---

        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

          Thursday, September 20, 2007, Vol. 8, No. 187

                            Headlines


A U S T R I A

ABP COMPUTER: Claims Registration Period Ends Oct. 10
COLT LLC: Vienna Court Orders Business Closure
DIVIS LLC: Claims Registration Period Ends Oct.11
DON MANFREDO: Claims Registration Period Ends Oct. 11
EL-VIS LLC: Claims Registration Period Ends Oct. 10

ENDRE KIS: Claims Registration Period Ends Oct. 10
STORM LLC: Claims Registration Period Ends Oct. 11


B E L G I U M

CHIQUITA BRANDS: US Federal Court Orders US$25-Mln Fines Paid
SOLUTIA INC: Disclosure Statement Hearing Continued Today
SOLUTIA INC: Wants Court Nod on Calpine Settlement


F R A N C E

ALCATEL-LUCENT: Expects Slight Revenue Growth in Third Quarter
ALCATEL-LUCENT: Robert W. Baird Maintains Neutral Rating on Firm
ALCATEL-LUCENT: Morgan Keegan Maintains Outperform Rating
ASPEN TECHNOLOGY: Bear Stearns Reaffirms Outperform Rating
DELPHI CORP: Wants Court to Approve MDL Settlements

DELPHI CORP: Inks Asset Sale Agreement with TRW Automotive
URS CORP: Moody's Assigns (P)Ba1 Rating to Merger Financing
URS CORP: S&P to Lower Rating to BB on Deal Completion


G E R M A N Y

ALTES TORFHAUS: Creditors Must File Claims by October 4
AMMERSCHUBERT GMBH: Claims Registration Period Ends Oct. 23
AUTOHAUS NEUMANN: Claims Registration Period Ends Oct. 22
BETTFEDERNFABRIK JOHANNES: Claims Registration Ends October 10
CITY LOFT: Claims Registration Ends October 16

DENAR VERWALTUNGS: Creditors Must File Claims by October 5
DENTEL NETZWERK: Claims Registration Ends October 30
DOGUS TRANS: Creditors Must File Claims by October 2
HEIZUNG-KLIMA-KALTETECHNIK: Claims Registration Ends October 10
JUERGENS BAUUNTERNEHMEN: Claims Registration Ends Oct. 23

KERALOG GMBH: Claims Registration Ends October 10
KOERBER HOTEL: Claims Registration Ends October 31
LA FORESTA: Claims Registration Ends October 26
LACHTE TRANSPORT: Claims Registration Ends October 15
MEDINA BACKWAREN: Claims Registration Ends October 15

MORE EVENT: Claims Registration Period Ends Oct. 20
OLIPENTA GMBH: Claims Registration Ends October 15
OTTO WELLSTEIN: Creditors Must File Claims by October 5
RMS BAUBETREUUNG: Claims Registration Period Ends Oct. 18
SCHROETER PROJEKTMANAGEMENT: Claims Registration Ends Oct. 16

SMR BAUSERVICE: Creditors' Meeting Slated for October 24
URBANUS-BUCHHANDLUNG: Claims Registration Period Ends Oct. 15
WALTER BAU: Files Complaint Against Berlin Over Renovation Cost
WILHELM SCHLEEF: Creditors' Meeting Slated for October 19
WINTERMANN DRUCKHAUS: Claims Registration Period Ends Oct. 16


G R E E C E

ARMSTRONG WORLD: Wins Patent for Hardwood Flooring Technology


I R E L A N D

GAP INC: Earns US$152 Million in Second Quarter Ended Aug. 4
WR GRACE: Federal Prosecutors Scolded on Initial Investigation
WR GRACE: U.S. Trustee Wants Examiner to Probe Consulting Firm


I T A L Y

ALITALIA SPA: Denies Holding Takeover Talks with Air France-KLM
DANA CORP: Wants EPA's Claim Nos. 13796 & 13321 Estimated
DANA CORP: Inks Settlement Pact w/ Retiree Committee on Benefits


K A Z A K H S T A N

AKBULAK JSC: Almaty Court Opens Bankruptcy Proceedings
BAK-ER LLP: Proof of Claim Deadline Slated for Oct. 26
DOSTYK LLP: Creditors Must File Claims Oct. 26
KOSHKAR-ATA LLP: Claims Filing Period Ends Oct. 26
MADINA LLP: Creditors' Claims Due on October 26

RAMAZAN OJSC: Almaty Court Opens Bankruptcy Proceedings
SHVARTSKOPF & HENKEL: Claims Registration Ends Oct. 26
TAUZAR LLP: Creditors Must File Claims October 26
VALUT-TRANSIT FUND: Claims Filing Period Ends Oct. 26


K Y R G Y Z S T A N

DELIGHT LLC: Creditors Must File Claims by October 26


L U X E M B O U R G

MILLICOM INT'L: Morgan Joseph Reaffirms Buy Rating on Firm


N E T H E R L A N D S

E-MAC NL 2004-II: Fitch Affirms Class E Notes at BB+
E-MAC NL 2005-I: Fitch Rates Class E Notes at BB+
E-MAC NL 2005-III: Fitch Rates Class E Notes at BB+
E-MAC NL 2006-II: Fitch Affirms Class E Notes at BB
E-MAC NL 2006-III: Fitch Rates Class E Notes at BB

GLOBAL POWER: Agrees to Sell China Boiler Unit to AE&E Group


P O L A N D

TIMKEN CO: Inks US$200 Million Purdy Acquisition Agreement


R U S S I A

AGRICULTURAL CHEMISTRY: Creditors Must File Claims by Oct. 25
ARKTIKA-YUNI CJSC: Moscow Bankruptcy Hearing Slated for Dec. 12
BUILDER LLC: Creditors Must File Claims by Oct. 25
CONCERN OIL-GAS-STROY: Creditors Must File Claims by Sept. 25
CROCUS CJSC: Court Starts Bankruptcy Supervision Procedure

DRUZHBA OJSC: Creditors Must File Claims by Oct. 25
KHANKAYSKIY BREAD: Creditors Must File Claims by Oct. 25
MOSCOW EXPERIMENTAL: Bankruptcy Hearing Slated for Nov. 27
NOMOS BANK: PPF Group to Acquire 5% Stake Under MOU
NORTH-WEST ALLIANCE: Creditors Must File Claims by Oct. 25

NUTRINVESTHOLDING OJSC: S&P Puts B Corporate Credit Rating
PETROVSKOE LLC: Creditors Must File Claims by Sept. 25
PROMSVYAZBANK: Fitch Affirms B+ IDR; Changes Outlook to Positive
RED OCTOBER: Creditors Must File Claims by Sept. 25
RENOVA HOLDING: S&P Holds BB Ratings on Successful Growth

ROSNEFT OIL: Denies Plan to Acquire Rival Oil Firms
ROSNEFT OIL: May Not Renew Supply Deal with Sinopec After 2010
RZHAVSKIE SEEDS: Creditors Must File Claims by Oct. 25
SEVERSTAL OAO: Plans US$10 Billion Global Investment
SIBERIAN CEDAR: Creditors Must File Claims by Sept. 25

STROY-KOMLEKS CJSC: Creditors Must File Claims by Sept. 25
TNK-BP HOLDING: Extends Kovykta Stake Sale to December 1

* Fitch Puts BB Currency Ratings on Krasnodar's Growing Economy
* Fitch Lifts Nizhniy Novgorod's Rating to BB- on Sound Budget


S L O V A K I A

FIRST DATA: Extends Tender Offer Expiration Date to Sept. 24
FIRST DATA: Moody's Places B2 Corporate Family Rating
FIRST DATA: Fitch Downgrades Issuer Default Rating to B+


S P A I N

GENERAL CABLE: Freeport-McMoRan Deal Cues S&P to Hold BB- Rating


S W I T Z E R L A N D

AXONIA JSC: Creditors' Liquidation Claims Due October 3
JHB ENGINEERING: Obwalden Court Closes Bankruptcy Proceedings
LORENNA HOLDING: Creditors' Liquidation Claims Due October 3
NEW WINNERS: Zug Court Starts Bankruptcy Proceedings
NOLON JSC: Obwalden Court Closes Bankruptcy Proceedings

RIMAG JSC: Creditors' Liquidation Claims Due October 31
ROMERHOF JSC: Creditors' Liquidation Claims Due October 3
SAINT-GOBAIN DECOUSTICS: Liquidation Claims Due October 1
SCANTOBACCO-TAMO JSC: Zug Court Starts Bankruptcy Proceedings
VR GASTRO: Creditors’ Liquidation Claims Due October 4


U K R A I N E

AGAT LLC: Creditors Must File Claims by September 21
AGROYUMEX CJSC: Proofs of Claim Deadline Set September 21
AUTOMATIC INDUSTRIAL: Creditors Must File Claims by September 21
AZOV SERVICE: Proofs of Claim Deadline Set September 21
BAGLIYCOKE OJSC: Proofs of Claim Deadline Set September 21

BEREZKA CJSC: Proofs of Claim Deadline Set September 21
IBC LLC: Creditors Must File Claims by September 21
LIVENSKOE: Creditors Must File Claims by September 21
METAKOM PLUS: Creditors Must File Claims by September 21
MITRA LLC: Creditors Must File Claims by September 21

MOTORCAR ENTERPRISE 16331: Creditors' Claims Due September 21
RAZDEL MOTORCAR: Creditors Must File Claims by September 21
VICTORIYA LLC: Creditors Must File Claims by September 21
XXI CENTURY: Creditors Must File Claims by September 21
ZUBR LLC: Creditors Must File Claims by September 21


U N I T E D   K I N G D O M

ADVANCED MARKETING: Disclosure Statement has Enough Information
ADVANCE MARKETING: Disclosure Statement Hearing Set for Sept. 26
EVERETT CONSTRUCTION: Calls In Liquidators from Tenon Recovery
ISLE OF CAPRI: Posts US$7.1MM Net Loss in 1st Qtr. Ended July 29
NASDAQ STOCK: Borse Dubai Leads Bid in LSE Stake Sale, WSJ Says

NASDAQ STOCK: Mulls Sale of Assets to Bolster OMX AB Purchase
REFCO INC: Former Officers Want Reimbursement of Defense Costs
REFCO INC: Litigation Trust Files Suit v. Advisers & Insiders
REXAM PLC: FAS Rejects Application for Rostar Acquisition
ROCKWOOD LTD: Michael Young Leads Liquidation Procedure

S R CONTRACTS: Brings In Liquidators from Tenon Recovery
SUTLERS STORES: Joint Liquidators Take Over Operations
TATA MOTORS: To Reduce Vendor Network, Report Says
TAYLOR GIBSON: Taps Peter Hollis to Liquidate Assets
VIRGIN MEDIA: Chairman James Mooney Receives GBP1.3 Mln Shares

* Peter Brudenall Joins Hunton & Williams' London Office

* Upcoming Meetings, Conferences and Seminars


                            *********

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


ABP COMPUTER: Claims Registration Period Ends Oct. 10
-----------------------------------------------------
Creditors owed money by LLC ABP Computer (FN 245859h) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Beate Holper at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Oct. 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 21 (Bankr. Case No. 2 S 113/07s).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


COLT LLC: Vienna Court Orders Business Closure
----------------------------------------------
The Trade Court of Vienna entered Aug. 17 an order closing the
business of LLC Colt (FN 276145x).

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

The estate administrator can be reached at:

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

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


DIVIS LLC: Claims Registration Period Ends Oct.11
-------------------------------------------------
Creditors owed money by LLC Divis (FN 99653z) have until Oct. 11
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
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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. 14 (Bankr. Case No. 5 S 96/07p).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.


DON MANFREDO: Claims Registration Period Ends Oct. 11
-----------------------------------------------------
Creditors owed money by LLC Don Manfredo (FN 154894k) have until
Oct. 11 to file written proofs of claim to court-appointed
estate administrator Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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. 14 (Bankr. Case No. 5 S 97/07k).


EL-VIS LLC: Claims Registration Period Ends Oct. 10
---------------------------------------------------
Creditors owed money by LLC El-VIS (FN 180248x) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Herwig Ernst at:

         Dr. Herwig Ernst
         c/o Dr. Robert Zauchinger
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel: 02262/72 3 17
         Fax: 02262/756 57
         E-mail: lawoffice@mack-ernst.at
                 zauchinger@mack-ernst.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Hausleiten, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 36 S 108/07k).  Robert
Zauchinger represents Dr. Ernst in the bankruptcy proceedings.


ENDRE KIS: Claims Registration Period Ends Oct. 10
--------------------------------------------------
Creditors owed money by KEG Endre Kis (FN 134005t) have until
Oct. 10 to file written proofs of claim to court-appointed
estate administrator Felix Stortecky at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Platz 2
         1010 Vienna
         Austria
         Tel: 01/513 88 37
         Fax: 01/514 35 40
         E-mail: ra-stortecky@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 Bad Pirawarth, Austria, the Debtor declared
bankruptcy on Aug. 17 (Bankr. Case No. 36 S 105/07v).


STORM LLC: Claims Registration Period Ends Oct. 11
--------------------------------------------------
Creditors owed money by LLC Storm (FN 246667x) have until
Oct. 11 to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 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. 17 (Bankr. Case No. 5 S 101/07y).


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


CHIQUITA BRANDS: US Federal Court Orders US$25-Mln Fines Paid
-------------------------------------------------------------
The U.S. Federal Court has ordered Chiquita Brands International
to pay US$25 million in fines for paying millions of dollars to
Colombian terrorist groups from 1997 to 2004, Agence France-
Presse reports.

Agence France notes that Chiquita Brands pleaded guilty to
paying some US$1.7 million to Colombian paramilitary group
United Self-Defense Committees of Colombia.

Chiquita Brands explained to the Business Courier of Cincinnati
that the payments were made by a former unit due to threats to
the safety of workers.

According to Agence France, the Honorable Royce Lamberth has
authorized an accord between Chiquita Brands and the US
government in March 2007 that spared company officials.

Agence France relates that the prosecution has agreed not to
name or prosecute Chiquita Brands executives who were involved
in paying the terrorist groups.

The Business Courier notes that the U.S. Department of Justice
decided not to file charges against 10 Chiquita Brands
executives for allegedly facilitating the bribes.

Meanwhile, Chiquita Brands still faces a civil lawsuit filed in
the district court of New Jersey in July 2007 by families of the
terrorists' victims, Agence France says.  The complainants are
seeking for unspecified damages.  They claimed that Chiquita
Brands funded and armed terrorist organizations to maintain
control of Colombian banana growing regions.

Agence France notes that a class action lawsuit could result in
damages being awarded to each victim of any terrorist group paid
by Chiquita Brands.  The firm could pay as much as tens of
millions of dollars.

The Associated Press relates that Chiquita Brands was placed on
probation for five years.

Chiquita Brands told the Business Courier that it cooperated
with the federal probe.

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.


SOLUTIA INC: Disclosure Statement Hearing Continued Today
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Sept. 20, 2007, at 11:00 a.m., to
consider the approval of the Disclosure Statement filed by
Solutia, Inc., and its affiliates.

The Disclosure Statement hearing started on July 10, 2007.

To recall, Judge Beatty declined to approve at the August 1
hearing the Debtors' fourth amended disclosure statement in
light of the lack of progress made in addressing its
deficiencies.  Judge Beatty charged the Debtors with resolving
outstanding objections to the Disclosure Statement in a
consensual manner before submitting a further revised version
for approval.  The Disclosure Statement hearing was then
adjourned to a date to be determined in the future, as may be
required.

On August 9, 2007, the Ad Hoc Committee of Solutia Noteholders
delivered a letter to the Court identifying its continuing
objections to the approval of the Disclosure Statement and
providing specific proposed language.

The Noteholders Committee asserted that the Disclosure Statement
remains deficient and fails to contain adequate information.
The panel has requested, among other things, that:

  (a) the Debtors include disclosure through the projected
      effective date, as well as a range respecting any
      additional administrative claim amount that would accrue
      thereafter if the effective date did not occur as
      projected;

  (b) the Court require a description of the final material
      terms of a certain Chocolate Bayou Settlement, and an
      analysis of its financial impact, be included in the
      Disclosure Statement; and

  (c) the rights offering procedures should be modified to
      provide that the expiration of the exercise period will
      be no earlier than five business days before the
      effective date, and that eligible holders will receive
      notice of the effective date and will be required to
      submit their rights exercise form along with the payment
      of the rights exercise price no earlier than five
      business days before the effective date.

The Noteholders Committee further complained that the Disclosure
Statement fails to disclose, and does not provide, estimates of
the diminishment in recovery by holders of Noteholder Claims,
Class 12, arising from basing the allocation of the rights under
the Rights Offering on an estimate of the aggregate amount of
allowed general unsecured claims rather than the actual amount
of allowed general unsecured claims.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Wants Court Nod on Calpine Settlement
--------------------------------------------------
Solutia, Inc., asks the U.S. Bankruptcy for the Southern
District of New York approve its settlement agreement with
Calpine Central, L.P., and Decatur Energy Center, LLC,
resolving, among others, Solutia's objections to DEC's Claim
No. 6355, as amended, and Calpine Central's Claim No. 6354, as
amended by Claim No. 14826.

The Agreement also provides for the assumption of an executory
contract between DEC and Solutia for the operation and
maintenance of certain switching station equipment owned by
Solutia at its Decatur, Alabama plant.

Repesenting Solutia, Craig A. Bruens, Esq., at Gibson, Dunn &
Crutcher, LLP, in New York, relates that the Claims total more
than US$500,000,000 and are among the largest trade claims
asserted in Solutia's Chapter 11 case.  The Claims are based on
damages allegedly arising from Solutia's rejection of contracts
to lease and maintain electrical generating capacity and to buy
steam from Calpine's natural gas-fueled 700 megawatt combined
cycle cogeneration facility built at Solutia's Decatur, Alabama
facility.

In July 2007, Solutia, with the support of the Official
Committee of Unsecured Creditors, agreed to settle its
objections to the Calpine Claims, resulting in Calpine having an
allowed general unsecured claim of US$140,000,000.

Mr. Bruens reminds Judge Beatty that the settlement of Calpine's
claims concludes over 18 months of complex litigation, and was
reached less than two months before the commencement of an
arbitration hearing in Houston, Texas, before a panel of three
arbitrators.

In addition to avoiding the time and expense of continued
litigation, Mr. Bruens points out, the Settlement also provides
certainty as to the amount of Calpine's claims, and allows
Solutia and its creditors to avoid the risks inherent in
litigation involving complicated questions of law and competing
expert opinions predicting events 20 years into the future.

The salient terms of the Settlement are:

  (a) Calpine is granted an allowed US$140,000,000 general
      unsecured claim against Solutia's estate, which claim
      will not be subject to any further objection, reduction,
      offset or counterclaim and which will be treated
      similarly to all other allowed general unsecured claims
      against Solutia.

  (b) Solutia and Calpine are released from all causes of
      action and claims relating to certain Steam Sales
      Addendum, the Facility Lease Addendum, the O&M
      Agreement, Calpine's Claims and any other agreements
      between Solutia and Calpine, including agreements between
      Solutia and specified affiliates of Calpine, othe than
      the Settlement and the assumed contracts.

  (c) Calpine and Solutia will assume the existing Third
      Amended Agreement and the Switching Station O&M Agreement.
      Calpine will also be assuming certain other agreements.

  (d) The Settlement resolves the DEC and Calpine Central
      Claims through the granting of the Allowed General
      Unsecured Claim.  Claim No. 6353 is resolved for
      US$100,486, and Solutia's Claim No. 5559 against DEC is
      resolved in an unliquidated amount be deeming that both
      claims are withdrawn, with prejudice, on the effective
      date of the Settlement.

  (e) Calpine is permitted to sell or transfer its Allowed
      General Unsecured Claim, subject to (x) a "last look"
      opportunity of Solutia to designate an alternative
      purchaser for the claim for US$250,000 in excess of any
      offer to Calpine, and (y) any purchaser or transferree
      agreeing in writing to be bound by the terms of the
      Settlement.

  (f) Calpine has agreed not to vote against and to
      affirmatively support, in a manner consistent with the
      Settlement; Calpine's fiduciary obligations in its own
      Chapter 11 cases; and the Bankruptcy Code, including
      Section 1125 of the Bankruptcy Code, Solutia's Chapter 11
      plan of reorganization so long as the plan is supported
      by Solutia and the Creditors Committee.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When theDebtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


ALCATEL-LUCENT: Expects Slight Revenue Growth in Third Quarter
--------------------------------------------------------------
Alcatel-Lucent revised its full year 2007 revenue outlook and
confirmed its previous statements regarding synergy targets for
the year.

Alcatel-Lucent now expects its full year 2007 revenue growth to
be flat to slightly up at a constant Euro/USD exchange rate.
Alcatel-Lucent had previously estimated that its revenue would
grow in the mid single digits at a constant rate.

To date, Alcatel-Lucent's revenue for the third quarter 2007 is
estimated to grow slightly compared to the second quarter 2007
at a constant Euro/USD exchange rate.  The company's revenue for
the fourth quarter 2007 is still expected to ramp-up strongly
over the third quarter 2007.  Additionally, the change in
revenue mix is expected to negatively impact the profitability
of the company, especially in the current quarter.  For the
third quarter 2007, the operating income (loss) is expected to
be around breakeven.

This downward revision in the revenue forecast is based on the
most recent and updated discussions with some wireless customers
in North America.  Alcatel-Lucent is now seeing a change in
capital spending with those customers in 2007, compared to what
it had anticipated.  As a result, the company is not seeing the
projected volume changes that would have mitigated the ongoing
pricing pressures it is experiencing.  In other regions and
businesses, in particular wireline, enterprise and Asia-Pacific
revenue performance continues to be strong.

The company continues to execute on its integration plans and is
planning to achieve its synergy related pre-tax savings of
EUR600 million this year.   As the company has previously said
for this year, it will not retain its gross margin savings due
to competitive market conditions but expects it will retain most
of its operating expense savings on a comparable basis.

Alcatel-Lucent continues to expect a strong sequential revenue
growth in the fourth quarter, driven by IP transformation,
broadband deployment and associated services.

Patricia Russo, Alcatel-Lucent CEO said, "Given ongoing dynamics
in the rapidly changing telecom industry, the company is taking
steps to accelerate the execution of its current restructuring
program and to implement additional focused cost reduction plans
in markets which require further actions to be taken.

While the company acknowledges that it is competing in a
challenging market environment and executing a complex merger,
it remains confident that it has the right combination of people
and assets to position the company as a  leading player in the
industry."

Alcatel-Lucent will provide an update regarding its plans when
announcing third quarter earnings on Oct. 31, 2007.

                       About Alcatel-Lucent

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2007, Standard & Poor's Ratings Services revised its outlook on
international equipment supplier Alcatel-Lucent and related
entity Lucent Technologies Inc. to stable from positive.  At the
same time, the 'BB-' long-term corporate credit ratings on the
group were affirmed.  The 'B' short-term corporate credit rating
on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

The outlook revision follows the group's communication of an
adverse update on its business activities and prospects.

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: Robert W. Baird Maintains Neutral Rating on Firm
----------------------------------------------------------------
Robert W. Baird analysts have kept their "neutral" rating on
Alcatel-Lucent's shares, Newratings.com reports.

According to Newratings.com the target price for Alcatel-
Lucent's shares was decreased to US$9 from US$13.

The analysts said in a research note that Alcatel-Lucent
decreased "its revenue growth guidance for the full-year from
mid-single digit range to a flat-marginal rise."

The analysts told Newratings.com that Alcatel-Lucent will
reinvest its gross margin savings.  It will achieve its targets
for "opex savings."

The challenges in the US wireless sector are "internal" to
Alcatel-Lucent, Newratings.com notes, citing Robert W. Baird.

The Earnings per share estimates for 2007 and 2008 were
decreased to US$0.27 from US$0.51, and to US$0.53 from US$0.83,
respectively, 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.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2007, Standard & Poor's Ratings Services revised its outlook on
international equipment supplier Alcatel-Lucent and related
entity Lucent Technologies Inc. to stable from positive.  At the
same time, the 'BB-' long-term corporate credit ratings on the
group were affirmed.  The 'B' short-term corporate credit rating
on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

The outlook revision follows the group's communication of an
adverse update on its business activities and prospects.

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: Morgan Keegan Maintains Outperform Rating
---------------------------------------------------------
Morgan Keegan analysts have kept their "outperform" rating on
Alcatel-Lucent's shares, Newratings.com reports.

The analysts said in a research note that Alcatel-Lucent
lessened "its revenue growth guidance for the full-year from the
mid-single digit range to a flat-marginal rise."

According to Newratings.com, Alcatel-Lucent showed that the
revenue deficit was due to weak wireless spending in North
America.  The firm's resulting product mix would pressure
earnings.

The earnings per share estimates for 2007 and 2008 were
decreased to US$0.17 from US$0.41, and to US$0.67 from US$1.02,
respectively, 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.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2007, Standard & Poor's Ratings Services revised its outlook on
international equipment supplier Alcatel-Lucent and related
entity Lucent Technologies Inc. to stable from positive.  At the
same time, the 'BB-' long-term corporate credit ratings on the
group were affirmed.  The 'B' short-term corporate credit rating
on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

The outlook revision follows the group's communication of an
adverse update on its business activities and prospects.

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.


ASPEN TECHNOLOGY: Bear Stearns Reaffirms Outperform Rating
----------------------------------------------------------
Bear Stearns analyst Philip Alling has reaffirmed his
"outperform" rating on Aspen Technology Inc's shares,
Newratings.com reports.

According to Newratings.com, the target price for Aspen
Technology's shares was set at US$17.

Mr. Alling said in a research note that Aspen Technology's
preliminary fiscal fourth quarter 2007 results "points towards
robust cash flows and better-than-anticipated performance in the
license segment."

Mr. Alling told Newratings.com that Aspen Technology showed that
its restatement in June 2007, "related to balance sheet
accounting for the sale of installment receivables is
continuing, which is disappointing."

Aspen Technology's chemicals and energy primary end-markets are
still strong, Newratings.com states, citing Bear Stearns.

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.  S&P said the outlook is negative.


DELPHI CORP: Wants Court to Approve MDL Settlements
---------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve their MDL
Settlements with:

  * the Lead Plaintiffs -- class action lawsuit lead plaintiffs
    who purchased or acquired publicly-traded Delphi securities
    during the period March 7, 2000, through March 3, 2005;

  * the ERISA Plaintiffs -- plaintiffs in class action lawsuits
    brought under the Employee Retirement Income Security Act,
    who participated in the Debtors' defined contribution
    employee benefit pension plans and invested in Delphi common
    stock; and

  * certain insured officers and directors, and certain of the
    Debtors' insurance carriers.

The Debtors further ask the Bankruptcy Court to:

  (a) certify the Securities Class and the ERISA Class for
      purposes of settlement, and grant the class
      representatives certain allowed class claims and interests
      under Rules 9014(c) and 7023 of the Federal Rules of
      Bankruptcy Procedure and Rule 23 of the Federal Rules of
      Civil Procedure;

  (b) authorize and direct the Class Representatives to vote in
      favor of the Joint Plan of Reorganization on behalf of
      their class members;

  (c) deem the insurance policies covered by the MDL Insurance
      Settlement fully exhausted and forever discharged;

  (d) lift the automatic stay with respect to certain documents
      the Debtors provided to the Lead Plaintiffs; and

  (e) subject to the U.S. Department of Labor's right to file an
      objection, expunge DOL's claim concerning an investigation
      of potential ERISA violations, and bar the DOL from
      instituting or maintaining claims against any of the
      Debtor's current and former officers and directors related
      to the allegations in the ERISA Actions.

In connection with the MDL Settlements, the Debtors have decided
to release affirmative claims against their current and former
officers, fellow defendants in the Securities Actions, and
General Motors Corporation, which claims relate to alleged
violations of the federal securities laws from March 7, 2000,
through March 3, 2005.  The Debtors' release will facilitate a
final resolution of the Multidistrict Litigation and related
derivative actions in the state courts, particularly as it
relates to the Insurers' contribution of insurance proceeds as
part of the Settlements, John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, relates.

As previously reported, the MDL Settlements contain these
provisions:

  -- The Lead Plaintiffs will be granted an allowed claim for
     US$204,000,000, without further provision for accrued
     interest;

  -- The ERISA Plaintiffs will be granted an allowed interest
     aggregating US$24,500,000, without further provision for
     accrued interest; and

  -- The Allowed Claims will be satisfied in the same form and
     ratio as the consideration distributed to general unsecured
     creditors under the any confirmed plan of reorganization,
     and will be treated in the same manner as general unsecured
     creditors under that plan.

The stipulations do not contain any deadlines or termination
rights with respect to the timing of the confirmation or
consummation of a reorganization plan, Mr. Butler notes.

The MDL Settlements also provide for the payment of additional
consideration to the Lead Plaintiffs, including a payment of
US$88,600,000 by the Insurers on behalf of certain current and
former insured Delphi officers and directors, a payment of
US$1,500,000 by the Securities Defendants, and a portion of the
remainder of any insurance proceeds available under a certain
insurance policy after payment of certain defense costs.

In addition, the MDL Settlements provide for the payment of
additional consideration to the ERISA Plaintiffs, including a
payment of US$22,500,000 by the Insurers on behalf of certain
current and former insured Delphi officers and directors and a
portion of the remainder of any insurance proceeds available
under a certain insurance policy after payment of certain
defense costs.

In exchange for the consideration provided under the MDL
Settlements, the Lead Plaintiffs, the ERISA Plaintiffs, the
Securities Defendants, certain current and former officers and
directors of Delphi, and the Insurers agree to release their
claims against Delphi related to the allegations in the MDL.
Delphi will likewise release its MDL-related claims against
those parties.

The MDL Settlements are the product of arm's-length bargaining
among the parties, Mr. Butler avers.  He points out that the
Settlements will save the Debtors the costs of further
litigation, as well as prevent unduly delay to the resolution of
the Chapter 11 cases.

                          About Delphi

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.

(Delphi Bankruptcy News, Issue No. 84 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Inks Asset Sale Agreement with TRW Automotive
----------------------------------------------------------
Delphi Corporation, through certain of its affiliates, has
entered into an asset sale and purchase agreement with a
subsidiary of TRW Automotive Holdings Corp. for the sale of a
portion of its North American brake component machining and
assembly assets, company officials disclosed.  As required under
the Bankruptcy Code, Delphi filed a motion with the U.S.
Bankruptcy Court for the Southern District of New York
requesting a hearing on Sept. 27, 2007, to approve bidding
procedures.

Following the completion of the bidding procedure process,
including a potential competitive auction, a final sale hearing
is anticipated to take place during the fourth quarter of 2007.
The final sale of the assets is subject to the approval of the
U.S. Bankruptcy Court, and must meet the satisfaction of
specified closing conditions.

As outlined in the court filing, the proposed transaction
between Delphi and TRW contemplates:

   -- The sale of various brake component machining and
      assembly equipment from operations in Saginaw, Michigan,
      Springhill, Tennessee, and Oshawa, Canada.

   -- The sale of productive inventory.

   -- A five year lease (with an opportunity to extend) on a
      portion of Delphi's brake manufacturing facility in
      Saginaw, Michigan.

To the extent set forth in the agreement, TRW will also commence
employment of the active hourly employees at the lease site.

Delphi will carefully manage the sale of the assets in
coordination with customers, employees, unions and other
stakeholders.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.


URS CORP: Moody's Assigns (P)Ba1 Rating to Merger Financing
-----------------------------------------------------------
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 billion senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International, Inc.

The proposed secured term loan facility together with a stock
swap will be used fund the US$2.6 billion transaction and to
refinance the outstanding credit facilities of URS.  The
acquisition is subject to shareholder approvals and other
customary closing conditions and is expected to close in the
second half of 2007.

The existing ratings of URS remain under review for possible
downgrade pending the completion of the acquisition.  On or
about the closing of the acquisition, Moody's expects to
downgrade URS's Corporate Family Rating to Ba2 and change the
outlook to stable.  Additional instrument rating actions are
detailed below.

The expected downgrade of the Corporate Family Rating to Ba2
following the completion of the transaction reflects the
deterioration in financial credit metrics, change in operating
profile, and integration risk associated with the acquisition of
Washington Group International.  The credit metrics will be weak
for the rating category and the rating contemplates significant
debt reduction, synergy savings and substantial realization of
the contract backlog over the intermediate term as well as an
absence of unexpected costs relating to integration.

Strengths in URS's pro-forma competitive profile include annual
revenues of approximately US$8.0 billion, increasing breadth of
services offered and exposure to Washington Group's fast-growing
global markets.  The acquisition will also add additional
diversity to URS's end markets and increase the company's
industry-leading global scale and nuclear power capability.

These ratings were assigned to URS:

   -- US$700 million senior secured first lien revolver due
      2012, rated (P)Ba1 (LGD3, 34%);

   -- US$1,100 million senior secured first lien term loan A due
      2012, rated (P)Ba1 (LGD3, 34%);

   -- US$300 million senior secured first lien term loan B due
      2013, rated (P)Ba1 (LGD3, 34%).

The above ratings are subject to Moody's review of final
documentation and conclusion of the review.

If the transaction is completed on the terms and conditions
described in the company's announcement, Moody's expects to take
these rating actions for URS:

   -- The Corporate Family Rating of Ba1 -- is expected to be
      downgraded to Ba2;

   -- The Probability of Default Rating of Ba1 -- is expected to
      be downgraded to Ba2;

   -- The Baa3 (LGD2, 20%) rated US$300 million senior secured
      revolver due 2010 -- is expected to be withdrawn (facility
      cancelled);

   -- The Baa3 (LGD2, 20%) rated US$350 million senior secured
      term loan B due 2011 -- is expected to be withdrawn
      (facility repaid);

   -- The Speculative Grade Liquidity Rating is SGL-1 and it
      will be revisited upon conclusion of the proposed
      transaction.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.  Revenues for the twelve
months ended June 30, 2007 were approximately US$4.5 billion.

Based in Boise, Idaho, Washington Group International, Inc.
provides design, engineering, construction, facilities and
operations management, environmental remediation, and mining
services to public and private sector clients in the United
States and internationally.  It operates through six segments:
Power, Infrastructure, Mining, Industrial/Process, Defense, and
Energy & Environment.  Revenues for the twelve months ended June
30, 2007 were approximately US$3.5 billion.


URS CORP: S&P to Lower Rating to BB on Deal Completion
------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on San
Francisco–based URS Corp. remain on CreditWatch with negative
implications, where they were originally placed on May 29, 2007.
Upon completion of the company's acquisition of competitor
Washington Group International Inc., S&P will lower the
corporate credit rating on URS by one notch, to 'BB' from 'BB+'.
The outlook would be stable.

"Subject to successful completion of the acquisition, the
impending downgrade will reflect the increased leverage and
weaker financial risk profile that URS will carry after the
close of its acquisition of Washington Group, along with
increased exposure to construction risk and integration
uncertainties," said Standard & Poor's credit analyst James
Siahaan.  Partially offsetting this is the combined entity's
position as a leading, full-service engineering and construction
firm: The company benefits from good end-market diversity,
evidenced by its competencies in federal sector-,
transportation-, facilities-, and nuclear-related work.

The ratings on URS reflect the company's aggressively leveraged
financial risk profile, marked by the company's history of
engaging in large, debt-financed acquisitions.  This is
partially mitigated by the firm's satisfactory business risk
profile, marked by leading positions in engineering and design;
broadly diversified end-market exposure; and increased scope of
operations.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.


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


ALTES TORFHAUS: Creditors Must File Claims by October 4
-------------------------------------------------------
Creditors of Altes Torfhaus Holzhau gGmbH have until Oct. 4 to
register their claims with court-appointed insolvency manager
Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         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:

         Horst Helberg
         Selliner Str. 6
         01109 Dresden
         Germany
         Tel: (0351) 8 84 68 0
         Fax: (0351) 8 84 68 31

The District Court of Chemnitz opened bankruptcy proceedings
against Altes Torfhaus Holzhau gGmbH on Sept. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Altes Torfhaus Holzhau gGmbH
         Ringelstrasse 6
         09623 Rechenberg-Bienenmuehle
         Germany


AMMERSCHUBERT GMBH: Claims Registration Period Ends Oct. 23
-----------------------------------------------------------
Creditors of Ammerschubert GmbH have until Oct. 23 to register
their claims with court-appointed insolvency manager Stephan
Hoeltershinken.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckeburg
         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 Hoeltershinken
         Marienstr. 126
         32425 Minden
         Germany
         Tel: 0571-64577-10
         Fax: 0571-64577-39

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

The Debtor can be reached at:

         Ammerschubert GmbH
         Attn: Petra Ammerschubert, Manager
         Bergkette 65
         31655 Stadthagen
         Germany


AUTOHAUS NEUMANN: Claims Registration Period Ends Oct. 22
---------------------------------------------------------
Creditors of Autohaus Neumann GmbH have until Oct. 22 to
register their claims with court-appointed insolvency manager
Torsten Goettlich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on Nov. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Torsten Goettlich
         Suedbahnstr. 1
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Autohaus Neumann GmbH on Sept. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Neumann GmbH
         Meyenkrebs 9
         17109 Demmin
         Germany


BETTFEDERNFABRIK JOHANNES: Claims Registration Ends October 10
--------------------------------------------------------------
Creditors of Bettfedernfabrik Johannes Kauffmann GmbH & Co. KG
have until Oct. 10 to register their claims with court-appointed
insolvency manager Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Room 127
         Ground Floor
         Herrenstr. 42
         88212 Ravensburg
         Germany

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

The insolvency manager can be reached at:

         Werner Schneider
         Bahnhofstr. 39
         89231 Neu-Ulm bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Bettfedernfabrik Johannes Kauffmann GmbH & Co. KG on
Sept. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bettfedernfabrik Johannes Kauffmann GmbH & Co. KG
         Attn: Horst Flamig, Manager
         Rautbruehl 23
         88214 Ravensburg
         Germany


CITY LOFT: Claims Registration Ends October 16
----------------------------------------------
Creditors of City Loft Projektentwicklungs GmbH have until
Oct. 16 to register their claims with court-appointed insolvency
manager Hannelore Krueger-Knief.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 27, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hannelore Krueger-Knief
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.krueger-knief.de/

The District Court of Dresden opened bankruptcy proceedings
against City Loft Projektentwicklungs GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         City Loft Projektentwicklungs GmbH
         Attn: Christiane Oehls-Hermann, Manager
         Oskar-Pletsch-Str. 15
         01324 Dresden
         Germany


DENAR VERWALTUNGS: Creditors Must File Claims by October 5
----------------------------------------------------------
Creditors of DENAR Verwaltungs- u. Beteiligungsgesellschaft mbH
have until Oct. 5 to register their claims with court-appointed
insolvency manager Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Joerg Nerlich
         Sternstr. 79
         53111 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
DENAR Verwaltungs- u. Beteiligungsgesellschaft mbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DENAR Verwaltungs- u. Beteiligungsgesellschaft mbH
         Hardtweg 59/61
         53639 Koenigswinter
         Germany


DENTEL NETZWERK: Claims Registration Ends October 30
----------------------------------------------------
Creditors of Dentel Netzwerk Telefonie GmbH have until Oct. 30
to register their claims with court-appointed insolvency manager
Angelika Amend.

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

         Angelika Amend
         Minnholzweg 2 b
         D 61476 Kronberg
         Germany
         Tel: 06173/78340
         Fax: 06173/783422

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Dentel Netzwerk Telefonie GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dentel Netzwerk Telefonie GmbH
         Attn: Igor Jassenjawski, Manager
         Hanauer Landstrasse 135
         60314 Frankfurt am Main
         Germany


DOGUS TRANS: Creditors Must File Claims by October 2
----------------------------------------------------
Creditors of Dogus Trans GmbH have until Oct. 2 to register
their claims with court-appointed insolvency manager
Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Georg Bernsau
         Beethovenstr. 5
         76133 Karlsruhe
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Dogus Trans GmbH on Aug. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dogus Trans GmbH
         Neureuter Str. 57 a
         76185 Karlsruhe
         Germany


HEIZUNG-KLIMA-KALTETECHNIK: Claims Registration Ends October 10
---------------------------------------------------------------
Creditors of Heizung-Klima-Kaltetechnik GmbH have until Oct. 10
to register their claims with court-appointed insolvency manager
Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Lange Strasse 1a]
         Haus der Schiffahrt
         18055 Rostock
         Germany
         Tel: 0381/3756900
         Fax: 0381/37569010

The District Court of Rostock opened bankruptcy proceedings
against Heizung-Klima-Kaltetechnik GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heizung-Klima-Kaltetechnik GmbH
         Attn: Martina Fregin, Manager
         Nebelring 11
         18246 Butzow
         Germany


JUERGENS BAUUNTERNEHMEN: Claims Registration Ends Oct. 23
---------------------------------------------------------
Creditors of Juergens Bauunternehmen GmbH have until Oct. 23 to
register their claims with court-appointed insolvency manager
Wolf-Dieter H. Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Room
         Second Floor
         Elizabeth Route 6
         26135 Oldenburg
         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:

         Wolf-Dieter H. Weber
         Hauptstrasse 91
         26188 Edewecht
         Germany
         Tel: 04405 7071
              04405 7072
         Fax: 04405 8046
         E-Mail: Kanzlei@Weber-Kanzlei.de

The District Court of Oldenburg opened bankruptcy proceedings
against Juergens Bauunternehmen GmbH on Sept. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Juergens Bauunternehmen GmbH
         Attn: Ursel Ott, Manager
         Sternkamp 6
         26655 Westerstede
         Germany


KERALOG GMBH: Claims Registration Ends October 10
-------------------------------------------------
Creditors of KERALOG GmbH have until Oct. 10 to register their
claims with court-appointed insolvency manager Helmut Konrad.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         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:

         Helmut Konrad
         Mainzer Str. 161
         55743 Idar-Oberstein
         Germany

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

The Debtor can be reached at:

         KERALOG GmbH
         Attn: Michael Dick, Manager
         Langenfelderstrasse 1
         55765 Idar-Oberstein
         Germany


KOERBER HOTEL: Claims Registration Ends October 31
--------------------------------------------------
Creditors of Koerber Hotel - und Restaurationsbetriebe GmbH have
until Oct. 31 to register their claims with court-appointed
insolvency manager Siegfried Mueller.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany
         Tel: 02443 / 98120
         Fax: 0244398 12 19

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

The Debtor can be reached at:

         Koerber Hotel - und Restaurationsbetriebe GmbH
         Ernst-Becker-Weg 2
         53894 Mechernich-Kommern
         Germany

         Attn: Carmen Koerber, Manager
         Rehgasse 6
         53894 Mechernich
         Germany


LA FORESTA: Claims Registration Ends October 26
-----------------------------------------------
Creditors of La Foresta Moebelagentur GmbH & Co. KG 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 10:00 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         La Foresta Moebelagentur GmbH & Co. KG
         Attn: Ernst Husemann, Manager
         Hainbergstrasse 1
         32816 Schieder-Schwalenberg
         Germany


LACHTE TRANSPORT: Claims Registration Ends October 15
-----------------------------------------------------
Creditors of Lachte Transport- und Logistik GmbH have until
Oct. 15 to register their claims with court-appointed insolvency
manager Tim F. Gatcke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Nov. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Tim F. Gatcke
         Hans-Boeckler-Allee 26
         30173 Hannover
         Germany
         Tel: 0511/360960
         Fax: 0511/3609696
         E-mail: k.lange@wedlerundgaetcke.de

The District Court of Celle opened bankruptcy proceedings
against Lachte Transport- und Logistik GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lachte Transport- und Logistik GmbH
         Attn: Gerd Goepfert, Manager
         Kampstr. 47
         29331 Lachendorf
         Germany


MEDINA BACKWAREN: Claims Registration Ends October 15
-----------------------------------------------------
Creditors of Medina Backwaren GmbH have until Oct. 15 to
register their claims with court-appointed insolvency manager
Marco Martin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Strasse 101
         50939 Cologne
         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:

         Marco Martin
         Apostelnkloster 17-19
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Medina Backwaren GmbH on Aug. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Medina Backwaren GmbH
         Attn: Serkan Ince, Manager
         Fuehlinger Weg 14
         50765 Cologne
         Germany


MORE EVENT: Claims Registration Period Ends Oct. 20
---------------------------------------------------
Creditors of More Event GmbH have until Oct. 20 to register
their claims with court-appointed insolvency manager Raimund
Schafmeister.

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

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

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

The Debtor can be reached at:

         More Event GmbH
         Attn: Christian Kaskel, Manager
         Sonnenhang 9
         32758 Detmold
         Germany


OLIPENTA GMBH: Claims Registration Ends October 15
--------------------------------------------------
Creditors of Olipenta GmbH have until Oct. 15 to register their
claims with court-appointed insolvency manager Oliver Leers.

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

The meeting of creditors will be held at:

         The District Court of Freiburg i. Br.
         Hall 209
         Second Floor
         Bismarckallee 2
         Freiburg i. Br.
         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:

         Oliver Leers
         AG-Fach 27
         Guenterstalstr. 23
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/77066
         Fax: 0761/77026

The District Court of Freiburg i. Br. opened bankruptcy
proceedings against Olipenta GmbH on Aug. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Olipenta GmbH
         Attn: Peter Haug, Manager
         Marie-Curie-Str. 2
         79211 Denzlingen
         Germany


OTTO WELLSTEIN: Creditors Must File Claims by October 5
-------------------------------------------------------
Creditors of Otto Wellstein Metallbau GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany

The District Court of Kaiserslautern opened bankruptcy
proceedings against Otto Wellstein Metallbau GmbH on Sept. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Otto Wellstein Metallbau GmbH
         Hainweg 4
         67677 Enkenbach-Alsenborn
         Germany


RMS BAUBETREUUNG: Claims Registration Period Ends Oct. 18
---------------------------------------------------------
Creditors of RMS Baubetreuung GmbH have until Oct. 18 to
register their claims with court-appointed insolvency manager
Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 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:

         Jochen Horch
         Keplerstrasse 7
         74072 Heilbronn
         Germany
         Tel: 07131/7801-33
         Fax: 07131/7801-11

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

The Debtor can be reached at:

         RMS Baubetreuung GmbH
         Attn: Ralf Schiesswohl, Manager
         Klingenstrasse 4/1
         74081 Heilbronn
         Germany


SCHROETER PROJEKTMANAGEMENT: Claims Registration Ends Oct. 16
-------------------------------------------------------------
Creditors of Schroeter Projektmanagement GmbH & Co. KG have
until Oct. 16 to register their claims with court-appointed
insolvency manager Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Schroeter Projektmanagement GmbH & Co. KG on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schroeter Projektmanagement GmbH & Co. KG
         Gieseckenkamp 32
         30851 Langenhagen
         Germany


SMR BAUSERVICE: Creditors' Meeting Slated for October 24
--------------------------------------------------------
The court-appointed insolvency manager for SMR Bauservice GmbH,
Hartwig Albers, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:20 a.m. on
Oct. 24.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Jan. 30, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Hartwig Albers
         Lutzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SMR Bauservice GmbH on Aug. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SMR Bauservice GmbH
         Langhansstr. 5 a
         13086 Berlin
         Germany


URBANUS-BUCHHANDLUNG: Claims Registration Period Ends Oct. 15
-------------------------------------------------------------
Creditors of Urbanus-Buchhandlung Wilhelm Ihmann GmbH & Co. KG
have until Oct. 15 to register their claims with court-appointed
insolvency manager Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Oct. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Urbanus-Buchhandlung Wilhelm Ihmann GmbH & Co. KG on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Urbanus-Buchhandlung Wilhelm Ihmann GmbH & Co. KG
         Goldbergplatz 6 A
         45894 Gelsenkirchen
         Germany


WALTER BAU: Files Complaint Against Berlin Over Renovation Cost
---------------------------------------------------------------
Werner Schneider, the insolvency administrator for Walter Bau
AG, has filed a complaint against the German state of Berlin
relating to a dispute over the renovation costs of the Olympic
stadium after attempts to reach an out-of-court settlement with
the senate failed, the Financial Times reports, citing Die Welt
as its source.

According to Mr. Schneider, the state of Berlin still owes
Walter Bau EUR23 million for services rendered, adding it must
be obliged to formally accept the construction work.

The cost of renovating and modernizing the stadium for the 2006
football World Cup reached EUR242 million, FT relates.

Headquartered in Augsburg, Germany, Walter Bau AG --
http://www.walter-bau.de/-- is a construction management and
construction technology group in Europe.  It principal
activities include turnkey construction, building planning and
construction, civil engineering, utility constructions, traffic
infrastructure construction, and real estate.  Walter Bau once
ranked number fourth in the local construction market behind
Hochtief, Bilfinger Berger and Strabag.

Walter Bau declared insolvency in February 2005 after creditor
banks refused to approve its restructuring plan.  This denied
the company access to a EUR1.5 billion credit line.  In his
report to the creditors, Mr. Schneider blamed the group's demise
to management errors and the downturn in the construction
industry.


WILHELM SCHLEEF: Creditors' Meeting Slated for October 19
---------------------------------------------------------
The court-appointed insolvency manager for Wilhelm Schleef GmbH
& Co., Christian Willmer, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on Oct. 19.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 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 (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against Wilhelm Schleef GmbH & Co. on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wilhelm Schleef GmbH & Co.
         Attn: Klaus Wiemann, Manager
         Weserstrasse 7
         32602 Vlotho
         Germany


WINTERMANN DRUCKHAUS: Claims Registration Period Ends Oct. 16
-------------------------------------------------------------
Creditors of Wintermann Druckhaus GmbH have until Oct. 16 to
register their claims with court-appointed insolvency manager
Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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. Dirk Rueffert
         Donnerschweer Str. 398
         26123 Oldenburg
         Germany
         Tel: 0441 340770
         Fax: 0441 34077340
         E-mail: info@rueffert-rechtsanwaelte.de

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

The Debtor can be reached at:

         Wintermann Druckhaus GmbH
         Attn: Axel Segelhorst, Manager
         Langenweg 10
         26125 Oldenburg
         Germany


===========
G R E E C E
===========


ARMSTRONG WORLD: Wins Patent for Hardwood Flooring Technology
-------------------------------------------------------------
Armstrong World Industries, Inc. has been awarded U.S. Patent
No. 7,261,947 for its NextGen technology for locking engineered
hardwood flooring.  Locking hardwood flooring eliminates glue,
nails and staples, permitting faster, less expensive
installation.  NextGen technology provides increased lock
strength, resulting in a tighter fit between boards and a more
dimensionally stable floor with higher tolerance to moisture,
seasonal and climate changes.

"In North America, more than 70-percent of new homes have
foundations ideal for a floating, locking hardwood floor," says
Dick Quinlan, general manager of Armstrong's Bruce Hardwood
Floors business.  "Armstrong's NextGen flooring has a structure
that can withstand varying moisture levels, allowing it to
perform in most construction environments.  It is an ideal
hardwood floor for new home construction and remodeling
projects anywhere in the U.S."

NextGen flooring is available in two lines: Armstrong Locking
Hardwood and Bruce Turlington(TM) Lock & Fold(R) domestic
hardwood flooring, (TM)/(R) Represent trademarks owned by AWI
Licensing Company or Armstrong Hardwood Flooring Company.

                        About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                          *     *     *

As reported on March 13, 2007, Standard & Poor's Ratings Service
revised its outlook to developing from stable for Armstrong
World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating
on Armstrong World Industries, Inc.'s new credit facility and a
Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


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


GAP INC: Earns US$152 Million in Second Quarter Ended Aug. 4
------------------------------------------------------------
Gap Inc. reported net earnings of US$152.0 million for the
second quarter ended Aug. 4, 2007, an increase of 19.0% from net
earnings of US$128.0 million reported in the same period ended
July 29, 2006.

Second quarter net sales were down 1.0% to US$3.69 billion,
compared with US$3.71 billion for the second quarter of last
year.  Due to the 53rd week in fiscal year 2006, second quarter
2007 comparable store sales are compared with the thirteen weeks
ended Aug. 5, 2006.  On this basis, comparable store sales
decreased 5.0%, primarily due to the overall mixed response to
Summer product.   The company's online sales for the second
quarter increased 26.0% to US$172.0 million, compared with
US$136.0 million for the second quarter of last year.

"During the second quarter, we made solid progress stabilizing
our business, streamlining our organization and importantly,
hiring our new chairman and chief executive officer, Glenn
Murphy," said Bob Fisher, a member of Gap Inc.'s board of
directors.  "I am confident that under Glenn's leadership and
the creative direction set by our brand presidents, we will
continue to make improvements to the business and deliver
improved returns to our shareholders."

"I want to thank Bob for his leadership in taking the necessary
first steps towards stabilizing the business," said Glenn
Murphy, chairman and chief executive officer of Gap Inc.  "We
have a lot of work ahead of us, but we have great brands with
enormous potential, and I feel confident that our creative
talent and dedicated store employees will help fuel our
progress."

                     Update on Forth & Towne

Beginning with the second quarter of fiscal year 2007, Forth &
Towne is recognized as a discontinued operation.  For the first
half of 2007, the company eliminated about 550 Forth & Towne
positions.  The pre-tax loss related to the discontinued
operation of Forth & Towne for the second quarter of fiscal 2007
was approximately US$9.0 million and for the first half of 2007
was approximately US$54.0 million.

         Update on Gap Inc.'s Cost Reduction Initiatives

As part of the company's efforts to streamline operations, the
company eliminated about 1,200 positions, excluding Forth &
Towne, in the second quarter of fiscal year 2007 and, as a
result, recognized approximately US$20.0 million of expenses on
a pre-tax basis, the majority of which are related to severance
payments.

For the first half of 2007, Gap Inc. eliminated about 1,600
positions, excluding Forth & Towne.  These cost reduction
initiatives resulted in approximately US$25.0 million of
expenses on a pre-tax basis during this time period, the
majority of which are related to severance benefits to employees
at the company’s headquarters.

In total, the company has eliminated about 2,200 positions
during the first half of 2007, of which about one-third were
open positions.  At this point, the majority of the company's
currently planned headcount eliminations are complete.  Based on
the actions taken in the first half of fiscal year 2007, the
total annualized cost savings from the filled positions
eliminated is expected to be about US$100.0 million on a pre-tax
basis.

                        Effective Tax Rate

The effective tax rate was 37.0% for the second quarter of 2007.

                          Cash and Debt

The company ended the second quarter with US$2.70 billion in
cash and investments.  For the year-to-date period, free cash
flow was an inflow of US$347.0 million.

                        Share Repurchases

During the second quarter, the company repurchased 11 million
shares for US$200.0 million, thereby completing a US$750.0
million share repurchase authorization which was announced in
August 2006.

                           Real Estate

For the first half of fiscal year 2007, the company opened 73
store locations, closed 61 store locations and square footage
increased 1.0%.

                          Balance Sheet

At Aug. 4, 2007, the company's consolidated balance sheet showed
US$9.08 billion in total assets, US$3.83 billion in total
liabilities, and US$5.25 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Aug. 4, 2007, are available for
free at http://researcharchives.com/t/s?236a

                         About Gap Inc.

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

                           *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


WR GRACE: Federal Prosecutors Scolded on Initial Investigation
--------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware said in a hearing that "it was improper for
the federal prosecutors to keep their suspicions about the
Tersigni firm's bills from the judges who were signing off on
them," the Associated Press reported.

In light of the alleged "padding" of L. Tersigni's professional
bills, the Official Committee of Asbestos Personal Injury
Claimants of W.R. Grace & Co. and its debtor-affiliates has
sought the Bankruptcy Court's approval for the retention of
Charter Oak Financial Consultants, LLC, as replacement of L.
Tersigni Consulting, as its financial advisors.

At the hearing of the PI Committee's retention request, Judge
Fitzgerald also asked why Bradley M. Rapp, a former Tersigni
employee, did not tip her or the PI Committee about his
suspicions.

Mr. Klauder and the PI Committee's counsel, Nathan Finch, Esq.,
said that Mr. Rapp was told by the federal investigators to keep
quiet about the probe, AP adds.

Judge Fitzgerald directed any bankruptcy professional in any
case before her who suspects wrongful billing practices to alert
her, AP says.  "No one is to prohibit that information to be
communicated to this court," AP quotes Judge Fitzgerald as
saying, adding that the rule applies to federal prosecutors.

                        About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 137; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


WR GRACE: U.S. Trustee Wants Examiner to Probe Consulting Firm
--------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, asks the
U.S. Bankruptcy Court for the District of Delaware to appoint an
examiner to investigate the conduct of L. Tersigni Consulting
and determine whether W.R. Grace & Co. and its debtor-affiliates
the Debtors or the estate have any causes of actions against the
firm as a result of its conduct.

David M. Klauder, Esq., Ms. Stapleton's counsel, relates that in
April 2006, it came to the attention of the Office of the U.S.
Trustee that Loreto Tersigni, the sole owner and principal of L.
Tersigni Consulting, was allegedly marking up time charges on
the firm's fee applications filed in the Debtors' cases and in
other bankruptcy cases where the firm was retained.

Specifically, it was alleged that before filing fee applications
with the Court, Mr. Tersigni would receive internal time records
from employees at the firm who worked on the case.  It was also
alleged that when preparing the firm's fee applications, Mr.
Tersigni would subsequently add on time for services that were
not performed by employees of the firm.  "These actions would
have the effect of improperly raising the fees of [the firm] in
their filed fee applications and causing the estates to pay fees
to [the firm] that were not earned," Mr. Klauder says.

After the U.S. Trustee discovered the information, a preliminary
investigation was initiated, Mr. Klauder relates.  It was
discovered that the fee applications L. Tersigni filed in
several asbestos cases since at least 2002 were padded.

According to Mr. Klauder, the investigation is incomplete and
the total scope, extent and effect of Mr. Tersigni's conduct has
yet to be determined.  Mr. Klauder says the sustained improper
billing represents a flagrant violation of the firm's fiduciary
obligation to the estate and constitutes an egregious breach of
its duty of candor to the Court.

The U.S. Trustee has filed a similar request in G-I Holdings'
bankruptcy case where Loreto Tersigni also played a role, the
Associated Press reports.  Mr. Tersigni worked on most of the
high-profile asbestos-related bankruptcies of recent years
including those of Owens Corning, USG Corp., and the U.S. unit
of Swiss engineering giant ABB Ltd., and on the ongoing
bankruptcies of Federal-Mogul Corp. and Asarco Inc., the AP
added.

Grace spokesman Greg Euston told the AP that "the company has no
knowledge of fraud by Tersigni."

AP notes that "no examiner has yet been requested to investigate
the accounting firm's role advising asbestos claimants in the
Federal-Mogul Corp. bankruptcy.  However, months of Tersigni
bills, which had been submitted to the court for review and
approval, have been withdrawn in both the Federal-Mogul and W.R.
Grace cases."

The AP further reports that Tersigni's firm earned these amounts
from these bankruptcy cases:

  * US$5,000,000 from Owens Corning,
  * US$4,600,000 from USG Corp.,
  * US$3,000,000 from Armstrong, and
  * US$576,000 from Combustion Engineering.

"The latest bill in Asarco's case shows a quarterly invoice of
more than US$500,000 from the accounting firm," the AP added.

                        About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 137; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


ALITALIA SPA: Denies Holding Takeover Talks with Air France-KLM
---------------------------------------------------------------
Alitalia S.p.A. denied holding talks to sell the Italian
government's 39.9% stake in the airline to Air France-KLM,
Thomson Financial reports.

Alitalia stressed that the relationship between the carriers has
only been the bilateral partnership and within the SkyTeam
alliance, which involves regular meetings between the two
management teams.

Jean-Cyril Spinetta, Air France chairman and CEO, confirmed to
the Financial Times that the parties have not commenced takeover
talks.

As reported in the TCR-Europe on Sept. 14, 2007, Alitalia
chairman Maurizio Prato said that advisor Citigroup has
initiated contacts with parties that had participated in the
failed auction for Italy's stake in Alitalia and with Asian
firms.

The chairman expects the first rounds of meeting to be complete
by the end of September or early October.  Mr. Prato said he
will conduct a first selection among potential buyers by the end
of October before starting an evaluation phase.

"If Mr. Prato wants to talk to us, we will listen carefully,"
Mr. Spinetta told FT.  "He has a clear mission to sell this
stake, but how he sees this problem I don’t know.”

"The interest is always the same," Mr. Spinetta added.  "The
Italian market is very strong.  There are huge business traffic
flows and tourist leisure flows.  The potential is very high."

                      About Alitalia

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

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.


DANA CORP: Wants EPA's Claim Nos. 13796 & 13321 Estimated
---------------------------------------------------------
The U.S. Environmental Protection Agency, the National Oceanic
and Atmospheric Administration of the U.S. Department of
Commerce and the U.S. Department of the Interior acting through
the Fish and Wildlife Service filed Claim No. 13796 asserting an
unliquidated amount against Dana Corp., and Claim No. 13321
asserting an unliquidated amount against Debtor Brake Systems,
Inc.

The Claims asserts remediation costs and other liabilities,
pursuant to the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, with regard to Superfund
locations associated in some way, over the course of more than
100 years, with the Debtors and their predecessors, Corinne
Ball, Esq., at Jones Day, in New York, tells the Court.

The Government asserts:

  Amount            Liabilities
  ------            ---------------
  US$65,000,000     Past and future costs for six locations

  US$230,000,000    Past and future costs for the
                    Cornell-Dubilier Electronics Inc., Site in
                    South Plainfield, New Jersey

  US$20,000,000
  to US$37,000,000  Natural resource damages at the CDE Site

  US$145,000,000    Penalties at the Muskegon, Michigan Site
                    and injunctive relief for the Antwerp, Ohio
                    Site

Ms. Jones points out that among all general unsecured claims,
the Government's Claims comprise the largest disputed claims.
The Debtors' Plan of Reorganization requires that the total
amount of allowed general unsecured claims in certain categories
will not exceed US$3,250,000,000, Ms. Ball relates.  The
Government's Claims are within the group of General Unsecured
Claims covered by the Plan Cap.

Given the potential size of the Government's Claims, the Debtors
believe that it is critical to determine the allowed amount of
the Claims promptly to avoid undue delay in the administration
of their Chapter 11 cases and to enhance their ability to
satisfy the Plan Emergence Condition and emerge from Chapter 11
by their stated goal of the end of 2007.

To that end, the Debtors have engaged in discussions with the
Government to seek a resolution of the Claims, Ms. Ball says.
However, the parties have not made substantial progress in
reaching agreement on the amounts of the Claims.

Thus, the Debtors ask the Court to implement procedures for the
estimation of the Government's Claims for purposes of allowance,
treatment and distributions.

Ms. Ball asserts that a bankruptcy court is authorized to use
"whatever method is best suited to the circumstances" so long as
the methods are consistent with the essential purposes of
Section 502(c) of the Bankruptcy Code, which is to avoid unduly
delaying the administration of the case.

The Debtors anticipate that a hearing to consider confirmation
of their proposed Plan will be scheduled to be conducted in
December 2007.  Assuming that the Plan is confirmed, the Debtors
will seek to satisfy the Plan Emergence Condition and other
conditions to the effective date of the Plan without delay.
Thus, the Debtors propose an estimation process before the end
of 2007.

In addition, the Debtors propose this estimation schedule:

   September 19, 2007 -- Hearing on the Estimation Motion and
                         initial scheduling conference on the
                         Claim Objection

   September 24, 2007 -- Parties to serve initial written
                         discovery requests

      October 2, 2007 -- Filing of Response to the Claim
                         Objection

      October 5, 2007 -- Parties to complete service of any
                         supplemental written discovery requests

     October 12, 2007 -- Parties to disclose proposed witnesses

     October 29, 2007 -- Parties to complete all written fact
                         discovery

     November 9, 2007 -- Parties to serve expert reports

    November 19, 2007 -- Parties to complete all depositions

    November 28, 2007 -- Parties to file and serve pre-hearing
                         memoranda

    November 30, 2007 -- Parties to exchange final witness
                         lists, copies of exhibits and
                         deposition designations

     December 3, 2007 -- Parties to serve and file pre-hearing
                         reply memoranda and any affidavits or
                         declarations

     December 3, 2007 -- Parties to submit a joint pre-trial
                         order, identifying the legal issues for
                         trial, each party's witnesses and
                         exhibits and any stipulated facts

  Early December 2007 -- Pre-trial conference to be conducted in
                         preparation for a final hearing

December 10-21, 2007 -- Parties to be available for a final
                         hearing on the Claim Objection and the
                         estimation of the Claims

Debtors propose that the additional procedures be implemented to
streamline the final estimation hearing:

  (a) To the fullest extent possible, each party should present
      its case-in-chief through written submissions, including
      affidavits or declarations of witnesses;

  (b) Live witnesses will be permitted at the Final Hearing, but
      will be limited to a set number of witnesses per party;

  (c) The parties will submit a Joint Pre-Trial Order at least a
      week before the Final Hearing to identify the issues to be
      addressed at the hearing, including any agreements as to
      the legal issues to be addressed and any relevant facts;

  (d) Each party should be limited to a set period of time for
      its presentation at the Final Hearing; and

  (e) Certain threshold legal issues may be presented to the
      Court for determination before the Final Hearing at the
      omnibus hearing scheduled on November 15, 2007, provided
      that any request for those threshold rulings is filed and
      served no later than October 24, 2007, any responses are
      filed no later than November 7, 2007, and any replies are
      filed no later than November 12, 2007.

          Debtors' Objections to Government's Claims

In another Court filing, the Debtors object to the Claims
because:

  * they are not supported by sufficient allegation or proof;

  * they are barred by applicable statutes of limitations;

  * they are barred by equitable principles, including, without
    limitation, the Government's spoliation of evidence, in the
    form of its failure to maintain and provide the Debtors with
    essential evidence to test and challenge the Claims;

  * they are barred by the fact that causation cannot be
    established, and that alternate causation is the source of
    some or all of the damages identified in the Claim;

* they are barred by the fact that other responsible parties
   should bear some or all of the "orphan shares" of the
   response costs and damages identified in the Claims;

* they seek amounts for projected remedial costs that are
   speculative and unsupported in nature and amount; and

* they seek damages based on improper remedies that are
   arbitrary, capricious or otherwise not in accordance with
   governing law.

The largest component of the liabilities alleged in the Claims
related to the CDE Site, Ms. Jones notes.  Although there is no
evidence or allegation that the Debtors caused or contributed to
any release of hazardous materials at the CDE Site, the
Government has asserted these substantial damages based on
improper and undetermined remedial action measures, with
speculative and unsupported costs and without any limitation on
the proposed damage claim to account for the actions of other
responsible parties, including the Government itself.

Ms. Ball relates that from 1904 to 1929, Dana Corp.'s
predecessor, Spicer Manufacturing Company, operated the CDE
Site.  Ms. Ball says that during that time, Dana neither used,
processed, or disposed of polychlorinated biphenyls or
trichloroethene, hazardous chemicals that have driven the
Government's cleanup actions at the CDE Site.

From 1936 to 1956, the CDE Site was leased to Cornell-Dubilier
Electronics, Inc.  CDE continued to operate the Site until the
early 1960s when it was sold to the present owner, D.S.C.
Newark, Inc.  During part of the period when CDE leased the Site
from Dana Corp., the U.S. Defense Department actively utilized
the Site for manufacturing activities in support of the
Government's efforts in World War II, Ms. Ball further relates.

Ms. Ball points out that the Government does not assert that
Dana has any liability for actually operating the facility at
the CDE Site, or for arranging for disposal of hazardous
substances at the CDE Site, nor does the Government allege that
Dana's own actions contributed to the disposal or release of
hazardous substances at the CDE Site.

The Government, moreover, fails entirely to mention the current
owner of the site, DSC, or the Government's own role at the site
through the activities of the Defense Department, Ms. Ball adds.

Given the absence of any allegation or evidence showing that
Dana itself used or disposed of any hazardous substances at the
CDE Site and the countervailing evidence indicating that, to the
extent that there was any contamination that occurred while Dana
owned the site, CDE and the Defense Department itself caused the
contamination, joint and several liability cannot be imposed on
Dana, Ms. Ball argues.

Instead, there is a reasonable basis for apportioning the
contamination at the site to the parties that are actually
responsible for contributing to such contamination.

Under the terms of Comprehensive Environmental Response,
Compensation and Liability Act of 1980, even where a party
might, in theory, be subject to joint and several liability, a
court may "allocate response costs among liable parties using
such equitable factors as the court determines are appropriate."

Ms. Ball asserts that because the Debtors did not dispose of
hazardous substances when they were the owner of a portion of
the CDE Site, and did not direct or control, or have knowledge
of the release by, any other parties, principles of equity
dictate that the Debtors should not be allocated any material
liability for cleanup of the CDE Site.

Accordingly, the Debtors ask the Court to disallow the Claims.

             EPA Wants Response Deadline Extended

The U.S. Department of Justice, through its counsel Russell M.
Yankwitt, Esq., asked Judge Lifland to extend the response
deadline to the Debtors' estimation request until September 28,
2007.  The Justice Department also asked for an adjournment of
the September 19 Hearing.

Mr. Yankwitt said that estimation of the claims will require the
determination of factually complex non-bankruptcy issues in the
context of the Federal agencies claims.  Mr. Yankwitt adds that
the Government is legally obligated to move to withdraw the
reference, and would file the motion as promptly as possible to
minimize any disruption of the bankruptcy proceeding, and the
matter would then moot the Estimation Motion.

Mr. Yankwitt adds that the extension will allow the different
Federal agencies to coordinate with each other.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Inks Settlement Pact w/ Retiree Committee on Benefits
----------------------------------------------------------------
Stahl Cowen Crowley LLC, of Chicago, Illinois, counsel to the
Chapter 11 Dana Retiree Committee, disclosed that Dana
Corporation, Inc. has entered into a settlement agreement with
the Dana Retiree committee over the retiree's rights to
benefits.

Dana Corp. and its debtor-affiliates had sought approval of the
U.S. Bankruptcy Court the Southern District of New York to
terminate all of its retirees' rights to health benefits.

In May 2007, Judge Lifland approved the stipulation between the
Debtors and the Official Committee of Non-Union Retirees.

The stipulation provided, among other things, for the
termination of the non-union pension benefits effective as of
July 1, 2007, in consideration for the payment of US$78,800,000
to fund a Voluntary Employees' Benefit Association trust for the
Non-Union Retirees.

As a result of the settlement Stahl Cowen Crowley negotiated on
behalf of Dana's non-union retirees, Dana will:

    (1) pay for retiree benefits for non-union retirees through
        July 1, 2007;

    (2) contribute US$78 million dollars to fund a trust be used
        for providing retiree benefits

    (3) pay for the cost of setting up the trust; and

    (4) work with the Retiree Committee to explore offering life
        insurance conversions (with the cost being paid by any
        retiree seeking conversion) when and if the underlying
        policies allow for conversions.

The Retiree Committee will, through the trust, create new health
insurance plans for the retirees to move into, with the trust
funds to be used to pay for a portion of the premiums of such
plans through the remainder of the retirees' lives.

Stahl Cowen Crowley, led by Jon Cohen, Esq. and Trent Cornell,
Esq., was selected to serve as counsel for the Non-Union Retiree
Committee of Dana and 40 of its subsidiaries in September 2006.

Mr. Cohen and Mr. Cornell previously served as lead counsel to
the retiree committees in FV Steel, Inc. (Keystone) and
Intermet, Inc. and their debtor affiliates.  Stahl Cowen Crowley
has extensive experience representing Chapter 11 retiree
committees, having represented more Chapter 11 retiree
committees than any other firm in the country.

For further information about this matter please contact Jon
Cohen or Trent Cornell at (312) 641-0060.

                       About Stahl Cowen

Stahl Cowen Crowley LLC is a Chicago-based law firm focused on
serving the needs of business enterprises in today's dynamic
marketplace.  The firm provides sophisticated, yet cost
effective legal counsel to organizations ranging from the
entrepreneurial to large, publicly traded corporations and
municipalities.  Practice areas include Bankruptcy &
Restructuring, Corporate, Mergers & Acquisitions, Litigation,
Local Government, Real Estate and Trusts & Estates.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


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


AKBULAK JSC: Almaty Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceeding against JSC AKBULAK (RNN
090800000479) on Aug. 14.


BAK-ER LLP: Proof of Claim Deadline Slated for Oct. 26
------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Company Bak-Er (RNN 091700000821).

Creditors have until Oct. 26 to submit written proofs of claims
to:

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


DOSTYK LLP: Creditors Must File Claims Oct. 26
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan declared LLP Dostyk insolvent on Aug. 7.

Creditors have until Oct. 26 to submit written proofs of claims
to:

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


KOSHKAR-ATA LLP: Claims Filing Period Ends Oct. 26
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Koshkar-Ata insolvent.

Creditors have until Oct. 26 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


MADINA LLP: Creditors' Claims Due on October 26
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan declared LLP Madina insolvent on Aug. 3.

Creditors have until Oct. 26 to submit written proofs of claims
to:

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


RAMAZAN OJSC: Almaty Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceeding against OJSC Manufacturing-
Finance Group Ramazan on Aug. 20.

Creditors may submit written proofs of claims to:

         OJSC Manufacturing-Finance Group Ramazan
         Kyz Jibek Str. 113
         Micro District Han-Tengri
         Almaty
         Kazakhstan


SHVARTSKOPF & HENKEL: Claims Registration Ends Oct. 26
------------------------------------------------------
Representation of CJSC Shvartskopf & Henkel in Republic of
Kazakhstan has declared its closure.  Creditors have until
Oct. 26 to submit written proofs of claims to:

         Representation of CJSC Shvartskopf & Henkel
         Timiryazev Str. 1a
         Almaty
         Kazakhstan
         Tel: 8 (3272) 44-33-99


TAUZAR LLP: Creditors Must File Claims October 26
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tauzar insolvent.

Creditors have until Oct. 26 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


VALUT-TRANSIT FUND: Claims Filing Period Ends Oct. 26
-----------------------------------------------------
JSC Saving-Pensionary Fund Valut-Transit Fund has declared
insolvency.  Creditors have until Oct. 26 to submit written
proofs of claims to:

         JSC Saving-Pensionary Fund
         Valut-Transit Fund
         Jyrau ave. 49
         Karaganda
         Kazakhstan


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


DELIGHT LLC: Creditors Must File Claims by October 26
-----------------------------------------------------
LLC Delight has declared insolvency.  Creditors have until
Oct. 26 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 40-31-85.


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


MILLICOM INT'L: Morgan Joseph Reaffirms Buy Rating on Firm
----------------------------------------------------------
Morgan Joseph analysts have reaffirmed their "buy" rating on
Millicom International Cellular SA's shares, Newratings.com
reports.

Newratings.com relates that the target price for Millicom
International's shares was set at US$104.

The analysts said in a research note that "at the current
levels," Millicom International would be able to buy back up to
32% of its total equity base "in the vent that it completely
uses its new leverage."

Given that Millicom International's Ghana operations "are now
back on track and price cuts are resulting in a rise in
subscriber volumes," the firm's margins would improve,
Newratings.com notes, citing the analysts.

Africa is Millicom International's "riskiest market," Morgan
Joseph told Newratings.com.  However, Millicom International has
achieved remarkable revenue of 46% and EBITDA growth of 15% in
the second quarter 2007.

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
=====================


E-MAC NL 2004-II: Fitch Affirms Class E Notes at BB+
----------------------------------------------------
Fitch Ratings has rated several tranches from the E-MAC NL
transactions, following a review of the performance of these
deals.

The number of upgrades is reflective of the continued strong
performance of the EMAC NL transactions throughout 2007.  The
more seasoned deals have experienced a healthy growth in credit
enhancement due to increasing payment rates.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, generally remain low in Dutch
transactions.  The E-MAC NL series transactions, originated by
GMAC RFC Nederland B.V., display higher levels of arrears
compared to other Dutch transactions due to unseasoned
portfolios, loans averaging five months since origination, and
the inclusion of the construction loans in the portfolio at
closing.

E-MAC NL series transactions have been paying down their class A
notes sequentially.  However, with transactions seasoning, they
are reaching the point where they will begin amortizing on a
pro-rata basis.  Where this occurs, it will limit further growth
in credit enhancement.

The rating actions are:

E-MAC NL 2004-II B.V.:

   -- Class A (ISIN XS0207208165): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0207209569): upgraded to 'A+' from 'A';
      Outlook revised to Positive from Stable

   -- Class C (ISIN XS0207210906): affirmed at 'BBB+'; Outlook
      revised to Positive from Stable

   -- Class D (ISIN XS0207211037): affirmed at 'BBB'; Outlook
      revised to Positive from Stable

   -- Class E (ISIN XS0207264077): affirmed at 'BB+'; Outlook
      Stable

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


E-MAC NL 2005-I: Fitch Rates Class E Notes at BB+
-------------------------------------------------
Fitch Ratings has rated several tranches from the E-MAC NL
transactions, following a review of the performance of these
deals.

The number of upgrades is reflective of the continued strong
performance of the EMAC NL transactions throughout 2007.  The
more seasoned deals have experienced a healthy growth in credit
enhancement due to increasing payment rates.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, generally remain low in Dutch
transactions.  The E-MAC NL series transactions, originated by
GMAC RFC Nederland B.V., display higher levels of arrears
compared to other Dutch transactions due to unseasoned
portfolios, loans averaging five months since origination, and
the inclusion of the construction loans in the portfolio at
closing.

E-MAC NL series transactions have been paying down their class A
notes sequentially.  However, with transactions seasoning, they
are reaching the point where they will begin amortizing on a
pro-rata basis.  Where this occurs, it will limit further growth
in credit enhancement.

The rating actions are:

E-MAC NL 2005-I B.V.:

   -- Class A (ISIN XS0216513118): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0216513548): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0216513977): affirmed at 'BBB+'; Outlook
      Stable

   -- Class D (ISIN XS0216514199): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0216707314): affirmed at 'BB+'; Outlook
      Stable

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


E-MAC NL 2005-III: Fitch Rates Class E Notes at BB+
---------------------------------------------------
Fitch Ratings has rated several tranches from the E-MAC NL
transactions, following a review of the performance of these
deals.

The number of upgrades is reflective of the continued strong
performance of the EMAC NL transactions throughout 2007.  The
more seasoned deals have experienced a healthy growth in credit
enhancement due to increasing payment rates.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, generally remain low in Dutch
transactions.  The E-MAC NL series transactions, originated by
GMAC RFC Nederland B.V., display higher levels of arrears
compared to other Dutch transactions due to unseasoned
portfolios, loans averaging five months since origination, and
the inclusion of the construction loans in the portfolio at
closing.

E-MAC NL series transactions have been paying down their class A
notes sequentially.  However, with transactions seasoning, they
are reaching the point where they will begin amortizing on a
pro-rata basis.  Where this occurs, it will limit further growth
in credit enhancement.

The rating actions are:

E-MAC NL 2005-III B.V.:

   -- Class A (ISIN XS0236785431): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0236785860): affirmed at 'AA-'; Outlook
      Stable

   -- Class C (ISIN XS0236786082): affirmed at 'A-'; Outlook
      Stable

   -- Class D (ISIN XS0236786595): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0236787056): affirmed at 'BB+'; Outlook
      Stable

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


E-MAC NL 2006-II: Fitch Affirms Class E Notes at BB
---------------------------------------------------
Fitch Ratings has rated several tranches from the E-MAC NL
transactions, following a review of the performance of these
deals.

The number of upgrades is reflective of the continued strong
performance of the EMAC NL transactions throughout 2007.  The
more seasoned deals have experienced a healthy growth in credit
enhancement due to increasing payment rates.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, generally remain low in Dutch
transactions.  The E-MAC NL series transactions, originated by
GMAC RFC Nederland B.V., display higher levels of arrears
compared to other Dutch transactions due to unseasoned
portfolios, loans averaging five months since origination, and
the inclusion of the construction loans in the portfolio at
closing.

E-MAC NL series transactions have been paying down their class A
notes sequentially.  However, with transactions seasoning, they
are reaching the point where they will begin amortizing on a
pro-rata basis.  Where this occurs, it will limit further growth
in credit enhancement.

The rating actions are:

E-MAC NL 2006-II B.V.:

   -- Class A (ISIN XS0255992413): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0255993577): affirmed at 'AA-'; Outlook
      Stable

   -- Class C (ISIN XS0255995358): affirmed at 'A-'; Outlook
      Stable

   -- Class D (ISIN XS0255996166): affirmed at 'BBB-'; Outlook
      Stable

   -- Class E (ISIN XS0256040162): affirmed at 'BB'; Outlook
      Stable

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


E-MAC NL 2006-III: Fitch Rates Class E Notes at BB
--------------------------------------------------
Fitch Ratings has rated several tranches from the E-MAC NL
transactions, following a review of the performance of these
deals.

The number of upgrades is reflective of the continued strong
performance of the EMAC NL transactions throughout 2007.  The
more seasoned deals have experienced a healthy growth in credit
enhancement due to increasing payment rates.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, generally remain low in Dutch
transactions.  The E-MAC NL series transactions, originated by
GMAC RFC Nederland B.V., display higher levels of arrears
compared to other Dutch transactions due to unseasoned
portfolios, loans averaging five months since origination, and
the inclusion of the construction loans in the portfolio at
closing.

E-MAC NL series transactions have been paying down their class A
notes sequentially.  However, with transactions seasoning, they
are reaching the point where they will begin amortizing on a
pro-rata basis.  Where this occurs, it will limit further growth
in credit enhancement.

The rating actions are:

E-MAC Program Compartment NL 2006-III B.V.:

   -- Class A1 (ISIN XS0274609170): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0274609923): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0274610855): affirmed at 'AA-'; Outlook
      Stable

   -- Class C (ISIN XS0274611317): affirmed at 'A-'; Outlook
      Stable

   -- Class D (ISIN XS0274611747): affirmed at 'BBB-'; Outlook
      Stable

   -- Class E (ISIN XS0275099322): affirmed at 'BB'; Outlook
      Stable

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


GLOBAL POWER: Agrees to Sell China Boiler Unit to AE&E Group
------------------------------------------------------------
Global Power Equipment Group Inc. has entered into an agreement
with AE&E Group GmbH, a subsidiary of Austrian Energy &
Environment AG, for the sale of Global Power's China boiler
business unit, located in Nanjing, China.  The sale of the China
boiler business consists of Global Power Asia Limited, a Hong
Kong company, including GPAL's 90% ownership interest in Deltak
Power Equipment (China) Co. Ltd.  Upon completion of the
transaction, Global Power expects to realize a pre-tax gain of
approximately US$10.2 million for financial reporting purposes.
The transaction is subject to the approval of the United States
Bankruptcy Court for the District of Delaware, which is
presiding over the chapter 11 cases of Global Power and its
domestic subsidiaries.  The transaction is expected to close on
or about Oct. 10, 2007, after the satisfaction of certain
additional conditions to closing.

"We have valued our business relationship with our associates in
Nanjing and wish AE&E great success," John Matheson, President
and Chief Executive Officer of Global Power, said.  "We also
look forward to continuing and expanding our existing business
relationships with our Shanghai company, Braden Power Equipment
(Shanghai) Co. Ltd., and throughout China with our ongoing China
business activities."

Acquired in the summer of 2004, DPEC primarily supported the
large heat recovery steam generator product line of Global Power
as a manufacturing facility.  The poor performance of the HRSG
line was the primary factor behind Global Power's decision to
commence chapter 11 proceedings in September 2006.  Immediately
prior to filing the chapter 11 proceedings, the company made the
strategic decision to wind down its current large HRSG contracts
and discontinue the operations related to large HRSG's.  Shortly
thereafter, Global Power classified DPEC as a non-core asset and
began marketing the China boiler business unit for sale.  Both
GPAL and DPEC are non-debtor affiliates of Global Power and not
part of the U.S. chapter 11 proceedings.

Global Power was advised in the transaction by Business
Development Asia LLC.

                        About Global Power

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

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

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

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


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


TIMKEN CO: Inks US$200 Million Purdy Acquisition Agreement
----------------------------------------------------------
The Timken Company has entered into an agreement to acquire the
assets of The Purdy Corp. for US$200 million.  The acquisition
will further expand the growing range of power-transmission
products and capabilities Timken provides to the aerospace
market and is expected to be accretive to earnings during the
first year of ownership.

The Purdy Corp.'s expertise includes design, manufacturing,
testing, overhaul and repair of transmissions, gears, rotor-head
systems and other high-complexity components for helicopter and
fixed-wing aircraft platforms.  Founded in 1946, Purdy is based
in Manchester, Connecticut, employs more than 200 people and had
2006 sales of approximately US$87 million.

"The combination of Purdy's technology, manufacturing expertise
and strong customer base make it an excellent fit with Timken's
growing aerospace business," J. Ron Menning, president -
aerospace and defense, said.  "As we accelerate our growth in
this strategic market, we plan to add capacity and capabilities
to expand the range of power-transmission products and services
we can offer to create value for Timken's global customers."

The transaction is subject to customary closing conditions,
including expiration or termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.  Timken expects the transaction to close in the fourth
quarter of 2007.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                         *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  Moody's said the outlook was stable.


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


AGRICULTURAL CHEMISTRY: Creditors Must File Claims by Oct. 25
-------------------------------------------------------------
Creditors of OJSC Agricultural Chemistry have until Oct. 25 to
submit proofs of claim to:

         M. Fazylov
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-3122/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Chemistry
         Kiryuskino
         Buguruslanskiy
         Orenburg
         Russia


ARKTIKA-YUNI CJSC: Moscow Bankruptcy Hearing Slated for Dec. 12
---------------------------------------------------------------
The Arbitration Court of Moscow will convene on Dec. 12 to hear
the bankruptcy supervision procedure on CJSC Arktika-Yuni.
The case is docketed under Case No. A40-32558/07-71-83 B.

The Temporary Insolvency Manager is:

         N. Zaytsev
         Leningradskoe Shosse 15-224
         125171 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Arktika-Yuni
         Building 2
         Novikova-Priboya Quae 3
         123103 Moscow
         Russia


BUILDER LLC: Creditors Must File Claims by Oct. 25
--------------------------------------------------
Creditors of LLC Builder have until Oct. 25 to submit proofs of
claim to:

         T. Romanova
         Insolvency Manager
         9th January Str. 34
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-5231/07-14/7GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Builder
         Perevolotskiy
         Orenburg
         Russia


CONCERN OIL-GAS-STROY: Creditors Must File Claims by Sept. 25
-------------------------------------------------------------
Creditors of CJSC Concern Oil-Gas-Story have until Sept. 25 to
submit proofs of claim to:

         V. Goryachkin
         Temporary Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
Nov. 6 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A40-26867/07-95-95 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Concern Oil-Gas-Story
         Zhitnaya Str.14
         Moscow
         Russia


CROCUS CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya commenced
bankruptcy supervision procedure on CJSC Crocus.  The case is
docketed under Case No. A20-981/2007.

The Temporary Insolvency Manager is:

         Kh. Kardanov
         Post User Box 180
         Baysultanova Str. 2
         Nalchik
         Kabardino-Balkariya
         Russia

The Debtor can be reached at:

         CJSC Crocus
         Borontova Str. 99
         Prokhlanyj
         361000 Kabardino-Balkariya
         Russia


DRUZHBA OJSC: Creditors Must File Claims by Oct. 25
---------------------------------------------------
Creditors of OJSC Druzhba have until Oct. 25 to submit proofs of
claim to:

         D. Badmazhapova
         Insolvency Manager
         Apt. 36
         Klyuchevskaya Str. 26
         Ulan-Ude
         670013 Buryatiya
         Russia

The Arbitration Court of Buryatiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A10-916/07.

The Debtor can be reached at:

         OJSC Druzhba
         Tsentralnaya Str. 2
         Oktyabrskiy
         Kyakhtinskiy
         Buryatiya
         Russia


KHANKAYSKIY BREAD: Creditors Must File Claims by Oct. 25
--------------------------------------------------------
Creditors of LLC Khankayskiy Bread have until Oct. 25 to submit
proofs of claim to:

         G. Baturin
         Insolvency Manager
         Post User Box 167
         690106 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A51-3898, 2007 15-40b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Khankayskiy Bread
         50 Let VLKSM
         Kamen-Rybolov
         Khankayskiy
         Primorye
         Russia


MOSCOW EXPERIMENTAL: Bankruptcy Hearing Slated for Nov. 27
----------------------------------------------------------
The Arbitration Court of Moscow will convene on Nov. 27 to hear
the bankruptcy supervision procedure on CJSC Moscow Experimental
Factory of Sport Shoes.  The case is docketed under Case No.
A40-30460/07-95-102 B.

The Temporary Insolvency Manager is:

         N. Zaytsev
         Leningradskoe Shosse 15-224
         125171 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Moscow Experimental Factory of Sport Shoes
         Serpukhovskoy Per. 7
         113093 Moscow
         Russia


NOMOS BANK: PPF Group to Acquire 5% Stake Under MOU
---------------------------------------------------
PPF Group is to acquire a 5% stake in the Russian Nomos Bank in
accordance with the Memorandum of Understanding signed on
May 17, 2007, and based on the mutually-agreed timetable.

This initial acquisition is to be undertaken through Russia
Finance Corporation B.V., following the decision of the Russian
Federal Anti-Monopoly Service of Aug. 31, 2007, to approve the
acquisition of 100% stake in Nomos by Russia Finance Corporation
B.V., which is controlled by PPF.

Both PPF and shareholders of Nomos expect the whole transaction
to be completed during the fourth quarter of 2007.  The
transaction is subject to the approval of the Central Bank of
Russia.

As previously reported in the TCR-Europe on May 24, 2007, Nomos
postponed its planned initial public offering, initially
scheduled before 2008, to set up a banking group with PPF.

PPF and shareholders of Nomos have signed a Memorandum of
Understanding, with the aim of creating a strategic partnership.
PPF and shareholders of Nomos are planning to join forces to
create one of the largest universal banking groups in Russia.

Both Home Credit and Finance Bank and Nomos will contribute to a
new holding company, mutually owned by the PPF and the Nomos
shareholders.  The banks will continue to operate their
businesses separately and under their current brand names.  A
full merger is not being discussed at present.  The stakes in
the new holding company will be determined in accordance with
the agreed principles and on the basis of the audited figures of
both banks for the first half 2007.

                        About PPF Group

Headquartered in Prague, Czech Republic, PPF Group N.V. provides
retail financial services, primarily insurance, and consumer
loans. PPF manages assets worth more than CZK220 billion.  In
addition to the Czech Republic, the group is also active in
Slovakia, the Russian Federation, Kazakhstan and a number of
other countries through its member companies.

                         About Nomos-Bank

Headquartered in Moscow, Russia, Nomos-Bank --
http://ib.nomos.ru/-- provides a range of corporate and retail
banking services and engages in securities and foreign exchange
trading, trade and export credit agency finance, precious metals
operations, investment banking and leasing.

As at July 31, 2006, Nomos-Bank had RUR87.91 billion in total
assets, RUR80.45 billion in total liabilities and RUR7.46
billion in shareholder equity.

                            *   *   *

As reported in the TCR-Europe on May 28, 2007, Fitch Ratings has
affirmed Russia-based Nomos Bank's ratings at Issuer Default
'B+', Short-term 'B', Individual 'D', Support '5' and National
Long-term 'A-'.  Fitch said The Outlooks for the Issuer Default
and National Long-term ratings are Stable.

Nomos carries a Ba3 Corporate Family Rating and D- Bank
Financial Strength Rating from Moody's.  Nomos-Bank's US$150-
million 10-year subordinated eurobonds also carry a Ba1 rating
from Moody's.


NORTH-WEST ALLIANCE: Creditors Must File Claims by Oct. 25
----------------------------------------------------------
Creditors of OJSC North-West Alliance have until Oct. 25 to
submit proofs of claim to:

         M. Kriss
         Insolvency Manager
         Post User Box 224
         191119 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-13583/1996.

The Court is located at:

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

The Debtor can be reached at:

         M. Kriss
         Insolvency Manager
         Post User Box 224
         191119 St. Petersburg
         Russia


NUTRINVESTHOLDING OJSC: S&P Puts B Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit and 'ruA-' Russia national scale ratings to
Russia-based baby food and dairy producer Nutrinvestholding
OJSC.  The outlook is positive.

"The ratings on Nutritek are constrained by intense competition,
the group's limited presence in the important Moscow and St.
Petersburg markets, and its aggressive expansion policy," said
Standard & Poor's credit analyst Anton Geyze.  "A narrow
production base compared with international producers and
negative free operating cash flow generation also limit the
ratings."

"These factors are mitigated by the rapidly growing baby food
market in Russia, the company's position as Russia's largest
domestic baby food manufacturer with a secured raw milk supply,
and its balanced financial policy," Mr. Geyze added.

Standard & Poor's expects that Nutritek will improve its debt
maturity profile in the near future by refinancing its US$100
million credit-linked notes.  S&P also expects the company to
sustain its current leverage.  The success of Nutritek's foreign
expansion, together with its ability to protect and grow
domestic market share by focusing on value-added products will
have a major influence on future credit quality.  S&P expects
Nutritek's profitability and cash flow generation to continue to
improve, backed by a rising contribution from baby food as a
proportion of total sales.

An unexpected decline in the company's operating performance or
market position in key business segments or unforeseen
aggressiveness in its financial policy could have a negative
effect on the ratings or outlook.


PETROVSKOE LLC: Creditors Must File Claims by Sept. 25
------------------------------------------------------
Creditors of LLC Petrovskoe have until Sept. 25 to submit proofs
of claim to:

         V. Skatov
         Insolvency Manager
         Apartment 25
         Proletarskaya Str. 27
         Morashansk
         393950 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3397/07-10.

The Debtor can be reached at:

         LLC Petrovskoe
         Morshanskij
         Tambov
         Russia


PROMSVYAZBANK: Fitch Affirms B+ IDR; Changes Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has changed the Outlook on Russia-based
Promsvyazbank's Long-term Issuer Default Rating to Positive from
Stable.  The bank's ratings are affirmed at Long-term IDR 'B+',
Short-term IDR 'B', Individual 'D' and Support '5'.

"The Positive Outlook reflects a continued broadening of the
bank's customer franchise and regional expansion," says Dmitri
Angarov, Associate Director of Fitch's Financial Institutions
team in Moscow.  "We also take a positive view of PSB's track-
record of well-managed growth reflected in low loan impairment
and healthy bottom-line performance."

At the same time, the ratings are still constrained by high
borrower concentration, which puts pressure on capitalization
and risks inherent in the bank's continuous rapid loan growth.

Further successful franchise development, leading to declining
loan book concentrations, if supported by adequate
capitalization, may put upward pressure on the ratings.
Downward pressure on the ratings might arise from capital
tightening resulting from either asset quality problems or
uncontrolled loan book growth.

PSB is one of the largest Russian privately held banks, and is
majority-owned by the Ananiev brothers (84.7%), who are well-
connected businessmen.  Commerzbank AG holds 15.3% of voting
shares; however, Fitch has been informed that it is not involved
in operational or strategic management of the bank.  PSB's
current customer franchise focuses on large- and mid-sized
corporate clients and their workforce, which it serves through a
network of 150+ outlets in more than 30 of Russia's largest
regions.  The bank's current strategic focus envisages further
regional diversification and franchise expansion into the retail
and SME segments.


RED OCTOBER: Creditors Must File Claims by Sept. 25
---------------------------------------------------
Creditors of OJSC Factory Red October (TIN 4212006650) have
until Sept. 25 to submit proofs of claim to:

         A. Plotnikov
         Insolvency Manager
         Krasnoarmeyskaya Str. 50a-6
         650010 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A27-5569/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Factory Red October
         Vesovoj Per. 4
         Leninsk-Kuznetskiy
         Kemerovo
         Russia


RENOVA HOLDING: S&P Holds BB Ratings on Successful Growth
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Renova Holding Ltd., a holding
company with most of its assets in Russia.  The outlook is
stable.  At the same time, Standard & Poor's assigned Renova a
Russia national scale rating of 'ruAA'.

"The rating is constrained by Renova's concentration on a few
large Russian assets, low share of liquid assets, and exposure
to its majority shareholder," said Standard & Poor's credit
analyst Elena Anankina.  "The ratings are, however, supported by
the group's successful growth and profitability in recent years,
on the back of Russia's economic development, and substantial
progress in improving portfolio diversification and liquidity."

Standard & Poor's expects that Renova will stick to its policy
of keeping net debt below 25% of portfolio value and interest
coverage by incoming dividends at 3x-5x.

Rating upside will largely depend on the extent of the expected
gradual increase in Renova's portfolio diversity and liquidity
and the general development of the Russian economy, where the
company's investment focus is expected to stay.  The ratings
would come under pressure in the event of financial policy
slippages, or if Renova's portfolio incurs substantial losses.
S&P’s base-case scenario does not involve the sale of the
group's core holdings and subsequent reinvestment of proceeds.


ROSNEFT OIL: Denies Plan to Acquire Rival Oil Firms
---------------------------------------------------
OAO Rosneft Oil Co. denies holding talks to acquire smaller
rivals Surgutheftegaz JSC and OAO Russneft Oil Co., Reuters
reports citing Chief Financial Officer Peter O'Brien.

Mr. O'Brien, however, told Reuters that Rosneft may acquire
refineries at Russia's Bashkirian region once the assets are
made available for sale.

The chief financial officer further told Reuters that the
company is currently integrating the assets it acquired for the
past six months.

Mr. O'Brien also dismissed rumors that that Rosneft might become
a vehicle to consolidate Russian oil assets, Reuters relates.

                          About Rosneft

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

                            *   *   *

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


ROSNEFT OIL: May Not Renew Supply Deal with Sinopec After 2010
--------------------------------------------------------------
OAO Rosneft Oil Co. warned it will not renew its oil supply deal
with China Petroleum & Chemical Corp. unless the Chinese oil
group offers better terms, Reuters reports.

"The current contract we have is really not competitive with
other netback options," Rosneft chief financial officer Peter
O’Brian was quoted by Reuters.  "We will not extend it as such
after 2010."

The 48.4-million ton oil supply contract gives Sinopec discounts
to the market price, Reuters relates.  Rosneft used the contract
to guarantee a US$6 billion loan used to buy out Yuganskneftegaz
in 2004.  The contract provides for shipping four million tons
in 2005 and 8.88 million tons each following year until and
through 2010.

                          About Rosneft

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

                            *   *   *

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


RZHAVSKIE SEEDS: Creditors Must File Claims by Oct. 25
------------------------------------------------------
Creditors of OJSC Rzhavskie Seeds have until Oct. 25 to submit
proofs of claim to:

         V. Smolgovskiy
         Insolvency Manager
         1st Suvorovskiy Per. 67
         305040 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-7825/06 g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Rzhavskie Seeds
         Pristenskiy
         Kursk
         Russia


SEVERSTAL OAO: Plans US$10 Billion Global Investment
----------------------------------------------------
OAO Severstal has earmarked US$10 billion for investments in
Russia and abroad, Russell Hotten writes for The Telegraph.

The Telegraph suggests that around US$5 billion of the amount
would be invested in Russia, where there is high demand for
metals following the government's US$38 billion infrastructure
plan.

Severstal also plans to invest in the U.S. and Italy, The
Telegraph adds.

Severstal may also hike its holdings in gold mining firm Celtic
Resources, 22% of which was acquired by the company in August as
part of its plan to diversify into gold, The Telegraph suggests,
adding that the company had acquired a license in Siberia to
mine the metal.

"We see unrealized potential in gold mining in Russia," CEO
Severstal Alexei Mordashov told The Telegraph.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                            *   *   *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

Moody's also upgraded rating for the Loan Participation Notes
totaling US$700 million from B1 to Ba2.  The outlook on all
ratings is stable.

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


SIBERIAN CEDAR: Creditors Must File Claims by Sept. 25
------------------------------------------------------
Creditors of LLC Siberian Cedar (TIN 3826003681)have until
Sept. 25 to submit proofs of claim to:

         O. Lukina
         Temporary Insolvency Manager
         Post User Box 156
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene on Jan. 23, 2008
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A19-10341/07-60.

The Court is located at:

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

The Debtor can be reached at:

         LLC Siberian Cedar
         Verkhnyaya Oka
         Ziminskiy
         Irkutsk
         Russia


STROY-KOMLEKS CJSC: Creditors Must File Claims by Sept. 25
----------------------------------------------------------
Creditors of CJSC Stroy-Komleks have until Sept. 25 to submit
proofs of claim to:

         E. Bogdanov
         Insolvency Manager
         Chkalova Str. 21
         390029 Ryazan
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A76-8256/2007-36-88.


The Court is located at:

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

The Debtor can be reached at:

         CJSC Stroy-Komleks
         2nd Paveletskaya Str. 18
         454047 Chelyabinsk
         Russia


TNK-BP HOLDING: Extends Kovykta Stake Sale to December 1
--------------------------------------------------------
TNK-BP Holding Ltd. extended until Dec. 1, 2007, the deadline to
complete the sale of its 62.9% stake in OAO Rusia Petroleum
unit, holder of the operating license for the Kovykta gas field,
to OAO Gazprom, RIA Novosti reports.

As reported in the TCR-Europe on June 26, 2007, TNK-BP had until
Sept. 20, 2007, to sell its Rusia Petroleum stake and a 50%
holding in East Siberia Gas Co. to Gazprom for a price
consideration of between US$600 million and US$900 million.

Gazprom told RIA Novosti that the deadline was extended due to
"the high volume of work evaluating the assets and organizing
the transactions."

Rusia Petroleum is owned by TNK-BP (63.9%), Interros (25.82%),
and the Irkutsk regional administration (11.24%).

Under the deal signed in June 2007, TNK-BP may reacquire 25%
plus one stake in Rusia Petroleum within a year in exchange for
assets that interests Gazprom.

As previously reported, Gazprom is particularly interested in
TNK-BP’s electric stations in Great Britain and Spain.  Gazprom,
the source added, is also interested in gaining contracts for
supplying liquefied natural gas to the U.S.  The fuel firms, RIA
Novosti relates, also agreed to create a US$3 billion joint
venture that would engage in oil and gas projects in Russia and
abroad.

The TCR-Europe reported on June 6, 2007, that TNK-BP was trying
to sell part of its stake in Rusia Petroleum to Gazprom in an
effort to prevent a license revocation.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long-
term foreign and local currency ratings and B -short-term
foreign and local currency ratings from Standard & Poor's.


* Fitch Puts BB Currency Ratings on Krasnodar's Growing Economy
---------------------------------------------------------------
Fitch Ratings has assigned the Russian Krasnodar region Long-
term foreign and local currency 'BB' ratings and a Short-term
foreign currency 'B' rating.  Fitch also assigned it a National
Long-term 'AA-(rus)' rating.  All the rating Outlooks are
Stable.

The ratings reflect the region's well-diversified and growing
economy, stable growth in tax revenue, strong budgetary
performance and low debt burden.  However, the ratings also
factor in an extensive public sector, which includes public
companies and the region's shareholdings in private companies,
increasing rigidity of budget expenditure and a short track
record of stable institutional frameworks of Russian regions in
general.

The Stable Outlook reflects Fitch's expectation that investment-
driven economic growth will support revenue growth, allowing the
region to compensate for increasing expenditures and maintain an
operating balance at the high current level.  Fitch expects the
debt burden to remain low.

Krasnodar region is among the top-ten Russian regions in terms
of nominal GRP volume.  The region's economy grew at a higher
than an average annual rate for Russian Federation regions
during 2004-2006.  Fitch expects that the regional economy will
be boosted by several federal investment programs, namely Sochi-
2014 Olympic Games preparation and development of recreation
zones.

The region demonstrated strong budgetary performance with a
current balance average at 17.3% of current revenue over the
last three years, fueled by a significant increase in the
region's tax revenue.  The region's total debt burden (direct
risk and guarantees) is very low, accounting for just 2.5% of
current revenue at end-2006.  The region plans to issue a RUB1.5
billion bond issue in late 2007, which will increase overall
debt maturity.  However, total debt burden will remain moderate.

The region's broad public sector is rather extensive. At the
beginning of 2007, it included 213 public companies.
Furthermore, the regional government controls 100% of 60
companies, more than 50% in 28 companies, and owns minority
shares in a further 65 companies.  Despite formal financial
independence, the large number of public companies and
shareholdings presents contingent risk for the stability of the
region's budget.  In addition, the region's fiscal
sustainability is limited by the short track record of a stable
institutional framework.  This situation leads to some
instability and lower level of predictability of the region's
fiscal and budgetary policy when compared to international
peers.

Krasnodar region is located in south of the European part of the
RF on the coast of Black Sea and Sea of Azov.  The region
contributed 2.1% of the RF's gross domestic product and
accounted for 3.6% of its population in 2006.  It is the third-
largest Russian regions, with over 5.1 million inhabitants.


* Fitch Lifts Nizhniy Novgorod's Rating to BB- on Sound Budget
--------------------------------------------------------------
Fitch Ratings has upgraded Russia's Nizhniy Novgorod Region's
Long-term foreign and local currency ratings to 'BB-' from 'B+'.
The Short-term foreign currency rating is affirmed at 'B'.
Fitch has also upgraded its National Long-term rating to
'A+(rus)' from 'A(rus)'.  The Outlooks on the Long-term foreign
and local currency and National Long-term ratings remain Stable.

The upgrade reflects the Region's strengthening budgetary
performance, caused by fast tax revenue growth and control over
operating expenditure, decreasing debt burden and improving debt
structure.  However, the ratings also factor in a high degree of
budget rigidity, as transfers of all kinds dominate the
operating spending, and low level of capital spending.  The
Stable Outlook reflects Fitch's expectation that economic growth
will drive revenue growth, allowing the region to consolidate
budgetary performance and keep its debt burden at a manageable
level.

The regional economy demonstrated rapid economic growth in the
past (7% yoy in real terms in 2006).  The Region's
administration expects acceleration of economic growth in 2007-
2009, averaging 8% yoy in real terms, which will underpin tax
base expansion and sound budget performance in the medium-term.
Tax revenue grew by 65% in 2006, which was affected by a fast-
growing economy and tax base expansion.  The Region's finances
benefited from operating revenue growth and tight control over
operating expenditure: the operating balance increased to 13.2%
of operating revenue in 2006 from 8.6% one year earlier.

The Region's debt burden is declining and debt structure is
gradually improving.  The direct debt of the region dropped by a
significant 27% in 2006, mostly through cutting short-term bank
lending.  Along with significantly higher operating revenue,
this decrease in direct debt reduced the direct debt/current
revenue ratio to 13% from 29% one year earlier.  The Region's
administration demonstrated a high quality of financial
management.

The regional budget is characterized by high expenditure
rigidity.  Staff expenses and transfers of all kinds amounted to
81% in 2006.  The Region's expenditure is dominated by transfers
to municipalities and socially-oriented spending.  Despite a
nominal increase in capital expenditure in 2005-2006 from 2002-
2004, the proportion of capital expenditure to total expenditure
remains low, further increasing budgetary rigidity and leaving
little room for expenditure cuts in the event of a revenue
decline.

Nizhniy Novgorod Region is located in the central part of the
Russian Federation, contributing 1.8% of the RF's gross domestic
product in 2005 and accounting for 2.4% of country's population.


===============
S L O V A K I A
===============


FIRST DATA: Extends Tender Offer Expiration Date to Sept. 24
------------------------------------------------------------
First Data Corporation has further extended the offer expiration
date and price determination date for its previously announced
tender offers in respect of its outstanding:

   -- 6-3/8% Notes due 2007 (CUSIP No. 32006YAG7),
   -- 3.375% Notes due 2008 (CUSIP No. 319963AG9),
   -- 5.8% Medium-Term Notes due 2008 (CUSIP No. 32006YAH5),
   -- 3.9% Notes due 2009 (CUSIP No. 319963AJ3),
   -- 4.5% Notes due 2010 (CUSIP No. 319963AL8),
   -- 5.625% Senior Notes due 2011 (CUSIP No. 319963AF1),
   -- 4.7% Notes due 2013 (CUSIP No. 319963AH7),
   -- 4.85% Notes due 2014 (CUSIP No. 319963AK0) and
   -- 4.95% Notes due 2015 (CUSIP No. 319963AM6).

The offer expiration date will now be 8:00 a.m., New York City
time, on Sept. 24, 2007, unless extended or earlier terminated.
As indicated in the Offer to Purchase, it is expected that the
offer expiration date will be extended as necessary to coincide
with the date that the Merger referred to below becomes
effective.  In addition, the company announced that the price
determination date will now be 2:00 p.m., New York City time, on
Sept. 19, 2007, unless extended or earlier terminated.

As of 5:00 p.m., New York City time, on Sept. 13, 2007, the
Company had received tenders in respect of the following
principal amounts of Notes:

6-3/8% Notes due 2007:         US$59.0 million (or approx. 69%)
3.375% Notes due 2008:         US$430.1 million (or approx. 86%)
5.8% Medium-Term Notes due 2008: US$26.7 mil. (or approx. 66%)
3.9% Notes due 2009:           US$87.0 million (or approx. 85%)
4.5% Notes due 2010:           US$135.2 million (or approx. 85%)
5.625% Senior Notes due 2011:  US$110.9 million (or approx. 70%)
4.7% Notes due 2013:           US$426.5 million (or approx. 95%)
4.85% Notes due 2014:          US$336.8 million (or approx. 98%)
4.95% Notes due 2015:          US$359.2 million (or approx. 97%)

The tender offers and the related consent solicitations relating
to the Notes are made upon the terms and conditions set forth in
the company's Offer to Purchase and Consent Solicitation
Statement dated Aug. 3, 2007, and the related Consent and Letter
of Transmittal, as amended.

First Data has retained Citigroup Global Markets Inc. to act as
the lead dealer manager for the tender offers and lead
solicitation agent for the consent solicitations, and they can
be contacted at 800-558-3745 (toll-free) or 212-723-6106
(collect).  First Data has also retained Credit Suisse
Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC
Securities (USA) Inc. and Lehman Brothers Inc. to act as co-
dealer managers for the tender offers and co-solicitation agents
for the consent solicitations.  Deutsche Bank Luxembourg SA has
been appointed Luxembourg Tender Agent for the Offers and may be
contacted at Deutsche Bank Luxembourg SA, Trust & Securities
Services, 2 BLD Konrad Adenauer, L-1115 Luxembourg or by
telephone at 00352-421-22-460 or by facsimile at 00352-421-22-
426. Requests for documentation may be directed to Global
Bondholder Services Corporation, the Information Agent, which
can be contacted at 212-430-3774 (for banks and brokers only) or
866-924-2200 (for all others toll-free).

                      About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.


FIRST DATA: Moody's Places B2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned to First Data Corporation
a B2 Corporate Family Rating and Ba3 rating to senior secured
credit facilities related to its acquisition by Kohlberg,
Kravis, Roberts & Co.  The company's existing senior unsecured
notes remain on review for downgrade, pending the acquisition's
closing.  The company is tendering these notes.  The rating
outlook for the new ratings is stable.  The ratings are subject
to Moody's review of final documentation.

The total transaction value is approximately US$29 billion,
including US$13 billion Term Loan B (44.6% of total LBO
financing sources), committed bridge financing for US$9 billion
debt instruments, US$1 billion Holdings senior PIK notes (3.4%),
and US$6.4 billion common equity contributed by equity sponsor
KKR & Co. (21.7%).

The B2 Corporate Family Rating is constrained by considerable
financial leverage pro forma for the buyout (pro forma debt to
EBITDA approximates 9) and reflects an expectation that credit
metrics, including free cash flow to debt, will remain weak for
at least eighteen months following the transaction's close
(anticipated before 2007 calendar year end).  The main factors
that help mitigate the high leverage, and support the B2
corporate family rating, are FDC's large size, service breadth,
liquidity, and leading market positions in the steadily growing
markets of electronic commerce and payment solutions for
financial institutions, merchants, and other organizations
worldwide.

The company, pro forma for the anticipated financial leverage of
the buyout, is weakly positioned in the B2 corporate family
rating category because of its high debt burden, including free
cash flow to debt of less than 1% and EBITDA less capital
expenditures interest coverage of about 1.1 (including PIK
interest) during the twelve months that follow the acquisition's
close.  The rating assumes that FDC's initiatives are underway
to improve its cost structure and exit its official check and
money order processing business (Integrated Payment Systems,
IPS).  The cost savings initiatives include efforts to reduce
corporate overhead spending, streamline business unit costs,
consolidate data and command centers, and capitalize on global
labor sourcing opportunities.  These initiatives are expected to
generate US$150 million of near-term savings by the end of 2008
and substantially more cost savings over time.

In terms of liquidity, the company is expected to have near full
availability on its US$2 billion senior secured revolver at
closing and will have over US$500 million of available cash on
hand.  The senior secured credit facilities have a debt to
EBITDA financial maintenance covenant, which Moody's views as
providing a substantial cushion, set at a ratio of 7.25 senior
debt to EBITDA, to be first tested on a quarterly basis for the
fourth quarter of 2008.  This test ratio then steps down by 0.25
each year thereafter to 6.0 at December 2013.  The company is
expected to generate at least modest free cash flow by the end
of 2008.

The Ba3 rating on the company's US$15 billion senior secured
credit facilities (US$2 billion revolver and US$13 billion term
loan), two notches above the Corporate Family Rating, reflects a
loss given default of LGD 2 (27%).  The credit facility is
secured by a first lien pledge of substantially all of the
domestic assets of the guarantor subsidiaries.

The stable rating outlook reflects Moody's expectation that the
company will achieve moderate organic revenue growth and EBITDA
improvement over the next 12-18 months.  Cash flow, financial
leverage, and interest coverage are expected to remain weak for
the rating category during this period.  Given the weak pro
forma credit metrics, a moderate decline in profitability could
put downward pressure on the ratings.  Downward ratings pressure
could also occur were Moody's to expect the company's free cash
flow to be negative on a sustained twelve month basis.  Weak
credit metrics make an upgrade unlikely in the near term.  Over
the intermediate term, the ratings could be upgraded were FDC to
achieve favorable revenue and profit growth, debt reduction, and
free cash flow to debt were to be sustained in the mid single
digits or higher.

Approximately US$15 billion new secured credit facilities rated.

These ratings are assigned:

-- Corporate Family Rating - B2

-- US$2 billion senior secured revolving credit facility
    (expires 2013) - Ba3, LGD2 (27%)

-- US$13 billion senior secured Term Loan B (due 2014) - Ba3,
    LGD2 (27%)

                       About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in Italy, New Zealand, the
Netherlands, Mexico, Slovakia, among others.  The company's
portfolio of services and solutions includes merchant
transaction processing services; credit, debit, private-label,
gift, payroll and other prepaid card offerings; fraud protection
and authentication solutions; receivables management solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.


FIRST DATA: Fitch Downgrades Issuer Default Rating to B+
--------------------------------------------------------
Upon conclusion of its review of First Data Corp.'s new capital
structure for the expected close of its leveraged buy-out
transaction with Kohlberg Kravis Roberts & Co.'s, Fitch Ratings
has taken these rating actions on First Data:

-- Long-term Issuer Default Rating downgraded to 'B+' from
    'BBB' and removed from Rating Watch Negative;

-- US$2 billion senior secured revolving credit facility due
    2013 rated 'BB/RR2';

-- US$13 billion senior secured term loan B due 2014 rated
    'BB/RR2'.

Fitch has also affirmed, removed from Rating Watch Negative and
subsequently withdrawn FDC's 'BBB' senior unsecured debt rating
as it is expected that these notes will be fully tendered upon
close.  Fitch has also affirmed and withdrawn FDC's 'F3' short-
term IDR and commercial paper ratings.  The Rating Outlook is
Stable.

The new 'B+' IDR and Stable Outlook reflect these
considerations:

-- FDC's substantially higher leverage and debt service
    requirements following the completion of the leveraged
    buyout with Fitch-estimated proforma leverage of
    approximately 9 times (total debt to operating EBITDA) and
    interest coverage (Operating EBITDA/total interest)
    slightly above 1 (cash interest coverage expected to be
    approximately 1.5) with minimal free cash flow;

-- Fitch believes the high profitability, stability, and cash
    flow generation ability of FDC's business in various
    economic cycles should enable the company to service its
    significant pro forma debt.

-- FDC's sufficient liquidity position with limited term loan
    amortization and no debt maturities until 2013;

-- Fitch expects that future FCF will be used to reduce debt
    although this may have no immediate effect on leverage due
    to approximately 15% of total debt financing consisting of
    PIK notes;

-- Fitch believes that FDC has opportunity to expand its
    profitability margin through planned cost reductions, which
    along with significant revenue growth opportunities
    internationally, should enable the company to increase
    EBITDA and free cash flow leading to reduced leverage over
    the next several years.

Rating strengths include:

-- A stable business model with low correlation to economic
    cycles as revenue is generally driven by the increasing
    volume of electronic payments rather than the dollar volume
    of overall consumer transactions;

-- A significant portion of revenue from long-term customer
    contracts with a high percentage of recurring revenue
    partially mitigates the risk of significant credit erosion;

-- Strong customer diversification with the largest customer
    in 2006 representing less than 3% of total revenue; and

-- Leading market share across its business units with a
    significant competitive advantage in scale and scope of
    operations.

Rating concerns include:

-- Limited financial flexibility due to an aggressive capital
    structure;

-- Reduced ability to invest, particularly through
    acquisitions, in further international expansion as well as
    new payment technologies which Fitch believes pose a
    longer-term competitive threat;

-- The potential for continued and increased pricing pressure
    in FDC's financial institutions segment which, due
    primarily to customer consolidation, faces on-going
    competition from customers choosing to in-source processing

-- Inherent execution risks in FDC's plans to consolidate
    payment processing platforms and data centers; and

-- A transition risk in bringing in a new outside Chief
    Executive Officer, Michael Capellas, post transaction
    close, who's management team will have to execute quickly
    and accurately given the company's limited financial
    flexibility.

Fitch may further downgrade FDC if:

-- FDC management does not execute on its data center
    consolidation plans and/or fails to improve the
    profitability of the company near-term via cost cuts;

-- There is a further increase in leverage beyond 2008 driven
    by incremental PIK interest exceeding debt redemption due
    to either a shortfall in FCF or alternative use of funds,
    such as for acquisitions.

Conversely, Fitch may consider positive rating actions if FDC:

-- Utilizes proceeds from potential asset sales or
    divestitures to redeem debt; or

-- Executes on projected cost savings on time which should
    drive increased FCF to fund further debt reduction.

Liquidity proforma for the close of the transaction is expected
to be adequate with approximately US$500 million in cash and
US$1.8 billion available under a US$2 billion senior secured
credit facility maturing in 2013.  Fitch expects FDC to generate
minimal free cash flow in the first year following the close of
the transaction.

Debt proforma for the close of the transaction is expected to be
approximately US$23 billion consisting of a US$13 billion senior
secured term loan B due 2014; US$6.5 billion drawn on a senior
unsecured 12-month bridge facility expiring approximately
September 2008; US$2.5 billion drawn on a senior subordinated
12-month bridge facility expiring approximately September 2008;
and US$1 billion of senior unsecured PIK notes due 2016 issued
at a holding company and structurally subordinated to all other
existing debt.  FDC has bank commitments in place that require
the bridge facilities to either be replaced or converted into
equivalent 8 year notes.  Approximately US$2.75 billion of the
senior unsecured debt is expected to be PIK notes including an
equivalent portion under the senior unsecured bridge facility.
Fitch expects to rate and assign recovery ratings to each of
these debt instruments once further clarity is provided
regarding the timing of issuance.

The senior secured debt facility is secured by FDC's equity
ownership in all material wholly owned subsidiaries (limited, in
the case of foreign subsidiaries, to 66% of the voting stock of
such subsidiaries) and substantially all present and future
tangible and intangible assets of FDC.  In addition, beginning
at the end of 2008, the bank facility carries a limitation on
senior secured debt of 7.25 EBITDA, which declines to 6 through
2013.  There are also limitations on dividends, sale of assets
and other customary covenants.

The 'RR2' Recovery Rating for FDC's bank facility reflects
Fitch's recovery expectations under a distressed scenario, as
well as Fitch's expectation that the enterprise value of FDC,
and hence recovery rates for its creditors, will be maximized in
a restructuring scenario (going concern) rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 5% discount to FDC's estimated operating
EBITDA of approximately US$2.4 billion for the LTM ended
June 30, 2007, which is equivalent to Fitch's estimate of total
interest expense, maintenance capital spending and rent expense
for FDC.  Fitch then applies a 6 distressed EBITDA multiple,
which considers FDC's current multiple and that a stress event
would likely lead to multiple contraction.  As is standard with
Fitch's recovery analysis, the revolver is fully drawn and cash
balances fully depleted to reflect a stress event.  The 'RR2'
Recovery Rating for FDC's secured bank facility reflects Fitch's
belief that 71%-90% recovery is realistic.

                       About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in Italy, New Zealand, the
Netherlands, Mexico, Slovakia, among others.  The company's
portfolio of services and solutions includes merchant
transaction processing services; credit, debit, private-label,
gift, payroll and other prepaid card offerings; fraud protection
and authentication solutions; receivables management solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.


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


GENERAL CABLE: Freeport-McMoRan Deal Cues S&P to Hold BB- Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  The outlook is stable.
This follows the company's announced acquisition of the global
wire and cable business of Freeport-McMoRan Copper & Gold Inc.
(BB+/Positive/--), which operates as Phelps Dodge International
Corp., for US$735 million, subject to certain adjustments.

S&P also affirmed its 'B+' senior unsecured rating, one notch
below the corporate credit rating on General Cable, and S&P's
'BB+' senior secured rating.

The affirmations include the financing contemplated to fund the
acquisition, namely an expansion of the company's existing
US$300 million asset-backed senior secured facility and a new
senior unsecured convertible note issue.  At the same time, S&P
withdrew its senior secured rating, at the company's request.

On an annual basis, Highland Heights, Kentucky-based General
Cable estimates that the acquisition will contribute
approximately US$1.4 billion in revenues at current metal prices
and is expected to be accretive to earnings in the first full
year.

Standard & Poor's estimates that the acquired business generated
approximately US$90 million in EBITDA in 2006, or about 6.4% of
sales.  This compares with General Cable's recent 9.5% EBITDA
margins. PDIC's performance in the first half of 2007 continued
to improve.  The acquired business expands General Cable's
geographic diversity, especially in emerging markets, and
provides cost opportunities with the combined companies' greater
scale.

"The ratings on General Cable reflect a cyclical operating
profile, driven by fluctuating market demand and volatility in
raw material pricing that can affect working capital
requirements and cash flow," said Standard & Poor's credit
analyst Bruce Hyman.  "These factors are offset somewhat by the
company's leading position in a global market for wire and
cables, especially in the energy transmission and distribution
market, and leverage that is moderate for the rating."

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.


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


AXONIA JSC: Creditors' Liquidation Claims Due October 3
-------------------------------------------------------
Creditors of JSC Axonia have until Oct. 3 to submit their claims
to:

         Dr. Josef Schwerzmann
         Liquidator
         Gotthardstrasse 31
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Axonia
         Zug
         Switzerland


JHB ENGINEERING: Obwalden Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Obwalden entered Aug. 21 an order
closing the bankruptcy proceedings of JSC JHB Engineering.

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC JHB Engineering
         Hostattstrasse 11
         6060 Sarnen OW
         Switzerland


LORENNA HOLDING: Creditors' Liquidation Claims Due October 3
------------------------------------------------------------
Creditors of JSC Lorenna Holding have until Oct. 3 to submit
their claims to:

         Dr. Josef Schwerzmann
         Liquidator
         Gotthardstrasse 31
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Lorenna Holding
         Zug
         Switzerland


NEW WINNERS: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC New Winners on Aug. 7.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC New Winners
         Hinterbergstrasse 9
         6330 Cham ZG
         Switzerland


NOLON JSC: Obwalden Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Obwalden entered Aug. 21 an order
closing the bankruptcy proceedings of JSC Nolon.

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC Nolon
         Hirserenriedstrasse 6
         6074 Giswil OW
         Switzerland


RIMAG JSC: Creditors' Liquidation Claims Due October 31
-------------------------------------------------------
Creditors of JSC Rimag have until Oct. 31 to submit their claims
to:

         Urs Janssen
         Liquidator
         JSC Pius Bienz
         6000 Lucerne 4
         Switzerland

The Debtor can be reached at:

         JSC Rimag
         Rickenbach
         Sursee LU
         Switzerland


ROMERHOF JSC: Creditors' Liquidation Claims Due October 3
---------------------------------------------------------
Creditors of JSC Romerhof have until Oct. 3 to submit their
claims to:

         Imfeld-Hunkeler Franz
         Liquidator
         Brunigstrasse 30
         6055 Alpnach Dorf OW
         Switzerland

The Debtor can be reached at:

         JSC Romerhof
         Alpnach OW
         Switzerland


SAINT-GOBAIN DECOUSTICS: Liquidation Claims Due October 1
---------------------------------------------------------
Creditors of JSC Saint-Gobain Decoustics have until Oct. 1 to
submit their claims to:

         Stefan Rudolf
         Liquidator
         Technoramastrasse 9
         8404 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Saint-Gobain Decoustics
         Bubikon
         Hinwil ZH
         Switzerland


SCANTOBACCO-TAMO JSC: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Scantobacco-Tamo on Aug. 7.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Scantobacco-Tamo
         Langrutiweg 14
         6330 Cham ZG
         Switzerland


VR GASTRO: Creditors’ Liquidation Claims Due October 4
------------------------------------------------------
Creditors of LLC VR Gastro have until Oct. 4 to submit their
claims to:

         Vitomir Kumbric
         Liquidator
         Burgweg 3
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC VR Gastro
         Oensingen
         Gau SO
         Switzerland


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


AGAT LLC: Creditors Must File Claims by September 21
----------------------------------------------------
Creditors of LLC Agat (code EDRPOU 31563342) have until Sept. 21
to submit written proofs of claim to:

         Vladimir Kravtsov
         Liquidator
         Kotovsky Str. 103-B
         10001 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 3/148-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agat
         Sovetskaya Str. 6a
         Malin
         Zhytomir
         Ukraine


AGROYUMEX CJSC: Proofs of Claim Deadline Set September 21
---------------------------------------------------------
Creditors of CJSC Agroyumex (code EDRPOU 24366544) have until
Sept. 21 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 the bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 24/384-b.

The Debtor can be reached at:

         CJSC Agroyumex
         Frolovskaya Str. 1/6
         Kiev
         Ukraine


AUTOMATIC INDUSTRIAL: Creditors Must File Claims by September 21
----------------------------------------------------------------
Creditors of LLC Automatic Industrial Service (code EDRPOU
32860149) have until Sept. 21 to submit written proofs of claim
to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. B 24/352-07.

The Debtor can be reached at:

         LLC Automatic Industrial Service
         Dzerzhynsky Str. 1/3
         49044 Dnipropetrovsk
         Ukraine


AZOV SERVICE: Proofs of Claim Deadline Set September 21
-------------------------------------------------------
Creditors of LLC Azov Service Company (code EDRPOU 30846604)
have until Sept. 21 to submit written proofs of claim to:

         Victor Kirichko
         Temporary Insolvency Manager
         Tokmak, Volodarsky Str. 272-a, ap. 7
         71700 Zaporozhje
         Ukraine

The Court is located at:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 21/115/07.

The Debtor can be reached at:

         LLC Azov Service Company
         Pushkin Str. 11
         Berdiansk
         71100 Zaporozhje
         Ukraine


BAGLIYCOKE OJSC: Proofs of Claim Deadline Set September 21
----------------------------------------------------------
Creditors of OJSC Bagliycoke (code EDRPOU 05393079) have until
Sept. 21 to submit written proofs of claim to:

         Alexander Chikildin
         Temporary Insolvency Manager
         Tokarny Lane 55
         49008 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 15/171-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bagliycoke
         V. Shcherbitsky Str. 1
         Dnieprodzerzhynsk
         51909 Dnipropetrovsk
         Ukraine


BEREZKA CJSC: Proofs of Claim Deadline Set September 21
-------------------------------------------------------
Creditors of CJSC Berezka (code EDRPOU 05523286) have until
Sept. 21 to submit written proofs of claim to:

         Eugene Kuzik
         Temporary Insolvency Manager
         Krushelnitskaya Str. 54
         Berezhany
         Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/B-932.

The Court is located at:

         The Economic Court of Ternopil
         Ostrozski Str. 14a
         46000 Ternopil
         Ukraine

The Debtor can be reached at:

         CJSC Berezka
         Zolotoy Pesok
         Burchatsky Distrist
         48461 Ternopol
         Ukraine


IBC LLC: Creditors Must File Claims by September 21
---------------------------------------------------
Creditors of LLC Engineering-Building Company IBC (code EDRPOU
31725426) have until Sept. 21 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. 43/302.

The Debtor can be reached at:

         LLC Engineering-Building Company IBC
         Sagaydachny Str. 12
         Kiev
         Ukraine


LIVENSKOE: Creditors Must File Claims by September 21
-----------------------------------------------------
Creditors of Livenskoe (code EDRPOU 31937770) have until
Sept. 21 to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/177.

The Debtor can be reached at:

         Livenskoe
         Novosanzharovsky District
         39300 Poltava
         Ukraine


METAKOM PLUS: Creditors Must File Claims by September 21
--------------------------------------------------------
Creditors of LLC Metakom Plus (code EDRPOU 32828765) have until
Sept. 21 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. 43/293.

The Debtor can be reached at:

         LLC Metakom Plus
         North-Siretskaya Str. 3
         Kiev
         Ukraine


MITRA LLC: Creditors Must File Claims by September 21
-----------------------------------------------------
Creditors of LLC Firm Mitra (code EDRPOU 31170174) have until
Sept. 21 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. 43/292.

The Debtor can be reached at:

         LLC Firm Mitra
         Walachia Str. 55/57A
         Kiev
         Ukraine


MOTORCAR ENTERPRISE 16331: Creditors' Claims Due September 21
-------------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 16331 (code EDRPOU
05524624) have until Sept. 21 to submit written proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/92-07.

The Debtor can be reached at:

         OJSC Motorcar Enterprise 16331
         Moscow Avenue 303
         Kharkov
         Ukraine


RAZDEL MOTORCAR: Creditors Must File Claims by September 21
-----------------------------------------------------------
Creditors of OJSC Razdel Motorcar (code EDRPOU 01268532) have
until Sept. 21 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. 6/222-8/132.

The Debtor can be reached at:

         OJSC Razdel Motorcar
         Khodorovskaya Str. 8
         Novy Razdel
         81652 Lvov
         Ukraine


VICTORIYA LLC: Creditors Must File Claims by September 21
---------------------------------------------------------
Creditors of LLC Victoriya (code EDRPOU 31579986) have until
Sept. 21 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/424-06-13037.

The Debtor can be reached at:

         LLC Victoriya
         Izmail Str. 30
         Novi Troyandy
         Bolgrad District
         68711 Odessa
         Ukraine


XXI CENTURY: Creditors Must File Claims by September 21
-------------------------------------------------------
Creditors of LLC XXI Century (code EDRPOU 31590528) have until
Sept. 21 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/168-06.

The Debtor can be reached at:

         LLC Vinsynthese-Grant
         Lenin Str. 60
         Bershad
         Vinnica
         Ukraine


ZUBR LLC: Creditors Must File Claims by September 21
----------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/141B.

Creditors of LLC Zubr (code EDRPOU 24649774) have until Sept. 21
to submit written proofs of claim to:

         Vitaly Paterilov
         Liquidator
         P.O. Box 6915
         83050 Donetsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Zubr
         Transport Str. 20
         Kramatorsk
         84333 Donetsk
         Ukraine


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


ADVANCED MARKETING: Disclosure Statement has Enough Information
---------------------------------------------------------------
Advanced Marketing Services, Inc., Publishers Group
Incorporated, and Publishers Group West Incorporated, along with
the Official Committee of Unsecured Creditors, ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
Debtors' Disclosure Statement as containing "adequate
information" in accordance with Section 1125 of the Bankruptcy
Code.

The Debtors and the Committee also seek Court approval of the
procedures for soliciting and tabulating votes to accept or
reject their Joint Chapter 11 Plan of Liquidation, filed on
August 24, 2007.

On the Debtors' behalf, Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, relates that the
Plan provides a mechanism to complete the administration of the
Debtors' estates and produces a distribution to the holders of
the Debtors' Allowed Administrative Claims, Allowed Priority Tax
Claims, Allowed Priority Claims, Allowed Secured Claims and
Allowed Unsecured Claims through distribution of proceeds of the
sale of substantially all of the Debtors' businesses and assets
and recoveries, if any, from avoidance actions and certain
causes of action.  Holders of PGI and PGW Interests will also
receive distributions in respect of those interests.

Mr. Collins tells Judge Sontchi that, in accordance with the
requirements of Rules 3017(a) and 2002(b) of the Federal Rules
of Bankruptcy Procedure, the Debtors already mailed a copy of
the Disclosure Statement Notice to the appropriate creditors on
or before August 24.  The Debtors ask the Court to approve the
notice as appropriate and in compliance with the requirements of
the U.S. Bankruptcy Rules.

                   Solicitation Procedures

The Debtors intend to distribute ballots to holders of Claims
and Interests in Class 3 (Unsecured Claims against AMS), Class 8
(Unsecured Claims against PGI), Class 9 (Unsecured Claims
against PGW) and Class 13 (Interests of PGW), as they are the
only classes entitled to vote to accept or reject the Plan.

Claimholders under Class 1, Class 2, Class 6, Class 7, Class 10
and Class 11 under the Plan are unimpaired, and, therefore, are
conclusively presumed to accept the Plan in accordance with
Section 1126(f).  In addition, claims under Class 4 and Class 5
are deemed to have rejected the Plan in accordance with Section
1126(g).  The Debtors intend to send a non-voting status to
holders of Claims and Interests in the Non-Voting Classes.

The Debtors anticipate commencing the Plan solicitation period
by mailing solicitation packages by no later than October 2,
2007.  The Solicitation Package will contain copies of a Plan
confirmation hearing notice, the Disclosure Statement, and an
appropriate Ballot form and return envelope.

To be counted as votes to accept or reject the Plan, all ballots
must be properly executed, completed and delivered to Epiq
Bankruptcy Solutions, LLC, formerly known as Bankruptcy Services
LLC, no later than November 6 at 5:00 p.m.

The Debtors believe that an approximate 35-day solicitation
period is sufficient time for creditors to make informed
decisions to accept or reject the Plan and submit timely
Ballots.

                   Vote Tabulation Procedures

The Debtors propose that each Claim within a Class of Claims or
Interests entitled to vote on the Plan should be temporarily
allowed in accordance with these rules:

  (a) A Claim will be deemed temporarily allowed for voting
      purposes in an amount equal to the Claim amount or if no
      Claim has been timely filed, the Claim amount listed in
      the Debtors' schedules of assets and liabilities.

  (b) If a Claim is deemed allowed, that claim will be
      temporarily allowed in the deemed allowed amount set
      forth in the Plan.

  (c) A timely filed Claim marked as contingent, unliquidated
      or disputed on its face will be temporarily allowed for
      US$1.00.

  (d) A Claim that has been estimated or otherwise allowed by
      Court order will be temporarily allowed in an amount so
      estimated or allowed by the Court.

  (e) If the Debtors have filed and served a Claim objection,
      that Claim will be temporarily allowed or disallowed in
      accordance with the relief sought in the objection.

  (f) If a Claimholder identifies a Claim amount on its Ballot
      that is less than the amount calculated, the Claim will
      be temporarily allowed in the lesser amount.

  (g) Any Ballot received from a Claimholder listed as
      contingent, disputed or unliquidated in the Schedules
      will not be counted unless the holder filed a Claim on or
      before the July 2, 2007 Bar Date.

Any claimant seeking to challenge the Claim allowance should be
required to file a motion, pursuant to Rue 3018(a), to
temporarily allow the Claim in a different amount or
classification for voting purposes.

In tabulating the ballots, the Debtors request that:

  -- any ballot that is properly completed, executed and timely
     returned to a balloting agent, but does not indicate an
     acceptance or rejection of the Plan, will not be counted;

  -- if a creditor casts more that one ballot voting the same
     claim, the last ballot received will be deemed to reflect
     the voter's intent and will supersede any prior ballots;
     and

  -- a ballot that partially rejects and partially accepts the
     Plan will not be counted.

         Proposed Plan Confirmation Hearing on Nov. 15

In accordance with Rule 3017(c) and consistent with their
proposed solicitation schedule, the Debtors ask the Court to
schedule a Plan confirmation hearing not later than November 15.

Any objections to the Plan confirmation should be filed and
received no later than November 6 at 4:00 p.m, or any other date
that is at least 25 days after the commencement of the
Solicitation Period.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


ADVANCE MARKETING: Disclosure Statement Hearing Set for Sept. 26
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on September 26 at 10:00 a.m. to consider the
adequacy of the Disclosure Statement explaining the Joint
Chapter 11 Plan of Liquidation filed by Advanced Marketing
Services, Inc., and its debtor-affiliates and the Official
Committee of Unsecured Creditors.

                        Treatment of Claims

As reported in the Troubled Company Reporter on Aug. 29, 2007,
Curtis R. Smith, chief executive officer of Advanced Marketing
Services, Inc., told the Court that the Liquidating Plan
classifies claims against Advanced Marketing Services, Inc.,
Publishers Group Incorporated and Publishers Group West
Incorporated.

Mr. Smith stated that Administrative and Priority Tax Claims
will not be classified as provided in Section 1123(a)(1), but
will be treated separately as unclassified claims.

The classification and treatment of Claims are:

(1) AMS

   Class  Designation   Status           Voting Rights
   -----  -----------   ------           -------------
     1    Priority      not impaired     not entitled to vote
     2    Secured       not impaired     not entitled to vote
     3    Unsecured     impaired         entitled to vote
     4    510(b)        impaired         not entitled to vote
     5    Interests     impaired         not entitled to vote

(2) PGI

   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
     6    Priority      not impaired      not entitled to vote
     7    Secured       not impaired      not entitled to vote
     8    Unsecured     impaired          entitled to vote
     9    Interests     impaired          entitled to vote

(3) PGW

   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
    10    Priority      not impaired      not entitled to vote
    11    Secured       not impaired      not entitled to vote
    12    Unsecured     impaired          entitled to vote
    13    Interests     impaired          entitled to vote

Claimholders under Classes 1, 6, 8, 10 and 12 will be paid in
full, in cash, and without interest, on the later of 30 days
after the Effective Date or the date the claim becomes allowed.

Holders under Classes 2, 7, and 11 will either:

  -- have the claim reinstated and rendered unimpaired in
     accordance with Section 1124(2);

  -- receive cash in an amount equal to the claim, in full and
     complete satisfaction of the claim; or

  -- receive a collateral securing its claim in full and
     complete satisfaction on the later of the initial
     distribution date under the Plan and the date that claim
     becomes an Allowed Claim.

Class 3 claim holders will receive a pro rata share of
distributable cash.

Class 4 claim holders will not receive any distribution.

Holders of Interests in Class 5 will not receive any
distribution or dividend.  On the Effective Date, all Interests
in Class 5 will be deemed cancelled, null and void, and of no
force and effect.

With respect to the unclassified Claims, the Plan Administrator
will pay:

  (a) each Holder of an Allowed Administrative Claim the full
      amount of Allowed Administrative Claim, without interest,
      in cash, as soon as practicable after the Effective Date
      or within 30 days after an Administrative Claim becomes
      allowed;

  (b) certain professionals who are entitled to reimbursement
      or allowance of fees and expenses from the Debtors'
      Estates pursuant to Sections 503(b)(2) to (b)(6), in
      cash, in the amount awarded to the Professionals by final
      Court order;

  (c) each Holder of an Allowed 20 Day Administrative Claim
      against PGW the full amount of that claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after the 20 Day
      Administrative Claim against PGW becomes allowed;

  (d) each Holder of an Allowed 20 Day Administrative Claim
      against AMS the full amount of the claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after that claim against
      AMS becomes allowed;

  (e) each Holder of an Allowed Priority Tax Claim of PGW in
      full, in Cash;

  (f) each Holder of an Allowed Priority Tax Claims against AMS
      either (i) in full, in Cash, as soon as practicable after
      the Effective Date or (ii) over a period ending not later
      than five years after the Petition Date, with deferred
      Cash payments on a quarterly basis in an aggregate amount
      equal to any Allowed Priority Tax Claim against AMS, with
      interest at the legal rate required for a Claim in
      Chapter 11 cases; and

  (g) each Holder of an Allowed Reclamation Claim against PGW
      and AMS in full, without interest, in Cash after
      deductions for returns of inventory, as soon as
      practicable after the Effective Date or within 30 days
      after the Reclamation Claim is allowed.

After paying any Allowed Administrative Claims, including
Professional Fee Claims, 20-Day Administrative Claims, Secured
Claims, Priority Tax Claims, Priority Claims and Unsecured
Claims against PGI, holders of Class 9 Interests will receive
all the remaining assets of PGI.  After AMS has received its
dividend on account of its equity Interests in PGI, PGI will be
merged with and into AMS pursuant to the Merger.

Moreover, after paying any Allowed Administrative Claims, 20-Day
Administrative Claims, Reclamation Claims, Secured Claims,
Priority Tax Claims, Priority Claims and Unsecured Claims
against PGW, Disputed Claims and Post-Confirmation Expenses,
Holders of Class 13 Interests -- which is only PGI -- will
receive all remaining Assets of PGW.  On or after the Effective
Date, after PGI has received its dividend on account of its
equity Interests in PGW, PGW will be merged with and into AMS.

Outstanding fees payable to the Office of the U.S. Trustee will
be paid no later than 30 days after the Effective Date or when
due in the ordinary course.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


EVERETT CONSTRUCTION: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Everett Construction (Southern) Ltd. on Sept. 11
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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

The company can be reached at:

         Everett Construction (Southern) Ltd.
         100 Church Street
         Brighton
         East Sussex
         BN1 14J
         England


ISLE OF CAPRI: Posts US$7.1MM Net Loss in 1st Qtr. Ended July 29
----------------------------------------------------------------
Isle of Capri Casinos Inc. disclosed recently its financial
results for the first fiscal quarter ended July 29, 2007.

The company reported a net loss of US$7.1 million for the first
quarter of fiscal 2008 ended July 29, 2007, compared with net
income of US$9.3 million for the first quarter of fiscal 2007.
Results for the first quarter of fiscal 2007 included
approximately US$4.0 million of income from discontinued
operations, net of income taxes, of the company's Bossier City
and Vicksburg properties.  The sale of the Bossier City and
Vicksburg properties closed on July 31, 2006.

Loss from continuing operations for the first quarter of fiscal
2008 was US$7.1 million compared to income from continuing
operations of US$5.3 million for the first quarter of fiscal
2007.

Adjusted EBITDA from continuing operations for the first quarter
of fiscal 2008 decreased 2.6% to US$55.6 million compared to
adjusted EBITDA from continuing operations of US$57.1 million
for the comparable quarter in fiscal 2007.  Isle of Capri
calculates Adjusted EBITDA at its properties by adding
depreciation and amortization, pre-opening expense, management
fees, other charges and non-cash items to operating income
(loss).

The results from operations for the first quarter of fiscal 2008
include US$6.1 million of pre-opening expense primarily related
to the company's recently opened Waterloo and Coventry
properties and US$2.2 million of loss on early extinguishment of
debt.  Combined, these items resulted in a US$4.9 million after-
tax impact on the quarterly results.  The results from
continuing operations for the first quarter of fiscal 2007
include US$2.6 million of office relocation costs and US$3.2
million of higher new development costs compared to the first
quarter of fiscal 2008.  Combined, these items resulted in
US$3.1 million of after-tax impact on the prior year quarterly
results.

The company reported a 1.7% increase in net revenues to
US$278.5 million for the first quarter compared to net revenues
of US$274.0 million for the same quarter in fiscal 2007.

"First quarter results were generally in line with our
expectations, as we continue to take deliberate, measured steps
toward improving our operating results, and begin the process of
building a more competitive business model.  Our management
team, under the direction of new president and chief operating
officer Virginia McDowell, is focused on providing the best
gaming entertainment experience for our guests and making the
changes necessary to improve value for all of our stakeholders,"
Bernard Goldstein, chairman of the board and chief executive
officer, said.

Virginia McDowell, the company's president and chief operating
officer, said, "We are beginning to see margin improvements at
most of our properties as a result of cost controls introduced
during the first quarter, and we continue to focus on building
our database at the Pompano, Waterloo and Coventry properties.
Also, we have developed a plan at Coventry designed to take full
advantage of the September 1st changes in the gambling
advertising and marketing laws.  Although we continue to face
seasonality issues at both Pompano and Coventry, we have
marketing plans in place designed to leverage both facilities as
customer counts increase.  In addition, we are confident that
the cost containment measures introduced at our properties will
continue to improve results, including markets where we face
competitive pressure.  We also continue to focus on service
delivery, and have seen increases in our service scores at many
properties."

"We are proceeding with the implementation of our technology
initiatives, including our enterprise data warehouse and revenue
management system, and restructuring our loyalty programs.  We
completed database market research projects at all core
properties in the beginning of the second quarter, and will work
closely with our properties to identify opportunities to
eliminate unprofitable marketing programs, and develop a
profitable customer acquisition strategy."

Ms. McDowell continued "As we begin the process of developing
our strategic brand portfolio, we are taking the opportunity to
examine our existing expansion plans to make certain that our
facilities are competitive in our markets, and create value for
our shareholders.  In that regard, we are evaluating the next
phase of renovations at our Biloxi property.  The competitive
landscape has changed significantly in Biloxi since Hurricane
Katrina, and we want to develop and implement a master plan for
the company's Biloxi property which will help ensure that our
product will remain competitive in the market.  In addition, we
have begun the process of developing a master plan for Pompano
Park that will leverage the approximately 100 remaining acres on
the site.

"We are also beginning room renovation projects in Black Hawk,
Lula and Lake Charles which will feature the design elements and
warmer color palette introduced at our hotels in Bettendorf and
Waterloo, and which have been extremely well received by our
customers."

At July 29, 2007, the company's consolidated balance sheet
showed US$2.15 billion in total assets, US$1.88 billion in total
liabilities, and US$277.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 29, 2007, are available
for free at http://researcharchives.com/t/s?2385

                  About Isle of Capri Casinos

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57.0% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                          *     *     *

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


NASDAQ STOCK: Borse Dubai Leads Bid in LSE Stake Sale, WSJ Says
---------------------------------------------------------------
Borse Dubai, a stock exchange owned by the government of Dubai,
emerged as the leading bidder in the sale of Nasdaq Stock Market
Inc.'s stake of about 30% in the London Stock Exchange Group PLC
and a minority stake in Nasdaq itself, the Wall Street Journal
reports, citing people familiar with the matter.

According to WSJ's sources, pursuant to the deal, Borse Dubai
would take a stake in Nasdaq of less than 20% through a
multistep deal in which Borse Dubai would buy Nordic exchange
operator OMX AB in a cash deal and then sell it to Nasdaq for
cash and shares.

The deal would likely give Nasdaq control of OMX, the Journal
said.

The Troubled Company Reporter earlier reported that Nasdaq was
expected to close a the sale of its LSE stake to Qatar
Investment Authority this week.

Various sources relate that the government of Qatar offered
GBP2.8 billion or US$5.6 billion last week for Nasdaq's LSE
stake, valued at GBP856 million or US$1.72 billion.

Last month, Nasdaq's Board of Directors authorized the company
to explore alternatives to divest its LSE stake (61.3 million
shares) after Nasdaq failed in its bid to takeover LSE.  LSE
shareholders rejected Nasdaq's $5.3 billion bid on Feb. 10,
2007.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.

                          *     *     *

In February 2007, Moody's Investors Service placed The NASDAQ
Stock Market Inc.'s long-term corporate family rating at Ba3
with a negative outlook.  In November 2006, Standard & Poor's
rated the company's long-term local and foreign issuer credits
at BB with a stable outlook.  Both ratings still apply to date.


NASDAQ STOCK: Mulls Sale of Assets to Bolster OMX AB Purchase
-------------------------------------------------------------
Nasdaq Stock Market Inc. is contemplating a sale of assets to
increase its likelihood of buying Nordic exchange operator OMX
AB, Reuters reports.

Nasdaq, sources say, has offered US$3.7 billion in cash and
shares to buy OMX, against a rival US$4 billion cash offer from
Borse Dubai.

As reported in the Troubled Company Reporter on Aug. 22, 2007,
NASDAQ's offer includes a substantial portion of NASDAQ shares,
giving OMX shareholders a 28% stake in the combined company,
NASDAQ OMX Group, and the opportunity to participate in the
resulting long-term value creation opportunity.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.

                          *     *     *

In February 2007, Moody's Investors Service placed The NASDAQ
Stock Market Inc.'s long-term corporate family rating at Ba3
with a negative outlook.  In November 2006, Standard & Poor's
rated the company's long-term local and foreign issuer credits
at BB with a stable outlook.  Both ratings still apply to date.


REFCO INC: Former Officers Want Reimbursement of Defense Costs
--------------------------------------------------------------
Tone N. Grant, Robert C. Trosten, and Phillip R. Bennett, as
former officers of Refco Group Ltd., LLC, have filed with the
U.S. Bankruptcy Court for the Southern District of New York a
complaint against Axis Reinsurance Company with respect to
payments for their defense costs.

Mr. Grant, RGL's former president and chief executive officer;
Mr. Trosten, former executive vice-president and chief financial
officer; and and Mr. Bennett, former chairman, president, and
chief executive officer, are defendants in various civil and
criminal proceedings relating to Refco, Inc.'s financial
collapse.  The executives have all pleaded not guilty to federal
charges of fraud, conspiracy and money-laundering.

Axis Reinsurance is the second excess insurer in the "tower" of
directors and officers liability insurance obtained by Refco for
the policy period from August 11, 2005, to August 11, 2006.

The "tower" of D&O Insurance Policies consists of a primary
policy and five excess policies, issued by The U.S. Specialty
Insurance Company, Lexington Insurance Company, Axis, as
primary, first excess, and second excess policies.

Jeffrey T. Golenbock, Esq., at  Golenbock, Eiseman, Assor, Bell
& Peskoe, LLP, in New York, states that the Insureds have
requested the advancement of their defense costs from Axis,
which it has refused to do.  On the other hand, Axis filed a
complaint seeking a declaration that it has no financial
obligations in connection with the underlying actions.

The Court had dismissed the complaint, ruling that Axis is
contractually obligated to advance the defense costs incurred by
the Insureds, and to reimburse the costs they submitted to date.

Mr. Golenbock tells Judge Drain that the Underlying Actions are
proceeding towards trial, and defense costs, which have already
exhausted the Debtors' primary and first excess D&O Insurance
Policies, are rapidly mounting.

Mr. Golenbock also points that the Debtors had paid all the
premiums and performed all the terms and conditions under the
Axis Policy.

Mr. Golenbock contends that an actual controversy exists.

Accordingly, the Insureds seek a declaration, as well as a
permanent injunctive relief, directing Axis to advance the
defense costs in accordance with the Axis Policy.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.  Refco
Commodity Management Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 68;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Litigation Trust Files Suit v. Advisers & Insiders
-------------------------------------------------------------
The Refco Litigation Trusts a filed a lawsuit in New York on
behalf of 75 Foreign Exchange customers charging that Refco
Inc.'s legal and accounting advisers knowingly assisted corrupt
Refco insiders in looting customer assets deposited with Refco.

The lawsuit, filed in New York State Supreme Court, names
Mayer, Brown, Rowe & Maw LLP, Grant Thornton LLP, Ernst & Young
LLP, and the corrupt Refco insiders as defendants.  The lawsuit
seeks over half a billion dollars in damages and penalties for
the defendants' role in committing and aiding in the fraud,
breaches of fiduciary duty, and conversion through which Refco
FX customer funds were misappropriated.

The lawsuit provides a thorough description of the manner
through which the Refco insiders, "with the knowledge, active
participation, and substantial assistance" of Mayer Brown, Grant
Thornton, and Ernst & Young, fraudulently induced FX customers
to entrust their funds with Refco's unregulated broker-dealer,
Refco Capital Markets, and "secretly deployed" these customer
assets as a "personal piggy bank," "to fund other Refco
businesses and... keep the Refco house of cards from
collapsing."

As alleged in the complaint, the Refco insiders caused the
customer assets to be "upstreamed," "side-streamed," and "down-
streamed" to other Refco entities that "lacked the intent and/or
the financial wherewithal to repay the siphoned funds" and were
made "without compensation, security or collateral (and) without
assurances that the funds would or could be repaid on demand or
at all by the Refco entities that received them."

The purpose of the entire scheme, the lawsuit alleges, was to
dress up Refco's financial condition so as to allow the Refco's
insiders to sell their interests at fraudulently inflated
prices.

Specifically, the lawsuit alleges that:

  * Grant Thornton "completely abandoned its obligations of
    independence, learned first-hand of the fraud, and then
    aided and abetted that fraud by, among other things,
    continuing to provide clean audit opinions in the face of
    grotesque accounting manipulations;"

  * Grant Thornton provided unqualified audit opinions on RCM's
    financial statements despite knowing these statements
    mischaracterized the siphoned customer assets as a
    "receivable from customers" and that the transfers of FX
    customer funds "were simply extractions of money, with no
    collateral," were not made in the "normal course of
    business," and were made to Refco affiliates that "lacked
    the intent and/or the financial wherewithal to repay the
    stolen assets;"

  * Mayer Brown advised Refco and RCM regarding the Refco
    insiders "fraudulent scheme to attract and siphon RCM
    customer funds by purporting to maintain RCM as an
    unregulated offshore broker-dealer despite the fact that
    after closing its Bermuda operations in late 2001, RCM
    conducted all of its activities in the U.S.;"

  * Mayer Brown, "over the course of five years... drafted
    virtually all of the documents for" fraudulent "round trip"
    loan transactions at the end of every relevant reporting
    and audit period (and the unwinding of those transactions
    days later) that were solely designed to conceal Refco's
    trading losses, inflated expenses and uncreditworthy
    financial condition;

  * Ernst & Young willingly "prepare(d) false tax returns," had
    complete knowledge of the scheme and "actively assisted"
    the Refco insiders in hiding Refco's "bad debts,"
    acknowledging internally that it could be "an accessory to
    some type of fraud."

Marc S. Kirschner, Trustee of the Refco Litigation Trusts, said,
"This is the third lawsuit filed by the Refco Litigation Trusts,
which have a broad mandate to pursue claims on behalf of Refco
and its creditors and are committed to achieving a full and
speedy recovery of the massive damages caused to Refco and its
creditors by numerous parties.  The Trusts intend to bring
additional lawsuits, in addition to continuing to vigorously
pursuing the claims it has filed to date, to seek redress for
the harm caused to Refco and its creditors."

The complaint was filed by Quinn Emanuel Urquhart Oliver &
Hedges.

                About the Refco Litigation Trusts

The two Refco Litigation Trusts were created under the Refco
Plan of Liquidation, which became effective on December 26,
2006.  Marc S. Kirschner, the former Chapter 11 Trustee for
Refco Capital Markets LLC, serves as Trustee for the Trusts.
The primary purpose of the Trusts is to pursue all Refco estate
claims and claims of certain electing creditors against third
parties, with recoveries to be distributed in accordance with
the terms of the Refco Plan of Liquidation.  The Trusts have
US$25 million of funding to support their pursuit of such
claims.  Since February 2007, the Trusts have been engaged in a
comprehensive investigation of potential claims against third
parties.  The Trusts have now filed three lawsuits against third
parties involved in the Refco frauds.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 68;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REXAM PLC: FAS Rejects Application for Rostar Acquisition
---------------------------------------------------------
Rexam plc confirmed that it had been informed that its
application for clearance of the proposed acquisition of Russian
beverage can maker Rostar has been rejected by the Russian
Federal Antimonopoly Service.

Rexam is currently reviewing the consequences of this decision
with its advisors and plans to explore opportunities for further
dialogue with the FAS about this matter, including re-filing of
the application.  Rexam believes the acquisition would give the
Company less than 15% of the Russian beverage container market.

A further announcement will be made in due course.

On July 4, 2007, Rexam agreed to acquire Rostar from En+ Group
Limited, the parent of Rusal, the Russian aluminium group, for a
total cash consideration of US$297 million (GBP149 million),
including borrowings assumed.

Rostar has two manufacturing facilities: one near Moscow and one
near St. Petersburg.  The Moscow plant, which includes an end
making facility, has an annual capacity of some 1.3 billion
beverage cans, while the St. Petersburg plant has a capacity of
1.7 billion beverage cans.

In 2006, Rostar had sales of US$214 million.  As Rostar was
part of Rusal, it did not hedge its aluminium exposure and,
in common with the rest of the European beverage can industry,
2006 profits were adversely impacted by aluminium price
volatility. Profits, however, are expected to improve in 2007.
As of Dec. 31, 2006, Rostar had net operating assets of
US$181 million.

Headquartered in London, England, Rexam Plc --
http://www.rexam.com/-- is a global consumer packaging company
and a beverage can maker.  Rexam serves the beverage, beauty,
pharmaceuticals and food markets with around 100 manufacturing
operations in more than 20 countries.

                          *   *   *

In June 2007, Moody's Investors Service assigned a provisional
(P)Ba2 rating to the proposed issuance of capital securities by
Rexam Plc rated Baa3 for senior unsecured debt.

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  Moody's said the outlook
for the ratings is stable.


ROCKWOOD LTD: Michael Young Leads Liquidation Procedure
-------------------------------------------------------
Michael Young of Vantis was appointed liquidator of Rockwood
Ltd. on Sept. 10 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


S R CONTRACTS: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of S R Contracts Ltd. on Sept. 4 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


SUTLERS STORES: Joint Liquidators Take Over Operations
------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint liquidators of The Sutlers Stores Ltd. on
Sept. 4 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

          Tenon Recovery
          Highfield Court
          Tollgate
          Chandlers Ford
          Eastleigh
          Hampshire
          SO53 3TZ
          England


TATA MOTORS: To Reduce Vendor Network, Report Says
--------------------------------------------------
Tata Motors Limited plans to reduce its vendor base in
Jamshedpur from around 700-800 to 250-300, Arindam Sinha writes
for The Financial Express.

Tata Motors does not have the resources to keep control of a
large number of vendors, Jamshedpur Plant Head SB Borwankar told
the news agency.  With a large vendor network, it is not easy to
keep a tab on quality standards and costs, he added.

As part of the cut of the vendor vase, Tata Motors has thought
of a three-vendor format.

"As per the proposed arrangement, while tier III suppliers will
be supplying material/products to tier II vendors, the latter
will supply those belonging to tier I, who in turn will supply
finished product to the company," The Financial Express relates.
"Thus, those who make parts (tier III vendors) will supply the
products to sub-assembly producers (tier II vendors), and they
will give it to main assembly producers (tier I vendors)."


India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed USUS$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TAYLOR GIBSON: Taps Peter Hollis to Liquidate Assets
----------------------------------------------------
Peter Hollis of Vantis was appointed liquidator of Taylor Gibson
Associates Ltd. on Sept. 11 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


VIRGIN MEDIA: Chairman James Mooney Receives GBP1.3 Mln Shares
--------------------------------------------------------------
James F. Mooney, chairman of Virgin Media Inc., has been vested
US$2.6 million (GBP1.3 million) in shares, the Daily Telegraph
reports.

According to a filing with the U.S. Securities and Exchange
Commission, Mr. Mooney is a party to a Restricted Stock
Agreement dated as of July 5, 2006, which provides that up to
125,000 of shares would vest in 2007, if performance conditions
were met relating to a comprehensive list of objectives for 2006
established by the Executive Committee of the Board.

The Compensation Committee determined on Sept. 10, 2007, that
the level of Mr. Mooney's satisfaction of those objectives
warranted vesting of 113,750 shares of restricted stock,
effective Sept. 14, 2007.  The remaining 11,250 shares of
restricted stock were forfeited.

Virgin Media, however, did not specify the performance
conditions as well as the comprehensive list of objectives, the
Daily Telegraph relates.

                      About Virgin Media

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

                          *   *   *

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

The ratings affected are:

Virgin Media Inc.

   -- Corporate Family Rating at Ba3

Virgin Media Investment Holdings Ltd.

   -- Tranches A / B senior secured facility at Ba2

   -- Trance C second lien facility at B2

Virgin Media Finance plc.

   -- Senior notes at B2

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

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

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


* Peter Brudenall Joins Hunton & Williams' London Office
--------------------------------------------------------
Hunton & Williams disclosed that Peter Brudenall has joined the
firm as a partner in its Global Technology and Outsourcing
practice, based in London.  Mr. Brudenall joins Hunton &
Williams from UK firm Simmons & Simmons.

"We will continue to strengthen the Global Technology and
Outsourcing practice in London and elsewhere in Europe as global
movement of data and outsourcing is critical to businesses
worldwide," said Martin Thomas, managing partner of Hunton &
Williams-London.  "[Mr. Brudenall] is well known in information
technology and outsourcing circles in Europe and is a key
addition to our office."

Mr. Brudenall will work closely with London-based outsourcing
and privacy partner Bridget Treacy who noted: "Hunton &
Williams' key differentiator in this market lies in the coupling
of our outsourcing experience with the resources of our global
information management team.  Few firms have the depth of
experience to advise on these issues at a truly international
level.  [Mr. Brudenall] will be key to our further expansion."

"[Mr. Brudenall]'s extensive experience in India and other
critical sourcing destinations adds significant depth and
breadth to our menu of services, whether our clients are
acquiring or providing services, establishing a captive, or
expanding their operations globally," added James A. Harvey, who
co-heads the Global Technology and Outsourcing practice for
Hunton & Williams. "[Mr. Brudenall] and [Mr. Treacy] and their
London team are a key asset in our mission to be the provider of
choice for clients in board level, enterprise-wide initiatives
that use and move data and source services around the globe."

Mr. Brudenall's clients include leading global outsourcing
vendors as well as FTSE 100/Fortune 500 companies and financial
institutions.  His recent work has included advising on major
outsourcing projects in the utilities, retail and financial
services sectors. Brudenall is recognised by Chambers 2007 as a
leading individual within the outsourcing field.  He has
published two books: Technology and Offshore Outsourcing
Strategies and The Secure On-Line Business Handbook, and is a
frequent lecturer and widely published on IT-related outsourcing
issues.

                     About Hunton & Williams

Hunton & Williams LLP -- http://www.hunton.com/-- provides
legal services to corporations, financial institutions,
governments and individuals, as well as to a broad array of
other entities.  Since its establishment more than a century
ago, Hunton & Williams has grown to more than 975 attorneys
serving clients in 100 countries from 19 offices around the
world.  While its practice has a strong industry focus on
energy, financial services and life sciences, the depth and
breadth of its experience extends to more than 60 separate
practice areas, including bankruptcy and creditors
rights, commercial litigation, corporate transactions and
securities law, intellectual property, international and
government relations, regulatory law, products liability, and
privacy and information management.

Hunton & Williams' Global Technology, Outsourcing and Privacy
Practice group comprises more than 30 professionals in the
United States, Europe and Asia focused on large-scale
outsourcing and technology transactions and privacy and data
protection compliance and counseling.  The group works closely
with the firm's Center for Information Policy Leadership to
offer clients integrated solutions to complex issues presented
by cross-border technology and outsourcing transactions.

The Global Technology, Outsourcing and Privacy Practice group's
most recent work has included representing a Fortune 100
financial services/insurance company in its multi-shore IT
infrastructure transaction with IBM, valued at about US$480
million, including operations in five countries—one of the
largest transaction of its type in 2006; representing a Fortune
200 financial services/insurance company in its comprehensive IT
infrastructure transaction with ACS valued at about US$380
million, including network, desktop, help center,
telecommunications and data center services; and representing a
major energy company in a  US$1.6 billion multiprocess
transformation and outsourcing arrangement with IBM, including
all aspects of data center operations.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 20, 2007
   BEARD AUDIO CONFERENCES
      Carve-Out Agreements for Unsecured Creditors
         Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lean Transformation at Current and Other Case Studies
         Denver Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual New York Distressed Capital Connection
         Roosevelt Hotel, New York, New York
            Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      HealthSouth Turnaround Story with John Whittington
         Summit Club, Birmingham, Alabama
            Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      All Appropriate Inquiry – Phase I Environmental Site
         Assessments Get a Facelift
            Waller Lansden Dortch & Davis PLLC,
               Nashville, Tennessee
                  Contact: http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      David Johnson, Business Analyst
         DFW Chapter Monthly Meeting
            CityPlace Conference Center, Dallas, Texas
               Contact: http://www.turnaround.org/

Sept. 20-21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual MidAmerica Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: http://www.turnaround.org/

Sept. 21-23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Management Workshop at BGN Eastern Conference
         Reval Hotel Latvija, Riga, Latvia
            Contact: http://www.turnaround.org/

Sept. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      11th Annual Golf Outing & Fundraiser
         Philadelphia Country Club, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Applying Private Sector Principles to the Public Sector:
         The Turnaround of the St. Louis Public School System
            Charlotte City Club, Charlotte, North Carolina
               Contact: http://www.turnaround.org/

Sept. 24-25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed & Turnaround Investment Forum
         The Flamingo, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 24-25, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Corporate Recovery Forum
         Alameda Santos, São Paulo, Brazil
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Event TBA
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Milwaukee Brewers vs. St. Louis Cardinals
         Miller Park, Milwaukee, Wisconsin
            Contact: 815-469-2935 or http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow
         Marriott Westshore, Tampa, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Banana Peels, Bear Traps and Other Hazards for the
         Secured Lender and Other Creditors
            Milleridge Cottage, Jericho, New York
               Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Networking Session
         NJTMA/NYIC Production "Yesterday, Today & Tomorrow"
            Maplewood Country Club, Maplewood, New Jersey
               Contact: http://www.turnaround.org/

Sept. 26, 2007
   PRACTISING LAW INSTITUTE
      Subprime Mortgage Bankruptcies and the
         Chapter 11 Bankruptcy Uptick
            PLI California Center, San Francisco, California
               Contact: http://http://www.pli.edu/

Sept. 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds: Why Should I Care About Them and
         How Do They Affect Me?
            Faegre & Benson, Minneapolis, Minnesota
               Contact: http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         TBA, Arizona
            Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Pittsburgh 4th Annual Golf Outing
         Fox Chapel Golf Club, Pittsburgh, Pennsylvania
            Contact: 412-644-8794 or http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
                     http://www.turnaround.org/

Oct. 4, 2007
   NEW YORK SOCIETY OF SECURITY ANALYSTS
      Investing in Distressed and Defaulted Debt
         New York, New York
            Contact: http://www.nyssa.org/

Oct. 5, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues -
         Creating the Best Structures
            University Club, New York, New York
               Contact: http://www.pli.edu/

Oct. 5, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC "Views from the Bench"
         Georgetown University Law Center
            Washington, District of Columbia

Oct. 9-10, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC Annual Fall Conference
            Orlando, Florida
               Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Winn Dixie Bankruptcy
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Chuck Bauer - Client Satisfaction
         Dallas Country Club, Dallas, Texas
            Contact: http://www.turnaround.org/

Oct. 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Oct. 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Presentation by George F. Will: The Political Argument
            Today
               Orlando, Florida
                  Contact: http://www.ardent-services.com/

Oct. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Educational Program at NCBJ
         Orlando World Marriott, Orlando, Florida
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 17, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA Presents Lifetime Achievement Awards to
         Charles C. Crumley and William G. Hays, Jr.
            Cherokee Town Club, Atlanta, Georgia
               Contact: http://www.airacira.org/

Oct. 21-24, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Restructuring and Investing Conference
         Portman Ritz Carlton, Shanghai, China
            Contact: http://www.airacira.org/


Oct. 22-23, 2007
   STRATEGIC RESEARCH INSTITUTE
      9th Annual Distressed Debt - West
         Venetian Resort Hotel Casino, Las Vegas, Nevada
            Contact: http://www.almevents.com/

Oct. 23, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy
         Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

Oct. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Event - TBA
         McCormick & Schmick's Fresh Seafood Restaurant,
         Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Member Social
         Davenport Press, Mineola, New York
            Contact: 631-261-6296 or http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Seattle, Washington
            Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 26, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hotel Adlon Kempinski, Berlin, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Monthly Luncheon, Carolinas Chapter - Topic TBA
         Sheraton Greensboro Hotel,
            Greensboro, North Carolina
               Contact: http://www.turnaround.org/

Oct. 29, 2007
   FINANCIAL RESEARCH ASSOCIATES LLC
      6th Annual Distressed Debt Summit
         The 3 West Club, New York, New York
            Contact: http://www.frallc.com/

Oct. 30, 2007
   BEARD AUDIO CONFERENCES
      Using Virtual Data Rooms to Expedite M&A
         and Insolvency Proceedings
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees, Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Claims Trading - Issues and Implications
         New York, New York
            Contact: http://www.airacira.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
                     http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333; http://www.turnaround.org/

Nov. 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2007 Newsmaker Dinner with Jean Chretien
         Fairmont Royal York Hotel, Toronto, Ontario
            Contact: http://www.turnaround.org/

Nov. 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         Milleridge Cottage, Jericho, New York
            Contact: http://www.turnaround.org/

Nov. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13-14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Distressed Debt Symposium
         Jumeirah Carlton Tower, London, United Kingdom
            Contact: http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Mixer
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Aloha Airlines Story
         Bankers Club, Miami, Florida
            Contact: http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia 4th Annual Conference and Gala Dinner
          Hilton, Sydney, Australia
            Contact: http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495; http://www.turnaround.org/

Nov. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver, British Columbia
            Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

November 26-27, 2006
   BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT
      Fourteenth Annual Conference on Distressed Investing
         Maximizing Profits in the Distressed Debt Market
            The Jumeirah Essex House, New York, NY
               Contact: 800-726-2524; 903-595-3800;
                  http://beardconferences.com/

Nov. 29, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Holiday Gala
            Yale Club, New York, New York
               Contact: http://www.iwirc.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         TBD, New Jersey
            Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         Hilton, Sydney, Australia
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Dec. 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Holiday Networking Event with TMA/CFA
         TBA, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         Guy Anthony's Restaurant, Merrick, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

Jan. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lenders Panel
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
               http://www.turnaround.org/

Feb. 14-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 23-26, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar I
         Park City, Utah
            Contact: http://www.nortoninstitutes.org/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 6-8, 2008
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Mandalay Bay Resort, Las Vegas, Nevada
            Contact: http://www.ali-aba.org/

Mar. 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 27-30, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar II
         Las Vegas, Nevada
            Contact: http://www.nortoninstitutes.org/

Apr. 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

June 19-21, 2008
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Omni Hotel, San Francisco, California
               Contact: http://www.ali-aba.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com;
               http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China’s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/


BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *