TCREUR_Public/070919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, September 19, 2007, Vol. 8, No. 186

                            Headlines


A U S T R I A

AIRCOMPOWER LLC: Claims Registration Period Ends Oct. 10
B.L.I.T.S. LLC: Claims Registration Period Ends Oct. 9
BOMBARDIER RECREATIONAL: Signs Seven-Year Deal with CGI Group
K. & K. LLC: Claims Registration Period Ends Oct. 16
KL ERDBEWEGUNGEN: Claims Registration Period Ends Oct. 9

OFAE OBERFLACHENTECHNIK: Claims Registration Period Ends Oct. 9
SALUSEK LLC: Claims Registration Period Ends Oct. 9
SAMY YOUSSEF: Claims Registration Period Ends Oct. 11
VASS LLC: Claims Registration Period Ends Oct. 9


B E L G I U M

CHIQUITA BRANDS: Former Officials Won't Face Criminal Charges
POPE & TALBOT: Agrees to Extend Forbearance Pact with Lenders


C Z E C H   R E P U B L I C

ANDREW CORP: Seeks to Overturn US Court Verdict Over Patent Suit


D E N M A R K

KNOLL INC: Inks Deal to Acquire Edelman for US$67 Million Cash


F R A N C E

ALCATEL-LUCENT: Societe Generale Reaffirms Sell Rating on Firm
ASPEN TECHNOLOGY: Reports Prelim Fourth Quarter 2007 Results
VERIFONE INC: S&P Revises Outlook, Affirms BB- Credit Rating


G E R M A N Y

AUTO-TEILE UNGER: S&P Affirms B+ Ratings with Negative Outlook
CHRYSLER LLC: Brake Problems Trigger Recall of 369,000 Vehicles
FOTEC-ROBOTIK: Claims Registration Period Ends October 18
GLOBO TRADING: Claims Registration Period Ends October 17
H + S HEIZUNGSBAU: Claims Registration Period Ends October 19

HILDEGARD BOECK: Claims Registration Period Ends October 19
HOME-CONCEPT GMBH: Creditors' Meeting Slated for October 8
HOTEL MERCATOR: Claims Registration Ends October 30
ID-EXPORT SERVICE: Claims Registration Ends October 31
OBERFLACHENTECHNIK STEFAN: Claims Registration Ends October 12

PRETTY BEST: Creditors Must File Claims by October 12
RAYER - LUFTTECHNISCHE: Creditors Meeting Slated for October 10
RCN-INDUSTRIESERVICE GMBH: Creditors Must File Claims by Oct. 15
REINERMANN GMBH: Claims Registration Ends Oct. 25
RITANI COMMUNIKATION: Claims Registration Ends October 29

ROGGENDORF PARFUMS: Claims Registration Period Ends October 2
SCAFFMART GMBH: Creditors Must File Claims by October 15
SCHIEDER CHEERS: Claims Registration Ends October 26
SCHIEDER-MOEBELWERKE: Creditors' Meeting Slated for October 31
SIEGER GMBH: Claims Registration Ends Oct. 22

SQUASH RACKETS: Claims Registration Period Ends October 8
STIWE STICKEREI: Claims Registration Ends Oct. 23
TLP TEXTILAUFBEREITUNG: Claims Registration Ends Oct. 22


K A Z A K H S T A N

AIDARLY LLP: Proof of Claim Deadline Slated for September 27
AKTOBE SNAB: Creditors Must File Claims October 25
ASU & G: Claims Filing Period Ends October 24
BREESE TRADING: Creditors' Claims Due on October 24
KAZAKHSTAN MOTORS: Claims Registration Ends October 19

INTERPRICE OIL: Proof of Claim Deadline Slated for October 19
MEZET LLP: Creditors Must File Claims September 27
NEFTGASSERVICE-K LLP: Claims Filing Period Ends October 24
TAN LLP: Creditors' Claims Due on October 24
TERMINAL LLP: Claims Registration Ends October 24


K Y R G Y Z S T A N

UGK DIAMANT: Proof of Claim Deadline Slated for October 24


L U X E M B O U R G

MILLICOM INTERNATIONAL: Unit Works with Colombian State Firm


N E T H E R L A N D S

X5 RETAIL: Posts US$212 Million EBITDA for First Half 2007


R U S S I A

ARMOTEKS CJSC: Creditors Must File Claims by Sept. 25
BUCYRUS INT'L: Manufactures New Walking Dragline for Mining Firm
DECOR URAL: Creditors Must File Claims by Sept. 25
KARABASHSKIY BAKERY: Creditors Must File Claims by Sept. 25
NEBINNOMYSSKOE WOOL: Creditors Must File Claims by Sept. 25

NIZHNETAGILSKIY BRICKWORKS 2: Claims Filing Period Set Oct. 25
RENAISSANCE SECURITIES: Moody's Rates Sr. Unsecured Notes at Ba3
RUSSIAN INSURANCE: Strong Market Position Cues Fitch’s B Ratings
TRANS-SERVICE OJSC: Creditors Must File Claims by Sept. 25
VOLZHSKIY FACTORY: Creditors Must File Claims by Oct. 25

X5 RETAIL: Posts US$212 Million EBITDA for First Half 2007
YUKOS OIL: Faces Fresh RUR273 Bln Tax Claim on Auction Proceeds


S P A I N

CIRSA GAMING: Moody's Cuts Corporate Family Rating to B2


S W E D E N

FLOWSERVE CORP: Selling Swedish Non-Core Assets to Indutrade


S W I T Z E R L A N D

EXPRESS SERVICE-SHOP: Creditors' Liquidation Claims Due Sept. 30
FIRSTMARK COMMUNICATIONS: Liquidation Claims Due October 24
GUT BUSBETRIEB: Creditors' Liquidation Claims Due October 4
HIROB LLC: Creditors' Liquidation Claims Due September 30
HVB BASEL: Creditors' Liquidation Claims Due November 30

PIZZA KURIER: Creditors' Liquidation Claims Due September 27
SANTSCHI GASTRO: Creditors' Liquidation Claims Due October 15
SEFRON JSC: Zug Court Closes Bankruptcy Proceedings
ZIMMEREI WIRTH: Creditors' Liquidation Claims Due October 24


U K R A I N E

ACHIGZAY LLC: Creditors Must File Claims by September 20
CARBAMIDE GUM: Creditors Must File Claims by September 20
EVERYBODY ABOUT 1: Proofs of Claim Deadline Set September 20
FUTARI FPK: Creditors Must File Claims by September 20
ILIYA LLC: Creditors Must File Claims by September 20

LICHAKOV CJSC: Creditors Must File Claims by September 20
LUGINY SPECIALIZED 8: Claims Filing Period Ends September 20
MILLENIUM LLC: Creditors Must File Claims by September 20
PROFESSIONAL SPECIAL: Creditors Must File Claims by September 20
SOFT PLUS: Creditors Must File Claims by September 20

SUMY ALCOHOL: Proofs of Claim Deadline Set September 20
TENA LLC: Creditors Must File Claims by September 20
WESTBROOK LLC: Creditors Must File Claims by September 20


U N I T E D   K I N G D O M

AGGREGATOR LTD: Brings In Liquidators from Baker Tilly
ALLIANCE BOOTS: Banks Sell a Portion of GBP750 Million Debt
ATLANTIC TRAILERS: Joint Liquidators Take Over Operations
AUTOMOTIVE CAR: Calls In Liquidators from Tenon Recovery
BALLY TOTAL: Bankruptcy Court Confirms Plan of Reorganization

BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
CASCADES INC: Inks Reno de Medici & Cascades S.A. Merger Pacts
CITY GENERAL: Wants Court Nod on Generali Transfer Scheme
CV REALISATIONS: Taps Liquidators from PricewaterhouseCoopers
EXPRESS CONSUMABLES: Appoints Liquidators from Wilkins Kennedy

NORTEL NETWORKS: Wins Contract From Mumbai International
NORTHERN ROCK: Bank of England Grants Liquidity Support Facility
NORTHERN ROCK: Chiefs Mull Sale as Clients Withdraw GBP2 Billion
SHAW GROUP: Bags EPC Contract for ExxonMobil's Singapore Unit
SOYLENT GREEN: Hires Liquidators from Vantis Redhead French

NRG VICTORY: Asks English Court to Approve Scheme of Transfer
WHOLE FOODS: Moody's Downgrades Corporate Family Rating to Ba1


                            *********


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


AIRCOMPOWER LLC: Claims Registration Period Ends Oct. 10
--------------------------------------------------------
Creditors owed money by LLC AirComPower (FN 244440x) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Kurt Schick at:

         Mag. Kurt Schick
         c/o Mag. Thomas Stenitzer
         Bahnstrasse 1 A
         2130 Mistelbach
         Austria
         Tel: 02572/320 20-0
         Fax: 02572/320 20 32
         E-mail: kanzlei-laa@ra-stenitzer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 24 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 Mistelbach an der Zaya, Austria, the Debtor
declared bankruptcy on Aug. 17 (Bankr. Case No. 36 S 106/07s).
Thomas Stenitzer represents Mag. Schick in the bankruptcy
proceedings.


B.L.I.T.S. LLC: Claims Registration Period Ends Oct. 9
------------------------------------------------------
Creditors owed money by LLC B.L.I.T.S. (FN 270213y) have until
Oct. 9 to file written proofs of claim to court-appointed estate
administrator Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 6 S 94/07a).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.


BOMBARDIER RECREATIONAL: Signs Seven-Year Deal with CGI Group
-------------------------------------------------------------
Bombardier Recreational Products Inc. has signed a seven-year
information technology outsourcing contract with CGI Group Inc.

Under the agreement, CGI will manage Bombardier Recreational's
SAP infrastructure support, business intelligence applications,
websites, as well as the e-commerce application that allows
retailers and distributors to do business with Bombardier
Recreational around the world.  The contract also includes the
support of this application.

"CGI has demonstrated that it has the expertise to provide us
with the information systems we need to allow BRP to improve its
efficiency," stated Real Deslauriers, Vice-President, Program
Office and Information Systems for Bombardier Recreational.

"Bombardier Recreational manufactures its products on three
continents and distributes them in more than 80 countries,"
added Pierre Turcotte, CGI's Senior Vice-President and General
Manager, Quebec.  "With our global delivery network, we are able
to provide BRP with leading-edge IT solutions and services
allowing them to win and grow internationally.  We are delighted
that a company with such a rich heritage and promising future
has chosen CGI to respond to its IT needs."

CGI assists manufacturers in building, implementing and managing
the complex business and IT strategies critical to success.
CGI's comprehensive manufacturing capabilities enable clients to
attain continued improvements in sales, margin, cost and asset
utilization.  From individual projects that target specific
transformation program areas to full transformative outsourcing
services in areas such as technology and applications hosting
and call center support, CGI's manufacturing expertise and
flexible global delivery model allow clients to best compete and
win.

                          About CGI

Founded in 1976, CGI Group Inc. -- http://www.cgi.com/-- is one
of the largest independent information technology and business
process services firms in the world.  CGI and its affiliated
companies employ approximately 25,500 professionals.  CGI
provides end-to-end IT and business process services to clients
worldwide from offices in Canada, the United States, Europe,
Asia Pacific as well as from centers of excellence in North
America, Europe and India.  CGI's annual revenue run rate stands
at C$3.7 billion (US$3.5 billion) and at June 30th, 2007, CGI's
order backlog was C$12.4 billion (US$11.6 billion).  CGI shares
are listed on the TSX (GIB.A) and the NYSE (GIB) and are
included in the S&P/TSX Composite Index as well as the S&P/TSX
Capped Information Technology and MidCap Indices.

                About Bombardier Recreational

Bombardier Recreational Products or BRP is a Canadian company,
which was founded by Joseph-Armand Bombardier as L'Auto-Neige
Bombardier Limitee in 1942 at Valcourt in the Eastern Townships,
Quebec.  As of Apr. 30, 2003 it had 7,600 employees working in
several countries, including Canada, Austria and Finland, in
addition to the United States.  The company split from the
Bombardier Group in 2003.

The company has operations in Australia, Brazil, France, Japan,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
June 15, 2007, Moody's Investors Service assigned a Ba2 rating
to Bombardier Recreational Products' CDN$250 million senior
secured revolver and a B1 rating to BRP's CDN$1.2 billion senior
secured term loan.

The ratings for the term loan and revolver reflect both the
overall probability of default of the company, to which Moody's
has affirmed the PDR of B1, and a loss given default assessment
of LGD2 (26%) for the revolver and LGD4 (53%) for the term loan.
Both the revolving credit facility and the term loan benefit
from the full guarantees of the existing and future
subsidiaries.  The revolver has a 1st lien priority interest on
inventory and accounts receivable and a 2nd priority lien on
the remaining assets, and the term has the inverse security
interest.  Moody's believes that the term loan's collateral
coverage approximates 50%, based on a combination of valuation
techniques.

Ratings assigned:

   -- CDN$250 million senior secured revolver, due 2012, at Ba2;

   -- US equivalent of CDN$1,230 million senior secured term
      loan, due 2014, at B1;

Rating affirmed:

   -- Corporate family rating at B1;
   -- Probability of default rating at B1.


K. & K. LLC: Claims Registration Period Ends Oct. 16
----------------------------------------------------
Creditors owed money by LLC K. & K.  (FN 132241y) have until
Oct. 16 to file written proofs of claim to court-appointed
estate administrator Petra Klingenschmid at:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 30 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 Baden bei Wien, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 11 S 91/07d).


KL ERDBEWEGUNGEN: Claims Registration Period Ends Oct. 9
--------------------------------------------------------
Creditors owed money by LLC KL Erdbewegungen (FN 247657b) have
until Oct. 9 to file written proofs of claim to court-appointed
estate administrator Karl Mayer at:

         Dr. Karl Mayer
         Wiener Strasse 46
         2500 Baden
         Austria
         Tel: 02252/84677
         Fax: 02252/45818
         E-mail: ra.karl.mayer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Hirtenberg, Austria, the Debtor declared
bankruptcy on Aug. 16 (Bankr. Case No. 11 S 95/07t).


OFAE OBERFLACHENTECHNIK: Claims Registration Period Ends Oct. 9
---------------------------------------------------------------
Creditors owed money by LLC OFAE Oberflachentechnik (FN 133758d)
have until Oct. 9 to file written proofs of claim to court-
appointed estate administrator Thomas Zeitler at:

         Dr. Thomas Zeitler
         c/o Mag. Gerhard Nathschlager
         Eisenhandstrasse 15
         4020 Linz
         Austria
         Tel: 0732/775544-11
         Fax: 0732/775544-10
         E-mail: insolvenz@bzp.at

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

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on Aug. 14 (Bankr. Case No. 38 S 44/07k).  Gerhard Nathschlager
represents Dr. Zeitler in the bankruptcy proceedings.


SALUSEK LLC: Claims Registration Period Ends Oct. 9
---------------------------------------------------
Creditors owed money by LLC Salusek (FN 124794x) have until
Oct. 9 to file written proofs of claim to court-appointed estate
administrator Susi Pariasek at:

         Dr. Susi Pariasek
         c/o Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 6 S 95/07y).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.


SAMY YOUSSEF: Claims Registration Period Ends Oct. 11
-----------------------------------------------------
Creditors owed money by KEG Samy Youssef (FN 234210b) have until
Oct. 11 to file written proofs of claim to court-appointed
estate administrator Wolfgang Pitzal at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 16 (Bankr. Case No. 5 S 99/07d).  Hannelore Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


VASS LLC: Claims Registration Period Ends Oct. 9
------------------------------------------------
Creditors owed money by LLC Vass (FN 284875i) have until Oct. 9
to file written proofs of claim to court-appointed estate
administrator Stefan Jahns at:

         Mag. Stefan Jahns
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 532 17 11
         Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22 (Bankr. Case No. 28 S 96/07g).


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


CHIQUITA BRANDS: Former Officials Won't Face Criminal Charges
-------------------------------------------------------------
Carol D. Leonnig at the Washington Post reports that the US
Justice Department won't file criminal charges against Chiquita
Brands International's former executives over the firm's payment
of bribes to the United Self-Defense Forces of Colombia, a
Colombian terrorist group.

"The United States gave serious consideration to bringing
additional charges in this matter.  In the exercise of
prosecutorial discretion, the United States has decided not do
so," The Post says, citing prosecutors.

According to The Post, Chiquita Brands pleaded guilty to making
US$1.7-million illegal payments to the Colombian paramilitary
group from 1997 to 2004.

The Post notes that three of Chiquita Brands' executives were
being probed for authorizing the payments to the terrorist
group, after federal prosecutors warned them in April 2003 that
the bribes breached the nation's anti-terrorism laws.

Sources told The Post that the officials that underwent scrutiny
were:

          -- Cyrus Freidheim,
          -- Robert Olson, and
          -- Roderick M. Hills.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


POPE & TALBOT: Agrees to Extend Forbearance Pact with Lenders
-------------------------------------------------------------
Pope & Talbot Inc. agreed to an extension of its forbearance
agreement with its senior secured lenders.  The agreement will
extend the company's access to liquidity provided by the
revolving credit facility for an additional four weeks.

The company will use this additional time to continue to explore
options for improving its balance sheet, including but not
limited to, the sale of certain or all of the company's assets.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 12, 2007,
KPMG LLP expressed substantial doubt on Pope & Talbot Inc.'s
ability to continue as a going concern after auditing the
company's financial statements for the year ended Dec. 31, 2006.
The auditing firm pointed to the company significant borrowings
and the uncertainty over the company's ability to comply with
thefinancial covenants in future periods.

                       About Pope & Talbot

Pope & Talbot Inc. (NYSE: POP) -- http://www.poptal.com/-- is
a pulp and wood products company.  The company is based in
Portland, Oregon.  The company was founded in 1849 and produces
market pulp and softwood lumber at mills in the U.S. and Canada.
Markets for the company's products include the U.S., Belgium,
Canada, South America, and the Pacific Rim.


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C Z E C H   R E P U B L I C
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ANDREW CORP: Seeks to Overturn US Court Verdict Over Patent Suit
----------------------------------------------------------------
Andrew Corporation will seek to set aside the U.S. District
Court for the District of Delaware's verdict in a patent
infringement lawsuit and continue its focus on providing
innovative mobile location systems that benefit the world's
wireless operators and their customers.

Federal court jurors in Wilmington, Del., ruled in favor of
TruePosition, Inc., finding that Andrew had willfully infringed
a single TruePosition patent in providing a geolocation system
to a customer in the Middle East.  The jury's decision to award
US$45.3 million in damages, as well as the underlying issue of
Andrew's liability, is subject to the outcome of various post
trial motions and appeals that Andrew will vigorously pursue.
Although TruePosition may seek to increase the damages awarded,
up to trebling the amount, Andrew believes any damages awarded,
including any increase, are inappropriate.

"We are extremely disappointed in the jury's ruling and strongly
disagree with this outcome," said Terry Garner, group president,
Andrew Network Solutions.  "We will fight aggressively to
overturn this verdict, either at the trial court level or on
appeal, so that wireless operators all over the world are not
restricted from choosing geolocation systems that work best for
their networks.  Andrew believes that this verdict ultimately
will be reversed.

"Our number one focus has been, and continues to be, on the
needs of our customers.  We look forward to competing and
winning where it matters most-in the global communications
marketplace where wireless operators benefit from our industry
leading geolocation offerings."

TruePosition filed its complaint on Oct. 25, 2005, in the US
District Court for the District of Delaware.  At issue was a
patent that TruePosition argued was infringed by an Andrew
uplink time difference of arrival (U-TDOA) mobile location
system that is being deployed under a multiyear contract with a
Tier 1 operator in the Middle East.  Andrew has since won two
additional contracts with this customer for an expanded
deployment of this strategic project which, when completed, will
cover a network of thousands of cell sites.

Andrew does not believe today's ruling will affect its Middle
East customer or its installed mobile location system.  In
addition, the patent at issue relates only to certain
implementations using U-TDOA technology.  As a result, other
Andrew Geometrix(R) customer installations, including E-911
systems and Mobile Location Center offerings, that use different
geolocation technologies also are not impacted.

Geolocation systems installed in wireless networks are used to
determine the position of mobile devices.  With more than 30
customers around the world, Andrew's Geometrix location systems
have been installed by more operators than any competing system.
Geometrix precisely meets the location-based service
performance, deployment, and cost requirements of operators
worldwide.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on
Aug. 10, 2006.


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D E N M A R K
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KNOLL INC: Inks Deal to Acquire Edelman for US$67 Million Cash
--------------------------------------------------------------
Knoll Inc.'s wholly owned subsidiary entered an asset purchase
agreement pursuant to which it will acquire Teddy and Arthur
Edelman Limited for approximately US$67 million in cash, plus
the assumption of debt not to exceed US$3.7 million and certain
contingent payouts based on the future success of the business.

"The strategic acquisition of Edelman is consistent with our
strategy of building sales in our high design, high margin
specialty businesses, which appeal to both business buyers and
consumers worldwide," Andrew B. Cogan, Knoll CEO, said.

"Edelman's reputation in the design community for unique
leathers and its showroom network as well as its storied history
is highly complementary in terms of culture, customers, markets
and products," he continued.  "We welcome Edelman Leather into
the Knoll fold."

"It is a joy to see Edelman become part of the Knoll family,"
John Edelman, a son of the company's founders, commented.  "On
behalf of my parents, Teddy and Arthur, who founded the company
over 25 years ago, we look forward to working with Knoll to
continue to expand our brand and presence globally."

The company expects the transaction to be accretive in 2008.
Consummation of the transaction is subject to customary
conditions, including expiration or termination of the
applicable Hart-Scott-Rodino Antitrust Improvements Act waiting
period, but is expected to be completed early in the fourth
quarter of 2007.

Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center.

In addition to John Edelman continuing to serve as president of
Edelman Leather, John McPhee will continue in his role as chief
operating officer.

            About Teddy and Arthur Edelman Limited

Based in New Milford, Connecticut, Teddy and Arthur Edelman
Limited – http://www.edelmanleather.com/-- is a purveyor of
fine leathers to the residential, hospitality, aviation and
contract office furniture markets.

                        About Knoll Inc.

Based in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL)
-- http://www.knoll.com/-- designs and manufactures branded
office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                          *     *     *

Moody's Investors Service assigned a B1 corporate family rating
to Knoll Inc.  At the same time, the company's $200 million
senior secured revolver was rated B1 and its $250 million senior
secured term loan was rated Ba2.


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


ALCATEL-LUCENT: Societe Generale Reaffirms Sell Rating on Firm
--------------------------------------------------------------
Societe Generale analysts have reaffirmed their "sell" rating on
Alcatel-Lucent's shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-
Lucent's shares was decreased to EUR5.50 from EUR7.

The analysts said in a research note that Alcatel-Lucent issued
a profit warning.  Due to a weakening in capital spending by
wireless subscribers in North America, the firm reduced its
revenue growth guidance for this year from mid-single digit to
flat to marginal.

The analysts told Newratings.com that Alcatel-Lucent eyes a
breakeven in the third quarter 2007, "which is significantly
short of the consensus."

The "slowdown in the CDMA business" would affect Alcatel-
Lucent's margins, which are under pressure due to aggressive
pricing, Newratings.com says, citing Societe Generale.

The earnings per share estimate for 2008/2009 was decreased by
30%, Newratings.com states.

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.  Alcatel-Lucent's U.S. offices
are located at 600 Mountain Avenue, in Murray Hill, New Jersey.

                        *     *     *

In April 2007, Fitch Ratings affirmed Alcatel-Lucent's "BB"
Issuer Default and Senior Unsecured Debt ratings and
simultaneously withdrew them.

In February 2007, Moody's Investor Services placed a Ba2 rating
on Alcatel's Corporate Family and Senior Debt ratings.  Lucent
also carries Moody's B1 Senior Debt rating and B2 Subordinated
debt & trust preferred rating.

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


ASPEN TECHNOLOGY: Reports Prelim Fourth Quarter 2007 Results
------------------------------------------------------------
Aspen Technology Inc. has disclosed preliminary financial
results for its fiscal fourth quarter 2007 and fiscal year ended
June 30, 2007.

The company reported record license bookings during the fiscal
fourth quarter 2007, with license bookings defined as the total
net present value of all license contracts signed in the
quarter.  License bookings were US$67 million during the fiscal
fourth quarter, an increase of approximately 49% compared to
US$45 million in the fourth quarter of fiscal 2006.  The company
reported record fiscal 2007 license bookings of US$200 million,
an increase of approximately 23% from US$162 million in fiscal
2006.

The company ended the fourth quarter with US$132 million in
cash, up US$31 million from US$101 million at the end of the
prior quarter.  The increase in cash was driven primarily by
strong license bookings, which generated installments receivable
that were sold for cash during the quarter, and continued focus
on managing costs and expenses.  In addition, the company
received US$5 million of proceeds from exercises of stock
options, while it used US$2 million of cash for capital
expenditures during the fourth quarter.

Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We were very pleased with the company's operating performance
in the fourth quarter, which was highlighted by robust growth in
license bookings that exceeded our expectations and the growth
of the market.  The fourth quarter capped off the most
successful annual operating performance in the history of
AspenTech, and our business was solid across each key metric
during the fourth quarter - vertical, major geography, product,
aspenONE and transactions of all sizes." Mr. Fusco added, "With
solid market demand, a differentiated value proposition and
industry leading domain expertise, we are optimistic about the
company's fundamental outlook as we begin fiscal 2008."

The company also announced that it is continuing work on the
restatement of previously issued financial statements.  The
restatement needs to be completed before the company can issue
final, complete results for its fiscal fourth quarter and year
ended June 30, 2007.

On June 11, 2007, the company has announced identified errors in
its accounting for sales of installments receivable.  The
company has reviewed thousands of installments receivable
transactions, dating back to fiscal 2003, as part of a process
to determine period-end balances for two new balance sheet
accounts, a collateral asset for secured borrowings and a
secured borrowing liability.  Based on the significant amount of
work that has been completed over the course of the past three
months, the company has updated its estimate of the balances of
these two new related balance sheet items, as follows:

-- approximately US$230 million as of June 30, 2005
-- approximately US$200 million as of June 30, 2006
-- approximately US$200 million as of June 30, 2007

Brad Miller, Chief Financial Officer of AspenTech, said "The
company's finance team and outside financial advisors have been
working diligently to complete the restatement and fiscal 2007
year-end financial statements.  We are committed to addressing
these matters as expeditiously and thoroughly as possible. While
we are completing this effort, AspenTech remains focused
on customer success and sales of our solutions into end markets
that continue to show strong demand."

                     About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

                          *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


VERIFONE INC: S&P Revises Outlook, Affirms BB- Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
San Jose, California-based VeriFone Inc. to positive from
stable, following continued positive operating trends.  Ratings
on the company, including the 'BB-' corporate credit rating,
were affirmed.

"The ratings reflect the company's moderate debt leverage and
acquisitive growth strategies," said S&P's credit analyst David
Tsui.  "These factors are partially offset by VeriFone's leading
position in the niche market for electronic payment solutions
and its diversified customer and market base."

VeriFone designs, markets, and services system solutions that
enable secure electronic payments.  Organic revenue growth has
accelerated over the past two years, benefiting from
management's focus on increasing penetration of electronic
payments in international markets, the replacement of existing
solutions to accommodate newer payment applications, and an
overall market shift from paper-based transactions to electronic
transactions at the point of sale.

Revenues for the quarter ended July 2007 were US$232 million, up
from US$148 million last year, primarily due to the company's
acquisition of Lipman Electronic Engineering in November 2006.
Profitability improved after the Lipman acquisition, with EBITDA
margins rising to the mid-20% area from 20% in the fiscal year
ended October 2006.  The acquisition of Lipman appears to have
been integrated smoothly and to have solidified VeriFone's
leading market position, particularly in international markets.

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


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


AUTO-TEILE UNGER: S&P Affirms B+ Ratings with Negative Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based auto parts retailer and integrated workshop
operator A.T.U Auto-Teile-Unger to negative from stable,
reflecting its increased debt leverage mainly as a result of
adverse weather conditions.  At the same time, Standard & Poor's
affirmed its 'B+' long-term corporate credit rating on the
company.

"The rating action is limited to a negative outlook at this
stage, despite the significant deterioration of credit metrics,
taking into account the one-off nature of the mild winter of
2006/2007 as the main cause of this," said Standard & Poor's
credit analyst Olaf Toelke.

By example, ATU's adjusted ratio of earnings before interest,
taxes, depreciation, and rents to net debt increased to above
7.0x on a last-12-months basis to June 30, 2007, from 5.6x at
Dec. 31, 2005.  While the downturn mainly reflects weather-
related lower sales and the associated build-up of inventory
such as winter tires and batteries, ATU managed to remain free
cash flow positive and there are no concerns regarding
liquidity.

The ratings continue to reflect ATU's highly leveraged financial
risk profile, owing to its high debt levels following the second
LBO of the company by U.S. investor Kohlberg Kravis Roberts &
Co. in August 2004.  Furthermore, ATU operates in Germany's
highly competitive and low-growth automotive aftermarket.  It
also lacks geographic diversification, as nearly 100% of
revenues are generated in Germany.

These negative factors are mitigated by ATU's business profile,
which -- although classified as weak -- is stronger than the
company's financial profile.  This is mainly due to ATU's
discount business model, offer of branded products, and high
service content.  At June 30, 2007, the company had total
financial debt outstanding of EUR747 million (US$1 billion).

ATU's highly leveraged financial profile is a direct consequence
of the two LBOs in 2002 and 2004.  Nevertheless, more than
EUR200 million of debt has been repaid since the start of 2005,
owing to the company's strong underlying cash generation.
Starting in the second half of 2006, however, cash generation
was generally constrained by mild winter conditions, which
resulted in high inventory levels of winter tires for ATU.

Standard & Poor's considers ATU's liquidity to be adequate.  The
company's short-term debt maturities of EUR55 million are
covered by its combined average balance sheet cash of about
EUR50 million at June 30, 2007.  In addition, about half of
ATU's EUR70 million capital expenditure facility and of its
working capital facility of EUR60 million are undrawn.  ATU's
debt amortization schedule is back-end loaded and therefore
appears manageable, given the company's cash flow generation
ability.  Mandatory debt repayment will be about EUR60 million
in 2008, and decline to EUR50 million in 2009.

The negative outlook reflects our expectation that group
leverage will have temporarily declined over the past 12 months.
Should the coming winter result in normalized weather
conditions, leverage can improve significantly within a
reasonably short period of time.  ATU continues to win market
share in a competitive environment, which leads to strong
underlying free cash flow generation, enabling the company to
reduce debt ahead of schedule.  The rating could come under
further pressure, however, should there be another warm winter
resulting in a further deterioration of credit metrics.  In
order to regain a stable outlook, ATU is required to show
progress toward an adjusted leverage ratio of 6x over coming
quarters.


CHRYSLER LLC: Brake Problems Trigger Recall of 369,000 Vehicles
---------------------------------------------------------------
Chrysler LLC is recalling 296,550 sport utility vehicles
following reports of problems with brake systems and door
latches and locks, Reuters states.

Chrysler has revealed that a glitch in an electronic control
unit could cause a delay in braking when the vehicles are
driving uphill.  Affected vehicles include Jeep Grand Cherokee
and Jeep Commander SUVs for the 2006 and 2007 model years and
the 2007 Jeep Wrangler and Dodge Nitro, Reuters relates.

"It's a very rare occurrence," Chrysler Spokesman Max Gates
said, Reuters notes.  "But we have had reports of drivers
experiencing problems when they take their foot off the
accelerator."

When drivers in one of the affected vehicles stop accelerating
up a hill, that can trigger a momentary loss of braking power
for a second or two, Mr. Gates explains.  Chrysler will notify
the owners of the SUVs affected by the recall this month and
offer free repair work as well, the report says.

Chrysler is also recalling about 72,333 2008 Chrysler Sebring
and Dodge Avenger sedans because of a potential problem with a
cable connected to the front door latches in the vehicles,
Reuters reveals.

                       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.


FOTEC-ROBOTIK: Claims Registration Period Ends October 18
---------------------------------------------------------
Creditors of FOTEC-Robotik & Automation GmbH have until Oct. 18
to register their claims with court-appointed insolvency manager
Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Junker
         Horst-Menzel-Strasse 12-22
         09112 Chemnitz
         Germany
         Tel: (0371) 3550505
         Fax: (0371) 3550515
         E-mail: chemnitz@junker-kollegen.de

The District Court of Chemnitz opened bankruptcy proceedings
against FOTEC-Robotik & Automation GmbH on Sept. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FOTEC-Robotik & Automation GmbH
         Attn: Helga Scheibner, Manager
         Neefestr. 80 a
         09119 Chemnitz
         Germany


GLOBO TRADING: Claims Registration Period Ends October 17
---------------------------------------------------------
Creditors of Globo Trading Handels- und Vertriebsgesellschaft
mbH have until Oct. 17 to register their claims with court-
appointed insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 12:54 p.m. on Nov. 14, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Karina Schwarz
         Adenauerallee 4
         30175 Hannover
         Germany
         Tel: 0511 2353150
         Fax: 0511 2353151

The District Court of Hannover opened bankruptcy proceedings
against Globo Trading Handels- und Vertriebsgesellschaft mbH on
Sept. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Globo Trading Handels- und Vertriebsgesellschaft mbH
         Attn: Mykhaylo Shvartsgor, Manager
         Stadtstrasse 16
         30159 Hannover
         Germany


H + S HEIZUNGSBAU: Claims Registration Period Ends October 19
-------------------------------------------------------------
Creditors of H + S Heizungsbau GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Stephan Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany

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

The insolvency manager can be reached at:

         Stephan Muenzel
         Bachstrasse 85a
         22083 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against H + S Heizungsbau GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H + S Heizungsbau GmbH
         Attn: Toralf Rahmel, Manager
         Tarpen 120
         22848 Norderstedt
         Germany


HILDEGARD BOECK: Claims Registration Period Ends October 19
-----------------------------------------------------------
Creditors of Hildegard Boeck GmbH have until Oct. 19 to register
their claims with court-appointed insolvency manager Rudolf
Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rudolf Rossmann
         Weisskopfstr. 13
         86343 Koenigsbrunn
         Germany

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

The Debtor can be reached at:

         Hildegard Boeck GmbH
         Attn: Ulrich Boeck, Manager
         Neuburger Str. 170
         86167 Augsburg
         Germany


HOME-CONCEPT GMBH: Creditors' Meeting Slated for October 8
----------------------------------------------------------
The court-appointed insolvency manager for Home-Concept GmbH,
Christian Willmer, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on Oct. 8.

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

         The District Court of Verden (Aller)
         Hall 212
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 14 at the same venue.

Creditors have until Oct. 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Bonn opened bankruptcy proceedings against
Home-Concept GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Home-Concept GmbH
         Max-Planck-Str. 7-13
         27721 Ritterhude
         Germany

         Attn: Klaus Wiemann, Manager
         32602 Vlotho
         Germany


HOTEL MERCATOR: Claims Registration Ends October 30
---------------------------------------------------
Creditors of Hotel Mercator GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Steffen
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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:

         Steffen Schneider
         Guiollettstr. 48
         60325 Frankfurt am Main
         Germany
         Tel: 716 79 96-0
         Fax: 716 79 96-9

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Hotel Mercator GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hotel Mercator GmbH
         Attn: Sylvia Knappe, Manager
         Wiener Strasse 50
         60599 Frankfurt am Main
         Germany


ID-EXPORT SERVICE: Claims Registration Ends October 31
------------------------------------------------------
Creditors of ID-Export Service GmbH & Co. Kommanditgesellschaft
have until Oct. 31 to register their claims with court-appointed
insolvency manager Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         ID-Export Service GmbH & Co. Kommanditgesellschaft
         Bahnhofstrasse
         32816 Schieder-Schwalenberg
         Germany

         Attn: Gert-Peter Maekelburger, Manager
         Larchenweg 4
         32760 Detmold
         Germany


OBERFLACHENTECHNIK STEFAN: Claims Registration Ends October 12
--------------------------------------------------------------
Creditors of Oberflachentechnik Stefan Schmand GmbH have until
Oct. 12 to register their claims with court-appointed insolvency
manager Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 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 Oberflachentechnik Stefan Schmand GmbH on Aug. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oberflachentechnik Stefan Schmand GmbH
         Baaken 20
         59368 Werne
         Germany

         Attn: Stefan Schmand, Manager
         Kelderstr. 8
         42697 Solingen
         Germany


PRETTY BEST: Creditors Must File Claims by October 12
-----------------------------------------------------
Creditors of Pretty Best GmbH Levantehaus have until Oct. 12 to
register their claims with court-appointed insolvency manager
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Pretty Best GmbH Levantehaus on Sept. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pretty Best GmbH Levantehaus
         Moenckebergstr. 7
         20095 Hamburg
         Germany

         Attn: Carmen Menhorn, Manager
         Curschmannstr. 16
         20251 Hamburg
         Germany


RAYER - LUFTTECHNISCHE: Creditors Meeting Slated for October 10
---------------------------------------------------------------
The court-appointed insolvency manager for CO, Karl-Heinz Branz,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 8:45 a.m. on Oct. 10.

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

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Nov. 14 at the same venue.

Creditors have until Oct. 12 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Karl-Heinz Branz
         Bismarckstrasse 106
         74074 Heilbronn
         Germany
         Tel: 07131/76420
         Fax: 07131/764223

The District Court of Heilbronn opened bankruptcy proceedings
against RAYER - Lufttechnische Bauteile GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RAYER - Lufttechnische Bauteile GmbH
         St.-Leonhard-Strasse 25
         71665 Vaihingen-Horrheim
         Germany


RCN-INDUSTRIESERVICE GMBH: Creditors Must File Claims by Oct. 15
----------------------------------------------------------------
Creditors of RCN-Industrieservice GmbH have until Oct. 15 to
register their claims with court-appointed insolvency manager
Walter Eckelmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Walter Eckelmann
         Grosse Bahngasse 8-10
         74072 Heilbronn
         Germany
         Tel: 07131/6216-0
         Fax: 07131/6216-25

The District Court of Heilbronn opened bankruptcy proceedings
against RCN-Industrieservice GmbH on Sept. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RCN-Industrieservice GmbH
         Raiffeisenstrasse 1
         74177 Bad Friedrichshall
         Germany


REINERMANN GMBH: Claims Registration Ends Oct. 25
-------------------------------------------------
Creditors of Reinermann GmbH & Co KG have until Oct. 25 to
register their claims with court-appointed insolvency manager
Dr. Hartmut Stange.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Hartmut Stange
         Adenauerplatz 4
         33602 Bielefeld
         Germany

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

The Debtor can be reached at:

         Reinermann GmbH & Co KG
         Huegelstrasse 8
         33613 Bielefeld
         Germany


RITANI COMMUNIKATION: Claims Registration Ends October 29
---------------------------------------------------------
Creditors of RITANI Communikation Berlin GmbH have until Oct. 29
to register their claims with court-appointed insolvency manager
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against RITANI Communikation Berlin GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RITANI Communikation Berlin GmbH
         Ribnitzer Str. 24
         13051 Berlin
         Germany


ROGGENDORF PARFUMS: Claims Registration Period Ends October 2
-------------------------------------------------------------
Creditors of Roggendorf Parfums Frisuren und Mode
Betriebsgesellschaft mbH have until Oct. 2 to register their
claims with court-appointed insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 6, 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Karina Schwarz
         Adenauerallee 4
         30175 Hannover
         Germany
         Tel: 0511 2353150
         Fax: 0511 2353151

The District Court of Hannover opened bankruptcy proceedings
against Roggendorf Parfums Frisuren und Mode
Betriebsgesellschaft mbH on Sept. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Roggendorf Parfums Frisuren und Mode
         Betriebsgesellschaft mbH
         Attn: Heinz-Peter Roggendorf, Manager
         Luisenstr. 12
         30159 Hannover
         Germany


SCAFFMART GMBH: Creditors Must File Claims by October 15
--------------------------------------------------------
Creditors of ScaffMart GmbH have until Oct. 15 to register their
claims with court-appointed insolvency manager Stefan Roth.

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

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Stefan Roth
         Bachstr. 5-7
         68165 Mannheim
         Germany

The District Court of Mannheim opened bankruptcy proceedings
against ScaffMart GmbH on Sept. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ScaffMart GmbH
         Friesenheimer Str. 20
         68169 Mannheim
         Germany


SCHIEDER CHEERS: Claims Registration Ends October 26
----------------------------------------------------
Creditors of Schieder Cheers GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Sylvia
Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 16, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstrasse 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Schieder Cheers GmbH
         Bahnhofstr. 9
         32816 Schieder-Schwalenberg
         Germany

         Attn: Rolf Demuth, Manager
         Amselstr. 83
         32049 Herford
         Germany


SCHIEDER-MOEBELWERKE: Creditors' Meeting Slated for October 31
--------------------------------------------------------------
The court-appointed insolvency manager for Schieder-Moebelwerke
GmbH, Klaus Pannen, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on Oct. 31.

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

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

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

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

The insolvency manager can be reached at:

         Dr. Klaus Pannen
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Schieder-Moebelwerke GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schieder-Moebelwerke GmbH
         Bahnhofstr. 9
         32816 Schieder-Schwalenberg
         Germany

         Attn: Dirk Schmidtmeier, Manager
         Auf der Heue 5
         32791 Lage-Heiden
         Germany


SIEGER GMBH: Claims Registration Ends Oct. 22
---------------------------------------------
Creditors of Sieger GmbH & Co KG have until Oct. 22 to register
their claims with court-appointed insolvency manager Stefan
Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Germany

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

The Debtor can be reached at:

         Sieger GmbH & Co KG
         Obere Dammstr. 18
         42653 Solingen
         Germany


SQUASH RACKETS: Claims Registration Period Ends October 8
---------------------------------------------------------
Creditors of Squash Rackets Center Robert Feustel KG have until
Oct. 8 to register their claims with court-appointed insolvency
manager Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Nov. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Squash Rackets Center Robert Feustel KG on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Squash Rackets Center Robert Feustel KG
         Eilbeker Weg 30
         22089 Hamburg
         Germany


STIWE STICKEREI: Claims Registration Ends Oct. 23
-------------------------------------------------
Creditors of StiWe Stickerei GmbH have until Oct. 23 to register
their claims with court-appointed insolvency manager Marek
Sonnenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Marek Sonnenberg
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (0375) 8189 20
         Fax: (0375) 8189 214
         E-mail: sonnenberg@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against StiWe Stickerei GmbH on Sept. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         StiWe Stickerei GmbH
         GF Karl-Heinz Wendt
         Friedensring 26
         08233 Schreiersgruen
         Germany


TLP TEXTILAUFBEREITUNG: Claims Registration Ends Oct. 22
--------------------------------------------------------
Creditors of TLP Textilaufbereitung + Logistik Peine GmbH have
until Oct. 22 to register their claims with court-appointed
insolvency manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Steffen Koch
         c/o RAe. hww wienberg Wilhelm
         So-phienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10

The District Court of Gifhorn opened bankruptcy proceedings
against TLP Textilaufbereitung + Logistik Peine GmbH on __.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TLP Textilaufbereitung + Logistik Peine GmbH
         Woltorfer Str. 107
         31224 Peine
         Germany


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


AIDARLY LLP: Proof of Claim Deadline Slated for September 27
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aidarly insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Musheltoi, 37a-21
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 701 268 92-77


AKTOBE SNAB: Creditors Must File Claims October 25
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Construction Company Aktobe Snab Tran Stroy Service
insolvent.

Creditors have until Oct. 25 to submit written proofs of claims
to:

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


ASU & G: Claims Filing Period Ends October 24
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Asu & G insolvent.

Creditors have until Oct. 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-15-73
              8 (32422) 27-23-65


BREESE TRADING: Creditors' Claims Due on October 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Company Breese Trading insolvent.

Creditors have until Oct. 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


KAZAKHSTAN MOTORS: Claims Registration Ends October 19
------------------------------------------------------
LLP United Kazakhstan Motors has declared insolvency.  Creditors
have until Oct. 19 to submit written proofs of claims to:

         LLP United Kazakhstan Motors
         Rayimbek ave. 115
         Almaty
         Kazakhstan
         Tel: 8 (3272) 79-32-17


INTERPRICE OIL: Proof of Claim Deadline Slated for October 19
-------------------------------------------------------------
LLP Interprice Oil has declared insolvency.  Creditors have
until Oct. 19 to submit written proofs of claims to:

         LLP Interprice Oil
         Shevchenko Str. 157a
         Almaty
         Kazakhstan


MEZET LLP: Creditors Must File Claims September 27
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Mezet insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


NEFTGASSERVICE-K LLP: Claims Filing Period Ends October 24
----------------------------------------------------------
LLP Neftgasservice-K has declared insolvency.  Creditors have
until Oct. 24 to submit written proofs of claims to:

         LLP Neftgasservice-K
         Office 600
         Dostyk ave. 38
         050100, Almaty
         Kazakhstan


TAN LLP: Creditors' Claims Due on October 24
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Tan insolvent.

Creditors have until Oct. 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 27-15-73
              8 (32422) 27-23-65


TERMINAL LLP: Claims Registration Ends October 24
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Terminal insolvent.

Creditors have until Oct. 24 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


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


UGK DIAMANT: Proof of Claim Deadline Slated for October 24
----------------------------------------------------------
The Permanent Representation of Ukrain- LLC UGK Diamant in the
Kyrgyz Republic has declared insolvency.

Creditors have until Oct. 24 to submit written proofs of claim.


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Unit Works with Colombian State Firm
------------------------------------------------------------
Millicom International Cellular's Colombian unit Tigo has
entered into a partnership with Colombian state-run telecom firm
UNE EPM to offer postpaid mobile telephony to the state
telecom's residential fixed line subscribers, UNE EPM said in a
statement.

According to UNE EPM's statement, customers will pay one bill
for the packaged service.  The mobile service component begins
at COP17,000.

Business News Americas relates that through Tigo's services, UNE
EPM can offer five mobile handsets at discounted prices.

The service will first be implemented in Medellin before it will
be expanded to other areas, BNamericas states.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Millicom International Cellular S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.


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


X5 RETAIL: Posts US$212 Million EBITDA for First Half 2007
----------------------------------------------------------
X5 Retail Group N.V. released its unaudited financial results
for the first half ended June 30, 2007.

In 2007, the Group adopted reclassification of costs related to
distribution and transportation of goods from OPEX to the Cost
of Sales.  For convenience of comparison, the financial results
in 2006 have been also reclassified when applicable.

   -- net sales increased by 49% to US$2.35 billion, which
      represents an acceleration of growth in comparison to 43%
      in first half 2006 (pro forma, not including Merkado store
      operations);

   -- gross profit increased to US$617 million, up 53% vs.
      first half 2006;

   -- gross profit margin increased from 25.6% to 26.3%.

   -- EBITDA, including new ESOP launch costs of US$22 million,
      increased to US$212 million, or 74% increase vs. first
      half 2006 (EBITDA before new ESOP launch costs increased
      to US$234 million).

                  Employee Stock Option Program

Under the new Employee Stock Option Program as approved by AGM
in June 2007, the total number of share options has been capped
at 10,824,008 GDRs.  The program will run through to 18 May 2010
and options to employees have been granted in four annual
tranches starting from June 2007.  The exercise price of 1st
tranche in amount of the 1,395,000 options was set at US$18 per
GDR (GDR price at the date of the merger of Pyaterochka and
Perekrestok on May 19, 2006), and the exercise price of the
remaining unvested three tranches will be equal to the average
market value of the Group’s GDRs during the 30 days prior to the
vesting date of each of these options.  The total number of
participants is not limited and will vary during the program’s
lifetime, but it is expected to cover initially over 150 key
employees and managers of the Group in 2007.

Although the first tranche and a part of the second tranche are
covered by the Group’s treasury stock of approximately 3.6
million GDRs purchased in 2006 (the market value of treasury
shares as of June 30, 2007, was US$106, million vs. the
acquisition costs of US$77 million), the relevant full ESOP
costs have been reflected in the Group’s results in accordance
with IFRS.   Therefore in the First Half 2007 accounts, US$22
million has been included in Selling, General and Administrative
expenses, related to the ESOP costs.

                   Operational Highlights

   -- during First Half 2007, the Group continued to strengthen
      its positive like-for-like sales trends to reach +23% in
      US Dollar terms (composed of traffic +10% and basket +13%)
      or +16% in Rouble terms (composed of traffic increase of
      +10% and basket growth of +6%), with the first positive
      traffic indicator in recent years for Pyaterochka stores
      in St. Petersburg region, Russia’s most competitive
      market;

   -- in total during First Half 2007, the Group gained
      additional net selling space of approximately 50,000 sq.
      meters;

   -- in March 2007, the  Supervisory Board approved the Group’s
      five-year strategy and objectives with clear
      identification of key formats, target market share and
      financial objectives, geographic expansion and SCM
      performance targets;

   -- the Group has successfully completed integration of the
      ex-Merkado stores acquired in November 2006: currently
      10 of the stores are operating under the Perekrestok brand
      and seven stores under the Pyaterochka brand;

   -- the Group continued its regional expansion by gaining
      control over 40 Pyaterochka ex-franchised stores with a
      total net selling space of approximately 14,000 sq. m.
      in Chelyabinsk region and integrating them into
      Pyaterochka filial in Ekaterinburg which demonstrated
      exceptional 38 % LfL sales growth in First Half 2007,
      benefiting from operational and commercial know-how of the
      Group;

   -- a new distributional center “Sholokhovo” was opened in the
      Moscow region with an additional capacity of approximately
      20,000 sq. m.;

   -- the former Merkado Distribution Centre became the new
      Group’s headquarters, consolidating three leased office
      locations in Moscow and resulting in savings on rental and
      operational costs as well as facilitating business
      integration processes.  The Group launched a service
      centre in N. Novgorod, which is planned to centralise and
      transfer accounting, payroll and other back-office
      functions from headquarters, regional offices and stores
      in 2007–2008, which is expected to streamline business
      processes and deliver tangible savings going forward.

   -- recognizing X5’s strengthened positions in the Russian
      food retail market, Standard & Poor’s Rating Services
      upgraded its outlook for X5 Retail Group N.V. and its
      subsidiaries to stable from negative, and Moody’s
      Investors Service upgraded the outlook on the B1 corporate
      family rating to positive from stable in July 2007;

   -- X5 completed restructuring its borrowing portfolio by
      repurchasing 3 issues of Pyaterochka and Perekrestok
      rouble bonds, and simultaneously, issuing the first
      tranche of X5 Finance’s seven-year rouble bonds with a
      total nominal value of 9 billion roubles.   It was the
      first transaction of this nature in the Russian rouble
      bond market history and it allowed the Group to improve
      its debt structure, decrease its funding costs and provide
      the Company with additional resources to fund further
      expansion. ;

   -- In June, X5 raised US$1.0 billion through a loan facility
      to refinance the existing syndicated loan and short-term
      credit lines on attractive terms to optimize the Group’s
      capital structure and lower funding costs.

"Our financial results figures reinforce our leadership position
in the Russian market," Lev Khasis, Group CEO, said.  "The Group
is showing outstanding progress in all formats and across its
areas of operation, with especially encouraging results in the
Russian regions.  We are continuing to implement our growth
strategy and see major opportunities for the Group in the market
in the remaining months of 2007."

"Strong and positive trend in underlying store profitability as
well as the chains’ integration savings and purchasing scale
more than off-set our integration costs and strategic
investments into the future of the Group," Vitaliy Podolskiy,
Group CFO, said.  "Current performance allows us to improve our
outlook on the Group’s future capital structure and its
financial projections, which gives us a higher confidence in
ability to finance our ambitious growth plans as well as
flexibility to respond to new growth opportunities."

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- -- operates a large store network
largely covering the Moscow region and St. Petersburg but also
has a good presence in other Russian regions through its
franchise operations.  The company has recently acquired two of
its successful regional franchise operations -- in Yekaterinburg
and Chelyabinsk.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service changed the outlook on the B1 Corporate Family
Rating of X5 Retail Group N.V. to positive from stable.

At the same time, Standard & Poor's Ratings Services revised its
outlook on X5 Retail Group N.V. its subsidiaries to stable from
negative, reflecting expectations that X5's financial
performance will continue to improve.  At the same time, the
'BB-' long-term corporate credit rating was affirmed.


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


ARMOTEKS CJSC: Creditors Must File Claims by Sept. 25
-----------------------------------------------------
Creditors of CJSC Armoteks have until Sept. 25 to submit proofs
of claim to:

         M. Lepin
         Insolvency Manager
         Svobody Str. 76-2
         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. A76-6919/2007-32-58.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Armoteks
         Trekhgornyj
         Chelyabinsk
         Russia


BUCYRUS INT'L: Manufactures New Walking Dragline for Mining Firm
----------------------------------------------------------------
Bucyrus International Inc. is manufacturing a new 8750 AC
Walking Dragline for a major coal mining company in Canada.
Bucyrus initially received a letter of intent for this dragline
earlier this year and finalized the formal contract for the sale
in the second quarter.  The 8750's capabilities and the advanced
technologies that are incorporated into this machine helped to
secure the order.

This newest dragline, with a contract value in excess of US$100
million, will have a complete AC-IGBT electrical drive system
for all motions.  Bucyrus, with its partner Siemens Energy &
Automation, pioneered the use of AC drive systems on mining
equipment nearly 30 years ago.  Due to the reliability and
maintenance-reducing advantages of the AC systems, AC drives
have become the norm for heavy excavating equipment in the
surface mining industry.  Their use on draglines (the largest
single bucket excavators in the world) is no exception.

The combined drives for the hoist, drag, swing, and walking
motions of this 8750's AC system will have over 37,300 applied
horsepower.  When in full operating mode, it will be able to
lower its 110 yd3 (84.1 m3) bucket to a maximum depth of 250 ft
(76.2 m) and drag it until it is filled with nearly 301,000 lbs
(136,500 kg) of overburden material (the dirt and rock covering
a buried coal seam).  That full bucket can then be hoisted to a
maximum height of 182 ft (55.5 m) while turning and finally
dumping the material 399 ft (121.6 m) away.  This machine's
operating weight is approximately 16,135,000 lbs (7,319,000 kg).

                 About Bucyrus International

Bucyrus International Inc. -- http://www.bucyrus.com/-- is a
leading manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  For the 12
months ended Sept. 30, 2006, Bucyrus had sales of USUS$705
million.  Bucyrus is headquartered in South Milwaukee,
Wisconsin.  DBT has eight facilities around the world and
approximately 3,200 employees. The company has operations in
Brazil, Chile, China and Russia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Bucyrus's credit facilities.  The bank loan
rating remains 'BB-', however the recovery rating was revised to
'3' from '4', indicating S&P's expectation that these lenders
would receive meaningful recovery (50%-80%) in a payment
default.

The paydown of more than USUS$300 million in the term loan -- to
US$500 million from USUS$825 million from proceeds of a recent
equity offering -- was the primary reason for the rating change.

The corporate credit rating on Bucyrus is BB-/Positive/--


DECOR URAL: Creditors Must File Claims by Sept. 25
--------------------------------------------------
Creditors of CJSC Decor Ural have until Sept. 25 to submit
proofs of claim to:

         S. Lomovtsev
         Insolvency Manager
         Office 77
         Medik quarter 2
         Zlatoust
         456228 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-7458/2007-48-90.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Decor Ural
         Lenina Str. 6
         Asha
         456011 Chelyabinsk
         Russia


KARABASHSKIY BAKERY: Creditors Must File Claims by Sept. 25
-----------------------------------------------------------
Creditors of State Enterprise Karabashskiy Bakery (TIN
7406000886) have until Sept. 25 to submit proofs of claim to:

         M. Fazylov
         Insolvency Manager
         Akhunovo
         Uchalinskiy
         453733 Bashkortostan
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-8189/2007-48-118.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Karabashskiy Bakery
         Karabash
         Chelyabinsk
         Russia


NEBINNOMYSSKOE WOOL: Creditors Must File Claims by Sept. 25
-----------------------------------------------------------
Creditors of LLC Nebinnomysskoe Wool-Processing Production
Association Named After I. Lapin (TIN 2631025723, OGRN
1032602000188) have until Sept. 25 to submit proofs of claim to:

         V. Kovalchuk
         Insolvency Manager
         Office 107
         Grazhdanskaya Str. 9
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A63-2371/2007-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         V. Kovalchuk
         Insolvency Manager
         Office 107
         Grazhdanskaya Str. 9
         Stavropol
         Russia


NIZHNETAGILSKIY BRICKWORKS 2: Claims Filing Period Set Oct. 25
--------------------------------------------------------------
Creditors of State Unitary Enterprise Nizhnetagilskiy
Brickworks 2 have until Oct. 25 to submit proofs of claim to:

         D. Karmatskikh
         Insolvency Manager
         Gorkogo Str. 31
         620075 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A60-15696/02-S3.

The Court is located at:

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

The Debtor can be reached at:

         State Unitary Enterprise Nizhnetagilskiy Brickworks 2
         Valegin Bor.
         Nizhnij Tagil
         622002 Sverdlovsk
         Russia


RENAISSANCE SECURITIES: Moody's Rates Sr. Unsecured Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned Ba3 foreign currency debt
rating to the senior unsecured index-linked notes to be issued
by Renaissance Securities Trading Limited, a Bermuda-based
special purpose vehicle wholly owned by Renaissance Capital
Holdings Limited, under the US$1 billion Euro Medium-Term Note
program.  The outlook on the rating is stable.

Payments under the notes, as calculated in accordance with a
predetermined formula, will be unconditionally and irrevocably
guaranteed by RCHL.  RCHL's obligations under the guarantee will
constitute direct unconditional and unsecured obligations of
RCHL and will rank pari-passu with all of its other unsecured
and unsubordinated obligations save for those claims that are
preferred by any relevant law.

Payments on the index-linked notes will be linked to the level
of the Russian Trading System Index and will be calculated in
accordance with a predetermined formula.  Moody's Ba3 rating
expresses an opinion in respect of ability to meet the contract
as stated, regardless of the potential losses to investors as a
result of non-credit developments such as the value of the
Russian Trading System Index at any time in the future.

RCHL is the investment banking segment of the Renaissance Group.
It consist of IBF (Investment Banking and Finance) and ISG
(Institutional Securities Group), and reported total
consolidated assets and equity of US$ 5 billion and US$ 709
million, respectively, under IFRS as of June 30, 2007.


RUSSIAN INSURANCE: Strong Market Position Cues Fitch’s B Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Russian Insurance Centre's
International Insurer Financial Strength rating at 'B' and
National IFS rating at 'BBB-(rus)'.  The Outlooks for both
ratings are Stable.

The ratings reflect the combined ratio sustained at a profitable
level, adequate underwriting expertise and strong market
positions in the key operating segment of defense industry
risks, as well as recently strengthened reinsurance protection.
Offsetting these positive factors is the relatively low credit
quality of the investment assets and relatively low capital
strength.  The International IFS rating also reflects Fitch's
view that the Russian insurance market continues to suffer from
a number of structural and operational weaknesses.

RIC continues to record a technical underwriting profit, with
the combined ratio at 98.6% in 2006, although there is a
negative trend in the expense ratio.  In 2006, RIC suffered two
large aviation losses, which have been largely covered by
reinsurance.  Following these losses, the company reviewed and
strengthened its reinsurance protection.  It considerably
lowered its net retentions for aviation hull, property and cargo
risks and increased the capacity of the corresponding treaties.
At the same time, the concern related to the placements of
bottom layers of treaties and facultative placements with
reinsurers with low ratings or not rated has remained since the
previous year.

RIC retains strong market positions in satellite and aviation
insurance segments and continues to be the leader in its unique
niche of providing insurance coverage to the Russian defense and
space industry enterprises.  The company has built strong
expertise in underwriting those risks and continues to expand
its defense-related portfolio using its established, excellent
business contacts.

Established in 1992 and headquartered in Moscow, RIC has 17
regional offices in Russia, two representative branches abroad
and employs 286 people.  RIC had 2006 year-end total assets of
RUB2.4 billion and 2006 gross premiums written of RUB2 billion.


TRANS-SERVICE OJSC: Creditors Must File Claims by Sept. 25
----------------------------------------------------------
Creditors of OJSC Trans-Service have until Sept. 25 to submit
proofs of claim to:

         G. Baturin
         Insolvency Manager
         Post User Box 226
         Kopeysk-17
         456617 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-7675/2007-60-109.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Trans-Service
         Troitskoe Shosse 38
         Chelyabinsk
         Russia


VOLZHSKIY FACTORY: Creditors Must File Claims by Oct. 25
--------------------------------------------------------
Creditors of CJSC Management Company Volzhskiy Factory of Metal
Constructions have until Oct. 25 to submit proofs of claim to:

         A. Zaletnykh
         Temporary Insolvency Manager
         Rokossovskogo Str. 24-134
         400131 Volgograd
         Russia

The Arbitration Court of Volgograd will convene at 10:00 a.m. on
Nov. 22 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A12-8780/07-s57.

The Debtor can be reached at:

         CJSC Management Company Volzhskiy Factory of Metal
         Constructions
         Portovaya Str. 3
         Volzhskiy
         404130 Volgograd
         Russia


X5 RETAIL: Posts US$212 Million EBITDA for First Half 2007
----------------------------------------------------------
X5 Retail Group N.V. released its unaudited financial results
for the first half ended June 30, 2007.

In 2007, the Group adopted reclassification of costs related to
distribution and transportation of goods from OPEX to the Cost
of Sales.  For convenience of comparison, the financial results
in 2006 have been also reclassified when applicable.

   -- net sales increased by 49% to US$2.35 billion, which
      represents an acceleration of growth in comparison to 43%
      in first half 2006 (pro forma, not including Merkado store
      operations);

   -- gross profit increased to US$617 million, up 53% vs.
      first half 2006;

   -- gross profit margin increased from 25.6% to 26.3%.

   -- EBITDA, including new ESOP launch costs of US$22 million,
      increased to US$212 million, or 74% increase vs. first
      half 2006 (EBITDA before new ESOP launch costs increased
      to US$234 million).

                  Employee Stock Option Program

Under the new Employee Stock Option Program as approved by AGM
in June 2007, the total number of share options has been capped
at 10,824,008 GDRs.  The program will run through to 18 May 2010
and options to employees have been granted in four annual
tranches starting from June 2007.  The exercise price of 1st
tranche in amount of the 1,395,000 options was set at US$18 per
GDR (GDR price at the date of the merger of Pyaterochka and
Perekrestok on May 19, 2006), and the exercise price of the
remaining unvested three tranches will be equal to the average
market value of the Group’s GDRs during the 30 days prior to the
vesting date of each of these options.  The total number of
participants is not limited and will vary during the program’s
lifetime, but it is expected to cover initially over 150 key
employees and managers of the Group in 2007.

Although the first tranche and a part of the second tranche are
covered by the Group’s treasury stock of approximately 3.6
million GDRs purchased in 2006 (the market value of treasury
shares as of June 30, 2007, was US$106, million vs. the
acquisition costs of US$77 million), the relevant full ESOP
costs have been reflected in the Group’s results in accordance
with IFRS.   Therefore in the First Half 2007 accounts, US$22
million has been included in Selling, General and Administrative
expenses, related to the ESOP costs.

                   Operational Highlights

   -- during First Half 2007, the Group continued to strengthen
      its positive like-for-like sales trends to reach +23% in
      US Dollar terms (composed of traffic +10% and basket +13%)
      or +16% in Rouble terms (composed of traffic increase of
      +10% and basket growth of +6%), with the first positive
      traffic indicator in recent years for Pyaterochka stores
      in St. Petersburg region, Russia’s most competitive
      market;

   -- in total during First Half 2007, the Group gained
      additional net selling space of approximately 50,000 sq.
      meters;

   -- in March 2007, the  Supervisory Board approved the Group’s
      five-year strategy and objectives with clear
      identification of key formats, target market share and
      financial objectives, geographic expansion and SCM
      performance targets;

   -- the Group has successfully completed integration of the
      ex-Merkado stores acquired in November 2006: currently
      10 of the stores are operating under the Perekrestok brand
      and seven stores under the Pyaterochka brand;

   -- the Group continued its regional expansion by gaining
      control over 40 Pyaterochka ex-franchised stores with a
      total net selling space of approximately 14,000 sq. m.
      in Chelyabinsk region and integrating them into
      Pyaterochka filial in Ekaterinburg which demonstrated
      exceptional 38 % LfL sales growth in First Half 2007,
      benefiting from operational and commercial know-how of the
      Group;

   -- a new distributional center “Sholokhovo” was opened in the
      Moscow region with an additional capacity of approximately
      20,000 sq. m.;

   -- the former Merkado Distribution Centre became the new
      Group’s headquarters, consolidating three leased office
      locations in Moscow and resulting in savings on rental and
      operational costs as well as facilitating business
      integration processes.  The Group launched a service
      centre in N. Novgorod, which is planned to centralise and
      transfer accounting, payroll and other back-office
      functions from headquarters, regional offices and stores
      in 2007–2008, which is expected to streamline business
      processes and deliver tangible savings going forward.

   -- recognizing X5’s strengthened positions in the Russian
      food retail market, Standard & Poor’s Rating Services
      upgraded its outlook for X5 Retail Group N.V. and its
      subsidiaries to stable from negative, and Moody’s
      Investors Service upgraded the outlook on the B1 corporate
      family rating to positive from stable in July 2007;

   -- X5 completed restructuring its borrowing portfolio by
      repurchasing 3 issues of Pyaterochka and Perekrestok
      rouble bonds, and simultaneously, issuing the first
      tranche of X5 Finance’s seven-year rouble bonds with a
      total nominal value of 9 billion roubles.   It was the
      first transaction of this nature in the Russian rouble
      bond market history and it allowed the Group to improve
      its debt structure, decrease its funding costs and provide
      the Company with additional resources to fund further
      expansion. ;

   -- In June, X5 raised US$1.0 billion through a loan facility
      to refinance the existing syndicated loan and short-term
      credit lines on attractive terms to optimize the Group’s
      capital structure and lower funding costs.

"Our financial results figures reinforce our leadership position
in the Russian market," Lev Khasis, Group CEO, said.  "The Group
is showing outstanding progress in all formats and across its
areas of operation, with especially encouraging results in the
Russian regions.  We are continuing to implement our growth
strategy and see major opportunities for the Group in the market
in the remaining months of 2007."

"Strong and positive trend in underlying store profitability as
well as the chains’ integration savings and purchasing scale
more than off-set our integration costs and strategic
investments into the future of the Group," Vitaliy Podolskiy,
Group CFO, said.  "Current performance allows us to improve our
outlook on the Group’s future capital structure and its
financial projections, which gives us a higher confidence in
ability to finance our ambitious growth plans as well as
flexibility to respond to new growth opportunities."

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- -- operates a large store network
largely covering the Moscow region and St. Petersburg but also
has a good presence in other Russian regions through its
franchise operations.  The company has recently acquired two of
its successful regional franchise operations -- in Yekaterinburg
and Chelyabinsk.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service changed the outlook on the B1 Corporate Family
Rating of X5 Retail Group N.V. to positive from stable.

At the same time, Standard & Poor's Ratings Services revised its
outlook on X5 Retail Group N.V. its subsidiaries to stable from
negative, reflecting expectations that X5's financial
performance will continue to improve.  At the same time, the
'BB-' long-term corporate credit rating was affirmed.


YUKOS OIL: Faces Fresh RUR273 Bln Tax Claim on Auction Proceeds
---------------------------------------------------------------
Russia's Federal Tax Service has asked the Moscow Arbitration
Court to order the payment of around RUR273 billion in taxes
from OAO Yukos Oil Co., various reports say.

According to Bloomberg News, the regulator is seeking tax on the
proceeds from the recent Yukos auction and on the company's
operating income.

Eduard Rebgun, Yukos' bankruptcy receiver, had estimated the
company's latest tax bill at RUR216.4 billion, Interfax News
reports.

The court will hear the case on Oct. 8, 2007.

Nikolai Lashkevich, Mr. Rebgun's spokesman, commented to
Bloomberg News that should the court rules in favor of the Tax
Service, Yukos may not have sufficient funds to repay its other
creditors.

According to Interfax News, Yukos earned RUR829.99 billion from
the auction and used RUR402.6 billion to repay major creditors.

"The recent announcement of tax charges increases the risks of
zero pay-off to Yukos' minority equity investors," Deutsche Bank
analysts Pavel Kushnir and Olga Danilenko was quoted by
Bloomberg News as saying.

                         About Yukos Oil

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

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

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

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

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

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


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


CIRSA GAMING: Moody's Cuts Corporate Family Rating to B2
--------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the corporate
family rating of Cirsa Gaming Corporation, S.A.

Concurrently, Moody's downgraded to B2 from B1 the rating of the
EUR270 million Senior Notes due 2014 issued by Cirsa Finance
Luxembourg S.A, and to B3 from B2 the rating of the EUR230
million Senior Notes due 2012 issued by Cirsa Capital Luxembourg
S.A.  The outlook on all ratings is stable.

The downgrades conclude the rating review initiated by Moody's
on May, 30, 2007, following the announcement that the company
had entered into a strategic arrangement with Casino Club with
respect to the operation and future development of their casino
operations in the key markets of Buenos Aires and Rosario.
Specifically, Cirsa and Casino Club, through its subsidiary
Ciesa, have entered into a joint venture agreement ("Union
Transitoria de Empresas" or "UTE") through which Ciesa committed
to invest up to US$120 million over the next three years to
expand the Buenos Aires casino business, while each of the two
companies will have a 50% economic interest in the profits of
the UTE.  Cirsa will retain the ownership of all of its existing
properties, including the licenses.  In Rosario, Cirsa acquired
a 50% interest in the Casino de Rosario concession for US$20
million, which amounts to approximately half of the US$40
million of funds invested by Casino Club to date.  This planned
casino complex is currently under construction and is expected
to commence operations in the first half of 2009 with 2,000 slot
machines and 70 gaming tables.

The downgrade reflects the impact of these agreements on the
financial profile of the company as well as the level of
execution risk and complexity of the deals.  In Moody's opinion,
the transaction weakens the financial profile of the company
over the short term given that Cirsa will exchange a 50% share
of the profits from its most important asset (Cirsa's two river
boat casinos in Buenos Aires generated approximately 25% of the
consolidated EBITDA of the group in 2006) for a 50% interest in
the Casino de Rosario concession, which is not expected to
contribute significantly to the group's EBITDA until year-end
2009 at the earliest.  In addition, given that Cirsa's future
investments in the Casino de Rosario concession will be funded
through cash flows generated by the Buenos Aires casinos,
Moody's expects that the company will not be upstreaming any
cash flows from Argentina into the holding company until there
is some meaningful positive EBITDA contribution from Casino de
Rosario.  Moody's also notes that, although the Casino de
Rosario and the expansion of the Buenos Aires casino business
have strong growth prospects, there is a significant execution
risk involved in the construction and operation of these new
assets.

More positively, Moody's recognizes that, as a result of these
agreements, Cirsa will reduce the concentration of profitability
on a single asset (the Buenos Aires riverboat casinos) with a
limited investment.  In addition, Moody's acknowledges that this
agreement between Cirsa and its main competitor in Argentina
reduces the competitive threat in that market and removes the
legal uncertainties related to Cirsa's obligation to build a new
riverboat casino under its existing license.

The rating downgrade also factors Cirsa's acquisition of a 75%
equity stake in Winner Group S.A., a gaming operator domiciled
in Colombia which operates 21 casinos with more than 100 tables
and around 2,250 slot machines.  The company has paid EUR60
million for the 75% stake (implying an EBITDA multiple of 4.6x)
by cancelling EUR7.3 million from the existing intercompany debt
balance between Cirsa and Nortia (Cirsa's principal
shareholder).  The remaining amount (EUR53 million) has been
funded through long-term bank financing.  Although Winner is an
established and profitable asset with an EBITDA margin of around
50%, this transaction has a marginal negative impact on Cirsa's
expected credit metrics for year-end 2007 and increases the
business risk derived from operating in Colombia.

Following the agreements affecting the EBITDA contribution of
the casino business in Argentina and the impact of the debt-
financed acquisition in Colombia, Moody's expects Total Debt /
EBITDA (on an adjusted basis) for year-end 2007 to approach
5.0x, which is Moody's maximum leverage guidance for a B1
rating.  Moody's adjusted debt includes a EUR359 million
adjustment for operating leases and does not include cash
balances.  The transactions are therefore likely to delay the
improvement in credit metrics that Moody's had factored into its
B1 Corporate Family rating and the expected credit metrics are
now more commensurate with a B2 rating.

The B2 rating therefore reflects the increased complexity of the
corporate structure of the group.  Nevertheless, Moody's notes
that the company's operating performance continues to improve,
particularly in the Slots division, where H1 EBITDA has
increased by 52% (from EUR27.2 million in H1 2006 to EUR41.4
million in H2 2007), and has helped to offset the decline
experienced by the Casino division as a result of the suspension
of operations in the Buenos Aires casinos for more than five
weeks due to a dispute between two labor unions.

The rating could come under downward pressure if the company's
leverage were to approach 6x on an adjusted basis. Conversely,
upward rating pressure will depend on the company's ability to
operate under a financial profile consistent with credit metrics
such as Debt/EBITDA below 4.25x on a sustainable basis.

The CFR downgrade has also led to a one-notch downgrade of the
EUR270 million Senior Notes due 2014 issued by Cirsa Finance
Luxembourg S.A (from B1 to B2) and the EUR230 million Senior
Notes due 2012 issued by Cirsa Capital Luxembourg S.A. (from B2
to B3).  In Moody's view, the value of the guarantee from Casino
de Buenos Aires S.A. has weakened to some extent as a result of
the agreements in Argentina, given that the cash flows generated
by the existing two riverboats will be invested in the Casino de
Rosario concession, which will not be included as a specific
guarantor of the notes.  However, the one-notch differential
between the two notes has been maintained, given that Cirsa will
retain ownership of ownership of all of its existing properties
in Buenos Aires, including the licenses and its 50% stake in the
Casino de Rosario concession will be held through Casino de
Buenos Aires S.A.  Therefore, the 2014 notes will continue to
benefit from additional guarantees vis-a-vis the 2012 notes,
which are not guaranteed by Casino de Buenos Aires S.A. Moody's
notes however, that any further weakening of the value of this
guarantee could cause the removal of the notching between the
2012 and the 2014 notes.

These ratings were downgraded:

   -- Corporate Family Rating: downgraded to B2 from B1

   -- EUR230 million Senior Notes due 2012 issued by Cirsa
      Capital Luxembourg S.A. downgraded to B3 from B2

   -- EUR270 million Senior Notes due 2014 issued by Cirsa
      Finance Luxembourg S.A. downgraded to B2 from B1

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Latin America.
For the 12 months ending in December 2006, Cirsa had revenues
(net of prizes and participations) of EUR1.010 billion and
EBITDA of EUR143.4 million.


===========
S W E D E N
===========


FLOWSERVE CORP: Selling Swedish Non-Core Assets to Indutrade
------------------------------------------------------------
Flowserve Corp. has reached a definitive agreement to sell
certain product distribution assets of its small non-core
instrumentation and positioner facility in Karlstad, Sweden, to
Indutrade.

The Karlstad facility provides instrumentation products and
systems including gas analyzers, I/O devices, recorders,
radiation density meters and other non-core products used for
measurement and control of flow processes in industries such as
power, paper and machinery.  Under the terms of the agreement,
Indutrade will continue to sell Flowserve's products and
services, which should provide Flowserve wider access to sales
channels in the region.

Additional terms of the deal were not disclosed but are not
material to Flowserve.

"This agreement enables Flowserve to strengthen its focus on
core control valve solutions and manufacturing operations while
concurrently opening up some new sales channels for us
throughout Sweden and northern Europe," Tom Pajonas, president
of Flowserve's Flow Control Division, said.

                        About Flowserve

Headquartered in Irving, Texas, Flowserve Corporation (NYSE:
FLS) -- http://www.flowserve.com/-- manufactures fluid motion
and control products and services.  Operating in over 55
countries, the company produces engineered and industrial pumps,
seals and valves.  The company also provides a range of related
flow management services.

The company has operations in Brazil, Columbia, France, United
Kingdom, Singapore, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Moody's Investors Service affirmed Flowserve Corporation's
corporate family rating at Ba3 and probability of default at B1.
At the same time, Moody's affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


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


EXPRESS SERVICE-SHOP: Creditors' Liquidation Claims Due Sept. 30
----------------------------------------------------------------
Creditors of LLC Express Service-Shop have until Sept. 30 to
submit their claims to:

         Treuhand Esther Gluckler
         Liquidator
         Hochfelderstrasse 5
         8173 Neerach
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Express Service-Shop
         Rumlang
         Dielsdorf ZH
         Switzerland


FIRSTMARK COMMUNICATIONS: Liquidation Claims Due October 24
-----------------------------------------------------------
Creditors of JSC FirstMark Communications Switzerland have until
Oct. 24 to submit their claims to:

         Alain Raemy
         Liquidator
         CMS von Erlach Henrici
         Dreikonigstrasse 7
         Postfach 2991
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC FirstMark Communications Switzerland
         Zurich
         Switzerland


GUT BUSBETRIEB: Creditors' Liquidation Claims Due October 4
-----------------------------------------------------------
Creditors of LLC Gut Busbetrieb have until Oct. 4 to submit
their claims to:

         Margrit Bachofen-Gut
         Liquidator
         Neugut 18
         8132 Hinteregg
         Switzerland

The Debtor can be reached at:

         LLC Gut Busbetrieb
         Maur
         Uster ZH
         Switzerland


HIROB LLC: Creditors' Liquidation Claims Due September 30
---------------------------------------------------------
Creditors of LLC Hirob have until Sept. 30 to submit their
claims to:

         Adalbert Oberholzer
         Liquidator
         Buhlackerstr. 451
         8916 Jonen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Hirob
         Jonen
         Bremgarten AG
         Switzerland


HVB BASEL: Creditors' Liquidation Claims Due November 30
--------------------------------------------------------
Creditors of JSC HVB Basel have until Nov. 30 to submit their
claims to:

         Alfred Staheli
         Liquidator
         Margarethenstr. 60
         4001 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC HVB Basel
         Basel BS
         Switzerland


PIZZA KURIER: Creditors' Liquidation Claims Due September 27
------------------------------------------------------------
Creditors of LLC Pizza Kurier Venezia have until Sept. 27 to
submit their claims to:

         Herrengasse 22
         4710 Balsthal
         Thal SO
         Switzerland

The Debtor can be reached at:

         LLC Pizza Kurier Venezia
         Balsthal
         Thal SO
         Switzerland


SANTSCHI GASTRO: Creditors' Liquidation Claims Due October 15
-------------------------------------------------------------
Creditors of LLC Santschi Gastro have until Oct. 15 to submit
their claims to:

         Andreas Santschi
         Liquidator
         Baumgartenstrasse 9
         5619 Buttikon
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Santschi Gastro
         Buttikon
         Bremgarten AG
         Switzerland


SEFRON JSC: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered Aug. 20 an order closing
the bankruptcy proceedings of JSC Sefron.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Sefron
         Altgasse 46b
         6340 Baar ZG
         Switzerland


ZIMMEREI WIRTH: Creditors' Liquidation Claims Due October 24
------------------------------------------------------------
Creditors of LLC Zimmerei Wirth have until Oct. 24 to submit
their claims to:

         Josef Wirth
         Liquidator
         Im Spilhof 7a
         5626 Hermetschwil-Staffeln
         Switzerland

The Debtor can be reached at:

         LLC Zimmerei Wirth
         Hermetschwil-Staffeln
         Bremgarten AG
         Switzerland


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


ACHIGZAY LLC: Creditors Must File Claims by September 20
--------------------------------------------------------
Creditors of LLC Achigzay (code EDRPOU 24366220) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/259-b.

The Debtor can be reached at:

         LLC Achigzay
         Oranzhereynaya Str. 3
         Kiev
         Ukraine


CARBAMIDE GUM: Creditors Must File Claims by September 20
---------------------------------------------------------
Creditors of CJSC Carbamide Gum Plant (code EDRPOU 31487251)
have until Sept. 20 to submit written proofs of claim to:

         Vladimir Yurkiv
         Liquidator
         Secheviye Streltsy Str. 19/23
         Kalush
         Ivano-Frankovsk

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-5/181.

The Debtor can be reached at:

         CJSC Carbamide Gum Plant
         Industrial Str. 6
         Kalush
         77300 Ivano-Frankovsk
         Ukraine


EVERYBODY ABOUT 1: Proofs of Claim Deadline Set September 20
------------------------------------------------------------
Creditors of LLC Everybody About His Own-1 (code EDRPOU
31167732) have until Sept. 20 to submit written proofs of claim
to:

         Andrew Konovaltchuk
         Temporary Insolvency Manager
         Gogol Str. 173
         69096 Zaporozhje
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on June 14.  The case is docketed under
Case No. 43/332.

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 Everybody About His Own-1
         Gogol Str. 173
         69096 Zaporozhje
         Ukraine


FUTARI FPK: Creditors Must File Claims by September 20
------------------------------------------------------
Creditors of LLC Futari FPK (code EDRPOU 30682429) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/242-b.

The Debtor can be reached at:

         LLC Futari FPK
         Izium Str. 7
         Kiev
         Ukraine


ILIYA LLC: Creditors Must File Claims by September 20
-----------------------------------------------------
Creditors of LLC Firm Iliya (code EDRPOU 34494895) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/445.

The Debtor can be reached at:

         LLC Firm Iliya
         B. Hmelnitsky/M. Kotsiubinsky Str. 66/2, 51A
         01030 Kiev
         Ukraine


LICHAKOV CJSC: Creditors Must File Claims by September 20
---------------------------------------------------------
Creditors of CJSC Lichakov (code EDRPOU 19160551) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/66-4/63.

The Debtor can be reached at:

         CJSC Lichakov
         Rimlianin Str. 1
         79000 Lvov
         Ukraine


LUGINY SPECIALIZED 8: Claims Filing Period Ends September 20
------------------------------------------------------------
Creditors of OJSC Luginy Specialized Movable Column 8 (code
EDRPOU 05471419) have until Sept. 20 to submit written proofs of
claim to:

         Taras Povidayko
         Temporary Insolvency Manager
         Vitruk Str. 42/7
         Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company on June 25.  The case is docketed under
Case No. 7/76-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Luginy Specialized Movable Column 8
         K. Marks Str. 49
         Luginy
         Zhytomir
         Ukraine


MILLENIUM LLC: Creditors Must File Claims by September 20
---------------------------------------------------------
Creditors of LLC Millenium (code EDRPOU 33500677) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/369-b.

The Debtor can be reached at:

         LLC Millenium
         Victory Avenue 26 b. 3
         03055 Kiev
         Ukraine


PROFESSIONAL SPECIAL: Creditors Must File Claims by September 20
----------------------------------------------------------------
Creditors of LLC Building Company Professional Special Building
(code EDRPOU 33942908) have until Sept. 20 to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/142-b.

The Debtor can be reached at:

         LLC Building Company Professional Special Building
         Obolon Str. 7
         04071 Kiev
         Ukraine


SOFT PLUS: Creditors Must File Claims by September 20
-----------------------------------------------------
Creditors of LLC Soft Plus (code EDRPOU 31044205) have until
Sept. 20 to submit written proofs of claim to:

         Radion Kravchenko
         Liquidator
         Skifskaya Str. 18
         P.O. Box 442
         Energodar
         71504 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/60/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Soft Plus
         Soviet Str. 15/11
         Energodar
         71500 Zaporozhje
         Ukraine


SUMY ALCOHOL: Proofs of Claim Deadline Set September 20
-------------------------------------------------------
Creditors of State Enterprise Sumy Alcohol (code EDRPOU
00375237) have until Sept. 20 to submit written proofs of claim
to:

         Vadim Zakorko
         Temporary Insolvency Manager
         Rybalko Str. 2
         40011 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/86-07.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Sumy Alcohol
         Zavodskaya Str. 1
         Stetskovka
         42303 Sumy
         Ukraine


TENA LLC: Creditors Must File Claims by September 20
----------------------------------------------------
Creditors of LLC Firm Tena (code EDRPOU 34494696) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/446.

The Debtor can be reached at:

         LLC Firm Tena
         Sviatoshyn Square 1
         03115 Kiev
         Ukraine

WESTBROOK LLC: Creditors Must File Claims by September 20
---------------------------------------------------------
Creditors of LLC Westbrook (code EDRPOU 34584936) have until
Sept. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/143-b.

The Debtor can be reached at:

         LLC Westbrook
         Sviatoshyn Square 1
         03115 Kiev
         Ukraine


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


AGGREGATOR LTD: Brings In Liquidators from Baker Tilly
------------------------------------------------------
Michael David Rollings and Geoffrey Lambert Carton-Kelly of
Baker Tilly were appointed joint liquidators of Aggregator Ltd.
on Sept. 1 for the creditors' voluntary winding-up procedure
proceeding.

The joint liquidators can be reached at:

         Baker Tilly
         5 Old Bailey
         London
         EC4M 7AF
         England


ALLIANCE BOOTS: Banks Sell a Portion of GBP750 Million Debt
-----------------------------------------------------------
Banks financing Kohlberg Kravis Roberts & Co.'s GBP11 billion
leveraged buyout of Alliance Boots Plc have sold a significant
portion of a GBP750 million mezzanine debt facility at 95% of
face value, Anousha Sakoui reports for the Wall Street Journal,
quoting people familiar with the situation.

KKR and Alliance Boots Deputy Chairman Stefano Pessina agreed in
April to acquire Boots for GBP11.1 billion -- Europe's largest
leveraged buyout to date.  However, the global credit market
turmoil led to the sale of some GBP9.02 billion of debt
underwritten by a group of banks to fund the acquisition being
put on hold in August, Mr. Sakoui writes for WSJ.

As reported in the TCR-Europe on July 30, 2007, the banks --
Deutsche Bank AG, JPMorgan Chase & Co., UniCredit S.p.A. and
three other financial institutions -– had deferred the sale of a
GBP5.05 billion senior loan tranche because of market turbulence
caused by problems in the U.S. sub-prime mortgage market.  The
banks had pitched investors a number of sweeteners, including
higher interest payments, but failed to secure a deal.

                      About Alliance Boots

Headquartered in London, United Kingdom, Alliance Boots Plc --
http://www.allianceboots.com/-- operates as a high street
retailer, pharmacist and pharmaceuticals wholesaler.

The company operates in the U.K., Norway, The Netherlands,
Ireland, Italy Switzerland, Czech Republic, France, Russia,
Spain, Germany and Thailand.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service downgraded the long term unsecured rating of
Alliance Boots plc to B2 from Baa2.  The rating remains on
review for possible downgrade, where it was placed on March 13,
2007.  A Corporate Family Rating for Alliance Boots has been
assigned at B1 and is also on review for possible downgrade.

The TCR-Europe reported on Sept. 7, 2007, that Standard & Poor's
Ratings Services’ 'BB-' long-term corporate credit rating on
U.K.-based health-and-beauty retailer and wholesaler Alliance
Boots PLC remains on CreditWatch with negative implications
where it had originally been placed on March 12, 2007.

The CreditWatch placement followed the take-over bid by Kohlberg
Kravis Roberts & Co., a private-equity firm, and Stefano
Pessina, the executive deputy chairman of Alliance Boots.


ATLANTIC TRAILERS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Tyrone Shaun Courtman and Evelyn Gabrielle Exley of Cooper Parry
LLP were appointed joint liquidators of Atlantic Trailers Ltd.
on Sept. 5 for the creditors' voluntary winding-up proceeding.

Mr. Courtman can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham
         England

Ms. Exley can be reached at:

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


AUTOMOTIVE CAR: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Automotive Car Consultants
Ltd. on Sept. 4 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Richmonds House
         White Rose Way
         Doncaster
         DN4 5JH
         England


BALLY TOTAL: Bankruptcy Court Confirms Plan of Reorganization
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has entered an order confirming Bally Total Fitness Holding
Corporation's Amended Prepackaged Chapter 11 Plan of
Reorganization.

With this action, Bally expects to emerge from Chapter 11 by the
end of September 2007 and move forward with the restructuring
arrangements funded by Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund L.P.

At the hearing, the Court ruled that Bally had met all of the
statutory requirements to confirm its Plan.  The Plan will
become effective, and the company will emerge from Chapter 11 as
a private company, once all conditions to funding of the
Harbinger proposal are satisfied.

"The Court's confirmation of our Plan paves the way for our
emergence from Chapter 11 and we look forward to a rejuvenated
Bally Total Fitness under Harbinger's leadership," Don R.
Kornstein, Interim Chairman and Chief Restructuring Officer of
Bally Total Fitness, said.  "We will exit bankruptcy as a
stronger company, with a capital structure that will enable us
to increase our level of investments in our clubs and pursue
other initiatives to add value for our members."

Under its proposal Harbinger would invest approximately
US$233.6 million in exchange for 100% of the common equity of
reorganized Bally.  Under the Harbinger proposal:

   * The Senior Noteholders will receive new Senior Second Lien
     Notes bearing at 13% as well as a consent fee equal to 2%
     of the face value of their Notes.

   * Subordinated Noteholders will receive an immediate cash
     payment of US$123.5 million in the aggregate, with the
     remaining balance of the Subordinated Notes to be
     satisfied through the issuance of approximately
     US$200 million in new subordinated notes of reorganized
     Bally.  The annual interest rate payable under the new
     subordinated notes will be 15-5/8% as the payment-in-kind
     interest rate and 14% as the cash pay interest rate.

   * Existing Bally shareholders and holders of certain equity-
     related claims will receive an aggregate distribution of
     US$16.5 million as soon as practicable after the company
     can determine the maximum amount of the equity-related
     claims.  That determination cannot be made until after the
     Oct. 31, 2007, deadline for submission of proofs of claim
     for equity-related claims, and may require court approval.

In the event the transaction with Harbinger is not consummated,
the company can consummate the restructuring in the original
plan sponsored by Tennenbaum Capital Partners, LLC, Goldman,
Sachs & Co. and Anschutz Investment Company upon the
satisfaction of certain conditions.

A redlined copy of the company's Modified First Amended Plan is
available for free at: http://ResearchArchives.com/t/s?2370

                   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.


BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
--------------------------------------------------------------
Bausch & Lomb Inc. will convene a special meeting of
shareholders at 10 a.m. on Sept. 21, 2007, at the Bausch
Ballroom of Clarion Hotel Riverside at 120 East Main Street in
Rochester, New York.

Bausch & Lomb shareholders of record as of the close of
business on Aug. 10, 2007, will be entitled to vote at the
special meeting.

                 Foreign Regulatory Approvals

On Aug. 31, 2007, the proposed merger of B&L and WP Prism Merger
Sub Inc., an affiliate of Warburg Pincus LLC, satisfied the
requirements under Chinese competition laws.   On Aug. 21, 2007,
the company received an unconditional approval decision from the
Turkish Competition Board relating to the merger.

As reported in the Troubled Company Reporter on May 17, 2007,
Bausch & Lomb Inc. entered into a definitive merger agreement
with affiliates of Warburg Pincus, the global private equity
firm, in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus
will acquire all of the outstanding shares of Bausch & Lomb
common stock for US$65 per share in cash.

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

                          *     *     *

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

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

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

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


CASCADES INC: Inks Reno de Medici & Cascades S.A. Merger Pacts
--------------------------------------------------------------
Cascades Inc. has signed definitive agreements for the
combination of Reno de Medici and Cascades S.A.'s recycled
boxboard business, the whole as announced in the press release
issued on June 20, 2007.

The planned combination will offer a unique portfolio of
production assets for all of Europe, presenting a combined
annual capacity of more than 1,100 kT.  This merger will thus
result in an operationally and financially stronger company that
will be better able to respond to the demands of global
customers.

The agreements signed today confirm the issuance of 115,600,000
common shares of Reno de Medici to Cascades S.A., which will
represent approximately 30.6% of the common shares of Reno de
Medici after the merger.  Cascades S.A. also signed a
shareholders agreement with a group of shareholders of Reno de
Medici who together, will hold approximately 20% of the common
shares of Reno de Medici after the merger.  This agreement
provides, among other things, that the shareholders shall not
sell their shares during the 18 months following the merger and
thereafter, shares may be sold subject to right of first refusal
and piggyback.  This agreement also provides that the
shareholders will have equal representation on the board of
directors of Reno de Medici after the merger.

The combination is subject to certain conditions, including,
namely, approval of the appropriate regulatory authorities as
well as approval by shareholders of Reno de Medici at a special
meeting of the company, expected to take place in October of
this year.  The transaction is expected to be completed at the
beginning of January 2008.

                  About Reno De Medici SpA

Reno De Medici produces, transforms and markets cartonboard.
Reno De Medici employs more than 1,100 employees and conducts
its activities through subsidiaries based in Italy, France,
Spain and Germany.  Reno De Medici is listed on the Milan and
Madrid stock exchanges.

             About Cacades S.A. and Cascades Inc.

Cascades S.A. is a European division of Cascades Inc.  It
includes primarily 4 virgin and recycled manufacturing boxboard
mills in France, Germany and Sweden, a sheeting operation in
England and an overall active sales structure in Europe.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. --
http://www.cascades.com/-- produces, transforms, and markets
packaging products, tissue paper and fine papers, composed
mainly of recycled fibres.  Cascades employs nearly 15,600 men
and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  The
Cascades shares trade on the Toronto stock exchange under the
ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
July 13, 2007, Moody's Investors Service assigned a Ba3 (LGD5,
72%) rating to Cascades' CDN$100 million senior unsecured
revolving credit facility.

At the same time Moody's affirmed Cascades Inc.'s Ba2 corporate
family rating, its probability of default rating of Ba2, its
Baa3 senior secured ratings, and its Ba3 senior unsecured
ratings.  The senior unsecured ratings of Ba3 reflect a loss
given default of LGD-5 (72%) and the senior secured ratings of
Baa3 reflect a loss given default of LGD-2 (18%).  The rating
outlook is stable.


CITY GENERAL: Wants Court Nod on Generali Transfer Scheme
---------------------------------------------------------
City General Insurance Company Limited asked the High Court of
Justice of England and Wales to enter an order sanctioning an
insurance business transfer scheme by Generali Assurances
Generales (fka Swiss Union General Insurance Company).

The transfer includes the insurance and reinsurance business
written by Generali in the United Kingdom between Jan. 1, 1956
and March 17, 1970.

Copies of a report on the terms of the Scheme prepared by an
independent expert are available upon request from:

         City General Insurance Company Limited
         c/o Ruxley Ventures Limited
         150 Minories, London
         EC3N 1LS
         United Kingdom
         Attn: Scot Ramsay
         Fax: +44 (0) 20 7347 5011
         E-mail: scot.ramsay@ruxleyventures.com

or can be downloaded from http://wwww.citygeneral.co.uk/

The Royal Courts of Justice at the Strand in London will hear
the application on Oct. 11, 2007.


CV REALISATIONS: Taps Liquidators from PricewaterhouseCoopers
-------------------------------------------------------------
Rob Hunt and Mark Hopkins of PricewaterhouseCoopers LLP were
appointed joint liquidators of CV Realisations Ltd. (formerly
Cuppa Vending Ltd.) on Sept. 10 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


EXPRESS CONSUMABLES: Appoints Liquidators from Wilkins Kennedy
--------------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of Express Consumables
Ltd. on Sept. 5 for the creditors' voluntary winding-up
procedure.

The joint liquidators can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England


NORTEL NETWORKS: Wins Contract From Mumbai International
--------------------------------------------------------
Mumbai International Airport Private Limited has chosen Nortel
Networks to build one of the most extensive and comprehensive IP
communications networks ever deployed by an international
airport in India.

Mumbai's Chhatrapati Shivaji International Airport, managed by
MIAL, plans to consolidate the majority of its data, telephony
and video systems onto a converged wired and wireless IP-based
network, powered by Nortel Enterprise Solutions and its
innovative Metro Ethernet-based Provider Backbone Bridging and
Provider Backbone Transport technologies.  As a long term
technology partner to MIAL, Tata Consultancy Services will
provide systems integration for the converged triple-play
communications upgrade project.

A joint venture between the GVK-SA consortium and Airports
Authority of India, MIAL was awarded a 30-year contract to
modernize, operate and maintain CSIA in April 2006.  When
completed, the new wired and wireless infrastructure will
provide network coverage throughout the airport terminal
buildings and outside maintenance areas.  Passengers, airline
staff, retailers, security and airport operations employees will
benefit from a variety of airport-wide WiFi and VoIP services.

A key element of the new infrastructure is a 10G DWDM fiber-
optic backbone designed by Nortel to cost-effectively leverage
optical networking technology to enable super-fast gigabit
Ethernet and storage connectivity.  This approach is expected to
help significantly reduce capital expenses while simplifying
network management and optimization.  Nortel's Metro Ethernet-
based PBB/PBT technologies will be used to provide VPN and
point-to-point Ethernet transport services for the airlines. PBT
is a Nortel innovation that marries carrier-grade reliability
and ease of management with the simplicity and cost-
effectiveness of Ethernet to provide a high-bandwidth network
with great efficiency and control.

Airport operations and customer service personnel will be
enabled to experience increased productivity by leveraging
unified communications capabilities such as SIP-based presence,
IM, collaboration, conferencing and messaging.  These advanced
communications services will simplify the way people connect and
communicate across the expansive airport area helping reduce
cost of operations and equipping staff to respond more quickly
to customer needs.  The solution includes the implementation of
a new emergency notification system for public safety.

"This overhaul is part of MIAL's long-term program aimed at
expanding the capacity at CSIA and making communications as
seamless as possible for anyone who visits or works at the
airport," said GV Sanjay Reddy, managing director, MIAL.  "The
state-of-the-art changes that this transformation will bring
will help raise CSIA to global standards, equipping it with
technology that meets or even exceeds what is currently present
at top airports across the world."

"The Indian aviation industry is poised for huge growth and to
support such dramatic growth, the airport infrastructure needs
to be scalable, resilient and future proof," said Ravi Chauhan,
managing director, Nortel India.  "With its depth of expertise
across optical, Ethernet and enterprise technologies, Nortel is
uniquely positioned to help airports like CSIA blend advanced
core infrastructure with the latest applications to improve and
simplify the airport experience while also providing new
revenue-generating opportunities."

"As a long term strategic technology partner for MIAL, TCS will
design, program manage and implement this state-of-the-art
network that will seamlessly integrate various stakeholders
within the airport eco-system," said S Venkatramani, India
geography head, TCS.  "This will serve as a backbone to support
MIAL's long term vision of leveraging technology for revenue
generation and benchmark it against the most efficient airports
in the world."

The CSIA network infrastructure will be based on the Nortel
Metro Ethernet Network portfolio's Optical Metro 5200 DWDM
multi-service platform and Metro Ethernet Routing Switch 8600
platform with PBB and PBT solutions.  As the first vendor to
support PBT technology, Nortel is transforming Ethernet into a
true carrier-class technology that is simpler to deploy and
supports a richer set of business connectivity and
triple/quadruple play services, wireless aggregation and
backhaul applications.

CSIA will also benefit from a comprehensive suite of Nortel's
Enterprise Solutions including Unified Communications from the
Nortel and Microsoft Innovative Communications Alliance, and
Nortel converged IP Telephony solutions including the
Communication Server 1000 new release 5.0 that further improves
service reliability, enables better security for VoIP calls, and
simplifies deployment and management.  Nortel Proactive Voice
Quality Management will provide real-time, proactive
notification and problem resolution without end-user involvement
or awareness.

From Nortel's Enterprise Data Networking portfolio, CSIA will
also benefit from Nortel's Enterprise Security, Application
Switching and VPN solutions.  The airport LAN will be powered by
Nortel's Ethernet Routing Switch 8600 platform with Nortel's
unique Split Multi-Link Trunking technology to support Secure
Always-on Networking and the airport's WiFi network will run on
Nortel's Wireless LAN solutions.  Nortel's Self Service
Portfolio will enable multimedia transaction processing.

                About Mumbai International Airport

Mumbai International Airport Pvt. Ltd. is a joint venture
between the GVK-SA consortium and Airports Authority of India.
MIAL was awarded the mandate of modernizing and upgrading
Chhatrapati Shivaji International Airport in April 2006. CSIA is
India's busiest airport, having catered to 22.2 million
passengers and 480,000 tonnes of cargo in 2006-07.  MIAL's
vision is to transform CSIA to one of the world's best airports
that consistently delights customers and be the pride of Mumbai.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *     *     *

On March 27, 2007, Moody's Investors Service affirmed Nortel
Networks' existing ratings, including its B3 corporate family
rating, and assigned a B3 rating to the proposed US$1 billion
convertible senior unsecured notes offering.  Proceeds of the
offering will be used to refinance a portion of the US$1.8
billion in 4.25% convertible notes due in 2008 when they become
payable at par.  Moody's said the outlook remains stable.

On March 26, 2007, Standard & Poor's Ratings Services assigned
its 'B-' debt rating to Canada-based Nortel Networks Corp.'s
proposed US$1 billion senior unsecured convertible notes, which
will consist of two tranches of USUS$500 million, maturing in
2012 and 2014, respectively.  Proceeds from the convertible
notes will be used to partially refinance NNC's US$1.8 billion
senior unsecured convertible notes due Sept. 1, 2008, and
therefore the overall debt


Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.  DBRS confirmed B (low)
Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B
(low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class
A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A,
Non-Cumulative Redeemable Preferred Shares.


NORTHERN ROCK: Bank of England Grants Liquidity Support Facility
----------------------------------------------------------------
The Chancellor of the Exchequer has authorized the Bank of
England to provide a liquidity support facility to Northern Rock
plc against appropriate collateral and at an interest rate
premium.

This liquidity facility will be available to help Northern Rock
to fund its operations during the current period of turbulence
in financial markets while Northern Rock works to secure an
orderly resolution to its current liquidity problems.

The decision to authorize was made by the Chancellor on the
basis of recommendations by the Governor of the Bank of England
and the Chairman of the Financial Services Authority in
accordance with the framework set out in the published
Memorandum of Understanding between the Bank, FSA and HM
Treasury.

The FSA judges that Northern Rock is solvent, exceeds its
regulatory capital requirement and has a good quality loan book.
The decision to provide a liquidity support facility to Northern
Rock reflects the difficulties that it has had in accessing
longer term funding and the mortgage securitization market, on
which Northern Rock is particularly reliant.

In its role as lender of last resort, the Bank of England stands
ready to make available facilities in comparable circumstances,
where institutions face short-term liquidity difficulties.

The Governor of the Bank of England, in his letter to the
Treasury Committee on September 12, 2007 said: “Central banks,
in their traditional lender of last resort role, can lend
“against good collateral at a penalty rate” to an individual
bank facing temporary liquidity problems, but that is otherwise
regarded as solvent.  The rationale would be that the failure of
such a bank would lead to serious economic damage, including to
the customers of the bank.”

“The moral hazard of an increase in risk-taking resulting from
the provision of LOLR lending is reduced by making liquidity
available only at a penalty rate.  Such operations in this
country are covered by the tripartite arrangements set out in
the MOU between the Treasury, Financial Services Authority and
the Bank of England.  Because they are made to individual
institutions, they are flexible with respect to type of
collateral and term of the facility.  LOLR operations remain in
the armory of all central banks.”

                    About the Bank of England

Located in London, the Bank of England --
http://www.bankofengland.co.uk/-- is the central bank of the
United Kingdom.  The Bank was founded in 1694, nationalized on
March 1, 1946, and gained independence in 1997.  Standing at the
center of the UK's financial system, the Bank is committed to
promoting and maintaining monetary and financial stability as
its contribution to a healthy economy.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.


NORTHERN ROCK: Chiefs Mull Sale as Clients Withdraw GBP2 Billion
----------------------------------------------------------------
Northern Rock plc and its regulators are pushing to sell the
mortgage lender after shares plunged due to the exodus of
clients who, as a whole, have taken back about GBP2 billion in
funds, The Financial Times reports.

As depositors scramble to withdraw their funds from the mortgage
lender, fearing a collapse, Northern Rock and its advisers are
trying to find a “commercial solution” that would allow it to be
sold as a going concern, FT states.

The company held talks with Lloyds TSB, the United Kingdom's
fifth-biggest bank, on Monday.  Potential buyers are wary that
the Bank of England might remove the credit line it had provided
for Northern Rock in the event of the sale.  The central bank,
however, was quick to dismiss those fears, FT reveals.

“We have agreed that any bidder would be able to take on the
facility for any unexpired term left,” a central bank spokesman
said.

A Northern Rock bid at a distressed book value would be worth
around 300 pence a share, MarketWatch says.  If Northern Rock
fails to reach a deal, its equity and certain other obligations
could be valued at a token price in a sale approved by the
central bank and the Financial Services Authority, WSJ states,
quoting people familiar with the matter.

The company's crisis has worsened, despite the bailout scheme
offered by the Treasury, the Bank of England and the FSA last
week.  Alistair Darling, chancellor of the exchequer, said in a
statement that the government was stepping in to guarantee all
of Northern Rock’s deposits, FT relates.

Banks are already covered by the Financial Services Compensation
Scheme, which protects 100% of the first GBP2,000 in any bank
account and 90% of the next GBP33,000 -- giving a maximum payout
of GBP31,700 if a bank goes bankrupt.  Under the measures
unveiled by Mr. Darling, however, Northern Rock savers would not
lose a penny, regardless of how much they had deposited, the BBC
states.

The chancellor has stressed that the bank remains solvent and
the FSA, the U.K.'s financial regulator, echoed that stand in a
statement issued on Saturday in support of the bank, the Wall
Street Journal reports.

"If we believed Northern Rock was not solvent, we would not have
allowed it to remain open for business," the FSA said.  Northern
Rock maintains that it has enough funds to cover withdrawals,
WSJ notes.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.


SHAW GROUP: Bags EPC Contract for ExxonMobil's Singapore Unit
-------------------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been awarded
a contract to provide technology, engineering, procurement and
construction services for a 1,000,000 tons-per-year olefins
recovery facility and a 220 megawatt power cogeneration unit at
Jurong Island, Singapore, for ExxonMobil Chemical.  The project
is part of ExxonMobil Chemical's second world-scale steam
cracker and associated derivative units being constructed at the
site.  The value of Shaw's contract, already included in the
company's previously announced backlog, was undisclosed.

"This award further establishes Shaw as a major EPC player in
Asia," said J.M. Bernhard Jr., chairman, president and chief
executive officer of Shaw.  "We will draw upon our 66 years of
global olefins experience and expertise in power generation to
successfully deliver a world-scale plant that will help
ExxonMobil Chemical meet the increasing global demand for
petrochemicals."

An established leader in ethylene technology, Shaw has provided
technology, design, engineering and/or construction for more
than 120 plants with a worldwide reputation for exceptionally
high operational reliability, rapid start-up and superior
performance.  Since 1990, Shaw technology has been selected for
35 percent of the world's ethylene capacity increases.
Currently, Shaw is providing technology and EPC services for
several other major olefins projects worldwide.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SOYLENT GREEN: Hires Liquidators from Vantis Redhead French
-----------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were
appointed joint liquidators of Soylent Green Ltd. on Sept. 7 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


NRG VICTORY: Asks English Court to Approve Scheme of Transfer
-------------------------------------------------------------
NRG Victory Reinsurance Limited and NRG London Reinsurance
Company asked the High Court of England and Wales to:

   -- sanction the scheme for the transfer to NRG Victory of the
      insurance and reinsurance business effected and carried
      out by NRG London in the United Kingdom, under Section 111
      of the Financial Services and Markets Act 2000; and

   -- make ancillary provisions to implement the Scheme under
      Section 112 of the FSMA.

Copies of the report prepared by an independent expert, David
Slater of Watson Wyatt, Fellow of the Institute of Actuaries,
are available upon request from:

         Pat Henley
         NRG London
         5th Floor West Charter House
         Park Street
         Ashford, Kent TN24 BEQ
         England
         Tel. No. +44 (0) 1233 722600

All claims currently being dealt with by or on behalf of NRG
London will, after the proposed transfer, be handled by or on
behalf of NRG Victory.  The proposed transfer will secure the
continuation by or against NRG Victory of any legal proceedings
by or against NRG London that relate to the rights and
obligations in respect of the latter's transferring business.

The Chancery Division at the Royal Courts of Justice at The
Strand in London, will convene on Nov. 28, 2007, to consider the
request.

Headquartered in Ashford, England, NRG Victory Reinsurance Ltd.
operated a reinsurance company but ceased underwriting
operations in 1993.  Alan Boyce, in his capacity as foreign
representative for the company, filed a chapter 15 petition on
May 12, 2006 (Bankr. S.D.N.Y. Case No. 06-11052).  Sara M.
Tapinekis, Esq., Andrew P. Brozman, Esq., David A. Sullivan,
Esq., at Clifford Chance US LLP, represents Mr. Boyce in the
U.S. proceedings.  As of the petition date, the Debtor estimated
more than $100 million in assets and debts.

As reported in the Troubled Company Reporter on July 24, 2007,
the directors of NRG Victory withdrew the proposed scheme of
arrangement between the company and its scheme creditors.
Accordingly, the company has withdrawn the scheme proceedings in
England and the order recognizing English proceeding as foreign
main proceeding and scheduling permanent injunction hearing,
entered by the U.S. Bankruptcy Court for the Southern
District of New York in the company's case commenced under
Chapter 15 of the Bankruptcy Code, was terminated by an order
approved by the Bankruptcy Court on July 12, 2007.  The
Chapter 15 case has now been closed.


WHOLE FOODS: Moody's Downgrades Corporate Family Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded Whole Foods Market Inc.'s
corporate family rating to Ba1 from Baa3 reflecting the
deterioration in the company's debt protection measures
following the debt-financed acquisition of Wild Oats Markets
Inc.  The rating outlook is stable.  This rating action resolves
the review for possible downgrade initiated on Feb. 22, 2007.

Ratings downgraded:

-- Corporate family rating to Ba1 from Baa3
-- Issuer rating to Ba2 from Ba1 (will be withdrawn)

Rating assigned:

-- Probability of default rating at Ba1

On Aug. 28, 2007, Whole Foods acquired Wild Oats for total
consideration of US$708 million, including assumed debt and
fees; the transaction was funded in full with a new senior term
loan (which is unrated).  Moody's notes that the acquisition
solidifies Whole Foods' competitive position in its existing
markets and extends its footprint to new trade markets.

However, it also significantly increases leverage, with pro
forma Debt/EBITDA rising to 5.2 times from 4 times for fiscal
2006, while placing further stain on the company's already
negative free cash flow.  Additionally, management faces the
challenge of integrating a sizable organization with a distinct
culture of its own at the same time as it continues its
aggressive rollout of new stores.

Whole Foods Ba1 rating balances non investment grade credit
metrics against the company's compelling business model,
industry leading comparable store sales growth and profit
margins, and productive store base.  Whole Foods is the market
leader in high quality perishables and organic food offerings.

Furthermore, the company generates solid cash flow, which has
been generally used to fund internal operating expense and the
company's aggressive capital expenditures.  The ratings also
reflect Moody's concern that Whole Foods service-oriented
culture and management may potentially be strained as the
company continues its rapid expansion and as the competition in
natural and organic sections intensifies.  The ratings are
constrained by high leverage metrics, scale of companies in
terms of revenues, and possible integration risks over the next
two years.

Whole Foods Market Inc. is the largest retailer of natural and
organic foods and products in the US.  The company operates
about 191 stores in 32 states and the District of Columbia,
three stores in Canada and six in the United Kingdom.  Sales for
the last twelve months ended July 1, 2007 exceeded US$6 billion.

Wild Oats Markets Inc, acquired by Whole Foods, operates a
nationwide chain of natural and organic foods markets in the
U.S. and Canada.  With about US$1.2 billion in annual sales, the
company currently operates 109 natural foods stores in 24 states
and British Columbia, Canada.  The company's markets include:
Wild Oats Marketplace, Henry's Farmers Market, Sun Harvest and
Capers Community Markets.


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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
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                 * * * End of Transmission * * *