TCREUR_Public/070925.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

          Tuesday, September 25, 2007, Vol. 8, No. 190

                            Headlines


A U S T R I A

A.S. BAU: Salzburg Court Orders Business Shutdown
DEPONIE RIEDERBERG: Claims Registration Period Ends October 5
FIT FUN: First Creditors' Meeting Slated for October 4
KIWEG DI.KIRCHNER: Claims Registration Period Ends October 9
LW-BAU LLC: St. Poelten Court Orders Business Shutdown

SARUS TECHNOLOGIE: Claims Registration Period Ends October 1
SELLTEK LLC: Claims Registration Period Ends October 5
WAGNER LLC: Eisenstadt Court Orders Business Shutdown


B E L G I U M

ADVANCED MICRO: Introduces World's First Triple-Core Processors
CHIQUITA BRANDS: Colombia Seeking Extradition of Firm's Officers
GREIF INC: Board Elects David B. Fischer as President & COO


C Z E C H   R E P U B L I C

MAGNA INTERNATIONAL: Plan of Arrangement Takes Effect


D E N M A R K

TDC A/S: Closes Deal to Supply Telephony Service to Scandic


F R A N C E

PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status


G E R M A N Y

BARIS MOSAIK: Claims Registration Period Ends October 5
BEREUTHER GMBH: Claims Registration Ends October 30
BM-AUTOMOBILE VERWALTUNGS: Claims Registration Ends October 19
BODE U. PARTNER: Claims Registration Period Ends October 19
CIES FISCHEREI-GMBH: Creditors Must File Claims by October 26

CONREX GMBH: Claims Registration Ends October 30
ELRO-PC GMBH: Claims Registration Ends October 30
EXPERTEAM TA: Claims Registration Ends October 26
FK NORDSEE-FISCHEREI: Claims Registration Ends October 29
FOTO 90: Creditors Must File Claims by October 16

GLS GETRANKE: Claims Registration Ends October 26
H.T.-BAU-GMBH: Creditors Must File Claims by October 5
HAHN GASTRONOMIEBETRIEBE: Claims Registration Ends October 26
HANS STREICHERT: Claims Registration Period Ends September 28
HOME-CONCEPT GMBH: Creditors' Meeting Slated for October 8

INGENYS FNG: Claims Registration Period Ends October 17
KLINKERBAU ZUEHLOW: Claims Registration Period Ends October 19
KREATIV & BUNT: Claims Registration Period Ends September 26
LIFE COMMUNE: Claims Registration Ends October 26
LOOK AGENTUR: Claims Registration Ends October 26

MGS MALER: Claims Registration Period Ends October 2
MIRO DATA: Claims Registration Ends October 25
MUENCHNER KINDL: Claims Registration Ends November 1
NEWTRAL GMBH: Claims Registration Ends October 8
PETERSITZKE GMBH: Claims Registration Ends October 8

PICO SOFT: Claims Registration Ends October 8
PREMIA WIN: Creditors Must File Claims by October 10
PROSECURITY PERSONEN: Claims Registration Ends October 10
PSG CLASSIC: Creditors Must File Claims by October 5


H U N G A R Y

GUESS? INC: Caris Maintains Average Rating on Firm's Shares


I R E L A N D

INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007
SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners


I T A L Y

AVAGO TECHNOLOGIES: S&P Places 'B' Rating Under Positive Watch
DANA CORP: To Pay US$1.2 Bln to Anthony Wayne School District


K A Z A K H S T A N

AITAN LLP: Proof of Claim Deadline Slated for October 26
BIRLIK LLP: Creditors Must File Claims October 23
GAUHAR LLP: Claims Filing Period Ends October 23
KAZ-BI LLP: Creditors' Claims Due on October 24
SATRID LLP: Claims Registration Ends October 24

SEMEY GORTOP: Proof of Claim Deadline Slated for October 26
SHEBER-1 LLP: Creditors Must File Claims October 23
SPECTR-STORY LLP: Claims Filing Period Ends October 23
TULPAR-TRANS-SERVICE & K: Creditors' Claims Due on October 23


K Y R G Y Z S T A N

ENERGOSTROY SERVICE: Proof of Claim Deadline Slated for Oct. 31


P O R T U G A L

COMPANHIA SIDERURGICA: Rio Grande Eyes Firm's Planned Steel Mill


R U S S I A

ALTAYSKIY STOCKINET: Names D. Mishenko as Insolvency Manager
FINANCIAL CARTEL: Creditors Must File Claims by October 1
FRUNZE CJSC: Creditors Must File Claims by November 1
HYNIX SEMICONDUCTOR: Signs Nitrogen Supply Deal w/ Air Products
KAMAG CJSC: Creditors Must File Claims by October 1

MAYSKOE LLC: Creditors Must File Claims by October 1
NOVOMOSKOVSKIY HOUSE: Creditors Must File Claims by October 1
OKHOTSKAYA ELECTRIC: Asset Sale Slated for October 2
POULTRY FARM: Creditors Must File Claims by November 1
ROSNEFT OIL: Eyes Refining Up to 40 Million Tons of Oil in 2007

RUS’ LLC: Creditors Must File Claims by October 1
SAKHA DIAM: Creditors Must File Claims by November 1
SIBERIAN REGION: Creditors Must File Claims by October 1
SOLNECHNOE LLC: Creditors Must File Claims by October 1
TALMENSKIY ELEVATOR: Creditors Must File Claims by November 1

TSELINNYJ CJSC: Creditors Must File Claims by October 1
ZELENODOLSKAYA FURNITURE: Creditors Must File Claims by Nov. 1


S P A I N

SANTANDER CONSUMER SPAIN 07-2: S&P Junks EUR20 Mln Class E Notes
SANTANDER HIPOTECARIO 4: Moody's Junks EUR14.8MM Series F Notes
SANTANDER HIPOTECARIO 4: S&P Junks EUR14.8 Million Class F Notes


S W I T Z E R L A N D

ALLIANZ GLOBAL: Creditors' Liquidation Claims Due October 4
HAFLIGER ST. MORITZ: Creditors' Liquidation Claims Due October 4
INTER GASTRO: Creditors' Liquidation Claims Due October 31
JORDI FILM: Creditors' Liquidation Claims Due October 12
MATTHEES JSC: Creditors' Liquidation Claims Due October 10

MF PLANBAU: Solothurn Court Closes Bankruptcy Proceedings
NOVA CHEMICALS: Moody's Confirms Ba3 Corporate Family Rating
S + L MONTAGEN: Obwalden Court Closes Bankruptcy Proceedings
TIFFIN FINANCE: Creditors' Liquidation Claims Due October 4
TRON UMWELTTECHNIK: Claims Registration Period Ends September 30

WALDEGG MUNCHWILEN: Claims Registration Period Ends October 3


T U R K E Y

ERZURUM: Fitch Affirms B+ Ratings with Stable Outlook


U K R A I N E

GURMAN-SERVICE: Creditors Must File Claims by September 27
MIZOTSKAYA AGRICULTURAL: Proofs of Claim Deadline Set Sept. 27
OLIGOPOL-BREAD: Creditors Must File Claims by September 27
ROVNO MILK: Proofs of Claim Deadline Set September 27
SOFIYA-2002 LLC: Proofs of Claim Deadline Set September 27

STEEL COMPANY: Creditors Must File Claims by September 27
TEMPRO LLC: Proofs of Claim Deadline Set September 27


U N I T E D   K I N G D O M

AVAYA INC: Advisors Recommend Sierra Deal to Stockholders
BRAKE BROS: S&P Withdraws Junk Ratings on EUR210 Million Bonds
BRITISH AIRWAYS: Set to Reveal Long-Haul Aircraft Order Winner
CLAVIS 2006-01: Fitch Affirms GBP8.1 Mln Class B2a Notes at BB
CMH REALISATIONS: Taps Liquidators from Cooper Parry

COTT CORP: Expects Lower 2007 Outlook Due to Volume Declines
COTT CORP: Moody's May Cut Low-B Ratings After Review
CUMMINS INC: Picks Scott Patrohay as Distributor Principal
FLETCHER BUILDING: Raises US$325 Million in U.S. Debt Market
FORSYTH PARTNERS: Taps Grant Thornton as Joint Administrators

GBW X X: J. M. Titley Leads Liquidation Procedure
GENERAL MOTORS: Failed Contract Talks Spurs UAW Work Stoppage
INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007
INDOOR PUB: Claims Filing Period Ends October 11
KRISPY KREME: Board Approves Officer Indemnification Agreement
MARSDEN DOMESTIC: Brings In Liquidators from Tenon Recovery

NASDAQ STOCK: Inks Pacts with Borse Dubai on LSE Stake Sale
NASDAQ STOCK: Submits Investment Deals for CFI's Consideration
NASDAQ STOCK: S&P Puts BB Counterparty Credit Rating on Watch
RADLEY CONTRACTS: Calls In Liquidators from UHY Hacker Young
R.I.O. FREIGHT: Appoints J. M. Titley as Liquidator

TATA MOTORS: Praveen Kadle Quits Post as Executive Director

* Large Companies with Insolvent Balance Sheet

                            *********

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


A.S. BAU: Salzburg Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Salzburg entered Aug. 27 an order shutting
down the business of LLC A.S. Bau (FN 181100z).

Court-appointed estate administrator Gernot Franz Herzog
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Gernot Franz Herzog
         Haunspergstrasse 33
         5020 Salzburg
         Austria
         Tel: 0662/870046
         Fax: 0662/878462
         E-mail: office@hauserherzog.com

Headquartered in Siezenheim, Austria, the Debtor declared
bankruptcy on Aug. 9 (Bankr. Case No 23 S 63/07w).


DEPONIE RIEDERBERG: Claims Registration Period Ends October 5
-------------------------------------------------------------
Creditors owed money by LLC Deponie Riederberg & Co.KG (FN
21732i) have until Oct. 5 to file written proofs of claim to
court-appointed estate administrator Herbert Matzunski at:

         Dr. Herbert Matzunski
         Salurner Strasse 16
         6020 Innsbruck
         Austria
         Tel: 0512/58 27 16
         Fax: 0512/57 14 67
         E-mail: law@hauska-matzunski.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         New Building
         Maximilianstrasse 4
         A-6020 Innsbruck
         Austria

Headquartered in Kirchberg in Tirol, Austria, the Debtor
declared bankruptcy on Aug. 23 (Bankr. Case No. 9 S 16/07p).


FIT FUN: First Creditors' Meeting Slated for October 4
------------------------------------------------------
Creditors owed money by LLC Fit Fun Wellnesscenter Maico (FN
231727a) are encouraged to attend the first creditors' meeting
at noon on Oct. 4.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 227
         Second Floor
         Graz
         Austria

The Court will also examine the claims at 2:00 p.m. on Oct. 18,
at Room 230 of the same venue.

Creditors have until Oct. 5 to file written proofs of claim to
court-appointed estate administrator Claudia Sorgo at:

         Mag. Claudia Sorgo
         Gartengasse 19
         8200 Gleisdorf
         Austria
         Tel: 03112/6644
         Fax: 03112/6644-20
         E-mail: office@ra-sorgo.at

Headquartered in Hartmannsdorf, Austria, the Debtor declared
bankruptcy on Aug. 28 (25 S 100/07d).


KIWEG DI.KIRCHNER: Claims Registration Period Ends October 9
------------------------------------------------------------
Creditors owed money by LLC KIWEG DI.Kirchner & Wesenscheg ZT
(FN 265494h) have until Oct. 9 to file written proofs of claim
to court-appointed estate administrator Wolfgang Kofler at:

         Mag. Wolfgang Kofler
         Bahnhofstrasse 51/DG
         9020 Klagenfurt
         Austria
         Tel: 0463/50 73 50
         Fax: 0463/50 73 50-55
         E-mail: office@juridicom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 40 S 43/07z).


LW-BAU LLC: St. Poelten Court Orders Business Shutdown
------------------------------------------------------
The Land Court of St. Poelten entered Aug. 29 an order shutting
down the business of LLC LW-Bau (FN 271064z).

Court-appointed estate administrator Hans-Peter Pfluegl
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83553-55
         E-mail: hanspeter.pfluegl@aon.at

Headquartered in Karlstetten, Austria, the Debtor declared
bankruptcy on Aug. 22 (Bankr. Case No 14 S 147/07v).


SARUS TECHNOLOGIE: Claims Registration Period Ends October 1
------------------------------------------------------------
Creditors owed money by LLC Sarus Technologie (FN 212024a) have
until Oct. 1 to file written proofs of claim to court-appointed
estate administrator Andreas Rabl at:

         Dr. Andreas Rabl
         Ringstrasse 14
         4600 Wels
         Austria
         Tel: 07242/41824
         Fax: 07242/41824-80
         E-mail: office@rakanzlei.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Oct. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Aug. (Bankr. Case No. 20 S 103/07h).


SELLTEK LLC: Claims Registration Period Ends October 5
------------------------------------------------------
Creditors owed money by LLC SELLTEK (FN 279323w) have until
Oct. 5 to file written proofs of claim to court-appointed estate
administrator Claudia Sorgo at:

         Mag. Claudia Sorgo
         Gartengasse 19
         8200 Gleisdorf
         Austria
         Tel: 03112/6644
         Fax: 03112/6644-20
         E-mail: office@ra-sorgo.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:10 p.m. on Oct. 18 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 Gleisdorf, Austria, the Debtor declared
bankruptcy on Aug. 30 (Bankr. Case No. 25 S 101/07a).


WAGNER LLC: Eisenstadt Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Eisenstadt entered Aug. 29 an order shutting
down the business of LLC Wagner (fka LLC WTL)(FN 256427z).

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

The estate administrator can be reached at:

         Mag. Barbara Senninger
         Kastellstrasse 4
         7551 Stegersbach
         Austria
         Tel: 03326/52423
         Fax: 03326/54156
         E-mail: office@anwalt-bgld.at

Headquartered in Neuberg im Burgenland, Austria, the Debtor
declared bankruptcy on Aug. 24 (Bankr. Case No 26 S 122/07d).


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


ADVANCED MICRO: Introduces World's First Triple-Core Processors
---------------------------------------------------------------
Delivering a multi-core triple threat, AMD has revealed the
addition of AMD Phenom triple-core processors to its desktop
roadmap.

AMD Phenom triple-core processors, expected to be the world’s
first PC processors to integrate three computational cores on a
single die of silicon, can help deliver the visual experience,
performance and multitasking capabilities of true multi-core
technology to a broader audience.

The industry’s only x-86 triple-core desktop processor offers
state-of-the-art platforms and a next-generation architecture
with expected availability in the first quarter of 2008.  AMD
Phenom quad-core processors remain on schedule to ship in 2007.

“With our advanced multi-core architecture, AMD is in a unique
position to enable a wider range of premium desktop solutions,
providing a smarter choice for customers and end users,” said
Greg White, vice president and general manager for AMD's Desktop
Division.

“This innovation is a direct result of our development of the
industry’s first true, native quad-core design, coupled with
AMD’s manufacturing flexibility, to create multi-core processors
in two, three, and four computational core configurations on a
single die of silicon.  As a customer-centric company, AMD is
committed to working with our OEMs to deliver compelling value
propositions across their multi-core product families with
capabilities that address their requirements and aspirations,”
Mr. White added.

AMD Phenom processors with three cores are a response to demand
for increased performance delivered by multi-core processors
when running state-of-the-art applications.  According to
Mercury Research, quad-core processors represented less than two
percent of desktop shipments in the second quarter of 2007.  AMD
believes this suggests a need for a wider selection of multi-
core solutions.  Triple-core AMD processors may stimulate
broader multi-core adoption with a product family that scales to
more points-of-entry for the customer.

“Microsoft is excited to see AMD creating new technologies like
the AMD Phenom triple-core processors,” said Bill Mitchell,
corporate vice president of the Windows Hardware Ecosystem at
Microsoft Corp.  “We see potential for power and performance
improvements through triple-core processing in the industry and
are exploring with AMD the possibility of taking advantage of
this in the Microsoft family of products.”

The true multi-core design of the upcoming AMD Phenom processor
family of products, based on Direct Connect Architecture,
features an integrated memory controller, accelerating
performance for productivity, content creation, entertainment,
and gaming.  In addition, this next-generation architecture
includes AMD’s Balanced Smart Cache for rapid access to memory,
with a shared L3 cache for leading-edge performance on multi-
threaded software.

AMD Phenom triple-core processors are expected to deliver
increased performance for multitasking usage models and multi-
threaded applications, aligned with similar benefits available
with the upcoming AMD Phenom quad-core processors.  In addition,
triple-core processors from AMD can provide significant
performance advantages over similar dual-core AMD processors in
key industry standard benchmarks, including SYSmark 2007 and
3DMark 2006, as well as similar quad-core AMD processors in
certain gaming and digital content creation scenarios.

“A continued commitment to elegant design and innovative
processor architecture is instrumental to revolutionizing the
technology industry,” said Richard Shim, research manager for
IDC's Personal Computing program.  “The advent of triple-core
processors is a valuable market opportunity for customers to
deliver compelling solutions to end-users and further
differentiate themselves within the desktop PC market.”

                            About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                           *   *   *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  The 'CCC+/RR6' rating also
applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from debt
issuance, as well as available cash, to fully repay the term
loan.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


CHIQUITA BRANDS: Colombia Seeking Extradition of Firm's Officers
----------------------------------------------------------------
The Colombian government told The China Post that it would seek
the Chiquita Brands International officials' extradition if they
had broken local law after the company made a US$25-million
settlement for paying off terrorists.

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

The China Post relates that Colombian Vice President Francisco
Santos demanded that the fine be given to the terrorists'
victims, whose families have already filed a lawsuit against
Chiquita Brands to seek unspecified damages.

The foreign ministry said in a statement, "If the conduct of
executives at the banana company Chiquita Brands constitutes any
crime in Colombia, then we will ask, with the help of the
attorney general, for these people to be extradited."

Colombia would launch its own separate probe, The China Post
says, citing the attorney general.

"It makes no sense here or anywhere that for US$25 million a
multinational company can buy immunity," Interior Minister
Carlos Holguin told the press.

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

                        *     *     *

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


GREIF INC: Board Elects David B. Fischer as President & COO
-----------------------------------------------------------
The Board of Directors of Greif, Inc., has elected David B.
Fischer as the company's president and chief operating officer.
Mr. Fischer was senior vice president and divisional president
of Industrial Packaging & Services of Greif's North and South
America, Asia, Africa and Australia business units.

The position of president had been held by Chairman and Chief
Executive Officer Michael J. Gasser.

Michael C. Patton, senior vice president of Paper, Packaging &
Services, will also lead IP&S - North America.  He was named
divisional president as well.

Senior Vice President Ivan Signorelli, at Greif's IP&S - Europe
strategic business unit, also adds the title of divisional
president.

Mr. Signorelli and Mr. Patton will report to Mr. Fischer.  The
changes are effective Oct. 1.

Mr. Gasser said, "David's proven track record in operations,
mergers and acquisitions and business integration make him
ideally suited for his new position.  His leadership and counsel
will be a driving force as we continue to execute our aggressive
growth strategy.

"Mike has been a strong leader in all his roles within Greif.
Because of his deep understanding of the Greif Business System
and his ability to effect change, he is the right person to take
our business in North America to the next level.

"With Ivan in Europe, we have a strong operations team in place
that will be instrumental in achieving our goals," Mr. Gasser
said.

Mr. Fischer joined Greif in November 2004 to lead Greif's
Industrial Packaging & Services - Americas business.  He was
later assigned responsibility for the company's IP&S businesses
in Asia, Africa and Australia.  He came to Greif from The Dow
Chemical Company, where he was previously global business vice
president of the company's US$1.8 billion polyurethanes
business.

Mr. Fischer holds a bachelor's degree from Purdue University
where he majored in Chemistry.

Mr. Patton joined Greif in March 2000 as vice president and
general manager, Multiwall Packaging. He was named vice
president of Steel, IP&S - North America in 2002, and vice
president and general manager for IP&S - North America, Midwest,
in 2004.  Later that year, he was named senior vice
president, Transformation Worldwide and in 2005, was named to
head Paper, Packaging & Services.

Mr. Patton holds a bachelor's degree in Finance from Seton Hall
University.

Mr. Signorelli joined Van Leer (acquired by Greif in 2001) in
1992 as the business unit manager of Italy.  He was named BU
manager of closures business American Flange in 1993 and
promoted to strategic business unit manager of Latin America in
1997.  Greif's African businesses were added to his
responsibilities in 2003.  He was promoted to his current
position in 2005.

Mr. Signorelli holds an undergraduate degree in Business
Administration from Inst. Educ. Luzwell and an MBA degree with a
major in Marketing from Fundacao Getulio Vargas, both in Brazil.

                         About Greif

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.


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C Z E C H   R E P U B L I C
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MAGNA INTERNATIONAL: Plan of Arrangement Takes Effect
-----------------------------------------------------
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on Sept. 20,
2007.

"We are pleased to have completed this very important
transaction with Russian Machines," Frank Stronach, Magna's
chairman commented.  "I believe we are now well positioned to
capitalize on the growth opportunities in Russia and other
automotive markets, while minimizing the risks of investing in
those markets."

"Our strategic investment in Magna will allow Magna to build a
strong presence in the rapidly expanding Russian automotive
market as well as in Eastern Europe and other key markets," Oleg
Deripaska, chairman of the supervisory board of basic element
and chairman of the board of directors of Russian Machines,
said.

Under the arrangement, M Unicar Inc. , through its indirectly
owned subsidiary 2143455 Ontario Inc., a Canadian holding
company funded by a subsidiary of Russian Machines, acquired
20 million Magna Class A Subordinate Voting Shares for
approximately US$1.54 billion.

Newco is owned indirectly by the Stronach Trust, Russian
Machines and Donald Walker, Siegfried Wolf, Vincent Galifi,
Jeffrey Palmer and Peter Koob, members of Magna's executive
management.

Newco and its subsidiaries now hold 726,829 Class B Shares,
which were previously held by 445327 Ontario Inc., all of the
shares of which are directly owned by the Stronach Trust,
representing 100% of the outstanding Class B Shares, and
20,605,000 Class A Subordinate Voting Shares, representing
approximately 15.9% of the outstanding Class A Subordinate
Voting Shares, which collectively represent approximately 68.6%
of the total voting power of all the outstanding shares of
Magna.

The transaction allows Newco and its shareholders to effect a
strategic investment in Magna and participate in the future
growth and success of Magna on a global basis.

Magna also disclosed that, as a result of the arrangement
becoming effective, all of the conditions to its offer to
purchase for cash up to US$1,536,600,000 in value of its Class A
Subordinate Voting Shares, which expired at 5:00 p.m., Toronto
time, on Sept. 20, have been satisfied or waived.

Magna will issue a statement with respect to the outcome of the
bid after it has determined the number of Class A Subordinate
Voting Shares which have been validly tendered and the clearing
purchase price for such shares under the "modified Dutch
auction" procedure applicable to the bid.

                 About Magna International Inc.

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
The company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain
systems; roof systems; well as complete vehicle engineering and
assembly.  The company has approximately 83,000 employees in 229
manufacturing operations and 62 product development and
engineering centers in 23 countries including Brazil, China,
Czech Republic, France, Germany, Korea, among others.


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


TDC A/S: Closes Deal to Supply Telephony Service to Scandic
-----------------------------------------------------------
TDC A/S has concluded an agreement with the Scandic hotel chain
on the supply of data and voice in Northern Europe.  It is an
expansion of an existing partnership to also include Scandic
hotels in Finland, the Netherlands, Belgium, Germany and the
Baltics.  This means that every Scandic office and hotel will
now be covered by the same service and support agreement.

"We are very pleased that Scandic has so much faith in us.  We
see expanding collaboration with a corporation with such high
requirements for service and stability as a seal of approval for
our communications solutions and for our service organization,"
says Lars Glarborg, senior vice president at TDC Sweden.

The scope of the agreement is two years, and it represents a
total value of about SEK100 million.  It covers all telephony as
well as service and support for all company switchboards.
Scandic is also expanding its data network solution, TDC IP VPN,
to include the traffic prioritization service.  This will ensure
better traffic management so that Scandic can optimize its
customer service.  In addition, the data communication will
cover new hotels in the Netherlands, Belgium, Germany and the
Baltics.

"With TDC's solutions, we can optimize our company by cutting
our costs and at the same time improving our service level.
Furthermore, this is a solution that we can grow with.  For
instance, now we can easily include new hotels, which is a plus
with regard to Scandic's expansion plans," says Mr. Thomas
Engelhart, vice president Commercial Operations, Scandic.

When Scandic was faced with the task of expanding its data and
voice network, their natural first step was to contact the
supplier they have used for years, TDC.

"We were looking for a partner who could take full
responsibility for our data, voice and telephony system as well
as provide support and service in Northern Europe.  With TDC we
have just one partner to contact for all these things.  We also
had extremely high requirements for the level of service, and
that is where TDC differed from the competition by being
particularly attentive to our needs," says Mr. Engelhart.

Scandic is the leading hotel chain in Northern Europe with 129
hotels in nine countries.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
affirmed TDC A/S's Long-term Issuer Default rating at 'BB-'
including TDC's and NTC Holdings' debt.  The Short-term IDR is
affirmed at 'B'.  All the ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned to the Long-term IDR.

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa, Moody's Investors
Service confirmed its Ba3 Corporate Family Rating for TDC A/S.

Moody's also assigned a Ba3 Probability-Of-Default-rating to the
company.

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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


PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status
----------------------------------------------------------
Pride International Inc. announced that its report of drilling
rig status and contract information covering the company's fleet
of offshore drilling rigs, its five drilling management
projects, along with a summary status of its Eastern Hemisphere-
based land fleet, has been updated as of Sept. 19, 2007.

The updated report, titled "Monthly Fleet Update," is available
through the company's Web site and can be accessed at the
Investor Relations link.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Sept. 5, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes.  The Rating Outlook is Stable.  Fitch maintains
the following ratings for Pride International:

  -- Issuer Default Rating (IDR) at 'BB';
  -- Senior unsecured at 'BB';
  -- Senior secured bank facility at 'BBB-';
  -- Senior convertible notes at 'BB'.

As reported in the Troubled Company Reporter-Europe on
July 31, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%)


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


BARIS MOSAIK: Claims Registration Period Ends October 5
-------------------------------------------------------
Creditors of Baris Mosaik- und Pflasterbau GmbH have until
Oct. 5 to register their claims with court-appointed insolvency
manager Annegret Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 30, 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Annegret Schwarz
         Helenenstrasse 15
         99867 Gotha
         Germany

The District Court of Gera opened bankruptcy proceedings against
Baris Mosaik- und Pflasterbau GmbH on Sept. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Baris Mosaik- und Pflasterbau GmbH
         Gartenstrasse 9
         07774 Frauenpriessnitz
         Germany


BEREUTHER GMBH: Claims Registration Ends October 30
---------------------------------------------------
Creditors of Bereuther GmbH & Co. KG have until Oct. 30 to
register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Nov. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Bereuther GmbH & Co. KG on Sept. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bereuther GmbH & Co. KG
         Attn: Emanuel Bereuther, Manager
         Klosterallee 100
         20144 Hamburg
         Germany


BM-AUTOMOBILE VERWALTUNGS: Claims Registration Ends October 19
--------------------------------------------------------------
Creditors of BM-Automobile Verwaltungs mbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 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 Duisburg
         Hall C207
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against BM-Automobile Verwaltungs mbH on Sept. 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BM-Automobile Verwaltungs mbH
         Falkstr.73-77
         47058 Duisburg
         Germany

         Attn: Hans-Juergen Walbrunn, Manager
         Koelner Str.359 b
         45481 Muelheim
         Germany


BODE U. PARTNER: Claims Registration Period Ends October 19
-----------------------------------------------------------
Creditors of Bode u. Partner GmbH have until Oct. 19 to register
their claims with court-appointed insolvency manager Michael
Wilbert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         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:

         Michael Wilbert
         Simrockstrasse 7
         53113 Bonn
         Germany
         Tel: 0228-336255-5
         Fax: 0228-336255-6

The District Court of Bonn opened bankruptcy proceedings against
Bode u. Partner GmbH on Sept. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bode u. Partner GmbH
         Attn: Wilfried Bode, Manager
         Stolpstr. 22
         53359 Rheinbach
         Germany


CIES FISCHEREI-GMBH: Creditors Must File Claims by October 26
-------------------------------------------------------------
Creditors of Cies Fischerei-GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Thilo
Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Cies Fischerei-GmbH on Sept. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Cies Fischerei-GmbH
         Grevenweg 89
         20537 Hamburg
         Germany


CONREX GMBH: Claims Registration Ends October 30
------------------------------------------------
Creditors of ConRex GmbH have until Oct. 30 to register their
claims with court-appointed insolvency manager Sebastian Laboga.

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

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         ConRex GmbH
         Waldstr. 1
         16798 Fuerstenberg
         Germany

         Attn: Herrn Laurent Bruno Schulz, Manager
         Koloniestrasse 1
         16348 Wandlitz
         Germany


ELRO-PC GMBH: Claims Registration Ends October 30
-------------------------------------------------
Creditors of ELRO-PC GmbH have until Oct. 30 to register their
claims with court-appointed insolvency manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against ELRO-PC GmbH on Sept. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ELRO-PC GmbH
         Attn: Frau Andrea Gose-Block, Manager
         Seetorstrasse 34
         19309 Lenzen
         Germany


EXPERTEAM TA: Claims Registration Ends October 26
-------------------------------------------------
Creditors of ExperTeam TA Telearbeit Gesellschaft fuer
innovative Arbeits-, Organisations- und Geschaftsformen mbH i.
L. have until Oct. 26 to register their claims with court-
appointed insolvency manager Klaus Bollig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Klaus Bollig
         Duerener Str. 189
         50931 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against ExperTeam TA Telearbeit Gesellschaft fuer innovative
Arbeits-, Organisations- und Geschaftsformen mbH i. L. on
Aug. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ExperTeam TA Telearbeit Gesellschaft fuer innovative
         Arbeits-, Organisations- und Geschaftsformen mbH i. L.
         Claudius-Dornier-Str. 1
         50829 Cologne
         Germany


FK NORDSEE-FISCHEREI: Claims Registration Ends October 29
---------------------------------------------------------
Creditors of FK Nordsee-Fischerei GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Dr. Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against FK Nordsee-Fischerei GmbH on Sept. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FK Nordsee-Fischerei GmbH
         Baumwall 5
         20459 Hamburg
         Germany


FOTO 90: Creditors Must File Claims by October 16
-------------------------------------------------
Creditors of Foto 90 GmbH have until Oct. 16 to register their
claims with court-appointed insolvency manager Justus
Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cottbus
         Hall 210
         Platz 2
         Cottbus
         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:

         Justus Schneidewind
         Behlertstr. 28 a
         14469 Potsdam
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Foto 90 GmbH on Sept. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Foto 90 GmbH
         Gulbener Strasse 11
         03046 Cottbus
         Germany


GLS GETRANKE: Claims Registration Ends October 26
-------------------------------------------------
Creditors of GLS Getranke GmbH have until Oct. 26 to register
their claims with court-appointed insolvency manager Stephan
Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 089/361930-750
         Fax: 089/361930-999

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

The Debtor can be reached at:

         GLS Getranke GmbH
         Phantasiestr. 34
         81827 Munich
         Germany


H.T.-BAU-GMBH: Creditors Must File Claims by October 5
------------------------------------------------------
Creditors of H.T.-Bau-GmbH have until Oct. 5 to register their
claims with court-appointed insolvency manager Gerd Honsdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Gerd Honsdorf
         Detmolder Strasse 57-59
         33100 Paderborn
         Germany

The District Court of Paderborn opened bankruptcy proceedings
against H.T.-Bau-GmbH on Sept. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         H.T.-Bau-GmbH
         Muehlenholzweg 12
         33106 Paderborn
         Germany


HAHN GASTRONOMIEBETRIEBE: Claims Registration Ends October 26
-------------------------------------------------------------
Creditors of Hahn Gastronomiebetriebe GmbH have until Oct. 26 to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 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 Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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:

         Thomas Linse
         Aussere Sulzbacher Str. 29
         90491 Nuernberg
         Germany
         Tel: 0911/598704
         Fax: 0911/5987379

The District Court of Fuerth opened bankruptcy proceedings
against Hahn Gastronomiebetriebe GmbH on Sept. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hahn Gastronomiebetriebe GmbH
         Bismarckstr. 15
         91054 Erlan
         Germany


HANS STREICHERT: Claims Registration Period Ends September 28
-------------------------------------------------------------
Creditors of Hans Streichert Brennstoffhandelsgesellschaft mbH
have until Sept. 28 to register their claims with court-
appointed insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: (040) 3344 6-0
         Fax: (040) 3344 6111

The District Court of Walsrode opened bankruptcy proceedings
against Hans Streichert Brennstoffhandelsgesellschaft mbH on
Sept. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hans Streichert Brennstoffhandelsgesellschaft mbH
         Attn: Annerose Thesinga, Manager
         Jechaer Weg 4
         99706 Sondershausen
         Germany


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

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

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

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Home-Concept GmbH
         Attn: Klaus Wiemann, Andreas Klimek and
         Dr. Volker Wiemann, Managers
         Max-Planck-Str. 7-13
         27721 Ritterhude
         Germany


INGENYS FNG: Claims Registration Period Ends October 17
-------------------------------------------------------
Creditors of Ingenys FNG GmbH have until Oct. 17 to register
their claims with court-appointed insolvency manager Bettina
Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Ingenys FNG GmbH
         BT Neubrandenburg
         Krusehofer Strasse 11
         17036 Neubrandenburg
         Germany

         Attn: Mathias Schielke, Manager
         Brauereistrasse 39-42
         19306 Neustadt-Glewe
         Germany


KLINKERBAU ZUEHLOW: Claims Registration Period Ends October 19
--------------------------------------------------------------
Creditors of Klinkerbau Zuehlow GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Nov. 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against Klinkerbau Zuehlow GmbH on Sept. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Klinkerbau Zuehlow GmbH
         Attn: Klaus Zuehlow, Manager
         Spieker 1
         48432 Rheine
         Germany


KREATIV & BUNT: Claims Registration Period Ends September 26
------------------------------------------------------------
Creditors of Kreativ & Bunt GmbH have until Sept. 26 to register
their claims with court-appointed insolvency manager Juergen
Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Unterer Kreuzweg 1
         01097 Dresden
         Germany
         Web site: http://www.wallnerweiss.info/

The District Court of Dresden opened bankruptcy proceedings
against Kreativ & Bunt GmbH on Aug. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kreativ & Bunt GmbH
         Attn: Stefan Birnbaum, Manager
         Frankenbergstr. 45
         01159 Dresden
         Germany


LIFE COMMUNE: Claims Registration Ends October 26
-------------------------------------------------
Creditors of Life Commune (Germany) GmbH have until Oct. 26 to
register their claims with court-appointed insolvency manager
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Nov. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Life Commune (Germany) GmbH on Sept. 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Life Commune (Germany) GmbH
         Duesternstrasse 1
         20355 Hamburg
         Germany


LOOK AGENTUR: Claims Registration Ends October 26
-------------------------------------------------
Creditors of LOOK Agentur - Polstermoebel mit Funktion GmbH &
Co. KG have until Oct. 26 to register their claims with court-
appointed insolvency manager Sylvia Fiebig.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against LOOK Agentur - Polstermoebel mit Funktion GmbH & Co. KG
on Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         LOOK Agentur - Polstermoebel mit Funktion GmbH & Co. KG
         Eimterstr. 124
         32049 Herford
         Germany

         Attn: Karl-Heinz Rahrbach, Manager
         Schwoenkamp 6
         32479 Hille
         Germany


MGS MALER: Claims Registration Period Ends October 2
----------------------------------------------------
Creditors of mgs Maler Gipser Stuckateur GmbH have until Oct. 2
to register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter Depre
         O 4 13-16
         68161 Mannheim
         Germany
         Tel: (0621) 1207 80

The District Court of Karlsruhe opened bankruptcy proceedings
against mgs Maler Gipser Stuckateur GmbH on Sept. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         mgs Maler Gipser Stuckateur GmbH
         Attn: Martin Knab, Manager
         Goethestr. 20
         76327 Pfinztal
         Germany


MIRO DATA: Claims Registration Ends October 25
----------------------------------------------
Creditors of MiRo Data EDV-Dienstleistungs-GmbH have until
Oct. 25 to register their claims with court-appointed insolvency
manager Wilhelm Wessel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         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. Wilhelm Wessel
         Roeckstr. 1
         23568 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against MiRo Data EDV-Dienstleistungs-GmbH on Sept. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MiRo Data EDV-Dienstleistungs-GmbH
         Attn: Michael Moellinger, Manager
         Moislinger Allee 53-55
         23558 Luebeck
         Germany


MUENCHNER KINDL: Claims Registration Ends November 1
----------------------------------------------------
Creditors of Muenchner Kindl Reisen GmbH have until Nov. 1 to
register their claims with court-appointed insolvency manager
Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Munich
         Germany
         Tel: 089/3090586-0
         Telefax: 089/3090586-10

The District Court of Munich opened bankruptcy proceedings
against Muenchner Kindl Reisen GmbH on Aug. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Muenchner Kindl Reisen GmbH
         Attn: Joachim Rist, Manager
         Plinganserstr. 65
         81369 Munich
         Germany


NEWTRAL GMBH: Claims Registration Ends October 8
------------------------------------------------
Creditors of Newtral GmbH have until Oct. 8 to register their
claims with court-appointed insolvency manager Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Oct. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Johannes Graute
         III. Hagen 30
         45127 Essen
         Germany
         Tel: 02 01/10953

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

The Debtor can be reached at:

         Newtral GmbH
         Im Teelbruch 77
         45219 Essen
         Germany

         Attn: Sven Hellmuth, Manager
         Zweigertstr. 31
         45130 Essen
         Germany


PETERSITZKE GMBH: Claims Registration Ends October 8
----------------------------------------------------
Creditors of Petersitzke GmbH have until Oct. 8 to register
their claims with court-appointed insolvency manager Jens M.
Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Sommerburgstr. 16
         45149 Essen
         Germany

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

The insolvency manager can be reached at:

         Prof. Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany

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

The Debtor can be reached at:

         Petersitzke GmbH
         Attn: Astrid Urlitzki, Manager
         Allinghofstr. 31
         45964 Gladbeck
         Germany


PICO SOFT: Claims Registration Ends October 8
---------------------------------------------
Creditors of PICO SOFT Gesellschaft fuer Systemanalyse und
Programmierung mbH have until Oct. 8 to register their claims
with court-appointed insolvency manager Michael Farnbacher.

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

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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 Farnbacher
         Martin-Luther-Str. 20
         91207 Lauf
         Germany
         Tel: 09123/9720-0
         Fax: 0911/9720-20

The District Court of Nuremberg opened bankruptcy proceedings
against PICO SOFT Gesellschaft fuer Systemanalyse und
Programmierung mbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PICO SOFT Gesellschaft fuer Systemanalyse und
         Programmierung mbH
         Attn: Matthias Arnold, Manager
         Buehlackerstr. 1
         90592 Schwarzenbruck
         Germany


PREMIA WIN: Creditors Must File Claims by October 10
----------------------------------------------------
Creditors of Premia Win GmbH have until Oct. 10 to register
their claims with court-appointed insolvency manager Jan
Koerber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Nov. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Jan Koerber
         Museumstrasse 2 D
         38100 Braunschweig
         Germany

The District Court of Braunschweig opened bankruptcy proceedings
against Premia Win GmbH on Aug. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Premia Win GmbH
         Leopoldstrasse 38
         38100 Braunschweig
         Germany


PROSECURITY PERSONEN: Claims Registration Ends October 10
---------------------------------------------------------
Creditors of Prosecurity Personen & Objektschutz GmbH have until
Oct. 10 to register their claims with court-appointed insolvency
manager Thomas Steger.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         Ground 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:

         Thomas Steger
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/906090

The District Court of Bonn opened bankruptcy proceedings against
Prosecurity Personen & Objektschutz GmbH on Aug. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prosecurity Personen & Objektschutz GmbH
         Attn: Monika Stammel-Heine, Manager
         Zum Hoeffelfeld 4
         53797 Lohmar
         Germany


PSG CLASSIC: Creditors Must File Claims by October 5
----------------------------------------------------
Creditors of PSG Classic GmbH have until Oct. 5 to register
their claims with court-appointed insolvency manager Hans-W.
Goetsch.

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

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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:

         Hans-W. Goetsch
         Libellenweg 4
         55128 Mainz
         Germany

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

The Debtor can be reached at:

         PSG Classic GmbH
         Alicenplatz 4
         55116 Mainz
         Germany


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


GUESS? INC: Caris Maintains Average Rating on Firm's Shares
-----------------------------------------------------------
Caris & Company analyst Scott Birkby has kept his "average"
rating on Guess? Inc's shares, Newratings.com reports.

According to Newratings.com, the target price for Guess?'s
shares was increased to US$57 from US$54.

Mr. Birkby said in a research note that recent checks indicated
that Guess?'s shoes and handbags have been receiving positive
customer response in Europe.

Mr. Birkby told Newratings.com that Guess?'s August 2007 "comp
store sales" had a double-digit increase.

The earnings per share estimate for fiscal year 2008 was
increased to US$2.28 from US$2.16, Newratings.com states.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


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


INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007
-------------------------------------------------------
Independent News & Media plc released its interim financial
results for the six months ended June 30, 2007.

In the six months ended June 30, 2007, INM's net profit
increased by 9.7% to EUR62 million from EUR56.5 million in the
same period in the prior year, reflecting the group's
diversified growth and rigorous cost management strategy.

The Group's profit for the period was EUR76.2 million, compared
with EUR87.3 million a year ago.

Each of INM's main geographic regions performed strongly with
first half Group Operating Profit (before exceptionals)
increasing by 4.5% (6.1% in constant currency terms) to EUR154.6
million.  This produced a strong half year margin of
19.0% (up 40 bps).

Group revenues increased by 2.4% to EUR815.5 million (up 4.2% in
constant currency), despite adverse currency movements and the
loss of some low-margin distribution contracts in Ireland.

This growth was largely driven by the Publishing division whose
revenues grew by 5.1% in constant currency, on the back of good
increases in advertising revenues (up 6.3%) and circulation
revenues (up 2.5%).  Significantly, all markets showed growth in
advertising, with increases in both aggregate volumes and rate.

A net exceptional charge of EUR27.6 million relates mainly to
payroll restructuring charges in the Group's Irish, Australasian
and United Kingdom operations, and reflects the Group's
continuing business re-engineering in its publishing operations.
The exceptional charge also includes costs associated with the
APN Scheme of Arrangement, which did not proceed.

The tax charge, at EUR17.9 million, was EUR3.4 million less than
2006 due mainly to tax credits associated with the exceptional
restructuring charges.

Adjusted Earnings per Share increased to 8.03 cent (+8.1%) due
to the Group's strong operating and financial performance.

At June 30, 2007, the Group's unaudited balance sheet showed
EUR4.1 billion in total assets, EUR1.9 billion in total
liabilities and EUR2.2 billion in stockholders' equity.

The Group's balance sheet at June 30, 2007 also showed strained
liquidity with EUR453.2 million in total current assets
available to pay EUR536 million in total liabilities coming due
within the next 12 months.

                            Outlook

"INM is pleased to report another set of record results.  This
strong performance reflects the clear benefits of our low cost
ethos and our multi-market and multi-media strategy, Sir Anthony
O'Reilly, chief executive of INM, said.  "We believe that our
new work practices are right at the forefront in the production
of newspapers, and we will continue our unrelenting attention on
driving revenue growth while achieving cost and margin
improvements in all of our businesses."

"The positive trends we have experienced in the first half
across all our markets have continued into the second half and,
based on the continuation of these trends, we believe that your
Group's wide-ranging activities will deliver continued earnings
growth and sustain industry-leading operating margins," Mr.
O'Reilly added.

                         Restructuring

Over the past few years, INM has fundamentally re-defined and
re-shaped how its publishing divisions operate.  This singular
focus has allowed the Group to identify:

   -- how best to compile its market-leading editorial products;

   -- how best to enhance its interaction with its customers;

   -- how best to manage its sales resources; and

   -- how best to prioritize its investment in marketing and
      product innovation.

All divisions within the Group are already working to, or are
currently adopting, these new operating principles and work
flows within their publishing divisions.  This has resulted in
new (and in some instances, outsourced) centralized customer
contact centers (telesales), advertising production centers and
financial shared service centers in Australia (Brisbane),
Ireland (Clonakilty), New Zealand (Tauranga and Whangerei) and
the United Kingdom (Armagh).

To facilitate this business re-engineering and to ensure that
journalists are better focused on content creation and
origination (rather than production), all publishing systems
have now been upgraded to a common Atex editorial system that
streamlines page production, enhances quality control and
enables real-time editorial page sharing across the Group.

By leveraging the Group's global scale, adopting new and more
efficient work flows and through the better use of technology,
the Group has achieved a significant reduction in its permanent
headcount, generating significant cost savings, and sponsoring
new revenue growth across print and online.

This restructuring program continues through 2007, where the
full year cost of restructuring is expected to be approximately
EUR45 million, delivering an expected payback period of between
2.0 - 2.5 years.  To date, over 450 of the 579 forecasted
headcount reductions in 2007 (in Australasia, Ireland and the
United Kingdom) have been achieved and the remainder are
expected to be completed before year-end.

                            Education

As part of the Group's successful diversification strategy --
both in terms of sector platforms and markets -- INM has
identified the area of education as an attractive and fast-
growing sector in which to strategically invest.

The Group's initial investment is the launch of Independent
College in Dublin, Ireland.  Independent College builds on INM's
existing educational platforms -- editorial and online --
creating a learning experience that is complementary to our
existing portfolio of assets.

Independent College has already assembled a team of exceptional
lecturers to staff each of the core faculties of Law,
Accountancy, Journalism, Arts and Continuous Professional
Development, with enrolments commencing now for courses starting
in November.  Further information on this will be available in
the coming weeks.  This concept is scaleable across each of the
Group's markets and will greatly benefit from cross-promotion
across the Group's leading titles, radio stations and outdoor
sites.

                       Capital Management

As part of INM's efficient capital management policy, the
Company has repurchased 32.4 million Treasury Shares to date in
2007.  The objective of this is to minimize the dilutive impact
for all shareholders which will arise on the maturity of the New
Zealand Cumulative Exchangeable Preference Shares, if as
expected, they convert into INM shares (c. 56 million) in late
November 2007.

                           Dividend

The Board is recommending an interim dividend of 4.57 cent per
share, an increase of 10.1% on 2006, reflecting the strong half
year operating performance and confidence in the Group's ability
to deliver continued earnings growth.

This dividend will be paid on Nov. 19, 2007 to ordinary
shareholders registered at the close of business on
Sept. 28, 2007.  A scrip dividend alternative will also be
available.

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

                          *     *     *

As reported in the TCR-Europe on June 14, 2007, Fitch Ratings
affirmed Independent News & Media Plc's Issuer Default and
senior unsecured ratings at 'BB-' and removed them from Rating
Watch Evolving.  Fitch said a Stable Outlook is assigned to the
Issuer Default rating.


SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners
--------------------------------------------------------------
Sanyo Electric Co. Ltd. has decided to sell all shares of its
solely owned subsidiary Sanyo Semiconductor Co. to Advantage
Partners, fully withdrawing from the semiconductor business, The
Yomiuri Shimbun reports.

According to Yomiuri, Sanyo gave Advantage the preferential
rights regarding the sale of its semiconductor business, in
which both parties are expected to reach a basic agreement in
early October.   The sale is likely to be valued at more than
JPY100 billion, sources revealed to Yomiuri.

Sanyo, notes Yomiuri, first considered keeping part of its
shares in the subsidiary, but opted to sell all of them as the
business is easily influenced by market conditions and requires
large-scale capital investment.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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


AVAGO TECHNOLOGIES: S&P Places 'B' Rating Under Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit and other ratings on San Jose, California- and Singapore-
based Avago Technologies Holdings Pte. Ltd. on CreditWatch with
positive implications reflecting the company's operational
stability, despite challenging market conditions, and leverage
measures that are strong for the rating.

"Revenues have been flat for the past three quarters as gains in
cell phone and automotive products have offset some weakness in
wired infrastructure and computer peripherals," said Standard &
Poor's credit analyst Lucy Patricola.  Margins have improved
following restructuring actions and additional outsourcing.
Over the past year, debt was modestly reduced through surplus
cash flow, leaving cash balances intact at about $200 million.
Debt to EBITDA is about 3x.

S&P will meet with management to review the company's
expectations for operational trends in the near to intermediate
term and financial policies with respect to acquisitions in
order to determine the final impact on the credit rating.

                        About Avago Tech

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

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

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


DANA CORP: To Pay US$1.2 Bln to Anthony Wayne School District
-------------------------------------------------------------
Dana Corp. will pay about US$1.25 billion to Anthony Wayne Local
School District for missing tax abatement donations, The Toledo
Blade reports.

The payment is part of a settlement that Dana has entered with
Anthony Wayne.  Under the settlement terms, US$1,625,000 will be
paid in cash and stock from reorganized Dana after it emerges
from bankruptcy.  The settlement, which is subject for approval
of the U.S. Bankruptcy Court for the Southern District of New
York, is still in the works, the Blade says.

The Blade relates that negotiations began last year after Dana
missed a third straight annual payment of about US$237,000 to
the school district.  Dana had agreed to pay Anthony Wayne as
part of a property tax abatement for Dana's Maumee Technical
Center that opened in 2004.

Charlie Burns relates to the Blade that the agreement, if
approved [by the Bankruptcy Court], will "basically make the
district whole" and could have been a lot worse. "For the board,
from the beginning, we were very concerned that we may not
receive anything.  But it's worked out well for us, and we're
excited about it."

Chuck Hartlage, Dana's spokesman, said he was unfamiliar with
the settlement and would investigate, according to the Blade.
Mr. Hartlage said the corporation was "pleased to have reached
this agreement" with the district, but added that he couldn't
discuss how it would affect other Dana creditors.

                         About Dana Corp.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan.  (Dana Corporation Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


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


AITAN LLP: Proof of Claim Deadline Slated for October 26
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Aitan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Protazanov Str. 25
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3222) 56-11-36


BIRLIK LLP: Creditors Must File Claims October 23
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Birlik insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Suleymenov Str. 21
         Josaly
         Karmakshynsky District
         Kyzylorda
         Kazakhstan


GAUHAR LLP: Claims Filing Period Ends October 23
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Gauhar insolvent.

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


KAZ-BI LLP: Creditors' Claims Due on October 24
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kaz-Bi 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


SATRID LLP: Claims Registration Ends October 24
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Satrid 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


SEMEY GORTOP: Proof of Claim Deadline Slated for October 26
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Semey Gortop Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Protazanov Str. 25
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3222) 56-11-36


SHEBER-1 LLP: Creditors Must File Claims October 23
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP sheber-1 insolvent.

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

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


SPECTR-STORY LLP: Claims Filing Period Ends October 23
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Construction Company Spectr-Stroy insolvent.

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


TULPAR-TRANS-SERVICE & K: Creditors' Claims Due on October 23
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Tulpar-Trans-Service & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Suleymenov Str. 21
         Josaly
         Karmakshynsky District
         Kyzylorda
         Kazakhstan


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


ENERGOSTROY SERVICE: Proof of Claim Deadline Slated for Oct. 31
---------------------------------------------------------------
LLC Energostroy Service has declared insolvency.  Creditors have
until Oct. 31 to submit written proofs of claim to:

         LLC Energostroy Service
         Abdrahmanov Str. 281
         Bishkek
         Kyrgyzstan


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


COMPANHIA SIDERURGICA: Rio Grande Eyes Firm's Planned Steel Mill
----------------------------------------------------------------
The Rio Grande do Norte state development secretary, Marcelo
Caetano Rosado, told Business News Americas that the state wants
to host Companhia Siderurgica Nacional's planned new steel mill.

Companhia Siderurgica head Benjamin Steinbruch confirmed to
BNamericas that the firm wants to construct a 4.5-million-ton-
per-year steel plant in northeast Brazil.

"We have gas production that could supply the mill.  The state
also has iron ore production and fiscal incentives, in addition
to a privileged geographic location.  We have all the conditions
necessary to have this project.  We'll make all necessary
efforts to bring this project to Rio Grande do Norte," Mr.
Rosado commented to BNamericas.

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

                        *     *     *

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


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


ALTAYSKIY STOCKINET: Names D. Mishenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Altay appointed D. Mishenko as
Insolvency Manager for CJSC Altayskiy Stockinet.  He can be
reached at:

         D. Mishenko
         Post User Box 16
         656015 Barnaul
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A03-11880/06-B.

The Debtor can be reached at:

         CJSC Altayskiy Stockinet
         Lugovaya Str. 1
         Belaya Kholunitsa
         613200 Altay
         Russia


FINANCIAL CARTEL: Creditors Must File Claims by October 1
---------------------------------------------------------
Creditors of CJSC Financial Cartel have until Oct. 1 to submit
proofs of claim to:

         A. Bondarev
         Temporary Insolvency Manager
         Apartment 35
         Kosmonavtov Pr. 2912
         Korolev
         252090 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
Nov. 15 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A41-K2-12640/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Financial Cartel
         Chaykovskogo Str. 8
         Pushkin
         141200 Moscow
         Russia


FRUNZE CJSC: Creditors Must File Claims by November 1
-----------------------------------------------------
Creditors of CJSC Named After Frunze have until Nov. 1 to submit
proofs of claim to:

         I. Vysotskaya
         Insolvency Manager
         G. Lizyukova Str. 66a-12
         Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A14-2309-2007/14/7b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC Named After Frunze
         Dmitrievka
         Ertilskiy
         Voronezh
         Russia


HYNIX SEMICONDUCTOR: Signs Nitrogen Supply Deal w/ Air Products
---------------------------------------------------------------
Air Products' Korea subsidiary has signed a long-term contract
to supply nitrogen to Hynix Semiconductor Inc.  The nitrogen
will be supplied to a new back-end test and packaging fab which
Hynix is building in the Cheongju Industrial Complex, North
Chungcheong Province, Korea.

Air Products will build, own and operate the nitrogen air
separation plant which is scheduled to come on-stream in mid-
2008.

"This contract underscores our commitment to expanding
infrastructure locally to complement the business plans of our
customers so as to provide a more cost-effective and reliable
supply to the Asia region, which is the largest and fastest
growing market for electronics," said David Price, regional vice
president and general manager of Asia Electronics, Air Products.
"This project will further enhance Air Products' position in the
memory segment of the semiconductor industry, which is forecast
to grow by up to 20 percent annually over the next five years."

Hynix has two wafer fabrication plants producing flash memory
chips, and one back-end test and packaging fab in Cheongju.  It
is now adding a second back-end unit to support the current
production lines in the complex.

"This contract reaffirms our partnership with Hynix, whom we
have been supplying with electronics specialty gases and
chemicals, and liquid bulk gases in Korea," said Soo Yon Lee,
president of Air Products Korea.  "The electronics industry is a
high growth platform for Air Products, and Korea is one of the
largest such markets.  The new investment further reinforces our
commitment and leading position in the Korean electronics
market."

The strong growth in demand of memory chips is being driven by
new applications in mobile communications, automobiles, game
systems, portable multimedia players and personal computer
operating systems.

                    About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


KAMAG CJSC: Creditors Must File Claims by October 1
---------------------------------------------------
Creditors of CJSC Kamag have until Oct. 1 to submit proofs of
claim to:

         M. Yusupov
         Insolvency Manager
         Oktyabrya Pr. 93/3-42
         Ufa
         450075 Bashkortostan
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A 76-8741/2007-36-122.

The Court is located at:

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

The Debtor can be reached at:

         M. Yusupov
         Insolvency Manager
         Oktyabrya Pr. 93/3-42
         Ufa
         450075 Bashkortostan
         Russia


MAYSKOE LLC: Creditors Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Mayskoe (TIN 7208002313, OGRN 1057200337391)
have until Oct. 1 to submit proofs of claim to:

         A. Vorontsov
         Temporary Insolvency Manager
         Floor 5
         Minskaya Str. 88
         325027 Tyumen
         Russia

The Arbitration Court of Tyumen will convene on Nov. 13 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A-70-4304/3-2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mayskoe
         Yubileynaya Str. 3
         Mayskoe
         Abatskiy
         Tyumen
         Russia


NOVOMOSKOVSKIY HOUSE: Creditors Must File Claims by October 1
-------------------------------------------------------------
Creditors of OJSC Novomoskovskiy House Builder (TIN 7116013474)
have until Oct. 1 to submit proofs of claim to:

         I. Sapegin
         Temporary Insolvency Manager
         Post User Box 1977
         300012 Tula
         Russia

The Arbitration Court of Tula will convene on Nov. 29 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A68-4226/07-289/B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novomoskovskiy House Builder
         Mayakovskogo Str. 25
         Novomoskovsk
         301670 Tula
         Russia


OKHOTSKAYA ELECTRIC: Asset Sale Slated for October 2
----------------------------------------------------
LLC Delo Centre, the bidding organizer for OJSC Okhotskaya
Electric Power Station, will open a public auction for the
company's properties at 11:00 a.m. on Oct. 2 at:

         LLC Delo Centre
         Room 407
         Volochaevskaya Str. 181-b
         Khabarovsk
         Russia

The case is docketed under Case No. A73-16071/2005-36.

The company has set a RUR11,025,700 starting price for the
auctioned assets.

Interested participants have until Sept. 28 to deposit an amount
of RUR100,000 to:

         OJSC Okhotskaya Electric Power Station
         Settlement Account 40702810443350000212
         Correspondent Account 30101810800000000783
         BIK 040813783
         OJSC ACB ROSBANK (Dalnevostochnyj)
         Khabarovsk
         Russia

Bidding documents must be submitted to:

         LLC Delo Centre
         Room 407
         Volochaevskaya Str. 181-b
         Khabarovsk
         Russia
         Tel: (4212) 34-60-90
         Fax: 41-21-49

The Debtor can be reached at:

         OJSC Okhotskaya Electric Power Station
         Okhotsk
         Okhotskiy
         Khabarovsk
         Russia


POULTRY FARM: Creditors Must File Claims by November 1
------------------------------------------------------
Creditors of LLC Poultry Farm have until Nov. 1 to submit proofs
of claim to:

         M. Leongardt
         Insolvency Manager
         Post User Box 2583
         614070 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A50-1564/2007-B-3.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Poultry Farm
         Yayva
         Aleksandrovsk
         618340 Perm
         Russia


ROSNEFT OIL: Eyes Refining Up to 40 Million Tons of Oil in 2007
---------------------------------------------------------------
OAO Rosneft Oil Co. plans to refine nearly 40 million tons of
oil in 2007, Interfax News reports citing the company's vice
president Dmitry Bogdanov.

"Our company could process 38 million to 39 million tons by the
end of 2007, and given the new facilities we have acquired, the
figure could be higher at 48 million to 50 million tons in
2008," Mr. Bogdanov was quoted by RIA Novosti as saying.

Mr. Bogdanov said Rosneft refined 15 million tons of oil for the
first half of 2007, and plans to refine 25 million tons in the
second half using newly acquired assets.

Rosneft's vice-president, however, noted that its newly acquired
assets need an overhaul to compete with plants that operate
under European standards.  Mr. Bogdanov said Rosneft is
currently implementing a program seeking to modernize its Black
Sea refining infrastructure by 2012.

Mr. Bogdanov did not reveal how much Rosneft will spend for the
upgrade, saying that the plan still has to obtain the company's
board nod in November.

                          About Rosneft

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

                            *   *   *

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


RUS’ LLC: Creditors Must File Claims by October 1
-------------------------------------------------
Creditors of LLC Agricultural Company Rus’ have until Oct. 1 to
submit proofs of claim to:

         V. Gusich
         Temporary Insolvency Manager
         Office 317
         Serafimovicha 58
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A53-8797/2007-S1-51.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Rus’
         Molodezhnaya 19-1
         Volchenskiy
         Kamenskiy
         Rostov
         Russia


SAKHA DIAM: Creditors Must File Claims by November 1
----------------------------------------------------
Creditors of CJSC Sakha Diam have until Nov. 1 to submit proofs
of claim to:

         S. Fedorov
         Insolvency Manager
         Post User Box 515
         Central Post Office
         Yakutsk
         677000 Sakha- Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A58-7844/2006.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC Sakha Diam
         4th km 31
         Sergelyakhskoe Shosse
         Yakutsk
         Sakha-Yakutiya
         Russia


SIBERIAN REGION: Creditors Must File Claims by October 1
--------------------------------------------------------
Creditors of CJSC Siberian Region have until Oct. 1 to submit
proofs of claim to:

         L. Shishmareva
         Temporary Insolvency Manager
         Post User Box 146
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk 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. A19-10330/07-60.

The Court is located at:

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

The Debtor can be reached at:

         L. Shishmareva
         Temporary Insolvency Manager
         Post User Box 146
         664025 Irkutsk
         Russia


SOLNECHNOE LLC: Creditors Must File Claims by October 1
-------------------------------------------------------
Creditors of LLC Solnechnoe have until Oct. 1 to submit proofs
of claim to:

         E. Sergeev
         Insolvency Manager
         Apartment 53
         K. Marksa Str. 71b
         305021 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-166/070 g.

The Court is located at:

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

The Debtor can be reached at:

         LLC Solnechnoe
         Kastorenskiy
         Kursk
         Russia


TALMENSKIY ELEVATOR: Creditors Must File Claims by November 1
-------------------------------------------------------------
Creditors of OJSC Talmenskiy Elevator have until Nov. 1 to
submit proofs of claim to:

         A. Rubashanov
         Insolvency Manager
         Post User Box 841
         Barnaul
         656015 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A03-10422/06-B.

The Debtor can be reached at:

         OJSC Talmenskiy Elevator
         Vokzalnaya Str. 12
         Talmenka
         Talmenskiy
         658030 Altay
         Russia


TSELINNYJ CJSC: Creditors Must File Claims by October 1
-------------------------------------------------------
Creditors of CJSC Tselinnyj (TIN 7530003049) have until Oct. 1
to submit proofs of claim to:

         N. Ivanchenko
         Temporary Insolvency Manager
         Post Use Box 658
         Post Office 7
         Zhuravleva Str.
         672007 Chita
         Russia

The Arbitration Court of Chita will convene at 2:30 p.m. on
Nov. 22 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-78-2030/2007-B-234.

The Debtor can be reached at:

         CJSC Tselinnyj
         Tselinnyj
         Krasnokamenskiy
         674697 Chita
         Russia


ZELENODOLSKAYA FURNITURE: Creditors Must File Claims by Nov. 1
--------------------------------------------------------------
Creditors of CJSC Zelenodolskaya Furniture Factory have until
Nov. 1 to submit proofs of claim to:

         I. Timina
         Insolvency Manager
         Post User Box 114
         Kazan
         420107 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A65-4484/2007-SG4-21.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zelenodolskaya Furniture Factory
         Zelenodolsk
         Tatarstan
         Russia


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


SANTANDER CONSUMER SPAIN 07-2: S&P Junks EUR20 Mln Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit
ratings to the EUR1.02 billion floating-rate notes issued by
Fondo de Titulizacion de Activos, Santander Consumer Spain 07-2.

The class A, B, C, and D notes are backed by consumer and auto
loan receivables originated by Santander Consumer, E.F.C., S.A.,
a subsidiary of Santander Consumer Finance, S.A.

Santander Consumer is the European consumer finance subsidiary
of Spain's largest bank, Banco Santander.  In September 2006,
Standard & Poor's conducted a review of the originator's
origination, underwriting and collection processes.  This review
is an integral part of the rating analysis.

The issuer purchased auto and consumer loan receivables from
Santander Consumer and issued five classes of notes. The class E
notes are not backed by receivables.  The issuer used the
proceeds of the class E notes to fund the initial reserve fund.

                          Ratings List

Fondo de Titulizacion de Activos, Santander Consumer Spain 07-2
   EUR1.02 Billion Floating-Rate Notes

                                          Amount
           Class            Rating       (Mln. EUR)
           -----            ------        ---------
            A                AAA            929.0
            B                AA              27.0
            C                A               17.5
            D                BBB             26.5
            E(1)             CCC-            20.0

(1)-- The class E notes are backed by excess spread.


SANTANDER HIPOTECARIO 4: Moody's Junks EUR14.8MM Series F Notes
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
eight series of residential mortgage-backed "Bonos de
Titulizacion de Activos" to be issued by Fondo de Titulizacion
de Activos Santander Hipotecario 4, a Spanish Asset
Securitisation Fund created by Santander de Titulizacion,
S.G.F.T, S.A.:

   -- (P)Aaa to the EUR184.3 million Series A1 notes;
   -- (P)Aaa to the EUR661,9 million Series A2 notes;
   -- (P)Aaa to the EUR278 million Series A3 notes;
   -- (P)Aa2 to the EUR20.9 million Series B notes;
   -- (P)A1 to the EUR30.7 million Series C notes;
   -- (P)Baa1 to the EUR27.1 million Series D notes;
   -- (P)Ba2 to the EUR27.1 million Series E notes; and
   -- (P)Ca to the EUR14.8 million Series F notes.

This transaction consists of the securitization of a pool of
first-lien residential mortgage loans originated and serviced by
Banco Santander, one of the leading Spanish banks and with a
proven track record in the securitization market.  All of the
loans comprising the collateral have a Loan-to-Value exceeding
80%.

The portfolio comprises 7,743 loans representing a provisional
portfolio of EUR1,363,120,908.  The collateral backing the notes
issuance is entirely made up of first lien residential
mortgages.  The loans were originated between 1993 and 2006 with
a weighted average seasoning of approximately 1.1 years.  The
original WALTV is 92.42%.  The current weighted average LTV is
91.61%.  The pool is well diversified across Spain.

According to Moody's, this deal benefits from several strengths,
including:

   (1) a swap agreement that fully hedge interest rate risk and
       guarantees a 65-bp pa excess spread over senior costs;

   (2) a reserve fund that is fully funded at closing;

   (3) an 18-month artificial write-off mechanism to trap excess
       spread; and

   (4) the fact that 100% of the loans are secured by first lien
       mortgages on residential properties.

However, Moody's notes that the deal also features a number of
credit weaknesses, notably:

   (1) the fact that the collateral comprises loans with an LTV
       of over 80%, which leads to a higher expected default
       frequency and more severe losses in case of defaults;

   (2) the absence of any information on the occupancy type of
       the property; and

   (3) the fact that, although the deferral of interest payments
       on each of Series B, C, D and E benefits the repayment of
       the series senior to each of them, it increases the
       expected loss on Series B, C, D and E themselves.

All of these increased risks were reflected in Moody's credit
enhancement calculation.

Moody's has based its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure;

   (2) the transaction's structural protections, which include
       the subordination of the notes, the strength of the cash
       flows (including the reserve fund) and any excess spread
       available to cover losses; and

   (3) the credit quality of the parties involved in the
       transaction.

The ratings address the expected loss posed to investors by the
legal final maturity.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date on
Series A1, A2, A3, B, C, D and E, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Series F.

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


SANTANDER HIPOTECARIO 4: S&P Junks EUR14.8 Million Class F Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.23 billion mortgage-backed floating-
rate notes to be issued by Fondo de Titulizacion de Activos
Santander Hipotecario 4.  In addition, Santander Hipotecario 4
will issue an overissuance of EUR14.8 million floating-rate
notes (the class F notes).

This will be the 25th securitization to be originated by the
Santander group over its residential mortgage portfolio.

Santander Hipotecario 4 will purchase mortgage transmission
certificates from the participation issuer, Banco Santander S.A.
(AA/Stable/A-1+) and will issue six classes of floating-rate
notes.

The class A to E notes will be backed by a pool of first-ranking
mortgages secured over residential properties in Spain and
originated by Santander.  The class F notes will fund the
reserve fund and will be repaid with excess spread.

The transaction features mortgage insurance on a portion of the
loans.  This insurance will be provided by AIG Europe S.A. and
Genworth Financial Mortgage Insurance Ltd., reducing the losses
incurred.

The swap agreement will provide credit enhancement to the
transaction by providing additional excess spread and adjusted
notional.

The transaction will also feature an artificial write-off
mechanism, whereby the outstanding balance of loans more than 18
months past due will be added to the amortization amount of the
notes, and therefore the notes will pay at a faster pace.  The
notes will pay sequentially unless the pro rata triggers are
hit.

                         Ratings List

Fondo de Titulizacion de Activos Santander Hipotecario 4
   EUR1.23 Billion Mortgage-Backed Floating-Rate Notes and an
   Overissuance of EUR14.80 Million Floating-Rate Notes

                        Prelim.      Prelim. Amount
         Class          Rating         (Mln. EUR)
         -----          ------          --------
         A1             AAA               184.3
         A2             AAA               661.9
         A3             AAA               278.0
         B              AA                 20.9
         C              A                  30.7
         D              BBB                27.1
         E              BB                 27.1
         F(1)           CCC-               14.8

(1) -- The class F note proceeds will fully fund the reserve
       fund at closing.


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


ALLIANZ GLOBAL: Creditors' Liquidation Claims Due October 4
-----------------------------------------------------------
Creditors of JSC Allianz Global Investors have until Oct. 4 to
submit their claims to:

         David Kanzig
         Liquidator
         Thouvenin Rechtsanwalte
         Klausstrasse 33
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Allianz Global Investors
         Zurich
         Switzerland


HAFLIGER ST. MORITZ: Creditors' Liquidation Claims Due October 4
----------------------------------------------------------------
Creditors of LLC HAFLIGER St. Moritz have until Oct. 4 to submit
their claims to:

         JSC Anton Hafliger
         Liquidator
         Chommlibachstrasse 11
         6210 Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC HAFLIGER St. Moritz
         St. Moritz
         Maloja GR
         Switzerland


INTER GASTRO: Creditors' Liquidation Claims Due October 31
----------------------------------------------------------
Creditors of JSC Inter Gastro Design have until Oct. 31 to
submit their claims to:

         Dr. Max Glauser
         Liquidator
         Seefeldstrasse 7
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Inter Gastro Design
         Kusnacht ZH
         Switzerland


JORDI FILM: Creditors' Liquidation Claims Due October 12
--------------------------------------------------------
Creditors of JSC Jordi Film & TV Productions have until Oct. 12
to submit their claims to:

         E. Jordi
         Liquidator
         Drahtzugstrasse 53
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Jordi Film & TV Productions
         Zurich
         Switzerland


MATTHEES JSC: Creditors' Liquidation Claims Due October 10
----------------------------------------------------------
Creditors of JSC Matthees have until Oct. 10 to submit their
claims to:

         Bundtenweg 2
         4710 Balsthal
         Thal SO
         Switzerland

The Debtor can be reached at:

         JSC Matthees
         Balsthal
         Thal SO
         Switzerland


MF PLANBAU: Solothurn Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Solothurn entered Aug. 24 an order
closing the bankruptcy proceedings of LLC MF Planbau.

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC MF Planbau
         Hohenweg 6
         4612 Wangen bei Olten SO
         Switzerland


NOVA CHEMICALS: Moody's Confirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service confirmed NOVA Chemicals Corporation's
Ba3 corporate family rating and senior unsecured debt ratings
following regulatory approval for the expansion of its styrenics
joint venture and the belief that low olefin feedstock costs
could allow the company to meaningfully reduce debt over the
next 12-18 months.

Moody's also affirmed the company's SGL-3 rating.  Given the
uncertainty in the company ability to meaningfully reduce debt,
the rating outlook will remain negative until net balance sheet
debt declines below US$1.5 billion.  This concludes the review
which began on Feb. 1, 2007.

The ratings confirmation reflects the expectation that NOVA will
be able to generate over US$700 million of EBITDA in 2007 and
that Alberta ethane prices will remain low relative to Gulf
Coast prices and other crude oil-based feedstocks through 2008,
especially during the second and third calendar quarters.  This
should provide NOVA with the opportunity to de-lever its balance
sheet and reduce net debt to roughly US$1.5 billion by the end
of 2007 and get it well below US$1.5 billion in 2008.  The
expanded styrenics joint venture with INEOS, including the
contractual arrangement with Sterling Chemical, will enable NOVA
to minimize its exposure to a business that has been a cash
drain and a credit negative over much of the past decade.

Furthermore, given the likelihood of additional US styrene
capacity rationalization (Dow and Chevron Phillips venture),
Moody's believes that the INEOS NOVA joint venture may not
require additional funding.  The combination of these factors
should improve NOVA's credit metrics over the cycle and allow
the company to maintain its Ba3 corporate family rating.  NOVA
needs to reduce its balance sheet debt as it has roughly US$1.2
billion of debt maturities over the next five years and a large
portion of this debt may have to be refinanced during
unfavorable conditions in the global olefin/polyolefin markets.

The negative outlook reflects the inherent uncertainty
surrounding the company's earnings and cash flow, as well as its
ability to reduce debt over the next 12-16 months.  The company
is effectively a single product commodity producer whose
financial performance can be greatly impacted by exogenous
events.  The company's quarterly financial performance over the
past two and a half years, arguably the strongest part of the
current up-cycle in olefins, has been very volatile due to
feedstock prices, uneven market demand and several unplanned
production outages.  Moody's would likely move the outlook to
stable as net debt falls below US$1.5 billion and the company
continues to benefit from low feedstock prices.  Conversely,
Moody's could reassess the appropriateness of the Ba3 rating if
NOVA is unable to reduce debt as expected over the next year or
if the company's trailing four quarter EBITDA falls below US$450
million.

Headquartered in Calgary, Alberta, Canada, Nova Chemicals Co.
(NYSE:NCX) (TSX:NCX) -- http://www.novachem.com/-- is a leading
producer of ethylene, polyethylene, styrene, polystyrene, and
expanded polystyrene.  NOVA Chemicals' manufacturing sites are
strategically situated throughout Canada, the US and South
America.  The company has operating centers in the U.S.,
Switzerland, and China.

Nova will retain its Performance Styrenics business, which has
sales of roughly US$400 million.  NOVA reported revenues of
US$6.5 billion for the LTM ending June 30, 2007.


S + L MONTAGEN: Obwalden Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Obwalden entered Aug. 21 an order
closing the bankruptcy proceedings of LLC S + L Montagen.

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         LLC S + L Montagen
         Spitzlermatte 19
         6056 Kagiswil
         Switzerland


TIFFIN FINANCE: Creditors' Liquidation Claims Due October 4
-----------------------------------------------------------
Creditors of JSC Tiffin Finance have until Oct. 4 to submit
their claims to:

         Treuco Treuhand
         Liquidator
         2172
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Tiffin Finance
         Wollerau
         Hofe SZ
         Switzerland


TRON UMWELTTECHNIK: Claims Registration Period Ends September 30
----------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Tron Umwelttechnik on Aug. 13.

Creditors have until Sept. 30 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Tron Umwelttechnik
         Bleicheweg 5
         5605 Dottikon
         Bremgarten AG
         Switzerland


WALDEGG MUNCHWILEN: Claims Registration Period Ends October 3
-------------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Waldegg Munchwilen on Aug. 3.

Creditors have until Oct. 3 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Waldegg Munchwilen
         Weinfelderstrasse 17
         9542 Munchwilen TG
         Switzerland


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


ERZURUM: Fitch Affirms B+ Ratings with Stable Outlook
-----------------------------------------------------
Fitch Ratings has affirmed the Turkish Metropolitan Municipality
of Erzurum's ratings at Long-term foreign and local currency
'B+'.  The Outlooks on both ratings are Stable.

The ratings reflect Erzurum's below-national average economic
profile and the projected rise in capital expenditure, primarily
in relation to the light railway system.  These factors are
balanced by the municipality's good budgetary performance due to
its capacity to adjust expenditure to revenue availability and
the benefits of the national tax revenues redistribution system.

Erzurum benefits from the redistribution of national taxes, as
this source fills the gap created by the relatively low local
tax revenues.  There is investment and services support from the
national government due to the importance of Erzurum in its
region.  This support compensates somewhat for Erzurum's weaker-
than-national average socio-economic profile.  Erzurum's credit
profile is directly affected by central government policies and
actions, as the municipality is vulnerable to changes in the
distribution percentage of national tax-sharing.  Investment-
related expenditure accounted for an average 31% of total
expenditure in the past five years.  This significant proportion
gives the administration some flexibility to cut costs in times
of slower revenue growth.  Nevertheless capital expenditure in
the coming years would be driven by the implementation of the
light railway system project with an estimated debt funding of
TRY100 million.  Fitch expects debt to reach maximum 160% of
current revenue and 7/8 years of current balance, all else being
equal.  These ratios are in line with the current ratings.

Erzurum is located in north-east Turkey and is one of the
smallest of the country's 16 metropolitan areas.  It has a
population of around 0.5 million and accounts for 0.7% of
national GDP.  The administration's main responsibilities are
investment-driven, primarily in infrastructure, as well as the
provision of metropolitan services such as public transport.


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


GURMAN-SERVICE: Creditors Must File Claims by September 27
----------------------------------------------------------
Creditors of LLC Gurman-Service (code EDRPOU 30625135) have
until Sept. 27 to submit written proofs of claim to:

         Sergey Kostin
         Temporary Insolvency Manager
         Buzhskaya Str. 104
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on July 24.  The case is docketed as
5/694/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gurman-Service
         Komsomolskaya Str. 101
         54008 Nikolaev
         Ukraine


MIZOTSKAYA AGRICULTURAL: Proofs of Claim Deadline Set Sept. 27
--------------------------------------------------------------
Creditors of OJSC Mizotskaya Agricultural Machine-Technological
Station (code EDRPOU 30032581) have until Sept. 27 to submit
written proofs of claim to:

The Court is located at:

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 8/18.

The Debtor can be reached at:

         OJSC Mizotskaya Agricultural
         Machine-Technological Station
         Vishnevaya Str. 1
         Zdolbunov
         Rovno
         Ukraine


OLIGOPOL-BREAD: Creditors Must File Claims by September 27
----------------------------------------------------------
Creditors of LLC Oligopol-Bread (code EDRPOU 30796805) have
until Sept. 27 to submit written proofs of claim to:

The Court is located at:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed as 10/208-07.

The Debtor can be reached at:

         LLC Oligopol-Bread
         1st May Str. 87
         Oligopol
         Tchetchelnik District
         24800 Vinnica
         Ukraine


ROVNO MILK: Proofs of Claim Deadline Set September 27
-----------------------------------------------------
Creditors of LLC Rovno Milk Processing Plant (code EDRPOU
31141286) have until Sept. 27 to submit written proofs of claim
to:

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 9/38.

The Debtor can be reached at:

         LLC Rovno Milk Processing Plant
         Shevchenko Str. 1
         Zdolbunov
         Rovno
         Ukraine


SOFIYA-2002 LLC: Proofs of Claim Deadline Set September 27
----------------------------------------------------------
Creditors of LLC Sofiya-2002 (code EDRPOU 32149834) have until
Sept. 27 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as 21/172/07.

The Debtor can be reached at:

         LLC Sofiya-2002
         Verbitsky Str. 24
         Orekhov
         70500 Zaporozhje
         Ukraine


STEEL COMPANY: Creditors Must File Claims by September 27
---------------------------------------------------------
Creditors of CJSC Steel Company (code EDRPOU 31000959) 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 supervision
procedure on the company on Aug. 2.  The case is docketed as
45/52b.

The Debtor can be reached at:

         CJSC Steel Company
         Titovka Str. 24
         Amvrosiyevka
         87302 Donetsk
         Ukraine


TEMPRO LLC: Proofs of Claim Deadline Set September 27
-----------------------------------------------------
Creditors of LLC Tempro (code EDRPOU 31166917) have until
Sept. 27 to submit written proofs of claim to:

The Court is located at:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as 16/170/07.

The Debtor can be reached at:

         LLC Tempro
         Zaporozhskaya Str. 92
         Vilniansk
         Zaporozhje
         Ukraine


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


AVAYA INC: Advisors Recommend Sierra Deal to Stockholders
---------------------------------------------------------
Avaya Inc. has disclosed that Institutional Shareholder Services
and Glass Lewis & Co., both independent proxy advisory firms,
have recommended that Avaya stockholders vote "FOR" the proposed
merger agreement providing for the acquisition of Avaya by
Sierra Holdings Corp., a company formed by two private equity
firms, Silver Lake Partners and TPG Capital.

As previously announced, Avaya will hold a special meeting of
stockholders on Sept. 28, 2007.  At this meeting, stockholders
will be asked to consider and vote upon a proposal to adopt the
merger agreement providing for the acquisition of Avaya by
Sierra Holdings Corp., thereby approving the merger of a
subsidiary of Sierra Holdings Corp. with and into Avaya.  The
Avaya Inc. Board of Directors has approved the merger agreement
and recommends its approval by Avaya Inc. stockholders.  Sierra
Holdings Corp. was formed by Silver Lake Partners III, L.P. and
TPG Partners V, L.P. solely for the purpose of entering into the
merger agreement and consummating the merger.

If the merger agreement is adopted and other conditions to the
closing of the transaction are satisfied, Avaya Inc. will become
a wholly owned subsidiary of Sierra Holdings Corp. and
stockholders will be entitled to receive US$17.50 in cash,
without interest, for each share of Avaya Inc. common stock they
own.

Subject to the satisfaction of certain conditions, including
stockholder approval, Avaya Inc. expects the transaction to
close in the fourth calendar quarter of 2007.

                         About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on June 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Basking Ridge, New Jersey-based Avaya Inc. two notches
to 'B+', and placed the rating on CreditWatch with negative
implications.


BRAKE BROS: S&P Withdraws Junk Ratings on EUR210 Million Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services’ 'B' long-term corporate
credit rating on U.K.-based food service distributor Brake Bros
Finance PLC remains on CreditWatch with negative implications,
where it was placed on July 5, 2007.

At the same time, the 'CCC+' debt ratings on the company's
EUR105 million 11.5% subordinated bonds and GBP105 million 12%
subordinated bonds, both due Dec. 15, 2011, were withdrawn,
following redemption of the notes on Sept. 12, 2007.

The corporate credit rating was originally placed on CreditWatch
following the announcement of a takeover bid by U.S. private-
equity group Bain Capital LLC for about GBP1.4 billion.

"The CreditWatch placement continues to reflect our expectation
that the group's debt could materially increase from the
GBP700 million adjusted level posted at year-end 2006," said
Standard & Poor's credit analyst Paul Bradley.

The ratings could be lowered if Brake Bros' leverage increases
following the debt refinancing that will result from the change
in the shareholding structure.

S&P expects to resolve the CreditWatch status within the next
30 days, once they have been able to evaluate the group's new
financial profile, as well as the global strategy and financial
policy that the new shareholders intend to put in place.

The ratings continue to reflect Brake Bros' highly leveraged
financial risk profile.  This is partially mitigated by its
No. 1 position in the growing U.K. food service distribution
industry.


BRITISH AIRWAYS: Set to Reveal Long-Haul Aircraft Order Winner
--------------------------------------------------------------
British Airways plc is set to announce the winner of its multi-
billion pound long-haul aircraft contract in two weeks,
published reports say.

According to the Daily Telegraph, BA is looking to replace 20
Boeing 747-400s and 14 767s, which have a listed price of US$8
billion (GBP4 billion).

BA has yet to decide on whether to award the contract to Airbus
or Boeing, the Daily Telegraph relates.

However, Jefferies & Co. analyst Howard Rubel told the
Associated Press he believes investors are expecting the airline
to split its order between the two aerospace rivals.

Meanwhile, Willie Walsh, chief executive of British Airways plc,
said there will be no problems in financing the order.

"I wouldn't say it is more difficult because this is secured
finance," Mr. Walsh was quoted by the Daily Telegraph as saying.
"There's reasonable appetite.  We are confident about financing
in these markets."

As previously reported in the TCR-Europe on Feb. 23, 2007, BA
has taken the first step towards expanding its long-haul fleet
by ordering four Boeing 777-200 ER aircraft for delivery during
early 2009.

The airline has also taken out options on four Boeing 777-200 ER
aircraft for delivery in 2010.

The airline's competition for additional and replacement
long-haul aircraft to be delivered in the next decade is
considering the Airbus A330, Airbus A350, Airbus
A380, Boeing 787, Boeing 777 and Boeing 747-8.

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.


CLAVIS 2006-01: Fitch Affirms GBP8.1 Mln Class B2a Notes at BB
--------------------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of Clavis
Securities plc Series 2006-01 plc, following a satisfactory
review of this U.K. non-conforming RMBS transaction.  The rating
actions are:

   -- GBP76.203 million Class A2a (ISIN XS0255456997): affirmed
      at 'AAA'; Outlook Stable

   -- GBP125 million Class A3a (ISIN XS0255457706): affirmed at
      'AAA'; Outlook Stable

   -- EUR181.95 million Class A3b (ISIN XS0255438748): affirmed
      at 'AAA'; Outlook Stable

   -- GBP12.250 million Class M1a (ISIN XS0255424441): affirmed
      at 'AA'; Outlook revised to Positive from Stable

   -- EUR45 million Class M1b (ISIN XS0255439043): affirmed at
      'AA'; Outlook revised to Positive from Stable

   -- GBP24 million Class M2a (ISIN XS0255425414): affirmed at
      'A'; Outlook revised to Positive from Stable

   -- GBP2 million Class B1a (ISIN XS0255425927); affirmed at
      'BBB'; Outlook revised to Positive from Stable

   -- EUR16.8 million Class B1b (ISIN XS0255440728); affirmed at
      'BBB'; Outlook revised to Positive from Stable

   -- GBP8.1 million Class B2a (ISIN XS0255426818); affirmed at
      'BB'; Outlook revised to Positive from Stable

   -- Class A1a and A1b redeemed in full in June 2007

The transaction consists of collateral considered to be "near-
prime" in nature.  As expected arrears levels in the transaction
are therefore lower than other non-conforming transactions.
Loans in arrears by greater than three months are extremely low
and account for 0.62% as of the June investor report, with
losses to date only accounting for 0.1% of the original
collateral balance.

The Outlooks for the class M and B notes have been revised to
Positive from Stable to reflect the growing levels of credit
enhancement available.  The prepayment rate of the transaction
is increasing, and as the portfolio comprises near prime loans,
Fitch does not anticipate borrowers refinancing options to have
been limited by recent market developments.  Arrears levels in
the transaction should therefore not rise to a level that will
adversely affect the transaction as borrowers will still have
opportunities to refinance.

Issued in June 2006, Clavis 2006-01 is a securitization of loans
originated by GMAC-RFC, but owned by Basinghall Finance PLC.


CMH REALISATIONS: Taps Liquidators from Cooper Parry
----------------------------------------------------
Jeremy Philip William Meadows and Tyrone Shaun Courtman of
Cooper Parry LLP were appointed joint liquidators of CMH
Realisations Ltd. (formerly CoMech Ltd.) on Aug. 20 for the
creditors' voluntary winding-up proceeding.

Mr. Meadows can be reached at:

         Cooper Parry LLP
         1 Colton Square
         Leicester
         LE1 1QH
         England

Mr. Courtman can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England


COTT CORP: Expects Lower 2007 Outlook Due to Volume Declines
------------------------------------------------------------
Cott Corporation is lowering its earnings expectations for 2007
as a result of higher than expected industry volume declines in
key markets, increased promotional activity by national brands,
and the continuing impact of commodity costs not sufficiently
offset in the short-term by growth and cost-cutting initiatives.

The carbonated soft drink market in the U.S. and Canada
experienced steeper declines than anticipated in the four weeks
ending Aug. 11, 2007, down 7% on a volume basis, while
abnormally cool and wet summer weather in the U.K. adversely
impacted category volume in that market.

Additionally, start-up issues with the new aseptic line in the
U.K. resulted in additional costs, a voluntary product
withdrawal and significant line downtime which impacted sales of
existing and new products.

"Passing through commodity cost increases and dealing with
higher than anticipated CSD industry declines are proving to be
too significant to absorb this year," Brent Willis, Cott's CEO,
said.  "Although we have closed manufacturing facilities and cut
significant other costs, begun expansion of new products, new
channels, and new markets, and taken significant pricing, these
actions have not been sufficient to offset the negative
environment impacts and some of our own internal execution and
new product start-up challenges.  As a result, we no longer feel
we can meet the previously announced targets for 2007 and we
expect year over year revenue growth to be flat and operating
income to be substantially lower than 2006.  We underestimated
how much time and effort it was going to take to fully implement
our strategy and to capture the return on that strategy.  Our
focus for the remainder of 2007 and into 2008 will be to
continue to take aggressive actions to turn the business around
and drive profitability in line with our long-term business
model."

"2007 has been one of the most challenging years in Cott's
history," Frank Weise , Cott's Chairman, added.  "While the
actions the company has taken to drive the turnaround are on
strategy and progressing, the short term results have been
undermined by significant declines in the CSD category in North
America, unprecedented cost increases and executional
challenges.  The Board remains confident the right steps are
being taken to confront the key challenges and position the
company for future growth in sales and profits."

                      About Cott Corp.

Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT;
TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavoured mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                           *     *     *

Cott Corp. continues to carry Standard & Poor's Ratings
Services' B+ long-term corporate credit rating with a negative
outlook.


COTT CORP: Moody's May Cut Low-B Ratings After Review
-----------------------------------------------------
Moody's Investors Service placed the ratings for Cott
Corporation under review for possible downgrade following the
announcement that it expects 2007 margins and earnings to be
lower than previous guidance.  The LGD rates are also subject to
change.

The rating action reflects the potential for lower margins and
cash flow as a result of the weaker-than-expected carbonated
soft drink volumes, higher than expected promotional activity
from national brands, and the adverse effects of higher input
costs which are not being sufficiently offset by the company's
many cost cutting initiatives.  Moody's last downgraded Cott's
ratings in early 2006.

These ratings were placed on review for possible downgrade:

   -- Cott Corporation -- Ba3 corporate family rating and Ba3
      probability of default rating;

   -- Cott Beverages, Inc. -- B1 rating on the US$275 million 8%
      senior subordinated notes, due 2011.

The review for possible downgrade will focus on the impact that
the above pressures will have on the company's operating profit,
cash flow and debt protection measures going forward, as well as
the prospects for the company's restructuring initiatives over
the last year and a half to compensate for these business
challenges.  There have been a number of setbacks to the planned
turnaround including additional restructuring charges, slower
than expected new product introductions and a voluntary recall
of some product in the UK.  Therefore the company is currently
performing at the lower end of Moody's range of expectations at
the time of the last downgrade.

Moody's expects sufficient internally generated liquidity to
cover cash needs and good availability under the revolver over
the next 12 months, although Moody's believes that covenant
compliance could be somewhat tight at the end of fourth quarter
of 2007.  The review will examine Cott's turnaround prospects
and timing, its ongoing business and financial strategy as well
as its medium-term liquidity.

Headquartered in Toronto, Ontario, Cott Corporation is the
world's largest retailer-brand, soft drink supplier with a
leading position in take-home carbonate soft drink markets in
the US, Canada, and the UK.  For the latest twelve months ended
June 2007, revenue was approximately US$1.8 billion.


CUMMINS INC: Picks Scott Patrohay as Distributor Principal
----------------------------------------------------------
Cummins Inc. has selected Scott Patrohay, president and chief
executive offier -- Cummins MerCruiser Diesel, as its
Distributor Principal, effective January 2008, of a new Cummins
distributor joint venture that will serve much of the
northeastern United States.

Cummins Power Systems LLC will combine the territories of the
current Cummins Power Systems and Cummins Metropower
distributors.  Both are independently owned distributors whose
principals are retiring in the coming months.

Under the joint venture, Mr. Patrohay and Cummins Inc. will have
equity interest in the merged distributor, and Patrohay will
lead the day-to-management of the company.  The joint venture
will serve customers in Connecticut, the New York City metro
region, New Jersey, Maryland and eastern Pennsylvania.

Succeeding Mr. Patrohay at CMD is Alex Savelli, Managing
Director - Energy Solutions and Rental Business at Cummins Power
Generation.  He assumes his new role effective Nov. 1.

CMD is a joint venture between Cummins and Mercury Marine, based
in Charleston, S.C., that produces power solutions for the
recreational and commercial marine markets.

Mr. Patrohay, who joined Cummins in 1988 following his
graduation from Purdue University, has led CMD since 2002.  He
held a number of engineering and marketing positions with the
Company prior to joining CMD.

"Scott's extensive background in multiple areas uniquely
positions him for his new role as Distributor Principal," said
Rich Freeland, President - Distribution Business.  "Scott will
make a strong partner as we work to grow our distribution
business in this important region."

Mr. Savelli, who earned his bachelor's degree from the
University of Sao Paulo - Polytechnic Engineering School and his
MBA from the University of Michigan, joined Cummins Engine
Business in 1994, holding various marketing and sales roles both
in the United States and Europe, prior to moving to the
company's Power Generation business in 2004.  He has been in his
current role since September 2005.

"Alex has played a key role in turning around our Energy
Solutions and rental businesses, and we're confident he will
lead Cummins MerCruiser Diesel to continued growth," said Jim
Kelly President - Engine Business for Cummins.

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


FLETCHER BUILDING: Raises US$325 Million in U.S. Debt Market
------------------------------------------------------------
Fletcher Building Ltd has completed an issue of guaranteed
senior fixed rate notes in the U.S. Private Placement debt
market. The total issue of notes amounted to US$325 million with
maturities in 2016 and 2019, and will be completed in two
drawings, the first closing which occurred today and the second
closing is to occur on Oct. 1, 2007.  Ten U.S. institutional
investors participated in the note offer.

Bill Roest, Chief Financial Officer of Fletcher Building, stated
that the note issue has been undertaken to replace the bridge
finance facilities utilized to fund the acquisition of Formica
Corporation.  The new United States debt issue provides extended
terms to further improve the Company’s debt maturity profile and
diversify its sources of funding.

The company has also refinanced its senior bank facility as part
of the finalization of the acquisition of Formica Corporation.

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                      *     *     *

The Troubled Company Reporter-Asia Pacific, on Aug. 21, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08          NZ$9.45
           7.800%          03/15/09             9.25
           7.550%          03/15/11             8.70


FORSYTH PARTNERS: Taps Grant Thornton as Joint Administrators
-------------------------------------------------------------
David Dunckley and Steve Akers of Grant Thornton LLP were
appointed joint administrators of Forsyth Partners Ltd. and
Forsyth Partners (Europe) Ltd. on Sept. 12, 2007.

According to Mr. Dunckley, the collapse of the EUR1.3 billion
Dublin-based fund promoter and manager is unrelated to the
current credit crunch which affected hedge funds, the
Independent reports.

Independent relates that an unsuccessful expansion into the
Dubai market causes FPL's problems.

The Board of Forsyth Funds Plc were informed by the
administrators that it is their intention to endeavor to sell
the business of FPL as a going concern, and , in particular, to
continue to ensure that the current investment management team
led by Peter Toogood will continue to manage the assets of the
various fund companies promoted by FPL.

A suitable purchaser for the business is expected.  Furthermore,
the Directors have been informed that as FPL is in
administration, its authorization has been suspended by the
Financial Services Authority.

The directors of Forsyth Funds have decided to exercise their
discretion to temporarily suspend the determination of the net
asset values of the various funds of the company and also to
suspend the issue and redemption of shares of each of the funds
of the company.

According to the Independent, FPL funds are regulated in
Ireland, and most of its subsidiary funds, which invest in
everything from international property to Indian stocks, are
based in Dublin.

The funds of the company amount to between EUR300 million and
EUR400 million, some of the other funds are based in offshore
locations, including the Caymen Islands, Independent relates.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Headquartered in London, England, Forsyth Partners --
http://www.forsythpartners.com/-- is an independent global
asset management group with offices in the U.K.


GBW X X: J. M. Titley Leads Liquidation Procedure
-------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
GBW X X Ltd. on Sept. 5 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

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


GENERAL MOTORS: Failed Contract Talks Spurs UAW Work Stoppage
-------------------------------------------------------------
More than 73,000 United Auto Workers union members throughout
the United States went on strike against General Motors Corp.
yesterday after the two failed to agree on a new labor contract.

UAW President Ron Gettelfinger said that UAW members rallied
over job security, economic issues, benefits for active workers
and winning investment in future products.

GM disclosed that it is disappointed in the union's decision to
call a national strike, insisting that bargaining involves
complex, difficult issues that affect the job security of its
U.S. work force and the long-term viability of the company.

However, GM is fully committed to working with the UAW to
develop solutions together to address the competitive challenges
facing the company.

GM related that it will continue focusing its efforts on
reaching an agreement as soon as possible.

Pickets will remain outside GM plants until a contract is
reached, Mr. Gettelfinger said before heading back to the
bargaining table with UAW Vice President Cal Rapson, who directs
the union’s GM Department, and the national committee.

“We stand ready 24 hours a day, seven days a week to go back to
the bargaining table,” Mr. Gettelfinger, flanked by the UAW GM
National Negotiating Committee.

Mr. Gettelfinger said it was significant that the union gave GM
a nine-day contract extension, the longest in UAW history to
avoid a strike, a drastic step no one on the union side wanted.

“We were pushed into a strike and that’s where we are at,” Mr.
Gettelfinger added.

In recent years, UAW members have done their part by working
with the company on issues such as the corporate restructuring,
the attrition plan, the Delphi bankruptcy, the 2005 health care
agreement and numerous quality, productivity and health and
safety issues.  Workers gave up a 3% general wage increase in
2006 and cost of living allowances.

“We’ve met and solved all of GM’s problems since 2003,” Mr.
Gettelfinger added.  “We’ve worked with General Motors on every
issue that came before them.  We’ve done a lot of things to help
that company.  There comes a point in time when you have to draw
the line in the sand.”

The UAW leader added that the strike had nothing to do with the
much-discussed union-controlled health care trust fund Voluntary
Employee Benefit Association (VEBA) for retirees, which is a
permissible but not mandatory subject of bargaining.  Job
security, economics and benefits for active members remain
critical issues for UAW members at GM.

“It’s become apparent to us that as much as workers give, they
cannot give enough,” Mr. Gettelfinger said.  “As much as
executives get, they cannot get enough.”

                      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.


INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007
-------------------------------------------------------
Independent News & Media plc released its interim financial
results for the six months ended June 30, 2007.

In the six months ended June 30, 2007, INM's net profit
increased by 9.7% to EUR62 million from EUR56.5 million in the
same period in the prior year, reflecting the group's
diversified growth and rigorous cost management strategy.

The Group's profit for the period was EUR76.2 million, compared
with EUR87.3 million a year ago.

Each of INM's main geographic regions performed strongly with
first half Group Operating Profit (before exceptionals)
increasing by 4.5% (6.1% in constant currency terms) to EUR154.6
million.  This produced a strong half year margin of
19.0% (up 40 bps).

Group revenues increased by 2.4% to EUR815.5 million (up 4.2% in
constant currency), despite adverse currency movements and the
loss of some low-margin distribution contracts in Ireland.

This growth was largely driven by the Publishing division whose
revenues grew by 5.1% in constant currency, on the back of good
increases in advertising revenues (up 6.3%) and circulation
revenues (up 2.5%).  Significantly, all markets showed growth in
advertising, with increases in both aggregate volumes and rate.

A net exceptional charge of EUR27.6 million relates mainly to
payroll restructuring charges in the Group's Irish, Australasian
and United Kingdom operations, and reflects the Group's
continuing business re-engineering in its publishing operations.
The exceptional charge also includes costs associated with the
APN Scheme of Arrangement, which did not proceed.

The tax charge, at EUR17.9 million, was EUR3.4 million less than
2006 due mainly to tax credits associated with the exceptional
restructuring charges.

Adjusted Earnings per Share increased to 8.03 cent (+8.1%) due
to the Group's strong operating and financial performance.

At June 30, 2007, the Group's unaudited balance sheet showed
EUR4.1 billion in total assets, EUR1.9 billion in total
liabilities and EUR2.2 billion in stockholders' equity.

The Group's balance sheet at June 30, 2007 also showed strained
liquidity with EUR453.2 million in total current assets
available to pay EUR536 million in total liabilities coming due
within the next 12 months.

                            Outlook

"INM is pleased to report another set of record results.  This
strong performance reflects the clear benefits of our low cost
ethos and our multi-market and multi-media strategy, Sir Anthony
O'Reilly, chief executive of INM, said.  "We believe that our
new work practices are right at the forefront in the production
of newspapers, and we will continue our unrelenting attention on
driving revenue growth while achieving cost and margin
improvements in all of our businesses."

"The positive trends we have experienced in the first half
across all our markets have continued into the second half and,
based on the continuation of these trends, we believe that your
Group's wide-ranging activities will deliver continued earnings
growth and sustain industry-leading operating margins," Mr.
O'Reilly added.

                         Restructuring

Over the past few years, INM has fundamentally re-defined and
re-shaped how its publishing divisions operate.  This singular
focus has allowed the Group to identify:

   -- how best to compile its market-leading editorial products;

   -- how best to enhance its interaction with its customers;

   -- how best to manage its sales resources; and

   -- how best to prioritize its investment in marketing and
      product innovation.

All divisions within the Group are already working to, or are
currently adopting, these new operating principles and work
flows within their publishing divisions.  This has resulted in
new (and in some instances, outsourced) centralized customer
contact centers (telesales), advertising production centers and
financial shared service centers in Australia (Brisbane),
Ireland (Clonakilty), New Zealand (Tauranga and Whangerei) and
the United Kingdom (Armagh).

To facilitate this business re-engineering and to ensure that
journalists are better focused on content creation and
origination (rather than production), all publishing systems
have now been upgraded to a common Atex editorial system that
streamlines page production, enhances quality control and
enables real-time editorial page sharing across the Group.

By leveraging the Group's global scale, adopting new and more
efficient work flows and through the better use of technology,
the Group has achieved a significant reduction in its permanent
headcount, generating significant cost savings, and sponsoring
new revenue growth across print and online.

This restructuring program continues through 2007, where the
full year cost of restructuring is expected to be approximately
EUR45 million, delivering an expected payback period of between
2.0 - 2.5 years.  To date, over 450 of the 579 forecasted
headcount reductions in 2007 (in Australasia, Ireland and the
United Kingdom) have been achieved and the remainder are
expected to be completed before year-end.

                            Education

As part of the Group's successful diversification strategy --
both in terms of sector platforms and markets -- INM has
identified the area of education as an attractive and fast-
growing sector in which to strategically invest.

The Group's initial investment is the launch of Independent
College in Dublin, Ireland.  Independent College builds on INM's
existing educational platforms -- editorial and online --
creating a learning experience that is complementary to our
existing portfolio of assets.

Independent College has already assembled a team of exceptional
lecturers to staff each of the core faculties of Law,
Accountancy, Journalism, Arts and Continuous Professional
Development, with enrolments commencing now for courses starting
in November.  Further information on this will be available in
the coming weeks.  This concept is scaleable across each of the
Group's markets and will greatly benefit from cross-promotion
across the Group's leading titles, radio stations and outdoor
sites.

                       Capital Management

As part of INM's efficient capital management policy, the
Company has repurchased 32.4 million Treasury Shares to date in
2007.  The objective of this is to minimize the dilutive impact
for all shareholders which will arise on the maturity of the New
Zealand Cumulative Exchangeable Preference Shares, if as
expected, they convert into INM shares (c. 56 million) in late
November 2007.

                           Dividend

The Board is recommending an interim dividend of 4.57 cent per
share, an increase of 10.1% on 2006, reflecting the strong half
year operating performance and confidence in the Group's ability
to deliver continued earnings growth.

This dividend will be paid on Nov. 19, 2007 to ordinary
shareholders registered at the close of business on
Sept. 28, 2007.  A scrip dividend alternative will also be
available.

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

                          *     *     *

As reported in the TCR-Europe on June 14, 2007, Fitch Ratings
affirmed Independent News & Media Plc's Issuer Default and
senior unsecured ratings at 'BB-' and removed them from Rating
Watch Evolving.  Fitch said a Stable Outlook is assigned to the
Issuer Default rating.


INDOOR PUB: Claims Filing Period Ends October 11
------------------------------------------------
Creditors of The Indoor Pub Superstar Co. Ltd. (t/a Chalkies)
have until Oct. 11 to send in their full names, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to:

         Edward T. Kerr
         Joint Liquidator
         PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England

Edward T. Kerr of PKF (U.K.) LLP was appointed liquidator of on
for the creditors' voluntary winding-up proceeding.


KRISPY KREME: Board Approves Officer Indemnification Agreement
--------------------------------------------------------------
The board of directors of Krispy Kreme Doughnuts Inc. has
approved a form of Officer Indemnification Agreement, pursuant
to which the company agrees to provide for:

   -- the indemnification of and the advancement of expenses to
      each officer of the company party to the officer
      indemnification agreement; and

   -- the continued coverage of such officer under the
      company's directors' and officers' liability insurance
      policies.

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates, and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 17, 2007,
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.


MARSDEN DOMESTIC: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Marsden Domestic
Appliances Ltd. on Sept. 6 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


NASDAQ STOCK: Inks Pacts with Borse Dubai on LSE Stake Sale
-----------------------------------------------------------
The NASDAQ Stock Market Inc. and Borse Dubai Limited have
entered into a series of transactions intended to create a
global financial marketplace with a unique footprint spanning
the U.S., Europe, the Middle East and strategic emerging
markets.

The agreements provide, among others, that:

   * Borse Dubai will become a 19.99% shareholder in NASDAQ
     (capped at 5 per cent voting rights);

   * NASDAQ will acquire all OMX shares to be purchased by Borse
     Dubai in its offer for OMX;

   * NASDAQ will become a strategic shareholder and the
     principal commercial partner of Dubai International
     Financial Exchange;

   * DIFX will be rebranded with the NASDAQ brand and licensed
     with market leading technology from the NASDAQ/OMX
     combination.

In addition, Borse Dubai has acquired 28.0 per cent of the total
issued share capital in London Stock Exchange Group PLC from
NASDAQ at a price of
GBP 14.14 per share.

                        ASDAQ To Acquire
                         All OMX Shares

Under the agreements, Borse Dubai will continue its existing
offer for OMX of SEK 230 per share in cash, and NASDAQ will
continue to offer SEK 11.4 billion (USD1.7 billion) and 60.6
million NASDAQ shares for OMX.  Upon fulfillment of certain
conditions, NASDAQ will withdraw its offer for OMX, and Borse
Dubai will open its offer for acceptances.  If the conditions
are not met by Feb. 15, 2008, the agreements will terminate and
be of no further effect, and both Borse Dubai and NASDAQ may
pursue their respective offers independently.  The Termination
Date may be extended in certain circumstances.

Assuming the relevant conditions are met (or waived), NASDAQ has
agreed to acquire all the OMX shares:

    1) already owned by Borse Dubai;

    2) purchased by Borse Dubai in its offer; and

    3) purchased by Borse Dubai pursuant to its options
       in respect of OMX shares.

In exchange for Borse Dubai’s shares in OMX, NASDAQ will issue
to Borse Dubai approximately 60.6 million NASDAQ shares and pay
approximately SEK 11.4 billion in cash, assuming Borse Dubai
acquires all outstanding OMX shares.  This is the same aggregate
consideration included in NASDAQ’s offer for OMX announced on
May 25, 2007 and implies Borse Dubai will acquire new NASDAQ
shares at an indicative implied price of USD 41.01 per share.
Should Borse Dubai not acquire all outstanding OMX shares, the
cash portion of the consideration will be reduced pro rata at a
price of SEK 230 per OMX share to reflect the actual number of
OMX shares sold to NASDAQ.

Borse Dubai will retain approximately 42.6 million of the NASDAQ
shares (representing approximately 19.99 per cent of the fully
diluted share capital it receives, restricted to 5.0 per cent of
voting rights) with the remaining approximately 18.0 million
NASDAQ shares (representing approximately 8.4 per cent the fully
diluted share capital) being held in trust, with an affiliate of
Borse Dubai as beneficiary, and managed by an independent
trustee.  The shares will eventually be sold by the trust.
While in the trust, the shares will be voted by the trustee pro
rata with the votes of NASDAQ's other shareholders.  Borse Dubai
will be limited to a five per cent voting stake in NASDAQ, which
is the maximum allowed by NASDAQ’s certificate of incorporation
and bylaws.

The parties expect that the conditions will be fulfilled in
January 2008, and that Borse Dubai’s tender offer for OMX’s
shares will open for acceptances at that time.  Thereafter, an
acceptance period of at least 20 U.S. business days will follow,
on expiration of which, settlement will take place.

                   NASDAQ to Become Strategic
                      Shareholder in DIFX

NASDAQ and Borse Dubai also entered into an agreement whereby
NASDAQ would become a strategic shareholder in DIFX, Dubai’s
international financial exchange.  As part of the investment,
NASDAQ will make a financial investment as well as commit to
provide DIFX with the NASDAQ brand, OMX technology and marketing
resources.  The investment is designed to accelerate DIFX’s
growth in the region and create a world-class electronic
exchange and technology platform in one of the world’s fastest
growing markets.

                    Borse Dubai to Acquire 28%
                       of LSE from NASDAQ

Separately, Borse Dubai has agreed to purchase 28.0 per cent
of the outstanding share capital of London Stock Exchange Group
plc from NASDAQ at a price of GBP14.14 per share.  NASDAQ will
retain approximately 3.5 per cent of the outstanding share
capital.  As previously disclosed, the funds raised as a result
of this share sale will be used by NASDAQ to pay down
approximately US$1.0 billion of debt and intends to initiate a
stock buy back.  NASDAQ contemplates that the transaction will
result in US$0.30 - 0.35 in additional earnings per share in
2008.  NASDAQ may purchase shares from time to time in open
market or private transactions, in accordance with applicable
laws and regulations, and subject to market conditions and other
factors.  The repurchases may be commenced or suspended from
time to time without prior notice.

                           Background

In May 2007, NASDAQ and OMX entered into a transaction agreement
to combine the two companies by way of public offer.  The
proposed combination of NASDAQ and OMX was recommended by both
Boards of Directors.

On the morning of Aug. 9, 2007, Borse Dubai announced in a press
release that it was in the process of purchasing OMX shares and
entering into options to purchase OMX shares in a stake-building
process with certain selected investors.

Borse Dubai purchased shares at SEK 230 per share representing
4.9 per cent of OMX’s total issued and outstanding shares and
entered into option agreements with counterparties to purchase
another 24.2 per cent of OMX’s shares.  Following the
acquisition of that strategic stake in OMX, the Board of
Directors of Borse Dubai decided on Aug. 17, 2007, to launch an
all cash offer of SEK 230 per OMX share.

Commenting on the agreements, Bob Greifeld, President and Chief
Executive Officer of NASDAQ, said, "These developments herald an
important step forward for NASDAQ.  Taken together, these
strategic actions will provide us with a footprint unlike any
other exchange, creating a global exchange leader, with
operations in key markets around the world.  On the closing of
the transactions with Borse Dubai, and completion of the
proposed combination with OMX AB, we will have the technological
infrastructure and the financial strength to serve our customers
and to achieve our global ambitions."

Essa Kazim, Chairman of Borse Dubai, relates that, "Our primary
objective is to build a world class, growth oriented exchange
out of Dubai and to become the center for capital markets
activities in the emerging markets.  By entering into this
partnership with NASDAQ, we will benefit from NASDAQ’s world
leading brand, technology and platform.  In addition, this
combination will establish a gateway to large pools of
liquidity."

It is contemplated that at the end of this transaction, NASDAQ
and OMX will be known as The NASDAQ OMX Group, Inc.

                        About Borse Dubai

Incorporated on Aug. 7, 2007, in the Dubai International
Financial Centre, Borse Dubai Limited is 60 per cent owned by
the Investment Corporation of Dubai, 20 per cent by Dubai Group
LLC (a member of the Dubai Holding Group) and 20 per cent by
DIFC Investments LLC. Borse Dubai’s sole business purpose is to
act as a holding company for investments in stock exchanges,
including the Dubai Financial Market and the Dubai International
Financial Exchange.

                        About NASDAQ Stock

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.


NASDAQ STOCK: Submits Investment Deals for CFI's Consideration
--------------------------------------------------------------
As part of a series of transactions that includes a 19.99%
investment by Borse Dubai in what will become The NASDAQ OMX
Group, with a 5% voting rights limitation which can not be
altered without SEC approval.  The Nasdaq Stock Market Inc. and
Borse Dubai will voluntarily submit the transaction for
consideration by the Committee on Foreign Investment in the U.S.

When finalized, these transactions will create a financial
marketplace that will further strengthen New York City and the
United States as a financial center.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.


NASDAQ STOCK: S&P Puts BB Counterparty Credit Rating on Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on The
Nasdaq Stock Market Inc, including its 'BB' long-term
counterparty credit rating, on CreditWatch Positive, after
Nasdaq announced that it is selling the bulk of its investment
in the London Stock Exchange PLC to Borse Dubai, and using the
proceeds to pay down rated term loans.

The CreditWatch action also considers the strategic steps Nasdaq
is taking to secure a merger with OMX AB, announced on May 25,
2007.  The ratings on OMX AB remain on CreditWatch Negative.

Proceeds from the sale of the LSE shares will total about
US$1.6 billion.  Nasdaq will use the proceeds to repay
US$1.1 billion of rated term loans by the end of September.

Nasdaq's agreement to merge with OMX has been stymied by the
Borse Dubai, which made a counteroffer to acquire the Swedish
exchange.  Nasdaq has reached an agreement in which it will
ultimately acquire OMX on its original terms and Borse Dubai
will have a 19.9% economic interest in the combined Nasdaq OMX.

The original consideration for OMX was US$3.7 billion (54%
stock, 46% cash).  The US$1.7 billion cash portion, which does
not change with the agreement with Borse Dubai, is to be
financed with a new credit facility that would have placed an
additional burden on the company's already heavy debt load.  But
with the pay-off of existing term loans, the combined
organization's debt burden eases modestly.

"Nasdaq will remain on CreditWatch until we meet with management
and obtain details on Nasdaq's financing plans and capital
structure, as well as its new strategic relationship with Borse
Dubai.  If we gain comfort that these transactions improve the
combined Nasdaq OMX's financial profile, compared to the
original merger agreement, ratings could be raised," said
Standard & Poor's credit analyst Charles D. Rauch.


RADLEY CONTRACTS: Calls In Liquidators from UHY Hacker Young
------------------------------------------------------------
Peter Alan Kubik and Ladislav Hornan of UHY Hacker Young LLP
were appointed joint liquidators of Radley Contracts Ltd. on
Sept. 13 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young LLP
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England


R.I.O. FREIGHT: Appoints J. M. Titley as Liquidator
---------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
R.I.O. Freight Ltd. on July 27 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


TATA MOTORS: Praveen Kadle Quits Post as Executive Director
-----------------------------------------------------------
Tata Motors Ltd has informed the Bombay Stock Exchange in a
regulatory filing that Praveen P Kadle, Executive Director
(Finance & Corporate Affairs), would relinquished his office
effective Sept. 18, 2007, in view of his appointment as the
managing director of Tata Capital Ltd.

Tata Capital is a new company promoted by Tata Sons, which will
be the main Tata Group vehicle in the financial services space,
the company said in a press release.

The BSE filing also disclosed of the appointment of C.
Ramakrishnan as Tata Motor's Chief Financial Officer with
immediate effect.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed USUS$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Groupe Eurotunnel         GET      (2935)        9958    (9345)
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cinemaxx AG               MXC        (27)         177      (32)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
Gerresheimer AG           GXI         (7)       1,241      (11)
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185         3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU       (145)         897       209


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475    (1421)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                 ZILLP      (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597    (1991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Adecco UK Ltd.            1055417Z   (39)         317    (2316)
Alfred McAlpine           1077274Z   (14)         212    (1450)
Alldays Plc               317056Q   (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc              1046Z   (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Curos International       1077746Z  (550)         382      N.A.
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI      (2266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)        1273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Northern Gas Pro          1151895Z   (15)         140    (3188)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Smiths News PLC           NWS       (204)         249      (41)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Wincanton Plc             WIN        (27)       1,451      (78)
WRG Environmenta          1124263Z    (1)         116       793


                            *********

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

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

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

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

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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 D. Atadero, Carmel
Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina
A. Godinez, and Pius Xerxes Tovilla, Editors.

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

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

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

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


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