TCREUR_Public/070926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, September 26, 2007, Vol. 8, No. 190

                            Headlines


A U S T R I A

HA KU LLC: Claims Registration Period Ends Oct. 1
KHARMA TRADING: Vienna Court Orders Business Shutdown
M. LIETZ LLC: Graz Court Orders Business Shutdown
MARASKA LLC: Estate Administrator Declares Insufficient Assets
MET TRANSPORT: Graz Court Orders Business Shutdown

ROHRINGER LLC: Claims Registration Period Ends Oct. 1
SARUS TECHNOLOGIE: Claims Registration Period Ends Oct. 1
TOYS LAND: Creditors' Meeting Slated for Oct. 5
WAGNER LLC: Claims Registration Period Ends Oct. 1


B E L G I U M

FERRO CORPORATION: Board Declares Regular Quarterly Dividend
SOLUTIA INC: Opens New Manufacturing Plant in Suzhou, China


C Z E C H   R E P U B L I C

WALMARK AS: Moody's Withdraws Ba3 Corporate Family Rating


F R A N C E

ALCATEL-LUCENT: To Deploy Pakistan's First Live Network
ATARI INCORPORATED: Deloitte & Touche Raises Going Concern Doubt
MAGNA INT'L: Announces Purchase Offer Preliminary Results


G E R M A N Y

ALERIS INTERNATIONAL: Board Appoints Sean Stack as CFO
ALERIS INTERNATIONAL: Completes Acquisition of Alumox Holding
ALERIS INT'L: To Shut Down Dickson Manufacturing Facility
ASAT HOLDINGS: Chinese Unit Secures US$20 Mln Credit Facility
HEISEDER BAUSTOFFKONTOR: Claims Registration Ends Nov. 12

JUNGPFLANZEN RAMPP: Claims Registration Ends Nov. 16
KONAIR-FLUGBETRIEBSGESELLSCHAFT: Claims Filing Ends Oct. 19
KORIMEX GROSS: Claims Registration Ends Nov. 8
L&R BETEILIGUNGS: Claims Registration Period Ends Oct. 22
MARA GMBH: Claims Registration Period Ends Oct. 19

MELVIK GMBH: Claims Registration Ends November 10
N + S BAUUNTERNEHMUNG: Claims Registration Ends November 9
NEUBAU GMBH: Claims Registration Period Ends Nov. 16
PRINCIPALHAIR MUENSTER: Claims Registration Period Ends Nov. 2
RAMM GMBH: Creditors' Meeting Slated for November 16

RECKENDREES GMBH: Claims Registration Period Ends Oct. 23
SCHUELER CONSULTING: Claims Registration Period Ends Dec. 16
TENNECO INC: UAW's Strike Prompts Fitch's Negative Watch
TREBEC GMBH: Claims Registration Ends Nov. 8
UMOTEC TECHNOLOGIE: Claims Registration Ends November 9


H U N G A R Y

AES CORP: Acquitted on Fraud Charges by Niagara Court


I T A L Y

ALITALIA SPA: Chief to Name Possible Buyers This Month


K A Z A K H S T A N

ATF BANK: Allianz SE Buys 100% Stake in ATF-Polis
ATF BANK: Conducting Appraisal on Preferred Stock Conversion
CHERVONNOYE LLP: Proof of Claim Deadline Slated for October 26
CONSULTING-SERVICE 2006: Creditors Must File Claims October 30
ENERGIYA LLP: Claims Filing Period Ends October 30

FIT-PROM LLP: Creditors' Claims Due on October 30
INTEX LLP: Claims Registration Ends October 23
LIT LLP: Creditors Must File Claims October 23
MAIMAK AU: Claims Filing Period Ends October 26
MAKAROV & K: Creditors' Claims Due on October 26


K Y R G Y Z S T A N

EL AVIA: Proof of Claim Deadline Slated for October 31
KYRGYZSTAN ABA: Bishkek Court Upholds Manas Bankruptcy Petition


N E T H E R L A N D S

BAUSCH & LOMB: S&P Holds CreditWatch on BB+ Corp. Credit Rating
FIRST DATA: Completes $29 Billion Acquisition by KKR
MITSUBISHI MOTORS: To Move Outlander Production to Netherlands
MITSUBISHI MOTORS: JCR Lifts U.S. Arm's Sr. Debt Rating to BB-


R U S S I A

AK BARS: Concludes US$100 Million Trade Facility
BANK OF SAINT-PETERSBURG: S&P Lifts Ratings to B- on Low Capital
BURYATIYA OJSC: Creditors Must File Claims by Oct. 1
CERAMICS-C LLC: Creditors Must File Claims by Oct. 1
COMBINE SILBET: Creditors Must File Claims by Nov. 1

EAST RMZ: Creditors Must File Claims by Oct. 1
IVKOR-PLUS CJSC: Creditors Must File Claims by Oct. 1
KAMENSKIY BRICKWORKS: Creditors Must File Claims by Oct. 1
MAMADYSH-AGRO-KHIM-SERVICE: Creditors Must File Claims by Nov. 1
MOLOGSKIY CHEESE: Bankruptcy Hearing Slated for Dec. 4

NIZHNIY USLON: Tatarstan Bankruptcy Hearing Slated for Dec. 6
OGK-5 JSC: Russian Government Cancels Stake Sale This Year
PMK-4 CJSC: Creditors Must File Claims by Nov. 1
REM-STROY CJSC: Creditors Must File Claims by Nov. 1
ROSNEFT OIL: To Receive RUR4.96 Billion Loan from Angarsk Unit
SOUTH URAL: Creditors Must File Claims by Oct. 1

TROIKA DIALOG: Deutsche Bank Closes RUB8.95 Bln Vityaz CDO I
UNIVERSAL COMPRESSION: Moody's Withdraws Ratings After Merger
URSA BANK: Earns RUR1.43 Billion for Six Months Ended July 1
VITA-METALIK OJSC: Bankruptcy Hearing Slated for Jan. 28, 2008
WORLD CO: Creditors Must File Claims by Oct. 1


S P A I N

ARVINMERITOR INC: UAW's Strike Prompts Fitch's Negative Watch


S W I T Z E R L A N D

BMD WIRELESS: Creditor's Liquidation Claims Due October 8
GERUSTBAU BIEFER: St. Gallen Court Starts Bankruptcy Proceedings
GLOBON JSC: Creditor's Liquidation Claims Due October 8
HAUTE COIFFURE: Creditor's Liquidation Claims Due October 8
ISBIRE LLC: St. Gallen Court Starts Bankruptcy Proceedings

MIXX FASHION: Nidwalden Court Closes Bankruptcy Proceedings
OTT FREEZER: Creditor's Liquidation Claims Due October 8
TRANSABAL JSC: Sissach Court Closes Bankruptcy Proceedings
VERA FINANZ: Creditor's Liquidation Claims Due October 8
W. GEELHAAR: Creditor's Liquidation Claims Due October 8


U K R A I N E

AGMAS CJSC: Creditors Must File Claims by September 27
ANID LLC: Creditors Must File Claims by September 28
ATLANT CJSC: Creditors Must File Claims by September 28
EXPRESS BUILDING: Proofs of Claim Deadline Set September 27
EXTERNAL TECHNICAL: Proofs of Claim Deadline Set September 28

GAL-RANE LLC: Proofs of Claim Deadline Set September 27
INNOVA LLC: Proofs of Claim Deadline Set September 28
NABUTOV SUGAR: Proofs of Claim Deadline Set September 28
PROCREDIT BANK: Fitch Affirms IDR at BB- with Positive Outlook
TECHNOLOGY LLC: Proofs of Claim Deadline Set September 28

ZARIA LLC: Proofs of Claim Deadline Set September 28


U N I T E D   K I N G D O M

2 CORPORATION: Claims Filing Period Ends November 13
BRIERCLIFFE MILL: J. M. Titley Leads Liquidation Procedure
DANA CORP: Disclosure Statement Hearing Scheduled for October 23
ERINACEOUS GROUP: In Talks with Lenders Over Covenant Breaches
FORD MOTOR: Chinese JV Launches $510 Mil. Manufacturing Plant

GENERAL MOTORS: U.S. Union Strike Spurs Canada Plant Closures
GENERAL MOTORS: UAW Strike Cues Moody's to Keep Current Ratings
GENERAL MOTORS: UAW's Strike Prompts Fitch's Negative Watch
GENERAL MOTORS: Inks $800 Million Export Deal with Chinese JV
HANOVER COMPRESSOR: Moody's Withdraws Ratings After UCI Merger


                            *********


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


HA KU LLC: Claims Registration Period Ends Oct. 1
-------------------------------------------------
Creditors owed money by LLC Ha Ku (FN 117576g) have until Oct. 1
to file written proofs of claim to court-appointed estate
administrator Karl Safron at:

         Dr. Karl Safron
         Alter Platz 24/I2
         9020 Klagenfurt
         Austria
         Tel: 0463/915 999
         Fax: 0463/915 999 99
         E-mail: kanzlei@anwalt-safron.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 8 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 Voelkermarkt, Austria, the Debtor declared
bankruptcy on Aug. 23 (Bankr. Case No. 41 S 82/07t).


KHARMA TRADING: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Aug. 3 an order shutting down
the business of LLC KHARMA Trading (FN 258454f).

Court-appointed estate administrator Josef Ebner 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. Josef Ebner
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: ra.ebner@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 26 (Bankr. Case No 3 S 101/07h).


M. LIETZ LLC: Graz Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Graz entered Aug. 23 an order shutting down
the business of LLC M. Lietz (FN 260299v).

Court-appointed estate administrator Peter Handler 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. Peter Handler
         LLC Handler Rechtsanwalt
         Hauptplatz 33
         8530 Deutschlandsberg
         Austria
         Tel: 03462/4141
         Fax: 03462/414141
         E-mail: office@handler.at

Headquartered in Preding, Austria, the Debtor declared
bankruptcy on Aug. 16 (Bankr. Case No 26 S 63/07w).


MARASKA LLC: Estate Administrator Declares Insufficient Assets
--------------------------------------------------------------
Mag. Martin Beck, the court-appointed estate administrator for
LLC MARASKA (FN 232702i), declared Aug. 29 that the Debtor's
property is insufficient to cover creditors' claim.

The Land Court of Eisenstadt is yet to rule on the estate
administrator's claim.

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Aug. 13 (Bankr. Case No. 26 S 84/07s).

The estate administrator can be reached at:

         Mag. Martin Beck
         Franz Liszt-Gasse 1
         7000 Eisenstadt
         Austria
         Tel: 02682/62468
         Fax: 02682/66214
         E-mail: office@wirhabenrecht.at


MET TRANSPORT: Graz Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Graz entered Aug. 27 an order shutting down
the business of LLC Met Transport (FN 221701g).

Court-appointed estate administrator Adolf Leeb 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. Adolf Leeb
         LLC GT Masseverwaltung
         Petersgasse 128a
         8010 Graz
         Austria
         Tel: 0316/4780-300
         Fax: 0316/4780-5311
         E-mail: adolf.leeb@grazertreuhand.at

Headquartered in Werndorf, Austria, the Debtor declared
bankruptcy on Aug. 13 (Bankr. Case No 26 S 61/07a).


ROHRINGER LLC: Claims Registration Period Ends Oct. 1
-----------------------------------------------------
Creditors owed money by LLC Rohringer (FN 106107s) have until
Oct. 1 to file written proofs of claim to court-appointed estate
administrator Karl Bergthaler at:

         Dr. Karl Bergthaler
         Marktstrasse 1
         4813 Altmuenster
         Austria
         Tel: 07612/88273
         Fax: 07612/88273-15
         E-mail: ra.haf-berg@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.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 Seewalchen am Attersee, Austria, the Debtor
declared bankruptcy on Aug. 30 (Bankr. Case No. 20 S 105/07b).


SARUS TECHNOLOGIE: Claims Registration Period Ends Oct. 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. 23 (Bankr. Case No. 20 S 103/07h).


TOYS LAND: Creditors' Meeting Slated for Oct. 5
-----------------------------------------------
The court-appointed insolvency manager for Toys Land No. 1 GmbH,
Hermann Berding will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:55 a.m. on
Oct. 5.

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

         The District Court of Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Nov. 23 at the same venue.

Creditors have until Nov. 9 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against Toys Land No. 1 GmbH on Aug. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Toys Land No. 1 GmbH
         Bakumer Str. 10
         49692 Cappeln
         Germany


WAGNER LLC: Claims Registration Period Ends Oct. 1
--------------------------------------------------
Creditors owed money by LLC Wagner (fka LLC WTL) (FN 256427z)
have until Oct. 1 to file written proofs of claim to court-
appointed estate administrator Barbara Senninger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

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


FERRO CORPORATION: Board Declares Regular Quarterly Dividend
------------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on Dec. 10, 2007, to shareholders of record
on Nov. 15, 2007.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


SOLUTIA INC: Opens New Manufacturing Plant in Suzhou, China
-----------------------------------------------------------
Solutia Inc. has celebrated the grand opening of its new plant
in Suzhou, China.  The plant is a manufacturing site for the
company's Saflex(r) business.  Saflex is the world's leading
producer and seller of polyvinyl butyral interlayers.  The
Suzhou plant site is ideally suited for future expansion of
Saflex and for other Solutia businesses.

"Solutia is committed to growth in China, and this new plant is
a very significant symbol of that commitment," said Jeff Quinn,
chairman, president and CEO of Solutia Inc.  "While Solutia has
made a number of major capital investments in its businesses
through the years, this is the first entirely new plant we have
built from the ground up.  We will continue to devote
substantial resources to seizing the growth opportunities in
China across each of our businesses."

The plant has been developed as a full-scale facility that
currently produces Saflex interlayer for the automotive market,
with room for future capacity to serve the architectural market
as well.  The current manufacturing line is designed to produce
approximately 10 million square meters of Saflex interlayer per
year, with space for further expansion as market growth requires
more capacity.

"Global demand for Saflex interlayers continues to rise around
the world, especially in China," said Dr. Luc De Temmerman,
president of Solutia's Saflex business.  "This new plant
improves our ability to serve the needs of laminators and glass
fabricators serving the rapidly growing Chinese automotive
industry and the broader Asia-Pacific markets.  We look forward
to collaborating with these customers, and believe the new
Suzhou plant will support significant growth in the laminated
glass market."

Saflex customers who participated in the opening ceremony
included senior representatives from the Fuyao Glass Industries
Group and Xinyi Glass Holdings Limited, as well as key
representatives from major multinational customers and many
Chinese laminators.

In addition to the Suzhou plant, Solutia's Saflex presence in
the Asia-Pacific region includes a regional customer service
center and finishing and distribution center in Singapore, as
well as sales offices across the region.  This infrastructure
continues to provide the high level of logistical support and
customer service that customers have come to expect from Saflex.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.


===========================
C Z E C H   R E P U B L I C
===========================


WALMARK AS: Moody's Withdraws Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service withdrew the Ba3 long term Corporate
Family rating and A3.cz national scale rating of Walmark at the
request of the issuer.

Moody's has withdrawn this rating for business reasons.

Headquartered in Oldrichovice, Czech Republic, Walmark
manufactures a variety of dietary supplements and over-the-
counter drug product lines.  The company reported sales of
EUR91.5 million for the 12-month fiscal period ending May 31,
2007.


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


ALCATEL-LUCENT: To Deploy Pakistan's First Live Network
-------------------------------------------------------
Alcatel-Lucent and Pakistan Mobile Communications Limited, a
wholly owned subsidiary of Orascom Telecom Holding have signed a
contract to participate in deploying Pakistan's first live
network based on the Universal 802.16e-2005 WiMAX solution.  The
network will cover major cities in Pakistan, including Karachi,
the nation's financial capital and the major business center.

Based on the latest IEEE 802.16e-2005 standards, the new WiMAX
network will be deployed in the 3.5 GHz spectrum enabling rapid
implementation of broadband services available in fixed and
nomadic environments.  It will deliver high-speed internet
access, enabling the delivery of advanced broadband multimedia
services, such as video streaming, through a variety of end-user
devices including laptops, desktop computers, modems and WiMAX
terminals.

"The deployment of WiMAX will enable our subsidiaries to
complement their GSM offering with broadband services," said
Tamer El Mahdi, CTO of Orascom Telecom Holding.

"The introduction of WiMAX will help us address the needs of our
corporate and residential subscribers in Pakistan who want the
ability to access wireless broadband services everywhere and at
anytime," said Marwan Hayek, CTO of Mobilink.

Alcatel-Lucent will supply its Universal WiMAX end-to-end
solution, including base stations, wireless access controllers,
an operation and maintenance center as well as customer premise
equipment, and network integration services. The new network
leverages equipment already installed in Mobilink's GSM network,
helping to reduce deployment cost.

To ensure that Mobilink's customers benefit from state-of-the-
art WiMAX devices that comply with the IEEE 802.16e-2005
standard, Alcatel-Lucent will propose fixed and nomadic
terminals from various CPE partners in a global end-to-end
offering.  This is part of Alcatel-Lucent's Open CPE program,
which is designed to promote an open device ecosystem and ensure
customers have a wide range of interoperable end-user devices.

According to Olivier Picard, President of Alcatel–Lucent's
activities in the Europe and South region, this new contract
confirms WiMAX technology's growing momentum worldwide and
strengthens Alcatel-Lucent's presence and leadership position in
the Middle East and South Asia.

"This contract builds on our long-standing relationship with
Mobilink and Orascom, and it confirms the market readiness of
Alcatel-Lucent's WiMAX solution," Picard said.  "It highlights
Alcatel-Lucent's unique ability to deliver the most advanced
Universal WiMAX solution to its customers and further proves
Mobilink's confidence in our technology and solutions."

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming"* and MIMO**.
Beam forming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage – in some
instances by as much as 40 percent – while reducing interference
and ensuring better indoor penetration of the radio signal.
MIMO helps make radio links more robust, nearly doubling the
capacity delivered in dense urban environments.

With more than 70 pilots and deployments across the world and 14
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market.

                          About Mobilink

Mobilink is an Orascom Telecom Group company and is Pakistan's
leading cellular service provider with a subscriber growth of
104% in 2006. The company has achieved an unprecedented customer
base of over 27 million.  Mobilink provides the most extensive
network coverage footprint across Pakistan through an integrated
technology infrastructure in more than 5,000 cities, towns,
villages, and countless remote destinations, including
International Roaming in 127 countries through 300 partner
operators.

The company directly employs over 4,000 people and has the
largest distribution network with 200,000 outlets across
Pakistan.  Mobilink's corporate social responsibility program
contributes significantly in key areas of health, education,
social uplift and cultural development causes in Pakistan.  The
company is the official cellular service of the Pakistan Cricket
Board.  Mobilink is the only corporate in Pakistan to issue a
'high-yield' bond worth US$ 250 million in the International
Market and has contributed to a positive image of the country as
a secure destination for business activity.

                      About Orascom Telecom

Orascom Telecom is a leading international telecommunications
company operating GSM networks in seven high growth markets in
the Middle East, Africa and South Asia, having a total
population under license of approximately 460 million with an
average mobile telephony penetration of approximately 33% as at
30th June 2007. Orascom Telecom operates GSM networks in
Algeria, Pakistan, Egypt, Tunisia, Iraq, Bangladesh, and
Zimbabwe.  Orascom Telecom had over 61 million subscribers as at
June 2007. Orascom Telecom owns 19.3% of Hutchison
Telecommunications International Limited, a leading
telecommunication services provider operating in seven
countries.

                       About Alcatel-Lucent

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

                          *     *     *

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

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

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

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


ATARI INCORPORATED: Deloitte & Touche Raises Going Concern Doubt
----------------------------------------------------------------
New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari Incorporated's ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended March 31, 2007.  The auditing firm
pointed to the company's significant operating losses.

The company posted a $69,711,000 net loss on $122,285,000 of
total revenues for the year ended March 31, 2007, as compared
with a $68,986,000 net loss on $206,796,000 of total revenue in
the prior year.  The company also posted an operating loss of
$77,644,000 in fiscal 2007 as compared to a $62,977,000 in the
prior year.

At March 31, 2007, the company's balance sheet showed
$42,819,000 in total assets and $39,725,000 in total
liabilities, resulting in a $3,094,000 stockholders' equity.

During fiscal 2006 and 2007, the company sold a number of
intellectual properties and development facilities in order to
obtain cash to fund its operations.  During 2007, the company
raised approximately $35,000,000 through the sale of the rights
to its Driver games and certain other intellectual property, and
the sale of its Reflections and Shiny studios.  By the end of
fiscal 2007, the company did not own any development studios.

The company said that its ability to deliver products on time
depends in good part on developers' ability to meet completion
schedules.  Further, its expected releases in fiscal 2008 are
even fewer than its releases in fiscal 2007.

In addition, most of the company's releases for fiscal 2008 are
focused on the holiday season.  As a result its cash needs have
become more seasonal and it faces significant cash requirements
to fund the working capital needs during the second quarter of
its fiscal year.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?239c

                            About Atari

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) –
http://www.atari.com/-- together with its subsidiaries,
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company,  founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
France-based Infogrames Entertainment SA.


MAGNA INT'L: Announces Purchase Offer Preliminary Results
---------------------------------------------------------
Magna International Inc. has announced the preliminary results
of its offer to purchase 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, 2007.

Magna has taken up and will purchase for cancellation all the
Class A Subordinate Voting Shares validly tendered pursuant to
the offer (11,908,421 shares), at a purchase price of US$91.50
per Class A Subordinate Voting Share.  These shares represent
approximately 9.2% of Magna's outstanding Class A Subordinate
Voting Shares as of Sept. 20, 2007.

Magna and Computershare (the depositary under the offer) expect
the final determination of the number of Class A Subordinate
Voting Shares to be purchased for cancellation to be made on or
before Sept. 25, 2007.  Payment for the Class A Subordinate
Voting Shares purchased pursuant to the offer will be made on
Sept. 25, 2007.  The purchase will be funded from the proceeds
of the treasury issuance of 20,000,000 Class A Subordinate
Voting Shares pursuant to the plan of arrangement involving
Russian Machines, which was completed on Sept. 20, 2007.

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.
In South America, it has two operations in Brazil.  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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.

The company hopes to stem revenue loss by securing more
contracts from Asian manufacturers and reducing its dependence
on General Motors, Ford and DaimlerChrysler.  According to Mr.
Van Alphen, Magna is working to increase its sales to Asian
manufacturers to 10% to 15% by 2010.


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


ALERIS INTERNATIONAL: Board Appoints Sean Stack as CFO
------------------------------------------------------
The board of directors of Aleris International Inc. has elected
Sean M. Stack to succeed Michael D. Friday as chief financial
officer effective Dec. 1, 2007.  The board of directors also
elected Mr. Friday as chief administrative officer of the
company effective Dec. 1, 2007.

Mr. Stack, 40, has served as Executive vice president and
president, Europe since the acquisition of Corus Aluminum in
August 2006.  Prior to that time, Mr. Stack was senior vice
president, treasurer and corporate development of the company
since the company's  acquisition of Commonwealth, and prior to
that, he was vice president and treasurer of Commonwealth.

Prior to joining Commonwealth in June 2004, he had served as
vice president and treasurer of Noveon Inc., beginning in
March 2001.  Prior to joining Noveon, Mr. Stack served as vice
president and treasurer for Specialty Foods Corporation from May
1996 to December 2000.  Mr. Stack joined Specialty Foods as
assistant treasurer in 1996.

Prior to that, he was a vice president at ABN AMRO Bank in
commercial and investment banking.

Mr. Friday, 56, has served as executive vice president and chief
financial officer of the company since the company's acquisition
of Commonwealth in December 2004.  Prior to that time, Mr.
Friday served as executive vice president and chief financial
officer of Commonwealth.

Prior to joining Commonwealth in June 2004, Mr. Friday served as
executive vice president and chief financial officer of Noveon
Inc. from 2001 to 2004.  From 1997 to 2001, Mr. Friday served as
vice president-finance, business development and information
technology at BFGoodrich Performance Materials. From 1994 to
1997, Mr. Friday was vice president of finance for The Little
Tikes Company, a unit of Rubbermaid Inc.

Mr. Friday began his career with the General Electric Company in
1974, where he served in a variety of responsible financial
management capacities.

Upon his appointment as chief administrative officer of the
company, Mr. Friday will cease to act as chief financial
officer.

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

                          *    *    *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.


ALERIS INTERNATIONAL: Completes Acquisition of Alumox Holding
-------------------------------------------------------------
Aleris International Inc. has completed its acquisition of
Alumox Holding AS located in Norway.  The Alumox business is
expected to be integrated into Aleris' European recycling
business.

Through its subsidiaries, Alumox AS and Reox AS, Alumox recycles
dross and scrap to recover aluminum and processes salt slag to
recover aluminum and aluminum oxide.

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

                          *    *    *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.


ALERIS INT'L: To Shut Down Dickson Manufacturing Facility
---------------------------------------------------------
Aleris International, Inc., will shut down and permanently close
its Dickson, Tennessee facility by Nov. 20, 2007.  The Dickson
plant was part of Aleris's recent acquisition of Wabash Alloys,
LLC.

The Dickson plant produces specification aluminum alloys, which
are delivered to customers in both ingot and molten form.  The
plant has approximately 67 employees. Production will be
transferred to other Aleris facilities.  Aleris will continue to
provide the highest quality and services to its valued
customers.

                     About Wabash Alloys

Founded in 1958, Wabash Alloys-- http://www.wabashalloys.com/--
produces aluminum casting alloys and molten metal at its eight
plants located in Canada, Mexico and the United States.

                About Aleris International Inc.

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

                          *    *    *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.


ASAT HOLDINGS: Chinese Unit Secures US$20 Mln Credit Facility
-------------------------------------------------------------
ASAT Holdings Limited's Chinese subsidiary, ASAT Semiconductor
(Dongguan) Limited, has received a commitment for RMB150 million
or approximately $20 million of new financing from a Chinese
bank in the form of a secured multi-currency revolving credit
facility.

"As we have discussed, the key near-term objective has been
to strengthen our financial position,” Kei Hong Chua, chief
financial officer of ASAT Holdings Limited, said.  “By obtaining
the credit facility we have delivered on this important goal and
achieved another milestone in the implementation of our
financial turnaround plan.  The facility supplements our
existing cash flow and provides us with resources to expand our
business during a period of positive growth for ASAT and our
industry.”

"We believe the overwhelming support we received in our recent
consent solicitation and the competitive terms of this financing
package demonstrate the fundamental soundness of our business,"
Mr. Chua said.  "In the last 12 months we have undertaken a
complete re-engineering of nearly every aspect of how we do
business. We have made enormous progress and ASAT
is emerging as a strong competitor in the assembly and test
market."

The multi-currency revolving credit facility has an aggregate
commitment of RMB150 million secured by ASDLs trade receivables.
Interest on borrowings under the facility will be at the
applicable index rate plus 0.80%.

                   About ASAT Holdings Limited

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed $135.1 million in total assets, $217.7 million in
total liabilities, and $5.7 million in series A redeemable
convertible preferred shares, resulting in $88.3 million total
stockholders' deficit.


HEISEDER BAUSTOFFKONTOR: Claims Registration Ends Nov. 12
---------------------------------------------------------
Creditors of Heiseder Baustoffkontor GmbH Heisede have until
Nov. 12 to register their claims with court-appointed insolvency
manager Dr. Steffen Koch.

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

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 13
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/3539910
         Website: www.hww-kanzlei.de

The District Court of Hildesheim opened bankruptcy proceedings
against Heiseder Baustoffkontor GmbH Heisede on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heiseder Baustoffkontor GmbH Heisede
         Koldinger Weg 1
         31157 Sarstedt
         Germany

         Attn: Werner Just, Manager
         Kurzen Busch 6
         31177 Harsum
         Germany


JUNGPFLANZEN RAMPP: Claims Registration Ends Nov. 16
----------------------------------------------------
Creditors of jungpflanzen rampp GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         Germany

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

The insolvency manager can be reached at:

         Christian Plail
         SKP Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg
         Germany
         Tel:0821/509330
         Fax: 0821/5093333

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

The Debtor can be reached at:

         jungpflanzen rampp GmbH
         Heinz Rauscher
         Mattsieser Str. 29
         87775 Salgen-Hausen
         Germany


KONAIR-FLUGBETRIEBSGESELLSCHAFT: Claims Filing Ends Oct. 19
-----------------------------------------------------------
Creditors of KONAIR-Flugbetriebsgesellschaft mbH have until
Oct. 19 to register their claims with court-appointed insolvency
manager Andreas Elsasser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Konstanz
         Hall 207
         Second Floor
         Hauptgebaude
         Untere Laube 12
         78462 Konstanz
         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 Elsasser
         Obere Laube 46
         78462 Konstanz
         Germany

The District Court of Konstanz opened bankruptcy proceedings
against KONAIR-Flugbetriebsgesellschaft mbH on Sept. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KONAIR-Flugbetriebsgesellschaft mbH
         Attn: Brigitte Spoerin, Manager
         Reichenaustr. 282
         78467 Konstanz
         Germany


KORIMEX GROSS: Claims Registration Ends Nov. 8
----------------------------------------------
Creditors of Korimex Gross- und Aussenhandel GmbH have until
Nov. 8 to register their claims with court-appointed insolvency
manager Florian Menn.

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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Florian Menn
         Berger Allee 7
         86609 Donauwoerth
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Korimex Gross- und Aussenhandel Gm on Aug. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Korimex Gross- und Aussenhandel GmbH
         Linker Kreuthweg 10
         86444 Affing
         Germany


L&R BETEILIGUNGS: Claims Registration Period Ends Oct. 22
---------------------------------------------------------
Creditors of L&R Beteiligungs GmbH have until Oct. 22 to
register their claims with court-appointed insolvency manager
Michael George.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Halll 3/I
         Bahnhofstrasse 18
         Wolfratshausen
         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 George
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

The District Court of Wolfratshausen opened bankruptcy
proceedings against L&R Beteiligungs GmbH on Sept. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         L&R Beteiligungs GmbH
         Seeleitn 71
         82541 Muensing
         Germany


MARA GMBH: Claims Registration Period Ends Oct. 19
--------------------------------------------------
Creditors of MARA GmbH have until Oct. 19 to register their
claims with court-appointed insolvency manager Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Arne Meyer
         Karl-Oberbach-Strasse 50
         41515 Grevenbroich
         Germany
         Tel: 02181/21306-10
         Fax: 02181/21306-23

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

The Debtor can be reached at:

         MARA GmbH
         Attn: Malika Radi, Manager
         Steinweg 5
         41515 Grevenbroich
         Germany


MELVIK GMBH: Claims Registration Ends November 10
-------------------------------------------------
Creditors of MELViK GmbH have until Nov. 10 to register their
claims with court-appointed insolvency manager Dr. Dirk
Wittkowski.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

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

The Debtor can be reached at:

         MELViK GmbH
         Gruenthaler Str. 7
         13357 Berlin
         Germany


N + S BAUUNTERNEHMUNG: Claims Registration Ends November 9
----------------------------------------------------------
Creditors of N + S Bauunternehmung GmbH & Co.KG have until
Nov. 9 to register their claims with court-appointed insolvency
manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel:(0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against N + S Bauunternehmung GmbH & Co.KG on Sept. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         N + S Bauunternehmung GmbH & Co.KG
         Attn: Walther Schuemichen and
         Waltraud Lauterbach, Managers
         Bergstr. 54
         09113 Chemnitz
         Germany


NEUBAU GMBH: Claims Registration Period Ends Nov. 16
----------------------------------------------------
Creditors of Neubau GmbH have until Nov. 16 to register their
claims with court-appointed insolvency manager Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 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 Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding
         Germany
         Tel: 08122/22960-83
         Fax: 08122/22960-84

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

The Debtor can be reached at:

         Neubau GmbH
         Benno-Scharl-Strasse 30
         85461 Gruenbach
         Germany


PRINCIPALHAIR MUENSTER: Claims Registration Period Ends Nov. 2
--------------------------------------------------------------
Creditors of principalhair Muenster City GmbH have until Nov. 2
to register their claims with court-appointed insolvency manager
Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Muenster opened bankruptcy proceedings
against principalhair Muenster City GmbH on Aug. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         principalhair Muenster City GmbH
         Kanalstrasse 44
         48147 Muenster
         Germany


RAMM GMBH: Creditors' Meeting Slated for November 16
----------------------------------------------------
The court-appointed insolvency manager for Ramm GmbH, Dr. Petra
Mork will present her first report on the Company's insolvency
proceedings at a creditors' meeting at 10:05 a.m. on Nov. 16.

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

         The District Court of Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Jan. 11, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         Ramm GmbH
         Kieferstr. 33
         44225 Dortmund
         Germany

         Attn: Reinhold Thuesing, Manager
         Kreuzberg 69
         59846 Sundern
         Germany


RECKENDREES GMBH: Claims Registration Period Ends Oct. 23
---------------------------------------------------------
Creditors of Reckendrees GmbH Rolladen- und
Kunststofffensterfabrik have until Oct. 23 to register their
claims with court-appointed insolvency manager Jochen Schnake.

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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Jochen Schnake
         Ravensberger Str. 11 u. 12
         33824 Werther
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Reckendrees GmbH Rolladen- und Kunststofffensterfabrik
on Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Reckendrees GmbH Rolladen- und Kunststofffensterfabrik
         Attn: Michael Nuessgen, Manager
         Benzstr. 5 - 15
         33442 Herzebrock-Clarholz
         Germany


SCHUELER CONSULTING: Claims Registration Period Ends Dec. 16
------------------------------------------------------------
Creditors of Schueler Consulting GmbH have until Dec. 16 to
register their claims with court-appointed insolvency manager
Angelika Amend.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Schueler Consulting GmbH on Sept. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schueler Consulting GmbH
         Laubestrasse 28
         60594 Frankfurt am Main
         Germany

         Attn: Tamara Schueler, Manager
         Mailander Strasse 23
         60598 Frankfurt am Main
         Germany


TENNECO INC: UAW's Strike Prompts Fitch's Negative Watch
--------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

-- IDR 'B';
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

-- IDR 'BB';
-- Senior unsecured bank facility 'BB';
-- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.

-- IDR 'BB'.

ArvinMeritor Inc.

-- IDR 'BB';
-- Senior secured 'BB+';
-- Senior unsecured 'BB-'.

Tenneco, Inc.

-- IDR 'BB-';
-- Senior secured bank facility 'BB+';
-- Senior secured notes 'BB';
-- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

-- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

-- IDR 'B'.
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

-- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.


TREBEC GMBH: Claims Registration Ends Nov. 8
--------------------------------------------
Creditors of Trebec GmbH have until Nov. 8 to register their
claims with court-appointed insolvency manager Dr. Jan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

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

The Debtor can be reached at:

         Trebec GmbH
         Werrastrasse 27-29
         60486 Frankfurt am Main
         Germany


UMOTEC TECHNOLOGIE: Claims Registration Ends November 9
-------------------------------------------------------
Creditors of Umotec Technologie GmbH have until Nov. 9 to
register their claims with court-appointed insolvency manager
Dr. Hans-Gert Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Bad Kreuznach
         Hall A4
         Hofgartenstr. 2
         55545 Bad Kreuznach
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr. 7, D
         55566 Bad Sobernheim
         Germany
         Tel: 06751/938013
         Fax: 06751/9380-36

The District Court of Bad Kreuznach opened bankruptcy
proceedings against Umotec Technologie GmbH on Aug. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Umotec Technologie GmbH
         Haystr. 25
         55566 Bad Sobernheim
         Germany

         Attn: Mario Michael Reeb, Manager
         Steinritzweg 13
         65232 Taunusstein
         Germany


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


AES CORP: Acquitted on Fraud Charges by Niagara Court
-----------------------------------------------------
Niagara State Supreme Court Justice Richard C. Kloch Sr. has
acquitted the AES Corp. of alleged fraud for seeking a payment
“in-lieu-of-taxes, or PILOT, arrangement with the Niagara County
Industrial Development Agency,” The Buffalo News reports.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, the Niagara county, the Town of Somerset and the
Barker Central School District filed a lawsuit against AES and
the Industrial Development Agency over the "payment-in-lieu-of-
taxes deal," which would cost the taxing entities US$43.4
million over 12 years, compared with what they would collect
from AES if the firm's Lake Road power plant continued to be
taxed at the current rate.  Those who are against the deal said
that of one assumes a 3% yearly tax raise, the lost revenue tops
US$90 million.  Internal AES E-mails presented in the State
Supreme Court as evidence indicated that top Niagara County
politicians were involved in a tax-break deal for the firm long
before it became public in September 2006.

Judge Kloch dismissed all the lawsuits AES filed against the
Town of Somerset “over its assessment on the coalburning Lake
Road power plant,” The Buffalo News notes.  The firm could file
an appeal on that decision.

AES Somerset unit head Kevin R. Pierce told The Buffalo News
that he had no problem with that ruling, though it means AES has
no chance of winning tax refunds for previous years.  According
to him, the PILOT accord called for the firm to abandon the tax
suits once the PILOT litigation is settled.

"In the unlikely case that [the ruling] is overturned, we would
have the right to appeal.  I think the judge would be sensitive
to stripping away someone's legal rights to appeal," Mr. Pierce
commented to The Buffalo News.

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

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

                        *     *     *

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


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


ALITALIA SPA: Chief to Name Possible Buyers This Month
------------------------------------------------------
Alitalia S.p.A. Chairman Maurizio Prato will name possible
bidders for the Italian government's 49.9& stake in the national
carrier by the end of September, Alessandro Torello writes for
Bloomberg News, citing Lombardy region chief Roberto Formigoni.

Mr. Formigoni said that by the end of the month, Mr. Prato "will
have defined with certainty the relations with potential
buyers."

As reported in the TCR-Europe on Sept. 13, 2007, Mr. Prato plans
to complete the sale of Italy's stake in the troubled carrier by
December 2007.

Mr. Prato told Il Sole 24 Ore that advisor Citigroup has
initiated contacts with parties that had participated in the
failed auction for Italy's stake in Alitalia and with Asian
firms.

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

Meanwhile, Italian deputy prime minister Francesco Rutelli
called on local investors to form a consortium to prevent
foreign firms from acquiring Alitalia, La Stampa reports.

Mr. Rutelli expressed support to a possible bid by Italian
airline AirOne S.p.A., saying it was the most sensible solution
for the flag carrier, La Stampa relates.

Pierluigi Bersani, Italy's economic development minister, also
expressed support to an Italian acquisition, but noted that the
final decision lies on Alitalia's owners and prime minister
Romano Prodi, who is reportedly backing Air France-KLM, La
Stampa adds.

                          About Alitalia

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

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


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


ATF BANK: Allianz SE Buys 100% Stake in ATF-Polis
-------------------------------------------------
After fostering its leadership position as foreign insurer in
Russia, Allianz SE is now entering the Kazakh insurance market
by acquiring 100% of the shares in ATF-Polis from ATF Bank.  The
parties involved have agreed not to disclose further details of
the transaction.

ATF-Polis is one of the top five insurance companies in
Kazakhstan with gross premiums written of US$42 million in 2006.
The company is active in property/casualty lines and has a well
developed sales network – both in the metropolitan as well as
regional areas.

The insurer will continue to benefit from the distribution
capacity of ATF Bank as one of the largest banks in Kazakhstan
as laid down by a bancassurance agreement.  Furthermore, the
recent acquisition of ATF Bank by the Italian bank Unicredit
will allow Allianz to extend the longstanding partnership with
Unicredit in the Kazakhstan market.

        Enormous Growth Potential in the CIS Region

"The entry into the Kazakhstan market is driven by the dynamic
development of the countries' economy and financial services
market as well as by our good relationship to the Kazakh
authorities and the financial institutions.  This market plays
an important role in the CIS which shows enormous potential of
growth.  By entering Kazakhstan now we will ensure our position
in this interesting market," Werner Zedelius, board member of
Allianz SE, responsible for growth markets, regarding this move,
commented.

"Being one of the leading insurance service providers worldwide
combined with long industry experience, Allianz will give ATF-
Polis a new push on the development by implementing state-of-the
art technologies and strengthening the insurer's position in the
Kazakhstan insurance market.  At the same time us (ATF Bank) and
ATF-Polis will remain partners and will continue our mutually
beneficial cooperation as laid down by agreements between both
companies" Talgat Kuanishev, CEO of ATF Bank, added.

                  Allianz's Third CIS Country

With this acquisition Allianz is undertaking a major step in
entering the third CIS country, after Russia and Ukraine, and
will participate significantly in one of the largest and fastest
growing markets in the CIS region.  In 2006 the Kazakh insurance
market had a volume of US$600 million and is estimated to grow
to US$2 billion by 2010.  After Russia and Ukraine, Kazakhstan
has the third largest economy in the CIS region and a population
of 15 million people.  Due to the highly dynamic economic
development of the recent past, enormous growth potential and
rapidly evolving markets for insurance services combined with
low penetration, the insurance market in Kazakhstan provides
tremendous opportunities.

"This transaction enables us to access different client segments
in Kazakhstan and to provide our customers with a whole new
range of products which will complement existing ATF-Polis
products.  They will benefit from our local knowledge and
international expertise", Hannes S. Chopra, CEO of Allianz
Eurasia, responsible for all CIS markets, said.

                        About ATF-Polis

ATF-Polis was established in 1999 as part of the ATF financial
group and is one of the top five insurance companies in
Kazakhstan based on 2006 statistics.  The insurer has a country
wide presence in the 16 largest cities of Kazakhstan and a well
balanced portfolio and distribution channels structure.

                        About ATF Bank

Based in Almaty, Kazakhstan, ATF Bank --  http://www.atfbank.kz/
-- reported total assets of KZT1047 billion (US$8.2 billion) at
year-end 2006, ranking as third-largest bank in the country.

                          *     *     *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service placed under review for possible upgrade the Ba1/NP
local currency deposit ratings, the Ba1 senior unsecured notes
rating, as well as the Ba3 junior subordinated debt rating of
Kazakhstan's ATF Bank.  Moody's said the bank's Ba1/NP foreign
currency deposit ratings and the D- bank financial strength
rating were affirmed and carry stable outlooks.

In June 2007, Standard & Poor's Ratings Services said that,
following news of Italian bank UniCredito Italiano SpA's share
purchase agreement to acquire a major shareholding in ATF Bank,
Kazakhstan's fourth-largest bank by assets, it has placed its
'B+' long-term counterparty credit rating on ATF on CreditWatch
with positive implications and affirmed the 'B' short-term
counterparty credit rating.

In March 2007, Fitch Ratings affirmed Kazakhstan-based ATF
Bank's ratings at Issuer Default 'BB-', Short-term 'B',
Individual 'D' and Support '3'.  Fitch said the Outlook on the
Issuer Default rating remains Stable.


ATF BANK: Conducting Appraisal on Preferred Stock Conversion
------------------------------------------------------------
The Board of Directors of ATF Bank JSC has decided to conduct
the expert appraisal on possible range of the conversion
coefficient of its preferred stocks into common ones.

The board also took these decisions:

   -- to entrust the bank's Executive Committee choosing an
      independent appraiser who would have an appropriate
      license in accordance with the current legislation of
      Republic of Kazakhstan and experience in that field, and
      concluding the treaty of providing an expert conclusion:

         -- about the possible range of the conversion
            coefficient of its preferred stocks KZ1P35970816 and
            KZ1P35970618 into common shares;

         -- about the buy-out price of the preferred stocks, in
            case of refusal of shareholders from conversion.

The report must be presented for a confirmation of the Board of
directors not later than Sept. 26, 2007;

   -- to approve the materials of the special general
      shareholders' meeting,  set on Oct. 1, 2007, not later
      than Sept. 20 of 2007, to place  the materials on
      http://www.atfbank.kz/Web site at the following path:
      "About the bank" section - "Information for shareholders"
      subsection "General shareholders' meeting" subsection.

                           About ATF Bank

Based in Almaty, Kazakhstan, ATF Bank --  http://www.atfbank.kz/
-- reported total assets of KZT1047 billion (US$8.2 billion) at
year-end 2006, ranking as third-largest bank in the country.

                          *     *     *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service placed under review for possible upgrade the Ba1/NP
local currency deposit ratings, the Ba1 senior unsecured notes
rating, as well as the Ba3 junior subordinated debt rating of
Kazakhstan's ATF Bank.  Moody's said the bank's Ba1/NP foreign
currency deposit ratings and the D- bank financial strength
rating were affirmed and carry stable outlooks.

In June 2007, Standard & Poor's Ratings Services said that,
following news of Italian bank UniCredito Italiano SpA's share
purchase agreement to acquire a major shareholding in ATF Bank,
Kazakhstan's fourth-largest bank by assets, it has placed its
'B+' long-term counterparty credit rating on ATF on CreditWatch
with positive implications and affirmed the 'B' short-term
counterparty credit rating.

In March 2007, Fitch Ratings affirmed Kazakhstan-based ATF
Bank's ratings at Issuer Default 'BB-', Short-term 'B',
Individual 'D' and Support '3'.  Fitch said the Outlook on the
Issuer Default rating remains Stable.


CHERVONNOYE LLP: Proof of Claim Deadline Slated for October 26
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Chervonnoye insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


CONSULTING-SERVICE 2006: Creditors Must File Claims October 30
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Consulting-Service 2006 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


ENERGIYA LLP: Claims Filing Period Ends October 30
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Energiya insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


FIT-PROM LLP: Creditors' Claims Due on October 30
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Fit-Prom (RNN 600400509633) insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Zelenaya Str. 40
         Baiserke
         Ilyisky District
         Almaty
         Kazakhstan
         Tel: 8 777 315 19-66


INTEX LLP: Claims Registration Ends October 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Intex insolvent.

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

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


LIT LLP: Creditors Must File Claims October 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Lit insolvent.

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

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


MAIMAK AU: Claims Filing Period Ends October 26
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Maimak Au 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
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3222) 56-11-36


MAKAROV & K: Creditors' Claims Due on October 26
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Makarov & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Tsvetochnaya Str. 4
         Shemonaiha
         071800, East Kazakhstan
         Kazakhstan
         Tel: 8 (32332) 3-12-79


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


EL AVIA: Proof of Claim Deadline Slated for October 31
------------------------------------------------------
LLC Company El Avia Ltd. has declared insolvency.  Creditors
have until Oct. 31 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 49-47-55.


KYRGYZSTAN ABA: Bishkek Court Upholds Manas Bankruptcy Petition
---------------------------------------------------------------
Bishkek court judge Jyrgalbek Nurunbetov has declared national
air carrier Kyrgyzstan aba joldoru bankrupt on Sept. 11, 2007,
although he refused to make it public, The Times of Central Asia
reports.

The judge has tasked the State Committee on state property to
answer all questions regarding the decision.

According to the report, the bankruptcy petition was filed by
International airport JSC Manas.

The State Committee on state property says the court satisfied
the suit of the airport.

Kyrgyzstan aba joldoru, which owes over KGS400 million to
creditors, is given ten days to appeal the decision otherwise
the court will commence bankruptcy proceedings, The Times of
Central Asia relates, citing Natalia Dryzhak, an officer of the
committee.


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


BAUSCH & LOMB: S&P Holds CreditWatch on BB+ Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has announced that its
ratings (BB+ Corporate Credit Rating) on Rochester, New York-
based Bausch & Lomb Inc. remain on CreditWatch with negative
implications, where they were placed on May 16, 2007, reflecting
its intent to merge with Warburg Pincus.  They commenced a cash
tender offer and consent solicitation for its publicly held debt
yesterday, and the company's shareholders voted to approve the
merger today.  As a result of the anticipated capitalization
(Warburg plans to finance the transaction with US$1.9 billion of
common equity and US$2.5 billion of debt plus another US$800
million in undrawn credit facilities), S&P's corporate credit
rating on the company will be lowered to B+/Stable/-- once the
transaction closes.  S&P's stable outlook will reflect the
challenge of rebuilding its lenscare franchise, and improving
operating margins and cash flow.

"After the transaction, our rating on Bausch & Lomb Inc. will
reflect the strength of the company's product offerings in
multiple segments of the vision care industry, recurring sales
of several core products, and its geographic and customer
diversity," said S&P's credit analyst Cheryl Richer. However,
very high debt leverage resulting from the acquisition by
Warburg Pincus drives the company's noninvestment grade rating.
Business concerns include formidable competitors, and the
continuous pressure to innovate.  Lens care sales are gradually
rebounding in the aftermath of the May 2005 global recall of
ReNu with MoistureLoc multipurpose lens care solution.

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


FIRST DATA: Completes $29 Billion Acquisition by KKR
----------------------------------------------------
(Sept. 24, 2007 (BUSINESS WIRE)

First Data Corporation disclosed the completion of its
acquisition by affiliates of Kohlberg Kravis Roberts & Co.
Under the terms of the merger agreement, the company's
stockholders will receive $34 per share in cash.  Shareholders
approved the transaction at a special meeting on July 31, 2007.

As reported in the Troubled Company Reporter on April 4, 2007,
First Data entered into $29 billion buyout agreement with KKR,
which was unanimously approved by the First Data Board of
Directors based upon the recommendation of the Strategic Review
Committee comprised of three independent directors.

First Data stock ceased to trade on the New York Stock Exchange
(NYSE) at market close of Sept. 24, 2007.  Under private
ownership, First Data's common stock will no longer be listed on
the NYSE.

With the transaction completed, Michael D. Capellas becomes
First Data's new chairman and CEO, replacing Ric Duques.  Mr.
Duques has served as chairman and CEO since November 2005, and
previously served as chairman from 1992 to 2003 and CEO from
1987 to 2003.  Mr. Capellas was previously CEO of MCI, President
of Hewlett-Packard Company and Chairman and CEO of Compaq
Computer Corporation.

                    New Management Team

The company also disclosed that all of its operations in the
U.S. will be led by Edward Labry and that it will combine the
company's Commercial Services and Financial Institution Services
segments.  Mr. Labry has been serving as president of the
company's Commercial Services division.

First Data's international operations will be led by David Yates
and will continue to be organized regionally with a focus on
selling the company's suite of payments services to merchant and
financial institution clients outside of the United States.  Mr.
Yates has been serving as president of the company's Europe,
Middle East and Africa region.

To further strengthen and support the senior management team,
Tom Bell has joined the company as Executive Vice President and
Chief Strategy Officer.  Mr. Bell will assume primary
responsibility for corporate strategy and the company's high
growth areas for innovation.  Mr. Bell joins First Data after 25
years at Accenture where he served as Managing Director in the
Communications & High Tech practice.

Grace Chen Trent also has joined First Data as Executive Vice
President for Marketing and Communications.  Ms. Trent will
assume responsibility for the company's integrated marketing,
brand and communication programs worldwide.  Ms. Trent was most
recently Senior Vice President of Communications for MCI.

First Data executive officers that will continue in their
current roles are:

   -- Peter Boucher, Executive Vice President, Human Resources;

   -- David Dibble, Executive Vice President, Chief Technology
      Officer;

   -- Dave Money, Executive Vice President, General Counsel;
      and

   -- Kim Patmore, Executive Vice President, Chief Financial
      Officer.

"First Data begins a new era as a private company,” Mr. Capellas
said.  “The strength and experience of this new management team
combined with our leading market position will serve as a
critical foundation for what will be the next generation of
First Data.  Our new simplified company structure will allow us
to be more customer-focused, more innovative and faster to
market with new products.  Our goal is to transform from being
the largest payments processor to a leading-edge technology
services provider in the expanding world of electronic and
mobile commerce."

"First Data is very fortunate to have a solid foundation of
strong financial performance, a market leading position and a
long list of great clients around the world,” KKR Member Scott
Nuttall added.  “We look forward to supporting Michael and the
rest of the management team in the years ahead to extend that
leadership position and capitalize on the worldwide trend toward
electronic payments."

"After 18 years with the company, I am stepping down knowing
that First Data's future is in extremely capable hands,” Mr.
Duques said.  “Our new CEO, Michael Capellas, together with the
support of KKR, will build upon our existing strengths to
deliver the advanced services our clients will require in the
years ahead."

"Ric Duques has served as the essential architect behind First
Data's emergence as the world's leading payments processor for
two decades,” Mr. Capellas continued.  “On behalf of everyone at
First Data, I want to thank him for his tremendous leadership
and we wish him the very best in his retirement."

                       About First Data

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

                          *     *     *

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

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

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


MITSUBISHI MOTORS: To Move Outlander Production to Netherlands
--------------------------------------------------------------
Mitsubishi Motors Corporation said it would transfer the
production of its Outlander care for the European market to the
Netherlands due to strong demand, writes Gilbert Kreijger of
Reuters.

According to Mr. Kreijger, aside from the strong demand, this
move will help free up production capacity in Japan.

Mitsubishi's Dutch facility, called NedCar, will produce about
20,000 SUV Outlander cars in 2008 and 30,000 in subsequent
years.  Reuters cites a NedCar spokesman as saying that NedCar
already produces about 70,000 of Mitsubishi's Colt model.

Strong demand for the automaker's Outlander model in Europe and
its new Lancer model worldwide were reason to shift Outlander
production to the Netherlands, notes Mr. Kreijger.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *    *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


MITSUBISHI MOTORS: JCR Lifts U.S. Arm's Sr. Debt Rating to BB-
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has upgraded the senior debt
rating of Mitsubishi Motors Credit of America, Inc., to BB- from
B+ with a stable outlook.

Mitsubishi Motors Corporation (MMC)'s restructuring has been
going well in line with the Mitsubishi Motors Revitalization
Plan with support of Mitsubishi Group.  Although MMC is halfway
toward its goal of adjustment of global production system under
the plan, efforts have been made steadily, reducing downside
risk of earnings.  MMC has ensured moer-than-planned free cash
flow and liquidity on hand, stabilizing the financial
management.  MMC plans to shrink its loss from domestic business
that it has delayed in increasing the earnings by improving
product mix and a wide-area integration of its distributors in
the face of difficulty in raising sales due to stagnant market.
There is leeway in production capacity in US, Australia and
Europe against three plants in Japan and a plant in Thailand,
which MMC raised capacity utilization.  JCR thinks that MMC
should continue reviewing shares of production sites for higher
efficiency.  JCR thinks that adjustment of global production
system, introduction of long-term and stable fund procurement
method and capital policy such as exit policy for the preferred
shares will be issues for MMC.  JCR will pay attention to the
next medium-term business plan.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *    *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


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


AK BARS: Concludes US$100 Million Trade Facility
------------------------------------------------
AK BARS Bank closed the US$100 million trade related facility
arranged by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Calyon on
Sept. 10, 2007.

The loan was attracted by 70 bps p.a. over LIBOR with a tenor of
one year.

According to the Bank, taking into account the uncertain market
conditions during this summer, the syndication is undoubtedly a
success.

"AK BARS have successfully closed their US$100 Million, one year
syndicated facility, fully subscribed and achieving very
competitive pricing and terms," Charles Griffiths of The Bank of
Tokyo-Mitsubishi UFJ’s syndication group in London stated.

"The transaction was syndicated during the summer months and,
given current loan market conditions, is a remarkable success
and a clear display of both the quality of borrower’s banking
relationships, and the professionalism and dedication of the
AkBars funding team," Mr. Griffiths added.

Headquartered in Kazan, Republic of Tatarstan, Russian
Federation, AK BARS Bank -- http://www.akbars.ru/en/-- is the
largest bank in the republic and one of the 20 largest Russian
banks.  At end-2006, the republic's government, through
ministries, government agencies and related companies,
ultimately controlled 96% of the bank's capital (end-2005: 93%).
It reported total assets of US$3.86 billion, total capital of
US$886 million and net income of US$61.1 million under IFRS at
Dec. 31, 2006.

                           *    *    *

As reported in the TCR-Europe on June 12, 2007, Moody's
Investors Service assigned a rating of Ba2 with stable outlook
to the Loan Participation Notes to be issued on a limited
recourse basis by AK Bars Luxembourg S.A., a Luxembourg-based
special purpose entity, for the sole purpose of financing a loan
to AK Bars Bank, a bank established under the laws of the
Russian Federation.

Fitch Ratings has assigned AK BARS Luxembourg's US$250 million
Series 1 issue of limited recourse loan participation notes, due
June 2010, a final 'BB-' rating.  The notes are the first issue
of a US$1.5 billion debt issuance program.


BANK OF SAINT-PETERSBURG: S&P Lifts Ratings to B- on Low Capital
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russian International Bank of
Saint-Petersburg to 'B-' from 'CCC+'.  At the same time, the 'C'
short-term counterparty credit rating was affirmed.  The outlook
is stable.  At the same time, the Russian national scale rating
was raised to 'ruBBB-' from 'ruBB'.

The ratings continue to reflect IBSP's low capitalization,
still-limited customer base, and high lending and funding
concentrations.  The bank's good regional name recognition,
reduced risk appetite in trading and sustained financial and
commercial performances partially mitigate these weaknesses.

"The upgrade reflects the bank's successful transformation into
a conventional commercial bank from its previous financial
market arbitrage specialization, initiated in 2003," said
Standard & Poor's credit analyst Ekaterina Trofimova.  "Also
factored in is the bank's improving risk management function,
which is strengthening risk control, limiting risk appetite, and
enhancing the risk-reward balance."

The ratings reflect the bank's stand-alone credit quality, and
do not include any uplift for extraordinary external support--
either from owners or the government.

IBSP had total assets of RUR29.4 billion (US$1.2 billion) at
June 30, 2007.

"The stable outlook reflects the balance of reducing
macroeconomic and industry risks and the bank's progress in
commercial development and risk management against the remaining
weaknesses in its financial and credit profile," said Ms.
Trofimova.  "Without material progress in these areas, an
upgrade is unlikely."

Ratings upside would require a substantial reduction in the
bank's single-name concentrations, stronger capitalization, and
risk management enhancements.

The ratings could be lowered or the outlook revised to negative
if IBSP's capitalization comes under further pressure or the
bank's financial profile deteriorates materially.


BURYATIYA OJSC: Creditors Must File Claims by Oct. 1
----------------------------------------------------
Creditors of OJSC Agricultural Industrial Corporation Buryatiya
have until Oct. 1 to submit proofs of claim to:

         D. Namsaraev
         Temporary Insolvency Manager
         Room 300
         Solnechnaya Str. 7a
         Ulan-Ude
         670031 Buryatiya
         Russia

The Arbitration Court of Irkutsk will convene at 10:00 a.m. on
Nov. 6 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A10-2726/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Industrial Corporation Buryatiya
         Khakhalova Str. 4A
         Ulan-Ude
         670034 Buryatiya
         Russia


CERAMICS-C LLC: Creditors Must File Claims by Oct. 1
----------------------------------------------------
Creditors of LLC Ceramics-C have until Oct. 1 to submit proofs
of claim to:

         E. Kubakhov
         Temporary Insolvency Manager
         Post User Box 12
         394038 Voronezh
         Russia

The Arbitration Court of Tambov will convene at 10:30 a.m. on
Oct. 23 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A64-3733/07-10.

The Debtor can be reached at:

         LLC Ceramics-C
         Location DSU-2
         Stroitel
         Tambov
         Russia


COMBINE SILBET: Creditors Must File Claims by Nov. 1
----------------------------------------------------
Creditors of CJSC Ivkor-Plus have until Nov. 1 to submit proofs
of claim to:

         M. Kuroptev
         Insolvency Manager
         Office 601
         Uritskogo Str. 1
         163002 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A05-3400/2006-6.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Combine Silbet
         Silikatchikov Str. 14
         163058 Arkhangelsk
         Russia


EAST RMZ: Creditors Must File Claims by Oct. 1
----------------------------------------------
Creditors of CJSC East RMZ have until Oct. 1 to submit proofs of
claim to:

         V. Safonov
         Insolvency Manager
         Post User Box 146
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A19-8120/07-38.

The Court is located at:

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

The Debtor can be reached at:

         CJSC East RMZ
         Promuzel Baza Strokindustrii
         Sayansk
         Irkutsk
         Russia


IVKOR-PLUS CJSC: Creditors Must File Claims by Oct. 1
-----------------------------------------------------
Creditors of CJSC Ivkor-Plus 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. A76-8606/2007-32-114.

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


KAMENSKIY BRICKWORKS: Creditors Must File Claims by Oct. 1
----------------------------------------------------------
Creditors of LLC Kamenskiy Brickworks have until Oct. 1 to
submit proofs of claim to:

         V. Ryabov
         Insolvency Manager
         Office 202
         St. Khalturina Str. 39
         Ufa
         450001 Bashkortostan
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A 47-4960/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kamenskiy Brickworks
         Kamenka
         Aleksandrovskiy
         Orenburg
         Russia


MAMADYSH-AGRO-KHIM-SERVICE: Creditors Must File Claims by Nov. 1
----------------------------------------------------------------
Creditors of OJSC Mamadysh-Agro-Khim-Service have until Nov. 1
to submit proofs of claim to:

         I. Gilyazov
         Insolvency Manager
         Post User Box 106
         GOS 3
         Chistopol
         422983 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:

         OJSC Mamadysh-Agro-Khim-Service
         Dorozhnikov
         Mamadyshskiy
         422192 Tatarstan
         Russia


MOLOGSKIY CHEESE: Bankruptcy Hearing Slated for Dec. 4
------------------------------------------------------
The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on
Dec. 4 to hear the bankruptcy supervision procedure on CJSC
Mologskiy Cheese Making Plant.  The case is docketed under Case
No. A82-4150/2007-56-B/37.

The Temporary Insolvency Manager is:

         D. Timofeev
         Post User Box 49
         Mira Pr. 21
         156000 Kostroma
         Russia

The Debtor can be reached at:

         CJSC Mologskiy Cheese Making Plant
         Vokzalnaya Str. 61
         Novyj Nekouz
         Nekouzskiy
         152730 Yaroslavl
         Russia



NIZHNIY USLON: Tatarstan Bankruptcy Hearing Slated for Dec. 6
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene on Dec. 6 to
hear the bankruptcy supervision procedure on LLC Tinned Food
Factory Nizhniy Uslon (TIN 1615003093).  The case is docketed
under Case No. A65-11723/2007-SG4-31.

The Temporary Insolvency Manager is:

         I. Satdykhov
         Post User Box 553
         Kazan
         420104 Tatarstan
         Russia

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:

         LLC Tinned Food Factory Nizhniy Uslon
         Zavodskaya Str. 1
         Nizhniy Uslon
         Verkhneuslonskiy
         Tatarstan
         Russia


OGK-5 JSC: Russian Government Cancels Stake Sale This Year
----------------------------------------------------------
The Russian government will not sell its 50% stake in JSC OGK-5
until end of 2007, Business News Europe reports citing Interfax
News.

Denis Askinadze, head of the tariff regulation authority,
reportedly said that Russia is reviewing a possible stake sale
in 2008, BNE relates.

BNE suggests that Enel S.p.A., which raised its stake in OGK-5
to 29.99% in June 2007, is not rushing to further hike its
holding in the power generation company this year to 30% to
avoid launching a mandatory offer to acquire other shares.

BNE notes that Russia is delaying its stake sale to encourage
Enel to buy it in the future to boost its control of OGK-5.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                            *   *   *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5.

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


PMK-4 CJSC: Creditors Must File Claims by Nov. 1
------------------------------------------------
Creditors of CJSC PMK-4 have until Nov. 1 to submit proofs of
claim to:

         Sh. Garipov
         Insolvency Manager
         Post User Box 16
         Kazan
         420073 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A65-3130/2007-SG4-16.

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 PMK-4
         Promzona
         Aktanysh
         Aktanyshskiy
         423740 Tatarstan
         Russia


REM-STROY CJSC: Creditors Must File Claims by Nov. 1
----------------------------------------------------
Creditors of CJSC Rem-Stroy (TIN 665802913) have until Nov. 1 to
submit proofs of claim to:

         V. Medvedev
         Insolvency Manager
         Post User Box 308
         620028 Ekaterinburg
         Russia
         Tel: (343) 373-43-86

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A60-4872/07-S11.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Rem-Story
         Kolmogorova Str. 3
         620034 Ekaterinburg
         Russia


ROSNEFT OIL: To Receive RUR4.96 Billion Loan from Angarsk Unit
--------------------------------------------------------------
JSC Angarsk Petrochemical Co. will provide an interest-free
RUR4.96 billion loan to parent company OAO Rosneft Oil Co. this
year, Interfax News says.

According to the report, Angarsk Petrochemical's shareholders
have approved the loan at an extraordinary meeting on Sept. 13.

Rosneft will use the loan to "implement investment activities
and repaying financial obligations."

The company, thru Neft Aktiv LLC, acquired Angarsk Petrochemical
as well as Tomsknefteprodukt from OAO Yukos Oil Co.'s bankruptcy
auction.

                          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.


SOUTH URAL: Creditors Must File Claims by Oct. 1
------------------------------------------------
Creditors of LLC South Ural Building Company (TIN 0276066030)
have until Oct. 1 to submit proofs of claim to:

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

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A07-7463/07-G-GRA.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC South Ural Building Company
         Lesotekhnikuma Str. 53
         Ufa
         450071 Bashkortostan
         Russia


TROIKA DIALOG: Deutsche Bank Closes RUB8.95 Bln Vityaz CDO I
------------------------------------------------------------
Deutsche Bank has closed Vityaz CDO I, a full capital structure
ruble-denominated synthetic CDO of Russian Corporates.  The deal
was executed by Deutsche Bank in conjunction with Troika Dialog
Group Ltd.

Vityaz CDO I is a three-year, RUB8.95 billion synthetic CDO on a
diversified portfolio of local currency Russian bank and
corporate credits.  The portfolio is selected and managed by
Troika Dialog, a leading portfolio manager for domestic Russian
corporates and financials.

The capital structure of the CDO includes equity, mezzanine and
senior tranches.  The risk underlying the transaction is
synthetically transferred to investors through credit default
swaps of varying maturity referencing local currency ruble-
denominated obligations of the reference entities.  Troika
Dialog may make substitutions to the portfolio based on certain
criteria set out to maintain diversity and the credit quality of
the underlying portfolio.

"We are delighted to have worked with our partners on this
innovative deal.  Vityaz CDO I is a testament to both the growth
in non-governmental domestic debt issuance in Russia, and the
increased investor appetite for such structured risk," Yuri
Soloviev, first deputy chairman of the Board of Deutsche Bank
Ltd., commented.

                   About Troika Dialog Group

Headquartered in Moscow, Russia, Troika Dialog Group Ltd. --
http://www.troika.ru/eng/-- is a leading Russian independent
investment bank founded in 1991.  The company's core businesses
include capital markets, investment banking services, asset
management and private equity.  The Group has an extensive
network of offices in Russia's 14 major cities, and also in New
York, London, Kiev and Cyprus.  Troika Dialog's trade turnover
accounts for 42% of equity at Moscow's RTS stock exchange
(classic market).  The company more than doubled its trade
turnover in 2006 to over US$200 billion.  The total assets under
management exceed US$4 billion.

                          *     *     *

As reported in the TCR-Europe on March 20, 2007, Standard &
Poor's Ratings Services raised its long-term counterparty credit
rating on Troika Dialog Group Ltd. to 'BB-' from 'B+' and its
Russia national scale rating on the company to 'ruAA-' from
'ruA'.

Standard & Poor's also said that it removed the long-term and
national scale ratings on the company, which is the ultimate
holding company of Russia's Troika Dialog group, from
CreditWatch with positive implications, where they had been
placed on Dec. 19, 2006.  At the same time, the 'B' short-term
rating was affirmed.  S&P said the outlook is stable.


UNIVERSAL COMPRESSION: Moody's Withdraws Ratings After Merger
-------------------------------------------------------------
Moody's Investors Service withdrew the ratings for Hanover
Compressor Company and Universal Compression Inc. following
their merger and the substantial completion of their announced
tenders for their existing debt.

Moody's has upgraded the ratings of these 4.75% convertible
senior notes to B1, LGD 6 (92%) from B3, LGD 5 (89%), as
indicated in our July 16, 2007 press release assigning ratings
to Exterran.  This completes Moody's review of these convertible
notes.

Universal's ratings withdrawn:

   -- Universal's Ba2 CFR and PDR;
   -- Senior Secured Bank Facilities rated Ba1, LGD3 (36%); and
   -- 7.25% Senior Notes due 2010 rated B1, LGD5 (88%).

Exterran Holdings Inc. is a company formed to effect the merger
of Hanover Compressor Company and Universal Compression Holdings
Inc. and is headquartered in Houston, Texas.

Headquartered in Houston, Texas, Universal Compression Holdings,
Inc. -- http://www.universalcompression.com/-- provides natural
gas compression equipment and services, primarily to the energy
industry in the United States, Argentina, Australia, Bolivia,
Brazil, Canada, China, Colombia, Ecuador, Indonesia, Mexico,
Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia and
Venezuela.  Its primary fabrication facilities are located in
Houston, Texas, and Calgary, Alberta.


URSA BANK: Earns RUR1.43 Billion for Six Months Ended July 1
------------------------------------------------------------
URSA Bank published its consolidated financial statements based
on International Financial Reporting Standards for the first
half of 2007, reviewed by KPMG.

According to the statements, the total assets of the bank as of
July 1, 2007 grew by 3.1 times as compared to the July 1, 2006
results and reached RUR143.7 billion.

The equity of URSA Bank increased by 7.7 times to reach RUR26.4
billion.

URSA Bank’s income for the six-month period 2007 amounted to
RUR1.43 billion, that is 2.4 times higher than for the same
period in 2006.  The key performance indicators of the bank as
of July 1, 2007, return on assets and return on equity, amounted
to 2.5% and 31.7% respectively.

The loan portfolio of the bank is about 67% of its total assets
and as of July 1, 2007 amounted to RUR97 billion, that is a 2.8
times increase as compared to July 1, 2006.

The amount of non-performing loans for more than 90 days
decreased by 0.4% since the beginning of 2007.  The loan
provisioning covers the non-performing loans by 108%.

As of the statements date, the liabilities of URSA Bank showed a
270% increase and amounted to RUR117.3 billion.

"We are happy with the results and growth dynamics of the bank.
This is due to the work on effective management system and
introduction of new products and services, quite popular among
our customers," Kirill Brell, URSA Bank's general director
commented.

URSA Bank -- http://www.ursabank.ru/en/-- is a top 20 bank in
Russia by assets and the largest independent regional bank with
headquarters outside of Moscow.  Its business is focused on
lending to small/medium-sized companies and retail customers in
Siberia and the Urals.  Igor Kim and his two partners currently
control the bank, with a combined 52% share.  The EBRD and two
other foreign owners have together a blocking 28% stake.

                           *    *    *

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
affirmed Russia-based JSC URSA Bank's (fka Sibacadembank)
ratings at Issuer Default 'B' with a Stable Outlook, Short-term
'B', Individual 'D' and Support '5'.


VITA-METALIK OJSC: Bankruptcy Hearing Slated for Jan. 28, 2008
--------------------------------------------------------------
The Arbitration Court of Altay will convene at 10:00 a.m. on
Jan. 28, 2008, to hear the bankruptcy supervision procedure on
OJSC Vita-Metalik.  The case is docketed under Case No.
AO3-5710/07-B.

The Temporary Insolvency Manager is:

         Y. Zlobin
         Pochtovyj Per. 12
         Bijsk
         659300 Altay
         Russia

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         OJSC Vita-Metalik
         Bijsk
         Altay
         Russia


WORLD CO: Creditors Must File Claims by Oct. 1
----------------------------------------------
Creditors of LLC World Company have until Oct. 1 to submit
proofs of claim to:

         S. Pisarets
         Insolvency Manager
         Svetlanskaya 145-1
         Vladivostok
         Primorye
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A51-6901, 2007 15-102B.

The Court is located at:

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

The Debtor can be reached at:

         LLC World Company
         Kirova Str. 191
         Artem
         Primorye
         Russia


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


ARVINMERITOR INC: UAW's Strike Prompts Fitch's Negative Watch
-------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

-- IDR 'B';
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

-- IDR 'BB';
-- Senior unsecured bank facility 'BB';
-- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.

-- IDR 'BB'.

ArvinMeritor Inc.

-- IDR 'BB';
-- Senior secured 'BB+';
-- Senior unsecured 'BB-'.

Tenneco, Inc.

-- IDR 'BB-';
-- Senior secured bank facility 'BB+';
-- Senior secured notes 'BB';
-- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

-- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

-- IDR 'B'.
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

-- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.


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


BMD WIRELESS: Creditor's Liquidation Claims Due October 8
---------------------------------------------------------
Creditors of JSC Bmd Wireless have until Oct. 8 to submit their
claims to:

         Susan Cottingham
         Liquidator
         Baarerstrasse 63
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Bmd Wireless
         6300 Zug
         Switzerland


GERUSTBAU BIEFER: St. Gallen Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Gerustbau Biefer on Aug. 16.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Stefan Klingl
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Gerustbau Biefer
         Tablatstrasse 10
         9016 St. Gallen
         Switzerland


GLOBON JSC: Creditor's Liquidation Claims Due October 8
-------------------------------------------------------
Creditors of JSC Globon have until Oct. 8 to submit their claims
to:

         Rathausstrasse 10
         8640 Rapperswil
         Switzerland

The Debtor can be reached at:

         JSC Globon
         Rapperswil-Jona
         Switzerland


HAUTE COIFFURE: Creditor's Liquidation Claims Due October 8
-----------------------------------------------------------
Creditors of JSC Haute Coiffure F. Rehderhave until Oct. 8 to
submit their claims to:

         Frederic Rehder
         Liquidator
         Blumenweg 1
         8135 Langnau a/A
         Switzerland

The Debtor can be reached at:

         JSC Haute Coiffure F. Rehderhave
         8135 Langnau am Albis
         Swizerland


ISBIRE LLC: St. Gallen Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC IsBire on July 5.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Stefan Klingl
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC IsBire
         Hauptstrasse 30
         9400 Rorschach
         Switzerland


MIXX FASHION: Nidwalden Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Nidwalden entered Aug. 23 an order
closing the bankruptcy proceedings of JSC Mixx Fashion.

The Bankruptcy Service of Nidwalden can be reached at:

         Bankruptcy Service of Nidwalden
         6370 Stans
         Switzerland

The Debtor can be reached at:

         JSC Mixx Fashion
         Achereggstrasse 10
         6362 Stansstad
         Switzerland


OTT FREEZER: Creditor's Liquidation Claims Due October 8
--------------------------------------------------------
Creditors of JSC Ott Freezer (Schweiz) until Oct. 8 to submit
their claims to:

         JSC Refiba Treuhand
         Trust Company
         Standstrasse 8
         3000 Bern 22
         Switzerland

The Debtor can be reached at:

         JSC Ott Freezer (Schweiz)
         Muri bei Bern
         Switzerland


TRANSABAL JSC: Sissach Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Sissach entered Aug. 29 an order closing
the bankruptcy proceedings of JSC Transabal.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach
         Switzerland

The Debtor can be reached at:

         JSC Transabal
         Neapel-Strasse 6
         4142 Munchenstein
         Switzerland


VERA FINANZ: Creditor's Liquidation Claims Due October 8
--------------------------------------------------------
Creditors of JSC Vera Finanz until Oct. 8 to submit their claims
to:

         JSC Herwal
         Liquidator
         Metallstrasse 9
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Vera Finanz
         Zug
         Switzerland


W. GEELHAAR: Creditor's Liquidation Claims Due October 8
--------------------------------------------------------
Creditors of JSC W. Geelhaar until Oct. 8 to submit their claims
to:

         Peter Geelhaar
         Liquidator
         Seminarstrasse 28
         3006 Bern
         Switzerland

The Debtor can be reached at:

         Ambralaw
         3001 Bern
         Switzerland


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


AGMAS CJSC: Creditors Must File Claims by September 27
------------------------------------------------------
Creditors of CJSC Agmas (code EDRPOU 21361481) have until
Sept. 27 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed as 14/3048.

The Debtor can be reached at:

         CJSC Agmas
         Smilianskaya Str. 144
         18000 Cherkassy
         Ukraine


ANID LLC: Creditors Must File Claims by September 28
----------------------------------------------------
Creditors of LLC Anid (code EDRPOU 22950297) have until Sept. 28
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed as 24/260-23/52-
B.

The Debtor can be reached at:

         LLC Anid
         Tchigorin Str. 18
         01042 Kiev
         Ukraine


ATLANT CJSC: Creditors Must File Claims by September 28
-------------------------------------------------------
Creditors of CJSC Agricultural Trading House Atlant (code EDRPOU
30772370) have until Sept. 28 to submit written proofs of claim
to:

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

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Aug. 14.  The case is docketed as
4/94.

The Debtor can be reached at:

         CJSC Agricultural Trading House Atlant
         Quarter 274, b. 2
         Kremenchuk
         39601 Poltava
         Ukraine


EXPRESS BUILDING: Proofs of Claim Deadline Set September 27
-----------------------------------------------------------
Creditors of LLC Express Building (code EDRPOU 34413567) have
until Sept. 27 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/490-B.

The Debtor can be reached at:

         LLC Express Building
         P.O. Box 189
         01030 Kiev
         Ukraine


EXTERNAL TECHNICAL: Proofs of Claim Deadline Set September 28
-------------------------------------------------------------
Creditors of LLC External Technical Finance (code EDRPOU
34422768) have until Sept. 28 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/420-b.

The Debtor can be reached at:

         LLC External Technical Finance
         Saperno-Slobodskaya Str. 25
         03039 Kiev
         Ukraine


GAL-RANE LLC: Proofs of Claim Deadline Set September 27
-------------------------------------------------------
Creditors of LLC Joint Ukrainian-American Enterprise Gal-Rane
(code EDRPOU 14330681) have until Sept. 27 to submit written
proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 6/71-4/69.

The Debtor can be reached at:

         LLC Joint Ukrainian-American Enterprise Gal-Rane
         Doroshenko Str. 49/2
         79000 Lvov
         Ukraine


INNOVA LLC: Proofs of Claim Deadline Set September 28
-----------------------------------------------------
Creditors of LLC Innova (code EDRPOU 32109158) have until
Sept. 28 to submit written proofs of claim to:

The Court is located at:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/306-B.

The Debtor can be reached at:

         LLC Innova
         Schors Str. 26
         01133 Kiev
         Ukraine


NABUTOV SUGAR: Proofs of Claim Deadline Set September 28
--------------------------------------------------------
Creditors of LLC Nabutov Sugar (code EDRPOU 32737778) have until
Sept. 28 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 14/2843.

The Debtor can be reached at:

         LLC Nabutov Sugar
         Lenin Str. 224
         Nabutov
         Korsun-Shevchenkovsky District
         Cherkassy
         Ukraine


PROCREDIT BANK: Fitch Affirms IDR at BB- with Positive Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank Ukraine's ratings at
Long-term foreign currency Issuer Default 'BB-', Long-term local
currency IDR 'BB', Short-term foreign and local currency IDR
'B', Individual 'D', and Support '3'.  The Outlooks on the Long-
term IDRs are Positive.  The National Long-term rating is
affirmed at 'AAA(ukr)', with Stable Outlook.

The IDRs, Short-term and Support ratings of PCU reflect Fitch's
view of the strong propensity of support from ProCredit Holding
AG (rated 'BBB-'/Outlook Stable), PCU's 60% owner, in the event
of financial difficulties.  However, the 'BB-'Country Ceiling of
Ukraine limits the extent to which support can be factored into
the IDRs.  The ratings also take into account PCU's high degree
of integration within the ProCredit group and PCH's centralized
control over PCU's key functions, including risk management.

The Positive Outlook on PCU's IDRs reflects that of Ukraine's
IDRs.  Fitch notes that any movement in the Country Ceiling for
Ukraine would have implications for PCU's IDRs.  Downward
movement in the Country Ceiling would also result in a change to
the bank's Support rating.  Upside potential for the Individual
rating is limited by PCU's small size.  A significant
deterioration in asset quality, capitalization and liquidity
leading to a need for support would contribute to its downgrade.

PCU is the 35th-largest bank by total assets in Ukraine.  At end
of first quarter of 2007 the bank had 54 branches and 64 ATMs,
mostly in eastern Ukraine and employed about 1,600 employees.
PCU was founded in 2001 and forms part of a global network of 21
banks set up to carry out micro and SME lending in emerging
markets.  The European Bank for Reconstruction and Development
and Western NIS Enterprise Fund, a US body, are also
shareholders, with 20% each. By end-2007, PCH will have
finalized the acquisition of shares held by the EBRD.

PCH was set up as an equity investment company in 1998 by
Frankfurt-based Internationale Projekt Consult GmbH to invest in
the global network of ProCredit banks. The group consists of 21
banks in Central and Eastern Europe, Latin America and Africa.
At end of first half of 2006 the group's total assets were
around EUR2.7 billion.  PCH is responsible for group
administration, strategy, risk management controls and
supervision.  PCH is not regulated as a banking group, but the
ProCredit banks are regulated in their home countries.


TECHNOLOGY LLC: Proofs of Claim Deadline Set September 28
---------------------------------------------------------
Creditors of LLC Technology (code EDRPOU 21103402) have until
Sept. 28 to submit written proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 8/185-07.

The Debtor can be reached at:

         LLC Technology
         Mayakovsky Lane 14
         Shostka
         41100 Sumy
         Ukraine


ZARIA LLC: Proofs of Claim Deadline Set September 28
----------------------------------------------------
Creditors of Agricultural LLC Zaria (code EDRPOU 03765252) have
until Sept. 28 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/690/07.

The Debtor can be reached at:

         Agricultural LLC Zaria
         Karl Marks Str. 20
         Malakhovoe
         Berezansky District
         57410 Nikolaev
         Ukraine


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


2 CORPORATION: Claims Filing Period Ends November 13
----------------------------------------------------
Creditors of 2 Corporation Ltd. have until Nov. 13 to detail
their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Sept. 14 for the creditors' voluntary winding-up
procedure.


BRIERCLIFFE MILL: J. M. Titley Leads Liquidation Procedure
----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Briercliffe Mill Carpets Ltd. on Sept. 10 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. Johns
         Blackburn
         BB1 8AF
         England


DANA CORP: Disclosure Statement Hearing Scheduled for October 23
----------------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining
Dana Corp. and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

Objections to the Disclosure Statement, if any, must be filed by
October 12.

                         Treatment of Claims

On August 31, the Debtors filed with the Court their Joint Plan
and Disclosure Statement explaining that Plan.

The joint plan of reorganization provides for the treatment of
claims against and interests on the Debtors:

Class  Description       Claim Treatment
-----  -----------       ---------------
N/A    Administrative    Paid in full in Cash.
       Claims
                         Estimated Range of Claims:
                         approximately
                         US$107,000,000

N/A    Priority Tax      Paid in full in Cash.
       Claims

1      Priority Claims   Unimpaired.  Holder of Claim will
                         receive Cash equal to the amount of the
                         Allowed Priority Claim.

                         Estimated Aggregate Allowed Amount:
                         US$1,000,000

                         Estimated Recovery: 100%

2A     Secured Claims,   Unimpaired.  Claim holder will:
       other than
       Toledo-Lucas        (a) receive payment in Cash, in full;
       County Port
       Authority's
       Secured Claim       (b) have its Allowed Secured Claim
                               reinstated; or

                           (c) receive the collateral securing
                               that Allowed Secured Claim.

                         Holders of an Allowed Secured Tax
                         Claim will not be entitled to receive
                         payment on account of any penalty
                         arising with respect to or in
                         connection with that Allowed Secured
                         Tax Claim.

                         Estimated Aggregate Allowed Amount:
                         US$4,000,000

                         Estimated Recovery: 100%

2B     Secured Claims    Unimpaired.  Holder of an Allowed
       Against Debtor    Secured Claim against EFMG will:
       EFMG LLC
                           (a) receive payment in Cash in full;

                           (b) have its Allowed Secured Claim
                               reinstated; or

                           (c) receive the collateral securing
                               that Allowed Secured Claim.

                         Holders of an Allowed Secured Tax Claim
                         will not be entitled to receive any
                         payment on account of any penalty
                         arising with respect to that Allowed
                         Secured Tax Claim.

                         Estimated Aggregate Allowed Amount:US$0

                         Estimated Recovery: 100%

2C     Port Authority    Impaired.  The Port Authority Secured
       Secured Claim     Claim will be satisfied by:

                           (a) Reorganized Debtor
                               Torque-Traction Technologies,
                               LLC, entering into and assuming
                               the Port Authority Lease, as
                               amended;

                           (b) New Dana Holdco executing and
                               delivering an amended guaranty;
                               and

                           (c) Reorganized Torque-Traction and
                               New Dana Holdco executing and
                               delivering any other agreements
                               necessary to implement the
                               Debtors' settlement with the Port
                               Authority.

                         Aggregate Allowed Amount: US$18,875,000

                         Aggregate Recovery: 95%

3      Asbestos          Unimpaired.  Asbestos PI Claims will be
       Personal Injury   reinstated on the Effective Date.
       Claims
                         Estimated Recovery: 100%

4      Convenience       Unimpaired.  Holder of an Allowed
       Claims Against    Convenience Claim will receive Cash
       Consolidated      equal to the amount of the Allowed
       Debtors           Claim.

                         Estimated Aggregate Allowed Amount:
                         US$10,000,000

                         Estimated Recovery: 100%

5A     General           Unimpaired.  Holders of Allowed General
       Unsecured Claim   Unsecured Claims will get Cash equal
       Against EFMG      to amount of that Allowed Claim.

                         Estimated Aggregate Allowed Amount:
                         US$3,000,000

                         Estimated Recovery: 100%

5B     5.85% Bond        Impaired.  Each holder of an Allowed
       Claims            5.85% Bond Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$462,100,000

                         Estimated Recovery: 69% to 90%

5C     6.5% or 7% Bond   Impaired.  Each holder of an Allowed
       Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$953,200,000

                         Estimated Recovery: 69% to 90%

5D     9% Bond Claims    Impaired.  Each holder of an Allowed
                         Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$128,400,000

                         Estimated Recovery: 69% to 90%

5E     10.125% Bond      Impaired.  Each holder of an Allowed
       Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$77,000,000

                         Estimated Recovery: 69% to 90%

5F     Other General     Impaired.  Each holder of an Allowed
       Unsecured         Claim will receive:
       Claims Against
       Consolidated         (a) on the Effective Date, its pro
       Debtors                  rata share of the Distributable
                                Shares of New Dana Holdco Common
                                Stock and the Distributable
                                Excess Minimum Cash; or

                            (b) after the Effective Date, the
                                periodic distributions of
                                Reserved Shares and Reserved
                                Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$879,300,000 to US$1,629,300,000

                         Estimated Recovery: 69% to 90%

5G     Union Claim       Impaired.  Debtors will make the UAW
                         and USW Retirees VEBA Contributions.

                         Estimated Aggregate Amount:
                         US$1,100,000,000

                         Estimated Recovery: 69%

6A     Prepetition       Impaired.  Prepetition Intercompany
       Intercompany      Claims that are not eliminated by
       Claims            operation of law in the Restructuring
                         Transactions will be deemed settled, &
                         compromised in exchange for the
                         consideration and other benefits
                         provided to holders of Prepetition
                         Intercompany Claims & are not entitled
                         to any distribution of Plan
                         consideration.

                         Estimated Recovery: 0%

6B     Claims of         Unimpaired.  Claims of wholly owned and
       Wholly Owned      majority owned non-debtor affiliates
       and Majority      other than Dana Credit Corporation will
       Owned Non-Debtor  be reinstated.
       Affiliates
       other than Dana   Estimated Recovery: 100%
       Credit
       Corporation

6C     DCC Claims        Impaired.  The Reorganized Debtors will
                         satisfy in Cash DCC's outstanding
                         liability under the DCC Bonds.

                         Aggregate Claim Amount: US$325,000,000

                         Estimated Recovery: 35%

7A     Old Common        Impaired.  On the Effective Date, the
       Stock of Dana     Old Common Stock of Dana and all
       Interests         Interests related thereto will be
                         canceled, and each holder of Old Dana
                         common stock will receive a contingent,
                         residual interest in the Disputed
                         Unsecured Claims Reserve Assets after
                         all Allowed General Unsecured Claims
                         have been paid in full.

                         Old Common Stock outstanding as of
                         July 31, 2007: 150,202,981 shares

                         Estimated Recovery: 0%

7B     Section 510(b)    Impaired.  Holders of Sec 510(b) Old
       Old Common Stock  Common Stock Claims will receive a
       Claims Against    contingent, residual interest in the
       Consolidated      Disputed Unsec. Claims Reserve Assets
       Debtors           after all Unsecured Claims have been
                         paid in full.

                         Estimated Recovery: 0%

8      Subsidiary        Unimpaired.  On the Effective Date, the
       Debtor Equity     Subsidiary Debtor Equity Interests will
       Interests         be reinstated, subject to the
                         Restructuring Transactions.

                         Estimated Recovery: 100%

According to Marc S. Levin, acting secretary for Dana Corp., if
New Dana Holdco is valued at the midpoint reorganization value
of US$3,996,000,000, recoveries to unsecured creditors in
classes 5B, 5C, 5D, 5E and 5F would be:

  Total Claims Amount                   Estimated Recovery
  -------------------                   ------------------
  Between US$2,500,000,000
  and US$2,750,000,000                       82% to 90%

  Between US$2,750,000,000
  and US$3,000,000,000                       75% to 82%

  Between US$3,000,000,000
  and US$3,250,000,000                       69% to 75%

The Debtors are not seeking votes from holders of Claims and
Interests not impaired by the Plan.  The holders of Claims and
Interests in these Classes will be deemed to have voted to
accept
the Plan:

   -- Class 1A (Priority Claims Against the Consolidated
      Debtors),

   -- Class 1B (Priority Claims Against EFMG),

   -- Class 2A (Secured Claims Against the Consolidated Debtors
      Other Than the Port Authority Secured Claim),

   -- Class 2B (Secured Claims Against EFMG),

   -- Class 3 (Asbestos Personal Injury Claims),

   -- Class 4 (Convenience Claims Against the Consolidated
      Debtors),

   -- Class 5A (General Unsecured Claims against EFMG),

   -- Class 6B (Claims of Wholly-Owned and Majority-Owned Non-
      Debtor Affiliates Other than DCC), and

   -- Class 8 (Subsidiary Debtor Equity Interests),

Although holders of Claims in Class 6A (Prepetition Intercompany
Claims) will be impaired under the Plan, each holder of a Claim
in Class 6A will be deemed to have accepted the Plan and,
therefore, will not have the right to vote with respect to the
Plan.

The Debtors are seeking votes from the holders of nine Classes
of allowed Claims and Interests on grounds that they are
impaired under the Plan, and the holders of Allowed Claims or
Interests are receiving a distribution under the Plan:

   -- Class 2C (Port Authority Secured Claim),

   -- Class 5B (5.85% Bond Claims),

   -- Class 5C (6.5% or 7% Bond Claims),

   -- Class 5D (9% Bond Claims),

   -- Class 5E (10.125% Bond Claims),

   -- Class 5F (Other General Unsecured Claims Against the
      Consolidated Debtors),

   -- Class 5G (Union Claim),

   -- Class 6C (DCC Claim),

   -- Class 7B (Section 510(b) Old Common Stock Claims Against
      the Consolidated Debtors), and

   -- Class 7A (Old Common Stock of Dana Interests).

A full-text copy of Dana's Joint Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?235d

A full-text copy of the Disclosure Statement accompanying Dana's
Plan is available for free at
http://ResearchArchives.com/t/s?235e

                          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, including China.  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.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).



ERINACEOUS GROUP: In Talks with Lenders Over Covenant Breaches
--------------------------------------------------------------
Following recent press speculation, the Board of Erinaceous
Group PLC has confirmed that it is in discussions with its
lenders regarding the terms of its credit facilities and certain
breaches of the covenants in its credit agreement.

Good progress towards reaching agreement with lenders on
relevant waivers and facility amendments has been made.
Discussions are continuing, the lenders have been supportive and
the Board expects to obtain proposed amendments prior to the
issue of the company's interim results.

The Board of Erinaceous intends to announce its interim results
as soon as possible but in any event no later than Sept. 28,
2007.

Headquartered in Croydon, England, Erinaceous Group PLC --
http://www.erinaceous.com/-- is a holding company that provides
accommodation, management and technical services to its
subsidiary companies.  The company provides services to a range
of private and public sector property clients through its
residential property services, commercial property services and
property insurance services divisions.


FORD MOTOR: Chinese JV Launches $510 Mil. Manufacturing Plant
-------------------------------------------------------------
Ford Motor Company's China joint venture, Changan Ford Mazda
Automobile, officially launched operations at its new state-of-
the-art manufacturing facility in Nanjing, China, where it will
produce the latest small-car models for both the Ford and Mazda
brands.  The $510 million flexible and scalable facility has an
initial capacity of 160,000 vehicles per year, boosting Ford's
total annual passenger car capacity in China to more than
410,000 vehicles.

During a formal ceremony in Nanjing, Ford Motor Company
president & CEO, Alan Mulally, Mazda president & CEO, Hisakazu
Imaki and China South Industry Group president Xu Bin joined
local Chinese government officials to inaugurate the new plant,
and review its highly flexible and automated facilities, and
advanced environmentally-friendly processes.

"Integrating, leveraging and growing Ford worldwide is one of
our top priorities, and our China strategy is certainly a key
component to making this happen.  This new state-of-the-art
facility will significantly increase our capacity in China, and
allow us to continue our rapid growth in the market," explained
Mulally.

"Working together with our JV partners at Changan Ford Mazda
Automobile and Changan Ford Mazda Engine, we'll continue to
build and introduce the types of vehicle that Chinese customers
really want, and are demanding," Mr. Mulally added.

CFMA is well known in China for its high quality cars, and after
several years of considerable expansion, made its way into
China's top 10 passenger-car makers in April.  Ford has been one
of the fastest growing brands in China, recording a whopping 87%
increase in sales between 2005 and 2006, and a further 29%
increase through the first eight months of this year, with total
retail sales of 114,702 vehicles.

With the inauguration of the Nanjing plant, CFMA will be able to
offer a more diversified range of products for different market
segments, including small cars, mid-sized and full-sized sedans.
CFMA's first vehicle assembly plant in Chongqing currently
produces the Ford Focus, Ford Mondeo, Ford S-MAX, Volvo S40 and
Mazda3, and has an annual capacity of 250,000 vehicles.

                   Automated Production Lines

The new Nanjing plant utilizes the latest auto manufacturing
technologies and automation equipment.  A maximum of eight
models with different chassis can be simultaneously produced on
the plant's advanced and highly flexible production lines,
maximizing production speed and efficiency1.

All 45 critical components are manufactured in-house, ensuring
high-quality and precision measurements of the car body.  The
plant also utilizes the most advanced torque monitoring and
logistics delivery systems currently available in China, making
it one of the country's most modern auto manufacturing
facilities.

"The new Nanjing facility employs the latest automated
technologies to ensure quality, efficiency and environmental
protection, demonstrating our commitment to the further
development of world-class operations in China," Mei-Wei Cheng,
chairman and CEO of Ford China Ltd, said.

An advanced 3C1B (3-coat, 1-bake) environmentally-friendly paint
process will also be used for the first time in China, which is
compliant with European standards and provides a 15 percent
reduction in CO2 emissions and 44% reduction in particulate
emissions.

The process, which can reduce equipment and production cost, is
currently the most environmentally-friendly surface-paint
coating technique employed in China.  It uses internationally
advanced processes known as electrophoresis groove and reverse-
flow water circulation methods, which can eliminate close to
100% of the particles.

                    About Ford Motor China

Ford's wholly owned subsidiaries and JVs in China include Ford
Motor (China) Limited, Ford Motor Research & Engineering
(Nanjing) Co., Ltd., Ford Automotive Finance (China) Ltd.,
Changan Ford Mazda Automotive Co., Ltd., Changan Ford Mazda
Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda Engine
Co., Ltd., and Jiangling Motors Co., Ltd.

Ford Motor has introduced a number of models to the Chinese
market, including Ford Mondeo, Ford Focus, Ford S-MAX, Ford
Transit, Volvo S40, Mazda3, as well as several imported models
from Jaguar, Land Rover, Lincoln and Volvo, and service brand,
Ford Service.

Ford Motor China is actively involved in various programs to
support the environment, road safety, health and education.
Since 2000, it has organized the Ford Motor Conservation and
Environmental Grants, which to date has sponsored 113
groups/individuals with more than 20 million yuan to assist
environmental protection efforts in the country.

                      About Ford Motor Co.

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: U.S. Union Strike Spurs Canada Plant Closures
-------------------------------------------------------------
The Canadian Auto Workers disclosed that the disagreement
between General Motors Corp. and the United Auto Workers will
lead to plant closures and job cuts of GM operations in Canada.

Because of the strike action, CAW president Buzz Hargrove said
that jobs in Canada will see an immediate impact.

Mr. Hangrove confirmed that:

   * Oshawa, Ontario car plant no. 1, which builds the
     Chevrolet Impala and the Monte Carlo, will close down at
     3 a.m. Tuesday;

   * Oshawa, Ontario plant no 2, which builds the Pontiac Grand
     Prix and Buick Allure, will close at the end of the day
     shift Tuesday;

   * The Oshawa, Ontario truck plant, which produces the
     Silverado and the Sierra, has enough parts for three more
     days of production;

   * GM's engine plant in St. Catharines, Ontario will close
     within 72 hours; and

   * GM's Windsor, Ontario transmission plant has already been
     closed down.

                      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.


GENERAL MOTORS: UAW Strike Cues Moody's to Keep Current Ratings
---------------------------------------------------------------
Moody's Investors Service is maintaining its current ratings of
General Motors Corporation - B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

Moody's believes that GM should, within the context of the
current ratings, be able to adequately fund the cash
requirements associated with a US work stoppage approximating 30
days.  The company's ability to cover these cash requirements
should be supported by its favorable liquidity profile including
cash and short-term VEBA balances of approximately US$33
billion, its US$9 billion in unused committed credit facilities,
and its ability to implement various cash-preserving operating
initiatives.

Despite the maintenance of GM's current ratings, the outlook
remains negative.  Moreover, Moody's said that the ratings could
be placed under review for possible downgrade should
circumstances indicate that negotiations are not progressing
toward a constructive resolution or that the strike might extend
beyond 30 days.

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.


GENERAL MOTORS: UAW's Strike Prompts Fitch's Negative Watch
-----------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

-- IDR 'B';
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

-- IDR 'BB';
-- Senior unsecured bank facility 'BB';
-- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.

-- IDR 'BB'.

ArvinMeritor Inc.

-- IDR 'BB';
-- Senior secured 'BB+';
-- Senior unsecured 'BB-'.

Tenneco, Inc.

-- IDR 'BB-';
-- Senior secured bank facility 'BB+';
-- Senior secured notes 'BB';
-- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

-- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

-- IDR 'B'.
-- Senior secured 'BB/RR1';
-- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

-- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.


GENERAL MOTORS: Inks $800 Million Export Deal with Chinese JV
-------------------------------------------------------------
General Motors Corp. and its Shanghai General Motors joint
venture signed a multi-year agreement worth more than $800
million to export U.S.-built Buick Enclave premium crossover
sport utility vehicles along with other vehicles and components
to China beginning in 2008.

The agreement was signed in the presence of China’s Assistant
Vice Minister of Commerce Chen Jian, Chinese Embassy officials,
U.S. Assistant Secretary of Commerce Israel Hernandez, GM Vice
President of Global Sales, Service and Marketing Operations John
Middlebrook, and Shanghai GM Executive Vice President Robert
Socia.

The all-new Buick Enclave is built at GM’s Lansing Delta
Township assembly plant in Lansing, Michigan.  Enclave is one of
GM’s most sought-after vehicles in North America because of its
stylish, modern design and high level of standard features.
Introduced earlier this year, the Enclave has received
enthusiastic reviews and has helped lead General Motors’ recent
sales increase in its home market.

According to Shanghai GM President Ding Lei, “Shanghai GM has
become a leader in the production and sale of passenger cars in
China, driven largely by the success of the Buick brand.  These
new Buick premium sport utility vehicles will strengthen our
lineup and enable us to continue to meet the changing needs of
our growing base of customers.”

The Buick agreement is the second of two China export agreements
signed by GM this year.

As reported in the Troubled Company Reporter on May 18, 2007, GM
signed a deal to export $700 million worth of Cadillacs and
automotive components to China from the United States.  GM’s
China operations have already imported about $3.5 billion worth
of vehicles, components, equipment, and machinery from North
America over the past 10 years.

“We appreciate the support that we received from the Chinese and
U.S. governments for this program, which will benefit both
countries,” GM China Group President and Managing Director Kevin
Wale said.  “It will take the value of GM sourcing contracts
from the United States for the China market to more than $1.5
billion this year.”

“The efforts of General Motors and its Chinese partner, Shanghai
Automotive Industry Corp. Group, to promote healthy and stable
Sino-U.S. trade relations is very much appreciated,” Assistant
Vice Minister of Commerce Chen Jian added.  “The Chinese
government will continue to work with the U.S. government and
enterprises to create a better market environment, ensure a
smooth channel for U.S. companies' business development and
actively promote American exports to China for more balanced
trade.”

Enclave will be imported by Shanghai GM and sold through its
network of nearly 400 Buick dealerships across China.  The new
model will complement the rest of Shanghai GM’s popular Buick
lineup, which includes the Park Avenue and LaCrosse premium
sedans, Regal upper-medium sedan, Excelle family, and GL8 and
FirstLand executive wagons.

GM operates seven joint ventures and two wholly owned foreign
enterprises and has more than 20,000 employees in China.  GM,
along with its joint ventures, offers the broadest lineup of
vehicles and brands among automakers in China.  Products are
sold under the Buick, Cadillac, Chevrolet, Opel, Saab and Wuling
nameplates.  In 2006, sales of vehicles by GM and its joint
ventures rose 31.8% on an annual basis to a record 876,747
units.

                      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.


HANOVER COMPRESSOR: Moody's Withdraws Ratings After UCI Merger
--------------------------------------------------------------
Moody's Investors Service withdrew the ratings for Hanover
Compressor Company and Universal Compression Inc. following
their merger and the substantial completion of their tenders for
their existing debt.  Hanover is now a subsidiary of Exterran
Holdings Inc. and Hanover's 4.75% convertible senior notes due
2008 and 2014 remain outstanding.

Moody's has upgraded the ratings of these 4.75% convertible
senior notes to B1, LGD 6 (92%) from B3, LGD 5 (89%), as
indicated in our July 16, 2007 press release assigning ratings
to Exterran.  This completes Moody's review of these convertible
notes.

Hanover's ratings withdrawn:

   -- Hanover's B1 Corporate Family Rating and Probability of
      Default Rating;

   -- Hanover's SGL-3;

   -- Hanover Equipment Trust 2001A 8.50% partly secured notes
      due 2008;

   -- Hanover Equipment Trust 2001B 8.75% partly secured notes
      due 2014;

   -- 7.5% Senior Notes due 2013;

   -- 8.625% Senior Notes due 2010;

   -- 9% Senior Notes due 2014; and

   -- 7.25% Convertible Trust Preferred Stock.

Exterran Holdings Inc. is a company formed to effect the merger
of Hanover Compressor Company and Universal Compression Holdings
Inc. and is headquartered in Houston, Texas.

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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