TCREUR_Public/070924.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

           Monday, September 24, 2007, Vol. 8, No. 189

                            Headlines


A U S T R I A

FISCHER & MANDL: Claims Registration Period Ends Sept. 28
HEINZ KELLNER: Claims Registration Period Ends Oct. 16
MBD LLC: Claims Registration Period Ends Oct. 15
RGR LLC: Claims Registration Period Ends Oct. 16
SCHMIEDINGER WOHNBAU: Claims Registration Period Ends Nov. 2

SCO GROUP: Organizational Meeting Scheduled for September 28
SCO GROUP: Bankruptcy Filing Prompts Nasdaq to Delist Securities
SCO GROUP: Posts US$2.4 Mln Net Loss in Quarter Ended July 31


B E L G I U M

INTERSTATE HOTELS: Partners With Investcorp to Buy Hotels
LEVI STRAUSS: Tender Offer for Senior Notes Expires on Oct. 17
STERIGENICS INT'L: Moody's Cuts Corporate Family Rating to B3


F R A N C E

PERNOD RICARD: Earns EUR831 Million in FY Ended June 2007
URS CORP: S&P Rates Proposed US$2.1 Billion Facilities at BB+
XEROX CORP: Invests US$60 Million in Next Generation Toner Plant


G E R M A N Y

ALERIS INT'L: S&P Rates US$105 Million Senior Notes at B-
AUTOHAUS DIERKS: Claims Registration Period Ends Sept. 28
DR. WULFERT WOHNBAU: Claims Registration Period Ends Oct. 11
E.D.H. TRADING: Claims Registration Period Ends Sept. 28
GEORGI BETEILIGUNGS: Claims Registration Period Ends Oct. 9

GESUNDEN SCHLAF: Claims Registration Ends October 15
GLASBAU SCHULZ: Claims Registration Ends Oct. 15
HARTMANN & ERICHSEN: Claims Registration Ends October 11
HAUS- UND RAUMGESTALTUNG: Claims Registration Ends October 11
KABEL DEUTSCHLAND: Buys Orion's Networks for EUR585 Million

KABEL DEUTSCHLAND: Network Buy Cues S&P’s Watch on B+ Rating
MAKS OBJEKTEINRICHTUNGEN: Claims Registration Ends Oct. 10
MOLANA BUS: Claims Registration Ends Oct. 15
OEZKAN PAPIERVERARBEITUNG: Claims Registration Ends Oct. 15
OSTWALD GMBH: Claims Registration Period Ends Oct. 9

PROPLAN GMBH: Claims Registration Period Ends Sept. 26
SAINBACH VERWALTUNGSGESELLSCHAFT: Claims Filing Ends Oct. 15
TRANSTEC SPEDITIONS: Claims Registration Ends October 11
TUI AG: Drops Joint Venture Plans with Carnival Corp


I T A L Y

ALITALIA SPA: Selling Heathrow Slots to Raise Cash
ALITALIA SPA: Ministers Air Support for Malpensa Downscale Plan
IMAX CORP: Signs Ten-Theatre Deal with China's Wanda Cinema
PARMALAT SPA: Parma Judge Raises Concerns on Case Against Banks


K A Z A K H S T A N

AVIATECH SERVICE: Proof of Claim Deadline Slated for Oct. 23
CHERNY DRAKON LLP: Creditors Must File Claims Oct. 23
DIAPAZON LLP: Claims Filing Period Ends Oct. 24
H.L.T. LLP: Creditors' Claims Due on Oct. 23
HALYK SAVINGS: Closes Syndication of US$300 Mln Term Loan

HENKEL-ERA OJSC: Claims Registration Ends Oct. 26
I-COM-LIMITED LLP: Proof of Claim Deadline Slated for Oct. 24
ILNUR LLP: Creditors Must File Claims Oct. 26
MABEK LLP: Claims Filing Period Ends Oct. 26
UNIVERSAL LLP: Creditors' Claims Due on Oct. 24


K Y R G Y Z S T A N

MITRA TRADE: Proof of Claim Deadline Slated for October 26


N E T H E R L A N D S

BAUSCH & LOMB: Commences Tender Offers for Debt Securities
FIRST DATA: Prices Tender Offers for US$2.2 Bln Debt Securities
HOLLAND HOMES MBS 2003-1: Fitch Affirms Class D Notes at BB
YUKOS FINANCE: Yukos Oil Completes Unit Sale to Promneftstroy


R U S S I A

AGRICULTURAL MACHINERY: Asset Sale Slated for October 5
ALLIANCE COSMETIC: Court Names B. Mazenko as Insolvency Manager
BUILDER OF URAL-11: Creditors Must File Claims by Oct. 1
CEDAR LLC: Kemerovo Bankruptcy Hearing Slated for Jan. 17, 2008
DMITROVSKIY CRYSTAL: Creditors Must File Claims by Oct. 1

EAR LLC: Creditors Must File Claims by Nov. 1
GRAN’-SERVICE CJSC: Creditors Must File Claims by Oct. 1
LENIN CJSC: Creditors Must File Claims by Nov. 1
MAGNITOGORSK IRON: To Construct Manufacturing Site in Ohio
MDM BANK: Fitch Hikes IDR to BB on Prudent Liquidity Management

MONEY LLC: Court Starts Bankruptcy Supervision Procedure
ORENDAR OJSC: Creditors Must File Claims by Nov. 1
RASSKAZOVSKIY DIARY: Creditors Must File Claims by Oct. 1
SECONDARY METAL: Bankruptcy Hearing Slated for Feb. 5, 2008
SERVICE-CENTRE CJSC: Creditors Must File Claims by Oct. 1

SISTEMA JSFC: Shareholders Approve Proposed Share Split
TASHLINSKIY MEAT-PACKING: Creditors Must File Claims by Nov. 1
TRUBCHEVSK-AGRO-PROM-SERVICE: Names V. Bakhturin to Manage Asset
YEKATERINBURG WINERY: Krasny Buys Assets for RUR180 Million
YUKOS OIL: Completes Yukos Finance Sale to OOO Promneftstroy


S P A I N

TELECONNECT INC: June 30 Balance Sheet Upside-Down by US$6.1 Mln


S W E D E N

ARVINMERITOR INC: Extends & Reduces Credit Facility
FORD MOTOR: Top U.S. Marketing Exec Francisco Codina Retires


S W I T Z E R L A N D

ALTECH-PLAST JSC: Creditors' Liquidation Claims Due September 28
ARVO INNENAUSBAU: Obwalden Court Closes Bankruptcy Proceedings
AUTOMATEN ALPNACH: Obwalden Court Closes Bankruptcy Proceedings
BAP INFORMATIK: Creditors' Liquidation Claims Due October 1
CREADATA LLC: Creditors' Liquidation Claims Due October 3

GRUPO GOURMET: Zug Court Starts Bankruptcy Proceedings
HOBBY-CENTER W. GSELL: Creditors' Liquidation Claims Due Oct. 1
ISM IMMOBILIEN: Aargau Court Starts Bankruptcy Proceedings
NOVE MARZO: Creditors' Liquidation Claims Due October 1
ZURIMATT JSC: Creditors' Liquidation Claims Due September 30


U K R A I N E

ARMA-INGINEERING LLC: Creditors Must File Claims by September 27
AGRO-LADA LLC: Creditors Must File Claims by September 27
BONI LLC: Proofs of Claim Deadline Set September 27
MALPENZA LLC: Creditors Must File Claims by September 27
MEM LLC: Creditors Must File Claims by September 27

NIKOLAEV AGRICULTURAL: Proofs of Claim Deadline Set September 27
TAIR LLC: Creditors Must File Claims by September 27
TRADE SERVICE: Proofs of Claim Deadline Set September 27
YUKO MOTORS: Creditors Must File Claims by September 27
TALISMAN OJSC: Creditors Must File Claims by September 27

* Chadbourne & Parke's Kyiv Office Promotes Two Associates


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Increases US Flights in Summer 2008
BUSINESSF1 MAGAZINE: Royal Court Upholds Winding Up Petition
CAR REALISATIONS: Creditors' Meeting Slated for Oct. 16
EMI GROUP: Majority of Noteholders Tender 8.625% Senior Notes
EMI GROUP: S&P Withdraws All Debt Ratings on Repayment

GENERAL MOTORS: Reaches General 'VEBA Trust' Framework with UAW
INT'L RECTIFIER: Gets NYSE Notice Due to 10-K Filing Delay
MISYS PLC: Partners with SAP to Provide Global Banking Software
MSSAL LTD: Brings In Liquidators from Tenon Recovery
NASDAQ STOCK: Moody's May Lift Ba3 Ratings After Review

NEWFIELD EXPLORATION: Sells UK Interests to Centrica for US$486M
NORTEL NETWORKS: Names Joel Hackney to Lead Enterprise Solutions
SCOTTISH RE: Paying US$0.4531 Per Share Dividend on Oct. 15
SKYEPHARMA PLC: June 30 Balance Sheet Upside-Down by GBP55.1 Mln

* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2007


                            *********


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


FISCHER & MANDL: Claims Registration Period Ends Sept. 28
---------------------------------------------------------
Creditors owed money by LLC Fischer & Mandl (FN 159470s) have
until Sept. 28 to file written proofs of claim to court-
appointed estate administrator Thomas Klein at:

         Mag. Thomas Klein
         c/o Dr. Dieter Neger
         Sackstrasse 21
         8010 Graz
         Austria
         Tel: 0316/850400
         Fax: 0316/850400-9

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:50 p.m. on Oct. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Aug. 28 (Bankr. Case No. 25 S 85/07y).


HEINZ KELLNER: Claims Registration Period Ends Oct. 16
------------------------------------------------------
Creditors owed money by LLC Heinz Kellner (FN 112006s) have
until Oct. 16 to file written proofs of claim to court-appointed
estate administrator Erich Allinger at:

         Mag. Erich Allinger
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228
         Fax: 02622/23228-26

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

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ebenfurth, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 11 S 81/07h).


MBD LLC: Claims Registration Period Ends Oct. 15
------------------------------------------------
Creditors owed money by LLC MBD (FN 162686w) have until Oct. 15
to file written proofs of claim to court-appointed estate
administrator Helmut Platzgummer at:

         Dr. Helmut Platzgummer
         c/o Mag. Caroline Klus
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39-39

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 29 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1706
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 21 (Bankr. Case No. 3 S 106/07v).  Caroline Klus
represents Dr. Platzgummer in the bankruptcy proceedings.


RGR LLC: Claims Registration Period Ends Oct. 16
------------------------------------------------
Creditors owed money by LLC RGR (FN 248082b) have until Oct. 16
to file written proofs of claim to court-appointed estate
administrator Leopold Riess at:

         Dr. Leopold Riess
         c/o Dr. Eva Riess
         Zeltgasse 3/12
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 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 100/07h).  Eva Riess represents
Leopold Riess in the bankruptcy proceedings.


SCHMIEDINGER WOHNBAU: Claims Registration Period Ends Nov. 2
------------------------------------------------------------
Creditors owed money by LLC Schmiedinger Wohnbau (FN 184080g)
have until Nov. 2 to file written proofs of claim to court-
appointed estate administrator Erik Kroker at:

         Dr. Erik Kroker
         Schmerlingstrasse 2
         6020 Innsbruck
         Austria
         Tel: 0512/58 30 74
         Fax: 0512/58307418

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Rinn, Austria, the Debtor declared bankruptcy
on Aug. 20 (Bankr. Case No. 7 S 47/07g).


SCO GROUP: Organizational Meeting Scheduled for September 28
------------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational
meeting to appoint an official committee of unsecured creditors
in The SCO Group, Inc. and its debtor-affiliates' chapter 11
cases at 10:00 a.m., on Sept. 28, 2007, at Room 2112, J. Caleb
Boggs Federal Building, 844 North King Street, in Wilmington,
Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the Debtor
will attend and provide background information regarding the
cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102
of the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes that the reorganization of the Debtors is
impossible, the Committee will urge the Bankruptcy Court to
convert the Chapter 11 cases to a liquidation proceeding.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SCO GROUP: Bankruptcy Filing Prompts Nasdaq to Delist Securities
----------------------------------------------------------------
The SCO Group Inc. has received a notice from The Nasdaq Stock
Market indicating that the company's securities will be
delisted from Nasdaq on Sept. 27, 2007, pending an appeal.

The Nasdaq Staff Determination Letter received on Sept. 18,
2007, indicated that as a result of the company's having filed
for protection under Chapter 11 of the U.S. Bankruptcy Code, the
Nasdaq Staff has determined, using its discretionary authority
under Nasdaq Marketplace Rules 4300 and IM-4300, that the
company's securities will be delisted from The Nasdaq Stock
Market and that trading in the company's common stock will
be suspended unless the company requests a hearing to review the
determination.

The suspension of the company's common stock is set to occur
at the opening of business on Sept. 27, 2007.  However, an
appeal will stay the suspension of the trading of the company's
securities pending a panel decision by a Nasdaq Listing
Qualifications Panel.

The company intends to request a hearing to review the
determination.  There can be no assurance that the panel will
grant the company's request for continued listing.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SCO GROUP: Posts US$2.4 Mln Net Loss in Quarter Ended July 31
-------------------------------------------------------------
The SCO Group Inc. incurred a net loss of US$2.4 million in the
third quarter ended July 31, 2007, compared to a net loss of
US$3.6 million in the same period ended July 31, 2006.  Revenue
for the third quarter of fiscal year 2007 was US$3.7 million,
down from US$6.2 million for the comparable quarter of the prior
year.

The decrease in revenue was primarily attributable to continued
to a continued decline in the company's UNIX business as a
result of continued competitive pressure from competing
operating systems, particularly Linux, and from continuing
negative publicity from the SCO Litigation which has adversely
impacted and delayed  customers' buying decisions.

Legal and related costs incurred in connection with the
company's litigation were US$1.2 million for the third quarter
of fiscal year 2007, which was down from costs of US$2.3 million
for the comparable quarter of the prior year.  The decrease in
legal and related costs was primarily attributable to decreased
legal services provided by technical, industry, damage and other
experts in connection with the SCO Litigation.  Because of the
unique and unpredictable nature of the SCO Litigation, the
occurrence and timing of certain expenses such as damage,
industry and technical review and other consultants is difficult
to predict, and it will be difficult to predict for the upcoming
quarters.

Cash and cash equivalents totaled US$7,393,000 as of July 31,
2007. During this same time period, investment in available-for-
sale marketable securities decreased from US$2,249,000 as of
October 31, 2006 to US$0 as of July 31, 2007.  As of July 31,
2007, the company also had US$3,020,000 of restricted cash, of
which US$2,589,000 is set aside to cover expert and other costs
related to the SCO Litigation and US$431,000 is set aside for
royalties payable to Novell.

At July 31, 2007, the company's consolidated balance sheet
showed US$15.8 million in total assets, US$10.3 million in total
liabilities, and US$5.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 31, 2007, are available
for free at http://researcharchives.com/t/s?2395

               Novell Ruling and Bankruptcy Filing

On Aug. 10, 2007, the federal judge overseeing the company's
lawsuit with Novell Inc. ruled in favor of Novell on several of
the summary judgment motions that were before the United States
District Court in Utah.  The effect of these rulings was to
significantly reduce or to eliminate certain of the company's
claims in both the Novell and IBM cases, and possibly others.
The court ruled that Novell was the owner of the UNIX and
UnixWare copyrights that existed at the time of the 1995 Asset
Purchase Agreement and that Novell retained broad rights to
waive the company's contract claims against IBM.

The company was directed to accept Novell's waiver of its UNIX
contract claims against IBM. In addition, the court determined
that certain SCOsource licensing agreements that the company
executed in fiscal year 2003 included SVRx technology and that
the company was required to remit some portion of the proceeds
to Novell.  Over the company's objection, a bench trial was set
to begin on Sept. 17, 2007, and the federal judge was to
determine what portion, if any, of the proceeds of the fiscal
year 2003 SCOsource agreements is attributable to SVRx
technology and should be remitted to Novell.  The trial of these
issues, however, was stayed as a result of the company's filing
a voluntary petition for relief under chapter 11 of the
Bankruptcy Code on Sept. 14, 2007.

The company intends to maintain business operations throughout
the bankruptcy case.  Subject to the bankruptcy court's
approval, the company will use its cash, cash equivalents,
restricted cash and subsequent cash inflows to meet its working
capital needs throughout the reorganization process.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


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


INTERSTATE HOTELS: Partners With Investcorp to Buy Hotels
---------------------------------------------------------
Interstate Hotels & Resorts has formed a joint venture
partnership with Investcorp International's U.S. based Real
Estate Group.  The partnership, along with Interstate, have
agreed to acquire three hotels from affiliates of The Blackstone
Group L.P. for an aggregate price of US$118 million:

   -- the 321-room Hilton Seelbach Louisville in Kentucky;
   -- the 226-room Crowne Plaza Madison in Wisconsin; and
   -- the 288-room Sheraton Columbia in Maryland.

Interstate will invest approximately US$4.7 million in exchange
for a 15% equity interest in two of the properties, the Hilton
Seelbach and the Crowne Plaza Madison.  The two joint venture
properties will continue to be managed by Interstate under new
management agreements.

As part of the overall transaction, Interstate will also acquire
100% of the third hotel, the Sheraton Columbia, for US$46.5
million.  The company plans to invest US$12 million in a
comprehensive renovation of the property, including upgrades to
all guest rooms and public spaces, which is expected to be
completed by the end of 2008.

Interstate will fund the acquisition with available cash and
capacity under its senior revolving credit facility.  The
transaction is expected to close in the fourth quarter.

"This falls directly within our strategy of owning real estate,
both for our own account and in joint venture partnerships,"
Thomas F. Hewitt, Interstate's chief executive officer, said.
"This transaction is an illustration of our successful execution
of our growth strategy.  We remain opportunistic in our
acquisition strategy and maintain flexibility to structure
transactions within dynamic markets."

"These three, geographically diverse properties are located in
key urban, airport and major suburban markets," said Leslie Ng,
chief investment officer.  "All of the properties are strong
performers with steadily improving RevPAR and income and have
significant further upside potential.  This is our first venture
with Investcorp, one of the world's largest and most diverse
alternative investment managers, and we look forward to
exploring additional opportunities with them."

"The acquisition of these hotels is consistent with our
multi-disciplinary focus of aggressively pursuing opportunities
across product platforms and geographies to deliver strong cash
flows and above average returns to our global clients," said
John Fraser, co-head, Investcorp Real Estate Group.  "Interstate
has been successfully managing these properties and is
thoroughly familiar with the individual markets.  Given
Interstate's solid track-history, expertise and proprietary
management systems, we are very confident in its ability to
drive these properties to their fullest potential."

                 Sheraton Columbia Maryland

The 288-room Sheraton Columbia Hotel is located in Columbia,
Maryland, a 14,000-acre planned community approximately 40 miles
north of Washington, D.C., and 15 miles from Baltimore.
Situated in Howard County features more than 2,500 businesses,
over 60,000 jobs, 21 million square feet of commercial and
residential space and an array of social, cultural, educational,
entertainment and recreational programs and facilities.

              Hilton Seelbach Louisville Kentucky

Since its opening in 1905, Seelbach Hilton Louisville, a 321-
room property offers the atmosphere of a bygone era including
internet access in all guest rooms and meeting rooms. It also is
home to Kentucky's Oak Room restaurant.  The hotel is situated
downtown, close to Louisville's attractions.

                 Crowne Plaza Madison Wisconsin

Located off I-90/94, three miles from the Madison airport, the
226-room Crowne Plaza is situated near Madison's shopping mall,
theater and restaurants, and proximate to the city's convention
center, the University of Wisconsin and the state capitol.
Renovated in 2005, the hotel features an indoor pool, restaurant
and lounge, a business center and more than
6,800 square feet of meeting space.

              About Investcorp Real Estate Group

The Investcorp Real Estate Group (LSE: IVC, BSE: INVCORP) --
http://www.investcorp.com/-- is a return-oriented real estate
investor.  Investcorp's real estate team, is experienced in the
acquisition, development, financing, leasing, management, and
disposition of a wide variety of property types including
office, retail, hotel, residential, mixed-use, luxury resort and
others.  The Investcorp Real Estate Group is part of Investcorp,
a provider and manager of alternative investment products.
Investcorp has offices in New York, London and Bahrain.  Founded
in 1982, the firm has five lines of business: private equity,
real estate, hedge funds, venture capital and Gulf growth
capital.

            About Interstate Hotels & Resorts Inc.

Headquartered in Arlington, Virginia, Interstate Hotels &
Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- operated
189 hospitality properties with more than 43,000 rooms in
36 states, the District of Columbia, Belgium, Canada, Ireland,
Mexico and Russia, including six wholly-owned properties and
20 properties with a minority ownership interest through 13
separate joint ventures, as of Aug. 31, 2007.  In addition,
Interstate Hotels & Resorts has contracts to manage 16
hospitality properties with nearly 4,600 rooms under
development.

                         *     *     *

Moody's Investor Services placed Interstate Hotels & Resorts
Inc.'s long term corporate family rating at B1 in January 2007.
The outlook is negative.

Standard & Poor's placed its long term foreign and local issuer
credit ratings at B.  These ratings placed in August 2004, still
hold to this date.


LEVI STRAUSS: Tender Offer for Senior Notes Expires on Oct. 17
--------------------------------------------------------------
Levi Strauss & Co. has commenced a cash tender offer for any and
all of its outstanding US$525.0 million aggregate principal
amount of 12.25% Senior Notes due 2012 on the terms and subject
to the conditions set forth in the company's Offer to Purchase
and Consent Solicitation Statement dated Sept. 19, 2007.  The
tender offer will expire at 12:00 midnight, New York City time,
on Oct. 17, 2007, unless extended or earlier terminated by the
company.  In connection with the cash tender offer, the company
is also soliciting consents to amend the indenture under which
the Notes were issued to eliminate or make less restrictive most
of the restrictive covenants, and certain related events of
default, contained in the indenture.  The tender offer documents
more fully set forth the terms of the tender offer and consent
solicitation.

The total consideration for each US$1,000 principal amount of
Notes validly tendered and not withdrawn prior to the Consent
Payment Deadline, and accepted for purchase pursuant to the
tender offer, will be determined as specified in the tender
offer documents and will be equal to the present value, minus
accrued interest, on the applicable payment date for the tender
of Notes of (i) US$1,061.25 and (ii) the remaining scheduled
interest payments on such Notes after the payment date for the
tender of Notes to Dec. 15, 2007, in each case determined on the
basis of a yield to the Redemption Date equal to the sum of (A)
the yield on the 4.375% U.S. Treasury note due Dec. 31, 2007, as
calculated by Credit Suisse Securities (USA) LLC, acting as
dealer manager, in accordance with standard market practice,
based on the bid side price for the Reference Treasury Security
on the price determination date, plus (B) a fixed spread of 50
basis points.

Each holder who validly tenders its Notes and delivers consents
on or prior to 5:00 p.m., New York City time, on Oct. 3, 2007
will be entitled to a consent payment, which is included in the
total consideration above, of US$30.00 for each US$1,000
principal amount of Notes tendered by such holder if such Notes
are accepted for purchase pursuant to the tender offer.  Holders
who tender Notes after the Consent Payment Deadline, but prior
to the expiration of the tender offer, will not be entitled to
receive the consent payment.

Prior to the expiration of the tender offer, upon satisfaction
or waiver of the conditions to the tender offer, the company
may, at its option, accept and pay for Notes tendered.  Subject
to limited conditions, all Notes tendered after the Consent
Payment Deadline for purchase will be accepted and paid for
promptly following the expiration date of the tender offer.
Holders will be paid accrued and unpaid interest up to but not
including the applicable date of payment.

The company's obligation to consummate the tender offer is
conditioned upon the satisfaction of certain conditions,
including:

  (i) the company having amended its senior secured revolving
      credit facility to increase its line of credit thereunder
      by an additional US$200 million to US$750 million, which
      shall include a US$250 million tranche that is secured by
      the Levi's(R) trademark in the United States, upon terms
      and conditions satisfactory to it and

(ii) holders of Notes representing not less than a majority in
      principal amount of the outstanding Notes having tendered
      their Notes and delivered their consents.

The company has retained Credit Suisse as dealer manager and
solicitation agent in connection with the tender offer and
consent solicitation.  Questions about the tender offer and
consent solicitation may be directed to Credit Suisse at 212-
325-4951 (collect).  Holders can request documents from D.F.
King & Co., Inc., the information agent and tender agent, at
888-887-0082 (U.S. toll free) or 212-269-5550 (collect).

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has it raised
its ratings on San Francisco-based apparel company Levi Strauss
& Co. by one notch, including its long-term corporate credit
rating to 'B+' from 'B'.  The outlook is stable.


STERIGENICS INT'L: Moody's Cuts Corporate Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Sterigenics International, Inc., to B3 from B2.  Moody's also
changed the outlook for the ratings to negative from stable.

The downgrade of the ratings reflects the deterioration of the
company's liquidity profile and weakening credit metrics
following recent operating results that have been below
expectations.

Moody's believes Sterigenics' liquidity position is weak due to
continued reliance on its revolving credit facility, minimal
cash on hand and tightening levels of covenant compliance.
Moody's understands that at June 30, 2007, approximately US$24
million of the company's US$30 million revolving credit facility
had been drawn and the company had a minimal amount of available
cash.

Further, the company's operating results have lagged our
expectations with regard to revenue growth, EBITDA, and free
cash flow due in large part to decreased volume from a key
customer.  The combination of capital expenditures well in
excess of anticipated levels and below forecasted levels of cash
flow has increased the company's reliance on its revolver and
weakened its ability to comply with the financial covenants
included in the senior secured credit facility.

The negative outlook reflects the expectation that the company
will continue to see pressure on its liquidity position as
covenant levels step down for the quarter ending December 31,
2007.  The current total leverage ratio requirement of 4.40
times will be reduced to 4.25 times at Dec. 31, 2007.  If the
lower level had been in place as of June 30, 2007, the company
would not have been in compliance.  Therefore, without
improvement in EBITDA performance or meaningful debt repayment,
Moody's would expect the company to have difficulty remaining in
compliance once the covenant levels step down.

The ratings remain constrained by the relatively small revenue
base and continued customer concentration.  While revenue has
been growing as the company opens new facilities and increases
capacity at existing facilities, the concentration of revenue
from its most significant customers continues.  The ratings are
also constrained by the significant financial leverage of the
company following the US$75 million dividend to shareholders at
the end of 2006 and the reliance on the revolving credit
facility to fund capital expenditures.

Also considered in the rating are the company's leading market
position and its ability to satisfy customer needs through the
offering of alternative modes of sterilization services.  The
company enjoys a relatively stable and long-lived customer base
for whom switching is difficult.  Additionally, the company's
expansion strategy has been based on customer demand, ensuring a
base level of business as capacity comes on line resulting in
EBIT margins that are relatively strong for the rating category.

A summary of Moody's rating actions:

   -- US$30 million senior secured revolving credit facility due
      2011, to B3 (LGD3, 33%) from B2 (LGD3, 33%);

   -- US$290 million senior secured term loan B due 2013, to B3
      (LGD3, 33%) from B2 (LGD3, 33%);

   -- Corporate Family Rating, to B3 from B2; and

   -- Probability of Default Rating, to Caa1 from B3.

Sterigenics International, Inc., headquartered in Oak Brook, IL,
is a provider of contract sterilization and ionization services
for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in California,
Mexico, Belgium, Denmark, France, China, Thailand, among others.
For the twelve months ended June 30, 2007, the company
recognized net revenue of approximately US$233 million.


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


PERNOD RICARD: Earns EUR831 Million in FY Ended June 2007
---------------------------------------------------------
The Pernod Ricard Board of Directors’ meeting of Sept. 19, 2007,
chaired by Patrick Ricard, approved the financial statements for
the 2006/2007 financial year ended June 30, 2007.

The 2006/07 fiscal year was a highly successful year for Pernod
Ricard, marked by:

   -- Dynamic sales in all regions, driven by the strong growth
      of the wine and spirits market and by the Group’s
      performance, which took full advantage of the commercial
      synergies related to the Allied Domecq acquisition;

   -- A strong 21%* increase in operating profit from ordinary
      activities, which resulted from increased sales, higher
      contribution margin from the portfolio, due to the 15
      strategic brands representing a greater share of
      consolidated sales, and from the achievement of 100% of
      structure synergies;

   -- A sharp increase in profit from ordinary activities and
      improved debt ratios.

       * Organic growth measured excluding July for Allied
         Domecq brands

      ** Measured on a constant foreign exchange basis

Strong sales growth (+6.2%)

Net sales for the 2006/07 financial year increased by 6.2% to
EUR6.4 billion (excluding duties and taxes).  The increase was
due to a strong 9.1% organic growth, a 2.8% negative foreign
exchange effect and a 0.2% positive Group structure effect.
The company said this strong organic growth was based on:

   -- The good overall performance of our markets, particularly
      in emerging countries;

   -- The dynamism of our brand portfolio, in particular our 15
      strategic brands, which registered growth of +9%* and
      +13%* in volume and value, respectively;

   -- Pernod's powerful global network and commercial synergies
      related to the Allied Domecq acquisition;

   -- The relaunch of media and advertising & promotional
      campaigns for brands acquired as part of the Allied Domecq
      takeover, which benefited from a substantial increase in
      advertising expenditure, in particular in the second half-
      year.

Improved contribution margin from the portfolio

Gross margin increased by +10.2%*, thanks to strong sales growth
and the improved gross margin/sales ratio, which rose to 59.8%
from 59.0% on a constant foreign exchange basis.  The greater
proportion represented by the Top 15 brands, the overall
evolution of the mix within the Top 15 and the value strategy
applied to the whole portfolio all strongly contributed to the
improvement, in spite of the rise in alcohol and energy prices.

This good performance made it possible to significantly increase
advertising and promotional expenditure, in line with sales
growth.  The increase was further enhanced in the second half-
year due to the roll-out of the new campaigns of brands acquired
as part of the Allied Domecq takeover, in particular
Ballantine’s, Beefeater and Stolichnaya.

The 15 strategic brands attracted more than 70% of marketing
expenditure and 90% of growth in the 2006/07 financial year.

All in all, the contribution after advertising and promotional
expenses generated by the brand portfolio totalled EUR2,486
million, (+10.3%*) being 38.6% of sales (+ 60 bp vs 2005/06 on a
constant foreign exchange basis).

  * Organic growth measured excluding July for Allied Domecq
    brands

Decrease in the Structure costs / Sales ratio

Structure costs amounted to EUR1.039 billion over the period,
compared to EUR1.075 billion in the previous financial year.
The speed of the Allied Domecq integration indeed allowed, as
planned, the achievement of 100% of the EUR270 million in
synergies in the 2006/07 financial year and to lower the
structure costs / sales ratio from 19% before the takeover to
15.6%, excluding the (non cash) impact of the cost of stock
options.

Operating profit from ordinary activities

Overall, under the combined effect of growing sales, increased
portfolio contribution margin rate and structure synergies,
operating profit from ordinary activities grew by 21%* to
EUR1.447 billion.  The operating profit margin improved by 230
bp to 22.5% compared to the previous financial year, on a
constant foreign exchange basis.

Analysis of performance by region

Asia/Rest of the World and America were again the leading profit
growth drivers in the financial year, posting increases of +39%*
and +21%* in operating profit from ordinary activities,
respectively.  The two regions generated total operating profit
from ordinary activities of EUR807 million, being 56% of Group
profits.

Against the background of an improving economic situation,
Europe and France also experienced a 2006/07 financial year of
strong growth, with increases in operating profit from ordinary
activities of +12%* and +10%*, respectively.  This renewed
dynamism was generated by stronger sales in numerous markets,
such as France, Germany and Italy, and by continuing strong
growth in Central and Eastern Europe markets (Russia, Poland).
These two regions realized a combined operating profit from
ordinary activities of EUR640 million.

Profit from ordinary activities

Financial Income/(expense) from ordinary activities was an
expense of EUR341 million, of which EUR332 million corresponded
to financial expenses paid in respect of the debt (i.e. an
average interest rate of about 5.0%), EUR12 million in finance
structuring costs, and EUR3 million in other financial income.

Income tax on items from ordinary activities resulted in a
EUR249 million expense (i.e. a rate of 22.5%).  Disposed
operations did not generate any profits in the 2006/07 financial
year, whereas profits of Dunkin Brands and Britvic had
contributed EUR57 million in the previous year, until their
respective disposals.

Finally, the minority interest share of profit from ordinary
activities was EUR25 million and originated from Corby (Canada),
Jinro Ballantine’s (South Korea) and Havana Club International
(Cuba).

  * Organic growth measured excluding July for Allied Domecq
    brands

Overall, profit from ordinary activities (Group share) amounted
to EUR833 million, a 24% increase on constant foreign exchange
basis compared to 2005/06.  Our initial guidance of an increase
of about 20% was thus exceeded.  Diluted earnings per share from
ordinary activities grew by 21% to EUR7.75, on a constant
foreign exchange basis.

Net profit

Other operating income/(expense) was a EUR20 million income. The
balance of EUR31 million in costs relating to the restructuring
and integration of Allied Domecq was largely offset by asset
disposal capital gains of EUR31 million and other income of
EUR20 million.

The EUR10 million expense from other financial items primarily
comprised exchange losses.

Finally, other items generated an income tax expense of EUR11
million.

After taking account of all other items, net profit (Group
share) totaled EUR831 million, a  30% increase compared to the
2005/06 financial year.

Debt

Net debt at June 30, 2007 amounted to EUR6.5 billion, compared
to an opening balance of EUR6.9 billion, after payment of
capital gains tax upon the disposal of Dunkin Brands.
The decrease in debt resulted in improved debt ratios, with in
particular a Net Debt**/EBITDA ratio decrease to 3.9 against 4.3
in 2005/06.
Finally, pension commitment follow-up showed a decrease of
nearly EUR500 million in the deficit over the financial year,
due in particular to payments made to pension funds and the
rising value of the assets invested in these funds.  This
performance was made more secure by the reduction of the share
of assets invested in shares, from 50% to 24% at 30 June 2007,
within the pension funds taken over following the Allied Domecq
acquisition.

Payments to UK funds will thus be reduced to about EUR70 million
in 2008, from EUR150 million in 2006.

Dividend: +20%

These excellent results allow the Board of Directors to propose
to the Annual General Meeting of 7 November 2007 a cash dividend
of EUR2.52 per share, stable compared to last year’s.  This is
an effective increase of 20%, considering the granting of one
free share for every five shares held on 16 January 2007.  Such
an increase, combined to that of the previous financial year,
results in a 41% rise in the dividend since the Allied Domecq
acquisition.

   * Organic growth measured excluding July for Allied Domecq
     brands

  ** After restatement of treasury shares value

Due to the payment of an interim dividend of EUR1.26 on July 4,
2007, the balance of EUR1.26 will be paid on Wednesday, Nov. 14,
2007.

In addition, the Board of Directors will submit for approval by
the General Meeting a one-for-one share split, to be carried out
in January 2008.

                      Conclusion and Outlook

Commenting on these results, Patrick Ricard declared:

“2006/07 was an excellent year for Pernod Ricard, with in
particular the confirmed success of the Allied Domecq takeover
and the strong growth in results and profitability.

The dynamism of our brands, the strength of our distribution
network and the good start of the new financial year in July and
August, in particular for the premium brands (only aniseed-based
products suffered from the adverse weather) allow us to begin
the 2007/08 financial year with confidence, while keeping a
watchful eye on business environment developments.

Therefore, based on current market conditions and on a like-for-
like basis*, our guidance is a further year of strong growth in
Pernod Ricard sales and operating profit from ordinary
activities in the 2007/08 financial year.”

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

Pernod Ricard carries Standard & Poor's BB+ ratings on its
5.245% floating rate notes and 4-5/8% unsubordinated notes.


URS CORP: S&P Rates Proposed US$2.1 Billion Facilities at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' bank loan
rating and '2' recovery rating to URS Corp.'s proposed
US$2.1 billion senior secured credit facilities, indicating
expectations of substantial (70%-90%) recovery in the event of a
payment default.  The facilities are rated the same as the
corporate credit rating on the company.

The facilities are expected to consist of: A five-year, US$700
million revolving credit facility, all of which is available
for LOCs;A five-year, US$1.1 billion term loan A facility; and
A 5.5-year, US$300 million term loan B facility.

The company also has the option to add a synthetic LOC facility
of up to US$500 million at any time within four years of the
closing date.

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


XEROX CORP: Invests US$60 Million in Next Generation Toner Plant
----------------------------------------------------------------
Xerox Corporation began filling more than 20 miles of pipe and
stainless steel tanks with billions of micron-sized toner
particles with the opening of its first U.S.-based emulsion
aggregation Toner plant.  The new US$60 million facility is the
latest move by Xerox to support the growth of color pages in the
digital printing market while being environmentally responsible.
Last year alone more than 30 billion color pages were printed on
Xerox devices.

Developed by Xerox and protected by more than 300 patents, EA
toner produces sharper images using less toner per page, and is
already used in more than a dozen Xerox products like the
company's WorkCentre(TM) multifunction devices that print, copy,
scan and fax, and the Xerox DocuColor(TM) series of color
printers.

The five-story 100,000 square-foot plant located near Rochester,
New York, will be staffed by more than 40 chemical engineers and
increases Xerox's capacity for toner made by the EA process by
175%.

In addition to producing better quality prints, EA Toner is
significantly more environmentally friendly.  Unlike traditional
toner, which is created by physically grinding composite
polymeric materials to micron-sized particles, EA toner is
chemically grown enabling the size, shape and structure of the
particles to be precisely controlled.  This Xerox-developed
technology leads to improved print quality, less toner usage,
less toner waste and less energy required for manufacturing and
for printing.

EA Toner was developed exclusively at the company's start up
production facility in Mississauga, Ontario, attached to the
Xerox Research Centre Canada, where the toner was first
developed.  The new EA Toner plant, opened on Sept. 17, 2007, in
Webster, is one of the company's "smartest" manufacturing
facilities and is part of Xerox's commitment to reduce its
overall greenhouse gas emissions 10% by 2012.

"Xerox is the world's largest manufacturer of toner, so we need
to do it efficiently," Richard Schmachtenberg, vice president of
Consumables Development & Manufacturing Group, said.  "The plant
is designed for energy efficiency, and is packed with more than
4,000 sensors that track information about temperature,
humidity, air flow and other variables."  The plant is also
organized into zones that can be separately controlled for the
most efficient operation.  Depending upon the process being run,
whole zones can be shut off when not needed, saving energy
costs.

The decision to open this state-of-the-art EA Toner plant is
part of the company's overall commitment to continue to invest
in the manufacturing of technologies that give the company a
competitive edge.  More than 6,000 employees currently work at
the company's 1,100 acre campus, known as the Joseph C. Wilson
Technology Center.  In addition to manufacturing its high-end
production level printers, the center is a key research and
development location.

"We could have chosen to build this new plant anywhere in the
world but we're taking advantage of the strong manufacturing and
engineering competencies that exist in Monroe County," Wim
Appelo, vice president of Xerox Strategic Services, said.  "It's
an investment in the community and in our people and symbolic of
our on-going initiative to make our Webster facility a model
showcase."

                       About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.


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


ALERIS INT'L: S&P Rates US$105 Million Senior Notes at B-
---------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Aleris International Inc. to negative from stable.  At the same
time S&P has affirmed its 'B+' corporate credit rating and the
other ratings on the company.  Concurrently, S&P has assigned a
'B-' rating to the company's recent US$105 million 9% senior
notes due 2014, which are an add-on to the company's existing
US$600 million 9% senior notes due 2014.

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 S&P'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.

"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.


AUTOHAUS DIERKS: Claims Registration Period Ends Sept. 28
---------------------------------------------------------
Creditors of Autohaus Dierks Koethen GmbH have until Sept. 28 to
register their claims with court-appointed insolvency manager
Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 899 56-0
         Fax: (040) 899 56-10

The District Court of Walsrode opened bankruptcy proceedings
against Autohaus Dierks Koethen GmbH on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Dierks Koethen GmbH
         Attn: Joerg Brinkmann, Manager
         Konrad-Adenauer-Allee 4
         06366 Koethen
         Germany


DR. WULFERT WOHNBAU: Claims Registration Period Ends Oct. 11
------------------------------------------------------------
Creditors of Dr. Wulfert Wohnbau GmbH have until Oct. 11 to
register their claims with court-appointed insolvency manager
Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Sternstr. 79
         53111 Bonn
         Germany
         Tel: 0228/94 59 820
         Fax: 0228/9459829

The District Court of Bonn opened bankruptcy proceedings against
Dr. Wulfert Wohnbau GmbH on Sept. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dr. Wulfert Wohnbau GmbH
         Attn: Ulrich Wulfert, Manager
         Toepferstrasse 10
         53721 Siegburg
         Germany


E.D.H. TRADING: Claims Registration Period Ends Sept. 28
--------------------------------------------------------
Creditors of E.D.H. Trading GmbH have until Sept. 28 to register
their claims with court-appointed insolvency manager Steffen
Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 899 56-0
         Fax: (040) 899 56-10

The District Court of Walsrode opened bankruptcy proceedings
against E.D.H. Trading GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         E.D.H. Trading GmbH
         Attn: Horst Dierks, Manager
         Westerwalseder Strasse 6
         27386 Kirchwalsede
         Germany


GEORGI BETEILIGUNGS: Claims Registration Period Ends Oct. 9
-----------------------------------------------------------
Creditors of Georgi Beteiligungs GmbH have until Oct. 9 to
register their claims with court-appointed insolvency manager
Reni Lindemann-Deffert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 19, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Reni Lindemann-Deffert
         Niedersachsenstrasse 15a
         49074 Osnabrueck
         Germany
         Tel: 0541/357910
         Fax: 0541/3579128

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

The Debtor can be reached at:

         Georgi Beteiligungs GmbH
         Attn: Anke Faenger, Manager
         Giesbert-Bergerhoff-Str. 24
         49076 Osnabrueck
         Germany


GESUNDEN SCHLAF: Claims Registration Ends October 15
----------------------------------------------------
Creditors of gesunden Schlaf GmbH have until Oct. 15 to register
their claims with court-appointed insolvency manager Dr. Harald
Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Kaiserslautern
         Hall 13
         Bahnhofstrasse 24
         67655 Kaiserslautern
         Germany

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

The insolvency manager can be reached at:

         Dr. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

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

The Debtor can be reached at:

         gesunden Schlaf GmbH
         Heidestr. 40
         67677 Enkenbach-Alsenborn
         Germany

         Attn: Marco Creuzburg, Manager
         Hauptstr. 81
         67691 Hochspeyer
         Germany


GLASBAU SCHULZ: Claims Registration Ends Oct. 15
------------------------------------------------
Creditors of Glasbau Schulz GmbH have until Oct. 15 to register
their claims with court-appointed insolvency manager Rainer
Froelich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 6, 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 Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Rainer Froelich
         Vohwinkeler Strasse 58
         42329 Wuppertal
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Glasbau Schulz GmbH on Sept. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Glasbau Schulz GmbH
         Schneewittchenweg 7
         42111 Wuppertal
         Germany


HARTMANN & ERICHSEN: Claims Registration Ends October 11
--------------------------------------------------------
Creditors of Hartmann & Erichsen GmbH & Co KG have until Oct. 11
to register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Kiel
         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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 040/334460

The District Court of Kiel opened bankruptcy proceedings against
Hartmann & Erichsen GmbH & Co KG on Sept. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hartmann & Erichsen GmbH & Co KG
         Attn: Peter Grommisch, Manager
         Taubenkrug 26
         24111 Kiel
         Germany


HAUS- UND RAUMGESTALTUNG: Claims Registration Ends October 11
-------------------------------------------------------------
Creditors of Haus- und Raumgestaltung Doebeln GmbH have until
Oct. 11 to register their claims with court-appointed insolvency
manager Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         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:

         Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel: 0341/2167225
         Fax: 0341/2167232
         Web site: insolvenz@cms-hs.com

The District Court of Leipzig opened bankruptcy proceedings
against Haus- und Raumgestaltung Doebeln GmbH on Sept. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haus- und Raumgestaltung Doebeln GmbH
         Attn: Mario Kress, Manager
         Obermarkt 7
         04720 Doebeln
         Germany


KABEL DEUTSCHLAND: Buys Orion's Networks for EUR585 Million
-----------------------------------------------------------
Kabel Deutschland GmbH signed a purchase agreement with the
Orion Group to acquire networks serving approximately 1.2
million cable television subscribers for EUR585 million.

The subscribers are located in eight German federal states
(Schleswig-Holstein, Hamburg, Bremen, Lower Saxony, Mecklenburg-
Western Pomerania, Rhineland-Palatinate, Saarland und Bavaria),
in which Kabel Deutschland operates the level 3 (distribution
network) and level 4 networks (home networks).  The transaction
resolves the historic and unique separation of network levels in
these federal states to a large extent.

"These households which have been limited to DTAG offers for the
first time will be able to receive highly competitive Triple-
Play-Services - high-speed internet, telephony and digital
television services from Kabel Deutschland", said Kabel
Deutschland’s CEO, Adrian v. Hammerstein.

The closing is anticipated to occur in the first quarter of 2008
after FCO clearance.

KDG also announced that it will no longer pursue its options
related to Primacom and will tender into the Orion offer.

                    About Kabel Deutschland

Headquartered in Unterfoehring, Germany, Kabel Deutschland --
http://www.kabeldeutschland.com/en.html-- operates cable
networks in 13 German states and supplies its services to more
than 9 million connected TV households in Germany.  It is
Germany's largest cable network operator.  KDG offers an open
digital TV platform for all program providers.  The company
operates the networks, markets cable connections and provides
comprehensive services for all matters of cable connectivity.
In fiscal year 2006/2007 (12 months ended March 31, 2007), Kabel
Deutschland reported a total revenue of approximately
EUR1.1 billion.  The company has around 2,700 employees.


KABEL DEUTSCHLAND: Network Buy Cues S&P’s Watch on B+ Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
corporate credit rating on German cable operator Kabel
Deutschland GmbH on CreditWatch with negative implications,
following KDG's announcement of its acquisition of networks
serving about 1.2 million cable TV subscribers from the Orion
Group for about EUR585 million.

"The CreditWatch placement reflects the need for deeper analysis
to determine whether the expected material increase in debt
resulting from the transaction is compatible with the group's
current rating and to examine the nature of the funding," said
Standard & Poor's credit analyst Leandro de Torres Zabala.

The outlook was previously negative, reflecting the execution
risk embedded in KDG's strategy to roll out phone and Internet
services, and the expected resulting negative impact on the
group's leverage and free cash flow generation in the near-to-
medium term.

Although Standard & Poor's appreciates the transaction's
business logic and a downgrade is not certain, we must assess
the acquisition in the context of the group's very highly
leveraged balance sheet and negative free cash flow generation.
S&P’s review will focus on KDG's revised business plan following
the acquisition, particularly regarding capital expenditures and
cash flow forecasts.  S&P also needs to understand the
characteristics of the new funding and the related implications,
if any, for the group's current capital structure.

The group's adjusted total debt amounted to EUR3.72 billion at
June 30, 2007.  This translated into a ratio of adjusted total
debt to adjusted last-12-month EBITDA as high as 7.8x, pre-
acquisition.

"We expect to resolve the CreditWatch status within the next few
weeks, once we have obtained further information about the
group's revised business and financial plans and have carried
out a more detailed review of its financial policy and funding
plans," said Mr. de Torres.


MAKS OBJEKTEINRICHTUNGEN: Claims Registration Ends Oct. 10
----------------------------------------------------------
Creditors of MAKS Objekteinrichtungen GmbH have until Oct. 10 to
register their claims with court-appointed insolvency manager
Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         Ritterstr. 5 (Eingang Strohstrasse 1)
         Esslingen
         Germany

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

The insolvency manager can be reached at:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/2525660
         Fax: 0711/2525

The District Court of Esslingen opened bankruptcy proceedings
against MAKS Objekteinrichtungen GmbH on Sept. 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MAKS Objekteinrichtungen GmbH
         Attn: Frank Dieter Volkmar, Manager
         Marie-Curie-Str. 29
         73230 Kirchheim
         Germany


MOLANA BUS: Claims Registration Ends Oct. 15
--------------------------------------------
Creditors of Molana Bus GmbH have until Oct. 15 to register
their claims with court-appointed insolvency manager Stefano
Buck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenburg
         Hall 0.005
         Hindenburgstr. 5
         77654 Offenburg
         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:

         Stefano Buck
         Eisenbahnstr. 19-23
         77855 Achern
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Molana Bus GmbH on Sept. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Molana Bus GmbH
         Attn: Rebecca Tarlow, Manager
         Am Alten Bahnhof 4
         77694 Kehl
         Germany


OEZKAN PAPIERVERARBEITUNG: Claims Registration Ends Oct. 15
-----------------------------------------------------------
Creditors of Oezkan Papierverarbeitung GmbH have until Oct. 15
to register their claims with court-appointed insolvency manager
Christian Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Christian Hellmich
         Koenigstr. 20
         70173 Stuttgart
         Germany
         Tel: 0711/223320

The District Court of Ludwigsburg opened bankruptcy proceedings
against Oezkan Papierverarbeitung GmbH on Sept. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oezkan Papierverarbeitung GmbH
         Attn: Barbaros Oezkan, Manager
         Dornierstr. 3
         71272 Renningen
         Germany


OSTWALD GMBH: Claims Registration Period Ends Oct. 9
----------------------------------------------------
Creditors of Ostwald GmbH have until Oct. 9 to register their
claims with court-appointed insolvency manager Dr. Karsten
Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Nov. 6, 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:

         Dr. Karsten Foerster
         Herbert-Jensch-Str. 111
         15234 Frankfurt (Oder)
         Germany

The District Court of Frankfurt (Oder)opened bankruptcy
proceedings against Ostwald GmbH on Sept. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ostwald GmbH
         Schubertstrasse 65
         15234 Frankfurt (Oder)
         Germany

         Attn: Herrn Erhard Ostwald, Manager
         Schulweg 2
         15328 Alt
         Germany


PROPLAN GMBH: Claims Registration Period Ends Sept. 26
------------------------------------------------------
Creditors of ProPlan GmbH have until Sept. 26 to register their
claims with court-appointed insolvency manager Siegfried
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany
         Tel: 02443/98120
         Fax: 02443/981219

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

The Debtor can be reached at:

         ProPlan GmbH
         Barentsstr. 15
         53881 Euskirchen
         Germany

         Attn: Carmen Schinke, Manager
         Peter-Hett-Str. 34
         53909 Zuelpich
         Germany


SAINBACH VERWALTUNGSGESELLSCHAFT: Claims Filing Ends Oct. 15
------------------------------------------------------------
Creditors of Sainbach Verwaltungsgesellschaft mbH have until
Oct. 15 to register their claims with court-appointed insolvency
manager Dr. Wolfgang Pieper.

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

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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. Wolfgang Pieper
         Jahnstr. 74
         63743 Aschaffenburg
         Germany
         Tel: 06028/997718
         Fax: 06028-997719

The District Court of Aschaffenburg opened bankruptcy
proceedings against Sainbach Verwaltungsgesellschaft mbH on
Sept. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Sainbach Verwaltungsgesellschaft mbH
         Stengerstr. 9
         63741 Aschaffenburg
         Germany


TRANSTEC SPEDITIONS: Claims Registration Ends October 11
--------------------------------------------------------
Creditors of TRANSTEC Speditions GmbH have until Oct. 11 to
register their claims with court-appointed insolvency manager
Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 1, 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:

         Joachim Walterscheid
         Erichstrasse 2
         31785 Hameln
         Germany
         Tel: 05151/407590
         Fax: 05151/407591
         E-Mail: kanzlei@walterscheidundcoll.com
         Web site: www.walterscheidundcoll.com

The District Court of Hameln opened bankruptcy proceedings
against TRANSTEC Speditions GmbH on Sept. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TRANSTEC Speditions GmbH
         Attn: Matthias Hoch, Manager
         Goldbinnen 11
         31840 Hess
         Germany


TUI AG: Drops Joint Venture Plans with Carnival Corp
----------------------------------------------------
TUI AG and Carnival Corp. announced their intention to withdraw
their anti-trust filing with the relevant authorities for a
joint venture to develop a new cruise brand.

TUI and Carnival had planned a joint venture and had filed this
with the relevant authorities.  Reason for the withdrawal is the
extremely difficult environment with regards to competitive law
making it impossible to close the transaction in Carnival's
current business year.  Failure to do so would create adverse
tax consequences for the companies and would have a severe
impact on the economies of the transaction.  TUI and Carnival
have decided not to implement the joint venture in the proposed
form.

TUI AG will stick to its plans to expand its own cruise
activities.  This will now happen mainly within the framework of
Hapag-Lloyd Cruises.  Hapag-Lloyd Cruises today operates four
cruise liners and is one of the leading operators of premium and
luxury cruises in the German speaking market.

The fleet includes the MS Europa, the only ship in the world
rated with "5-Stars Plus" by the Berlitz Cruise Guide.  In the
British market, TUI’s subsidiary, TUI Travel, also operates five
cruise liners under the Thomson Cruises brand as well as two
ships under the Island Cruises brand.

                         About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. subsidiaries.

                         *     *     *

As reported in the TCR-Europe on Aug. 21, 2007, Moody's
Investors Service placed the B1 Corporate Family Rating for TUI
Aktiengesellschaft on review for possible downgrade.

At the same time, the senior unsecured debt ratings are lowered
to B2 from B1, and left on review for possible downgrade.  The
ratings of the unsecured notes were originally placed on review
for possible downgrade on March 20, 2007, following the
announcement of the planned merger between TUI's tourism
division and First Choice PLC.

In a TCR-Europe report on July 27, 2007, Standard & Poor's
Ratings Services lowered its ratings on the senior unsecured
issues of Germany-based tourism and shipping group TUI AG to 'B'
from 'B+' and removed them from CreditWatch, where they were
originally placed with negative implications on March 19, 2007.

This follows the approval of the merger of its tourism business
with U.K. travel operator First Choice Holidays PLC to TUI
Travel PLC by antitrust authorities and First Choice
shareholders, resulting in increased structural subordination of
the group's senior unsecured indebtedness.  At the same time,
Standard & Poor's affirmed the 'BB-' long-term corporate credit
rating on TUI.  S&P said the outlook is negative.


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


ALITALIA SPA: Selling Heathrow Slots to Raise Cash
--------------------------------------------------
Alitalia S.p.A. plans to sell its take-off and landing slots at
the Heathrow airport in the U.K. to raise cash for its
operations, Thomson Financial cites Il Sole 24 Ore as reporting.

According to Il Sole, the slot sale is one of the measures
included in Alitalia's latest business plan to solve the
carrier's liquidity crisis.  As of June 30, 2007, Alitalia only
had EUR562 million in cash and cash equivalents, compared to
EUR706 million as of Dec. 31, 2006.

Il Sole adds that Alitalia may raise more than EUR45 million if
it sold all its slots at Heathrow.

                         About Alitalia

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

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


ALITALIA SPA: Ministers Air Support for Malpensa Downscale Plan
---------------------------------------------------------------
Italian Minister Pierluigi Bersani supported Alitalia S.p.A.'s
plan to downscale operation at Milan's Malpensa airport, Reuters
reports.

Mr. Bersani told local newspaper Il Messaggero that Alitalia, in
its current state, cannot sustain two hubs, adding that "the
development of Malpensa cannot be entrusted to a company which
risks bankruptcy."

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

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

Meanwhile, Regional Affairs Minister Linda Lanzillotta voiced
her support for the downscale plan, implying that it would allow
developments at the Malpensa, to be done by other carriers.

"Malpensa has the right to be developed, and it seems to me
Ryanair's offer goes in that direction," Ms. Lanzillotta told Il
Messaggero.  "One certainly cannot make Alitalia act against
market logic."

                         About Alitalia

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

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


IMAX CORP: Signs Ten-Theatre Deal with China's Wanda Cinema
-----------------------------------------------------------
IMAX Corporation and Wanda Cinema Line Corporation has signed an
agreement to install ten IMAX(R) theatres in The People's
Republic of China, with the first two installations scheduled
for December of this year.  The agreement marks IMAX's largest
ever multiple-theatre deal in Asia. Under the terms of the sales
agreement, all of the theatres are to be installed either with
IMAX's MPX(R) theatre system or the company's new digital
projection technology, which is currently in the advanced stages
of development.  Wanda Cinema Line Corporation is the top
performing and fastest growing exhibitor in The People's
Republic of China with 121 screens in 15 locations.  All ten
IMAX theatres are expected to be installed by the end of 2010
and bring the total number of IMAX theatres scheduled to be open
in The People's Republic of China to 39.

"IMAX is a world-class brand that has been received
exceptionally well across Asia, and we are very excited to
include the IMAX theatre business as an integral part of our
present and future growth," said Mr. Bao Jiazhong, General
Manager of Wanda Cinema Line Corporation.  "Moviegoers in
China expect a premium experience when they visit a modern
multiplex and our IMAX theatres will be able to deliver on that
expectation and beyond, with the biggest Hollywood movies
presented in the most engaging and immersive way.  IMAX puts you
IN the movie, and no other cinema technology can do that."

"China continues to be a key strategic growth market for IMAX,
and our partnership with Wanda Cinema Line -- an exhibitor AND
property developer -- gives us the opportunity to significantly
expand our audience-base and ultimately drive greater interest
in the region," said IMAX Co-CEO's and Co-Chairmen Richard L.
Gelfond and Bradley J. Wechsler.  "This single deal is expected
to increase our presence in China by more than 30 percent.  We
are encouraged by the enthusiasm of our new partners and we look
forward to working with them to bring The IMAX Experience(R) to
more people in China."

The first three locations will utilize the IMAX(R) MPX(R)
theatre system, IMAX's latest film projection technology
specifically designed to enable multiplex operators to enter
into the IMAX theatre business.  The remaining seven locations
are scheduled to utilize IMAX's digital projection system.  The
exhibitor has options to upgrade the three MPX theatre systems
to IMAX digital on pre-negotiated terms, and to opt out of the
final five installations subject to a material penalty.

All ten IMAX theatres are scheduled to be installed as part of
new multiplex constructions.  The first two installations are
scheduled to take place in December 2007, in the cities of
Changsha and Changchun.  Other identified cities include
Beijing, Chongqing and Wuxi.  Each theatre will be capable of
playing digitally re-mastered Hollywood event films, as well as
original IMAX productions, in both 2D and IMAX(R) 3D.

            About Wanda Cinema Line Corporation

Wanda Cinema Line Corporation is the fastest growing and most
competive cinema chain in China. Incorporated in 2005, the
company is a full subsidary of Dalian-based Wanda Group.  As of
today, Wanda Cinema Line owns and operates 121 screens in 15
multiplexes with an average annual box office at over 100
million RMB.  In 2007 alone, the company has scheduled to
construct 10 new multiplexes with 80 screens, bringing its total
number of screens by the end of this year to 200.  The company
has plans to add 100 to 150 screens each year between 2008 to
2010.  By 2010, the company would expect to own and operate a
total of 600 screens in 70 multiplexes with annual box office to
reach 1.5 billion RMB, taking 30% market share of the entire
country.  Wanda Cinema Line will ultilize IMAX theatre systems
as an important means to enter the international high-end cinema
market with plans to build five IMAX theatres each year from
2008 to 2010, and by 2010 the company expects to have 15 to 20
IMAX screens, becoming the biggest IMAX exhibitor outside North
America.

                    About IMAX Corporation

Headquartered jointly in New York City and Toronto, Canada, IMAX
Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of
the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 27, 2007, Standard & Poor's Ratings Services affirmed its
ratings, including the 'CCC+' corporate credit rating, on IMAX
Corp. and removed them from CreditWatch.

The ratings were originally placed on CreditWatch with negative
implications on Apr. 2, 2007, with a revision to developing
implications occurring on July 5, 2007.  The rating action
follows the company's filing of its SEC Form 10-Q for the first
quarter of 2007 and its 2006 Form 10-K, which should put the
company in compliance with its filing requirement under its bond
indenture and alleviate the risk of a near-term acceleration.


PARMALAT SPA: Parma Judge Raises Concerns on Case Against Banks
---------------------------------------------------------------
Parma-based judge Giampaolo Fabbrizzi has expressed doubts on
the validity of Parmalat S.p.A.'s EUR2.1 billion damages claim
against creditor banks Deutsche Bank, JP Morgan, Credit Suisse,
UBS, Banca Akros and Merrill Lynch, Il Sole 24 reports.

Parmalat alleged that the banks contributed to its collapse.
However, Judge Fabbrizzi noted that Parmalat would find it
difficult to claim damages for an occurrence to which it had
itself contributed.

The banks' lawyers have argued that Parmalat chief executive
Enrico Bondi cannot sue for “abusive recourse to credit,” citing
a ruling in a separate case.

The court will hear the case Nov. 26, 2008.

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 US$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.


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


AVIATECH SERVICE: Proof of Claim Deadline Slated for Oct. 23
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aviatech Service insolvent on Aug. 6.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rodostovtsev Str. 47-11
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


CHERNY DRAKON LLP: Creditors Must File Claims Oct. 23
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Cherny Drakon insolvent on Aug. 1.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rodostovtsev Str. 47-11
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


DIAPAZON LLP: Claims Filing Period Ends Oct. 24
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Diapazon insolvent.

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

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


H.L.T. LLP: Creditors' Claims Due on Oct. 23
--------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Industrial-Commercial Company H.L.T. declared.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


HALYK SAVINGS: Closes Syndication of US$300 Mln Term Loan
---------------------------------------------------------
JSC Halyk Bank Kazakhstan has closed syndication of its new
syndicated term loan facility for US$300 million.  The
transaction is new money and was arranged by these Initial
Mandated Lead Arrangers:

    * The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    * CALYON
    * Mizuho Corporate Bank, Ltd.

The syndication was launched on Aug. 3, 2007, and despite
volatile, challenging market conditions and competitive terms,
the syndication has been closed successfully and the borrower's
funding requirements met.

Summary details of the transaction:

   Borrower:            HSBK (Europe) B.V., Netherlands
   Guarantor:           JSC Halyk Bank Kazakhstan
   Amount:              US$300,000,000
   Tenor:               3-years from signing
   Repayment:           Bullet on final maturity
   Margin               40 bps pa
   Facility Agent:      Calyon
   Bookrunners:         BTMU, Calyon and Mizuho

Headquartered in Almaty, Kazakhstan, Halyk Bank --
http://www.halykbank.kz/-- is the largest universal second-tier
bank of Kazakhstan.

                         *     *     *

Halyk Bank carries Moody's Investors Service's Ba1 rating on its
foreign long-term bank deposits, and a D rating on its bank
financial strength.  Standard & Poor's has also issued BB+ long-
term foreign and local issuer credit ratings and B short-term
foreign and local issuer credit ratings to the company.
Meanwhile, Fitch Ratings' 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, still apply to date.


HENKEL-ERA OJSC: Claims Registration Ends Oct. 26
-------------------------------------------------
Representation of OJSC Henkel-Era has declared insolvency.
Creditors have until Oct. 26 to submit written proofs of claims
to:

         Representation of OJSC Henkel-Era
         Room 14
         Seifullin Ave. 460
         Almaty
         Kazakhstan
         Tel: 8 (3272) 44-33-99


I-COM-LIMITED LLP: Proof of Claim Deadline Slated for Oct. 24
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP I-Com-Limited 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


ILNUR LLP: Creditors Must File Claims Oct. 26
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ilnur insolvent.

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

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


MABEK LLP: Claims Filing Period Ends Oct. 26
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Mabek insolvent.

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

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


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


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


MITRA TRADE: Proof of Claim Deadline Slated for October 26
----------------------------------------------------------
LLC Mitra Trade has declared insolvency.  Creditors have until
Oct. 26 to submit written proofs of claim to:

         LLC Mitra Trade
         Petrov Str. 33b
         Osh
         Kyrgyzstan


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


BAUSCH & LOMB: Commences Tender Offers for Debt Securities
----------------------------------------------------------
Bausch & Lomb is commencing cash tender offers and consent
solicitations for four series of outstanding debt securities and
two series of outstanding convertible debt securities.  These
tender offers and consent solicitations are being conducted as
part of the financing with the proposed merger between the
company and an affiliate of Warburg Pincus LLC.

                       Debt Securities

The tender offers and consent solicitations with respect to each
series of outstanding debt securities will expire at 8:00 a.m.,
New York City time, on Oct. 19, 2007, unless extended or earlier
terminated by the company.  In order to be eligible to receive
the purchase price, which includes the consent payment, holders
must validly tender, and not validly withdraw, their Debt
Securities prior to 5:00 p.m., New York City time on Oct. 3,
2007, unless extended or earlier terminated by the company.
Holders tendering their Debt Securities after the applicable
Consent Payment Deadline but prior to the applicable Expiration
Date will be eligible to receive an amount equal to the purchase
price less the consent payment.  Debt Securities purchased in
the tender offers will be paid for on the applicable settlement
date for each tender offer, which, assuming the tender offers
are not extended, is expected to be as soon as practicable after
the applicable expiration date.

1) CUSIP No.: 071707AH6
   Principal Amount Outstanding: US$133,195,000
   Title of Security: 6.95% Senior Notes due 2007
   Tender Offer Price*+: US$980.00
   Consent Payment**: US$20.00
   Purchase Price Including the Consent Payment*: US$1,000.00

2) CUSIP No.: 071707AL7
   Principal Amount Outstanding: US$50,000,000
   Title of Security: 5.90% Senior Notes due 2008
   Tender Offer Price*+: US$980.00
   Consent Payment**: US$20.00
   Purchase Price Including the Consent Payment*: US$1,000.00

3) CUSIP No.: 07171JAE6
   Principal Amount Outstanding: US$421,000
   Title of Security: 6.56% Medium-Term Notes due 2026
   Tender Offer Price*+: US$980.00
   Consent Payment**: US$20.00
   Purchase Price Including the Consent Payment*: US$1,000.00

4) CUSIP No.: 071707AG8
   Principal Amount Outstanding: US$66,429,000
   Title of Security: 7.125% Debentures due 2028
   Tender Offer Price*+: US$980.00
   Consent Payment**: US$20.00
   Purchase Price Including the Consent Payment*: US$1,000.00

* = Per US$1,000 principal amount of Debt Securities, excluding
    accrued and unpaid interest to, but not including, the
    settlement date with respect to each series, which will be
    paid in addition to the purchase price.

** = Per US$1,000 principal amount of Debt Securities.

+ = Equal to Purchase Price less the Consent Payment.

Holders tendering their Debt Securities will be required to
consent to the proposed amendments to the indentures governing
the Debt Securities, which would eliminate or make less
restrictive substantially all of the restrictive covenants, as
well as certain events of default and related provisions in the
indentures.  The tender offers and consent solicitations are
being made pursuant to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation Statement dated Sept.
19, 2007 for the Debt Securities and the related Letter of
Transmittal and Consent.

                  Convertible Debt Securities

Concurrent with the tender offers and consent solicitations for
the Debt Securities, the Company is separately commencing cash
tender offers and consent solicitations with respect to its 2004
Senior Convertible Securities due 2023 and its Floating Rate
Convertible Senior Notes due 2023.

The tender offer and consent solicitation with respect to each
series of Convertible Securities will expire at 8:00 a.m., New
York City time, on Oct. 19, 2007, unless extended or earlier
terminated by the company.

The purchase price for each US$1,000 principal amount of
Convertible Securities validly tendered and not validly
withdrawn pursuant to the tender offers and consent
solicitations is US$1,216.14 for the 2004 Senior Convertible
Securities due 2023 and US$1,216.14 for the Floating Rate
Convertible Senior Notes due 2023, plus, in each case, accrued
and unpaid interest to, but not including, the settlement date
with respect to each series, which is expected to be as soon as
practicable after the applicable expiration date.  Holders
tendering their Convertible Securities will be required to
consent to the proposed amendments to the indentures governing
the Convertible Securities, which would eliminate or make less
restrictive substantially all of the restrictive covenants, as
well as certain events of default and related provisions, in the
indentures. The tender offers and consent solicitations are
being made pursuant to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation Statement dated
September 19, 2007 for the Convertible Securities and the
related Letter of Transmittal and Consent.

Citigroup Global Markets Inc., Banc of America Securities LLC,
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities
Inc. are acting as dealer managers for the tender offers and
consent solicitations.  Questions regarding the transaction and
the procedures for consenting may be directed to Citigroup
Global Markets Inc. by telephone at (800) 558-3745 (toll-free),
Banc of America Securities LLC by telephone at (888) 292-0070
(toll-free) for the Debt Securities and (888) 583-8900 x2200
(toll-free) for the Convertible Securities, Credit Suisse
Securities (USA) LLC by telephone at (212) 325-7596 (collect) or
J.P. Morgan Securities Inc. by telephone at (212) 270-1477
(collect).

Global Bondholder Services is the information agent for the
tender offers and consent solicitations.  Requests for
documentation should be directed to Global Bondholder Services
at (866) 540-1500 (toll-free).

                      About Bausch & Lomb

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

                          *     *     *

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

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

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

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


FIRST DATA: Prices Tender Offers for US$2.2 Bln Debt Securities
---------------------------------------------------------------
First Data Corporation disclosed the determination of the total
consideration and tender offer consideration to be paid pursuant
to its cash tender offers and related consent solicitations in
respect of an aggregate of approximately US$2.2 billion of its
outstanding unsecured debt securities.

The total consideration for the Notes, which will be payable in
respect of Notes accepted for payment that were validly tendered
with consents and not withdrawn at or prior to 5:00 p.m., New
York City time, on Aug. 16, 2007, will be an amount equal to the
total consideration specified in the table below for each
US$1,000 principal amount of Notes.

The tender offer consideration for the Notes, which will be
payable in respect of Notes accepted for payment that are
validly tendered subsequent to 5:00 p.m., New York City time, on
Aug. 16, 2007 but at or prior to 8:00 a.m., New York City time,
on Sept. 24, 2007 (unless extended or earlier terminated by the
company), will be an amount equal to the total consideration
minus the applicable consent payment.  In each case, holders
whose Notes are accepted for payment in the tender offers will
receive accrued and unpaid interest in respect of such purchased
Notes from the last interest payment date to, but not including,
the payment date for Notes purchased in the tender offers.

The total consideration and tender offer consideration for each
series of Notes under the terms of the tender offers are
enumerated.


1) CUSIP and ISIN Nos.: 32006YAG7 and US32006YAG70
   Security Description: 6-3/8% Notes due 2007
   Applicable Spread: 25 bps
   Tender Offer Yield: 4.205%
   Total Consideration: US$1,004.67
   Consent Payment: US$30.00
   Tender Offer Consideration: US$974.67

2) CUSIP and ISIN Nos.: 319963AG9 and US319963AG92
   Security Description: 3.375% Notes due 2008
   Applicable Spread: 42 bps
   Tender Offer Yield: 4.630%
   Total Consideration: US$989.58
   Consent Payment: US$30.00
   Tender Offer Consideration: US$959.58

3) CUSIP and ISIN Nos.: 32006YAH5 and US32006YAH53
   Security Description: 5.8% Medium-Term Notes due 2008
   Applicable Spread: 38 bps
   Tender Offer Yield: 4.472%
   Total Consideration: US$1,015.58
   Consent Payment: US$30.00
   Tender Offer Consideration: US$985.58

4) CUSIP and ISIN Nos.: 319963AJ3 and US319963AJ32
   Security Description: 3.9% Notes due 2009
   Applicable Spread: 40 bps
   Tender Offer Yield: 4.416%
   Total Consideration: US$990.13
   Consent Payment: US$30.00
   Tender Offer Consideration: US$960.13

5) CUSIP and ISIN Nos.: 319963AL8 and US319963AL87
   Security Description: 4.5% Notes due 2010
   Applicable Spread: 43 bps
   Tender Offer Yield: 4.458%
   Total Consideration: US$1,001.01
   Consent Payment: US$30.00
   Tender Offer Consideration: US$971.01

6) CUSIP and ISIN Nos.: 319963AF1 and US319963AF10
   Security Description: 5.625% Senior Notes due 2011
   Applicable Spread: 44 bps
   Tender Offer Yield: 4.644%
   Total Consideration: US$1,036.21
   Consent Payment: US$30.00
   Tender Offer Consideration: US$1,006.21

7) CUSIP and ISIN Nos.: 319963AH7 and US319963AH75
   Security Description: 4.7% Notes due 2013
   Applicable Spread: 64 bps
   Tender Offer Yield: 5.176%
   Total Consideration: US$976.16
   Consent Payment: US$30.00
   Tender Offer Consideration: US$946.16

8) CUSIP and ISIN Nos.: 319963AK0 and US319963AK05
   Security Description: 4.85% Notes due 2014
   Applicable Spread: 68 bps
   Tender Offer Yield: 5.216%
   Total Consideration: US$978.70
   Consent Payment: US$30.00
   Tender Offer Consideration: US$948.70

9) CUSIP and ISIN Nos.: 319963AM6 and US319963AM60
   Security Description: 4.95% Notes due 2015
   Applicable Spread: 72 bps
   Tender Offer Yield: 5.256%
   Total Consideration: US$980.70
   Consent Payment: US$30.00
   Tender Offer Consideration: US$950.70

The tender offers and the related consent solicitations relating
to the Notes are made upon the terms and conditions set forth in
the company's Offer to Purchase and Consent Solicitation
Statement dated Aug. 3, 2007, and the related Consent and Letter
of Transmittal, as amended.  The tender offers and consent
solicitations are subject to the satisfaction of certain
conditions, including the merger of First Data with an affiliate
of Kohlberg Kravis Roberts & Co. pursuant to the previously
announced merger agreement having occurred, or the Merger
occurring substantially concurrent with the Offer Expiration
Date.

First Data has retained Citigroup Global Markets Inc. to act as
the lead dealer manager for the tender offers and lead
solicitation agent for the consent solicitations, and they can
be contacted at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).

First Data has also retained Credit Suisse Securities (USA) LLC,
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and
Lehman Brothers Inc. to act as co-dealer managers for the tender
offers and co-solicitation agents for the consent solicitations.

Deutsche Bank Luxembourg SA has been appointed Luxembourg Tender
Agent for the Offers and may be contacted at:

     Deutsche Bank Luxembourg SA
     Trust & Securities Services
     2 BLD Konrad Adenauer
     L-1115 Luxembourg
     Telephone 00352-421-22-460
     Fax 00352-421-22-426

Requests for documentation may be directed to Global Bondholder
Services Corporation, the Information Agent, which can be
contacted at (212) 430-3774 (for banks and brokers only) or
(866) 924-2200 (for all others toll-free).

                        About First Data

Headquartered in Greenwood Village, Colorado, 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; 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.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned to First Data Corporation a
B2 Corporate Family Rating and Ba3 rating to senior secured
credit facilities related to its acquisition by Kohlberg,
Kravis, Roberts & Co.  The rating outlook for the new ratings is
stable.

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.

Upon conclusion of its review of First Data Corp.'s new capital
structure for the expected close of its leveraged buy-out
transaction with Kohlberg Kravis Roberts & Co.'s, Fitch Ratings
has taken these rating actions on FDC: Long-term Issuer Default
Rating downgraded to 'B+' from 'BBB' and removed from Rating
Watch Negative; US$2 billion senior secured revolving credit
facility due 2013 rated 'BB/RR2'; and US$13 billion senior
secured term loan B due 2014 rated 'BB/RR2'.  The Rating Outlook
is Stable.


HOLLAND HOMES MBS 2003-1: Fitch Affirms Class D Notes at BB
-----------------------------------------------------------
Fitch Ratings has upgraded one tranche and affirmed 13 tranches
of the Holland Homes transactions, originated by DBV
Levensverzekeringsma-atschappij B.V, after a satisfactory
performance review.

The upgrade of the class B notes from Holland Homes MBS 2000-1
reflects the satisfactory performance of the transaction through
2006 and 2007.  Credit enhancement has increased steadily for
the class A and class B notes.  For the class C notes, as the
reserve fund reached its target level and is now amortising in
line with the notes, the CE remains at around 2%.

Holland Homes Oranje MBS B.V. benefits from the Nationale
Hypotheek Garantie guarantee, which covers losses remaining
after the foreclosure process.  Excess spread is available to
redeem the notes if losses materialize.  The reserve fund is
currently at 0.62% and is expected to build to the required
target level of 0.7% of the principal outstanding balance of the
class A notes.

Delinquencies remain low in the Holland Homes' transactions and
display some of the lowest levels of arrears seen in Dutch
transactions.  Up to July 2007, arrears have not exceeded 1.02%
of the outstanding portfolio balances.  Furthermore, no losses
have been reported to date.  Currently for Holland Homes MBS
2000-1, there are 1.02% arrears in the zero- to one-month
category and 0.15% in the one- to two-month category. All other
arrears categories are at 0%.

Annualized principal payment rates, which reflect movements in
collateral balances, are comparatively low to other Dutch
transactions, with a current annualized average of 9.96% for
Holland Homes MBS 2000-1.

The rating actions are:

Stichting Holland Homes III:

   -- Class A: affirmed at 'AAA'; Outlook Stable

   -- Class B: affirmed at 'AA'; Outlook Stable

   -- Class C: affirmed at 'A'; Outlook Stable

   -- Class D: affirmed at 'BBB'; Outlook Stable

Holland Homes MBS 2000-1 B.V.:

   -- Class A (XS0119750031): affirmed at 'AAA'; Outlook Stable

   -- Class B (XS0119750114): upgraded to 'AA+' from 'AA';
      Outlook revised to Stable from Positive

   -- Class C (XS0119750460): affirmed at 'A'; Outlook Stable

Holland Homes MBS 2003-1 B.V.:

   -- Class A1 (XS0182739853): affirmed at 'AAA'; Outlook Stable

   -- Class A2 (XS0182741164): affirmed at 'AAA'; Outlook Stable

   -- Class B (XS0182741594): affirmed at 'A'; Outlook Positive

   -- Class C (XS0182741750): affirmed at 'BBB'; Outlook Stable

   -- Class D (XS0182740430): affirmed at 'BB'; Outlook Stable

Holland Homes Oranje MBS B.V.:

   -- Class A (XS0238851827): affirmed at 'AAA'; Outlook Stable

   -- Class B (XS0238855141): affirmed at 'A'; Outlook Stable

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


YUKOS FINANCE: Yukos Oil Completes Unit Sale to Promneftstroy
-------------------------------------------------------------
OOO Promneftstroy took legal control of Yukos Finance N.V. from
OAO Yukos Oil Co. after signing a notary act formalizing the
transfer of the finance unit's shares to the former, Itar-Tass
reports.

As reported in the TCR-Europe on Sept. 13, 2007, Promneftstroy
has fully paid for 242,399 shares of Yukos Finance after it won
the auction to acquire the stake for RUR7.838 billion.

Yukos Finance carried a RUR7,598,361,000 starting price and a
RUR40 million bid increment.  The winning bidder must deposit
RUR1,519,672,200 as initial payment.

According to Itar-Tass, the parties have notified Yukos Finance
and a Dutch court of the completion of the sale.  The parties
have also instructed Yukos Finance to make relevant changes in
its register of shareholders.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                         About Yukos Oil

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

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

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

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

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

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


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


AGRICULTURAL MACHINERY: Asset Sale Slated for October 5
-------------------------------------------------------
N. Postnikov, the bidding organizer for OJSC Agricultural
Machinery, will open a public auction for the company's
properties at 10:00 a.m. on Oct. 5 at:

         N. Postnikov
         Moskovskaya Str. 155A
         Orel
         Russia

The case is docketed under Case No. A48-6602/05-16b.

Interested participants have until Oct. 4 to deposit an amount
equivalent to 10% of the starting price to:

         Settlement Account 40702810547170120017
         Correspondent Account 30101810300000000601
         BIK 045402601
         TIN 5719002454
         Bank Orlovskoe OSB 8595
         Orel
         Mtsenskiy OSB 3862/058
         Mtsensk
         Russia

Bidding documents must be submitted to:

         N. Postnikov
         Moskovskaya Str. 155A
         Orel
         Russia

The Debtor can be reached at:

         OJSC Agricultural Machinery
         Novosil
         Novosilskiy
         Orel
         Russia


ALLIANCE COSMETIC: Court Names B. Mazenko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed B. Mazenko as
Insolvency Manager for CJSC Alliance Cosmetic.  He can be
reached at:

         B. Mazenko
         Post User Box 24
         117042 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-69242/06-103-1125B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Alliance Cosmetic
         Office 403
         Ugreshskaya Str. 14
         Moscow
         Russia


BUILDER OF URAL-11: Creditors Must File Claims by Oct. 1
--------------------------------------------------------
Creditors of CJSC Builder of Ural-11 have until Oct. 1 to submit
proofs of claim to:

         I. Marchevskaya
         Insolvency Manager
         Kombaynerov 34
         614036 Perm
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8666/2007-32-48-137.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Builder of Ural-11
         Pobedy Pr. 289
         454000 Chelyabinsk
         Russia


CEDAR LLC: Kemerovo Bankruptcy Hearing Slated for Jan. 17, 2008
---------------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 1:45 p.m. on
Jan. 17, 2008, to hear the bankruptcy supervision procedure on
LLC Cedar.  The case is docketed under Case No. A27-7274/2007-4.

The Temporary Insolvency Manager is:

         V. Gusich
         Temporary Insolvency Manager
         Post User Box 3
         Post Office 5
         Mariinsk
         652150 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Cedar
         Meliorativnaya Str. 4-2
         Mariinsk
         652150 Kemerovo
         Russia


DMITROVSKIY CRYSTAL: Creditors Must File Claims by Oct. 1
---------------------------------------------------------
Creditors of OJSC Agro-Industrial Association Agro-Company
Dmitrovskiy Crystal have until Oct. 1 to submit proofs of claim
to:

         I. Novikova
         Temporary Insolvency Manager
         Building 1
         Moskovskoe Shosse, 137
         302025 Orel
         Russia

The Arbitration Court of Orel will convene at 10:00 a.m. on
Dec. 5 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A48-1931/07-20b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         OJSC Agro-Industrial Association Agro-Company
         Dmitrovskiy Crystal
         Lubyanka
         Dmitrovskiy
         Orel
         Russia


EAR LLC: Creditors Must File Claims by Nov. 1
---------------------------------------------
Creditors of LLC Ear have until Nov. 1 to submit proofs of claim
to:

         D. Glushkov
         Insolvency Manager
         P. Zheleznyaka Str. 17
         660133 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-5648/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Ear
         Shorsa Str. 8
         Berezovka
         662520 Krasnoyarsk
         Russia


GRAN’-SERVICE CJSC: Creditors Must File Claims by Oct. 1
--------------------------------------------------------
Creditors of CJSC Gran’-Service have until Oct. 1 to submit
proofs of claim to:

         S. Suvorov
         Temporary Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow will convene on Nov. 1 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A41-K2-5490/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Gran’-Service
         Papivina Str. 1/20
         Klin
         141600 Moscow
         Russia


LENIN CJSC: Creditors Must File Claims by Nov. 1
------------------------------------------------
Creditors of CJSC Named After Lenin (TIN 6413100479) have until
Nov. 1 to submit proofs of claim to:

         V. Garchenko
         Insolvency Manager
         Muromtseva 1
         650051 Kemerovo
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-111/07/43/6.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Named After Lenin
         Acha
         Bolotninskiy
         633351 Novosibirsk
         Russia


MAGNITOGORSK IRON: To Construct Manufacturing Site in Ohio
----------------------------------------------------------
OAO Magnitogorsk Iron & Steel Works will build a manufacturing
site for car body sheets in Ohio, U.S.A., Interfax News reports,
citing CEO Viktor Rashnikov.

MMK has allotted more than US$1 billion to construct the site,
which will have an annual capacity of 1.5-million tons of cold-
rolled automobile sheets, Interfax News relates.

Ohio authorities offered MMK a site in Scioto County, close to
Sun Coke Energy Inc.

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                            *   *   *

In a TCR-Europe report on April 27, 2007, Moody's Investor's
Service upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.  Moody's said the outlook for both ratings is stable.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MDM BANK: Fitch Hikes IDR to BB on Prudent Liquidity Management
---------------------------------------------------------------
Fitch Ratings has upgraded Russia-based MDM Bank's Long-term
Issuer Default rating to 'BB' from 'BB-' and its National Long-
term rating to 'AA-(rus)' from 'A+(rus)'.  Fitch has also
affirmed MDM's other ratings at Short-term IDR 'B', Individual
'C/D', Support '4' and Support Rating Floor 'B'.  The Outlooks
for both Long-term ratings are Stable.

"The upgrade reflects lengthened tenor and improved
diversification of MDM's foreign funding, which, together with
prudent liquidity management during this period of problems in
the international capital markets, is allowing the bank to
relatively comfortably meet its refinancing needs," says Alexei
Kechko, Associate Director of Fitch's Financial Institutions
Group in Moscow.  "The rating action also takes into account the
bank's increased franchise and size, as well as strengthened
corporate governance."

MDM's ratings are also based on its adequate capitalization,
sound management and risk management capabilities, satisfactory
asset quality and sound performance.  However, they also
consider certain weaknesses in the Russian operating and banking
environment, the potentially significant, although currently
well managed, rollover risk associated with a high level of
wholesale funding and the risks (credit, liquidity, etc.)
inherent in the bank's rapid growth.

MDM refinancing needs during the coming 12 months are moderate
and are covered by a cash cushion the bank is running.
Liquidity is prudently managed, and at end of first half of 2007
MDM had positive cumulative gaps across all time bands.

MDM is the 10th-largest banking group in Russia, although market
shares are modest.  It is mainly a corporate bank, but is now
pushing deeper into retail and SME banking.  Following the 2006
restructuring, MDM now owns and consolidates all other financial
companies of the MDM Group.


MONEY LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Perm commenced bankruptcy supervision
procedure on LLC Money.  The case is docketed under Case No.
A50-6809/2007-B3.

The Temporary Insolvency Manager is:

         A. Vyal’
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Money
         Volgodonskaya Str. 20A
         614109 Perm
         Russia


ORENDAR OJSC: Creditors Must File Claims by Nov. 1
--------------------------------------------------
Creditors of OJSC Orendar have until Nov. 1 to submit proofs of
claim to:

         V. Ivanov
         Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-5633/2007-14/GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orendar
         Matrosskiy Per. 12
         460000 Orenburg
         Russia


RASSKAZOVSKIY DIARY: Creditors Must File Claims by Oct. 1
---------------------------------------------------------
Creditors of OJSC Rasskazovskiy Diary have until Oct. 1 to
submit proofs of claim to:

         R. Mochalin
         Temporary Insolvency Manager
         Office 205
         Building 1
         Permskaya Str. 11
         107150 Moscow
         Russia

The Arbitration Court of Tambov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A64-3003/07-18.

The Debtor can be reached at:

         OJSC Rasskazovskiy Diary
         Mira Str. 21
         Rasskazovo
         393250 Tambov
         Russia


SECONDARY METAL: Bankruptcy Hearing Slated for Feb. 5, 2008
-----------------------------------------------------------
The Arbitration Court of Vladimir will convene at 1:30 p.m. on
Feb. 5, 2008, to hear the bankruptcy supervision procedure on
CJSC Secondary Metal.  The case is docketed under Case No.
A11-4563/2007-K1-117B/2B.

The Temporary Insolvency Manager is:

         A. Alimov
         Post User Box 18
         600005 Vladimir
         Russia

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Secondary Metal
         Vladimir
         Russia


SERVICE-CENTRE CJSC: Creditors Must File Claims by Oct. 1
---------------------------------------------------------
Creditors of CJSC Service-Centre (TIN 4303005340, KPP 430301001)
have until Oct. 1 to submit proofs of claim to:

         S. Belorybkin
         Insolvency Manager
         Office 10
         St. Khalturina Str. 2
         610004 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-207/07-111/6.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Service-Centre
         Lugovaya Str. 1
         Belaya Kholunitsa
         613200 Kirov
         Russia


SISTEMA JSFC: Shareholders Approve Proposed Share Split
-------------------------------------------------------
The proposed split of the nominal value of JSFC Sistema's
ordinary shares by 1,000 times has been approved by a majority
of 99.98% of the votes cast at the Extraordinary General Meeting
of its shareholders on Sept. 17, 2007.

As a result of the share split, the company's share capital of
RUR868,500,000 will now comprise 9,650,000,000 ordinary shares
with a par value of RUR0.09 per share.  In addition, the
relevant amendments will be made to Sistema's Charter to
reflect the changes in the company's share capital.

                         About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006.  Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).

                        *     *     *

As reported in the TCR-Europe on Jan. 17, 2007, Fitch Ratings
assigned Sistema Capital S.A.'s guaranteed debt issuance program
a final B+ rating.  The program, guaranteed by JSFC Sistema, has
a maturity of 30 years and may issue up to US$3 billion.  This
rating action follows a review of the final terms and
conditions, confirming information already received when Fitch
assigned an expected rating of B+ on Dec. 12, 2006.

In November 2006, Standard & Poor's Ratings Services raised its
long-term debt rating to 'B+' from 'B' on the senior unsecured
debt issued by Sistema Capital S.A. and OJSC Sistema Finance
Investments, and on the senior secured debt issued by Sistema
Finance S.A.  All three companies are financing vehicles for
Russian Telecommunications and industrials holding group Sistema
(JSFC) (BB-/Stable/--), which guarantees the debt.


TASHLINSKIY MEAT-PACKING: Creditors Must File Claims by Nov. 1
--------------------------------------------------------------
Creditors of LLC Tashlinskiy Meat-Packing Plant have until
Nov. 1 to submit proofs of claim to:

         R. Khasanov
         Insolvency Manager
         Post User Box 2454
         460051 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-3672/07-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tashlinskiy Meat-Packing Plant
         Tashla
         Tashlinskiy
         Orenburg
         Russia


TRUBCHEVSK-AGRO-PROM-SERVICE: Names V. Bakhturin to Manage Asset
----------------------------------------------------------------
The Arbitration Court of Bryansk appointed V. Bakhturin as
Insolvency Manager for OJSC Trubchevsk-Agro-Prom-Service.  He
can be reached at:

         V. Bakhturin
         Post User Box 2
         Mtsensk
         303030 Orel
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-3772/07-34.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Trubchevsk-Agro-Prom-Service
         Komsomolskaya Str. 62
         Trubchevsk
         Bryansk
         Russia


YEKATERINBURG WINERY: Krasny Buys Assets for RUR180 Million
-----------------------------------------------------------
Krasny Vyborzhets, a major producer of non-ferrous metals
products, has won the auction for Yekaterinburg Winery's assets
after rival bidder Alkotrade made an error in its paperwork,
Interfax News reports, citing Eduard Chu, receiver for the
winery.

According to the report, Krasny Vyborzhets is acquiring the
bankrupt winery's assets for RUR180 million, although it
declined to discuss its plans for the Urals enterprise.

Mr. Chu revealed it could take three months to complete all
measures necessary for Sverdlovsk Region Court of Arbitration to
end the bankruptcy proceedings against Yekaterinburg Winery,
whose biggest creditor is Centrocredit Bank (Moscow).

"The sale must be registered and the money be distributed among
creditors," Mr. Chu was quoted by Interfax as saying.
"Yekaterinburg Winery will be liquidated."

The receiver, however, noted Alkotrade may contest the results
of the auction.

The Sverdlovsk region Agriculture Ministry, on the other hand,
wants the tender winner to maintain the company profile,
Interfax relates.


YUKOS OIL: Completes Yukos Finance Sale to OOO Promneftstroy
------------------------------------------------------------
OOO Promneftstroy took legal control of Yukos Finance N.V. from
OAO Yukos Oil Co. after signing a notary act formalizing the
transfer of the finance unit's shares to the former, Itar-Tass
reports.

As reported in the TCR-Europe on Sept. 13, 2007, Promneftstroy
has fully paid for 242,399 shares of Yukos Finance after it won
the auction to acquire the stake for RUR7.838 billion.

Yukos Finance carried a RUR7,598,361,000 starting price and a
RUR40 million bid increment.  The winning bidder must deposit
RUR1,519,672,200 as initial payment.

According to Itar-Tass, the parties have notified Yukos Finance
and a Dutch court of the completion of the sale.  The parties
have also instructed Yukos Finance to make relevant changes in
its register of shareholders.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                         About Yukos Oil

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

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

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

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

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

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


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


TELECONNECT INC: June 30 Balance Sheet Upside-Down by US$6.1 Mln
----------------------------------------------------------------
Teleconnect Inc.'s consolidated balance sheet at June 30, 2007,
showed US$2.5 million in total assets and US$8.6 million in
total liabilities, resulting in a US$6.1 million total
stockholders' deficit.

At June 30, 2007, the company's consolidated balance sheet
likewise showed strained liquidity with US$950,000 in total
current assets available to pay US$8.6 million in total current
liabilities.

The company incurred a net loss of US$1.3 million in the three
months ended June 30, 2007, an increase from the net loss of
US$603,000 reported in the same period last year, mainly due to
lower revenues and an increase in selling, general and
administrative expenses.

Sales fell to US$980,000 from US$1.2 million.  The decrease in
sales is due to a decline in the volume of calls placed in 2007
as compared to 2006.

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?2391

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Jan. 3, 2007,
Murrell, Hall, McIntosh & Co. PLLP expressed substantial doubt
about Teleconnect Inc.'s ability to continue as a going concern
after auditing the company's financial statements for the year
ended Sept. 30, 2006.  The auditor pointed to the company's
recurring losses from operations and net capital deficiency.

                      About Teleconnect Inc.

Headquartered in Marbella, Spain, Teleconnect Inc. (OTC BB:
TLCO.OB) was incorporated under the laws of the State of Florida
on Nov. 23, 1998.  The company is engaged in the
telecommunication industry in Spain and offers
telecommunications services for home and business use.


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


ARVINMERITOR INC: Extends & Reduces Credit Facility
---------------------------------------------------
ArvinMeritor Inc. entered into Amendment No. 4 to the Loan
Agreement, dated as of Sept. 19, 2005, among ArvinMeritor,
ArvinMeritor Receivables Corporation, the lenders party and
SunTrust Robinson Humphrey Inc, relating to ArvinMeritor's U.S.
accounts receivable securitization program.

The purpose of the amendment is to:

   -- extend the program through Sept. 15, 2008;

   -- reduce the size of the facility to US$175 million from
      US$250 million; and

   -- adjust the concentration limits for receivables sold
      into the facility.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                          *     *     *

As of Sept. 10, 2007, ArvinMeritor's US$175 million Convertible
Senior Unsecured Notes is rated by Dominion Bond Rating Service
at BB.  DBRS also said that the trend is stable.

The company also carries Moody's Investors Service's Ba3
corporate family rating.


FORD MOTOR: Top U.S. Marketing Exec Francisco Codina Retires
------------------------------------------------------------
Ford Motor Company President and Chief Executive Officer Alan
Mulally disclosed changes to his senior leadership team with the
elevation of two key executives and the retirement of another.

Francisco Codina, group vice president, North American Marketing
Sales and Service, has elected to retire after 30 years with
Ford Motor Company.  His retirement is effective Nov. 1, 2007.
Ford is beginning an immediate search for his replacement.

"Cisco's passion and dedication to Ford will be missed," Mark
Fields, executive vice president and president – The Americas,
said.  "Under Cisco's leadership, we began to stabilize our
retail market share, energize our dealers, improve the resale
value of our vehicles and speak with a more confident tone in
our marketing."

Mr. Codina joined Ford in 1977 and has served as vice president
– Ford Customer Service Division, as well as general marketing
manager for Ford Division, president of Ford of Argentina and a
variety of sales and marketing assignments throughout the U.S.
He was appointed group vice president, Marketing, Sales and
Service in January 2006.

John Parker, 59, has been elected an executive vice president of
Ford Motor Company - Asia Pacific and Africa, one of the
company's three core regional business units.  Mr. Parker has
been leading the region as a group vice president, based in
Bangkok, Thailand.  He will continue to have responsibility for
all of Ford's operations and partnerships within Asia Pacific
and Africa, including Mazda.  He continues to report to Mr.
Mulally.

"John is a tremendous leader delivering solid results in the
world's fastest growing and most dynamic region," Mr. Mulally
said.  "With John leading the way, Ford is poised for fast
growth in Asia, as we work together to create the products that
customers really want and value."

Mike Bannister, chairman and chief executive officer of Ford
Motor Credit Company, also has been elected an executive vice
president of Ford Motor Company.  Mr. Bannister, 57, will
continue to be responsible for all operations of Ford Motor
Credit worldwide, reporting to Don Leclair, executive vice
president and chief financial officer.

"Mike is an exceptional leader with tremendous business and
financial acumen," Mr. Mulally said.  "He is steering us to ever
higher levels of excellence at Ford Motor Credit, which remains
strategically core to our company's future.  Under Mike's
continued leadership, Ford Motor Credit is performing solidly
through reduced costs, improved effectiveness and streamlined
global operations."

                       About Ford Motor Co.

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

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

                          *     *     *

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

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

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

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


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


ALTECH-PLAST JSC: Creditors' Liquidation Claims Due September 28
----------------------------------------------------------------
Creditors of JSC ALTECH-PLAST have until Sept. 28 to submit
their claims to:

         Innere Guterstrasse 4
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC ALTECH-PLAST
         Zug
         Switzerland


ARVO INNENAUSBAU: Obwalden Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Obwalden entered Aug. 21 an order
closing the bankruptcy proceedings of JSC Arvo Innenausbau.

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC Arvo Innenausbau
         Steinhausstrasse 4
         6056 Kagiswil
         Switzerland


AUTOMATEN ALPNACH: Obwalden Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Obwalden entered Aug. 21 an order
closing the bankruptcy proceedings of JSC Automaten Alpnach.

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC Automaten Alpnach
         Hofmatteliweg 1
         6055 Alpnach Dorf
         Switzerland


BAP INFORMATIK: Creditors' Liquidation Claims Due October 1
-----------------------------------------------------------
Creditors of JSC BAP Informatik have until Oct. 1 to submit
their claims to:

         Kathrin Issler
         Liquidator
         Paulistrasse 93
         8834 Schindellegi
         Switzerland

The Debtor can be reached at:

         JSC BAP Informatik
         Steinmaur
         Dielsdorf ZH
         Switzerland


CREADATA LLC: Creditors' Liquidation Claims Due October 3
---------------------------------------------------------
Creditors of LLC CreaData have until Oct. 3 to submit their
claims to:

         Thomas Lutolf
         Liquidator
         Dorfstrasse 28
         4665 Oftringen
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         JSC LLC CreaData
         Oftringen
         Zofingen AG
         Switzerland


GRUPO GOURMET: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Grupo Gourmet on Aug. 14.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Grupo Gourmet
         Bosch 108
         6331 Hunenberg ZG
         Switzerland


HOBBY-CENTER W. GSELL: Creditors' Liquidation Claims Due Oct. 1
---------------------------------------------------------------
Creditors of JSC Hobby-Center W. Gsell have until Oct. 1 to
submit their claims to:

         JSC Micucci Treuhand
         Liquidator
         Romertorstrasse 1
         8404 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Hobby-Center W. Gsell
         Winterthur ZH
         Switzerland


ISM IMMOBILIEN: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC ISM Immobilien 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:

         LLC ISM Immobilien
         Milaim Bediju
         Shopping Center 13/2.2
         8957 Spreitenbach
         Switzerland


NOVE MARZO: Creditors' Liquidation Claims Due October 1
-------------------------------------------------------
Creditors of JSC Nove Marzo have until Oct. 1 to submit their
claims to:

         Hauptstrasse 17
         9053 Teufen AR
         Switzerland

The Debtor can be reached at:

         JSC Nove Marzo
         Teufen AR
         Switzerland


ZURIMATT JSC: Creditors' Liquidation Claims Due September 30
------------------------------------------------------------
Creditors of JSC Zurimatt have until Sept. 30 to submit their
claims to:

         Dr. Andreas Baumgartner
         Liquidator
         Dietrich, Baumgartner & Partner
         Sihlporte 3/Talstrasse
         8021 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Zurimatt
         Zurich
         Switzerland


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


ARMA-INGINEERING LLC: Creditors Must File Claims by September 27
----------------------------------------------------------------
Creditors of LLC Arma-Ingineering (code EDRPOU 34693125) 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/491-b.

The Debtor can be reached at:

         LLC Arma-Ingineering
         P.O. Box 189
         01030 Kiev
         Ukraine


AGRO-LADA LLC: Creditors Must File Claims by September 27
---------------------------------------------------------
Creditors of LLC Agro-Lada (code EDRPOU 30072315) have until
Sept. 27 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. 10/213-07.

The Debtor can be reached at:

         LLC Agro-Lada
         B. Hmelnitsky str., 6
         Illintsy
         22700 Vinnica
         Ukraine


BONI LLC: Proofs of Claim Deadline Set September 27
---------------------------------------------------
Creditors of LLC Boni (code EDRPOU 32275264) have until Sept. 27
to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/58.

The Debtor can be reached at:

         LLC Boni
         Kosmicheskaya Str. 3
         Kremenchuk
         Poltava
         Ukraine


MALPENZA LLC: Creditors Must File Claims by September 27
--------------------------------------------------------
Creditors of LLC Malpenza (code EDRPOU 34514188) have until
Sept. 27 to submit written proofs of claim to:

         Alexander Vozdvizhensky
         Liquidator
         a/b 1799
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/141-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Malpenza
         Panikakha Str. 2-b
         49000 Dnipropetrovsk
         Ukraine


MEM LLC: Creditors Must File Claims by September 27
---------------------------------------------------
Creditors of LLC Mem (code EDRPOU 32743776) have until Sept. 27
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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 45/38B.

The Debtor can be reached at:

         LLC Mem
         Belousov str., 2a
         Constantinovka
         85106 Donetsk
         Ukraine


NIKOLAEV AGRICULTURAL: Proofs of Claim Deadline Set September 27
----------------------------------------------------------------
Creditors of OJSC Nikolaev Agricultural Machinery-Technological
Station (code EDRPOU 3033217) have until Sept. 27 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 supervision
procedure on the company.  The case is docketed under Case No.
5/695/07.

The Debtor can be reached at:

         OJSC Nikolaev Agricultural
         Machinery-Technological Station
         Heroes of Stalingrad Avenue 91
         54025 Nikolaev
         Ukraine


TAIR LLC: Creditors Must File Claims by September 27
----------------------------------------------------
Creditors of LLC Tair (code EDRPOU 32936777) have until Sept. 27
to submit written proofs of claim to:

         Tatiana Rudenko
         Liquidator
         Lazurnaya Str. 50
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/635/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tair
         Shevchenko Str. 61
         Nikolaev
         Ukraine


TRADE SERVICE: Proofs of Claim Deadline Set September 27
--------------------------------------------------------
Creditors of JSC Trade Service (code EDRPOU 22861027) 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 on Aug. 13.  The case is docketed under
Case No. 15/613-b.

The Debtor can be reached at:

         JSC Trade Service
         Nekrasovskaya Str. 6
         Kiev
         Ukraine


YUKO MOTORS: Creditors Must File Claims by September 27
-------------------------------------------------------
Creditors of LLC Yuko Motors (code EDRPOU 33558664) 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 bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 330/11b-06.

The Debtor can be reached at:

         LLC Yuko Motors
         Sviatoshyn str., 40
         Vishnevoe
         08132 Kiev
         Ukraine


TALISMAN OJSC: Creditors Must File Claims by September 27
---------------------------------------------------------
Creditors of OJSC Talisman (code EDRPOU 01558781) have until
Sept. 27 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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 45/37B.

The Debtor can be reached at:

         OJSC Talisman
         Ostrovsky str., 302
         Constantinovka
         85106 Donetsk
         Ukraine


* Chadbourne & Parke's Kyiv Office Promotes Two Associates
----------------------------------------------------------
Chadbourne & Parke LLP has promoted two associates in its Kyiv
office to international partners and has hired an additional
four associates in the office.

Oleg Mazur and Sergiy Onishchenko will become international
partners, while the new associates are Vitaliy Artysh, Viktor
Dovhan, Olena Repkina and Yuriy Voytsitskyi.

"Oleg and Sergiy have proven themselves as skilled lawyers and
business advisors for our clients in a range of practice areas,"
Charles O'Neill, Chadbourne managing partner, said.  "They well
deserve the expanded responsibilities of international partner."

Chadbourne's Kyiv office plans for further expansion with a
dditional new hires anticipated.  The firm will soon move to a
new location in Kyiv, enabling Chadbourne to double its office
space there.

The firm's Kyiv office represents multinational, foreign and
local clients in large transactions in a variety of industries,
including banking, oil exploration and refining,
telecommunications, insurance, project and trade finance,
pharmaceuticals and consumer products.  Kyiv lawyers also advise
clients on day-to-day legal issues in areas such as
corporate organization and governance, mergers and acquisitions,
privatizations, tax, real estate and litigation.

"We are very pleased to have Vitaliy, Viktor, Olena and Yuriy
joining the firm," Jaroslawa Johnson, Kyiv Office managing
partner added.  "They all have built strong legal reputations
and will smoothly integrate into the work we're doing in the
Kyiv office."

Oleg Mazur specializes in finance, including capital markets
(debt) securitizations, structured finance, loans, credit
facilities, securities and foreign investment law.  Prior to
joining Chadbourne, he was a senior associate at Baker &
McKenzie in Kyiv.

Sergiy Onishchenko's practice focuses on general corporate law,
international transactions, foreign investments and real estate
finance.

Mr. Onishchenko's experience includes representing clients in a
variety of real estate transactions, structuring and negotiating
acquisitions of enterprises in Ukraine, well as representing
both lenders and borrowers in loan and equity financing.  He has
written several articles on topics such as administrative law
and real estate.

Prior to joining Chadbourne, Mr. Onishchenko taught
Administrative Law at the Kharkiv Law Institute.  He holds a law
degree, with honors, from Kharkiv Law Institute and an LL.M.
from Cornell Law School.

Vitaliy Artysh joins Chadbourne from the business consulting
firm of Munk, Andersen & Feilberg, where he was a senior lawyer
and business development consultant. He advised domestic and
international companies on foreign investments and real estate
as well as on corporate, labor and import-export laws.  He
worked with many European Union companies on strategies to enter
the Ukraine market.  Mr. Artysh hold Honors Bachelors
and Masters degrees from Ivan Franko National University of
Lviv, Law Faculty.

Viktor Dovhan joins Chadbourne from the Kyiv office of the
Salans law firm, where he specialized in international trade and
European Union law, as well as Ukrainian commercial and
corporate law and real estate issues.

Mr. Dovhan has particular experience advising on import/export
operations and related commercial and customs issues. Mr. Dovhan
holds a Specialist's degree in International Law from Ivan
Franko National University of Lviv and a Candidate of Science
degree in International Law from Taras Shevchenko National
University of Kyiv, Institute of International
Relations.

Olena Repkina joins Chadbourne from Shevchenko Didkovskiy &
Partners of Kyiv, where she was a senior associate.  Her
practice there concentrated on banking and finance, mergers and
acquisitions, corporate law, securities, employment, and
intellectual property.  Ms. Repkina holds a Master's degree,
with honors, from the Law Faculty of Taras Shevchenko National
University of Kyiv.  Prior to that, she held internships with
the Kyiv Regional Prosecutor's Office and the Supreme Commercial
Court of Ukraine.

Yuriy Voytsitskyi comes to Chadbourne from the Salans law firm,
where he was an associate in the Kyiv office.  His practice
focuses on corporate law, taxation and banking and finance.  In
addition to his work at law firms, Mr. Voytsitskyi has
experience as a lawyer in the private sector and with a non-
governmental organization dealing with economic and social
issues.

                  About Chadbourne & Parke LLP

Headquartered in New York City, Chadbourne & Parke LLP --
http://www.chadbourne.com/-- is a law firm that provides a full
range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
energy, communications and technology, commercial and products
liability litigation, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance
and reinsurance, environmental, real estate, bankruptcy and
financial restructuring, employment law and ERISA, trusts and
estates and government contract matters.  Major geographical
areas of concentration include Central and Eastern Europe,
Russia and the CIS, and Latin America.  The firm has offices in
New York, Washington, DC, Los Angeles, Houston, Moscow, St.
Petersburg, Warsaw (through a Polish partnership), Kyiv, Almaty,
Tashkent, Beijing, and a multinational partnership, Chadbourne &
Parke, in London.


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


BRITISH AIRWAYS: Increases US Flights in Summer 2008
----------------------------------------------------
British Airways plc's summer 2008 route network focuses on
increased US flights from Heathrow following the EU-US "Open
Skies" aviation treaty which comes in to effect in March 2008.

The airline's daily flight to Dallas Fort Worth and double daily
flights to Houston will move from Gatwick to Heathrow airport
from March 30, 2008.  In addition, the airline will increase
frequencies from Heathrow to New York JFK, Seattle and
Washington and from Gatwick to Orlando.

In order to accommodate these changes, the airline is suspending
flights between Heathrow and Detroit from March 30, 2008.

Flights to Algiers that currently operate from Gatwick will move
to Heathrow to ensure that the airline's oil and gas
destinations in North Africa and the US are still linked through
the same airport.  Warsaw flights will move from Heathrow to
Gatwick. Both changes are effective from March 30, 2008.

In addition, there will be a new shorthaul route from Gatwick to
Genoa in Italy starting on April 4, 2008 with daily flights.

The airline is also making a change to its network for the
winter 2007 season.  From October 28, 2007, passengers traveling
from Heathrow to Harare with British Airways will be routed via
Johannesburg and then on to Harare with our franchise partner
Comair.  Direct services to Harare from Heathrow will be
suspended from the same date.

"We're taking advantage of the opportunities provided by Open
Skies to further enhance our market leading network from London
to the United States.  Next summer, we will offer our customers
41 daily flights to 18 destinations across the US," Robert
Boyle, British Airways' commercial director, said.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

As reported in the TCR-Europe on Aug. 16, 2007, Moody's
Investors Service upgraded the senior unsecured rating
of British Airways plc to Ba1, one notch lower than the
Corporate Family Rating (upgraded to Baa3, stable outlook),
reflecting the subordination of unsecured debt to a substantial
portion of secured debt.

The debt instruments affected by the rating action are:

   -- GBP100 million 10.875% senior unsecured notes due 2008 to
      Ba1 from Ba2;

   -- GBP250 million 7.25% senior unsecured notes due 2016 to
      Ba1 from Ba2;

   -- US$115 million 5.25% and US$85 million 7.625% senior
      unsecured industrial revenue notes due 2032 to Ba1 from
      Ba2;

   -- EUR300 million 6.75% perpetual guaranteed preferred
      securities to Ba2 from Ba3 (issued by British Airways
      Finance (Jersey) L.P.).


BUSINESSF1 MAGAZINE: Royal Court Upholds Winding Up Petition
------------------------------------------------------------
The Royal Courts of Justice in London placed BusinessF1 Magazine
Ltd. (Company Number 4637219) in receivership on Sept. 5, 2007,
upholding Anthony John Purnell's petition to wind up the
company, Energy Efficient Motorsport online reports.

According to eems online, Mr. Purnell, the former team principal
of Jaguar Racing Formula One team and a creditor of BusinessF1,
won a libel case against the company and its editor in May 2006.

The award of GBP75,000 in damages was upheld at an appeal on
April 2007, eems relates.

Headquartered in London, England, BusinessF1 --
http://www.businessf1.com/-- is an international monthly
publication for the business of Formula One. It is primarily
about financing and management of the sport.


CAR REALISATIONS: Creditors' Meeting Slated for Oct. 16
-------------------------------------------------------
Creditors of Car Realisations Ltd. (fka Country Artists Ltd.)
will meet at 2:00 p.m. on Oct. 16 at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 15 at:

         M.J. Orton
         Joint Administrative Receiver
         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


EMI GROUP: Majority of Noteholders Tender 8.625% Senior Notes
-------------------------------------------------------------
EMI Group Plc completed its offer to purchase for cash and
solicitation of consents for its outstanding EUR425 million
8.625% senior notes due 2013, launched on Aug. 17, 2007.


EMI received valid tenders of notes and deliveries of related
consents from holders of around 96% of the principal amount of
the outstanding notes as of Sept. 18, 2007 expiration date.

Holders who tendered their notes before the consent payment
deadline received the total consideration of EUR1,084.52 per
EUR1,000 principal amount on Sept. 7, 2007.

Holders who tendered their notes after the consent payment
deadline but prior to the expiration date will be eligible to
receive the purchase price of EUR1,054.52 per EUR1,000 principal
amount on Sept. 21, 2007.

Additionally, holders whose notes are purchased pursuant to the
offer will receive any accrued but unpaid interest up to but not
including the relevant payment date for the notes.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


EMI GROUP: S&P Withdraws All Debt Ratings on Repayment
------------------------------------------------------
Standard & Poor's Ratings Services withdrew all debt ratings on
U.K.-based music group EMI Group PLC and related entities
Capitol Records Inc. and EMI Group Finance (Jersey) Ltd.

The 'B+' long-term corporate credit ratings on all three
entities and the 'B' short-term corporate credit ratings on EMI
Group PLC remain on CreditWatch with negative implications,
where they were placed on Feb. 5, 2007.

The maintenance of the ratings on CreditWatch reflects
uncertainties as to the group's funding structure and financial
profile, after Maltby Ltd., a company formed at the direction of
private equity house Terra Firma, bought about 93.5% of EMI's
shares through a tender offer.  The remaining 6.5% are likely to
be acquired through a squeeze-out in the coming weeks.

The withdrawal of the issue ratings reflects the repayment of
all public debt through either tender offers or the exercise of
call options.  S&P expects the EUR17 million of bonds not
tendered under EMI's EUR425 million bonds due 2013, to be repaid
at the first call date in October 2008, through funds provided
in advance by the company.

The ratings on EMI were put on CreditWatch negative on Feb. 5,
2007, when the long-term rating stood at 'BB-', as a result of
strong operating pressures.  The ratings were lowered to 'B+'
and left on CreditWatch after the company's board recommended
the Maltby offer.  The transaction will likely entail a
substantial increase in leverage for EMI, as Maltby has secured
GBP2.5 billion in term debt and a GBP350 million revolving
credit facility.  At March 31, 2007, EMI had GBP1.3 billion in
gross unadjusted debt.

"We will review our ratings on EMI as more information on the
capital structure becomes available," said Standard & Poor's
credit analyst Patrice Cochelin.  "In case of a lack of
sufficient information in the coming weeks, the ratings will be
withdrawn."


GENERAL MOTORS: Reaches General 'VEBA Trust' Framework with UAW
---------------------------------------------------------------
General Motors Corp. and the United Auto Workers union have
agreed on a general framework, over the weekend, creating a
union-controlled health care trust fund, known as the Voluntary
Employees Beneficiary Association or VEBA, various sources
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 US$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.

In a letter to UAW members on Friday, cited by various sources,
UAW President Ron Gettelfinger and his top GM negotiator, Cal
Rapson, wrote that the bargainers were "continuing to make
progress; however, we are pushing to accelerate the negotiating
pace at all levels. It is our desire to reach an agreement
without a strike, and we have demonstrated this by staying
at the bargaining table up to this point. Nevertheless, we are
continuing to evaluate our options on an hour-by-hour basis and
we want to assure you that our efforts to reach an agreement in
this manner should in no way be construed as removing any of our
options."


As previously reported in the TCR, GM and the UAW tentatively
ceased VEBA fund negotiations on Thursday, after they couldn't
agree on how much money GM would provide. Instead, 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.

The UAW is negotiating in behalf of 73,000 members who work for
GM and 340,000 retirees and surviving spouses.

                      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.


INT'L RECTIFIER: Gets NYSE Notice Due to 10-K Filing Delay
----------------------------------------------------------
International Rectifier Corporation has received, as expected, a
notice from the NYSE indicating that International Rectifier is
not in compliance with the NYSE listed company manual Section
802.01E due to a delay in the filing of the company's annual
report on Form 10-K for the fiscal year ended June 30, 2007.

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, the company has filed with the U.S. Securities
and Exchange Commission saying that it will be unable to timely
file its Annual Report on Form 10-K for the fiscal year ended
June 30, 2007.

The delay arises from the previously disclosed investigation
being conducted by the Audit Committee of the Board of the
Directors, and the reconstruction and restatement of financial
statements and other matters described in the company's public
filings with the Securities and Exchange Commission.

The company plans to file its Form 10-K for the fiscal year
ended June 30, 2007 as promptly as practicable following
completion of these matters.

The company's shares remain listed on the NYSE and the company
intends to cooperate with the procedures communicated to the
company by the NYSE.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.   Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


MISYS PLC: Partners with SAP to Provide Global Banking Software
---------------------------------------------------------------
Misys plc and SAP AG disclosed an agreement to deliver
integrated solutions for the global banking industry.  This aims
to provide banks with a broad set of solutions from one source,
helping them reduce complexity, grow revenue, increase
flexibility and lower costs.

Banks are looking for fewer, more strategic vendor
relationships.  The strength of SAP applications and its
platform for banks combined with Misys’ domain expertise and
leading position in the banking software sector will bring banks
a rich technology platform and range of solutions available in
the market today.

Under this agreement, Misys and SAP will work together on an
integrated universal banking solution, based on Misys BankFusion
that will run on the SAP NetWeaver(R) platform.  Misys and SAP
will look at integrating SAP components, such as general ledger,
into Misys BankFusion.  It is intended that the universal
banking solution will be jointly marketed by both companies.

In addition, the award-winning Misys Trade Portal and Misys TI
Plus 2.0 will be endorsed by SAP to work with the existing SAP
for Banking solution portfolio to offer banks a complete end-to-
end solution, enabling market-leading trade services dedicated
to a bank’s trade finance requirements.

The last element of the collaboration is the integration of SAP®
Customer Relationship Management (SAP CRM) into the Misys retail
banking solution set to enhance capabilities for customer-
oriented processes such as targeting, attraction and retention.

Mike Lawrie, Misys plc Chief Executive said: “A key part of our
strategy is developing winning partnerships, and this is a
powerful combination that brings together best-of-class
solutions to build an offering that is unique in the
marketplace.  This allows us to reach markets that we have not
been able to reach previously and will enable us to deliver
results for new and existing customers.  The application know-
how and market presence from SAP combined with Misys’ domain
expertise and market-leading position in banking software will
enable global banks to get the best technology and a broader set
of solutions from us.”

“This partnership is a fine example of SAP’s long term strategy
of co-innovation,” said Leo Apotheker, deputy CEO, member of the
executive board and president, Global Customer Solutions and
Operations, SAP AG.  “It includes key aspects to enhance the SAP
platform and add value to a bank without creating IT complexity.
The deployment of leading partner solutions on SAP software and
the SAP platform creates a win for banks by bringing together
the best of two worlds.  Co-innovation with a strategic partner
like Misys is an important element in SAP’s growth in the
banking sector and demonstrates our long-term commitment and
investment in this market.”

The partnership between Misys and SAP is effective immediately
although there is no material financial impact expected this
calendar year.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software
serving the international banking and healthcare industries and
the U.K. general insurance industry.

At May 31, 2007, the company’s balance sheet showed GBP567.2
million in total assets, GBP570.6 million in total liabilities
and GBP3.4 million in stockholders’ deficit.

The company’s May 31 balance sheet also showed strained
liquidity with GBP294.6 million in total current assets
available to pay GBP372.4 million in total liabilities coming
due within the next 12 months.


MSSAL LTD: Brings In Liquidators from Tenon Recovery
----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Mssal Ltd. on Sept. 11 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


NASDAQ STOCK: Moody's May Lift Ba3 Ratings After Review
-------------------------------------------------------
Moody's Investors Service placed the Ba3 corporate family rating
of Nasdaq Stock Market Inc., on review for upgrade.

This action follows Nasdaq's agreement to sell a major portion
of its common stock investment in the London Stock Exchange to
Borse Dubai and reduce debt, as well as the potential business
combinations between Borse Dubai, OMX AB and NASDAQ.

The sale of the LSE investment is a stand-alone component of a
complex series of transactions.  It is not contingent upon the
rest of the transactions being completed, is expected to close
shortly and the proceeds will be used to repay NASDAQ's existing
rated bank debt.  Accordingly, Moody's will withdraw its ratings
on this bank debt upon repayment.

Moody's said that after this bank debt repayment occurs,
NASDAQ's credit metrics will be substantially improved.
However, this is expected to be temporary given the debt that
will be raised to finance the cash component of NASDAQ's OMX
purchase.

Moody's said the review of NASDAQ's corporate family rating will
focus on several factors.  The review will examine the long-term
strategic opportunities and execution risks presented by the
combination of the NASDAQ and OMX franchises.  Additionally,
Moody's will consider NASDAQ's credit metrics, financial policy
and appetite for leverage in the future.  Finally, Moody's will
assess the implications of Borse Dubai's significant ownership
stakes in both NASDAQ and the London Stock Exchange should all
components of the proposed series of transactions be completed.
Given the complexity and uncertainty of closing this series of
transactions, Moody's expects a ratings review period of roughly
six months.

These rating actions were taken on NASDAQ:

   -- Ba3 Corporate Family Rating placed on review for upgrade

These ratings were confirmed and will be withdrawn on repayment:

   -- US$750 million six-year Senior Term Loan B Facility at
      Ba3;

   -- US$75 million, five-year Revolving Credit Facility at Ba3;
      and

   -- US$335 million six-year Term Loan C Facility at Ba3.

NASDAQ Stock Market, Inc. operates a leading US stock exchange
and reported earnings of US$74.4 million for the six months
ending June 30, 2007.


NEWFIELD EXPLORATION: Sells UK Interests to Centrica for US$486M
----------------------------------------------------------------
Newfield Exploration Company has signed the purchase and sale
agreement to sell all of its interests in the U.K. North Sea to
Centrica plc, the owner of British Gas, for US$486.4 million.

The sale includes:

   -- an 85% interest in the Grove Field;

   -- an 80% interest in the undeveloped Seven Seas discovery;
      and

   -- an interest in about 200,000 net acres located in the
      Southern Gas Basin.  The Grove Field commenced production
      in April 2007.

The sale, which is subject to U.K. government approvals, is
expected to close in the fourth quarter of 2007.  This marks a
complete exit by the company from the North Sea.

Jefferies Randall & Dewey acted as financial advisor for
Newfield in this transaction.

                       About Centrica plc

Headquartered in Windsor, Berkshire, Centrica plc (LON:CNA) --
http://www.centrica.co.uk/-- is focused on securing and
delivering energy and offering a range of home and business
energy solutions.  The company's activities include finding and
producing gas predominantly in the United Kingdom and it has
acquired license blocks in Norway, and north and west Africa.
It is a gas and electricity retailer and supplier for the
residential and commercial sectors.  It also provides central
heating, gas appliance installation and maintenance.  The
company's segments are British Gas Residential, British Gas
Business, British Gas Services, Centrica Energy, Centrica
Storage, Centrica North America and Europe.

               About Newfield Exploration Company

Headquartered in Houston, Texas, Newfield Exploration Company
(NYSE: NFX) -- http://www.newfld.com/-- engages in the
exploration, development, and acquisition of crude oil and
natural gas properties in the United States.  The company was
founded in 1988.  Newfield has locations in China, Malaysia and
the United Kingdom.

                       *      *     *

As of June 25, 2007, Newfield Exploration Company continues to
carry Fitch's BB+ long term issuer default rating.  Fitch rates
the company's bank loan debt and senior unsecured debt at BB+
while its senior subordinate rating is at BB-.  The outlook
remains stable.

At the same time, the company also bears Moody's Investor
Services' Ba2 rating on long term corporate family and
probability of default, Ba1 rating on senior unsecured debt, Ba3
rating on senior subordinate, and B1 rating on preferred stock.
The outlook is stable.

The company also continues to carry Standard & Poor's BB+ long
term foreign and local issuer debt ratings.  The outlook remains
stable.


NORTEL NETWORKS: Names Joel Hackney to Lead Enterprise Solutions
----------------------------------------------------------------
Nortel Networks Corp. has appointed Joel Hackney as the
company's president for enterprise solutions, effective
immediately.  This appointment reflects Nortel's stated
objective of accelerating the strong momentum in its Enterprise
business.

"Joel Hackney is a high-energy, results-oriented leader with a
proven track record of leading and growing businesses. He is
widely recognized for operational excellence and speed of
execution," Mike Zafirovski, president and chief executive
officer of Nortel, said.  "Joel is absolutely the right person
to further accelerate the momentum in Nortel's Enterprise
business that will be noticeable to customers, channel partners
- and our competition."

"Now is the time for Nortel to take its Enterprise to the next
level, build on our momentum and take a stronger leadership
position in the market.  Joel and the team will push the
Enterprise business to new heights by leveraging world-class
partnerships with companies like Microsoft and IBM, as well as
the leading technology innovations that are gaining rapid
traction in the market," Mr. Zafirovski added.

Over the past year, Nortel has built a solid base for its
Enterprise business.  As previously reported, second quarter
2007 revenues were US$590 million, representing an increase of
23 percent over the same period last year, and the fourth
consecutive quarter of year-over-year growth.

"The industry is in need of choice in the Enterprise market –
real competition that will drive new innovation and meet rapidly
changing customer needs," Mr. Hackney said.  "We will increase
our investments in Enterprise and accelerate our pace of
execution.  We will create best-in-class, go-to-market
capability.  And we will deliver solutions that make it much
simpler for our customers to seize the opportunities of a
hyperconnected world. Stay tuned."

In his previous role, Mr. Hackney was Nortel's Senior Vice
President, Global Operations and Quality.  In addition to his
Nortel experience, he has 14 years of global leadership
experience at GE, including leadership of a billion dollar
product division with 7,000 employees.

After two decades of service to the company, Steve Slattery, the
incumbent President of Enterprise Solutions, has decided to
leave the company, effective Oct. 1, 2007.  The company thanks
Steve for his valuable contribution to its CDMA, Wireline and
Enterprise businesses over the years and wishes him much success
in his future endeavors.

Joe Flanagan Appointed Senior Vice President Global Operations

Joe Flanagan, who was previously the Vice President, Global
Fulfillment, has been appointed Senior Vice President, Global
Operations and will be charged with driving world-class results
in the company's customer satisfaction, supply chain and order
management operations.

"Over the past year, Joe has made important progress simplifying
customer order placement with 'touchless' orders, improving
billing timeliness, standardizing process and metrics, and
building a future-state supply chain architecture," Mr.
Zafirovski said.  "In his new and expanded role, he will
accelerate the pace of change and make an even stronger
contribution to Nortel's execution capabilities and operational
excellence.  The mandate is critical to our turnaround, and the
leader we have chosen a proven results-driven executive."

Mr. Hackney, Mr. Flanagan and the operations organization have
made significant progress advancing Nortel's business
transformation initiatives, including more than 100 Lean Six
Sigma projects, and have spearheaded Nortel's improvements in
quality and responsiveness.  With a strong leadership team in
place, Mr. Flanagan will build on the strong progress made to
date and accelerate the pace of progress in Global Operations.

In addition to his accomplishments at Nortel, Mr. Flanagan is a
skilled leader with 13 years experience at GE where he held
positions of increasing responsibility, including the General
Manager of Operations for GE Consumer & Industrial in Europe,
Middle East and Africa (EMEA).

                     About Nortel Networks

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

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

                          *     *     *

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

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


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


SCOTTISH RE: Paying US$0.4531 Per Share Dividend on Oct. 15
-----------------------------------------------------------
Scottish Re Group Limited's Board of Directors has 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 the close of business on
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.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Moody's Investors Service affirmed the ratings of
Scottish Re Group Limited, with the outlook changed to stable
from positive, including its Senior unsecured shelf of (P)Ba3;
its subordinate shelf of (P)B1; its junior subordinate shelf of
(P)B1; its preferred stock of B2; and its preferred stock shelf
of (P)B2.


SKYEPHARMA PLC: June 30 Balance Sheet Upside-Down by GBP55.1 Mln
----------------------------------------------------------------
Skyepharma PLC released consolidated financial results for the
six months ended June 30, 2007.

The continuing operations (being the Group excluding the
Injectable Business) achieved revenues of GBP19.7 million in the
first half of the year, 8% below the GBP21.4 million reported
for the same period in 2006.  This reduction was primarily due
to exchange rate fluctuations.  Revenues included royalty income
from approved products of GBP8.2 million (H1 2006: GBP9.3
million).  Half of the GBP1.1 million decrease of royalty income
was due to exchange translation effects and the balance largely
arose from reduced sales and royalty rates following the entry
of generic competition to Xatral(R) OD in Europe.

The continuing operations incurred an operating loss of GBP8.8
million (H1 2006: loss of GBP11.2 million), a reduction of 19%.
The loss was after charging GBP13.8 million (H1 2006: GBP14.2
million) for internally funded research and development, mainly
on FlutiformTM.  After net finance costs, the continuing
operations incurred a loss before tax of GBP14.1 million (H1
2006: GBP15.8 million).

The disposal of the Injectable Business (now called Pacira
Pharmaceuticals Inc.) was completed on March 23, 2007.  The loss
after tax of the Injectable Business was GBP4.4 million in the
period from Jan. 1, 2007 to March 23, 2007 (in the first half of
2006 its loss after tax was GBP11 million) which is reported in
the result from discontinued operations.  Following the
impairment of goodwill of GBP37 million in 2006, the residual
loss on sale of the Injectable Business was GBP1 million,
included as an exceptional loss from discontinued operations.

The net result for the continuing operations after finance
charges and tax was a loss of GBP14.2 million (H1 2006: GBP16
million).

The loss per share from continuing operations was 1.8 pence (H1
2006: loss per share of 2.1 pence).  As at June 30, 2007 there
were 814,988,636 ordinary 10 pence shares in issue.

In the first half of 2007 there was a net cash outflow from
operating activities of GBP11.8 million, compared with GBP2.3
million in the first half of 2006.  During the year the Group
received net proceeds on the disposal of the Injectable
Business of GBP4.6 million, and receipts (net of costs) from the
share issue and loan from CRC of GBP14.8 million and GBP28.5
million respectively.

The Group paid GBP4.9 million of interest in H1 2007, mainly
relating to the convertible bonds.  Interest received on cash
deposits amounted to GBP1.2 million.

As at June 30, 2007 SkyePharma had cash and cash equivalents of
GBP41.4 million, compared with GBP11.9 million as at Dec. 31,
2006.  The increase in cash is primarily due to the draw down on
the CRC loan and receipt of the GBP14.8 million net proceeds
from the placing which took place in March 2007.  In addition to
the net cash, SkyePharma had GBP7 million of undrawn facilities
as at June 30, 2007, giving total liquid funds available of
GBP48.4 million

The Group balance sheet as at June 30, 2007, shows GBP55.1
million in total shareholders' deficit, compared with a GBP48.4
million stockholders' deficit at Dec. 31, 2006.  The reduction
in net equity has arisen mainly due to the GBP19.6 million loss
from continuing and discontinued operations.

                    Paul Capital Finance

In March 2007, in conjunction with the disposal of the
Injectable Business, the Group renegotiated its agreements with
Paul Capital from a share of royalties of certain products into
a fixed amortizable note of US$92.5 million (GBP46.1 million)
with up to an additional US$12.5 million (GBP6.2 million)
payable if worldwide sales of DepoDurTM (a product of the
Injectable Business) reach certain thresholds.  The Note is
repayable in accordance with an amortization schedule through to
2015.

The Injectable Business has been sold on the basis that it
retains responsibility to Paul Capital for its existing
obligations to make payments based on sales of DepoCyt(R) and
DepoDurTM and, to the extent that payments are made in respect
of these, the continuing Group's liability under the Note will
be reduced accordingly.  The amount of the Continuing Group's
liability therefore depends on estimates of the sales of
DepoCyt(R) and DepoDurTM by the Injectable Business, now called
Pacira Pharmaceuticals Inc.  In August 2007 it was announced
that EKR Therapeutics, Inc. had acquired the marketing and
distribution rights for DepoDurTM for North, South and Central
America from Pacira Pharmaceuticals.  Sales of DepoCyt(R)
continued to be steady in the first half of 2007.

At June 30, 2007 the net present value of the liability (net of
anticipated payments by Pacira Pharmaceuticals to Paul Capital),
discounted at an annual rate of 11.2%, is US$43.9 million (GBP22
million) compared with the value of US$47.6 million (GBP24.3
million) for the previous agreements included in the Dec. 31,
2006 balance sheet.  The finance charge in respect of the
renegotiated agreements with Paul Capital is substantially less
than the previous agreements.

                          CRC Finance

In December 2006 SkyePharma announced an agreement with a
specialist lending entity domiciled in Ireland and advised by
Christofferson Robb for a 10-year secured amortizing loan
facility of approximately GBP35 million.  The facility
comprises initial commitments of US$35 million and EUR26.5
million repayable over 10 years based on a minimum amortization
schedule.  Half of the committed principal on each loan was
drawn down in January 2007 and a further US$11.5 million and
EUR9 million was drawn down in March 2007 to give an outstanding
loan balance as of June 30, 2007 of GBP28.5 million.  The
remainder of the facility will be drawn down by December 2007.

                           Outlook

The Group is not expecting revenues in the second half of 2007
to be significantly different from the first half whereas costs
are expected to ramp-up due to increased rate of development
expenditure on FlutiformTM.  Over the next 12 months it is
expecting further country by country launches of Pulmicort(R)
HFA-MDI and launches of Requip(R) Once-a-day, ZYFLO CRTM,
LodotraTM and nisoldipine CR, which should lead to growth in
revenues during 2008.  The Group's objective remains to move
into operating profit (before finance costs) during the course
of 2008 and it reiterates its target to move into profit (after
tax) in 2009.

                    Going Concern Basis

The Directors have reviewed the working capital requirements for
the next twelve months, together with various available working
capital and non-equity finance initiatives should these be
necessary in the period prior to the anticipated approval of
Flutiform in the second half of 2009.  Following this review the
Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future.

"Substantial progress has been made in the first half to reshape
the Group, focus the activity on oral and inhalation products,
ensure that the Company has adequate financial resources to
meet its objectives, and ensure the timely completion of the
FlutiformTM Phase III program.  Although there is an unexpected
delay to the planned date for filing FlutiformTM in the US to
the second half of 2008, the Board continues to have confidence
in the potential for significant growth being created for
shareholders in the coming years.  This growth will arise from
the commercialization of FlutiformTM by our partners, the
continued contribution from the royalties of our eleven approved
products, and the further development of our pipeline," Dr.
Jerry Karabelas, non-executive chairman, said.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.


* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2007
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      61.61
                          0.250    10/14/26     CDN      38.26
Republic of Austria       4.000    06/22/22     EUR      72.21
                          0.396    08/04/25     EUR      66.10
                          5.000    10/10/25     EUR      61.41


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.76
                          0.500    04/26/13     AUD      70.08
                          1.000    11/21/16     NZD      56.09
                          0.500    09/24/20     CDN      55.89
                          0.250    06/28/40     CDN      19.99

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      62.74
Alcatel S.A.              4.750    01/01/11     EUR      16.02
Altran Technologies S.A.  3.750    01/01/09     EUR      12.41
BNP Paribas               0.250    12/20/14     US$      69.23
CAP Gemini S.A.           2.500    01/01/10     EUR      54.27
                          1.000    01/01/12     EUR      48.91
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.59
                          4.375    11/01/10     EUR      54.06
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      72.96
Havas S.A.                4.000    01/01/09     EUR      10.80
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      20.58
Maurel & Prom             3.500    01/01/10     EUR      21.83
Publicis Group            0.750    07/17/08     EUR      31.31
                          1.000    01/18/18     EUR      42.63
Rallye                    3.750    01/01/08     EUR      51.40
Rhodia S.A.               0.500    01/01/14     EUR      44.07
Scor S.A.                 4.125    01/01/10     EUR       2.26
Soc Air France            2.750    04/01/20     EUR      28.66
Soitec                    4.625    12/20/09     EUR      13.33
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.50
Valeo                     2.375    01/01/11     EUR      48.09
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.79
Wavecom S.A.              1.750    01/01/14     EUR      27.63
Wendel Invest S.A.        2.000    06/19/09     EUR      46.68

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.86
                          0.500    12/19/17     EUR      65.86
                          5.000    05/23/20     EUR      74.53
                          1.250    07/07/20     EUR      72.55
                          1.250    07/29/20     EUR      72.96
                          6.000    07/21/25     EUR      68.19
                          5.000    09/01/25     EUR      69.94
                          8.000    08/10/30     EUR      66.06
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.41
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.08

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      66.44
Hellenic Republic         0.990    07/07/24     EUR      66.04
Hellenic Republic         6.000    07/06/25     EUR      72.28

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      68.94

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      45.17
                          0.250    07/08/33     CDN      27.19
Irish Perm Plc            6.125    02/15/35     EUR      65.88
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.83

ITALY
-----
Dexia Crediop S.p.A.      0.000    03/15/16     EUR      72.17

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      42.38

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      62.31
                          0.500    02/24/25     CDN      45.21
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.02
Energy Group O/S          7.425    10/15/17     US$      35.00
Gerling Global            3.500    08/16/21     EUR      62.52
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      80.39
                          2.940    02/16/17     EUR      78.34
                          1.000    06/06/17     EUR      73.88
                          2.892    06/13/17     EUR      78.30
                          6.000    02/15/35     EUR      69.06
                          8.250    03/16/35     EUR      60.70
                          7.000    05/17/35     EUR      62.85
                          7.250    10/05/35     EUR      58.46
                          6.000    11/02/35     EUR      62.45
Ned Waterschapbk          6.000    06/01/35     EUR      70.93
                          6.500    08/15/35     EUR      65.82
Rabobank Groep N.V.       6.000    04/08/20     EUR      72.08
                          6.000    02/22/35     EUR      70.00
                          2.000    02/23/35     EUR      62.94
                          7.000    02/28/35     EUR      67.06
                          7.000    03/23/35     EUR      64.43
                          6.000    05/09/35     EUR      72.92

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.88

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.42

SWITZERLAND
-----------
UBS AG                    1.000     01/25/12    NZD      74.74
                          1.000     02/27/12    NZD      74.34
                          1.000     03/28/12    NZD      73.89
                          1.000     06/28/12    NZD      72.76
                          1.000     07/30/12    NZD      72.46

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      52.99
HBOS Treasury
   Services Plc           0.000     02/22/17    EUR      64.01
                          6.000     02/07/35    EUR      68.81
National Grid Gas Plc     1.754     10/17/36    GBP      43.34
                          1.771     03/30/37    GBP      43.28
Royal BK Scotland Plc     0.250     03/27/14    US$      72.27
                          9.500     04/04/25    US$      70.17
                          7.000     06/09/25    EUR      63.73
                          7.000     06/29/30    EUR      57.39
                          7.000     02/15/45    US$      63.38
                          6.500     02/23/45    EUR      62.33
Wessex Water Finance Plc  1.369     07/31/57    GBP      28.81

                            *********

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
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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
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may look like the definitive compilation of stocks that are
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reported at historical cost net of depreciation may understate
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reserves on its balance sheet for liabilities that may never
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of interest to troubled company professionals.  All titles are
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                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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