAN AMBER: Creditors Must File Claims by Oct. 18
-----------------------------------------------------
Creditors of CJSC Siberian Amber (TIN 3808074418) have until
Oct. 18 to submit proofs of claim to:


         P. Zhdanov
         Insolvency Manager
         Post User Box 16
         Post Office 8
         Usolye-Sibirskoe
         665458 Irkutsk
         Russia
         Tel/Fax: 395 43 6-10-26

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
Court will convene at 10:30 a.m. on July 28, 2008 to hear the
company's bankruptcy supervision procedure.  The case is
docketed under Case No. A19-5657/07-8.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Siberian Amber
         Marata Str. 38
         664000 Irkutsk
         Russia


SYSETSKIY BAKERY: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on OJSC Sysetskiy Bakery.  The case is
docketed under Case No. A60-12689/2007-S11.

The Temporary Insolvency Manager is:

         A. Vyalí
         Temporary Insolvency Manager
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sysetskiy Bakery
         Traktovaya Str. 23
         Sysert
         624022 Sverdlovsk
         Russia


TRUST KUZBASS-TRANS-STROY: Bankruptcy Hearing Slated for Dec. 13
----------------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 2:15 p.m. on
Dec. 13 to hear the bankruptcy supervision procedure on CJSC
Trust Kuzbass-Trans-Stroy.  The case is docketed under Case No.
A27-5676/2007-4.

The Temporary Insolvency Manager is:

         M. Brodesko
         Post User Box 2374
         654079 Novokuznetsk
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Trust Kuzbass-Trans-Story
         Karbysheva Proezd 8
         Novokuznetsk
         654029 Kemerovo
         Russia


TVINS LLC: Creditors Must File Claims by Oct. 18
------------------------------------------------
Creditors of LLC Fish Catching Company Tvins (TIN 4101077448)
have until Oct. 18 to submit proofs of claim to:

         V. Silko
         Insolvency Manager
         Office 402
         Leningradskaya Str. 33A
         683003 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-6291/06-14.

The Debtor can be reached at:

         LLC Fish Catching Company Tvins
         Mayskaya Str. 1
         Internatsionalnyj
         Oktyabrskiy (selskiy)
         346473 Kamchatka
         Russia


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


IM CAJAMAR: Moody's Junks EUR15 Million Series E Notes
------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
five series of Bonos de Titulizacion de Activos to be issued by
IM Cajamar 5 Fondo de Titulizacion de Activos, a Spanish asset
securitisation fund that has been created by Intermoney,
S.G.F.T., S.A.:

   -- (P)Aaa to the EUR962 million Series A notes;
   -- (P)Aa2 to the EUR11.5 million Series B notes;
   -- (P)A2 to the EUR12 million Series C notes;
   -- (P)Baa3 to the EUR14.5 million Series D notes; and
   -- (P)C to the EUR15 million Series E notes.

The ratings address the expected loss posed to investors by the
legal final maturity (June 22, 2050).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A, B, C and D at par, on or
before the final legal maturity date and for ultimate payment of
interest and principal at par on or before the final legal
maturity date on Series E.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

As of August 2007, the portfolio comprised 9,755 loans,
representing a provisional portfolio of EUR1,138,514,061.84.
The loans are first-lien mortgages granted by Cajamar Caja
Rural, Sociedad Cooperativa de Credito to individuals resident
in Spain for the acquisition or refurbishment of residential
homes located in Spain.  All the properties on which the
mortgage security has been granted are covered by a damage
insurance policy.  Geographically, the pool is concentrated in
the regions of Andalusia (47.36%) and Murcia (25.47%).

The loans have been originated between 1995 and August 2006,
with a weighted average seasoning of 1.38 years and a weighted
average remaining term of 25 years.  The longest loan matures in
May 2047. The original weighted average LTV was 68.22%, the
current weighted average LTV is 64.95%.

According to Moody's, this deal benefits from several strong
features, including:

   (1) Basis Interest Rate Swap provided by Cajamar;

   (2) a reserve fund that is fully funded upfront from Series E
       issuance, to cover a potential cash flow shortfalls;

   (3) a 12-month artificial write-off mechanism which allows
       excess spread provisioning; and

   (4) the fact that all loans are secured by a first-lien
       mortgage guarantee.

Weaker features include:

   (1) some mortgages belong to products offered by Cajamar that
       allow the option of a reduction in their margin if
       additional products are taken by the debtor;

   (2) there are caps on 98.93% of the pool (the cap is fixed at
       15% for 97.76% of the portfolio and this risk is
       mitigated by the swap);

   (3) the deferral of interest payments on each of Series B and
       C which increases the expected loss on these subordinated
       series; and

   (4) pro-rata amortization of the B and C series of notes
       which leads to reduced credit enhancement of the senior
       series in absolute terms.  These issues have all been
       reflected in Moody's Credit Enhancement calculation.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure; and on

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and excess spread available
       to cover losses.


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


ALOHA STYLE: Creditors' Liquidation Claims Due September 24
-----------------------------------------------------------
Creditors of LLC Aloha Style have until Sept. 24 to submit their
claims to:

         Meier Ralph Jurgen
         Liquidator
         Christop-Schnyder-Strasse 49
         6210 Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Aloha Style
         Oftringen
         Zofingen AG
         Switzerland


ARCHITEKTURBURO ERICH: Liquidation Claims Due September 24
----------------------------------------------------------
Creditors of LLC Architekturburo Erich Muller have until
Sept. 24 to submit their claims to:

         Erich Muller
         Liquidator
         Kornweg 26
         4852 Rothrist
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Architekturburo Erich Muller
         Vechigen BE
         Switzerland


B.A. CHICK: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered Aug. 10 an order closing
the bankruptcy proceedings of JSC B.A. Chick & More.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC B.A. Chick & More
         Rosenbergweg 10c
         6301 Zug
         Switzerland


BLC INVEST: Thurgau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Thurgau entered Aug. 14 an order
closing the bankruptcy proceedings of JSC BLC Invest.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC BLC Invest
         Gerbergasse 2
         9220 Bischofszell TG
         Switzerland


HOFWALD SCHREINEREI: Creditors' Liquidation Claims Due Sept. 21
---------------------------------------------------------------
Creditors of LLC Hofwald Schreinerei have until Sept. 21 to
submit their claims to:

         Hans Niederberger-Zumbuhl
         Liquidator
         Rosa Niederberger-Zumbuhl
         Bahnhofstrasse 1
         6386 Wolfenschiessen NW
         Switzerland

The Debtor can be reached at:

         LLC Hofwald Schreinerei
         Wolfenschiessen NW
         Switzerland


P.M.E. Ė HOLDING: Creditors' Liquidation Claims Due September 21
----------------------------------------------------------------
Creditors of JSC P.M.E.-Holding have until Sept. 21 to submit
their claims to:

         Dr. Christoph O. Hoffmann
         Liquidator
         Romergasse 11
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC P.M.E.-Holding
         Zurich
         Switzerland


STARTOY JSC: Creditors' Liquidation Claims Due September 21
-----------------------------------------------------------
Creditors of JSC Startoy have until Sept. 21 to submit their
claims to:

         Mark Weber
         Liquidator
         Bahnhofstrasse 134
         8620 Wetzikon
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC Startoy
         Zurich
         Switzerland


TATI LLC: Basel Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Liestal in Basel commenced bankruptcy
proceedings against LLC TATI on Aug. 2.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC TATI
         Oberer Eichweg 3
         4414 Fullinsdorf
         Liestal BL
         Switzerland


THOMAS KORROSIONSSCHUTZ: Basel Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Liestal in Basel commenced bankruptcy
proceedings against JSC Thomas Korrosionsschutz on Aug. 7.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Thomas Korrosionsschutz
         Guterstrasse 105
         4133 Pratteln
         Liestal BL
         Switzerland


TRANSWEB LLC: Creditors' Liquidation Claims Due September 24
------------------------------------------------------------
Creditors of LLC Transweb have until Sept. 24 to submit their
claims to:

         JSC Allmen
         Liquidator
         Chamerstrasse 44
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         LLC Transweb
         Baar ZG
         Switzerland


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


AKUMSERVICE LTD: Creditors Must File Claims by September 13
-----------------------------------------------------------
Creditors of LLC Akumservice Ltd. (code EDRPOU 30191408) have
until Sept. 13 to submit their proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/182-07-6212.

The Debtor can be reached at:

         LLC Akumservice Ltd.
         Prokhorovskaya Str. 42
         Odessa
         Ukraine


BEST OIL: Creditors Must File Claims by September 13
----------------------------------------------------
Creditors of LLC Best Oil (code EDRPOU 31761600) have until
Sept. 13 to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/253-07.

The Debtor can be reached at:

         LLC Best Oil
         Kalinov Str. 51A
         49087 Dnipropetrovsk
         Ukraine


EASTEUROPEAN TRANSPORT: Creditors Must File Claims by Sept. 13
--------------------------------------------------------------
Creditors of LLC Easteuropean Transport Systems (code EDRPOU
34456378) have until Sept. 13 to submit their proofs of claim
to:

         T. Zhevnov
         Liquidator
         Apartment 46
         Koval Str. 84
         83000 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 45/26B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Easteuropean Transport Systems
         Apartment 46
         Koval Str. 84
         83000 Donetsk
         Ukraine

IRAKS LTD: Creditors Must File Claims by September 13
-----------------------------------------------------
Creditors of LLC Iraks Ltd. (code EDRPOU 20122490) have until
Sept. 13 to submit their proofs of claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/90-B.

The Debtor can be reached at:

         LLC Iraks Ltd.
         Grushevsky Avenue 2
         43005 Lutsk
         Ukraine


KORETSAL WHOLESALE: Creditors Must File Claims by September 13
--------------------------------------------------------------
Creditors of Joint Enterprise Koretsal Wholesale Trade (code
EDRPOU 01780856) have until Sept. 13 to submit their proofs of
claim to:

         The Economic Court of Rovno
         Yavornitski Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/38.

The Debtor can be reached at:

         Joint Enterprise Koretsal Wholesale Trade
         Kiev Str. 3
         Korets
         Rovno
         Ukraine


MLINOV PROVISIONS: Creditors Must File Claims by September 13
-------------------------------------------------------------
Creditors of OJSC Mlinov Provisions Plant (code EDRPOU 00379347)
have until Sept. 13 to submit their proofs of claim to:

         The Economic Court of Rovno
         Yavornitski Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 9/67.

The Debtor can be reached at:

         OJSC Mlinov Provisions Plant
         Narodnaya Str. 50
         Mlinov
         Rovno
         Ukraine


ROVNO FLAX: Creditors Must File Claims by September 13
------------------------------------------------------
Creditors of Rovnoal Association of Joint and State Enterprises
on Primary Flax Reprocessing Rovno Flax Industry (code EDRPOU
24169169) have until Sept. 13 to submit their proofs of claim
to:

         The Economic Court of Rovno
         Yavornitski Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/47.

The Debtor can be reached at:

         Rovnoal Association of Joint and State Enterprises
         on Primary Flax Reprocessing Rovno Flax Industry
         Andreevskaya Str. 72
         Bereznoe
         Rovno
         Ukraine


SHEVCHENKO LLC: Creditors Must File Claims by September 13
----------------------------------------------------------
Creditors of Shevchenko LLC (code EDRPOU 03760243) have until
Sept. 13 to submit their proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/93-29/78.

The Debtor can be reached at:

         Shevchenko LLC
         Veliki Glybovochi
         Peremyshliansky District
         81200 Lvov
         Ukraine


SKAPALIYA LLC: Creditors Must File Claims by September 13
---------------------------------------------------------
Creditors of LLC Skapaliya (code EDRPOU 33564704) have until
Sept. 13 to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/254-07.

The Debtor can be reached at:

         LLC Skapaliya
         Ac. Ivanov Str. 12/2
         49131 Dnipropetrovsk
         Ukraine


SORTNATSINNYTSKY PLANT: Creditors Must File Claims by Sept. 13
--------------------------------------------------------------
Creditors of LLC Sortnatsinnytsky Plant (code EDRPOU 02777974)
have until Sept. 13 to submit their proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/92-29/77.

The Debtor can be reached at:

         LLC Sortnatsinnytsky Plant
         Ushkovichi
         Peremyshliansky District
         81200 Lvov
         Ukraine


SVITANOK LLC: Claims Submission Deadline Set September 13
---------------------------------------------------------
Creditors of LLC Svitanok (code EDRPOU 30705807) have until
Sept. 13 to submit their proofs of claim to:

         Fedor Fedorchuk
         Temporary Insolvency Manager
         P.O. Box 6972
         Kuybishev Str. 11
         83012 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
42/130B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Svitanok
         Novoselovka-1
         Yasinovatsky District
         86024 Donetsk
         Ukraine


TANDEM LLC: Creditors Must File Claims by September 13
------------------------------------------------------
Creditors of LLC Tandem (code EDRPOU 30427563) have until
Sept. 13 to submit their proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/203-05.


TCHERNOMORSKOE: Claims Submission Deadline Set September 13
-----------------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company on July 24.  The case is docketed under
Case No. 2-17/337-2007.

Creditors of State Enterprise Research Farm Tchernomorskoe of
Krym Institute of Agricultural and Industrial Manufacture Uaan
(code EDRPOU 00854067) have until Sept. 13 to submit their
proofs of claim to:

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

The Debtor can be reached at:

         State Enterprise Research Farm Tchernomorskoe of
         Krym Institute of Agricultural and Industrial
         Manufacture Uaan
         Titov Str. 46
         Sizovka
         Saki District
         AR Krym
         Ukraine


TULCHIN BUTTER: Claims Submission Deadline Set September 13
-----------------------------------------------------------
Creditors of OJSC Tulchin Butter Cheese Plant (code EDRPOU
00444547) have until Sept. 13 to submit their proofs of claim
to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/209-07.

The Debtor can be reached at:

         OJSC Tulchin Butter Cheese Plant
         Colonel Ganzha Str. 16
         Tulchin
         23600 Vinnica
         Ukraine


ZELENY GAY: Creditors Must File Claims by September 13
------------------------------------------------------
Creditors of LLC Agricultural Firm Zeleny Gay (code EDRPOU
03749299) have until Sept. 13 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. 21/155/07.

The Debtor can be reached at:

         LLC Agricultural Firm Zeleny Gay
         Shkolnaya Str. 42
         Guliaypole
         72000 Zaporozhje
         Ukraine


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


BAA LTD: Moody's Withdraws Low-B Ratings After Debt Repayment
-------------------------------------------------------------
Moody's Investors Service withdrew these BAA Limited ratings:

   (1) the Ba1 Long-term Issuer Rating;

   (2) the Ba1 ratings of the GBP425 million 2.625% convertible
       bond due August 2009, and the GBP424 million 2.94%
       convertible bond due April 2008; and

   (3) the Not Prime short term rating.

Moody's has withdrawn these ratings for business reasons.

The Convertible Bonds are now 100% owned by BAA's parent
company, Airport Development and Investments Limited.  The
withdrawal of BAA's short term rating follows the previous
repayment of all commercial paper and the cancellation of all
commercial paper program.

All remaining outstanding debt rated by Moody's benefits from
the Guarantees of Heathrow Airport Limited, Gatwick Airport
Limited and Stansted Airport Limited.

Following this rating action, BAA has these ratings outstanding:

   -- GBP300 million 11.75% Bonds due 2016 -- Baa2, review for
      downgrade;

   -- GBP250 million 8.5% Bonds due 2021 -- Baa2, review for
      downgrade;

   -- GBP200 million 6.375% Bonds due 2028 -- Baa2, review for
      downgrade; and

   -- All Issuance under GBP4.5 billion Euro Medium-Term Note
      Program -- Baa2, review for downgrade.

Headquartered in London, BAA Limited owns and operates seven
airports in the United Kingdom, including Heathrow, the world's
busiest international airport.  BAA posted total assets of
GBP15.9 billion and pre-tax profits of GBP597 million for the 9
months ended Dec. 31, 2006.


BBB NETWORK: Taps Liquidators from PricewaterhouseCoopers LLP
-------------------------------------------------------------
M. D. C. Hopkins and R. J. Hunt of PricewaterhouseCoopers LLP
were appointed joint liquidators of BBB Network Ltd. on Aug. 30
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham
         B3 2DT
         England

The company can be reached at:

         BBB Network Ltd.
         12 Plumtree Court
         London
         EC4A 4HT
         England


D. KELLY: J. M. Titley Leads Liquidation Procedure
--------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
D. Kelly Transport Ltd. on Aug. 24 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         Lancs
         BL9 8AT
         England


DIGITAL SECURITY: Claims Filing Period Ends October 30
------------------------------------------------------
Creditors of Digital Security Concepts Ltd. have until Oct. 30
to detail their names and addresses (and solicitors if
applicable) together with particulars of their debts or claims,
in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Aug. 31 for the creditors' voluntary winding-up
procedure.


EMTEC TOOLMAKERS: Calls In Liquidators from Deloitte & Touche
-------------------------------------------------------------
Christopher Farrington and Andrew Philip Peters of Deloitte &
Touche LLP were appointed joint liquidators of Emtec Toolmakers
Ltd. on Aug. 31 for the creditors' voluntary winding-up
proceeding.

Mr. Farrington can be reached at:

         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham
         NG1 3FG
         England

Mr. Peters can be reached at:

         Deloitte & Touche LLP
         Four Brindleyplace
         Birmingham
         B1 2HZ
         England


FORD MOTOR: UAW Open to Health Care Trust Fund
----------------------------------------------
The United Auto Workers union is amenable to creating a trust
fund for retiree health-care benefits as long as all of the
parties involved can reach an agreement on funding terms, The
Detroit News relates.

UAW leaders understand that transferring tens of billions of
dollars in liability from the books of Detroit's "Big Three"
automakers -- General Motors Corp., Ford Motor Co., and Chrysler
LLC -- to trust funds controlled by them could work, Bryce G.
Hoffman writes for The Detroit News, quoting sources close to
the contract negotiations.

According to the report, executives of the three companies
believe that paying the United Auto Workers to assume
responsibility for retiree health benefits is the best way to
make their companies cost-competitive again.  However, the
automakers' plan to fund part of their workers' benefits with
company stock could make it quite difficult for union members to
accept the offer.

Patterned after similar deals at Goodyear Tire & Rubber Co. and
Dana Corp., the three carmakers want to pay the union to
establish what are called voluntary employee beneficiary
associations, or VEBAs, that would assume responsibility for
hourly retiree health benefits.  They had proposed VEBAs in
their initial economic offers to the UAW, Mr. Hoffman of The
Detroit News states.

A VEBA would cost each automaker billions -- as much as
US$35 billion in GM's case -- but it would permanently remove
billions more in liabilities from their balance sheets.  It also
guarantees the union's right to protect those benefits should
any of the automakers file for bankruptcy, The Detroit News
reveals.

Meanwhile, the UAW's top negotiator on its General Motors Corp.
bargaining team vowed that retirees won't have to pay more for
their health care in the next national contract, Louis Aguilar
writes for The Detroit News.

"I can tell you one thing, we are determined not to put any more
costs on retirees for their health care," said UAW Vice
President Cal Rapson.

in June 2007, the car companies are trying to deal with health
care costs that GM CEO Rick Wagoner says cost them a combined
US$12 billion in 2006.  Providing health care to 2 million
employees, retirees and dependents contributed to losses at each
of the U.S. automakers last year, while Japanese rivals posted
record profits.  The difference is made even more significant by
higher pensions and retiree health care costs.

GM and Ford hourly labor costs -- US$73.26 and US$70.51,
respectively -- are about US$30 an hour higher than those paid
by Japanese competitors operating U.S. plants.  The UAW's
current four-year contract with the "Big Three" automakers
expires Sept. 14, 2007.

                    About Ford Motor Co.

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

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

                       *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

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

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

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


ICONIX BRAND: Inks Pact to Buy Official Pillowtex for US$231 Mln
----------------------------------------------------------------
Iconix Brand Group Inc. has entered into a definitive agreement
to purchase Official Pillowtex LLC for US$231 million in cash
with contingent payments of up to an additional US$15 million in
cash based upon the brands surpassing specific revenue targets.

Official Pillowtex is a licensing company that owns a large
portfolio of home brands including four primary brands, Cannon,
Royal Velvet, Fieldcrest and Charisma and numerous others
home brands including St. Mary's and Santa Cruz.

The four primary brands are all currently licensed in the U.S.:
Cannon and Royal Velvet to Li & Fung USA, Fieldcrest to Target
Stores and Charisma to Westpoint Stevens. In the aggregate the
four brands are estimated to generate between US$35 and US$37
million in 2008 royalty revenue with direct expenses of between
US$5 and US$7 million, and will be accretive to earnings.  Total
aggregate guaranteed royalty revenue for the brands equals
approximately US$160 million or approximately 65% of the
purchase price.

According to Neil Cole, Chairman and CEO of Iconix Brand Group,
"This is a transformative acquisition for Iconix as our brand
portfolio now transcends the fashion industry with the addition
of four iconic home brands.  These brands have a combined three
hundred years of history and a level of awareness and
authenticity that few brands in any category can match.  We
believe that the home industry is an ideal fit for our first
acquisition outside of fashion as there is a lack of innovative
marketing and differentiation among brands.  I believe that our
marketing expertise will enable us to maximize the potential of
these iconic brands and realize numerous growth opportunities
including extending their reach into new categories in the home
as well as into new markets around the world and developing some
of the additional smaller brands within the Pillowtex
portfolio."

The purchase price for the acquisition will be paid by Iconix in
cash.  The acquisition is anticipated to close later this year
and is subject to customary closing conditions including
clearance under the Hart-Scott-Rodino Anti Trust Improvements
Act of 1976, as amended.

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


JULIE'S POULTRY: Appoints A. Poxon as Liquidator
------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Julie's Poultry & Game Ltd. on Aug. 23 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. Johns
         Blackburn
         BB1 8AF
         England


PROTON HOLDINGS: Plans Another Cut on Dealer Network
----------------------------------------------------
Proton Holdings Bhd plans to slash its current 310-dealer
network to as low as 200 by end-2007 to boost its earnings, The
Edge Daily reports.

The move, according to the newspaper, was planned to arrest
declining earnings, realign some of its offerings to target the
broader market segment and drop dealers that failed to perform
after having lost significant market share in recent years.

Speaking to reporters after its Annual General Meeting held
recently, Proton managing director Datuk Syed Zainal Abidin
Mohamed Tahir said the distribution rationalization would
include identifying areas with oversized dealer network.

"When we first started last year, there were about 400 outlets,
both between EON and EDAR.  Today we stand about 310 but it is
not the right size yet.  We will continue with our
rationalization, and in fact, we want each and every one of our
dealers to perform.  Subject to their performance we will manage
them properly and if they perform they will be with us. If not,
they have to give up," he said.

Director Syed Zainal was also quoted by the news agency as
saying that the national carmaker was also realigning itself to
introduce products of mass appeal to capture loss ground, adding
that its latest model Persona and the planned Iswara replacement
model slated to hit the market next January were for the broader
market segment.  "Going forward, we will be very mindful about
product positioning, and we will try to produce models of
various derivatives on selective platforms.  We want to have
more carry-over from existing components."

Meanwhile, Proton Edar Dealers' Association president Wan Ahmad
Sepwan agreed to the plan by saying: "If Proton car sales volume
in total per month is 14,000 units, there should not be any
issue with 310 dealers.  However sales over the last year have
been very low, but last month it was an encouraging 12,000
units, especially with the Persona model coming along.  It would
be ideal to have 250 dealers, as it would mean you have the best
performers and they in turn receive good returns for their
efforts."

                      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.


RHINEBRIDGE PLC: Fitch Junks Combo and Mezzanine Capital Notes
--------------------------------------------------------------
Fitch Ratings has downgraded Rhinebridge Plc's US & Euro CP, US
& Euro Medium Term Notes, Senior, Mezzanine and Combo Capital
Notes. Approximately US$1.2 billion US CP, US$575 million Euro
CP, US$120 million Senior Capital Notes and US$130 million
mezzanine capital notes are affected.  All notes were previously
on Rating Watch Negative and remain on Rating Watch Negative.

These downgrades for Rhinebridge Plc and Rhinebridge LLC
programs have occurred:

   -- US commercial paper: Downgraded from 'F1+' to 'F3';

   -- US medium-term note: Downgraded from 'AAA' to 'BBB-';

   -- Euro CP: Downgraded from 'F1+' to 'F3';

   -- Euro MTN: Downgraded from 'AAA' to 'BBB-';

   -- Senior capital notes: Downgraded from 'AAA' to 'B';

   -- Combo capital notes: Downgraded from 'BBB' to 'CCC-';

   -- Mezzanine capital notes: Downgraded from 'B' to 'CCC-'.

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

The rating action is based on:

   -- Rhinebridge breaching an NCO liquidity trigger on Sept. 7;

   -- the increased likelihood of a restricted funding event or
      an enforcement event occurring in the very near future;

   -- the unknown direction the security trustee may follow
      should an enforcement event occur;

   -- the likelihood of increased market value losses
      materializing in the Rhinebridge portfolio in any forced
      sale scenario;

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

   -- losses realized upon the continued sale of assets to meet
      maturing CP.

Rhinebridge drew upon committed liquidity on Sept. 7, 2007 to
honor maturing liabilities.  This caused Rhinebridge to breach
an NCO liquidity test and immediately enter a Restricted
Investment operating state.  Rhinebridge again drew upon
committed liquidity on Sept. 10, 2007 to honor further maturing
liabilities.  Failure to cure this breach after 5 business days
will result in Rhinebridge entering a Restricted Funding
operating state.  A failure to repay senior liabilities as they
fall due or a breach of a major capital loss test would result
in Rhinebridge entering Enforcement.

Upon being notified of this breach Fitch contacted members of
the IKB Board of Directors, a member of Rhinebridge's Board of
Directors and with the Manager to understand the various options
open to Rhinebridge to meet outstanding liabilities and the
potential effect such actions would have on each class of debt
listed above.

The rating actions listed above reflect Fitch's view that no
alternative sources of funding will now be found for Rhinebridge
and a sale of assets or further liquidity draw will be required
to meet maturing liabilities.

It is noted that the last CP is currently due to mature on Jan.
23, 2008 and that no MTNs have been issued by Rhinebridge to
date.  It is also noted that the portfolio has experienced
approximately a 5% price decline.  A portfolio price decline of
approximately 8.5% would cause a breach of a major capital test
and could lead the vehicle into enforcement.  However the
portfolio could withstand a 12% price deterioration without
impacting upon the senior capital notes.  The portfolio could
withstand a price deterioration of 17% without impacting upon
the CP investors.

Within two business days of a Restricted Funding event or an
Enforcement event occurring, the manager, or in the case of an
enforcement event the Security Trustee, will estimate the total
expected proceeds from the portfolio over time and determine the
Defeasance Strategy.  The Defeasance Strategy will be monitored
for appropriateness on a daily basis, and amended where
appropriate.

Should the total expected proceeds from the liquidation of the
portfolio be sufficient to meet in full all liabilities to
senior creditors, the portfolio shall be liquidated as required
in order to redeem maturing senior creditors as they fall due.
Should the total expected proceeds from the liquidation of the
portfolio not be sufficient to meet in full all liabilities to
senior creditors, then a Mandatory Acceleration Event will occur
and all such obligations shall become immediately due and
payable.  If the vehicle is not already in Enforcement, it will
enter Enforcement.

Rhinebridge's portfolio currently comprises 18% CDOs, 62% RMBS,
15% monoline-wrapped global RMBS, 2% CMBS and 3% cash.  The
portfolio has a geographic exposure of 86% to the US, 9% to the
UK and 5% to the rest of Europe and Australia.  Currently, 82%
of Rhinebridge's portfolio is rated 'AAA' equivalent, 14% rated
'AA' equivalent, and 4% rated 'A' equivalent.  Fitch notes the
high credit quality of the portfolio assets but, of late, the
market values of the assets have come under extreme pressure.
It is also recognized that IKB Bank, IKB CAM's parent company,
made a significant additional investment of US$110 million in
the junior capital notes (unrated), increasing the total junior
capital notes outstanding to US$140 million.

All notes remain on rating watch negative reflecting the
continued uncertainty surrounding Rhinebridge.

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


RUBY FINANCE: Moody's May Cut Low-B Ratings After Review
--------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade two classes of notes issued by Ruby Finance Public
Limited Company:

   -- Class A1 US$70,000,000 Credit-Linked Synthetic Portfolio
      Elbe CDO I Notes due 2011, currently rated Ba1,

   -- Class A2 US$70,000,000 Credit-Linked Synthetic Portfolio
      Elbe CDO I Notes due 2011, currently rated Ba1.

This review for downgrade is the result of credit migration in
the underlying pool.


SANCTUARY GROUP: Universal Music Shuts Down Recorded Music Unit
---------------------------------------------------------------
Universal Music Group is set to close Sanctuary Group plc's U.K.
recorded music division and start consultations to minimize
redundancies, Kate Holton writes for Reuters.

According to the report, the recorded division will cease to
operate as a standalone front-line label.  However, the U.S.
recorded unit will continue to operate as it is, although there
could be a review.

Universal, which acquired Sanctuary last month for GBP44.5
million, is expected to discuss the situation with the artists.

Reuters says Universal is eyeing to develop Sanctuary's
merchandising, catalog and management businesses instead.  A
source revealed Sanctuary's catalog unit will operate alongside
Universal's U.K. catalog division.

                        About the Company

Based in London, The Sanctuary Group PLC --
http://www.sanctuarygroup.com/-- is one of the world's leading
developers of music intellectual property rights, with offices
in New York, Berlin, Houston and Los Angeles.

                          *    *    *

Sanctuary Group has been incurring losses since 2004.  The
management revealed that it will be 2008 or later before there
is a return to overall profitability.

For the six months ended March 31, 2007, Sanctuary reported
revenue of GBP63.7 million (2006 as restated: GBP65.9 million)
and a loss after taxation of GBP6.6 million (2006 as restated:
GBP26.7 million).  The net debt within the Sanctuary Group at
March 31, 2007 was GBP59.8 million (2006 as restated: GBP38.3
million).

The Board remains of the view that, for the full year, each of
the major divisions of Sanctuary will demonstrate an improved
performance compared with the prior year and that the
Merchandising Division and the Artist Services Division will
each make a positive net contribution to the Sanctuary Group.
However, the full year outlook for the Recorded Product Division
remains uncertain due, principally, to the well-publicized
external factors affecting the recorded music industry
generally.


SANYO ELECTRIC: Advantage Outbids LongReach for Semicon Unit
------------------------------------------------------------
Japanese private equity firm Advantage Partners has moved into a
leading position in a bidding war for Sanyo Electric Co. Ltd.'s
semiconductor unit, sources revealed to Alison Tudor and Kentaro
Hamada of Reuters.

Reportedly, Advantage outbid The LongReach Group Ltd.'s
JPY110 billion offer, but Reuters sources were unable to confirm
the exact amount of the Japanese private firm.

According to the report, it is not certain whether Advantage
placed the bid on its own or with its consortium partners
Boston-based Bain Capital and Japan Industrial Partners.

In line with this development, it is likely that Sanyo will
grant Advantage Partners priority negotiating rights this month,
however, Sanyo spokesman Akihiko Oiwa said nothing has been
decided yet.

Financial sources of Reuters expressed that Sanyo's asking price
of JPY150-200 billion for the unit is very ambitious given the
chip unit needs costly restructuring.  Ms. Tudor and Mr. Hamada
quote one of its financial sources as saying, "This is a
troubled company that will take an enormous effort to turn
around."

There have been previous entities expressing interest in Sanyo's
semiconductor unit but have withdrawn from the bid for different
reasons.  Among those firms were Blackstone, who was in a
consortium with CVC Asia Pacific and Vestar Capital Partners.
Before Blackstone, well-known investment firm specializing in
technology deals, Francisco Partners who was in a consortium
with LongReach, CCMP Capital Asia alongside MKS, withdrew from
the auction.

                      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.


TRIPOS INC: Common Stock to be Delisted from NASDAQ Stock
---------------------------------------------------------
The NASDAQ Stock Market will delist the common stock of Tripos,
Inc.  The company's stock was suspended July 6, 2007, and has
not traded on NASDAQ since that time.  NASDAQ will file a Form
25 with the Securities and Exchange Commission to complete the
delisting.  The delisting becomes effective ten days after the
Form 25 is filed.

As previously reported, Nasdaq has determined that the company
was not in compliance with the shareholders' equity and market
capitalization requirements for continued listing.

Furthermore, after the recent sale of Tripos' Discovery Research
Sales and Services Business, Tripos is deemed to be a "public
shell" and therefore not eligible for continued listing on The
Nasdaq Global Market.

Tripos was advised that bid/ask quotations for its common stock
will be made on the Over-the-Counter Bulletin Board(R)
maintained by the NASD following the withdrawal of its
securities from The Nasdaq Global Market.

In addition, Tripos' common stock will continue to be eligible
for quotation on the Pink Sheets, an electronic quotation
service for securities traded over the counter.

                      About Tripos Inc.

Based in St. Louis, Tripos Inc. (Nasdaq Global Select Market:
TRPS) -- http://www.tripos.com/-- combines leading-edge
technology and innovative science to deliver consistently
superior chemistry-research products and services for the
biotechnology, pharmaceutical and other life science industries.

Tripos has sells its products in the United Kingdom, Brazil and
Australia, among others.

The company's Discovery Informatics business provides software
products and consulting services to develop, manage, analyze and
share critical drug discovery information.  Within its Discovery
Research business, Tripos' medicinal chemists and research
scientists partner directly with clients in their research
initiatives, leveraging state-of-the-art information
technologies and research facilities.

As reported in the Troubled Company Reporter on March 20, 2007,
shareholders of Tripos Inc. approved the company's plan of
dissolution and liquidation.


VECTA SOFTWARE: Brings In Liquidators from KPMG LLP
---------------------------------------------------
Richard John Hill and David John Crawshaw of KPMG LLP
Restructuring were appointed joint liquidators of Vecta Software
Corporation Ltd. on Aug. 31 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP Restructuring
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England


VICTORIA MORTGAGES: Rising Costs Trigger Administration Process
---------------------------------------------------------------
British subprime specialist Victoria Mortgages Funding Limited
has gone into administration, effective Sept. 10, 2007, and has
stopped funding new loans after its financial backers withheld
funds due to escalating costs, the Wall Street Journal reports.

Victoria Mortgages depends on the wholesale market to fund
mortgages.  Since the recent credit crisis has drained the
wholesale market's liquidity and increased the cost of borrowing
for mortgage lenders, Victoria Mortgages was forced to go into
administration, which is similar to a bankruptcy filing, WSJ
states.

Simon Read, head of business development for Victoria Mortgages,
has confirmed that its funding line has been removed, BBC News
reports.  The firm's officials declined to comment on the size
of its market share or loan book.

Experts say Victoria Mortgages is the first British lender to go
into administration in the wake of the present turmoil in the
U.S. subprime market, which has spread to Europe and other parts
of the globe, WSJ relates.

Concurrently, the Scotsman says the lender can no longer advance
funds to people whose loans have been approved.  Victoria
Mortgages believes up to 381 customers who have current mortgage
offers may be affected.  GMAC-RFC, a large specialist lender,
has offered to review potential completions due in the next
three days with plans to provide these borrowers with a mortgage
loan.

"Some subprime lenders in the UK are expected to face difficulty
as a result of contagion from the US subprime mortgage market,Ē
said Bernard Clarke, a spokesman for the Council of Mortgage
Lenders, the Scotsman notes.  "But most UK lenders can deal with
these problems by repricing products.  I don't think there will
be problems in the UK on the same scale as those seen in the
US."

            About Victoria Mortgages Funding Limited

London-based Victoria Mortgages Funding Limited --
http://www.vmf-uk.com/-- specializes in the non-conforming
mortgage market.  U.S. venture capital group Venturion Capital
owns majority of Victoria Mortgages, which was launched in May
2005.  The firm's business represents about 0.064 per cent of
the UK mortgage market.

Victoria Mortgages distributes entirely through packagers who
bridge the gap between mortgage advisers and lenders.  It offers
a range of products from self-certified mortgages for prime
borrowers to mortgages for borrowers with heavy adverse credit.
The lender has 50 employees and 5,500 customers.  It sold
GBP500 million worth of mortgages in 2006, accounting for about
3% of the overall subprime market.


VIRGIN MEDIA: Selling Range of Services at Carphone Stores
----------------------------------------------------------
The Carphone Warehouse has made available Virgin Media Inc.'s
broadband, digital TV, home phone and mobile services to
customers in its 783 stores under a deal that the cable group
hopes will help expand its presence on the high street, Dominic
White writes for the Daily Telegraph.

One Sept. 5, 2007, The Carphone Warehouse, a mobile phone
retailer, launches The Broadband Shop, a dedicated area in-store
giving the choice of T-Mobile, Orange, Virgin Media, 3, TalkTalk
and AOL Broadband.  Customers will now receive impartial advice
about broadband however it's delivered, whether it's via the
phone line, cable or on the move.

"We've built the business on impartial advice and we're first to
claim that position in broadband bringing the same principles
that we brought to mobile," Charles Dunstone, CEO of The
Carphone Warehouse, said.  "Customers have had incredible choice
in the broadband market but it's been matched by the levels of
confusion.  We can now advise on the right service for the
individual, whatever the circumstance.  For instance, TalkTalk
customers pay for their home phone service and get broadband for
free but if you prefer cable, want access to the internet on the
move or don't have a landline, we now offer something that fits
in with your lifestyle."

"By extending our product portfolio in-store and making it
simple and easy for customers to sign up, we're hoping Virgin
Media will be at the top of shopping lists," Neil Berkett,
acting chief executive at Virgin Media, said.

Virgin Media is reportedly under pressure to increase its
subscriber figures following the removal of its basic channels
from British Sky Broadcasting plc's network, the Daily Telegraph
relates.

                      About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *   *   *

As reported in the TCR-Europe on Aug. 13, 2007, Moody's
Investors Service changed the outlook on the ratings of
Virgin Media Inc. to negative from stable.

The ratings affected are:

Virgin Media Inc.

   -- Corporate Family Rating at Ba3

Virgin Media Investment Holdings Ltd.

   -- Tranches A / B senior secured facility at Ba2

   -- Trance C second lien facility at B2

Virgin Media Finance plc.

   -- Senior notes at B2

In April 2007, in connection with the implementation of Moody's
Investors Service's new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa, the rating agency confirmed its Ba3 Corporate Family
Rating for Virgin Media Inc.

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.

In March 2007, Standard & Poor's Ratings Services affirmed its
'BB-' senior secured debt rating and '1' recovery rating on
Virgin Media Investment Holdings Ltd.'s GBP4.98 billion senior
secured facilities.


* Proskauer Rose Expands Private Equity Practice in London
----------------------------------------------------------
Proskauer Rose LLP will continue its expansion with the opening
of a new office in London.  The firm's tenth location, after the
opening earlier this summer of an office in Sao Paulo, Brazil,
it will mark the acceleration of Proskauer's expansion strategy
in the financial markets of the world and the continued growth
of its private equity practice.

Matthew Hudson, who joins Proskauer from Melveny & Myers, where
he served as chair of its European Corporate and Private Equity
practices, will head the firm's London practice.

According to Allen I. Fagin, chairman of Proskauer, the firm's
entry into London will be the natural next step in the evolution
of its transactional practice.

"We have successfully developed into a major player in the
private equity and alternative investments arena with our
representation of hundreds of the most active and sophisticated
private equity funds, hedge funds and other providers of public
and private capital, debt and equity," Mr. Fagin said.  "We are
excited to bring these core strengths to London. Matthew is the
perfect choice to spearhead this effort and the continued growth
of our practice in Europe.  He is a top-notch lawyer in an area
that is strategically important to our firm, and he is a proven
leader and an experienced manager."

The statement that Proskauer will open an office in London
follows the firm's statement that noted private equity fund
formation, transaction and taxation lawyers Daniel Schmidt and
Olivier Dumas joined its Paris office as partners, adding to its
robust practice representing many of the top corporations in
Europe.

"Joining Proskauer presents a one-of-a-kind opportunity," said
Mr. Hudson.  "With a particular focus on private equity, debt,
hedge and other alternative asset classes and access to the
global nexus between our U.K., French and U.S.-based private
equity practices, we will be able to provide a unique and
unparalleled level of service to the world's investment fund
community."

Mr. Fagin echoed the sentiment and said the firm has no
intention of slowing down.

"Adding London to our network will be an important move for us
that naturally complements and enhances our continuing growth in
Paris, our entry into South America, and our position as one of
the world's leading private equity and corporate transactional
firms," he said.  "We are extremely excited about the
opportunity Matthew's addition presents and look forward to
rapidly capitalizing on his success."

Mr. Hudson brings diverse experience from both the legal and
business sides of the private equity and investment banking
industries.  As a lawyer, he has represented sellers, buyers and
advisers on all aspects of private and public mergers and
acquisitions, IPOs, and capital markets matters.

He has also advised private equity clients on carried interest
structures, LBOs, venture capital and fund formation, and has
represented management teams and portfolio companies throughout
their financing, exit, and M&A activities.  On the business
side, he spent six years in the private equity industry at CSFB
and Coller Capital in addition to founding and acting as CEO of
a venture capital group and helping found a boutique investment
bank.

Proskauer's plans to open a London office and the expansion of
the firm's private equity capabilities in Paris are the latest
developments in its expanding representation of the private
equity community, a cornerstone of the firm's strategy.

It began with Proskauer's deep, long-term relationships with the
major investment banks and financial players on Wall Street and
grew as private equity became an increasingly important driver
of the economy.  It continued with the addition of the private
equity practice of Testa, Hurwitz & Thibeault LLP, a group led
by recognized partners Robin Painter and David Tegeler.

And it has included a firm-wide, interdisciplinary commitment to
serving the private investment funds community that encompasses
key practices including labor and employment, executive
compensation, taxation, trusts and estates, intellectual
property, real estate, media, entertainment, technology, and
litigation, among others.

                      About Proskauer Rose

Headquartered in New York City, Proskauer Rose LLP --
http://www.proskauer.com/-- is a law firms that provides a
variety of legal services to clients throughout the United
States and around the world from offices in New York, Los
Angeles, Washington, D.C., Boston, Boca Raton, Newark, New
Orleans, Paris and Sao Paulo.  Founded in 1875, the firm has
experience in all areas of practice important to businesses and
individuals, including corporate finance, mergers and
acquisitions, general commercial litigation, private equity and
fund formation, patent and intellectual property litigation and
prosecution, labor and employment law, real estate transactions,
bankruptcy and reorganizations, trusts and estates, and
taxation.  Its clients span industries including chemicals,
entertainment, financial services, health care, information
technology, insurance, internet, lodging and gaming,
manufacturing, media and communications, pharmaceuticals, real
estate investment, sports, and transportation.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *