TCREUR_Public/070921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, September 21, 2007, Vol. 8, No. 188

                            Headlines


A U S T R I A

CITY-IMMOBILIEN LLC: Claims Registration Period Ends Oct. 16
PISCHLOEGER LLC: Claims Registration Period Ends Oct. 15
PUNTIGAM & KLUGMAYER: Claims Registration Period Ends Oct. 16


B E L G I U M

CHIQUITA BRANDS: Eyes Higher Operating Expenses in Third Quarter
CHIQUITA BRANDS: Colombia Angry at Firm's Settlement with U.S.
TIMKEN CO: Expands Strategic Deal with North Coast Bearings


F I N L A N D

HILTON HOTELS: Stockholders OK Acquisition by Blackstone Group


F R A N C E

MITSUBISHI MATERIALS: Eyes 12% Boost in FY2008 Pretax Profit


G E O R G I A

BASISBANK JSC: Fitch Junks IDR on Vulnerable Liquidity
PROCREDIT BANK: Fitch Upgrades Individual Ratings to D


G E R M A N Y

A & W GEBAUDEMANAGEMENT: Claims Registration Ends Nov. 6
AGSIM GMBH: Creditors Must File Claims by October 24
ALERIS INT'L: S&P Rates Proposed US$200 Million Sr. Notes at B-
DIRECTA-IMK MOEBELHANDELS: Claims Registration Ends November 2
FM MOEBEL-VERTRIEBS: Claims Registration Ends November 2

HAIR-DISCOUNT SALON: Claims Registration Ends November 2
HAMELNER ESTRICHBAU: Creditors Must File Claims by October 25
IKB DEUTSCHE: KfW Bankengruppe May Sell 38% Stake in Firm
MAT MOEBELWERK: Claims Registration Ends Nov. 2
MOEBELWERK WESTERLOH: Claims Registration Ends Nov. 2

S + P REIFENHANDELS: Claims Registration Ends Nov. 2
SC SYSTEM: Claims Registration Period Ends Nov. 5
SCHMITT BAU: Creditors Must File Claims by October 23
TELEZENTRUM EDELSFELD: Claims Registration Ends Nov. 2
WILHELM SCHLEEF: Creditors' Meeting Slated for October 19

ZIEGELKOMPETENZZENTRUM GMBH: Claims Registration Ends Nov. 2


G R E E C E

YIOULA GLASSWORKS: S&P Holds B+ Ratings on Liquidity Concerns


H U N G A R Y

AES CORP: Gets Subpoena from New York Attorney General
AES CORP: Plans to Construct 170 MW Wind Project in Texas
FLEXTRONICS INT'L: Moody's Rates Proposed Bank Loan at (P)Ba1
FLEXTRONICS INT'L: S&P Holds Low-B Ratings & Removes Neg. Watch


I R E L A N D

EURO IOMPU: Attracts Five Investors; 45 Jobs at Stake
RITCHIE IRELAND: Court OKs US$2.7MM DIP Financing from Affiliate
RITCHIE IRELAND: Wants Sale of US$2.7M Insurance Policies OK'd


I T A L Y

FIAT SPA: Names Luca De Meo as Chief Marketing Officer
PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
PARMALAT SPA: Wants Court to Dismiss Foreign Plaintiffs' Claims
TRW AUTOMOTIVE: Unit to Buy Delphi Corp.'s North American Brake


K A Z A K H S T A N

ASAR-ADK LLP: Proof of Claim Deadline Slated for Oct. 30
CONTINGENT LLP: Creditors Must File Claims Oct. 30
DANIYAR-LTD LLP: Claims Filing Period Ends Oct. 23
DOSTYK-KOSTANAI LLP: Creditors' Claims Due on Oct. 30
KAZKOMMERTSBANK JSC: Increases 2007 Earnings Estimates

KIVA AKTAU: Claims Registration Ends Oct. 30
MEYRIM LLP: Proof of Claim Deadline Slated for Oct. 30
NAR LLP: Creditors Must File Claims Oct. 23
PATRIOT LLP: Claims Filing Period Ends Oct. 23
TAMA LLP: Creditors' Claims Due on Oct. 24

TRUBOPROVODSTROY LLP: Claims Registration Ends Oct. 30


K Y R G Y Z S T A N

SAF LLC: Proof of Claim Deadline Slated for October 26


L U X E M B O U R G

MILLICOM INTERNATIONAL: Gets Non-Compliance Letter from NASDAQ


N E T H E R L A N D S

FIRST DATA: S&P Lowers Corporate Credit Rating to B+ from BB+
ITRON INC: Posts US$23.9 Million Net Loss in Second Quarter 2007
KONINKLIJKE AHOLD: Faces Racketeering Complaint in Illinois
KONINKLIJKE AHOLD: Reacquires Common Shares for EUR119.2 Million


N O R W A Y

OSLO REINSURANCE: New York Court Recognizes Chapter 15 Petition


P O R T U G A L

COMPANHIA SIDERURGICA: Investing US$9B to Boost Brazilian Output


R O M A N I A

FREESCALE SEMICONDUCTOR: S&P Puts BB- Rating Under Neg. Watch


R U S S I A

90 EXPERIMENTAL OJSC: Bankruptcy Hearing Slated for Dec. 19
AQUA-SERVICE LLC: Court Names A. Popov as Insolvency Manager
BUILDING CO 3: Creditors Must File Claims by Oct. 25
EAST-WEST CJSC: Creditors Must File Claims by Oct. 25
FURNITURE FACTORY: Creditors Must File Claims by Sept. 25

GAZPROM NEFT: Eyes US$2.2 Billion Syndicated Loan Facility
ILDAI OJSC: Creditors Must File Claims by Sept. 25
KOSTROMA TELEKOM-STROY: Creditors Must File Claims by Sept. 25
MAGOR LLC: Creditors Must File Claims by Sept. 25
PROMIZ CJSC: Creditors Must File Claims by Sept. 25

REINFORCED-CONCRETE GOODS: Creditors Must File Claims by Oct. 25
RODINA OJSC: Court Starts Bankruptcy Supervision Procedure
SHEBEKINSKIY LES-KHOZ: Bankruptcy Hearing Slated for Nov. 12
ZHURAVLEVSKOE CJSC: Creditors Must File Claims by Oct. 25
ZLATOUSTOVSKOE CJSC: Bankruptcy Hearing Slated for Nov. 19

* S&P Affirms Krasnodar Krai's BB- Issuer Credit Rating



S W I T Z E R L A N D

ABAG GERUSTBAU: Lucerne Court Closes Bankruptcy Proceedings
BARRY CALLEBAUT: Sells Brach's Business to Farley & Sathers
BOSAL SCHWEIZ: Creditors' Liquidation Claims Due October 4
FERRUMTECH BAU: Aargau Court Starts Bankruptcy Proceedings
FIVAGROUP TREUHAND: Aargau Court Starts Bankruptcy Proceedings

NOVA DEVELOPMENTS: Creditors' Liquidation Claims Due Sept. 28
PETYA’S TRENDSHOP: Creditors' Liquidation Claims Due Sept. 28
SCHMID & PARTNER: Creditors' Liquidation Claims Due October 1
TRIO IMMOBILIEN: Creditors' Liquidation Claims Due September 30
VENTURE LLC: Creditors' Liquidation Claims Due October 1


U K R A I N E

ADAMPOL BREADRECEIVING: Creditors Must File Claims by Sept. 27
AGRICULTURAL CHEMISTRY: Proofs of Claim Deadline Set Sept. 22
BANK FORUM: Commerzbank Acquires 60%+1 Stake
BANK FORUM: Moody's May Upgrade B1 Deposit Rating After Review
BANK FORUM: Purchase Agreement Cues Fitch’s Watch on B- IDR

BUILDING TRANSPORT: Creditors Must File Claims by September 22
ERIDAN LLC: Creditors Must File Claims by September 22
LAN GRAIN: Creditors Must File Claims by September 22
NIKOTRADE-M LLC: Creditors Must File Claims by September 22
TRADING HOUSE: Proofs of Claim Deadline Set Sept. 27

VINNICA LLC: Creditors Must File Claims by September 22
YIM LLC: Creditors Must File Claims by September 22


U N I T E D   K I N G D O M

CHARFORD BUILDING: Names Neil Francis Hickling Liquidator
GENERAL MOTORS: UAW Talks on VEBA Funding Terms Drag On
GREYFRIARS INSURANCE: Chapter 15 Petition Summary
NELSON I A: Brings In Liquidators from Ernst & Young
NORTHERN INDUSTRIAL: Taps J. M. Titley to Liquidate Assets

NORTHERN ROCK: S&P Lowers Tier 1 Instruments’ Ratings to BB
OSLO REINSURANCE: New York Court Recognizes Chapter 15 Petition
SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$223 Mln
SAPHIR FINANCE: S&P Cuts GBP400 Million Debt Rating to BB
SCOTTISH RE: Declares Cash Dividend for Preferred Shares

SECUNDA INTERNATIONAL: Moody's to Affirm & Withdraw Ratings

* BOOK REVIEW: Life, Death and the Law: Law and Christian Morals
               in England and the United States


                            *********


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


CITY-IMMOBILIEN LLC: Claims Registration Period Ends Oct. 16
------------------------------------------------------------
Creditors owed money by LLC City-Immobilien (FN 128133g) have
until Oct. 16 to file written proofs of claim to court-appointed
estate administrator Georg Freimueller at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Oct. 30 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. 20 (Bankr. Case No. 2 S 112/07v).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


PISCHLOEGER LLC: Claims Registration Period Ends Oct. 15
--------------------------------------------------------
Creditors owed money by LLC Pischloeger (FN 86939b) have until
Oct. 15 to file written proofs of claim to court-appointed
estate administrator German Storch at:

         Mag. German Storch
         Buergerstrasse 62
         4020 Linz
         Austria
         Tel: 0732/661861
         Fax: 0732/661861-19

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 29 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Kirchberg-Thening, Austria, the Debtor declared
bankruptcy on Aug. 20 (Bankr. Case No. 12 S 67/07a).


PUNTIGAM & KLUGMAYER: Claims Registration Period Ends Oct. 16
-------------------------------------------------------------
Creditors owed money by OEG Puntigam & Klugmayer (FN 251039a)
have until Oct. 16 to file written proofs of claim to court-
appointed estate administrator Wolfgang Herzer at:

         Mag. Wolfgang Herzer
         c/o Mag. Michael Ludwig Lang
         Maria Theresienstrasse 9/4
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60 9

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Oct. 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 20 (Bankr. Case No. 6 S 98/07i).  Michael Ludwig Lang
represents Mag. Herzer in the bankruptcy proceedings.


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


CHIQUITA BRANDS: Eyes Higher Operating Expenses in Third Quarter
----------------------------------------------------------------
Chiquita Brands International expects its operating expenses to
increase US$30 million in the third quarter 2007, from the third
quarter of 2006, due to higher costs, the Business Courier of
Cincinnati reports.

Chiquita Brands told the Business Courier that the costs include
expenses for:

     -- new product introductions,
     -- brand support,
     -- merchandising, and
     -- food safety.

Higher banana prices in most of its markets wouldn't offset
increased expenses in the third quarter 2007, the Business
Courier says, citing Chiquita Brands.

According to Chiquita Brands' news release, no further charges
will be filed on the company's protection payments to Colombian
terrorist groups.

The Business Courier notes that these are increases in banana
prices:

     -- 5% in North American markets,
     -- 17% on a US dollar basis in core European markets,
     -- 12% in Asia Pacific and the Middle East, and
     -- 43% in trading markets, which include European and
        Mediterranean nations not belonging to the European
        Union.

Chiquita Brands Chief Executive Officer and Chairperson Fernando
Aguirre said in a news release, "Despite the near-term issues,
we believe we are on the right track and expect to report a
greater level of year-on-year improvement in the fourth quarter,
which would continue the positive year-on-year trend."

Chiquita Brands told the Business Courier that hurricanes Dean
and Felix "minimally affected" its banana supplies.  Meanwhile,
"European supplies suffered significant damage, which will
produce more favorable pricing."

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.

                            *   *   *

The company continues to carry Moody's Investors Service
Ratings' B3 corporate family rating with a negative outlook.
Furthermore, Standard & Poor's Ratings Services placed the
company's B corporate credit rating under CreditWatch with
negative implications.


CHIQUITA BRANDS: Colombia Angry at Firm's Settlement with U.S.
--------------------------------------------------------------
Deutsche Presse-Agentur reports that Colombian officials were
angry at Chiquita Brands International's US$25-million
settlement with the U.S. Justice Department.

As reported in the Troubled Company Reporter-Europe on
Sept. 20, 2007, the US federal court ordered Chiquita Brands to
pay US$25 million in fines for paying millions of dollars to
Colombian terrorist groups from 1997 to 2004.  Chiquita Brands
pleaded guilty to paying some US$1.7 million to Colombian
paramilitary group United Self-Defense Committees of Colombia,
explaining that the payments were made by a former unit due to
threats to the safety of workers.  The Honorable Royce Lamberth
authorized an accord between Chiquita Brands and the US
government in March 2007 that spared company officials.  The
prosecution also agreed not to name or prosecute Chiquita Brands
executives who were involved in paying the terrorist groups.

The press says that the fine was small compared to other cases.
News daily El Tiempo notes that the fine was one-fourth of the
US$100 million that the McLaren-Mercedes Formula 1 team was
fined for spying on rival Ferrari.

Former Colombian attorney general Alfonso Gomez told Deutsche
Presse that the agreement "casts doubt" on the US government's
commitment to the fight against terrorism.

Mr. Gomez commented to Deutsche Presse, "What would the United
States say if a country that has one of those responsible for
the Sept. 11, 2001 attacks let him go free upon payment of a
fine?"

According to Deutsche Presse, Mr. Gomez urged Colombian
authorities to reconsider pursuing extradition proceedings
against Chiquita Brands officials.  Mr. Gomez alleged that the
company's officials weren't punished for their support of
terrorists.

The Colombian government should seek the extradition of the
Chiquita Brands executives, The National Victims Movement
Against State Crimes said in a statement.

Colombia should also reconsider extraditing Colombian drug
traffickers to the US, Deutsche Presse notes, citing Mr. Gomez.

Colombian Vice President Francisco Santos told Deutsche Presse
that "Chiquita Brands financed death."  He asked the US
government that the fine the company paid be used to pay
reparations to the Colombian victims' families.

"The decision is marked by impunity," Paul Wolff, a US attorney
who is legal counsel to several people who lost relatives to
terrorism in Uraba, commented in a Colombian radio program.
According to him, Chiquita Brands official could still be tried
in Colombian courts.

Meanwhile, Colombian Foreign Minister Fernando Araujo told
Deutsche Presse that the US Justice Department's operations
should be respected.

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.


TIMKEN CO: Expands Strategic Deal with North Coast Bearings
-----------------------------------------------------------
The Timken Company and North Coast Bearings Inc. have agreed to
extend their strategic alliance, which has successfully supplied
kits to the automotive aftermarket since it was formed in 1997.
NCB is the distributor of DT Components(R) products marketed by
Timken for differentials and transmissions.

"Throughout the years, this joint effort has steadily and
successfully built upon the strengths of both Timken and NCB,"
said J. Barry Harris, Timken's marketing manager -- automotive
aftermarket -- North and South America.  "NCB's ability to
package kit components coupled with Timken's expertise in
producing quality bearings has resulted in a tremendous array of
kits for today's professional installer."

Timken and NCB market and distribute differential and
transmission kits and components under the product name DT
Components for the light-, medium- and heavy-duty markets.  The
kits include offerings from Timken's growing portfolio of
bearings and other products necessary to complete the work
correctly the first time.

The alliance's offerings have grown from fewer than 100 kits in
1997 to more than 2,000 today.  "We now offer one of the most
complete lines of differential and transmission kits available
in the U.S. light-, medium- and heavy-duty truck aftermarket,"
Mr. Harris said.

Bud Hagy, president and chief executive officer of NCB, said the
extension of the alliance also benefits customers.  "The
aftermarket demand for kits has grown tremendously because of
the ever-increasing variety of vehicles in the marketplace," Mr.
Hagy said.  "Timken and NCB are well positioned to meet and
exceed customer demand by continuing to supply outstanding value
and a breadth of new products."

DT Components(R) is a registered trademark of The Timken Company
and is used by North Coast Bearings, Inc. under license
agreement.

                 About North Coast Bearings

North Coast Bearings Inc. has been supplying differential and
transmission kits to distributors and rebuilders since 1983.
Product is shipped from their headquarters located in Avon,
Ohio, as well as distribution centers in Sparks, Nev., and
Crossville, Tenn.

                      About Timken Co.

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.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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


HILTON HOTELS: Stockholders OK Acquisition by Blackstone Group
--------------------------------------------------------------
Hilton Hotels Corp. disclosed that at a special meeting,
stockholders approved the merger agreement with investment funds
affiliated with The Blackstone Group L.P.  Over 98% of the
shares that voted were cast in favor of the merger.

Subject to the satisfaction or waiver of all required regulatory
approvals and other closing conditions, Hilton expects the
transaction to be completed by the end of October 2007.  All
required regulatory approvals have been obtained other than the
receipt of clearance from the European Commission under the EC
Merger Regulation.  A notification was filed with the European
Commission under the EC Merger Regulation on Sept. 14, 2007.

Following the closing of the merger, Hilton's stockholders will
receive US$47.50 in cash, without interest, for each share of
Hilton common stock held.

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                            *   *   *

The company continues to carry Standard & Poor's Ratings
Services' BB+ rating with a stable outlook.


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


MITSUBISHI MATERIALS: Eyes 12% Boost in FY2008 Pretax Profit
------------------------------------------------------------
Mitsubishi Materials Corp. is expected to post pretax profit of
JPY120 billion in the year to March 2008 due to rising copper
prices, Yasuhiko Seki of Thomson Financial reports, citing the
Nikkei business daily.

The figure will be JPY10 billion higher than the company's
forecast, and is 12% up compared to the previous fiscal year,
notes Mr. Seki.

According to Thomson Financial, sales for the year ending
March 31, 2008, is seen to rise 3% to JPY1.5 trillion, up from a
previous estimate of JPY1.46 trillion, while operating profit is
likely to jump 14% to JPY90 billion, which is up from an earlier
projection of JPY86 billion.

The Nikkei, notes Mr. Seki, said that sales for the first half
through September are seen increasing 11% to JPY770 billion, as
compared to the previous approximation of JPY730 billion and
pretax profit to rise 2% to JPY60 billion, up from the company's
estimate of JPY54 billion.

               About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company manufactures
metals and ceramics products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported on Feb. 19, 2007, that Standard & Poor's Ratings
Services revised to positive from stable the outlook on its 'BB'
long-term corporate credit rating on Mitsubishi Materials Corp.
based on the company's increasing level and stability of cash
flows, and expectations for further improvement in the company's
financial profile.


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BASISBANK JSC: Fitch Junks IDR on Vulnerable Liquidity
------------------------------------------------------
Fitch Ratings has assigned Georgia's JSC Basisbank a Long-term
Issuer Default rating of 'CCC' with a Stable Outlook, Short-term
IDR of 'C', Individual rating of 'D/E', Support rating of '5'
and Support Rating Floor of 'No Floor'.

The IDRs and Individual rating reflect BB's small size and
franchise, Georgia's still relatively high-risk operating
environment, potentially vulnerable liquidity resulting from
very short-term and concentrated funding and rapid loan growth.
At the same time, performance has been good; asset quality is
currently reasonable and capital ratios at present adequate.

A strengthening of BB's funding base would likely be key to
generation of rating upside.  Further expansion of franchise and
greater clarity with regard to future capital injections would
also support the bank's credit profile.  A liquidity squeeze,
substantial loan losses or significant erosion of franchise
would represent major risks for the bank and could therefore
result in rating downside.

BB is the tenth-largest bank in Georgia, with market shares of
around 1.5% at end of firs half of 2007.  It is owned by 21
individuals, none of whom have a blocking (25%) stake.  A sale
of a 15% stake to the EBRD is currently being negotiated.


PROCREDIT BANK: Fitch Upgrades Individual Ratings to D
------------------------------------------------------
Fitch Ratings has upgraded ProCredit Bank (Georgia)'s Individual
rating to 'D' from 'D/E'.  The bank's other ratings are affirmed
at Long-term foreign currency Issuer Default Rating 'BB-' with
Stable Outlook, local currency Long-term IDR 'BB' with Stable
Outlook, foreign and local currency Short-term IDR 'B' and
Support '3'.

The upgrade of PCBG's Individual rating reflects the bank's
better performance, which has been supported by high loan rates
and greater scale, a deepening of franchise on both sides of the
balance sheet and gradual improvements in the operating
environment.  The Individual rating is also supported by the
good quality of management, and risk management in particular,
reasonable loan impairment to date and solid capitalization.

However, the rating at the same time takes into account credit
risks arising from rapid loan growth and the high proportion of
foreign currency lending, the bank's still small size and the
still relatively high-risk, notwithstanding recent improvement,
operating environment.

The Long- and Short-term IDRs and Support rating reflect the
moderate probability of support being forthcoming from Germany-
based ProCredit Holding AG (PCH).  This takes into account both
PCH's ability (as reflected by its Long-term IDR of 'BBB-'
/Stable Outlook) and in Fitch's view probably very strong
propensity to provide support.  However, the Long-term IDRs are
constrained by Georgia's country risks, in particular transfer
and convertibility risk, which may restrict PCBG's ability to
receive financial support from PCH, convert this and use it to
pay creditors.

Any reduction/increase in Georgian country risks, reflected in
an upgrade/downgrade of the sovereign IDRs (BB-/Outlook
Stable)and Country Ceiling (BB-), would very likely result in an
upgrade/downgrade of PCBG's Long-term IDRs.  However, given
PCH's current ratings, upside for PCBG's Long-term IDRs would
likely be capped at 'BB+'.

PCBG is Georgia's fourth-largest bank by assets and loans, with
market shares of 8% and 9%, respectively, at end of first half
of 2007, and number three by retail deposits (market share 15%).
Like other banks in the ProCredit group, PCBG is engaged
primarily in micro and small business lending.  It operates
through a network of 35 outlets in Georgia, which it plans to
more than double by end of 2011.  PCH holds a 91% stake in PCBG.


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G E R M A N Y
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A & W GEBAUDEMANAGEMENT: Claims Registration Ends Nov. 6
--------------------------------------------------------
Creditors of A & W Gebaudemanagement GmbH have until Nov. 6 to
register their claims with court-appointed insolvency manager
Hermann Berding.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Oldenburg
         Meeting Hall 2
         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:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471 91260
         Fax: 04471 82997
         E-Mail: info@kanzlei-berding.de

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

The Debtor can be reached at:

         A & W Gebaudemanagement GmbH
         Hundsmuehler Strasse 132
         26131 Oldenburg
         Germany

         Attn: Uwe Adler, Manager
         Langenhof 31
         26160 Bad Zwischenahn
         Germany


AGSIM GMBH: Creditors Must File Claims by October 24
----------------------------------------------------
Creditors of AgSim GmbH have until Oct. 24 to register their
claims with court-appointed insolvency manager Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761

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

The Debtor can be reached at:

         AgSim GmbH
         Ruststrasse 19
         04229 Leipzig
         Germany


ALERIS INT'L: S&P Rates Proposed US$200 Million Sr. Notes at B-
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's proposed US$200 million 9% senior notes
due 2014, which are an add-on to the company's existing US$400
million 9% senior notes due 2014.

S&P expect these securities to be sold pursuant to Rule 144A of
the Securities Act of 1933.

Pro forma total debt outstanding at June 30, 2007, approximates
US$2.8 billion.

"The outlook revision reflects recent operating weakness in the
company's North American global rolled and extruded products
segment and the expectation that this trend will continue in the
near term," said Standard & Poor's credit analyst Marie Shmaruk.

During the three months ended June 30, 2007, volumes in this
segment declined 20% year-over-year, primarily because of weaker
demand for building and construction, distribution, and
transportation products.  This, combined with increased debt
balances due to the company's aggressive growth strategy, has
resulted in credit measures that are weak for the rating.

Aleris, based in Beachwood, Ohio, manufactures aluminum sheet
for distributors and the transportation, construction, and
consumer durables end-user markets.  The company also makes
value-added zinc products that include zinc oxide, zinc dust,
and zinc metal.

"We could lower the ratings in the near term if the company's
debt levels remain high and performance weakens materially
because of intensified competition or market conditions
deteriorate," Ms. Shmaruk said.  "An outlook revision back to
stable would depend on management improving and maintaining a
financial profile more consistent with the rating through
earnings growth and more moderate debt levels."

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


DIRECTA-IMK MOEBELHANDELS: Claims Registration Ends November 2
--------------------------------------------------------------
Creditors of directa-IMK Moebelhandels GmbH & Co. KG have until
Nov. 2 to register their claims with court-appointed insolvency
manager Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 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 Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstrasse 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against directa-IMK Moebelhandels GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         directa-IMK Moebelhandels GmbH & Co. KG
         Hainbergstrasse
         32816 Schieder-Schwalenberg
         Germany

         Attn: Heinz Reker, Manager
         Kastanienweg 14
         32676 Luegde
         Germany


FM MOEBEL-VERTRIEBS: Claims Registration Ends November 2
--------------------------------------------------------
Creditors of FM Moebel-Vertriebs GmbH & Co. KG have until Nov. 2
to register their claims with court-appointed insolvency manager
Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 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 Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstrasse 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against FM Moebel-Vertriebs GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FM Moebel-Vertriebs GmbH & Co. KG
         Vlothoer Str. 119
         32547 Bad Oeynhausen
         Germany

         Attn: Heinz Reker, Manager
         Kastanienweg 14
         32676 Luegde
         Germany


HAIR-DISCOUNT SALON: Claims Registration Ends November 2
--------------------------------------------------------
Creditors of Hair-Discount Salon Liestener GmbH have until
Nov. 2 to register their claims with court-appointed insolvency
manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 112 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against Hair-Discount Salon Liestener GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hair-Discount Salon Liestener GmbH
         Attn: Tina Baz, Manager
         Nienkamp 7
         48147 Muenster
         Germany


HAMELNER ESTRICHBAU: Creditors Must File Claims by October 25
-------------------------------------------------------------
Creditors of Hamelner Estrichbau GmbH have until Oct. 25 to
register their claims with court-appointed insolvency manager
Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Helge Wachsmuth
         Gerichtsfach 348
         Alexanderstrasse 2
         30159 Hannover
         Germany
         Tel: 0511-325095
         Fax: 0511-329934

The District Court of Hameln opened bankruptcy proceedings
against Hamelner Estrichbau GmbH on Sept. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hamelner Estrichbau GmbH
         Eichbergblick 13
         31789 Hameln
         Germany


IKB DEUTSCHE: KfW Bankengruppe May Sell 38% Stake in Firm
---------------------------------------------------------
KfW Bankengruppe is considering the sale of its 38% stake in IKB
Deutsche Industriebank AG, which expects to post a loss of
approximately EUR600 to EUR700 million in its 2007-2008 fiscal
year, AFX News reports, citing Handelsblatt as its source.

KfW chief executive Ingrid Matthaeus-Maier said the state-owned
financial group may dispose of the stake at an appropriate time,
although she dismissed speculations that the sale of the KfW
holding was a pre-condition under which a pool of banks agreed
to provide a multi-billion-euro credit line to IKB, AFX relates.

According to Handelsblatt, IKB's Rhinebridge Funding conduit may
also be forced to sell its US$2.3 billion portfolio at
unfavorable prices after experiencing difficulty in obtaining
refinancing as investors are currently hesitant to purchase
asset-backed securities due to the U.S. subprime market crisis.

However, a spokesman for IKB, declined to confirm the report.

                         IKB's Bail-Out

As previously reported in the TCR-Europe on Aug. 13, 2007,
German banks had to rescue IKB after an investment fund it
managed suffered a major blow in the wake of the U.S. subprime
mortgage market's recent troubles.  The Board of Managing
Directors of IKB has formed a crisis task force to address its
problems.

Dr. Lutz-Christian Funke, hitherto a director in the corporate
center of KfW, the German state-owned development bank, has been
appointed to head the group.  He has also been appointed to
become executive vice president of IKB.

IKB has decided to invest EUR80 million by way of Junior Capital
Notes in the vehicle Rhinebridge plc.  This measure serves to
secure the refinancing capability of the investment vehicle in
the currently disrupted market environment.  As a result IKB
will consolidate Rhinebridge assets worth US$2.4 billion on its
balance sheet.  Rhinebridge's portfolio consists of 96% AAA and
AA and 4% A rated securities.  This transaction is a proactive
measure and an important contribution towards market
stabilisation.

Since the refinancing of Rhineland Funding is currently not
effected via Commercial Paper, the funding of assets of the
Rhineland ABCP Programme is now based on various liquidity lines
drawn.  KfW agreed to provide liquidity of up to EUR8.1 billion
to Rhineland Funding.  The remaining EUR6.5 billion of liquidity
lines continue to be provided by a group of other banks.

Deutsche Postbank, the banking subsidiary of German national
postal services provider Deutsche Post, has assumed EUR600
million in loans from IKB's Rhineland Funding fund, part of the
state-controlled bank's EUR800 million credit risks.

              About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Sept. 11, 2007, Fitch Ratings
has downgraded the loan facilities provided by IKB
Deutsche Industriebank AG and IKB International S.A. to
Havenrock II Limited:

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

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

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

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


MAT MOEBELWERK: Claims Registration Ends Nov. 2
-----------------------------------------------
Creditors of MAT Moebelwerk GmbH & Co. KG have until Nov. 2 to
register their claims with court-appointed insolvency manager
Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 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 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:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         MAT Moebelwerk GmbH & Co. KG
         Buergeler Str. 7
         07646 Stadtroda
         Germany


MOEBELWERK WESTERLOH: Claims Registration Ends Nov. 2
-----------------------------------------------------
Creditors of Moebelwerk Westerloh GmbH & Co. KG have until
Nov. 2 to register their claims with court-appointed insolvency
manager Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 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 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:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Moebelwerk Westerloh GmbH & Co. KG
         Hoppenmeer 7
         33129 Delbrueck
         Germany


S + P REIFENHANDELS: Claims Registration Ends Nov. 2
----------------------------------------------------
Creditors of S + P Reifenhandels GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 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:

         Andre K. Gabel
         Carl-Theodor-Reiffenstein-Platz 6
         D 60313 Frankfurt am Main
         ermany
         Tel: 069/138228290
         Fax: 069/138228299

The District Court of Frankfurt am Main opened bankruptcy
proceedings against S + P Reifenhandels GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S + P Reifenhandels GmbH
         An den Pappeln 12
         60388 Frankfurt am Main
         Germany


SC SYSTEM: Claims Registration Period Ends Nov. 5
-------------------------------------------------
Creditors of SC System Solution GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Dec. 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         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. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Muenchen
         Germany
         Tel: 089/3090586-0
         Fax: 089/3090586-10

The District Court of Munich opened bankruptcy proceedings
against SC System Solution GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SC System Solution GmbH
         Attn: Artur Hellriegel, Manager
         Moosacher Str. 56
         80809 Muenchen
         Germany


SCHMITT BAU: Creditors Must File Claims by October 23
-----------------------------------------------------
Creditors of SCHMITT Bau GmbH i. L. have until Oct. 23 to
register their claims with court-appointed insolvency manager
Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         SCHMITT Bau GmbH i. L.
         Steinfurt 7
         15537 Gosen Neu Zittau
         Germany


TELEZENTRUM EDELSFELD: Claims Registration Ends Nov. 2
------------------------------------------------------
Creditors of Telezentrum Edelsfeld GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Dr. Jochen Zaremba.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 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 Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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. Jochen Zaremba
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/91 100
         Fax: 09621/91 10 22

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

The Debtor can be reached at:

         Telezentrum Edelsfeld GmbH
         Hirschbachstr. 8
         92265 Edelsfeld
         Germany


WILHELM SCHLEEF: Creditors' Meeting Slated for October 19
---------------------------------------------------------
The court-appointed insolvency manager for Wilhelm Schleef GmbH
& Co., Dr. 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


ZIEGELKOMPETENZZENTRUM GMBH: Claims Registration Ends Nov. 2
------------------------------------------------------------
Creditors of Ziegelkompetenzzentrum GmbH & Co. KG have until
Nov. 2 to register their claims with court-appointed insolvency
manager Michael Waculik.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 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 Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15-17
         26382 Wilhelmshaven
         Germany

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

The insolvency manager can be reached at:

         Michael Waculik
         Schlosserstr. 40
         26441 Jever
         Germany
         Tel: 04461/745750
         Fax: 04461/745751
         E-Mail: kanzlei@waculik.de

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

The Debtor can be reached at:

         Ziegelkompetenzzentrum GmbH & Co. KG
         Gewerbegebiet I 5
         26419 Schortens
         Germany

         Attn: Gerhard Zunken
         Glarum II
         26419 Schortens
         Germany


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


YIOULA GLASSWORKS: S&P Holds B+ Ratings on Liquidity Concerns
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Greece-based glass container
manufacturer Yioula Glassworks S.A. and its 'B' senior unsecured
debt rating.  At the same time, the ratings were removed from
CreditWatch with negative implications, where they had been
placed on May 18, 2007.  The outlook is negative.

"The rating affirmations are based on Yioula's gradually
improving operating performance and extended credit lines," said
Standard & Poor's credit analyst Izabela Listowska.  "The
negative outlook, however, reflects Yioula's weak free cash flow
generation and credit measures, and continued tight liquidity
position, factors that leave the group vulnerable to any
setbacks in the improvement of operating performance in the near
term."

"Yioula implemented several operational projects throughout
2006, which have started to show positive effects on earnings
during the current financial year, and the streamlined cost base
and more energy efficient production platform using modern
technologies has put Yioula in a better position to manage
future operational challenges," said Ms. Listowska.

Despite Yioula's operating cash flows showing gradual
improvement on the back of restructuring gains, working capital
intensity is high and capital spending is substantial in the
sector, with furnaces requiring periodic overhauls.  In
addition, Yioula plans ongoing expansionary capital spending in
the near-to-medium term for further production capacity
additions to cope with the fast-growing demand.  This coupled
with the likely build-up of inventories and trade receivables,
as well as high cash interest to service the capital structure
will continue to burden free operating cash flows.  This is
mitigated by Yioula having some flexibility to curtail its
expansionary capital spending budget in difficult times.

The ratings on Yioula continue to reflect tight liquidity, a
highly leveraged balance sheet, exposure to volatile energy
prices, and the limited scope of operations.  These weaknesses
are partly offset by the company's leading positions in highly
consolidated markets, participation in relatively stable
industries, and improving profitability.  At June 30, 2007,
Yioula's reported total debt was about EUR277 million.

"The negative outlook reflects Yioula's weak free cash flow
generation, tight liquidity position, and weak credit measures,
which, although improving, are still not in line with our
expectations for the ratings," said Ms. Listowska.  "These
factors make Yioula vulnerable to setbacks in the improvement in
operating performance and should this materialize, would to lead
to lower ratings."

The outlook could be revised to stable if the group's liquidity
position improved and the group strengthened its credit measures
to improve adjusted debt to EBITDA and FFO to adjusted debt to
less than 5x and about 15%, respectively.


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


AES CORP: Gets Subpoena from New York Attorney General
------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed the AES Corporation, demanding that
the firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

         -- Dominion Resources,
         -- Xcel Energy,
         -- Dynegy, and
         -- Peabody Energy.

Mr. Cuomo told Environment News that AES is among the US'
largest producers of greenhouse gas pollutants, including carbon
dioxide.

AES' 2006 Form 10-K filing with the U.S. Securities and Exchange
Commission failed to disclose projected emissions, nor evaluate
the effect of upcoming greenhouse gas regulations on the firm's
"financial picture," Environment News says, citing Mr. Cuomo.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today." He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

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

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

                       *     *     *

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

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


AES CORP: Plans to Construct 170 MW Wind Project in Texas
---------------------------------------------------------
The AES Corporation announced plans to begin construction of
Buffalo Gap 3, a 170 megawatts expansion of its Buffalo Gap wind
farm near Abilene, Texas.  Once completed, the project will
increase capacity at Buffalo Gap to 524 MW, making it one of the
largest operating wind farms in the United States.  Commercial
operations are expected to begin mid-2008.  AES signed a seven-
year power purchase agreement to sell all of the electricity it
produces at the Buffalo Gap 3 wind generation facility to Direct
Energy, a subsidiary of Centrica plc.  Financial terms of the
agreement were not disclosed.

"This expansion underscores AES's ongoing commitment to
renewable energy," said Ned Hall, President, AES Renewable
Generation.  "With more than 1,000 MW of wind projects in
operation in the United States and another 4,000 MW in various
stages of development throughout the world, AES is well
positioned to meet growing demand for wind generated power."

"The Buffalo Gap 3 expansion will allow AES to continue
developing renewable energy sources in West Texas, benefiting
the local economy through the creation of new jobs and an
increased tax base," said Ryan Pfaff, Managing Director, AES
Wind Generation.  "We are also pleased to further expand our
relationship with Direct Energy, a world-class organization that
shares our commitment to the West Texas wind market."

AES purchased 74 Siemens model SWT-2.3-93 60 Hz wind turbine
generators for the Buffalo Gap 3 project.

"This expansion is consistent with AES's long-term goal to be a
major wind energy producer, and is part of our plan to more than
triple our wind-generated megawatts globally by 2011," said
William Luraschi, AES Executive Vice President and President of
Alterative Energy.  "As one of the cleanest, lowest-cost
renewables, wind generation will be an area of continuing focus
and priority for AES."

AES's Alternative Energy business comprises the company's
activities in wind generation, greenhouse gas emissions offset
projects, liquefied natural gas and other technologies.

AES entered the wind generation business in 2004.  The company's
wind development projects are located primarily in the United
States and Europe.  AES has plans to expand its wind business to
other countries where it does business, including countries in
Asia and Latin America.

                         About AES

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

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

                       *     *     *

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

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


FLEXTRONICS INT'L: Moody's Rates Proposed Bank Loan at (P)Ba1
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 rating
to Flextronics International Ltd.'s  proposed US$2.5 billion
unsecured term loan that will be used to finance the cash
consideration portion of the pending acquisition of Solectron
Corporation.  This provisional rating assumes a corporate family
rating of Ba1.

In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron.  The transaction is expected to close in October
2007.  It is likely that if the transaction closes as
contemplated, the CFR will be affirmed at Ba1.  The prospective
term loan rating is subject to closing of the transaction,
review of final documentation and no material change in the
terms and conditions of the transaction as advised to Moody's.

Flextronics International Ltd., headquartered in Singapore and
with its main U.S. offices in San Jose, California, is one of
the largest global providers of contract electronics
manufacturing services (EMS) to OEMs. Upon the merger with
Solectron, its focus will be primarily with networking and
communications equipment, enterprise and personal computing, and
mobile and consumer digital markets.

Headquartered in Singapore Flextronics International Ltd.
(Nasdaq: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering complete design, engineering and manufacturing
services to automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Upon the merger with
Solectron, its focus will be primarily with networking and
communications equipment, enterprise and personal computing, and
mobile and consumer digital markets.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.


FLEXTRONICS INT'L: S&P Holds Low-B Ratings & Removes Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Singapore-based Flextronics International Ltd. from CreditWatch,
where they were placed with negative implications on June 4,
2007.  The 'BB+' corporate credit and 'BB-' subordinated ratings
are affirmed; the outlook is negative.

At the same time, S&P assigned its 'BB+' senior unsecured rating
to the company's proposed US$2.5 billion term loan B that will
be used to fund the cash requirements of the acquisition of
Solectron Corp.

"The rating action follows a review of the proposed acquisition,
and will not be affected by the ultimate mix of equity and cash
within the proscribed ranges used in the transaction," said
Standard & Poor's credit analyst Lucy Patricola.

The ratings reflect competitive industry characteristics,
significant integration challenges and potentially high initial
leverage for the rating.  These factors are partly offset by the
company's top-tier industry position, good cash flow and
efficient, global manufacturing operations.  Following its
acquisition of Solectron, Flextronics will be the second largest
provider of electronics manufacturing services, serving a
diversity of end markets.

The combination of Flextronics and Solectron reduces its
concentration in cell phones and creates a more balanced
portfolio of consumer-oriented, high volume programs with lower
volume, highly complex manufacturing programs serving OEMs in
networking, computing and emerging markets.  Still, Flextronics
management will be challenged to integrate Solectron's
manufacturing oriented culture into its highly efficient global
operation.  Further, Flextronics will need to accelerate and
expand Solectron's restructuring efforts.

Headquartered in Singapore Flextronics International Ltd.
(Nasdaq: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering complete design, engineering and manufacturing
services to automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.


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


EURO IOMPU: Attracts Five Investors; 45 Jobs at Stake
-----------------------------------------------------
About 45 jobs at Euro Iompu (t/a Euro Coach Builders), which
ceased trading last month, may be saved if talks between the
Irish coach-building company's examiner Ken Fennell of Dublin
insolvency firm Kavanagh Fennell and five prospective investors
make progress, the Sunday Business Post reports.

According to the report, Euro Iompu sought protection from
creditors in the High Court last week after struggling with
cashflow difficulties.

In 2004, Euro Iompu had retained losses of more than EUR1
million and debts of more than EUR1.4 million.  The company also
owes the Revenue Commissioners more than EUR500,000 in back
taxes, the Sunday Business Post relates.

Headquartered in Donegal, Ireland, Euro Iompu (t/a Euro Coach
Builders -- http://www.eurocoachbuilders.ie/-- supplied some
City Imp buses to Dublin Bus, and also sold coaches to operators
in Germany.  The company was founded by Joseph Ferry.


RITCHIE IRELAND: Court OKs US$2.7MM DIP Financing from Affiliate
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Ritchie Risk-Linked Strategies Trading (Ireland) II
Ltd. to obtain a US$2,700,000 postpetition financing from its
affiliate, Ritchie Risk-Linked Strategies Trading Ltd.

In his order, the Hon. Burton R. Lifland modified the terms of
the financing eliminating the US$54,000 fee that was to be paid
to the lender on the closing date.

The loan will be repaid in full at a rate of 8% per annum and
will terminate at the earliest of:

   -- Dec. 15, 2007;

   -- the date on which the commitment is terminated because of
      the existence and continuance of an event of default;

   -- the effective date of a plan of reorganization in the
      chapter 11 case; or

   -- the closing date of sale of all or substantially all of
      Ritchie II's assets.

Upon the occurrence of a default or event of default, interest
on the loan will be payable at a rate of 10% per annum.

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are
Dublin-based funds of hedge fund group Ritchie Capital
Management.  The Debtors were formed as special purpose vehicles
to invest in life insurance policies in the life settlement
market.  The Debtors filed for Chapter 11 protection on June 20,
2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-11907).  Allison
H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom,
Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the
Debtors in their restructuring efforts.  No Official Committee
of Unsecured Creditors has been appointed to date.  When the
Debtors filed for bankruptcy, they listed estimated assets and
debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Oct. 18, 2007.


RITCHIE IRELAND: Wants Sale of US$2.7M Insurance Policies OK'd
--------------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading asked the U.S. Bankruptcy
Court for the Southern District of New York for authority to
sell their portfolios of more than 1,000 life insurance policies
in the total face amount of US$2.7 million, Bill Rochelle of
Bloomberg News reports.

According to the report, the Debtors proposed a bid deadline of
Oct. 19, 2007.

The Debtors also anticipate an auction by Nov. 9 and a sale
approval hearing by Nov. 14, the source said.

The Court is set to consider approval of the proposed sale
procedures at a Sept. 26 hearing, the source relates.

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are
Dublin-based funds of hedge fund group Ritchie Capital
Management LLC.  The Debtors were formed as special purpose
vehicles to invest in life insurance policies in the life
settlement market.  The Debtors filed for Chapter 11 protection
on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-
11907).  Allison H. Weiss, Esq., David D. Cleary, Esq., and
Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae,
LLP represent the Debtors in their restructuring efforts.  No
Official Committee of Unsecured Creditors has been appointed to
date.  When the Debtors filed for bankruptcy, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a Chapter 11 plan expires on
Oct. 18, 2007.


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


FIAT SPA: Names Luca De Meo as Chief Marketing Officer
------------------------------------------------------
Fiat S.p.A. has appointed Luca De Meo as Fiat Group's Chief
Marketing Officer.

In this newly created role Mr. De Meo will be responsible for
all brand marketing related activities across all Fiat Group
Sectors.  His contribution to the rejuvenation and relaunch of
the Fiat Brand in a short period of time puts him on an ideal
position to promote the various Fiat Group Brands and develop
new marketing capabilities across the Group.

Mr. De Meo will become full member of the Group Executive
Council.

Replacing Mr. De Meo as Head of the Fiat Brand will be Lorenzo
Sistino, who in less than a year at CNH has brought about a
significant improvement in the performance of the New Holland
Agricultural Equipment business.

Following the appointment of Sistino, Harold Boyanovsky, CNH’s
CEO will assume the responsibility of the New Holland
Agricultural Equipment business.

With the aim of further leveraging synergies at Group level,
Harald Wester is appointed Fiat Group Chief Technology Officer.
While keeping his responsibility for Fiat Group Automobiles
Product Engineering, Mr. Wester will coordinate product
development activities across Sectors.  Mr. Wester will become a
full member of the Group Executive Council.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

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

                            *   *   *

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

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


PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
---------------------------------------------------------------
Parmalat S.p.A. said that is ready to expand its dairy business
through acquisitions and joint ventures, with approximately
EUR570,000,000 in cash to finance the transactions, AFX News
reported, citing a report from Il Sole 24 Ore based on documents
produced during the Sept. 14, 2007, presentation of the
company's first half results to financial analysts.

Pursuant to the documents, Parmalat's expansion strategy will
enable it to "increase scale, improve mix and gain (a) position
in emerging markets."

"Today we have extraordinary income coming from litigations, but
we have to look at the phase when we will only have our
operational income," Dr. Enrico Bondi, Extraordinary
Administrator of Parmalat Finanziaria S.p.A., et al., told
analysts, according to AFX News.

For the period ending June 30, 2007, Parmalat made
EUR278,300,000 from settlements, helping the company reach the
end of the first half with net cash of EUR570,200,000, AFX News
disclosed.

"We are looking at developing countries.  A good opportunity
could be sub-Saharan Africa and other emerging markets," Dr.
Bondi told analysts, according to AFX News.

Dr. Bondi, however, noted that any settlement should:

   (i) preserve Parmalat's strong financial structure;

  (ii) avoid dilutive impacts in terms of valuation and
       profitability; and

(iii) preserve the company's capacity to distribute a dividend.

"I hope to be able to do something respecting these guidelines,
otherwise I think it will be difficult [to do anything]," Dr.
Bondi said, according to AFX News.

Dr. Bondi added that Parmalat is in the "study process," and the
"timing for any transaction is difficult to forecast."

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Wants Court to Dismiss Foreign Plaintiffs' Claims
---------------------------------------------------------------
Parmalat S.p.A. asked the Hon. Lewis A. Kaplan of the United
States District for the Southern District of New York to
dismiss, with prejudice, the claims asserted by the Foreign
Plaintiffs in the Third Amended Consolidated Class Action
Complaint, pursuant to Rule 12(c) of the Federal Rules of Civil
Procedure.

Peter E. Calamari, Esq., at Quinn, Emanuel, Urquhart, Oliver &
Hedges, LLP, in New York, tells Judge Kaplan that the Foreign
Plaintiffs' claims against Reorganized Parmalat pursuant to the
Securities Exchange Act can only be maintained if they can
overcome the general presumption that federal statutes do not
apply "extra-territorially."

To overcome that presumption, Mr. Calamari asserts, the Foreign
Plaintiffs must show that the wrongful conduct either occurred
in the United States, or had a substantial effect in the United
States or upon its citizens.

Mr. Calamari notes that the District Court had already dismissed
the claims asserted by the Foreign Plaintiff purchasers against
Grant Thornton, Deloitte & Touche, Bank of America, Citigroup,
Credit Suisse, and BNL.  In doing so, the District Court ruled
that the transactions forming the basis of the Foreign
Plaintiffs' allegations were overwhelmingly foreign.

Mr. Calamari says the District Court's ruling applies to the
claims asserted by the Foreign Plaintiffs against Reorganized
Parmalat.  Unlike the U.S.-based banks and auditors, the Old
Parmalat was an Italian company, and by definition, could not
have committed acts essential to the alleged fraud against
foreign purchasers outside of Italy.

Mr. Calamari contends that the Complaint asserts no domestic
conduct of Old Parmalat that relates to foreign purchasers.  Any
alleged conduct in the Unites States was incidental, and
therefore did not directly cause the losses of the Foreign
Plaintiffs, he maintains.

       Smith and Pappas Want to File 3rd Amended Complaint

Gerald K. Smith and G. Peter Pappas had asked the District Court
to reconsider its August 8 Order dismissing their Second Amended
Complaints to allow them to amend their pleadings and correct
the deficiencies described in the Order.

Messrs. Smith and Pappas asserted that the District Court had
overlooked facts alleged in the Second Amended Complaints, as
well as controlling law relevant to issues addressed in the
Order.  The plaintiffs added that the Order was the District
Court's first ruling on the sufficiency of their allegations,
hence, they should be granted leave to add the lacking
information.

However, Judge Kaplan dismissed the Reconsideration Motion as
without merit, and denied Messrs. Smith and Pappas leave to
amend their motion, stating that they had "more than sufficient
opportunity file sufficient complaints."

Judge Kaplan pointed out that the problems resulting in the
dismissal of the Second Amended Complaints should have been
apparent to the plaintiffs before they had filed their original
complaints.  They had not even indicated how they will cure the
deficiencies, Judge Kaplan noted.

Consequently, Messrs. Smith and Pappas ask the District Court to
alter its judgment and grant them leave to file Third Amended
Complaints, for basically the same relief as sought in their
Reconsideration Motion.

On the plaintiffs' behalf, Leo R. Beus, Esq., at Beus Gilbert
PLLC in Scottsdale, Arizona, asserts that the District Court
made errors of fact and of law in its analyses of the
Plaintiffs' claims with respect to issues of loss causation and
damages, and abused its discretion by dismissing the claims
without leave to amend.

Messrs. Smith and Pappas also seek to file certain documents
under seal, pursuant to an August 2005 Stipulated Protective
Order.  The documents include:

  (a) motion to alter or amend the judgment and other relief
      pursuant to Rule 59 of the Federal Rules of Civil
      Procedure;

  (b) declaration of Robert T. Mills, consisting of products
      of discovery, occurring since the filing of the Second
      Amended Complaints;

  (c) proposed Third Amended Complaint in Smith v. Bank of
      America, et al.; and

  (d) proposed Third Amended Complaint in Pappas v. Bank of
      America, et al.

Messrs. Smith and Pappas intend to submit those exhibits,
representing substantial discovery supporting their Complaints,
for the consideration of their Motion to Alter the District
Court's judgment.

      Parmalat Sees Citigroup Trial Starting in March 2008

The trial against Citigroup for its involvement in Parmalat
S.p.A.'s bankruptcy proceedings should start around March 2008,
unless the U.S. group's time extension request is granted,
Parmalat attorney Nicola Palmieri said during the presentation
of the group's litigation timetable to analysts, AFX News
reported.

The presentation also revealed that the trial against Bank of
America and Grant Thornton should commence by the second or
third quarter of 2008.

The U.S. class action procedure should currently maintain the
same schedule as the one set out in the multidistrict
litigations against BofA and Grant Thornton, Mr. Palmieri told
AFX News.

"The class must first meet a set of criteria to get certified
... and there is a good chance they may not get this
certification," Mr. Palmieri told analysts, according to AFX
News.

Mr. Palmieri said he expects a decline on the legal expenses,
which in the first half totaled EUR31,900,000, starting from
2008, AFX News reported.

"In 2009 there should be a completely different picture because
only Italian cases will be involved and that (the costs) are
nothing like they are in the U.S.," Mr. Palmieri further told
AFX News.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000).


TRW AUTOMOTIVE: Unit to Buy Delphi Corp.'s North American Brake
---------------------------------------------------------------
TRW Automotive Holdings Corp.'s said that one of its
subsidiaries has signed an agreement with Delphi Corporation to
purchase a portion of its North American brake component
machining and module assembly assets.

In addition to the asset purchase, the company has agreed to
acquire production inventory, lease a portion of Delphi's brake
manufacturing facility in Saginaw, Michigan, and to commence
employment of the active hourly employees at the leased site.

The transaction is subject to U.S. Bankruptcy Court approval and
other conditions, including a customer supply agreement.

TRW expects to complete all necessary agreements by the end of
the fourth quarter of 2007.  Purchase costs are not expected to
be material.

                         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.

                       About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services

                            *   *   *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
The outlook is Stable.


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


ASAR-ADK LLP: Proof of Claim Deadline Slated for Oct. 30
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Asar-Adk insolvent.

Creditors have until Oct. 30 to submit written proofs of claims
to:

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


CONTINGENT LLP: Creditors Must File Claims Oct. 30
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Contingent insolvent.

Creditors have until Oct. 30 to submit written proofs of claims
to:

         Building Of Auto Station
         Room 9
         Second Floor
         Micro District 28
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-14-58


DANIYAR-LTD LLP: Claims Filing Period Ends Oct. 23
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Daniyar-Ltd insolvent.

Creditors have until Oct. 23 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


DOSTYK-KOSTANAI LLP: Creditors' Claims Due on Oct. 30
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Dostyk-Kostanai insolvent.

Creditors have until Oct. 30 to submit written proofs of claims
to:

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


KAZKOMMERTSBANK JSC: Increases 2007 Earnings Estimates
------------------------------------------------------
JSC Kazkommertsbank is increasing its estimate of consolidated
full year 2007 IFRS net income year-on-year growth from 70% to
85%.

The change in estimated earnings has been driven by a higher
than expected growth rate of 41.1% in gross loans to customers
for the first half of 2007.

On Aug. 20, 2007, Kazkommertsbank released its financial results
for the first half of 2007.

Highlights:

    * Net profit increased by 56.4% from KZT17.2 billion in the
      first half 2006 to KZT26.9 billion in the first half 2007

    * Net profit before income tax increased by 73.2% from
      KZT20 billion to KZT34.6 billion

    * Net interest income increased by 64.1% from KZT19.2
      billion to KZT31.4 billion

    * Net interest margin increased to 5.5% from 5%

    * Net commission income grew by 67.4% from KZT6.5 billion
      to KZT10.9 billion

    * Operating income increased by 77.3% from KZT27.5 billion
      to KZT48.8 billion

    * Earnings per share increased by 33.6% from KZT 43.89 to
      KZT8.62

    * Total assets increased by 24.5% from KZT2,444 billion as
      at Dec. 31, 2006 to KZT3,043 billion as at June 30, 2007

    * Total equity increased by 10.9% from KZT249 billion to
      KZT276 billion

    * Loans to customers less allowance for impairment losses
      increased by 41.3% from KZT1,679 billion to KZT2,373
      billion

    * Customer accounts increased by 38.3% from KZT688 billion
      to KZT951 billion

    * Debt securities issued increased by 60.5% from KZT424
      billion to KZT 681 billion

    * Return on Equity amounted to 18.6

                  Business Performance Overview

Net Interest Income

Net interest income before provisions for impairment losses
increased by 128.6% to KZT60.7 billion in the first half 2007
from KZT26.6 billion in the same period last year, resulting
primarily from 77.1% growth in average interest-earning assets.
Interest income grew at a faster rate than interest expense,
resulting in an increase in the Bank's net interest margin to
5.5% from 5% in the first half 2006.

Net Non-Interest Income

Net non-interest income increased by 107.3% to KZT17.3 billion
from KZT8.4 billion in the first half 2006.  This increase was
primarily due to the increase in net fees and commissions and
financial assets transactions.  Net gain on financial assets at
fair value through profit and loss was KZT6.6 billion as at
June 30, 2007 compared to a loss of KZT3.2 billion as at
June 30, 2006.

This significant shift in volume occurred due to the inclusion
of the results from operations with foreign currency derivatives
on the balance sheet.  The operations were concluded with the
aim of hedging foreign exchange risks.  As a result, profit from
these operations was KZT5.7 billion, compared to losses of
KZT1.5 billion in the same period last year.  Excluding this
effect, net profit from equity operations was KZT878 million
compared to losses of KZT1.6 billion in the first half of 2006.
The increase in net profit from equity operations was driven by
growth of the Banks equity portfolio.

Net losses from foreign exchange operations in the first half of
2007 amounted to KZT2.6 billion, compared to KZT4 billion for
the same period in 2006.  This change was also driven by the
inclusion of the results from operations with foreign currency
derivatives on the balance sheet.  Taking into consideration
these amounts, net profit from foreign exchange operations
reached KZT3.1 billion compared to KZT2.5 billion in the first
half of 2006, as a result of foreign exchange operations.

Provisions for Impairment Losses

Provisions for impairment losses increased to KZT29.3 billion
during the six months ended June 30, 2007 compared to KZT7.4
billion for the same period of 2006.  The growth of Provisions
for impairment losses is a result of a KZT721 billion increase
in the gross loan portfolio.  The effective reserve rate on
customer loans was 4.1% as at June 30, 2007.

Operating Expenses

Operating expenses increased by 69.6% to KZT13.1 billion, from
KZT7.7 billion in the first half of 2006, as a result of an
increase in personnel expenses.

This trend was driven by the increase in the number of employees
and other expenses related to the retail network expansion,
which is a key part of Kazkommertsbank's retail strategy.
However, notwithstanding this growth in operating expenses, the
ratio of the Bank's operating expenses to operating income
before provisions for impairment losses decreased to 16.7% from
19.4% as at the end of 2006.

Loans to Customers

The Bank's total gross loan portfolio grew by 41.1% to
KZT2,473,438 million from KZT1,752,776 million as at
Dec. 31, 2006.

As at June 30, 2007, the trade sector made up the largest share
of the loan portfolio with 20.8% (KZT494,185 million), compared
to 18.5% as at the end of 2006.

Loans to real estate and industrial construction increased by
7.3%, while their share in total loans decreased to 17.4% as at
June 30, 2007 compared to 22.9% as at Dec. 31, 2006.

As at June 30, 2007, the Bank's 20 largest borrowers accounted
for 27.3% of the total loan portfolio compared to 28.2% as at
Dec. 31, 2006.  Going forward, the Bank expects to reduce the
concentration of its loan portfolio by attracting new medium-
and small-sized borrowers.

Loans to individuals, including consumer and mortgage lending,
increased by 53%, from KZT261.7 billion at the end of 2006 to
KZT400.5 billion.  These loans, as a percentage of the Bank's
loan portfolio, increased from 15.6% as at Dec. 31, 2006 to
16.9% as at June 30, 2007.

Loans and Advances to Banks

Loans and advances to banks, less allowance for impairment
losses, decreased by 4.6% to KZT188.1 billion, as compared to
KZT197.2 billion as at Dec. 31, 2006.  At the same time, loans
and advances to banks as a percentage of total assets decreased
to 6.2% from 8.1% as at Dec. 31, 2006.

Cash and Balances with National Bank

Cash and balances with the National Bank of Kazakhstan, the
National Bank of Kyrgyz Republic and the Central Bank of Russia
decreased from KZT209 billion as at Dec. 31, 2006 to KZT162.6
billion as atJ une 30, 2007.  That was due to a 25% decrease in
balances with the National Bank of Kazakhstan.

Securities Portfolio

The size of the Bank's securities portfolio decreased by 15.1%
to KZT276.5 billion from KZT325.6 billion at the end of 2006.
The decrease was mainly in the Bank's trading portfolio, which
decreased by 15.4% or KZT49.5 billion.  This change was
primarily attributable to the sale of foreign securities of
KZT20.4 billion and net sale of short-term NBK notes of KZT31.2
billion.

Funding

The Bank's debt securities increased to KZT680.7 billion,
representing 24.8% of the Bank's liabilities, up from KZT424.2
billion (19.5%) as at Dec. 31, 2006.  In February 2006, the Bank
issued EUR750 million 6.875% debt securities due February 2017
and GBP350 million 7.625% debt securities due February 2012 via
Kazkommerts International B.V., under the MTN Program.  In April
2007, the Bank issued USD 500 million debt securities due 2017
under the Future Flows Securitization Program via Kazkommerts
DPR Company.

Merrill Lynch and WestLB AG acted as a Join Lead Arrangers and
Bookrunners.

In May 2007, the Bank issued USD 250 million European commercial
securities with zero coupon via Kazkommerts International B.V.,
under the MTN Program.  The commercial securities are due to May
2008.

Rebranding Program

In May 2007, the Bank announced its retail rebranding to
"Kazkom".   As part of the branch expansion program in 2007,
Kazkommertsbank intends to open 80 new branches, which under the
new brand.  The rebranding of existing branches will take place
at the time of their refurbishment.

During the first half of 2007, the Bank opened 37 branches
bringing the total number of branches to 148.

                      About Kazkommertsbank

Kazkommertsbank –- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on June 26, 2007, Moody's
Investors Service downgraded these ratings of Kazkommertsbank of
Kazakhstan:

   -- senior unsecured debt in foreign currency to Baa2/P-2 from
      Baa1/P-2;

   -- foreign currency backed subordinated debt to Baa3 from
      Baa2; and

   -- foreign currency backed junior subordinated debt to Ba1
      from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.

In February 2007, Fitch Ratings affirmed Kazakhstan-based
Kazkommertsbank's ratings at foreign currency Issuer Default
'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D'
and Support '3'.

Fitch said the Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.


KIVA AKTAU: Claims Registration Ends Oct. 30
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kiva Aktau insolvent.

Creditors have until Oct. 30 to submit written proofs of claims
to:

         Building Of Auto Station
         Room 9
         Second Floor
         Micro District 28
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-14-58


MEYRIM LLP: Proof of Claim Deadline Slated for Oct. 30
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Meyrim insolvent.

Creditors have until Oct. 30 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-06-50


NAR LLP: Creditors Must File Claims Oct. 23
-------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Nar insolvent.

Creditors have until Oct. 23 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymanov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


PATRIOT LLP: Claims Filing Period Ends Oct. 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Patriot insolvent.

Creditors have until Oct. 23 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymanov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


TAMA LLP: Creditors' Claims Due on Oct. 24
------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Tama insolvent.

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

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


TRUBOPROVODSTROY LLP: Claims Registration Ends Oct. 30
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Construction Company Truboprovodstroy
insolvent.

Creditors have until Oct. 30 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Amanjolov Str. 54
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 51-52-53


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


SAF LLC: Proof of Claim Deadline Slated for October 26
------------------------------------------------------
Joint Firm Saf has declared insolvency.  Creditors have until
Oct. 26 to submit written proofs of claim.

Inquiries can be addressed to (0-503) 39-33-85.


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


MILLICOM INTERNATIONAL: Gets Non-Compliance Letter from NASDAQ
--------------------------------------------------------------
Millicom International Cellular S.A. has received a letter from
the NASDAQ Listing Qualifications Department, in accordance with
NASDAQ Marketplace Rule 4803(a), indicating that it was not in
compliance with the independent director and audit committee
requirements as set forth in Marketplace Rule 4350.

This non-compliance resulted from the vacancy on the company's
Board of directors due to the resignation of Tope Lawani on
Sept. 3, 2007, a Director and Audit Committee member.  In its
letter, NASDAQ provided the Company a cure period until the
earlier of the Company's next annual shareholders' meeting or
Sept. 3, 2008, to regain compliance.  The company fully expects
to regain compliance prior to the expiration of the cure period.

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


FIRST DATA: S&P Lowers Corporate Credit Rating to B+ from BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Greenwood Village, Colorado-based First Data Corp. to
'B+' from 'BB+' and removed the rating from CreditWatch, where
it was placed on April 2, 2007, with negative implications.  The
outlook is negative.

Additionally, S&P is withdrawing its 'A-1' commercial paper
rating at the company's request.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to First Data's US$15 billion secured credit
facilities, comprising a US$2 billion revolving credit facility
due 2013 and a US$13 billion term loan B due 2014.  The loans
are rated 'BB-', with a recovery rating of '2', indicating the
expectation for substantial (70%-90%) recovery in the event of a
payment default.  Proceeds from the term loan will be used to
partially fund the US$29 billion acquisition of the company by
Kohlberg Kravis Roberts & Co.

S&P also affirmed its 'A' rating on First Data's senior
unsecured debt, reflecting the company's stated intention that
it will tender for all of its outstanding bonds in conjunction
with the closing of the LBO.  Once the tender is completed, S&P
will withdraw those ratings.

"The ratings on First Data now reflect its highly leveraged
capital structure, weakened credit protection measures, and
modest pro forma free cash-flow generation following
substantially increased interest expense as a result of the
LBO," said Standard & Poor's credit analyst Phil Schrank.

The company's pro forma debt to EBITDA ratio is expected to be
very high for the ratings, at about 9x.  EBITDA interest
coverage will be less than 1.5x, and free cash flow to total
debt will be in the low single digits.  However, as a result of
First Data's strong business profile and stable operating
performance, S&P believe the company can support higher-than-
typical leverage for the rating.

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.


ITRON INC: Posts US$23.9 Million Net Loss in Second Quarter 2007
----------------------------------------------------------------
Itron Inc. reported a net loss of US$23.9 million for the second
quarter ended June 30, 2007, compared with net income of
US$10.2 million in the same period in 2006.  The loss was
primarily due to acquisition-related charges for in process
research and development and inventory.

Non-GAAP net income, which excludes amortization expense related
to intangible assets, acquisition related charges for in process
research and development and inventory, and amortization of debt
fees, was US$27.7 million compared with US$15.0 million in the
2006 period.  Non-GAAP net income is higher in the second
quarter of 2007 primarily due to the Actaris acquisition.

Total revenues for the second quarter of 2007 of US$401.6
million  were US$237.7 million, or 145.0%, higher than 2006
second quarter revenues of US$163.8 million.  Itron North
America revenues for the second quarter of US$151.9 million were
approximately US$11.9 million, or 7.3%, lower than the second
quarter of 2006.  2006 second quarter revenues included over
US$30.0 million from the company's contract with Progress
Energy.  This contract also contributed to the higher number of
meters shipped during the second quarter of 2006.  Actaris
revenues of US$249.6 million were comprised of
shipments to electric, gas and water utilities of approximately
40%, 31% and 29%, respectively.

"We are obviously pleased with our financial results for the
quarter," said LeRoy Nosbaum, chairman and chief executive
officer.  "As expected, the acquisition of Actaris dramatically
improved the operating profile of our company and provides a
platform for future growth opportunities in the global energy
and water markets."

The company completed the acquisition of Actaris on April 18,
2007.  Actaris products include electricity meters sold outside
of the U.S. and Canada and gas and water meters sold around the
world.

Net interest expense of US$20.7 million in the second quarter of
2007 was US$18.5 million higher than the comparable period in
2006. The increased net interest expense in 2007 was primarily
due to the placement of US$1.2 billion in debt for the Actaris
acquisition.

The company had a US$14.8 million GAAP income tax benefit for
the second quarter of 2007.  This compares with a GAAP income
tax provision of US$5.0 million in the second quarter of 2006.
The benefit is due to the pre-tax GAAP loss.

Net cash provided by operating activities was US$62.9 million
million for the first six months of 2007, compared with
US$56.8 million in the same period of 2006.  Adjusted earnings
before interest, taxes, depreciation and amortization in
the second quarter of 2007, was US$69.3 million compared with
US$28.8 million for the same period in 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$2.99 billion in total assets, US$2.38 billion in total
liabilities, and US$615.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?238c

                        About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on iits
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                            *   *   *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


KONINKLIJKE AHOLD: Faces Racketeering Complaint in Illinois
-----------------------------------------------------------
Koninklijke Ahold N.V., U.S. Foodservice, Gordon Redgate and
Brady Schofield face a racketeering complaint filed Aug. 24,
2007, in the U.S. District Court for the Eastern District of
Illinois, the CourtHouse News Service reports.

Named plaintiff Thomas & King, Inc. accuses defendants of
inflating customers prices through shell companies, sham
transactions and phony invoice.

The suit is Thomas & King, Inc. v. Koninklijke Ahold N.V. et
al., Case No. 3:07-cv-00608-DRH-PMF, filed in the U.S. District
Court for the Eastern District of Illinois, under Judge David R.
Herndon, with referral to Judge Philip M. Frazier.

Representing the plaintiffs are:

          Richard Laurence Macon
          Karen K. Gulde
          Akin, Gump et al. - San Antonio
          300 Convent Street, Suite 1600
          San Antonio, TX 78205
          Phone: 210-281-7222 or 210-281-7055
          E-mail: imacon@akingump.com

          Todd M. Stenerson
          Richard L. Wyatt, Jr.
          Akin, Gump et al. - Washington
          1333 New Hampshire Avenue, N.W., Suite 400
          Washington, DC 20036
          Phone: 202-887-4000
          Fax: 202-887-4288
          E-mail: tstenerson@akingump.com or rwyatt@akingump.com

          - and -

          Patricia S. Murphy
          Murphy Law Office
          Generally Admitted
          Post Office Box 220
          Energy, IL 62933-0220
          Phone: 618-964-9640
          E-mail: TrishL22@aol.com

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                            *   *   *

In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.

The action follows the company's announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


KONINKLIJKE AHOLD: Reacquires Common Shares for EUR119.2 Million
----------------------------------------------------------------
Koninklijke Ahold N.V. has repurchased 11,702,830 of its own
common shares in the period from Sept. 10, 2007 up to and
including Sept. 14, 2007.

Shares were repurchased at an average price of EUR10.1821 per
share for a total amount of EUR119.2 million. These repurchases
were made as part of the EUR1 billion share buyback program
announced on Aug. 30, 2007.

The total number of shares repurchased under this program to
date is 22,258,162 common shares for a total consideration of
EUR225.7 million.

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                            *   *   *

In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.

The action follows the company's announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


===========
N O R W A Y
===========


OSLO REINSURANCE: New York Court Recognizes Chapter 15 Petition
---------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York entered an order recognizing
the UK scheme proceedings of Oslo Reinsurance Company (UK)
Limited and Oslo Reinsurance Company ASA as the foreign main
proceedings pursuant to Chapter 15 of the U.S. Bankruptcy Code.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States; expands the powers of U.S. Bankruptcy Courts; and
enhances the rights of both U.S. and non-U.S. creditors.

The U.S. Court's decision has effectively stayed all other legal
proceedings that may be ongoing or commenced against the
Debtors.  It also protects the Debtors' assets within the United
States from any execution, transfer, encumbrance, and disposal.

                       Scheme of Arrangement

The Debtors had written reinsurance business in the London
market through a reinsurance pool that went into a run-off on
Nov. 1, 2002.

Reinsurance pools that enter into a run-off, typically completes
in 20 or more years, cease underwriting new business and seek to
determine, settle and pay all liquidated claims of their
insureds as they rise.  To shorten the run-off and reduce
administrative cost, the Debtors have each entered into a scheme
of arrangement under English Law.  The Schemes apply to all
business written by the companies within the pool.

On Feb. 28, 2007, the companies met with Scheme Creditors, after
being allowed by the U.K. High Court on Dec. 12, 2006.  The High
Court also confirmed that Philip Heitlinger has authority to
request recognition and a permanent injunction order under
Chapter 15 of the Bankruptcy Code on the December 12 order.

On July 9, 2007, the High Court sanctioned the Schemes, which
were voted in favor of by the requisite majorities of Scheme
Creditors.

                  About Oslo Reinsurance

Jan. C. H. Endresen, in his capacity as Foreign Representative
for Oslo Reinsurance Company (UK) Limited and Oslo Reinsurance
Company ASA, filed for chapter 15 protection on July 19, 2007
(Bankr. S.D. N.Y. Case No. 07-12212).  Geoffrey T. Raicht, Esq.,
at Sidley Austin LLP, represents the Foreign Representative in
this case.  When the company filed the petion for chapter 15,
they listed estimated assets and debts of $1 million to $100
million.


===============
P O R T U G A L
===============


COMPANHIA SIDERURGICA: Investing US$9B to Boost Brazilian Output
----------------------------------------------------------------
Companhia Siderurgica Nacional SA has intended to invest US$9
billion (EUR6.59 billion) to expand its production capacity in
Brazil over the next four years, the Associated Press reports,
citing Estado news agency.

Chief Executive Benjamin Steinbruch told Estado that the company
will build a 4.5-million-metric-ton slab plant in northeastern
Brazil, adding that it has not yet selected the exact location
of the new site.

In addition, the company also proposed to construct two 4.5-
million-metric-ton steel slab plants in the states of Rio de
Janeiro and Minas Gerais.  The Rio de Janeiro plant will be
built at Itaguai for US$3.1 billion (EUR2.27 billion), and the
Minas Gerais plant will be constructed near CSN's Casa de Pedra
iron ore mine in Congonhas for US$2.9 billion (EUR2.12 billion),
AP relates.

Production at the Itaguai slab plant will start by September
2009.  The Congonhas plant is expected to begin output about a
year later, published reports said.

Chinese steel giant Baosteel would not be associated with the
Itaguai mill because it recently signed a deal with mining giant
Companhia Vale do Rio Doce, or CVRD, to build a steel slab plant
in Espirito Santo state, Mr. Steinbruch said to Estado.

Baosteel and CSN had previously made a deal, with Baosteel
acquiring a 25% stake in the Itaguai project.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


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


FREESCALE SEMICONDUCTOR: S&P Puts BB- Rating Under Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating and other ratings on Freescale Semiconductor Inc.
on CreditWatch with negative implications.

"The action reflects the company's depressed profitability and
cash flows, resulting in debt leverage well above earlier
expectations," said Standard & Poor's credit analyst Bruce
Hyman.  Freescale's business has been affected by weakness in
Motorola's cell phone business and the North American automotive
market, some softness in the communications infrastructure line,
and weakening conditions in the broad-based semiconductor
industry.

While Freescale seeks to broaden its customer base and has
announced several cost reduction initiatives, operational
improvements are unlikely to become immediately effective.  Debt
to EBITDA was 7.5x for the June quarter annualized, and was 6.7x
for the four quarters ended June 30, 2007, well above earlier
expectations, while the business has generated negative free
cash flows for the first half of 2007.  S&P will meet with
management to assess likely business conditions, cost reduction
initiatives and their effect on profitability, cash flows, and
leverage.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
Semiconductor became a publicly traded company in July 2004.
The company has design, research and development, manufacturing
or sales operations in more than 30 countries.  In Latin
America, Freescale Semiconductor has operations in Argentina,
Brazil and Mexico.  In Europe, the company has operations in
Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey
and the United Kingdom.  Revenues for the 12 months ended
March 31, 2007 were US$6.2 billion.


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


90 EXPERIMENTAL OJSC: Bankruptcy Hearing Slated for Dec. 19
-----------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:00 p.m. on
Dec. 19 to hear the bankruptcy supervision procedure on OJSC 90
Experimental Factory.  The case is docketed under Case No.
A41-K2-9738/07.

The Temporary Insolvency Manager is:

         Y. Gudkov
         Temporary Insolvency Manager
         Ptichnoe
         Naro-Fominskiy
         143396 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC 90 Experimental Factory
         Ptichnoe
         Naro-Fominskiy
         143369 Moscow
         Russia


AQUA-SERVICE LLC: Court Names A. Popov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya appointed A. Popov
as Insolvency Manager for LLC Aqua-Service.  He can be reached
at:

         A. Popov
         Tsiolkovskogo 7
         Nalchik
         Kabardino-Balkariya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A20-2181/07.

The Debtor can be reached at:

         LLC Aqua-Service
         Nalchik
         Kabardino-Balkariya
         Russia


BUILDING CO 3: Creditors Must File Claims by Oct. 25
----------------------------------------------------
Creditors of OJSC Building Company 3 have until Oct. 25 to
submit proofs of claim to:

         V. Plashkin
         Insolvency Manager
         Office 2
         Svobody Str. 58
         619000 Kudymkar
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A30-157/2007.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC Building Company 3
         Svobody Str. 58
         619000 Kudymkar
         Russia


EAST-WEST CJSC: Creditors Must File Claims by Oct. 25
-----------------------------------------------------
Creditors of CJSC Trading House East-West (TIN 2808014230) have
until Oct. 25 to submit proofs of claim to:

         A. Chuyasov
         Insolvency Manager
         Office 105
         Sv. Innokentiya Per. 13
         Blagoveshensk
         675000 Amur
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A04-627/07-10/112 B.

The Debtor can be reached at:

         CJSC Trading House East-West
         Oilbase
         Komsomolskiy
         Tynda
         Tyndinskiy
         676080 Amur
         Russia


FURNITURE FACTORY: Creditors Must File Claims by Sept. 25
---------------------------------------------------------
Creditors of LLC Furniture Factory have until Sept. 25 to submit
proofs of claim to:

         V. Kokhanov
         Insolvency Manager
         Gertsena Str. 56
         610017 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-688/06-125/10.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         V. Kokhanov
         Insolvency Manager
         Gertsena Str. 56
         610017 Kirov
         Russia


GAZPROM NEFT: Eyes US$2.2 Billion Syndicated Loan Facility
----------------------------------------------------------
OAO Gazprom Neft has mandated a group of international banks АBN
AMRO Bank N.V., Calyon, Citigroup Global Markets Ltd., and
Commerzbank AG to arrange a new US$2.2 billion syndicated loan
facility.

The Facility will be used by the Company to finance business
expansion in upstream and downstream.  The Facility is an
amortizing term loan that pays a margin of 0.75% per annum.
Loan documentation was signed on Sept. 14, 2007.

The deal is strongly supported by the four bookrunners -- АBN
AMRO Bank N.V., Calyon, Citigroup Global Markets Ltd., and
Commerzbank AG, which reflects Gazpromneft's strong credit
profile and the depth of its relationship within the
international financial markets.

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                            *   *   *

As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Moody's
said the outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  S&P
said the outlook is positive.


ILDAI OJSC: Creditors Must File Claims by Sept. 25
--------------------------------------------------
Creditors of OJSC Trading House Ildai have until Sept. 25 to
submit proofs of claim to:

         S. Pitikov
         Insolvency Manager
         Internatsionalnaya Str. 96
         603002 Nizhnij Novgorod
         Russia

The Arbitration Court of Mariy El commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A38-1675/2007-9-14.

The Debtor can be reached at:

         OJSC Trading House Ildai
         Krasnoarmeyskaya Str., 43
         Yoshkar-Ola
         Mariy El
         Russia


KOSTROMA TELEKOM-STROY: Creditors Must File Claims by Sept. 25
--------------------------------------------------------------
Creditors of CJSC Kostroma Telekom-Stroy of Kostroma Region (TIN
4401024969) have until Sept. 25 to submit proofs of claim to:

         I. Borzov
         Insolvency Manager
         Office 207
         Bagaeva Str. 17
         Ivanovo
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A31-1917/2007-21.

The Debtor can be reached at:

         CJSC Kostroma Telekom-Stroy Of Kostroma Region
         Stankostroitelnaya Str. 4
         156019 Kostroma
         Russia


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

         A. Vetchinkin
         Temporary Insolvency Manager
         Arsenalnaya Str. 1-D
         300002 Tula
         Russia

The Arbitration Court of Tula will convene at 10:00 a.m. on
Dec. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A68-3071/07-216/B.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         LLC Magor
         Kutuzova Str. 13
         Tula
         Russia


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

         A. Raspopin
         Insolvency Manager
         Sennaya Square 15
         603024 Nizhniy Novgorod
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-4014/2007.

The Debtor can be reached at:

         CJSC Promiz
         Cheboksary
         Chuvashiya
         Russia


REINFORCED-CONCRETE GOODS: Creditors Must File Claims by Oct. 25
----------------------------------------------------------------
Creditors of OJSC Reinforced-Concrete Goods have until Oct. 25
to submit proofs of claim to:

         D. Tatyanchenko
         Insolvency Manager
         Sotsialisticheskaya Str. 60V
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-15100/2006-S2-51.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Reinforced-Concrete Goods
         Kharkovskoe Shosse 1a
         Novocherkassk
         Rostov
         Russia


RODINA OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Buryatiya commenced bankruptcy
supervision procedure on OJSC Rodina.  The case is docketed
under Case No. A10-915/07.

The Temporary Insolvency Manager is:

         N. Dubershtein
         Temporary Insolvency Manager
         Senchikhina 1-89
         Ula-Ude
         670024 Buryatiya
         Russia

The Debtor can be reached at:

         OJSC Rodina
         Tamir
         Khyakhtinskiy
         671832 Buryatiya
         Russia


SHEBEKINSKIY LES-KHOZ: Bankruptcy Hearing Slated for Nov. 12
------------------------------------------------------------
The Arbitration Court of Belgorod will convene at 11:00 a.m. on
Nov. 12 to hear the bankruptcy supervision procedure on State
Unitary Enterprise Shebekinskiy Les-Khoz.  The case is docketed
under Case No. A08-3334/07-14 B.

The Temporary Insolvency Manager is:

         A. Ovchinnikov
         Rzhevskoe Shosse 11
         Shebekino
         309290 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Shebekinskiy Les-Khoz
         Shebekinskiy
         309294 Belgorod
         Russia


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

         E. Ponomarev
         Insolvency Manager
         Zvezdnaya Str. 8
         Plodopitomnik
         Ishimskiy
         627750 Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A-70-855/3-07.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         CJSC Zhuravlevskoe
         Shkolnaya Str. 18
         Zhuravlenskoe
         Omutinskiy
         Tyumen
         Russia


ZLATOUSTOVSKOE CJSC: Bankruptcy Hearing Slated for Nov. 19
----------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 2:00 p.m.
on Nov. 19 to hear the bankruptcy supervision procedure on CJSC
Zlatoustovskoe.  The case is docketed under Case No.
A45-7525/07-48/41.

The Temporary Insolvency Manager is:

         A. Zaykov
         Temporary Insolvency Manager
         Post User Box 180
         630107 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Arktika-Yuni
         Zlatoust
         Toguchinskiy
         633427 Novosibirsk
         Russia


* S&P Affirms Krasnodar Krai's BB- Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Krasnodar Krai from stable to positive.  At the same time, the
'BB-' long-term issuer credit and 'ruAA-' Russia national scale
ratings were affirmed.  The krai is the third-most populous
region in the Russian Federation (foreign currency BB+/Stable/A-
2, local currency A-/Stable/A-2; Russia national scale 'ruAAA').

"The action was driven by the krai's high economic growth, its
good financial performance, and low debt," said Standard &
Poor's credit analyst Irina Pilman.

The ratings reflect the restricted predictability and
flexibility of Krasnodar's financials due to central government
controls, high infrastructure needs, and weak average income
levels.

The krai's well-diversified and growing economy, buoyed by
medium-term commitments of large federal and private
investments, support the ratings, as do consistently sound
financial performance and low debt.

The administration has no immediate plans to increase debt in
the medium term, except for a possible Russian ruble 1.5 billion
bond issue in 2007.  The krai's borrowing capacity is high, as
its direct debt was a negligible 0.9% of operating revenues at
July 1, 2007.

"We expect that timely and full federal financing of the most
important investment programs, combined with the krai's
maintenance of a positive operating performance and comfortable
liquidity position, could trigger an upgrade," said Ms. Pilman.
"We also expect Krasnodar Krai's economy and revenues to
continue growing, and the debt burden to remain moderate."

The adoption and implementation of the medium-term financial and
debt strategy could diminish the low predictability of regional
finances--especially the uncertainty concerning their
contribution to massive federal programs in the krai--and could
further enhance the krai's credit strength.

Significant deterioration in the financial performance and/or an
increase in debt above a manageable 50%--which we do not expect
in the next few years--could negatively affect the ratings.


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


ABAG GERUSTBAU: Lucerne Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Lucerne entered Aug. 21 an order
closing the bankruptcy proceedings of JSC ABAG Gerustbau.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6011 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC ABAG Gerustbau
         Josef Muller
         Straussrain 5
         6344 Meierskappel LU
         Switzerland


BARRY CALLEBAUT: Sells Brach's Business to Farley & Sathers
-----------------------------------------------------------
Barry Callebaut AG sold its U.S. consumer confectionery business
Brach's to Farley's & Sathers Candy Co. Inc. for an undisclosed
amount.  The sale will include all of the business and all
assets of Brach's and its affiliates, including three factories
in Chattanooga and Winona, in the U.S. and Vernell in Mexico.

The two parties expect the transaction to close by end of
November 2007.  The two companies agreed not to disclose any
financial details of the transaction.

Brach’s has annual gross sales of about US$270 million, with
sugar candy accounting for around 75% and chocolate products
making up around 25%.  In Barry Callebaut’s annual report for
fiscal year 2006/07, which closed on August 31, 2007, Brach’s
will be classified as discontinued business.  The Group’s
figures for fiscal year 2005/06 will be restated accordingly.

"We are very pleased that we have found an optimal new owner for
Brach's in Farley's & Sathers that, based on its industrial
expertise, will be able to further develop the Brach's brand and
to secure a great future for the Brach's people.  We acquired
Brach's because we wanted to get access to the large U.S.
retailers and manufacture private label chocolate for the U.S.
market.  However the market for private label products in the
U.S. has not developed in the same way as in Europe.  Therefore
we decided we should concentrate on other priorities like
outsourcing and geographical expansion," Patrick De Maeseneire,
Barry Callebaut CEO disclosed.

"We are very pleased to be adding Brach’s to Farley's & Sathers
Candy Company," Dennis Nemeth, President of Farley's & Sathers
Candy Company, Inc. said.

"Brach’s is a well-established brand and its products are highly
regarded. This addition clearly marks our continued commitment
to the candy business, and gives us additional brands with long
traditions of quality that perfectly fit our long-term strategy.
In addition to broadening our current portfolio of brands, this
acquisition will allow opportunities to increase manufacturing
capacity," Mr. Nemeth added.

Headquartered in Round Lake, Minnesota, Farley’s & Sathers --
http://www.farleysandsathers.com/-- manufactures and
distributes quality confections, gum products and snacks to all
classes of trade in the U.S.  As a portfolio company of
Catterton Partners, Farley’s & Sathers has developed its
business both through internal growth and through the
acquisition of confectionery brands, including the Heide
business from Hershey and the Trolli business from Wrigley.

                    About Barry Callebaut

Headquartered in Zurich, Switzerland, Barry Callebaut --
http://www.barry-callebaut.com/-- manufactures cocoa,
chocolate, and confectionery products.  Barry Callebaut is
present in 25 countries, operates more than 30 production
facilities and employs around 8,000 people.  The company serves
the entire food industry, from food manufacturers to
professional users of chocolate, to global retailers.  It also
provides a comprehensive range of services in the fields of
product development, processing, training, and marketing.

In the 12 months to February 2007, the company reported revenues
and EBITDA of CHF4.2 billion and CHF421 million, respectively.

                        *     *     *

On July 2, 2007, the TCR-Europe reported that Moody's Investors
Service affirmed the Ba1 Corporate Family Rating of Barry
Callebaut, with a stable outlook.  At the same time, the agency
assigned a (P) Ba1 rating to the proposed EUR350 million Senior
Notes due 2017.


BOSAL SCHWEIZ: Creditors' Liquidation Claims Due October 4
----------------------------------------------------------
Creditors of JSC Bosal Schweiz have until Oct. 4 to submit their
claims to:

         JSC Curia Treuhand
         Liquidator
         Grabenstr. 15
         Postfach
         7002 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Bosal Schweiz
         Oensingen
         Gau SO
         Switzerland


FERRUMTECH BAU: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Ferrumtech Bau on Aug. 21.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Ferrumtech Bau
         Bruggerstrasse 194
         5400 Baden AG
         Switzerland


FIVAGROUP TREUHAND: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Fivagroup Treuhand on Aug. 28.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Fivagroup Treuhand
         Bienenstrasse 7
         8004 Zurich
         Switzerland


NOVA DEVELOPMENTS: Creditors' Liquidation Claims Due Sept. 28
-------------------------------------------------------------
Creditors of JSC Nova Developments have until Sept. 28 to submit
their claims to:

         Dr. Bernhard Vischer
         Liquidator
         Untermuli 9
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Nova Developments
         Zug
         Switzerland


PETYA’S TRENDSHOP: Creditors' Liquidation Claims Due Sept. 28
-------------------------------------------------------------
Creditors of LLC Petya’s Trendshop have until Sept. 28 to submit
their claims to:

         Yanick Berger
         Liquidator
         Barmattweg 1
         4462 Rickenbach
         Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC Petya’s Trendshop
         Basel BS
         Switzerland


SCHMID & PARTNER: Creditors' Liquidation Claims Due October 1
-------------------------------------------------------------
Creditors of LLC Schmid & Partner Immobilien have until Oct. 1
to submit their claims to:

         Jurg Schmid
         Liquidator
         Zaun 55
         9042 Speicher AR
         Switzerland

The Debtor can be reached at:

         LLC Schmid & Partner Immobilien
         Speicher AR
         Switzerland


TRIO IMMOBILIEN: Creditors' Liquidation Claims Due September 30
---------------------------------------------------------------
Creditors of JSC Trio Immobilien- und Verwaltungs have until
Sept. 30 to submit their claims to:

         David Peterhans
         Liquidator
         Bergstrasse 51
         5452 Oberrohrdorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Trio Immobilien- und Verwaltungs
         Wettingen
         Baden AG
         Switzerland


VENTURE LLC: Creditors' Liquidation Claims Due October 1
--------------------------------------------------------
Creditors of LLC Venture have until Oct. 1 to submit their
claims to:

         Vaclav Frolik
         Liquidator
         Shopping-Center 7/21.2
         8957 Spreitenbach
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Venture
         Spreitenbach
         Baden AG
         Switzerland


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


ADAMPOL BREADRECEIVING: Creditors Must File Claims by Sept. 27
------------------------------------------------------------
Creditors of OJSC Adampol Breadreceiving Enterprise (code EDRPOU
00956709) have until Sept. 27 to submit written proofs of claim
to:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 2/199-B.

The Debtor can be reached at:

         OJSC Adampol Breadreceiving Enterprise
         Privokzalnaya str., 1
         Adompol
         Starosiniavsky District
         31416 Hmelnitskij
         Ukraine


AGRICULTURAL CHEMISTRY: Proofs of Claim Deadline Set Sept. 22
-------------------------------------------------------------
Creditors of OJSCAL Agricultural Chemistry (code EDRPOU
05488271) have until Sept. 22 to submit written proofs of claim
to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on July 30.  The case is docketed under
Case No. 45/45B.

The Debtor can be reached at:

         OJSCAL Agricultural Chemistry
         Zeleny Lane 20
         Amvrosiyevka District
         87300 Donetsk
         Ukraine


BANK FORUM: Commerzbank Acquires 60%+1 Stake
--------------------------------------------
The shareholders of Bank Forum and Commerzbank reached agreement
on Sept. 17, 2007 for Commerzbank to acquire 60% plus one share
of Bank Forum.

Under the agreement the selling shareholders will have an option
to sell an additional stake, of up to 25%, in the Bank to
Commerzbank and the latter has the right to purchase up to 25%
in the Bank after 36 months from the date of Closing of the
transaction.  The acquisition of Bank Forum is still subject to
regulatory approvals.

Leonid Yurushev, the key selling shareholder, believes that the
strategic investment by Commerzbank will be highly beneficial
for the Bank and the overall Ukrainian banking sector.

“I welcome Commerzbank as a majority investor in Bank Forum and
look forward to building a partnership with them that will allow
us to further strengthen the development prospects of the Bank
and the banking sector as a whole” Mr. Yurushev said.

                       About Commerzbank

Headquartered in Frankfurt am Main, Germany, Commerzbank --
https://www.commerzbank.com -- has some 800 branches nationwide
is Germany's second-largest bank.  Its consolidated balance
sheet total stands at EUR608 billion.  Roughly 36,000 employees,
8,725 of them active outside Germany, look after more than 8
million customers worldwide.

Commerzbank sees itself as an efficient provider of financial
services for private and business customers as well as for small
to medium-sized companies (Mittelstand), but it also serves
numerous major corporates and multinationals.

                        About Bank Forum

Headquartered in Kyiv, Ukraine, Bank Forum --
http://www.forum.com.ua/en/-- currently ranks among the top 10
largest banks in the country.  The Bank’s strategy is to
continue to actively develop its franchise with particular focus
on SMEs and to further expand its branch network and presence in
the retail banking segment.


BANK FORUM: Moody's May Upgrade B1 Deposit Rating After Review
--------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the B1 local currency long-term deposit rating of Bank Forum,
the Aa3.ua National Scale Rating and the B1 long-term debt
rating of the bank's loan participation notes.

Moody's said that the bank's B2 long-term foreign currency
deposit rating was affirmed, with positive outlook, as it
remains constrained by Ukraine's B2 country ceiling for such
deposits.

Moody's noted that the review for possible upgrade has been
prompted by the recent announcement that Commerzbank AG (rated
Aa3/P-1/C+), has signed, a share purchase agreement to acquire
60% plus one share of Bank Forum from its current owner, Leonid
Yurushev and his family Commerzbank has also secured the option
to purchase a further 25% of Bank Forum during 36 months.

Moody's understands that Bank Forum, being essentially a
corporate bank, will continue its strategy on focusing on
corporate/SME customers in Ukraine.

At the same time, the bank is also placing increasing emphasis
on retail lending (the share of retail lending reached 20% of
the bank's loan portfolio at 1H 2007) and development of the
distribution network (the bank has 30 branches and 227 outlets
at mid-September 2007 and plans to open another 47 to reach 300
braches and outlets by the end of 2008), and we expect this
trend to continue.  Moody's said that its rating review will
focus on the implicit commitment and support from Commerzbank AG
as well as on the legal completion of the transaction and the
obtaining of all the necessary approvals from Ukrainian and
German authorities.

These ratings were placed on review for possible upgrade:

   -- B1 local currency bank deposit rating;
   -- B1 foreign currency debt rating; and
   -- Aa3.ua national scale rating.

These ratings were affirmed:

   -- B2 long-term foreign currency deposit rating (positive
      outlook);

   -- Non-Prime short-term debt rating.

Bank Forum is headquartered in Kyiv, Ukraine, and as of June 30,
2007 reported unaudited IFRS total assets of UAH9.4 billion
(US$1.86 billion) and net profit of UAH10.2 million (US$2
million).


BANK FORUM: Purchase Agreement Cues Fitch’s Watch on B- IDR
-----------------------------------------------------------
Fitch Ratings has placed Bank Forum's Long-term foreign currency
Issuer Default rating of 'B-' and Support rating of '5' on
Rating Watch Positive.  This follows Commerzbank’s announcement
that it has agreed to purchase a 60%+1 share in Forum.  Forum's
other ratings are affirmed at Short-term IDR 'B' and Individual
'D/E'.

The RWP reflects the greater probability of support being
forthcoming, if required, following the expected change in
ownership and will be resolved if and when the transaction is
completed. Upon the completion of the transaction Forum's Long-
term foreign currency IDR will likely be upgraded to Ukraine's
Country Ceiling, currently 'BB-', based on the potential support
available from Commerzbank.

Forum is a medium-sized bank ranked 13th by assets in Ukraine at
end of first half of 2007.  Some 85% of its shares are
controlled by a local businessman, Leonid Yurushev, and members
of his family.  The remaining shares are owned by portfolio
investors.  Commerzbank has offered US$600 million for a 60%+1
share stake and has also secured the options to purchase a
further stake of up to 25% of Forum during the next 36 months.
In both cases the bank will be purchasing shares from Forum's
majority investor Leonid Yurushev and his family.  This
transaction is subject to regulatory approval.


BUILDING TRANSPORT: Creditors Must File Claims by September 22
--------------------------------------------------------------
Creditors of LLC Building Transport Gas (code EDRPOU 31838568)
have until Sept. 22 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/488-B.

The Debtor can be reached at:

         LLC Building Transport Gas
         Pechersk Slope 3
         01133 Kiev
         Ukraine


ERIDAN LLC: Creditors Must File Claims by September 22
------------------------------------------------------
Creditors of LLC Eridan (code EDRPOU 20099880) have until
Sept. 22 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. 5/225-07.

The Debtor can be reached at:

         LLC Eridan
         Druzhba narodov Str. 1
         Sutiski
         Tivrov District
         Vinnica
         Ukraine


LAN GRAIN: Creditors Must File Claims by September 22
-----------------------------------------------------
Creditors of LLC Lan Grain Industry (code EDRPOU 31966199) have
until Sept. 22 to submit written proofs of claim to:

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

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 17/B-862.

The Debtor can be reached at:

         LLC Lan Grain Industry
         Privokzalnaya str.
         Lanovtsy
         Ternopol
         Ukraine


NIKOTRADE-M LLC: Creditors Must File Claims by September 22
-----------------------------------------------------------
Creditors of LLC Nikotrade-M (code EDRPOU 34437444) have until
Sept. 22 to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/638/07.

The Debtor can be reached at:

         LLC Nikotrade-M
         Geroev Stalingrada Str. 91
         54025 Nikolaev
         Ukraine


TRADING HOUSE: Proofs of Claim Deadline Set Sept. 27
----------------------------------------------------
Creditors of Open Trade-Joint Stock Company Trading House (code
EDRPOU 13724366) have until Sept. 27 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.
B11/217-07.

The Debtor can be reached at:

         Open Trade-Joint Stock Company Trading House
         III International Str. 152
         Irpen
         Kiev
         Ukraine


VINNICA LLC: Creditors Must File Claims by September 22
-------------------------------------------------------
Creditors of LLC Holding Company Vinnica (code EDRPOU 30453200)
have until Sept. 22 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. 10/156-07.

The Debtor can be reached at:

         LLC Holding Company Vinnica
         Bogun Str. 2
         Vinnica
         Ukraine


YIM LLC: Creditors Must File Claims by September 22
---------------------------------------------------
Creditors of LLC Yim (code EDRPOU 32192618) have until Sept. 22
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. 5/149-07.

The Debtor can be reached at:

         LLC Yim
         Lenin Str. 61
         Tivrov
         Vinnica
         Ukraine


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


CHARFORD BUILDING: Names Neil Francis Hickling Liquidator
---------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of Charford Building Contractors Ltd. on Sept. 5 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


GENERAL MOTORS: UAW Talks on VEBA Funding Terms Drag On
-------------------------------------------------------
General Motors Corp. and the United Auto Workers union have
temporarily ceased talks yesterday on the creation of a
multibillion-dollar, union-controlled health care trust fund,
known as the Voluntary Employees Beneficiary Association or
VEBA, after the two couldn't agree on how much money GM would
provide, Jeffrey McCraken and John D. Stoll of the Wall Street
Journal report citing people familiar with the talks.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
GM, Ford Motor Co. and Chrysler LLC are believed to be pushing
to finance the health care fund at no more than 70 cents on the
dollar, which would create a trust fund in excess of $60
billion, making it one of the largest investment funds in the
country.  The trust fund is expected to cut about US$95 billion
from the car makers' retiree costs.

However, a huge gap remains between funding proposed by
Detroit's "big three" automakers and the level discussed by the
UAW, described as "still well into the several-billion-dollars
range," although GM and UAW have narrowed the gap over the past
week.  The UAW is amenable to creating a trust fund for retiree
health-care benefits as long as all of the parties involved can
reach an agreement on funding terms.

Instead, WSJ sources say, the parties discussed other issues
such as wage cuts for active employees, higher co-pays for
active workers, cutting back on overtime, outsourcing of jobs
not on the assembly line and lower second-tier wages for new
hires.

According to contract proposals, new hires would also get lesser
health care benefits than current employees and won't get the
pensions as current workers, WSJ reports.

WSJ relates that the VEBA negotiations may resume over the
weekend.

                      About General Motors

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

                         *     *     *

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

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


GREYFRIARS INSURANCE: Chapter 15 Petition Summary
-------------------------------------------------
Petitioner: PRO Insurance Solutions Limited

   Debtors                                 Case Nos.
   -------                                 ---------
   Greyfriars Insurance Company Limited     07-12934
   Sovereign Insurance (UK) Ltd.            07-12935
   Allianz Insurance PLC                    07-12936
   Heddington Insurance (UK) Ltd.           07-12937
   Mitsui Sumitomo Insurance Company        07-12938
      (Europe), Ltd.
   The Ocean Marine Insurance               07-12939
      Company, Ltd.
   Oslo Reinsurance Company (UK) Ltd.       07-12940
   The Sea Insurance Company Ltd.           07-12941
   Tokio Marine Europe Insurance Ltd.       07-12942
   Wausau Insurance Company (UK) Ltd.       07-12943

Type of Business: The group of Debtors, with certain other
                  insurance companies, underwrote insurance
                  and reinsurance business in pooling
                  arrangements through Willis Faber
                  (Underwriting Management) Ltd. and affiliates.
                  The group underwrote risks until the end of
                  1991, when they ceased accepting new business
                  and went into run-off.

Chapter 15 Petition Date: September 18, 2007

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Petitioner's Counsel: Howard Seife, Esq.
                      Francisco Vazquez, Esq.
                      Chadbourne & Parke LLP
                      30 Rockefeller Plaza
                      New York, NY 10112
                      Tel: (212) 408-5361
                      Fax: (212) 541-5369

                           -- and --

                      Ken Coleman, Esq.
                      Stephen Doody, Esq.
                      Allen & Overy, LLP
                      1221 Avenue of the Americas
                      New York, New York 10020
                      Tel: (212) 610-6300

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million


NELSON I A: Brings In Liquidators from Ernst & Young
----------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP were appointed joint liquidators of Nelson I A Ltd.
(formerly Swegmark Nelson Ltd.) on Sept. 6 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Ernst & Young LLP
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5QR
         England


NORTHERN INDUSTRIAL: Taps J. M. Titley to Liquidate Assets
----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Northern Industrial Roofing Ltd. on Aug. 14 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


NORTHERN ROCK: S&P Lowers Tier 1 Instruments’ Ratings to BB
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on
Northern Rock's Tier 1 and upper Tier 2 perpetual subordinated
instruments to 'BB' from 'BBB+', and the rating on its lower
Tier 2 dated subordinated debt was lowered to 'BBB' from 'A-'.

Furthermore, the rating on the GBP400 million notes issued by
Saphir Finance PLC secured over Northern Rock Tier 1 preference
shares was lowered to 'BB' from 'BBB+'.

Additionally, S&P lowered its long-term counterparty credit
rating on Northern Rock PLC to 'A-' from 'A'.  At the same time,
the 'A-1' short-term rating was affirmed.  The outlook is
negative.

On Sept. 14, 2007, Standard & Poor's had lowered the long-term
rating on Northern Rock to 'A' from 'A+'.

"The downgrade of the long-term rating reflects Northern Rock's
diminished business position as a result of its recent liquidity
stress.  Since it will be extremely difficult for Northern Rock
to rebuild its franchise, we expect that it will effectively
begin to wind down in an orderly manner if it is not acquired in
the near future," said Standard & Poor's credit analyst Richard
Barnes.

"In a wind-down scenario, we expect that either the bank would
be broken up or the assets and liabilities would run off over
time," added Mr. Barnes.

S&P considers that there is a reasonable probability of a
takeover -- and this is incorporated into the ratings -- but an
acquisition is by no means certain.  Northern Rock stated on
Sept. 17, 2007, that it was not in takeover discussions at that
time, but was considering all strategic options.

The new long-term counterparty credit rating takes into
consideration the extraordinary support provided to Northern
Rock by the U.K. authorities in the form of substantial
liquidity and, if necessary, a government guarantee of existing
deposits.  The authorities are willing to provide this support
as Northern Rock remains solvent and its asset quality is
robust.  Northern Rock is now less likely to draw on its special
liquidity facility from the Bank of England (AAA/Stable/A-1+) as
mortgage collateral has been added to the list of assets that
the Bank of England will accept in its routine market operations
with all U.K. banks.  This ready access to central bank
liquidity would help Northern Rock to facilitate an orderly
wind-down if an acquisition does not transpire.

The affirmation of the short-term rating on Northern Rock
reflects the significant liquidity made available to it by the
Bank of England and the beneficial effect of the guarantee. It
is unusual, but not unprecedented, for a financial institution
with a long-term rating of 'A-' to have an 'A-1' short-term
rating, but S&P considers that it is warranted in this case.

Standard & Poor's rating policy for subordinated debt
instruments is to widen the gap between the issue ratings and
the issuer's long-term counterparty credit rating where the
issuer receives extraordinary external support.  In such cases,
the relevant authorities often expect the holders of
subordinated instruments to share in potential losses.  The
downgrades of Northern Rock's subordinated instruments, which
form part of its regulatory capital base, reflect the rating
agency's view that, without an acquisition, there is an
increased probability of the bank deferring payment on these
issues.  Standard & Poor's ratings are based on full and timely
settlement of obligations, and it regards a coupon deferral as a
payment default even where, as in the case of Northern Rock's
Tier 1 and upper Tier 2 instruments, a deferral clause is
included in the issue documentation.  In the case of lower Tier
2 debt, the nonpayment of a coupon is much less likely as it
would constitute a legal event of default.

"The negative outlook reflects our concern that, although
Northern Rock's liquidity should remain robust given the current
extraordinary support, its financial position may deteriorate
further in the coming months if it is not acquired.  A positive
rating action is likely if Northern Rock is acquired by a
stronger entity," added Mr. Barnes.


OSLO REINSURANCE: New York Court Recognizes Chapter 15 Petition
---------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York entered an order recognizing
the UK scheme proceedings of Oslo Reinsurance Company (UK)
Limited and Oslo Reinsurance Company ASA as the foreign main
proceedings pursuant to Chapter 15 of the U.S. Bankruptcy Code.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States; expands the powers of U.S. Bankruptcy Courts; and
enhances the rights of both U.S. and non-U.S. creditors.

The U.S. Court's decision has effectively stayed all other legal
proceedings that may be ongoing or commenced against the
Debtors.  It also protects the Debtors' assets within the United
States from any execution, transfer, encumbrance, and disposal.

                       Scheme of Arrangement

The Debtors had written reinsurance business in the London
market through a reinsurance pool that went into a run-off on
Nov. 1, 2002.

Reinsurance pools that enter into a run-off, typically completes
in 20 or more years, cease underwriting new business and seek to
determine, settle and pay all liquidated claims of their
insureds as they rise.  To shorten the run-off and reduce
administrative cost, the Debtors have each entered into a scheme
of arrangement under English Law.  The Schemes apply to all
business written by the companies within the pool.

On Feb. 28, 2007, the companies met with Scheme Creditors, after
being allowed by the U.K. High Court on Dec. 12, 2006.  The High
Court also confirmed that Philip Heitlinger has authority to
request recognition and a permanent injunction order under
Chapter 15 of the Bankruptcy Code on the December 12 order.

On July 9, 2007, the High Court sanctioned the Schemes, which
were voted in favor of by the requisite majorities of Scheme
Creditors.

                  About Oslo Reinsurance

Jan. C. H. Endresen, in his capacity as Foreign Representative
for Oslo Reinsurance Company (UK) Limited and Oslo Reinsurance
Company ASA, filed for chapter 15 protection on July 19, 2007
(Bankr. S.D. N.Y. Case No. 07-12212).  Geoffrey T. Raicht, Esq.,
at Sidley Austin LLP, represents the Foreign Representative in
this case.  When the company filed the petion for chapter 15,
they listed estimated assets and debts of $1 million to $100
million.


SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$223 Mln
---------------------------------------------------------------
Samsonite Corporation reported total assets of US$759.7 million
and total liabilities of US$35.6 million, resulting in US$223.6
million stockholders' deficit as of July 31, 2007.

The company disclosed revenue of US$292.9 million, operating
income of US$16.8 million and net loss to common stockholders of
US$7.0 million for the quarter ended July 31, 2007.  These
results compare to revenue of US$257.5 million, operating income
of US$13.9 million and net loss to common stockholders of US$6.0
million for the second quarter of the prior year.

Operating income was reduced by charges of US$3.9 million in
fiscal 2008 and US$4.9 million in fiscal 2007 for the write-off
of deferred offering costs related to terminated secondary stock
offerings which were commenced but not completed in both years,
as well as restructuring charges of US$0.3 million in fiscal
2008 and US$1.8 million in fiscal 2007.

The restructuring charges relate to the closure of the company's
Denver, Colorado facilities and related consolidation of its
corporate functions in its Mansfield, Massachusetts office and
the planned relocation of its distribution function from the
company's Denver, Colorado facilities to Jacksonville, Florida.

Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization, as adjusted to exclude certain items of other
income and expense, minority interests, write-off of deferred
stock offering costs, restructuring charges, asset impairment
charges, stock-based compensation expense, ERP system
implementation expenses, preferred stock dividends, and to
include realized currency hedge gains and losses), a measure of
core business cash flow, was US$32.4 million for the second
quarter of the current year compared to US$30.7 million for the
second quarter of the prior year.

"The company posted a robust second quarter performance,
underscoring the continuing success of our strategy to transform
Samsonite into the world's leading travel lifestyle brand,”
Chief Executive Officer, Marcello Bottoli, stated.  “Sales
during the quarter increased 13.7% (10.8% on a constant currency
basis), with solid progress in each major region.  Importantly,
subsequent to the slowdown in shipments experienced in our North
American operations in the first quarter, due to the
implementation of our new ERP system in February 2007, we saw a
return to near normal shipments and store in-stock percentages
in the second quarter.  Sales in North America grew 5.6% in the
period, following an 11.0% decline in the first quarter.
Overall, I am very pleased with the Company's performance.  We
continue to strengthen our position in every market segment and
have built a solid platform for future growth.  Looking ahead,
we look forward to continuing our successful journey together
with CVC Capital Partners".

Based in Mansfield, Massachusetts, Samsonite Corporation (OTC
Bulletin Board: SAMC.OB) -- http://www.samsonite.com/--
manufactures, markets and distributes luggage and travel-related
products.  The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores.  Executive offices are
located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.


SAPHIR FINANCE: S&P Cuts GBP400 Million Debt Rating to BB
---------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on
Northern Rock's Tier 1 and upper Tier 2 perpetual subordinated
instruments to 'BB' from 'BBB+', and the rating on its lower
Tier 2 dated subordinated debt was lowered to 'BBB' from 'A-'.

Furthermore, the rating on the GBP400 million notes issued by
Saphir Finance PLC secured over Northern Rock Tier 1 preference
shares was lowered to 'BB' from 'BBB+'.

Additionally, S&P lowered its long-term counterparty credit
rating on Northern Rock PLC to 'A-' from 'A'.  At the same time,
the 'A-1' short-term rating was affirmed.  The outlook is
negative.

On Sept. 14, 2007, Standard & Poor's had lowered the long-term
rating on Northern Rock to 'A' from 'A+'.

"The downgrade of the long-term rating reflects Northern Rock's
diminished business position as a result of its recent liquidity
stress.  Since it will be extremely difficult for Northern Rock
to rebuild its franchise, we expect that it will effectively
begin to wind down in an orderly manner if it is not acquired in
the near future," said Standard & Poor's credit analyst Richard
Barnes.

"In a wind-down scenario, we expect that either the bank would
be broken up or the assets and liabilities would run off over
time," added Mr. Barnes.

S&P considers that there is a reasonable probability of a
takeover -- and this is incorporated into the ratings -- but an
acquisition is by no means certain.  Northern Rock stated on
Sept. 17, 2007, that it was not in takeover discussions at that
time, but was considering all strategic options.

The new long-term counterparty credit rating takes into
consideration the extraordinary support provided to Northern
Rock by the U.K. authorities in the form of substantial
liquidity and, if necessary, a government guarantee of existing
deposits.  The authorities are willing to provide this support
as Northern Rock remains solvent and its asset quality is
robust.  Northern Rock is now less likely to draw on its special
liquidity facility from the Bank of England (AAA/Stable/A-1+) as
mortgage collateral has been added to the list of assets that
the Bank of England will accept in its routine market operations
with all U.K. banks.  This ready access to central bank
liquidity would help Northern Rock to facilitate an orderly
wind-down if an acquisition does not transpire.

The affirmation of the short-term rating on Northern Rock
reflects the significant liquidity made available to it by the
Bank of England and the beneficial effect of the guarantee. It
is unusual, but not unprecedented, for a financial institution
with a long-term rating of 'A-' to have an 'A-1' short-term
rating, but S&P considers that it is warranted in this case.

Standard & Poor's rating policy for subordinated debt
instruments is to widen the gap between the issue ratings and
the issuer's long-term counterparty credit rating where the
issuer receives extraordinary external support.  In such cases,
the relevant authorities often expect the holders of
subordinated instruments to share in potential losses.  The
downgrades of Northern Rock's subordinated instruments, which
form part of its regulatory capital base, reflect the rating
agency's view that, without an acquisition, there is an
increased probability of the bank deferring payment on these
issues.  Standard & Poor's ratings are based on full and timely
settlement of obligations, and it regards a coupon deferral as a
payment default even where, as in the case of Northern Rock's
Tier 1 and upper Tier 2 instruments, a deferral clause is
included in the issue documentation.  In the case of lower Tier
2 debt, the nonpayment of a coupon is much less likely as it
would constitute a legal event of default.

"The negative outlook reflects our concern that, although
Northern Rock's liquidity should remain robust given the current
extraordinary support, its financial position may deteriorate
further in the coming months if it is not acquired.  A positive
rating action is likely if Northern Rock is acquired by a
stronger entity," added Mr. Barnes.


SCOTTISH RE: Declares Cash Dividend for Preferred Shares
--------------------------------------------------------
Scottish Re Group Ltd.'s Board of Directors declared a cash
dividend of US$0.4531 per Perpetual Preferred Share outstanding
to be paid on Oct. 15, 2007, to Perpetual Preferred Share
shareholders of record as of Sept. 28, 2007.

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

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

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


SECUNDA INTERNATIONAL: Moody's to Affirm & Withdraw Ratings
-----------------------------------------------------------
Moody's Investors Service confirmed and will withdraw Secunda
International Ltd's B2 corporate family rating, B2 probability
of default rating, SGL-3 speculative grade liquidity rating, and
B3 issuer rating.  Moody's had placed Secunda's ratings under
review direction uncertain on June 5, 2007 following the
announcement that J. Ray McDermott would acquire substantially
all of Secunda's assets for US$260 million.

The confirmation reflects the closing of the acquisition of
Secunda's entire offshore supply vessel fleet by J. Ray
McDermott and the subsequent redemption of the US$125 million
secured notes.  At the time, Moody's had noted that Secunda's
ratings would likely be withdrawn upon completion of the
divestiture and expected US$125 million debt redemption.

However, the review reflected the need to allow for regulatory
approvals to be given in order for the transaction to close and
the notes to be redeemed.  In placing the ratings under review,
Moody's had noted the potential for negative action if the
divestiture and subsequent debt redemption was not completed as
planned given the high unsustainable leverage despite very solid
sector fundamentals.

With the completion of the divestiture and debt redemption, all
of Secunda's ratings will be withdrawn.

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


* BOOK REVIEW: Life, Death and the Law: Law and Christian Morals
               in England and the United States
----------------------------------------------------------------
Author:     Norman St. John-Stevas
Publisher:  Beard Books
Paperback:  380 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981130/internetbankru
pt


Norman St. John-Stevas' Life, Death and the Law demonstrates
that despite the current diversity in our Anglo-American
society, Christian ethics have played a major role in shaping
the law with regard to moral issues.

Many Christians still look to the law to enforce Christian
standards of morality and social behavior, particularly with
regard to respect for the human person and concern for human
rights.

This book examines such interplay in a liberal society, namely
that of the Anglo-American tradition.

After stating some general principles governing the relationship
between Christian morality and the law in England and the United
States, the author examines several contemporary legal-moral
issues: contraception, artificial insemination, human
sterilization, homosexuality, suicide, and euthanasia the role
that religion can, and sometimes does, play in their legal
interpretation.


                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *