TCREUR_Public/071009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, October 9, 2007, Vol. 8, No. 199

                            Headlines


A U S T R I A

ALLVEDYA AYURVEDA: Claims Registration Period Ends Nov. 8
EVERGREEN LLC: Creditors' Meeting Slated for Oct. 11
PISCHLOEGER LLC: Linz Court Orders Business Shutdown
PRIMEUR PRODUIT: Creditors' Meeting Slated for Oct. 16
ROSEMARIE UND HELMUT: Claims Registration Ends Nov. 2


B E L G I U M

LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline
LEVI STRAUSS: Names Vanessa Castagna & Stephen Neal to Board


F I N L A N D

HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24


F R A N C E

ASPEN TECHNOLOGY: Gets Staff Determination Letter from Nasdaq
CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure


G E R M A N Y

AIRNERGY MOTORSPORT: Claims Registration Period Ends Nov. 5
CYBERSOFT SYSTEMTECHNIK: Claims Registration Period Ends Oct. 24
DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31
FT-RETAIL GMBH: Claims Registration Ends Oct. 23
G & Z FACILITY: Claims Registration Ends October 23

HAVENROCK II: Fitch Junks US$11.375 Million Facility A Loan
JARRETT GMBH: Claims Registration Period Ends Nov. 5
MA BAU GMBH: Claims Registration Period Ends Nov. 5
MEDICAL VITA: Claims Registration Ends Oct. 20
MTU AERO: Moody's Lifts Rating to Ba1 on Improved Performance

NORMBAU VERWALTUNG: Claims Registration Ends October 23
PAUL DIBOWSKI: Claims Registration Ends Oct. 22
PETERS GMBH: Claims Registration Period Ends Oct. 26
REHBERG & MILESEVIC: Claims Registration Period Ends Oct. 25
RHEIN-RUHR-POLSTER: Claims Registration Ends Oct. 15

SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries
SECURITY PROTECTION: Claims Registration Period Ends Nov. 1


I R E L A N D

RITCHIE IRELAND: Selling Insurance Policies at Nov. 9 Auction
RITCHIE IRELAND: Wants Plan Filing Period Moved to January 16


K A Z A K H S T A N

AKTUBINSKY ZAVOD: Proof of Claim Deadline Slated for Nov. 9
APPLE CITY: Creditors Must File Claims Nov. 9
CONSTRUCTIVE-LTD LLP: Claims Filing Period Ends
ELDORADO ZAPAD: Creditors' Claims Due on Nov. 9
JAKLIN LLP: Claims Registration Ends Nov. 9

JANA FASYR: Proof of Claim Deadline Slated for Nov. 9
PROM AUTO: Creditors Must File Claims Nov. 9
SAUYTBEK LLP: Claims Filing Period Ends Nov. 9
VOSTOK-REMIX LLP: Creditors' Claims Due on Nov. 9


K Y R G Y Z S T A N

KIMIA INTERNATIONAL: Creditors Must File Claims by November 9


L U X E M B O U R G

EVRAZ GROUP: Earns US$1.16 billion for First Half 2007
EVRAZ GROUP: To Form Vanadium Unit Before Yearend


N E T H E R L A N D S

LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend


P O L A N D

SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries


R O M A N I A

TRACTORUL UTB: EU Commission to Look Into Privatization Process


R U S S I A

CREAMERY AZOVSKIJ: Creditors Must File Claims by Oct. 29
ELSAN LLC: Creditors Must File Claims by Nov. 29
EVRAZ GROUP: Earns US$1.16 billion for First Half 2007
EVRAZ GROUP: To Form Vanadium Unit Before Yearend
GAZPROM NEFT: May Create Joint Venture with OAO Lukoil

ORENBURGSTROYMECHANIZATSIA OJSC: Claims Filing Ends Nov. 29
PECHORAENERGOSTROY OJSC: Creditors Must File Claims by Nov. 29
RUS'-TRADING LLC: Creditors Must File Claims by Oct. 29
SORTSEMOVOSCH OJSC: Asset Sale Slated for October 26
TANTAL-A LLC: Creditors Must File Claims by Oct. 29

TNK-BP HOLDING: Earns US$2.15 Billion for First Half 2007
TUNAICHA-M CJSC: Asset Sale Slated for October 30
URALELECTROCOMPLECT CJSC: Creditors Must File Claims by Nov. 29
ZBSM-137 LLC: Court Names Tsybenov B.B. as Liquidator

* S&P Affirms Omsk City's B Rating on Poor Debt Profile


S P A I N

MADRID RMBS II: Fitch Rates Class E Notes at BB on Review
SANTANDER 06: Fitch Junks EUR10.2 Million Class E Notes


S W I T Z E R L A N D

ALTE SWISS: Creditors' Liquidation Claims Due October 15
CANINA LLC: Creditors' Liquidation Claims Due October 15
FRANZ PFISTER: Schwyz Court Closes Bankruptcy Proceedings
FRITZ LUTHI: Creditors' Liquidation Claims Due October 15
GARAGE HOFWIL: Creditors' Liquidation Claims Due October 15

INHAND JSC: Zug Court Closes Bankruptcy Proceedings
RUBENA LLC: Creditors' Liquidation Claims Due October 15
SOLUTEC HARD: Creditors' Liquidation Claims Due October 15
U. SCHNELL DIAMONDS: Claims Registration Period Ends October 15
WIGAPLAN METALLBAU: Claims Registration Period Ends October 15


T U R K E Y

TURKIYE PETROL: Fitch Affirms IDR at BB on Strong Balance Sheet


U K R A I N E

FORMULA OF QUALITY: Proofs of Claim Deadline Set October 10
LET’S PLAY: Creditors Must File Claims by October 10
PLANET LLC: Proofs of Claim Deadline Set October 10
PROFICENTER LLC: Proofs of Claim Deadline Set October 10
RIKON-SERVICE LLC: Proofs of Claim Deadline Set October 10

SANGRIL LLC: Creditors Must File Claims by October 10
STELLS ALIANCE: Creditors Must File Claims by October 10
TPF KLINKER: Creditors Must File Claims by October 10
VPP CONTOUR: Creditors Must File Claims by October 10
ZOLOTOY KOLOS: Creditors Must File Claims by October 10


U N I T E D   K I N G D O M

ACTIVATED PROMOTIONS: Court Starts Wind Up Petition on Nov. 2
ALERIS INTERNATIONAL: Earns US$34.9 Mln in Quarter Ended June 30
ARVINMERITOR INC: S&P Cuts Credit Rating to B+ with Neg. Outlook
BEST BUY: Claims Filing Period Ends October 22
BLUESTONE SECURITIES 2004-1: Fitch Upgrades Class D Notes to BB+

BLUESTONE SECURITIES 2005-01: Fitch Affirms Class D Notes at BB
BLUESTONE SECURITIES 2006-01: Fitch Rates Class E Notes at B
BRENT FABRICATIONS: Creditors' Meeting Slated for Oct. 19
CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter
CORPORATE JET: Bank of Scotland Taps PwC as Receivers

ECLAT DESIGN: Brings In Liquidators from Tenon Recovery
ERINACEOUS GROUP: Posts GBP3.1 Mln Net Loss in 2007 First Half
FIRSTPOINT HEALTHCARE: Royal Bank Appoints Receivers from Kroll
JALNA ARC: Calls In Liquidators from KPMG
JALNA (FLEETCARE) LTD: Taps Liquidators from KPMG

K E AUTOSPRAY: Claims Filing Period Ends November 19
KINGSTON TRADE: Claims Filing Period Ends October 19
NASDAQ STOCK: Lenders Raise Debt Commitment to US$2.2 Billion
NASDAQ STOCK: Earns US$56.1 Mln in Second Quarter Ended June 30
NORTHERN ROCK: Apollo, Blackstone May Bid; Flowers Prepares Fund

NPM GROUP: Claims Filing Period Ends November 23
PAPER ROLL: Court to Hear Winding Up Petition on Jan. 23, 2008
REDWELLY MEDIA: A. Poxon Leads Liquidation Procedure
REGENT HOUSE: High Court to Start Wind Up Petition on Oct. 30
SCREEN PLAY: Hires Liquidators from Tenon Recovery

TEAM CONTRACTS: Claims Filing Period Ends November 26
WARD PHILIPSON: Creditors' Meeting Slated for Oct. 12
YOOT LTD: Appoints J. M. Titley as Liquidator

* Large Companies with Insolvent Balance Sheet

                            *********

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


ALLVEDYA AYURVEDA: Claims Registration Period Ends Nov. 8
---------------------------------------------------------
Creditors owed money by LLC Allvedya Ayurveda Projekt (FN
236631m) have until Nov. 8 to file written proofs of claim to
court-appointed estate administrator Helmut Platzgummer at:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 01/533 19 39
         Fax: 01/533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Hall 2
         Room 104
         First Floor
         Korneuburg
         Austria

Headquartered in Loosdorf, Austria, the Debtor declared
bankruptcy on Aug. 31 (Bankr. Case No. 32 S 20/07i).


EVERGREEN LLC: Creditors' Meeting Slated for Oct. 11
----------------------------------------------------
Creditors owed money by LLC Evergreen (FN 259990p) are
encouraged to attend the creditors' meeting at 2:00 p.m. on
Oct. 11.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Riezlern, Austria, the Debtor declared
bankruptcy on Sept. 7 (14 S 36/07t).  Dieter Helbok serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Dieter Helbok
         Kirchplatz 11/1
         6973 Hoechst
         Austria
         Tel: 05578/77722
         Fax: 05578/77722-4
         E-mail: d.helbok@vol.at


PISCHLOEGER LLC: Linz Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Linz entered Aug. 31 an order shutting down
the business of LLC Pischloeger (FN 86939b).

Court-appointed estate administrator German Storch 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. German Storch
         Buergerstrasse 62
         4020 Linz
         Austria
         Tel: 0732/661861
         Fax: 0732/661861-19
         E-mail: storch@storch-ra.at

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


PRIMEUR PRODUIT: Creditors' Meeting Slated for Oct. 16
------------------------------------------------------
Creditors owed money by LLC primeur produit (FN 252249f) are
encouraged to attend the creditors' meeting at 12:30 p.m. on
Oct. 16.

The creditors' meeting will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Sept. 11 (40 S 48/07k).  Oliver Lorber serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Oliver Lorber
         St. Veiter Ring 51/2
         9020 Klagenfurt
         Austria
         Tel: 0463/57950
         Fax: 0463/57950-9
         E-mail: rechtsanwalt@lorber.at


ROSEMARIE UND HELMUT: Claims Registration Ends Nov. 2
-----------------------------------------------------
Creditors owed money by LLC Rosemarie und Helmut Wurm (FN
81121x) have until Nov. 2 to file written proofs of claim to
court-appointed estate administrator Christian Atzwanger at:

         Mag. Christian Atzwanger
         Luefteneggerstrasse 12
         4020 Linz
         Austria
         Tel: 77 88 670
         Fax: 78 32 644
         E-mail: office@schuh-atzwanger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz - Ebelsberg, Austria, the Debtor declared
bankruptcy on Sept. 4 (Bankr. Case No. 12 S 70/07t).


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


LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline
--------------------------------------------------------------
Levi Strauss & Co. disclosed that the consent payment deadline
in connection with the cash tender offer and related consent
solicitation for any and all outstanding US$525.0 million
aggregate principal amount of its 12.25% Senior Notes due 2012
was on Oct. 3, 2007, at 5 p.m., New York City time.

The company was seeking consent to amend the indenture under
which the Notes were issued to eliminate or make less
restrictive most of the restrictive covenants, and certain
related events of default, contained in the indenture.  Adoption
of the proposed amendments requires the consent of holders of at
least a majority of the aggregate principal amount of the Notes.
As of the consent payment deadline, the company had received
tenders of Notes and deliveries of related consents from holders
of approximately US$505.7 million aggregate principal amount (or
96.3%) of the Notes.  Accordingly, the requisite consents to
adopt the proposed amendments have been received.

The proposed amendments will become operative when the company
initially accepts the Notes for purchase pursuant to the terms
of the offer, which will occur promptly following, and subject
to, the satisfaction or waiver of the conditions to the offer,
including the company’s amendment of its senior secured
revolving credit facility to increase its line of credit
thereunder by an additional US$200.0 million to US$750.0
million, which shall include a US$250.0 million tranche that is
secured by certain U.S. trademarks associated with the Levi’s(R)
brand upon terms and conditions satisfactory to the company. The
company expects to accept for purchase Notes tendered prior to
the consent payment deadline on Oct. 11, 2007.

The tender offer yield for the Notes tendered and accepted will
be 4.565% and was determined as of 10 a.m. New York City time,
on Oct. 3, 2007 by reference to a fixed spread of 50 basis
points over the yield of 4.065% of the 4.375% U.S. Treasury Note
due Dec. 31, 2007 (as reported by Bloomberg Government Pricing
Monitor on "Page PX3"), as described in the Offer to Purchase
and Consent Solicitation Statement, dated Sept. 19, 2007.
Assuming an initial payment date of Oct. 11, 2007, the total
consideration for each US$1,000 principal amount of Notes
validly tendered and not validly withdrawn prior to
Oct. 3, 2007, is US$1,073.99, which includes an early consent
payment of US$30.00 per US$1,000 principal amount of the Notes.

Notes tendered may no longer be withdrawn except as required by
law.  As previously announced, the tender offer will expire at
midnight, New York City time, on Oct. 17, 2007, unless extended
or earlier terminated by the company.  Holders of Notes tendered
after the consent payment deadline but prior to the expiration
of the tender offer will not be entitled to the consent payment
of US$30.00 per US$1,000 aggregate principal amount of Notes.

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

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

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

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

                        *     *     *

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


LEVI STRAUSS: Names Vanessa Castagna & Stephen Neal to Board
------------------------------------------------------------
Levi Strauss & Co. has elected two additional members to its
board of directors: Vanessa Castagna, a seasoned retail
executive, and Stephen Neal, the chairman and chief executive
officer of Cooley Godward Kronish LLP.  The company also said
that Pat House, a current LS&CO. director, was stepping down
from LS&CO.’s board at the end of this year.

                      Vanessa Castagna

"Vanessa brings 34 years of retail experience, including senior
leadership positions at Mervyns, JCPenney and Wal-Mart," said
LS&CO.'s chairman Bob Haas.  "We will benefit from Vanessa’s
perspectives on both the wholesale side of our business, which
represents the majority of our sales, as well as on our growing
retail operations around the world.  Vanessa’s a seasoned leader
who will add tremendous value to our strategic discussions and
board deliberations."

Ms. Castagna most recently led Mervyns department stores as its
executive chairwoman of the board from 2005 until earlier this
year.  Prior to Mervyns, Ms. Castagna served as chairman and
chief executive officer of JCPenney Stores, Catalog and Internet
from 2002 through 2004.  She joined JCPenney in 1999 as chief
operating officer, and was both president and COO in 2001.  Ms.
Castagna’s extensive retail career includes senior-level
merchandising positions at retail companies including Wal-Mart,
Marshall’s and Target.  Ms. Castagna joined Lazarus, a division
of Federated Department Stores, in 1972, after she was graduated
from Purdue University in 1971.

"I have a deep and very positive connection to Levi Strauss &
Co. going back more than two decades," said Ms. Castagna.
"Levi’s(R) is a legendary and enduring global brand, and I am
excited and honored about the opportunity to work with the
company’s leadership team and board to help drive future growth
and shareholder value."

Ms. Castagna was listed for four consecutive years as one of
Fortune magazine’s "50 Most Powerful Women in Business" and for
two years as one of Forbes magazines "100 Most Powerful Women."
Ms. Castagna is a fundraiser for the Children’s Miracle Network
and the New York University Medical Center’s Rusk Institute. She
is also involved with the Boys and Girls Clubs of America, the
American Cancer Society, the American Red Cross, the March of
Dimes and the United Way.

                        Stephen Neal

Stephen Neal is the chairman and chief executive officer of the
law firm Cooley Godward Kronish.  In addition to his extensive
experience as a trial lawyer on a broad range of corporate
issues, Mr. Neal has represented and advised numerous boards of
directors, special committees of boards and individual directors
on corporate governance and other legal matters.  His clients
have included many large and high profile companies, such as
General Motors, PG&E, PacifiCare Health Systems and USG
Corporation.

"In recent years, Steve Neal has provided invaluable advice to
LS&CO.’s board, and I am very pleased to welcome him now as a
director," said Mr. Haas.  "Steve is a highly respected attorney
with deep knowledge and broad experience in corporate
governance.  We look forward to benefiting from his seasoned
perspectives."

"Levi Strauss & Co. has a well-deserved corporate reputation for
doing business distinctly and responsibly for more than 150
years," said Mr. Neal.  "I have tremendous respect and
admiration for the Haas family and LS&CO., and look forward to
working closely with the board and contributing to the company’s
future success."

Prior to joining Cooley Godward in 1995 and becoming CEO in
2001, Mr. Neal was with Kirkland & Ellis in Chicago.  He started
there in 1973 and was a partner from 1978 until 1995.  He
received his J.D. from Stanford in 1973 after attending Harvard
as an undergraduate.

                          Pat House

"At the same time we are adding two new directors, I am
disappointed to announce the departure of Pat House," said Mr.
Haas.  "Pat, one of our directors since 2003, has decided to
leave the board as of the end of this year.  She recently joined
the Symphony Technology Group as an advisory board member and,
coupled with her other professional and civic activities,
unfortunately will no longer have the necessary time to devote
to our business.  I want to thank Pat for her insights,
enthusiasm and commitment the past four years.  She has been a
great help during our business transformation."

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

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

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

                        *     *     *

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


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


HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24
---------------------------------------------------------------
Hilton Hotels Corporation has extended the offer expiration date
and price determination date for its previously announced tender
offers for any and all of its:

    * 7.625% Notes due 2008,
    * 7.200% Notes due 2009,
    * 8.250% Notes due 2011,
    * 7.625% Notes due 2012 and
    * 7.500% Notes due 2017,
    * 7.430% Chilean Inflation-Indexed (UF) Notes due 2009 and
    * 8.000% Quarterly Interest Bonds due 2031

The offer expiration date will now be 8:00 a.m., New York City
time, on Oct. 24, 2007, unless extended or earlier terminated by
Hilton in its sole discretion.  As indicated in the Offer to
Purchase referred to below, it is expected that the Offer
Expiration Date will be extended as necessary to coincide with
the date that the Merger referred to below becomes effective. In
addition, Hilton announced that the price determination date
applicable to the tender offers for the Notes will now be 11:00
a.m., New York City time, on Oct. 19, 2007, unless extended or
earlier terminated by Hilton in its sole discretion.

Hilton announced that the changes to the offer expiration date
and the price determination date have no effect on the consent
payment deadline applicable to the Bonds, which deadline remains
5:00 p.m., New York City time, on Oct. 9, 2007, unless extended
or terminated by Hilton.  Hilton has previously indicated that
it is likely that the Bonds will be called for redemption at
US$25 per US$25 principal amount of Bonds, plus accrued and
unpaid interest, concurrent with the completion of the Merger in
the event that the requisite consents are not obtained with
respect to the Bonds.

Hilton further announced that holders of the CLP Notes who have
validly tendered their CLP Notes will receive CLP65,560.95 for
each CLP50,000 original principal amount payable in U.S. dollars
based on the Observed Exchange Rate, as defined in the Officer’s
Certificate for the CLP Notes, which is published at or about
5:00 p.m. (Santiago, Chile time) on the second business day
prior to the Offer Expiration Date for the CLP Notes purchased
pursuant to the tender offer for such securities, namely
Oct. 22, 2007, if the tender offer for the CLP Notes is not
extended.

Holders of the Bonds must tender their securities at or prior to
the Consent Payment Deadline in order to be eligible to receive
the total consideration offered for the Bonds of US$25.125 per
US$25 principal amount.  Holders of the Bonds that are tendered
after the Consent Payment Deadline and at or prior to the Offer
Expiration Date will only be eligible to receive the tender
offer consideration offered for the Bonds of US$24.125 per US$25
principal amount.  Holders whose Bonds are accepted for payment
in the tender offer for the Bonds will also receive accrued and
unpaid interest in respect of such purchased Bonds from the last
interest payment date for such Bonds preceding the payment date
for purchased Bonds to, but not including, such payment date.

Holders of the Notes and the CLP Notes who have not already
tendered their Consented Securities may do so at any time at or
prior to the Offer Expiration Date, but such holders will only
be eligible to receive the applicable tender offer
consideration, which is an amount, paid in cash, equal to the
applicable total consideration less the applicable consent
payment, for their Consented Securities.

As of 5:00 p.m., New York City time, on Oct. 4, 2007, the
company had received tenders in respect of the following
principal amounts of Securities:

Series of Securities          Principal Amount Tendered
--------------------          -------------------------
7.625% Notes due 2008         US$361.6 million (approx. 90.4%)
7.200% Notes due 2009         US$122.2 million (approx. 61.1%)
8.250% Notes due 2011         US$289.3 million (approx. 96.4%)
7.625% Notes due 2012         US$369.3 million (approx. 98.5%)
7.500% Notes due 2017         US$139.0 million (approx. 69.5%)
7.430% Chilean
   Inflation-Indexed (UF)     CLP67.7 billion (100%)
   Notes due 2009
8.000% Quarterly Interest     US$91.4 million (approx. 45.7%)
   Bonds due 2031

Hilton’s tender offers and consent solicitations for the
Securities are being made pursuant to the terms of Hilton’s
Offer to Purchase and Consent Solicitation Statement dated
Sept. 12, 2007, and the related Consent and Letter of
Transmittal, as previously amended and as amended hereby.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the Merger is a
condition to the completion of the tender offers and consent
solicitations.  However, the completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and the Letter of Transmittal, as amended.
The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the receipt of
consents sufficient to approve the Proposed Amendments and the
Merger having occurred, or such Merger occurring substantially
concurrent with the Offer Expiration Date.  Further details
about the terms and conditions of the tender offers and the
consent solicitations are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free), (212) 272-
5112 (collect), and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774 (for banks and brokers only) or (866) 924-2200
(for all others toll-free).

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

                        *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in
January 2006.


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


ASPEN TECHNOLOGY: Gets Staff Determination Letter from Nasdaq
-------------------------------------------------------------
Aspen Technology received a Nasdaq Staff Determination on Oct.
1, indicating that the company fails to comply with the filing
requirements for continued listing stated in Marketplace Rule
4310(c)(14) as a result of its failure to file timely with the
Securities and Exchange Commission its annual report on Form 10-
K for the year ended June 30, 2007, and that the company’s
securities are therefore subject to delisting from The Nasdaq
Global Market.

The company has requested a hearing before a Nasdaq Listing
Qualifications Panel to review the Staff Determination.  There
can be no assurance that the panel will grant the company’s
request for continued listing.

The delay in AspenTech’s filing of its Form 10-K is attributed
to the previously announced intention to restate certain
historical financial statements.  The company is working
diligently to complete its annual report on Form 10-K.

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq:AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

                          *     *     *

In October 2001, Moody's placed the company's long-term
corporate family rating at B2 equity-linked rating at Caa1.
These ratings still hold true to date.  The outlook is stable.

In April 2005, Standard & Poor's placed the company's long-term
foreign and local issuer credits at B- which still holds true to
date.  The outlook is negative.


CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure
---------------------------------------------------------
The United Auto Workers union gave Chrysler LLC 72 hours to
complete a contract patterned from General Motors Corp.'s
tentative agreement with the union, otherwise they will hold a
strike, the Associated Press reports, citing an inside source.

Both parties have resumed negotiations on Sunday, but more
details have to be ironed out, AP relates.

The talks, John Lippert of Bloomberg News says, started after
UAW President Ron Gettelfinger decided, on Friday, to forego
discussions with Ford Motor Co., instigating speculations that
Chrysler's two-month old owner, Cerberus Capital Management LP,
would be easier to handle than Ford, which was under
restructuring since last year.  As reported in the Troubled
Company Reporter on Oct. 4, 2007, Ford disclosed that total
September sales dropped 21% compared with a year ago.

As previously reported, GM and the UAW reached a tentative
agreement on a new national labor contract after more than
73,000 UAW union members throughout the United States went on
strike against GM.  The tentative agreement, covering
approximately 74,000 represented employees, includes a
memorandum of understanding to establish an independent retiree
health care trust, as well as other changes to the national
agreement.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan, and Australia.

                          *    *    *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


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


AIRNERGY MOTORSPORT: Claims Registration Period Ends Nov. 5
-----------------------------------------------------------
Creditors of Airnergy Motorsport GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         Second Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 81 000 45
         Fax: 81 000 820

The District Court of Bonn opened bankruptcy proceedings against
Airnergy Motorsport GmbH on Sept. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Airnergy Motorsport GmbH
         Attn: Joerg Klemm, Manager
         Wehrstr. 24
         53773 Hennef
         Germany


CYBERSOFT SYSTEMTECHNIK: Claims Registration Period Ends Oct. 24
----------------------------------------------------------------
Creditors of Cybersoft Systemtechnik GmbH have until Oct. 24 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Cybersoft Systemtechnik GmbH on Sept. 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Cybersoft Systemtechnik GmbH
         Rheinstr.49
         47228 Duisburg
         Germany

         Attn: Thomas Toennis, Manager
         Wintgensstr.56
         47058 Duisburg
         Germany


DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31
-------------------------------------------------------------
Creditors of designpromotion GmbH have until Oct. 31 to register
their claims with court-appointed insolvency manager Dr. Winfrid
Andres.

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 Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against designpromotion GmbH on Sept. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         designpromotion GmbH
         Attn: Kai-Uwe Stuellgens, Manager
         Marienstr. 5
         45476 Muelheim an der Ruhr
         Germany


FT-RETAIL GMBH: Claims Registration Ends Oct. 23
------------------------------------------------
Creditors of ft-retail GmbH have until Oct. 23 to register their
claims with court-appointed insolvency manager Markus Froehlich.

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

The meeting of creditors will be held at:

         The District Court of Neu-Ulm
         Room 211/II
         Heiner-Metzger-Platz 1
         89231 Neu-Ulm
         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:

         Markus Froehlich
         Marienstr. 1
         89231 Neu-Ulm
         Germany
         Tel: 0731/2055993-0
         Fax: 0731/2055993-90

The District Court of Neu-Ulm opened bankruptcy proceedings
against ft-retail GmbH on Sept. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ft-retail GmbH
         Heidenheimer Str. 64
         89312 Guenzburg
         Germany


G & Z FACILITY: Claims Registration Ends October 23
---------------------------------------------------
Creditors of G & Z Facility Service GmbH have until Oct. 23 to
register their claims with court-appointed insolvency manager
Goerge Scheid.

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

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Goerge Scheid
         Rudolf-Diener-Str. 9
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
G & Z Facility Service GmbH on Sept. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         G & Z Facility Service GmbH
         Attn: Oleg Morunov, Manager
         Randla-32
         Estonia


HAVENROCK II: Fitch Junks US$11.375 Million Facility A Loan
-----------------------------------------------------------
Fitch Ratings has downgraded the loan facilities provided by IKB
Deutsche Industriebank AG and IKB International S.A. to
Havenrock II Limited as follows:

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

   -- US$404.88 million Facility C loan provided by IKB:
      downgraded to 'BBB+' from 'A-'; Outlook Negative

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

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

The 364-day committed facilities can be drawn on to cover
Havenrock II's obligations under a credit default swap.  The
downgrades are the result of rating migrations in the portfolio
referenced by the Havenrock II credit default swap.  The above
ratings have been assigned using the Vector 3.1 model and
current criteria for Collateralized Debt Obligations.


JARRETT GMBH: Claims Registration Period Ends Nov. 5
----------------------------------------------------
Creditors of Jarrett GmbH have until Nov. 5 to register their
claims with court-appointed insolvency manager Jochen Wagner.

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 Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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 Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany
         Tel: 0841/14 28 99-0
         Fax: 0841/14 28 99-10

The District Court of Ingolstadt opened bankruptcy proceedings
against Jarrett GmbH on Sept. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Jarrett GmbH
         Attn: Richard Simon Clive Jarrett, Manager
         Kirchplatz 6
         91809 Wellheim/Konstein
         Germany


MA BAU GMBH: Claims Registration Period Ends Nov. 5
---------------------------------------------------
Creditors of Ma Bau GmbH have until Nov. 5 to register their
claims with court-appointed insolvency manager Thomas Erdmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Dec. 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thomas Erdmann
         Einfrielinger Weg 4
         29614 Soltau
         Germany
         Tel: 05191-96730
         Fax: 05191-967320
         E-mail: Rae.Erdmann@t-online.de

The District Court of Celle opened bankruptcy proceedings
against Ma Bau GmbH on Sept. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ma Bau GmbH
         Attn: Matthias Riedler, Manager
         Bienenweg 25
         29640 Schneverdingen
         Germany


MEDICAL VITA: Claims Registration Ends Oct. 20
----------------------------------------------
Creditors of Medical Vita GmbH have until Oct. 20 to register
their claims with court-appointed insolvency manager Anton
Rosenauer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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:

         Anton Rosenauer
         Industriestr. 3
         70565 Stuttgart
         Germany
         Tel: 0711/2 3175 93
         Fax: 0711/2 3175 94

The District Court of Stuttgart opened bankruptcy proceedings
against Medical Vita GmbH on Sept. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Medical Vita GmbH
         Calwer Str. 27
         70173 Stuttgart
         Germany


MTU AERO: Moody's Lifts Rating to Ba1 on Improved Performance
-------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of MTU Aero Engines Holding AG to Ba1 from Ba2; the outlook was
changed to stable.

The last rating action before was issued on Dec. 7, 2006, when
the Ba2 ratings were affirmed and the outlook changed to
positive.

The rating upgrade from Ba2 to Ba1 reflects the improvements in
MTU's credit profile over the last 2 years from its highly
leveraged past.  As a result of the substantial de-leveraging of
the group's capital structure but also due to improving
operating performance and cash generation levels, credit metrics
have improved beyond the expectations for the Ba2 rating
category, notably Debt to EBITDA -- which improved from 2.8x in
2005 and 5.3x in 2004 to 2.2x in the twelve months ending June
2007.

The upgrade reflects the benefits from a strong market
environment given the continued increase in global air traffic
which has substantially supported performance improvements in
both of MTU's division, resulting in rising demand for engine
components in the civil and military original equipment
manufacturer division and growing demand for MTU's engine
Maintenance, Repair and Overhaul services.  Given the dynamic
growth of the MRO division over the last years, MTU's credit
profile benefits from a more balanced mix between OEM and
Aftermarket business on the one side and MRO service business
with recurring revenues but lower margins than in manufacturing
on the other side.

The stable outlook reflects Moody's expectation for a
stabilization of MTU's performance and credit profile around the
current level, but also incorporates management challenges like
the weakening US$ rate, high research and development
requirements to keep its share of OEM-led programs, and the
potential for M&A activity to solidify MTU's market positions.

The rating is now strongly positioned in the Ba1 rating category
and may come under further upward rating pressure, should recent
improvements be preserved despite:

   (1) an environment of unfavorable foreign exchange
       developments, given the fact that the majority of MTU's
       revenues are factored in US dollar;

   (2) substantial R&D spending and investment needs to sustain
       its competitive advantage;

   (3) the launch of several new projects that may initially
       dilute margins because of a lower share of the very
       profitable aftermarket business;

   (4) any changes in the aviation market environment, i.e. a
       slowdown in global air traffic driven by a change in the
       economic environment or rising fuel prices.

An upgrade in MTU's ratings would be considered upon evidence
that the group's financial profile in 2007 is sustainable
through 2008, as evidenced by:

   (i) preservation of an EBITA-Margin above 8%;

  (ii) increasing amounts of free cash flow generated;

(iii) preservation of credit metrics, namely keeping RCF to net
       debt constantly above 25%, and EBIT to Interest Coverage
       above 3.0x;

  (iv) maintaining a solid liquidity cushion supported by
       moderate Working Capital volatility; and

   (v) modest shareholder orientation.

Downward pressure on MTU's ratings could be exerted by a
reduction in EBITA-margins below 6% and negative cash flows
resulting from a deterioration in the underlying operational
performance of the group.  Furthermore, whilst Moody's expects
the company may undertake debt-financed bolt-on acquisitions,
any acquisition resulting in a deterioration of credit metrics
beyond the company's current metrics is likely to pressure the
rating.

MTU's Ba1 rating reflects:

   (1) the company's leadership position as a global supplier of
       aero engines, sub-systems and components;

   (2) the benefits from revenue diversity due to the company's
       diverse engine portfolio and segmental diversification,
       given the company's focus on OEM and MRO services for
       commercial and military customers;

   (3) revenue stability and visibility based on long-term
       contracts and the high market barriers to entry that
       exist in the aeronautical industry;

   (4) strong cash generation ability and a solid liquidity
       position in light of the company's access to a EUR250
       million senior revolving credit facility; and

   (5) Moody's expectation of only bolt-on acquisitions.


MTU's Ba1 rating is constrained by:

   (1) inherent exposure to US dollar/euro fluctuations;

   (2) Cash Flow variability driven by Working Capital
       volatility;

   (3) funding needs that are highly determined by customers'
       willingness to continuously provide substantial advance
       payments;

   (4) substantial R&D spending and investment needs to sustain
       competitive advantage; and

   (5) a cyclical industry with event risk; and

   (6) the influence of high jet fuel prices on market
       conditions.

Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components and
a provider of MRO services for commercial and military jet
engines.  For the 12 months ended 2006, MTU reported revenues of
EUR2.4 billion.


NORMBAU VERWALTUNG: Claims Registration Ends October 23
-------------------------------------------------------
Creditors of Normbau Verwaltung GmbH have until Oct. 23 to
register their claims with court-appointed insolvency manager
Andreas Stratenwerth.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 6
         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:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Normbau Verwaltung GmbH on Sept. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Normbau Verwaltung GmbH
         Fichtenweg 13
         33649 Bielefeld
         Germany

         Attn: Johann Schmidt, Manager
         Essener Str. 21
         33649 Bielefeld
         Germany


PAUL DIBOWSKI: Claims Registration Ends Oct. 22
-----------------------------------------------
Creditors of Paul Dibowski Schluesselfertigbau GmbH & Co KG have
until Oct. 22 to register their claims with court-appointed
insolvency manager Eberhard Stock.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 02151/5813 0
         Fax: 02151/5813 134

The District Court of Kleve opened bankruptcy proceedings
against Paul Dibowski Schluesselfertigbau GmbH & Co KG on Sept.
27.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Paul Dibowski Schluesselfertigbau GmbH & Co KG
         Viemannsweg 12
         46459 Rees
         Germany


PETERS GMBH: Claims Registration Period Ends Oct. 26
----------------------------------------------------
Creditors of Peters GmbH have until Oct. 26 to register their
claims with court-appointed insolvency manager Reiner Linck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Reiner Linck
         Paulstrasse 44
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Peters GmbH on Sept. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Peters GmbH
         Attn: Mathias Peters, Manager
         Robert-Koch-Strasse 8 b
         18059 Rostock
         Germany


REHBERG & MILESEVIC: Claims Registration Period Ends Oct. 25
------------------------------------------------------------
Creditors of Rehberg & Milesevic GmbH have until Oct. 25 to
register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

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 Duesseldorf
         Meeting Hall A 388
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Rehberg & Milesevic GmbH on Sept. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rehberg & Milesevic GmbH
         Nuernberger Strasse 12 a
         40599 Duesseldorf
         Germany

         Attn: Goran Milesevic, Manager
         Ernst-Abbe-Weg 41
         40589 Duesseldorf und Dirk Rehberg
         Stammheimer Strasse 11
         50735 Koln
         Germany


RHEIN-RUHR-POLSTER: Claims Registration Ends Oct. 15
----------------------------------------------------
Creditors of Rhein-Ruhr-Polster GmbH have until Oct. 15 to
register their claims with court-appointed insolvency manager
Raimund Kress.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Raimund Kress
         Universitatsstrasse 125
         44789 Bochum
         Germany

The District Court of Essen opened bankruptcy proceedings
against Rhein-Ruhr-Polster GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rhein-Ruhr-Polster GmbH
         Husmannshofstr. 10
         45143 Essen
         Germany


SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries
---------------------------------------------------------
Liechtenstein-based MCA-Agentur has acquired all shares of NOVA
E Sp.z.o.o. and TOP SOFA Oborniki Sp.z.o.o., the Polish
upholstery specialist subsidiaries of insolvent Schieder Group.

Both companies are major manufacturers within the European
upholstered furniture industry and employ about 500 staff.  MCA
has confirmed its intention to continue running both companies
with their current headcount.

MCA will take over the assets and acquire all the model rights
for Collection E, Luebbecke.  Collection E will also be
integrated into the restructuring strategy.

The present solution is the third restructuring success in the
Schieder Group’s insolvency process and is a result of the
meticulous preparatory work and effective negotiations conducted
by Claudia Jansen, insolvency administrator at White & Case,
Frankfurt.  A major objective was to ensure that valuable and
well-established structures were transferred to MCA without
disruption.  “MCA is a company with an excellent industry track
record.  We are excited to have won over MCA to continue a
substantial part of the upholstery business of the Schieder
Group,” says Claudia Jansen.  “In particular, we are pleased to
see that a large majority of employees in both Poland and
Germany are securing interesting prospects with their new
employer,” adds Ms. Jansen.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- was one of the leading furniture
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which are in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold on June 22, 2007, after incurring debts of
nearly EUR300 million due to high capital costs.


SECURITY PROTECTION: Claims Registration Period Ends Nov. 1
-----------------------------------------------------------
Creditors of SPS Security Protection Service GmbH have until
Nov. 1 to register their claims with court-appointed insolvency
manager Joerg Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         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:

         Joerg Meyer
         Plantagenstrasse 3
         08371 Glauchau
         Germany
         Tel: (03 763) 77 870
         Fax: (03 763) 77 87 11
         E-mail: info@inso-verwalter.de

The District Court of Chemnitz opened bankruptcy proceedings
against SPS Security Protection Service GmbH on Sept. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SPS Security Protection Service GmbH
         Attn: Gunnar Preiss, Manager
         Badener Strasse 20
         08393 Meerane
         Germany


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


RITCHIE IRELAND: Selling Insurance Policies at Nov. 9 Auction
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved the procedures proposed by Ritchie Risk-Linked
Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked
Strategies Trading (Ireland) II, Ltd. for the sale of a
pool of life settlement policies, which constitutes all or
substantially all of their assets.

Public sale of the assets will take place on Nov. 9, 2007.
To participate in the auction, initial overbids must be in
an amount of at least US$1 million for any Ritchie I Asset Pool,
US$.5 million for any Ritchie II Asset Pool and US$3 million for
a bid on all the assets.

Submission of qualified bids ends on Oct. 19, 2007, at 5:00 p.m.
Objections to the sale, if any, are due Nov. 12, 2007.  The
Court will convene a hearing Nov. 14, 2007, at 10:00 a.m.
(Eastern Time), to consider approval of the sale to the highest
bidder/s.

The Debtors sought Houlihan Lokey Howard & Zukin Capital Inc.'s
services in the sale process.

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


RITCHIE IRELAND: Wants Plan Filing Period Moved to January 16
-------------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. ask
the U.S. Bankruptcy Court for the Southern District of New York
to extend their exclusive periods to:

   -- file a plan until January 16, 2008; and

   -- solicit acceptances of that plan until March 17, 2008.

The Debtors' exclusive period to file a plan is set to expire on
October 18, 2007.

The Debtors remind the Court that their bankruptcy cases
commenced only three months ago, and since that time, they have
implemented first day relief, each secured post-petition
financing, and have commenced a process for the sale of a pool
of life settlement policies, which constitutes all or
substantially all of their assets.

According to the Debtors, an extension of their exclusive
periods is both necessary and appropriate to permit them to
consummate the next stage in the administration of their cases.
"[T]he Debtors have done much in these cases in a relatively
short period of time. . . . [n]evertheless, given the complexity
of these cases, much work remains to be done, including
completion of the sale of [the Debtors' insurance] [p]olicies,
before [they] can propose a viable plan," Lewis S. Rosenbloom,
Esq., at Dewey & LeBoeuf LLP says.

The Court is set to consider the request at a hearing on
October 16.  Deadline to object to the extension motion is
October 12.

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


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


AKTUBINSKY ZAVOD: Proof of Claim Deadline Slated for Nov. 9
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Alcohol Factory Aktubinsky Zavod Shampanskyh Vin
insolvent.

Creditors have until Nov. 9 to submit written proofs of claims
to:

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


APPLE CITY: Creditors Must File Claims Nov. 9
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Apple City Group (RNN 600900508369) insolvent on
Aug. 16.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Third Floor
         Makataev Str.117
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
         8 701 111 77-02


CONSTRUCTIVE-LTD LLP: Claims Filing Period Ends
-----------------------------------------------
LLP Constructive-Ltd has declared insolvency.  Creditors have
until Nov. 9 to submit written proofs of claims to:

         LLP Constructive-Ltd
         Bolashak, 19/1
         Saryarka District
         Astana
         Kazakhstan


ELDORADO ZAPAD: Creditors' Claims Due on Nov. 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Eldorado Zapad insolvent.

Creditors have until Nov. 9 to submit written proofs of claims
to:

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


JAKLIN LLP: Claims Registration Ends Nov. 9
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Jaklin insolvent on Aug. 16.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Third Floor
         Makataev Str.117
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
         8 701 111 77-02


JANA FASYR: Proof of Claim Deadline Slated for Nov. 9
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jana-Fasyr insolvent on Aug. 22.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Suleymenov Str. 21
         Josaly
         Karmakchinsky District
         Kyzylorda
         Kazakhstan
         Tel: 8 (237) 2-27-31
         8 701 412 72-65


PROM AUTO: Creditors Must File Claims Nov. 9
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Prom Auto Complect insolvent on Aug. 13.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office Three
         Valihanov Str. 149
         Semey
         East Kazakhstan
         Kazakhstan
         Tel: 8 777 213 83-80


SAUYTBEK LLP: Claims Filing Period Ends Nov. 9
----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Sauytbek insolvent on July 31.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Balasaguni Str. 17
         Taraz
         Jambyl
         Kazakhstan


VOSTOK-REMIX LLP: Creditors' Claims Due on Nov. 9
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok-Remix insolvent on Aug. 13.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office Three
         Valihanov Str. 149
         Semey
         East Kazakhstan
         Kazakhstan
         Tel: 8 777 213 83-80


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


KIMIA INTERNATIONAL: Creditors Must File Claims by November 9
-------------------------------------------------------------
LLC Kimia International Company has declared insolvency.
Creditors have until Nov. 9 to submit written proofs of claim
to:

         LLC Kimia International Company
         Vostochnaya Promzona
         Kant
         Chui
         Kyrgyzstan
         Tel: (+996 312) 59-15-93


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


EVRAZ GROUP: Earns US$1.16 billion for First Half 2007
------------------------------------------------------
Evraz Group S.A. posted US$1.16 billion in net income on
US$6.02 billion in net revenues for the first six months of
2007, compared with US$608 million in net income on
US$2.83 billion in net revenues for the same period in 2006.

"In the first half of the year Evraz delivered excellent results
and value for our shareholders," Alexander Frolov, Evraz Group’s
Chairman and CEO, said.  "The progress we made in pursuit of our
growth strategy reflects favorable trading environment,
successful acquisitions, solid organic growth and efficient cost
management.  The Company has once again proven its ability to
set stretching tasks and successfully achieve them globally"

"In Russia, where continued economic growth is boosting
construction activity and new infrastructure projects, the
Company enjoyed its competitive advantage as a leading producer
of construction and railway products.  Moreover, this leadership
position was further enhanced with the acquisition of Oregon
Steel Mills last January, renamed Evraz Oregon Steel Mills, with
Evraz becoming the global leader in rails with a strong presence
in the two world largest railway markets.

"One of the major accomplishments over the period was a shift
from semi-finished products to higher value added products.  In
world markets, Evraz benefited from higher plate prices and the
first time contribution from our newly acquired Evraz Oregon
Steel Mills.  Evraz became a major player in the world vanadium
market, having acquired control over Highveld Steel and Vanadium
Corporation.

"These acquisitions fit perfectly with our strategy and
complemented our existing production base. The focU.S. of our
efforts in the first half of the year was, and will remain for
some time, consolidation and integration of these new assets
into our global business.

"This year we faced some challenges in our Russian operations,
which we overcame successfully.  We closed the open hearth
furnaces in Novokuznetsk, resolving one of our major
environmental issues and improving our overall production
efficiency.  Ensuring safe production at all the production
sites has always been a core objective of the management.
However, in the first half of the year we had to deal urgently
with the reasons and the consequences of the tragic accidents at
Yuzhkuzbassugol coal mines.  We believe that the steps we have
taken will minimize the risks inherent in certain underground
coal mining environments and ensure uninterrupted operations in
the mining segment of the group.

"Management at all the subsidiaries demonstrated good teamwork
abilities in successfully attaining the targets that had been
set.  I am confident that all the employees of Evraz will
continue to do their best to ensure value growth in the
interests of all the Company’s stakeholders."

                     Outlook for Rest of 2007

"In the second half of the year we expect to produce 7.6 million
to 7.8 million tons of crude steel and 7.4-7.6 million tons of
rolled products including 1 million tons in the U.S. and 370,000
tons in South Africa," Mr. Frolov said.  "For the full year pig
iron sales will amount to 1 million tons including 437,000 tons
sold in the first half of 2007."

"The revised 2007 capex program of approximately US$690 million
will mainly be for the ongoing projects and maintenance as well
as efficiency improvements at Highveld and production safety at
Yuzhkuzbassugol.  Zapsib blast furnace 1 reline was successfully
completed in early October."

"Continued growth in the Russian construction market together
with a positive impact from newly acquired assets in the U.S.
and South Africa on the back of estimated strong pricing
environment through the second half of the year are expected to
increase Evraz consolidated revenues for the full year by 45-55%
and EBITDA by 55-60%."

As of June 30, 2007, Evraz Group had US$14.45 billion in total
assets, US$5.33 billion in total liabilities and US$3.92 billion
in shareholders' equity.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


EVRAZ GROUP: To Form Vanadium Unit Before Yearend
-------------------------------------------------
Evraz Group S.A. plans to create A vanadium division by the end
of 2007, RIA Novosti reports, company president Alexander
Frolov.

Mr. Frolov said the division, which would set up using Evraz's
own assets, will help the company optimize its vanadium
business, RIA Novosti relates.

Evraz, according to RIA Novosti, is the sole producer of
vanadium-rich ore in Russia and one of the largest producers of
vanadium slag globally.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


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


LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend
----------------------------------------------------------------
On Oct. 4, 2007, Lyondell Chemical Company's Board of Directors
declared a conditional quarterly dividend of US$0.225 per share
of common stock to stockholders of record as of the close of
business at 5 p.m. EST on Nov. 26, 2007.

On July 17, 2007, Basell and Lyondell entered into a definitive
merger agreement that would result in each holder of Lyondell
common stock receiving US$48 per share in cash merger
consideration and Lyondell becoming a wholly owned subsidiary of
Basell.  A special meeting of Lyondell shareholders has been
called for Nov. 20, 2007 to vote on the merger proposal.  While
the closing date of the merger has yet to be determined, we are
working toward a completion date in the fourth quarter of 2007,
although there can be no assurance regarding the exact timing.

The dividend will be payable on Dec. 17, 2007 only if the merger
has not closed on or prior to the Record Date.  If the closing
of the merger occurs after the Record Date, the dividend will be
paid on the Payment Date to persons who were holders of record
on the Record Date, even if the closing were to occur before the
Payment Date.  If the merger closes on or prior to the Record
Date, Lyondell shareholders will receive the merger
consideration, but no dividend will be paid.

                   About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the announcement
that Lyondell has agreed to be acquired by Basell for US$12.66
billion, or US$48 per share.  The transaction is valued at US$19
billion including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


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


SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries
---------------------------------------------------------
Liechtenstein-based MCA-Agentur has acquired all shares of NOVA
E Sp.z.o.o. and TOP SOFA Oborniki Sp.z.o.o., the Polish
upholstery specialist subsidiaries of insolvent Schieder Group.

Both companies are major manufacturers within the European
upholstered furniture industry and employ about 500 staff.  MCA
has confirmed its intention to continue running both companies
with their current headcount.

MCA will take over the assets and acquire all the model rights
for Collection E, Luebbecke.  Collection E will also be
integrated into the restructuring strategy.

The present solution is the third restructuring success in the
Schieder Group’s insolvency process and is a result of the
meticulous preparatory work and effective negotiations conducted
by Claudia Jansen, insolvency administrator at White & Case,
Frankfurt.  A major objective was to ensure that valuable and
well-established structures were transferred to MCA without
disruption.  “MCA is a company with an excellent industry track
record.  We are excited to have won over MCA to continue a
substantial part of the upholstery business of the Schieder
Group,” says Claudia Jansen.  “In particular, we are pleased to
see that a large majority of employees in both Poland and
Germany are securing interesting prospects with their new
employer,” adds Ms. Jansen.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- was one of the leading furniture
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which are in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold on June 22, 2007, after incurring debts of
nearly EUR300 million due to high capital costs.


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


TRACTORUL UTB: EU Commission to Look Into Privatization Process
---------------------------------------------------------------
The European Commission will examine whether a financial scheme
was involved in the privatization of Tractorul UTB S.A.'s
assets, BURSA On Line reports.

PLD Senator Nicolae Vlad Popa agreed with the decision, alleging
that the Transilvania Insolvency House, Tractorul's liquidator,
received extremely large fees compared to the company's mission,
BURSA relates.

"The amount of EUR3 million, claimed to have been paid in order
to draw up a few papers, is enormous.  But I found out from
sources inside the Transilvania Insolvency House that the fee
was in fact double, meaning EUR6 million. This being public
money, it is unacceptable," Sen. Popa was quoted by BURSA as
saying.

The Romanian government had put the company on the auction block
due to Tractorul's debt liability of EUR180 million.

                         About Tractorul

Based in Brasov, Romania, Tractorul UTB SA -- http://www.utb.ro/
-- manufactures industrial and farming tractors, spare parts,
engines, and components.  It posted sales of ROL42 billion
(EUR1.2 million) and has 18,300 employees according to its Web
site.


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


CREAMERY AZOVSKIJ: Creditors Must File Claims by Oct. 29
--------------------------------------------------------
Creditors of Creamery Azovskij CJSC have until Oct. 29 to submit
proofs of claim to:

         13th Store
         Libknechta str. 35
         644043 Omsk
         Russia

The Arbitration court of Omsk commenced competitive proceedings
against the company after finding it insolvent.  The Court
appointed Ratkovskij V.V. as Competitive proceedings manager for
the company.  The case is docketed under Case No. A46-5969/2007.

The Debtor can be reached at:

         Creamery Azovskij CJSC
         40th Anniversary VLKSM 50
         Azovo Settlement
         Azovskij NNR
         646880 Omsk
         Russia


ELSAN LLC: Creditors Must File Claims by Nov. 29
------------------------------------------------
Creditors of Elsan LLC have until Nov. 29 to submit proofs of
claim to:

         Letter OT
         Mayakovskogo 1a
         390046 Ryazan
         Russia

The Arbitration court of the Ryazan commenced competitive
proceedings against the company after finding it insolvent.
The Court appointed Tazin G.V. as Competitive proceedings
manager for the company.  The case is docketed under Case
No. A54-603/ 2007.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         Elsan LLC
         Building 1
         Kujbyshevskoye shosse 25
         390011 Ryazan
         Russia


EVRAZ GROUP: Earns US$1.16 billion for First Half 2007
------------------------------------------------------
Evraz Group S.A. posted US$1.16 billion in net income on
US$6.02 billion in net revenues for the first six months of
2007, compared with US$608 million in net income on
US$2.83 billion in net revenues for the same period in 2006.

"In the first half of the year Evraz delivered excellent results
and value for our shareholders," Alexander Frolov, Evraz Group’s
Chairman and CEO, said.  "The progress we made in pursuit of our
growth strategy reflects favorable trading environment,
successful acquisitions, solid organic growth and efficient cost
management.  The Company has once again proven its ability to
set stretching tasks and successfully achieve them globally"

"In Russia, where continued economic growth is boosting
construction activity and new infrastructure projects, the
Company enjoyed its competitive advantage as a leading producer
of construction and railway products.  Moreover, this leadership
position was further enhanced with the acquisition of Oregon
Steel Mills last January, renamed Evraz Oregon Steel Mills, with
Evraz becoming the global leader in rails with a strong presence
in the two world largest railway markets.

"One of the major accomplishments over the period was a shift
from semi-finished products to higher value added products.  In
world markets, Evraz benefited from higher plate prices and the
first time contribution from our newly acquired Evraz Oregon
Steel Mills.  Evraz became a major player in the world vanadium
market, having acquired control over Highveld Steel and Vanadium
Corporation.

"These acquisitions fit perfectly with our strategy and
complemented our existing production base. The focU.S. of our
efforts in the first half of the year was, and will remain for
some time, consolidation and integration of these new assets
into our global business.

"This year we faced some challenges in our Russian operations,
which we overcame successfully.  We closed the open hearth
furnaces in Novokuznetsk, resolving one of our major
environmental issues and improving our overall production
efficiency.  Ensuring safe production at all the production
sites has always been a core objective of the management.
However, in the first half of the year we had to deal urgently
with the reasons and the consequences of the tragic accidents at
Yuzhkuzbassugol coal mines.  We believe that the steps we have
taken will minimize the risks inherent in certain underground
coal mining environments and ensure uninterrupted operations in
the mining segment of the group.

"Management at all the subsidiaries demonstrated good teamwork
abilities in successfully attaining the targets that had been
set.  I am confident that all the employees of Evraz will
continue to do their best to ensure value growth in the
interests of all the Company’s stakeholders."

                     Outlook for Rest of 2007

"In the second half of the year we expect to produce 7.6 million
to 7.8 million tons of crude steel and 7.4-7.6 million tons of
rolled products including 1 million tons in the U.S. and 370,000
tons in South Africa," Mr. Frolov said.  "For the full year pig
iron sales will amount to 1 million tons including 437,000 tons
sold in the first half of 2007."

"The revised 2007 capex program of approximately US$690 million
will mainly be for the ongoing projects and maintenance as well
as efficiency improvements at Highveld and production safety at
Yuzhkuzbassugol.  Zapsib blast furnace 1 reline was successfully
completed in early October."

"Continued growth in the Russian construction market together
with a positive impact from newly acquired assets in the U.S.
and South Africa on the back of estimated strong pricing
environment through the second half of the year are expected to
increase Evraz consolidated revenues for the full year by 45-55%
and EBITDA by 55-60%."

As of June 30, 2007, Evraz Group had US$14.45 billion in total
assets, US$5.33 billion in total liabilities and US$3.92 billion
in shareholders' equity.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


EVRAZ GROUP: To Form Vanadium Unit Before Yearend
-------------------------------------------------
Evraz Group S.A. plans to create A vanadium division by the end
of 2007, RIA Novosti reports, company president Alexander
Frolov.

Mr. Frolov said the division, which would set up using Evraz's
own assets, will help the company optimize its vanadium
business, RIA Novosti relates.

Evraz, according to RIA Novosti, is the sole producer of
vanadium-rich ore in Russia and one of the largest producers of
vanadium slag globally.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


GAZPROM NEFT: May Create Joint Venture with OAO Lukoil
------------------------------------------------------
OAO Gazprom Neft and OAO Lukoil are considering setting up a
joint venture within the next two months, RIA Novosti reports
citing Lukoil CEO Vagit Alekperov.

The joint venture, Mr. Alekperov told RIA Novosti, will develop
new deposits in East Siberia and Timano-Pechora.  The joint
venture will be managed on a parity basis, with Gazprom Neft
controlling 51% and Lukoil holding 49%.

The joint venture will be in line with a strategic partnership
agreement between the companies for 2005 to 2014.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                       About Gazprom Neft

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

                            *   *   *

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

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


ORENBURGSTROYMECHANIZATSIA OJSC: Claims Filing Ends Nov. 29
-----------------------------------------------------------
Creditors of OrenburgStroyMechanizatsia OJSC have until Nov. 29
to submit proofs of claim to:

         Tokarev N.N.
         Competitive proceedings manager
         Ryabinovyj 5
         Prigorodnyj
         Orenburg raion
         Orenburg
         Russia

The Arbitration court of the Orenburg commenced competitive
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-4572/2007-14/6ГК.

The Court is located at:

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

The Debtor can be reached at:

         OrenburgStroyMechanizatsia OJSC
         Zagorodnoye shosse 1
         Orenburg
         Russia


PECHORAENERGOSTROY OJSC: Creditors Must File Claims by Nov. 29
--------------------------------------------------------------
Creditors of Pechoraenergostroy OJSC have until Nov. 29 to
submit proofs of claim to:

         Russlih I.A.
         Competitive proceedings manager
         Apartment 2
         Pokrovskij b. Str. 1
         Syktyvkar
         167005 Komi
         Russia
         Tel: (8212)55-17-74, 51-65-28

The Arbitration court of Komi commenced competitive proceedings
on the company.  The case is docketed under Case No. A29-962/
2007.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         Pechoraenergostroy OJSC
         Stroyploschadka GRES
         Pechora
         Komi
         Russia


RUS'-TRADING LLC: Creditors Must File Claims by Oct. 29
-------------------------------------------------------
Creditors of Rus'-Trading LLC have until Oct. 29 to submit
proofs of claim to:

         Office 2
         Moskovskaya str. 85
         410012 Saratov
         Russia

The Arbitration court of Saratov commenced competitive
proceedings against the company after finding it insolvent.
The Court appointed Mihailenko V.V. as Competitive proceedings
manager for the company.  The case is docketed under Case
No. A-57-442Б/01-27-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         Rus'-Trading LLC
         2-nd Sadovaya Str. 39/53
         410004 Saratov
         Russia


SORTSEMOVOSCH OJSC: Asset Sale Slated for October 26
----------------------------------------------------
Karamyshev O.A., bidding organizer for SortSemOvosch OJSC, will
open a public auction for the company's properties at 10:00 a.m.
on Oct. 26 at:

         Kolomeitseva str. 3-23
         Kemerovo
         Russia

The company has set a RUR1 million starting price for the
auctioned assets.

Interested participants have until Oct. 25 to deposit an amount
equivalent to 20$ of the starting price to:

         SortSemOvosch OJSC
         Settlement Account 40702810100120002586
         Correspondent Account 30101810400000000784
         URSA Bank OJSC
         Kemerovo
         Russia

Bidding documents must be submitted to:

         Kolomeitseva str. 3-23
         Kemerovo
         Russia
         Tel: 8 (3842) 58-31-08


TANTAL-A LLC: Creditors Must File Claims by Oct. 29
---------------------------------------------------
Creditors of Tantal-A LLC have until Oct. 29 to submit proofs of
claim to:

         Tantal-A LLC
         50 Octover 110A
         410040 Saratov
         Russia

The Arbitration court of the Saratov appointed Petrov Yu.B. as
Interim manager for the company.  The case is docketed under
Case No. А57-4688/07-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         Tantal-A LLC
         50 Octover 110A
         410040 Saratov
         Russia


TNK-BP HOLDING: Earns US$2.15 Billion for First Half 2007
---------------------------------------------------------
TNK-BP Holding Ltd. released its half year results for the six
months ending June 30, 2007.

Interim consolidated financial statements prepared under U.S.
GAAP report net income of US$2.15 billion for the first half of
2007.

An extraordinary general meeting, conducted on Sept. 28, 2007,
approved an interim dividend of RUR21.675 billion (RUR1.33 per
share).  The dividend represents a distribution of first half
2007 net income which amounted to RUR21.6 billion as reported in
the statutory accounts prepared under RAS.  The corresponding
Russian Accounting Standards based net income for the first half
of 2006 was RUR38.707 billion, which included a pre-divestment
dividend from Udmurtneft.

"This was a strong performance despite first half 2007 prices
being weaker than in 2006, and continuing strong ruble
appreciation putting pressure on some elements of our costs,"
TNK-BP’s Chief Financial Officer Jim Owen said.

Operational performance of the Group remains on track for the
year with TBH production of 35 million tons for the first six
months of the year.

                          About TNK-BP

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

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

                            *   *   *

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


TUNAICHA-M CJSC: Asset Sale Slated for October 30
-------------------------------------------------
Kopytova N.M., the Competitive proceedings manager of Fish
Factory Tunaicha-M CJSC, will open a public auction for the
company's properties at 9:00 a.m. on Oct. 30 at:

         L'vovo village
         Voronovo
         Podol'skij raion
         142093 Moscow
         Russia

The company has set a RUR110 million starting price for the
auctioned assets.

Interested participants have until Oct. 29 to deposit an amount
of RUR5.5 million to:

         Fish Factory Tunaicha-M CJSC
         Settlement account 40702810797070000072
         Correspondent account 30101810200000000272
         Rosbank OJSC
         Moscow
         Russia

Bidding documents must be submitted to:

         Room 4
         Block 1
         Teplyj stan Str. 11
         Moscow


URALELECTROCOMPLECT CJSC: Creditors Must File Claims by Nov. 29
---------------------------------------------------------------
Creditors of Uralelectrocomplect CJSC have until Nov. 29 to
submit proofs of claim to:

         Mechanizatorov Str. 1
         460027 Orenburg
         Russia

The Arbitration court of the Orenburg commenced competitive
proceedings against the company after finding it insolvent.
The Court appointed Levchenko S.V. as Competitive proceedings
manager for the company.  The case is docketed under Case
No. A47-6724/2007-14/3ГК.

The Court is located at:

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

The Debtor can be reached at:

         Uralelectrocomplect CJSC
         Pobedy pr. 116
         Orenburg
         Russia


ZBSM-137 LLC: Court Names Tsybenov B.B. as Liquidator
-----------------------------------------------------
The Arbitration court of Buryatia appointed Tsybenov B.B. as
Competitive proceedings manager for ZBSM-137 LLC.  He can be
reached at:

         Tsybenov B.B.
         Apartment 42
         Solnechnaya str. 2
         670031 Ulan-Ude
         Russia

The Court commenced Competitive proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A-10-2206/06.

The Debtor can be reached at:

         ZBSM-137 LLC
         Kosmonavtov 39
         Severobajkal'sk
         Buryatia
         Russia


* S&P Affirms Omsk City's B Rating on Poor Debt Profile
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
credit and 'ruBBB+' Russia national scale ratings on the City of
Omsk. The outlook is stable.  Omsk is the administrative center
of the Omsk Oblast, located in western Siberia, in the Russian
Federation (foreign currency BBB+/Stable/A-2; local currency A-
/Stable/A-2; Russia national scale 'ruAAA').

"The ratings are constrained by the city's poor debt profile,
weak budgetary performance, low liquidity, and limited financial
flexibility and predictability," said Standard & Poor's credit
analyst Felix Ejgel.

These risks are partially mitigated by the city's rapid revenue
growth, cofinancing of transport infrastructure projects from
the oblast budget, and solid industrial development.

The city of Omsk's debt portfolio is dominated by short-term
debt.  S&P therefore expects debt service to be a high 25% of
total revenues in 2007.  In the next two to three years, Omsk's
direct debt as a share of operating revenues will likely remain
stable, at about 30%.

"We expect the city of Omsk's tougher control over operating
expenditures to help stabilize its budgetary performance," said
Mr. Ejgel.

Sufficient investments of private companies, the oblast, and the
federal government in the city's infrastructure will expand the
tax base and contribute to revenue growth.

Should the oblast increases its financial support and the city's
budgetary performance strengthen significantly greater than
S&P’s expectations, the outlook could be revised to positive.

The city's failure to control debt and debt service due to
higher-than-expected growth of personnel spending and subsidies
to companies could put pressure on the ratings, however.


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


MADRID RMBS II: Fitch Rates Class E Notes at BB on Review
---------------------------------------------------------
Fitch Ratings has affirmed seven Madrid RMBS II tranches,
following a satisfactory performance review.  The portfolio is
backed by loans originated by Caja de Ahorros y Monte de Piedad
de Madrid.  The ratings are:

   -- Class A1 (ISIN ES0359092006): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0359092014): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3 (ISIN ES0359092022): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0359092030): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN ES0359092048): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN ES0359092055): affirmed at 'BBB'; Outlook
      changed to Negative from Stable

   -- Class E (ISIN ES0359092063) affirmed at 'BB+'; Outlook
      changed to Negative from Stable

The changes in Outlook for Classes D and E follow a draw on the
reserve fund on the third payment date in August 2007.  The
amount drawn was EUR846,855, out of a total reserve fund at the
previous payment date of EUR62.64.  This drawing represents
1.35% of the reserve fund balance.  The reserve fund currently
stands at 3.7% of the current note balance, which is above the
initial level of 3.48% at closing.

The drawing on the reserve fund is due to the technical write-
off of loans more than six months in arrears.  Madrid RMBS II
benefits from a provisioning mechanism, whereby notes are
amortized by the amount of loans more than six months in arrears
using available excess spread.  This six-month period is lower
than the 12- or 18- month provisioning generally seen in Spanish
transactions.  As a result, repayment of the notes has
accelerated.  On the payment date, and according to the
management company, written-off loans were at 0.33% of the
outstanding balance as at end-July 2007, up from 0.21% in June
2007.  Fitch understands that there is an ongoing discussion
between the management company and the seller on the methodology
to be used to determine the exact amount to be written off.  In
the last quarter there has been a change in the reporting which
the agency is currently looking at.

Madrid RMBS II's performance remains in line with historical
trends and expectations for this pool of loans with high
original LTV.  However, this steep upward trend in arrears
shortly after closing is not common.  Moreover, delinquent loans
(loans more than three months in arrears but less than six
months in arrears) represent 0.79% of the outstanding
collateral.  Fitch expects that some of these currently
delinquent loans will be written off in the coming months.  As a
result, Madrid RMBS II appears likely to continue to draw on its
reserve fund in the next payment date, at least until the fund
receives the recoveries from the written off loans.  The
replenishment of the reserve fund will depend on the recovery
capabilities of Caja Madrid as well as on the level of excess
spread.  Note that in this transaction, the swap agreement in
place does not provide additional excess spread, which is
provided only by the relatively high margin paid by non-
delinquent loans.  Fitch will closely monitor the delinquencies
and recoveries of this fund and their impact on the overall
credit enhancement of the notes.


SANTANDER 06: Fitch Junks EUR10.2 Million Class E Notes
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Santander Consumer
Finance Spain 02-1 and FTA Santander Consumer Spain Auto 06
notes:

Santander 02:

   -- EUR117.22m Class A floating-rate notes (ISIN
      ES0309363002): affirmed at 'AAA' with Stable Outlook

   -- EUR7.5m Class B floating-rate notes (ISIN ES0309363010):
      affirmed at 'A+'; Outlook changed to Positive from Stable

Santander 06:

   -- EUR1.283 billion Class A floating-rate notes (ISIN
      ES0338057005): affirmed at 'AAA' with Stable Outlook

   -- EUR22.3 million Class B floating-rate notes (ISIN
      ES0338057013): affirmed at 'AA' with Stable Outlook

   -- EUR22.3 million Class C floating-rate notes (ISIN
      ES0338057021): affirmed at 'A' with Stable Outlook,

   -- EUR22.9 million Class D floating-rate notes (ISIN
      ES0338057039): affirmed at 'BBB' with Stable Outlook

   -- EUR10.2 million Class E floating-rate notes (ISIN
      ES0338057047): affirmed at 'CCC' with Stable Outlook

Both transactions are securitizations of auto loans originated
in Spain by Santander Consumer Finance.  In contrast to the
previous securitization with collateral of new cars, the
collateral for FTA Santander Consumer Spain Auto 06 includes
both new and used cars.

The rating action reflects the favorable overall performance of
Santander 02 and Santander 06 to date compared with Fitch's base
case expectations.  Excess spread for both transactions has been
stable.  In the Santander 02 transaction, credit enhancement has
risen due to the amortization of the notes.

The delinquency ratio of Santander 02 is increasing mainly due
to adverse selection and the amortization of the notes.  The
180+ has shown a significant increase since December 06 and
seems to have stabilized in September 2007 as at 3.58%.  Fitch
is concerned by this increase, as it could lead to an increase
in losses in future reporting periods.  However, as the
cumulative net losses currently remain far below the base case
assumptions set at closing and the credit enhancement levels
have increased sharply since closing, there is enough cushion
for losses.


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


ALTE SWISS: Creditors' Liquidation Claims Due October 15
--------------------------------------------------------
Creditors of JSC Alte Swiss Hutless International have until
Oct. 15 to submit their claims to:

         Jurg Hunziker
         Liquidator
         Hunziker + Kinzl Advokatur
         Bernstrasse 29
         3360 Herzogenbuchsee
         Wangen BE
         Switzerland

The Debtor can be reached at:

         JSC Alte Swiss Hutless International
         Lyss
         Aarberg BE
         Switzerland


CANINA LLC: Creditors' Liquidation Claims Due October 15
--------------------------------------------------------
Creditors of LLC Canina have until Oct. 15 to submit their
claims to:

         Unterkorbigen
         6038 Inwil
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         LLC Canina
         Inwil
         Hochdorf LU
         Switzerland


FRANZ PFISTER: Schwyz Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Schwyz entered Sept. 7 an order
closing the bankruptcy proceedings of JSC Franz Pfister +
Partner.

The Bankruptcy Service of Schwyz can be reached at:

         Bankruptcy Service of Schwyz
         6430 Schwyz
         Switzerland

The Debtor can be reached at:

         JSC Franz Pfister + Partner
         Bahnhofstrasse 53
         6430 Schwyz
         Switzerland


FRITZ LUTHI: Creditors' Liquidation Claims Due October 15
---------------------------------------------------------
Creditors of JSC Fritz Luthi have until Oct. 15 to submit their
claims to:

         Liselotte Luthi-Peter
         Liquidator
         Lindenbuhl 153
         3635 Uebeschi
         Thun BE
         Switzerland

The Debtor can be reached at:

         JSC Fritz Luthi
         Thun BE
         Switzerland


GARAGE HOFWIL: Creditors' Liquidation Claims Due October 15
-----------------------------------------------------------
Creditors of JSC Garage Hofwil have until Oct. 15 to submit
their claims to:

         Bernstrasse 50
         3053 Munchenbuchsee
         Fraubrunnen BE
         Switzerland

The Debtor can be reached at:

         JSC Garage Hofwil
         Munchenbuchsee
         Fraubrunnen BE
         Switzerland


INHAND JSC: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered Sept. 6 an order closing
the bankruptcy proceedings of JSC inhand.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC inhand
         Hinterbergstrasse 24
         6312 Steinhausen ZG
         Switzerland


RUBENA LLC: Creditors' Liquidation Claims Due October 15
--------------------------------------------------------
Creditors of LLC Rubena have until Oct. 15 to submit their
claims to:

         Pfaffenboden
         6318 Walchwil ZG
         Switzerland

The Debtor can be reached at:

         LLC Rubena
         Walchwil ZG
         Switzerland


SOLUTEC HARD: Creditors' Liquidation Claims Due October 15
----------------------------------------------------------
Creditors of LLC Solutec Hard- und Softwareplanung have until
Oct. 15 to submit their claims to:

         LLC Bayard Treuhand
         Liquidator
         Militarstrasse 17
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Solutec Hard- und Softwareplanung
         Zunzgen
         Sissach BL
         Switzerland


U. SCHNELL DIAMONDS: Claims Registration Period Ends October 15
---------------------------------------------------------------
The Bankruptcy Court of Kusnacht in Zurich commenced bankruptcy
proceedings against LLC U. Schnell Diamonds on Aug. 23.

Creditors have until Oct. 15 to file their written proofs of
claim.

The Bankruptcy Service of Kusnacht can be reached at:

         Bankruptcy Service of Kusnacht
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         LLC U. Schnell Diamonds
         Ursula Schnell
         Alte Landstrasse 145
         8700 Kusnacht ZH
         Switzerland


WIGAPLAN METALLBAU: Claims Registration Period Ends October 15
--------------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against LLC WigaPlan Metallbau on Aug. 14.

Creditors have until Oct. 15 to file their written proofs of
claim.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         LLC WigaPlan Metallbau
         Huwilstrasse 7
         6281 Hochdorf LU
         Switzerland


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


TURKIYE PETROL: Fitch Affirms IDR at BB on Strong Balance Sheet
---------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Petrol Rafinerileri A.S's
Long-term local currency Issuer Default rating at 'BBB-' and
Long-term foreign currency IDR at 'BB' (the latter is capped by
the Country Corporate Ceiling).  The Outlooks for both Long-term
ratings are Stable.  The National Long-term rating is affirmed
at 'AAA(tur)' with a Stable Outlook.  Tupras has no bond issues
outstanding as of October 2007.

The ratings reflect Tupras's leading position in the Turkish
energy sector and its strong balance sheet, despite the
acquisition of 40% of OPET Petroleum A.S. for US$380 million in
December 2006, supported by refining margins expected to remain
above the historical average in the short- to medium-term.
Fitch considers it positive that the company has entered the
distribution business in pursue of vertical integration, but
does not expect any major impact on the financials due to
partial consolidation from 2007.

In Fitch's view, Tupras remains well positioned to maintain its
high utilization rates, due to rising domestic demand and its
favorable cost structure.  Petrol Ofisi A.S.
(rated 'BB-'/Outlook Stable), together with Austria's OMV,
Socar-Turcas partnership and Calik Holding (rated 'B+'/Outlook
Stable), plan construction of new refineries in Turkey, which
may be operational around 2012-2013 with a total refining
capacity of 20-30 mtpy.  Consequently, Tupras's domestic market
share may decline in the long-term.

Despite the OPET acquisition and ongoing capex program (US$281
million in 2006), gross debt at Tupras remained in check at
TRY734 million (US$520 million) at fiscal year 2006.  The
company's cash balance is still healthy at TRY273 million at
fiscal year 2006, but had fallen sharply from TRY984 million at
fiscal year 2005.  However, Fitch notes that Tupras is back to a
net cash position of US$145 million at first half of 2007,
improving from US$69 million in first quarter of 2007 despite
paying a US$470 million cash dividend.

Fitch understands that leverage may increase under new
management in the medium-term if the project to upgrade two
refineries at an expected cost of up to US$1.5 billion to
US$2 billion each is implemented by 2012-2014.
Fitch, however, believes this effect will be partially balanced
by a higher share of value added products in Tupras's product
mix and hence higher refining margins and EBITDA.  The agency
expects that a net debt to EBITDA ratio of 1x-2x will not be
exceeded under the current set of circumstances.

Fitch expects the company to increase its EBITDA margins in the
medium-term (under constant refining margin assumptions) due to
operational efficiency improvements, restructuring program and
new investments enhancing the refining product yield.  Tupras's
refining margins are generally higher than those of the
Mediterranean-Ural complex in 2006-07.  The company's dividend
payouts for fiscal year 2005, fiscal year 2006 and fiscal year
2007 were high at about 90%, but remained in line with the
company's payout history.  Fitch expects Tupras to maintain its
dividend policy in the short-term, as its majority shareholder
Enerji Yatirimlari A.S. depends on these funds to service
US$1.8 billion of debt.

Tupras is the largest industrial corporate in Turkey, owning and
operating four oil refineries with a combined annual refining
capacity of 27.6m tons.  It generated EBITDA of US$458 million
in first half of 2007.


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


FORMULA OF QUALITY: Proofs of Claim Deadline Set October 10
-----------------------------------------------------------
Creditors of LLC Formula of Quality (code EDRPOU 32159942) have
until Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 15/435-b.

The Debtor can be reached at:

         LLC Formula of Quality
         Patrice Lumumba Str. 13
         01042 Kiev
         Ukraine


LET’S PLAY: Creditors Must File Claims by October 10
----------------------------------------------------
Creditors of LLC Edition House Let’s Play for Ukraine Together
(code EDRPOU 24769355) have until Oct. 10 to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/209-b.

The Debtor can be reached at:

         LLC Edition House Let’s Play for Ukraine Together
         Lesia Ukrainka Str. 26
         01133 Kiev
         Ukraine


PLANET LLC: Proofs of Claim Deadline Set October 10
---------------------------------------------------
Creditors of LLC Planet (code EDRPOU 30097130) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on July 23.  The case is docketed under Case No.
5/175b.

The Debtor can be reached at:

         LLC Planet
         Makeevka, Kronshtadtskaya Str. 1
         86114 Donetsk
         Ukraine


PROFICENTER LLC: Proofs of Claim Deadline Set October 10
--------------------------------------------------------
Creditors of LLC Proficenter (code EDRPOU 31776800) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 15/434-b.

The Debtor can be reached at:

         LLC Proficenter
         Henri Barbus Str. 11
         03150 Kiev
         Ukraine


RIKON-SERVICE LLC: Proofs of Claim Deadline Set October 10
----------------------------------------------------------
Creditors of LLC Rikon-Service (code EDRPOU 32310885) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. 15/396-b.

The Debtor can be reached at:

         LLC Rikon-Service
         Schors Str. 37
         01133 Kiev
         Ukraine


SANGRIL LLC: Creditors Must File Claims by October 10
-----------------------------------------------------
Creditors of LLC Sangril (code EDRPOU 34718359) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 16/191/07.

The Debtor can be reached at:

         LLC Sangril
         Skovoroda Str. 19
         69000 Zaporozhje
         Ukraine


STELLS ALIANCE: Creditors Must File Claims by October 10
--------------------------------------------------------
Creditors of LLC Stells Aliance (code EDRPOU 33784279) have
until Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/170-b.

The Debtor can be reached at:

         LLC Stells Aliance
         Predslavinskaya Str. 34-b
         03150 Kiev
         Ukraine


TPF KLINKER: Creditors Must File Claims by October 10
-----------------------------------------------------
Creditors of LLC TPF Klinker (code EDRPOU 31925786) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/28-b.

The Debtor can be reached at:

         LLC TPF Klinker
         Tchekistov Lane 6
         01024 Kiev
         Ukraine


VPP CONTOUR: Creditors Must File Claims by October 10
-----------------------------------------------------
Creditors of LLC VPP Contour (code EDRPOU 33603528) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/499.

The Debtor can be reached at:

         LLC VPP Contour
         Bakinskaya Str. 37
         Kiev
         Ukraine


ZOLOTOY KOLOS: Creditors Must File Claims by October 10
-------------------------------------------------------
Creditors of LLC Zolotoy Kolos (code EDRPOU 03751379) have until
Oct. 10 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 16/199/07.

The Debtor can be reached at:

         LLC Zolotoy Kolos
         Yanishev Str. 95
         Zaporozhje
         Ukraine


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


ACTIVATED PROMOTIONS: Court Starts Wind Up Petition on Nov. 2
------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented a petition in the High Court to wind up
Activated Promotions Limited in the public interest.

The case is now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on Nov. 2 2007.

The petition was presented under Section 124A of the Insolvency
Act 1986.  The Official Receiver was appointed as provisional
liquidator of the company on Sept. 13, 2007.

All public inquiries concerning the affairs of the companies
must be made to:

         The Official Receiver, Public Interest Unit
         PO Box 326
         17 - 21 Chorlton Street
         Manchester, M60 3ZZ
         England
         Tel: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under Section 447 of the Companies Act 1985 (as amended).

The Debtor can be reached at:

         Activated Promotions Limited
         36 Stradbroke Close
         Gorton, Manchester
         England


ALERIS INTERNATIONAL: Earns US$34.9 Mln in Quarter Ended June 30
----------------------------------------------------------------
Aleris International Inc. reported net income of US$34.9 million
on revenues of US$1.6 billion for the second quarter ended
June 30, 2007, compared to net income of US$55.4 million on
revenues of US$1.0 billion for the second quarter of 2006.

Results for 2007 include losses from special items consisting of
US$19.5 million for the impact of recording previously acquired
assets at fair value, US$1.7 million of restructuring and other
charges, US$2.3 million of sponsor management fees, and US$1.1
million of charges for non-cash stock-based compensation, offset
by US$46.7 million of unrealized gains on derivative financial
instruments.

Results for 2006 include US$18.0 million of unrealized gains on
derivative financial instruments and a US$300,000 benefit from
restructuring, as well as unfavorable special items of
US$2.7 million for non-cash stock-based expense and US$500,000
for the impact of recording previously acquired assets at fair
value.

EBITDA excluding special items totaled US$104.6 million in the
second quarter of 2007 compared with US$102.7 million in the
same period last year.  Results were driven primarily by the
Corus Aluminum acquisition and ongoing company-wide productivity
initiatives, partially offset by lower sales volumes in some of
the company's North American based businesses, as well as
US$23.7 million of losses on inventory hedges that were
established to reduce inventory exposure to fluctuations in the
London Metal Exchange.  The company expects to realize inventory
hedge gains in the third quarter 2007.

Free cash flow for the second quarter of 2007 was US$119.9
million compared with US$38.0 million in the second quarter of
2006.

Commenting on Aleris' second quarter results, Steven J.
Demetriou, chairman and chief executive officer, said, "We
continue to be pleased with the growth and development of Aleris
during the second quarter of 2007.  Though we were adversely
impacted by destocking in our distribution segment and
challenging housing and transportation segments in North
America, we continue to make progress on the integration of the
Corus Aluminum acquisition in Europe and cost reduction
improvements throughout our global operations which resulted in
record free cash flow during the quarter.  We now expect to
achieve US$65 million in synergies related to Corus, an increase
from our previous estimate of
US$45 million."

Mr. Demetriou added, "Our strategic growth initiatives continued
with the completion of the acquisition of EKCO Products and the
announcement of the pending purchase of Wabash Alloys, which
produces aluminum casting alloys and molten metal throughout
North America.  We continue to focus on productivity and synergy
capture, which contributed US$31 million in savings during the
second quarter, as well as growing through the acquisition of
quality assets that we expect will provide excellent returns to
our stakeholders."

For the first half of 2007, Aleris reported revenues of US$3.2
billion and a net loss of US$18.2 million.  The results were
significantly impacted by unfavorable special items including
US$86.2 million for the impact of recording previously acquired
assets at fair value, US$8.9 million of restructuring and other
charges, US$4.6 million of sponsor management fees, and US$1.8
million of charges for non-cash stock-based compensation,
partially offset by unrealized gains of US$47.6 million on
derivative financial instruments.

For the comparable 2006 period, Aleris reported revenues of
US$1.9 billion and net income of US$83.6 million.  The 2006
results included favorable special items of US$17.2 million for
unrealized gains on derivative financial instruments and
US$300,000 related to adjustments to reduce a restructuring
accrual, partially offset by charges of US$4.5 million for
stock-based compensation and US$1.6 million for the impact of
recording previously acquired assets at fair value.

EBITDA excluding special items of US$222.3 million for the first
half of 2007 represents a 23% increase compared with
US$181.1 million for the first half of 2006.  The increase were
primarily driven by the Corus Aluminum acquisition and
companywide productivity and synergy initiatives, offset
partially by lower sales volumes at some of the company's North
American based businesses, as well as US$27.0 million of losses
on inventory hedges that were established to reduce inventory
exposure to fluctuations in the LME.  Free cash flow for the
first half of 2007 was US$175.1 million compared with US$76.5
million for the first half of 2006.

Capital expenditures were US$47.5 million for the second quarter
of 2007, compared with US$14.8 million for the previous year's
second quarter.  The increase is primarily attributable to the
Corus Aluminum acquisition which accounted for US$31 million of
capital expenditures in the second quarter 2007.  Year-to-date
capital expenditures were US$92.2 million compared with US$25.8
million in the first half of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$4.92 billion in total assets, US$4.07 in total
liabilities, and US$850.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2409

                    About Aleris International

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 55 production facilities in in the United
States, Brazil, Germany, Mexico and Wales, and employs
approximately 9,200 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 US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing US$600
million 9% senior notes due 2014.


ARVINMERITOR INC: S&P Cuts Credit Rating to B+ with Neg. Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  The outlook is negative.  The company's short-term
rating of 'B-1' was withdrawn.

"The downgrade reflects ARM's worse-than-expected performance in
the fourth quarter of fiscal 2007 and weaker prospects for at
least the first half of fiscal 2008," said Standard & Poor's
credit analyst Robert Schulz.  "We no longer expect the
company's already-weak credit measures to recover sufficiently
to maintain the previous rating."

The Troy, Michigan-based company is a global supplier of
integrated systems, modules, and components to the automotive
and commercial vehicle industries.

The ratings on ARM reflect the company's weak profitability,
which has recently kept cash generation negative, along with the
cyclical and competitive pricing pressures of the capital-
intensive automotive and heavy-vehicle component supply
industry.  Despite ARM's leadership position in several market
segments, fair customer and platform diversity, and ongoing
restructuring efforts, margins remain pressured.  The company
will face challenges from the downturn in commercial truck
production and from production cuts by U.S.-based automakers
into fiscal 2008.

The outlook is negative.  S&P are concerned about how
profitability improvement will unfold during 2008, given
uncertainty about production among many automotive and heavy-
truck customers.  Still, S&P expect the company's financial
profile to eventually become consistent with the 'B+' rating.


BEST BUY: Claims Filing Period Ends October 22
----------------------------------------------
Creditors of Best Buy Windows & Sealed Units Ltd. have until
Oct. 22 to send in their names, addresses and descriptions, full
particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to:

         Andrew Andronikou
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on Sept. 21 for the
creditors' voluntary winding-up proceeding.


BLUESTONE SECURITIES 2004-1: Fitch Upgrades Class D Notes to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded three Bluestone Securities Plc non-
conforming RMBS transaction tranches.  The Bluestone program was
established in December 2004 by Bayerische Hypo- und Vereinsbank
AG to purchase portfolios from third-party originators in the
UK.

Bluestone Securities Plc - Series 2004-1 was predominantly
backed by loans originated by Amber Homeloans Limited (79.66%),
with the remaining loans originated by Rooftop Mortgages
Limited.  Bluestone Securities Plc - Series 2006-1 was backed by
loans originated by Amber (58.31%) and Beacon Homeloans Limited
(41.69%).

At close, 6.47% of loans were more than three months in arrears
in Bluestone 04-1 This proportion has increased over the life of
the transaction and at September 2007 accounted for 19.88% of
the outstanding portfolio including repossessions.  Three month
plus arrears in Bluestone 2006-1 account for 12.83%.

The switch to pro-rata paydown of the notes, of Bluestone 04-1
and Bluestone Securities Plc - Series 2005-1 in September 2006
and March 2007, respectively, initially slowed the growth in
credit enhancement.  However, the high annualized principal
payment rates have continued to have a positive impact on
building CE levels.

Unlike the first and third transactions (Bluestone 04-1 and
Bluestone 06-1), which referenced two originators, all of the
loans in the second transaction, Bluestone 05-1, were originated
by Platform Funding Limited, a wholly owned subsidiary of
Britannia Building Society.

Bluestone 05-1 contains a proportion of prime and near-prime
borrowers.  Delinquencies greater than three months stood at
13.45% at end-September 2007.  All of the loans in Bluestone 05-
1 are based off Libor and owing to the increase in Libor rates,
a further rise in arrears can be expected in the coming months.
Cumulative sold repossessions account for 1.2%, with a
cumulative loss on these repossessed loans of 0.2% of the
initial balance.

The rating actions are:

Bluestone Securities Plc - Series 2004-1

   -- Class Aa (ISIN XS0208448331) and Class Aa I/O: affirmed at
      'AAA'; Outlook Stable

   -- Class Az (ISIN XS0208450311) and Class Az I/O: affirmed at
      'AAA'; Outlook Stable

   -- Class B (ISIN XS0208452879): upgraded to 'A+' from 'A';
      Outlook revised to Stable from Positive

   -- Class C (ISIN XS0208453687): upgraded to 'BBB+' from
      'BBB'; Outlook revised to Stable from Positive

   -- Class D (ISIN XS0208453760): upgraded to 'BB+' from 'BB';
      Outlook revised changed to Stable from Positive

Bluestone Securities Plc - Series 2005-01

   -- Class A (ISIN XS0222339631): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0222339391): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0222338740): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0222338153): affirmed at 'BB'; Outlook
      Stable

Bluestone Securities Plc - Series 2006-01

   -- Class A1 (ISIN XS0264881508): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0264881920): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0264882654): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0264882902): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0264883207): affirmed at 'BB'; Outlook
      Stable

   -- Class E (ISIN XS0264883546): affirmed at 'B'; Outlook
      Stable


BLUESTONE SECURITIES 2005-01: Fitch Affirms Class D Notes at BB
---------------------------------------------------------------
Fitch Ratings has upgraded three Bluestone Securities Plc non-
conforming RMBS transaction tranches.  The Bluestone program was
established in December 2004 by Bayerische Hypo- und Vereinsbank
AG to purchase portfolios from third-party originators in the
UK.

Bluestone Securities Plc - Series 2004-1 was predominantly
backed by loans originated by Amber Homeloans Limited (79.66%),
with the remaining loans originated by Rooftop Mortgages
Limited.  Bluestone Securities Plc - Series 2006-1 was backed by
loans originated by Amber (58.31%) and Beacon Homeloans Limited
(41.69%).

At close, 6.47% of loans were more than three months in arrears
in Bluestone 04-1 This proportion has increased over the life of
the transaction and at September 2007 accounted for 19.88% of
the outstanding portfolio including repossessions.  Three month
plus arrears in Bluestone 2006-1 account for 12.83%.

The switch to pro-rata paydown of the notes, of Bluestone 04-1
and Bluestone Securities Plc - Series 2005-1 in September 2006
and March 2007, respectively, initially slowed the growth in
credit enhancement.  However, the high annualized principal
payment rates have continued to have a positive impact on
building CE levels.

Unlike the first and third transactions (Bluestone 04-1 and
Bluestone 06-1), which referenced two originators, all of the
loans in the second transaction, Bluestone 05-1, were originated
by Platform Funding Limited, a wholly owned subsidiary of
Britannia Building Society.

Bluestone 05-1 contains a proportion of prime and near-prime
borrowers.  Delinquencies greater than three months stood at
13.45% at end-September 2007.  All of the loans in Bluestone 05-
1 are based off Libor and owing to the increase in Libor rates,
a further rise in arrears can be expected in the coming months.
Cumulative sold repossessions account for 1.2%, with a
cumulative loss on these repossessed loans of 0.2% of the
initial balance.

The rating actions are:

Bluestone Securities Plc - Series 2004-1

   -- Class Aa (ISIN XS0208448331) and Class Aa I/O: affirmed at
      'AAA'; Outlook Stable

   -- Class Az (ISIN XS0208450311) and Class Az I/O: affirmed at
      'AAA'; Outlook Stable

   -- Class B (ISIN XS0208452879): upgraded to 'A+' from 'A';
      Outlook revised to Stable from Positive

   -- Class C (ISIN XS0208453687): upgraded to 'BBB+' from
      'BBB'; Outlook revised to Stable from Positive

   -- Class D (ISIN XS0208453760): upgraded to 'BB+' from 'BB';
      Outlook revised changed to Stable from Positive

Bluestone Securities Plc - Series 2005-01

   -- Class A (ISIN XS0222339631): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0222339391): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0222338740): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0222338153): affirmed at 'BB'; Outlook
      Stable

Bluestone Securities Plc - Series 2006-01

   -- Class A1 (ISIN XS0264881508): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0264881920): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0264882654): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0264882902): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0264883207): affirmed at 'BB'; Outlook
      Stable

   -- Class E (ISIN XS0264883546): affirmed at 'B'; Outlook
      Stable


BLUESTONE SECURITIES 2006-01: Fitch Rates Class E Notes at B
------------------------------------------------------------
Fitch Ratings has upgraded three Bluestone Securities Plc non-
conforming RMBS transaction tranches.  The Bluestone program was
established in December 2004 by Bayerische Hypo- und Vereinsbank
AG to purchase portfolios from third-party originators in the
UK.

Bluestone Securities Plc - Series 2004-1 was predominantly
backed by loans originated by Amber Homeloans Limited (79.66%),
with the remaining loans originated by Rooftop Mortgages
Limited.  Bluestone Securities Plc - Series 2006-1 was backed by
loans originated by Amber (58.31%) and Beacon Homeloans Limited
(41.69%).

At close, 6.47% of loans were more than three months in arrears
in Bluestone 04-1 This proportion has increased over the life of
the transaction and at September 2007 accounted for 19.88% of
the outstanding portfolio including repossessions.  Three month
plus arrears in Bluestone 2006-1 account for 12.83%.

The switch to pro-rata paydown of the notes, of Bluestone 04-1
and Bluestone Securities Plc - Series 2005-1 in September 2006
and March 2007, respectively, initially slowed the growth in
credit enhancement.  However, the high annualized principal
payment rates have continued to have a positive impact on
building CE levels.

Unlike the first and third transactions (Bluestone 04-1 and
Bluestone 06-1), which referenced two originators, all of the
loans in the second transaction, Bluestone 05-1, were originated
by Platform Funding Limited, a wholly owned subsidiary of
Britannia Building Society.

Bluestone 05-1 contains a proportion of prime and near-prime
borrowers.  Delinquencies greater than three months stood at
13.45% at end-September 2007.  All of the loans in Bluestone 05-
1 are based off Libor and owing to the increase in Libor rates,
a further rise in arrears can be expected in the coming months.
Cumulative sold repossessions account for 1.2%, with a
cumulative loss on these repossessed loans of 0.2% of the
initial balance.

The rating actions are:

Bluestone Securities Plc - Series 2004-1

   -- Class Aa (ISIN XS0208448331) and Class Aa I/O: affirmed at
      'AAA'; Outlook Stable

   -- Class Az (ISIN XS0208450311) and Class Az I/O: affirmed at
      'AAA'; Outlook Stable

   -- Class B (ISIN XS0208452879): upgraded to 'A+' from 'A';
      Outlook revised to Stable from Positive

   -- Class C (ISIN XS0208453687): upgraded to 'BBB+' from
      'BBB'; Outlook revised to Stable from Positive

   -- Class D (ISIN XS0208453760): upgraded to 'BB+' from 'BB';
      Outlook revised changed to Stable from Positive

Bluestone Securities Plc - Series 2005-01

   -- Class A (ISIN XS0222339631): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0222339391): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0222338740): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0222338153): affirmed at 'BB'; Outlook
      Stable

Bluestone Securities Plc - Series 2006-01

   -- Class A1 (ISIN XS0264881508): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN XS0264881920): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0264882654): affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN XS0264882902): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0264883207): affirmed at 'BB'; Outlook
      Stable

   -- Class E (ISIN XS0264883546): affirmed at 'B'; Outlook
      Stable


BRENT FABRICATIONS: Creditors' Meeting Slated for Oct. 19
---------------------------------------------------------
Creditors of Brent Fabrications Ltd. (Company Number 03171101)
will meet at 11:00 a.m. on Oct. 19 at:

         67 Butts Green Road
         Hornchurch
         Essex
         RM1 2JS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 18 at:

         P. Atkinson and G. Mummery
         Joint Administrators
         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter
-------------------------------------------------------------
Constellation Brands Inc. has reported results of operations for
its second quarter ended Aug. 31, 2007.

The company reported net income of US$72.1 million on net sales
of US$892.6 million for the quarter ended Aug. 31, 2007,
compared with net income of US$68.4 million on net sales of
US$1.42 billion for the prior year second quarter.

"We have substantially completed our previously announced U.S.
wine distributor inventory reduction initiative during the
second quarter," stated Rob Sands, Constellation Brands
president and chief executive officer.  "For the quarter, we
delivered solid cash flow and reduced our debt by more than
US$200 million from first quarter levels.  As anticipated, both
the U.S. wine distributor inventory reduction and the lingering
softness in our U.K. business impacted our overall performance.
However, we believe the distributor inventory initiative, as
well as our ongoing efforts to improve performance in the U.K.,
will better position us for long-term growth."

The reported consolidated net sales decrease of 37% primarily
reflects the benefits of the SVEDKA Vodka acquisition, more than
offset by the impact of reporting the Crown Imports and Matthew
Clark wholesale business joint ventures under the equity method.

"Our Canadian business turned in a solid performance for the
quarter, driven by very good results from Jackson-Triggs,
Sawmill Creek, Inniskillin and new products," explained Sands.
"Our premium U.S. wine portfolio continues to deliver solid
marketplace performance with brands such as Woodbridge by Robert
Mondavi, Kim Crawford, Nobilo, Estancia, Toasted Head and Simi.

"SVEDKA continued to be a stellar performer and maintained an
excellent growth rate in the second quarter," said Sands.
"SVEDKA's growing appeal validates our point of view about
continued U.S. consumer interest in, and demand for, premium
spirits.  Additionally, our 99 Schnapps family, Ridgemont
Reserve 1792 bourbon, Meukow cognac and recently launched
products turned in solid performances."

Operating income decreased to US$117.2 million for the second
quarter ended Aug. 31, 2007, from US$181.3 million for the
second quarter ended Aug. 31, 2006.  Equity in earnings of
equity method investees rose to US$80.1 million from US$200,000
for the same period last year.

The decrease in operating income and the increase in equity
earnings for second quarter 2008 were primarily due to the
impact of reporting US$78.8 million of equity earnings from the
Crown Imports joint venture under the equity method.  "Our Crown
Imports joint venture is gaining traction and we look for
continued growth as we strive to maximize the long-term
potential for Corona and the other brands in the joint venture's
leading imported beer portfolio in the U.S.," stated Sands.

For the second quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled
US$8.0 million, compared with US$53.9 million for the prior
year.  Net income was also impacted by interest expense, which
increased 20% to US$86.7 million for second quarter 2008,
primarily due to the financing of the SVEDKA acquisition and
US$500 million of share repurchases.  Due to strong free cash
flow generated during the quarter, total debt decreased by more
than US$200 million from first quarter levels.

At Aug. 31, 2007, the company's consolidated balance sheet
showed US$9.73 billion in total assets, US$6.54 billion in total
liabilities, and US$3.19 in total stockholders' equity.

                        Share Repurchases

During the second quarter, the company received an additional
900,000 shares under the accelerated share repurchase
transaction announced in May 2007, which completed the
transaction.  The company did not make any additional cash
payments in connection with receipt of these shares.  For the
first half of fiscal 2008, the company purchased 21.3 million
shares of its class A common stock through a combination of open
market repurchases and an accelerated share repurchase
transaction at an aggregate cost of US$500 million, or an
average of US$23.44 per share.

                    About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Australia and New
Zealand.  The company has more than 250 brands in its portfolio,
sales in approximately 150 countries and operates approximately
60 wineries, distilleries and distribution facilities.

                          *     *     *

Constellation Brands Inc. still carries Fitch Ratings' BB-
Issuer Default Rating last placed on March 2, 2007.  The Rating
Outlook is Negative.


CORPORATE JET: Bank of Scotland Taps PwC as Receivers
-----------------------------------------------------
Bank of Scotland appointed Michael John Andrew Jervis and David
Christian Chubb of PricewaterhouseCoopers LLP joint
administrative receivers of Corporate Jet Services Ltd. (Company
Number 04521080) on Sept. 26.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Southhampton, England, Corporate Jet Services
Ltd. is engaged in non scheduled air transport.


ECLAT DESIGN: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of eclat Design Ltd. on Sept. 6 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


ERINACEOUS GROUP: Posts GBP3.1 Mln Net Loss in 2007 First Half
--------------------------------------------------------------
Erinaceous Group plc released unaudited interim financial
results for the six months ended June 30, 2007.

Erinaceous posted a net loss of GBP3.1 million on GBP116.5
million of revenue for the six months ended June 30, 2007,
compared with a net profit of GBP7.9 million on GBP108.9 million
of revenue for the same period in 2006.

At June 30, 2007, the Group's consolidated balance sheet showed
GBP465.3 million in total assets, GBP329.2 million in total
liabilities and GBP136.1 million in stockholders' equity.

                       Covenant Waivers

As a result of poor trading in the first half of 2007 and the
finalization of the interim results the Group breached certain
of its banking covenants.  Once this became apparent the Group
commenced talks with their Bankers to obtain a waiver of these
breaches and agree certain amendments to the terms of the Banks'
Facilities.  As a result the banks have indicated their ongoing
support for the Group by providing waivers of covenant breaches.
As part of the discussions with the Banks the margin above LIBOR
on the Facilities has been increased to from 1.25% to 3.25%.
The Group will also undertake a review of the business, its
assets and its strategy over the coming weeks, which will be
independently reviewed on behalf of the Banks.

The Directors have conducted a review of the trading prospects
of the Group including a cash flow forecast which considers the
Group's funding requirements to the end of 2008.

The projections show that the Group has sufficient financial
resources to meet its trading and financial obligations.  The
forecast includes assumptions regarding the ongoing support of
the Banks; that the existing facilities are sufficient;
improvement in trading and working capital management and the
receipt of proceeds from property transactions.

                        Going Concern

Senior management are focused on the delivery of the key items
within the forecasts.  However, there is a risk that future
events may give rise to circumstances not foreseen within the
underlying assumptions.  Such events may require the Group to
access additional resources.  In view of the substantial
assets available to the Group, the Directors believe that there
are opportunities for achieving the necessary liquidity in the
event of such circumstances.  Accordingly despite the Directors'
confidence that the Group remains a going concern, there remains
a material uncertainty which may cast significant doubt as to
the Group's ability to continue as a going concern and therefore
it may be unable to realize its assets and discharge its
liabilities in the normal course of business.

"This has been a demanding half year with management focused on
evaluating the various approaches made by potential bidders and
property transactions rather than running the business.  The
Management changes address this issue," said Nigel Turnbull,
chairman of Erinaceous Group plc.  "In respect of its
activities, excluding the results of property transactions
division, the Group will not meet the market expectations for
the full year.  As a result of completed property transactions,
the Group currently believes it will meet market expectations
overall. "

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.


FIRSTPOINT HEALTHCARE: Royal Bank Appoints Receivers from Kroll
---------------------------------------------------------------
The Royal Bank of Scotland Plc appointed F.J. Gray and J.M.
Wright of Kroll Ltd. joint administrative receivers of
Firstpoint Healthcare Ltd. (Company Number 4103318) on Sept. 28.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Firstpoint Healthcare Ltd.
         Princes Exchange
         2 Princes Square
         Leeds
         LS1 4HY
         England
         Tel: 0845 130 3340


JALNA ARC: Calls In Liquidators from KPMG
-----------------------------------------
Howard Smith and Mark Granville Firmin of KPMG LLP were
appointed joint liquidators of Jalna Arc Ltd. (t/a Jalna
Accident Repair Centre) on Sept. 21 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England

The company can be reached at:

         Jalna Arc Ltd.
         c/o KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         NE1 3DX
         England


JALNA (FLEETCARE) LTD: Taps Liquidators from KPMG
-------------------------------------------------
Howard Smith and Mark Granville Firmin of KPMG LLP were
appointed joint liquidators of Jalna (Fleetcare) Ltd. on
Sept. 21 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England

The company can be reached at:

         Jalna (Fleetcare) Ltd.
         c/o KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         NE1 3DX
         England


K E AUTOSPRAY: Claims Filing Period Ends November 19
----------------------------------------------------
Creditors of K E Autospray Ltd. have until Nov. 19 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. 18 for the creditors' voluntary winding-up
procedure.


KINGSTON TRADE: Claims Filing Period Ends October 19
----------------------------------------------------
Creditors of Kingston Trade Frames Ltd. have until Oct. 19 to
send in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Steven P. Ross and Ian W. Kings
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of the company on Sept. 25 for the
creditors' voluntary winding-up proceeding.


NASDAQ STOCK: Lenders Raise Debt Commitment to US$2.2 Billion
-------------------------------------------------------------
The Nasdaq Stock Market, Inc., Bank of America, N.A. and
JPMorgan Chase Bank, N.A. entered into an amendment to their
debt financing commitment to increase the total amount available
under the commitment to an aggregate amount of up to US$2.2
billion consisting of:

   (i) a US$750.0 million term loan facility,

  (ii) a US$1.375 billion term loan facility and

(iii) a revolving credit facility of US$75.0 million.

The amendment was made as a result of Nasdaq’s announcement on
Sept. 26, 2007 that it had amended its Letter Agreement with
Borse Dubai to increase the cash component of its agreement with
Borse Dubai in connection with Borse Dubai’s offer for OMX AB
(publ).

A full-text copy of the terms of the Letter Agreement is
available for free at: http://ResearchArchives.com/t/s?2418

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

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Moody's Investors Service placed the Ba3 corporate family rating
of Nasdaq Stock Market Inc. on review for upgrade.

As reported also in the Troubled Company Reporter on
Oct. 2, 2007, Moody's Investors Service withdrew its ratings on
The Nasdaq Stock Market Inc.'s US$750 million Six Year Senior
Secured Term Loan, US$335 million Six Year Senior Secured Term,
and the Five YearUS$75 million Senior Secured Revolving Credit
Facility.  The credit facilities have been repaid and
terminated.


NASDAQ STOCK: Earns US$56.1 Mln in Second Quarter Ended June 30
---------------------------------------------------------------
The Nasdaq Stock Market Inc. reported second quarter 2007 net
income of US$56.1 million, or US$0.39 per diluted share, an
increase of US$39.5 million from US$16.6 million, or US$0.13 per
diluted share, in the second quarter of 2006, and an increase of
US$37.8 million from US$18.3 million, or US$0.14 per diluted
share, in the first quarter 2007.

Operating income was US$99.0 million for the second quarter of
2007, an increase of US$62.7 million when compared to US$36.3
million for the second quarter of 2006, and up US$17.6 million,
or 21.6% from US$81.4 million reported in the first quarter of
2007.

Revenues, less liquidity rebates, brokerage, clearance and
exchange fees were US$198.7 million in the second quarter of
2007, an increase of 16.1% from US$171.1 million in the year-ago
period, and up 3.4% from US$192.1 million reported in the first
quarter of 2007.

"In the second quarter of 2007 NASDAQ's core business operated
on all cylinders, reaching record operating earnings on the back
of new product innovation and customer service initiatives.  In
addition, we are pleased with the pace of our integration
planning efforts with our prospective merger partner OMX and are
confident that together we will create the strongest global
marketplace and technology platform," commented Bob Greifeld,
president and chief executive officer of NASDAQ.  "Our ability
to capture market share has grown NASDAQ into the largest single
pool of liquidity for trading cash equities, creating a robust
platform for growth.  To that end, we believe our business is
poised to deliver strong results over the second half of the
year through continued product innovation and diversification."

                           2007 Outlook

NASDAQ expects the following results for the full-year 2007:

  -- net income in the range of US$171 million to US$181
     million for the year.

  -- net exchange revenues in the range of US$775 million to
     US$790 million.

  -- total operating expenses in the range of US$400 million
     to US$415 million.

"Operating margins for the quarter were 49.8%, demonstrating our
ability to deliver synergies from acquisitions while
simultaneously introducing innovative customer products and
services," commented NASDAQ's chief financial officer, David
Warren.  "Our focus on operating efficiency is yielding positive
results.  This focus will continue to drive value for our
shareholders as we introduce new services such as our Options
and Portal markets, and strive to complete our planned
combination with OMX."

At June 30, 2007, the company's consolidated balance sheet
showed US$4.00 billion in total assets, US$2.40 billion in total
liabilities, and US$1.60 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?240a

                       About NASDAQ Stock

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2007,
Moody's Investors Service withdrew its ratings on The Nasdaq
Stock Market Inc.'s US$750 million Six Year Senior Secured Term
Loan, US$335 million Six Year Senior Secured Term, and the Five
Year US$75 million Senior Secured Revolving Credit Facility.
The credit facilities have been repaid and terminated.  However,
the Ba3 Corporate Family Rating remains on review for upgrade.

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Standard & Poor's Ratings Services placed its ratings on The
Nasdaq Stock Market Inc, including its 'BB' long-term
counterparty credit rating, on CreditWatch Positive, after
Nasdaq disclosed that it is selling the bulk of its investment
in the London Stock Exchange PLC to Borse Dubai, and using the
proceeds to pay down rated term loans.


NORTHERN ROCK: Apollo, Blackstone May Bid; Flowers Prepares Fund
----------------------------------------------------------------
Apollo Management LP and Blackstone Group LP have separately
expressed interest in buying Northern Rock PLC as JC Flowers &
Co. Ltd. secures GBP15 billion in funding commitments, various
reports say.

The TCR-Europe reported on Oct. 2, 2007, that JC Flowers and
Cerberus Capital Management LP is said to have received
permission from the British Treasury to bid for the stricken
mortgage lender.  The two firms have already held detailed
discussions with Northern Rock and its advisers.

Chris Flowers, the owner of private-equity group JC Flowers, has
already lined up bankers that include JP Morgan, Credit Suisse
and Wachovia, which, in turn, are understood to have committed
the finance to cover Northern Rock's funding obligations, the
Daily Telegraph says.  Mr. Flowers, through JC Flowers, plans to
take over the entire legal entity of Northern Rock to run the
business, unlike a rival bid consortium led by Cerberus, which
wants to break up the assets, the Telegraph notes.

Northern Rock has lined up potential funding, amounting to as
much as US$20 billion, from Citigroup Inc. to help interested
parties finance a potential purchase, the Wall Street Journal
reports, quoting a person familiar with the matter.  Potential
buyers, however, are seeking a transfer of control at a
distressed level, putting little or no value on the company's
shares, WSJ relates.

Concurrently, Northern Rock's management is considering whether
the bank can be kept as an independent entity by using up to
GBP10 billion of the funding made available by Citigroup, The
Financial Times states.

If no buyer comes forward, its board could put the bank into
administration -– although this would be highly controversial
and politically damaging, FT observes.

                         Pension Woes

As the possibility of administration looms over Northern Rock,
its employees face the risk of losing majority of their pensions
as the bank grapples with a pension deficit of GBP21.7 million.
Actuaries estimate that closing the defined benefit scheme down
under administration would cost GBP50 million – GBP100 million,
the Telegraph explains.

If this happens, all scheme members who have yet to draw down on
their benefits would be put into the Pension Protection Fund,
which guarantees a payout of 90 percent of expected pension up
to a maximum of GBP26,000, the Telegraph states.

Meanwhile, Northern Rock is thought to have taken on a further
GBP2.9 billion of emergency borrowings from the Bank of England,
bringing the total to about GBP10.7 billion in three weeks, the
Scotsman relates.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1'
counterparty credit ratings on U.K. bank Northern Rock PLC on
CreditWatch with developing implications.  At the same time, the
'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with eveloping
implications.


NPM GROUP: Claims Filing Period Ends November 23
------------------------------------------------
Creditors of NPM Group Ltd. (formerly Ensco 520 Ltd.) have until
Nov. 23 to send in their names, addresses and descriptions, full
particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to:

         Peter Alan Kubik
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Peter Alan Kubik and Ladislav Hornan of UHY Hacker Young were
appointed joint liquidators of the company on Sept. 27 for the
creditors' voluntary winding-up proceeding.


PAPER ROLL: Court to Hear Winding Up Petition on Jan. 23, 2008
--------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform presented a petition in the High Court to wind up Paper
Roll Logistics Limited in the public interest.

The company supplied till rolls for credit and debit card
machines to mainly small businesses across the UK and the
Republic of Ireland.  It approached prospective companies by
cold calling and used a post office box located in Rotherhithe,
South London, as its point of contact for all customer
inquiries.

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under section 447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of Paper Roll Logistics Limited.  The role of the provisional
liquidator is to protect assets in the possession or under the
control of the company pending the determination of the
petition.  The provisional liquidator also has the power to
investigate the affairs of the company insofar as it is
necessary to protect the assets including any third party or
trust monies or assets in the possession of or under the control
of the company.  The case is now subject to High Court action
and no further information will be made available until the
petition is heard in the High Court on Jan. 23, 2008.


REDWELLY MEDIA: A. Poxon Leads Liquidation Procedure
----------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Redwelly Media Ltd. on Sept. 14 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


REGENT HOUSE: High Court to Start Wind Up Petition on Oct. 30
-------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented a petition in the High Court to wind up
Regent House (UK) Ltd in the public interest.

The case is now subject to High Court action and no further
information will be made available until the petition is heard
in the High Court on Oct. 30, 2007.

The petition was presented under Section 124A of the Insolvency
Act 1986.  The Official Receiver was appointed as provisional
liquidator of Regent House (UK) Ltd on Sept. 21, 2007.

All public inquiries concerning the affairs of the company must
be made to:

         The Official Receiver, Public Interest Unit
         PO Box 326
         17 - 21 Chorlton Street
         Manchester, M60 3ZZ
         England
         Tel: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under Section 447 of the Companies Act 1985 (as amended).

The Debtor can be reached at:

         Regent House (UK) Ltd.
         Regent House
         Regent Street
         Liverpool
         England


SCREEN PLAY: Hires Liquidators from Tenon Recovery
--------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Screen Play Ltd. on Sept. 26 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


TEAM CONTRACTS: Claims Filing Period Ends November 26
-----------------------------------------------------
Creditors of Team Contracts Ltd. have until Nov. 26 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. 25 for the creditors' voluntary winding-up
proceeding.


WARD PHILIPSON: Creditors' Meeting Slated for Oct. 12
-----------------------------------------------------
Creditors of Ward Philipson Group Ltd. (Company Number 00255924)
will meet at 11:00 a.m. on Oct. 12 at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 11 at:

         Ian William Kings
         Joint Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.


YOOT LTD: Appoints J. M. Titley as Liquidator
---------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Yoot Ltd. on Sept. 27 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

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


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

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

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


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


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


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

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


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

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

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


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

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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbey National M          1143535Z   (35)         352      N.A.
Abbey National I          1136391Z   (15)         542     (283)
Abbott Mead Vickers       648824Q     (2)         168      (16)
Adecco UK Ltd.            1055417Z   (39)         317      (23)
Advent Capital            1151975Z  (167)         364      N.A.
Alfred McAlpine           1077274Z   (14)         212    (1450)
Alldays Plc               317056Q   (120)         252     (202)
Allied Domeq              1241527Z  (133)        1358     (785)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BAE Systems Prop          1151751Z  (102)       1,264      (43)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
BMG Music                 1240823Z   (20)         204     (110)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc              1046Z   (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Curos International       1077746Z  (550)         382      N.A.
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dignity Plc               DTY        (55)         552       36
Duelguide Mezzan          1238103Z   (83)         677      (42)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI      (2266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
First Choice Hol          1098394Z  (235)         725      140
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Giant Midco Ltd           1248039Z    (8)       4,563       (4)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)        1273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Jpmorgan Cazenov          1076890Z    (2)         342       35
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Ledge 563 Ltd             1267023Z   (61)         467     (279)
Lloyds TSB Equip          1238423Z    (1)         214      (98)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Maunsell Intl             1113991Z  (615)       2,136      608
Metrix Funding            203055Q     (4)        3927       86
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Patalex Iv Prod.          1238983Z    (3)         331      (19)
Pipe Holdings Plc         1242767Z   (13)         504       24
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
Scottish Windows          1265663Z   (34)         427       13
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Smiths News PLC           NWS       (204)         249      (41)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Tunstall Group F          1250991Z   (14)         282       79
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *