TCREUR_Public/070914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 14, 2007, Vol. 8, No. 183

                            Headlines


A U S T R I A

AKUDA BLUE: Wiener Neustadt Court Orders Business Shutdown
ALMER BAUTRAGER: Claims Registration Period Ends Oct. 9
KEY INDUSTRIAL: Claims Registration Period Ends Oct. 3
MARASKA LLC: Claims Registration Period Ends Sept. 24
MET TRANSPORT: Claims Registration Period Ends Sept. 25

PREITE RAMONA: Feldkirch Court Orders Business Shutdown
ROY HANDEL: Eisenstadt Court Orders Business Shutdown
SEHO LLC: Linz Court Orders Business Shutdown


B E L G I U M

POLYONE CORP: Posts US$5.4 Million in Second Quarter 2007
POLYONE CORP: Taps Kedrowski as Senior VP of Operations


D E N M A R K

BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO
BLOCKBUSTER INC: Names Two New Senior Level Executives


F I N L A N D

DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2


F R A N C E

ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt
ALLIANCE ONE: Starts Exchange Offer for Senior Notes Due 2012
BOSTON SCIENTIFIC: Ray Elliot Joins Board of Directors


G E R M A N Y

ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys
CHRYSLER LLC: May Drop Some Models Due to Market Slump, CEO Says
CHRYSLER LLC: Boom in Russian Car Market Cues Expansion Plans
DUNKER BAU: Claims Registration Period Ends Nov. 1
IF-CONSULTING PETER: Claims Registration Ends Oct. 26

ILSEDER MOEBELWERK: Claims Registration Ends October 31
JURAXX EUGEN: Claims Registration Period Ends Oct. 30
KS - ART & DESIGN: Claims Registration Ends October 31
L T V SCHOHL: Creditors' Meeting Slated for October 17
LUISE VOIGT: Claims Registration Ends Oct. 26

NDL-MOEBEL: Claims Registration Period Ends Sept. 27
NOVELL INC: Posts US$3.43 Mln Net Loss for Third Quarter 2007
PASAYA GMBH: Claims Registration Ends Oct. 26
PP SERVICES: Claims Registration Period Ends Oct. 30
PROVIDE VR 2002-1: S&P Lowers Ratings on Class E Notes to B

R/N BAUPROJEKT: Claims Registration Period Ends Sept. 27
R.S. SPEDITION: Claims Registration Period Ends Sept. 28
RETTEL BAUTRAGER: Claims Registration Period Ends Sept. 28
SATIN HOLDING: Claims Registration Ends Oct. 26
UNITY AUTOVERMIETUNG: Claims Registration Ends October 31
UNIVERSAL DRUCK: Claims Registration Period Ends Oct. 30


I R E L A N D

MERCATOR CLO: Moody's Rates EUR10.9 Mln Class B-2 Notes at Ba3
WINDMILL CLO: Moody's Rates EUR15 Mln Class E Notes at (P)Ba3


I T A L Y

ALITALIA SPA: Posts EUR211.14 Mln Net Loss for First Half 2007
AVAGO TECH: Appoints Bian Ee Tan as Chief Operating Officer


K A Z A K H S T A N

ARLAN PLUS: Proof of Claim Deadline Slated for Oct. 21
KAZAKHGOLD GROUP: Extensive Gold Reserve Cues Fitch’s B IDR
KAZAKHKONTRACT LLP: Creditors Must File Claims Oct. 19
KAZTRANSLOGISTICS LLP: Claims Filing Period Ends Oct. 19
LEGAL FINANCIAL: Creditors' Claims Due on Oct. 19

RENISANSSE LLP: Claims Registration Ends Oct. 19
SKAD & K: Proof of Claim Deadline Slated for Oct. 21
TOHNUR LLP: Creditors Must File Claims Oct. 21
UCHASTOK STROITELSTVA: Claims Filing Period Ends Oct. 21


K Y R G Y Z S T A N

AL-MASHRIG LLC: Creditors Must File Claims by October 24


P O L A N D

ELEKTRIM SA: Court Orders Asset Sale to Repay PLN4.58 Bln Debt
ELEKTRIM SA: KNF Calls for Share Bid Ahead of WSE Withdrawal


R U S S I A

AVTO-REM-LES: Creditors Must File Claims by Oct. 25
BAYKAL LLC: Creditors Must File Claims by Sept. 18
CENTRAL ROADS: Creditors Must File Claims by Sept. 18
FINLAJN-S CJSC: Creditors Must File Claims by Sept. 18
KARAMASKALY-MIXED FODDER: Creditors Must File Claims by Sept. 18

KEY-CONSULTING CJSC: Creditors Must File Claims by Sept. 18
KHLEVENSKOE TRANSPORT: Creditors Must File Claims by Sept. 18
KVINTA-HOLDING CJSC: Bankruptcy Hearing Slated for Dec. 17
OVOSHEVOD CJSC: Creditors Must File Claims by Oct. 25
SIB-KHIM-TORG: Creditors Must File Claims by Sept. 18

STANEKO OJSC: Court Names A. Dordzhiev as Insolvency Manager
TERSA CJSC: Final Bidding Deadline Slated for Sept. 19
URALSKIY FOUNDATION: Creditors Must File Claims by Oct. 18
UST’-ISHIM-LES-PROM: Creditors Must File Claims by Oct. 18
VENICE LLC: Creditors Must File Claims by Sept. 18


S P A I N

UTSTARCOM INC: Inks Multi-Year Contract with Power Bell


S W I T Z E R L A N D

ALBERT AEBERLI: Creditors' Liquidation Claims Due September 28
FUN MAXX: Aargau Court Starts Bankruptcy Proceedings
GRUTH IMMOBILIEN: Claims Registration Period Ends September 24
INVOLVO HOLDING: Aargau Court Starts Bankruptcy Proceedings
NIEVERGELT ELEKTRO: Claims Registration Period Ends September 24


T U R K E Y

EREGLI DEMIR: Earns TRY375.8 Million in First Half 2007
EREGLI DEMIR: Moody's Assigns Ba3 Corporate Family Rating
FINANSBANK: Fitch Affirms BB IDR with Stable Outlook
KUVEYT TURK: Fitch Affirms IDR at B with Stable Outlook


U K R A I N E

ALVARI LLC: Creditors Must File Claims by September 15
BUKOVINA LLC: Creditors Must File Claims by September 15
COMMUNE FARM: Claims Submission Deadline Set September 15
GOODYEAR TIRE: Hires Mark Purtilar as Chief Procurement Officer
INTERSTYLE LLC: Creditors Must File Claims by September 15

ISD FINANCE: Fitch Withdraws B+ Ratings on Postponed Loan
ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs
LUCITE INT’L: S&P Holds B+ Ratings; Changes Outlook to Negative
MRKS IMPEX: Creditors Must File Claims by September 15
NOVA LLC: Creditors Must File Claims by September 15

RHINEBRIDGE PLC: S&P Junks Combo Notes; Placed on Watch Negative
SKIF LLC: Creditors Must File Claims by September 15
SPACE WEST: Creditors Must File Claims by September 15
TULTCHINAL AGRICULTURAL: Creditors Must File Claims by Sept. 15
UKRAINE LLC: Creditors Must File Claims by September 15


U N I T E D   K I N G D O M

BALLY TOTAL: Files Supplement to Modified First Amended Plan
BALLY TOTAL: AGT Crunch, et al. Balk at Modified Plan
BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims
BAYSWATER TUBES: Calls In Liquidators from BDO Stoy Hayward
CANWEST MEDIAWORKS: Merger Public Hearing Moved to November 19

DAVID HIAM: Joint Liquidators Take Over Operations
EAGLE-PICHER HILLSDALE: Appoints Liquidators from Cooper Parry
EAGLE-PICHER UK: Brings In Liquidators from Cooper Parry
GENERAL MOTORS: Has Until Midnight to Finalize Deal with UAW
GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe

MATERIALS HANDLING: Claims Filing Period Ends October 1
RENOIR JEWELS: Hires Liquidators from BDO Stoy Hayward
SEA CONTAINERS: Seeks Extension of Plan-filing Period to Dec. 21
TOTAL MARKETING: Taps Liquidators from BDO Stoy Hayward
VECTA CORPORATION: Brings In Liquidators from KPMG

* BOOK REVIEW: Investing in Junk Bonds: Inside the High Yield
               Debt Market

                            *********

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


AKUDA BLUE: Wiener Neustadt Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Wiener Neustadt entered Aug. 13 an order
shutting down the business of LLC Akuda blue Water and Holidays
(FN 31726g).

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

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


ALMER BAUTRAGER: Claims Registration Period Ends Oct. 9
-------------------------------------------------------
Creditors owed money by LLC Almer Bautrager (fka LLC Panda
Bautrager)(FN 183986v) have until Oct. 9 to file written proofs
of claim to court-appointed estate administrator Joerg Beirer
at:

         Dr. Joerg Beirer
         c/o Dr. Michael Lentsch
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27041
         Fax: 02622/29246
         E-mail: beirer@kosch-partner.at
                 office@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Moedling, Austria, the Debtor declared
bankruptcy on Aug. 13 (Bankr. Case No. 11 S 94/07w).  Michael
Lentsch represents Dr. Beirer in the bankruptcy proceedings.


KEY INDUSTRIAL: Claims Registration Period Ends Oct. 3
------------------------------------------------------
Creditors owed money by LLC key industrial solutions (FN
247802s) have until Oct. 3 to file written proofs of claim to
court-appointed estate administrator Ute Toifl at:

         Dr. Ute Toifl
         c/o Mag. Astrid A. Haider
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 01/535 46 11
         Fax: 01/535 46 11 11
         E-mail: haider@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on Aug. 13 (Bankr. Case No. 36 S 103/07z).  Astrid A.
Haider represents Dr. Toifl in the bankruptcy proceedings.


MARASKA LLC: Claims Registration Period Ends Sept. 24
-----------------------------------------------------
Creditors owed money by LLC Maraska (FN 232702i) have until
Sept. 24 to file written proofs of claim to court-appointed
estate administrator Martin Beck at:

         Mag. Martin Beck
         Franz Liszt-Gasse 1
         7000 Eisenstadt
         Austria
         Tel: 02682/62468
         Fax: 02682/66214
         E-mail: office@wirhabenrecht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Aug. 13 (Bankr. Case No. 26 S 84/07s).


MET TRANSPORT: Claims Registration Period Ends Sept. 25
-------------------------------------------------------
Creditors owed money by LLC Met Transport (FN 221701g) have
until Sept. 25 to file written proofs of claim to court-
appointed estate administrator Adolf Leeb at:

         Dr. Adolf Leeb
         LLC GT Masseverwaltung
         Petersgasse 128a
         8010 Graz
         Austria
         Tel: 0316/4780-300
         Fax: 0316/4780-5311
         E-mail: adolf.leeb@grazertreuhand.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Werndorf, Austria, the Debtor declared
bankruptcy on Aug. 13 (Bankr. Case No. 26 S 61/07a).


PREITE RAMONA: Feldkirch Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Feldkirch entered Aug. 13 an order shutting
down the business of KEG Preite Ramona (FN 265463m).

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

The estate administrator can be reached at:

         Mag. Lukas Pfefferkorn
         c/o Dr. Michael Kaufmann
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on Aug. 8 (Bankr. Case No 13 S 41/07w).  Michael
Kaufmann represents Mag. Pfefferkorn in the bankruptcy
proceedings.


ROY HANDEL: Eisenstadt Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Eisenstadt entered Aug. 13 an order shutting
down the business of LLC ROY Handel (FN 287329v).

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

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


SEHO LLC: Linz Court Orders Business Shutdown
---------------------------------------------
The Land Court of Linz entered Aug. 13 an order shutting down
the business of LLC SEHO (FN 278551i).

Court-appointed estate administrator Guenther Grassner
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 Grassner
         c/o Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 70 77 08 15
         Fax: 70 77 08 16
         E-mail: lawfirm@gltp.at

Headquartered in Neuhaus an der Donau, Austria, the Debtor
declared bankruptcy on Aug. 8 (Bankr. Case No 12 S 65/07g).
Norbert Mooseder represents Dr. Grassner in the bankruptcy
proceedings.


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


POLYONE CORP: Posts US$5.4 Million in Second Quarter 2007
---------------------------------------------------------
PolyOne Corporation reported its unaudited results for the
second quarter ended June 30, 2007, and for the first half of
2007.

For the second quarter ended June 30, 2007, the company
registered a net loss of US$5.4 million compared with the
US$42.5-million net income in the same quarter last year.

Sales in the second quarter of 2007 reached US$688.8 million, up
5% from the first quarter of 2007 and flat compared with second-
quarter 2006 sales.  PolyOne reported a US$0.06 per share loss
in the quarter.  Second quarter 2007 earnings included special
items, of which US$0.15 per share were charges associated with
the divestment of the Oxy Vinyls, L.P.  (OxyVinyls) joint
venture, which was sold on July 6, 2007, and the premium costs
associated with the redemption of US$100 million of the
company's 10.625% Senior Notes due 2010.  Adjusting for the
above and other special items, the Company earned US$0.10 per
share.

For the second quarter of 2006, the company earned US$0.46 per
share.  The year-over-year decline in second quarter 2007
earnings is primarily attributable to:

   -- The July 6, 2007, strategic divestment of the OxyVinyls
      joint venture and the redemption of US$100 million of the
      company's 10.625% Senior Notes due in 2010, which in
      combination resulted in charges of US$22.3 million;

   -- Lower income from the Resin and Intermediates (R&I) joint
      ventures (US$17.0 million) and the Vinyl Business segment
      (US$6.7 million);

   -- Non-recurring benefits to second quarter 2006 results that
      included one-time insurance, legal settlements and
      adjustments to related reserves of US$8.4 million; and

   -- A reversal totaling US$14.1 million of a deferred tax
      allowance associated with domestic earnings when compared
      to the second quarter of 2006.

A marked downward shift in residential building and construction
demand drove OxyVinyls earnings down US$40.4 million, dropping
from US$41.3 million for the first six months of 2006 to US$0.9
million for same period in 2007.  As previously noted, on July
6, 2007, the company divested its OxyVinyls equity interest for
US$261 million in cash.

With a portion of the net proceeds from the OxyVinyls
divestment, the company has called for redemption on August 9,
2007, of the entire outstanding balance of US$141.4 million of
its 10.625% Senior Notes due 2010.  The cumulative elimination
of US$241.4 million of these Senior Notes in the second and
third quarters of 2007 will lower annual interest expense by
approximately US$25 million in 2008 compared with 2006, with the
company realizing an anticipated US$5 million interest expense
reduction in the third quarter 2007 compared to the second
quarter.

"While the downturn in construction and residential housing
significantly affected our R&I joint ventures and Vinyl Business
in North America, we are encouraged by the operating performance
in our non-vinyl businesses," said Stephen D. Newlin, chairman,
president and chief executive officer.  "Second quarter
operating income for the four businesses that comprise the All
Other business segment improved 60%, led by increased gross
margins realized through specialization efforts.  Additionally,
in the second quarter, North American Color and Additives turned
profitable and our International Color and Engineered Materials
segment delivered double-digit sales and earnings growth."

For the second quarter of 2007, PolyOne reported operating
income of US$12.4 million and gross margin of 12.3%, down from
the same period in 2006, primarily due to weakness in the
chloro-vinyl businesses.  Gross margin in the Vinyl Business
segment declined due to continued softness in residential
construction demand.  Operating income in the aggregate for the
Company's non- vinyl operating segments increased 33%, or US$4.8
million, compared to the second quarter of 2006.  Reflecting
progress from the Company's specialization strategy, aggregate
gross margin as a percentage of sales for these businesses
improved 1.2 percentage points to 12.7% compared with the same
period a year ago.

Newlin added, "Although much work remains in our transformation,
our strategies are delivering results earlier than anticipated.
Moreover, with the divestment of our interest in the OxyVinyls
joint venture, we have significantly reduced our exposure to the
building and construction end markets, eliminated a major source
of earnings volatility and reduced our debt.  We now have
increased flexibility to explore new value-creating
opportunities for the company in support of our strategy."

Third-quarter 2007 Business Outlook

PolyOne anticipates that the overall North American economic
environment in the third quarter of 2007 will continue to be
challenging and reflect only modest improvement compared with
the second quarter of 2007.  North American construction and
automotive demand are projected to remain weak and below third
quarter 2006 levels.  Consequently, Vinyl Business sales are
expected to be flat sequentially, but decline up to 10% compared
with the third quarter of 2006.  Aggregate non-Vinyl business
sales, on the other hand, are anticipated to grow 6% to 9%
compared with the third quarter of 2006.  In particular, solid
demand is expected in most key international markets, driving
continued growth in sales and earnings.  Total gross margin is
projected to increase year-over-year reflecting early benefits
from the company's specialization strategy.

SunBelt earnings are anticipated to decline moderately compared
with the prior year, but overall chlor-alkali margins are
projected to remain relatively strong.  After the divestment on
July 6, 2007, OxyVinyls results will no longer be reported.

In the third quarter of 2006, the company realized US$6.8
million net benefit from legal settlements and adjustments to
related reserves.  The company does not anticipate realizing a
similar benefit this year. The Company anticipates that third
quarter "Corporate and eliminations," excluding non-operational
charges, should be consistent with the first half 2007 average.

The Company projects that interest expense for the third quarter
will decline approximately US$5 million sequentially as a result
of its planned redemption on August 9, 2007, of the outstanding
balance of the 10.625% Senior Notes due 2010.

The completion of the OxyVinyls divestiture will result in a
US$31.5 million non-recurring tax benefit in the third quarter
from the reversal of deferred tax liabilities.  Partially
offsetting this benefit will be debt premium costs and the
write-off of unamortized debt issuance fees associated with the
redemption of the US$141.4 million outstanding balance of the
Senior Notes as well as other factors that should total
approximately US$10.5 million.

Consistent with the first and second quarters of this year, the
company will record tax expense related to domestic earnings in
the third quarter of 2007 in contrast with the same period in
2006.  Recording this tax expense will not affect cash flow due
to PolyOne's remaining domestic net operating loss carry-
forwards.  Cash taxes will continue to be associated principally
with non-U.S. earnings.

As of June 30, 2007, the company's balance sheet shows total
assets of US$1.76 million and US$1.16 million of total
liabilities, resulting in a shareholders' equity of
US$601 thousand.

                         About PolyOne

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand, Singapore, Belgium, Denmark, France, the
United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


POLYONE CORP: Taps Kedrowski as Senior VP of Operations
-------------------------------------------------------
On September 10, 2007, Tom Kedrowski was appointed as PolyOne
Corporation's senior vice president of operations

Prior to joining PolyOne, Mr. Kedrowski served as vice president
for the H.B. Fuller Company, where he served in various
executive-level leadership positions, both domestically and
internationally, during his 24-years with the company.

"Tom is a seasoned, global executive leader with an
exceptionally strong background in manufacturing, supply chain
strategy and Lean Six Sigma implementation.  He brings to
PolyOne an extremely high level of senior expertise in
operational excellence that will drive continuous improvements
throughout our manufacturing, sourcing, logistics and supply
chain organizations," said Stephen D. Newlin, PolyOne's
chairman, president and chief executive officer.  "With the
addition of Tom, we have further strengthened our talented
leadership team in our relentless pursuit to drive our strategic
direction."

Kedrowski began his career at H.B. Fuller as a chemist and
applications engineer.  He advanced to several executive level
operations and business leader positions and also headed up key
roles in Asia Pacific and Japan for the company.  In addition,
he served as vice president of Global Operations and Lean Six
Sigma Deployment Champion.

                         About PolyOne

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


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


BLOCKBUSTER INC: Names Two New Senior Level Executives
------------------------------------------------------
Blockbuster Inc. has appointed two senior level executives to
its management team.  Keith Morrow has been named Chief
Information Officer for the company, and David Podeschi has been
named Senior Vice President, Merchandising, Distribution and
Logistics.

A veteran IT executive known for his ability to develop
innovative technology solutions, especially in retail
environments, Mr. Morrow was most recently the Chief Information
Officer and Senior Vice President of Information Systems at 7-
Eleven Inc. where he was responsible for leading
the company's North American information technology activities.

Prior to his tenure with 7-Eleven, Mr. Morrow held senior
management positions with Associates First Capital Corporation
(now CitiFinancial) and ADP, one of the nation's largest human
resources and payroll services companies.

With more than 30 years of experience in the retail industry,
Mr. Podeschi most recently served as the Senior Vice President,
Merchandising and Logistics at 7-Eleven Inc., where he was
responsible for all merchandising, marketing and supply-chain
processes for the convenience store company.

Messrs. Morrow and Podeschi were both part of the 7-Eleven
executive team that was widely regarded for its implementation
of creative retail system technologies, innovative distribution
logistics, and a collaborative approach with product suppliers,
which resulted in the unprecedented introduction of new products
and services for the convenience store chain.  Their efforts,
along with those of current Blockbuster Chairman and CEO Jim
Keyes, also resulted in 7-Eleven's record sales and profits
during Keyes' tenure as CEO of that company from 2000 to 2005.

"I am delighted to welcome Keith and David to the Blockbuster
management team," said Jim Keyes, Blockbuster Chairman and CEO.
"Their extensive experience in their respective fields, their
creative approach to providing business solutions and their
proven leadership skills should greatly contribute to our
efforts to transform Blockbuster into a brand that can deliver
media content to consumers in an ever growing variety of ways."

Mr. Morrow holds a Bachelor of Science degree in Business
Management and an MBA with an emphasis in e-commerce from Dallas
Baptist University.  He also serves on the board of the State of
Texas Department of Information Resources.  Mr. Podeschi
received a Bachelor of Arts degree in Communications from St.
Louis University and serves on the board of the Dallas Chapter
of the Juvenile Diabetes Research Foundation.

                   About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster
Inc.'s corporate family rating to Caa1, its senior secured
credit facilities to B3, and speculative grade liquidity rating
to SGL-4.  In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  Moody's said the rating outlook remains
negative.


BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO
--------------------------------------------------
Blockbuster Inc. has announced that Nick Shepherd, Senior
Executive Vice President and Chief Operating Officer, will leave
the company at the end of this month.

"The Board of Directors and I greatly appreciate the leadership
Nick has provided to the company and the major role he has
played in helping us lay the foundation for the transformation
of Blockbuster from a video retailer into a company that
provides completely convenient access to media entertainment,"
said Jim Keyes, Blockbuster Chairman and CEO.  "I am personally
grateful for Nick's support during my early days here at the
Company and wish him well in his new endeavors."

Mr. Shepherd joined Blockbuster in 1995 as managing director of
the company's United Kingdom business and subsequently served in
several executive positions including senior vice president
international, chief marketing and merchandising officer, and
president worldwide stores.

                    About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster
Inc.'s corporate family rating to Caa1, its senior secured
credit facilities to B3, and speculative grade liquidity rating
to SGL-4.  In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  Moody's said the rating outlook remains
negative.


=============
F I N L A N D
=============


DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Dynea International OY to B1 from B2.  The outlook is
stable.

The rating action is supported by the significant deleveraging
of the group and the renegotiation of the terms of the remaining
bank facility allowing greater operational flexibility, as well
as an overall reduction in business risk profile of the group
following its timely disposal of the North American operations
that were reliant to a large extent on the performance of the US
construction and housing market.

Dynea has sold its North American operations to Teachers'
Private Capital for US$350 million.  The transaction was closed
on July 11, 2007.  North America accounted for almost 40% of LTM
April 2007 group sales and 41% of the group's EBITDA.  The
proceeds from the disposal were largely applied to debt
reduction with pro-forma debt post closing declining to EUR229
million from EUR460 million at the end of 2006 leading to a
substantial improvement in debt and cash flow metrics.

The rating outlook is stable reflecting Moody's expectation that
Dynea's debt and cash flow metrics will remain strong and will
allow Dynea to maintain its financial flexibility and pursue its
strategy of organic growth and small bolt-on acquisitions.

Moody's notes that the current rating would come under further
upward pressure if the company's EBITDA and cash flow generation
were to strengthen with Debt / EBITDA dropping below 3.0 and
Adjusted RCF / Adjusted Debt of more than 25% on a sustainable
basis.

These ratings were upgraded from B2 to B1:

   -- Corporate Family Rating
   -- Probability of Default Rating

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing
solutions.  In 2005, Dynea International had revenues of EUR1.2
billion.  After the transaction Dynea International has 39
production units and some 2,200 employees in 23 countries in
Europe, Asia Pacific and Brazil in South America.


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


ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt
-------------------------------------------------------------
Alcatel-Lucent disclosed a turnkey contract with Mobinil,
Egypt's leading mobile operator.  This multi-million euro
contract covers wireless and convergence solutions that will
further improve the quality of Mobinil's network and extend its
coverage throughout the country, bringing mobile services to a
greater number of people.

Alcatel-Lucent will expand and enhance Mobinil's wireless
network with the latest generation of Enhanced GSM radio
solutions, dramatically increasing data transfer speeds while
reducing operating expenses, helping the operator meet growing
demand for its services.  These solutions enable high
performance in a new compact design that offers Mobinil
exceptional flexibility in introducing new advanced multimedia
services on its existing radio access network, including the
expansion of its mobile Internet service.  The upgraded GSM
network will be operational by the end of the third quarter
2007.

"Rapidly evolving market conditions combined with the ongoing
introduction of innovative subscriber services and applications
dictate the need for a high degree of flexibility and
scalability in terms of our network infrastructure," said Alex
Shalaby of Mobinil.  "We are confident that with Alcatel-
Lucent's cutting-edge solutions and service support we are fully
prepared for future network evolutions, including the
introduction of 3G and WiMAX technologies."

"This agreement further confirms Mobinil's confidence in
Alcatel-Lucent's industry-leading solutions and service support
capabilities, and highlights the strong relationship our
companies have maintained since the establishment of the Mobinil
network in 1998," said Olivier Picard, President for Europe and
South.  "We will devote all our efforts to delivering the best-
in-class turnkey solution to Mobinil to help it enhance the high
quality of service it is committed to providing its subscribers.
This new contract reinforces Alcatel-Lucent's worldwide
leadership in mobile broadband and its leading position in the
Middle East market."

Under the terms of the contract, Alcatel-Lucent will provide its
end-to-end Enhanced GSM solution comprising the Base Station
Subsystem -- including Alcatel-Lucent's ATCA-based 9130 BSC/MFS
and TWIN Transceiver -- and a new generation of microwave
transmission system that provide fast and efficient transport of
voice and data traffic between base stations and the core
network.   Alcatel-Lucent also will supply Mobinil with
Convergence solutions including High Capacity Core Switching and
Intelligent Network extensions.

Alcatel-Lucent will provide a range of services including
network management, architecture and design, technical support,
radio optimization and managed services.

In 2007 Alcatel-Lucent introduced a completely renovated
Enhanced GSM family of products designed to satisfy two formerly
conflicting demands: the need to address the ever-growing demand
for network capacity resulting from the explosion of voice and
data traffic in urban areas, and the need to expand coverage in
rural environments, primarily for lower income customers.  To
meet these needs, Alcatel-Lucent's evolutionary platforms have
been designed to dramatically reduce capital and operating
expenses for operators, while protecting their investments
through the ability to support more advanced, emerging
technologies in the future.

Alcatel-Lucent is a leading player in the GSM market with more
than 170 customers in more than 90 countries.

The company is also the world's leading manufacturer of
microwave transmission equipment, with more than one-half
million microwave radios delivered worldwide, including low,
medium and high capacity microwave radios for voice, video and
data communications.

                         About Mobinil

Since its inception in May 1998, Mobinil has strived to maintain
its position as the leading Mobile service operator in Egypt.
Honoring the trust of 13 million customers, Mobinil is committed
to being the leading Mobile service provider in Egypt, providing
the best quality service for our customers, the best working
environment for our employees, top value for our shareholders,
and proudly contributing to the development of the community.

Its shareholders, Orange and Orascom Telecom Holding are
international leaders in the realm of telecommunications.
Mobinil has benefited from years of experience in an
international context to become the largest wireless service
provider in the Middle East.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


ALLIANCE ONE: Starts Exchange Offer for Senior Notes Due 2012
-------------------------------------------------------------
Alliance One International, Inc. has commenced an exchange offer
for all of its outstanding 8-1/2% Senior Notes due 2012.

The company is offering to exchange up to US$150,000,000
aggregate principal amount of its 8-1/2% Senior Notes due 2012
which have been registered under the Securities Act of 1933, as
amended, for a like principal amount of its original
unregistered 8-1/2% Senior Notes due 2012.

The terms of the exchange securities are identical in all
material respects to the terms of the original securities for
which they are being exchanged, except that the registration
rights and the transfer restrictions, applicable to the original
securities are not applicable to the exchange securities.

Alliance One will accept for exchange any and all original
securities validly tendered on or prior to 5:00 p.m., New York
City time, on the date the exchange offer expires, which will be
October 1, 2007, unless the exchange offer is extended by the
company.

The exchange offer is made only pursuant to Alliance One's
prospectus, dated August 30, 2007, which will be filed with the
Securities and Exchange Commission as part of Alliance One's
Registration Statement on Form S-4.  The Registration Statement
was declared effective by the Securities and Exchange Commission
on August 29, 2007.

Copies of the prospectus and transmittal materials governing the
exchange offer may be obtained from the Exchange Agent, Deutsche
Bank Trust Company Americas, at the following address:

             Deutsche Bank Trust Company Americas
             DB Services Tennessee, Inc.
             Reorganization Unit
             P.O. Box 305050
             Nashville, Tennessee  37211
             Phone (800) 735-7777
             Fax: (615) 835-3701
             e-mail: SPU-Reorg.Operations@db.com.

                        About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.  The company has worldwide operations,
including those in Indonesia, Argentina, Brazil, Bulgaria,
Canada, China, France, India, Philippines, Malaysia, and
Singapore.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 29, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting note
holders will experience a 37% loss in the event of a default.


BOSTON SCIENTIFIC: Ray Elliot Joins Board of Directors
------------------------------------------------------
Boston Scientific Corporation's board of directors has elected
Ray Elliott as a director, increasing the Boston Scientific
board to 15 members.

Mr. Elliott, 58, is chairman of the board of Zimmer Holdings
Inc.  He served as chairman, president and chief executive
officer of Zimmer from 2001 to 2007, and president of Zimmer
since 1997.

Mr. Elliott has operating and director experience in medical
devices, orthopaedics and other industries.

Prior to his roles at Zimmer, Mr. Elliott was president and
chief executive officer of Cybex International Inc.  Before
assuming his role at Cybex, he was a president and chief
operating officer of Southam Inc., and group president of John
Labatt Ltd.

He served for 15 years in a number of executive capacities with
American Hospital Supply Corporation, a predecessor to Baxter
International, including President of their Far East divisions
in Tokyo.  He holds a B.A. from the University of Western
Ontario.

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

                    About Boston Scientific

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

                            *   *   *

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

Earlier, Fitch Ratings downgraded the rating on the company's
'BBB-' Senior Unsecured Notes to 'BB+'.  The Outlook is
Negative.


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


ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys
---------------------------------------------------------
Aleris International, Inc., has completed its purchase of Wabash
Alloys, a producer of aluminum casting alloys and molten metal,
from Connell Limited Partnership.

Steve Demetriou, Chairman and Chief Executive Officer stated,
"The combination of Wabash Alloys and our specification alloy
business unit will create an organization well positioned to
serve the needs of a broad customer base with enhanced
processing capabilities."

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

                       *     *     *

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


CHRYSLER LLC: May Drop Some Models Due to Market Slump, CEO Says
----------------------------------------------------------------
Chrysler LLC is reviewing its restructuring plan in the wake of
the downturn in the U.S. vehicle market and may stop producing
some of its Chrysler, Dodge and Jeep models, The Financial Times
reports, quoting Chrysler CEO Bob Nardelli.

Mr. Nardelli told the Automotive Press Association in Detroit
that his motto was “listen, learn and lead”, and that his “goal
is not to slow things down but to speed things up -– a bias for
decision,” FT relates.

Meanwhile, Ron Gettelfinger, president of the United Auto
Workers union, has expressed his confidence in the intentions of
Chrysler LLC's new private equity owner, Reuters relates.

The union leader believes in the assurance given by Stephen
Feinberg, the founder of Cerberus Capital Management LLC, that
he is committed to saving Chrysler rather than selling off its
parts.

"I am confident that they are not coming into this with an
attitude of strip and flip," Mr. Gettelfinger said, Reuters
notes.  "I don't think they will own it forever, but they will
take it public again, I assume," he added.

                       About Chrysler LLC

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

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

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

                            *   *   *

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


CHRYSLER LLC: Boom in Russian Car Market Cues Expansion Plans
-------------------------------------------------------------
In line with Chrysler LLC's plans to keep up with growth in the
Russian car market, it intends to establish a manufacturing
presence in the country within the next two to four years,
eyeing a potential partnership with another company, Reuters
reports.

"We're talking to some potential partners about that and those
conversations are going well," said Mike Manley, Chrysler's
executive vice president for international sales, marketing and
business development, during an interview at the Frankfurt
International Motor Show.

Mr. Manley notes that even though Chrysler is a relatively tiny
player in Russia -- selling 10,000 vehicles annually, or a
fraction of the 250,000 sold by Russia’s import leader General
Motors Corp. -- the company plans to harness growth in the
country by introducing smaller vehicles and establishing a local
production base, John D. Stoll writes for the Wall Street
Journal.

"Today in Russia, we import all of our vehicles," Mr. Manley
said, adding "and we're growing ahead of the market.  But as you
look out at the next two, three, four years, it's clear that if
you're going to continue to grow and continue to be successful,
you need to be localized in that region," Reuters notes.

Mr. Manley has revealed possible partners for Chrysler,
including Chinese automaker Chery Automobile Co., a Chrysler
ally, as well as Magna International Inc., the Canadian auto
parts maker and vehicle assembler in which Russian billionaire
Oleg Deripaska recently took a stake, Reuters relates.

The growth in Russia was especially strong in the smaller car
segments, particularly the so-called B segment, where Chrysler
is trying to fill a gap in its line-up by a partnership with
Chery, Reuters states, quoting Mr. Manley.  He explained that
Chrysler's relationship with Chery will enable both companies to
develop a suitable B segment platform.

                       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.


DUNKER BAU: Claims Registration Period Ends Nov. 1
--------------------------------------------------
Creditors of Dunker Bau GmbH have until Nov. 1 to register their
claims with court-appointed insolvency manager Sandra Bach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 7, 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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 Bach
         Langenstuecken 34
         22393 Hamburg
         Germany

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

The Debtor can be reached at:

         Dunker Bau GmbH
         Haberstrasse 27
         24537 Neumuenster
         Germany


IF-CONSULTING PETER: Claims Registration Ends Oct. 26
-----------------------------------------------------
Creditors of if-consulting peter schueler GmbH have until
Oct. 26 to register their claims with court-appointed insolvency
manager Gunther Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Gunther Neef
         Bismarckstrasse 21
         95028 Hof
         Germany
         Tel: 09281/140056
         Fax: 09281/14005777

The District Court of Hof opened bankruptcy proceedings against
if-consulting peter schueler GmbH on Aug. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         if-consulting peter schueler GmbH
         Bachstr. 4
         95176 Konrads
         Germany

         Attn: Peter Schueler
         Bachstr. 4
         95176 Konrads
         Germany


ILSEDER MOEBELWERK: Claims Registration Ends October 31
-------------------------------------------------------
Creditors of Ilseder Moebelwerk GmbH have until Oct. 31 to
register their claims with court-appointed insolvency manager
Dipl.-Ing. Paul Niederhagemann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 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:

         Dipl.-Ing. Paul Niederhagemann
         Witzlebenstrasse 123
         29223 Celle
         Germany
         Tel: 05141/540890
         Fax: 05141/540891

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

The Debtor can be reached at:

         Ilseder Moebelwerk GmbH
         Attn: Karsten Winzer and Hermann Cassel, Managers
         Emilieschacht 10
         31241 Ilsede/Bülten
         Germany


JURAXX EUGEN: Claims Registration Period Ends Oct. 30
-----------------------------------------------------
Creditors of juraXX Eugen Boss Rechtsanwaltsgesellschaft mbH
have until Oct. 30 to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against juraXX Eugen Boss Rechtsanwaltsgesellschaft mbH on Sept.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         juraXX Eugen Boss Rechtsanwaltsgesellschaft mbH
         Hansastr. 30
         44137 Dortmund
         Germany

         Attn: Eugen Boss, Manager
         Kirchhoerder Kopf 7
         44229 Dortmund
         Germany


KS - ART & DESIGN: Claims Registration Ends October 31
------------------------------------------------------
Creditors of KS - Art & Design Kunst- und Rahmenhandel GmbH have
until Oct. 31 to register their claims with court-appointed
insolvency manager Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         First Floor
         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:

         Ralph Schmid
         Dülmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court of Muenster opened bankruptcy proceedings
against KS - Art & Design Kunst- und Rahmenhandel GmbH on
Aug. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         KS - Art & Design Kunst- und Rahmenhandel GmbH
         Baumschulenweg 2
         59348 Luedinghausen
         Germany

         Attn: Klaus Kersting, Manager
         Boesingskamp 10
         48653 Coesfeld
         Germany


L T V SCHOHL: Creditors' Meeting Slated for October 17
------------------------------------------------------
The court-appointed insolvency manager for L T V Schohl GmbH
Landschaftsgestaltung, Dr. Udo Michalsky will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 2:50 p.m. on Oct. 17.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:15 p.m. on Nov. 28 at the same venue.

Creditors have until Oct. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Udo Michalsky
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 3876 311
         Fax: (06894) 382 185

The District Court of Saarbruecken opened bankruptcy proceedings
against L T V Schohl GmbH Landschaftsgestaltung on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         L T V Schohl GmbH Landschaftsgestaltung
         Attn: Rosemarie Schohl, Manager
         Gass 12
         66646 Marpingen
         Germany


LUISE VOIGT: Claims Registration Ends Oct. 26
---------------------------------------------
Creditors of Luise Voigt GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Kai
Roehler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:27 p.m. on Nov. 27, 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Kai Roehler
         Aussere Sulzbacher Str. 159
         90491 Nuernberg
         Germany
         Tel: 0911/9593690
         Fax: 0911/95936999

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

The Debtor can be reached at:

         Luise Voigt GmbH
         Seulbitz 7
         95126 Schwarzenbach
         Germany

         Attn: Thomas Voigt, Manager
         Kopfschlachterei
         Seulbitz Nr. 7
         95126 Schwarzenbach/Saale
         Germany


NDL-MOEBEL: Claims Registration Period Ends Sept. 27
----------------------------------------------------
Creditors of NDL-Moebel GmbH & Co. KG have until Sept. 27 to
register their claims with court-appointed insolvency manager
Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Justizzentrum
         Breiter Weg 203-206
         39104 Magdeburg
         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. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@feigl.biz

The District Court of Magdeburg opened bankruptcy proceedings
against NDL-Moebel GmbH & Co. KG on Sept. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NDL-Moebel GmbH & Co. KG
         Stadtfeld 6
         39167 Irxleben
         Germany


NOVELL INC: Posts US$3.43 Mln Net Loss for Third Quarter 2007
-------------------------------------------------------------
Novell Inc. released its financial results for its third fiscal
quarter ended July 31, 2007.

Novell posted US$3.42 million in net losses on US243 million in
net revenues for the third fiscal quarter 2007, compared with
US$6.47 million in net losses on US$236 million in revenues for
the same period in 2006.

The loss available to common stockholders from continuing
operations in the third fiscal quarter 2007 was US$3 million, or
US$0.01 loss per common share.  This compares to a loss
available to common stockholders from continuing operations of
US$17 million, or US$0.05 loss per common share, for the third
fiscal quarter 2006.  Foreign currency exchange rates favorably
impacted total revenue by approximately US$4 million and
negatively impacted the loss from operations by US$1 million
year-over-year.

On a non-GAAP basis, adjusted income from operations for the
third fiscal quarter 2007 was US$12 million.  This compares to
non-GAAP adjusted income from operations of US$6 million in the
same quarter in 2006.  Non-GAAP adjusted income available to
common stockholders from continuing operations for the third
fiscal quarter 2007 was US$16 million, or US$0.05 per adjusted
diluted common share.  This compares to non-GAAP adjusted income
available to common stockholders from continuing operations of
US$24 million, or US$0.06 per adjusted diluted common share, for
the third fiscal quarter 2006.

For the third fiscal quarter 2007, Novell reported US$22 million
of revenue from Open Platform Solutions of which US$21 million
was from Linux Platform Products, up 77 percent year-over-year.
Linux Platform Products invoicing was US$38 million, up 95%
year-over-year.  Revenue from Identity and Security Management
was US$30 million of which Identity and Access Management was
US$27 million, up 2%year-over-year. Revenue from Systems and
Resource Management was US$35 million, up 4% year-over-year.
Revenue from our Workgroup business unit declined 2% from the
year-ago period to US$83 million.

"We are encouraged by our Linux performance and the market's
continued enthusiasm for our desktop to datacenter strategy,"
said Ron Hovsepian, president and CEO of Novell.  "In addition,
we are pleased with our operating margin expansion and progress
on our strategic initiatives."

Cash, cash equivalents and short-term investments were
US$1.8 billion at July 31, 2007, consistent with last quarter.
Days sales outstanding in accounts receivable was 74 days at the
end of the third fiscal quarter 2007, down from 88 days at the
end of the year-ago quarter.  Total deferred revenue was US$734
million at the end of the third fiscal quarter 2007, up US$343
million, or 88 percent, from July 31, 2006. Cash flow from
operations was US$26 million for the third fiscal quarter 2007,
compared to US$36 million in the third fiscal quarter 2006.

                        Financial Outlook

Novell management issues these financial guidance:

For the full fiscal year 2007:

   -- net revenue is expected to be between US$925 million and
      US$955 million, in line with prior guidance;

   -- on a non-GAAP basis, adjusted income from operations is
      expected to exceed previously stated guidance of between
      break-even and US$10 million; and

   -- Novell reiterates fiscal 2007 non-GAAP exit rate operating
      margin, as defined below, of between 5% and 7%.

                       About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise based on Linux.  With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                            *   *   *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


PASAYA GMBH: Claims Registration Ends Oct. 26
---------------------------------------------
Creditors of Pasaya GmbH have until Oct. 26 to register their
claims with court-appointed insolvency manager Prof. Dr. Bernd
Schneiderbanger Kreuz.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Prof. Dr. Bernd Schneiderbanger Kreuz
         steinstradde 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

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

The Debtor can be reached at:

         Pasaya GmbH
         Muenchberger Str. 57
         95234 Sparneck
         Germany

         Attn: Ruediger Kaiser, Manager
         Muenchberger Str. 57
         95234 Sparneck
         Germany


PP SERVICES: Claims Registration Period Ends Oct. 30
----------------------------------------------------
Creditors of PP Services GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Nov. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against PP Services GmbH on Aug. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PP Services GmbH
         Walter-Welp-Str. 24
         44149 Dortmund

         Attn: Peter Klitzke, Manager
         Knappenberg 109
         44139 Dortmund
         Germany


PROVIDE VR 2002-1: S&P Lowers Ratings on Class E Notes to B
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C notes in PROVIDE VR 2002-1.  At the same time, it
removed from CreditWatch with negative implications and lowered
the ratings on the class D and E notes and affirmed its ratings
on the class A+, A, and B notes.

PROVIDE VR 2002-1 is a partially-funded synthetic German RMBS
transaction.  The junior notes had been placed on CreditWatch in
June 2007 as a result of ongoing deterioration of the underlying
loan portfolio, as well as significant loss allocations to the
unrated class F notes.

The resolution of these CreditWatch placements and the
consequent rating actions are the result of an extensive loan-
level analysis we have now undertaken of the current portfolio,
as well as historical loan resolutions.  S&P’s analysis also
took into account insights gained during an onsite review of the
servicer, Deutsche Genossenschafts-Hypothekenbank AG's
operations and work-out procedures.

Total loss allocation in the transaction amounts to EUR4.5
million to date, or a 37% erosion of the EUR12.3 million class F
notes which act as the first-loss piece.  The remaining first-
loss protection now represents only 2.09% of the outstanding
principal balance, which contrasts with the current balance of
the total defaulted reference claims and credit events of
EUR15.7 million, representing 4.25% of the total balance, or
more than twice the protection available to the lowest-rated
notes.

Performance of German RMBS remains generally solid, with total
delinquencies and credit events remaining relatively stable over
the last quarter.  Indeed, most transactions are currently
reporting lower credit events than available first-loss
protection.  However, there are noticeable exceptions, of which
PROVIDE VR 2002-1—as a second-lien securitization featuring only
loan parts in excess of the pieces eligible for covered bond
issuance—is one.  Such transactions are generally more prone to
produce realized losses than first-lien securitizations, as
shown in Standard & Poor's German RMBS index, where the three
transactions with the highest loss allocations, including
PROVIDE VR 2002-1, are all second-lien securitizations that
include such loan pieces.  Of these, PROVIDE VR 2002-1 is
exhibiting the highest percentage of first-loss piece
exhaustion.

S&P’s analysis of losses to date in this transaction has
demonstrated that the realized losses were mainly triggered by a
marked deterioration of property valuations, and were most
prevalent in non-owner occupied properties and in properties
that were not sold on the open market but in an auction process.
Furthermore, we observed a more severe deterioration for
properties located in eastern Germany.

Given S&P’s observation of the loss experience to date in this
particular pool, they have assessed the likelihood of future
losses at the various rating levels from both the performing and
nonperforming parts of the pool, refining their expectations of
foreclosure and subsequent recoverable value based on recent
work-out experiences within the pool.  The required enhancement
levels were compared to the actual credit protection in the
transaction, which indicated that the class C, D, and E notes
had insufficient support to maintain their current ratings.

Amortization in PROVIDE VR 2002-1 has reduced the pool factor to
70%.  S&P will continue to closely monitor the performance of
the transaction and pay close attention to loss crystallization
and recovery rates over the near and medium term.

                          Ratings List

         Class                      Rating
                         To                      From

PROVIDE VR 2002-1
   EUR115.45 Million Floating-Rate Credit-Linked Notes

                         Ratings Lowered

         C               A                       AA

Ratings Removed From CreditWatch with Negative Implications and
Lowered

         D               BB                      BBB/Watch Neg
         E               B                       BBB/Watch Neg

                         Ratings Affirmed

         A               AAA
         A+              AAA
         B               AA


R/N BAUPROJEKT: Claims Registration Period Ends Sept. 27
--------------------------------------------------------
Creditors of R/N Bauprojekt GmbH have until Sept. 27 to register
their claims with court-appointed insolvency manager Andreas
Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Justizzentrum
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Andreas Kienast
         Lennestr. 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973322
         Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against R/N Bauprojekt GmbH on Sept. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         R/N Bauprojekt GmbH
         Attn: Torsten Radtke, Manager
         Tismarstr. 26
         39108 Magdeburg
         Germany


R.S. SPEDITION: Claims Registration Period Ends Sept. 28
--------------------------------------------------------
Creditors of R.S. Spedition GmbH have until Sept. 28 to register
their claims with court-appointed insolvency manager Ruediger
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Justizzentrum
         Breiter Weg 203-206
         39104 Magdeburg
         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 Bauch
         Schleinufer 11
         39104 Magdeburg
         Germany
         Tel: 0391/5354-0
         Fax: 0391/5354-100
         E-mail: RBauch@schubra.de

The District Court of Magdeburg opened bankruptcy proceedings
against R.S. Spedition GmbH on Aug. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         R.S. Spedition GmbH
         Hospitalstr. 13
         39124 Magdeburg
         Germany

         Attn: Rotraud Strobach, Manager
         Schillerstr. 9B
         21407 Deutsch Evern
         Germany


RETTEL BAUTRAGER: Claims Registration Period Ends Sept. 28
----------------------------------------------------------
Creditors of Rettel Bautrager GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Martin Glasow.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 31, 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Martin Glasow
         Kathe-Kollwitz-Strasse 11
         66115 Saarbruecken
         Germany
         Tel: 0681/7097 790
         Fax: 0681/7097 7910

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

The Debtor can be reached at:

         Rettel Bautrager GmbH
         Attn: Franko Willems, Manager
         Pfaffenweg 34a
         66709 Weiskirchen
         Germany


SATIN HOLDING: Claims Registration Ends Oct. 26
-----------------------------------------------
Creditors of Satin Holding GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Gerald
Bittner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:35 p.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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Gerald Bittner
         Kreuzsteinstrasse 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

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

The Debtor can be reached at:

         Satin Holding GmbH
         Muenchberger Str. 57
         95234 Sparneck
         Germany

         Attn: Ruediger Kaiser, Manager
         Muenchberger Str. 57
         95234 Sparneck
         Germany


UNITY AUTOVERMIETUNG: Claims Registration Ends October 31
---------------------------------------------------------
Creditors of Unity Autovermietung GmbH have until Oct. 31 to
register their claims with court-appointed insolvency manager
Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         Germany

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

The insolvency manager can be reached at:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040/650390
         Fax: 040/65039199

The District Court of Uelzen opened bankruptcy proceedings
against Unity Autovermietung GmbH on Aug. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Unity Autovermietung GmbH
         Attn: Sabrina Brackerbohm, Manager
         Celler Strasse 5
         29525 Uelzen
         Germany


UNIVERSAL DRUCK: Claims Registration Period Ends Oct. 30
--------------------------------------------------------
Creditors of Universal Druck GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Stephan
Heinrichsmeyer.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Stephan Heinrichsmeyer
         Spiekergasse 6-8
         33330 Guetersloh
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Universal Druck GmbH on Aug. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Universal Druck GmbH
         Erinstr. 25
         44575 Castrop-Rauxel
         Germany

         Attn: Silvia Elisabeth Kumherr, Manager
         Berkelstr. 6
         44623 Herne
         Germany


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


MERCATOR CLO: Moody's Rates EUR10.9 Mln Class B-2 Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
five classes of notes issued on Aug. 23, 2007 by Mercator CLO
III Limited, a special purpose company incorporated under the
laws of Ireland.  The ratings are:

   -- Aaa to the EUR199.5 million Class A-1 Senior Secured
      Floating Rate Notes due 2024;

   -- Aa2 to the EUR31.5 million Class A-2 Senior Secured
      Floating Rate Notes due 2024;

   -- A2 to the EUR18 million Class A-3 Deferrable Senior
      Secured Floating Rate Notes due 2024;

   -- Baa3 to the EUR18,000,000 Class B-1 Deferrable Senior
      Secured Floating Rate Notes due 2024;

   -- Ba3 to the EUR10.9 million Class B-2 Deferrable Senior
      Secured Floating Rate Notes due 2024.

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

These definitive ratings are based upon:

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

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

   3. The overcollateralization of the notes;

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

   5. The expertise of NAC Management (Cayman) Limited as a
      collateral manager and New Amsterdam Capital Management
      LLP as a collateral adviser; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR300
million, comprised primarily of European senior secured, second
lien and mezzanine obligations (with a predominance of senior
secured loans) and senior bonds.  This portfolio is dynamically
managed by NAC Management (Cayman) Limited as collateral manager
to the Issuer and New Amsterdam Capital Management LLP as
collateral adviser to the collateral manager.  This portfolio
will be partially acquired at closing date and partially
acquired during the 9 month ramp-up period in compliance with
portfolio guidelines (which include, among other tests, a
diversity score test, a weighted average rating factor test and
a weighted average spread test).  Thereafter, the portfolio will
be actively managed by the collateral manager, pursuant to the
advice of the collateral adviser to buy or sell assets in the
portfolio.  Any addition or removal of assets will be subject to
a number of portfolio criteria.


WINDMILL CLO: Moody's Rates EUR15 Mln Class E Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the notes issued by Windmill CLO I Limited, a special purpose
company incorporated in Ireland.  The ratings are:

   -- (P)Aaa to the EUR200,000,000 Class A-1R Senior Secured
       Revolving Floating Rate Notes due 2029;

   -- (P)Aaa to the EUR165,000,000 Class A-1T Senior Secured
       Floating Rate Notes due 2029;

   -- (P)Aaa to the EUR60,000,000 Class A-2 Senior Secured
       Floating Rate Notes due 2029;

   -- (P)Aa2 to the EUR55,000,000 Class B Senior Secured
       Deferrable Floating Rate Notes due 2029;

   -- (P)A2 to the EUR32,000,000 Class C Senior Secured
       Deferrable Floating Rate Notes due 2029;

   -- (P)Baa2 EUR21,000,000 Class D Senior Secured Deferrable
       Floating Rate Notes due 2029; and

   -- (P)Ba3 EUR15,000,000 Class E Senior Secured Deferrable
       Floating Rate Notes due 2029.

EUR52,000,000 Subordinated Notes due 2029 will be issued but not
rated by Moody's.

The provisional ratings of the Class A, B, C, D and E notes
address the expected loss posed to investors by the legal final
maturity in 2029.

The ratings assigned by Moody's are primarily based on:

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

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

   3. The expertise of Mizuho Investment Management (UK) Ltd as
      the Portfolio Manager; and

   4. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio of mostly European senior loans,
mezzanine loans, second lien loans, and PIK-only loans (with the
ability to include equity investments provided they are
principal protected).  This portfolio will be partially acquired
at closing date and partially during the 12 months ramp-up
period in compliance with portfolio guidelines (which include,
among other tests, a diversity score test, a weighted average
rating factor test and a weighted average spread test).
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option, on behalf of the
issuer, to buy or sell loans.  Any addition or removal of loans
will be subject to a number of portfolio criteria. Throughout
the seven year reinvestment period, the total amount of the
portfolio may vary between EUR400,000,000 and EUR600,000,000,
depending on the total commitment amount required to be provided
by the EUR200,000,000 Class A-1R Revolving Notes.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's provisional credit opinions.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign definitive ratings.  A definitive rating (if
any) may differ from a provisional rating.


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


ALITALIA SPA: Posts EUR211.14 Mln Net Loss for First Half 2007
--------------------------------------------------------------
Alitalia S.p.A. posted EUR211.14 million in net losses on
EUR2.31 billion in net revenues for the first half ended
June 30, 2007, compared with EUR220.38 million in net losses on
EUR2.24 billion in net revenues for the first half ended
June 30, 2006.

Labor costs amounted to EUR439 million showing an increase of
EUR55 million compared to 2006 (+14.2%) due to:

   -- a non-recurring increase of 14 million euros caused by the
      new regulations for severance pay (TFR) which changed the
      calculation of allocated funds as of Dec. 31, 2006;

   -- an increase of EUR41 million due mainly to the redundancy
      incentives program carried out by the Group, the effect of
      the agreements relating to integrative welfare benefits
      for flight staff, and the larger average workforce (from
      10,048 people in the first half of 2006 to 10,268 in the
      first half 2007) due to the end of benefits from
      "Solidarieta" for flight staff and "Cassa Integrazione
      Guadagni Straordinaria" for almost all ground staff
      (temporary cost reduction equivalent to redundancies
      tools) and the changed business perimeter during the
      periods in question (consolidation of the subsidiary
      Volare as of April 2006);

   -- fuel costs amounted to EUR464 million showing a reduction
      of EUR7 million compared to the first half of 2006, mainly
      arising from the balance between lower costs due to
      positive forex levels and increased costs relating to the
      changed business perimeter during the periods in question
      (consolidation of the subsidiary Volare as of April 2006).

The Group’s workforce on June 30, 2007 was 11,240 people (of
which 10,218 with open-ended contract), down by 423 (-3.6%
circa) compared to June 30, 2006.

The Group’s operational fleet on June 30, 2007 consisted of 186
aircraft of which 157 for short/medium-haul routes and 29 for
long-haul.

As of June 30, 2007, Alitalia S.p.A. had around EUR4.1 billion
in total assets, EUR3.37 billion in total liabilities and
EUR725.59 billion in total shareholders' equity.

                          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.


AVAGO TECH: Appoints Bian Ee Tan as Chief Operating Officer
-----------------------------------------------------------
Avago Technologies disclosed that effective November 1, 2007,
Bian Ee Tan is appointed to the newly created position of Chief
Operating Officer, reporting to Hock E. Tan, Avago's president
and CEO.

"Bian Ee brings a wealth of experience to his new role and his
appointment reflects his outstanding capabilities at managing
successful operations over his long tenure with the Company,"
said Hock Tan, president and CEO of Avago Technologies.  "In his
new role as COO, Bian Ee will focus on overseeing and driving
closer integration of our manufacturing organization with
Avago's worldwide sales organization."

"I am enthusiastic about the opportunity to contribute to the
future growth and success of Avago.  This new role will allow me
to apply all the skills and experiences I have acquired over my
30-plus years of service to this Company," said Bian Ee Tan.

Bian Ee Tan has served as president of Avago's Asia operations
since December 2005.  Prior to the closing of the acquisition of
Avago by KKR and Silver Lake Partners, Bian Ee served as Vice
President and General Manager, Electronic Components Business
Unit of Agilent.  He has held various other positions with
Hewlett-Packard and Agilent, including Operations Manager for
the Singapore Components Operation, Managing Director of
Hewlett-Packard Malaysia, and Manufacturing Manager for the
Semiconductor Products Business segment.  Bian Ee began his
career with Hewlett-Packard in 1973.

Bian Ee holds a diploma in medical laboratory technology and
received an MBA, graduating with distinctions, from Golden Gate
University.

                        About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service revised these ratings
for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on
      2013,from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due
      on 2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


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


ARLAN PLUS: Proof of Claim Deadline Slated for Oct. 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Company Arlan Plus insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46


KAZAKHGOLD GROUP: Extensive Gold Reserve Cues Fitch’s B IDR
-----------------------------------------------------------
Fitch Ratings has affirmed KazakhGold Group Limited's Long-term
Issuer Default rating at 'B' and US$200 million senior notes
issue rating at 'B'.  The Outlook for the Long-term IDR is
Stable.

The ratings reflect KazakhGold's extensive gold reserve base,
which is expected to support long mine lives (in excess of 15
years), its projected relatively low production costs,
diversified production across mines, as well as demonstrated
strong revenue growth and profitability.

The company possesses the largest reserve base in Kazakhstan,
accounting for more than a quarter of the country's reserves.
Furthermore, the group is well positioned on the cost curve
compared with major global gold peers.  In addition, the gold
production of KazakhGold is diversified across three major
mines, thus reducing the risk of reliance on one mine, which
could exacerbate the impact of production disruptions at this
mine on the group's operating performance.

Moreover, the initial progress in implementing the extensive
production expansion strategy and cost advantages of the company
was reflected in its strong revenue growth in 2006 and
relatively high profitability.  In Fitch's view, the group's
performance will also be underpinned by the favorable gold
industry fundamentals, with the current market price
substantially exceeding the five year historic average.

However, Fitch notes that KazakhGold's credit metrics are
conditional on the successful implementation of the extensive
investment program.  Fitch believes that the company is capable
of generating robust EBITDA with its subsequent transformation
into ample cash flows (despite negative fiscal year 2006 cash
flow from operations), which in turn will enable it to lower its
gross leverage, however, the agency notes certain execution
risks inherent in the expansion strategy implementation.  Given
the planned extensive capital expenditure, Fitch believes that
the company's free cash flow will remain in a negative territory
for the next two to three years.

Another risk springs from KazakhGold's single commodity focus
which exposes it fully to gold price volatility.  Furthermore,
the current level of the group's revenue and EBITDAR is
relatively small, which limits its financial flexibility.  Fitch
also notes the exposure of the company to potential cost over-
runs, delays and commissioning risks, as mentioned above, as
well as foreign exchange risk.

The Stable Outlook reflects Fitch's expectation that KazakhGold
will undertake its capital expenditure and modernization program
generally in line with plans.


KAZAKHKONTRACT LLP: Creditors Must File Claims Oct. 19
------------------------------------------------------
LLP Kazakhkontract has declared insolvency.  Creditors have
until Oct. 19 to submit written proofs of claims to:

         LLP Kazakhkontract
         Micro District 28a
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-49-00
              8 (3292) 41-79-99


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

         Branch of LLP Kaztranslogistics
         Micro District 24, 13-1
         Aktau
         Mangistau
         Kazakhstan


LEGAL FINANCIAL: Creditors' Claims Due on Oct. 19
-------------------------------------------------
LLP Legal Financial Certified Group has declared insolvency.
Creditors have until Oct. 19 to submit written proofs of claims
to:

         LLP Legal Financial Certified Group
         Office 401]
         Amangeldi Str. 49a
         Almaty
         Kazakhstan


RENISANSSE LLP: Claims Registration Ends Oct. 19
------------------------------------------------
LLP Renisansse Company Plus has declared insolvency.  Creditors
have until Oct. 19 to submit written proofs of claims to:

         LLP Renisansse Company Plus
         Office 40
         Rayimbek ave. 162
         Almaty
         Kazakhstan


SKAD & K: Proof of Claim Deadline Slated for Oct. 21
----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Skad & K insolvent.

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


TOHNUR LLP: Creditors Must File Claims Oct. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tohnur insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sain Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46


UCHASTOK STROITELSTVA: Claims Filing Period Ends Oct. 21
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Uchastok Stroitelstva I Mehanizatsiyi
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Utepov Str. 31/4-54
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-29-03


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


AL-MASHRIG LLC: Creditors Must File Claims by October 24
--------------------------------------------------------
LLC Al-Mashrig has declared insolvency.  Creditors have until
Oct. 24 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 29-97-42.


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


ELEKTRIM SA: Court Orders Asset Sale to Repay PLN4.58 Bln Debt
--------------------------------------------------------------
A court in Warsaw, Poland, has ordered Elektrim S.A. to sell its
assets, estimated to be worth PLN1.89 billion, after the court
decided the amount would be sufficient to repay the bankrupt
company's debts of about PLN4.58 billion, The Financial Times
reports, citing the Polish News Bulletin as its source.

According to the report, the only creditor listed in the reasons
for the judgement was the government, to whom Elektrim owes more
than PLN556 million.  The company's failure to pay its debts for
more than three months prompted the court to rule on its
bankruptcy.

The company's bondholders are waiting for the final evaluation
of assets, which will facilitate the calculation of the final
installment that Elektrim owes them, FT relates, citing the
Polish News story as its source.  They said the court neglected
to include in the assets list the 35-hectare Warsaw-based site
on the Vistula river called Port Praski, which may be worth
PLN700 million.  Elektrim's stake in PAK was also excluded
from the list.  KGHM wants to buy the stake for more than
PLN1 billion.

                       About Elektrim S.A.

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.


ELEKTRIM SA: KNF Calls for Share Bid Ahead of WSE Withdrawal
------------------------------------------------------------
Elektrim S.A. intends to cease trading on the Warsaw Stock
Exchange following the approval of its bankruptcy petition, The
Financial Times reports, citing Polish News Bulletin as its
source.

However, according to Lukasz Dajnowicz, a spokesman for The
Polish Financial Supervision Authority (KNF), a bid for all
Elektrim shares must be carried out first before the company can
withdraw its stock from trading on the WSE, although he did not
specify as to who should call it.

"The withdrawal would be possible provided that the bid is
called for all Elektrim shares, at a minimum price of about ZL8
per share, which is a six-month average," Mr. Dajnowicz was
quoted by FT as saying.

Under the law on public trading, Elektrim, whose main
shareholders are PAI Media and Vivendi, can either invite all
investors holding the shares to sell them, or any of its
shareholders may do so, FT relates.

Ludwik Sobolewski, head of the WSE, expects a decision within a
few days.

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.


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


AVTO-REM-LES: Creditors Must File Claims by Oct. 25
---------------------------------------------------
Creditors of OJSC Avto-Rem-Les (TIN 2723020080) have until
Oct. 25 to submit proofs of claim to:

         A. Krylov
         Insolvency Manager
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk
         Russia
         Tel/Fax: 347-060

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-1054/2007-38.

The Debtor can be reached at:

         OJSC Avto-Rem-Les
         Krasnorechenskaya Str. 139
         Khabarovsk
         Russia


BAYKAL LLC: Creditors Must File Claims by Sept. 18
--------------------------------------------------
Creditors of LLC Trading House Baykal have until Sept. 18 to
submit proofs of claim to:

         S. Vinnik
         Temporary Insolvency Manager
         Post User Box 2699
         Central Post Office
         644099 Omsk
         Russia

The Arbitration Court of Omsk will convene at 10:40 a.m. on
Dec. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A46-5673/2007.

The Debtor can be reached at:

         LLC Trading House Baykal
         Magistralnaya Str. 45
         Omsk
         Russia


CENTRAL ROADS: Creditors Must File Claims by Sept. 18
-----------------------------------------------------
Creditors of OJSC Central Roads have until Sept. 18 to submit
proofs of claim to:

         B. Vasilyev
         Temporary Insolvency Manager
         Room 309
         Krupskoj 19
         Yakutsk
         677007 Sakha
         Russia

The Arbitration Court of Sakha commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A58-2471/07.

The Debtor can be reached at:

         OJSC Central Roads
         O. Koshevogo Str. 67
         Markha
         Sakha
         Russia


FINLAJN-S CJSC: Creditors Must File Claims by Sept. 18
------------------------------------------------------
Creditors of CJSC Finlajn-S have until Sept. 18 to submit proofs
of claim to:

         Y. Remizov
         Insolvency Manager
         Kirova Str. 118
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-7701/2007-48-100.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Finlajn-S
         Lenina Str. 28
         Snezhinsk
         Chelyabinsk
         Russia


KARAMASKALY-MIXED FODDER: Creditors Must File Claims by Sept. 18
----------------------------------------------------------------
Creditors of OJSC Karamaskaly-Mixed Fodder (TIN 0229009589) have
until Sept. 18 to submit proofs of claim to:

         M. Zamuragin
         Temporary Insolvency Manager
         Post User Box 89
         Ufa-39
         450039 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on Dec. 19
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A07-8129/07-G-ShAB.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Karamaskaly-Mixed Fodder
         Frunze Str. 2
         Ulukulevo
         Karmaskalinskiy
         Bashkortostan
         Russia


KEY-CONSULTING CJSC: Creditors Must File Claims by Sept. 18
-----------------------------------------------------------
Creditors of CJSC Key-Consulting (TIN 7448060728) have until
Sept. 18 to submit proofs of claim to:

         R. Shuvarov
         Insolvency Manager
         Mashinostroitelej Str. 14
         Uchaly
         453700 Bashkortostan
         Russia

The 18th Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-7802/2007-36-99.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Key-Consulting
         Chelyabinsk
         Russia


KHLEVENSKOE TRANSPORT: Creditors Must File Claims by Sept. 18
-------------------------------------------------------------
Creditors of OJSC Khlevenskoe Transport Enterprise (TIN
48170000661) have until Sept. 18 to submit proofs of claim to:

         M. Fedyaev
         Insolvency Manager

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A36-2984/2005.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Khlevenskoe Transport Enterprise
         Khlebnoe
         Lipetsk
         Russia


KVINTA-HOLDING CJSC: Bankruptcy Hearing Slated for Dec. 17
----------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 8:30 a.m. on
Dec. 17 to hear the bankruptcy supervision procedure on CJSC
Kvinta-Holding.  The case is docketed under Case No. A65-13952/
2007-SG4-26.

The Temporary Insolvency Manager is:

         R. Mubarakshin
         Post User Box 304
         Naberezhnye Chelny
         423812 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         CJSC Kvinta-Holding
         Zelenodolskiy
         Tatarstan
         Russia


OVOSHEVOD CJSC: Creditors Must File Claims by Oct. 25
-----------------------------------------------------
Creditors of CJSC Ovoshevod have until Oct. 25 to submit proofs
of claim to:

         A. Lyasman
         Insolvency Manager
         Office 166
         Lermontova Str. 127/1
         644001 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-20087/2006.

The Debtor can be reached at:

         CJSC Ovoshevod
         Berezovaya Str.1
         Klyuchi
         644516 Omsk
         Russia


SIB-KHIM-TORG: Creditors Must File Claims by Sept. 18
-----------------------------------------------------
Creditors of LLC Sib-Khim-Torg (TIN 5521006723) have until
Sept. 18 to submit proofs of claim to:

         A. Budelev
         Insolvency Manager
         Bratskaya Str. 11/1
         644020 Omsk 20
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-15338/2006.

The Debtor can be reached at:

         LLC Sib-Khim-Torg
         Komsomolskaya Str. 1A
         Moskalenki
         646070 Omsk
         Russia


STANEKO OJSC: Court Names A. Dordzhiev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Stavropol appointed A. Dordzhiev as
Insolvency Manager for OJSC Staneko.  He can be reached at:

         A. Dordzhiev
         R. Lyuksemburg 1
         Budennovsk
         Stavropol
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-14850/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         A. Dordzhiev
         R. Lyuksemburg 1
         Budennovsk
         Stavropol
         Russia


TERSA CJSC: Final Bidding Deadline Slated for Sept. 19
------------------------------------------------------
The insolvency manager and the bidding organizer for CJSC Tersa
will open a public auction for the company's properties at
2:00 p.m. on Sept. 24 at:

         CJSC Tersa
         Portovaya Str. 16/7
         Volzhskiy
         Volgograd
         Russia

The company has set a RUR7,742,000 starting price for the
auctioned assets.

Interested participants have until Sept. 19 to deposit an amount
of RUR1,040,000 to:

         CJSC Tersa
         Settlement Account 40702810900040000650
         Correspondent Account 30101810600000000794
         BIK 041806794
         Volzhskiy OJSC ACB Volgoprombank
         Volgograd
         Russia

Bidding documents must be submitted to:

         Insolvency Manager
         Office 402
         7th Gvardeyskoj Divizii Str., 12
         Volgograd
         Russia

The Debtor can be reached at:

         CJSC Tersa
         Portovaya Str. 16/7
         Volzhskiy
         Volgograd
         Russia


URALSKIY FOUNDATION: Creditors Must File Claims by Oct. 18
----------------------------------------------------------
Creditors of CJSC Company Uralskiy Foundation have until Oct. 18
to submit proofs of claim to:

         V. Dubovoj
         Insolvency Manager
         Bolshevistskaya Str. 4
         454038 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-6580/2007-60-92.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Uralskiy Foundation
         Shkolnaya Str. 8-A
         Plast
         457020 Chelyabinsk
         Russia


UST’-ISHIM-LES-PROM: Creditors Must File Claims by Oct. 18
----------------------------------------------------------
Creditors of LLC UST’-Ishim-Les-Prom (TIN 5538003978) have until
Oct. 18 to submit proofs of claim to:

         M. Kuznetsov
         Insolvency Manager
         Post User Box 9383
         644024 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-19215/2006.

The Debtor can be reached at:

         LLC UST’-Ishim-Les-Prom
         Sovetskaya Str. 72, 1
         Ust’-Ishim
         646580 Omsk
         Russia

VENICE LLC: Creditors Must File Claims by Sept. 18
--------------------------------------------------
Creditors of LLC Venice (TIN 2124018163) have until Sept. 18 to
submit proofs of claim to:

         I. Kolsanov
         Temporary Insolvency Manager
         Post User Box 28
         Guzovskogo Str. 14
         Cheboksary
         428000 Chuvashiya
         Russia

The Arbitration Court of Chuvashiya will convene at 10:00 a.m.
on Oct. 2 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A79-5330/2007.

The Debtor can be reached at:

         LLC Venice
         Vinokurova Str. 48
         Novocheboksarsk
         Chuvashiya
         Russia


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


UTSTARCOM INC: Inks Multi-Year Contract with Power Bell
-------------------------------------------------------
UTStarcom Inc. has entered into a multi-year, multi-million
dollar contract with Bell & Tell, Pvt. Ltd., to offer bundled
voice and data services in Pakistan using UTStarcom's Gigabit
Ethernet Passive Optical Network (GEPON) and VoIP technologies.
Representatives from Bell & Tell and UTStarcom will be
discussing the new relationship and forthcoming deployment at
UTStarcom's booth #Z-E1, stand ZA at GULFCOMMS during GITEX
Technology Week in Dubai, United Arab Emirates.

This win demonstrates UTStarcom's continued commitment and
success in the EMEA region delivering innovative and cost-
effective broadband, VoIP and IPTV solutions to fixed carriers
and cable operators, while leveraging field-proven, scalable and
easy-to-deploy Fiber to the Home/Building (FTTH/B) technology.

The broadband voice and data deployment by Bell & Tell is
scheduled to roll out in phases.  The first phase will consist
of a multi-million dollar deployment of UTStarcom's GEPON, a
FTTH/B platform that is designed to deliver high-speed voice,
data and video services to residential and business subscribers.
An iAN-08E Series VoIP Gateway will also be integrated into the
network -- extending the existing phone equipment's
functionality by enabling an end-to-end interconnection between
legacy analog phones and voice-enabled broadband networks.
Maxim Telecom, UTStarcom's local reseller, will help with the
deployment of the network.  The second phase, which will start
in Q1 2008, involves expansion to additional regions in
Pakistan.

"Due to the changing telecom climate in Pakistan, Bell & Tell
plans to aggressively deploy new voice and data network
technologies in the coming months, with plans to exceed 100,000
subscribers using the company's broadband and next generation
network services in the next two to three years," said Shafqat
Iqbal, CEO of Bell & Tell.  "With UTStarcom's complete end-to-
end, IP-based GEPON and VoIP solutions, our company will enjoy
more flexibility in our deployments and offerings and become
better equipped to answer the individual needs of our customers
and ensure that we remain at the forefront of that climate
change."

The current Pakistani telecom market is facing deregulation, and
the area is experiencing consistent annual growth in
telecommunications usage.  The combined teledensity in the
region's fixed, mobile and wireless local loop is currently 45
percent, a significant 62 percent increase over last year's
teledensity figures.  With its FTTH/B broadband, VoIP and IPTV
solutions, UTStarcom is positioned to help emerging carriers
build an infrastructure that supports triple play applications
over their steadily evolving NGN.

"We are pleased to partner with Bell & Tell to bring unlimited
end user services and applications to this market, enabled by
UTStarcom's completely IP-based GEPON Fiber-To-The-Home
solution," said Youssef Kassissia, vice president of sales, EMEA
Region, UTStarcom.  "As UTStarcom's Fiber-To-The-Home/Building
market share expands across the EMEA region, we are proving our
commitment to not only expand our global client base, but to
provide an efficient broadband infrastructure alternative that
promises to be an innovative experience."

                     About Bell & Tell

Abottabad, Pakistan-based Bell & Tell, Pvt. Ltd. is an affiliate
of Worldcall Telecommunication, Ltd. The company was founded in
1995 to provide voice services throughout Pakistan.

                   About UTStarcom, Inc.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                       *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


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


ALBERT AEBERLI: Creditors' Liquidation Claims Due September 28
--------------------------------------------------------------
Creditors of JSC Albert Aeberli have until Sept. 28 to submit
their claims to:

         Albert Aeberli
         Liquidator
         Untere Bahnhofstrasse 11
         8910 Affoltern am Albis
         Affoltern ZH
         Switzerland

The Debtor can be reached at:

         JSC Albert Aeberli
         Affoltern am Albis
         Affoltern ZH
         Switzerland


FUN MAXX: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Fun Maxx on July 19.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Fun Maxx
         Zurichstrasse 52
         4665 Oftringen
         Zofingen AG
         Switzerland


GRUTH IMMOBILIEN: Claims Registration Period Ends September 24
--------------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Gruth Immobilien on April 19.

Creditors have until Sept. 24 to file their written proofs of
claim.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8042 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Gruth Immobilien
         Rolf Weinmann
         Rotelstrasse 125
         8037 Zurich
         Switzerland


INVOLVO HOLDING: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Involvo Holding on Aug. 21.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Involvo Holding
         Reblandstrasse 17
         5622 Waltenschwil
         Muri AG
         Switzerland


NIEVERGELT ELEKTRO: Claims Registration Period Ends September 24
----------------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Nievergelt Elektro on Feb. 28.

Creditors have until Sept. 24 to file their written proofs of
claim.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Nievergelt Elektro
         Eisfeldstrasse 10A
         8050 Zurich
         Switzerland


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


EREGLI DEMIR: Earns TRY375.8 Million in First Half 2007
-------------------------------------------------------
Eregli Demir ve Celik Fabrikalari T.A.S. and its subsidiaries
(Erdemir Group) released financial results for the first half of
2007.  Erdemir Group's net profit in this period increased by
265.6% to a peak of TRY375.8 million compared to the same period
of 2006.  Accordingly, net profit margin jumped to 13.2% in the
first half of 2007 from 4.6% in the same period of the previous
year.

In the first half of 2007, Erdemir Group's EBIT figure rose by
68.3% over the same period of 2006 in an amount of TRY185.9
million to reach TRY458.2 million.  Related margin soared by 4
points to tick 16.1%.

At Eregli plants, at the end of the mentioned period of this
year, production of cold rolled and hot rolled flat steel
products amounted to 742.3 thousand tons and 1,204.7 thousand
tons respectively.  Consequently, total flat steel production
advanced by 6.5% above the first half of the last year to
achieve a level of 1947 tons.  At Iskenderun plants, in first 6
months of 2007, 151.4 thousand tons of slab and 1,141.2 thousand
tons long steel production was realized.

Flat steel sales, compared to the first half of the previous
year, rose by 7.2% to attain 2,115 thousand tons of which was
comprised of 824.1 thousand tons cold rolled and 1,290.9
thousand tons hot rolled products.  As to the long steel
products, including 145.1 tons slab, sales volume increased by
4.9% to reach 1,256 thousands tons in the first half of the
current year.

In the first half of 2007, Erdemir Group's consolidated sales
revenue increased by 26% over the same time period of 2006 to
reach TRY2.8 billion.  The still ongoing brisk demand conditions
in the long and flat steel markets played a major role on this
favorable outcome.

Despite higher input prices, the strong sales performance in the
first half of the year pushed up gross profit by 57% from
TRY363.1 million in the first half of 2006 to TRY571.1 million.
The Gross margin of the Group increased by nearly 4 points from
16.2% to 20.1% over the same period.

Share of the operating expenses over net sales revenue
maintained its level at 4%.  Mounting up by 39.1%, EBITDA figure
reached TRY620.8 million which lifted the margin by two points
to 21.9%.

Erdemir Group's net financial debt balance improved by TRY131.1
million, bouncing back to TRY1.2 billion.

Headquartered in Zonguldak, Turkey, Eregli Demir ve Celik
Fabrikalari T.A.S. (Erdemir) -- http://www.erdemir.com.tr/--
manufactures iron, steel and flat steel.  The company has eight
subsidiaries, including Isdemir, Erdemir-Maden, Erdemir-
Lojistik, Erdemir-Romanya, Erdemir Celik Servis Merkezi, Erenco,
Erdemir Gaz and Celbor.

                         *     *     *

As reported in the TCR-Europe on July 5, 2007, Standard & Poor's
Ratings Services had revised its outlook on Turkey-based steel
producer Eregli Demir ve Celik Fabrikalari T.A.S. to stable from
negative.  At the same time, the 'BB-' long-term corporate
credit rating was affirmed.


EREGLI DEMIR: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
with a stable outlook to Eregli Demir ve Celik Fabrikalari, the
Turkish steel producer.  At the same time, Moody's assigned a
Turkish national scale rating of Baa1.tr.

The Ba3/Baa1.tr ratings reflect:

   (i) the strong market position of Erdemir in Turkey, with a
       market share of close to 30% in the Turkish flat steel
       market and its especially strong position in the
       production of Tin Plate (50% market share) as well as the
       market position in long steel with a market share of
       around 24%.  The rating also reflects;

  (ii) Erdemir's low cost production base and strong internal
       cash generation which supports its organic expansion
       programs;

(iii) Moody's view that the implementation of the modernization
       of its rolling facilities with the aim of further
       developing high value-added products will succeed and
       should further reduce earnings volatility going forward.

Moody's also considers a credit positive Erdemir's disciplined
approach solely towards organic growth and the company's
consistency in its strategy and financial policy, which should
also benefit from the ownership and control exercised by Ordu
Yardimlasma Kurumu (Oyak, rated Ba2).  Therefore the Ba3 rating
assumes that Erdemir will not significantly increase
indebtedness, and that the future cash outflows to shareholders
will be limited, allowing the company to maintain a positive
free cash flow from 2009 onwards.

The rating further incorporates Moody's belief that the improved
performance in 2006 and in the first half of 2007 is also a
partial reflection of a structural improvement in domestic
demand.  This improvement has been triggered by increased
investments into infrastructure and real estate construction and
a growing domestic production base among the international major
manufacturers, such as automotive producers.  In Moody's view,
these structural improvements will not fully insulate Erdemir
against ongoing volatilities of global steel prices, but they
should reduce the impact of such swings on Erdemir as long as
the benign domestic environment continues.

On a more cautious note, Moody's notes that the Ba3 corporate
family rating continues to reflect:

   (i) a high level of earnings cyclicality which remains
       characteristic for the steel industry and which Moody's
       expects to continue despite some structural improvements;

  (ii) Erdemir's currently limited vertical integration,
       although it has a 90% ownership in the largest Turkish
       iron ore mine (Erdemir Maden) with capacity of 1.2
       million tons p.a. of pellets and proven reserves of
       around 835 million tons, which, however, has not been
       fully developed yet;

(iii) the risks involved with the significant capital
       expenditure program that is currently under way to
       increase production capacity at its two major plants in
       Eregli and Iskenderun, although Moody's notes that the
       major part of the capital expenditure has been spent, and
       the increased capacity should be implemented shortly,
       which should help in the short term to significantly
       increase turnover and profits; and

  (iv) continuous dependency on export revenues, and the
       company's - albeit mostly indirect - exposure to currency
       volatilities.

While benefiting from its strong market position in Turkey, the
Ba3 rating also takes into consideration the greater risks
associated to its operations in Turkey, where a more volatile
economic, financial and political track record indicates a
higher business risk than in other developed countries.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Turkey are designated by the ".tr"
suffix.  NSRs differ from global scale ratings, as assigned by
Moody's Investors Service, in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

Eregli Demir ve Celik Fabrikalari is the largest steel
manufacturer in Turkey with a market share of around 29% in
2006.  Erdemir produces both, long steel as well as flat steel
products and is benefiting from growing demand in both the
domestic and international markets.  In 2006 Erdemir generated
revenues of US$3.4 billion and an EBIT margin of 17.7%.


FINANSBANK: Fitch Affirms BB IDR with Stable Outlook
----------------------------------------------------
Fitch Ratings has affirmed Turkey-based Finansbank's Long-term
foreign and local currency Issuer Default ratings at 'BB' and
'BB+', respectively.  Fitch has also affirmed Finansbank's
Short-term foreign and local currency IDRs at 'B', Individual
rating at 'C/D', Support rating at '3' and National rating at
'AA+ (tur)'.  The Outlooks for the Long-term IDRs and the
National rating are Stable.

The IDRs, National and Support ratings of Finansbank reflect the
high likelihood of support from its 84.6%-shareholder, National
Bank of Greece (rated 'A-'), in case of need.  However, this
might be affected by the potential difficulties arising in a
weak and volatile environment, which could affect the flow of
support from the provider to its creditors.  Additionally,
Finansbank accounts for a sizeable 14% of NBG Group Assets and
19% of Group Equity.  The foreign currency IDR is constrained by
the Country Ceiling and the local currency IDR is rated two
notches above Turkey's Sovereign Rating.

The Individual rating reflects improved capitalization and asset
quality, which are balanced by rapid portfolio growth, a
structural mismatch and a sharply higher concentration in Turkey
due to the disposal of international subsidiaries in the NBG
transaction.  Operating profits weakened in 2006 due to a surge
in costs and impairment charges, which were offset by gain on
sale of foreign operations when NBG acquired a majority stake in
August 2006.

Operating earnings rebounded in first half of 2007 as the bank's
margin strengthened and new provisions were contained.  Although
assets diminished by TRY7.1 billion due to the sale of
subsidiaries, this masked rapid SME and retail credit growth of
69% and 116%, respectively, in 2006.  Credit at Finansbank
Turkey (including corporate loans booked in Malta) expanded by
55% during 2006, but slowed to an annualized 34% (still higher
than peer) in first half of 2007.   Non-performing loans
diminished to 2.01% of the portfolio at end-2006 (2005: 2.35%)
through write-offs and sales and remained flat at end-June 2007
due to portfolio growth.

In addition to maintaining reserve coverage of NPLs, Finansbank
established impairment for performing loans in excess of
US$1 million and a portfolio reserve for performing loans less
than US$1 million.  Similar to other Turkish banks, the bank has
a short-term deposit structure and large one-month negative
mismatch of TRY6.2 billion.  This potential liquidity risk is
partially mitigated by a growing stable deposit base, a stronger
owner that has committed cash or non-cash support if needed, and
improved fundamentals and risk management.  After implementation
of an operational risk charge, Tier 1 and total capital ratios
weakened to 13.28% and 15.01%, respectively, at end-June 2007
from 14.57% and 16.91%, respectively, at end-2006.  NBG has
committed to maintain a minimum capital ratio of 12% at
Finansbank.


KUVEYT TURK: Fitch Affirms IDR at B with Stable Outlook
-------------------------------------------------------
Fitch Ratings affirmed Kuveyt Turk Katilim Bankasi A.S.'s
ratings at Long-term foreign currency Issuer Default rating
'BB', Short-term foreign currency IDR 'B', LT local currency IDR
'BB+', ST local currency IDR 'B', National LT 'AA+ (tur)',
Individual 'D' and Support '3'.

The Outlooks on the LT IDRs and National rating are Stable.  The
LT foreign currency IDR is constrained by Turkey's 'BB' Country
Ceiling.  The LT local currency IDR is rated two notches higher
than the Sovereign rating due to potential shareholder support.

Kuveyt Turk's Long- and Short-term IDRs and Support ratings
reflect the moderate likelihood of support from its majority
shareholder, Kuwait Finance House ('A'/Outlook Stable) in case
of need.  The Individual rating reflects below-average, albeit
improving, operating profitability and Kuveyt Turk's relatively
small size versus that of its immediate peers.  These factors
are offset by better asset quality, more stable funding and
improving capitalization.

Operating profit grew sharply during 2006, principally due to
improved financing income related to substantial lending growth,
better fee and commissions and effective cost control.  This was
partially offset by narrow, although improving, margins with
respect to its peers and increasing credit provisions.  Asset
quality continued to improve, with non-performing loans falling
to 5.41% of funds granted at end-2006 (2005: 6.52%); reserve
coverage has also been elevated to a moderate 69.7% of impaired
loans in 2006 from a weak 52% in 2005.


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


ALVARI LLC: Creditors Must File Claims by September 15
------------------------------------------------------
Creditors of LLC Alvari (code EDRPOU 32873137) have until
Sept. 15 to submit their proofs of claim to:

         Vasily Lovas
         Liquidator
         V. Stus Str. 11a/6
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/106.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alvari
         Builders Str. 16/11
         76000 Ivano-Frankovsk
         Ukraine


BUKOVINA LLC: Creditors Must File Claims by September 15
--------------------------------------------------------
Creditors of Agricultural LLC Bukovina (code EDRPOU 03800936)
have until Sept. 15 to submit their proofs of claim to:

         Dorin Ungurian
         Liquidator
         Glavnaya Str. 204D/5
         58032 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/301/b.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Bukovina
         Vizhnitsky District Milievo
         59220 Chernovcy
         Ukraine


COMMUNE FARM: Claims Submission Deadline Set September 15
---------------------------------------------------------
Creditors of LLCAL Agricultural Commune Farm (code EDRPOU
01355685) have until Sept. 15 to submit their proofs of claim
to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on July 23.  The case is docketed under
Case No. 5/127B.

The Debtor can be reached at:

         LLCAL Agricultural Commune Farm
         Frunze Str. 4
         Illich Village
         Konstantinovka District
         85143 Donetsk
         Ukraine


GOODYEAR TIRE: Hires Mark Purtilar as Chief Procurement Officer
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has appointed Mark Purtilar
as chief procurement officer, effective Sept. 17.  He replaces
Gary Miller, who is retiring after 40 years as a Goodyear
associate.

Mr. Purtilar, formerly a procurement executive for ArvinMeritor
Automotive Inc., will oversee Goodyear's global procurement
strategy and be responsible for the company's approximately
US$10 billion in annual purchases.

"An innovative and aggressive procurement plan is a key element
of Goodyear's growth strategy," said Christopher W. Clark,
senior vice president of global sourcing.  "In Mark, we found an
individual with a successful history of developing global
procurement strategies to reduce costs, maximize efficiency and
maintain quality.  Moreover, he has done it in a very
competitive marketplace."

Prior to his Goodyear appointment, Mr. Purtilar was vice
president of global procurement for commercial vehicle systems
for ArvinMeritor, a global supplier of automotive parts based in
Troy, Mich.  Responsible for US$3 billion annually in company
purchases, he developed the company's global supplier strategy,
initiated a low-cost country strategy and routinely exceeded
purchasing performance targets.

Mr. Purtilar first joined ArvinMeritor in 1994 as manager of
purchasing and inventory planning and held several other
positions until being named vice president and general manager
of the Americas Commercial Vehicle Aftermarket Distributions
division in 2000.  He left ArvinMeritor from 2002 to 2004 to
serve as the chief executive officer of Auto Body Panels Inc. in
Cincinnati, Ohio.  He returned to ArvinMeritor in 2004 as the
vice president of global procurement.

Prior to ArvinMeritor, Mr. Purtilar worked for the Sara Lee
Corporation from 1983 to 1994 as a manager in purchasing,
production and capacity planning.

"This is an exciting time to join Goodyear's leadership team,"
said Mr. Purtilar.  "Through procurement strategies, we have the
opportunity to significantly impact the company and benefit its
customers and its shareholders."

Mr. Purtilar received his bachelor's degree and his master of
business administration in international business from Northern
Kentucky University.

                      About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                       *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.


INTERSTYLE LLC: Creditors Must File Claims by September 15
----------------------------------------------------------
Creditors of LLC Interstyle (code EDRPOU 20412800) have until
Sept. 15 to submit their proofs of claim to:

         Anatoly Svintsitsky
         Liquidator
         Moscovskaya Str. 39, Office 1
         01015 Kiev
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 3/60B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Interstyle
         Shkolnaya Str. 74
         Teterevka
         12420 Zhytomir
         Ukraine


ISD FINANCE: Fitch Withdraws B+ Ratings on Postponed Loan
---------------------------------------------------------
Fitch Ratings has withdrawn ISD Finance Plc's proposed issue of
US$350-500 million loan participation notes expected senior
unsecured 'B+' and Recovery 'RR4' ratings assigned on
July 9, 2007.  The ratings have been withdrawn due to a
postponement of the transaction until later in the year.

Industrial Union of Donbass is the largest steel producer in
Ukraine (including international operations) with crude steel
production of 9.7 million tonnes in 2006.  Its fiscal year 2006
revenues reached UAH24.5 billion (US$4.9 billion).


ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs
-----------------------------------------------------------
Isle of Capri Casinos, Inc., has named Douglas Burkhalter as
senior vice president of marketing and R. Ronald Burgess as
senior vice president of human resources.  Both appointments are
subject to regulatory approval.

Mr. Burkhalter brings more than 15 years of experience in
marketing, including brand development, customer segmentation,
loyalty programs, database marketing, advertising, media buying
and analysis.  Having served at the corporate and property
levels of major gaming companies, his critical strengths include
implementing strategic marketing initiatives, multi-property
management, building team-oriented business processes and brand
management.

Most recently, Mr. Burkhalter served as vice president of
marketing strategy for Trump Entertainment Resorts, where he was
responsible for the launch of the company's unified card
program.  He also held the position of corporate director of
marketing for Argosy Gaming Company, where he was responsible
for the campaign to rebrand the company, as well as director of
marketing for the Alton Belle Casino.  Mr. Burkhalter holds a
degree in marketing from Webster University in St. Louis.

Mr. Burgess brings over 20 years of human resources experience
at leading gaming companies to his new role, having
responsibility for human resources during the turnaround of
Argosy Gaming Company, and serving as the corporate director of
human resources at Harrah's during their period of major growth.
In these roles, Mr. Burgess was instrumental in the development
and implementation of innovative service and courtesy programs,
performance management systems, and executive development
programs, as well as improving employee retention rates.  Most
recently he served as a consultant on the launch of gaming in
Macau, creating a foundation for human resources programs and a
service culture for Galaxy Entertainment.  Prior to joining
Harrah's in 1986, he was responsible for human resources at a
major operating unit of RCA, ultimately managing the merger into
GE; as well as serving as the director of human resources for
the Peabody Hotel.  Mr. Burgess holds graduate degrees in
education from the University of Memphis.

"I am pleased to welcome both Ron and Doug to the Isle of Capri
Casinos team. We have added two strong gaming experts with very
valuable skill sets to a solid leadership team that is focused
on taking deliberate, measured steps toward strategic growth and
improved financial performance," Virginia McDowell, president
and chief operating officer, said.

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

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

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


LUCITE INT’L: S&P Holds B+ Ratings; Changes Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based acrylics producer and distributor Lucite International
Group Holdings Ltd. to negative from stable.  At the same time,
the 'B+' long-term corporate credit rating on Lucite and the
'BB-' debt ratings on guaranteed subsidiaries Lucite
International Finco Ltd. and Lucite International U.S. Finco LLC
were affirmed.

"The outlook revision reflects Standard & Poor's concerns over
Lucite's ability to pass on rising raw material and energy costs
to customers in an increasingly challenging market environment,"
said Standard & Poor's credit analyst Sophia Dedemadis.

The company is weakly positioned within the rating category and
its credit ratios were below our expectations in 2006, although
they have shown steady improvement in the first half of 2007.
In the 12 months to June 30, 2007, average funds from operations
to debt were in the mid single digits.

Standard & Poor's expects Lucite to maintain a ratio of FFO to
adjusted debt of about 10%, including payment-in-kind loans,
through the cycle.

"To retain the rating, we expect the company's financial
performance to improve by fiscal year-end 2007--specifically the
ability to pass on rising raw material costs and the subsequent
impact on margins and cash flow generation," Ms. Dedemadis
added.

The ratings could come under pressure if Lucite undertakes
additional shareholder-oriented measures or midsize or large
debt-funded acquisitions, or if it does not maintain discipline
on capital expenditures.

The outlook could be revised back to stable if the company is
able to demonstrate sustainable improvement in operating
performance, specifically management of input costs. Upgrade
potential remains limited in the next few quarters.


MRKS IMPEX: Creditors Must File Claims by September 15
------------------------------------------------------
Creditors of LLC MRKS Impex (code EDRPOU 31301984) have until
Sept. 15 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/473-b.

The Debtor can be reached at:

         LLC MRKS Impex
         Apartment 14
         Vladimirskaya Str. 63
         01033 Kiev
         Ukraine


NOVA LLC: Creditors Must File Claims by September 15
----------------------------------------------------
Creditors of LLC Kharkov Furniture Factory Nova (code EDRPOU
32938576) have until Sept. 15 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. B50/155-07.

The Debtor can be reached at:

         LLC Kharkov Furniture Factory Nova
         Apartment 35
         Internatsyonalnaya Str. 31
         Pokotilovka
         Kharkov
         Ukraine


RHINEBRIDGE PLC: S&P Junks Combo Notes; Placed on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and placed on
CreditWatch with negative implications its ratings on the
mezzanine capital notes and combination notes issued by
Rhinebridge PLC and Rhinebridge LLC, two co-issuing structured
investment vehicles.

At the same time, it has placed the ratings on Rhinebridge's
commercial paper and medium-term note programs, and the issuer
credit ratings on Rhinebridge on CreditWatch negative.

Rhinebridge is a SIV structure managed by IKB Credit Asset
Management GmbH (London branch), which is responsible for
purchasing assets, managing the portfolio, and overseeing the
issuance of CP and MTNs.

Current pressure on market prices has led to deterioration in
the net asset value of this vehicle, which has reached a level
below 70% of capital.

In addition, the vehicle has had to draw on breakable deposits
and liquidity facilities to meeting upcoming liabilities. As a
consequence, it is currently breaching one of its net cumulative
outflow tests, which if uncured could lead the vehicle into a
restricted funding mode.  As of today, due to this breach, the
vehicle is in a restricted investment mode of operation.

As a result, we have placed the CP and MTNs on CreditWatch
negative, awaiting confirmation of a possible move to the
restricted funding mode and possible realized losses in case of
asset sales.

The ratings on the mezzanine capital notes and combination notes
have been lowered due to the possibility of the sale of assets
to meet maturing liabilities in the near future and the downward
pressure this places on current ratings.  S&P expects this sale
of assets to reduce the vehicle's ability to meet current
repayment obligations on these notes.

The current Standard & Poor's rated outstanding debt of the
vehicle is US$1.767 billion in CP and US$130 million in
mezzanine capital notes.

The portfolio is predominantly invested in structured finance
assets, and the majority of this is U.S. residential mortgage-
backed securities.

                           Ratings List

Rhinebridge PLC And Rhinebridge LLC
   Up To US$20 Billion European and U.S. CP and MTN Programs and
   Up to US$3 Billion Capital Note Program

     Class                              Ratings
                                To                   From

     Issuer credit rating       AAA/Watch Neg/A-1+   AAA/--/A-1+
     CP                         A-1+/Watch Neg       A-1+
     MTN                        AAA/Watch Neg        AAA
     Capital note program       BB-/Watch Neg        A
     Mezzanine capital notes    BB-/Watch Neg        A


SKIF LLC: Creditors Must File Claims by September 15
----------------------------------------------------
Creditors of LLC Skif (code EDRPOU 30395812) have until Sept. 15
to submit their proofs of claim to:

         Alexander Zolotavin
         Liquidator
         Shevtsova Str. 33
         Simferopol
         95023 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-5/8846-2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Skif
         Novopavlovka
         Krasnoperekopsky
         AR Krym
         Ukraine


SPACE WEST: Creditors Must File Claims by September 15
------------------------------------------------------
Creditors of LLC Space West (code EDRPOU 33741853) have until
Sept. 15 to submit their proofs of claim to:

         Vasily Redko
         Liquidator
         Apartment 6
         Mayakovsky Str. 69-a
         02232 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/414.

The Court is located at:

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

The Debtor can be reached at:


         LLC Space West
         Novokonstantinovskaya Str. 4A
         04080 Kiev
         Ukraine


TULTCHINAL AGRICULTURAL: Creditors Must File Claims by Sept. 15
---------------------------------------------------------------
Creditors of LLC Tultchinal Agricultural Commune Enterprise
(code EDRPOU 30806671) have until Sept. 15 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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/264-07.

The Debtor can be reached at:

         LLC Tultchinal Agricultural Commune Enterprise
         Tultchin District Kirnasovka
         23652 Vinnica
         Ukraine


UKRAINE LLC: Creditors Must File Claims by September 15
-------------------------------------------------------
Creditors of LLC Ukraine (code EDRPOU 03792733) have until
Sept. 15 to submit their proofs of claim to:

         Oksana Gentash
         Liquidator
         Sheptitsky Str. 39/1
         Sokal
         80000 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/72-4/70.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukraine
         Sokal District Khorobriv
         Lvov
         Ukraine



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


BALLY TOTAL: Files Supplement to Modified First Amended Plan
------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates delivered to the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan a copy of their
Liquidation Analysis, to supplement their Modified First Amended
Joint Prepackaged Chapter 11 Plan of Reorganization.

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, explains that the initial Liquidation Analysis filed
on July 31, 2007, inadvertently omitted certain portions.

The Debtors' Liquidation Analysis states that the Plan meets the
"best interest of creditors" test as set forth in Section
1129(a)(7) of the Bankruptcy Code.

The Liquidation Analysis was prepared by the Debtors'
management, with the assistance of their professionals, and
assumes the case would convert to Chapter 7 soon after initially
filing for Chapter 11.  The Analysis provides that:

   * priority unsecured claims are assumed to be paid from the
     net proceeds available, if any, after the payment of
     liquidation costs, secured claims, and administrative
     claims;

   * Prepetition Senior Notes Claims are assumed to be paid on a
     pro rata basis from the net proceeds available for all
     unsecured creditors, plus the pro rata distribution that
     would be payable with regard to the Prepetition Senior
     Subordinated Notes Claims absent the subordination
     provisions in the Prepetition Senior Subordinated Notes
     Indenture;

   * although unsecured claims against only Bally Total Fitness
     Holding Corporation would likely receive a smaller
     distribution in a liquidation than unsecured claims against
     the Affiliate Debtors because Bally is a holding company
     with limited assets, for the purposes of the Liquidation
     Analysis, it is assumed that all unsecured claims will be
     paid on a pro rata basis from the net proceeds available
     for all unsecured creditors; and

   * no pro rata proceeds are estimated to be available solely
     for the Prepetition Senior Subordinated Notes Claims.

A full-text copy of the Debtors' Liquidation Analysis is
available for free at http://researcharchives.com/t/s?234e

The Debtors believe the Liquidation Analysis and the conclusions
set forth in the Analysis are fair and accurate, and represent
management's best judgment with regard to the results of a
Chapter 7 liquidation of the Debtors.

                   Bally Board of Directors

The Debtors were scheduled to identify the members of their
board of directors in a supplemental filing that was supposed to
be submitted to the Court on September 7, 2007.

However, the Plan Supplement is not yet final, Mr. Heller tells
Judge Lifland.

The Debtors will file the Plan Supplement as soon as possible,
before the confirmation hearing on the Debtors' Plan scheduled
for September 17, 2007, Mr. Heller adds.

                    About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BALLY TOTAL: AGT Crunch, et al. Balk at Modified Plan
-----------------------------------------------------
Several creditors filed objections to Bally Total Fitness
Holding Corporation and its debtor-affiliates' disclosure
statement and accompanying Modified First Amended Joint
Prepackaged Plan of Reorganization.

A. AGT Crunch

Counsel for AGT Crunch Acquisition LLC, Glenn E. Siegel, Esq.,
at Dechert LLP, in New York, states that the Debtors' proposed
Plan is not feasible under Section 1129(a)(11) of the Bankruptcy
Code because it does not make adequate allowance for the payment
of AGT Crunch's disputed claim.

As previously reported, AGT Crunch has a litigation claim in
excess of US$10,000,000 against the Debtors.

Under the Plan, AGT Crunch's Claim is treated under Class 3 --
Unimpaired Unsecured Claims.  Class 3 claimholders are presumed
to accept the Plan and are not entitled to vote.  Class 3 Claims
incurred by the applicable Debtor in the ordinary course of
business may be paid in the ordinary course of business in
accordance with the terms and conditions of any relating
agreements, without further notice to or order of the U.S.
Bankruptcy Court for the Southern District of New York
in Manhattan.

Mr. Siegel notes that in essence, the Plan provides that on the
initial distribution date, in full and final satisfaction of the
claims, each Holder of an Allowed Class 3 Claim would receive
Cash in an amount equal to the Holder's Allowed Class 3 Claim.
However, the Plan fails to provide any real reserve for
contingent, disputed or liquidate claims, he adds.

"In the absence of an adequate reserve, [AGT] Crunch seriously
questions whether it will be paid in full, like all other
unsecured creditors," Mr. Siegel asks the Court.

Moreover, he says, the Plan and its accompanying disclosure
statement do not provide any evidence that funds will be
available to pay a large litigation judgment.  "[A] judgment in
the magnitude of AGT Crunch's claim could cause a default under
the Debtors' exit financing agreement, Mr. Siegel tells Judge
Lifland.

B. Messrs. Dwyer and Hillman

John W. Dwyer and Lee S. Hillman, former officers of Bally Total
Fitness Holding Corporation, states that the Plan with the
enhancements provided by Harbinger Capital Partners Master
Fund I, Ltd. and Harbinger Capital Partners Special Situations
Fund L.P. represents a significant advance over the initial plan
filed by the Debtors.  However, the Plan still falls short of
the requirements imposed by the Bankruptcy Code for confirmation
of a plan of reorganization in at least four respects, Stephen
L. Ascher, Esq., at Jenner & Block LLP, in New York, explains.

Specifically, Mr. Ascher says:

   * the Plan places Messrs. Dwyer and Hillman's indemnification
     claims in classes consisting of other claims to which they
     are not substantially similar, contrary to the Bankruptcy
     Code;

   * the Plan proposes various amendments to the current and
     existing Restated Certificate of Incorporation, which is
     prohibited by Delaware state law, which in turn, governs
     the affairs of the reorganized company;

   * Mr. Dwyer's claim for damages arising from the Debtors'
     failure to honor its obligations under certain options
     contracts, and Mr. Hillman's claim for damages arising from
     Bally's failure to maintain a registration statement
     relating to certain warrants are improperly classified; and

   * the Plan calls for claims for rejection damages to be
     placed in a class separate from the Unimpaired Unsecured
     Claims, contrary to the Bankruptcy Code provisions.

Under Bally's amended and restated bylaws, and certain other
indemnification agreements, the Debtors agreed to indemnify
Messrs. Dwyer and Hillman, Mr. Ascher tells Judge Lifland.

When Messrs. Dwyer and Hillman resigned from their positions,
their individual separation agreements reaffirmed the Debtors'
obligation to indemnify the Former Officers based on their
individual acts or omissions during each of their tenure as an
officer or director for Bally.

Between May 2004 and April 2006, several lawsuits were commenced
against the Former Officers relating to their alleged acts or
omissions as part of their service as officers or directors of
the Debtors.

C. Novi Town Center Investors

Novi Town Center Investors LLC are parties to an unexpired
lease, which the Debtors intend to assume under the Plan.

Richard J. Bernard, Esq., at Baker & Hostetler LLP, in New York,
states that Novi Town objects to the Debtors' proposed Plan, to
the extent that the Plan provides for release by Novi Town of
"any claims, demands, debts, rights, causes of Action or
liabilities under the Lease which is being assured pursuant to
the terms of the Proposed Plan."

Mr. Bernard notes that the proposed release improperly fails to
contain a similar exclusion and, so, contravenes the
requirements of Section 365 of the Bankruptcy Code in respect of
cure and adequate assurance of future performance.

Novi Town reserves its rights in respect of cure amounts and
resolution procedures, Mr. Bernard adds.  Novi Town, he
explains, has not received payment for the September 2007 rent
yet, which constitutes an administrative expense of the Debtors.
Novi Town is entitled to payment by the effective date of the
Proposed Plan, and would be otherwise required as part of Novi
Town's monetary cure.

D. Pima County

Pima County is a secured creditor in the Debtors' Chapter 11
proceedings asserting US$6,704 for personal property tax, for
the year 2007.

According to German Yusufov, deputy county attorney for Pima
County's civil division, Pima County's Claim continues to accrue
interest at a statutory rate of 16% per annum, prorated monthly.

Pima County objects to confirmation of the Debtors' proposed
Plan because it does not provide for the County's statutory
interest rate of 16%, Mr. Yusufov says.

E. The Mattone Group

The Mattone Group Ltd. and The Mattone Group Jamaica, Co. LLC,
are parties to a non-residential real property lease with Jack
La Lanne Fitness Centers, Inc., one of the Debtors.

The Mattone Group asserts that the Debtors them US$74,296 for
basic rent and related expenses under the Lease, which includes
fees and expenses incurred by Mattone in connection with the
Debtors' Chapter 11 proceedings.

The Mattone Group are certain that they will be able to resolve
all of their disputes and issues with the Debtors, Andrew I.
Silfen, Esq., at Arent Fox LLP, in New York, states.  However,
in the event a consensual resolution is not achieved, Mattone
presents to the Court, their limited objection to the Debtors'
proposed Plan.

Specifically, The Mattone Group asserts that the Disclosure
Statement and the Plan do not indemnify the amounts the Debtors
intend to cure on the effective date of the Plan.  Thus, even if
Mattone were assured that the Debtors intended to assume the
Lease, the Plan and the Disclosure Statement provide no
mechanism by which Mattone can determine if there is a dispute,
and the amount of any discrepancy.

If The Mattone Group disputes the cure amount alleged by the
Debtors, under the Plan and Disclosure Statement, it could be
required to litigate the issue outside the Bankruptcy Court,
notes Mr. Silfen.

"This is impermissible under the Bankruptcy Code," Mr. Silfen
asserts.  "It can serve no purpose other than to frustrate the
legitimate efforts of Mattone and other landlords to exercise
their rights under Section 365 of the Bankruptcy Code."

The Mattone Group, therefore, objects to confirmation of the
Plan because it would permit the Debtors to avoid their
obligations to cure the Lease, if assumed.

F. Objecting Landlords

Various landlords ask the Court to deny approval of the
Debtors' Disclosure Statement, arguing that it doesn't provide
adequate information as required under Section 1125 of the
Bankruptcy Code.

Kevin M. Newman, Esq., at Menter, Rudin & Trivelpiece, PC, in
Syracuse, New York, counsel for Inland Commercial Property
Management, Inc., states that under the Debtors' proposed
Disclosure Statement, the Plan provides that all unexpired
leases to which the Debtors are party to, will be deemed assumed
on the effective date of the Plan, unless the leases are
rejected prior to the Effective Date.  Moreover, the Disclosure
Statement provides that the Debtors will cure monetary defaults
existing under assumed unexpired leases on the Effective Date.

However, the Debtors do not identify the amounts they intend to
cure in either the Disclosure Statement or the Plan, notes Mr.
Newman.

"The Disclosure Statement fails to provide the Objecting
Landlords with adequate information of the process by which
proposed cure amounts will be identified, disputed and paid
under the Plan," he says.

Mr. Newman also notes that under the Plan, if a dispute exists
with respect to any amount necessary to cure the the defaults,
the cure amount will be paid upon resolution of the dispute.

"Again, there is nothing in the Disclosure Statement or the Plan
that identifies the amounts to be paid by the Debtors to cure
defaults under assumed leases in order to determine if a dispute
exists, nor are any firm deadlines set forth by which disputes
must occur," Mr. Newman contends. "Any dispute as to cure
amounts to be paid in connection with the assumption of the
Leases should be decided by this Court if the parties cannot
work out their disputes."

Certain Objecting Landlords also object to the Disclosure
Statement and Plan to the extent that the Plan restructuring
transactions permit the Debtors to assign any of the Leases to
non-debtor third parties in a way that eliminates any guarantees
that have been executed by the Debtors in connection with the
Leases.

Dustin P. Branch, Esq., at Katten Muchin Rosenman LLP, in Los
Angeles, California, counsel for RREEF USA Funds and West Valley
Properties, Inc., contends that the Debtors may not assume the
Leases unless there is adequate assurance of future performance,
as required by Section 365(b) of the Bankruptcy Code.

The Objecting Landlords, and their Leases' cure amounts, if any,
are:

   Objecting Landlords                              Cure Amounts
   -------------------                              ------------
   Inland Commercial Property, managing agent for:
     Six Corners Shopping Center                       US$85,576
      Park Center Plaza                                   32,261
      Chatham Ridge Shopping Center                       22,804
      University & Dunlap                                176,721

   Inland U.S. Management, managing agent for:
      Towson Circle                                       56,217
      Lincoln Plaza                                       38,283

   Thrifty Payless, Inc.                                  41,227

   PREIT Services LLC, managing agent for:
      PR North Dartmouth LLC                              26,329
      PR Prince Georges Plaza LLC                              -

   RREEF USA Funds' Deerbrook Shopping Mall               77,000

   West Valley Properties Inc.'s The Terraces              5,751

   The Taubman Landlords                                       -

   Sywest Development, asset manager for:
      Contra Costa Retail Center, LLC                     41,472

   CLPV, LLC                                                   -

   Hawthorne LP                                           20,141

   Wheaton Plaza Regional Shopping Center LLP             62,362

   Centro Property Group                                       -

   Federal Realty Investment Trust                             -

   Simon Property Group Inc.                             199,591

   Waterways Plaza LLC                                   185,882


G. High Definition and Waterways

High Definition Realty LLC and Waterways Plaza LLC object to the
the Debtors' Disclosure Statement and Plan because neither of
the two specifically address the effects of a blanket assumption
of all leases, and leases in which the Debtors are in default of
a non-monetary obligation that cannot be cured.

Contrary to the Debtors' assertion that the reorganization
process would not affect the landlords of their facilities, the
Debtors asked the Court to approve their application to employ
Hilco Real Estate LLC as their real estate consultant, notes Mr.
Hall.

Hilco's employment, he asserts, evidences an intent by the
Debtors to utilize the bankruptcy process to affect the rights
of the Landlords, and creates doubt that the Debtors intend to
comply with Section 365(d)(4) of the Bankruptcy Code.

Hence, notes Mr. Hall, the Disclosure Statement does not provide
adequate information because it fails to inform creditors that
the Debtors have hired a consulting firm whose function is to
the change the Debtors' relationship with the Landlords of the
Leased properties, even though the Debtors have stated an intent
to assume all leases.

In addition, High Definition and Waterways Plaza have
essentially the same objections to the Disclosure Statement as
the Objecting Landlords.

Against this backdrop, the High Definition and Waterways Plaza
ask the Court to deny:

   * approval of the Debtors' Disclosure Statement;
   * confirmation of the Debtors' Plan; and
   * assumption of the High Definition and Waterways Plaza Lease
     Agreements.

                    About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims
------------------------------------------------------------
Last month, the U.S. Bankruptcy Court for the Southern District
of New York in Manhattan approved, on a final basis, Bally Total
Fitness Holding Corporation and its debtor-affiliates' request
to obtain secured postpetition financing for US$292,000,000 from
Morgan Stanley Senior Funding Inc.

The Court's DIP Order provided the Debtors with authority to
enter into a US$292,000,000 DIP financing facility comprised of
a US$50,000,000 revolver and a US$242,000,000, pursuant to a
superpriority secured DIP financing agreement -- the DIP Credit
Agreement.

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, states that the DIP Facility has been consummated, and
most of the proceeds have been used to repay obligations owed to
the Debtors' prepetition secured lenders, under a US$284,000,000
Prepetition Credit Facility.

Pursuant to the terms of the DIP Facility, certain Prepetition
Secured Lenders that participated in the DIP Facility elected to
waive their Prepayment Premium Claims in exchange for the
payment of a lender participation fee equal to 0.125% of the
greater of their prepetition loan obligations or their financing
commitments under the DIP Facility.

However, as reflected in the Court's DIP Order, the other
Prepetition Secured Lenders retained their right to assert their
Prepayment Premium Claims, and the Debtors reserved their right
to dispute any of the claims.

Accordingly, the Debtors object to the allowance of any
Prepetition Premium Claims that may be asserted by a Non-Waiving
Prepetition Secured Lender, and ask the Court to deny the
payment of the Prepayment Premium Claims.

To avoid delay in the refinancing of the Prepetition Credit
Facility, the Debtors and JPMorgan Chase Bank, N.A. -- the
Prepetition Agent -- on behalf of the Non-Waiving Prepetition
Secured Lenders, have agreed to escrow the aggregate amount at
issue.

Pursuant to the DIP Order, the Parties also agree that:

   * on or before Sept. 12, 2007, any Non-Waiving Prepetition
     Secured Lender wishing to assert a Prepayment Premium Claim
     must file a response to the Debtors' Objection; and

   * any Non-Waiving Prepetition Secured Lender which fails to
     file a timely response will be barred from asserting and
     deemed to have waived its Prepayment Premium Claim.

The Court will convene a hearing on September 17, 2007, to
determine the allowability of the Prepayment Premium Claims
asserted by the Non-Waiving Prepetition Secured Lenders that
filed timely responses to the Debtors' Objection.

                    About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BAYSWATER TUBES: Calls In Liquidators from BDO Stoy Hayward
-----------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Bayswater Tubes
& Sections Ltd. on Aug. 14 for the creditors' voluntary winding-
up procedure.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England


CANWEST MEDIAWORKS: Merger Public Hearing Moved to November 19
--------------------------------------------------------------
The Canadian Radio-television and Telecommunications Commission
said in late August 2007 that the public hearing to consider the
application by CanWest MediaWorks Inc. to acquire Alliance
Atlantis Communications Inc.'s broadcasting companies has been
postponed due to the late filing of additional documents.

CanWest filed, in mid-August, 52 documents containing more than
300 pages with marked changes.

The CRTC has determined that the extent of the new information
is such that interveners should be given a fair opportunity to
comment on these documents.

In the interest of procedural fairness, the hearing to consider
CanWest's application has been rescheduled to the first
available date, Nov. 19, 2007.

A new deadline of Oct. 10, 2007, has been set for interested
parties to submit any amendments to their interventions or
comments in respect of the additional information only.  CanWest
may file amendments to its reply comments no later than Oct. 22,
2007.

                         About The CRTC

The CRTC is an independent, public authority that regulates and
supervises broadcasting and telecommunications in Canada.

                      About CanWest MediaWorks

CanWest MediaWorks Inc. -- http://www.canwestmediaworks.com/--
is a wholly-owned subsidiary of CanWest Global Communications
Corp. (TSX: CGS and CGS.A) -- http://www.canwestglobal.com/--
an international media company.  In addition to owning the
Global Television network, CanWest is Canada's largest publisher
of English language daily newspapers, and also owns, operates
and/or holds substantial interests in conventional television,
out-of-home advertising, specialty cable channels, Web sites and
radio networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.

                            *   *   *

As reported in the Troubled Company Reporter on July 5, 2007,
Moody's Investors Service affirmed all ratings of CanWest
MediaWorks Inc. and CanWest MediaWorks LP following the
announcement by CanWest that LP would reduce the amount of its
planned debt offerings by about US$130 million related to the
privatization of CanWest MediaWorks Income Fund by CanWest.

Ratings affirmed include the company's: corporate family rating
at B1; probability of default rating at B1; US$760 million
senior subordinated notes, due 2012 at B3, LGD 5, 89%;
Speculative grade liquidity rating at SGL-2.


DAVID HIAM: Joint Liquidators Take Over Operations
--------------------------------------------------
C. K. Rayment and S. Hopper of BDO Stoy Hayward LLP were
appointed joint liquidators of David Hiam Ltd. on Aug. 31 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

          David Hiam Ltd.
          585 Tyburn Road
          Erdington
          Birmingham
          B24 9RX
          England

The joint liquidators can be reached at:


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


EAGLE-PICHER UK: Brings In Liquidators from Cooper Parry
--------------------------------------------------------
Tyrone Shaun Courtman and Evelyn Adrian Exley of Cooper Parry
LLP was appointed liquidator of Eagle-Picher U.K. Ltd. on Aug.
31 for the creditors' voluntary winding-up procedure.

Mr. Courtman can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England

Ms. Exley can be reached at:

         Cooper Parry LLP
         3 Centro Place
         Pride Park
         Derby
         DE24 8RF
         England


EAGLE-PICHER HILLSDALE: Appoints Liquidators from Cooper Parry
--------------------------------------------------------------
Tyrone Shaun Courtman and Evelyn Adrian Exley of Cooper Parry
LLP were appointed joint liquidators of Eagle-Picher Hillsdale
Ltd. on Aug. 31 for the creditors' voluntary winding-up
proceeding.

Mr. Courtman can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England

Ms. Exley can be reached at:

         Cooper Parry LLP
         3 Centro Place
         Pride Park
         Derby
         DE24 8RF
         England


GENERAL MOTORS: Has Until Midnight to Finalize Deal with UAW
------------------------------------------------------------
General Motors Corp., chosen by the United Auto Workers as lead
negotiator on a new four-year contract along with Ford Motor Co.
and Chrysler LLC, has until 11:59 tonight to work on its labor
contract with the union, various reports say.

At that point, the Wall Street Journal relates, GM can either
ask for an extension or the union would strike.

Chrysler and Ford, WSJ added citing people familiar with the
matter, agreed with the union to extend indefinitely the current
contract, which was to expire today.

The union has been negotiating over cutting health-care expenses
by funding a stand-alone trust fund to pay for retiree care,
Kevin Krolicki and Jui Chakravorty of Reuters report citing
analysts.

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

                         *     *     *

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

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


GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe
---------------------------------------------------------------
General Motors Corp. executives believe Russia will eventually
be the company’s largest market in Europe as the country's base
of car buyers who can afford a new vehicle continue to grow, the
Wall Street Journal relates, quoting GM Europe Chief Carl-Peter
Forster.

According to the report, Mr. Forster said there is a “good
chance” GM could sell 300,000 vehicles in Russia next year,
representing a 20% increase in sales over expectations for 2007.

GM is considering an increase of production capacity in Russia
as its sales there begin to rival its biggest European markets,
including Germany, The Financial Times states.  GM CEO Rick
Wagoner told FT the company was at the “preliminary stages” of
studying ways of adding new capacity in one of the world’s
fastest-growing car markets.

The automaker is mulling the option of producing Opels directly
in Russia along with its already popular Chevrolets to satisfy
higher than expected demand for the brand, Reuters says.
Mr. Forster has disclosed that the company enjoys considerable
margins on Opel cars in Russia, before shipping costs are
factored in, Dow Jones Newswires states.

"We don't produce Opels yet in Russia, but we will have to do
down the line," Mr. Forster said, Reuters notes.  "We achieve
with most of our cars sold in Russia higher average revenue per
vehicle than in Western Europe and in principle better margins,"
he added.

GM will sell more than 2 million vehicles in Europe this year,
with Russia representing more than 10% of that volume, Dow Jones
relates.  Mr. Forster said GM's ability to grow in Europe
depends on its performance in Russia.  He adds, "Russia is our
growth engine."

Despite GM Europe's difficulty in satisfying demand in Russia,
investing in further capacity was risky for the company since it
remained unclear how much longer hefty tariffs that penalize
imports would remain in place, Reuters reveals.  Expanding its
capacity in Russia to escape the tariffs was problematic since
production plants are built with a time frame of 25 years,
according to Mr. Forster.  As a result, GM Europe is looking to
expand its cooperation with Russian carmaker AvtoVaz.

                      About General Motors

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

                         *     *     *

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

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


MATERIALS HANDLING: Claims Filing Period Ends October 1
-------------------------------------------------------
Creditors of Materials Handling Services (U.K.) Ltd. have until
Oct. 1 to send in their full names, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:

         Steven Philip Ross and Ian William Kings
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN

Steven Philip Ross and Ian William Kings of Tenon Recovery
Were appointed joint liquidators of the company on Aug. 31 for
the creditors' voluntary winding-up proceeding.


RENOIR JEWELS: Hires Liquidators from BDO Stoy Hayward
------------------------------------------------------
Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy
Hayward LLP were appointed joint liquidators of Renoir Jewels
Ltd. (formerly Crossley Jewellery Holdings Ltd.) on for the
creditors' voluntary winding-up proceeding.

Mr. Kinlan can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England

Mr. Nygate can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England


SEA CONTAINERS: Seeks Extension of Plan-filing Period to Dec. 21
---------------------------------------------------------------
Sea Containers Ltd. asks the U.S. Bankruptcy Court for the
District of Delaware to further extend its exclusive periods to:

   (a) file a Chapter 11 plan through and including December 21,
       2007; and

   (b) solicit acceptances of that plan through and including
       February 19.

While the Debtors have made tremendous progress on many fronts
in their efforts to reorganize and maximize their estates for
the benefit of creditors, there remain certain outstanding
issues which currently prevent the Debtors -- or any party for
that matter -- from filing a confirmable Chapter 11 plan, Sean
T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, explains.

These issues include: (1) obtaining and analyzing information
from the discovery process necessary to value the Debtors'
interests in GE SeaCo SRL, (2) gaining better clarity on the
validity of GE SeaCo's and GE Capital Corporation's significant
claims against the estates, including determining whether to
estimate the claims in the bankruptcy court pending an
arbitrator's decision, and (3) reaching a global settlement
among the Debtors, the Unsecured Committees of Sea Containers
Ltd. and Sea Container Services Ltd. regarding various
intercompany issues and pension and other claims asserted
against SCL and SCSL.

In addition, Mr. Greecher says, the Debtors are undertaking
discovery in connection with, and preparing for, the change of
control arbitration with GE Capital, scheduled to begin in mid-
October.  While the Debtors actively are considering plan
alternatives that do not hinge on the outcome of the change
of control arbitration, for various reasons, the arbitrator's
decision may ultimately "guide the process for confirming a
chapter 11 plan in these cases and inform the terms of such
plan."

"Any plan filed without a resolution of these key issues could
suffer such defects as to be patently unconfirmable.  Moreover,
such a plan would result in needless distraction from the
formulation of a confirmable chapter 11 plan," Mr. Greecher
says.

The Debtors submit that their progress in their Chapter 11 cases
coupled with the many restructuring task yet to be completed and
contingencies yet to be resolved, amply justify the requested
extension.

The Court will convene a hearing on September 27, 2007, to
consider the Debtors' request.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.


TOTAL MARKETING: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy
Hayward LLP were appointed joint liquidators of Total Marketing
Ltd. on Aug. 31 for the creditors' voluntary winding-up
procedure.

Mr. Kinlan can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England

Mr. Nygate can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England


VECTA CORPORATION: Brings In Liquidators from KPMG
--------------------------------------------------
Richard John Hill and David John Crawshaw of KPMG LLP
Restructuring were appointed joint liquidators of Vecta
Corporation Ltd. on Sept. 4 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


* BOOK REVIEW: Investing in Junk Bonds: Inside the High Yield
               Debt Market
-------------------------------------------------------------
Authors:    Edward I. Altman and Scott A. Nammacher
Publisher:  Beard Books
Paperback:  272 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981556/internetbankrupt


Investing in Junk Bonds: Inside the High Yield Debt Market by
Edward I. Altman and Scott A. Nammacher is an especially
informative book for all new investors, but is just as useful
for the seasoned professional.

This is a reprint of one of the first comprehensive books on the
rise and operation of the high yield debt market as illustrated
by the "junk" bond.  This classic volume is still relevant in
today's challenging market.

Among the concepts discussed are: expected yields; realized
returns; default experience; market growth and size; credit
quality trends; related mutual fund results and portfolio
holdings; mergers/acquisitions and takeovers; new issue and
issuer characteristics; underwriter strategies; and developing
investment strategies, particularly using an objective credit
model.

                           *********

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 * * *